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Buzzing Stocks: Reliance, Axis Bank, UltraTech Cement and others in news today – Moneycontrol

By Kalpana Warrier on January 23, 2023

Stocks to Watch: Check out the companies making headlines before the opening bell.

Results on January 23: Axis Bank, IDBI Bank, Canara Bank, Container Corporation of India, Amber Enterprises India, Craftsman Automation, Butterfly Gandhimathi Appliances, Gland Pharma, Gravita India, HFCL, Jammu & Kashmir Bank, Jindal Stainless, Poonawalla Fincorp, Route Mobile, Shoppers Stop, Syngene International, Tata Communications, Tamilnad Mercantile Bank, and Zensar Technologies will be in focus ahead of quarterly earnings on January 23.

Reliance Industries: RIL Q3 profit grows 0.6%; EBITDA jumps 13.5% on strong growth in subscriber base & 17.5% increase in ARPU in digital services segment. The oil-telecom-to-retail major has delivered strong operating performance for the quarter ended December FY23 with contribution from all segments, with consolidated profit (excluding the impact of exceptional item) rising marginally by 0.6% YoY to Rs 17,806 crore for Q3FY23; and EBITDA growing 13.5% YoY to Rs 38,460 crore for the quarter backed by strong growth in subscriber base and 17.5% increase in ARPU (average revenue per user) in digital services segment. Gross revenue at Rs 2.4 lakh crore in Q3 increased by 14.8% YoY supported by continuing growth momentum in consumer businesses. Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Reliance Industries: The oil-telecom-to-retail major has delivered strong operating performance for the quarter ended December FY23 with contribution from all segments, with consolidated profit (excluding the impact of exceptional item) rising marginally by 0.6% YoY to Rs 17,806 crore for Q3FY23; and EBITDA growing 13.5% YoY to Rs 38,460 crore for the quarter backed by strong growth in subscriber base and 17.5% increase in ARPU (average revenue per user) in digital services segment. Gross revenue at Rs 2.4 lakh crore in Q3 increased by 14.8% YoY supported by continuing growth momentum in consumer businesses. [Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.]

ICICI Bank: ICICI Bank Q3 profit grows 34% YoY to Rs 8,312 crore on healthy growth in NII, operating profit. Net interest income surges 34.6%. The country's second largest private sector lender recorded 34.2% year-on-year increase in standalone profit at Rs 8,312 crore for quarter ended December FY23 on healthy growth in NII and operating profit, with improvement in asset quality. Net interest income surged 34.6% to Rs 16,465 crore compared to year-ago period with net interest margin expanding 69 bps YoY to 4.65% for the quarter. Profit and NII were ahead of analysts' estimates. Credit growth was 19.7% and deposits increased by 10.3% compared to year-ago period.

ICICI Bank: The country’s second largest private sector lender recorded 34.2% year-on-year increase in standalone profit at Rs 8,312 crore for quarter ended December FY23 on healthy growth in NII and operating profit, with improvement in asset quality. Net interest income surged 34.6% to Rs 16,465 crore compared to year-ago period with net interest margin expanding 69 bps YoY to 4.65% for the quarter. Profit and NII were ahead of analysts’ estimates. Credit growth was 19.7% and deposits increased by 10.3% compared to year-ago period.

Kotak Mahindra Bank: Kotak Mahindra Bank Q3 beats estimates, profit grows 31% to Rs 2,792 crore with improved asset quality. Net interest income up 30% YoY. The private sector lender has clocked 31% year-on-year growth in standalone profit at Rs 2,792 crore for quarter ended December FY23 despite higher provisions, backed by healthy operating profit, other income and NII growth, with improvement in asset quality performance. Net interest income for the quarter jumped 30.4% to Rs 5,653 crore with 85 bps YoY expansion in net interest margin at 5.47%. Deposits for the quarter grew by 13% and advances increased by 23% compared to year-ago period.

Kotak Mahindra Bank: The private sector lender has clocked 31% year-on-year growth in standalone profit at Rs 2,792 crore for quarter ended December FY23 despite higher provisions, backed by healthy operating profit, other income and NII growth, with improvement in asset quality performance. Net interest income for the quarter jumped 30.4% to Rs 5,653 crore with 85 bps YoY expansion in net interest margin at 5.47%. Deposits for the quarter grew by 13% and advances increased by 23% compared to year-ago period.

UltraTech Cement: UltraTech Cement Q3 profit tanks 38% YoY to Rs 1,058 crore on drop in operating margin. Revenue grows 20%. The Aditya Birla Group-owned cement company has reported a 38% year-on-year decline in consolidated profit at Rs 1,058.2 crore for quarter ended December FY23, impacted by weak operating margin. It has seen an increase in raw material cost, power & fuel cost and freight & forwarding expenses YoY. Consolidated revenue from operations increased 19.5% to Rs 15,521 crore for the quarter YoY.

UltraTech Cement: The Aditya Birla Group-owned cement company has reported a 38% year-on-year decline in consolidated profit at Rs 1,058.2 crore for quarter ended December FY23, impacted by weak operating margin. It has seen an increase in raw material cost, power & fuel cost and freight & forwarding expenses YoY. Consolidated revenue from operations increased 19.5% to Rs 15,521 crore for the quarter YoY.

IDFC First Bank: IDFC First Bank Q3 profit jumps 115% to Rs 604.6 crore despite higher provisions. Net interest income grows 27%. The bank has clocked a 115% year-on-year growth in standalone profit at Rs 604.6 crore for December FY23 quarter despite higher provisions, supported by strong other income, operating profit and NII with asset quality improvement. Net interest income for the quarter at Rs 3,285.3 crore grew by 27.3% compared to corresponding period last fiscal.

IDFC First Bank: The bank has clocked a 115% year-on-year growth in standalone profit at Rs 604.6 crore for December FY23 quarter despite higher provisions, supported by strong other income, operating profit and NII with asset quality improvement. Net interest income for the quarter at Rs 3,285.3 crore grew by 27.3% compared to corresponding period last fiscal.

Yes Bank: Yes Bank Q3 profit drops 81% to Rs 51.5 crore impacted by higher provisions. Net interest income rises 12%. The private sector lender has registered a 80.7% year-on-year decline in standalone profit at Rs 51.5 crore for quarter ended December FY23 impacted by ageing related provisions, but supported by higher other income and operating profit with improvement in asset quality. Net interest income grew by 11.7% to Rs 1,970.6 crore for the quarter YoY, with net interest margin rising 10 bps YoY (down 10 bps QoQ) to 2.5%. Advances for the quarter grew by 10% and deposits growth stood at 16% compared to corresponding period last fiscal.

Yes Bank: The private sector lender has registered a 80.7% year-on-year decline in standalone profit at Rs 51.5 crore for quarter ended December FY23 impacted by ageing related provisions, but supported by higher other income and operating profit with improvement in asset quality. Net interest income grew by 11.7% to Rs 1,970.6 crore for the quarter YoY, with net interest margin rising 10 bps YoY (down 10 bps QoQ) to 2.5%. Advances for the quarter grew by 10% and deposits growth stood at 16% compared to corresponding period last fiscal.

Trent: Trent executes JV with MAS Amity for intimate wear and apparel business. The Tata Group company has executed an equal joint venture with MAS Amity Pte Ltd. The company with equal joint venture will set up an entity in India for jointly developing a business of intimate wear and other apparel related products.

Trent: The Tata Group company has executed an equal joint venture with MAS Amity Pte Ltd. The company with equal joint venture will set up an entity in India for jointly developing a business of intimate wear and other apparel related products.

State Bank of India: SBI purchases 40% stake in Commercial Indo Bank LLC, Moscow held by Canara Bank. The country's largest lender has entered into an agreement to purchase of 40% stake in Commercial Indo Bank LLC (CIBL), Moscow held by Canara Bank. The transaction is expected to be completed by March 2023 and the acquisition cost is $14.67 million.

State Bank of India: The country’s largest lender has entered into an agreement to purchase of 40% stake in Commercial Indo Bank LLC (CIBL), Moscow held by Canara Bank. The transaction is expected to be completed by March 2023 and the acquisition cost is $14.67 million.

RBL Bank: RBL Bank Q3 profit grows 34% to Rs 209 crore on lower provisions. Net interest income increases 14%. The bank has clocked a 34% year-on-year increase in profit at Rs 209 crore for quarter ended December FY23, on fall in provisions with improvement in asset quality. Net interest income at Rs 1,148 crore for the quarter rose by 13.6% compared to year-ago period, with net interest margin expanding 40 bps YoY to 4.74%. Advances for the quarter at Rs 66,684 crore increased by 15%, and deposits grew by 11% with CASA deposits rising 18%.

RBL Bank: The bank has clocked a 34% year-on-year increase in profit at Rs 209 crore for quarter ended December FY23, on fall in provisions with improvement in asset quality. Net interest income at Rs 1,148 crore for the quarter rose by 13.6% compared to year-ago period, with net interest margin expanding 40 bps YoY to 4.74%. Advances for the quarter at Rs 66,684 crore increased by 15%, and deposits grew by 11% with CASA deposits rising 18%.

Tanla Platforms: Tanla Platforms Q3 profit tanks 26% to Rs 116.5 crore on weak top line, operating performance. Revenue drops 2%. The cloud communications company has recorded a 26.3% year-on-year decline in profit at Rs 116.5 crore for December FY23 quarter, dented by lower top line and weak operating performance. Revenue for the quarter at Rs 869.6 crore fell by 1.7% and EBITDA tanked 25% to Rs 151.4 crore with margin down 550 bps compared to year-ago period.

Tanla Platforms: The cloud communications company has recorded a 26.3% year-on-year decline in profit at Rs 116.5 crore for December FY23 quarter, dented by lower top line and weak operating performance. Revenue for the quarter at Rs 869.6 crore fell by 1.7% and EBITDA tanked 25% to Rs 151.4 crore with margin down 550 bps compared to year-ago period.

Indian Energy Exchange: Indian Energy Exchange Q3 profit declines 4% YoY to Rs 77.2 crore as revenue, operating income show double-digit fall. The India's power trading platform has registered a 4% year-on-year fall in consolidated profit at Rs 77.2 crore for quarter ended December FY23, dented by double-digit decline in revenue and operating income. Consolidated revenue from operations at Rs 100.3 crore dropped 14.7% compared to year-ago period.

Indian Energy Exchange: India’s power trading platform has registered a 4% year-on-year fall in consolidated profit at Rs 77.2 crore for quarter ended December FY23, dented by double-digit decline in revenue and operating income. Consolidated revenue from operations at Rs 100.3 crore dropped 14.7% compared to year-ago period.

JSW Energy: JSW Energy Q3 profit drops 42% to Rs 187 crore on higher fuel cost. Revenue grows 18% to Rs 2,248 crore. The power company has reported a 42% year-on-year decline in consolidated profit at Rs 187 crore for quarter ended December FY23 impacted by higher fuel cost. Consolidated revenue from operations grew by 18% YoY to Rs 2,248 crore for the quarter due to higher realisation. Overall net generation at 4.3 billion units declined by 5% YoY due to lower merchant market sales in the quarter. EBITDA at Rs 727 crore during the quarter fell by 18% YoY primarily due to lower short term sales YoY, partly offset by contribution from Vijayanagar Solar and higher other income in the quarter.

JSW Energy: The power company has reported a 42% year-on-year decline in consolidated profit at Rs 187 crore for quarter ended December FY23 impacted by higher fuel cost. Consolidated revenue from operations grew by 18% YoY to Rs 2,248 crore for the quarter due to higher realisation. Overall net generation at 4.3 billion units declined by 5% YoY due to lower merchant market sales in the quarter. EBITDA at Rs 727 crore during the quarter fell by 18% YoY primarily due to lower short term sales YoY, partly offset by contribution from Vijayanagar Solar and higher other income in the quarter.

Petronet LNG: Petronet LNG Q3 earnings beat estimates, profit surges 59% QoQ to Rs 1,180.5 crore, though revenue declines 1.3%. The liquified natural gas importer has recorded 58.6% quarter-on-quarter growth in profit at Rs 1,180.5 crore for quarter ended December FY23 on strong operating performance, beating analysts' estimates. Revenue from operations fell by 1.3% QoQ to Rs 15,776 crore, but EBITDA grew by 43% sequentially to Rs 1,675 crore for the quarter.

Petronet LNG: The liquified natural gas importer has recorded 58.6% quarter-on-quarter growth in profit at Rs 1,180.5 crore for quarter ended December FY23 on strong operating performance, beating analysts’ estimates. Revenue from operations fell by 1.3% QoQ to Rs 15,776 crore, but EBITDA grew by 43% sequentially to Rs 1,675 crore for the quarter.

Bandhan Bank: Bandhan Bank Q3 earnings miss estimates, profit plunges 66% to Rs 291 crore on elevated provisions. Net interest income drops 2%. The private sector lender has registered a massive 66% year-on-year decline in profit at Rs 290.6 crore for December FY23 quarter, dented by higher provisions and lower growth in net interest income. Net interest income fell 2% YoY to Rs 2,080.4 crore for the quarter, with 130 bps drop in net interest margin at 6.5%. Loan book grew by 11.1% and deposits rose by 21% YoY.

Bandhan Bank: The private sector lender has registered a massive 66% year-on-year decline in profit at Rs 290.6 crore for December FY23 quarter, dented by higher provisions and lower growth in net interest income. Net interest income fell 2% YoY to Rs 2,080.4 crore for the quarter, with 130 bps drop in net interest margin at 6.5%. Loan book grew by 11.1% and deposits rose by 21% YoY.

LTIMindtree: LTIMindtree Q3 profit, EBITDA drop 16% each sequentially, but revenue grows 5% to Rs 8,620 crore. The IT services company has recorded a 16% sequential fall in profit at Rs 1,001 crore for quarter ended December FY23, with EBITDA at Rs 1,374.8 crore declining 16 percent QoQ and margin dropping nearly 4 percentage points QoQ to 15.95%. Revenue grew by 4.8% sequentially to Rs 8,620 crore, with dollar revenue growth at 2.4% and constant currency revenue growth at 1.9% for the quarter.

LTIMindtree: The IT services company has recorded a 16% sequential fall in profit at Rs 1,001 crore for quarter ended December FY23, with EBITDA at Rs 1,374.8 crore declining 16 percent QoQ and margin dropping nearly 4 percentage points QoQ to 15.95%. Revenue grew by 4.8% sequentially to Rs 8,620 crore, with dollar revenue growth at 2.4% and constant currency revenue growth at 1.9% for the quarter.

JSW Steel: JSW Steel Q3 profit tanks 90% to Rs 474 crore on higher raw material cost, power & fuel expenses. Revenue grows 2.8%. The steel company has reported a 89.5% year-on-year decline in profit at Rs 474 crore for quarter ended December FY23, impacted by higher raw material cost and power & fuel expenses. Revenue grew by 2.8% YoY to Rs 39,134 crore for the quarter.

JSW Steel: The steel company has reported a 89.5% year-on-year decline in profit at Rs 474 crore for quarter ended December FY23, impacted by higher raw material cost and power & fuel expenses. Revenue grew by 2.8% YoY to Rs 39,134 crore for the quarter.

Punjab & Sind Bank: Punjab & Sind Bank Q3 profit grows 24% to Rs 373 crore on provisions write-back. Net interest income grows 6.2%. The bank has recorded a 24% year-on-year growth in profit at Rs 373.2 crore for December FY23 quarter, supported by provisions write-back, with improvement asset quality. Net interest income grew by 6.2% YoY to Rs 805 crore for Q3FY23, with gross advances growth of 16.54% and deposit growth of 9.1%.

Punjab & Sind Bank: The bank has recorded a 24% year-on-year growth in profit at Rs 373.2 crore for December FY23 quarter, supported by provisions write-back, with improvement asset quality. Net interest income grew by 6.2% YoY to Rs 805 crore for Q3FY23, with gross advances growth of 16.54% and deposit growth of 9.1%.

Strides Pharma Science: World Health Organization completes inspection of Puducherry facility of Strides Pharma Science. World Health Organization has completed an inspection of Puducherry facility of the company during January 16-20, 2023. The Puducherry facility caters to the US, other regulated markets, and institutional businesses; and can produce finished dosage formulation products across multiple dosage formats.

Strides Pharma Science: The World Health Organization has completed an inspection of Puducherry facility of the company during January 16-20, 2023. The Puducherry facility caters to the US, other regulated markets, and institutional businesses; and can produce finished dosage formulation products across multiple dosage formats.

Saregama India: Saregama India Q3 profit grows 20% to Rs 52.3 crore, revenue increases 23.4%. The company has clocked a 20% year-on-year growth in consolidated profit at Rs 52.3 crore for quarter ended December FY23, led by other income and top line. Consolidated revenue from operations grew by 23.4% to Rs 185.5 crore for the quarter. EBITDA at Rs 62.6 crore for the quarter grew by 15% over a year-ago period.

Saregama India: The company has clocked a 20% year-on-year growth in consolidated profit at Rs 52.3 crore for quarter ended December FY23, led by other income and top line. Consolidated revenue from operations grew by 23.4% to Rs 185.5 crore for the quarter. EBITDA at Rs 62.6 crore for the quarter grew by 15% over a year-ago period.

Shakti Pumps: Shakti Pumps Q3 profit falls 24% YoY to Rs 11.2 crore, but revenue increases 17%. The submersible pumps manufacturer has reported a 24% year-on-year decline in profit at Rs 11.2 crore for December FY23 quarter, impacted by weak operating performance and lower other income. Revenue from operations grew by 17% YoY to Rs 314.2 crore for the quarter.

Shakti Pumps: The submersible pumps manufacturer has reported a 24% year-on-year decline in profit at Rs 11.2 crore for December FY23 quarter, impacted by weak operating performance and lower other income. Revenue from operations grew by 17% YoY to Rs 314.2 crore for the quarter.

Sandip Das

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Kalpana Warrier
Kalpana Warrier

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