Q3 Results 2023: Jyothi Labs, Blue Dart Express, Indian Bank and Ceat declare December quarter results - HIGHLIGHTS

FMCG firm Jyothy Labs Ltd on Wednesday reported a 77.25 per cent jump in its consolidated net profit at Rs 673.9 crore in the third quarter ended December 31, 2022

Blue Dart Express net profit declines 28% in December quarter. Source: Freepik

Q3 Results 2023: Several listed companies declared their quartely earnings on Wednesday. Among them were Jyothi Labs, Blue Dart Express, Indian Bank and Ceat. Here are key takeaways from the results announced by these companies.

Jyothy Labs Q3 Results: Net profit jumps to Rs 674 crore

FMCG firm Jyothy Labs Ltd on Wednesday reported a 77.25 per cent jump in its consolidated net profit at Rs 673.9 crore in the third quarter ended December 31, 2022.

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The company had posted a consolidated net profit of Rs 380.2 crore in the same period last fiscal, it said in a regulatory filing.

Consolidated revenue from operations were at Rs 6,126.7 crore during the quarter under review as compared to Rs 5,390.3 crore in the year-ago period, it added.

"The business has been resilient in spite of high commodity inflation impacting the consumption across categories. We have been focussed only on execution to drive higher operating revenues and manage margins in the inflationary environment," it said.

The company said it has focussed on a strategy to build scale and gain market share backed by enhanced distribution, including reaching out to newer geographies, increase brand visibility and product innovation initiatives.

"We continue to drive execution-led growth to build scale. This will deliver value for all the stakeholders. Consistent market share gains build a stronger operating environment which further drives future growth opportunities," Jyothy Labs Ltd Managing Director M R Jyothy said.

Further, she said, "We have been witnessing good traction for all our product categories and are determined to achieve consistent growth momentum for the future."

Blue Dart Express Q3 Results 2023: net profit declines 28% in December quarter

Blue Dart Express on Wednesday reported a 28 per cent dip in standalone profit after tax (PAT) to Rs 86.9 crore in the December 2022 quarter.

The company had posted a standalone PAT of Rs 122.20 crore in the third quarter of the previous fiscal, the company said in a statement.

Its revenue from operations during the reporting quarter grew 7 per cent to Rs 1,337.1 crore compared to Rs 1,254.8 crore in Q3 FY22.

During the quarter, Blue Dart said, the geo-political scenario continues to remain volatile. International crude prices and foreign currencies specifically witnessed high volatility, leading to a high inflationary ecosystem.

Higher jet fuel prices, forex volatility and correction in minimum wages continue to keep the costs at escalated levels, it added.

Further, the company has been working on enhancing its package handling capacity on air and ground to handle increased volume and improve service quality, Blue Dart said.

"We are expanding our presence in tier II & III markets. We have about 700 retail stores (with DHL) across India. Additionally, we plan to set up about 100 new stores in the near future to aggressively expand our channel footprint," said Balfour Manuel, Managing Director at Blue Dart.

Ceat Q3 Results 2023: Company reports Rs 35 crore net profit in December quarter

Tyre maker Ceat on Wednesday posted a consolidated net profit of Rs 35 crore for the third quarter ended December 2022.

The company had reported a net loss of Rs 20 crore in the October-December quarter of the previous fiscal.

Total income increased to Rs 2,729 crore in the third quarter from Rs 2,416 crore in the year-ago period, Ceat said in a regulatory filing.

"Our margins continue to improve as a result of the cooling commodity prices. Growth is led by domestic demand as we remain cautious about international markets that are getting impacted by recessionary trends," Ceat Managing Director Anant Goenka said.

The company's outlook for the ongoing quarter is positive, he added.

"We have the capacities available to cater to a growing market demand," Goenka said.

Ceat CFO Kumar Subbiah said the company brought down its overall inventories by Rs 280 crore, which helped in bringing efficiencies in operating cash flows and minimising borrowings.

"We intend to maintain our capex for the year at around Rs 900 crore in line with our annual plan. With the correction in commodity costs, the margin outlook is positive for the next quarter," he noted.

For the nine months ended December 31, 2022, the company reported a net profit of Rs 50 crore as against Rs 45 crore in the year-ago period.
Shares of Ceat on Wednesday ended 0.46 per cent down at Rs 1,584.60 apiece on the BSE.

Indian Bank Q3 Results 2023: Net profit soars 102% to Rs 1,396 crore in December quarter

All-round improvements in key metrics, especially on provisioning front which nearly halved, helped Indian Bank register a 102 per cent jump in net income at Rs 1,396 crore in the quarter ending December 2022.

The management of the Chennai-based public sector bank, led by managing director and chief executive Shantilal Jain, has guided towards better days ahead especially on the asset generation side, hoping to continue the good run rate on advances which have maintained a steady 13 per cent growth rate throughout the fiscal so far.

"We've been able to maintain our good show for the third quarter as well with all sources of income, be it net interest income, asset quality, or fee and forex income or loan sales, growing in the quarter. There is no one-off item in the numbers at all as all verticals performed well," Jain told PTI from Chennai on Wednesday.

The bank reported a 25 per cent growth in net interest income at Rs 5,499 crore in the quarter and the fee-based income grew 6 per cent to Rs 704 crore led by a 99 per cent spike in forex income at Rs 294 crore. This was driven by a healthy 71 basis points jump in net interest margin at 3.74 per cent from 3.03 per cent in December 2021.

Another key profit driver, Jain said, was the recovery which jumped 53 per cent on year to Rs 426 crore. This also had the bank seeing a 40 per cent reduction in provisioning at Rs 1,474 crore from the year-ago period.

Gross NPAs (Non-Performing Assets) declined by 260 basis points to 6.53 per cent or Rs 29,400 crore from Rs 36,000 crore, helping the bank more than halving net NPAs or by 172 basis points to 1 per cent, or at Rs 1,474 crore from Rs 2,439 crore, Jain said.

This had the provision coverage ratio improving by 810 basis points to 93.59 per cent, Jain said.

He said the recoveries through the NCLTs, one-time settlement and other means stood at Rs 426 crore, which was 53 per cent more than the year-ago period, while slippages declined to Rs 1,300 crore.

Advances increased 13 per cent to Rs 4,51,658 crore from Rs 4,00,432 crore in December 2021, of which the RAM (retail, agriculture & MSMEs) book grew 15, 15 and 6 per cent respectively to Rs 2,62,811 crore from Rs 2,33,738 crore.

The contribution of this book to gross domestic advances is 62 per cent. Home loans grew by 12 per cent, auto loans jumped 27 per cent and personal loan soared 35 per cent.

The bank's gold loan book, which is among the largest (Canara Bank is the largest among banks with around Rs 1 lakh crore of asset under management) grew 17 per cent to Rs 60,000 crore, Jain said, adding deposits rose at a tepid 6 per cent to reach Rs 5,97,114 crore.

Jain said to attract cheaper source of funding the bank has been offering higher prices to depositors as the repo rate has been moving up. Also, the bank is aggressively opening more salary accounts.

Accordingly so far this fiscal, the bank has opened as many as 27 lakh new salary accounts. On the deposit side, it has increased pricing from 5.4 per cent to 7 per cent in certain buckets, he added.

The bank's cost-to-income ratio stood at 43.71, down from 44.75 in December 2021.

Cipla on Wednesday reported a net profit of Rs 801 crore for the October-December period, an increase of 9.9 per cent compared with the corresponding period a year ago. The Mumbai-based drug maker's revenue grew six per cent on a year-on-year basis to Rs 5,810.1 crore, according to a regulatory filing. Auto maker TVS Motor reported a year-on-year jump of 21.4 per cent in net profit to Rs 300.9 crore for the quarter ended December 2022 with revenue growth of 22.3 per cent to Rs 8,066.1 crore. The company's total two-wheeler sales rose to 8.36 lakh units, from 8.35 lakh units in the year-ago period, though two-wheeler exports reduced to 2.07 lakh units from 2.53 lakh units, according to a company statement.

Inputs from PTI

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