SBI Q1 profit falls 13.6%; shares battered
Country's largest bank SBI on Monday reported a 13.6 per cent decline in stand alone net profit to Rs 3,241.08 crore for the quarter ended June 30 due to a spurt in bad assets in agriculture and SME sectors and around Rs 1,300 crore provisioning for foreign operations and pensions.State Bank of India (SBI) had a stand alone net profit of Rs 3,752 crore in the same quarter last year.Its total income increased to Rs 36,192.62 crore in the quarter from Rs 32,415 crore in the same period a year-ago.
Tech Mahindra Q1 net profit up 27%
Information Technology giant, Tech Mahindra, on Monday announced its first quarter results and company's net profit rose by 27 per cent jump to Rs 686.3 crore. After the merger with Mahindra Satyam, this was the first quarterly results reported by the company.
On revenue front the company registered a jump of 21.7 per cent to Rs 4,103.2 crore as compared to Rs 3,372.7 crore during the same quarter in the previous fiscal. The results were led by broad-based growth across sectors like manufacturing and media and entertainment.