Nestle India's net profit fell 19.13% to Rs 259 crore on 8.5% decline in total income from operations (net) to Rs 2302.46 crore in Q1 March 2016 over Q1 March 2015. The result hit the market after trading hours yesterday, 12 May 2016. The company said that the Maggi Noodles issue adversely impacted the financial performance in the first quarter. Nestle relaunched Maggi noodles in the market at the beginning of November 2015 after it withdrew the product from the market in June 2015 amid allegations that it contained high levels of lead.
Nestle India's Chairman and Managing Director Suresh Narayanan said that Maggi noodles has already regained leadership with over 50% market share within 5 months of relaunch. He said that Nestle India is gearing up for volume growth with renewed focus and commitment on consumer relevant innovation and renovation. Narayanan said that the management is working on increasing penetration for all product categories of the company including milk & nutrition, chocolate & confectionary and coffee & beverages. Narayanan said that the company's Q1 March 2016 results show further improvement in sequential performance, both in sales and profit margins.
Shares of Crompton Greaves Consumer Electricals (CGCEL) gets listed on the stock exchanges today, 13 May 2016. Crompton Greaves demerged its consumer products business on a going concern basis into a wholly owned subsidiary CGCEL. As per the demerger scheme, CGCEL had issued and allotted one fully paid-up equity share of Rs 2 each for every one equity share of Rs 2 each held in Crompton Greaves.
Bank of Baroda is scheduled to announce its Q4 March 2016 results today, 13 May 2016.
Bank of Maharashtra reported net loss of Rs 119.84 crore in Q4 March 2016 compared with net profit of Rs 112.72 crore in Q4 March 2015. The result hit the market at the fag end of trading session yesterday, 12 May 2016. The bank's gross non-performing assets (NPA) stood at Rs 10385.85 crore as on 31 March 2016, as against Rs 8301.62 crore as on 31 December 2015 and Rs 6402.06 crore as on 31 March 2015. The ratio of gross NPA to gross advances stood at 9.34% as on 31 March 2016, as against 7.97% as on 31 December 2015 and 6.33% as on 31 March 2015. The ratio of net NPA to net advances stood at 6.35% as on 31 March 2016 as against 5.52% as on 31 December 2015 and 4.19% as on 31 March 2015. The bank's provisions and contingencies rose 57.32% to Rs 679.51 crore in Q4 March 2016 over Q4 March 2015.
Manappuram Finance's consolidated net profit rose 86.63% to Rs 130.70 crore on 27.72% growth in total income to Rs 655.54 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 12 May 2016.
Kokuyo Camlin's net profit declined 45.49% to Rs 2.36 crore on 8.63% growth in net total income from operations to Rs 177.14 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 12 May 2016.
Magma Fincorp's consolidated net profit rose 25% to Rs 65.30 crore on 2.08% growth in net total income from operations to Rs 633 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 12 May 2016.
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