Q4 Results 2022: Galaxy Surfactants, Indian Overseas Bank Announces March Quarterly

Q4 Results 2022: Listed companies Galaxy Surfactants and Indian Overseas Bank (IOB) today announced their March quarter results. The former reported a net profit of Rs 98 crore but the latter earned a net profit of Rs 552 crore. The Galaxy Surfactants PAT jumped 25 percent while the IOB jumped 58 percent. Here are the main highlights of the results:

Galaxy Surfactants Q4 Result 2022: Profit increased by 25% to Rs 98 crore

Specialty care product maker Galaxy Surfactants Limited (GSL) on Wednesday posted a 25 per cent jump in net profit to Rs 98.40 crore for the fourth quarter ended March 2022 on strong earnings.

According to a regulatory filing, the company had posted a net profit of Rs 78.68 crore in the same quarter last fiscal.

Total income increased to Rs 1,054.13 crore in January-March 2021-22 from Rs 786.10 crore in the previous year.

“This has been a strong quarter for us. Amid global uncertainty, Galaxy has reported its highest quarterly profit,” said managing director U Shekhar.

Although overall performance in the last fiscal year was muted, the company ended the year on a strong note, he said.

According to the filing, the company had a net profit of Rs 262.78 crore in 2021-22, down from Rs 302.14 crore in the previous fiscal.

Total income, however, was Rs 3,698.22 crore more than Rs 2,94.92 crore in 2020-21.

“If FY22 is about managing supply-side risks, we believe FY23 will handle both; supply-side as well as ‘demand-side’ risks.

The company is seeing the first signs of declining demand and down-trading in some parts of India. The deteriorating supply situation due to the Russia-Ukraine war and the lockdown in China will exacerbate it, he said.

“In this context, we launch FY23 on a cautionary note,” he said.

Shares of Galaxy Surfactants rose nearly 4 percent on the NSE on Wednesday.

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Indian Overseas Bank Q4 Results 2022: Net Profit Rises 58% to Rs 552 Crore

State-owned Indian Overseas Bank (IOB) jumped nearly 58 per cent to a net profit of Rs 552 crore for the quarter ended March 2022 on Wednesday, mainly due to lower provisions for bad loans.

The bank had posted a net profit of Rs 350 crore a year ago.

However, according to a regulatory filing, the bank’s total revenue fell to Rs 5,719 crore in the last March quarter from Rs 6,074 crore in the same period a year ago.

The bank’s interest income rose 4 per cent to Rs 4,215 crore in the fourth quarter ended March.

Asset quality has improved as gross non-performing assets (NPAs) fell to 9.82 percent of total growth as of March 31, 2022 from 11.69 percent a year earlier. At the end of December 2021, it was 10.40 percent.

Net NPAs or bad debts have come down from 3.58 per cent to 2.65 per cent on an annual basis. In turn, it was slightly higher than 2.63 percent at the end of December 2021.

Bad debt and non-performing loans for the March 2022 quarter fell to Rs 1,014 crore from Rs 1,380 crore in the year-ago period.

On a year-on-year basis, the bank has increased its net profit by 106 per cent to Rs 1,710 crore in 2021-22. In 2020-21 it was Rs 831 crore.

However, the annual revenue fell to Rs 21,633 crore from Rs 22,525 crore in the previous fiscal year ending March 2021.

Shares of Indian Overseas Bank rose 4.12 per cent to close at Rs 17.70 on the BSE.

Input from PTI

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