SBI Q3 net flat, credit grows
Mumbai: Growth in third quarter net profit of India’s largest commercial bank, the State Bank of India (SBI), was flat at 0.025 per cent. However, the bank declared 100 per cent interim dividend of Rs 10 per share for the accounting year ending March 31, 2010. It also witnessed 19 per cent credit growth during the quarter.
The bank posted net profit of Rs 2,479 crore, an increase of just Rs 63 lakh over the profit it made in third quarter of 2008. Total income stood at Rs 21,145 crore against Rs 20,306 crore.
Income earned from interest reduced by Rs 197 crore to Rs 12,640 crore, while the operating expenses increased by Rs 563 crore to Rs 5,064 crore.
M&M net jumps 8.5 times
Mumbai: Aided by government’s stimulus package and easy availability of retail consumer credit, Mahindra and Mahindra’s profit for the quarter soared 849 per cent over the same period last year. Net profit of the company jumped nearly 8.5 times to Rs 413.7 crore from Rs 43.6 crore in third quarter of 2008.
Results of the auto major got boost from strong sales performance of both its automotive and farm equipment sectors. The M&M result includes figures of its former subsidiary Punjab Tractors, which merged with the company.
Total income stood at Rs 4,521.5 crore, where as the same was at Rs 2,929.5 crore for corresponding quarter of 2008.
Jet returns to profit
Mumbai: As an indicator for good times ahead for Naresh Goyal, Jet Airways (India) has turned into profits, you read it right, in the third quarter.
The company has reported net profit of Rs 106 crore for the quarter ended December 31, 2009 against net loss of Rs 214 crore for the same period last year. This is despite total income decreasing from Rs 3,063 crore for the quarter of the previous year to Rs 2,936 crore for the this year’s third quarter.
“This achievement is a result of our constant quest for innovation in product and service, fiscal and marketing initiatives and finally our continuous effort to reduce cost,” said Nikos Kardassis, CEO, Jet Airways.
Hero Honda Q3 profit up 78%
new delhi: Two-wheeler maker Hero Honda Motors Ltd on Monday reported a jump of 78 per cent in net profit for the third quarter at Rs 536 crore. The company had a net profit of Rs 300 crore during the corresponding quarter of the last fiscal, Hero Honda Motors Ltd (HHML) said in a statement.
It also reported an increase of 33 per cent in its total net operating income for the quarter ended December 31, 2009, at Rs 3,827 crore against Rs 2,881 crore in the year-ago.
HHML's two-wheeler sales registered a growth 30 per cent during the October-December period at 11,11,372 units, from 8,57,806 units during the third quarter of 2008-09.
HCL Tech Q2 net plunges
new delhi: Noida-based software services company HCL Technologies reported a 23 per cent rise in its revenues for the October-December quarter on a year-on-year (y-o-y) basis. Net profit for the company, however, declined 20.5 per cent y-o-y and 7.3 per cent on a sequential basis.
Total revenues of the company stood at Rs 3,033 crore for the quarter and net profit at Rs 297 crore.
The fall in profits has been due to higher forex costs and increasing costs, but the company gave a better outlook based on increase in revenues from engineering services, enterprise application services and BPO services.
Hindalco net dips 21.6%
mumbai: Hindalco Industries, the Aditya Birla Group Company, saw a 21.6 per cent drop in its net profit at Rs 427 crore for the quarter ended December 31, 2009, as against Rs 545 crore for the same period last year.
Total revenue increased by 29 per cent to Rs 5,315 crore from Rs 4,117 crore in the same quarter last year. With a 5 per cent higher aluminium metal production, a 34 per cent increase in the rolled aluminium production and a 22 per cent higher copper production, compared with the third quarter of 2008. The net profit fell due to lower other income which was at Rs 50 crore in the present quarter against Rs 150 crore a year earlier.