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Grasim Industries Q2 Standalone Net Profit Falls 1.5% YoY

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Input costs increased over 48 per cent YoY, and other expenses were also higher by 48 per cent from the year-ago quarter

Grasim Industries on Monday released its financial results for the quarter ended September 2022 and reported a 1.5 per cent year-on-year (YoY) fall in its standalone net profit at Rs 964 crore. The company had reported a profit of Rs 947 crore in the same quarter last year.

Its revenue from operations rose nearly 37 per cent YoY to Rs 6,745 crore. The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter under review jumped 19.4 per cent YoY to Rs 957 crore, but margins contracted 206 basis points to 14.18 per cent. A sharp rise in input costs and other expenses weighed on the company’s margins in the quarter under review. Input costs increased over 48 per cent YoY, and other expenses were also higher by 48 per cent from the year-ago quarter.

Viscose Business 

The global man-made cellulosic fibre (MMCF) industry witnessed a demand decline in Q2FY23 from the developed global economies due to high inflation-led recessionary market conditions. China’s average VSF operating rates reduced to 66 per cent in Q2FY23 from 76 per cent in Q1FY23 due to continued Covid-induced lockdowns in different cities and global demand decline.

Paints Business

The company said the first plant would be commissioned in the March quarter and the remaining plants by FY25 in a phased manner.  Grasim said the construction work is in progress across five locations and will commence at the remaining one location in Q4FY23. “Parallelly, the plan for the commercial launch is under execution as per schedule,” it said. “Overall, the company is budgeted total capex for FY23 stood at Rs 6,720 crore, including Rs 3,542 crore for the paints business,” the company said.

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SJVN Q2 Net Profit 10% Up To Rs 445 Cr

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As per a Bombay Stock Exchange filing, the consolidated net profit of the company stood at Rs 404.72 crore in the year-ago quarter

The state-owned hydroelectric power generation and transmission company SJVN (Satluj Jal Vidyut Nigam) reported a 10 per cent surge rise in its consolidated net profit to Rs 445.44 crore in the September 2022 quarter, on year-on-year basis.

As per a Bombay Stock Exchange filing, the consolidated net profit of the company stood at Rs 404.72 crore in the year-ago quarter

Company’s total income went down to Rs 916.25 crore during the quarter under review as against Rs 925.56 crore from last year.

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M&M Reports Q2 PAT At Rs 2,089 Cr, Revenue At Rs 20,839 Cr

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Its net profit for quarter ending September is registered Rs 2,089.92 crore as compared to Rs 1,433.45 crore from the same period a year-ago

The automobile major Mahindra & Mahindra (M&M) said it posted Q2FY23 net profit at Rs 2,089.92 crore, on 11 November.

The company said that it earned an operational revenue during the period under review at Rs 20,839.27 crore as against Rs 13,314.38 crore during corresponding period in the previous year

Its net profit for quarter ending September is registered Rs 2,089.92 crore as compared to Rs 1,433.45 crore from the same period a year-ago.

According to the Managing Director and CEO of the company Dr. Anish Shah, the financial results showed the progress that the company has made on the strategic imperatives.

Along with growth in the auto segment, the company has witnessed steady performance across our group companies, he said.

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NHPC Q2 Net Profit Surges Above 21% To Rs 1,685

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The company’s consolidated net profit during same period in the last year stood at Rs 1,386.81 crore. Total income of the company surged to Rs 3,529.31 crore in the current quarter from Rs 3,165.59 crore during the same period a year ago

The state-owned National Hydroelectric Power Corporation (NHPC) reported a rise of 21.56 per cent in its consolidated net profit at Rs 1,685.81 crore during September quarter of FY23. This was majorly due to higher revenues.

The company’s consolidated net profit during same period in the last year stood at Rs 1,386.81 crore, revealed a Bombay Stock Exchange filing showed.

Total income of the company surged to Rs 3,529.31 crore in the current quarter from Rs 3,165.59 crore during the same period a year ago.

money

Motherson Sumi Wiring India Witness 2% Surge In Q2 Net Profit To Rs 116 Crore

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The company had recorded a net profit of Rs 114 crore in the same period during last year. Its total revenue from operations stood at Rs 1,835.21 crore as compared to Rs 1,399.95 crore and its total expenses went up to Rs 1,689.77 crore against Rs 1,229.76 crore during same quarter a year ago, said MSWIL during a regulatory filing

Auto component maker Motherson Sumi Wiring India Ltd (MSWIL) reported a 2 per cent surge in net profit to Rs 116.45 crore in the second quarter ending 30 September 2022, on 31 October.

The company had recorded a net profit of Rs 114 crore in the same period during last year, said MSWIL during a regulatory filing.

Its total revenue from operations stood at Rs 1,835.21 crore as compared to Rs 1,399.95 crore in the year-ago period, it added.

The total expenses went up to Rs 1,689.77 crore against Rs 1,229.76 crore during same quarter a year ago.

MSWIL chairman, Vivek Chaand Sehgal said that the signs of revival are witnessed in the Indian automotive industry and the customers too are increasing the production. The ooutome of this is one-time costs, which must be dealt in the subsequent quarters.

According to the company, in the second quarter, it incurred costs because of initial one-time start-up costs of new programmes at Bengaluru and new facility at Chennai.

Apart from this, in order to meet increased volume, expedited freight and extra ordinary manpower costed additionally, which further got hampered by supply chain constraints.

The company said that in order to mitigate current and future impact, it is holding discussions with customers for one-time compensation and provide alignment to new cost structure.

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Tamilnad Mercantile Bank Witness 37.15% Rise In Q2 Net Profit

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During a filing with the Bombay Stock Exchange, the private sector lender posted a net profit of Rs 190.74 crore in (Q2FY22). Also, TMB’s NII rose 15.6 per cent YoY in Q2FY23 at Rs 508.16 crore. Its non-interest income went down to Rs 144.8 crore in Q2FY23 as compared to Rs 150.9 crore in Q2FY22

Tamilnad Mercantile Bank’s (TMB) net profit went up by 37.15 per cent year on year (YoY) to Rs 262.3 crore in the second quarter ending September (Q2FY23), followed by an improvement in its net interest income (NII).

During a filing with the Bombay Stock Exchange, the private sector lender posted a net profit of Rs 190.74 crore in (Q2FY22).

The bank’s stock was traded at 1.77 per cent higher to Rs 496.3 per share on BSE on 27 October.

Also, TMB’s NII rose 15.6 per cent YoY in Q2FY23 at Rs 508.16 crore. Its non-interest income went down to Rs 144.8 crore in Q2FY23 as compared to Rs 150.9 crore in Q2FY22.

The lender’s asset quality profile too reflected an improvement with gross non-performing assets (GNPAs) at 1.7 per cent at September 2022 end, in comparison with 3.31 per cent in the year-ago period. Net NPAs went down to 0.86 per cent from 1.82 per cent.

The provision coverage ratio corrected to 88.58 per cent for the quarter under review from 80.5 per cent from last year.

The bank’s loan book witnessed a surge 10.38 per cent YoY, but lower than the banking system’s pace of loan book expansion to 16.4 cent YoY in September 2022. Meanwhile outstanding advances were booked at Rs 34,876 crore as of September 2022.

The deposits recorded a growth by 5.15 per cent YoY to Rs 43,136 crore at September 2022 ending. As against banking sector deposit growth of 9.2 per cent, this was lower.

The total capital adequacy ratio (CAR) of bank stood at 24.58. per cent in September 2022, going up from 18.87 per cent a year ago.

Stock Market Graph

Companies’ Revenues Rise, Profits Go Down: Report

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As compared to the revenue growth, a low profit growth states that companies are not completely able to pass on higher input costs to consumers. A at around 355 companies declared their July-September numbers which reported a rise in revenue by 20.5 per cent. This made it the seventh consecutive quarter of double-digit growth. The commodity prices moderation may ease input cost pressures and the margin performance too may show corrections. This may occur as more companies from the manufacturing sector release their results

According to a report by a media house, the initial trends in Q2 corporate results witnessed sustained revenue growth in double-digit and a slow surge in net profit in single-digit year-on-year. The revenue growth was backed by Inflation and pent-up demand however, input cost pressures have pulled down the operating profit margins.

As compared to the revenue growth, a low profit growth states that companies are not completely able to pass on higher input costs to consumers. A at around 355 companies declared their July-September numbers which reported a rise in revenue by 20.5 per cent. This made it the seventh consecutive quarter of double-digit growth.

However, comparatively a modest net profit growth was witnessed at 5.6 per cent, being the slowest in the nine quarters. During previous in the same quarter, revenue and profit surged by 23.3 per cent and 22.8 per cent, respectively. A slow growth in profitability may impact tax revenues.

Last year in the September 2022 quarter, the total sample’s operating margin decreased by 500 basis points (bps) to 19.5 per cent. On the other hand, the raw material cost as a percentage of revenue hiked by 250 bps to 23.8 per cent year-on-year.

The commodity prices moderation may ease input cost pressures and the margin performance too may show corrections. This may occur as more companies from the manufacturing sector release their results.

However, majorly banking and finance companies and Reliance Industries, have been driving the second-quarter performance so far. Amid lower provisioning requirements and higher interest rates Banks have shown good profit growth. The scenario will be clearer in mid-November after few more companies from diverse sectors announce their earnings.

The corporate sector currently is deleveraged, however companies with huge liquidity will invest subject to demand being durable. Less responsive global demand and the shrinking of financial conditions will hamper the exports. This concludes that domestic demand is required to be robust.

The small and medium industries with utmost need of working capital will be hurt the most due to higher interest rates.  Hence, a cautious approach needs to be considered in order to prevent investment slowdown. Government of India’s consistent push to capex and improving pace of project execution will surge demand which will help India Inc’s revenue to grow.

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Microsoft Records 14% Decline In Net Profit Due To Weak PC Sales

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It booked 50.1 billion dollar in revenue and 17.6 billion dollar in net income during first quarter of 2023. The revenue of Microsoft Cloud was recorded at 25.7 billion dollar, which went up 24 per cent year-over-year

The Microsoft recorded a decline of 14 per cent in its net profit for first quarter of 2023 (July-September period). However, its revenues surged by 11 per cent amid global decline in personal computer (PC) sales.

It booked 50.1 billion dollar in revenue and 17.6 billion dollar in net income during first quarter of 2023.

Chairman and CEO of Microsoft, Satya Nadella said that In a world facing increasing headwinds, digital technology is the ultimate tailwind

“In this environment, we’re focused on helping our customers do more with less, while investing in secular growth areas and managing our cost structure in a disciplined way,” said Nadella in a release on 25 October.

The revenue of Microsoft Cloud was recorded at 25.7 billion dollar, which went up 24 per cent year-over-year.

“This quarter Microsoft Cloud revenue was $25.7 billion, up 24% (up 31% in constant currency) year-over-year. We continue to see healthy demand across our commercial businesses including another quarter of solid bookings as we deliver compelling value for customers,” said Amy Hood, executive vice president and CFO of Microsoft.

The decline in the traditional PC market majorly caused the loss in net profit. The reason behind decline is the global shipments which totalled 74.3 million units during the July-September quarter. This was the year-over-year contraction by 15 per cent, according to the Institutional Deposits Corporation (IDC).

The LinkedIn revenue increased 17 per cent whereas its revenue in Intelligent Cloud was increased 20 per cent to 20.3 billion dollar, said Microsoft. And the revenue in More Personal Computing was 13.3 billion dollar and decreased a bit.

A decrease of 3 per cent was witnessed in its Xbox content and services revenue whereas devices revenue surged 2 per cent.

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CDSL Total Income Grows 3% To Rs 170 Cr, Net Profit Falls 7% To Rs 80 Cr In Q2

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As compared to previous year’s data, the depository had recorded a net profit of Rs 86 crore, revealed CDSL in a statement. At around 48 lakh demat accounts were opened in the September quarter of the current fiscal, according to the company. Along with settlement of trades on stock exchanges, CDSL also facilitates holding and transacting in securities in the electronic form

India’s leading depository Central Depository Services (India) Limited (CDSL) recorded a 7 per cent fall to Rs 80 crore in its consolidated net profit in three months September 2022 end.

As compared to previous year’s data, the depository had recorded a net profit of Rs 86 crore, revealed CDSL in a statement.

The company’s total income witnessed a surge of 3 per cent to Rs 170 crore during the period under review. The figure stood at Rs 165 crore in the second quarter 30 September 2021 end.

At around 48 lakh demat accounts were opened in the September quarter of the current fiscal, according to the company.

MD and CEO, CDSL, Nehal Vora said that company’s sustainable long-term strategy of investing in the digital eco-systems and robust technology has led to consistent strengthening of financial performance this quarter. This enables the company to provide an easy and secured platform to all market participants.

Along with settlement of trades on stock exchanges, CDSL also facilitates holding and transacting in securities in the electronic form.

In total 7 demat accounts of Investors or Beneficial Owners (BOs) are maintained and serviced by the company, across India. From around 20,000 locations, these BOs are serviced by CDSL’s 580 depository participants.

The depository’s net profit fell by 8 per cent to Rs 138 crore, whereas the total income went up by 7 per cent to Rs 316 crore, for the half year ending 30 September 2022.

accounting

Bajaj Finance Q2 Net Profit Surges To Rs 2,781 Cr

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The gross non-performing asset ratio, a measure of asset quality, eased to 1.17 per cent at the end of September from 2.45 per cent in 2021

Bajaj Finance Ltd reported a record quarterly profit on Thursday, beating estimates on improved demand for loans and better asset quality. Consolidated profit rose 88 per cent to Rs 2,781 crore in the second quarter, ending on Sept. 30 2022, from Rs 1,481 crore 2021, the organisation said in an exchange filing.

Demand for credit is still at an all-time high, despite a series of interest rate hikes by RBI, as reported by banks and shadow lenders. As per IBES data, Bajaj Finance outperformed itself this quarter because the expected profit was Rs2,680 crore only. Its net interest income advanced by 31 per cent and new loans booked went up by 7 per cent. 

The gross non-performing asset ratio, a measure of asset quality, eased to 1.17 per cent at the end of September from 2.45 per cent in 2021. Meanwhile the company’s assets under management are a whopping Rs 2.18 trillion, up by 31 per cent. 

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