Losses weigh on India Inc Q3 results
India Inc’s aggregate performance in Q3FY22 has been disappointing with revenues growing at just 16.7% year-on-year, the slowest pace in the last four quarters. Moreover, net profits for a sample of 1,685 companies (excluding banks and financials) have fallen by 12% y-o-y thanks to a contraction in operating profit margins of 243 basis points y-o-y and a 24% y-o-y jump in interest costs. Also, more companies have reported losses or a year-on-year drop in profits for the quarter than in December 2021.
Except for banks, IT services and automobiles, corporate earnings growth could remain subdued in FY24 as the economy is poised to decelerate sharply. With a few days to go before the end of earnings season, analysts at Jefferies noted that of the 100 companies they analysed for Q3FY23, 40% had reported numbers that were below estimates. Much like in FY23, earnings growth is expected to be dominated by banks and financials in the coming year too
Credit Suisse Singapore CEO to leave in latest banker exit at firm
Credit Suisse (CSGN.S) Singapore chief executive officer, Chien Chien Wong, is leaving to pursue outside interests, according to a memo seen by Reuters, in the latest senior banker departure from the Swiss bank.
Rehan Anwer will be appointed the bank’s Singapore chief executive, in addition to his current role as CEO Southeast Asia and Southeast Asia head of investment banking capital markets, according to the memo.
A spokesperson for the bank confirmed the contents of the memo.
Credit Suisse has seen a string of departures globally in the last few months, as it embarks on a plan to cut thousands of jobs and shift its focus from investment banking towards more stable wealth management as part of an overhaul.