January 29, 2022:

Highlights Of The Day:

Earnings In Focus:

IndusInd Bank Q3 Profit Increases 36% To Rs 1,161.3 Cr, NPAs Declined

IndusInd Bank reported a 36.2 percent year-on-year jump in standalone profit at Rs 1,161.3 crore for the quarter ended December 31, 2020. It was Rs 852.76 crore in the corresponding period last fiscal.

Net interest income, the difference between interest revenues and interest expenses, increased by 11.4 percent to Rs 3,793.57 crore in Q3FY22, with a 10 percent rise in advances and 19 percent growth in deposits YoY.

Net interest margin improved to 4.10 percent in Q3FY2 from 4.07 percent in Q2FY22. 

On the asset quality front, the bank's gross non-performing as a percentage of gross advances decreased to 2.48 percent at the end of Q3FY22, down from 2.77 percent at the end of Q2FY22.

Net NPA declined to 0.71 percent in Q3FY22 against 0.8 percent in Q3FY21.

IDFC First Bank Q3 Net Profit Jumps Over Twofold To Rs 281.06

 IDFC First Bank posted a more than double growth in standalone net profit at ₹281.06 crore for the quarter ended December 31, 2021, as against ₹129.51 crore a year ago.

In the quarter ended, the bank reported a 35.6 per cent rise in net interest income to ₹2,579.96 crore as against ₹1,902 a year ago. 

Other income increased by 4.1 per cent to ₹768.63 crore in Q3FY22 from ₹738.6 crore in Q3FY22. 

On the Asset quality front, Gross non-performing assets increased to 3.96 percent of gross advances at the end of Q3FY22 compared with 4.27 percent at the end of Q2FY22 and 1.33 per cent at the end of Q3FY21. 

Net NPAs were 0.64 percent of net advances at the end of Q3FY22. It was 0.35 per cent at the end of Q2FY22 and 0.33 per cent at the end of Q3FY21.

NTPC Q3 Profit Increase 19.3% To Rs 4,626 Cr

India's largest power generation company NTPC posted a 19.3 percent year-over-year rise in consolidated profit at Rs 4,626.11 crore in December 2021 quarter as against Rs 3,876.36 crore posted a year ago.

Consolidated revenue from operations increased by 20.94 percent YoY to Rs 33,292.61 crore in Q3FY22.

The company reported its installed capacity at 67,757.42 MW, up 4,782.42 MW in Q3FY22. In Q3FY21, the company's installed capacity stood at 62,975 MW.

Its gross generation, in the quarter ended, stood at 72.7 billion units, up by 7.28 billion units from 65.418 billion units of generation at the end of Q3FY21.

The company's earnings before interest, tax, depreciation and amortisation (EBITDA) was Rs 11,011.61 crore, up 26 percent YoY, and margin expanded by 132 bps YoY to 33.07 percent in Q3FY22.

Happiest Minds Technologies Q3 Net Profit, Revenue Increase

IT firm Happiest Minds Technologies Ltd posted a 16.1 percent increase in consolidated net profit at Rs 48.92 crore for the quarter ended December 31 2021, versus Rs 42.15 crore in the year-ago period.

Revenue in the quarter ended jumped 47.2 percent to Rs 283.94 crore versus Rs 192.84 crore a year ago.

EBITDA in Q3FY22 was Rs 76.31 crore, up 8.8% QoQ and 27.8% YoY.

Budget 2022:

Budget Session: No Zero Hour, Question Hour In First 2 Days

On January 31 and February 1, there will be no Zero Hour and Question Hour in both Houses of Parliament.

The Budget Session of Parliament will begin on January 31 with President Ram Nath Kovind addressing both Houses in the Central Hall.

On February 1, Finance Minister Nirmala Sitharaman will present the Union budget for fiscal 2022-23.

A Parliament bulletin released on Friday reads, "There shall be no 'Zero Hour' on January 31 and February 1, 2022. Members are informed that owing to the address of the President, during the first two days of the 8th session of the 17th Lok Sabha, there will be no 'Zero Hour' on January 31 and February 1, 2022."

It added, "Members are informed that matters of urgent public importance raised during 'Zero Hour' will be taken up from February 2, 2022."

No 'Halwa Ceremony' Due To Pandemic; Budget To Be Available On 'Union Budget Mobile App'

Finance Minister Nirmala Sitharaman, just like 2021, will present the union budget in "paperless form" this year, but there is a novelty factor here!

This time, the government has launched an application named 'Union Budget Mobile App'. Lawmakers and the general public can access the entire budget document through the app once the FM Sitharaman presents it in the parliament.

The app allows complete access to 14 Union Budget documents, including Budget Speech, Annual Financial Statement, Demand for Grants (DG), Finance Bill, amongst others as prescribed by the Constitution, the finance ministry stated.

The application is bilingual ( Hindi, English). It is available on both Android and iOS platforms. 

Not only this, for the first time, the government has called off the customary 'halwa ceremony', keeping in mind the pandemic.

In a statement today, the government said, "To mark the final stage of the Union Budget making process, sweets were provided to the core staff due to undergo "lock-in" at their workplaces, instead of a customary Halwa ceremony every year because of the prevailing pandemic situation and the need to observe health safety protocols".

Big News:

Former RBI Governor Urjit Patel Quits As Britannia’s  Independent Director

Former Reserve Bank of India (RBI) governor Urjit Patel has resigned from the non-executive and independent director post at Britannia Industries Limited, citing a full-time work assignment starting next month.

Patel, w.e.f February 1, 2022, will serve as vice president for investment operations at Beijing-based Asian Infrastructure Investment Bank (AIIB). 

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