NIIT Tech Q3 profit jumps 23 pc to Rs 123 crore
New Delhi: IT company NIIT Technologies on Wednesday reported a 66.29 per cent jump in its consolidated profit at Rs 123.3 crore for the third quarter ended December 31, 2019. The company had posted a profit of Rs 100.2 crore in the corresponding quarter a year ago.
The revenue from operations of NIIT Technologies increased by 11.8 per cent to Rs 1,088.2 crore during the reported quarter, from Rs 973.3 crore in the corresponding quarter of 2018-19, the company said in a regulatory filing. America, which contributes the biggest chunk of the company’s revenue, grew by around 10 per cent, while European business grew by about 23 per cent.
The company recorded the highest growth in profit before tax in the American region followed by Europe. However, the operational profit of the company declined in India and Asia Pacific region.
The company declared a dividend of Rs 10 per equity share.
Bajaj Finance posts highest ever quarterly net profit at Rs 1,614 cr
New Delhi: Bajaj Finance Ltd (BFL) on Wednesday reported highest ever quarterly consolidated net profit at Rs 1,614 crore in December 2019 quarter on the back of healthy interest income. The non-banking finance company posted a 52 per cent jump in Q3 net profit as compared with Rs 1,060 crore in the year-ago quarter.
Total income of the company grew 41 per cent to Rs 7,026 crore for October-December of 2019-20 as against Rs 4,992 crore in year ago period, Bajaj Finance said in a regulatory filing. The net interest income was up by 42 per cent at Rs 4,537 crore from Rs 3,206 crore while the interest income increased by 39 per cent to Rs 6,105 crore from Rs 4,387 crore in Q3 of 2018-19.
The company’s asset under management (AUM) as on December 31, 2019, rose to Rs 1,45,092 crore, up 35 per cent from Rs 1,07,507 crore. New loans booked in terms of volume increased 13 per cent to 76.7 lakh from 67.7 lakh, it added. The consolidated figures of BFL include the results of its wholly-owned subsidiaries Bajaj Housing Finance Ltd (BHFL) and Bajaj Financial Securities Ltd. From 2019-20, BFL and its subsidiary BHFL have opted for the reduced rate of 25.17 per cent for computation of income tax as per recently inserted section of the Income Tax Act, 1961, the company said.
Gross non-performing assets (NPA) and net NPA as on December 31, 2019, stood at 1.61 per cent and 0.70 per cent, respectively.
Bajaj Finance also informed that its board of directors has appointed Deepak Bagati as the Chief Risk Officer of the company with immediate effect. Bagati will take charge in place of Fakhari Sarjan.
CG Power loss widens to nearly Rs 1,600 cr in September quarter
New Delhi: CG Power and Industrial Solutions on Wednesday reported widening of its consolidated net loss to Rs 1,595.21 crore in quarter ended in September 2019, from Rs 101.83 crore loss year ago, mainly due to lower income. Total income of the company fell to Rs 1,548.50 crore in the second quarter of this fiscal from Rs 2,115.27 crore year ago, according to a BSE filing.
The company’s consolidated net loss also widened to Rs 1,668.81 in April-September this fiscal from Rs 212.09 crore loss in same period year ago, it said. The company had reported a consolidated net loss of Rs 507.13 crore in 2018-19.
Total income of the company in the first half of this fiscal declined to Rs 3,330.87 crore from Rs 3,958.87 crore year ago. The company had earlier informed the bourse about the delay in submission of the financial results of first and second quarter of this fiscal.
“During the quarter and six months ended September 30, 2019, the group has carried out the process for recovery of outstanding advances by issuing recovery notices to various third parties,” the company said.