HDFC Bank, Oberoi Realty, Jindal Steel & Power and others
The market snapped a four-day losing streak and closed with gains of seven tenths of a percent on July 15, helped by positive global indices. Stocks in the automotive group, financial services, consumer staples and HDFC supported the market. The BSE Sensex rallied 345 points to 53,761, while the Nifty50 rose 110.5 points to 16,049.
HeidelbergCement India, Nelco, Bank of Maharashtra, Bhansali Engineering Polymers, Alok Industries, Ganesh Housing Corporation, Onward Technologies, Sudal Industries, Tanfac Industries will be in focus ahead of July 18 quarterly results.
Stocks to Watch
The country’s largest private sector lender reported a 19% year-on-year growth in its autonomous profit to Rs 9,196 crore for the quarter ended June 2022, driven by lower provisions for bad debts. Net interest income rose 14% year-on-year to Rs 19,481.4 crore, driven by loan growth of 22.5% and deposit growth of 19.2%. Pre-provision operating profit rose 14.7% year-on-year to Rs 15,367.8 crore in the quarter.
The public defense company posted a 1,401% year-on-year growth in its consolidated profit to Rs 366.33 crore for the quarter ended June 2022, on the back of a strong operating result. The basis was weak in the prior year quarter due to the second wave of Covid. Revenue for the first quarter increased by 90.5% to reach Rs 3,140.6 crore compared to the corresponding period of the previous fiscal year.
ICICI Prudential Life Insurance Company
The insurance company moved to a standalone profit of Rs 155.7 crore in the quarter ended June 2022, from a loss of Rs 185.73 crore in the same period last year. Net premium income increased by 4.3% to Rs 6,884.2 crore from the same period last year.
The company recorded a wider net loss of Rs 48.3 crore for the quarter ended June 2022, compared to a loss of Rs 3.5 crore in the same period last year, driven by other income which stood at Rs(-60) crore for the quarter due to mark-to-market (MTM) losses on the cash portfolio due to a significant increase in bond yields (135-150 bps QoQ for AAA 2 bonds -3 years) during the quarter. Operating revenue at Rs 185.6 crore was up 12.2% year-on-year in Q1FY23.
Oberoi Real Estate
The Mumbai-based property company reported a fivefold increase in Q1FY23 profit to Rs 403.48 crore from Rs 80.81 crore in the same period last year. Revenue tripled from Rs 294.77 crore to Rs 934.81 crore over the same period, and EBITDA nearly quadrupled to Rs 513.87 crore from Rs 135.39 crore in the same period. during the same period.
Jindal Steel & Power
The steelmaker reported a 23% year-on-year decline in Q1FY23 adjusted profit to Rs 1,929 crore on lower operating profit, partially offset by lower financial costs. Funds from JPL’s divestment further strengthened the company’s balance sheet, with consolidated net debt declining further by Rs 1,149 crore in Q1FY23 to end the quarter at Rs 7,727 crore. Consolidated gross revenue increased by 26% year-on-year to Rs 14,738 crore in the quarter. The figures adjusted for a one-time forex gain of Rs 446 crore.
Medplus Health Services
The company has incorporated a wholly owned subsidiary, namely MedPlus Insurance Brokers. The subsidiary will carry out the direct insurance brokerage activity in life and property and casualty insurance, as well as all kinds of guarantee and indemnification activities.
The digital cable TV service provider reported a 69% year-on-year drop in its consolidated profit to Rs 12.71 crore in the quarter ended June 2022, due to a decline revenues and weak operational performance. Revenue fell 6.5% year-on-year to Rs 283.36 crore in the first quarter of FY23.
L&T Technology Services
The engineering services company posted 27% year-on-year growth in first-quarter profit of FY23 to Rs 274 crore, while revenue rose 23% year-on-year to reach Rs 1,874 crore during the quarter. Dollar revenue increased 20% year-over-year to $239.5 million and constant currency revenue increased 20% year-over-year. During the quarter, LTTS won a contract worth over $50 million.
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