INDIA INC. POSTED financial results for the quarter ended September 2022 largely in line with expectations. Earnings growth in Q2FY23 was led by BFSI (banking, financial services and insurance), automobiles and telecom players, while sectors such as metals, oil and gas, and select cement and consumer durables firms dragged down the overall growth of the Nifty 50 companies. The combined consolidated net profit of all the Nifty 50 firms retreated 1.45 per cent year-on-year (YoY) to ₹1.49 lakh crore during the quarter under review. But if we exclude BFSI, then the profit in Q2FY23 stands at ₹92,753 crore—a decline of 16.80 per cent. On the other hand, gross sales (exBFSI) jumped 27.76 per cent to ₹13.68 crore.
According to V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the Q2 results are broadly in line with expectations. “The banking sector posted the best results assisted by impressive credit growth, rising interest rates and significantly improving asset quality,” he says.
The 11 BFSI players that are part of the benchmark equity index together reported consolidated net profit of ₹56,506.81 crore in Q2FY23, up 41 per cent YoY. The consolidated net profit of Bajaj Finance grew the most—87.76 per cent YoY to ₹2,780.65 crore. It was followed by State Bank of India (65.94 per cent) and Axis Bank (65.67 per cent).
Bu hikaye Business Today India dergisinin December 11, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Business Today India dergisinin December 11, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky
