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RIL consolidated Q1 PAT falls 7% to Rs 12,273 crore, beats estimate

Mukesh Ambani-led Reliance Industries (RIL) posted a consolidated net profit (attributable to owners of the company) of Rs 12,273 crore for the first or June quarter of 2021-22 (Q1 FY22), a year-on-year (YoY) and quarter-on-quarter (QoQ) decline of about 7 per cent. Yet, it was higher than the Bloomberg consensus estimate of Rs 11,280.4 crore. Consolidated net revenue for Q1 FY22 stood at about Rs 1.40 trillion. While it was 58.6 per cent higher than the Rs 88,253 crore reported in the year-ago quarter, it came in lower that the consensus estimate of about Rs 1.46 trillion. The performance was driven by the strong show of the oil & gas and Jio businesses, and would have been better but for the pressure in the retail business.

ICICI Bank's Q1 net surges 78% to Rs 4,616 cr as provisions fall sharply

ICICI Bank's Q1 net surges 78% to Rs 4,616 cr as provisions fall sharply Private lender ICICI Bank's net profit rose 78 per cent year-on-year to Rs 4,616 crore for the quarter ended June 30, 2021 (Q1FY22) on improvement in interest margins and lower provisioning. Its net profit was Rs 2,599 crore in the same quarter last year (Q1FY21). Sequentially, the profit rose, albeit marginally, from Rs 4,402 crore in the fourth quarter ended March 31, 2021 (Q4FY21). The lender's net interest income (NII) surged 18 per cent to Rs 10,936 crore in the June quarter as against Rs 9,280 crore in the yearago period. NII was Rs 10,431 crore in Q4FY21. The net interest margin (NIM) was 3.89 per cent in Q1FY22 compared to 3.84 per cent in the previous quarter (Q4FY21) and 3.69 per cent in Q1FY21.

ITC consolidated profit up 30% at Rs 3,343 crore in June quarter

Cigarettes-to-hotels major, ITC, reported a 30.24 per cent increase in consolidated profit in the June quarter on the back of a 36 per cent increase in revenue from operations compared to the year-ago period. Consolidated profit for the quarter ended June stood at Rs 3,343.44 crore. It was at Rs 2,567.07 crore in the corresponding quarter of the previous year. Consolidated revenue from operations stood at Rs 14,240.76 crore compared to Rs 10,478.46 crore reported in the same quarter last year. Sequentially, however, revenues were down 7.5 per cent and profits by 12.4 per cent. The company said that there was a strong rebound across operating segments despite operational constraints in the wake of the second wave.

Federal Bank posts 13% decline in net profit to Rs 356.8 cr for Jun quarter

Private sector lender Federal Bank on Friday posted a 12.87 per cent decline in its consolidated net profit for the June 2021 quarter to Rs 356.76 crore, as provisioning for stressed assets soared due to the reverses of the second wave. On a standalone basis, its net profit declined to Rs 367.29 crore from the year-ago period's Rs 400.77 crore. The absence of a regulatory dispensation, like a moratorium, and a second consecutive financial blow taken by the stressed segments have led to increased trouble for lenders, the bank management said.

As demand recovers, Ceat lines up investments to scale up production

Tyre major Ceat is aiming at increasing production capacity to around 1,400 tonne a day over the next 18 months as it looks to cater to the enhanced demand in both domestic and export markets, a top company official said. The RPG Group flagship expects demand to gather pace in the domestic market in the next few quarters. The company is already witnessing demand recovery in several of its export markets with improvement in COVID situation in those geographies.

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