HDFC profit up 11% at Rs2,419 cr
Mumbai: Top mortgage lender HDFC ltd on Wednesday reported an 11 per cent rise in consolidated net profit at Rs2,419 crore for the December quarter, driven by an uptick in commercial lending and better performance by subsidiaries. HDFC Vice-Chairman and Chief Executive Keki M Mistry attributed the lower rise in net to “lower profit on sale of investments at Rs57 crore against Rs113 crore, lower income from leased properties, other income and higher depreciation compared to the previous year.” “lower net growth is due to lower non-core income -- profit on sale of investments was Rs57 crore, down from Rs113 crore a year ago -- and income from leased properties was Rs1 crore, down from Rs17 crore.”
Bharti Infratel net profit up 12% at Rs565 cr
New Delhi: Telecom tower company Bharti Infratel on Wednesday reported 12 per cent jump in net profit to Rs565 crore for the quarter ended December 31 on “aggressive” rollout of 3G and 4G
networks by mobile operators. It had, in comparison, reported net profit of Rs507 crore in the October-December quarter of the last fiscal, Bharti Infratel said in a statement. Revenue of the company also rose 5 per cent to Rs3,093 crore for the reported period of the current fiscal, as compared to Rs2,949 crore a year ago. “The capital expenditure for the telecom sector is on rise due to aggressive rollout of 3G and 4G networks by the operators encouraged by increasing mobile data usage and focus on quality of service,” Bharti Infratel Chairman Akhil Gupta said.
IDFC Bank logs in Rs 242 crore
Mumbai: Newest private sector lender IDFC Bank on Wednesdayposted a net profit of Rs242.16 crore for the December quarter, and said it will focus on expanding its priority sector lending book. The bank, which began operations on October 21 last year, saw a net interest income of Rs404 crore and a non-interest income of Rs200 crore, which included Rs170 crore in treasury gains. Its loan book grew 3 per cent during the reporting quarter, and the bank said it remains cautious about the asset growth given the macro headwinds, especially in its legacy infra sector.
Jewellery exporters meet FM
Mumbai: A jewellery exporters’ delegation on Wednesday met Finance Minister Arun Jaitley in New Delhi and discussed a number of critical issues facing the gems and jewellery industry and gave suggestions to improve them. Some of the issues were related to taxation, chairman of Gems and Jewellery Export Promotion Council (GJEPC), Praveenshankar Pandya, said. “We asked the Finance Minister to take measures that create certainty regarding tax provisions and reduce the quantum of tax-related litigation,” he added.