IT company Tech Mahindra on Friday said its consolidated net profit more than doubled to Rs 1,222 crore in the quarter ending March 2018. The company had posted a net profit of Rs 587.9 crore in the same period a year ago, Tech Mahindra said in a statement.
Consolidated revenue from operations of Tech Mahindra increased by 7.4 per cent to Rs 8,054.5 crore in the reported quarter, from Rs 7,495 crore in the same period of 2016-17.
For 2017-18, the company posted about 35% rise in net profit at about Rs 3,800 crore, while revenue increased by 5.6% to about Rs 30,773 crore from the previous fiscal. The Board of Directors have recommended a final dividend of Rs 14 per share on par value of Rs 5 for the financial year ended March 31, 2018, subject to approval by the members of the company at its Annual General Meeting.
IDBI Bank’s net loss widens
State-owned IDBI Bank on Friday reported widened net loss at Rs 5,662.76 crore in the quarter ending March 2018 due to higher provisioning for non-performing assets (NPAs). The bank had reported a net loss of Rs 3,199.77 crore in the corresponding January-March quarter of 2016-17. The bank’s income during January-March 2018 was Rs 7,913.82 crore, marginally up from Rs 7,703.19 crore in the year-ago period, it said in a regulatory filing. IDBI Bank’s gross NPA soared to 27.95% of its loans at March 2018-end compared to 21.25 per cent at the end of March 2017. Similarly, the net NPAs were 16.69 per cent compared to 13.21% In absolute terms, gross bad loans stood at Rs 55,588.26 crore, up from Rs 44,752.59 crore on March 31, 2017.
Cadila Healthcare Q4 net up 53% at Rs 590.8 cr
Cadila Healthcare on Friday reported 53.26% jump in consolidated net profit at Rs 590.8 crore for the fourth quarter ended March 31, 2018. The company had posted a consolidated net profit of Rs 385.5 crore in the same quarter a year ago, Cadila Healthcare said in a BSE filing. Consolidated sales for the period under review stood at Rs 3,152.7 crore. It was at Rs 2,452.7 crore in the fourth quarter previous fiscal. For the year ended March 31, 2018, consolidated net profit was at Rs 1,775.8 crore as against Rs 1,487.7 crore in 2016-17, up 19.37%,. Consolidated sales for 2017-18 were at Rs 11,630.8 crore. It was at Rs 9,363.1 crore in the previous fiscal, the company said. The board of directors have recommended a dividend of Rs 3.5 per equity share of Rs 1 each for the fiscal ended March 31, 2018 subject to shareholders’ approval in the ensuing AGM.
Sun Pharma Q4 net up 7 pc
Drug major Sun Pharma on Friday posted 6.96% increase in its consolidated net profit at Rs 1,308.96 crore for the fourth quarter ended March 2018. The company had reported a net profit of Rs 1,223.71 crore in the same period of the previous fiscal. Total revenue from operations declined to Rs 6,977.10 crore for the fourth quarter. It stood at Rs 7,136.96 crore during the same period of 2016-17. For the year ended March 31, it posted a net profit of Rs 2,161.55 crore, down 68.96% Rs 6,964.37 crore in 2016-17.