State-owned Canara Bank on Wednesday reported a rise of 14% in its consolidated net profit at Rs 405.49 crore for the second quarter ended September amid fall in bad loans and healthy income from operations. The bank had posted a net profit of Rs 356.55 crore during the corresponding July-September period of last fiscal ended March 31, 2019.
Total income (consolidated) in the second quarter of 2019-20 rose to Rs 15,509.36 crore as against Rs 13,437.83 crore in the same period of 2018-19, Canara Bank said in a regulatory filing. Interest income stood at Rs 12,500.37 crore, up from Rs 11,015.93 crore.
The Consolidated Financial Statement (CFS) of the group companies comprises the result of eight subsidiaries, four associates including two Regional Rural Banks (RRBs) and a joint venture, the bank said.
On a standalone basis, bank posted an increase of 22% at Rs 364.92 crore during the quarter, up from Rs 299.54 crore in the year-ago period. Total income rose to Rs 14,461.73 crore from Rs 12,679.06 crore.
The bank witnessed fall in its bad loans proportion with the gross non-performing assets (NPAs) standing at 8.68% (Rs 38,711.33 crore) of gross advances by end of September 2019 from 10.56% (Rs 45,233.22 crore) a year-ago. Net NPAs too came down to 5.15% (Rs 22,090.04 crore) from 6.54% (Rs 26,777.64 crore). Thus, provisions for bad loans for the quarter came down to Rs 2,297.43 crore from Rs 2,406.84 crore on a consolidated basis. On a standalone basis, it was down at Rs 2,295.61 crore from Rs 2,403.06 crore a year-ago.
Bajaj Electricals Q2 loss at Rs 33 crore
Bajaj Electricals on Wednesday reported a consolidated net loss of Rs 32.54 crore for the second quarter ended September 30. The company had posted a net profit of Rs 29.83 crore for July-September period of the previous fiscal. Total income for the second quarter stood at Rs 1,106.80 crore as compared with Rs 1,605.77 crore in the previous year, Bajaj Electricals said in a regulatory filing.
Cipla Q2 net up 25%
Drug firm Cipla on Wednesday posted 25% increase in consolidated net profit at Rs 471 crore for the second quarter ended September 30, on the back of robust sales across domestic and international markets.
The Mumbai-based company had reported a profit of Rs 377 crore during July-September, 2018-19. Total revenue from operations rose to Rs 4,396 crore for the second quarter as against Rs 4,012 crore in the year-ago period, Cipla said in a regulatory filing.
Exide Industries Q2 net up 15.57%
Battery manufacturer Exide Industries on Wednesday reported a 15.57% increase in consolidated net profit to Rs 247.18 crore in the September quarter. The company had posted a consolidated net profit of Rs 213.87 crore in the same quarter last fiscal, Exide industries said in a regulatory filing. Revenue from operations during the period under review stood at Rs 3,778.51 crore as compared to Rs 3,632.95 crore in the corresponding quarter last fiscal, a growth of 4%.
Lupin posts net loss of Rs 123 cr in Sept quarter
Drug maker Lupin on Wednesday reported a consolidated net loss of Rs 123.44 crore for the second quarter ended September 30, impacted by provisioning for one-time payment to settle a lawsuit in the US and loss in divestment of injectables business in Japan.
The Mumbai-based company had posted a net profit of Rs 288.45 crore in the July-September period of 2018-19.