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Q1 Results FY2023: PNB, Sona BLW, Westlife Development, Orient Cement declare June quarter results – highlights

Q1 Results FY2023: Several listed companies declared their June quarter results. Among them were state-run Punjab National Bank (PNB), Sona BLW Precision Forgings, Westlife Developments and Orient Cement. Here are top highlights of the earnings results reported by the company.

PNB Q1 Results FY2023: State-run bnk Punjab National Bank (PNB) announced its June quarter results and reported net profit falls to Rs 308 crore from Rs 1,023 crore a year ago, the company said in its filing to the exchanges. The results were declared after market hours.

PNB shares today ende dat Rs 32.75 on the NSE and were up nearly 2 per cent from the Wednesday closing price.

Sona BLW Precision Forgings Q1 results FY2023: profit at Rs 76 crore in April-June

Automotive technology firm Sona BLW Precision Forgings (Sona Comstar) on Thursday reported a Profit After Tax (PAT) of Rs 76 crore in the April-June quarter.

The company said revenue during the quarter under review grew 18 per cent to Rs 589.20 crore, as compared to Rs 500 crore in the corresponding quarter of the last fiscal, on the back of a 68 per cent year-on-year growth in the Battery Electric Vehicle (BEV) business.

The BEV business accounted for 29 per cent in the overall top line, it said.

“The global automotive markets remained challenging as light vehicle sales declined 17 per cent due to the supply side disruptions. Our revenue grew 18 per cent y-o-y in the first quarter, driven by the rapid scale-up of revenue from BEV programmes,” said Vivek Vikram Singh, MD and Group CEO.

The Ebitda (Earnings before interest, taxes, depreciation and amortization) growth, however, was lower at 3 per cent due to further increase in the material and power costs during last quarter.

“We are seeing margin pressure beginning to ease off during the current quarter, and we hope this reversal in inflation continues,” Singh said.

The company said its net order book increased by 10 per cent to Rs 20,500 crore at the end of June 30, 2022 from Rs 18,600 crore as of March 31, 2022.

Sona Comstar has bagged two new programmes from a European passenger vehicle maker to supply final drive differential assemblies for their upcoming EV models and the production is expected to commence in FY26.

Besides, the company has also received an order from a domestic two-wheeler manufacturer to supply traction motors for their flagship electric scooter model, it said and added that production of these motors is likely to commence in this fiscal.

Sona BLW shares today ended at Rs 563.40 on the NSE and were up 2.4 per cent from the Wednesday closing price.

Westlife Development Q1 Results FY2023: Company posts Rs 23.57 crore profit in Q1

Westlife Development Ltd on Thursday reported a consolidated net profit of Rs 23.57 crore in the first quarter ended June 30.

It owns Hardcastle Restaurants, the master franchisee of McDonald’s restaurants for West and South India.

The company had posted a net loss of Rs 33.39 crore in the April-June quarter a year ago, it said in a regulatory filing.

Its sales rose to Rs 536.17 crore in the first quarter of the current fiscal. In the year-ago period, the same was at Rs 258 crore.

Westlife’s total expenses climbed nearly 64 per cent to Rs 507.97 crore in the latest June quarter.

“The company witnessed a solid start to the first quarter of FY23 and recorded an all-time-high sales figure of Rs 537 crore,” it said.

In the June quarter, it added 5 restaurants.

“Westlife plans to add 35-40 new restaurants in FY23 and over 200 new restaurants in the next 3-4 years with greater emphasis on smaller and emerging cities,” it said.

Westlife Vice Chairman Amit Jatia said business performance in the last three quarters is a testament to the robust strategy which it has been following.

“With a redefined cost structure, increased productivity, strong average unit volumes, and healthy restaurant cash flows, we are well-positioned to deliver accelerated business results and create long-term value for shareholders,” he said.

As of June 30, 2022, Westlife had a total of 331 restaurants across 48 cities.

Westlife Development shares of the company gained nearly 5 per cent to close at Rs 537.75 on BSE.

Orient Cement Q1 results FY2023: net profit declines 58 pc to Rs 37 crore

C K Birla group firm Orient Cement Ltd on Thursday reported a decline of 58.17 per cent in net profit at Rs 37.41 crore in the quarter ended June.

It had posted a net profit of Rs 89.45 crore in the April-June quarter a year ago, Orient Cement said in a BSE filing.

Its revenue from operation was up 3.33 per cent to Rs 713.93 crore during the quarter under review. It was Rs 690.90 crore in the corresponding period of last fiscal.

Orient Cement’s total expenses were at Rs 656.05 crore, up 18 per cent in the June quarter, as against Rs 555.87 crore.

On Thursday, shares of Orient Cement shares settled 0.42 per cent down at Rs 118.55 apiece on BSE.

Inputs from PTI

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