Havells India's net profit grew by 9.7% to 349 crore rupees in the second quarter amid a 34.6% revenue increase

Havells India, a manufacturer of consumer electrical goods, reported on Thursday a year-on-year growth of consolidated net profit by 9.72%, reaching 349.22 crore rupees for the September quarter of fiscal year 27. This growth was driven by an increase in revenue.

According to Havells India's regulatory filings, in the July-September period of the previous year, the company recorded a consolidated net profit of 318.28 crore rupees. In the September quarter of fiscal year 27, the company's operating revenue increased by 34.57%, amounting to 6,432 crore rupees, compared to 4,779.33 crore rupees in the same period last fiscal year.

Havells' total expenses amounted to 5,991.98 crore rupees, which is 34.47% higher than the previous year. Chairman and Managing Director Anil Rai Gupta noted that the second quarter demonstrated strong business performance, including revenue growth of about 35% year-on-year and EBITDA growth of about 30%, despite stable demand amidst inflation.

Despite ongoing macroeconomic uncertainties, Anil Rai Gupta expressed optimism regarding the upcoming festive season. In the September quarter, Havells' switchgear business segment showed a revenue growth of 31.3% to 782 crore rupees. This growth was supported by increased domestic demand and the recovery of exports after disruptions in June.

The cables segment demonstrated impressive revenue growth of 47.9%, reaching 2,999 crore rupees. The growth was ensured by price increases related to raw materials, as well as a shift in the product portfolio towards larger cables. Revenue from lighting fixtures and lamps increased by 7% to 449 crore rupees due to improved demand and price stabilization.

The Consumer Electrical Goods (ECD) segment increased revenue by 10.7%, reaching 1,072 crore rupees, with growth observed across all product categories. Havells' renewable energy business continued to scale rapidly, doubling its revenue to 329 crore rupees in the September quarter, reflecting the expansion of this area. Lloyd Consumer, a consumer goods division acquired by Havells in 2017, increased revenue by 28.4% to 615 crore rupees due to increased sales volume and price hikes.

Havells India' total revenue, including other income, stood at 6,464.60 crore rupees, which is 32.86% higher in the second quarter of fiscal year 27. On Thursday, Havells India Ltd shares closed at 1,075.60 rupees on the BSE, showing a rise of 0.42% compared to the previous close.

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Punjab & Sind Bank reported a significant increase in net profit for the second quarter of the fiscal year 27. Profit rose by 40% compared to the same period last year, reaching 412 crore rupees. This growth was driven by an increase in interest income and an improvement in asset quality.

According to the bank, which is a public sector lender, the net profit for the second quarter ending September 30 was 412 crore rupees. In the same period last fiscal year, the bank earned 295 crore rupees.

The bank's total income in the second quarter increased to 3,747 crore rupees compared to 3,373 crore rupees the previous year. Interest income for the September quarter of fiscal year 27 reached 3,394 crore rupees, whereas it was 2,999 crore rupees in the previous year.

Net interest income for the quarter grew by 22%, amounting to 1,162 crore rupees versus 950 crore rupees in the second quarter of the previous fiscal year. Furthermore, the cost-to-income ratio decreased to 29.19% compared to 61.87% the year before.

The bank's operating profit also increased, reaching 617 crore rupees compared to 505 crore rupees a year ago. Regarding asset quality, gross non-performing assets (NPA) decreased to 2.09% of total outstanding loans as of September 2026, compared to 2.92% the previous year.

Similarly, net NPAs or bad loans reduced to 0.61% as of September 2026, down from 0.83% the previous year. The Provision Coverage Ratio (PCR) rose to 92.48% as of September 30, 2026, showing an increase of 60 basis points compared to 91.88% at the end of September 2025.

The Capital to Risk-weighted Assets Ratio (CRAR) improved to 17.19% from 16.55% at the end of the second quarter of the previous fiscal year.

business-standard.comOctober 19, 09:54

Union Bank's second-quarter profit rose by 31% to 5,781 crore rupees amid growth in net interest income

The consolidated net profit of Union Bank of India increased by 30.6% year-on-year, reaching 5,781 crore rupees in the quarter ending September 30, 2026. This figure was up from 4,425.95 crore rupees and was driven by an increase in net interest income and a sharp reduction in provisions.

Net interest income, calculated as interest earned minus interest paid, grew by 20.2% to 10,765.32 crore rupees, compared to 8,957.92 crore rupees. Meanwhile, interest income rose by 8.3% to 28,377.73 crore rupees, while interest expenses increased more slowly—by only 2.1%—to 17,612.41 crore rupees.

Sharp reduction in provisions by almost 50 percent

Operating profit before provisions and unexpected expenses rose by 19.1%, amounting to 8,150.96 crore rupees compared to 6,844.79 crore rupees. Provisions and unexpected expenses, excluding taxes, decreased by 49.6%, falling from 1,392.28 crore rupees to 702.19 crore rupees. However, provisions specifically set aside for non-performing assets increased by 15%, reaching 596.48 crore rupees.

Profit before tax increased by 36.6%, totaling 7,448.77 crore rupees. Tax expenses grew by 60.4% to 1,878.37 crore rupees. The bank's share of profit from affiliates increased by 45.6% to 210.60 crore rupees. Basic and diluted earnings per share rose to 7.57 rupees from 5.80 rupees.

Total income increased by 5.4% to 33,471.29 crore rupees, while other income decreased by 8.2% to 5,093.56 crore rupees. Total expenses, excluding provisions and unexpected expenses, rose by 1.6% to 25,320.33 crore rupees. Union Bank's operating margin improved to 24.35% from 21.55%, and net profit margin rose to 17.27% from 13.94%.

Credit growth outpaces deposit growth

Consolidated loans grew by 19.4% year-on-year to 1,136,280.44 crore rupees as of September 30, 2026, compared to 951,795.76 crore rupees. Deposits increased by 6.9%, reaching 1,322,309.68 crore rupees from 1,237,049.70 crore rupees. The consolidated capital adequacy ratio improved by 91 basis points, standing at 18.61% compared to 17.70%. The Tier 1 capital ratio increased by 171 basis points to 16.72%. Net capital grew by 14.6% to 134,105.53 crore rupees from 117,044.78 crore rupees.

Corporate banking results nearly doubled

Income from corporate and wholesale banking services increased by 11.3%, reaching 12,451.29 crore rupees. The result of this segment grew by 98.2%, amounting to 2,849.34 crore rupees. Retail banking income rose by 9.7% to 12,532.78 crore rupees, and the segment's result increased by 56.2% to 2,514.73 crore rupees. Income from the trading division decreased by 9.7% to 6,886.53 crore rupees, and the segment's result fell by 20.4% to 1,299.55 crore rupees.

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