The Indian corporate landscape was buzzing with activity on October 23 as several notable companies unveiled their quarterly earnings, offering insights into their financial performance for the period. Among the firms that made headlines were Torrent Pharmaceuticals, PNB Housing Finance, Mahindra Logistics, Mahindra Holidays & Resorts India, Lloyds Metals and Energy, Kewal Kiran Clothing, Alok Industries, Aurum PropTech, New Delhi Television, N R Agarwal Industries, and Poddar Housing and Development. Here’s a closer look at some key announcements from these companies:
ICICI Bank: One of India’s leading private sector lenders, ICICI Bank, reported a robust financial performance for the quarter ended September FY24. The bank posted a substantial 35.8 percent year-on-year growth in standalone profit, amounting to Rs 10,261 crore. This surge in profitability was driven by a sharp reduction in provisions, and the bank also witnessed an improvement in asset quality on a sequential basis. Net interest income for the quarter reached Rs 18,308 crore, marking a significant increase of 23.8 percent compared to the same period the previous year. The net interest margin rose by 22 basis points year-on-year, reaching 4.53 percent.
Kotak Mahindra Bank: Another private sector banking giant, Kotak Mahindra Bank, reported strong results for the quarter ending September FY24. The bank recorded a 24 percent year-on-year growth in standalone profit, reaching Rs 3,191 crore. The bank’s operating profit saw a notable 29 percent year-on-year increase to Rs 4,610 crore, and there was also an improvement in asset quality figures. Net interest income surged by 23 percent to Rs 6,297 crore, with a net interest margin expansion of 7 basis points.
One 97 Communications: Paytm’s parent company, One 97 Communications, narrowed its net loss to Rs 290.5 crore for the quarter that ended in September FY24. This marked a substantial improvement from the loss of Rs 571.1 crore recorded during the same period in the previous year. The company reported revenue of Rs 2,519 crore for the quarter, representing a significant year-on-year growth of 32 percent. This revenue increase was primarily attributed to a rise in gross merchandise value (GMV), merchant subscription revenues, and the growth of loans distributed through the Paytm platform.
Ipca Laboratories: Ipca Laboratories received positive news from the US Food and Drug Administration (US FDA). The manufacturing facility in Ratlam, Madhya Pradesh, was classified as Voluntary Action Indicated (VAI) following an inspection by the US health regulator. This classification signifies that the facility is in a minimally acceptable state of compliance with current good manufacturing practices (CGMP).
RBL Bank: RBL Bank reported better-than-expected earnings for the July-September period of FY24. The bank’s standalone profit grew by 46 percent year-on-year to reach Rs 294 crore, despite significantly higher provisions, including a tax write-back. Net interest income for the quarter increased by 26 percent year-on-year to Rs 1,475 crore.
Yes Bank: Yes Bank also reported strong quarterly results, with a net profit of Rs 225 crore for the quarter ending in September FY24, marking a substantial 47.4 percent year-on-year increase. This positive performance was attributed to a decrease in provisions and higher other income. Net interest income, however, declined by 3.3 percent year-on-year to Rs 1,925 crore, but the net interest margin improved by 39 basis points year-on-year to reach 4.89 percent during the quarter.
JSW Energy: JSW Energy, a company within the JSW Group, delivered an impressive performance for the quarter ending September FY24. The company reported an 82.6 percent year-on-year growth in consolidated profit, reaching Rs 850.2 crore. This remarkable growth was driven by robust contributions from the acquired renewable energy portfolio, merchant sales, and the hydro truing up impact. Revenue from operations for the quarter grew by 36.5 percent year-on-year to Rs 3,259 crore.