Blog: Q3 Results 2023: Poonawalla Fincorp, HFCL, Karur Vysya Bank, others declare December quarter results – HIGH… – Zee Business

Q3 Results 2023: Several listed companies announced their quarterly earnings on Monday. Among them were Poonawalla Fincorp, HFCL, Karur Vysya Bank, Shoppers Stop, Jindal Stainless and others. Here are key takeaways from their October-December results. Earlier, today Axis Bank reported a 62 per cent jump in net profit beating street estimates. IDBI Bank, Canara Bank, Triveni Turbine, RattanIndia Power and Servotech Power Systems

Poonawalla Fincorp Q3 Results 2023: Net profit up 88% to Rs 150 crore

Poonawalla Fincorp Limited on Monday reported an 88 per jump in net profit to Rs 150 crore for the third quarter ended December 2022.

The non-deposit-taking non-banking finance company (NBFC) focusing on consumer and MSME finance had reported a net profit of Rs 80 crore in the year-ago period.

Total income in the quarter rose to Rs 519 crore as against Rs 394 crore a year ago, Poonawalla Fincorp said in a regulatory filing.

Net Interest Margin of the company rose to 10.7 per cent, an improvement of 94 basis points.

On asset quality, the gross non-performing assets (NPAs) fell to 1.69 per cent, down by 236 basis points (bps) year-on-year. The net NPAs stood at 0.89 per cent, 108 bps lower.

Capital Adequacy Ratio stood at 44 per cent as of December 31, 2022, it added.

HFCL Q3 Results 2023: net profit up 25% to Rs 102 crore

Domestic telecom gear maker HFCL Limited on Monday posted a 25.3 per cent year-on-year rise in consolidated net profit for the December 2022 quarter at Rs 102 crore.

Its net profit stood at Rs 81 crore in the corresponding period of previous year, according to a company statement.

Revenue came in at Rs 1,086 crore for Q3 FY23, falling 10.6 per cent over the year-ago period.

HFCL Managing Director Mahendra Nahata said over the last few quarters, despite the global supply chain disruptions, the company continued to demonstrate strong business performance with strategy to tap into new geographies, new customers with new products and shift in revenue mix from projects to more of products which resulted in sustainable revenue and margin expansion.

The company’s order book stood at over Rs 7,000 crore as on December 31, 2022 compared to Rs 5,280 crore in the previous quarter.

“HFCL has been granted approval to avail incentives up to Rs 652.79 crore from FY 22-23 to FY 26-27 as part of Government’s production-linked incentive (PLI) scheme, wherein, we committed an investment of Rs 425 crore over a period of four years for the development and manufacturing of telecom products including 5G radio equipment, routers, switches, WiFi Products and backhaul radios,” Nahata added.

Karur Vysya Bank Q3 Results 2023: profit surges 56% to Rs 289 crore

Karur Vysya Bank on Monday reported a 56 per cent jump in profit at Rs 289 crore for the quarter ended December 2022, helped by a rise in interest income and decline in bad loans.

Its net profit stood at Rs 185 crore in the same quarter of the preceding financial year.

Total income increased to Rs 2,013 crore in the quarter from Rs 1,600 crore in the year-ago period, the old generation private sector bank said in a regulatory filing.

At the same time, interest income rose to Rs 1,695 crore as against Rs 1,405 crore in the same quarter a year ago.

On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 2.66 per cent as compared to 6.97 per cent at the end of the third quarter of 2021-22.

Net NPAs too eased to 0.89 per cent from 2.55 per cent.

Despite a decline in bad loans, provision and contingencies increased more than two-fold to Rs 364 crore as against Rs 146 crore in the same period a year ago.

The capital adequacy ratio too declined to 17.86 per cent in December quarter as against 18.79 per cent in the same period a year ago.

The board also approved a proposal for re-appointment of B Ramesh Babu as the managing director and CEO of the bank for a further period of three years, with effect from July 29, 2023, it said.

The decision is subject to the approval of the Reserve Bank of India (RBI) and the shareholders of the bank in terms of the relevant provisions of the Companies Act, 2013, the Banking Regulation Act, 1949 and the guidelines issued by the RBI in this regard, it said.

Shoppers Stop Q3 Results 2023: net profit falls to Rs 63 crore

Retail chain Shoppers Stop on Monday reported an 18.86 per cent decline in consolidated net profit at Rs 62.74 crore in the third quarter ended on December 31, 2022.

The company had posted a consolidated net profit of Rs 77.32 crore in the same period last fiscal, it said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 1,137.07 crore as against Rs 958.11 crore in the same period a year ago, it added.

Total expenses in the third quarter were higher at Rs 1,075.66 crore as compared to Rs 905.14 crore in the corresponding period of previous year, the company said.

“The growth momentum continued from the second quarter, tapering down a little after Diwali. Customer sentiments remain largely buoyant due to the prolonged festive and wedding season demand,” Shoppers Stop Managing Director and CEO Venu Nair said.

During the third quarter, the beauty category reported sales of Rs 232 crore, up 18 per cent while the private brands category grew 23 per cent, the company said.

It opened six department and five beauty stores in the December quarter, taking the total store count to 271, spread across 50 cities across India.

Jindal Stainless Q3 Results 2023: profit drops 32%

Jindal Stainless on Monday reported 32.4 per cent drop in consolidated profit at Rs 298.56 crore for the quarter ended December, mainly due to higher expenses.

The company had posted a consolidated profit of Rs 441.78 crore in the year-ago period, Jindal Stainless said in a filing to BSE.

The consolidated revenue from operations of the company in the October-December increased to Rs 6,349.71 crore over Rs 5,670.02 crore in the year-ago period, the filing said.

The consolidated total expenses increased to Rs 5,999.69 crore from Rs 5,059.41 crore.

Jindal Stainless Managing Director Abhyuday Jindal said, “Agility and adaptability to changing market conditions lies at the core of sales and operations planning at Jindal Stainless. This strategy continued to serve us well in the last quarter and helped us align our sales mix with the domestic demand.”

“We also undertook focused measures to fulfil our environmental responsibility, including the commitment to power future growth through renewable sources of energy only,” he added.

On Monday, domestic equity markets ended on a positive note to end a two-day losing streak. Frontline indices S&P BSE Sensex ended at 60,941.67, up by 319 points or 0.53 per cent while the broader market NSE Nifty50 advanced by 90.90 points or 0.50 per cent at 18,118.55. The banking gauge Nifty Bank settled at 42,821.25, up by 314.45 or 0.74 per cent.   

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