Q1 Results: Dr Reddy’s net profit down 0.8% at Rs 1,392 crore

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State-owned REC on Saturday posted a 16.57 per cent rise in consolidated net profit to Rs 3,460.19 crore for the June quarter mainly on the back of higher revenues.

In the year-ago period, its net profit stood at Rs 2,968.05 crore, the company said in an exchange filing.

Total income rose to Rs 13,092.44 crore from Rs 11,108.16 crore in the same period a year ago. Expenses stood at Rs 8,743.22 crore against Rs 7,386.99 crore a year ago.

The board of directors also approved an interim dividend of Rs 3.50 per equity share of Rs 10 each for the financial year 2024-25.

"The Board has also taken note of striking off the name of Khavda II-D Transmission a wholly-owned subsidiary company of REC Power Development & Consultancy Limited ("RECPDCL"), a wholly-owned subsidiary of REC, from the Registrar of the Companies,'' the filing said.

The company stands dissolved and ceased to be the subsidiary of RECPDCL & REC in terms of provisions of the Companies Act. 2013, it said.

The company was able to maintain healthy numbers "owing to growth in all the verticals, resetting of interest rates on loan assets and effective management of finance cost," its Chairman and Managing Director (CMD) Vivek Kumar Dewangan said in a post-earnings interaction.

He said the earnings per share (EPS) for the period ended June 2024 accelerated by 16 per cent to Rs 13.07 per share from Rs 11.24 per share as of June 2023.

The net worth of the company rose 19 per cent year on year to Rs 72,351 crores as of 30th June 2024, aided by growth in profits.

The loan book maintained its growth trajectory, increasing by 17 per cent on a sustained basis to Rs 5.30 lakh crore as against Rs 4.54 lakh crores in April-June 2023.

The net credit-impaired assets as of 30th June 2024 have reduced to 0.82 per cent from 0.97 per cent as of 30th June 2023 with a Provision Coverage Ratio of 68.48 per cent on NPA assets, as of 30th June 2024.

REC, under the Ministry of Power, provides long-term loans and financing to state, Centre and private companies for the creation of infrastructure assets in the country.

Revenue at Rs 839 crore, up by 15.8%; PAT at Rs. 126.69 crore, up by 105.4% YoY

Net Profit down 11% at Rs680.7 crore

NII up 25.4% at Rs 4,694.9 crore

GNPA at Rs 3904.2 crore

NNPA At Rs 1,195.3 crore

Private sector Equitas Small Finance Bank has reported a dip in its net profits for the April-June 30, 2024 at Rs 25.75 crore.

The bank had registered a profit after tax of Rs 191.20 crore registered in the year ago period. For the year ending March 31, 2024 the net profit of the bank stood at Rs 798.96 crore.

Total income during the quarter under review grew to Rs 1,709.65 crore, as compared to Rs 1,425.32 crore registered in the same period of last year. For the year ending March 31, 2024 the total income of the bank stood at Rs 6,285.07 crore

Dr Reddy’s Laboratories net profit at ₹1,392 crore

State-owned NTPC on Saturday posted 12 per cent rise in consolidated net profit at Rs 5,506.07 crore for the June quarter, mainly on the back of higher income.

In the year-ago period, its net profit stood at Rs 4,907.13 crore, the company said in an exchange filing.

Total income rose to Rs 48,981.68 crore from Rs 43,390.02 crore in the same period a year ago.

Expenses stood at Rs 41,844.18 crore against Rs 36,963.61 crore a year ago.

NTPC's consolidated power generation rose to 114 billion units (BUs) in Q1 FY25 from 104 billion units in Q1 FY24.

On standalone basis, the company reported a net profit of Rs 4,511 crore, around 11 per cent higher as against Rs 4,066 crore in the year-ago period.

Total income was at Rs 45,053 crore as against Rs 39,681 crore in April-June 2023-24.

The company's standalone power generation was at 98 billion units, higher from 88 billion units in the year-ago period.

NTPC coal stations achieved a plant load factor of 80.39 per cent during Q1 FY25 as against the national average of 76.19 per cent.

Under Ministry of Power, NTPC is India's largest power generation company having an installed capacity of 76 gigawatt.

Punjab National Bank (PNB) on Saturday reported more than two-fold jump in standalone net profit at Rs 3,252 crore for June quarter FY25 helped by decline in bad loans and improvement in interest income.

The state-owned bank had posted a net profit of Rs 1,255 crore for the year-ago period. Total income in the quarter rose to Rs 32,166 crore from Rs 28,579 crore, PNB said in a regulatory filing.

The lender's interest income also increased to Rs 28,556 crore from Rs 25,145 crore in the same quarter a year ago.

Gross Non Performing Assets (NPAs) declined to 4.98 per cent of gross advances by June 2024 from 7.73 per cent in the same quarter a year ago.

Net NPAs too declined to 0.60 per cent from 1.98 per cent.

As a result, provisions for bad loans came down drastically to Rs 792 crore in April-June FY25 as against Rs 4,374 crore in the year-ago period.

On a consolidated basis, the bank reported a net profit of Rs 3,976 crore in the quarter under review as against Rs 1,342 crore a year ago.

The consolidated financial result of the bank comprises five subsidiaries and 15 associates. The capital adequacy ratio of the bank improved to 15.79 per cent at the end of June 2024 compared to 15.54 per cent in the year-ago period.

Net Profit up 27.3% at Rs 415.5 crore vs ₹326.5 crore (YoY)

NII up 6.7% at Rs 1,369.2 crore vs Rs1,283.3 crore (YoY)

Gross NPA at 3.91% Vs 4.08% (QoQ)

Net NPA at 0.76% Vs 0.79% (QoQ)

ICICI Bank says its provisions for Q1 have increased by 3.1% year-on-year to Rs 1,332.2 crore. On a quarter-on-quarter basis, provisions surged by 85.4%.

The bank also disclosed that its slippages have risen to Rs 5,916 crore, marking a 15.1% increase from Rs 5,139 crore in the same period last year.

ICICI Bank has reported a 14.6% year-on-year increase in its Q1 net profit, reaching Rs 11,059.1 crore compared to Rs 9,648.2 crore in the same period last year. The bank's net interest income (NII) also grew by 7.3% to Rs 19,552.9 crore from Rs 18,226.5 crore year-on-year.

The bank's gross non-performing assets (GNPA) improved slightly to 2.15% from 2.16% quarter-on-quarter, with the total GNPA rising to Rs 28,718.6 crore from Rs 27,961.7 crore. Meanwhile, net NPA increased marginally to 0.43% from 0.42% in the previous quarter.

Net profit up 16.5% at Rs 4,326 crore Vs Rs 3,712 crore , announces interim dividend

The drugmaker generates 60 percent of its revenue from the US market, and within that segment, it is Revlimid that has been the biggest sales contributor for the company since its launch.

Hence, revenue contribution from Revlimid remains crucial for the drugmaker's topline growth, especially as it is the only major upside trigger for the company.

Analysts will closely monitor the management’s commentary on both renewable and thermal capex as well as power generation estimates to meet growing power demand. They will also keep a watch on the planned NTPC Green Energy IPO in September 2024.

Net Profit Down 96.3% At Rs 51.3 Cr Vs Rs 111.1 Cr (YoY)

NII Up 43% At Rs 416.9 Cr Vs Rs 291.6 Cr (YoY)

AUM Up 32.5% At Rs 11,723 Cr Vs Rs 8,848 Cr (QoQ)

GNPA At 2.6% Vs 1.5% (QoQ)

NNPA At 0.52% Vs 0.3% (QoQ)

Most brokerages are optimistic about NTPC's growing power generation.

“We expect a modest growth in generation at 94 BU (+6 percent yoy) on account of expanded capacity base,” said analysts at Kotak Institutional Equities.

According to a Moneycontrol poll of six brokerages, NTPC is likely to see a marginal increase of 0.07 percent in revenue at Rs 43,424 crore compared to Rs 43,390 crore reported in the same quarter last year.

Market participants will keenly watch out the management's commentary on margin outlook, asset quality trends, and unsecured loan book growth.

So far this year, shares of ICICI Bank surged over 21 percent, outpacing benchmark Nifty 50's 14 percent rise.

Nuvama also anticipates higher R&D costs (as a percentage of sales) to sustain for the next couple of years due to Dr Reddy's pipeline for the Horizon 2 program, which includes biosimilars and complex products.

Likewise, Moneycontrol's poll of nine brokerages estimated Dr Reddy's EBITDA margin at 27.3 percent in Q1, sharply down from 30.5 percent recorded in the year-ago period.

The drugmaker generates 60 percent of its revenue from the US market, and within that segment, it is Revlimid that has been the biggest sales contributor for the company since its launch.

Hence, revenue contribution from Revlimid remains crucial for the drugmaker's topline growth, especially as it is the only major upside trigger for the company.

According to a Moneycontrol poll of eleven brokerages, Dr Reddy's Laboratories' revenue is estimated to grow 7.5 percent to Rs 7,242 crore in Q1 of FY25, compared to Rs 6,738 crore recorded in the same quarter of the previous fiscal.

Net profit is predicted to fall 3.6 percent to Rs 1,351 crore, down from Rs 1,402 crore in the year-ago period.

ICICI Bank's gross non-performing asset (NPA) ratio is expected to decline to 2.3 percent in Q1FY25 from 2.2 percent in Q4FY24.

Net NPA ratio, meanwhile, is likely to remain unchanged QoQ at 0.4 percent in the quarter ended June.

Market participants will keenly watch out the management's commentary on margin outlook, asset quality trends, and unsecured loan book growth.

So far this year, shares of ICICI Bank surged over 21 percent, outpacing benchmark Nifty 50's 14 percent rise.

Motilal Oswal analysts expect ICICI Bank's deposit to grow by 17.8 percent YoY to Rs 14.5 lakh crore in Q1FY24.

Loans are also expected to grow by 16 percent to Rs 12.2 lakh crore in the quarter ended June, led by SME and retail segment.