State Bank of India: Beating the street estimates by a huge margin, the State Bank of India (SBI) has reported a year-on-year (YoY) dip of 6.7% in net profit to ₹6,068 crore in Q1FY23 against ₹6.504 core in Q1FY22. India's largest commercial bank has reported a rise in its net interest income (NII) from ₹27,638 crore in Q1FY22 to ₹31,196 crore in Q1FY23, logging a near 12.87% rise on a YoY basis. SBI shared these Q1 earnings while announcing its Q1FY23 results on Saturday.
BPCL: Bharat Petroleum Corporation Ltd (BPCL) on Saturday reported a net loss of ₹6,291 crore in the first quarter of the current fiscal on holding fuel prices despite a rise in cost. Net loss of ₹6,290.8 crore in April-June compared with ₹3,192.58 crore in the same period a year back, the company said in a statement. Revenue from operations rose to ₹1.38 lakh crore from ₹89,688.98 crore in April-June 2021.
One97 Communications: Digital financial services firm One97 Communications, which operates under the Paytm brand, on Friday said its consolidated loss widened to ₹644.4 crore in the first quarter ended June 30. The company had recorded a net loss of ₹380.2 crore a year ago. Paytm said its contribution profit, which excludes taxes and marketing expenses but includes promotional incentives, grew over three-fold to ₹726 crore in June 2022 quarter from ₹245 crore in the year-ago period.
Marico: FMCG firm Marico Ltd on Saturday reported a 3.28% increase in its consolidated net profit to ₹377 crore for the first quarter ended June. The company had posted a net profit of ₹365 crore in the April-June period a year ago, Marico said in a BSE filing. Its revenue from operations rose marginally by 1.3% to ₹2,558 crore, as against ₹2,525 crore in the corresponding quarter of the previous year.
Tata Motors: Tata Motors on Sunday said its subsidiary has inked a pact to acquire Ford India's Sanand-based manufacturing plant for ₹725.7 crore. Tata Passenger Electric Mobility Ltd (TPEML), a subsidiary of Tata Motors and Ford India Pvt Ltd (FIPL), have signed a Unit Transfer Agreement (UTA) for the acquisition of the Gujarat-based plant. As part of the deal, Tata Motors will get entire land and buildings, vehicle manufacturing plant along with machinery and equipment situated therein, the Mumbai-based auto major said in a statement.
Shipping Corporation: State-owned Shipping Corporation of India Ltd (SCI) on Friday reported a 27.97% decline in consolidated net profit to ₹114.17 crore for the first quarter of this fiscal. The company had clocked a consolidated net profit of ₹158.51 crore in the corresponding period a year earlier, it said in a regulatory filing. Its total income rose to ₹1,500.53 crore in the latest June quarter against ₹1,048.47 crore in the year-ago period.
Godrej Properties: Godrej Properties is looking to add new housing projects worth about ₹15,000 crore this fiscal year by purchasing land outright and by forming joint ventures with landowners. Mumbai-based Godrej Properties Ltd (GPL), part of the business conglomerate Godrej Group, is one of the leading real estate developers in the country. The company's sales bookings jumped five-fold to ₹2,520 crore during the April-June period -- highest ever first quarterly sales.
Crompton Greaves Consumer Electricals: A promoter entity of Crompton Greaves Consumer Electricals Ltd on Friday offloaded the firm's shares worth ₹751 crore through an open market transaction. Those who picked up the shares of the Mumbai-based home appliances company were Copthall Mauritius Investment Ltd and Ghisallo Master Fund LP. Macritchie Investments Pte Ltd sold 2,02,50,000 shares, amounting to a 3.2% stake in the company.
Power Grid: State-owned Power Grid Corporation of India (PGCIL) will seek shareholders' approval on August 29 to raise up to ₹6,000 crore through the issuance of bonds during the financial year 2023-24. The proposal to raise funds up to ₹6,000 crore, from the domestic market through the issuance of bonds, under a private placement basis, during the financial year 2023-24, in up to twenty tranches/offers, is listed on the agenda of the annual general meeting (AGM) on August 29, 2022.
Indian Overseas Bank: State-owned Indian Overseas Bank (IOB) on Saturday posted a 20% rise in net profit to ₹392 crore for the first quarter of the current financial year, helped by a decline in bad loans. The Chennai-based lender had reported a net profit of ₹327 crore in the April-June quarter of 2021-22. The bank's total income declined to ₹5,028 crore in the first quarter of 2022-23, as against ₹5,607 crore in the same period a year ago.
