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New Delhi: Steel companies in the country are likely to face margin pressure in the third quarter of FY25 as muted steel prices compress spreads, according to a report by Axis Securities. The report stated that the weak demand in China and higher exports from the country have been identified as key factors behind the decline in steel prices. The report highlighted that <keyword id="24048830" type="General" weightage="20" keywordseo="Chinese-steel-exports" source="keywords">Chinese steel exports</keyword> reached 92 million tonnes per annum (MTPA) between January and October 2024, marking a 22 per cent year-on-year increase. This has led to an oversupply in the global market, weighing down prices domestically. It said "Weak Chinese domestic demand along with higher Chinese exports has led to a decline in steel prices in India. Chinese steel exports from Jan'24 to Oct'24 stood at 92 MTPA, up 22 per cent YoY" In India, the average price of hot-rolled coil (HRC) steel in the trader's market in Mumbai fell by 8 per cent year-on-year and 6 per cent quarter-on-quarter to Rs 51,802 per tonne in the second quarter of FY25. Spot prices have further declined to Rs 49,000 per tonne, 5 per cent lower than the Q2FY25 average. The report also noted some signs of recovery in China's residential property sector, with increased transactions in major cities following policy measures aimed at boosting demand. However, challenges remain, as the three-month moving average of year-to-date floor space declined by 19 per cent year-on-year in September 2024, remaining in negative territory. It said "China's residential property sector is showing some signs of improvement with the transactions in major cities rising after recent policy measures introduced to boost demand". On the global front, the report noted that the probability of a 25-basis point rate cut by the US Federal Reserve in its December 2024 meeting has fallen to 58.9 per cent, down from 76.8 per cent in October 2024, owing to strong economic data from the US. Additionally, China has removed a 13 per cent export rebate on aluminum and copper, effective December 1, 2024, in response to anticipated tariff measures by the new US administration. These developments highlight the ongoing challenges and potential shifts in the global and domestic steel and metals markets.

Falling steel prices amid Chinese export surge, to reduce profits of companies in Q3 FY25: Report

Public sector mortgage lender, <keyword id="6359231" type="General" weightage="100" keywordseo="Central-Bank-of-India" source="Orion">Central Bank of India</keyword> closed the third quarter of FY24 with higher net profit of Rs.717.86 crore. In a regulatory filing on Friday, the bank said that for the quarter ended December 31, 2023, it had earned a total interest income of Rs 7,809.21 crore (Q3FY23 Rs 6,716.55 crore) and a net profit of Rs 717.86 crore (Rs 458.22 crore). The profit went up drastically owing to the sharp spike in the bank's other income for the quarter under review at Rs 1,329.72 crore (Rs 919.16 crore). During the quarter under review, the bank's provisions for non-performing assets came down to Rs 726.69 crore (Rs 849.62 crore). As on December 31, 2023, the bank's gross and net non-performing assets stood at Rs 10,786.49l crore (December 31, 2023 Rs 18,489.97 crore) and Rs. 2,955,57 crore (Rs 4,060.92 crore). According to the Central Bank of India, during the quarter under review, its total business by 11.48% to Rs. 6,17,368 crore with total deposits growing by 9.53% to Rs 377,722 crore and gross advances going up by 14.71% to Rs 239,646 crore. Net Interest Income (NII) marginally declined by 4.04% on Y-o-Y basis to Rs 3,152 crore in Q3FY24 as against Rs 3,285 crore for Q3FY23. However excluding one off exceptional item, NII was up 3.73% from Rs 3,042 crore in Q3FY23 to Rs 3,125 crore in Q3FY24.

Central Bank of India logs Rs.717 crore net profit for Q3

India's largest airline with a market share of 62.5% and Asia's biggest carrier by market valuation, <keyword id="19899182" type="General" weightage="100" keywordseo="IndiGo" source="keywords" meta.keywordsubtype="org" meta.entityname="IndiGo" meta.hostid="261" meta.entityid="IndiGo">Indigo</keyword>, posted a net loss of Rs 986.7 crore for the last quarter ended September 30, 2024. Indigo's profits during this quarter in 2023 were Rs 188.9 crore. The main reason behind the carrier running into reds during the second quarter of FY25 was high <keyword id="21353061" type="General" weightage="20" keywordseo="fuel-costs" source="keywords">fuel costs</keyword>. Per the airline, its fuel costs jumped by 12.8% to Rs 6,605.2 crore, compared to Rs 5,856 crore in the year-ago period. Another expense area that witnessed an exponential surge was aircraft and engine rentals, which rose to Rs 763.6 crore in the second quarter. This stood at Rs 195.6 crore in the year-ago period. All in all, the company's total expenses burgeoned 22% to Rs 18,666.1 crore during the previous quarter. Indigo's <keyword id="20066400" type="General" weightage="20" keywordseo="revenue-from-operations" source="keywords">revenue from operations</keyword>, while down by 13.3% on a QoQ basis, from Rs 19,571 crore in June 2024 to Rs 16,970 crore as of September 2023, jumped 13.6% on a YoY basis. The company's revenue from operations during the September quarter in 2023 stood at Rs 14,944 crore. Indigo’s consolidated top line also jumped 14% YoY to Rs 16,970 crore, which included Rs 14,359 crore of <keyword id="23687772" type="General" weightage="20" keywordseo="ticketing-revenue" source="keywords">ticketing revenue</keyword> and Rs 1,875 crore earned from ancillary services. At the end of September 2024, Indigo had a fleet of 410 planes. For the last quarter, Indigo was plagued by mass groundings of its aircraft due to faulty engines manufactured by <keyword id="21405019" type="General" weightage="20" keywordseo="Pratt-and-Whitney" source="keywords">Pratt and Whitney</keyword> Group. This had forced the airline to ground around 75 planes, or about 1/5th of its fleet. However, in the earnings call today, the management noted that the worst was behind them. Indigo expects the number of non-operational planes to drop below 60 by the end of this year and further dip to 40 by March 2025. Already, the number of grounded aircraft had come down to the high 60s. IndiGo’s cost per available seat kilometer (<keyword id="23687771" type="General" weightage="20" keywordseo="CASK" source="keywords">CASK</keyword>)—a useful metric to assess an airline's operational efficiency—also inched up 12% YoY to stand at Rs 4.69. The company expects this figure to inch up to double digits by the next quarter. Indigo's stock was down by 3.23% during the day, closing the week at Rs 4,373.70.

IndiGo's bottom-line turns red for Q2, high fuel costs, and forced groundings main reason

<ul><li><keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword>’s board approved the merger of five of its subsidiaries into the company.</li><li>Wipro said that it has 22 accounts above the $100 million range as of September end.</li><li>Its voluntary attrition came in at a nine-quarter low of 13.4% in the second quarter.</li></ul> Wipro, the country’s fourth largest IT services company, reported a 2% sequential fall in constant currency revenues for the July-September quarter on Wednesday. This is the third consecutive quarter where it has reported sequential fall in revenues. Gross revenues declined 0.01% to ₹17,365 crore year-on-year. The IT major has also guided for yet another weak quarter ahead. It expects revenues to fall anywhere between 1.5-3.5% in the third quarter of FY24. The fall was steeper in its quarterly net profit, which declined by 8% in rupee terms to ₹2,667 crore against ₹2,887 crore it reported in the previous quarter. The Street was expecting Wipro to report a 1% sequential fall in constant currency revenues. In dollar terms, its IT segment revenues fell 2.3% to $2,713.3 million, the company said on Wednesday. Commenting on the quarterly numbers, <keyword id="3808309" type="General" weightage="50" keywordseo="thierry-delaporte" source="Orion">Thierry Delaporte</keyword>, Wipro’s CEO and MD, said: “Due to our higher exposure to the consulting and BFSI sector in the Americas, we have seen a higher than usual impact of macroeconomic conditions. As the markets start to turnaround, on the back of our transformation and efficiency plays, we expect to see improvement in the coming quarters. Wipro said that its total bookings for the quarter stood at $3.8 billion for the quarter which is 6% higher than what it was in the same quarter last year. Its large deal booking is at $1.3 billion – which is the highest it has seen in the last nine quarters. It said it has 22 accounts above the $100M range – twice as much they had in FY21. Wipro’s operating margin for the quarter was at 16.1%, up 10 bps QoQ. The company said it expects the margins to remain range-bound as seen in the last few quarters. Employees to get 80% variable pay Wipro’s voluntary attrition has continued to moderate sequentially, coming in at a nine-quarter low of 13.4% in the second quarter. The company also said it will give 80% of the variable pay to its employees based on performance. It did not disclose its plans of hiring at campuses this year. “Hiring is a function of demand and benching. We are focussed on honouring our commitments made to people before going to campuses, and there are still some offers left to honour,” said Saurabh Govil, chief human resources officer at Wipro. The company’s board also approved a scheme of amalgamation to merge five of its wholly-owned subsidiaries with itself. The subsidiaries are Wipro HR Services, Wipro Overseas IT Services, Wipro Technology Product Services, Wipro Trademarks Holding and Wipro VLSI Design Services. “The scheme is subject to necessary statutory and regulatory approvals under applicable laws, including approval of the National Company Law Tribunal,” the company said. IT companies are facing demand headwinds in their key markets. Wipro, like other peers, had also indicated that its revenues could contract during the second quarter. In July, the company had said while announcing its first quarter earnings that it expected revenue from IT services to be in the range of $2,722 million to $2,805 million. This would translate to sequential guidance of -2 per cent to +1 per cent in constant currency terms.

You Searched For "wipro q3 fy22" and got 4 results

Falling steel prices amid Chinese export surge, to reduce profits of companies in Q3 FY25: Report

ANI

Central Bank of India logs Rs.717 crore net profit for Q3

IANS

IndiGo's bottom-line turns red for Q2, high fuel costs, and forced groundings main reason

BI India Bureau

Wipro’s revenues fall 2% in Q2, guides for a steeper fall in Q3

Katya Naidu

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