24-Apr-2024 (17:25) Axis Bank records turnaround PAT of Rs 7,130 cr in Q4
Total income rose 25.15% year on year (YoY) to Rs 35,990.33 crore in the quarter ended 31 March 2024.
Net interest income (NII) grew 11% YoY to Rs 13,089 crore while net interest margin (NIM) slipped 16 basis points (bps) YoY to 4.06% during the quarter.
Profit before tax in Q4 FY24 stood at Rs 9,350.39 crore as compared with pre-tax loss of Rs 3,627.98 crore recorded in Q4 FY23.
Operating profit before provisions & contingencies increased 14.92% YoY to Rs 10,535.70 crore for the quarter. The bank's provisions and contingencies zoomed to Rs 1,185.31 crore from Rs 305.77 crore posted in same quarter last year.
The bank holds cumulative provisions (standard + additional other than NPA) of Rs 12,134 crore at the end of Q4 FY24, over and above the NPA provisioning included in PCR calculations. These cumulative provisions translate to a standard asset coverage of 1.26% as on 31 March 2024. On an aggregated basis, provision coverage ratio (including specific + standard and other provisions) stood at 159% of GNPA as on March 2024.
Credit cost for the quarter ended 31 March 2024 stood at 0.32%, up by 10 basis points (bps) YoY.
The bank's gross non-performing assets (NPAs) stood at Rs 15,127.12 crore as on 31 March 2024 as against Rs 18,604.23 crore as on 31 March 2023.
The ratio of gross NPAs reduced to 1.43% as on 31 March 2024 as against 2.02% as on 31 March 2023.
The ratio of net NPAs declined to 0.31% as on 31 March 2024 as against 0.39% as on 31 March 2023.
As on 31 March 2024, the bank's provision coverage, as a proportion of gross NPAs stood at 79%, as compared to 81% as at 31 March 2023.
The fund based outstanding of standard restructured loans implemented under resolution framework for COVID-19 related stress (Covid 1.0 and Covid 2.0) declined during the quarter and as at 31 March 2024 stood at Rs 1,528 crore that translates to 0.14% of the gross customer assets. The bank carries a provision of around 20% on restructured loans, which is in excess of regulatory limits.
Gross slippages during the quarter were Rs 3,471 crore, compared to Rs 3,375 crore in Q4 FY23.
The bank's net advances grew 14% YoY to Rs 9,65,068 crore and total deposits jumped 13% YoY to Rs 10,68,641 crore as on 31 March 2024.
As on 31 March 2024, CASA deposits rose 3% YoY to Rs 4,59,401 crore while CASA deposits as % of total deposits stood at 43% as on 31 March 2024 as against 47% as on 31 March 2023.
As on March 2024, capital adequacy ratio (basel III) stood at 16.63%. Tier I was at 14.20% and Tier II at 2.43% as on 31 March 2024.
The bank's return on average assets (ROA) and Return on equity (ROE) stood at 2% and 20.35%, respectively in the quarter ended 31 March 2024.
For FY24, the bank?s net profit soared 159.52% to Rs 24,861.43 crore on 30.11% rise in total income to Rs 1,31,810.59 crore over FY23.
Axis Bank is the third-largest private sector bank in India. During the quarter, the bank added 125 branches taking its overall distribution network to 5,377 domestic branches and extension counters situated across 2,963 centres and 16,026 ATMs and cash recyclers spread across the country. The bank's Axis Virtual Centre is present across six centres with over 1,590 virtual relationship managers as on 31 March 2024.
The scrip rose 0.69% to close at Rs 1,063.70 on the BSE.
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24-Apr-2024 (17:15) RBI restricts Kotak Mahindra Bank's digital onboarding and credit card issuance
The Reserve Bank of India (RBI) has directed Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and issuing new credit cards. This restriction comes into effect immediately. However, the bank will continue to service its existing customers, including those with credit cards.
This action follows concerns identified during RBI's examinations of the bank's IT infrastructure in 2022 and 2023. The report cites serious deficiencies in areas like IT inventory management, data security, and business continuity planning. The bank was found to be non-compliant with corrective action plans issued by RBI in previous years.
These shortcomings have resulted in frequent outages of the bank's Core Banking System and digital channels, causing inconvenience to customers. The RBI's decision aims to protect customers and the financial system from potential risks associated with these IT vulnerabilities.
The restrictions will be reviewed upon completion of an external audit commissioned by the bank with RBI's approval. The audit will assess the bank's progress in addressing the identified deficiencies. The RBI may take further regulatory action based on the audit's findings.
Shares of Kotak Mahindra Bank rose 1.64% to settle at Rs 1843.05.
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24-Apr-2024 (17:06) LTIMindtree Q4 PAT drops 6% QoQ to Rs 1,100 cr
Revenue from operations declined 1.38% to Rs 8,892 crore in Q4 FY24 as compared with Rs 9,016 crore in Q3 FY24.
As compared with Q4 FY23, the company's net profit fell 1.26% and revenue from operations jumped 2.31% during the quarter.
Profit before tax declined 6.24% QoQ to Rs 1448 crore in Q4 FY24.
EBITDA stood at Rs 1,603.7 crore in Q4 FY24, down 3.1% QoQ and 4.2% YoY. EBITDA Margin was 17.3% in Q4 FY24 as against 17.6% in Q3 FY24 and 18.5% in Q4 FY23.
In dollar terms, the company recorded a revenue of $1,069.4 million in Q4 FY24, down 1.3% QoQ and up 1.1% YoY. Revenue growth, in constant currency terms, was down 1.3% QoQ and 1.2% YoY.
The company said it added 30 new clients during the quarter ended 31 March 2024. The total client base currently stood at 738 active clients
Total Headcount in Q4 FY24 was 81,650. The firm's trailing twelve months (TTM) attrition rate stood at 14.4% in Q4 FY24 as against 20.2% in Q4 FY23 and 14.2% in Q3 FY24.
On FY24 basis, the company?s net profit increased 4% to Rs 4,584.6 crore in FY24 as compared with Rs 4410 crore in FY23. Revenue from operations jumped 7.03% YoY to Rs 35,517 crore in FY24.
Meanwhile, the company?s board has declared a dividend of Rs 45 per equity share for FY24.
Debashis Chatterjee, chief executive officer and managing director, said, ?We closed FY24 amidst a tough macro environment and delivered a resilient performance with full-year revenue growth of 4.4% in USD terms and an EBIT margin of 15.7%. Our order inflow for the full year at USD 5.6 billion registered a 15.7% growth over FY23. This growth reflects the positive outcomes of our positioning as an organization with scale, expanded capabilities, and larger partnerships. As the market dynamics evolve, we are excited to be part of innovations, partnerships, and initiatives that our clients will embark on in FY 25.?
LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. LTIMindtree a Larsen & Toubro Group company combines the industry-acclaimed strengths of erstwhile Larsen and Toubro Infotech and Mindtree in solving the most complex business challenges and delivering transformation at scale.
The scrip rose 0.23% to end at Rs 4,732.55 on Wednesday, 24 April 2024.
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24-Apr-2024 (16:34) Equitas SFB records 9% YoY growth in Q4 PAT; GNPA rise by Rs 97.32 crore
While the company?s interest income rose by 25% YoY to Rs 1,445 crore, finance costs increased by 47% YoY to Rs 659 crore in the fourth quarter.
NIM was at 8.17% for Q4 FY24. Cost to Income stood at 62.83% in Q4 FY24 as compared to 62.87% in Q4 FY23.
Operating profit for the period under review was Rs 374.75 crore, down by 3% YoY.
Provisions and contingencies fell by 15% to Rs 106.60 crore in Q4 FY24 from Rs 125.60 crore in Q4 FY23.
Profit before tax in Q4 FY24 stood at Rs 268 crore, down by 3% from Rs 261 crore in Q4 FY23.
Equitas Bank stated that the yield on disbursements improved by 135 bps to 18.74% in Q4 FY24 over previous year. Term deposits grew by 68% YoY in Q4 FY24, supported by 65% YoY growth in retail term deposits.
During Q4 FY24, the bank has securitized/assigned advances worth Rs 584 crore pertaining vehicle finance and housing finance. Total securitized portfolio as on 31 March 2024 stood at Rs 1,732 crore.
The bank?s CD ratio improved to 86.98% in Q4 March 2024 as compared to 103.40% in Q4 March 2023. Return on asset (RoA) and return on equity (RoE) for Q4 FY24 was 1.91% and 14.22%, respectively.
Gross NPAs of the bank amounted to Rs 821.28 crore in Q4 FY24 as against Rs 723.96 crore in Q4 FY23. GNPA ratio of the bank improved by 8 bps YoY to 2.52% in Q4 FY24 as compared to 2.60% in Q4 FY23. NNPA improved by 2 bps YoY to 1.12 % in Q4 FY24 as compared to 1.14% in Q4 FY23.
The small finance bank reported 39% increase in net profit to Rs 799 crore on a 30% rise in total income to Rs 6,285.074 crore in FY24 as compared with FY23.
Equitas Small Finance Bank is one of the largest small finance banks in India.
The scrip declined 3.01% to end at Rs 97.46 on the BSE.
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24-Apr-2024 (15:45) DCB Bank spurts after Q4 PAT climbs 10% YoY to Rs 156 cr
Total income increased 5.92% to Rs 644 crore in Q4 FY24 as against Rs 608 crore posted in corresponding quarter last year. operating profit fell 4.1% to Rs 234 crore in Q4 FY24 as compared with Rs 244 crore in Q4 FY23.
Interest income jumped 22.56% to Rs 1,445 crore in Q4 FY24 as compared with Rs 1,179 crore in Q4 FY23. Net interest margin (NIM) was at 3.62% in Q4 FY24 as against 3.48% in Q3 FY24 and 4.18% in Q4 FY23.
Advances grew 19.04% year on year to Rs 40,925 crore in Q4 FY24. Deposits jumped 19.68% year on year to Rs 49,353 crore in Q4 FY24.
Slippages stood at 3.35% as on 31 March 2024 as compared with 3.28% as on 31 March 2023. CASA ratio was at 26.02% in Q4 FY24 as against 26.42% in Q4 FY23.
Gross non performing assets (NPA) slipped Rs 1,353.47 crore as on 31 March 2024 as compared with Rs 1,122.84 crore as on 31 March 2023.
Gross NPA rose 3.23% in Q4 FY24 as compared with 3.19% in Q4 FY23. Net NPA was at 1.11% in Q4 FY24 as compared with 1.04% same quarter previous year.
The provision coverage ratio (PCR) as on 31 March 2023 was at 79.34% and PCR without considering gold loans NPAs was at 79.82%.
Capital adequacy continued to be strong and as on 31 March 2024, the capital adequacy ratio was at 16.59% (with Tier I at 14.3% and Tier II at 2.06% as per Basel III norms).
Praveen Kutty, designated managing director, said, ?We continue our steady scale up journey, with growth in chosen products as per strategy namely, mortgages, agri & inclusive banking, construction finance and gold. Our deposit franchise has registered strong growth, while continuing to maintain its granular profile upgrades and recoveries continues to be good resulting in lower credit cost. We intend to continue to improve growth and profitability.?
DCB Bank is engaged in providing banking and financial services and governed by the Banking Regulation Act, 1949. As on 31 March 2024, the bank?s headcount stood at 11,325, the bank has 442 branches along with 418 ATMs.
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24-Apr-2024 (15:22) RVNL jumps after JV bags order from Southern Railway
The joint venture (JV) comprised of Kerala Rail Development Corporation (KRDCL) (holding a 51% stake) and RVNL (with a 49% stake) was selected by Southern Railway for the project which will be undertaken using the engineering, procurement, and construction (EPC) mode. The estimated cost of the project is Rs 438.95 crore. The redevelopment is expected to be completed within a timeframe of 42 months.
Rail Vikas Nigam is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings etc.
The civil construction company reported 6.24% decline in consolidated net profit to Rs 358.57 crore on 6.44% fall in revenue from operations to Rs 4,689.33 crore in Q3 FY24 over Q3 FY23.
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24-Apr-2024 (15:23) Nippon Life AMC hits record high as Q4 PAT soars 73% YoY
Total income jumped 44.47% year on year (YoY) to Rs 560.57 crore in the quarter ended March 2024.
Profit before tax (PBT) grew 56.39% to Rs 374.11 crore in March quarter from Rs 239.21 crore recorded in corresponding quarter last year.
Total expenses spiked 25.29% to Rs 186.46 crore in Q4 FY24 over Q4 FY23. Employee benefit expense was at Rs 88.63 crore (up 22.21% YoY) and other expenses stood at Rs 87.45 crore (up 30.77% YoY) during the period under review.
Operating profit stood at Rs 282 crore in fourth quarter of FY24, registering a growth of 41% YoY.
As on March 2024, NAM India?s assets under management stood at Rs 5.24 lakh crore (US$ 62.8 billion). NIMF?s average assets under management stood at Rs 4.31 lakh crore ($51.7 billion), up 47% YoY in Q4 FY24.
During the quarter, share of equity assets rose to 49.2% of NIMF?s AUM as against 44.4% as on 31 March 2023. Individual AUM (retail + HNI) was at Rs 2,57,800 crore ($30.9 billion) - an increase of 10% QoQ. This segment contributed 58% to NIMF?s AUM.
NIMF is one of the largest ETF players with AUM of Rs 1,11,500 crore ($13.4 billion) and a market share of 16.71%.
On full year basis, the company?s net profit jumped 53.09% to Rs 1,107.32 crore on 34.34% rise in total income to Rs 2,037.34 crore in FY24 over FY23.
Meanwhile, the company?s board has recommended a final dividend of Rs 11.00 per equity share for the financial year ended 31 March 2024, for the approval of the shareholders. The record date for the same is Friday, 28 June 2024 and the payment date will be on and from 16 July 2024.
Further, based on the recommendation of nomination and remuneration committee, the board of directors approved appointment of Rajesh Jayaram as head product and senior managerial personnel with effect from 1 May 2024.
NAM India is the asset manager of Nippon India Mutual Fund (NIMF). The company is involved in managing mutual funds including exchange traded funds (ETFs); managed accounts, including portfolio management services (PMS), alternative investment funds and pension funds; and offshore funds and advisory mandates.
The counter hit a life time high of Rs 623.40 in today?s intraday session.
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24-Apr-2024 (15:19) Chennai Petro hits life high as Q4 PAT climbs 70% QoQ; declares dividend of Rs 55/sh
Revenue from operations (excluding excise duty) rose marginally to Rs 17,720.18 crore in Q4 FY24 from Rs 17,375.9 crore recorded in Q3 FY24.
On year on year basis, the petroleum refinery company?s net profit slipped 39.02% and revenue declined 1.60% in Q4 FY24.
Profit before tax was at Rs 843.52 crore in the quarter ended 31 March 2024, up 75.35% QoQ and down 39.21% YoY.
During the quarter, crude throughput stood at 3.087 MMT, registering a growth of 9.12% QoQ and 4.57% YoY.
On full year basis, the company?s net profit dropped 23.28% to Rs 2,711.25 crore on 13.49% decline in revenue to Rs 66,385.44 crore in FY24 over FY23.
Average gross refining margin (GRM) for the period April 2023 to March 2024 was $8.64 per barrel as against $11.91 per barrel registered in the same period a year ago.
Meanwhile, the company's board has recommended a final dividend of Rs 55 per equity share for the financial year 2023-24. The record date for the dividend would be intimated in due course. The said dividend would be paid within 30 days from the date of declaration at the AGM.
Chennai Petroleum Corporation (CPCL), one of the leading group companies of Indian Oil corporation, is one of the most complex refineries of its kind in the country, producing an array of value-added petroleum products. As on 30 September 2023, Indian Oil Corporation held 51.89% stake in CPCL.
The scrip hit an all time high of Rs 1,088.15 in intraday today.
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24-Apr-2024 (15:00) Vodafone Idea Ltd leads losers in 'A' group
Tata Consumer Products Ltd, Tata Elxsi Ltd, Multi Commodity Exchange of India Ltd and Neuland Laboratories Ltd are among the other losers in the BSE's 'A' group today, 24 April 2024.
Vodafone Idea Ltd crashed 8.41% to Rs 13.18 at 14:46 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 2433.36 lakh shares were traded on the counter so far as against the average daily volumes of 1254.45 lakh shares in the past one month.
Tata Consumer Products Ltd tumbled 4.86% to Rs 1116.2. The stock was the second biggest loser in 'A' group.On the BSE, 2.87 lakh shares were traded on the counter so far as against the average daily volumes of 77391 shares in the past one month.
Tata Elxsi Ltd lost 4.84% to Rs 7036.2. The stock was the third biggest loser in 'A' group.On the BSE, 28618 shares were traded on the counter so far as against the average daily volumes of 9263 shares in the past one month.
Multi Commodity Exchange of India Ltd fell 4.36% to Rs 3852.4. The stock was the fourth biggest loser in 'A' group.On the BSE, 1.91 lakh shares were traded on the counter so far as against the average daily volumes of 50915 shares in the past one month.
Neuland Laboratories Ltd shed 4.06% to Rs 7234.95. The stock was the fifth biggest loser in 'A' group.On the BSE, 2687 shares were traded on the counter so far as against the average daily volumes of 2097 shares in the past one month.
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24-Apr-2024 (14:45) Atal Realtech Ltd leads losers in 'B' group
S H Kelkar & Company Ltd, Huhtamaki India Ltd, Smartlink Holdings Ltd and Centum Electronics Ltd are among the other losers in the BSE's 'B' group today, 24 April 2024.
Atal Realtech Ltd tumbled 9.92% to Rs 10.26 at 14:26 IST.The stock was the biggest loser in the BSE's 'B' group.On the BSE, 3.22 lakh shares were traded on the counter so far as against the average daily volumes of 1.35 lakh shares in the past one month.
S H Kelkar & Company Ltd crashed 7.42% to Rs 207.05. The stock was the second biggest loser in 'B' group.On the BSE, 81219 shares were traded on the counter so far as against the average daily volumes of 47118 shares in the past one month.
Huhtamaki India Ltd lost 7.31% to Rs 321.3. The stock was the third biggest loser in 'B' group.On the BSE, 60567 shares were traded on the counter so far as against the average daily volumes of 12547 shares in the past one month.
Smartlink Holdings Ltd fell 5.32% to Rs 202.05. The stock was the fourth biggest loser in 'B' group.On the BSE, 36899 shares were traded on the counter so far as against the average daily volumes of 7641 shares in the past one month.
Centum Electronics Ltd dropped 5.17% to Rs 1915. The stock was the fifth biggest loser in 'B' group.On the BSE, 7435 shares were traded on the counter so far as against the average daily volumes of 3619 shares in the past one month.
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