HCL Tech Q2 net profit up 6.9 pc to Rs 2,711 cr, announces bonus shares

| | new delhi
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HCL Tech Q2 net profit up 6.9 pc to Rs 2,711 cr, announces bonus shares

Thursday, 24 October 2019 | PTI | new delhi

IT major HCL Technologies on Wednesday posted a 6.9 per cent rise in its consolidated net profit to Rs 2,711 crore for the September 2019 quarter, and raised its revenue growth forecast to 17 per cent for 2019-20.

The company, which had registered a net profit of Rs 2,534 crore in the year-ago period as per the Indian Accounting Standards (IndAS), has also announced a bonus share offer.

Its revenue from operations grew 18 per cent to Rs 17,527 crore in the quarter under review, from Rs 14,860 crore in the year-ago period.

The company has raised its revenue growth outlook to 15-17 per cent for 2019-20 from its previous forecast of 14-16 per cent topline growth in constant currency terms. HCL Technologies’ board has declared a dividend of Rs 2 per share. It has also announced a bonus share offer under which one bonus share will be given for every share held. The proposal is subject to approval of shareholders and regulatory nods.

“HCLites have delivered yet another outstanding quarter with a 20.5 per cent year-on-year growth, translating to a more than 14 per cent industry leading organic growth. Our sharp focus on pricing and cost levers over the last 6 months have helped deliver a solid EBIT (earnings before interest and tax) of 20 per cent,” said C Vijayakumar, president and chief executive officer, HCL Technologies. In dollar terms, the net profit grew 5.5 per cent to USD 376.2 million for the September 2019 quarter, while revenue surged by 18.4 per cent to USD 2.48 billion as compared to the year-ago period, as per the US Generally Accepted Accounting Principles (GAAP).

Indian Bank net profit rises over two-fold

Indian Bank on Wednesday reported over a two-fold rise in net profit at Rs 358.56 crore for the September quarter. The state-owned lender had posted a net profit of Rs 150.1 crore in the year-ago quarter. Total income increased to Rs 6,045.32 crore for the September quarter, from Rs 5,129.16 crore in the same period last year, the bank said in a regulatory filing.

Asset quality remained stable with the gross non-performing assets (NPAs) marginally rising 7.20 per cent of the advances as on end-September 2019, as against 7.16 per cent by September 2018. However, net NPAs declined to 3.54 per cent of the advances at the end of second quarter of this fiscal, from 4.23 per cent in the year-ago period. The bank’s provisioning for bad loans and contingencies declined to Rs 909.36 crore for the quarter under review, from Rs 1,004.3 crore in second quarter of 2018-19. Provision for bad loans too declined to Rs 720.90 crore for the July-September quarter, from Rs 752.47 crore in the year-ago period.

JSW Steel net profit jumps over 21 pc

JSW Steel on Wednesday reported a 21.51 per cent jump in its consolidated net profit to Rs 2,536 crore for the quarter ended September 30. The domestic steel major had clocked a consolidated net profit of Rs 2,087 crore in the corresponding period of the previous financial year, JSW Steel said in a BSE filing. 

The company’s total income dropped to Rs 17,728 crore, compared with Rs 21,608 crore in the year-ago period. However, its total expenses during the quarter fell to Rs 17,025 crore, against Rs 18,583 crore a year ago.

HDFC Life Insurance Q2 profit up 7pc

HDFC Life Insurance Company on Wednesday posted 7.5 per cent rise in standalone net profit to Rs 308.69 crore for the second quarter ended September 30. The company’s net profit in the year-ago period stood at Rs 286.98 crore.

Total income of the insurance firm rose to Rs 8,661.56 crore from Rs 7,902.10 in the same quarter a year ago, HDFC Life said in a regulatory filing.  The asset under the management of insurance firm rose to Rs 1.3 lakh crore.

“We have delivered strong performance across all key metrics and have continued to sustain our profitability. Despite a challenging macro-environment, we have grown by 35 per cent on individual weighted received premium, compared to industry growth of 11 per cent,” HDFC Life Insurance Managing Director Vibha Padalkar said.

Muthoot Capital Q2 profit drops by 35pc

Non-banking financial company Muthoot Capital Services has reported 34.6 per cent decline in standalone net profit to Rs 14.02 crore for the second quarter ended September. The company had profit of Rs 21.42 crore in July-September quarter of 2018-19, Muthoot Capital Services said in a statement. However, the total income rose to Rs 145.02 crore for the second quarter this fiscal as against Rs 132.14 crore in the year-ago quarter. The company disbursed two-wheeler loans amounting to Rs 463.2 crore and had a total disbursement of Rs 487.8 crore during the quarter, it said.

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