Investors eye Q2 results from Indian banks and companies

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Investors eye Q2 results from Indian banks and companies
Credit: © Reuters.

Investors are set to scrutinize the second quarter results of 76 companies today, including Punjab National Bank Ltd (PNB), Asian Paints Ltd, Canara Bank Ltd, ACC Ltd, and Vodafone (NASDAQ: VOD ) Idea Ltd. The financial market's attention is drawn particularly towards the three government-owned banks - PNB, Canara Bank, and Indian Bank, which are predicted to report a significant year-on-year (YoY) profit growth of over 40%.

PNB's robust earnings are attributed to lower provisions and steady loan growth. The bank is expected to post a YoY net profit increase of 280% to ₹1,563 crore (1 crore = $120,127) from ₹411.3 crore and a YoY Net Interest Income (NII) growth of 16% to ₹9,594 crore. However, the Net Interest Margin (NIM) might contract sequentially due to the rising cost of funds.

Canara Bank is predicted to report a 12% YoY growth in pre-provision operating profit. Phillip Capital projects a 44.4% YoY profit after tax growth for Indian Bank. According to Motilal Oswal Securities, PNB's gross advances and total deposit base have grown by 14% and 10% YoY respectively.

In the non-banking sector, Asian Paints is anticipated to experience a 60% YoY surge in profits, despite Kotak Institutional Equities expecting a slowdown in the company's YoY growth trends due to a late festive season. Cement company ACC is likely to report profits against losses from the same quarter last year, indicating a significant turnaround. It is expected to report a profit of Rs 34.90 crore compared to a loss of Rs 8.7 crore in the year-ago quarter.

Meanwhile, telecom service provider Vodafone Idea is predicted by Emkay Global to continue its trend of subscriber loss in the second quarter.

The Q2 results are set to provide crucial insights into the performance of these companies and their respective sectors.

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