Quarterly Results: Q2FY23 Earnings of Reliance Industries, HUL, Others DECLARED! Check Net Proft and Other Financial Details
Quarterly Results, Q2FY23 earnings UPDATES: Q2FY23 earnings of many big business entities have been announced on Friday i.e. 21st October 2022. Results of companies which have announced their Q2 Results today were highly anticipated in the wake of developments that unfolded in the last quarter. Q2FY23 Earnings of Ambuja Cements, Hindustan Unilever, Bajaj Finserv, CRISIL, DLF, HDFC Life, IDBI, Jubilant Pharma, Motilal Oswal, Reliance Industries, SBI Life, Tata Steel Long Products have either been declared or will be announced on Friday. Here are all the details on Quarterly Results, Q2FY23 earnings announcements and September Quarter FY 23 Financial Details:-
Quarterly Results, Q2FY23 earnings UPDATES: Q2FY23 earnings of many big business entities have been announced on Friday i.e. 21st October 2022. Results of companies which have announced their Q2 Results today were highly anticipated in the wake of developments that unfolded in the last quarter. Q2FY23 Earnings of Ambuja Cements, Hindustan Unilever, Bajaj Finserv, CRISIL, DLF, HDFC Life, IDBI, Jubilant Pharma, Motilal Oswal, Reliance Industries, SBI Life, Tata Steel Long Products have either been declared or will be announced on Friday. Here are all the details on Quarterly Results, Q2FY23 earnings announcements and September Quarter FY 23 Financial Details:-
Latest Updates
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.
Motilal Oswal Financial Services Quarterly Results: Q2 PAT up 11 pc to Rs 509 crore
Motilal Oswal Financial Services Ltd on Friday reported an 11 per cent growth in Profit After Tax (PAT) at Rs 509 crore for three months ended September 2022 driven by robust growth across the segments.
This was the highest quarterly profit posted by the company.
In comparison, the company had a PAT of Rs 458 crore in the same quarter of the preceding fiscal, it said in a statement.
The company's revenues grew by 13 per cent to Rs 1,098 crore in the quarter under review from Rs 971 crore in the July-September period of the financial year 2021-2022.
"We have achieved one of the highest quarterly profit of Rs 509 crore, following robust and sustainable performance across the businesses. Our retail broking business which is our cash cow business continued to improve its market share and benefitting from market expansion and industry consolidation," the company's MD and CEO Motilal Oswal said.
"Our asset management business has seen strong improvement in performance and is likely to gain from process driven investing and its niche offerings. Our wealth management business has delivered consistent performance over years and on its way to achieve scale in this business. Our private equity business has successfully delivered on fund raise of its largest ever fund. Our housing finance business has witnessed turnaround by improving disbursements and asset quality trend which is now geared up for sustainable growth," he added.
The company's assets under advisory across AMC, wealth, private equity and broking & distribution businesses stood at Rs 3.2 lakh crore at the end of September this year.
JSW Steel Quarterly Results: Q2 loss at Rs 915 cr
JSW Steel on Friday reported a consolidated net loss of Rs 915 crore for the quarter ended September 30, 2022.
The company had posted a consolidated net profit of Rs 7,179 crore for the year-ago period, JSW Steel said in a filing to BSE.
However, income during the quarter increased to Rs 41,966 crore from Rs 33,449 crore.
IRB Infrastructure Developers Quarterly Results: Q2 consolidated net profit rises 102 pc at Rs 85 crore
IRB Infrastructure Developers on Friday reported a 101.65 per cent jump in consolidated net profit to Rs 85.30 crore for the second quarter ended September 2022.
The company had clocked a consolidated net profit of Rs 42.30 crore in the corresponding quarter of the previous fiscal, it said in a statement.
Total income during the quarter under review declined to Rs 1,438 crore as against Rs 1,504 crore in the year-ago period.
The company, in a statement, said its toll revenue across IRB and Pvt InvIT entities together was up by 53 per cent Year-on-Year (Y-o-Y) for first half of the current fiscal.
It said that toll collections have witnessed pre-Covid-19 levels across almost all BOT (Build-Operate-Transfer) assets, with a meaningful pick-up in economic activity across the country.
"We witnessed robust growth in toll collections Y-o-Y, even as monsoons kept the construction segment soft during the quarter," Virendra D Mhaiskar, chairman and managing director of the company, said.
"With construction on Ganga Expressway project getting into full execution mode, we are now confident of achieving construction turnover of approximately Rs 4,500 crore for FY23," he added.
IRB Infra said the company will be a project manager for Ganga Expressway Group 1 project and will receive an aggregate Rs 10,459 crore for EPC and O&M in construction period and concession period.
It added that Vadodara Kim HAM project is part of Delhi-Mumbai Greenfield expressway.
IRB has an asset base of over Rs 60,000 crore in 10 states across the parent company and two InvITs.
IDBI Bank – Financial Results for Q2 of FY 2023
Highlights for Q2 of FY 2023
* Net profit at ₹828 crore, growth of 46% YoY and 10% QoQ.
* Operating Profit at ₹2,208 crore, growth of 64% YoY and 8% QoQ.
* NII stood at ₹2,738 crore, growth of 48% YoY and 10% QoQ.
* NIM at 4.37%, growth of 135 bps YoY and 35 bps QoQ.
* Cost to Income Ratio at 42.29%, reduction of 1014 bps YoY and 115 bps QoQ.
* CASA ratio at 56.19%, growth of 156 bps YoY and 54 bps QoQ.
* Return on Assets (ROA) at 1.09%, growth of 30 bps YoY and 6 bps QoQ.
* Return on Equity (ROE) at 15.21%, growth of 230 bps YoY and 41 bps QoQ.
* Net NPA at 1.15%, reduction of 56 bps YoY and 10 bps QoQ.
* Gross NPA at 16.51%, reduction of 534 bps YoY and 339 bps QoQ.
* PCR stood at 97.86% as against 97.27% on Sept 30, 21 and 97.79% on June 30, 22.
IDBI Bank Quarterly Results – Financial Results for Q2 of FY 2023
Q2FY23 Financial Results of IDBI Bank
- Highest ever quarterly Net Profit at ₹828 crore, YoY growth of 46%,
- Operating profit at ₹2,208 crore, YoY growth 64%,
- Net Advances at ₹1,46,752 crore, YoY growth of 17%,
IIFL Securities Quarterly Results: Q2 PAT slips 22 pc to Rs 55 cr
IIFL Securities on Friday reported a 22 per cent decline in profit after tax (PAT) to Rs 55.3 crore for the second quarter ended September 30.
The company had posted a PAT of Rs 71 crore in the same period of the preceding fiscal, IIFL Securities said in a statement.
Total income grew 2 per cent to Rs 323.4 crore for the quarter under review from Rs 318.4 crore in the second quarter ended September 30, 2021.
"Broking business has started gaining momentum and is expected to grow in the second half of the financial year.
It was a good quarter for our investment banking segment with 6 completed transactions. Our continuous endeavour to invest in technology will provide a better outcome in the coming quarters," the company's managing director R Venkataraman said.At the end of September this year, the company's assets under management stood at over Rs 1.18 lakh crore.
IIFL Securities is a key player in both retail and institutional segments of the capital market. The firm along with its subsidiaries offers advisory and broking services, financial products distribution, institutional research and investment banking services.
Bajaj Finserv Q2 Results Announced
Bajaj Finserv has reported a 39 per cent year-on-year (YoY) jump in its consolidated profit after tax of Rs 1,557 crore in the July-September quarter. The company's total income increased 16 per cent to Rs 20,803 crore in Q2FY23.
Second Quarter Results Today, October 21 | Q2FY23 Today
Biggies up for earnings show today: Ambuja Cements, Bajaj Finserv, CRISIL, DLF, HDFC Life, SBI Life, IDBI Bank, Jubilant Pharmova, MOTILAL OSWAL FINANCIAL SERVICES, Tata Steel Long Products, HINDUSTAN UNILEVER
ITC Quarterly Results: Profit rises 24 pc to Rs 4,670.32 crore; revenue up 25.35 pc at Rs 18,608 crore in Q2
ITC Ltd on Thursday reported a 24.08 per cent increase in consolidated net profit at Rs 4,670.32 crore for the second quarter that ended September 30, 2022.
The company had posted a net profit of Rs 3,763.73 crore during the July-September quarter of the previous fiscal, it said in a regulatory filing.
Its revenue from operations rose 25.35 per cent to Rs 18,608 crore in the second quarter of the current fiscal compared to Rs 14,844.38 crore in the year-ago period.
ITC's total expenses in the latest September quarter stood at Rs 12,823.87 crore.
ITC Quarterly Results: Q2FY23 net profit at Rs 4,461.1 Cr
Icra Quarterly Results: Net income up 52.5 pc to Rs 37 cr in Sept-quarter
The country's second largest rating agency Icra on Thursday reported a 52.5 per cent jump in net income at Rs 37.2 crore for the three months to September.
The Moody's domestic associate said its consolidated revenue rose by 19.2 per cent to Rs 98.6 crore from Rs 82.7 crore in the year-ago period.
Its Managing Director Ramnath Krishnan said while the overall credit quality has shown signs of improvement, the bond market issuances continued to remain tepid due to continued uncertainty around yields as the inflation-led hawkish outlook prevailed.
Against this background, Icra's revenue showed robust growth, driven by increased demand in bank loans and market issuances, the latter benefitting from a pick-up in structured finance ratings.
Knowledge services, a part of Icra Analytics, continued its strong growth momentum, driven by expansion of ESG analytical support and growth in other value-added financial services segments, he added.
IEX net profit falls 7 pc to Rs 71.20 crore in July-September quarter
Indian Energy Exchange (IEX) on Thursday reported nearly 7 per cent fall in its consolidated net profit at Rs 71.20 crore in September quarter compared to a year ago.
The consolidated net profit was Rs 77.38 crore in the quarter ended on September 30, 2021, a BSE filing stated.
Total income declined to Rs 113.77 crore in the quarter from Rs 122.30 crore in the same period a year ago.
Meghmani Finechem Quarterly Results: Q2 profit up 2-fold at Rs 91.56 cr
Chemicals maker Meghmani Finechem Ltd (MFL) on Thursday posted an almost two-fold jump in its consolidated net profit at Rs 91.56 crore for the second quarter of 2022-23 on robust income.
The company had clocked a net profit of Rs 47 crore in the same quarter of the previous fiscal, according to a regulatory filing.
Net income rose by 63 per cent to Rs 557.20 crore on a consolidated basis during the July-September quarter of the current financial year, as against Rs 341.88 crore in the year-ago period.
Expenses remained higher at Rs 415.54 crore as against Rs 270.54 crore earlier.
MFL Chairman and Managing Director Maulik Patel said: "We achieved highest-ever revenue in Q2 FY23. The performance of the quarter is on account of high realizations from majority of our products."
The first quarter of the current fiscal was an exciting period as the company commissioned all the planned expansion projects, namely Epichlorohydrin plant and additional capacity of caustic soda, he said.
The company is working towards maximising contribution from the new projects. "However, we expect substantial revenue impact from these projects by Q3 FY'23 onwards," he added.
MFL, incorporated in 2007, has manufacturing facilities in Dahej, Gujarat.
Tata Consumer Products Quarterly Results: Q2 profit rises 36 pc to Rs 389 cr; revenue up 11 pc to Rs 3,363 cr
Tata Consumer Products Ltd (TCPL) on Thursday reported a 36.25 per cent rise in consolidated net profit at Rs 389.43 crore for the second quarter ended September 30, 2022.
The company had posted a net profit of Rs 285.80 crore for the July-September period a year ago, TCPL, earlier known as Tata Global Beverages Ltd, said in a BSE filing.
Revenue from operations climbed 10.87 per cent to Rs 3,363.05 crore during the quarter under review as against Rs 3,033.12 crore in the corresponding period last year.
Total expenses of the Tata group's FMCG arm were at Rs 3,021.90 crore, up 11.55 per cent from Rs 2,708.91 crore earlier.
TCPL Managing Director and CEO Sunil D'Souza said: "We delivered another quarter of double-digit revenue growth while balancing margins despite inflationary pressures, weakness of currency and some lag in pricing in International Markets."
TCPL's revenue from the Indian market in July-September rose 9.19 per cent to Rs 2,159.95 crore, as against Rs 1,978.08 crore in the year-ago period.
While the branded tea category in India was tepid, TCPL continued to gain volume market share, he said.
"In our other core business of salt, despite significant inflation-led pricing, we have continued to gain market share and strengthen our leadership position," D'Souza added.Its international business contributed revenue of Rs 838.87 crore, up 7.37 per cent compared to Rs 781.27 crore earlier.
"While unprecedented inflation and adverse currency movements in our International business have weighed on our margin this quarter, we will be driving structural cost saving initiatives to improve the trajectory going forward. Our transformation agenda to become a leading FMCG company continues to be on track," said D'Souza.
Central Bank of India Quarterly Results: Profit jumps 27 pc to Rs 318 crore in July-September
Public sector lender Central Bank of India on Thursday reported a 27 per cent jump in net profit at Rs 318 crore in the second quarter ended September, helped by a decline in bad loans.
The lender had posted a net profit of Rs 250 crore during the same quarter of the previous fiscal.
Total income of the bank during July-September period of 2022-23 went up to Rs 7,064.96 crore, as against Rs 6,762.36 crore in the year-ago period, it said in a regulatory filing.
On the asset quality front, gross non-performing assets (NPAs or bad loans) reduced to 9.67 per cent as of September 30, 2022, from 15.52 per cent by end of the same month last year.
Similarly, net NPA too declined to 2.95 per cent from 4.51 per cent at the end of second quarter of previous fiscal.
As a result, provisions for bad loans declined to Rs 1,070.13 crore as against higher provisions of Rs 1,113.81 crore made in the same quarter of previous fiscal.
The Mumbai-based bank exited the Prompt Corrective Action (PCA) framework of RBI after demonstrating sustained performance under all the parameters during the last five quarters.
The performance has further improved during September 2022 quarter, the bank said in a statement.
Giving details of the other parameters, it said the bank's net interest income rose to Rs 2,747 crore, as against Rs 2,495 crore earlier.Net interest margin (NIM) improved to 3.44 per cent from 2.97 per cent on a year-on-year basis, it added.
The Provisioning Coverage Ratio (PCR) as on September 30, 2022 of the bank is 89.20 per cent against 85.86 per cent at the end of September 2021.The bank's Capital Adequacy Ratio (BASEL-III) for quarter ending September 30, 2022 was 13.56 per cent as against 13.51 per cent in the same quarter a year ago. CET-1 also improved from 11.53 per cent to 11.62 per cent during Q2 FY23 over the corresponding quarter of previous year, it said.
Granules India Quarterly Results: Q2 net profit rises 79 pc to Rs 145 crore
Drug firm Granules India on Thursday said its consolidated net profit increased by 79 per cent to Rs 145 crore for the second quarter ended September 2022, aided by robust sales across segments.
The Hyderabad-based company had reported a net profit of Rs 81 crore in the July-September period of the previous fiscal.
Revenue from operations rose to Rs 1,151 crore for the September quarter as compared with Rs 888 crore in the year-ago period.
Active Pharmaceutical Ingredients (API), Pharmaceutical Formulation Intermediates (PFI), and finished dosages contributed 29 per cent, 20 per cent, and 51 per cent, respectively to the company's revenues in the second quarter.
"The current quarter result is a combination of our relentless focus for supply reliability and customer satisfaction and ability to respond and cater to higher demand with a short turnaround time," Granules India Chairman & Managing Director Krishna Prasad Chigurupati said in a statement.
Opportunities in Paracetamol are likely to continue and the company's geography expansion strategy in Europe is likely to yield bigger turnover and EBITDA in future periods, he added.
Dixon Technologies Quarterly Results: Q2 profit up 23% to Rs 77 cr
Dixon Technologies (India) Ltd on Thursday reported 23.11 per cent rise in consolidated net profit at Rs 77.12 crore for the second quarter ended September 30, 2022.
The company had posted a net profit of Rs 62.64 crore for July-September period a year ago, the electronic manufacturing services firm said in a BSE filing.
Revenue from operations was up 37.91 per cent at Rs 3,866.77 crore as against Rs 2,803.78 crore in the year-ago period.
Total expenses were Rs 3,766.54 crore as against Rs 2,724.50 crore in the year-ago period.
The company's revenue from the consumer electronics business stood at Rs 1,500.7 crore, and Rs 290.4 crore from lighting products.
Revenue from home appliances was at Rs 362.9 crore, and Rs 1,594.4 crore from the mobile & EMS (Electronic Manufacturing Services) division in the second quarter of FY23.
The contribution from the Security Systems division was at Rs 118.3 crore.
AXIS BANK ANNOUNCES FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30th SEPTEMBER 2022
Q2FY23 PAT at Rs 5,330 crores, up 70% YOY, Consolidated ROA at 1.87%, ROE% at 18.90%, driven by NII growth, NIM expansion, higher fees and flat QOQ operating expenses
Colgate-Palmolive Quarterly Results: Colgate-Palmolive profit rises 3.3 pc to Rs 278 crore; sales up 2.56 pc at Rs 1,378 crore in Q2
FMCG major Colgate-Palmolive India Ltd on Thursday reported a 3.28 per cent rise in net profit at Rs 278.02 crore for the second quarter ended on September 30, 2022, helped by improved sales momentum.
The company had posted a net profit of Rs 269.17 crore in the July-September period a year ago, Colgate-Palmolive India Ltd (CPIL) said in a regulatory filing.
Its revenue from operations rose 2.56 per cent to Rs 1,378.37 crore during the quarter under review as against Rs 1,343.96 crore in the corresponding period a year ago.
CPIL's total expenses stood at Rs 1,024.62 crore, up 2.66 per cent in the second quarter of FY23, as against Rs 998.05 crore in the same period a year ago.
CPIL Managing Director Prabha Narasimhan said: "The current quarter has seen improved momentum versus prior quarters driven by the focused deployment of initiatives during the festive season."
"We continue to remain cautiously optimistic on the overall growth trend, especially in rural, and are encouraged by the growth of modern trade and e-commerce businesses in the current quarter," she added.
While the macroeconomic environment stabilises, CPIL's "endeavour will be to deliver sustainable gross margins and continue to invest" in core, while driving premiumisation and category expansion into personal care, Narasimhan said.
Meanwhile, the board of the company in its meeting held on Thursday also declared a first interim dividend of Rs 18 per share of Re 1 each (face value) for the financial year 2022-23.
"The dividend payout to the shareholders will be Rs 489.6 crore," it added.
South Indian Bank Quarterly Results: Q2 profit at Rs 223 cr
South Indian Bank (SIB) on Thursday reported a net profit of Rs 223.10 crore for the quarter ended September 2022 as provisions for bad loans came down significantly.
The lender had posted a net loss of Rs 187.06 crore in the same quarter a year ago.
Total income during July-September 2022-23 was up 10.6 per cent at Rs 1,995.24 crore as against Rs 1,803.76 crore in the same quarter a year ago, SIB said in a regulatory filing.
The interest income grew to Rs 1,740.14 crore from Rs 1,646.59 crore.
Asset quality of the lender improved as gross non-performing assets (NPAs) fell to 5.67 per cent of gross advances as of end-September 2022 from 6.65 per cent by end of September 2021.
In value terms, gross NPAs stood at Rs 3,856.13 crore as against Rs 3,879.60 crore.
Net NPAs (bad loans) were trimmed to 2.51 per cent (Rs 1,647.13 crore) as against 3.85 per cent (Rs 2,178.49 crore).
Provisions for bad loans and contingencies fell down by more than 57 per cent to Rs 179.29 crore during the quarter as against Rs 419.59 crore reserved for the year-ago period.
South Indian Bank stock settled at Rs 10.49 on BSE, up 3.35 per cent from the previous close.
AXIS BANK Quarterly Results: FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30th SEPTEMBER 2022
Q2FY23 PAT at Rs 5,330 crores, up 70% YOY, Consolidated ROA at 1.87%, ROE% at 18.90%, driven by NII growth, NIM expansion, higher fees and flat QOQ operating expenses
o Net Interest Income up 31% YOY and 10% QOQ, NIM at 3.96%, up 57 bps YOY and 36 bps QOQ, Fee up 20% YOY
o Core operating profit up 43% YOY and 19% QOQ, Operating profit up 30% YOY & 31% QOQ
o Retail loans up 22% YOY & 3% QOQ, SME up 28% YOY & 7% QOQ, Domestic total loans up 20% YOY & 4% QOQ
o On QAB basis: CASA grew 13% YOY and 2% QOQ, CASA ratio1 stood at 46%, up 172 bps YOY & 251 bps QOQ
o Overall capital adequacy ratio (CAR) including profit for H1FY23 stood at 17.72% with CET 1 ratio of 15.14%
o GNPA% at 2.50% declined by 103 bps YOY & 26 bps QOQ, NNPA% at 0.51% declined by 57 bps YOY & 13 bps QOQ
o ~1.04 million credit cards issued in Q2, spends up 70% YOY with incremental spends share of 13% for last 9 months2
o Axis Mobile is the world’s3 highest rated mobile banking app on Google Play store with ratings of 4.8; 10 mn+ MAU4
Bajaj Finance Quarterly Results: Q2FY23 Earnings Declared
Bajaj Finance today announced its quarterly results on Thursday after market hours. The company reported highest ever consolidated quarterly profit after tax of Rs 2,781 cr in Q2 of FY23.
Here are top highlights of the results:
Consolidated Performance Highlights
-- Consolidated assets under management stood at Rs 218,366 crore v/s Rs 166,937 cr, up 31 per cent for the reporting quarter
-- Consolidated profit after tax at Rs 2,781 cr v/s Rs 1.481 cr, up 88 per cent
-- New loans booked during 02 FY23 grew by 7 per cent to 6.76 million as against 6.33 million in 02 FY22.Asian Paints Quarterly Results: Q2 profit rises 33 pc to Rs 804 cr
-Asian Paints on Thursday reported 32.83 per cent rise in consolidated net profit at Rs 803.83 crore for the second quarter ended September 30, 2022 driven by robust sales.
-The company had posted a net profit of Rs 605.17 crore in the same quarter last fiscal year, Asian Paints said in a regulatory filing.
-Revenue from operations stood at Rs 8,457.57 crore in the quarter under review as compared to Rs 7,096.01 crore in the year-ago period, it added.
-"The domestic decorative business showed resilience to deliver a double-digit volume growth and healthy value growth despite subdued demand conditions, impacted by the extended monsoon," Asian Paints Managing Director & CEO Amit Syngle said.
-The home decor business continued to gain traction with focus on lighting, kitchen and bath along with expansion of 'Beautiful Homes Stores' and the home decor implementation arm, 'Beautiful Homes Service' across markets, he added.
-Syngle further said,"The auto OE (original equipment) business delivered robust growth, while the industrial coatings business continued with its high growth trajectory led by protective and powder coatings."
-The international business also registered a good double-digit revenue growth despite multiple headwinds across key markets, he added.
-Sales in the international market increased 15.3 per cent in Q2 FY23 to Rs 805.99 crore from Rs 699.28 crore in the year-ago period, the company said.
-Asian Paints said its board of directors has approved payment of an interim dividend of Rs 4.40 per equity share.
Canara Bank Quarterly Results: Q2 profit jumps 89 pc to Rs 2,525 cr
-State-owned Canara Bank on Thursday reported an 89 per cent rise in its net profit to Rs 2,525 crore for the second quarter ended September of this fiscal.
-The bank had posted a net profit of Rs 1,333 crore in the same period of the previous fiscal.
-The total income also rose to Rs 24,932.19 crore during July-September this year against Rs 21,331.49 crore in the same period of 2020-21, Canara Bank said in a regulatory filing.
-The bank's gross non-performing assets (NPAs) declined to 6.37 per cent of the gross advances as of September 30, 2022, compared to 8.42 per cent at the end of September 2021.
-Net NPA too fell to 2.19 per cent from 3.22 per cent at the end of the September 2021 quarter.
Symphony Quarterly Results: Q2 net profit up 6.7% at Rs 32 cr
-Air cooler and appliances maker Symphony Ltd on Thursday reported a 6.66 per cent increase in its consolidated net profit to Rs 32 crore for the second quarter ended September 30.
-The company had posted a net profit of Rs 30 crore in the July-September quarter a year ago, Symphony said in a BSE filing.
-Its revenue from operations rose 25.76 per cent to Rs 288 crore during the quarter under review against Rs 229 crore in the year-ago period.
-Symphony's revenue from the Indian market was Rs 190 crore, while the global markets contributed Rs 84 crore.
Symphony Executive Director Nrupesh Shah said the company has a "robust off-season collection, in line with the pre-Covid period" and positive trade sentiment.-"Q2 FY23 recorded the highest ever second quarter Standalone and Consolidated sales, up by 10 per cent and 1 per cent, respectively, vis-a-vis previous historical high," he said.
-Symphony's total expenses rose 29.62 per cent to Rs 245 crore in Q2/FY23 from Rs 189 crore earlier.
-In a separate filing, Symphony said its board on Tuesday recommended a final dividend of 100 per cent, which is Rs 2 per equity share having a face value of Rs 2, for the financial year 2022-23.
Asian Paints Quarterly Results: Q2FY23 Earnings DECLARED!
Asian Paints Ltd today announced their financial results for the quarter and six months ended September 30, 2022.
- Consolidated Sales for the quarter increased by 19.8 %
- Consolidated Net Profit for the quarter increased by 32.8 %
- Standalone Sales for the quarter increased by 20.1 %
- Standalone Net Profit for the quarter increased by 23.4 %
- Announced interim dividend of 440%
Canara Bank Quarterly Results: Q2FY23 Earnings - FINANCIAL RESULTS FOR THE PERIOD/QUARTER ENDED 30 th SEPTEMBER 2022
Key Highlights: Canara Bank Quarterly Results: Q2FY23 Earnings
(September 2021 V/s September 2022)
-Net Profit stood at Rs.2525 cr against Net profit of Rs. 1333 cr for September 2021.
-Operating Profit stood at Rs. 6905 cr grew by 23.22%.
-Non-Interest Income grew by 13.05%.
-Net-Interest Income grew by 18.51%
-Fee based income grew by 17.98%.
-Cost to Income Ratio down by 316 bps.
-Global Business grew by 13.89%.
-Gross Advances grew by 20.00%.
-RAM Credit grew by 16.40%, it constitutes 55% of Total Advances.
-Retail Credit grew by 12.52% with Housing loan at 17.01%.
-Gold Loan grew by 32.86% with Portfolio amount of Rs.1,08,794 cr.
-Gross NPA Ratio stood at 6.37% down by 205 bps.
-Net NPA Ratio stood at 2.19% down by 102 bps.
-Provision Coverage Ratio (PCR) at 85.36% improved by 292 bps.
-CRAR stood at 16.51% as at Sep 2022. Out of which CET1 is 11.14%.
-Return on Equity stood at 18.86% improved by 664 bps.
-Bank has shifted to new tax regime. The reduction in Deferred Tax is Rs. 2,451.60 cr.
Shoppers Stop Quarterly Results: Q2FY23 Earnings - Shoppers Stop declares highest ever Q2 Sales and EBITDA
Management Comments:
Venu Nair, MD & CEO at Shoppers Stop, commented on the Q2 FY23 results, "The momentum from last year and first quarter of this year continued. Our strong second quarterly numbers reflect the adopted strategy delivering our results. Customer sentiments remain upbeat, which is reflecting in Footfalls, Average Selling Price, Average Transaction Value and other KPI’s. Our continued improvement in Customer Experience, engagement and improved data analytic capabilities are providing us the competitive edge to remain ahead of the curve. Our Store expansion plan is on track and we should open 12-15 stores during the year, with 6 stores to be opened in October and November. We are extremely happy to inform you that we have forayed distributing International Beauty Brands with exclusive rights in India. This will enable us to bring newer brands in the Country, further enhancing our strong presence in Beauty."
Continued robust performance from strategic pillars:
First Citizen Loyalty Customers – Continued to demonstrate as a preferred brand of choice for their fashion and beauty needs. Our First Citizen Members contributed 77% of our offline sales with staggering 65% repeat sales
Private Labels – Private Labels continues to grow phenomenally by 76%. The Private Label contributed 21% of our Apparel Sales and 15%, to the overall company sales.
Beauty – Beauty category contributed 15% to the overall sales (up by 45% YoY). Twenty-four new brands have been launched in Q2FY23.
Omni Channel – The e-commerce platform contributed Rs 64 Cr revenue, (up by 8% YoY). Over 25% of online sales was from customer buying from cities which does not have Shoppers Stop stores. This clearly demonstrates the company’s brand recall and dominance.Shoppers Stop Q2 Results: Shoppers Stop declares highest-ever Q2 Sales and EBITDA
Shoppers Stop declares highest-ever Q2 Sales and EBITDA
- Sales up by 62% @ Rs 1270 Cr and EBITDA up by 6762% @Rs 75 Crs
HIGHLIGHTS
-PBT Rs.32 Cr against a loss of Rs.44 Crs
-PAT of Rs 25 Crs against the loss of Rs. 43 Crs
-Debt Free with surplus cash of Rs 13 Cr
-Bollywood actor Sanya Malhotra endorsed Private Brand “Kashish”
-Foraying into Distribution of Leading International Beauty Brands with exclusive rights for IndiaSouth Indian bank Quarterly Results: Q2 earnings call at 2000 hrs
Axis bank Quarterly Results: Q2 earnings call at 1730 hrs
Canara bank Quarterly Results: Q2 earnings call at 1430 hrs
Union Bank of India Quarterly Results: Union Bank of India Q2 earnings press conference at 1430 hrs
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