Private sector lender Kotak Mahindra Bank on Wednesday reported a rise of 21.3 per cent in its consolidated net profit to Rs 1,747.37 crore in the second quarter ended September this fiscal. The bank had posted Rs 1,440.68 crore net profit in the July-September period of 2017-18.
Total income of the bank rose to Rs 10,829.08 crore in the second quarter, compared to Rs 9,140.40 crore in same period of the preceding fiscal, the bank said in a regulatory filing. Its gross non-performing assets (NPAs) fell to 1.91 per cent of the gross loans at the end of September 30, 2018 as against 2.14 per cent a year ago. In absolute terms, the gross bad loans stood at Rs 4,302.17 crore by the end of second quarter, 2018-19 compared to Rs 4,065.41 crore in same period a year ago.
Likewise, net NPAs or bad loans also came down to 0.73 per cent of net advances (Rs 1,617.66 crore) from 1.08 per cent (Rs 2,036.13 crore). However, the provisions for bad loans and contingencies were raised to Rs 359.71 crore for the quarter from Rs 252.86 crore parked aside for same period previous fiscal, the bank said.
Mahindra Finance Q2 profit soars two-fold to Rs 381 crore
Mahindra & Mahindra Financial Services (Mahindra Finance) on Wednesday reported more than two-fold jump in standalone net profit at Rs 381 crore for the July-September quarter, helped by increase in revenue from operations and other income. The company had posted a net profit of Rs 164 crore in the corresponding July-September quarter of 2017-18. Its income increased by 39 per cent to Rs 2,148 crore during the second quarter of 2018-19, as against Rs 1,540 crore in the same period of the preceding fiscal, Mahindra Finance said in a regulatory filing.
Wipro Q2 net profit drops 14%
IT services major Wipro on Wednesday posted a 13.8 per cent decline in consolidated net profit at Rs 1,889 crore for the July-September quarter of 2018-19 compared to the year-ago period. The net profit, attributable to shareholders, in the year-ago period was at Rs 2,191.8 crore, according to a regulatory filing by Wipro. Its revenue from operations, however, grew 8.3 per cent to Rs 14,541 crore during the period under review from Rs 13,423.4 crore in the same quarter last year. Wipro, which gets bulk of its topline from IT services, said its board has approved the appointment of Arundhati Bhattacharya as an additional director.
Bajaj Auto Q2 net surges 5%
Two-wheeler major Bajaj Auto on Wednesday reported 5.27 per cent rise in consolidated net profit to Rs 1,257 crore for the second quarter ended September 30, aided by robust sales across domestic as well as international markets. The company had posted a net profit of Rs 1,194 crore in the year-ago period, Bajaj Auto said in a BSE filing.
Total revenue from operations stood at Rs 7,987 crore for the second quarter as compared to Rs 6,566 crore in the same period previous fiscal, Bajaj Auto said in a statement.
During the period under review, the Pune-based company sold a total of 13,39,444 units, up 25 per cent from 10,71,510 units in the July-September period of last financial year. Total motorcycle sales were up 23 per cent to 11,26,542 units in the second quarter, as against 9,18,721 units in the same period last fiscal. The company said its commercial vehicle sales rose by 39 per cent to 2,12,902 units, while in the domestic market it sold a total of 8,04,645 units during the second quarter, up 20 per cent. Motorcycle sales stood at 6,92,899 units in the quarter, up 19 per cent from 5,83,997 units.