Axis Bank on Wednesday reported a 10 per cent increase in the September quarter net profit to Rs 5,864 crore on higher interest income. The lender had reported a net profit of Rs 5,330 crore in the year-ago period.

The bank’s net interest income (NII) grew 19 per cent year-on-year to Rs 12,315 crore.

Provisioning rose to Rs 815 crore during the second quarter of the current fiscal from Rs 550 crore a year ago.

Axis Bank’s total income rose to Rs 31,660 crore during the quarter under review, from Rs 24,094 crore last year.

TechM profit falls

IT company Tech Mahindra posted a 61 per cent decline in consolidated net profit to Rs 505.3 crore in the July-September quarter, mainly on account of reduced spending by clients. The company had registered a net profit of Rs 1,299.2 crore in the year-ago period, according to a regulatory filing.

Consolidated revenue from operations of the company declined 2 per cent to Rs 12,864 crore during the reported quarter from Rs 13,129.5
crore in the September 2022 quarter.

Tech Mahindra chief executive officer and managing director C.P. Gurnani, in his last earnings call, said the last few quarters have been the most difficult ones among the ups and downs he has seen throughout his career.

Jubilant Foodworks

Jubilant Foodworks, which operates fast-food chains such as Domino’s Pizza and Dunkin’ Donuts, on Wednesday reported a 26.1 per cent decline in its consolidated net profit to Rs 97.20 crore in the second quarter ended September.

The company had posted a consolidated net profit of Rs 131.53 crore in the July-September quarter of the previous fiscal, Jubilant Foodworks Ltd said in a regulatory filing.

Revenue from operations during the quarter increased 5.15 per cent to Rs 1,368.63 crore against Rs 1,301.48 crore in the year-ago period, it added.

PTI