Page 2 - Profit Margins

Axis Bank profit nearly doubles to Rs 4,125 crore in April-June quarter

Axis Bank on Monday said its net profit nearly doubled to Rs 4,125 crore in the April-June quarter of FY23, helped by decline in bad loans. The private sector bank had registered a net profit of Rs 2,160 crore in the corresponding quarter of the previous fiscal. Total income of the bank rose to Rs 21,727.61 crore during April-June quarter of the current fiscal, compared to Rs 19,361.92 crore in the year-ago period, Axis Bank said in a regulatory filing. The lender's asset quality improved as gross Non-Performing Assets (NPAs) declined to 2.76 per cent as on June 30 this year, from 3.85 per cent a year ago. Net NPAs or bad loans slipped to 0.64 per cent of net advances furnished by June-end from 1.20 per cent a year earlier. As a result, provisions other than tax and contingencies declined manifold to Rs 359.36 crore as against Rs 3,302 crore in the same period a year ago. On a consolidated basis, Axis Bank posted a 84 per cent jump in net profit to Rs 4,389.22 crore for the repo

Central Bank of India Q1 profit rises 14.2% to Rs 234 cr; bad loans drop

Central Bank of India on Monday reported a 14.2 per cent rise in standalone net profit at Rs 234.78 crore in first quarter ended June this fiscal on fall in bad loans, even as its expenses increased. The State-owned lender had posted a net profit of Rs 205.58 crore in the same quarter a year ago. However, compared sequentially, the profit was down by 24.3 per cent from Rs 310.31 crore in the quarter ended March 2022. Total income during April-June period of 2022-23 increased slightly at Rs 6,357.48 crore, as against Rs 6,299.63 crore in the same quarter of 2021-22, Central Bank of India said in a regulatory filing. Total income was down from Rs 6,419.58 crore in the March 2022 quarter. Bank's bad loans proportions remained high, but fell to 14.90 per cent of the gross advances by the end of June 30, 2022, as compared to 15.92 per cent in the year-ago period. In value-terms, the gross NPAs were worth Rs 29,001.63 crore, up from Rs 27,891.70 crore by June 2021. Net NPAs or bad loa

Lower margins weigh on Havells' Q1 performance as input, staff costs surge

Even as the trend is seen continuing in Q2 before reversing in the second half, analysts are positive on the company

Tata Communications: Ongoing supply-side headwinds to hurt near term

Original equipment manufacturer (OEM) lead time issues, which had worsened during the April-June quarter, rose four times as compared to the earlier 12-16 weeks.

Happiest Minds profit rises 58% to Rs 56.34 crore in June quarter

IT company Happiest Minds on Friday posted a 57.7 per cent increase in consolidated profit after tax at Rs 56.34 crore in the June quarter. The company had reported a profit of Rs 35.73 crore in the year-ago period. The consolidated revenues from contracts with customers of the company grew 34.5 per cent to Rs 328.92 crore during the quarter under review. The same stood at Rs 244.61 crore in the year-ago period. "We have started fiscal year 2023 showing industry leading performance. Our 10-year vision statement is to be a billion-dollar company by 2031. "In line with this goal, based on the growth we are experiencing and continued demand for digital services, we are increasing our revenue guidance for FY23 to 25 per cent while targeting to grow at a CAGR (Compound Annual Growth Rate) of 25 per cent over the next 5 years," Happiest Minds Executive Chairman Ashok Soota said in a statement.

JSW Energy net profit surges 179% to Rs 560 crore in June quarter

JSW Energy on Thursday said its net profit jumped 179 per cent to Rs 560 crore in the June quarter, mainly on the back of higher revenues. "Profit After Tax (PAT) stood at Rs 560 crore, which was 179 per cent higher YoY (year on year) compared to a PAT of Rs 201 crore in the corresponding period of previous year (April-June 2021)," a company statement said. During the quarter, total revenue increased by 68 per cent YoY to Rs 3,115 crore from Rs 1,860 crore in first quarter of FY22. The increase is primarily attributable to higher contribution from short-term sales, solar capacity addition at Vijayanagar and 45MW uprating at Karcham Wangtoo, it stated. Underlying finance cost during the quarter decreased by 2.5 per cent YoY to Rs 193 crore on the back of 18 bps (basis points) reduction in the weighted average cost of debt partially offset by increase in gross debt, it explained. The consolidated net worth and consolidated net debt as on June 30, 2022 were Rs 16,638 crore and Rs 7,7

Hindustan Zinc net profit rises 56% in Q1 to Rs 3,092 cr; revenue jumps 45%

Hindustan Zinc Ltd (HZL) on Thursday reported a 55.9 per cent rise in consolidated net profit at Rs 3,092 in the June quarter, mainly on the back of higher metal prices. The company had posted consolidated net profit of Rs 1,983 crore in the first quarter of the previous fiscal, it said in a filing to BSE. The consolidated revenue from operations in the April-June preriod increased by 44.8 per cent to Rs 9,236 crore, over Rs 6,378 crore in the year-ago period, the filing said. "Net profit for the quarter was at Rs 3,092 crore, up 55.9 per cent Y-o-Y and 5.6 per cent sequentially," the company said in a statement. HZL's board has given the approval for forming a wholly-owned arm to set up a five lakh tonnes per annum fertiliser plant. "Hindustan Zinc delivered best first-quarter production for mined metal, refined metal and silver. With the exit run-rate for both mined and refined metal crossing over one million tonnes, we are fully geared to deliver another stellar performance th

CSB Bank profit nearly doubles to Rs 115 cr in Q1; asset quality improves

Private lender CSB Bank on Thursday reported 88 per cent growth in its net profit at Rs 115 crore in the first quarter of FY23 on the back of decline in bad loans.

Hyundai sells 1.88 mn vehicles in first six months, Q2 profit jumps 56%

Hyundai Motor said on Thursday that its second-quarter net profit jumped 56 per cent from a year earlier on improved product mix and a weak won

ICICI Lombard's Q1 net up 80% to Rs 349 cr on strong premium income

The gross direct premium income by the insurer during the period was Rs 5,370 crore, up 28.2 per cent from the year-ago period

HDFC Bank Q1FY23 results: Tracking firm's performance over last 4 quarters

In Q4FY22, the bank recorded a 22.8 per cent rise in its net profit year-on-year.

Morgan Stanley misses profit estimates in Q2 as dealmaking stalls

Morgan Stanley missed profit estimates for the first time in nine quarters on Thursday, as its investment banking unit struggled to cope with a slump in global dealmaking.

HCL Tech margin under pressure over talent crunch as Q1 attrition hits 24%

Top management, while reporting results for HCL Tech Q1FY23 on Tuesday, said attrition rate was "expected to remain high in coming months"

Godrej Appliances to invest Rs 200 crore in capacity expansion in FY23

Godrej Appliances is targeting a turnover of Rs 5,500 crore in 2022-23 and around 35 per cent of the sales will be contributed from its premium range of products, a top company official said. Besides, Godrej Appliances is also investing Rs 200 crore in the capacity expansion of its premium range and adding more products, which will be largely done at its Shirwal, Pune-based plant, the company's Business Head & Executive Vice-President Kamal Nandi said. The company has a "very good response" from the market for its premium portfolio product range, in which it has invested Rs 250 crore so far, Nandi told PTI. "Our efforts of the last two years to bring out premium portfolio across categories have started paying off now very well," he said, adding, "I think the premium portfolio that we have done so... is going to get larger in this year as more new products in the segment are going to be launched. We are targeting another Rs 200 crore to be invested in this portfolio and capacity ...

Companies in clover, but there's something in the economy that's amiss

Today, far too many people earn far too little to support consumption growth of the kind the economy needs, notes T N Ninan

Campus Activewear Q4 net profit up three-fold to Rs 39.6 crore

Campus Activewear Ltd on Tuesday reported over three-fold increase in its consolidated net profit at Rs 39.60 crore for the fourth quarter ended March 2022. The shoemaker, which was listed on BSE earlier this month, had posted a net profit of Rs 10.01 crore in the January-March quarter a year ago, said Campus Activewear Ltd in a regulatory filing. Its revenue from operation rose 28.07 per cent to Rs 352.33 crore against Rs 275.10 crore in the year-ago period. "Net profit during the quarter stood at Rs 39.61 croe, PAT (Profit After Tax) margins expanded by 760 basis points year-on-year to 11.2 per cent in Q4 FY22," said Campus Activewear in a post-earnings statement. The company's total expenses were at Rs 295.30 crore, up 31.05 per cent in Q4 FY22 compared to Rs 225.32 crore in Q4 FY21. For the entire fiscal ended March 2022, Campus Activewear's net profit was up over four-fold to Rs 124.41 crore. It had reported a net profit of Rs 26.86 crore in the previous fiscal. Its revenue

Hinduja Global Solutions Q4 profit jumps to Rs 5,686 cr on one-off gains

Hinduja Global Solutions said it consolidated profit after tax jumped multi-fold to Rs 5,686 crore for March, mainly on account of gains from divestment of its healthcare services business.

Berger Paints Q4 net up 5.6% to Rs 220 cr; revenue up 8% to Rs 2,187 cr

Berger Paints India Ltd on Thursday reported a 5.60 per cent increase in consolidated net profit to Rs 220.29 crore for the fourth quarter ended March 2022. The company had posted a consolidated net profit of Rs 208.60 crore in the January-March period a year ago, Berger Paints said in a regulatory filing. Revenue from operations was up 7.96 per cent at Rs 2,187.51 crore during the quarter as against Rs 2,026.09 crore in the year-ago period. Total expenses were at Rs 1,915.43 crore, up 9.03 per cent in Q4 FY22 as against Rs 1,756.64 crore earlier. For the full fiscal ended March 2022, Berger Paints' net profit was up 15.73 per cent at Rs 832.95 crore, compared to a net profit of Rs 719.72 crore in the previous fiscal. Its revenue from operations climbed 28.51 per cent to Rs 8,761.78 crore from Rs 6,817.59 crore in FY21. The board has recommended a dividend of 310 per cent, which is Rs 3.10 per equity share of Re 1 each for the financial year 2021-22. Shares of Berger Paints Ind

Travel service providers Easy Trip Planners Q4 profit drops 23% to Rs 23 cr

Easy Trip Planners Ltd on Wednesday reported a 23.4 per cent decline in consolidated net profit at Rs 23.34 crore for the fourth quarter ended March, impacted by lower revenue and higher expenses.

Thermax's net profit tumbles 4.4% to Rs 103.2 cr in March quarter

Thermax on Friday reported a 4.4 per cent decline in consolidated net profit at Rs 102.54 crore for the quarter ended March. The company had reported a consolidated net profit of Rs 107.35 crore in the year-ago period, according to a BSE filing. Total income of the company in the March quarter was at Rs 2,027.62 crore as against Rs 1,610.34 crore in the same period a year ago. "Profit After Tax (PAT) stood at Rs 103 crore, down 4 per cent as compared to Rs 107 crore in the corresponding quarter of FY21. Profitability was lower due to increased commodity and freight costs during the quarter," the company said in a statement. The consolidated net profit of the company rose to Rs 312.31 crore in the fiscal year 2021-22 from Rs 206.58 crore in 2020-21. Total income in the fiscal was at Rs 6,255.34 crore as against Rs 4,898.99 crore in 2020-21. The company's board has recommend a dividend of Rs 9 per equity share of Rs 2 each (450 per cent) for the financial year 2021-22. Thermax Gro