Q3 Results 2023: Several Listed companies today announced the October-December quarter results. Among them were Surya Roshni Ltd, Rallis India and Central Bank of India. Here are keytakeaways from the earnings results!
Earlier today, IndusInd Bank reported a net profit of Rs 1,964 crore for the October-December period, marking an increase of 58 per cent compared with the corresponding period a year ago. The Mumbai-based private sector lender’s net interest income — or the difference between interest earned and interest paid — increased 18 per cent on a year-on-year basis to Rs 4,495 crore, according to a regulatory filing.
The bank’s net interest margin — a key measure of profitability for financial institutions — improved by 17 basis points to 4.27 per cent compared with the year-ago period.
Surya Roshni Q3 Results: Net profit up over two-fold to Rs 89.6 crore; revenue at Rs 2,021 crore
Steel pipes and electrical products maker Surya Roshni Ltd on Wednesday reported an over two-fold increase in consolidated net profit at Rs 89.66 crore for the third quarter ended December 2022.
The company had posted a net profit of Rs 40.49 crore in the October-December period of the previous fiscal, Surya Roshni Ltd said in a regulatory filing.
However, its consolidated revenue from operations dipped to Rs 2,021.28 crore from Rs 2,030.30 crore in the corresponding quarter a year ago.
Total expenses were at Rs 1,899.51 crore, down 3.91 per cent in the December quarter of 2022-23 compared to the year-ago period.
Revenue from steel pipes and strips segment dropped 2.16 per cent to Rs 1,625.55 crore in Q3 FY23, as against Rs 1,661.47 crore earlier.
“In the Steel Pipes and Strips, the topline was affected due to correction in global steel prices. HR coil prices reduced by 18 per cent on an average in the current quarter as compared to the corresponding quarter,” Surya Roshni Managing Director Raju Bista said.
Revenue from lighting and consumer durables category rose 6.35 per cent to Rs 395.73 crore from Rs 372.07 crore in Q3 FY22.
This was “driven by an improved product mix. LED lighting as a whole grew by 8 per cent YoY during the quarter. The Professional Lighting business continued to do well and registered a growth of 33 per cent and 43 per cent in Q3 and 9M FY23, respectively. The company’s recent product launches also aided the growth momentum,” he said.
Shares of Surya Roshni Ltd on Wednesday settled at Rs 605.90 on BSE, up 3.84 per cent from the previous close.
Rallis India Q3 Results: Net profit falls to Rs 22.55 crore
Tata group firm Rallis India on Wednesday reported a 43 per cent decline in its December quarter net profit at Rs 22.55 crore.
The company’s net profit stood at Rs 39.55 crore in the year-ago period, it said in a regulatory filing.
Revenue from operations marginally rose to Rs 630.39 crore during the October-December period compared to Rs 628.08 crore in the same period of the previous fiscal.
“Our third quarter revenues witnessed 0.3 per cent growth over last year. This has been in the backdrop of erratic rainfall in the domestic market and headwinds in international business. During the quarter, our domestic crop protection business grew by 7.7 per cent, crop nutrition business by 22 per cent,” Rallis India Managing Director and CEO Sanjiv Lal said.
Exports declined by 6.5 per cent, primarily due to inventory build-up at the customer end, he added.
“Our long-term focus continues to be investing in growth through new product introduction, expanding our retail footprint, and investing in flexible multipurpose manufacturing plants for our new product pipeline,” Lal added.
On Wednesday, shares of the company settled 2.66 per cent down at Rs 245.50 apiece on the BSE.
Central Bank of India Q3 Results: profit rises 64 pc to Rs 458 crore
State-owned Central Bank of India on Wednesday reported 64 per cent jump in profit at Rs 458 crore for December quarter 2022-23, aided by a decline in bad loans and improvement in Net Interest Income (NII).
The Mumbai-based bank had posted a net profit of Rs 279 crore in the year-ago period.
The bank’s total income increased to Rs 7,635.71 crore in October-December 2022-23 from Rs 6,523.78 crore a year ago, it said in a regulatory filing.
NII was higher by 20 per cent to Rs 3,285 crore during the quarter under review.
Operating profit grew 44.21 per cent to Rs 1,807 crore as against Rs 1,253 crore in the third quarter of FY22, it said.
On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) almost halved to 8.85 per cent as compared to 15.16 per cent in the previous fiscal year.
Net NPAs too eased to 2.09 per cent from 4.39 per cent in the same period of FY22.
However, the capital adequacy ratio declined to 13.76 per cent in December quarter FY23 as against 13.99 per cent in the year-ago period.
Several companies will be announcing their quarterly earnings on Thursday. In the Nifty50 pack, Asian Paints and Hindustan Unilever will declare results. Others include Can Fin Homes, AU Small Finance Bank, Havells, Hindus Zinc, PVR, Polycab and others. One can expect stock specific action in these stocks.
Inputs from PTI