Category: Earnings

IDFC First Bank Q4 Earnings | Net profit of ₹724.3 crore below Street estimates, down 9.8% from FY23

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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IDFC First Bank of Saturday, April 27, reported its fourth quarter earnings for the 2023-2024 financial year. It’s net profit came in at ₹724.3 crore, a little below CNBC-TV18 poll’s ₹738.6 crore.

Its net profit was also 9.8% lower than the previous fiscal’s ₹802.6 crore.

#4QWithCNBCTV18 | #IDFCFirstBank Q4

–Net Profit At Rs 724.3 Cr Vs CNBC-TV18 Poll Of Rs 738.6 Cr pic.twitter.com/TEkUDEANnH

— CNBC-TV18 (@CNBCTV18Live) April 27, 2024

The lender’s net interest income too were below Street estimates. In the March quarter, the bank’s NII was at ₹4,468.9 crore, while the Street had estimated it to come in at ₹4,502.2 crore. However, it was 24% more than the previous year’s ₹3,596.8 crore.

IDFC First Bank’s gross non-performing assets (NPA) decreased by 1.51% at ₹3,718.4 crore, from the previous year’s ₹3,775.4 crore. It’s gross NPA% was down 16 bps in the March quarter at 1.88% from the previous year’s 2.04%.

The lender’s net NPA too decreased by 7.2% to ₹1,160.5 crore from FY23’s ₹1,250.3 crore. Its net NPA% was down 8 bps to 0.6% from the previous year’s 0.68%.

IDFC First Bank shares ended 1.56% higher at ₹84.7 apiece on Friday, April 26. The stock has gained 12.33% in the past month and 37.84% in the past year.

Also Read: ICICI Bank Q4 Earnings | Net profit gains over 17% to ₹10,707.5 crore, up 3.7% from Street estimates

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ICICI Bank Q4 Earnings | Net profit gains over 17% to ₹10,707.5 crore, up 3.7% from Street estimates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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ICICI Bank on Saturday, April 27, reported its fourth quarter earnings. The lender reported a net profit of ₹10,707.5 crore in the fourth quarter. It was 3.7% more than CNBC-TV18’s poll of ₹10,323.3 crore.

Its net profit was 17.4% higher than the ₹9,121.9 crore it reported in the same quarter in the prior fiscal.

#4QWithCNBCTV18 | #ICICIBank Q4

–Net Profit At Rs 10,707.53 Cr Vs CNBC-TV18 Poll Of Rs 10,323.3 Cr pic.twitter.com/dSkdIEgj4Y

— CNBC-TV18 (@CNBCTV18Live) April 27, 2024

The bank reported a net interest income (NII) of ₹19,092.8 crore, up 0.6% from Street estimates of ₹18,982.3 crore.

Its NII was 8.1% higher than the ₹17,666.8 crore it reported in the previous fsical.

The lender’s gross non-performing assets declined 2.8% to ₹27,961.7 crore, from last year’s ₹28,774.6 crore in the fourth quarter. ICICI Bank’s gross NPA% declined 14 bps to 2.16% in the March quarter from the previous year’s 2.3%.

The lender’s net NPA remained almost unchanged at ₹5,377.8 crore in the March quarter in the 2023-24 fiscal year. On the other hand, its net NPA declined 2 bps to 0.42% from the previous year’s 0.44%.

ICICI Bank’s Sandeep Batra in the lender’s post-earnings concall said the bank is expecting its net interest margin to remain rangebound unless there is a change in repo rate. It also expects the RBI to undertake shallow rate cuts.

#4QWithCNBCTV18 | Expect #NetInterestMargin to remain rangebound unless there is a change in repo rates. Expect #RBI to undertake shallow rate cuts#IT resilience & customer security is of paramount importance to us. Have ongoing discussions with RBI on our IT infra & there is… pic.twitter.com/zDPTphC17e

— CNBC-TV18 (@CNBCTV18Live) April 27, 2024

ICICI Bank shares ended 0.27% lower at ₹1,110.75 apiece on Friday, April 26. The stock has gained 20.09% in the last six months.

Also Read: YES Bank Q4 Earnings | Net profit jumps 124% to ₹454 crore, asset quality improves

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

YES Bank Q4 Earnings | Net profit jumps 124% to ₹454 crore, asset quality improves

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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YES Bank on Saturday, April 27, reported its earnings for the March quarter. Its net profit came in at ₹454 crore, 124.3% more than the ₹202.4 crore reported in the corresponding period in the previous fiscal.

The lender’s net interest income was up 2.3% at ₹2,153.1 crore compared to the fourth quarter of FY23’s ₹2,105.2 crore.

The bank’s gross non-performing assets (NPA) was down 11% at ₹3,982 crore in the March quarter compared to the previous quarter’s ₹4,457.4 crore. The gross NPA% for the fourth quarter was pegged at 1.7% compared to the December quarter’s 2%.

#4QWithCNBCTV18 | #YesBank Q4

▶️Net Profit At Rs 454 Cr Vs Rs 202.4 Cr (YoY)

▶️NII Up 2.3% At Rs 2,153.1 Cr Vs Rs 2,105.2 Cr (YoY) pic.twitter.com/ZhYDQhqXzF

— CNBC-TV18 (@CNBCTV18Live) April 27, 2024

It also reported a 31.4% decline in net NPA at ₹1,329.7 crore in the fourth quarter compared to the ₹1,934.4 crore in the third quarter of the 2023-24 fiscal year. Its net NPA% was at 0.60% compared to the previous quarter’s 0.9%, reflecting improved asset quality metrics.

The company’s provisions for the March quarter were pegged at ₹471 crore compared to the previous quarter’s ₹554.7 crore. In the fourth quarter in FY23, the provisions were pegged at 618 crore.

YES Bank during its post-earnings concall said that it made consistent improvements across metrics int he last year. It added that FY24 marked its third straight year of profitability since its reconstruction.

#4QWithCNBCTV18 | As a bank, we made consistent improvements across metrics last year, FY24 marks the third straight year of profitability for the bank since its reconstruction

Gross slippages for Q4FY24 at Rs 1,356 cr vs 1,233 cr in Q3FY24@YESBANK Concall pic.twitter.com/wuOmpxbPRE

— CNBC-TV18 (@CNBCTV18Live) April 27, 2024

YES Bank shares ended 0.39% higher at ₹26.05 apiece on Friday, April 26. The stock has gained 12.53% in the past month and 63.32% in the last six months.

Also Read: RBL Bank reports ₹352.5 crore net profit in fourth quarter, above Street estimates

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

RBL Bank reports ₹352.5 crore net profit in fourth quarter, above Street estimates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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RBL Bank on Saturday, April 27, reported its fourth quarter results. It’s net profit came in at ₹352.5 crore, which was more than CNBC-TV18’s poll of ₹320.7 crore.

The lender’s net profit in the March quarter was also 30.1% more than the ₹271.1 crore net profit it reported in the corresponding period in the previous fiscal.

RBL Bank’s net interest income (NII) of ₹1,599.8 crore in the fourth quarter was lower than Street estimates of ₹1,604.7 crore. However, it was 17.9% higher than the fourth quarter of the previous fiscal’s ₹1,357.3 crore.

The lender’s gross net performing assets decreased 11% to ₹2,271 crore in the fourth quarter of the 2023-2024 fiscal, compared to the previous year’s ₹2,551 crore. RBL Bank’s gross NPA% came down to 2.65% from the previous year’s 3.12%

Its net NPA too witnessed a 2.6% decrease to ₹619.3 crore in the March quarter from the previous year’s ₹635.6 crore. The lender’s net NPA% was down 6 bps to 0.74% in the March quarter from the previous year’s 0.8%.

It’s net interest margin (NIM) for the March quarter was 5.45%. In the previous quarter the same was 5.52% and in the fourth quarter in FY23 it was 5.62%.

RBL Bank in a media call stated it expects the first quarter margin for FY25 to be flattish and it expects the NIM to rise by the year-end. The lender added that it will do lateral hiring against deaprtment head resignations that have taken place.

#4QWithCNBCTV18 | Expect a flattish margin in Q1FY25; expect NIM to rise by year-end. Will do lateral hiring against dept head resignations that have taken place

Used to take business correspondence, netted from interest income; In the Middle of last year, started grossing it… pic.twitter.com/H1AieV67r4

— CNBC-TV18 (@CNBCTV18Live) April 27, 2024

RBL Bank shares ended 1.27% higher at 266.3 apiece on Friday, April 26. The stock has gained 11.87% in the past month, 17.73% in the last six months and 67.12% in the past year.

Also Read: Mastek Q4 Earnings | Net profit increases 22%, EBITDA down nearly 6% from previous quarter

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mastek Q4 Earnings | Net profit increases 22%, EBITDA down nearly 6% from previous quarter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mastek, a digital engineering and cloud transformation company, on Friday, April 26 reported its earnings for March quarter.

It reported a 22% increase in its net profit to ₹92 crore from the previous quarter’s ₹75.3 crore.

However, the company’s revenue was down 0.5% at ₹780 crore from third quarter’s ₹784 crore.

Its earnings before interest, taxes, depreciation and amortization (EBITDA) too witnessed a fall of 5.9% to ₹125.5 crore. In the previous quarter, the company had reported an EBITDA of ₹133.3 crore.

#4QWithCNBCTV18 | Mastek Q4

▶️Net profit up 22% at Rs 92 Cr vs Rs 75.3 Cr (QoQ)
▶️Revenue down 0.5% at Rs 780 Cr vs Rs 784 Cr (QoQ)
▶️EBITDA down 5.9% At Rs 125.5 Cr vs Rs 133.3 Cr (QoQ)
▶️Margin at 16% vs 17% (QoQ) pic.twitter.com/sbQWGkBXMb

— CNBC-TV18 (@CNBCTV18Live) April 27, 2024

Mastek’s margin too slid to 16% from 17% in the previous quarter.

Mastek shares ended 1.17% higher at ₹2,768 apiece in the previous trade session. The stock has gained 10% in the past month, 28.77% in the last six months and 62.04% in the past year.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IDFC First Bank Q4 earnings preview: Analysts predict 25.2% surge in NII, 8% dip in PAT

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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IDFC First Bank is set to report its financial performance for the quarter ended March 2024 (Q4FY24) on Saturday, April 27.

According to a CNBC-TV18 poll, analysts anticipate the bank’s net interest income (NII) to witness a significant uptick, projecting a robust growth of 25.2% year-on-year (YoY) to reach ₹4,502.2 crore. Moreover, sequentially, the NII is expected to climb by approximately 5%.

However, the profitability may take a slight dent as the profit after tax for Q4FY24 is anticipated to dip by 8% to ₹738.6 crore compared to ₹802.6 crore reported in the corresponding quarter of the previous fiscal year.

However, broking firm Motilal Oswal expects deposit growth to be strong at 32.8% YoY, coupled with a sequential increase of 5.3%. Additionally, the firm anticipates a rise in loan growth, pegging it at 23% on a YoY basis.

According to Morgan Stanley, the bank may see improvements in certain key metrics. They anticipate net interest margin (NIM) to witness a positive uptick, potentially improving by 41 basis points. However, this optimism is tempered by expectations of a 17 basis points increase in credit costs compared to Q4FY23.

Meanwhile, the street expects IDFC First Bank’s asset quality to remain stable or improve on a sequential basis. In Friday’s trading session, the stock of IDFC First Bank rose by 1.56% to close at Rs 84.70.

The Mumbai headquartered bank has a market capitalisation of ₹59,964.28 crore and has delivered a negative return of around 1% in the past six months.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Eveready Industries Q4 net profit at ₹8 crore amid sluggish rural demand

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Eveready Industries India on Friday (April 26) announced a fourth-quarter profit of ₹8 crore for the period ended March 2024, compared to a loss of ₹14.39 crore in the corresponding quarter of FY’23, amidst a marginal dip in operational revenue to ₹281 crore.

However, sequentially, the profit saw a marginal decline compared to the December 2023 quarter. The company reported revenues for the full FY24 at ₹1,314.2 crore, marking a slight decline of 1% from ₹1,327.7 crore in FY23.

Profit After Tax (PAT) for the year saw a substantial increase of 231% to ₹66.7 crore in FY’24, against ₹20.1 crore in FY’23.

Also Read: SBI Life Insurance Q4 results: Net premium income rises 26%, dividend declared

“Revenue remained moderated primarily due to weak rural demand impacting batteries and flashlights, and industry-wide price deflation affecting the lighting segment.

We believe this to be a temporary phenomenon, and we remain optimistic that FY25 will see a turnaround,” Suvamoy Saha, Managing Director at Eveready Industries, said.

Shares of Eveready Industries India Ltd ended at ₹357.75, up by ₹3.50, or 0.99% on the BSE.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Aditya Birla Sun Life AMC Q4 profit jumps 54% to ₹208 crore; to pay dividend of ₹13.50 per share

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Aditya Birla Sun Life AMC on Friday reported a sharp 54% jump in net profit to ₹208.4 crore for the January-March quarter of the financial year 2023–24. The Aditya Birla Group firm posted a net profit of ₹135.57 crore in the same quarter of the preceding fiscal.

Aditya Birla Sun Life AMC’s revenue increased 23.1% on a year-on-year (YoY) basis to ₹365.6 crore in the quarter under consideration. It had posted a revenue of ₹297 crore in the year-ago period in the same quarter.

The company’s EBITDA increased by 29.7% to Rs 204.9 crore in Q4FY24, compared to Rs 158 crore it had reported in Q4FY23. The company’s margin in the quarter came in at 56%.

#4QWithCNBCTV18 | Aditya Birla Sun Life AMC reports #Q4 earnings👇

➡️Net profit up 53.7% at ₹208.4 cr vs ₹135.6 cr (YoY)
➡️Revenue up 23.1% at ₹365.6 cr vs ₹297 cr (YoY)
➡️EBITDA up 29.7% at ₹204.9 cr vs ₹158 cr (YoY)
➡️Margin at 56% vs 53.2% (YoY) pic.twitter.com/d0tUnmdlMt

— CNBC-TV18 (@CNBCTV18Live) April 26, 2024

The company’s board of directors, in its meeting, recommended a dividend of ₹13.50 per equity share for FY24. For the year ending March 2023, Aditya Birla Sun Life AMC had declared an equity dividend of 205%, amounting to ₹10.25 per share.

For the entire FY24, the company’s total income stood at ₹1,640 crore, marking a jump of 21% YoY and net profit was at ₹780.36 crore in 2023–24, an increase of 31% from the preceding fiscal.

One of the leading asset management companies in the country, ABSL AMC has quarterly average assets under management of ₹3.32 lakh crore as of March this year.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Force Motors declares dividend of ₹20 per share as Q4 revenue rises 35%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Auto maker Force Motors Ltd on Friday (April 26) reported a 4.3% year-on-year (YoY) dip in net profit at ₹140.3 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, Force Motors posted a net profit of ₹146.6 crore, the company said in a regulatory filing. The company’s revenue from operations increased 35% to ₹2,011.2 crore against ₹1,490.3 crore in the corresponding period of the preceding fiscal.

Also Read: L&T Technology declares dividend of ₹33, matches Q4 net profit forecast

At the operating level, EBITDA stood at ₹278.7 crore in the fourth quarter of this fiscal over ₹120.8 crore in the corresponding period in the previous fiscal.

The EBITDA margin stood at 13.9% in the reporting quarter compared to 8.1% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The board of directors has recommended a dividend of ₹20 (200%) per equity share of ₹10 each, for the financial year ended March 31, 2024.

The results came after the close of the market hours. Shares of Force Motors Ltd ended at ₹9,584.60, down by ₹290.80, or 2.94%, on the BSE.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SBI Card results: Q4 net profit surges over 11% to ₹662 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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SBI Cards and Payment Services Ltd recorded an 11.5% jump on a year-on-year (YoY) basis in its net profit to ₹662.4 crore in the January-March period in the financial year 2023–24. The SBI credit card subsidiary firm reported a net profit of ₹596.5 crore in Q4FY23.

#4QWithCNBCTV18 | SBI Cards reports #Q4 earnings

– Net profit up 11.5% at ₹662.4 cr vs ₹596.5 cr (YoY)

– Revenue up 15.6% at ₹4,347.7 cr vs ₹3,762.2 cr (YoY) pic.twitter.com/40BQjXlTM9

— CNBC-TV18 (@CNBCTV18Live) April 26, 2024

SBI Card revenue also rose by 15.6% YoY to ₹4,347.7 crore in Q4FY24, compared to ₹3,762.2 crore in Q4FY23.

SBI Card interest income surged by 28% to ₹2,139 crore in the January-March quarter and its fees and commission income grew by 6% to ₹2,209 crore in the fourth quarter, the SBI credit card arm said in a statement.

For the entire 2023-24 financial year, net profit came in at ₹2,408 crore, climbing 7% from ₹2,258 crore in fiscal 2022-23.

SBI Card total income increased by 22% to ₹17,484 crore in FY24, as against ₹14,286 crore in FY23.

SBi Card’s balance sheet as of March 31, 2024, was ₹58,171 crore compared to ₹45,546 crore a year ago.

The gross non-performing assets were at 2.76% of gross advances as of March 31, 2024, as against 2.35% as of March 31, 2023. Net non-performing assets were at 0.99% as of March 31, 2024, as against 0.87% as of March 31, 2023.

Shares of SBI Card closed at ₹750 apiece, down well over a percent on the NSE. So far this year, SBI Card stock price has corrected more than 2% compared to a Nifty gain of 3%. The one-year return on the scrip is negative at 4.3%, against a Nifty gain of 25%.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow