Remarkable Quarter 3 Results Unveiled: HDFC BANK, L&T TECH

Here Read the Quarter 3 results below:

• HDFC Bank Quarter 3 Results: Net profit jumps 33.5% to Rs 16,372 crore; asset quality mixed

• L&T Tech Quarter 3 results: Net profit jumps 13% YoY to Rs 336 crore, revenue up 12%

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HDFC Bank Quarter 3 Results: Net profit jumps 33.5% to Rs 16,372 crore; asset quality mixed

HDFC Bank’s Quarter 3 financial outcomes indicate an increase in gross non-performing assets (NPA), settling at 1.26 percent, a rise from the 1.23 percent reported in the corresponding period last year.

On January 16,

HDFC Bank revealed a quarterly net profit of Rs 16,372 crore for the October-December period of 2023-24, reflecting a 33.5% surge from the Rs 12,259 crore recorded a year earlier. The net profit aligns closely with market projections of Rs 16,427 crore. The net interest income (NII) rose by 23.9%, reaching Rs 28,470 crore, compared to Rs 22,990 crore in the same quarter of the previous fiscal year. However, the NII fell short of market expectations, coming in at Rs 28,470 crore instead of the anticipated Rs 29,554 crore.

As of this quarter, HDFC Bank’s gross non-performing assets (NPA) increased to 1.26 percent from 1.23 percent last year. Conversely, net NPA for the quarter is now at 0.31 percent, down from 0.33 percent last year. Srinivasan Vaidyanathan, HDFC Bank’s Chief Financial Officer, emphasized the bank’s historical trend of improving asset quality, stating that the current credit environment appears favorable. During the results announcement press conference, he mentioned a 50 percent rise in provisions, attributing the increase to contingent provisions, including around Rs 1,212 crore related to investments in alternative investment funds.

The bank’s total advances surged by 62.4 percent to reach Rs 24.69 lakh crore. Notably, domestic retail loans experienced remarkable growth at 111 percent, while commercial and rural loans increased by 31.4 percent. Corporate and wholesale loans, excluding non-individual loans of eHDFC Ltd. (approximately Rs 98,900 crore), grew by 11.2 percent.

Furthermore, Srinivasan mentioned that the bank experienced a 97 basis points (bps) influence on the capital adequacy ratio (CAR) because of the escalation in the risk-weighted assets concerning unsecured and miscellaneous loans.

During the October-December FY24 quarter, the bank witnessed a substantial 27.7 percent surge in total deposits, reaching Rs 28.47 lakh crore compared to Rs 22.29 lakh crore in the corresponding quarter of the previous year. Current account and savings account deposits recorded a growth of 9.5 percent, with savings account deposits totaling Rs 5.79 lakh crore and current account deposits amounting to Rs 2.58 lakh crore.

HDFC Bank shares concluded trading at Rs 1678.95 each on BSE, marking a 0.42 percent increase.

L&T Tech Quarter 3 results: Net profit jumps 13% YoY to Rs 336 crore, revenue up 12%

In terms of US dollars, the revenue amounted to $290.7 million during the October-December 2023 period, indicating an 11 percent year-on-year expansion.

 

L&T Technology Services disclosed a consolidated net profit of Rs 336.2 crore in the quarter ending December 2023, aligning closely with the CNBC TV-18 estimate of Rs 332 crore.

The net profit achieved by the company reflects a 13 percent increase compared to the Rs 303 crore reported in the analogous year-ago period.

The consolidated revenue from operations in Quarter 3 FY24 amounted to Rs 2,422 crore, exhibiting a 12 percent uptick from Rs 2,049 crore recorded in the corresponding quarter of the previous fiscal year.

In terms of US dollars, the revenue reached $290.7 million in the October-December 2023 period, showcasing an 11 percent year-on-year growth.

L&T Tech’s earnings before interest and taxes (EBIT) for the quarter amounted to Rs 416 crore, with the EBIT margin reported at 17.2 percent according to the company’s regulatory filing.

Reflecting on the quarterly performance, L&T Tech CEO and Managing Director Amit Chadha stated, “Significant strides have been made in each of our new-technology focus areas – AI, software-defined vehicles (SDV), and cybersecurity. In the realm of AI, we submitted 53 patents across various segments such as transportation, medical, and industrial products.”

He further remarked, “A pivotal achievement in SDV was secured with a leading US OEM, where we are tasked with defining the architecture for their next-generation automobiles. Additionally, building on our successes in Software with Cognitive (SWC), we clinched a cybersecurity deal exceeding $10 million.”

As of December 31, 2023, the company’s employee headcount reached 23,298, marking an increase from 22,501 employees in the corresponding year-ago period. Nevertheless, there was a decline in the workforce compared to the previous quarter, where it stood at 23,880 as of September 30, 2023.

During the trading session on January 16, L&T Tech’s shares experienced a downturn.

The stock settled at Rs 5,346.85 on the BSE, reflecting a 1.79 percent decrease compared to the prior day’s closing price.

 

source: Moneycontrol

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