Category: Earnings

Will reach 520 branches this year from 180 branches currently, says Ujjivan Financial Services

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ujjivan Small Finance Bank, which currently operates with 180 branches, may reach 520 branches this year, said Samit Ghosh, MD and CEO of the company.

“Aiming at total deposits of Rs 8000 crore in FY19 of which retail deposits will be Rs 2000-3000 crore,” he said.

Ghosh said that financial year 2018 was a challenging year for the firm due to demonetisation. However, microfinance disbursements were now back to pre-demonetisation levels.

The company expects housing and MSE book to grow double due to base effect and also plans to launch personal loans and loans for two wheelers for microfinance customers, he said.

Ghosh clarified on concerns relating to farm loan waiver saying that Ujjivan is in semi-urban market in Karnataka and that historically, farm loan waiver has not had any significant impact on microfinance players.

Ghosh said that the company slowed down branch expansion which aided in operating efficiency.

Ujjivan Financial Services reported a more than three-fold jump in its consolidated net profit at Rs 64.86 crore for the last quarter ended March 2018.

The company had posted a net profit of Rs 19.35 crore in the January-March quarter of 2016-17.

Income during the March quarter rose to Rs 460.90 crore from Rs 340 crore in the same period a year ago, the company said in a regulatory filing.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tata Communications Q4 loss narrows to Rs 120 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tata Communications, a Tata Group company, on Thursday reported a consolidated loss of Rs 120 crore for the fourth quarter ended March of 2017-18 as against Rs 209 crore in the same quarter of the previous fiscal.

The income on consolidated basis also declined to Rs 4,241.54 crore as compared to Rs 4,394.88 crore.

Consolidated revenues declined primarily because of lower volume and price compression in voice and currency translation impact, Tata Communications said in a statement.

The company’s board has proposed a dividend of Rs 4.50 per share as against Rs 6 in the previous year.

On a standalone basis, the company during the quarter earned a profit of Rs 191.29 crore as against a loss of Rs 1,264.86 crore.

It further said growth in services continued to witness strong momentum with a annual growth of 35.6%.

“The growth rate has doubled from 18.4% in financial year 2016-17. Within this portfolio IZO services grew by over 300% and security services grew by 64% Y-o-Y,” it said.

In the financial year 2017-18, Tata Communications Limited had filed a Scheme of Arrangement and Reconstruction for demerger of Surplus Land to Hemisphere Properties Limited ( HPIL ) with the National Company Law Tribunal (NCLT). The scheme was approved by the company’s shareholders on May 10, 2018. The company will now obtain further necessary approvals before the scheme can come into effect.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Titan Q4 net jumps 71% to Rs 304 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tata Group firm Titan Company today reported 70.86% jump in consolidated net profit at Rs 304.41 crore for the fourth quarter ended March 31.

The company had reported a net profit of Rs 178.16 crore in the same quarter of 2016-17.

Titan’s total income stood at Rs 4,125.69 crore during the quarter under review. It was Rs 3,692.82 crore in the year-ago period, the company said in a BSE filing.

Titan also announced appointing Noel N Tata, nominee of Tata Sons (co-promoter of the company), as Vice-Chairman of the Board of Directors.

The company said revenue from operations for the periods up to June 30, 2017 includes excise duty on goods sold. With implementation of GST on July 1, 2017, excise duty was subsumed into GST and hence, revenue from operations for the period from July 1 does not include excise duty.

Titan Company MD Bhaskar Bhat said while jewellery and watches business did well, its “eyewear business went through a tough period, especially in the sunglass segment”.

For 2017-18 financial year, Titan reported net profit of Rs 1,101.91 crore compared with Rs 697.28 crore in the previous year.

Its total income in the year stood at Rs 16,244.81 crore as against Rs 13,452.62 crore in 2016-17.

In a separate filing, Titan said its Board has recommended a dividend of Rs 3.75 per equity share.

The company’s stock closed at Rs 981.50, down 0.43 per cent, on BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Nestle India Q1 profit up 36% at Rs 424.03 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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FMCG major Nestle India today reported a 35.98% jump in profit at Rs 424.03 crore for the first quarter ended March 31, 2018.

The company, which follows January-December financial year, had posted a profit of Rs 311.83 crore in the same period a year ago, Nestle India said in a BSE filing.

Revenue from operations was at Rs 2,757.24 crore during the quarter under review. It stood at Rs 2,601.46 crore in the corresponding period last year, it added.

After the GST implementation from July last year, the new indirect tax has not been recognised as part of sales and hence is not comparable with the corresponding year-ago quarter.

“Profit from operations in percentage of sales and net profit in percentage of sales are positively impacted as the percentages have been calculated on lower reported sales,” the company said.

Commenting on the company’s performance, Nestle India Chairman and Managing Director Suresh Narayanan said during the quarter the company had sustained its growth momentum, which is backed by broad volume-based growth across categories.

“This is in line with our strategy of broad-based growth through increased penetration,” he added.

Nestle India said its board of directors has declared an interim dividend for 2018 of Rs 20 per equity share of face value Rs 10 amounting to Rs 192.83 crore, which will be paid on and from June 1, 2018.

On the outlook, Narayanan said, “We are committed to a healthier future, and in line with our vision to introduce products rooted in nutrition, health and wellness, we will be adding breakfast cereals to our existing portfolio this year.”

This business complements the company’s current portfolio by combining its expertise in food and this category globally, he added.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Union Bank of India posts loss in fourth quarter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Union Bank of India Ltd on Thursday posted a loss for a third straight quarter, hurt by higher provisions for bad loans.

Net loss for the quarter stood at 25.83 billion rupees ($383.76 million) for the three months ended March 31, compared with a profit of 1.08 billion rupees a year ago, the state-run bank said in a statement.

Analysts, on average, had expected a net loss of 11.37 billion rupees, Thomson Reuters Eikon data showed.

Gross bad loans as a percentage of total loans rose to 15.73% at end-March, compared with 13.03% in the preceding quarter and 11.17 percent a year ago.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Asian Paints Q4 profit up 3.39% at Rs 495.91 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Asian Paints today reported a 3.39% increase in its consolidated net profit at Rs 495.91 crore for the quarter ended March 2018.

The company had posted a net profit of Rs 479.61 crore in the January-March quarter a year ago.

It reported a total income of Rs 4,531.52 crore in the fourth quarter as against Rs 4,442.25 crore in the corresponding period a year ago, Asian Paints said in a BSE filing.

The company said revenues for the said quarter and the year ended March 2018 are not relatable with those of previous periods due to introduction of GST with effect from July 1, 2017.

For the entire fiscal 2017-18, Asian Paints’ consolidated net profit stood at Rs 2,097.52 crore as against Rs 2,016.25 crore in 2016-17.

Total income was Rs 17,482.52 crore for the fiscal under review, compared to Rs 17,118.98 crore in 2016-17.

The company has recommended a dividend of Rs 6.05 per equity share.

Shares of Asian Paints closed 0.77 per cent down at Rs 1,214.70 on BSE.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ujjivan Financial Q4 profit jumps over 3-fold to Rs 65 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ujjivan Financial Services today reported a more than three-fold jump in its consolidated net profit at Rs 64.86 crore for the last quarter ended March 2018.

The company had posted a net profit of Rs 19.35 crore in the January-March quarter of 2016-17.

Income during the March quarter rose to Rs 460.90 crore from Rs 340 crore in the same period a year ago, the company said in a regulatory filing.

For the full year 2017-18, profit of the company fell multi-fold at Rs 7.28 crore from Rs 207.67 crore in 2016-17 as provisions for bad loans and write offs rose significantly.

For the January-March quarter, the provisioning and write offs were increased to Rs 34.71 crore as against Rs 7.17 crore in the same period a year earlier.

For the entire 2017-18 fiscal, the provisioning and write offs stood at Rs 310.81 crore as against Rs 75.12 crore in the previous fiscal.

Total assets of Ujjivan grew to Rs 9,813.87 crore as on March 31, 2018 from Rs 8,478.59 crore by the end of March 2017, showed company’s balance sheet.

The company, the promoter of its 100% subsidiary Ujjivan Small Finance Bank, said its loan book in the March quarter grew by 18.5% from a year ago at Rs 7,560 crore. Disbursement for the fourth quarter was at Rs 2,262 crore, an increase of 60.8% over the year-ago period.

Gross non performing assets (NPAs) stood at 3.6% of the gross advances at end March 2018 and net NPAs at 0.7%. There were prudential write offs of Rs 177 crore in 2017-18 (covered by provisions) and the provision coverage ratio stood at 81.5%, it said.

“Fiscal year 2017-18 has been a fruitful year for Ujjivan with the completion of our first year of banking operations, despite the significant challenges we faced due to demonetisation…We look forward to convert existing asset centres to full-fledged banking outlets and expect to have 475 banking outlets by March 2019,” said Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank.

Sudha Suresh, MD & CEO, Ujjivan Financial Services said, “This quarter we have clocked the highest ever quarterly disbursement of Rs 2,262 crore and closed the year with an overall portfolio of Rs 7,560 crore. Cost of funds has significantly reduced from 10.4% in 2016-17 to 9% in 2017-18 as we repaid a significant portion of high cost legacy borrowing by raising deposits at competitive prices.”

Suresh said as on March 2018, the company has rolled out 187 full service banking outlets spread across 20 states including 47 banking outlets in URCs to expand reach to unserved and under-served in the rural areas.

“We are expanding our product portfolio to suit the banking needs of retail customers, supported by an extensive marketing outreach for the bank,” she said.

The board of the company has recommended an equity dividend of 5 per cent or Rs 0.50 per equity share subject to the approval of the shareholders.

Stock of Ujjivan Financial closed 1.21% lower at Rs 405.50 on BSE today.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Indian Bank Q4 profit slumps 59% to Rs 132 crore on higher non-performing assets

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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State-run Indian Bank today reported 59% decline in net profit to Rs 131.98 crore for the quarter ended March 31, as provisions for bad loans nearly tripled.

The bank had reported a profit of Rs 319.70 crore in the same period of 2016-17.

Total income during the quarter however rose to Rs 4,954.20 crore, as against Rs 4,601.89 crore in the same period a year ago, Indian Bank said in a regulatory filing.

Although the gross non-performing assets (NPAs) during the quarter declined marginally to 7.37% from 7.47%, the provisions for bad loans increased three-fold.

In absolute terms, gross NPAs were at Rs 11,990.14 crore, up from Rs 9,865.13 crore in the year-ago period.

The bank made provisions and contingencies of Rs 1,546.33 crore for the quarter, more than double from Rs 806.91 crore in the year-ago period.

Provisioning for bad loans nearly tripled to Rs 1,772.03 crore during the quarter as against Rs 608.42 crore earlier.

Net NPAs also declined to 3.81% as against 4.39% a year ago.

Despite decline in profit, the bank’s board recommended a dividend of Rs 6 per share of face value Rs 10 per share, that is 60% to the shareholders.

For the entire 2017-18, the bank’s profit declined 11% to Rs 1,258.99 crore as against Rs 1,405,67 crore in the previous year.

The total income also declined to Rs 19,519.48 crore, as against Rs 19,531.91 crore in 2016-17.

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow