The bank had registered a net loss of Rs 551.53 crore during the corresponding January-March 2019 quarter
It posted a net loss of Rs 2,503.1 crore in Q4FY20, against a loss of Rs 3,369.2 crore in the same period a year ago.
Net profit of the Mumbai-based company fell 2.1 per cent year-on-year to Rs 461.9 crore in Q4, below Street estimates of Rs 512 crore as polled by Bloomberg.
The bank posted a net profit of Rs 506.5 crore in Q4FY20 compared to net loss of Rs 991.3 crore in Q4FY19.
According to a statement from the group, the manufacturing entities of the group generated a free cash flow at 119 per cent of the profit after tax
Firm has seen huge drop in loan assets, with housing and other loans at the end of Q4 at Rs 66,202.68 cr from Rs 97,978.12 cr a year ago
Kajal Gandhi and Vishal Narnolia, research analysts at ICICI Securities, believe that Covid-19 breakout and merger process would lead to sluggish business growth during the quarter under review.
The lender reported a net loss of Rs 697 crore in Q4FY20 before completing the amalgamation process, as it posted a second continuous quarterly loss.
Its net profit fell sharply, by 40 per cent, to Rs 421.43 crore from Rs 693.58 crore in Q4FY19.
The Gurugram-headquartered firm's PBT fell from Rs 161.4 crore to Rs 119 crore in the last quarter.
June quarter washout could keep FY21 muted
The company's PAT for the corresponding period of the previous fiscal stood at Rs 97.91 crore, it said in a BSE filing.
The FY21 cut was prompted by indications that the June quarter has been a complete wash out and the outlook in the coming quarters will be weak given the economic downturn
14-17% top line growth estimate indicates 20% rise in earnings
The company's production of iron ore during the fourth quarter was 9.47 million tonnes (MT) as against 10.5 MT in the corresponding period of the previous year, registering a decrease of 11 per cent
The consolidated profit before tax for 2019-20 dropped 86 per cent to Rs 1,374 crore compared to Rs 10,039 crore during the fourth quarter of 2018-19
Revenue from operations declined to Rs 724.38 crore during the period under review from Rs 812.65 crore in the same period of 2018-19
Firm's total income up about 10% to Rs 183 cr; firm cites Covid-19 for profit numbers
For the year 2019-20, the profit before tax declined 15.4 per cent at Rs 1,806.89 crore compared to Rs 2,135.90 crore during the previous year
Its total income rose to Rs 5,152.21 crore in the last fiscal from Rs 5,007.22 crore in 2018-19