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Informist, Thursday, Oct. 16, 2025

 

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--PNB Gilts Jul-Sept net loss INR 453.53 mln vs INR 1.15 bln PAT year ago 
--PNB Gilts Jul-Sept revenue INR 4.43 bln vs INR 5.01 bln year ago 
--PNB Gilts Apr-Sept net profit INR 1.15 bln vs INR 1.68 bln year ago 
--PNB Gilts Apr-Sept revenue INR 8.67 bln vs INR 9.41 bln year ago 
 

 

By Aaryan Khanna

 

NEW DELHI – PNB Gilts Ltd. posted a rare net loss in the September quarter due to sizeable losses in securities, against gains in both the year-ago and quarter-ago periods. The primary dealership's business is to be a market maker in the fixed income market, and much of its revenues come from gains or losses in securities.

 

The New Delhi-based company reported a net loss of INR 453.53 million for the September quarter, against a profit after tax of INR 1.15 billion a year ago. Its net profit had tripled on year to INR 1.60 billion in Apr-Jun after the Reserve Bank of India's Monetary Policy Committee cut the policy repo rate by 100 basis points between February and June.

 

However, the panel held rates in its August meeting and bond yields hardened for most part of the quarter due to concerns of additional supply and potential fiscal slippage. The 10-year benchmark government bond yield entirely reversed a fall from June quarter and rose 26 bps in Jul-Sept to 6.58%, going as high as 6.66%. Consequently, PNB Gilts' net loss on securities, realised and unrealised, was INR 1.40 billion in the reporting quarter. It had reported gains of INR 1.57 billion a quarter ago and INR 1.11 billion a year ago on this head.

 

Despite the loss on securities trading, total income fell only 11.5% on year to INR 4.43 billion. This was helped by a 13.8% on-year rise in interest income to INR 4.41 billion in the September quarter. Total expenses rose 42.5% on year to INR 4.97 billion. It wrote back estimated tax outgo to the tune of INR 78.86 million in the reporting quarter, mitigating the hit to its bottom line.

 

For the half year ended September, the primary dealer's net profit fell by nearly a third to INR 1.15 billion. Total income was down 7.9% on year to INR 8.67 billion.

 

On Thursday, shares of the company ended 1.1% higher at INR 97.68 on the National Stock Exchange. The earnings were declared after market hours.  End

 

Edited by Vandana Hingorani

 

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