Higher advances lift HDFC Q4 net by over 17% to Rs 2,083 crORE
Boosted by robust growth in loan advances and performance of subsidiaries, the country’s largest pure-play mortgage lender HDFC today reported 17.2 per cent rise in consolidated net profit at Rs 2,083.12 crore in the fourth quarter ended March 31.In the same quarter a year ago, HDFC’s net profit stood at Rs 1,776.74 crore. Consolidated total income rose in March 2013 quarter rose to Rs 11,042.88 crore from Rs 9,278.11 crore in the same period of the previous fiscal. On a standalone basis, helped by a robust 21 per cent loan growth, HDFC reported a 17.3 per cent rise in net profit at Rs 1,555 crore in the fourth quarter ended March 31.Total income on a standalone basis rose 16 per cent to Rs 5,666 crore in the period under review. Total loan book at the end of the year rose to Rs 1.7 lakh crore, up 20.6 per cent from a year earlier, which is much higher than the industry average for credit growth at around 14 per cent, HDFC Vice-Chairman and Chief Executive Keki Mistry told reporters in Mumbai.
Ranbaxy Q1 net profit plunges 90% to Rs 126 cr
Drug major Ranbaxy laboratories on Wednesday reported a 89.91 per cent decline in its consolidated net profit at Rs 125.75 crore for the first quarter ended March 31, 2013, mainly on account of absence of contribution from exclusivities.The company had exclusive rights to a generic version of cholesterol lowering drug lipitor in the US during the corresponding quarter of previous fiscal.The company had posted a net profit of Rs 1,246.76 crore for the quarter ended March 31, 2012, Ranbaxy laboratories ltd said in a statement.Net sales of the company declined to Rs 2,439.82 crore for the January-March quarter, compared to Rs 3,708.97 crore in the same period of 2012. Commenting on the company’s performance, Ranbaxy CEO and MD Arun Sawhney said: “India and key emerging markets of East Europe + CIS and Africa + Middle East returned strong growth. “The focus on differentiated products gained momentum during the quarter as we improved our market share in Absorica and received the rights to market Desevenlafaxine in USA.”
lupin Q4 net zooms to Rs 408 cr; Nilesh Gupta to be new MD
Drug major lupin ltd on Wednesday posted nearly 3-fold increase in consolidated net profit at Rs 408.1 crore for the fourth quarter ended March 31, mainly on account of robust sales in the US and India.
In a separate development, the company’s board approved the appointment of Kamal K Sharma as Vice Chairman, Vinita Gupta as Chief Executive Officer and Nilesh Gupta as Managing Director with effect from September 1, 2013. The Mumbai-based firm had posted net profit of Rs 155.6 crore in the January-March quarter of 2011-12.
Net sales of the company rose to Rs 2,537.4 crore for the quarter, compared to Rs 1,883.2 crore in the same period of previous fiscal, lupin ltd said in a statement.
Cognizant logs 17% growth in Q1 net on strong Europe demand
IT firm Cognizant on Wednesday posted 16.6 per cent rise in net profit at $284.2 million for January-March quarter and maintained its outlook of 17 per cent revenue growth in 2013. The company’s net profit stood at $243.7 million in the first quarter of 2012. The US-headquartered company follows Jan-Dec fiscal. “The stronger demand in Europe was driven by a number of large outsourcing deals we won in the last few quarters, including Philips and Rabobank...Europe remains attractive long term market,” Cognizant Group Chief Executive (Technology and Operations) R Chandrasekaran told PTI.