Business News

State lender Punjab National Bank (PNB) on Monday reported a 145% jump in its standalone net profit for the September quarter, reaching Rs 4,303 crore compared to Rs 1,756 crore in the same period last year.PNB's Net Interest Income (NII) rose to Rs 10,517 crore in Q2 FY25 from Rs 9,923 crore in Q2 FY24, a 5.99% rise on a YoY basis.Global Net Interest Margin (NIM) stood at 2.99% in HY1FY25 and 2.92% in Q2 FY25.The lender earned interest income of Rs 29,875 crore in the reported quarter, reflecting a 13% increase from Rs 26,355 crore in the corresponding quarter of the previous financial year.The interest expended by the lender in Q2 FY25 stood at Rs 19,358 crore, an 18% increase from Rs 16,432 crore reported in Q2 FY24. The earnings were announced during market hours, and the stock shot up 7% to hit the day's high of Rs 101.95 on NSE. At 2 pm, it was trading at Rs 101.28.PNB's gross NPAs fell to Rs 47,582 crore in the reported quarter, down from Rs 51,263 crore in the April-June quarter of FY25 and Rs 65,563 crore in the corresponding quarter of the previous financial year. In percentage terms, NPAs stood at 4.48% compared to 4.98% in Q1 FY25 and 6.96% in Q2 FY24.Meanwhile, net NPAs stood at Rs 4,674 crore in Q2 FY25, compared to Rs 5,930 crore in Q1 FY25 and Rs 13,114 crore in Q2 FY24. As a percentage, net NPAs were reported at 0.46% in Q2 FY25, versus 0.60% in Q1 FY25 and 1.47% in Q2 FY24.Meanwhile, net NPAs stood at Rs 4,674 crore in Q2 FY25, compared to Rs 5,930 crore in Q1 FY25 and Rs 13,114 crore in Q2 FY24. As a percentage, net NPAs were reported at 0.46% in Q2 FY25, versus 0.60% in Q1 FY25 and 1.47% in Q2 FY24.Return on Assets (RoA) improved to 1.02% in Q2 FY25 from 0.46% in Q2 FY24, while Return on Equity (RoE) improved to 19.91% in Q2 FY25 from 10.15% in Q2 FY24.The operating profit increased by 10.25% YoY to 6,853 crore in Q2 FY25 against Rs 6,216 crore in Q2 FY24.

Ambuja Cements on Monday reported a standalone net profit of Rs 501 crore in the second quarter ended September 2024, which is a fall of 22% year-on-year (YoY) from Rs 644 crore reported in the previous year quarter.Revenue from operations, meanwhile, increased 6% YoY to Rs 4,213 crore in the July-September 2024 period, compared with Rs 3,970 crore in the last year period.Operating EBITDA for the quarter declined 12% YoY to Rs 683 crore in the September quarter, while margins fell to 16.2% in the same period."We are glad to deliver another sustained performance aligned to our growth blueprint and setting new benchmarks in efficiency. We continue to focus on innovation, digitalisation, customer satisfaction and ESG as the core elements of our business," said Ajay Kapur, Whole Time Director & CEO, Ambuja Cement. 114684289Operationally, the sales volume recorded a growth of 9% YoY to 14.2 mnt, while kiln fuel cost was reduced by 13% to Rs 1.59 per '000 Kcal. This was possible due to the increased use of low-cost imported Petcoke and E-auction coal along with an overall reduction in the cost of fuel basket.During the quarter, Ambuja announced the signing of a binding agreement with Orient Cements for the acquisition of 46.8% equity. Post successful completion of the transaction, the company is aiming to achieve 100+ MTPA capacity by this fiscal year end.Operating cost during the quarter stood at Rs 4,497 PMT, which is an improvement of 4% YoY.On a consolidated level, the cash and cash equivalent for the company was at Rs 10,135 crore at the end of the second quarter, enabling it to accelerate growth in the future.For Ambuja, consolidated business-level working capital stands at 33 days, reflecting agility in unblocking the funds in inventory and receivables."With our strong foothold across the nation, we are further expanding our footprint in new geographies in line with our vision," Kapur said.On Monday, Ambuja Cement shares are trading nearly 5% higher at Rs 578.8 on NSE.