Titan Company Ltd. on Friday reported an 8.34 per cent rise in consolidated net profit at Rs 301.11 crore for the quarter ended September 30, 2018, dragged by provisions made for its corporate deposits in the IL&FS group. The company had reported a net profit of Rs 277.93 crore for the July-September period of the last fiscal.
Titan said as on September 30, 2018, as a part of treasury operations, it had invested in inter-corporate deposits amounting to Rs 145 crore with IL&FS and its subsidiary. The growth in the profit before tax for the quarter was muted due to provision made to the tune of Rs 29 crore for investments made as part of treasury operations in inter-corporate deposits in the IL&FS group and certain one-time franchisee compensations on store takeover in the jewellery segment, Titan said in a BSE filing.
Total income during the quarter under review stood at Rs 4,595.13 crore. It was Rs 3,603.01 crore in the corresponding period last fiscal. Titan said revenue from operations for the period up to June 30, 2017 included excise duty on goods sold.
India Cements Q2 net plunges 94 pc
India Cements on Friday reported 93.95 per cent drop in standalone net profit at Rs 1.43 crore during the quarter ended September 2018. The company had reported a net profit of Rs 23.67 crore in the same quarter of the previous fiscal. Total income of the company stood at Rs 1,390.84 crore during second quarter of 2018-19 fiscal. It was Rs 1,274.9 crore in the year-ago period, India Cements said in a BSE filing. The company said due to introduction of GST from July 1, 2017, as the excise duty is subsumed under GST, the said income and expenditure from July 1, 2017 were net of GST and hence not comparable. Expenses during the quarter under review were at Rs 1,389.41 crore. It was Rs 1,238.7 crore in the corresponding period a year ago.
Indian Bank Q2 profit slips 67 pc at Rs 150 cr
State-owned Indian Bank on Friday reported a 66.7 per cent dip in its net profit at Rs 150.1 crore for the second quarter ended September on account of increase in bad loans. The bank’s net profit in the corresponding July-September quarter of 2017-18 was at Rs 451.5 crore. However, total income of the bank increased to Rs 5,129.16 crore for the September quarter this year, from Rs 4,874.16 crore in the same period of the previous fiscal, the bank said in a regulatory filing.
Asset quality deteriorated with the gross non-performing assets (NPAs) rising up to 7.16 per cent of the gross advances as on end-September 2018, as against 6.67 per cent by September 2017. Net NPAs, too increased to 4.23 per cent of the net advances at the end of second quarter of this fiscal, from 3.41 per cent in the year-ago period. The bank’s provisioning for bad loans and contingencies was raised to Rs 1,004.3 crore for the July-September quarter, up from Rs 744.55 crore for the same period a year earlier. Provisioning for bad loans alone stood at Rs 752.47 crore, up from Rs 633.36 crore as on September 30, 2017. Provision Coverage Ratio stood at 60.82 per cent as on September 30, 2018. During the half year, the bank appropriated the recovery of Rs 94.61 crore in a fully provided NPA account in accordance with the resolution plan approved by the National Company Law Tribunal (NCLT).
AI Express net slips 11pc to Rs 262 cr in FY18 on costly fuel
Air India Express, the low-cost international arm of national carrier Air India, has reported an 11 per cent dip in net profit at Rs 262 crore in fiscal 2018, impacted by high fuel cost and sluggish growth in the Gulf economies, but could still remain profitable for the third successive year. The Kochi-headquartered airline had posted a net profit of Rs 296.7 crore in fiscal 2017. This is the third consecutive profitable year for the airline, the airline said in a statement on Friday.