Just Dial's profit fell by 9.73% in the second quarter despite revenue growth of 13%

The Bangalore-based developer, Sobha Limited, reported a significant drop in net consolidated profit by 54.5% in the September quarter. The profit amounted to ₹32.96 crore, according to results presented by the company on the Bombay Stock Exchange on Monday.

Concurrently, revenue from operations decreased by 31.3% year-on-year, reaching ₹967.06 crore compared to ₹1,407.66 crore the previous year. Looking at sequential changes, both profit after tax and revenue from operations decreased by 35.2% and 24.3%, respectively.

The company's EBITDA in Q2FY27 was ₹68.73 crore, which is 32.4% less than ₹101.64 crore in the same period last year. Nevertheless, the developer demonstrated strong sales performance, noting a growth of 47.2% in the first half of the financial year, and collections increased by 4.8% over the same period.

Jagadish Nangneneni, Managing Director of Sobha Limited, commented on the results, stating that the performance in the first half of FY27, marked by record sales, reflects consistent customer trust, the strength of the SOBHA brand, and the successful execution of the business strategy. He added that the second half of the year will be built on this momentum, supported by planned project launches, a strong development portfolio, and sustained demand for quality housing.

In Q2FY27, Sobha reported an average realization price of ₹15,522 per square foot. The company also specified that in the first half of FY27, projects totaling approximately 7.92 million square feet (msf) were launched, with an estimated sales potential of nearly ₹11,200 crore.

Nangneneni emphasized that the company's focus will remain on improving execution efficiency, maintaining financial discipline, and utilizing a unique reverse integration model to ensure superior quality and reliability. He expressed confidence in the company's ability to capitalize on emerging opportunities and create long-term value for customers and stakeholders.

The consolidated net profit of Union Bank of India increased by 30.6% year-on-year, reaching 5,781 crore rupees in the quarter ending September 30, 2026. This figure was up from 4,425.95 crore rupees and was driven by an increase in net interest income and a sharp reduction in provisions.

Net interest income, calculated as interest earned minus interest paid, grew by 20.2% to 10,765.32 crore rupees, compared to 8,957.92 crore rupees. Meanwhile, interest income rose by 8.3% to 28,377.73 crore rupees, while interest expenses increased more slowly—by only 2.1%—to 17,612.41 crore rupees.

Sharp reduction in provisions by almost 50 percent

Operating profit before provisions and unexpected expenses rose by 19.1%, amounting to 8,150.96 crore rupees compared to 6,844.79 crore rupees. Provisions and unexpected expenses, excluding taxes, decreased by 49.6%, falling from 1,392.28 crore rupees to 702.19 crore rupees. However, provisions specifically set aside for non-performing assets increased by 15%, reaching 596.48 crore rupees.

Profit before tax increased by 36.6%, totaling 7,448.77 crore rupees. Tax expenses grew by 60.4% to 1,878.37 crore rupees. The bank's share of profit from affiliates increased by 45.6% to 210.60 crore rupees. Basic and diluted earnings per share rose to 7.57 rupees from 5.80 rupees.

Total income increased by 5.4% to 33,471.29 crore rupees, while other income decreased by 8.2% to 5,093.56 crore rupees. Total expenses, excluding provisions and unexpected expenses, rose by 1.6% to 25,320.33 crore rupees. Union Bank's operating margin improved to 24.35% from 21.55%, and net profit margin rose to 17.27% from 13.94%.

Credit growth outpaces deposit growth

Consolidated loans grew by 19.4% year-on-year to 1,136,280.44 crore rupees as of September 30, 2026, compared to 951,795.76 crore rupees. Deposits increased by 6.9%, reaching 1,322,309.68 crore rupees from 1,237,049.70 crore rupees. The consolidated capital adequacy ratio improved by 91 basis points, standing at 18.61% compared to 17.70%. The Tier 1 capital ratio increased by 171 basis points to 16.72%. Net capital grew by 14.6% to 134,105.53 crore rupees from 117,044.78 crore rupees.

Corporate banking results nearly doubled

Income from corporate and wholesale banking services increased by 11.3%, reaching 12,451.29 crore rupees. The result of this segment grew by 98.2%, amounting to 2,849.34 crore rupees. Retail banking income rose by 9.7% to 12,532.78 crore rupees, and the segment's result increased by 56.2% to 2,514.73 crore rupees. Income from the trading division decreased by 9.7% to 6,886.53 crore rupees, and the segment's result fell by 20.4% to 1,299.55 crore rupees.

For the first half of the fiscal year 27, consolidated net profit increased by 29%, reaching 11,422.52 crore rupees compared to 8,853.90 crore rupees.