HDFC Bank income surges, NPAs dip
Mumbai: India’s second-largest private lender HDFC Bank on Thursday posted a 31.4% year-on-year rise in net profit at Rs 1,429.7 crore for the quarter ended December, 2011 compared to Rs 1,199 crore in the corresponding quarter last year, helped by healthy growth in loans and interest income.
“We witnessed higher growth in retail loans (29%) than corporate loans (15%) in the quarter,” said Paresh Sukthankar, executive director, HDFC Bank. “We expect (our loan growth) to grow few percentage points more than the banking industry overall.”
For the quarter ended December 31, 2011, the bank’s total income was Rs 8,622.6 crore, 35.6% more than last year.
Despite the concern about rise in bad loans in the system, the bank was able to improve its gross non-performing assets (NPAs) to 1% of net advances from 1.1% last year.
Hero MotoCorp zooms on record sales
New Delhi: India’s largest two- wheeler manufacturer, Hero MotoCorp, on Thursday reported a 43% jump in net profit for the third quarter ended December to Rs 613 crore, largely on the back of record sales of 15,89,286 units.
The company had posted a net profit of R429 crore for the same period in the previous fiscal. Its total income rose 17% to Rs 6,108 crore for the quarter as against Rs 5,224 crore in the same period of the previous fiscal.
“It is heartening to see that our sales have been in excess of half a million two-wheelers in every month of the quarter, thus further strengthening our leadership,” said Pawan Munjal, managing director and chief executive officer, Hero MotoCorp, adding that the company was well in line to meet its guidance for over six million unit sales in the fiscal 2012.
Shares of the firm closed 2.4% higher at Rs 1,901 on the BSE.
Bajaj Auto net rises on R-dip, exports
Mumbai: Two and three-wheeler major Bajaj Auto has reported a 19% growth in net profit at Rs 795 crore for the quarter-ended December, while revenues grew 21% to Rs 5,154 crore on the back of a 14% growth in sales at 1.07 million units over the corresponding period last fiscal.
The company showed an operating margin of 21% as its strong export portfolio – a third of the total revenue comes from overseas sales – brought more money last quarter thanks to the rupee depreciation.
While export volume in the third quarter grew by 28% at 380,912 units, revenue from exports grew 51% to Rs 1,710 crore. “Export continues to be robust and ahead of plans,” said Rajiv Bajaj, MD, Bajaj Auto. “We are on course to exceed the target of 1.5 million vehicle exports.”
Ravi Kumar, senior vice-president, business development, added: “This year will be action-packed with many launches.”