| Industrial Development Bank of India (IDBI), the new banking company, today announced 33.5 per cent rise in its net profit for the quarter ending December 31, 2004, at Rs 62.13 crore, up from Rs 46.55 crore recorded during the corresponding quarter of the previous fiscal. |
| The net profit figure, however, is inclusive of a deferred tax credit of Rs 7.47 crore. Operating profit during the quarter was Rs 58.16 crore against Rs 52.41 crore. |
| The first financial year of the banking company shall end on March 31, 2005 (six months), while the erstwhile IDBI had an extended accounting period (18 months) last year, up to September 30, 2004. |
| Total income during the current quarter was Rs 1,259.08 crore against Rs 1,664.32 crore earned in the corresponding quarter of 2003. Total expenditure (excluding provisions and contingencies) was marginally lower at Rs 1,194.77 crore against Rs. 1,222.96 crore. |
| Aggregate assets increased by 2 per cent year-on-year from Rs. 62,998 crore as on end-December 2003 to Rs 64,199 crore as on December 31, 2004. |
| Earnings per share (EPS) on a non-annualised basis for the reporting quarter works out to Re 0.95 against Re 0.71 for the corresponding quarter of 2003-04. |
| Against the Reserve Bank of India-stipulated 9 per cent capital adequacy ratio, IDBI's CAR at end-December 2004 stood at 19.2 per cent. During the October-December quarter, aggregate sanctions and disbursements under all products, including funded interest term loan, were placed at Rs 5,442 crore and Rs 1,580 crore, respectively. |
| At these levels, sanctions were higher by 352 per cent while disbursements trailed by 19.6 per cent compared with business volumes obtaining during the corresponding quarter of the previous financial year 2003-04. |
| During April-December 2004, aggregate assistance sanctioned (including FITL) stood at Rs 12,109 crore "" 239.3 per cent higher than Rs 3,569 crore achieved during April-December 2003. Disbursements (including FITL) during the same period grew 2.8 per cent to Rs. 3710 crore from Rs 3,609 crore recorded during April-December 2003. |
| Jay Bharat posts Rs 1.65 cr net |
| Jay Bharat Sarees has recorded a net profit of Rs 1.65 crore for the quarter ended December 2004 on net sales of Rs 16.99 crore. The company's board, at a meeting on January 8, recommended splitting the face value of the equity shares from Rs 10 to Re 1 each. |
| Jay Bharat is acquiring Asahi Fibres , a 100 per cent export oriented unit situated at Vapi. The board has approved expansion of scheme of 75,000 spindles to manufacture cotton yarn and 11,000 tpa of fabric processing at a cost of Rs 300 crore under TUF scheme. |
| LIC Housing net down 7% |
| LIC Housing Finance has posted a 7.14 per cent drop in net profit to Rs 42 crore for the quarter ended December 31, 2004 compared with Rs 45.23 crore in the corresponding quarter last year. |
| According to a press release issued by the company, the dip in the net profit follows the rise in the total expenditure at Rs 205.86 crore against Rs 202.45 crore. Provision for taxes is also higher at Rs 19.50 crore compared with Rs 15.50 crore. |
| The earnings per share has come down to Rs 4.95 against Rs 6.04 last year. The outstanding mortgage portfolio as on December 31, 2004 was Rs 11,539 crore against Rs 9,171 crore, thus registering a growth of 25.8 per cent. |
| During the quarter, the company introduced a unique product for its home loan borrowers which offers the option to convert it into a floating rate loan at the end of five years. |
| MRO-Tek net profit up 102% |
| MRO-TEK, a major provider of product-based solutions to access every network, announced a 102 per cent rise in net profit to Rs 5.6 crore for the third quarter ended December 2004 compared with Rs 2.77 crore in the same quarter of the previous fiscal. |
| Total revenues stood at Rs 27.59 crore compared with Rs 26.17 crore in the same quarter of previous year. |
| NHPC profit up marginally |
| National Hydroelectric Power Corporation (NHPC) reported a net profit after tax of Rs 92.27 crore for the quarter ended 31 December 2004 as against Rs 89.28 crore during the corresponding quarter last fiscal, despite a marginal reduction in sales in the third quarter, said a company release. |
| The net profit after tax for the nine months ended 31 December 2004 was Rs 430.58 crore as against Rs 370.28 crore in the corresponding period last year, an increase of 16.3 per cent, it added. |
| Gross sales for the nine months increased by 26.55 per cent from Rs 1047.50 crore to Rs 1325.65 crore in 2004. The increase in sales was mainly because of commissioning of the Chamera II power station. |
| Nagarjuna Const net up 40% |
| The Hyderabad-based Nagarjuna Construction Company Ltd's net profit for the third quarter ended December 31, 2004, surged 39.93 per cent at Rs 12.09 crore compared with Rs 8.64 crore in the corresponding previous quarter. |
| Turnover for the quarter increased 37.54 per cent to Rs 265.42 crore (Rs 192.97 crore). Gross profit for the quarter was at Rs 23.06 crore (Rs 16.54 crore), an increase of 39.41 per cent. |
| For the first nine months of the financial year, the company's net profit improved 66.09 per cent to Rs 33.65 crore (Rs 20.26 crore) and the turnover recorded a growth of 58 per cent to Rs 741.12 crore (Rs 469.95 crore). The earnings per share (EPS) for the first nine months was at Rs 28.54 (Rs 21.46). |
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