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The Nifty Auto index closed 0.76 per cent down at 13341.4.

The company had posted a net profit of Rs 190 crore in the July-September quarter of the previous fiscal

According to the data from BSE, investors made bids for 1,68,640 equity shares or merely 1% compared to 3,04,88,966 equity shares on offer by 12.00 noon on Wednesday.

“We have a broad-based set of verticals and a lot of emerging markets where we are in. Can we still find that growth if we execute smartly and well? I believe so. In H2, we will still find growth and we will see H2 deliver better than H1. The question is how much and I have given you some guidance and quantification on the industry outlook there that H2 should do 10% more than H1.”

In the September ended quarter, the company reported production of raw coal at 139.228 million tonnes as compared to 125.839 million tonnes in the year-ago period. The offtake also improved to 154.533 million tonnes in Q2FY23 from 147.434 million tonnes in Q2 FY22.

“Eventually as numbers start to come through, the management objective has been very clear that we want to deliver Rs 1,000 crore of profitability by FY27. If that gets delivered, then the noise which comes from those other factors automatically starts to not have that much impact. We as a company and management are quite comfortable in terms of what we want to execute but stock price is something we do not really understand and do not want to comment on.”

The company’s revenue from operations, however, grew 7.1% to Rs 533.8 crore during the period under review, from Rs 498.4 crore in the corresponding quarter of the previous year.

The consolidated income of the company during the July-September period dropped to Rs 3,558.83 crore, over Rs 3,634.59 crore in the year-ago period.

“Given the size and positioning, HDFC Bank cannot be ignored if you look at the performance, leave aside the valuations argument. Even when things were so difficult, the performance was never an issue and delivered almost 80-90% kind of a growth. I do not see Bank Nifty or the banking stocks performing without any support from HDFC Bank from where we are right now.”