Indian banks report robust Q2 results, Tata Power signs deal with Supreme Petrochem
2023.10.22 23:51
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Indian banks and financial institutions have reported a promising second quarter (Q2), with several entities posting significant growth in net profits. ICICI Bank’s September quarter net profit and net interest income surged by 36% and 24%, respectively. Kotak Bank, under the new leadership of RBI-sanctioned MD & CEO Ashok Vaswani, recorded a 24% net profit growth. IDBI Bank also reported an impressive 60% year-on-year (YoY) net profit increase.
In addition to these banking giants, YES Bank, RBL Bank, and J&K Bank also announced increased profits for the September quarter. RBL Bank reported a net profit of Rs 294 crore, while J&K Bank posted a Q2 net profit of Rs 381 crore.
In other sectors, Torrent Pharma, Lloyds (LON:) Metals, and PNB Housing are expected to announce their Q2 results on Monday. Balkrishna Industries reported a solid Q2 operations revenue of Rs 2,253 crore, indicating a strong performance in the manufacturing sector.
Meanwhile, Just Dial experienced a 27% Q2 revenue growth, reflecting the ongoing recovery in the tech industry. Dodla Dairy also reported increased profits, showing resilience in the face of potential challenges in the food industry.
In the energy sector, Tata Power Renewable Energy inked a deal with Supreme Petrochem for a group captive project. This partnership is expected to bolster Tata Power’s renewable portfolio and contribute to India’s green energy transition.
Other financial players such as L&T Finance and JSW Energy have also recorded profit increases, marking an overall positive trend in India’s financial sector.
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