HDFC Bank Q3 Results: Net Profit Jumps 11% YoY to Rs 18,654 Crore, NII Up 6.4%

HDFC Bank Q3 Results: Net Profit Rises 11% YoY to Rs 18,654 Crore, NII Grows 6.4%

HDFC Bank delivered a steady financial performance in the December quarter of FY26, reporting an 11% year-on-year increase in net profit that exceeded market expectations. India’s largest private sector lender continued to show resilience in earnings despite margin pressures and a moderated growth environment.

Profit Performance Beats Estimates

The bank’s standalone profit after tax (PAT) stood at Rs 18,654 crore for the quarter ended December 31, 2025, compared with Rs 16,735 crore in the same period last year. This was higher than Street expectations of around Rs 18,473 crore.

On a sequential basis, profit remained largely flat compared to Rs 18,641 crore reported in the September 2025 quarter, reflecting stable operating performance.

Net Interest Income and Margins

HDFC Bank’s net interest income (NII) increased by 6.4% year-on-year to Rs 32,620 crore, up from Rs 30,650 crore in the corresponding quarter of the previous year.

During the quarter:

• Interest income rose marginally by 1% YoY to Rs 76,751 crore.
• Interest expenses declined nearly 3% YoY to Rs 44,136 crore.

The core net interest margin (NIM) stood at 3.35% on total assets and 3.51% on interest-earning assets, indicating stable margins despite competitive pressures.

Operating Efficiency

Operating expenses for Q3FY26 were reported at Rs 18,770 crore. Excluding the estimated Rs 800 crore impact from employee benefits under the New Labour Code, expenses were Rs 17,970 crore, compared with Rs 17,110 crore in the year-ago quarter.

The core cost-to-income ratio for the quarter stood at 39.2%, reflecting disciplined cost management amid network expansion.

Balance Sheet and Deposit Growth

The bank’s balance sheet continued to expand steadily. As of December 31, 2025, total balance sheet size stood at Rs 40.89 lakh crore, compared with Rs 37.59 lakh crore a year earlier.

Key balance sheet highlights include:

• Average deposits rose 12.2% YoY to Rs 27.52 lakh crore.
• Average CASA deposits grew 9.9% YoY to Rs 8.98 lakh crore.
• Sequential growth in deposits remained healthy during the quarter.

Advances and Loan Mix

Gross advances increased by 11.9% year-on-year to Rs 28.45 lakh crore. Growth was driven primarily by:

• Retail loans rising 6.9%
• Small and mid-market enterprise loans growing 17.2%
• Corporate and wholesale loans expanding 10.3%

Overseas advances accounted for a modest 1.7% of total advances, keeping the loan book largely domestically focused.

Asset Quality Remains Stable

Asset quality indicators remained steady during the quarter. Gross non-performing assets (GNPA) stood at 1.24% of gross advances as of December 31, 2025, unchanged sequentially and improved from 1.42% a year ago.

Net NPAs were reported at 0.42%, reflecting controlled credit costs and prudent risk management.

Expanding Network and Workforce

As of December 31, 2025, HDFC Bank operated 9,616 branches and 21,176 ATMs across 4,170 cities and towns. Around 50% of branches are located in semi-urban and rural areas, supporting financial inclusion.

The bank’s workforce stood at 2,15,739 employees, underscoring continued investment in human capital to support long-term growth.

Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

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India Trade Deficit Widens to $25 Billion as Imports Rise 9% in December

India’s Trade Deficit Widens to $25 Billion as Imports Surge 9% in December

India’s trade deficit expanded sharply to $25 billion in December as a faster rise in imports outpaced modest export growth. Latest data released by the commerce department shows that total imports increased 9% year-on-year to $63.6 billion, driven mainly by higher shipments of electronics, fertilisers, silver, and crude oil.

On the other hand, exports recorded a relatively muted rise of 1.9% to $38.5 billion, reflecting uneven global demand and persistent trade-related challenges in key overseas markets.

Imports Rise on Electronics, Fertilisers, and Oil

The sharp expansion in the trade gap was largely due to a strong pickup in imports. Electronics imports remained robust as domestic demand for consumer devices and components stayed firm. Fertiliser imports also rose significantly amid seasonal agricultural requirements.

A notable contributor was crude oil, with oil shipments registering a 40–50% jump in value terms. Overall imports from the United States were estimated at $4 billion, marking a 7.6% increase compared with the same period last year.

Exports to the US Remain Flat Amid Tariff Pressures

Exports to the United States, one of India’s largest trading partners, remained largely unchanged in December. Shipments were valued at around $6.9 billion, marginally lower than $7 billion recorded a year earlier.

This stagnation comes at a time when certain Indian goods continue to face steep tariffs of up to 50%, impacting competitiveness. Despite these headwinds, overall exports managed to stay in positive territory.

Services Trade Shows Mixed Trend

During December, services exports were estimated to have declined 4.2% to $37 billion, while services imports edged up 2% to $17.4 billion. This moderation in services exports weighed on the overall trade balance, even as goods exports showed selective strength.

Commerce officials remain optimistic about the broader outlook. According to government estimates, India could close the financial year with total exports exceeding $850 billion. Services exports alone are expected to cross the $400 billion mark for the first time.

Sectoral Performance: Electronics and Apparel Shine

On the goods front, exports of electronics, gems and jewellery, engineering goods, and apparel recorded healthy growth during the month. In contrast, oil product exports declined due to lower global prices.

The readymade garment (RMG) sector showed resilience, with exports growing around 2.9% in December. Industry representatives highlighted that diversification, better compliance standards, and a shift towards value-added products helped exporters withstand global uncertainties.

Need for Diversification and Policy Support

Export bodies have stressed the importance of market diversification as global trade routes undergo structural changes due to geopolitical tensions, sanctions, and shipping disruptions. Industry leaders believe that while diversification has supported growth so far, continued government support will be critical to sustain momentum.

Overall, while the widening trade deficit underscores near-term pressures from rising imports, policymakers remain confident that steady services exports and diversification strategies will support India’s external trade position over the longer term.

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Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

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Infosys Q3 Results: Revenue Rises 3.2%, FY26 Guidance Raised

Infosys Q3 Results: Revenue Rises 3.2%, FY26 Growth Outlook Raised on Strong Deal Wins

Strong quarterly performance lifts investor sentiment

Infosys delivered a resilient performance in the December quarter, reporting better-than-expected revenue growth and raising its full-year outlook, supported by robust large deal wins and improving demand visibility. The company’s performance stood out in comparison to some of its larger peers, helping boost investor confidence.

Following the announcement, Infosys shares surged sharply in early trade on overseas exchanges, reflecting optimism around the company’s upgraded guidance and execution strength.

Revenue growth beats expectations

For the third quarter, Infosys reported revenue of $5 billion, marking a 3.2% year-on-year increase in dollar terms. On a sequential basis, revenue rose 0.5%, highlighting steady momentum despite a challenging global macro environment.

In constant currency terms, the company posted 0.6% quarter-on-quarter growth and 1.7% growth compared to the same period last year. This performance was stronger than some industry peers, underlining Infosys’ relative execution strength during the quarter.

Peer comparison

• One major peer reported 0.8% growth in constant currency terms but saw a 2.6% year-on-year decline.
• Another large IT services company delivered comparatively stronger numbers with 4.2% quarter-on-quarter and 4.8% year-on-year growth.

FY26 revenue guidance upgraded

Infosys revised its revenue growth guidance for FY26 to a range of 3%–3.5%, signaling improving confidence in demand conditions and deal execution. Earlier, the company had already raised the lower end of its growth outlook for the current financial year to 2%–3%, from the earlier 1%–3% range.

The management attributed this upward revision to better execution, strong deal momentum, and improving decision-making by clients across key sectors.

Large deal wins drive optimism

Large deal wins during the quarter stood at a solid $4.8 billion, with 57% coming from net-new deals. This indicates stronger client confidence and faster deal conversions, which are critical drivers for future revenue growth.

The company also highlighted improving traction in segments such as financial services and energy, utilities, and resources, which supported overall performance during the quarter.

Margins impacted by exceptional charge

Infosys maintained its operating margin guidance for FY26 at 20%–22%. However, margins for the December quarter came under pressure. Operating margin declined to 18.4%, down 2.6% sequentially and 2.9% year-on-year.

The decline was partly due to a one-time exceptional charge of Rs 1,289 crore, related to the implementation of the revised labour code during the quarter.

Outlook remains constructive

Management commentary pointed to increasing confidence in demand trends, supported by strong deal activity and the company’s growing role as a strategic technology and AI partner for large global clients. This positive outlook has strengthened expectations for a more stable growth trajectory heading into the next financial year.

Overall, Infosys’ Q3 performance and upgraded guidance suggest improving business momentum, positioning the company favorably amid a gradually recovering global IT spending environment.

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Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

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China Trade Surplus Hits Record $1.2 Trillion as December Exports Surge 6.6%

China’s Trade Surplus Touches Record $1.2 Trillion as December Exports Exceed Forecasts

Strong Export Momentum Lifts Annual Trade Balance

China’s trade performance in 2025 ended on a strong note, with exports in December significantly outperforming market expectations. Robust overseas shipments helped push the country’s annual trade surplus to a historic high of nearly $1.2 trillion, underscoring the continued resilience of external demand despite global economic headwinds.

According to official customs data, exports rose 6.6% in U.S. dollar terms in December compared with the same period last year. This marked a clear acceleration from November’s 5.9% growth and comfortably surpassed market expectations of around 3% growth.

Imports Rebound at Fastest Pace in Three Months

Imports also surprised on the upside, increasing 5.7% year-on-year in December. This was well above expectations of less than 1% growth and represented the strongest import expansion since September, when inbound shipments grew 7.4%.

The rebound in imports suggests a degree of stabilization in domestic demand, even as the broader economy continues to face structural challenges. However, on a full-year basis, imports remained largely unchanged compared to 2024.

Full-Year Trade Data Highlights Growing Imbalance

For the entire year, China’s exports expanded 5.5%, while imports were flat. This divergence resulted in a trade surplus of approximately $1.19 trillion, the highest ever recorded for the country.

While export growth has provided critical support to overall economic activity, it has also amplified concerns among global trading partners about rising trade imbalances.

Shifting Trade Patterns and Global Concerns

Trade tensions with the United States weighed heavily on bilateral trade for much of the year, leading to double-digit declines in Chinese shipments to the U.S. market during several months. In response, exporters increasingly redirected goods toward non-U.S. destinations.

This strategic shift has drawn scrutiny from major economies, particularly in Europe, where policymakers have expressed concerns over the widening trade gap. International institutions have also urged China to rebalance its growth model.

Calls for Stronger Domestic Consumption

Global economic leaders have encouraged Beijing to reduce its reliance on exports and focus more on boosting domestic consumption. Chinese policymakers have reiterated their commitment to expanding imports and gradually working toward a more balanced trade structure.

Market economists expect authorities to maintain a steady macroeconomic policy stance in the near term, as strong export performance helps offset soft domestic demand and easing trade frictions provide short-term relief.

Economic Outlook Remains Mixed

China is scheduled to release its annual and fourth-quarter economic growth data next week. Analysts expect the economy to have expanded by around 4.5% in the final quarter, slightly below the government’s full-year growth target of approximately 5%.

The nearly $19 trillion economy continues to grapple with deflationary pressures. A prolonged downturn in the real estate sector, subdued household spending, and a fragile job market have weighed on consumer confidence. Consumer inflation remained flat in 2025, falling short of the official target of around 2%.

Conclusion

China’s record trade surplus highlights the strength of its export sector at a time when domestic challenges persist. While external demand has provided a vital buffer for growth, policymakers face increasing pressure to rebalance the economy toward sustainable, consumption-driven expansion.

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Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

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Q3 Results 2026: TCS, Infosys, Reliance, HDFC Bank Earnings Next Week

Q3 Results 2026: TCS, Infosys, Reliance, HDFC Bank and Other Top Companies to Announce Earnings Next Week

The Q3 earnings season for FY2026 is set to gather pace next week as several heavyweight Indian companies prepare to announce their financial results for the quarter ended December 31, 2025. Major names from the IT, banking, financial services, and manufacturing sectors are scheduled to declare earnings between January 12 and January 17, making it a crucial week for investors tracking stock market trends.

Why Q3 FY26 Earnings Matter

The December quarter is being closely monitored by analysts due to multiple macroeconomic developments. These include the impact of goods and services tax (GST) rate cuts announced in September 2025, ongoing geopolitical uncertainties, and global demand conditions affecting export-oriented businesses.

India continues to stand out among global economies. Recently, the government projected that the country’s economy could grow by 7.4% in the current financial year, supported by strong manufacturing activity, resilient services growth, steady household consumption, and sustained capital expenditure.

More than 120 listed companies are expected to report Q3 results next week, offering valuable insights into sector-wise performance and corporate earnings momentum.

Key Companies to Watch in the Coming Week

Several marquee companies are lined up to announce their Q3 FY26 results, including:

• IT majors such as Tata Consultancy Services, Infosys, Wipro, HCL Technologies, Tech Mahindra, and Tata Technologies
• Banking and financial services leaders like HDFC Bank, ICICI Bank, Union Bank of India, and Yes Bank
• Large corporates including Reliance Industries and group companies

TCS Q3 Results Preview

According to brokerage estimates, Tata Consultancy Services is expected to deliver a steady performance in the December quarter. Revenue is projected to rise by around 2.6% quarter-on-quarter, supported by growth in the BFSI and hi-tech segments, along with favorable currency movements.

However, operating margins may come under pressure. EBIT margins are estimated to decline by nearly 28 basis points due to wage hikes, increased investments, and fewer working days during the quarter.

Key aspects investors will track include:

• Total contract value (TCV) of new deals and deal pipeline
• Management commentary on demand trends across business verticals
• Updates on large strategic deals, including public sector projects

HCL Technologies Q3 Results Preview

HCL Technologies is expected to continue its positive growth trajectory in Q3 FY26. Analysts forecast revenue growth of about 4.5% QoQ, driven by seasonal strength in its engineering research and development (ER&D) and software segments.

On the profitability front, EBIT margins are expected to improve sharply by around 187 basis points, aided by currency benefits, although partially offset by employee cost increases.

Investors will closely watch:

• Deal wins and order pipeline strength
• Performance of ER&D and digital services
• Progress in generative AI adoption and related offerings
• Management guidance for the coming quarters

HDFC Bank Q3 Results Preview

HDFC Bank’s Q3 results are expected to reflect improving loan growth momentum, while net interest margins (NIMs) are likely to remain broadly stable. Analysts believe the interaction between key metrics such as loan-to-deposit ratio (LDR), liquidity coverage ratio (LCR), and NIMs will be critical.

Deposit growth and its composition, especially retail deposits, will be a key focus area. The bank’s credit-deposit ratio is expected to hover in the 98–100% range, highlighting tight liquidity conditions in the banking system.

Complete Schedule: Companies Announcing Q3 Results (Jan 12–17)

From mid-cap companies to large-cap leaders, a wide range of firms across sectors are scheduled to announce their earnings during the week. This includes companies from IT services, banking, insurance, infrastructure, media, chemicals, renewable energy, and consumer businesses.

The packed earnings calendar is expected to drive stock-specific action in the market, as investors react to earnings surprises, margin trends, and forward-looking guidance.

What Investors Should Focus On

• Revenue growth trends amid global uncertainty
• Margin pressures due to wage hikes and input costs
• Management outlook on demand recovery and deal pipelines
• Sector-specific cues from IT, banking, and industrial stocks

Overall, Q3 FY26 results will play a significant role in shaping near-term market sentiment and investment strategies.

Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

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IREDA Q3 Results FY26: Net Profit Jumps 38% to ₹585 Crore, NII Up 35%

IREDA Q3 Results FY26: Net Profit Jumps 38% to ₹585 Crore, NII Rises 35%

Indian Renewable Energy Development Agency Ltd (IREDA), a government-owned non-banking financial company focused on clean energy financing, delivered a strong financial performance in the third quarter of FY26. The company reported robust growth across profitability, income, loan book, and net worth, reflecting sustained momentum in India’s renewable energy financing ecosystem.

Strong Growth in Profitability

For the quarter ended December 31, 2025, IREDA reported a 37.5% year-on-year increase in net profit at ₹584.9 crore, compared with ₹425.4 crore in the corresponding quarter of the previous financial year. The sharp rise in profits was supported by higher loan disbursements, a growing asset base, and improved interest income.

The company’s revenue from operations also witnessed a healthy surge of 38%, reaching ₹2,140 crore in Q3 FY26, up from ₹1,699 crore a year ago. This growth underlines the expanding scale of IREDA’s financing activities amid rising investments in renewable energy projects across the country.

Net Interest Income Shows Robust Expansion

IREDA’s net interest income (NII), a key indicator of core lending performance, rose 34.8% year-on-year to ₹897.5 crore during the quarter, compared with ₹665.8 crore in Q3 FY25. The improvement in NII reflects higher interest-earning assets and increased lending activity during the period.

Loan Book and Disbursements Continue to Rise

The company’s total loan book expanded significantly, increasing by 27.6% year-on-year to ₹87,975 crore as of December 31, 2025, compared with ₹68,960 crore in the year-ago quarter. Although this growth was slightly lower than the pace seen in the first half of the financial year, it still highlights sustained demand for renewable energy financing.

Quarterly disbursements jumped 32% to ₹9,860 crore in the October–December period, up from ₹7,449 crore in the same quarter last year. On a cumulative basis, IREDA’s disbursements grew 44.5% during the first nine months of FY26 to ₹24,903 crore.

Sanctions and Net Worth Show Healthy Momentum

Loan sanctions recorded steady growth as well, rising by 29% in the first nine months of the financial year. While this was lower than the sharp expansion seen in the first half, it still indicates consistent project approvals in the renewable energy segment.

IREDA’s financial strength was further reinforced by a sharp increase in net worth. The company’s net worth climbed 38% to ₹13,537 crore, compared with ₹9,842 crore in the corresponding period last year, providing a stronger capital base to support future growth.

Management Commentary and Outlook

Commenting on the quarterly performance, the company’s management highlighted that the strong growth in profitability, disbursements, and net worth reflects increasing confidence among stakeholders and reinforces IREDA’s role in supporting India’s renewable energy transition.

With steady expansion in its loan book and improving financial metrics, IREDA remains well-positioned to benefit from rising investments in clean energy and government initiatives aimed at accelerating capacity addition in the renewable sector.

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Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

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India May Ease Curbs on Chinese Firms Bidding for Government Contracts

India May Lift Curbs on Chinese Firms in Government Tenders After Five Years

India is considering a major policy shift by removing restrictions imposed on Chinese companies bidding for government contracts, a move that could significantly impact infrastructure development, manufacturing, and power projects. The proposal, currently under review, comes nearly five years after the curbs were introduced following heightened border tensions between the two countries in 2020.

Background of the Restrictions

The restrictions were enforced in 2020 after a deadly border clash, amid concerns related to national security and strategic dependence. Under the policy, Chinese firms were required to register with a government committee and secure political and security clearances before participating in public procurement.

These measures effectively sidelined Chinese companies from competing for government contracts estimated to be worth between $700 billion and $750 billion, significantly altering India’s procurement landscape.

Why the Government Is Rethinking the Policy

According to government sources, the finance ministry has proposed scrapping the registration and clearance requirements. The move follows repeated requests from several ministries that have faced shortages of equipment and delays in project execution due to the absence of Chinese suppliers.

A high-level committee led by a former cabinet secretary has also recommended easing the curbs, citing operational challenges and rising costs across key sectors.

Key Challenges Caused by the Curbs

• Delays in large-scale infrastructure and transport projects
• Limited supplier options leading to higher project costs
• Slower execution of power and energy capacity expansion plans

One notable example was the disqualification of a major Chinese rolling stock manufacturer from a $216 million train manufacturing contract soon after the rules were implemented.

Impact on Power and Infrastructure Sectors

The restrictions on importing Chinese power equipment have particularly affected India’s thermal power ambitions. The country plans to expand its thermal capacity to nearly 307 GW over the next decade, a target that has faced hurdles due to constrained access to cost-effective equipment.

Market participants reacted swiftly to reports of a possible policy change. Shares of leading Indian engineering and infrastructure companies declined, reflecting investor concerns over renewed competition from Chinese firms in government tenders.

Changing Geopolitical and Trade Dynamics

The proposal to ease curbs comes amid improving diplomatic and commercial engagement between India and China. Over the past year, both countries have taken steps to restore direct connectivity and simplify business travel, signalling a cautious thaw in relations.

At the same time, evolving global trade dynamics, including higher tariffs imposed by the United States on Indian goods, have prompted New Delhi to reassess its external economic partnerships.

Despite the potential easing of procurement rules, India is expected to remain careful. Restrictions on foreign direct investment from Chinese companies are still in place, underlining a calibrated approach rather than a complete policy reversal.

What Lies Ahead

The final decision on lifting the curbs will rest with the Prime Minister’s Office. If approved, the move could ease supply bottlenecks, accelerate stalled projects, and reshape competitive dynamics in India’s public procurement ecosystem.

For investors and industry stakeholders, the policy shift could have far-reaching implications across infrastructure, capital goods, and energy sectors in the coming years.

Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

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