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Results scheduled for April 24th
On April 24, IndusInd Bank, Century Textiles & Industries, Bank of Maharashtra, Persistent Systems, Mahindra Logistics, IIFL Securities, NELCO, Tamilnad Mercantile Bank, Trident Texofab, and Tata Teleservices (Maharashtra) will declare their financial results for the quarter ended March FY23. IndusInd Bank’s financials will be of particular interest to investors.
This week, Wipro will be discussing a proposal to repurchase the company’s equity shares. During a two-day board of directors meeting, the IT corporation will also disclose the fourth-quarter results for FY23 and evaluate other significant developments. Wipro revealed in a regulatory filing on Sunday that “the Board of Directors of the Company will be considering a proposal to buyback equity shares of the Company and the matters necessary and incidental thereto…, at its meeting scheduled to be held over April 26 -27, 2023.”
On Friday, Hindustan Zinc Ltd (HZL), a subsidiary of Vedanta Group, announced an 11.78% decrease in its consolidated net profit, amounting to ₹2,583 crore for the fourth quarter of 2022-23, due to increased expenses. As per a regulatory filing, the company had recorded a net profit of ₹2,928 crore in the January-March quarter of the previous fiscal year 2021-22. Additionally, HZL’s total income dropped from ₹9,074 crore to ₹8,863 crore in the corresponding period. The company’s expenses increased to ₹5,358 crore compared to the previous year’s ₹4,717 crore.
In Q4FY23, the largest company in India in terms of market capitalization, posted a 19.1% YoY increase in consolidated profit, amounting to Rs 19,299 crore, with EBITDA climbing 21.8% YoY to Rs 41,389 crore, and gross revenue surging 2.8% YoY to Rs 2.39 lakh crore, driven by the continuing expansion of consumer businesses. Meanwhile, Reliance Jio, a subsidiary, recorded a standalone profit of Rs 4,716 crore, up 13% YoY, supported by healthy topline and operating income. Jio’s revenue for the quarter rose by 11.92% YoY to Rs 23,394 crore, while EBITDA in Q4 surged 16.2% to Rs 12,210 crore, with a margin expansion of 191 basis points at 52.19%, compared to the year-ago period.
Despite a 51.5% increase in provisions and contingencies, ICICI Bank, the second-largest private sector lender in India, posted a substantial 30% YoY growth in standalone profit, amounting to Rs 9,122 crore for the January-March quarter of FY23, driven by net interest income and operating profit. The bank’s net interest income for the quarter surged by 40.2% YoY, totaling Rs 17,667 crore, with a net interest margin expansion of 90 bps YoY and 25 bps QoQ at 4.90%. Moreover, the bank’s asset quality improved, with gross non-performing assets declining 26 bps sequentially to 2.81% and net NPAs decreasing 7 bps QoQ to 0.48% for Q4FY23.
Yes Bank, the private sector lender, reported a 45% YoY fall in standalone profit in January-March 2023, amounting to Rs 202 crore, due to a 128% increase in provisions and contingencies. However, the bank’s net interest income grew by 15.7% to Rs 2,105 crore, with net interest margin expansion of 30 bps at 2.8% for the quarter. The bank’s advances stood at Rs 2.03 lakh crore, indicating a 12.3% increase, while deposits rose by 10.3% to Rs 2.17 lakh crore over the year-ago period. On the asset quality front, gross NPAs increased 20 bps sequentially to 2.2%, but net NPA dropped 20 bps to 0.8% in Q4FY23.
Tejas Networks, the telecom and networking products maker, narrowed its consolidated loss to Rs 11.5 crore for the March FY23 quarter, from a loss of Rs 49.6 crore in the same period last year, as consolidated revenue surged by 13.6% YoY to Rs 299.3 crore. Additionally, the company’s EBITDA loss decreased to Rs 8.19 crore from Rs 88.11 crore in the same period, indicating an improvement in its financial performance.
Sun Pharma, a prominent global generic pharmaceutical company, has announced a temporary halt to the release of batches from its Mohali facility in Punjab to the US market. This decision is in line with the corrective actions recommended by the US healthcare regulator, FDA, and is not permanent. Sun Pharma revealed in a regulatory filing on Sunday that it has received a letter from the US FDA titled “Consent Decree Correspondence/Non-Compliance Letter.”
Macrotech Developers, a real estate company known for selling properties under the Lodha brand, has announced a 39% rise in consolidated net profit for the March quarter to ₹744.36 crore. The company also disclosed its plan to distribute bonus shares to its shareholders in a 1:1 ratio. According to a regulatory filing, the company’s net profit for the same period last year was ₹535.46 crore.
Union Bank of India announced that its board of directors will review the capital raising plan on April 26. The bank plans to raise funds through qualified institutions placement and/or preferential allotment, or by issuing Basel III compliant additional Tier 1 bonds and Tier 2 bonds, subject to approval from the Government of India and other regulatory authorities.
The Reserve Bank of India (RBI) has granted selective regulatory relief to HDFC Bank Ltd and Housing Development Finance Corp Ltd (HDFC) to facilitate their merger, which is expected to be completed by July 2023. As per a regulatory filing by HDFC Bank, the RBI has allowed the bank to meet priority sector lending requirements over a period of three years, instead of immediately. The priority sector lending requirements, which involve lending to weaker segments of the economy, are linked to an organization’s loan book.
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