Yes Bank reports a net profit of Rs 231 crore in Q3FY24, an increase of four-and-a-half times compared to the same quarter last year. The surge in profit can be attributed to a significant reduction in provisions. Operating profits were slightly lower due to minimal growth in net interest income. The Supreme Court will soon address a petition regarding Yes Bank’s decision to write down Additional Tier 1 bonds. Prashant Kumar, MD and CEO of Yes Bank, highlights the bank’s performance and expansion efforts.
The Indian government’s increased spending on infrastructure projects such as roads, railways, and power is expected to boost cement demand by 10-12% this fiscal year. Cement demand is projected to reach 440 million tonnes in fiscal 2024, driven by strong demand from the infrastructure sector. Combined with stable cement prices and lower power and fuel costs, cement manufacturers’ operating profits are expected to rebound. The demand growth will also support the credit profiles of cement companies.
