axis bank q3 Archives

Here are some of the major updates that could move the markets tomorrow:

Axis Bank Q3 Results: Net profit rises 62% YoY to ₹5,853 crore

Axis Bank reported a 62% YoY increase in net profit to ₹5,853 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 31% YoY to ₹10,360 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 3.53% in Q3 FY22 to 2.5% in Q3 FY23. Provisions stood at ₹550 crore in Q3 FY23, down 68% YoY.

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IndiGrid to acquire Khargone Transmission for ₹1.497.5 crore

India Grid Trust (IndiGrid) will acquire a 100% equity stake in Khargone Transmission at an enterprise value of about ₹1,497.5 crore. Khargone Transmission was incorporated on November 28, 2015, to improve power supply and grid reliability by delivering 1320 MW of thermal power from Khargone power plant to consumers in the domestic, commercial, agricultural, and industrial segments in the state of Madhya Pradesh and Maharashtra.

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Canara Bank Q3 Results: Net profit rises 92% YoY to ₹2,882 crore

Canara Bank reported a 92% YoY increase in net profit to ₹2,881.5 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 24% YoY to ₹8,600 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 6.37% in Q2 FY23 to 5.89% in Q3 FY23. Provisions stood at ₹3,121 crore in Q3 FY23, up 39% YoY.

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Glenmark Pharma launches medication to prevent chemotherapy-induced nausea

Glenmark Pharmaceuticals Ltd has launched the IV injection formulation Akynzeo IV under an exclusive licensing agreement with Helsinn (a Swiss biopharma group company). It is administered 30 minutes before the start of each chemotherapy cycle which helps prevent both acute and delayed phases of chemotherapy-induced nausea and vomiting. The drug is already being marketed in the EU, the US, and Australia.

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Route Mobile Q3 Results: Net profit rises 84% YoY to ₹85 crore

Route Mobile Ltd reported an 84.4% YoY increase in consolidated net profit to ₹85.36 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 75.16% YoY to ₹985.72 crore during the same period. EBITDA stood at ₹128.3 crore in Q3, recording a growth of 66.19% YoY. Route Mobile is a cloud communications platform service provider that caters to enterprises, OTT players, and mobile network operators (MNO).

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L&T Construction wins “significant” orders across various businesses

Larsen & Toubro’s construction arm has secured significant orders (in the range of ₹1,000-2,500 crore) for its power transmission & distribution (PT&D) and buildings & factories (B&F) businesses. The PT&D business has bagged a turnkey engineering, procurement, and construction (EPC) order to set up a 112.5 MW solar plant in West Bengal. The B&F business has secured an order from Nanavati Max Super Specialty Hospital to construct a state-of-the-art 600-bed super specialty hospital in Mumbai.

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IDBI Bank Q3 Results: Net profit rises 60% YoY to ₹927 crore

IDBI Bank reported a 60% YoY increase in net profit to ₹927 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 23% YoY to ₹2,925 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 21.68% in Q3 FY22 to 13.82% in Q3 FY23. Provisions came in at ₹784.28 crore in Q3 FY23, down 2.18% YoY.

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Krsnaa Diagnostics opens 14 pathology labs, 64 collection centers in Himachal

Krsnaa Diagnostics has operationalised 14 pathology laboratories and 64 collection centres in Himachal Pradesh. With this, the company has completed 100% of the project implementation in the state. The company had bagged a tender for providing diagnostic services at the Himachal Pradesh Government’s health institutions in the entire state in February 2022.

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Tata Motors partners with ICICI Bank to offer financing solutions to its passenger EV dealers

Tata Motors has partnered with ICICI Bank to offer financing solutions to its authorised passenger electric vehicle (EV) dealers. Under the partnership, ICICI Bank will provide inventory funding to the authorised passenger EV dealers in addition to the bank’s funding to dealers for diesel and petrol models. The EV dealers can avail of flexible repayment tenures through the partnership.

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Tata Power to install public EV charging points at GAIL CNG stations in Bengaluru

Tata Power has signed an agreement with GAIL Gas Limited to install DC fast charging points at two of its CNG stations in Bengaluru. The partnership is in line with Tata Power’s commitment to encourage and promote electric mobility across the country and GAIL Gas’ commitment to delivering convenience to its customers who wish to switch to EVs. Tata Power plans to install 25,000 public EV charging stations across the length and breadth of India in the next five years.

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Axis Bank Q3 Results: Net profit jumps three-fold YoY to Rs 3,614 crore

Axis Bank reported a 224% YoY jump in net profit to Rs 3,614 crore for the quarter ended December (Q3 FY22). Net profit increased by 15% when compared to the previous quarter. Its net interest income (NII) rose 17% YoY (or 10% QoQ) to Rs 8,653 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.17% in Q3 FY22, compared to 3.53% in Q2 FY22. Provisions fell 64% YoY to Rs 1,335 crore in Q3 FY22.

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SBI Cards Q3 Results: Net profit rises 84% YoY to Rs 386 crore

SBI Cards & Payment Services Ltd reported an 84% YoY increase in net profit to Rs 386 crore for the quarter ended December (Q3 FY22). Net profit rose 12% when compared to the previous quarter. Its revenue from operations rose 20% YoY (or 13% QoQ) to Rs 2,889 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.40% in Q3 FY22, compared to 2.51% in Q3 FY21.

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Star Housing Finance enters into co-lending agreement with Capital India Home Loans

Star Housing Finance Ltd (SHFL) has entered into co-lending partnership with Capital India Home Loans to complement its asset under management (AUM) growth across their shared operational geographies. The partnership will provide housing finance assistance to low-income group home buyers looking to purchase/construct low-cost housing units in Tier 2,3 towns and semi-urban locations.

Shriram Transport Finance Q3 Results: Net profit falls 6% YoY to Rs 681 crore

Shriram Transport Finance Company Ltd reported a 6% YoY decline in net profit to Rs 681 crore for the quarter ended December (Q3 FY22). Net profit fell 12% when compared to the previous quarter. Its net interest income (NII) rose 11% YoY to Rs 2,388 crore during the same period. Total assets under management stood at Rs 1,24,602 crore in Q3 FY22, up 8% YoY. Loan losses and provisions increased by 46% YoY to Rs 984 crore.

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Tube Investments to acquire 70% stake in Cellestial E-Mobility

Tube Investments of India Ltd (TII) will acquire a 70% stake in startup Cellestial E-Mobility Pvt Ltd for Rs 161 crore. Cellestial E-Mobility is engaged in the design and manufacture of electric tractors, aviation ground support electric equipment, and other electric machinery. It has designed and developed two tractor prototypes for production. As part of its entry into clean mobility, TII is also setting up a 100% subsidiary for its electric 3-wheeler initiative.

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HDFC AMC Q3 Results: Net profit falls 3% YoY to Rs 360 crore

HDFC Asset Management Company (AMC) reported a 3% YoY decline in net profit to Rs 359.75 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 14% YoY to Rs 549.8 crore during the same period. Overall operational cost increased 35% to Rs 151 crore. Total assets under management (AUM) stood at Rs 4.37 lakh crore in Q3, up 7% YoY.

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Paytm partners with Fullerton India to scale up lending to MSMEs

One97 Communications Ltd (Paytm) has partnered with Fullerton India to expand digital lending to micro, small & medium enterprises (MSMEs) and consumers from smaller cities and towns. Both companies will leverage data-driven insights and their wide reach to bring loans to new-to-credit users. The program will offer Paytm Postpaid to millions of consumers on the Paytm platform while utilizing Fullerton’s deep risk assessment capabilities and scale.

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IEX Q3 Results: Net profit rises 38% YoY to Rs 80 crore

Indian Energy Exchange (IEX) reported a 38% YoY increase in net profit to Rs 80.5 crore for the quarter ended December (Q3 FY22). Net profit increased by 5% when compared to the previous quarter. Its revenue from operations rose 38% YoY (or 7% QoQ) to Rs 117 crore during the same period. EBITDA stood at Rs 98.7 crore in Q3, up 42% YoY.

Vi MD says drop in customer base is because of tariff hikes/SIM consolidation

Vodafone Idea (Vi) Managing Director Ravinder Takkar said there was “no concern regarding the 4G customer addition pace”, and the drop in subscribers was the result of tariff hikes in November and SIM consolidation. His comments come on the back of a 5.8 million decline in Vi’s customer base in the quarter ended December (Q3 FY22). The telecom company only saw a 0.8 million addition in its 4G subscribers in Q3.

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Deepak Nitrite Q3 Results: Net profit rises 13% YoY to Rs 243 crore

Deepak Nitrite Ltd reported a 13% YoY increase in consolidated net profit to Rs 243 crore for the quarter ended December (Q3 FY22). Net profit fell 4% when compared to the previous quarter. The chemical manufacturer’s revenue from operations rose 40% YoY (or 2% QoQ) to Rs 1,722 crore during the same period.

Ramco Cements Q3 Results: Net profit falls 63% YoY to Rs 75 crore

The Ramco Cements Ltd reported a 63% YoY decline in consolidated net profit to Rs 75.2 crore for the quarter ended December (Q3 FY22). Net profit fell 85% when compared to the previous quarter. Its revenue from operations rose 16% YoY (or 6% QoQ) to Rs 1,541 crore during the same period. The company’s EBITDA fell 42% YoY to Rs 217 crore in Q3.