With the help of encouraging global cues, the market ended a four-day losing skid on July 15 and concluded with 7% gains. The market was supported by auto, financial services, FMCG, and HDFC group companies. The Nifty50 increased 110.5 points to 16,049, while the BSE Sensex increased 345 points to 53,761.
Before strong defense of its quarterly report on July 18, attention will be focused on HeidelbergCement India, Nelco, the Bank of Maharashtra, Bhansali Engineering Polymers, Alok Industries, Ganesh Housing Corporation, Onward Technologies, Sudal Industries, and Tanfac Industries.
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For the quarter that ended in June 2022, the largest private lender in the nation recorded a 19% year-over-year increase in standalone profit at Rs 9,196 crore, driven by a decrease in bad loan provisions. A 22.5 percent increase in loans and a 19.2 percent increase in deposits were the main drivers of the net interest income's 14 percent YoY increase to Rs 19,481.4 crore. During the quarter, pre-provision operating profit climbed 14.7 percent YoY to Rs 15,367.8 crore.
The strong operating income helped the state-owned defense corporation increase its consolidated profit by 1,401 percent year over year to Rs 366.33 crore for the quarter that ended in June 2022. Due to the second Covid wave, the base was low in the previous quarter. In Q1, revenue increased by 90.5 percent to Rs 3,140.6 crore from the same quarter the previous year.
ICICI Prudential Life Insurance Company
Compared to a loss of Rs 185.73 crore during the same period last year, the insurance firm turned a standalone profit of Rs 155.7 crore in the quarter ending June 2022. Comparing the current quarter to the same period the previous year, net premium income increased by 4.3% to Rs 6,884.2 crore.
The company reported a wider net loss of Rs 48.3 crore for the quarter that ended in June 2022 compared to a loss of Rs 3.5 crore for the same period last year. This increase was primarily due to other income, which was negatively affected by mark-to-market (MTM) losses on the company's treasury portfolio, which increased significantly (135-150 bps QoQ for 2-3 year AAA bonds), and which stood at Rs (-60) crore for the quarter. In Q1FY23, operating revenue increased by 12.2% YoY to Rs 185.6 crore.
The Mumbai-based real estate firm posted Q1FY23 earnings at Rs 403.48 crore as opposed to Rs 80.81 crore in the same quarter the previous year, a five-fold rise year over year. In the same period, revenue increased by three times to Rs 934.81 crore from Rs 294.77 crore, while EBITDA nearly quadrupled to Rs 513.87 crore from Rs 135.39 crore.
Jindal Steel & Power
The steelmaker reported an adjusted profit for the first quarter of FY23 of Rs 1,929 crore, a 23% year-over-year fall due to lower operational profit offset in part by lower finance expenses. Consolidated net debt decreased further in Q1FY23 by Rs 1,149 crore, ending the quarter at Rs 7,727 crore, thanks to funds from the divestiture of JPL. During the quarter, total gross revenues rose by 26% YoY to Rs 14,738 crore. The figures have been modified for a one-time forex gain of Rs 446 crore.
Medplus Health Services
An owned subsidiary of the business called MedPlus Insurance Brokers has been established. The subsidiary will conduct all types of guarantee and indemnity business in addition to direct insurance brokerage activities in the life and general insurance sectors.
In the three months that ended in June 2022, the provider of digital cable TV services reported a consolidated profit that was down 69% year over year at Rs. 12.71 crores. In Q1FY23, revenue decreased 6.5% YoY to Rs 283.36 crore.
The engineering services company reported a Q1FY23 profit increase of 27% year over year to Rs 274 crore, while revenue increased by 23% YoY to Rs 1,874 crore. Revenue in dollars climbed by 20% YoY to $239.5 million, and topline revenue increased by 20% YoY in constant currency. LTTS landed a deal worth more than $50 million during the quarter.