Q3 Results 2023: Aditya Birla Capital, JK Tyre, Ethos declare December quarter results - HIGHLIGHTS
JK Tyre & Industries on Friday reported a 24 per cent rise in its consolidated net profit to Rs 67 crore for the third quarter ended December 2022
Q3 Results 2023: Listed companies announced their October-December quarter results on Friday. Among them was Aditya Birla Capital whose net profit rose 27 per cent to Rs 530 crore for the quarter ended 31 December 2022. Meanwhile, JK Tyre Q3 net profit rises 24 per cent to Rs 67 crore while Ethos Q3 net profit jumped over 60 per cent to Rs 20 crore.
Aditya Birla Capital Q3 Results 2022: net profit rises 27% to Rs 530 crore in December quarter
Aditya Birla Capital on Friday reported a 27 per cent rise in its consolidated net profit to Rs 530 crore in the December 2022 quarter, led by growth momentum across businesses.
Aditya Birla Capital is the holding company for the financial services businesses of the Aditya Birla Group.
In its NBFC business, the company's net interest margin rose 77 basis points, while the housing finance business witnessed a 106 basis point increase.
In the reporting quarter, the company's overall loan book increased 47 per cent to Rs 72,994 crore, driven partly by a 59 per cent increase in loans to retail SME and HNI customers.
The company added 1.4 million customers during the quarter with a focus on granular growth across all businesses, bringing the total active customer base to 43 million.
It reported a consolidated revenue of Rs 7,699 crore, which is 31 per cent more than the year-ago period, the company said in a statement.
The company did not share the asset quality details like bad loan ratios.
As part of increasing its focus on small businesses, it has announced the launch of a comprehensive B2B platform for MSMEs to provide lending and value-added services to them.
JK Tyre Q3 Results 2023: net profit rises 24% to Rs 67 crore
JK Tyre & Industries on Friday reported a 24 per cent rise in its consolidated net profit to Rs 67 crore for the third quarter ended December 2022.
The company had reported a net profit of Rs 54 crore in the October-December quarter of the previous fiscal.
Its total income increased to Rs 3,623 crore in the third quarter against Rs 3,084 crore in the same period last year, JK Tyre & Industries said in a regulatory filing.
The company's board, which met on Friday, approved raising up to Rs 240 crore through the issue of securities.
The board has approved the issuance of 24,000 compulsorily convertible debentures to the International Finance Corporation by way of a preferential issue on a private placement basis for raising an amount aggregating up to Rs 240 crore, it said.
Commenting on the third quarter results, JK Tyre Chairman and Managing Director Raghupati Singhania said: "We continued to maintain our profitability growth in yet another quarter with strong performance across the segments with double-digit revenue growth".
The profit margins improved due to softening in raw material prices, continued focus on cost control and timely price revisions, he added.
"Going forward, we believe, the tyre industry is set to witness healthy demand in the domestic market emanating from improved vehicle utilisation and thrust on infrastructural development," Singhania stated.
Cavendish Industries and JK Tornel, Mexico -- subsidiaries of the company -- continue to contribute well to the robust growth of the company, he added.
Shares of the company on Friday ended 1.36 per cent up at Rs 167.60 apiece on the BSE.
Ethos Q3 Results 2023: profit rises over 60 per cent to Rs 20 crore
Luxury watch retailer Ethos Ltd on Friday said its profit after tax jumped more than 60 per cent to Rs 20.7 crore during the quarter ended December 2022.
The company had registered a profit after tax (PAT) of Rs 12.1 crore in the third quarter of the previous fiscal, according to a statement.
Its revenue grew 17.6 per cent year-on-year to Rs 229.7 crore, while the company's EBITDA (Earnings Before Interest, Taxes and Amortisation) stood at Rs 39.5 crore during the quarter under review.
The company's overall profit after tax during the April-December period this fiscal rose to Rs 47 crore from Rs 15.5 crore in the year-ago period.
The revenue during the nine months of FY23 rose to Rs 581 crore, up 38.8 per cent year-on-year.
Pranav Saboo, Chief Executive Officer, Ethos Limited, said: "The revenue growth, growth in profit and more exclusive partnerships signed in this quarter show the tremendous potential of finely crafted timepieces, luxury products and Ethos, to deliver long-term value creation for all stakeholders".
Ethos has recently entered into agreements with globally acclaimed Swiss watchmakers Bell & Ross, Speake-Marin and Trilobe and German brand Tutima to be their exclusive retail partner in the Indian market.
The largest chain of luxury watch boutiques with 50 stores in India across 18 cities houses over 60 premium brands, including Rolex, Omega, TAG Heuer, Rado, Tissot and Seiko, among others.
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