Karnataka Bank Posts Quarterly Net Profit of Rs 125.61 Crore, for the quarter ended Sept-2021 and the net profit grew by 5.17% as compared to Sept 2020 quarter net profit of Rs 119.44 crore.
- Net profit stood at Rs 231.69 crore as against Rs 315.82 crore of Sept - 2020.
- Net Interest Income also has increased by 10.83% to Rs 637.10 crore from Rs 574.87 crore.
- The NPAs have also further moderated as the GNPAs reduced to 4.50 % as against 4.82% as on 30/06/21
- NNPAs also reduced to 2.84 %, as against 3.00% as on 30/06/21.
- The business turnover of the Bank has touched Rs 1,31,389.92 crore
- The deposits of the Bank grew from Rs 72,928.99 crore to Rs 76,921.98 crore
- Advances grew from Rs 54,098.93 crore to Rs 54,467.94 crore
- The CD ratio of the Bank stood at 70.81 %.
- Net Revenues: Rs. 2998 Crore
- EBITA: Rs. 303 Crore
- PBT: Rs. 102 Crore
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director, said, "JK Tyre has been attaining continuous sales growth despite partially disrupted market place. The sales in the replacement market registered healthy growth whereas institutional sales recorded a quantum jump during the quarter. JK Tyre's continued thrust resulted in 35% rise in Exports.
The rising inputs costs impacted operating margins. This could be partially mitigated through enhanced volumes and selective price increases".
Results Summary for Q2FY22:
- Total Revenue grew 12% YOY to Rs. 1,508 crore
- Net Interest Income de-grew 2% YOY to Rs. 915 crore; NIM at 4.1%
- Other Income was Rs. 593 crore, up 42% YOY;
- Cost to Income was 54.1% against 49.5% for Q2FY1
- Operating profit grew 2% YOY to Rs. 691 crore
- Net Profit was Rs. 31 crore
Commenting on the performance Mr. Vishwavir Ahuja, MD & CEO, RBL Bank said “Our granular retail deposit traction continues to be robust. CASA deposits ratio reached an all-time high of 35.4% this quarter. At the same time, we have been improving our competitiveness by reducing our cost of funds. The economic environment is bouncing back strongly as the pace of vaccination quickens in the country. Our Bank is also confident of reverting to normalised levels of business, growth and profitability from the current (Q3) quarter itself and are on track to exit this financial year with strong profitability ratios setting us up well for FY23”.
Highlights – Standalone Results:
- Total Income in Q2 was at Rs. 6,184 Cr compared with Rs. 4,605 Cr of same period previous year, registering a growth of 34% over previous year.
- EBITDA for Q2 was Rs. 740 Cr, declined by 12% over Q2 of previous year.
- PAT for Q2 was Rs. 519 Cr, vs Rs. 582 Crs. in Q2 of previous year
- Total Income in H1 was at Rs. 9,850 Cr compared with Rs. 7,828 Cr of same period previous year, registering a growth of 26% over previous year.
- EBITDA for H1 was Rs. 1,220 Cr, vs. Rs. 1,250 crs. in H1 of previous year.
- PAT for H1 was Rs. 849 Cr vs Rs. 830 Crs. of previous year.
Commenting on the financial results, Mr. Sameer Goel, Managing Director, Coromandel International Ltd.
“Coromandel registered revenue growth of 34% during the quarter, driven by both nutrient and crop protection business. Coromandel ensured that agri inputs are made available to the farmers in its key operating markets and promoted the use of balanced nutrition including organic fertilizer to help to rejuvenate the soil and farm productivity.
Our Sourcing team ensured timely availability of key raw materials and the operational flexibility at the plants helped in high-capacity utilisation during the quarter. The company has increased its Bio extraction capacity, built a new liquid fertilizer plant and commissioned its 10th evaporator. Several capital projects for enhancing storage and de-bottlenecking the capacity in its plants are planned to be completed during this year. The New Products introduced by the company during the first half have received encouraging response from the market. The company continues to focus on new product development & applications and has a rich product pipeline for future growth.
The company ensured safe plant operations and worked with the local administration and communities to prevent the spread of COVID. The company ran an organisation wide vaccination program for its employees and its workmen. In this quarter, the company has installed seven oxygen generating plants at the Government hospitals to support healthcare infrastructure.
With healthy reservoir levels and good soil moisture conditions, we expect good traction in the upcoming Rabi season. Coromandel will continue to work on integrated crop management solution and ensure timely availability of agri-inputs to support the needs of the farming community."
- Disbursement growth of 67% Q-o-Q led to sequential AUM growth
- Improved collection led to reduction in GNPA by 2.8%; September end GNPA at 12.7%
- PAT at Rs. 1,023 crores, a growth of 237% on a Y-o-Y basis
- Healthy operating performance together with reversal of impairment cost led to a significant sequential recovery in profits after tax which stood at Rs. 1,023 Crores during the quarter as against Profit After Tax of Rs. 304 Crores during the corresponding quarter last year.
- The Total Income declined by 5% at Rs. 2,522 Crores during the quarter ended September 30, 2021, as against Rs. 2,650 Crores during the corresponding quarter last year.
- The Gross NPA showed smart recovery from 15.5% in June to 12.7% in September, thereby releasing Rs. 1,002 Crores from the impairment cost provisions.
- The Overheads to Average Assets were higher at 2.7% as the economic activity and collection efforts intensified in Q2.
- The Company continues to be well-capitalised with a capital adequacy ratio of 26.1%. It has sufficient provision coverage on Stage 3 loans at 53.0% and continues to hold sufficient liquidity chest.
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