Sunday, 29 May 2022

HCL Technologies Q3 Net Income Declines – Quick Facts

Skoda Kodiaq launched after a facelift

Skoda has launched the facelifted Kodiaq in India, with prices starting from ₹ 34.99 lakh (ex-showroom, India). The updated Kodiaq is now a petrol-only SUV and is available in three variants — Style, Sportline and Laurin and Klement (L&K).

Compared to the model previously on sale, the updated Kodiaq gets a number of cosmetic tweaks such as a new, more upright grille, an elevated bonnet and revised headlights with new LED daytime running lamps. There is a new design for the alloy wheels, with the tail-lights and bumper being the only segments updated at the rear.

On the inside, the dashboard is similar to the pre-facelift model, with the most notable update being the new, two-spoke steering wheel.

On the equipment front, the most notable new feature is the dynamic chassis control, which adjusts the firmness of the dampers based on the drive mode. Also new to the SUV in India are heated and cooled front seats, wireless Android Auto and Apple CarPlay, a wireless charging pad and a 12-speaker Canton sound system — up from a 10-speaker system shown pre-facelift.

Other features on offer include an 8.0-inch touchscreen infotainment system, a 10.25-inch digital instrument cluster, ambient lighting, three-zone automatic climate control, a panoramic sunroof, hands-free parking, front and rear parking sensors and nine airbags.

Powering the Kodiaq facelift is a 2.0-litre, four-cylinder TSI turbo-petrol engine that develops 190hp and 320Nm, paired to a 7-speed automatic gearbox with all-wheel drive as standard. Skoda has dropped the pre-facelift model’s 2.0-litre diesel engine.

Eurozone Economic Confidence Falls More Than Expected In December

Eurozone economic sentiment weakened more than expected to a seven-month low as the Omicron variant weighed on services activity towards the end of the year, monthly survey results from the European Commission showed on Friday.

The economic confidence index declined to 115.3 in December from 117.6 in November. The reading was forecast to fall moderately to 116.0 and reached its lowest level since May.

The overall decline was driven by a marked decline in services and, to a lesser extent, retail trade and consumer confidence, while confidence improved in industry and construction.

The industrial confidence index rose unexpectedly to 14.9 from 14.3 a month ago. The score was forecast to fall to 13.9. Likewise, the confidence index for construction improved to 10.2 from 9.0.

The services sentiment index declined sharply to 11.2 from 18.3 in the previous month. The expected reading was 16.

Sentiment among retailers also deteriorated, with the index easing to 1.1 from 3.7 in the previous month.

At -8.3, the consumer confidence index matched the flash estimate, and was down from -6.8 in the prior month.

For the first time since January 2021, the employment expectations indicator decreased -1.6 points to 114.0 in December.

With the Omicron variant now taking hold across the region, sentiment is likely to stay weak in the coming months, James Reilly, an economist at Capital Economics, said.

HDFC Bank net rises 18% on non-interest income

Dip in provisioning for bad loans helps

The country’s largest private sector lender HDFC Bank on Saturday reported an 18.1% rise in its standalone net profit to ₹10,342.2 crore for the quarter ended December, helped by healthy non-interest income and a fall in provisioning for bad loans.

Total income rose to ₹40,651.60 crore in the October-December quarter of FY22, as against ₹37,522.92 crore a year earlier, HDFC Bank said in a filing.

Its non-interest income constituted almost 31% of net revenue at ₹8,183.6 crore, rising about 10% from a year earlier.

Net interest income (interest earned minus interest expended) climbed 13% to ₹18,443.50 crore.

Advances grew 16.5%, driven through relationship management, digital offerings and a breadth of products, the bank said.

Total deposits grew 13.8% to ₹1,445,918 crore as of December. Total advances rose 16.5% to ₹1,260,863 crore.

Maruti Suzuki hikes vehicle prices by up to 4.3% to offset rise in input costs

The auto major has already hiked the vehicle prices three times last year.

The country’s largest carmaker Maruti Suzuki India (MSI) on Saturday said it has increased prices of its models by up to 4.3% with immediate effect to partially offset the impact of the rise in input costs.

The company has enhanced prices across its models in the range of 0.1% to 4.3% owing to increase in various input costs.

"The weighted average price increase in ex-showroom Prices (Delhi) across models is 1.7 per cent. The new prices are effective from today," the auto major said in a regulatory filing.

MSI sells a range of cars from Alto to S-Cross priced between ₹3.15 lakh and ₹12.56 lakh, respectively.

The auto major has already hiked the vehicle prices three times last year — by 1.4 % in January, 1.6% in April and 1.9% in September, taking the total quantum to 4.9%.

Last month, the company had stated that it has been forced to hike prices due to the increase in cost of essential commodities like steel, aluminum, copper, plastic and precious metals over the last one year.

HCL Technologies Q3 Net Income Declines – Quick Facts

HCL Technologies Limited reported third-quarter net income to shareholders of $457.74 million or $0.17 per share compared to $539.64 million or $0.20 per share, prior year. Gross profit increased to $1.12 billion from $1.10 billion, last year. Revenue increased to $2.98 billion from $2.62 billion, a year ago.

For the nine months ended December, 31, earnings per share was $0.49 compared to $0.50, previous year. Net income declined to $1.33 billion from $1.35 billion. Revenues were $8.49 billion compared to $7.48 billion, last year.

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