Q3 Results 2023: Hindustan Zinc, Indiamart, AU Bank, Polycab, Havells, PVR announce December quarter earnings - HIGHLIGHTS

Q3 Results 2023: Several listed companies announced their October-December quarter results on Thursday. Among them were, Hindustan Zinc, Indiamart, AU Small Finance Bank, Polycab India, PVR and Havells India. Earlier today, Hindustan Unilver (HUL) and Asian Paints their quarterly earnings. Here are key takeaways from the results posted by these companies.

Indiamart Q3 Results: Net profit rises 60.6% to Rs 112.8 crore; revenue up 33.6% at Rs 251.4 crore

Indiamart Intermesh Ltd, a B2B e-commerce company, on Thursday reported a 60.68 per cent rise in its consolidated net profit to Rs 112.8 crore for the third quarter ended December 31, 2022.

The company had posted a consolidated profit of Rs 70.2 crore in the October-December quarter a year ago, it said in a regulatory filing.

Its consolidated revenue from operations in the third quarter rose 33.65 per cent to Rs 251.4 crore against Rs 188.1 crore in the corresponding period of the previous year, it added.

Commenting on the results Indiamart Intermesh CEO Dinesh Agarwal said it was led by growth in revenue, deferred revenue, paying subscription suppliers and cash flow from operations with healthy margins.

"Our strong balance sheet and sustainable cashflows enable us to continue investing in strengthening our manpower across the organisation as well as investments in strategic areas," he said.

The company will continue to invest behind the growth and focus on further strengthening our value proposition to leverage the emerging growth tailwinds due to accelerated digital adoption by businesses, Agarwal added.

Shares of Indiamart Intermesh Ltd on Thursday settled at Rs 4,476.70 apiece, down 0.72 per cent from the previous close.   

AU Small Finance Bank Q3 Results: Net profit jumps 30% to Rs 393 crore on healthy core income

AU Small Finance Bank on Thursday reported its highest quarterly net profit of Rs 393 crore, a growth of 30 per cent annually, for the October-December period of 2022-23 on improved asset quality and the resultant decline in provisions.

The bank said its gross bad loans declined to 1.81 per cent or Rs 1,019 crore in the reporting quarter from 2.60 per cent or Rs 1,058 crore in December 2021 and net bad loans improved to 0.51 per cent from 1.29 per cent or Rs 285 crore and Rs 520 crore, respectively.

Of the total provision, Rs 127 crore are for the restructured book and Rs 98 crore are for contingency provisions and Rs 41 crore are floating provision. Standard provisions stood at Rs 176 crore or 30 bps of total advances.

Total income of the Jaipur-based company rose 36 per cent to Rs 2,413 crore, driven by a full 41 per cent jump in net interest income at Rs 1,153 crore. The key profitability metric net interest margin which is the difference between the cost of deposit and loan pricing, at 6.2 per cent.

Advances growth was tepid for the bank, despite the industry as a whole were disbursing record quantum of loans. Its loan sales grew at a tepid 7 per cent to Rs 56,335 crore and so did deposits which inched up 5 per cent to Rs 61,101 crore of which the low-cost Casa deposits were Rs 23,471 crore, adding 35 per cent more than in December 2021.

This had the Casa ratio at 38. This had the balance-sheet of the bank crossing the 80,000-crore-mark.

Of the total loans, 90 per cent are retail and 93 per cent of the loan book is secured. The bank said its average cost of funds for the quarter stood at 6 per cent.

Sanjay Agarwal, the managing director & chief executive of the bank attributed the improvement in the asset quality to the sustaining business momentum and also a decline in standard restructured advances to 1.4 per cent.

Hindustan Zinc Q3 Results: Net profit drops 20%

Vedanta group firm Hindustan Zinc Ltd (HZL) on Thursday reported a 20 per cent decline in consolidated net profit to Rs 2,156 crore for the quarter ended on December 31, 2022, on the back of higher expenses and lower revenue.

The company had posted a consolidated net profit of Rs 2,701 crore in the year-ago period, HZL said in a filing to BSE.

"Net profit for the quarter was at Rs 2,156 crore, down 20.2 per cent Y-o-Y and 19.6 per cent sequentially on account of lower EBITDA partly offset by lower tax expense," the company's statement said.

The company's consolidated revenue from operations in the October-December period dropped to Rs 7,628 crore from Rs 7,841 crore in the year-ago period.

Commenting on results, HZL CEO Arun Misra said that the company delivered the best-ever nine months of refined metal mark on the back of the highest mined metal.

"In FY22, we reached the one million tonnes mined metal landmark, and this year with the current run-rate, we are confident of achieving the one million tonne refined metal mark and are fully geared to deliver another stellar annual performance.

Reaching this milestone in FY23 along with a resilient pipeline of projects will bring us closer to our vision of 1.2 million tonne mined metal in coming years," he said.

The consolidated expenses of the company during the third quarter increased to Rs 5,028 crore over Rs 4,411 crore in the year-ago period.

The consolidated quarterly performance was a blend of operational efficiencies impacted by input commodity inflation. With softening of coal cost and an ongoing structured cost optimisation plan targeted at operational efficiencies, the company is confident to deliver yet another stellar financial performance and continue to maintain its cost leadership in the global cost curve, the company's deputy and interim CFO Sandeep Modi said.

"With our continuing efforts to expand our renewable power investments and with current tie-ups of up to 450 MW, we foresee a better cost predictability and improved cost structure," he said.

As on Dec 31, 2022, HZL's consolidated gross investments and cash and cash equivalents were Rs 16,482 crore as compared to Rs 17,807 crore at the end of September 2022.

Hindustan Zinc is the country's integrated producer of zinc, lead and silver.

Polycab India Q3 Results 2023: Consolidated PAT up 45% at Rs 360.8 crore

Wires and cables manufacturer Polycab India Ltd (PIL) on Thursday reported a 45 per cent growth in its consolidated profit after tax to Rs 360.8 crore for the October-December quarter of 2022-23 compared to the same period of the previous fiscal.

The company's PAT stood at Rs 248.4 crore during the corresponding quarter of the previous financial year, Polycab India said in a statement.

Revenue from operations of the company grew by 10.17 per cent in the quarter under review to Rs 3,715.18 crore compared to Rs 3,371.99 crore in the same period of the previous fiscal.

"We continued our strong quarterly performance, registering the highest ever third quarterly revenues. Moreover, we achieved the highest ever quarterly PAT as well as the highest ever nine-months revenues and PAT in the history of the company," Polycab India Chairman and Managing Director Inder T Jaisinghani said.

Being committed to the highest standards of corporate governance, the company has strengthened its board through the induction of two more directors, he said.

"The new board is more diverse, with 20 per cent representation of women directors, in-line with globally followed best-in-class corporate governance practices,? he added.

Polycab shares closed at Rs 2,829.55, up 2.79 per cent on BSE.

PVR Q3 Results 2023: Company posts Q3 net profit at Rs 16.15 crore

Film exhibition firm PVR Ltd on Thursday reported a consolidated net profit of Rs 16.15 crore for the third quarter ended December 31, 2022, helped by growth in key operating metrics.

The company had posted a consolidated loss of Rs 10.18 crore a year ago, it said in a regulatory filing.

Its consolidated revenue from operations in the third quarter grew 53.17 per cent to Rs 940.69 crore against Rs 614.15 crore in the corresponding period of the previous year, it added.

"The quarter witnessed a sharp bounce back from the previous quarter on the back of strong content performance. The same was reflected in the growth of key operating metrics like Admits, ATP (average Ticket Price) and SPH (Spending per head)," said PVR in its earning statement.

The company's total expenses were 28.22 per cent higher at Rs 934.60 crore compared to Rs 728.93 crore in Q3 FY22, PVR Ltd said.

"The 3rd quarter saw Hollywood's resurgence with the highest grossing movie of the quarter 'Avatar 2: The Way of Water' and was supported by movies like 'Black Panther: Wakanda Forever' and 'Black Adam'.

The dominance of Regional cinema continued in the 3rd quarter with blockbusters like 'Ponniyin Selvan 1' and 'Love Today'. 'Kantara' which turned out to be a sleeper hit, was the biggest regional release during the quarter," said PVR.

Drishyam 2 from Bollywood turned out to be the second biggest movie of the quarter and was supported by content like Vikram Vedha and Bhediya.

Commenting on the results PVR Chairman cum Managing Director Ajay Bijli said: "The performance of the quarter gone by demonstrates the swift recovery in the business as soon as good quality content is made available. After a dismal Q2, it also marks good recovery in box office collections".

With the regional movies superlative performance continuing across India, it is only a matter of time before the performance of Bollywood movies catches up.

"We are looking for a significant uptick in box office collections for next fiscal year and a strong recovery in Bollywood and Hollywood lm collections," he added.

On PVR's merger with rival Inox Leisure, Bijli said with the verbal approval for the merger coming through from the National Company Law Tribunal (NCLT), all are within the projected timelines for the closure of the transaction.

"We intend to complete all the formalities within the current financial year," he said.

Over the outlook, PVR said 2023 appears to be a promising year for the industry, with a significant increase in the number of Hollywood film titles as compared to 2022.

"The Hindi film industry after a lacklustre 2022 is also gearing up for a much stronger 2023 with several big films slated to release in the next 12 months," it said.

Shares of PVR LTD on Thursday settled at Rs 1,678.70 crore, up 0.53 per cent from the previous close.

Havells India Q3 Results: net profit falls 7.3% to Rs 283.52 crore

Electrical appliances maker Havells India Ltd on Thursday reported a 7.3 per cent decline in consolidated net profit to Rs 283.52 crore for the third quarter ended December 31, 2022, on account of higher raw material costs.

The company had posted a consolidated net profit of Rs 305.82 crore in the same quarter last fiscal, Havells India said in a regulatory filing.

Its consolidated revenue from operations during the quarter under review stood at Rs 4,127.57 crore against Rs 3,664.21 crore in the year-ago period, it added.

The cost of raw materials and components consumed stood at Rs 2,321.99 crore compared to Rs 2,089.59 crore in the year-ago period, the company said.

Havells India Chairman and Managing Director Anil Rai Gupta said there was steady revenue growth amid moderating consumer demand in an inflationary environment.

"Margins witnessed improvements on the back of stability of raw material prices during the quarter. With continued investment in technology, consumer journey and talent, we are positively disposed towards revenue growth and profitability," he added.