Top headlines: HDFC Q1 net rises 22%; IOC posts Rs 1,993-cr net loss in Q1

HDFC Q1 profit jumps 22% YoY to Rs 3,669 crore, misses estimates

Mortgage lender Housing Finance Development Corporation (HDFC) reported standalone net profit of Rs 3,668.82 crore on Friday, for the April-June quarter of fiscal 2022-23 (Q1FY23), driven by higher interest and dividend income. This was 22.2 per cent higher than last year’s (Q1FY22’s) profit of Rs 3,001 crore.

Sequentially, the profit slipped marginally by 0.8 per cent from profit of Rs 3,700 crore reported in Q4FY22. Read more

Sun Pharma Q1 net up 43% to Rs 2,061 crore on specialty sales, India biz

India’s largest drug maker Sun Pharmaceutical Industries has posted a 43 per cent rise in net profit for the first quarter of the current fiscal, to Rs 2,061 crore, beating street estimates, riding on robust sales across India, US and emerging markets. The firm's gross sales were up 10.1 per cent year on year (YoY) to Rs 10,644 crore during the quarter, from Rs 9,719 crore a year ago.

Excluding the exceptional items of Q1 last year, the adjusted net profit was up by 4.1 per cent. Read more

IOC posts net loss of Rs 1,993 cr in Q1 on fuel discounts, higher costs

Indian Oil Corporation (IOC) on Friday reported a net loss of Rs 1,992.53 crore for the June quarter because of a freeze on petrol, diesel and LPG prices despite rising input costs.

Net loss of Rs 1,992.53 crore in April-June compared to Rs 5,941.37 crore of net profit in the same period a year back, the company said in a stock exchange filing.

This is this quarterly loss in over two years. The company had in January-March 2020 reported a net loss because of inventory losses. Read more

Swiggy announces permanent work-from-anywhere policy for most roles

Swiggy announced on Friday that it has extended its 'Future of Work' policy and announced a permanent work-from-anywhere for majority of roles. Under the policy, the corporate, central business functions and technology teams will continue to work remotely and converge once every quarter at their base location for a week to promote in-person bonding.

Today, Swiggsters are working out of 487 cities in 27 States and 4 UTs across the country, said the company. Read more