Q1 results FY2023: PVR, Meghmani Finechem, CSB Bank declare June quarter results - highlights
Q1 results FY2023: Several listed companies announced their April-June quarter results. Among them were PVR Limited which reported a net profit of Rs 53 cr for the quarter ended 30 June. Meghmani Finechem also reported nearly a 3-fold jump in its Q1 net profit to Rs 108 cr
Q1 results FY2023: Several listed companies announced their April-June quarter results. Among them were PVR Limited which reported a net profit of Rs 53 cr for the quarter ended 30 June. Meghmani Finechem also reported nearly a 3-fold jump in its Q1 net profit to Rs 108 cr. CSB Bank profit nearly doubled to Rs 115 crore in the reporting quarter. Here are highlights of the results!
PVR Q1 Results FY2023: Leading multiplex chain operator reports Rs 53 crore net profit in June quarter
Leading multiplex chain operator PVR Ltd on Thursday reported a consolidated net profit of Rs 53.38 crore for the June quarter. The company had posted a net loss of Rs 219.44 crore in the April-June quarter a year ago, PVR said in a regulatory filing.
Its revenue from operations rose to Rs 981.40 crore in comparison to a lower base of Rs 59.39 crore in the corresponding quarter last fiscal, when the screening business was disrupted due to the second wave of the coronavirus pandemic.
PVR's quarter-on-quarter revenue was up 82.70 per cent as against Rs 537.14 crore in the January-March quarter of FY22, when some of its markets were disrupted due to a rise in Covid cases.
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Its total expenses was at Rs 917.19 crore in the period under review compared to Rs 417.06 crore in the year-ago period.
In the latest June quarter, PVR's revenue from movie exhibition was at Rs 984.04 crore and Rs 25.34 crore from movie production, distribution and gaming, among others.
It is currently operating 854 screens pan-India spread over 75 cities.
The company said it is on track to open 125 screens in the current financial year.
It has "14 screens across 3 properties opened so far, 82 screens currently under fitout" and entering 9 new cities," PVR said in an investor presentation, adding that bulk of the properties will open in third and fourth quarters of this fiscal.
On Thursday, shares of PVR Ltd closed 1.41 per cent up at Rs 1,911.60 apiece on BSE.
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Meghmani Finechem Q1 Reults FY2023: net profit jumps nearly 3-fold to Rs 108 cr
Meghmani Finechem Ltd on Thursday posted a nearly three-fold jump in its net profit to Rs 108 crore in the first quarter of the current fiscal on higher revenue.
Net profit stood at Rs 37 crore in the same quarter of the previous year, the company said in a statement.
Its total revenue from operations rose 84 per cent to Rs 533 crore during the April-June quarter against Rs 290 crore in the year-ago period.
Meghmani Finechem Ltd Chairman and Managing Director Maulik Patel said, "We have delivered record operating and financial performance for the quarter".
The first quarter growth was on account of high realisations and volume growth coming from high efficiency/ capacity utilisation from all the products, he said.
The company has commissioned India's first Epichlorohydrin (ECH) plant based on the glycerol process and has also entered into a joint venture to set up an 18.34-megawatt wind-solar hybrid power plant for internal consumption, he added.
In July, the company also commissioned India's largest CPVC resin plant.
"Once these new projects stabilise and reach optimum capacity utilisation, it will start contributing in a sizeable way both to the top line and bottom line. We expect that to happen Q3 FY23 onwards," Patel said.
The company said that the expansion project of caustic soda is moving as per the schedule and should get commissioned in the next quarter.
MFL, incorporated in 2007, is a manufacturer of Chlor-alkali products and value-added derivatives. The company has state-of-the-art manufacturing facilities in Dahej, Gujarat.
Meghmani Finechem shares today ended at Rs 1559.45, down by Rs 18.90 or 1.20 per cent from Wednesday closing price.
CSB Bank Q1 Reults FY2023: profit nearly doubles to Rs 115 crore in April-June
Private lender CSB Bank on Thursday reported 88 per cent growth in its net profit at Rs 115 crore in the first quarter of FY23 on the back of decline in bad loans.
Canadian billionaire Prem Watsa-controlled bank had posted a net profit of Rs 61 crore during April-June quarter of the last financial year.
Total income during the first quarter rose to Rs 590.78 crore from Rs 571.53 crore in the year-ago quarter, the CSB Bank said in a regulatory filing.
The gross Non-Performing Assets (NPAs) of the bank declined to 1.79 per cent of the gross advances as of June 30, 2022, from 4.88 per cent registered a year ago.
Net NPAs too eased to 0.60 per cent from 3.21 per cent witnessed at the end of the first quarter of the previous fiscal.
As a result, provisions other than tax and contingencies declined to Rs 1.68 crore as against Rs 93 crore in the first quarter of previous financial year.
Net Interest Income (NII) earned for the first quarter rose by 16 per cent to Rs 310.69 crore from Rs 267.75 crore.
Capital Adequacy Ratio of the bank stood at 25.46 per cent as on June 30, 2022, which is well above the regulatory requirement.
"While our Q1 growth in advances has been powered mainly by gold loans, we are now witnessing spurt in demand for credit from SME and mid corporate sectors. We started well in the first quarter with a net profit of Rs 115 crore posting 88 per cent growth on a YoY basis," the bank said in a statement.
The bank continued to make accelerated provisions for stressed and NPA accounts, it said.
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