January 22, 2022:

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Highlights Of The Day:

Earnings:

ICICI Bank Q3 Net Profit Increases 25% To Rs 4,939.59 Cr

ICICI Bank Ltd posted a 25% YoY rise in net profit for the December quarter on the back of lower provisioning and higher net interest income.

Bank’s net profit jumped to Rs 6,193.81 crore in Q3FY22, as against Rs 4,939.59 crore in Q3FY21. 

Net interest income (NII), the difference between the interest revenues and interest expenses, leapt 23.44% to Rs 12,236.04 crore from Rs 9,912.46 crore a year ago.

Other income rose 6.42% to Rs 4,987.07 crore.

Provisions and contingencies plummet 26.8% to Rs 2,007.30 crore, as against Rs 2,741.72 crore in the same period last year.

Gross non-performing assets (NPAs) increased 6.3% to Rs 37,052.74 crore in Q3FY22 from Rs 34,860.43 crore in Q3FY21. 

Slippages (When a standard asset turns into an NPA due to the borrower not paying interest for more than 90 days) came at Rs 4,018 crore, down from Rs 5,578 crore in the previous quarter.

Advances for the quarter rose 16.44% to Rs 8.14 trillion, and so as deposits, which rose 16.37% to Rs 10.17 trillion. 

Net interest margin increased to 3.96% versus 3.67% a quarter ago.

Yes Bank Q3 NII Declines 31% To Rs 734 Cr

Yes Bank posted a 77% YoY rise at Rs 266 crore for the quarter ending December 31, 2021. 

Net interest income declined 31% to Rs 1,764 crore, and other income decreased 32% to Rs 734 crore. Provisions and contingencies declined 82% YoY to Rs 375 crore.

Fresh slippages slumped to Rs 978 crore versus Rs 1783 crore in the previous quarter.

Recoveries and upgrades during the Q3FY22 came in at Rs 610 crore and Rs 573 crore each.

Gross non-performing assets (NPAs) stood at 14.7% against 15% QoQ and 15.4% YoY. Net NPAs fell to 5.3% of total loans against 5.5% in the previous quarter.

Cash-Strapped Vodafone Idea Q3 Net Loss Increases To Rs 7,231 Cr

Vodafone Idea’s consolidated net loss widened in the third quarter of fiscal’22 at Rs 7,231 crore against Rs 4,532 crore in the year-ago period. 

The company reported a net loss of Rs 7,132 crore in the previous quarter (Q2FY22).

The company's consolidated revenue from operations came in at Rs 9,717 crore as against Rs 10,894 crore in Q3FY21.

The telecom operator’s subscriber base fell to 247.2 million vs 253.0 million in Q2FY22. However, the 4G subscriber base added 0.8 million, with the total 4G base now standing at 117 million.

Total gross debt, stripping out lease liabilities and including interest accrued but not due, at the end of the third quarter, stood at Rs. 1,98,980 crore. It includes deferred spectrum payment obligations of Rs. 1,11,300 crore, AGR liability of Rs. 64,620 crore due to the government, and debt from banks and financial institutions of Rs. 23,060 crore.

The company's cash and cash equivalents at the end of Q3 stood at Rs. 1,500 crore and net debt was Rs. 1,97,480 crore.

Big News:

Adani Group Forays Into Commercial Electric Vehicle Space

Adan Group is contemplating entering into electric cars after acquiring ports, airports, and foraying into steel.

According to a TOI report, Adani Group entity SB Trust received trademark approval to use the name "Adani" for land and marine vehicles. Adani Group, as per the report, intends to foray into electric mobility space as part of a bigger push into green ventures.

Coaches, buses, and trucks are among the group's initial electric vehicle ambitions, which will be utilized for internal logistical tasks at ports, airports, and other locations.

No Relief For PTC, Rakesh Kacker Quits

On the heels of three-independent directors resigning from PTC India Financial Services (PFS), citing corporate misgovernance, an independent director --Rakesh Kacker at the parent company PTC India also stepped down.

Kacher also cited lapses in compliance and corporate governance as his reason behind the resignation.

In his resignation letter, Kacker spoke about his stint at PFS and said, “I have seen from close quarters the unfortunate developments over the past few months in that company. Despite our best efforts, the independent directors could not convince the management of PTC and PFS to take proper action to run the company in accordance with what we considered the correct course of action.”

“As a result, the company is now facing serious governance issues with several defaults of the Companies Act, 2013 and the Securities & Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015. Due to this, the operations of the company also must have been affected,” he added.

The resignation was closely followed by a virtual press conference held by the management of PTC and PFS.

More To Know-

National:

• Jio has completed 5G coverage in 1,000 top cities across the country.

• The ‘Convergence Energy Services Ltd (CESL)’, PSU under the ministry of power, launched a tender worth ₹5,500 crore to obtain 5,580 electric buses. It floated the single tender for 5,450 single-decker and 130 double-decker e-buses.

• India’s edible oils import bill increased drastically by 75% to Rs 1,04,354 crore during April-December 2021, as per Davish Jain, chairman of Soybean Processors Association of India (SOPA). He said the country had imported edible oils worth Rs 59,543 crore in the first nine months of the last fiscal.

• The World Bank has sanctioned a loan of about Rs 1,000 crore to the West Bengal government to support its effort to help the poor and vulnerable groups access the state government’s social protection services.

International:

• The second ‘Quad Summit’ may happen in May, after general elections in Australia.

• To counter the ageing workforce and labour shortage issue, Germany's new coalition government plans to attract 400,000 qualified workers from abroad each year.
  The employer-friendly German Economic Institute projects that the labour force will be reduced by 300,000 people this year as the number of younger people entering the labour market is less than the ageing population retiring.

• The European Union (EU) has opened an Embassy for a "permanent presence" in Kabul and has begun operations, informed the Taliban-led government's Ministry of Foreign Affairs (MoFA). The move is followed by the "consecutive meetings and reaching an understanding with EU representatives".

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