Dr Reddy’s Laboratories on Friday reported over two-fold jump in consolidated net profit to Rs 1,092.5 crore for the second quarter ended September 30, 2019. The company had posted a profit of Rs 503.80 crore for the year-ago period, Dr Reddy’s said in a regulatory filing. The net tax for the quarter has a benefit of Rs 330 crore due to recognition of deferred tax assets of Rs 520 crore, primarily related to the MAT credit, it said.
Revenue in the second quarter stood at Rs 4,800.9 crore as against Rs 3,797.8 crore in the year-ago period, an increase of 26.41 per cent, it added.
Company’s Co-Chairman and MD GV Prasad said the performance across the businesses and strong cash generation during the quarter were pleasing.
Revenues from North America were flat at Rs 1,430 crore while that from Europe were at Rs 280 crore. Revenues from India stood at Rs 750 crore and emerging markets at Rs 830 crore, it added.
Dr Reddy’s said its pharmaceutical services and active ingredients revenue was at Rs 710 crore, up 18 per cent from the corresponding period last fiscal. Proprietary products segment clocked a revenue of Rs 740 crore, including Rs 720 crore towards licence fee for selling the US and select territory rights for two of neurology brands namely ZEMBRACE SYMTOUCH (sumatriptan injection) 3 mg and TOSYMRATM (sumatriptan nasal spray) 10 mg, to Upsher-Smith Laboratories, LLC, the company said.
Yes Bank net loss Rs 629 cr in Sept quarter
Yes Bank on Friday reported a consolidated net loss of Rs 629.1 crore for the September quarter due to a spurt in bad loans. The private sector lender had posted a net profit of Rs 951.47 crore in the corresponding period of the previous fiscal. Sequentially, there was net profit of Rs 95.56 crore in the first quarter ended June of this fiscal.
Total income (consolidated) also slipped to Rs 8,347.50 crore during July-September period of 2019-20, as against Rs 8,713.67 crore in the same period of 2018-19, the bank said in a regulatory filing.
Gross bad loans jumped to 7.39 per cent of the gross advances as on September 30, 2019, from 1.60 per cent a year ago. Net NPAs or bad loans too rose to 4.35 per cent as against 0.84 per cent. Provisions for bad loans and contingencies rose to Rs 1,336.25 crore as against Rs 942.53 crore earlier, the bank said. On a standalone basis, there was a net loss of Rs 600.08 crore during the quarter. The bank had posted a net profit of Rs 964.70 crore in the second quarter of the previous fiscal.
Bank of India posts Rs 266 cr profit in Q2
State-owned Bank of India (BoI) on Friday reported a net profit of Rs 266.37 crore for the second quarter ending September 30, due to a decline in provisions for bad loans. The bank had posted a loss of Rs 1,156.25 crore in the July-September quarter last fiscal.
Total income of the bank rose to Rs 11,985.50 crore during the second quarter, from Rs 10,800.24 crore in the same period of 2018-19, according to a regulatory filing by Bank of India. Provisions towards bad loans halved to Rs 1,452.09 crore in the July-September quarter from Rs 3,343.27 crore in the year-ago quarter. Its gross non-performing assets (NPAs) moderated to 16.31 per cent of gross advances by September-end 2019, as against 16.36 per cent on September 30, 2018. Net NPAs too declined to 5.77 per cent at September-end from 7.64 per cent in the year-ago period. In value terms, gross NPAs of the bank remained flat at Rs 61,475.60 crore by the end of September quarter.