INDUSIND BANK Announces Quarterly Results (2QFY21); Net Profit Down 53.2%

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INDUSIND BANK Announces Quarterly Results (2QFY21); Net Profit Down 53.2%
Wed, 4 Nov

INDUSIND BANK has announced its results for the quarter ended September 2020. Here is a detailed performance review of the same:

INDUSIND BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-19*
3
Jun-20*
3
Sep-20*
QoQ ChangeYoY Change
Operating incomeRs m71,50471,61771,7720.2%0.4%
Other incomeRs m17,26715,19215,5382.3%-10.0%
Total revenuesRs m88,77086,80987,3110.6%-1.6%
InterestRs m42,40838,52538,9921.2%-8.1%
Gross Profit Rs m29,09533,09232,780-0.9%12.7%
Other expensesRs m20,36319,67120,0131.7%-1.7%
Profit before taxRs m18,6226,0258,66143.8%-53.5%
TaxRs m4,7891,4182,19154.5%-54.3%
Profit after taxRs m13,8344,6066,47040.5%-53.2%
Gross profit margin %40.746.245.7
Effective tax rate%25.723.525.3
Net profit margin%19.36.49.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter grew 0.4% on a year-on-year (YoY) basis. The interest expended was down by 8.1% YoY during the same period.
  • The bank's operating profit increased by 12.7% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 45.7% in 2QFY21 as against 40.7% in 2QFY20.
  • Other income declined by 10.0% YoY during the quarter.
  • Net profit for the quarter declined by 53.2% YoY. Net profit margins during the quarter declined from 19.3% in 2QFY20 to 9.0% in 2QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 0.2% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 1.2% QoQ during the same period.
  • The bank's operating profit declined by 0.9% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 45.7% in 2QFY21 as against 46.2% in 1QFY20.
  • Net profit for the quarter increased by 40.5% QoQ, while net profit margins increased from 6.4% in 1QFY20 to 9.0% in 2QFY21.

To see how INDUSIND BANK has performed over the last eight quarters,please visit here.

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INDUSIND BANK Share Price Performance

Over the last one year, INDUSIND BANK share price has moved down from Rs 1,351.8 to Rs 666.0, registering a Loss of Rs 685.8 or around 50.7%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,167.4 (down 1.0%). Over the last one year it has moved down from 34,219.4 to 29,167.4, a gain of 5,052 points (down 14.8%).

Overall, the S&P BSE SENSEX is up 0.4% over the year.

Current Valuations

At the current price of Rs 666.0, the price to earnings (P/E) ratio of INDUSIND BANK stands at 14.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.5 times.

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