Canara Bank, Federal Bank to HDFC AMC — 31 companies to declare Q1 results today
Q1 results today: Amid falling stock market, those who believe in stock specific trade becomes highly vigilant about upcoming earnings of the listed companies. In fact, company results are one of the most important events that helps them decide the mid and long term positions. It also helps stock market investors to take investment decision about the potential stocks they are zeroing on.
For such stock market investors, there is a piece of stock market news today. A total of 31 listed companies are going to declare their Q1 results today. Those 31 companies include Canara Bank, IDBI Bank, Tata Steel, Federal Bank, HDFC AMC, Poonawalla Fincorp, PNB Housing Finance, etc.
Market is expecting positive Q1 results 2023 from banking companies like Canara Bank, Federal Bank due to high interest regime for the last two quarters. In fact it is expecting better numbers from PNB Housing Finance after the boom in residential property market. However, exact numbers would be available only after the declaration of Q1 earnings of these companies.
Canara Bank reported 90.63 per cent rise in standalone net profit to ₹3175 crore for the quarter ended March 2023. This was against a net profit of ₹1,666.22 crore in the corresponding quarter last fiscal. The net interest income (NII), the difference between interest earned and interest expended, grew by 23.01 per cent to ₹8,616 crore for the quarter under review.
It was ₹7,006 crore in the year ago period. HDFC Asset Management Company (AMC) standalone net profit surged 9.6% to ₹376 crore during the quarter ended March (Q4FY23) as against ₹343 crore in the same period last year. Sequentially, the mutual fund company's net profit grew about 2 per cent from ₹369.40 in Q3FY23 (October-December).
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