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Q2

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India Logs 20.5 Bn Transactions, Rs 36.08 Tn In Digital Payments During Q2 2022

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During the period, UPI P2P (person to person) accounted for 49 per cent in volume and 67 per cent in value but in terms of merchants transactions, UPI P2M (person to merchant) emerged as the preferred payment mode with a market share of 34 per cent in volume and 17 per cent in terms of value

Latest report suggests that India in Q2 2022 recorded a total of 20.57 billion transactions in volume and Rs 36.08 trillion in terms of value, which were processed through Debit and Credit cards, Prepaid Payment Instruments like mobile wallets and prepaid cards and UPI.

During the period, UPI P2P (person to person) accounted for 49 per cent in volume and 67 per cent in value but in terms of merchants transactions, UPI P2M (person to merchant) emerged as the preferred payment mode with a market share of 34 per cent in volume and 17 per cent in terms of value.

Meanwhile, payments through credit and debit cards accounted for 8 per cent in volume and 14 per cent in value. UPI remains a dominant payment mode, adoption of credit cards is growing at a healthy pace it remains the preferred mode for high ticket size transactions.

In Q2 2022, UPI clocked over 17.4 billion transactions in volume and Rs 30.4 trillion in terms of value. Transactions volume and value have seen an increase about 118 per cent increase in volume and over 98 per cent increase in value in Q2 2022 as compared to Q2 2021.

In Q2 2022, the top remitter banks were State Bank of India, HDFC Bank, Bank of Baroda, Union Bank and ICICI Bank. The top beneficiary banks were Paytm Payments Bank, Yes Bank, SBI, Axis Bank and ICICI Bank.

“However, it should be noted that most transactions are being driven by Third-Party applications riding on the rails of these banks; in Q2 2022, the top UPI Apps in terms of volume were PhonePe, Google Pay, Paytm,” the report noted.

The Average Ticket Size (ATS) for UPI P2P transactions was Rs 2,425 and for UPI P2M transaction was Rs 820 as of June 2022, according to the Worldline India report.

economy

ReNew Energy’s Q2 Loss Narrows To INR 986 Mn

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As of September 2022, the company’s portfolio consisted of 13.4 GWs, a 30.8 per cent increase year on year

ReNew Energy Global has posted a net loss of Rs 986 million for Q2 FY23, as against Rs 6,614-million loss in the same time 2021. The company has managed to narrow its loss due to higher revenue generation. The company’s total revenue for Q2 FY23 was Rs 22,409 million, which is an increase of 5.1 per cent over Q2 FY22. The company in a statement said its net earnings for Q2 FY23 was Rs 18,209 million, an increase of 0.1 per cent over Q2 FY22. Cash Flow to equity for the quarter under review was Rs 7,125 million, an increase of 4.7 per cent over Q2 FY22.

Days Sales Outstanding ended Q2 FY23 at 231 days, which is a 41-day improvement year-on-year and the company increased its cash by Rs 4,881 million through a reduction in accounts receivables during the quarter. The Gurgaon-headquartered company said USD 300-million green bonds were redeemed during Q2 FY23. As of September 30, 2022, its outstanding debt is 50 per cent of its local currency borrowing. During the same time period, the company’s portfolio consisted of 13.4 GWs, a 30.8 per cent increase y-o-y. 

ReNew has entered into a partnership with Norway’s largest pension company Norfund, and government’s investment fund for developing countries, and KLP, to co-invest in ReNew’s transmission projects. ReNew signed definitive documents to acquire shares in 3E, a software-as-a-service solutions company. 

economy

Indian Railway Finance Corporation Q2 Profit Soars To Rs 1,714

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The funding to the Indian railway sector as of today has crossed Rs 5.05 lakh crore mark by the end of the Q2 FY23

Indian Railway Finance Corporation (IRFC) has reported a 14 per cent increase in its profit to Rs 1,714 crore in the second quarter that ended September 2022. IRFC is the dedicated market borrowing arm of the Indian Railways, and has earned a profit of Rs 1,501 crore in the same quarter of 2021. The revenue from operations for Q2 FY23 also grew by 23.88 per cent to Rs 5,810 crore as against Rs 4,690 crore reported in the same time period of 2021. The funding to the Indian railway sector as of today has crossed Rs 5.05 lakh crore mark as of the end of the Q2 FY23.

The net worth stood at Rs 43,549 crore and assets under management stood at Rs 4,39,070 crore as of September 30, 2022. The board of the company also approved an interim dividend of 8 per cent of the face value which is Rs 0.80 per share for 2022-23. 

economy

Bata India Announces Q2 Results; Strides Positively

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The net profit stood at Rs. 511 million as against a net profit of Rs. 370 million in the quarter that ended September 2021, showing a growth of 38 per cent

Footwear major Bata India Limited today announced results for the quarter that ended 30th September 2022. Revenue from operations for the quarter stood at Rs. 8,297 million (a growth of 35 per cent) over the quarter that ended September’21) showcasing consistent improvements across channels. The net profit stood at Rs. 511 million as against a net profit of Rs. 370 million in the quarter that ended September 2021, showing a growth of 38 per cent. 

Key Highlights for the quarter:

•        27 stores were renovated during the quarter.

•        Net Promoter Score (NPS), feedback for loyalty for all offline and online channels that Bata services, improved to 73 in the quarter.

•        Taking a conservative approach, the company made provisions for a few pending legal cases and old deposits amounting to 110 Mn.

•        Continued growth of sneaker category that led the growth recovery Vs rest of other categories. Sneaker Studio was implemented in 250 stores across the country.

•        We opened 30 new Franchise stores taking the total number to 350+ 

•        Distribution channel continued to scale up to 1100+ towns.

•        Digital business achieved its highest revenue of INR 950 million during the quarter.

•        Sales through digitally enabled channels continued its momentum and contributed 11% of total sales which is 125% of the September 2021 quarter.

Despite tough operating environment and significant material inflation, the Company managed to drive broad volume driven revenue growths across business channels of retail/franchise/distribution/E-comm. Gunjan Shah, MD and CEO – Bata India Limited, stated, “The festivity around the corner and positive customer sentiments reflected in increased footfalls. Our continued improvement in Customer Experience and engagement has reflected in ever highest Net Promoter Score.”

economy

HCC Q2 Net Profit Up 129% To Rs 319 Cr

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The company posted a consolidated net profit of Rs 139.23 crore in the year-ago period, HCC said in a filing to BSE

Backed by improved operational efficiencies, Hindustan Construction Company Limited (HCC) has reported a 129 per cent increase in its consolidated net profit at Rs 319.03 crore for the quarter ended September 30, 2022. The company posted a consolidated net profit of Rs 139.23 crore in the year-ago period, HCC said in a filing to BSE. 

The consolidated income during July-September period, however, dropped to Rs 2,515.15 crore, from Rs 2,834.84 crore in the year-ago period. The company’s consolidated expenses declined to Rs 2,423.88 crore, as against Rs 2,736.23 crore earlier, the filing added. HCC’s strong operational performance and earnings during the quarter were achieved due to improved operational efficiencies through a leaner and efficient organisational structure, the company said in a statement. 

According to HCC, the company successfully concluded its debt resolution plan during the quarter, duly supported by 23 banks and financial institutions. HCC has transferred Rs 2,856 crore of lenders’ liability along with beneficial economic interest in arbitration awards and claims of Rs 6,508 crore as consideration to a Special Purpose Vehicle (SPV), the statement added. 

Source: freepik.com

Piramal Announces Results For Q2 And H1 FY2023

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They are focused on making the Wholesale book more granular and with an increased focus on recoveries/ monetization, we expect the wholesale book size to moderate in the short term

The key highlights include:

  • Total AUM grew 35 per cent since pre-merger1 to INR 63,780 Cr.
  • Retail loan book now accounts for 43% of overall loan book vs 12 per cent pre-merger1.
  • Revenues2 grew 37% on a YoY basis to INR 997 Cr., primarily on account of DHFL acquisition as well as healthy growth in our retail lending business.
  • The stable GNPA ratio stood at 3.7 per cent with NNPA ratio at 1.3 per cent.
  • Provisions as % of wholesale AUM increased to 13.1 per cent from 8.8 per cent last quarter.
  • Capital Adequacy Ratio of 23% in Q2 FY23.

Ajay Piramal, Chairman, of Piramal Enterprises Ltd. said, “This quarter marks the successful and time bound demerger of the Pharma business, creating two sector-focused entities in Financial Services and Pharma. On Retail lending business, we successfully completed our 1-year milestone of the DHFL acquisition, delivering robust growth on most key parameters. Our size now places us in a dominant position amongst large NBFCs in India.

The retail lending business continues to grow faster than their earlier guidance, taking them closer to our aspirations of becoming a more retail-oriented NBFC. In the wholesale lending business, they have largely completed our asset recognition cycle and are well provided on Stage 2 and Stage 3 loans. They are focused on making the Wholesale book more granular and with an increased focus on recoveries/ monetization, we expect the wholesale book size to moderate in the short term. Further, they are also investing to build a cashflow and asset-backed real estate and mid-size corporate lending business.

Their balance sheet remains strong with a capital adequacy ratio of 23 per cent and an equity base of INR 27,472 Cr. in Q2 FY23. In addition, there are significant pockets of value embedded in our balance sheet, where we expect value unlocking to take place in the coming few quarters. We will continue to work towards creating long-term value for our stakeholders.

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Paytm Q2 Loss Widens To Rs 571 Cr, Revenue Jumps 76%

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Their net payments margin stood at ₹443 Cr, increasing 15 per cent QoQ and was up 428 per cent YoY

One 97 communications, the parent company of Paytm payments services has come out with its Q2 results. Their revenue grew 56 per cent YoY and our their payment margin grew by over 400 per cent, on the back of platform expansion. However, their revenue loss stood at INR 571.5 crore for the quarter ending FY23, up from INR 473.5 crore the previous year. Their loss has narrowed from INR 645.4 crore in Q1FY23. 

Their payments business witnessed revenue growth of 56 per cent YoY (and 9 per cent QoQ) on account of continued platform expansion across MTU, merchant base, subscription merchants and GMV, continued growth in subscription (and MDR) revenues from our offline merchants, led by ramp-up of devices business, and higher GMV from online merchants in our payment gateway business revenue in payment services to consumers business was ₹549 Cr, increasing 55 per cent YoY, while that in payment services to merchants was ₹624 Cr, increasing 56 per cent YoY.

There was no UPI incentive recorded in this quarter, similar to Q1 FY 20231. Their net payments margin stood at ₹443 Cr, increasing 15 per cent QoQ and was up 428 per cent YoY. This was driven by improved monetization and continued improvements in payment processing charges. We are expanding our monetization base with the growth of users and merchants. Merchant subscriptions are an attractive profit pool for us, driving higher payment volumes, subscription revenues as well as merchant loan distribution.

economy

Bank of India Net Profit Of Q2FY23 Increases Sequentially By 71%

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Bank has demonstrated significant improvement in various important parameters during the second quarter

Bank of India posted a rise by 71 per cent sequentially in Net Profit at Rs. 960 crore in the quarter ended September 30, 2022 (Q2FY23), driven by a steady rise in operating margins. However, the Net Profit has reportedly dropped from Rs 1051 crores (Q2FY22) to Rs 960 crores (Q2FY23) on YOY basis by almost 8 per cent.

Bank has demonstrated significant improvement in various important parameters during the second quarter. Operating Profit has jumped to Rs. 3,374 crore up by 26 per cent YoY and by 55 per cent sequentially. Both Return on Assets (RoA) and Return on Equity increased by 18 bps and 321 bps respectively on QOQ basis.

With better credit off take, considerable growth is witnessed in NIM per cent, which stood at 3.04 per cent thereby improved by 49 bps sequentially. NII stood at Rs. 5,083 crore up by 44 per cent YoY and 25 per cent sequentially. Yield on Advances at 7.21 per cent, increased by 63 bps sequentially and 20 bps YoY.

RAM Advances grew by 15.57 per cent on YoY basis and it constitutes 54.25 per cent of Gross Advances. CASA deposits increased by 4.05% on YoY basis and CASA  per cent is reported at 44.12 per cent on Aggregate Deposits.

On the recovery front, bank took several steps which has brought down Gross NPA per cent to 8.51 per cent with a significant decline by 349 bps on YoY basis. The Net NPA per cent has also declined and touched to 1.92 per cent, down by 87 bps on YoY basis. Credit Cost stood at 0.60 per cent, declined by 61 bps, sequentially and Slippage Ratio improved to 0.30 per cent from 0.69 per cent, sequentially.

Cost to Income Ratio (Global) improved significantly on sequential basis to 48.10 per cent (as on 30.09.2022) as against 58.22 per cent (as on 30.06.2022) and 52.69 per cent (as on 30.09.2021).

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HDFC Releases Q2 Results, Shows 18% Growth

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The total revenue from operations rose to Rs 15,027.20 crore during the quarter under review, up by 23 per cent

HDFC has posted a nearly 18 per cent growth in its net profit, which is now at Rs 4,454 crore for the quarter that ended in September 2022. The total revenue from operations rose to Rs 15,027.20 crore during the quarter under review, up by 23 per cent, rising by 17.8 per cent from Rs3,780.50 crore in September 2021.

The lender’s net interest income for the quarter jumped 13 percent Y-o-Y to Rs 4,639 crore. The net interest margin for the half-year that ended September 30 was 3.4 per cent. As on September 30, its assets under management (AUM) stood at Rs 6.9 lakh crore, against Rs 5.9 lakh crore in the previous year. Overall, HDFC beats expectations in the second quarter of FY23. 

Individual loans constituted 81 per cent of the AUM. On an AUM basis, the growth in the individual loan book was 20 per cent, and the growth in the total loan book was 16 percent. During the three months that ended September 30, 2022, HDFC assigned loans amounting to Rs 9,145 crore to HDFC Bank. This is higher than Rs 7,132 crore of loans assigned in the same period last year. Gross NPLs as on September 30 2022 stood at Rs 9,355 crore. This is equivalent to 1.59 per cent of the total portfolio, the lender said in a statement. HDFC’s total provision at the end of the last quarter stood at Rs 13,146 crore. 

economy

Mahindra Holidays & Resorts India Ltd. Announces Results For Q2 & H1 FY23

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The highest ever Q2 member additions at 4397, a growth of 12 per cent YoY

Mahindra Holidays & Resorts India Ltd. reported its standalone and consolidated financials for the second quarter ending 30th September 2022. The highest ever Q2 member additions at 4397, a growth of 12 per cent YoY. The cumulative member base stands at 2,73,488, with 85 per cent fully paid.  Commenting on the performance, Kavinder Singh, Managing Director, and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd. said, “Acceleration in room inventory and growth in member additions is reflected in the strong performance with highest ever Q2 Total Income, EBITDA and PBT. We are focused on providing high-quality immersive experiences for our member families, now at ~2,75,000, and are confident of our core value proposition of Vacation Ownership which allows us to monetize the full potential of our growing member base.”

Its highest ever Q2 Membership Sales Value at Rs. 194 crs, a growth of 93 per cent YoY, including large corporate deal of Rs. 24 Crs. Upgrades Value doubles (YoY) driven by higher in-resort conversions. Higher Average Unit Realization (AUR) at Rs. 3.9 lakhs vs Rs. 2.6 lakhs in Q2 FY22. Further commenting on the company’s performance, Singh added, “Despite the adverse effects of the Russia-Ukraine War which affected consumer sentiment and had an unprecedented inflationary impact leading to rise in input costs, Holiday Club Resorts (HCR) has delivered an impressive Q2 performance as is seen by the strong Revenue growth in Timeshare by 12% YoY and Spa Hotels by 16% YoY, along with delivery of operating and net profits.”

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