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Business News » Companies News

Q3 Results 2023: HPCL, Voltas, Suzlon Energy, IOB report profit; Voltas declares Rs 110 crore net loss

Standalone net profit of Rs 172.43 crore in the third quarter of the current fiscal compared with Rs 868.86 crore profit in the same period a year back, according to a stock exchange filing by the company

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Q3 Results 2023: HPCL, Voltas, Suzlon Energy, IOB report profit; Voltas declares Rs 110 crore net loss
State-owned Indian Overseas Bank on Thursday reported a 22% growth in its profit at Rs 555 crore in the quarter ended December 2022. Source: Freepik

Q3 Results 2023: Several listed companies announced their October-December quarter results on Thurday. Among them was Hindustan Petroleum Corporation Ltd (HPCL) which reported a net profit of Rs 173 crore for the reporting quarter. Suzlon Energy net profit more than doubles to Rs 78 crore in Q3 while Voltas posts net loss of Rs 110 crore in Q3. Meanwhile, Indian Overseas Bank Q3 profit rose 22 per cent to Rs 555 crore in the December quarter. Here are key takeaways fom the earnings announced by these companies. 

HPCL Q3 Results 2023: Company reports Rs 172 crore profit in Q3 as oil prices fall

After two consecutive quarters of losses, Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported a net profit of Rs 172.43 crore in October-December 2022 as a fall in oil prices helped it recoup some of the losses on sale of petrol and diesel.

Standalone net profit of Rs 172.43 crore in the third quarter of the current fiscal compared with Rs 868.86 crore profit in the same period a year back, according to a stock exchange filing by the company.

HPCL and other state-owned fuel retailers did not revise petrol and diesel prices when international oil prices touched multi-year high last year. That led to them booking losses in two back-to-back quarters.

However, rates softened in the third quarter. This should have warranted a reduction in petrol and diesel prices but the oil companies held on to retail prices to recoup the losses they had booked in the previous six months.

Revenue from operations rose to Rs 1.15 lakh crore from Rs 1.03 lakh crore in October-December 2021.

The company processed 4.83 million tonnes of crude oil in the quarter, up from 4.24 million tonnes in the previous year.

HPCL said it earned USD 11.40 on turning every barrel of crude oil into fuel during April-December 2022 as against a gross refining margin of USD 4.50 per barrel.

"This is before factoring the impact of special additional excise duty (windfall tax) and road and infrastructure cess levied on export of select petroleum products, effective July 1, 2022," it said. "During this period, due to the suppressed marketing margins on certain petroleum products, the profitability is impacted."

Also, the company booked a foreign exchange loss of Rs 1,951.64 crore during April to December as compared to a gain of Rs 183.01 crore a year back.

Suzlon Energy Q3 Results 2023: net profit more than doubles to Rs 78 crore in Q3FY23

Suzlon Energy Limited on Thursday said its consolidated net profit more than doubled to Rs 78.28 crore during the December 2022 quarter, mainly due to reduced expenses

The company had clocked a net profit of Rs 36.77 crore during the October-December quarter of preceding fiscal, Suzlon Energy said in a regulatory filing.

Its total income however fell to Rs 1,464 crore from Rs 1,615 crore a year ago.

The expenses stood at Rs 1,386 crore in the quarter under review as against Rs 1,573 crore in the year ago quarter.

In a separate statement, Girish Tanti, Vice Chairman, Suzlon Group, said: "The beginning of 2023 has been highly encouraging for the wind energy sector with a slew of crucial policy announcements. Indian wind energy is equipped and on track to contribute substantially towards India's energy transition roadmap."

Ashwani Kumar, Chief Executive Officer, Suzlon Group, said: "Q3 has been a stable quarter for us. Our service business continues to do well, and our focus remains on executing our order book. We commissioned the first machine of our largest wind turbine series, the S144-3.X MW at Sankaneri, Tamil Nadu, in December 2022, and the early performance reports are very encouraging."

Pune-based Suzlon is India's largest energy solutions provider.

Voltas Q3 Results 2023: company declares net loss of Rs 110 crore in December quarter

Air conditioning and engineering services provider Voltas Ltd on Thursday reported a consolidated net loss of Rs 110.49 crore for the third quarter ended December 2022 on account of provisioning made on overseas projects.

The Tata group firm had posted a consolidated net profit of Rs 96.56 crore in the October-December quarter last fiscal, Voltas said in a regulatory filing.

Its revenue from operations was up 11.82 per cent to Rs 2,005.61 crore during the quarter under review as against Rs 1,793.59 crore in the year-ago period.

Voltas had a profit before exceptional items and tax of Rs 56.93 crore in the third quarter of FY23. Its expenses on exceptional items were at Rs 137.39 crore.

"The profit was impacted due to provision of Rs 137 crore (exceptional item) made on overseas projects," Voltas said in its earning statement.

Its total expenses stood at Rs 1,946.72 crore, up 17.89 per cent from Rs 1,651.27 crore a year ago.

Voltas' revenue from "unitary cooling products for comfort and commercial use" was at Rs 1,215.97 crore, up 11.18 per cent, as against Rs 1,093.60 crore earlier.

"The revenue of Unitary Cooling Products business was better despite muted festival sales amidst inflation woes and subdued consumer sentiments," it said.

Revenue from "electro-mechanical projects and services" was at Rs 648.39 crore, up 17.08 per cent as against Rs 553.78 crore.

While its "engineering products and services" revenue was at Rs 117,91 crore, down 5.42 per cent, compared to Rs 124.68 crore earlier.

Shares of Voltas Ltd on Thursday settled 3.75 per cent up at Rs 908.95 on the BSE.

Indian Overseas Bank Q3 Results 2023: profit rises 22% to Rs 555 crore

State-owned Indian Overseas Bank (IOB) on Thursday reported a 22 per cent growth in its profit at Rs 555 crore in the quarter ended December 2022 due to an increase in interest income and improved asset quality.

The Chennai-based bank had posted a net profit of Rs 454 crore in the same quarter a year ago.

The bank's total income increased to Rs 6,006 crore in the latest December quarter from Rs 5,317 crore in the year-ago period, IOB said in a regulatory filing.

Interest income of the bank increased to Rs 5,056 crore as against Rs 4,198 crore in the third quarter of the previous fiscal.

On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 8.19 per cent, as compared to 10.4 per cent at the end of third quarter of previous fiscal.

At the same time, net NPAs too eased to 2.43 per cent, as against 2.63 per cent in the same period a year ago.

As a result, provisions for bad loans declined to Rs 711 crore as against Rs 937 crore during the same quarter a year ago.

The capital adequacy ratio declined marginally to 15.16 per cent in the December quarter as against 15.41 per cent at the end of third quarter of previous financial year.

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TAGS:
Q3 results 2023Indian Overseas BankIOBSuzlon EnergyVoltasNSEBSE
Written By: PTI
Edited By: Shivendra Kumar
Updated: Thu, Feb 09, 2023
07:00 pm
New Delhi, ZeeBiz WebDesk
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