India’s largest IT exporter posted better-than-expected results for Q2. Revenue growth was 3.9% quarter on quarter (QoQ), better than the consensus estimate of 3.5%. Earnings before interest and tax (Ebit) margin at 24% was resilient, with 90 bps QoQ expansion, ahead of the consensus estimate of 70 bps due to deft gross margin management, higher utilisation and slight moderation in subcontracting cost.
AU Small Finance Bank Q2 profit jumps 53% to Rs 858 crore
AU’s gross non-performing assets ratio fell 42 basis points (bps) to 1.99% at the end of September. This helped in 25% lower provision at Rs