Investors will continue their focus on earning Wednesday as several heavyweight companies, including automobile majors Bajaj Auto and TVS Motor, banking majors Canara Bank and Indian Overseas Bank, real estate dealer DLF among other report their quarterly results on exchanges. Most companies managed their performance either in-line with Dalal Street's expectations or beat analysts' estimates. Indian Oil Corporation Limited (IOCL) Indian Oil Corporation Limited reported a rise in net profit, or standalone profit at Rs 8,064 crore for Q3 FY24 from Rs 448.01 crore a year ago, as per company’s exchange filing. However, on a sequential basis, the company's net profit declined by 38 per cent at Rs 12, 967 crore. Revenue income witnessed 10.6 per cent increase to Rs 1.99 lakh crore against the previous quarter. India’s largest refiner witnessed a reduction in tax expenses to Rs 2,704 crore as against Rs 4,202 crore in the previous quarter. IOCL’s EBITDA, or Earnings before Interest, Tax, Depreciation and Amortisation declined by 27.3 percent to Rs 15,488 crore when compared to September quarter. Company’s total income stood at Rs 2,28160.31 for the quarter that ended on December 31 with revenue from operations falling to Rs 2.24 lakh crore against Rs 2.29 lakh crore in the corresponding quarter a year ago. The oil major’s petroleum product business reported revenue of Rs 2,14,369.76 crore. Shares of IOCL inched 4.50 points, or 3.24 percent higher at 143.45 at the end of Wednesday’s trading session. Canara Bank Beating the estimates, Canara Bank reported a standalone net profit of Rs 3,656 crore as against Rs 2,881.52 crore a year ago, marking a 26.87 per cent jump. Public sector bank’s non-performing asset (NPA) declined to 4.39 per cent against 5.89 percent in December Quarter a year earlier. Bank’s net interest income (NII) now went up 9.50 per cent to stand at Rs 9,417 crore. Company’s net interest margin (NIM) improved 9 bps to stand at 3.02 per cent. The bank recorded loan growth at 12.6 per cent year-on-year (YoY) and NPAs from personal loans stood at 1.2 per cent. Net non-performing asset (NPA) now stands at Rs 12,176 crore, down from Rs 12,554 crore in the December quarter last year. Shares of Canara Bank closed at 1.60 points, or 0.35 per cent lower at 454.30 on Wednesday. Tech Mahindra Tech Mahindra reported 61 per cent year-on-year (YoY) decline in its net profit at Rs 510.4 crore. The standalone profit stood Rs 1,296.6 crore during Q3FY23. The company recorded 3 per cent, or Rs 494 crore rise in net profits sequentially. Revenue from operations of the IT major declined by 4 per cent to 13,101.3 crore from 13,734.6 crore during the corresponding quarter in the previous year. The Mahindra group company posted a sharp decline in operating profit with the margin declining to 5.4 per cent from 12 per cent a year ago. EBITDA, or Earnings before Interest, Tax, Depreciation and Amortisation plunged at 46.5 per cent to Rs 1,146 crores YoY with a sequential rise of 6.9 per cent. Shares of Tech Mahindra advanced 41.30 points, or 3.02 per cent to 1,407.95 crore. Bajaj Auto On the back of high operating profit and a strong volume growth, especially sales of two and three wheelers, Bajaj Auto reported a 37 per cent rise in standalone profit at Rs 2,041.88 crore against Rs 1,491 a year ago. The auto major beat analysts’ estimates with 3,26,806 units sold in the December quarter. Revenue from operations hiked by 26 per cent at Rs 12, 165.33 crore for the Baj group company Company’s operating margin increased to 20.1 per cent from 19.1 per cent in the corresponding quarter. EBITDA, Earnings before Interest, Tax, Depreciation and Amortisation increased by 36.8 per cent to Rs 2430 crore against Rs 1,776 in the corresponding quarter a year ago. Shares of Bajaj Auto advanced 116.95 points, or 1.65 per cent at 7,212.85. TVS Motor TVS Motor reported a 68 per cent increase in standalone profit of Rs 593.4 crore in the December quarter against Rs 353 crore year-on-year (YoY), as per quarterly report posted on exchanges. The auto major posted 26 per cent higher revenue from operations at 8,245 crore vs 6,545 crore in the corresponding quarter a year ago. The two-wheeler major reported a rise in EDITDA, or Earnings before Interest, Tax, Depreciation and Amortisation to Rs 924.5 against Rs 659 crore in the Q3FY23. Shares of TVS Motor maintained flatline at 13.60 points, or 0.68 per cent 2,000.95. DLF On the back of higher income and less expenses, real estate major DLF Ltd reported a 27 per cent increase in net profit to Rs 655.71 crore in the December quarter against Rs 517.94 crore year-on-year (YoY). As per the exchange filings, the company's total consolidated income inched higher to Rs 1,643.51 crore during this quarter from Rs 1,559.66 crore in the corresponding period of the previous year. On a standalone basis, DLF's net profit rose 57 per cent to Rs 463.66 crore from Rs 294.86 crore YoY. DLF's total expenses declined to Rs 1,131.97 crore from Rs 1,151.62 crore in the year-ago period. Total standalone income of India’s largest real estate developer increased to Rs 1,117.40 crore against Rs 973.89 crore. "In line with the company's stated intent and strategy to consolidate the rental business, the board has approved the sale of one of the company's assets namely 'DLF Centre', a commercial building in Central Business District of New Delhi to DLF Cyber City Developers Ltd, a material subsidiary of the company of on aggregate consideration of Rs 825 crores," the company said. With inputs from PTI
