Happiest Minds reports 18% net profit growth to INR 67.6 crore in the first quarter

The public sector lender Indian Overseas Bank (IOB) reported a significant increase in net profit of 49.3 percent year-on-year on Monday. Over the three months ending in June 2026, the bank earned 1,659 crore rupees, which was attributed to an improvement in asset quality.

Quarterly Financial Performance

In the same quarter last year, the bank had recorded a net profit of 1,111 crore rupees. According to the report submitted to the stock exchange system, total income for the period from April to June increased to 10,938 crore rupees compared to 8,866.47 crore rupees the previous year.

Improvement in Asset Quality

The bank's asset quality showed positive momentum. The Gross Non-Performing Assets (GNPA) ratio decreased to 1.33 percent for the June quarter of fiscal year 27, down from 1.97 percent the previous year. Similarly, Net NPA reduced to 0.18 percent from the previous 0.32 percent.

Other Details and Market Reaction

Furthermore, provisions amounted to 834 crore rupees in the quarter under review, which remained almost unchanged compared to 844 crore rupees the previous year, although this is less than the 1,006 crore rupees recorded in the March quarter. At the time of afternoon trading, IOB shares were trading 4.11 percent higher on the BSE, reaching the mark of 35.2 rupees.

Piramal Finance demonstrated significant growth in its financial indicators in the first quarter ending June 30, 2026. The company's consolidated net profit increased by 66.8 percent compared to the same period last year, reaching INR 460.98 crore. Meanwhile, total income grew by 27.5 percent.

First Quarter Financial Results

The company's operating revenue increased by 27.6 percent, amounting to INR 3,368.27 crore in the first quarter of the 2026-27 fiscal year (Q1FY27). This figure is higher than INR 2,639.25 crore a year earlier. Additional income also rose by 20.5 percent, reaching INR 61.27 crore, leading to a total income of INR 3,429.54 crore.

Income and Expense Dynamics

Interest income contributed the most to the revenue, increasing by 28.9 percent year-on-year to INR 3,085.48 crore. Income from commissions and fees grew by 11 percent, totaling INR 126.83 crore. The company's total expenses increased by 25 percent, rising from INR 2,467.44 crore to INR 3,085.42 crore.

Profit and Reserves

Financial costs increased by 16.2 percent, reaching INR 1,733.86 crore, while employee benefit expenses rose by 11.8 percent, amounting to INR 504.16 crore. Other expenses grew by 8.2 percent, reaching INR 329.21 crore. During the quarter, the company recorded impairment reserves of INR 273.59 crore, contrasting with the reversal of reserves of INR 226.83 crore in the corresponding period last year.

Profit Before Tax and Shareholders

Profit attributable to interests in affiliates and joint ventures, excluding exceptional items and taxes, increased by 54.5 percent, reaching INR 344.12 crore. The group's share in the net profit from affiliates and joint ventures grew by 26.2 percent, amounting to INR 98.87 crore. Consequently, profit before tax increased by 47.2 percent, reaching INR 442.99 crore from INR 301.03 crore a year earlier. Basic earnings per share rose to INR 20.38 from INR 12.22, and diluted earnings per share reached INR 20.27 compared to INR 12.13.

Total Income and Fundraising Plans

Other comprehensive income amounted to INR 200.15 crore compared to INR 33.13 crore a year earlier, including a share in other comprehensive income from affiliates and joint ventures of INR 155.12 crore. Total comprehensive income increased to INR 661.13 crore from INR 309.50 crore. Net profit attributable to owners of the company was INR 459.12 crore, and profit attributable to non-controlling interests was INR 1.86 crore. The Board of Directors also approved the possibility of raising up to INR 4,000 crore through the issuance of equity shares, convertible securities, unsecured bonds with warrants, or other equity-related instruments, subject to market, regulatory, and shareholder requirements.

Billionbrains Garage Ventures Ltd, the parent company of the digital investment platform Groww, reported on Wednesday a significant increase in consolidated profit after tax (PAT) of 94.3% compared to the previous year. For the quarter ending June 30, PAT reached 735.04 crore rupees.

Quarterly Financial Results

The company, headquartered in Bangalore, earned 378.35 crore rupees in PAT during the same period last year. According to the report filed with the stock exchange, operating revenue grew by 66%, amounting to 1,501.42 crore rupees in the fourth quarter of fiscal year 27, compared to 904.40 crore rupees the previous year.

Performance Dynamics

However, looking at sequential dynamics, operating revenue remained almost unchanged at 1,501.42 crore rupees, whereas in the quarter from January to March of fiscal year 26 it was 1,505.37 crore rupees. Nevertheless, profit after tax increased compared to the previous quarter, when it stood at 686.36 crore rupees.

Expenses and Stock Quotes

The company's total expenses rose to 555.68 crore rupees from 444.67 crore rupees a year ago. In the afternoon trading session, the company's shares traded on BSE 3.7% higher, reaching the mark of 211.4 rupees.