ITC Ltd. announced on Monday that its consolidated net profit (attributable to owners) increased by 6.5% to Rs 5,335 crore for the quarter ended December 31, 2023, from Rs 5,007 crore in the same period the previous year. The consumer goods behemoth benefited from increased demand for its products, which include noodles and cigarettes.
Additionally, the company announced an interim dividend for FY24 of Rs 6.25 per share. According to an ITC stock exchange filing, the record date is February 8 and the dividend will be paid between February 26 and February 28. ITC's stock on the BSE ended trading 1.2% lower at Rs 450 on Monday. From Rs 19,021 crore in Q3FY23 to Rs 19,485 crore in Q3FY24, the combined revenue from operations increased by 2%.
Revenue from the tobacco sector climbed 2.5% segment-wise to Rs 8,295 crore from Rs 8,086 crore during the same period last year. Revenues of Rs 5,218 crore were reported by the FMCG-others sector in Q3FY24, an increase of 8% from Rs 4,849 crore recorded in Q3FY23.
Bajaj Finance Ltd
On Monday, Bajaj Finance Ltd revealed a consolidated third-quarter (Q3) profit for the current fiscal year 2023–24 (FY24) that increased by 22.40 percent year over year (YoY). In Q3 FY24, the amount was Rs 3,638.95 crore, compared to Rs 2,973 crore during the same period in the previous fiscal year. The non-bank lender's operating revenue increased by 31.28 percent to Rs 14,161.09 crore during the reviewed quarter from Rs 10,787.25 crore in Q3 FY23.
As of December 31, 2023, assets under management (AUM) have increased by 35% from Rs 230,842 crore in Q3 FY23 to Rs 3,10,968 crore. From Rs 5,922 crore in Q3 FY23 to Rs 7,655 crore in Q3 FY24, net interest income climbed by 29%.
Non-performing assets (NPAs) were for 0.95 percent of gross NPA and 0.37 percent of net NPA in Q3 FY24, compared to 1.14 percent and 0.41 percent in the same quarter the previous fiscal year. Additionally, the business said that their provisioning coverage ratio for stage 3 assets is 62%. Pre-provisioning operating profit climbed from Rs 4,351 crore in Q3 FY23 to Rs 5,539 crore in Q3 FY24, a 27% rise.
Compared to Rs 811 crore in Q3 FY23, loan losses and provisions in Q3 FY24 were Rs 1,248 crore. The company stated that as of December 31 of last year, it had Rs 440 crore in management and macroeconomic overlay.
However, due to increased financing costs and instrument impairment, the NBFC's overall expenses for the quarter increased by 36.81 percent to Rs 9,272.11 crore from Rs 6,777.31 crore in Q3 FY23.
The operations of the lender's subsidiaries, Bajaj Housing Finance and Bajaj Financial Securities, are included in the consolidated set of figures. The quarterly results were released after market hours. The stock ended the day at Rs 7,187.50, up 1.44 percent.
