Stocks in Focus on January 24: ICICI Bank, Reliance Industries, JSW Steel, Titagarh Wagons, HDFC Ltd and many more

The domestic equity market ended with deep cuts on Friday, January 21, 2022. The S&P BSE Sensex tumbled 427.44 points, or 0.72%, to close at 59,037.18. The Nifty 50 also lost 139.85 points, or 0.79%, to settle at 17,617.15. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Monday, January 24, 2022. List of such five stocks:

Q3FY22 Earnings Update

ICICI Bank: The private lender ICICI Bank has reported a 25% YoY rise in the profit at Rs 6,194 crore for the quarter ended December 31, 2021. It had posted a profit of Rs 4,940 crore in the corresponding quarter last fiscal. The bank's net interest income (NII) jumped 23.4% to Rs 12,236 crore in the reported quarter compared to Rs 9,912 crore posted last year. Provisions for the quarter fell 27% YoY to Rs 2,007 crore from Rs 2,742 crore in the same period last year. Its loan book grew 18% YoY and 5% QoQ while the retail book was 19% up YoY and 6% higher QoQ. The Bank's Gross NPA declined to 4.13% from 4.82% posted in the previous quarter ended September 30, 2021. Its Net NPA ratio declined to 0.85% from 0.99% in the preceding quarter, the lowest since March 31, 2014. During the quarter, the write-offs grew QoQ to Rs 4,088 crore from Rs 1,717 crore posted in the preceding quarter. Slippages fell 28% QoQ to Rs 4,018 crore compared to Rs 5,578 crore posted in September 2021 quarter. Recoveries and upgrades were Rs 4,209 crore in Q3FY22 compared to Rs 5,482 crore posted in Q2FY22. Besides, ICICI Bank on Friday said that independent director Rama Bijapurkar has submitted her resignation from the board of directors of the bank, effective January 23, 2022.

Reliance Industries: The conglomerate has reported a 32.7% QoQ rise in the consolidated profit at Rs 20,539 crore for the quarter ended December 31, 2021. It had posted a profit of Rs 15,479 crore in the previous quarter ended September 30, 2021. The company's revenue from operations grew 10.4% QoQ to Rs 1,85,027 crore compared to Rs 1,67,611 crore posted in the previous quarter. EBITDA grew 14.2% QoQ to Rs 29,706 crore compared to Rs 26.020 crore posted in the preceding quarter. Margins improved to 16% in Q3FY22 compared to 15.5% posted in Q2FY22. Besides, the company has reported an exceptional profit of Rs 2836 crore ( Profit from sale of Shale Gas assets in North America, Has completely exited from shale gas business in North America).  

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Segmental Update

JIO: Jio Platforms for the quarter grew 4.2% at Rs 20,597 crore compared to Rs 19,777 crore posted in September 2021 quarter. EBITDA grew 7.7% to Rs 10,008 crore compared to Rs 9,294 crore. Margins grew to 48.6% in Q3FY22 compared to 47% posted in Q2FY22. Net Profit for the quarter grew 1.8% at Rs 3,795 crore compared to Rs 3,728 crore posted in the previous quarter. Cash Profit for the quarter was Rs 8,747 crore, a growth of 14.7 per cent. Total customer base as of December 31, 2021, of 421.0 million, a net addition of 10.2 million customers. ARPU during the quarter of Rs 151.6 per subscriber per month, up 5.3% from Rs 144 per subscriber. Jio undertook ~20% hike across prepaid plans effective December 1, 2021, which is in line with other industry operators. The full impact of a tariff hike to be reflected in ARPU and financials over the next few quarters. O2C: O2C revenues grew 9.1% QoQ to Rs 1,31,427 crore in the reported quarter compared to Rs 1,20,475 crore posted in the previous quarter. EBITDA grew 6.4% QoQ to Rs 13,530 crore compared to Rs 12,720 crore. Margins were 10.3% in Q3FY22 compared to 10.6% posted in Q2FY22. 
 

Oil & Gas: Revenues grew 55.7% QoQ to Rs 2,559 crore in the reported quarter compared to Rs 1,644 crore posted in September 2021 quarter. EBITDA grew 89.8% to Rs 2,033 crore compared to Rs 1071 crore posted in the previous quarter. Margins were at 79.4% in Q3FY22 against 65.1% posted in Q2FY22. 
Retail: Revenues grew 53.4% YoY to Rs 50,654 crore compared to Rs 33,018 crore posted in the corresponding quarter last year. EBITDA grew 52.3% to Rs 3,522 crore from Rs 2,436 crore posted last year. The segment's margins were flat at 7% (YoY). 

JSW Steel: Iron and steel mills company has reported a 62.51% YoY rise in the consolidated profit at Rs 4,357 crore for the quarter ended December 31, 2021. It had posted a profit of Rs 2,681 crore in the corresponding quarter last fiscal. The company's revenue from operations grew 74% YoY to Rs 38,071 crore compared to Rs 21,859 crore posted last year. EBITDA grew 54% YoY to Rs 9,132 crore compared to Rs 5,946 crore. Margin contracted to 24% in Q3FY22 compared to 27% posted in Q3FY21. Margins slip due to high coking coal prices.

Bandhan Bank: The private lender has reported a 36% YoY rise in the profits at Rs 859 crore for the quarter ended December 31, 2021. It had posted a profit of Rs 632 crore in the corresponding quarter last year. The bank's net interest income grew 2.6% YoY to Rs 2,125 crore compared to Rs 2,072 crore posted last year. Provisions for the quarter fell 25% YoY to Rs 806 crore from Rs 1,078 crore in the same period last year. Sequentially, provisions fell 86% QoQ from Rs 5,613 crore posted in the previous quarter ended September 30, 2021. Its loan book grew 9.6% in the reported quarter. Disbursement grew YoY to Rs 10,520 crore in Q3FY22 compared to Rs 5,010 crore posted in the same period last year. It wrote off loans worth Rs 1200 crore in the quarter. The Bank's Gross NPA declined to 10.81% from 10.82% posted in the previous quarter ended September 30, 2021. Its Net NPA ratio declined to 3.01% from 3.04% in the preceding quarter. Collection efficiency stood at 96% in Q3FY22 compared to 88% in Q3FY21.
 

L&T Finance: The company has reported a 12% YoY rise in the profit at Rs 326 crore for the quarter ended December 31, 2021. It had posted a profit of Rs 290.6 crore posted in the corresponding quarter last year. Net interest income (NII) fell 18% to Rs 1,364 crore compared to Rs 1,661 crore posted last year. Gross NPA grew to 5.91% QoQ in Q3FY22 compared to 5.74% in Q2FY22 while the net NPA grew to 3.03% in the reported quarter compared to 2.81% posted in Q2FY22. Its lending book shrunk 15% YoY to Rs 85,552 crore. Collection Efficiencies have recovered to pre-COVID levels. 
 

Vodafone Idea: The telecom major has reported an expansion in the consolidated profit at Rs 7,231 crore in the quarter ended December 31, 2021, compared to Rs 7,132 crore posted in the previous quarter ended September 30, 2021. The company's revenue from operations grew 3.3% QoQ to Rs 9,717 crore compared to Rsa 9,406 crore posted in the previous quarter. EBITDA declined 1.2% QoQ to Rs 3,817 crore from Rs 3,862 crore. EBITDA margin dropped to 39.3% in Q3FY22 from 41.1% posted in Q2FY22. ARPU during the quarter of Rs 115 per subscriber per month, up 5.5% from Rs 109 per subscriber.
 

Yes Bank: The private lender has reported a 76% YoY rise in the profits at Rs 266 crore for the quarter ended December 31, 2021. It had posted a profit of Rs 151 crore in the corresponding quarter last year. The net interest income fell 31% YoY to Rs 1,764 crore compared to Rs 2,560 crore. Provisions for the quarter stood at Rs 375 crore compared to Rs 377 crore posted in the previous quarter ended September 30, 2021. The Bank's Gross NPA declined to 14.65% in Q3FY22 from 15% in Q2FY22. Its Net NPA ratio declined to 5.29% in the reported quarter from 5.5% in the preceding quarter. Besides, Yes Bank has plans to transfer its entire bad loan book worth Rs 50,000 crore to its proposed asset restructuring company (ARC). NPAs will be completely zero after being transferred to ARC. In the process, it will transfer legacy stress accounts to ARC by March or the maximum June quarter. The bank has shortlisted four investors for ARC company, the bank will also infuse capital up to 20% in it. The bank has reduced its credit growth target from 15% to 10% in FY22. Now the bank does not need capital. 

Gland Pharma: The pharmaceutical company has reported a 34% YoY rise in the consolidated profit at Rs 273 crore for the quarter ended December 31, 2021. It had posted a profit of Rs 204 crore in the corresponding quarter last year. The company's revenue from operations grew 24% YoY to Rs 1,063 crore in the reported quarter from Rs 859 crore posted last year. EBITDA grew 32% YoY to Rs 349 crore from Rs 264 crore posted last year. the margin grew to 33% in Q3FY22 from 31% posted in Q2FY22.
Supreme Petrochem: Mumbai-based producer and exporter of polystyrene polymer has reported a 4% YoY decline in the profit at Rs 165 crore for the quarter ended December 31, 2021. It has posted a profit of Rs 172 crore in the corresponding quarter last year. The company's revenue from operations grew 39% YoY to Rs 1,296 crore from Rs 930 crore posted last year. EBITDA fell 6% YoY to Rs 224 crore from Rs 239 crore. Margin declined to 17% in Q3FY22 from 26% posted in Q3FY21. 

Seshasayee Paper & Boards: The company has reported a 300% YoY rise in the consolidated profit at Rs 5.9 crore for the quarter ended December 31, 2021. It had posted a profit of Rs 4.54 crore posted in the corresponding quarter last year. The company's revenue from operations grew 103% YoY to Rs 334.1 crore compared to Rs 164.46 crore posted last year. EBITDA grew 3% YoY to Rs 15.23 crore compared to Rs 14.82 crore posted last year. The margin contracted to 4.56% in Q3FY22 from 9% posted in Q3FY21. 

Titagarh Wagons: Titagarh Firema S.p.A., the subsidiary of the Company in Italy ('TFA'), has signed the framework agreement for design, manufacture, supply and ten years of maintenance of 38 trainsets of Metro for Lazio Regione, Italy. The total value of the framework agreement is Euro 282 million, equivalent to Rs 2,380 crore approx.

PCBL Ltd: Board of Directors of the Company is scheduled to meet on February 9, 2022, to consider Q3FY22 financial results and a proposal for sub-division of the Equity Shares of the Company having a face value of Rs. 2/- each in such manner as may be determined by the Board of Directors and alteration of authorised share capital clause of the Company. 

Exide Industries: 'Exide Industries Limited' ('EIL') has increased its stake in JV Exide Leclanche Energy by 0.9%to 84.9% with an investment of around Rs 20 crore. The JV is into manufacture, assembly, trade, sale and distribution of lithium-ion batteries, module making and associated systems (“Products”) in the Territory (“Battery Pack Assembly Plant”).

 PTC India Financial + PTC India

PTC India Financial: The Company has received a communication dated January 22, 2022, from the SEBI informing that the company is directed to address the CG issues and all other issues raised by the resigning IDs and ex-Chairperson first, before holding any Board meeting and to file an action taken report in the regard to SEBI within 4 weeks.   
PTC India: Rakesh Kacker has resigned as Independent Director on the Board of PTC India Ltd with immediate effect. Besides, the company has constituted an internal committee for issues of PFS and has also informed the matter to RBI and exchanges. All the independent directors were aware of the working of the company. Some issues are 10 years old

HDFC Ltd: Subsidiary HDFC Capital raises around Rs 14,000 crore for the affordable housing fund. The fund was primarily invested by the Abu Dhabi Investment Authority.