PNB Q3 net rises 7.12% to Rs 246.51 cr
Punjab National Bank (PNB) on Tuesday posted 7.12% increase in net profit at Rs 246.51 crore for its third quarter ended December 31, 2018, driven by lower provisioning for bad loans. PNB, which which was involved in a Rs 14,356-crore scam by Nirav Modi, had reported net profit of Rs 230.11 crore for the corresponding quarter a year ago. The bank’s total income fell by 2.64% to Rs 14,854.24 crore for the quarter under review from Rs 15,257.5 crore in the year-ago quarter. On PNB’s asset quality, the bank said its gross non-performing assets (NPAs) as a percentage to total advances rose to 16.33% from 12.11% in the year-ago period. Its net NPAs, however, came down to 8.22% from 8.90% at the end of December 2017, PNB said in a BSE filing. Total provisions, excluding for income tax, made during the third quarter of the current financial year were Rs 2,753.84 crore as against Rs 4,466.68 crore in the year-ago period. Out of which, provisioning for bad loans stood at Rs 2,565.77 crore as against Rs 2,996.42 crore reported during the third quarter of the previous fiscal.
BHEL Q3 net profit rises 25%
State-run engineering firm BHEL posted a 25.30% jump in its net profit at Rs 191.95 crore for the quarter ended on December 31, 2018, compared to the year-ago period. The company’s net profit in the third quarter last fiscal was Rs 153.19 crore, a company statement said. According to the statement, the board has declared and approved payment of interim dividend at the rate of 40% (Rs 0.80 per share) on the paid up share capital of the company for FY 2018-19. Interim dividend shall be paid/dispatched on February 21, 2019.
Trent Q3 net up 6.28% to Rs 40.27 cr
Tata group retail firm Trent on Tuesday reported a 6.28% rise in standalone net profit at Rs 40.27 crore for the third quarter ended December 2018. The company had posted a net profit of Rs 37.89 crore in the October-December quarter a year ago. Total income during the quarter under review stood at Rs 665.89 crore, up 26.67% as against Rs 525.66 crore in the corresponding quarter last fiscal, the company said in a BSE filing. Its total expenses were at Rs 604.25 crore in third quarter of fiscal 2018-19, an increase of 28.48% compared with Rs 470.29 crore reported in the corresponding period the previous fiscal year.
Apollo Tyres Q3 net profit down 19% to Rs 198 crore
Apollo Tyres on Tuesday reported a 19.18% decline in net profit to Rs 198 crore in the third quarter ended December 2018, owing to a rise in commodity prices. The company had posted a net profit of Rs 245 crore in the corresponding period last fiscal, Apollo Tyres said in a statement. Sales were up 16% to Rs 4,655 crore, against Rs 4,016 crore in the corresponding quarter last fiscal, it added. Total expenses during the third quarter were higher at Rs 4,440.59 crore, against Rs 3,746.11 crore with cost of materials consumed rising to Rs 2,252.4 crore as compared to Rs 1,818.23 crore in the year-ago quarter.
Tech Mahindra Q3 PAT up 27.5% to Rs 1,203 crore
IT company Tech Mahindra on Tuesday posted a 27.5% increase in consolidated profit after tax (PAT) to Rs 1,203 crore in the December 2018 quarter. It had reported PAT of Rs 9,431 crore in the corresponding period a year ago. The company’s consolidated revenue from operations increased 15% to Rs 8,944 crore, against Rs 7,776 crore in the year-ago quarter. The total headcount of the company stood at 1,21,842 by the end of December 2018.