Reliance Industries: Reliance Industries Ltd on Friday reported a 46.3% jump in June-quarter profit, as robust refining margins due to intake of cheaper Russian crude and fuel exports buoyed its dominant oil-to-chemicals business. The consolidated profit rose to 179.55 billion rupees in the three months ended June 30 compared with 122.73 billion rupees a year earlier. The company's telecom unit, Jio, reported a near 24% surge in net profit, while gross revenue at its retail unit, the country's biggest, soared 52%.
Infosys: India's Infosys raised its revenue guidance for 2022-23 on Sunday, betting on buoyant demand for digital services even as higher costs ate into the IT giant's June quarter earnings. Net profit at the country's second-largest IT firm rose 3.2% year-on-year to 53.60 billion rupees in the third quarter ending June 30. Revenues grew 23.6% year-on-year to 344.70 billion in this quarter, helped by the sustained demand for digital services in North America and Europe.
JSW Steel: JSW Steel Limited on Friday reported a consolidated net profit of ₹838 crore for the quarter ended June 30, registering a decline of 86% year-on-year. The company's consolidated revenue from operations rose by 31.8% year-on-year to ₹38,086 crore for the first quarter of the current financial year as compared to ₹28,902 crore recorded in the corresponding period of the last year. The company posted a consolidated operating EBITDA of ₹4,309 crore for the April-June quarter.
ICICI Bank: ICICI Bank on Saturday reported a 55.04% jump in its June quarter consolidated net profit to ₹7,384.53 crore, helped by a sharp reduction in provisions and the core interest income continuing to be strong. On a standalone basis, the second-largest private sector lender reported a net profit of ₹6,904.94 crore against ₹4,616.02 crore in the year-ago period, but was lower than ₹7,018.71 crore in the preceding March quarter.
Kotak Mahindra Bank: Private sector lender Kotak Mahindra Bank on Saturday reported a 26% rise in net income at ₹2,071.15 crore in the June quarter, buoyed by record margins and a decline in bad loans. On a consolidated basis, which is also into life and non-life insurance, share broking, asset reconstruction, and AIF among others, logged in 53% rise in net income at ₹2,755 crore in the June quarter over the corresponding period a year ago, the bank said. The higher profitability is despite the bank booking a loss of over ₹800 crore from treasury operations.
Yes Bank: Yes Bank on Saturday reported a 50% increase in net profit at ₹311 crore for June quarter 2022-23 on a fall in provisions for bad loans, and healthy income growth. The bank had clocked a net profit of ₹207 crore in the year-ago period, it said in a regulatory filing. Total income during the quarter rose to ₹5,916 crore as against ₹5,394 crore in the same period of 2021-22.
HFCL: Domestic telecom gear maker HFCL on Friday posted a 41.76% decline in consolidated profit to ₹53.1 crore in the first quarter ended June 30. HFCL had posted a net profit of ₹91 crore a year ago, the company said in a statement. The consolidated revenue declined 12.92% to ₹1,051 crore during the reported quarter from ₹1,207 crore the year-ago quarter.
HDFC: Mortgage lender Housing Development Finance Corporation (HDFC) plans to raise up to ₹11,000 crore by issuing bonds on a private placement basis. The base issue size of the company's secured redeemable non-convertible debentures is ₹4,000 crore with an option to retain oversubscription of up to ₹7,000 crore, HDFC said in a regulatory filing on Friday.
Vodafone Idea: Telecom firm Vodafone Idea on Friday announced the elevation of present chief financial officer Akshay Moondra as its new chief executive officer with effect from August 19, the company said in a regulatory filing. The company's present managing director and chief executive officer Ravinder Takkar will continue to be on the board as a non-executive and non-independent director post completion of his tenure, the filing said.
Tata Motors: Tata Motors on Friday said it has bagged an order for 1,500 electric buses from Delhi Transport Corporation (DTC) as part of a tender by Convergence Energy Services Ltd. The auto major will supply, operate and maintain air-conditioned, low-floor, 12-metre fully-built electric buses for 12 years, as per the contract, it said in a statement.
