HDFC Bank, Tata Elxsi, nine other companies to declare Q1 results today
Q1 results 2023: Amid stock market trading at record highs, company results hold key for Dalal Street mood. For further upside, market requires strong Q1 earnings season and hence, both investors and market observers are eagerly awaiting company earnings after the end of April to June 2023 quarter. A total of eleven listed companies are going to declare their Q1 results today and those eleven companies include HDFC Bank, Tata Elxsi, LTIMindtree, Central Bank of India and CRISIL.
After strong results season after the end of Q4FY23, market is expecting some better numbers from the listed entities as Indian economy has managed to further move forward. In April to June quarter, Indian economy witnessed robust GST collection, better-than-expected GDP numbers, lowering of inflation, etc. So, the results season is expected to deliver more better numbers than the previous results season.
HDFC Bank's Q1 results 2023 is highly anticipated as it marks the first since the completion of HDFC Bank's mega-merger with Housing Development Finance Corporation (HDFC). With expectations of strong loan growth and the integration benefits from the merger, HDFC Bank's Q1 results are poised to make headlines. Analysts estimate that HDFC Bank will report a standalone net profit of ₹11,580 crore for the April-June period, representing an impressive 25.9 per cent jump compared to the same period last year.
They also anticipate the net interest income (NII) to expand by 23.2 per cent year-on-year to ₹24,000 crore. HDFC Bank's business update released on July 5 revealed a 15.8 per cent YoY increase in gross advances, reaching ₹16,15,500 crore as of June 30, 2023. Deposits also rose by 19.2 per cent to ₹19,13,000 crore during the same period.
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