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HDFC Life’s Profit Rises 15% In H1 Due To Growth In New Retail, Protection Operations

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HDFC Life insured over 3 crore people across the individual and group businesses during the six-month period, an increase of 16 per cent on year

HDFC Life Insurance reported a net profit of Rs 792 crore in the first half of FY24, a 15 per cent increase year on year, driven by a 14 per cent increase in total premium to Rs 26,613 crore.

The new business premium, which includes individual and group policies, increased 15 per cent to Rs 12,970 crore, while the renewal premium increased 14 per cent to Rs 13,643 crore.

“We recorded a healthy growth of 10 per cent in individual WRP (weighted received premium) vs 8 per cent for the overall industry, for the half year ended 30 September 2023,” MD and CEO Vibha Padalkar said, adding that the life insurance sector has shown great resilience despite the recent unfavourable budget changes.

“We continued to grow faster than the overall industry and be ranked amongst the top three life insurers across individual and group businesses. We saw an uptick of 10 per cent in the number of individual policies sold, beating industry growth. This healthy volume growth is in line with our stated objective of broadening our customer base,” Padalkar said.

HDFC Life insured over 3 crore people across the individual and group businesses during the six-month period, an increase of 16 per cent on year. Market share, on an individual WRP basis, fell to 15.7 per cent among private life insurers from 16.1 per cent a year ago. However, on a new business premium basis, the share rose to 20.0 per cent from 19.8 per cent. Overall industry market share stood at 10.3 per cent.

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Matrimony.com Q2 Total Income Up, Consolidated Net At Rs 11.70 Cr

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The consolidated profit after tax for the half year ending 30 September 2022 stood at Rs 23.66 crore, which was registered at Rs 30.39 crore in the same period during last year. Also, the company said it has launched RainbowLuv matchmaking application in order to serve the LGBT community

The matchmaking service provider Matrimony.com has recorded a consolidated net profit of 11.70 crore for the July-September quarter, the company said on 11 November.

During the previous financial year in the corresponding quarter, it had reported a consolidated net profit of Rs 16.57 crore.

The consolidated profit after tax for the half year ending 30 September 2022 stood at Rs 23.66 crore, which was registered at Rs 30.39 crore in the same period during last year.

The company’s consolidated total income rose to Rs 119.07 crore during the July-September, from Rs 113.90 crore reported in the same period of previous financial year.

Also, the consolidated total income for the six-month period ending 30 September 2022 stood at Rs 239.83 crore as compared to Rs 223.57 crore registered in the corresponding quarter during last year.

The chairman and managing director of the company, Murugavel Janakiraman said that due to seasonality, this quarter has been a subdued one. However, we shall continue to leverage our new launches to boost the momentum and server the much needed impetus for better customer experience, at the same time.

Also, the company said it has launched RainbowLuv matchmaking application in order to serve the LGBT community along with techiematrimony, which is an exclusive matchmaking services to those in the information technology sector, in the quarter under review.

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Deepak Fertilisers Q2 Profit Surges Almost Three Times To Rs 276 Cr, Revenue Up 51%

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In the last fiscal, its net profit stood at Rs 93 crore during the corresponding quarter, said the company in a statement. The company’s operating revenue went up by 51.7 per cent to Rs 2,719 crore during the current quarter, as compared to Rs 1,793 crore in the same period a year-ago

The industrial chemicals and fertilisers manufacturer Deepak Fertilisers and Petrochemicals Corporation (DFPCL) said that its net profit has surged around three times to Rs 276 crore in the second quarter ending September, on 10 November.

In the last fiscal, its net profit stood at Rs 93 crore during the corresponding quarter, said DFPCL in a statement.

The company’s operating revenue went up by 51.7 per cent to Rs 2,719 crore during the current quarter, as compared to Rs 1,793 crore in the same period a year-ago.

DFPCL Chairman and Managing Director Sailesh C Mehta said that company’s drive from commodity to specialty will continue to support premium margins and brand consolidation in the mining chemicals, pharma chemicals and crop nutrition businesses,”

According to him, the Asian Development Bank (ADB) association has been an acknowledgement of the efforts and impact. The company has been making along with providing specialty and crop-specific performance fertilisers.

“The Ammonia and TAN (mining chemicals) projects continues in full swing. The company is driving for fast-track project execution for the same,” he added.

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Cochin Shipyard Q2 Profit Falls To Rs 113 Cr, Income Surges To Rs 744 Cr

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During last year, the company had posted a consolidated profit of Rs 131.30 crore in the corresponding quarter. An interim dividend of Rs 7 per equity share for the financial year 2022-23 was approved by the company’s board

The Cochin Shipyard recorded a 14 per cent decrease in their consolidated profit at Rs 112.79 crore during the quarter ending September, on 10 November.

During last year, the company had posted a consolidated profit of Rs 131.30 crore in the corresponding quarter, it said in a filing to Bombay Stock Exchange.

Its consolidated income during second quarter of the current fiscal surged to Rs 744.88 crore as compared to Rs 738.01 crore in the year-ago period.

An interim dividend of Rs 7 per equity share for the financial year 2022-23 was approved by the company’s board.

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MRF Misses Q2 Profit Estimates Due To High Input Costs

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Its continuing operations’ standalone net profit went down 32.2 per cent to 1.24 billion rupees (15.14 million dollar) for the quarter ending 30 September, as compared to 1.83 billion rupees a year earlier. Russia’s invasion of Ukraine and low demand due to soaring fuel costs raised the supply issues for raw materials

The Indian tyre manufacturer MRF Ltd missed its second-quarter profit estimates on 8 November. This came after the input costs soared and supply chain issues weighed, offsetting a surge in revenue.

Its continuing operations’ standalone net profit went down 32.2 per cent to 1.24 billion rupees (15.14 million dollar) for the quarter ending 30 September, as compared to 1.83 billion rupees a year earlier, it said during an exchange filing.

According to analysts, a profit of 1.85 billion rupees was expected. Due to the increasing global inflation, the tyre manufacturing industry has been dealing with higher input costs which led to hiked prices of raw materials like rubber.

In July this year, the chairman of MRF, K.M. Mammen had said Russia’s invasion of Ukraine and low demand due to soaring fuel costs raised the supply issues for raw materials. Also, it played spoilsport for the company and the entire industry at large.

In addition, due to the Russia-Ukraine conflict, a sharp surge was witnessed in petrochemical costs, a key component in tyre manufacturing. The input costs of MRF’s saw an 8.1 hike to 41.13 billion rupees.

Other Indian tyre companies along with MRF said that they foresee a 11 billion rupees investment for expansion of rubber plantations in India’s north-eastern and eastern regions.

Its revenue from operations surged 18.4 per cent to 57.19 billion rupees. MRF’s competitors CEAT and JK Tyre and Industries too recorded big slumps in their quarterly profits, during last week.

India Cements

India Cements Books 7.46 Surge In Q2 Revenue To Rs 1,327 Cr

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During the previous fiscal, the company had posted a net profit of Rs 29.75 crore in the July-September quarter. Its revenue from operations went up by 7.46 per cent to Rs 1,327.06 crore and total expenses were recorded at Rs 1,528.01 crore, up by 27.16 per cent, during the second quarter this year

India Cements Ltd on 7 November recorded a consolidated net loss of Rs 113.26 crore for the second quarter ending September 2022.

During the previous fiscal, the company had posted a net profit of Rs 29.75 crore in the July-September quarter, said India Cements in a regulatory filing.

Its revenue from operations went up by 7.46 per cent to Rs 1,327.06 crore during the second quarter this year. The same stood at Rs 1,234.85 crore a year ago.

The company’s total expenses were recorded at Rs 1,528.01 crore, up by 27.16 per cent during the September quarter of FY23 in comparison with Rs 1,201.61 crore from last year.

The Shares of India Cements were traded at Rs 248.50 on Bombay Stock Exchange, up by 1.02 per cent from the previous close.

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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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PCBL Hits 4.9% Fall In Q2 Profit Against Rise In Total Expenses

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The Russia-Ukraine war and accompanying inflationary pressures have resulted in increased costs of production for carbon black and a sudden rise crude oil prices. The overall revenue surged by 52.4 per cent to 16.28 billion rupees. This was mostly driven by a 52.2 per cent hike in sales of carbon black, which is utilised in speciality and performance chemicals too

Indian carbon black maker Phillips Carbon Black Limited (PCBL) reported a 4.9% decrease in second-quarter profit on 26 October. The downfall is caused because the higher costs offset robust sales of the tire strengthening the material.

The Russia-Ukraine war and accompanying inflationary pressures have resulted in increased costs of production for carbon black and a sudden rise crude oil prices.

Also, the profit went down to 1.16 billion Indian rupees in the three months ending 30 September from 1.22 billion rupees a year earlier.

The overall revenue surged by 52.4 per cent to 16.28 billion rupees. This was mostly driven by a 52.2 per cent hike in sales of carbon black, which is utilised in speciality and performance chemicals too.

A rise in it total expenses was also witnessed by 61.3 per cent. This was a result of 75.4 per cent hike in cost of materials consumed, lowering the profits.

The last close showed that shares of PBCL surged 15.8 per cent so far this year.

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StanChart Books 40% Hike In Quarterly Profit, Income Outlook Improves

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According to StanChart, the statutory pre-tax profit saw a rise to 1.39 billion dollar for three months ending 30 September as compared to 996 million dollar in previous year. It also went up against 1.05 billion dollar average estimate of 14 analysts, as compiled by the bank. StanChart’s weakness too reflected in key economies after the statutory credit impairment charges more than doubled to 227 million dollar from previous year

With a gain from a sharp rise in income on higher interest rates, Standard Chartered recorded an increase in of 40 per cent in its quarterly profit.

The better outlook of the emerging markets-focused bank for the year came from its improved performance and rising revenues from interest rates. It is now expecting a rise in income by 13 per cent instead of a previous forecast of 10 per cent.

According to StanChart, the statutory pre-tax profit saw a rise to 1.39 billion dollar for three months ending 30 September as compared to 996 million dollar in previous year. It also went up against 1.05 billion dollar average estimate of 14 analysts, as compiled by the bank.

CEO, Bill Winters in a statement said, that StanChart remains confident to deliver their 2024 financial targets.

StanChart’s weakness too reflected in key economies after the statutory credit impairment charges more than doubled to 227 million dollar from previous year.

It marks its presence in 59 markets with around 85,000 staff. The lender, which earns most of its revenue in Asia, majorly depends on catering trade flows between its key markets of Asia, Africa and the Middle East. However, not in the race of larger rivals in commercial banking and investment banking.

Normally, increasing rates boosts bank profits as it allows them to book more from lending than the sums they pay to savers. However, currently threat of an economic downturn is hovering that may cause big losses for lenders.

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Bajaj Finserv Q2 Profit Jumps 39% Yoy To Rs 1,557 Crore

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The combined ratio was below 100 per cent indicating improvement in underwriting performance. Its assets under management (AUM) also hiked 7 per cent during the September quarter to Rs 86,907 crore YoY. The general insurance unit’s AUM went up by 8 per cent to Rs 26,052 crore YoY whereas the gross written premium for Q2 went down by 5 per cent to Rs 4,781 crore YoY

Bajaj Finserv consolidated profit after tax jumped 39 per cent year-on-year (YoY) to Rs 1,557 crore in the September quarter, on 20 October. It gave a rise to total income by 16 per cent YoY to Rs 20,803 crore in Q2.

Bajaj Finserv, being the holding company to various financial services businesses of the Bajaj group said that if the bulky tender-driven crop and government health business of Bajaj Allianz General Insurance is kept aside, its gross written premium went up by 13 per cent

The combined ratio was below 100 per cent indicating improvement in underwriting performance, said the company during an exchange filing. Th premium of individually-rated new business saw growth by 32 per cent to Rs 1,072 crore whereas group protection new business surged by 5 per cent to Rs 517 crore in Q2.

The net New Business Value (NBV), was witnessed a prominent increase of 40 per cent to Rs 190 crore in Q2 on YoY basis. Its assets under management (AUM) also hiked 7 per cent during the September quarter to Rs 86,907 crore YoY. NBV is the metric which is used to measure the profitability of a life insurance business.

The Profit After Tax (PAT) of its general insurance arm surged 21 per cent YoY to Rs 336 crore, whereas its life insurance unit’s PAT increased by 53 per cent to Rs 159 crore YoY. The general insurance unit’s AUM went up by 8 per cent to Rs 26,052 crore YoY whereas the gross written premium for Q2 went down by 5 per cent to Rs 4,781 crore YoY.

The company said that its general insurance sector was characterised by intense price competition in the motor segment. Meanwhile its life insurance sector reported slow growth of 5 per cent in individual rated new business. Their companies still grew in such environment. Bajaj Finance announced its quarterly numbers on 20 October. It is the lending company of the Bajaj Finserv group which recorded its highest-ever quarterly with a jump of 88 percent keeping consolidated profit after tax to Rs 2,781 crore.

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