GMR Infra’s Q2 loss widens to Rs 393 cr
new delhi: GMR Infrastructure Limited on Wednesday said its loss for the second quarter ended September 30 widened to Rs 393 crore against Rs 179 crore during the same quarter a year ago due to high interest and losses in energy vertical. According to a statement issued by the company, gross revenue during the quarter under discussion was at Rs 2,419 crore against Rs 2,399 crore during the same period last fiscal. GMR had to shell out Rs 684 crore towards interest charges during the July-September quarter as compared to Rs 485 crore in the year-ago period. Group chairman G M Rao said the macro-economic situation is showing signs of improvement. However, sustaining this will need continued focus on reforms and infrastructure development. It is important to debottleneck crucial areas like power generation and highways, without which the targeted growth rate will be challenging.
M&M profit up 9.72% at Rs 989.5 cr
New Delhi: Mahindra & Mahindra (M&M) has reported a 9.72 per cent increase in standalone net profit at Rs 989.5 crore for the quarter ended September 30, aided by lower expenses. The company had reported a profit of Rs 901.8 crore a year earlier. Net sales during the three months ended September 30 were at Rs 8,814.33 crore, down 8.74 per cent from Rs 9,659.2 crore in the same period last year, M&M said in a BSE filing. Expenses were at Rs 7,981.64 crore, down 10.04 per cent from Rs 8,872.43 crore. M&M shares traded at Rs 885.85 in the afternoon on the BSE, up 0.75 per cent.
Andhra Bank’s Q2 net slumps 78.3%
new delhi: Andhra Bank has reported a massive 78.3 per cent decline in net profit at Rs 70.65 crore for the second quarter ended September 30 due to higher provisioning for non-performing assets. The city-headquartered public sector bank’s net profit for the same quarter last year stood at Rs 325.63 crore. In a BSE filing, the bank said its total income rose by 11.73 per cent to Rs 3,817.57 crore during the reported quarter as against Rs 3,416.55 crore in the July-September quarter of 2012-13. The bank had to make a Rs 502 crore payment towards provisions and contingencies during the quarter under review, of which provisioning for NPAs during the quarter stood at Rs 200 crore. The total provisioning and contingencies stood at Rs 140 crore during the corresponding quarter last fiscal.
Lakshmi Vilas Bank Jul-Sep PAT falls 67%
mumbai: Lakshmi Vilas Bank Ltd’s net profit plunged 67.36% on year in Jul-Sep to 58.53 mln rupees led by a 161.0% rise in provisions. The private sector bank’s provisions during the reporting quarter jumped to 746.35 mln rupees from 286.07 mln in the same quarter last year and 499.03 mln in the previous quarter. The bank’s total income during the reporting quarter rose slightly to 5.37 bln rupees from 4.77 bln during the same period last year. The interest earned during the quarter registered a growth of 13.0% from last year to 4.86 bln rupees while interest expended was 3.67 bln rupees, 8.11% higher on year. On a sequential basis, the bank’s net profit slumped 76.91% while total income remained almost flat. The private sector bank’s asset quality deteriorated with gross non-performing asset ratio rising to 5.22% as on Sep 30, higher than 4.50% a year ago, and largely unchanged from 5.27% in the previous quarter.
Coal India Q2 Net marginally down
new delhi: Coal India today reported a marginal drop in consolidated net profit at Rs 3,052.36 cr for the July-September quarter due to higher input cost and less e-auction realisation. The world’s largest coal miner posted a profit of Rs 3,078.08 crore in the second quarter of 2012-13. “There are basically two reasons (for marginal drop in net profit). There is reduction in e auction realisation where as there has been slight increase in the cost of production. With these two reasons together ou profit has been lower,” Coal India Chairman and S Narsing Rao said. “There has been secular increase in the cost of production except that the diesel price increase was substantial which was felt fully during this quarter,” Rao said. Net sales rose 5.75 per cent to Rs.15,411.49 cr from Rs.14,572.54 cr, Coal India said. Total expenses increased 8.38 per cent to Rs.13,112.45 cr.
MTNL narrows Q2 net loss to Rs 947 cr
new delhi: After reporting widening of losses for nine quarters in a row, state-run telecom company MTNL on Wednesday narrowed its standalone net loss to Rs 947 crore for the July-September period of this year mainly on account of lower provisions for employee retirement benefits. The company had reported a loss of Rs 1,093.72 crore in the same period a year ago. MTNL had last reported narrowing of loss in fourth quarter ended March 31, 2011. “I don’t over commit, but we have elements that makes us confident of returning to profit. The loss narrowed mainly because of certain provisions that we make for employees.