UCO Bank narrows net loss to Rs 601 cr in Q1 as bad loan provisioning falls
New Delhi (PTI): State-owned UCO Bank on Thursday reported narrowing of its net loss to Rs 601.45 crore for the first quarter ended June 30, as bad loan provisioning declines. The bank had posted a net loss of Rs 633.88 crore in the corresponding April-June period of the previous financial year. Its total income in the June 2019 quarter rose to Rs 4,446.61 crore as against Rs 4,360.88 crore in the year-ago quarter, the bank said in a regulatory filing. The bank’s asset quality witnessed slight improvement, with the gross non-performing assets (NPAs) standing at 24.85% of the gross advances as at the end of June 2019, as against 25.71% a year ago. Net NPAs stood at 8.98%, down from 12.74%. In terms of absolute value, the gross NPA was Rs 29,431.60 crore, compared with Rs 29,786.41 crore in the year-ago period. Net NPAs were Rs 8,781.97 crore by the end of the first quarter this fiscal, as against Rs 12,558 crore a year ago. Thus, there was a decline in provisions for bad loans for the quarter at Rs 1,374.97 crore, against Rs 2,038.33 crore in the corresponding period a year ago. The overall provisions and contingencies stood at Rs 1,802.89 crore, compared with Rs 1,781.28 crore a year ago.
Abbott India Q1 profit up 42%
Drug firm Abbott India on Thursday reported 41.91% cent rise in net profit to Rs 116.94 crore for the quarter ended June 30, 2019. The company had posted a net profit of Rs 82.40 crore for the year-ago period, Abbott India said in a filing to BSE. Total income for the quarter under review rose to Rs 1,028.49 crore as against Rs 866.68 crore for the same period a year ago.
Emami Q1 profit up 48%
FMCG major Emami on Thursday reported an increase of 47.84% in consolidated net profit at Rs 39.12 crore for June quarter 2019-20. The company had reported a profit of Rs s 26.46 crore in April-June a year ago, Emami said in a BSE filing. Total income was up 6.57% to Rs 660.13 crore during the quarter under review as against Rs 619.42 crore in the year-ago period.Despite continuing input cost pressure, Emami’s EBIDTA margins expanded by 110 basis points, company’s director Mohan Goenka said. Total expenses of the Kolkata-headquartered firm were at Rs 514.50 crore as against Rs 493.94 crore a year earlier. During the quarter, Emami’s international business “grew 34%” led by a strong performance in SAARC and MENAP regions.
UltraTech Cement Q1 net profit up 91.4% to Rs 1,208.03 crpre
UltraTech Cement Ltd on Thursday reported a 91.38% jump in its consolidated net profit at Rs 1,208.03 crore for the first quarter ended June, 2019. The company had posted a consolidated net profit of Rs 631.21 crore in the April-June period a year ago, UltraTech Cement said in a BSE filing. Its net sales rose 14.35% to Rs 10,177.63 crore during the quarter under review as against Rs 8,900.18 crore in the corresponding quarter last fiscal. The Aditya Birla Group firm’s total expenses rose 5.51% to Rs 8,509.81 crore as against Rs 8,064.96 crore a year ago.
Godrej Properties net profit up 162% at Rs 89.87 cr in Q1 FY20
Godrej Properties on Thursday reported a nearly two-fold increase in consolidated net profit for the quarter ended June 30 at Rs 89.87 crore mainly on the back of decline in total expenses. The company had reported a net profit of Rs 34.25 crore in the corresponding quarter last fiscal. Its total income for the April-June 2019 quarter stood at Rs 713.84 crore as against Rs 1,066.73 crore, registering a decline of 33.08%. The total expenses for the quarter declined 42.76% to Rs 567.84 crore from Rs 992.14 crore in Q1 FY19. During the quarter, the company witnessed total booking value of Rs 897 crore and total booking volume of 1.35 million sqft as compared to Rs 820 crore and 1.17 million sqft, respectively, in Q1 FY19. The company also added one new project with saleable area of 3.5 lakh sqft in Q1 FY20 and delivered 1.4 million sqft across two cities, the release said.