SpiceJet results highlights: Airline reports Rs 301-crore loss in Q3, March quarter net profit surges over 600%

Debt-laden airline SpiceJet reported its Q3 and Q4 results for the financial year 2023-34. The carrier flew back into the black in the fourth quarter after reporting a loss in the third quarter of 2023-24.

The Gurugram-based airline reported a net loss of Rs 300 crore for the September quarter of FY24 and a net profit of Rs 119.6 crore for the January-March quarter of 2023-24.

In 2022-23, the airline had reported a net profit of Rs 110 crore for the September quarter of FY23 and a net loss of Rs 62 crore for the January-March quarter.

The total revenue from operations for the January-March 2024 quarter came in at Rs 1,571.2 crore, lower than Rs 2,145 crore reported in the year-ago quarter.

Jio Financial Services reported a net profit of Rs 312 crore for the April-June quarter of the financial year 2024-25.

The RIL-owned company's revenue came at Rs 417 crore.

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--Net profit up 62.9% at Rs 130.5 cr vs Rs 80.1 cr (YoY)

--Revenue up 10.4% at Rs 2,375 cr vs Rs 2,150.6 cr (YoY)

--EBITDA up 39% at Rs 330.3 cr vs Rs 237.7 cr (YoY)

--Margin at 13.9% vs 11.1% (YoY)

--Declares an interim dividend of Rs 6 per share

DEN Networks Limited on July 15 reported a 6.8 percent rise in net profit at Rs 45.51 crore in the first quarter of FY25 against Rs 42.6 crore in the year-ago period, the company said in an exchange filing.

In the March quarter, the company had reported a net profit of Rs 79.06 crore.

Its revenue from operations came in at Rs 247.528 crore for the reported quarter. The firm's stock closed 4.19 percent higher at Rs 55.89 on NSE.

Sheetal Cool Products on July 15 reported a 8.5 percent decline in net profit to Rs 7.43 in the first quarter of FY25 against Rs 8.12 crore in the year-ago period, the company said in an exchange filing.

In the March quarter, the company had reported a profit of Rs 7.12 crore.

Its revenue from operations came in at Rs 123.75 crore for the reported quarter. The firm's stock closed 10.68 percent lower at Rs 545.2 on NSE.

Jio Financial Services saw a sharp spike in last minutes of trading session today to close 1.34 percent higher at Rs 355.05 apiece on BSE. The rise in stock price comes ahead of the earnings results scheduled to be declared later today.

HDFC AMC reported 26 percent rise in net profit at Rs 604 crore for the quarter ended June 30, 2024. The company had reported a profit of Rs 477.5 crore in the year-ago period.

Revenue from operations rose 35 percent to Rs 775 crore from Rs 575 crore in the same quarter last fiscal. The total income grew 29 percent to Rs 948 crore from Rs 732 crore a year ago.

Shares of HDFC AMC were trading 1.27 percent higher at Rs 4,221 apiece on BSE around 3 pm on good Q1 show.

The company’s annualised premium equivalent (APE), which is a measure of new business written by a life insurance company, grew 23 percent, just shy of market expectations of a 24 percent growth. The APE stood at Rs 2,866 crore for the quarter.

HDFC Life’s new business (VNB) margin, which is the present value of future profits associated with new business written during the quarter, shrunk 120 basis points. The markets expected the new business margin to fall 130 basis points. The new business margin for the quarter stood at 25 percent. The value of new business (VNB) jumped 18 percent on-year to Rs 718 during April-June.

Following the earnings, shares of HDFC Life extended gains, and were trading up 1.6 percent at Rs 645.7 apiece on NSE at 2.25 pm.

Vibha Padalkar, MD & CEO, HDFC Life, said, “We have started the year on a strong note, achieving 31% YoY growth in individual APE, which implies a two-year CAGR of 21%. This robust growth is driven by a comprehensive performance across all metrics. We welcome the positive impact of IRDAI's progressive reforms that are expected to significantly strengthen the life insurance proposition in India, making it simpler, more transparent and ultimately more attractive to prospective customers."

HDFC Life Insurance Company's net profit jumped 15 percent to Rs 479 crore in the quarter ended 30 June, 2024. The insurer gad reported a profit of Rs 415 crore in the same quarter a year ago. The net profit met Street estimates. A Bloomberg survey of three brokerages had pegged HDFC Life’s fiscal first quarter net profit at Rs 478 crore.

The private sector life insurer’s net premium income for the April-June quarter came in at Rs 12,548 crore, up from Rs 11,508 crore in the corresponding period previous year.

The VNB margin at 25 percent; new business premium up 9 percent YoY at Rs 6,400 crore.

Bank of Maharashtra shares jumped nearly 6 percent to Rs 68.81 apiece on BSE after the lender reported significant increase in its Q1 net profit. The shares were trading at day-high around 2 pm IST.

Bank of Maharashtra has reported a significant increase in its Q1 net profit, which rose by 46.6% to Rs 1,293.5 crore, compared to Rs 882 crore in the same period last year. The bank's net interest income (NII) also saw a robust growth of 20%, reaching Rs 2,799 crore from Rs 2,340 crore year-on-year (YoY).

Bank of Maharashtra on July 15 reported 46 percent rise in net profit at Rs 1,293 crore for the quarter ended June 30, 2024. The lender had posted a profit of Rs 882 crore in the year-ago period.

Net interest income (NII) increased 20 percent to Rs 2,799 core versus Rs 2,340 crore in the same quarter last fiscal.

Asset quality remains stable.

--Gross NPA at 1.85% Vs 1.88% (QoQ)

--Net NPA unchanged at 0.20% (QoQ)

--Gross NPA at Rs 3,873 crore Vs Rs 3,833 crore (QoQ)

--Net NPA at Rs 415 crore Vs Rs 409 crore (QoQ)

Shares of Jio Financial Services rose nearly 2% to Rs 355 in intraday trade on BSE ahead of the company's Q1 FY25 results due later in the day.

At 11:18 am, the stock was trading 0.6% higher at Rs 352.4 on the BSE. Year-to-date, the stock has surged over 50%, while it has delivered a negative 1% return in the past three months.

For the fourth quarter of financial year 2023-204, Jio Financial Services had reported a net profit of Rs 310 crore.

The company’s net interest income (NII) stood at Rs 280 crore for the quarter. Its total income came in at Rs 418 crore and revenue at Rs 418 crore.

In the previous quarter, the company, which listed in August 2023, reported a net profit of Rs 293 crore and a net interest income of Rs 269 crore. Its total interest income was at Rs 414 crore and revenue at Rs 413 crore.

Shares of Ganesh Housing Corporation were trading nearly 6 percent lower at Rs 948.20 apiece on BSE after the firm reported 29 percent drop in net profit at Rs 114 crore for June quarter. The company had reported a profit of Rs 161 crore in the year-ago period. Revenue from operations also fell 21 percent YoY to Rs 214 crore.

Ganesh Housing Corporation reported 29 percent drop in net profit at Rs 114 crore for June quarter. The company had reported a profit of Rs 161 crore in the year-ago period.

Here are more details:

--Revenue down 21% at Rs 214 crore Vs Rs 270 crore (YoY)

--EBITDA down 31% at Rs 149 crore Vs Rs 216 crore (YoY)

--Margin at 69.6% Vs 80% (YoY)

Jio Financial Services Ltd (JFS), the demerged business of Reliance Industries Ltd (RIL)'s, shares are up 49 per cent in 2024 so far. It is a holding company for operating a set of financial services businesses through its subsidiaries. In fiscal 2024, JFS was demerged from Reliance Industries Ltd and listed as a separate entity.

Shares of Jio Financial are trading in green at Rs 352.20 apiece on BSE at noon ahead of the June earnings announcement.

Debt-laden carrier SpiceJet will consider the third and fourth quarter results of the previous financial year on July 15.

The airline’s last quarterly result was announced in December 2023, when the firm reported a net loss of Rs 431.54 crore in the second quarter of FY24. Revenue from operations declined 27 percent to Rs 1,425.29 crore, from the year-ago period when the airline had reported a top line of Rs 1,952.61 crore.

Meanwhile, the Delhi high court recently issued a show cause notice asking why contempt proceedings should not be initiated against the airline for not adhering to its order to return engines to its lessor TWC aviation.

Private life insurer HDFC Life is likely to clock double digit growth in net profit in the April-June quarter (Q1FY25), primarily driven by strong new premium collections from market-linked products.

HDFC Life's net profit may grow 13 percent year-on-year (YoY) to Rs 478 crore in Q1FY25 from Rs 420 crore in Q1FY24 when it announces its results on July 15, 2024, according to a Bloomberg estimate of three brokerages. A healthy growth in the value of new business (VNB) will also fuel the insurer's profit growth, said analysts.

Welcome to Moneycontrol's earnings blog for the quarter ended 30 June, 2024. A total of 36 companies are set to announce their quarterly results today. Watch this space for all updates.