Q4 Results 2022: Eicher Motors Net Up 16%; REC, Bonding Bank PAT also increased; Here
Q4 Results 2022: More companies announced their March quarter earnings on Friday. Eicher Motors, a component of the Nifty 50, has announced its January-March quarterly results. REC and Bondan Bank also announced their quarterly results. Here are the main highlights of the results:
Eicher Motors Q4 results 2022: 16% net up to Rs 610 crore
On Friday, Eicher Motors said that its net profit after tax for the fourth quarter ended March 31, 2022 increased by 16 per cent to Rs 610 crore.
The company reported net profit after tax of Rs 526 crore in the January-March quarter of FY 2020-21.
Eicher Motors said in a regulatory filing that total revenue from operations increased to Rs 3,193 crore in the fourth quarter from Rs 2,940 crore in the same period of FY21.
For the year ended March 31, 2022, the company posted a post-tax consolidated net profit of Rs 1,677 crore as against Rs 1,347 crore in FY 2020-21.
Total income from activities increased to Rs 10,298 crore in the last financial year as compared to Rs 8,720 crore in FY21.
This was the company’s highest revenue for the full fiscal year as well as the fourth quarter, it added.
The company said its board has approved a dividend of Rs 21 per share with a face value of Rs 1 for 2021-22.
Royal Enfield, the company’s two-wheeler arm, sold 1,82,125 motorcycles in the fourth quarter, down 10 percent from 2,03,343 units sold a year earlier.
In 2021-22, Royal Enfield registered 5,95,474 motorcycle sales, down 2 percent from 6,09,403 units in 2020-21.
The company’s joint venture with the Volvo Group, VECV, earned Rs 12,724 crore from operations in the last fiscal, compared to Rs 8,676 crore in FY21.
Profit after tax stood at Rs 111 crore as against Rs 57 crore last year.
VECV recorded sales of 57,077 vehicles for 2021-22, an increase of 38 percent over 41,268 units in 2020-21.
“Last year was very important for Eicher Motors, as we have made significant progress towards our long-term strategic business vision,” said Siddharth Lal, Managing Director, Eicher Motors.
Over the past eight years, the company has made concerted efforts to become a premium, global player, focusing on the world’s toughest motorcycle market, with a sustainable overseas presence and ambition to grow the business, he added.
“This year, our international market growth story has shown tremendous performance with more than 100 percent annual growth as we continue to deliver sustainable results in the domestic market,” Lal said.
At VECV, the company’s performance was extremely encouraging, he added.
B Govindarajan, CEO of Royal Enfield, noted that despite continued challenges on the supply front and cowardly-induced disruptions last year, the two-wheeler maker has made significant progress on its strategic long-term outlook.
“As we move forward, we focus on creating products and providing experiences that are true to our philosophy of pure motorcycling. As the supply chain stabilizes and the market begins to boom, we are ready to take Royal Enfield to new heights.” Added.
Shares of Eicher Motors closed at Rs 2,420 on the NSE on Friday, up 1.5 per cent from Thursday’s close.
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REC Q4 Results 2022: Net profit rises 14% to Rs 2,301 crore in March quarter
State-owned REC Ltd reported a 14 percent increase in its consolidated net profit for the March quarter, mainly on the back of higher revenue.
The company had a consolidated net profit of Rs 2,017.84 crore for the quarter ended March 2021, according to a BSE filing.
Total revenue for the quarter rose to Rs 9,653.27 crore from Rs 9,215.92 crore in the year-ago period.
In 2021-22, the consolidated net profit also rose to Rs 10,035.70 crore. 8,378.14 crore during the same period last year.
Total income increased to Rs 39,339.10 crore in the financial year from Rs 35,575.56 crore in 2020-21.
The Board of the Company has recommended to pay a final dividend of Rs.
If approved, it will be paid to shareholders within 30 days from the date of AGM.
The final dividend is an interim dividend of Rs 10.50 per equity share which has already been declared and paid in three steps per year, resulting in a face value of Rs 10, from the total dividend for FY 2021-22 to Rs 15.30 per share. Each
Shares of REC closed at Rs 114 on the NSE, down 1.6 percent from Thursday’s closing price.
Bondan Bank Q4 Result 2022: Net Profits Double to Rs 1,902 Crore as Bad Debt Provision Reduced
Bondan Bank doubled its net profit to Rs 1,902 crore in the March quarter on Friday, following a sharp decline in bad credit provisions.
The Kolkata-headquartered bank, which started as a microfinance institution, closed FY22 with a profit of Rs 126 crore, which is 94 per cent less than the previous financial year, as the devastating second wave of the epidemic turned out to be a significant reversal.
“Our results (for the March quarter) show that the epidemic is over,” CS Ghosh, chief executive officer and managing director, told reporters in the financial capital, adding that he hoped business would return to normal.
The fiscal year, which saw bank booking quarterly losses due to higher provisions for bad assets, postponed a five-year plan to achieve strategic objectives such as reducing reliance on the microcredit business, Ghosh said.
In the March quarter, its core net interest income rose 44.56 per cent to Rs 2,540 crore, its debt rose 14 per cent and net interest margin widened to 8.7 per cent from 6.8 per cent a year earlier. .
Non-interest income rose 37 per cent to Rs 964 crore in the reporting quarter.
As a result of the massive decline in Gross Non-Performing Assets (GNPA), the overall provision has come down from Rs 1,508 crore to Rs 5 crore.
Its chief financial officer Sunil Samdani said the GNPA ratio had dropped to 6.46 per cent from 10.81 per cent three months ago, adding that no provision was needed but some conservative measures had been taken. Who has no money back.
Ghosh said GNPAs declined mainly due to normalization of collection efficiency, which was severely damaged by the epidemic, adding that the level now stands at 99 percent. West Bengal and
In Assam, where the network has a high density, efficiency is also seen at 99 per cent and 98 per cent, respectively.
“We are well on our way to a revival. The operating environment and ground reality are in favor of a strong revival in the business,” said Ghosh, who recently returned from a field trip. With the increase in economic activity, people’s livelihoods are returning, which is benefiting the banks.
Ghosh said 24 per cent of the group’s micro-borrowers have become personal borrowers in line with its long-term intentions, adding that by 2025, about half of its books will be secured. Such a change would not hinder margins, he noted.
The bank’s total capital adequacy was more than 20 per cent and it does not see the need to charge in the next three years, Samdani said.
It will open 550 branches in FY23, of which 80 per cent will be outside the eastern region, Ghosh said, adding that geographical mix is essential for it.
Shares of Bondan Bank rose 4.34 per cent to Rs 317.40 per share on the BSE against a 0.26 per cent correction in the benchmark.
With input from PTI
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