Tag financial results

Bengaluru, 4th Nov 2024: VST Tillers Tractors Limited (VST), India’s leading farm equipment manufacturer, today announced their financial results for the quarter and half year ended Sept 30, 2024.

For the Quarter, VST achieved the turnover of Rs 283.43 Cr, up from Rs 278.51 Cr in the second quarter of last year. The profit before taxes is Rs 57.53 Cr, up 16% from Rs 49.66 Cr in the same period previous year. Net profit rose by 23% to Rs 44.93 Cr YoY.

On year-to-date basis, the turnover is at Rs 474.02 Cr, compared to Rs 524.65 Cr in the first half of last year. The unfavorable circumstances in the first quarter of this year, which is now recovering from Q2, are the cause of the turnover’s degrowth. Maintaining the same margin on sales, the profit before taxes is Rs 85.47 Cr as opposed to Rs 92.25 Cr of last year. Net profit stood at Rs 67.78 Cr as against Rs 69.44 Cr last year.

The Board of Directors of Sundaram Finance Ltd. (SFL) approved the unaudited standalone and consolidated financial results for the half year ended Sep 30, 2024, at its meeting held on Nov 04, 2024, in Chennai.

“Team Sundaram has delivered a balanced H1FY25 despite lower-than-expected economic activity in the half year. Assets under management grew by 20% to Rs. 48,058 crores compared to the prior year period. Net stage 3 assets closed at 0.89% and profit after tax for H1FY25 was at Rs. 648 crores. Our Group companies in asset management, general insurance and home finance have continued their trajectory from FY24 and recorded strong results. We continue to rely on our time-tested approach of steady and sustainable growth with best-in-class asset quality and consistent profitability,” said Harsha Viji, Executive Vice Chairman. 

Disbursements for H1FY25 recorded a growth of 3% over H1FY24. Gross stage 3 assets improved over the previous year. Gross stage 3 assets as on September 30, 2024, stood at 1.62% with provision cover of 45% as against 1.86% as on September 30, 2023, with provision cover of 42%. Core operations performed strongly with profit from operations up by 23% in H1FY25. Profits after tax was flat at Rs. 648 crores during H1FY25 and H1FY24 primarily due to a shift in the timing of dividend income last year. Dividend income was at Rs. 43 crores during H1FY25 as against Rs. 181 crores in H1FY24. Return on assets closed at 2.50% in H1FY25 as against 2.95% for H1FY24 and capital adequacy at 20.0% remains quite comfortable.

“Economic activity in Q2 was well below expectations with the monsoons disrupting consumption and government spending being slower post the general elections. The tepid economic activity was exacerbated by growing concerns on asset quality in the microfinance and unsecured lending sectors. With no exposure in these segments, we delivered a well-balanced performance in a tough operating environment, recording operating profit growth of 23%. Looking ahead, we remain cautiously optimistic of a recovery in economic activity in H2 as domestic consumption and private sector capital expenditure resume and the central government’s infrastructure spend and policy agenda gather pace. Team Sundaram will continue to remain sharply focused on delivering the Sundaram experience to our customers, our people and all stakeholders,” said Rajiv Lochan, Managing Director.  

STANDALONE PERFORMANCE HIGHLIGHTS FOR H1FY25 

• Disbursements for H1FY25 grew by 3% to Rs. 13,768 crores as compared to Rs. 13,430 crores registered in H1FY24.
• The assets under management grew by 20% to Rs. 48,058 crores as on 30^th September 2024 as against Rs. 40,106 crores as on 30^th September 2023.
• Net interest income grew 19.4% to Rs. 1,304 crores in H1FY25 from Rs. 1,092 crores in H1FY24.
• Gross stage 3 as on 30^th September 2024 stood at 1.62% with 45% provision cover as against 1.86% with provision cover of 42% as on 30^th September 2023. Net stage 3 as on 30^th September 2024 closed at 0.89% as against 1.08% as on 30^th September 2023.
• The Gross and Net NPA, as per RBI’s asset classification norms for NBFCs, are 2.39% and 1.55% respectively as against 2.89% and 2.06% as of 30^th September 2023.
• Profit from operations increased by 23% in H1FY25 as compared to H1FY24.
• Cost to income ratio closed at 32.27% in H1FY25 as against 35.18% in H1FY24.
• The dividend income was lower during H1FY25 at Rs. 43 crores as against Rs. 181 crores in H1FY24.
• Profit after tax was flat at Rs. 648 crores during H1FY25 and H1FY24.
• Return on assets (ROA) for H1FY25 closed at 2.50% as against 2.95% for H1FY24. Return on equity (ROE) was at 14.2% for H1FY25 as against 16.2% for H1FY24.
• Capital Adequacy Ratio stood at 20.0% (Tier I –16.4%) as of 30^th September 2024 compared to 19.9% (Tier I – 15.9%) as of 30^th September 2023.

CONSOLIDATED PERFORMANCE HIGHLIGHTS FOR H1FY25 

The consolidated results of SFL include the results of its standalone subsidiaries Sundaram Home Finance, Sundaram Asset Management and joint venture company Royal Sundaram General Insurance.

• The assets under management (AUM) in our lending and general insurance businesses stood at Rs. 72,541 crores as on 30^th September 2024 as against Rs. 60,578 crores as on 30^th September 2023, a growth of 20%. The assets under management of our asset management business stood at Rs. 76,845 crores as on 30^th September 2024 as against Rs. 61,884 crores as on 30^th September 2023, a growth of 24%.
• Profit after tax for H1FY25 grew by 18% to Rs. 871 crores as compared to Rs. 741 crores in H1FY24.

GROUP COMPANY PERFORMANCE HIGHLIGHTS

Our group companies continued to perform well.

• The asset management business closed the half year ended 30^th September 2024 with assets under management of Rs. 76,845 crores (around 85% in equity) and consolidated profits from the asset management businesses were at Rs. 68 crores as against Rs. 49 crores in H1FY24.
• Royal Sundaram reported a Gross Written Premium (GWP) of Rs. 2,053 crores as compared to Rs. 1,818 crores in the corresponding period of the previous year, representing a growth of 13%. The Company reported a profit after tax of Rs. 126 crores for H1FY25 as against a profit of Rs. 145 crores in H1FY24.
• Sundaram Home Finance continued to grow strongly with disbursements up by 26% to Rs. 2,896 crores in H1FY25. The profit for H1FY25 was Rs. 111 crores, as against Rs. 117 crores in H1FY24.

Mumbai, August 16, 2024: The Board of Directors at Remsons Industries Ltd , an automotive OEM components manufacturer supplying to two, three and four- wheeler vehicles, commercial vehicles and off-highway vehicles all over India and automotive OEM’s globally, today approved the financial results for the quarter and financial year ended June 30, 2024.

Key Business Updates

1. Remsons bagged fourth order from Tata Motors for the supply of winches used for Spare Wheel for its new model Tata Nexon CNG. total size of the order stands at INR30cr which is to be executed over a period of three years.

2. Remsons Industries Ltd received “Gold Medal” by Ecovadis in Sustainability Assessment. This accolade recognizes Remsons Industries Ltd. as one of the top 5% of all evaluated companies globally, reaffirming its commitment to environmental, social, and governance (ESG) excellence.

3. Remsons-Uni, a Subsidiary of Remsons bags LOI worth INR 30cr for the supply of sensors to a leading Tier 1 supplier of the Auto Industry to be executed over a period of 3 years.

4. Remsons acquired 55% stake in newly incorporated Joint Venture “Remsons-Uni Autonics Private Ltd” from its present promoters to become a subsidiary of Remsons.

5. Remsons Shares Stock Split was done make shares more accessible to a broader range of investors by making the shares more affordable. (Subdivision of equity shares of Rs 10/- Each to Rs 2/- Each). Record Date 5th July 2024.

6. Remsons was Ranked 30th by Great Place to Work, for being among India’s great Mid-Size Workplaces.

Commenting on the Results, Mr. Krishna Kejriwal, Managing Director said, “I am pleased to announce that Remsons Industries has commenced FY25 with a strong performance. Remsons 1QFY25 growth was in line with expectations our revenue grew 5% YoY, reaching Rs 765Mn. EBITDA for the quarter stood at INR 65Mn while achieving margin of 8.5% in 1QFY25. In the current quarter Net profit increased significantly 36% YoY to INR 27Mn, solidifying our strong financial performance. We are very much on track to achieve target of INR 9,000 – INR 10,000mn by FY28. Our outstanding achievement is attributed to strategic initiatives like higher value products, operational efficiency improvements, and robust export realizations. Looking ahead, we’re confident in our future-ready position thanks to the revolutionary changes brought about by digital transformation and our solid intent to move up the value chain.

Our positive outlook is fuelled by the belief that our growth trajectory will see significant enhancement through strategic partnerships, including synergistic joint ventures, acquisitions, and collaborations. As always, we remain dedicated to shareholder value creation with unwavering passion and commitment. In the coming quarter and beyond, we’ll focus on strengthening our business model by climbing the value chain, ensuring continued success.”

August 9, 2024 – Moneyboxx Finance Limited (Moneyboxx), an impact lender providing small business loans to micro entrepreneurs, achieved strong profitability in Q1 FY25, reporting net profit of INR 4.30 crore, compared to INR 1.64 crore in Q1 FY24.

Moneyboxx witnessed a remarkable 93% growth in AUM over the prior year, reaching INR 746 crore as of June 30, 2024, driven by branch expansion and higher productivity with vintage and scale. The Company announced an equity raise of INR 271 crore in July’24, which will boost its capital position and support growth plans. The Company is supported by 33 lenders, including prominent banks such as State Bank of India, HDFC Bank, Kotak Mahindra Bank, RBL and IDFC First Bank.

Highlights of Q1 FY25 Financial Results

Robust franchise well positioned for growth with increasing branch vintage and expansion: Company expanded operations to 104 branches across 8 states as of Jun’24 compared to 68 branches in 6 states in Jun’23. Geographic and product diversification improved with entry into the states of Gujarat and Bihar in FY24. Additionally, the share of secured lending increased from 8% of AUM in Q1 FY24 to 27% in Q1 FY25.

 AUM grew by 93% to INR 746 crores in Q1 FY25 compared to Q1 FY24, led by branch expansion and higher productivity with vintage and growing scale of operations. Reported Disbursements of INR 106 crore during Q1 FY25, growing by 17% over Q1 FY24.

Growing profitability: Total Income grew strongly by 94% to about INR 45.69 crore in Q1 FY25 compared to INR 23.52 crore in Q1 FY24, in line with strong growth in AUM. The Company posted profit after taxes of INR 4.30 crore in Q1 FY25 compared to INR 4.12 crore in Q4 FY24 and INR 1.64 crore in Q1 FY24. PAT remained stable in Q1 FY25 compared to Q4 FY24 despite higher credit cost. Operating efficiency continues to improve with Opex declining to 12.0% of avg AUM in Q1 FY25 compared to 13.3% in Q1 FY24 despite significant growth in operations.

 Achieved ROE of 10.0% in Q1 FY25 against 8.5% in Q1 FY24. Profitability is further expected to improve driven by continuous decline in marginal cost of borrowing, improving branch productivity with vintage, and the benefit of operating leverage with growing AUM.

 Equity funding of INR 271 crore to boost capital position and support growth plans: Moneyboxx announced equity fund raise of INR 271 crore in its board meeting held on July 17, 2024. The capital raise includes INR 158 crore through preferential equity issue (of which INR 94 crore is from new investors) and INR 113 crore through issue of equity warrants to promoters and existing non-promoter investors. The equity funding will significantly strengthen the Company’s capital position and support its growth plans. Out of the total equity capital raise, INR 186 crore is to be infused by August 2024, which will more than double the Company’s existing capital base to INR 350 crore.

Declining cost of borrowings: With the addition of leading banks and NBFCs, and issue of debt via securitization and NCD issuance, the Company has diversified its funding sources and reduced its cost of borrowings (cost of incremental borrowing stood at 12.05% during Q1 FY25 compared to 13.73% in Q1 FY24). The Company is supported by 33 lenders as of date, including 11 leading banks.

Stable asset quality: While asset quality moderated during the quarter due to sluggishness in the rural economy, Moneyboxx maintained stable asset quality with one of the lowest NPAs in the segment owing to its focus on essential sectors and robust underwriting practices. Gross NPA increased to 1.65% of AUM in Q1 FY25 compared to 1.54% in Q4 FY24 and 0.74% in Q1 FY24. Net NPA increased to 1.11% for the given quarter compared to 1.04% sequentially and 0.35% yearly. The Company expects near-term credit pressure to subside as the festive demand picks up and expected recovery in rural economy. Increasing focus on secured lending should support asset quality.

Commenting on the results, Deepak Aggarwal (Co-CEO & CFO) said, “In these challenging times, the relatively minor increase in NPAs underscores the strength of our underwriting capabilities. Additionally, the fact that over 65 % of the upcoming equity raise comes from existing investors, including promoters, demonstrates their strong confidence in our business model”

 New Delhi, February 08, 2024 – Globe Textiles (India) Limited, a renowned organization in the textile sector, yesterday unveiled its unaudited standalone financial results for the quarter and nine months ending December 31, 2023. Despite facing adversities from natural calamities and regulatory shifts, the company has demonstrated remarkable resilience, reflecting a steadfast commitment to its stakeholders.

  Globe Textiles recorded revenue from operations of INR 9,282.96 lakhs for the quarter ended December 31, 2023, showcasing its consistent revenue stream despite challenges. For the nine months ended December 31, 2023, the company reported revenue of INR 32,761.63 lakhs, underlining its stability in the market.

 The company recorded a profit before tax of INR 198.83 lakhs in the quarter, which is a good sign of growth compared to previous periods. Additionally, Globe Textiles reported a profit after tax of INR 163.83 lakhs for the quarter and INR 444.71 lakhs for the nine months ending on December 31, 2023, indicating its resilience in maintaining profitability. The company’s profit before tax has increased almost fourfold from 47.61 lakhs in the previous comparative quarter.

 Due to heavy rainfall and wind, there was severe damage to property, plant and equipment, and stock of its one unit. However, the Company promptly submitted the insurance claim. The assessment of the total loss is ongoing, emphasizing the company’s proactive approach to mitigating risks.

 With the Indian Parliament’s approval of the Code on Social Security, 2020, Globe Textiles acknowledges the potential impact on contributions towards Provident Fund and Gratuity. The company remains vigilant and will assess and account for the actual impact accordingly.

Commenting on the results, Globe Textiles (India) Limited official spokesperson, expressed, “We are pleased to present our unaudited standalone financial results for the quarter and nine months ended December 31, 2023. Despite challenges posed by natural disasters and regulatory changes, we remain focused on delivering value to our stakeholders.”

 Globe Textiles commits to quality and innovation, the company serves a diverse customer base across domestic and international markets.

Mumbai, February 5^th, 2024: Alembic Pharmaceuticals Limited reported its consolidated financial results for the third quarter and nine months period ended 31st December, 2023.

Financial Highlights

• Net Sales grew 8% to Rs.1631 Crores for the quarter.
• Net Profit up 48% to Rs.180 Crores from Rs.122 Crores
• EBITDA up 14% to Rs. 269 Crores.

Mr. Shaunak Amin, MD, Alembic Pharmaceuticals Limited said “The India Branded Business was underpinned by a continued incremental improvement in core operations. The Specialty and Animal health segments continued its strong outperformance; whereas the acute performance was relatively satisfactory despite challenging market conditions. The Ex US generics grew 32% in the quarter, whereas the US returned to a 9% growth on the back of 11 launches and 7 approvals.”

Operational Highlights

India Branded Business

• India Branded Business at Rs. 596 Crores witnessed growth of 9% for the quarter.
• Gynecology, Gastrointestinal, Anti Diabetic and Ophthalmology therapies outpaced market growth.
• Relative degree of performance continue to be better than the market in Antibiotic and Respiratory segments on high base of previous year.
• Animal Health business recorded growth of 32% YoY basis. Basket of strong brands continue to drive outperformance.

International Business

• US Generics grew 9% to Rs. 474 Crores for the quarter.
• Ex-US International Formulations grew 32% to Rs. 272 Crores for the quarter.
• 7 ANDA approvals received during the quarter; 196 Cumulative ANDA approvals.

API Business

• API business at Rs. 289 Crores for the quarter.

The summary of Total Revenue is as under:                                                   (Rs in Crores)

Mumbai, January 30, 2024: The Board of Directors of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), a leading provider of financial services in the rural and semi- urban markets, at its meeting held today, announced the unaudited financial results for the quarter ended December 31, 2023.

Standalone:

Key Highlights: Steady performance for the quarter & YTD

• Leadership position maintained in Tractors, Pre-owned vehicles, Passenger vehicles, and Three-wheelers.
• Asset growth momentum resilient with Loan Book* at Rs. 97,048 crores… YoY á 25.5%
• Improved NII margins… QoQ á 6.8% vs 6.5%
• Improving Asset Quality Trend… GS2%+GS3% ~10%

o   Stage-3 @4% (vs. 4.3% in Sep-2023)

• Credit Cost improvement… QoQ â 1.2% vs 2.4%

o   On track to achieve 1.5% – 1.7% for FY24

• Capital Adequacy healthy at 18.3% – Tier-1 Capital @ 16.5%. Provision coverage on Stage 3 loans remained prudent at 62.7%.
• Total liquidity buffer comfortable at ~Rs. 8,419 crores with a liquidity chest of over 2.5 months.

FY 2024 Q3/9M Standalone Results:

Note: During the current quarter, MMFSL updated the ECL model for its retail vehicle loans by including multi-factor macro-economic variables and product classification of loan portfolio. As a result, the Provision towards ECL on financial assets for the quarter and 9m ended 31 Dec 2023 is lower by Rs.86.06 crores.

 Operations:

The quarter witnessed broad-based growth with a recorded disbursement of Rs. 15,436 crores. Year-to-date (YTD) disbursement until December 2023 reached Rs. 40,916 crores, indicating a 14% year-on-year growth. This positive trend in loan growth contributed to the expansion of business assets, now standing at Rs. 97,048 crores. This marks a 25% growth since December 2022.

The collection efficiency for the quarter is recorded at 95%, similar to levels observed in Q3 FY23 and marginal reduction over Q2 FY24. During the quarter, the Company has seen further improvement in its asset quality, with stage 3 assets at 4.0% (vs. 4.3% as of September 2023 and 5.9% as of December 2022). Stage 2 at around 6% (vs. 5.8% as of September 2023 and 8.4% as of December 2022).

To diversify within the Vehicle Finance book, the Company has been investing in used vehicle finance. The company already has 2 partnerships that are steadily growing, namely, ‘car&bike’ and ‘CarDekho’. The disbursements for used vehicles finance have grown 19% YTD until December 2023. The used vehicle finance share in disbursements now stands at 17% YTD December 2023, versus 16% for the same period last year.

Partnerships will play an important role in achieving Company’s vision of providing financial solutions to Emerging India. As on date, the Company has already tied up with 2 large commercial banks, namely SBI and Bank of Baroda and recently with Lendingkart, an NBFC. It also has tie-ups with IPPB (India Post Payments Bank) and CSC (Common Service Centres by Ministry of Electronics and Information Technology) for lead generation. These partnerships will allow the Company to expand its distribution and maximise the fee income potential over the next 2-3 years.

Amidst sustained profitable growth and a strong balance sheet, our capital adequacy remains robust, currently standing at 18.3%. Additionally, we hold a comfortable liquidity position, with a liquidity chest of over 2.5 months.

In a strategic move to further enhance our offerings, we have unveiled plans to enter the insurance sector through partnerships with a few insurance providers, acting as a corporate agency. Initial investments will be directed toward technology, manpower, and certification. The shareholders have approved necessary changes to the Company’s charter (Memorandum of Association) and the Company will now progress to make an application to the Insurance Regulator (IRDAI) for its approval.

Digital transformation is a key transformational metric for Mahindra Finance. The objective is to delight the customer with the most seamless experience, ensure fastest turnaround time, more DIY journeys across our products. In addition, the transformation has a huge focus on data and the power of AI/ML and analytics to drive that customer experience through hyperpersonalization, drive asset quality and improve underwriting. Employee experience is also at the core of this transformation. The Company is progressing well on this journey and many of these initiatives will land in Q4 FY24 and Early FY25.

Consolidated:

FY 2024 Q3/9M Consolidated Results:

Subsidiaries:

Mahindra Rural Housing Finance Limited (MRHFL)

During the quarter ended December 31, 2023, MRHFL registered income of Rs. 311 crores as against Rs. 338 crores during the corresponding quarter last year, a decline of 8% over the same period previous year. The Profit After Tax (PAT) registered was Rs. 13.4 crores during the quarter ended December 31, 2023, as against Rs. 14.2 crores during the corresponding quarter last year a decline of 5.3% over the same period previous year.

Mahindra Insurance Brokers Limited (MIBL)

During the quarter ended December 31, 2023, MIBL registered income of Rs.330.8 crores as against Rs.123.0 crores during the corresponding quarter last year, a growth of 169% over the same period previous year. The Profit After Tax (PAT) registered was Rs.43.5 crores during the quarter ended December 31, 2023, as against Rs.13.4 crores during the corresponding quarter last year a growth of 225% over the same period previous year.

Mahindra Manulife Investment Management Private Limited (MMIMPL)

During the quarter ended December 31, 2023, MMIMPL registered income of Rs. 16.6 crores as against Rs. 12.0 crores during the corresponding quarter last year, a growth of 38% over the same period previous year. The Company incurred a loss of Rs. 6.3 crores during the quarter ended December 31, 2023, as against loss of Rs. 7.2 crores during the corresponding quarter last year, a decline in loss by 14% over the same period previous year.

The Average Assets under Management (AUM) of MMIMPL for the quarter ended December 31, 2023, was Rs. 15,321 crores across 21 schemes, an increase of 65% over the same period previous year. Of these assets, the Company managed Rs. 13,554 crores of average equity assets in the quarter ended December 31, 2023, a growth of 72% compared to 7,865 crores in the same period last year.

Mahindra Manulife Trustee Private Limited (MMTPL)

During the quarter ended December 31, 2023, MMTPL registered income of Rs. 0.3 crore as against Rs. 0.2 crore during the corresponding quarter last year, a growth of 72% over the same period previous year. The Profit After Tax (PAT) registered was Rs. 0.1 crore during the quarter ended December 31, 2023, as against no profit / no loss position during the corresponding quarter of last year.

Mahindra Ideal Finance Ltd (MIFL)

During the quarter ended December 31, 2023, MIFL registered income of LKR 569 Million as against LKR 491 Million during the corresponding quarter last year, registering a growth of 16% over the same period previous year. The Profit After Tax (PAT) during the quarter ended December 31, 2023, was LKR 24 Million as against LKR 14 Million during the corresponding quarter last year, a growth of 69% over the same period previous year.

Mahindra Finance USA, LLC (MFUSA)

During the quarter ended December 31, 2023, MFUSA registered income at USD 20.6 Million as against USD 16.8 Million during the corresponding quarter last year, registering a growth of 22% over the same period previous year. The Profit After Tax (PAT) during the quarter ended December 31, 2023, registered was USD 3.9 Million as against USD 2.7 Million during the corresponding quarter last year, registering a growth of 44% over the same period previous year.

* LKR Closing Exchange Rate: 1 LKR = 0.2568 INR; USD Closing Exchange Rate: 1 USD = 83.15 INR