Quarterly Results: Q2FY23 Earnings of Reliance Industries, HUL, Others DECLARED! Check Net Proft and Other Financial Details

Windfall tax hits Reliance Industries; Q2 net profit flat Rs 13,656 cr

Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday posted flat growth in net profit in the September quarter after a newly introduced windfall profit tax and lower refining margins dented earnings in the mainstay oil business.

The oil-to-retail-to-telecom conglomerate's consolidated net profit at Rs 13,656 crore in July-September was almost unchanged from Rs 13,680 crore net earnings in the same period last year, according to a company statement.

Sequentially, net profit fell 24 per cent from Rs 17,955 crore in April-June.

This is primarily because the firm's mainstay oil-to-chemicals (O2C) business earnings were hit by a new tax that the government imposed on the export of diesel, petrol and ATF from July 1.

The government slapped a tax on the export of fuel as well as crude oil produced domestically to take away gain accruing from the spurt in global energy prices following the war in Ukraine.

The day was saved by a record rise in consumer-facing telecom and retail businesses as well as earnings from natural gas production.

But for the windfall profit tax, the net profit would have been 20 per cent higher.

The windfall profit tax cost the company Rs 4,039 crore in the quarter, lowering pre-tax earnings from the O2C business by almost 6 per cent to Rs 11,968 crore.

The O2C earnings also fell because of lower refining margins and the company's oil refinery taking a planned maintenance shutdown during the quarter, lowering the output.

This was offset by a 27 per cent jump in the net profit of its digital arm Jio Platforms to Rs 4,729 crore and a 51 per jump in pre-tax earnings from the retail business of Rs 4,404 crore. The firm's revenues from oil and gas production rose 3x to Rs 3,171 crore.

This is the first quarterly dip in profit that the company has reported since January-March.

Consolidated EBITDA came in at Rs 38,702 crore, without including the impact of a windfall tax, and at Rs 34,663 crore after accounting for the new levy.

Revenue increased 32.4 per cent to Rs 253,497 crore. EBITDA was up 14.5 per cent year-on-year.

Inputs from PTI

Shriram City Union Finance Posts Record Disbursements of INR 9,069 Cr, up 28.5% YoY in Q2FY23 (Consolidated)

-  Assets Under Management (AUM) Rose by 23% YoY to INR 42,663 Cr

- PAT up by 27.2% to INR 383 Cr

SBI Life Insurance registers New Business Premium of Rs. 13,088 crores for the period ended on 30th September, 2022

Performance for the period ended September 30, 2022

 ·  Private Market leadership in Individual NBP of Rs. 8,461 crores with 31% growth and market share of 25.3%.

·  22% growth in APE to Rs. 6,828 crores.

·  53% growth in Value of New Business (VoNB) to Rs. 2,117 crores.

·  VoNB Margin increased by 630 bps to 31.0%.

·  Strong growth in Protection NBP of 32% to Rs. 1,598 crores.

·  36% growth in PAT to Rs. 640 crores.

·  Robust solvency ratio of 2.19.

·  Indian Embedded Value (IEV) stands at Rs. 42,409 crores.

DLF Quarterly Results: Q2 net profit up 26 pc to Rs 477 crore

Realty major DLF Ltd on Friday reported a 26 per cent increase in its consolidated net profit at Rs 477.20 crore for the quarter ended September.

Its profit stood at Rs 378.12 crore in the year-ago period.

Total income fell to Rs 1,360.50 crore in the second quarter of this fiscal from Rs 1,556.53 crore in the corresponding period of the previous year, DLF said in a regulatory filing.

DLF is India's largest real estate company in terms of market capitalisation. It has developed more than 153 real estate projects covering 330 million square feet.

The company has 215 million square feet of development potential across the residential and commercial segments.

The DLF Group has an annuity portfolio of over 40 million square feet.

DLF is primarily engaged in the business of development and sale of residential properties (development business), and the development and leasing of commercial and retail properties (annuity business).

CSB Bank Quarterly Results: Q2 net rises marginally to Rs 120 cr

Private sector lender CSB Bank on Friday reported a marginal increase in its September quarter net profit at Rs 120.55 crore, restricted by a heavy decline in non-interest income.

The South-based bank had reported a net profit of Rs 118.57 crore in the year-ago period.

Its core net interest income climbed 17 per cent to Rs 310.7 crore for the reporting quarter on the back of a 24 per cent jump in loans and the net interest margin expanding to 5.6 per cent.

The non-interest income dropped 25 per cent to Rs 44.9 crore for the reporting quarter.

Its managing director and chief executive Pralay Mondal attributed the fall in other income to over Rs 10 crore in provisions that had to be made towards security receipts for vintage sour asset sales and the rate hikes related reverses in the investment portfolio.

There was also no income earned from the sale of priority sector lending certificates, where the bank finds the rates offered low now, he added.

Mondal said the net interest margins (NIMs) are not sustainable at such a high levels and will slide down gradually to around 5 per cent over the long term.

The bank is keen to partner with fintechs for various products and is presently investing in the technologies which will be needed for efficient distribution, Mondal added.

The gross non-performing assets (NPA) ratio improved to 1.65 per cent at the end of the quarter as against 1.79 per cent in the year-ago period.

SBI Life's Q2FY23 financial results

Reliance Jio Infocomm on Friday posted a 28 per cent year-on-year rise in its net profit for the September quarter at Rs 4,518 crore.

Its net profit stood at Rs 3528 crore in the same period previous fiscal, the telco said in a regulatory filing.

The revenue from operations jumped 20.2 per cent to Rs 22,521 crore for the just ended quarter, from Rs 18,735 crore in the year-ago period.

The Q2 scorecard comes amid large-scale network deployments across the country for 5G services, the much-talked about next-generation technology that promises to ring in a new era of turbocharged speeds, lag-free connectivity, and new-age applications in India, the world's second-biggest smartphone market after China.

Earlier this month, Jio announced it will start the beta trial of its 5G services in four cities of Delhi, Mumbai, Kolkata and Varanasi from October 5 with a select set of customers.

Reliance Jio Infocomm on Friday posted a 28 per cent year-on-year rise in its net profit for the September quarter at Rs 4,518 crore.

Its net profit stood at Rs 3528 crore in the same period previous fiscal, the telco said in a regulatory filing.

The revenue from operations jumped 20.2 per cent to Rs 22,521 crore for the just ended quarter, from Rs 18,735 crore in the year-ago period.

The Q2 scorecard comes amid large-scale network deployments across the country for 5G services, the much-talked about next-generation technology that promises to ring in a new era of turbocharged speeds, lag-free connectivity, and new-age applications in India, the world's second-biggest smartphone market after China.

Earlier this month, Jio announced it will start the beta trial of its 5G services in four cities of Delhi, Mumbai, Kolkata and Varanasi from October 5 with a select set of customers.

Reliance Jio Quarterly Results: Rs 4,518 crore net for Q2

Telecom major Reliance Jio Infocomm Ltd on Friday said it has logged Rs 4,518 crore net profit for the second quarter of FY23.

During the period under review, Reliance Jio had earned a net profit of Rs 4,518 crore as against Rs 3,528 crore earned for the period ended September 30, 2021.

Revenue from operations for the period ended September 30, 2022 stood at Rs 22,521 crore, up from Rs 18,735 crore posted in the same period of the previous year.

Reliance Jio is setting up 5G network and continues augmenting its existing wireless and wireline network capacity.

The company, during the period under review, has acquired 25,036 MHz of spectrum in 700 MHz, 800 MHz, 1800 MHz, 3300 MHz and 26 GHz band across the 22 telecom circles for a period of 20 years at a total price of Rs.87,947 crore in the spectrum auction conducted by Department of Telecommunications (DoT).

SBI Life Insurance registers New Business Premium of 13,088 crores for the period ended on 30th September, 2022.

HUL Quarterly Results

FMCG major Hindustan Unilever Ltd on Friday reported a 22.19 per cent rise in its consolidated net profit to Rs 2,670 crore for the second quarter ended September 30, mainly helped by volume growth.

HUL Q2 net profit rises 22.2 pc to Rs 2,670 cr; revenue up 16.4 pc at Rs 15,253 cr

J&K Bank Quarterly Results: Q2 profit doubles to Rs 243 cr

Jammu & Kashmir Bank on Friday reported over two-fold jump in net profit at Rs 243.49 crore for September quarter 2022-23 on a healthy growth in interest income and fall in bad loans.

The bank had posted a net profit of Rs 111.09 crore for the year-ago period.

Total income during the quarter rose to Rs 2,444.59 crore from Rs 2,184.20 crore a year ago, J&K Bank said in a regulatory filing.

Interest income grew 15.5 per cent to Rs 2,298.85 crore during the quarter.

Gross non-performing assets (NPAs) were reduced to 7.67 per cent of gross advances as of September 30, 2022 from 8.95 per cent by the end of September 2021.

Net NPAs were also brought down to 2.10 per cent from 3.02 per cent.

In value terms, gross NPAs stood at Rs 6,064.68 crore in the quarter as against Rs 6,524.87 crore. Net NPAs were Rs 1,566.77 crore, down from Rs 2,063.65 crore in the year-ago period.

The fall in bad loans ratio helped cut the provisions towards NPAs and contingencies for Q2FY23 substantially to Rs 76.90 crore from Rs 175.62 crore a year ago.

Hindustan Zinc Quarterly Results: Q2 profit rises 33% to Rs 2,680 cr

Vedanta Group firm Hindustan Zinc on Friday reported 32.8 per cent rise in consolidated net profit at Rs 2,680 crore for September quarter 2022-23.

The company had posted a net profit of Rs 2,017 crore for the year-ago period, Hindustan Zinc said in a filing to BSE.

"Net profit for the quarter was at Rs 2,680 crore...On account of higher zinc volumes and prices, gain from strategic hedging, and favourable exchange rates while being partially offset by the rising input commodity prices and lower lead and silver prices," the company said in a statement.

Revenue from operations in July-September period increased to Rs 8,127 crore from Rs 5,958 crore in the year-ago quarter, the filing said.

M3M India Quarterly Results: Sales bookings up 34 pc to Rs 3,583 cr in Apr-Sep; to invest 1,800 cr on various projects at Dwarka Expressway

Realty firm M3M India Ltd on Friday said its sales bookings rose 34 per cent to Rs 3,583 crore during April-September period of this fiscal on better demand for its properties.

The company had clocked a sales bookings of Rs 2,668 crore in the year-ago period, the Gurugram-based company said in a statement.

The company also said it is constructing various projects on Dwarka Expressway in Gurugram. It expects a revenue of over Rs 6,100 crore.

Dwarka Expressway will connect Dwarka Delhi to Gurugram, Haryana.

"I have always maintained that the Dwarka Expressway will change the equations of realty demand in Gurugram. In the current phase, we are investing more than Rs 1,800 crore in various projects," Pankaj Bansal, Director - M3M India, said.

The projects comprise of 3.5 million square feet luxury residential project and 1 million square feet retail project.

M3M India has a land bank of 3,000 acres, of which 600 acres has been recently acquired.

CSB Bank Quarterly Results: Q2 profit at Rs 121 cr

CSB Bank on Friday reported a marginal uptick in net profit at Rs 120.55 crore for the quarter ended September 2022 on growth in net interest income.

The bank had posted a net profit of Rs 118.57 crore for the year-ago period.

Total income rose to Rs 600.12 crore from Rs 555.64 crore in the same period a year ago, according to a regulatory filing by the bank.

The asset quality of the bank improved substantially as gross non-performing assets (NPAs) fell to 1.65 per cent of gross advances by the end of September 2022 from 4.11 per cent a year ago.

Net NPAs too declined to 0.57 per cent from 2.63 per cent.

In absolute value, gross NPAs were at Rs 291 crore, down from Rs 587 crore. Net NPAs were Rs 99 crore as against Rs 370 crore.

Pralay Mondal, Managing Director & CEO of the bank said the current macro-economic scenario is quite volatile and challenging.

"In the midst of all the prevalent adversities, we kept our focus firm and could do well in the second quarter of FY23. This quarter witnessed a repo hike of 100 basis points from 4.90 per cent to 5.90 per cent.

"The prudent treasury strategies helped us with minimal shocks. While our deposit growth was in line with the industry trend, we could outgrow in the advance portfolio," he said.

In terms of profitability, the bank could cross the Rs 200 crore mark in second half of the fiscal year while keeping the provision buffers intact, Mondal said further.