updated on 16 Feb 2017
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Take a look at Q3 results; Which company has posted best results
With better-than-expected financial results of State Bank of India (SBI) on Friday, nearly 90 per cent of companies in the BSE30 index have announced their earnings for the quarter ended December 31, 2016. So far, 26 companies in the BSE Sensex have declared their numbers till February 10.
Barring TCS, Infosys and Wipro, rest 23 companies reported over 10 per cent year-on-year rise in net profit on an average. On the other hand, IT majors on an average registered nearly 2.5 per cent quarter-on-quarter rise in bottom-line with flat topline growth.
The quarter remained special for Tata Steel as the metal major got back to the profit-making mode by posting a consolidated net profit of Rs 231.40 crore for the December quarter on improvement in sales volume and higher steel prices. It had posted a consolidated net loss of Rs 2,747.7 crore for the same quarter of the previous financial year.
Among the other top performers of Q3, ONGC reported 196.91 per cent year-on-year rise in net profit at Rs 4352.33 crore on the back of higher oil prices. It had registered net profit of Rs 1,465.88 crore in the same quarter last financial year.
India’s biggest oil and gas producer, ONGC earned $51.80 for every barrel of crude oil it produced, 16.8 per cent more than $44.34 per barrel it had realised in the third quarter of the previous financial year, 2015-16. Oil production dropped 1.9 per cent to 6.4 million tonne while gas output was up 4.4 per cent at 6.025 billion cubic meters.
State Bank of India, Maruti Suzuki, GAIL (India), Cipla and Larsen & Toubro reported 71 per cent, 47.46 per cent, 45.45 per cent, 43.85 per cent and 38.86 per cent year-on-year rise in net profit in Q3 of FY17.
Mahindra & Mahindra, Lupin, Power Grid and HDFC Bank registered 33.29 per cent, 20.69 per cent, 20.16 per cent and 15.15 per cent year-on-year rise in net profit at Rs 1112.27 crore, Rs 633.11 crore, Rs 1930.02 crore and Rs 3865.33 crore, respectively, for the quarter ended December 31, 2016.
Axis Bank, Bharti Airtel, ICICI Bank, Dr Reddy’s Labs, NTPC and Bajaj Auto reported 73.36 per cent, 54.54 per cent, 21.80 per cent, 15.95 per cent, 7.50 per cent and 5.27 per cent YoY fall in net profit for the quarter under review.
The last quarter of the financial year 2016-17 was a challenging one for India Inc, after Prime Minister Narendra Modi announced demonetisation of high-value currency notes on November 8.
Hero MotoCorp: Despite a 2.6 per cent year-on-year fall in net profit in Q3 of FY17, Hero MotoCorp reported better-than-expected financial numbers for the quarter ended December 31, 2016. Triggered by demonetisation, net profit of the two-wheeler major declined to Rs 772.05 crore in Q3 of FY17 from Rs 793.23 crore in Q3 of FY16.
Lupin: According to market experts, with products buyout of Shinogi, management of Lupin expects foray into CNS market and see a significant increase in market share to become the 7th largest in generics. Sales growth of over 20 per cent YoY in Q3FY17 was driven by existing brands and expansion in hospital segment.
Asian Paints: Asian Paints reported 1.52 per cent increase in consolidated net profit at Rs 489.31 crore for the third December quarter of the current fiscal. It had posted net profit of Rs 482.02 crore in the October -December quarter of last fiscal.
ITC: ITC registered a 5.71 per cent year-on-year increase in net profit at Rs 2,646.73 crore for the third quarter ended December 31, 2016. It had posted a net profit of Rs 2,503.76 crore during the same period of last financial year. At present, the company is planning to set up multi-specialty hospitals and leverage its experience in hospitality for tapping into the expanding medical tourism segment in India.