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Q3 Results 2023: IDBI Bank, Canara Bank, Triveni Turbine, others announce December quarter results – HIGHLI… – Zee Business

Q3 Results 2023: Several listed companies announced their quarterly earnings on Monday. Among them were IDBI Bank, Canara Bank, Triveni Turbine, RattanIndia Power and Servotech Power Systems. Here are key takeaways from the results.

Earlier, today Axis Bank reported a 62 per cent jump in net profit beating street estimates.     

IDBI Bank Q3 Results 2023: Net profit jumps 60% to Rs 972 crore

State-owned IDBI Bank on Monday reported a 60 per cent growth in net profit to Rs 927 crore in the third quarter ended on December 31, 2022, on lower provisioning and better interest income.

IDBI Bank, for which the government and the LIC have invited bids to sell a majority stake, had a net profit of Rs 578 crore in the October-December quarter of 2021.

The bank’s net interest income (NII) improved by 23 per cent during the third quarter of current fiscal to Rs 2,925 crore, as against Rs 2,383 crore in the same period last fiscal.

Gross non-performing asset (NPA) ratio improved to 13.82 per cent as on December 31, 2022 as against 21.68 per cent as on December 31, 2021.

The bank’s provisioning for non-performing assets was low at Rs 233 crore in the December quarter, compared to Rs 939 crore in the December quarter of last fiscal.

Shares of IDBI Bank were trading at Rs 55, up 0.73 per cent over previous close on the BSE.

The Government and the Life Insurance Corporation (LIC) together hold 94.71 per cent stake in IDBI Bank.

Of this, they are looking to sell 60.72 per cent in the bank and have received “multiple expressions of interest” from potential investors earlier this month.

Canara Bank Q3 Results 2023: Profit surges 92% to Rs 2,882 crore

Canara Bank on Monday reported 92 per cent jump in profit at Rs 2,882 crore for the quarter ended December 2022, helped by a rise in interest income and decline in bad loans.

Its net profit stood at Rs 1,502 crore in the same quarter of the preceding financial year.

Total income increased to Rs 26,218 crore in the quarter from Rs 21,312 crore in the year-ago period, the state-owned bank said in a regulatory filing.

At the same time, interest income rose to Rs 22,231 crore as against Rs 17,701 crore in the same quarter a year ago.

On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 5.89 per cent as compared to 7.80 per cent at the end of third quarter of 2021-22.

Net NPAs too eased to 1.96 per cent as compared to 2.86 per cent in the same period a year ago.

The capital adequacy ratio rose to 16.72 per cent in December quarter as against 14.80 per cent.

Triveni Turbine Q3 Results 2023: Net profit up over 47% to Rs 52 crore

Triveni Turbine on Monday posted an over 47 per cent rise in consolidated net profit to Rs 52.60 crore for the December quarter, helped by higher revenues.

The consolidated net profit of the company stood at Rs 35.67 crore in the quarter ended December 31, 2021, showed a BSE filing.

Total income rose to Rs 337.70 crore in the quarter from Rs 233.52 crore in the same period a year ago.

RattanIndia Power Q3 Results 2023: net loss widens to Rs 479 crore in December quarter

RattanIndia Power on Monday reported widening of its consolidated net loss to Rs 479.76 crore for the December quarter, mainly due to higher expenses.

The consolidated net loss of the electricity producer stood at Rs 386.69 crore in the quarter ended December 31, 2021, as per a BSE filing.

Total expenses rose to Rs 1,411.05 crore in the quarter from Rs 1,243.84 crore in the same period a year ago.

Total income climbed to Rs 931.29 crore from Rs 857.15 crore a year ago.

Servotech Power Systems Q3 Results 2023: Net nearly quadruples; company declares interim dividend

Servotech Power Systems’ consolidated net profit nearly quadrupled to Rs 3.87 crore in December, 2022 quarter compared to a year ago mainly on the back of higher revenues.

The consolidated net profit of the company was Rs 1.07 crore in the quarter ended on December 31, 2021, an NSE filing showed.

Total revenues of the company more than doubled to Rs 86.35 crore in the quarter from Rs 41.42 crore in the same period a year ago.

Servotech Power Systems is a leading manufacturer of solar, power-backup, electric vehicle (EV) chargers, and other smart power solutions.

Servotech Power Systems Managing Director Raman Bhatia stated in a statement that this quarter turned out to be a strong period for Servotech.

The company’s Q3 profitability has seen a one-off impact of its strong market strategy, expanded footprint, and advances on the channel front. “With the bulk of the integration cost behind us and in view of the growth tailwinds ahead, our endeavour is to achieve even healthier profitability in Q4,” he stated.

“There is also a greenfield of synergies and projects for us to explore. This will result in long-term and sustainable profitability. By expanding our pool of talent, stepping up our innovation efforts, and refining our go-to-market strategy, we will be able to provide our customers with smarter lifestyle solutions, scale up our team’s opportunities, and create profitable whitespaces for our clients,” he said.

In the board meeting on Saturday, the organisation also announced the decision of stock split.

The board had also discussed and approved the payment of an interim dividend to shareholders.

Additionally, Servotech has established the record date for the share division or split and will pay an interim dividend of Rs 0.20 per equity share to its shareholders.

The company has fixed the record date for the split of equity shares with a face value of Rs 10 per share and payment of interim dividend as February 3, 2023.

The amount of interim dividend shall be credited in the respective bank accounts of eligible shareholders on or around Saturday, 18th February, 2023.

Servotech had previously declared that the board had approved a 1:5 stock split. An equity share of face value Rs 10 each will be split into five equity shares of face value of Rs 2 each.

On Monday, domestic equity markets ended on a positive note to end a two-day losing streak. Frontline indices S&P BSE Sensex ended at 60,941.67, up by 319 points or 0.53 per cent while the broader market NSE Nifty50 advanced by 90.90 points or 0.50 per cent at 18,118.55. The banking gauge Nifty Bank settled at 42,821.25, up by 314.45 or 0.74 per cent.   

In the 50-stock Nifty50, 32 advanced while 18 declined. The top gainers were Sun Pharmaceuticals, Hindustan Unilever, Eicher Motors, UPL and Tech Mahindra while top losers were Ultratech Cement Company, Grasim Industries, NTPC, Tata Steel and JSW Steel.