Business Corner

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Business Corner

Friday, 17 May 2019 | PTI

Hindalco Q4 profit drops 37% to Rs 236 crore

New Delhi: Aditya Birla Group flagship firm Hindalco Industries on Thursday reported a 37.4% decline in standalone profit to Rs 235.82 crore for the quarter ended March 31. The company had posted a standalone profit of Rs 376.97 crore in the year-ago period, Hindalco Industries said in a filing to BSE. However, the company’s standalone income during January-March quarter increased to Rs 12,733.23 crore, over Rs 11,892.06 crore a year ago. Hindalco Industries Ltd is a global major in aluminium and copper. In the statement, the company said, “PAT (profit after tax) for Q4 FY19 stood at Rs 506 crore (Rs 616 crore in Q4 FY18), primarily due to weaker macros and higher input costs in the last quarter.” The consolidated profit 2018-19 fell to Rs 5,495.01 crore, over Rs 6,082.87 crore in the year ended March 31, 2018. The company’s board of directors “recommended dividend @ of 120% i.e. Rs 1.20 per equity share of face value of Rs 1 each for the financial year ended 31st March, 2019, subject to approval of the shareholders at the ensuing annual general meeting,” the filing said.

Bank of India’s Q4 profit Rs 252 cr

New Delhi: State-run Bank of India on Thursday reported a profit of Rs 251.79 crore for the fourth quarter ended March 2019 owing to reduction of bad loans. The bank had reported a net loss of Rs 3,969 crore in the same quarter of the previous year, Bank of India said in a regulatory filing. Total income in three months to March grew to Rs 12,417.08 crore, as against Rs 9,596.86 crore in the same period of 2017-18. This is the first quarterly earnings announcement by the bank after it came out of the Prompt Corrective Action (PCA) framework in January this year. The asset quality of the bank improved slightly with the gross non-performing assets (NPAs) coming down to 15.84% of gross advances at March-end 2019 against 16.58% as of March 31, 2018. At the same time, net NPAs came down to 5.61% from 8.26%. The reduction in bad asset ratio brought down provisioning against them to Rs 1,502.90 crore for March quarter, compared to Rs 6,699.23 crore in the year-ago period. For entire 2018-19, the bank reported a net loss of Rs 5,546.90 crore as against Rs 6,043.71 crore loss in 2017-18. Income during the year stood at Rs 45,899.82 crore, up from Rs 43,805.17 crore a year earlier.    

Bajaj Finance Q4 net profit surges 50% to Rs 1,114 crore

New Delhi: Bajaj Finance on Thursday reported a 50% jump in its standalone net profit at Rs 1,114 crore for the last quarter of the fiscal ended March 2019. The company had registered a net profit of Rs 743 crore in the corresponding quarter a year ago. Total income during January-March quarter of 2018-19 rose to Rs 4,887.76 crore from Rs 3,424.99 crore in the year-ago period, the company said in a regulatory filing. For the fiscal year ended March 2019, the net profit rose to Rs 3,890 crore as compared with Rs 2,485 crore in 2017-18. The company’s board has recommended a dividend of Rs 6 per equity share or 300 per cent of face value of Rs 2. Gross non-performing assets (NPAs) and net NPAs stood at 1.54% and 0.63%, respectively, at the end of March 2019.

JSW Energy logs Rs 6 cr profit in Q4

 New Delhi: JSW Energy on Thursday reported a consolidated net profit of Rs 5.79 crore for March quarter 2019 mainly on account of higher revenues. In the year-ago period, the company registered a loss of Rs 480.05 crore, a JSW Energy statement said.  Total income in the latest quarter was Rs 2,018.16 crore, up from Rs 1,879.01 crore a year ago.  Profit during 2018-19 fiscal was Rs 684.49 crore compared to Rs 84.91 crore in the previous year. Total income was Rs 9,505.56 crore in the last fiscal as against Rs 8,513.98 crore in 2017-18. The company’s board in its meeting on Thursday recommended a dividend of Rs 1 per equity share of Rs 10 each for the year ended March 31, 2019. The board also decided to convene 25th annual general meeting of the members of the company on August 13, 2019.                                     

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