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State Bank of India - Quarterly results 2021

State Bank
04/08/2021

State Bank of India reported 6% rise in consolidated revenues in the Jun-21 quarter at Rs.93,267 crore with a spike in treasury and insurance revenues while retail and wholesale banking were flat to positive. The bank reported record standalone net profits of Rs.6,504 crore with operating profits at Rs.18,975 crore. Consolidated PAT for the quarter stood at Rs7,380 crore. NII was up 3.74% while NIMs were slightly lower at 3.15% in the Jun-21 quarter.

 

Rs in Crore

Jun-21

Jun-20

YOY

Mar-21

QOQ

Total Income

₹ 93,267

₹ 87,984

6.00%

₹ 1,03,431

-9.83%

Net Profit

₹ 7,380

₹ 4,777

54.50%

₹ 6,126

20.48%

Diluted EPS

₹ 8.27

₹ 5.35

 

₹ 6.86

 

Net Margins

7.91%

5.43%

 

5.92%

 

Gross NPA Ratio

5.32%

5.44%

 

4.98%

 

Capital Adequacy

13.66%

13.40%

 

13.74%

 

 

In the Jun-21 quarter, deposits grew 8.8% while domestic credit grew by 5.64%. This included a 10.98% growth in home loans, now comprising 23% of SBI overall loan book. During the Jun-21 quarter, the slippage ratio stood higher at 2.47% but the profit got a big boost as the cost to income ratio fell by 261 bps to 51.89%. 

A major contributor to the net profits in the quarter was the 16.3% fall in loan loss provision at Rs.10,510 crore. Credit costs were actually lower by 77 bps to 0.79%, resulting in ROE getting a boost of 357 bps to 12.12%.

There was a 34 bps increase in gross NPAs at 5.32%, but on the positive side the return on assets or ROA at 0.57% is very stable and attractive. The provision coverage ratio was marginally lower at by 39 bps at 85.93%. However, capital adequacy at 13.66% could require continuous capital buffer infusion.

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Devyani International IPO Subscription Day-1

Devyani International IPO Subscription Day-1
04/08/2021

The Rs.1,838 crore Devyani International IPO, consisting of Rs.440 crore fresh issue and Rs.1,398 crore OFS, has gradually built on the response from retail investors on Day-1. As per the combined bid details put out by the BSE, Devyani International IPO was subscribed 2.69X overall, with bulk of the demand coming from the retail segment. The issue closes for subscription on Friday, 06 August.

As of the close of 04 August, out of the 1,125.70 lakh shares on offer, Devyani International saw applications for 3,022.98 lakh shares. This implies an overall subscription of 2.69X. The granular break-up of subscriptions was tilted in favour of retail investors but HNI and QIB portions did see some demand on Day-1. 

 

Devyani Internation IPO subscription Summary Day 1

 

Category

Subscription Status
Qualified Institutional (QIB) 0.77Times
Non-Institutional (NII) 0.77 Times
Retail Individual 11.37 Times
Employee 1.56 Times
Total 2.69  Times

 

QIB Portion

The QIB portion saw demand for 467.66 lakh shares against 611.02 shares available; net of anchor placement. On 03 August, Devyani International did anchor placement of Rs.824.87 crore to QIB investors like ADIA, Fidelity, Goldman Sachs, Government of Singapore, Monetary Authority of Singapore, Kuwait Investment Authority etc. QIB portion is subscribed 0.77X, but is likely to see action on the last day.

HNI Portion

The HNI portion also got subscribed 0.77X (getting applications for 234.88 lakh shares against the quota of 305.51 lakh shares). Funded applications and corporate applications, come in on last day. The real big story was the retail portion, which is already subscribed 11.35 times at the end of Day-1, showing strong retail appetite.

Retail Portion

Among retail investors; out of the 203.67 lakh shares on offer, valid bids were received for 2,311.84 lakh shares, of which bids for 1,826.54 lakh shares were at the cut-off price. The IPO is priced in the band of (Rs.86-Rs.90) and has allocated a quota of 10% for retail and 75% for QIBs.
 

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SBI Posts Record Profit in Q1 as Loan Loss Provisions Fall

SBI
04/08/2021

State Bank of India reported a record profit for the first quarter through June 2021, helped by a sharp drop in provisions to cover potential bad loans.

The nation’s biggest lender said standalone net profit jumped 55% to Rs 6,504 crore for the April-June period from Rs 4,189.34 crore a year earlier.

Net interest income—the difference between interest earned and paid—rose3.74% to Rs 27,638 crore even though the net interest margin for its domestic business shrank a little to 3.15% from 3.24% a year earlier.

The bank’s provisions to cover for potential non-performing assets (NPAs) slumped47% to Rs 5,030 crore from Rs 9,420 crore in the corresponding period of the last financial year.

 

Other key details:


1. Operating profit for Q1 grew 5.06% from a year earlier to Rs 18,975 crore.

2. Total deposits increased 8.8% year-on-year but gross advances grew at a slower pace of 5.8%.

3. Retail personal loans recorded the fastest growth, of 16.5%, while corporate loans fell 2.33%.

4. The bank’s capital adequacy ratio improved by 26 basis points to 13.66%.

5. Asset quality slightly improved as gross NPA ratio was at 5.32% from 5.44% a year earlier.

 

Management Commentary: 


SBI said its digital strategy is on track as it opened 38% of retail asset accounts and 72% of savings accounts through its Yono app in the first quarter.

The bank recorded strong growth in personal retail loans, driven by home loans, credit and gold loans. It added the growth in corporate loans will revive in line with recovery in the investment cycle in the broader economy.

The state-run lender also said it has well provided for its stressed book with its provision coverage ratio at 85.93% as of June 30, 2021.

It acknowledged that the Covid-19 pandemic across the globe has resulted in a decline in economic activities and that the situation remains uncertain.It said that major challenges for the bank could be from extended working capital cycles, fluctuating cash flow trends and probable inability of the borrowers to repay their loans timely.

However, the bank is proactively providing against the challenges of likely stress on its assets, SBI said.

 

Also Read: State Bank of India - Quarterly results 2021

 

 

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Titan Ekes Out a Profit in Q1 but Local Lockdowns Hurt

04/08/2021

Titan Company Ltd swung to a consolidated net profit for the first quarter through June 2021from a steep loss a year earlier when a nationwide lockdown to control the Covid-19 pandemic forced it to keep its stores closed.

The Tata Group company posted a consolidated net profit attributed to shareholders of Rs 20 crore for the April-June quarter, compared with a net loss of Rs 291 crore for the corresponding period of 2020.

However, the first-quarter profit was down 96.5% from Rs 564 crore in the preceding three-month period due to localised lockdowns that state governments imposed to tackle the pandemic’s devastating second wave.

The maker of Tanishq jewellery and Fastrack watches recorded revenue of Rs 3,473 crore in the first quarter. This is up from Rs 2,020 crore a year earlier but less than half the revenue it generated in the January-March period.

 

Other key details:


1. Jewellery division recorded revenue of Rs 2,467 crore for Q1 versus Rs 1,182 crore a year earlier.

2. Jewellery division clocked earnings before interest and tax of Rs 207 crore for Q1 versus a loss of Rs 54 crore.

3. The watches and wearables business recorded sales of Rs 292 crore as against Rs 75 crore earlier.

4. Eyewear business generated Rs 67 crore in Q1, compared with Rs 30 crore in the same period last year.

5. Titan added 13 stores in Q1 and now operates 1,922 outlets across 297 towns.

 

Management Commentary: 


The company said higher revenue in the first quarter of the current fiscal year was due mainly to the base effect of zero sales in April last year, when India was under a strict lockdown.

It also said its jewellery division, which accounts for more than four-fifths of its revenue, is gaining good traction in new customers and its mix in total buyers has reached the pre-pandemic levels.

Titan managing director CK Venkataraman said the company started the quarter with strong business momentum but the second wave of the pandemic severely disrupted it.

“The learnings and experience of the past year helped us navigate this quarter’s turbulence much more efficiently. As the lockdowns started getting relaxed in different parts of the country in June, and with the rising vaccination level, we saw demand coming back steadily,” he said.

 

 

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Exxaro Tiles IPO Subscription Day-1

Exxaro Tiles IPO Subscription Day-1
04/08/2021

The Rs.161.09 crore IPO of Exxaro Tiles, consisting of Rs.134.23 crore fresh issue and Rs26.86 crore OFS, has got fully subscribed at the end of Day-1 itself; thanks to a strong response from retail investors. As per the combined bid details put out by the BSE, Exxaro Tiles IPO was subscribed 4.67X overall, with bulk of the demand coming from the retail segment. The issue still has 2 more days to go.

As of close of 04 Aug, out of the 114.51 lakh shares on offer in the IPO, Exxaro Tiles saw applications for 530.66 lakh shares. This implies an overall subscription of 4.63X. The granular break-up of subscriptions was tilted in favour of retail investors but that is natural in most IPOs since QIB and HNI bids come in on the last day.

 

Exxaro Tiles IPO Subscription Day 1

Category

Subscription Status
Qualified Institutional (QIB) 1.11 Times
Non-Institutional (NII) 0.65 Times
Retail Individual 9.29 Times
Employee 0.74 Times
Total 4.67  Times

 

QIB Portion

The QIB portion got close to full subscription of its quota at the end of Day-1. On 03 Aug, Exxaro Tiles did an anchor placement worth Rs.26.86 crore. QIB portion, net of anchor allocation, was subscribed 0.95X at the end of Day-1.

HNI Portion

The HNI portion got subscribed 0.65X (getting applications for 30.07 lakh shares against the quota of 46.04 lakh shares). Funded applications and corporate applications, will come in on the last day.

Retail Portion

However, the real big story was the retail portion, which is already subscribed 9.29 times at the end of Day-1, showing strong retail appetite. Among retail investors; out of the 52.62 lakh shares on offer, valid bids were received for 486.11 lakh shares, of which bids for 387.37 lakh shares were at the cut-off price. The IPO is priced in the band of (Rs.118-Rs.120) and will close for subscription on Friday, 06 August.

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Krsnaa Diagnostics IPO Subscription Day-1

Krsnaa Diagnostics IPO Subscription Day-1
04/08/2021

The Rs.1,213.33 crore IPO of Krsnaa Diagnostics, consisting of Rs.400 crore fresh issue and Rs.813.33 crore OFS, has gradually built response on Day-1 of the IPO. As per the combined bid details put out by the BSE, Krsnaa Diagnostics IPO was subscribed 1.98X overall, with bulk of the demand coming from the retail segment. The issue has 2 more days to go.

As of the close of 04 August, out of the 71.12 lakh shares on offer in the IPO, Krsnaa Diagnostics saw applications for 140.64 lakh shares. This implies an overall subscription of 1.98X. The granular break-up of subscriptions were tilted substantially in favour of retail investors but HNI and QIB bids would typically come in on the last day. 

 

Krsnaa Diagnostics IPO Subscription Day 1

 

Category

Subscription Status
Qualified Institutional (QIB) 0.48 Times
Non-Institutional (NII) 0.15 Times
Retail Individual 9.59 Times
Employee 0.12 Times
Total 1.98  Times

 

QIB Portion

The QIB portion remained tepid at the end of Day-1. On 03 Aug, Krsnaa Diagnostics did an anchor placement of Rs.537 crore to QIB investors like Kuber, Volrado, HSBC, SocGen, Elara, Nomura etc. QIB portion is just subscribed 0.48X, at the end of the first day of bidding.

HNI Portion

The HNI portion got subscribed 0.15X (getting applications for 2.81 lakh shares against the quota of 18.76 lakh shares). Of course, funded applications and corporate applications will come in on the last day. The real big story was the retail portion, which is already subscribed 9.55 times at the end of Day-1, showing strong retail appetite.

Retail Portion

Among retail investors; out of the 12.51 lakh shares on offer, valid bids were received for 119.50 lakh shares, of which bids for 97.11 lakh shares were at the cut-off price. The IPO is priced in the band of (Rs.933-Rs.954) and will close for subscription on Friday, 06 August. Krsnaa has limited retail quota to 10% while institutions have 75% allocation.

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