SBI Q3 Results: Net profit falls 7% YoY to Rs 5,196 crore
State Bank of India (SBI) reported a 7% YoY decline in net profit to Rs 5,196 crore for the quarter ended December (Q3). The lender’s net interest income (NII) rose 4% YoY to Rs 28,820 crore during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] SBI’s gross non-performing asset (GNPA) ratio stood at 4.77%, compared to 5.28% in Q2 FY21. Total provisions increased by 43% YoY to Rs 10,324 crore in the October-December quarter.
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HPCL Q3 Results: Net profit jumps three-fold to Rs 2,355 crore
Hindustan Petroleum Corporation Ltd (HPCL) reported a three-fold increase in net profit to Rs 2,355 crore for the quarter ended December (Q3). It has posted a net profit of Rs 747 crore in the corresponding quarter last year. The company’s revenue rose 4% YoY to Rs 77,113 crore in Q3. Inventory gains due to the rise in oil prices and strengthening of the rupee helped HPCL boost profits.
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HCL Tech signs five-year digital workplace agreement with Airbus
HCL Technologies has signed a five-year digital workplace services agreement with Airbus. The IT company will establish a modernised digital workplace to enhance the user experience and service quality for the majority of Airbus employees globally. HCL’s ‘Fluid Workplace Model’ will enable Airbus to deploy the latest digital technologies and rapidly simplify its existing IT processes and optimisation of delivery costs.
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Godrej Properties Q3 Results: Net profit declines 69% YoY to Rs 14 crore
Godrej Properties Ltd reported a 69% YoY decline in net profit to Rs 14.35 crore for the quarter ended December (Q3). Its revenue from operations declined 55% YoY to Rs 170.49 crore during the same period. The real estate developer’s total booking value increased by 25% YoY to Rs 1,488 crore. The company had launched 3 new projects in the October-December quarter. Godrej Properties said it will raise Rs 3,750 crore through the issuance of equity shares or debentures.
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BHEL commissions 800 MW thermal power plant in Madhya Pradesh
Bharat Heavy Electricals Ltd (BHEL) has commissioned the second unit (800 MW) of the 2×800 MW Gadarwara Super Thermal Power Project in Madhya Pradesh. The project is being developed by NTPC Limited. BHEL’s scope of work in the project included design, engineering, manufacture, supply, and commissioning of steam turbines, generators, boilers, and associated auxiliaries.
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Bajaj Electricals Q3 Results: Net profit at Rs 98 crore
Bajaj Electricals Ltd reported a multifold increase in net profit to Rs 98.19 crore for the quarter ended December (Q3). It had posted a net profit of Rs 9.37 crore in the corresponding quarter last year. The company’s revenue from operations rose 16.85% YoY to Rs 1,500.14 crore in Q3. Bajaj Electrical’s consumer products segment saw a 34% YoY growth in revenue to Rs 1,153 crore during the same period.
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Dilip Buildcon declared lowest bidder for IRCON International tender
Dilip Buildcon Ltd said it has been declared as the lowest (L-1) bidder for a tender floated by IRCON International Ltd. The order consists of track-linking works, station building, platform work, and general electric work for a section of a railway project in Chhattisgarh. The bid project cost is Rs 654.97 crore.
Strides Pharma Q3 Results: Net profit declines 62% YoY to Rs 35 crore
Strides Pharma Science Ltd reported a 62% YoY decline in consolidated net profit to Rs 35.15 crore for the quarter ended December (Q3). Its consolidated revenue rose 13.6% YoY to Rs 832.02 crore during the same period. The company’s board has approved the demerger of its biotech business under Stelis Biopharma. The demerger is expected to unlock significant value for Srides’ shareholders.
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GMR Group to collaborate with Airbus SE on aviation services
Airport operator GMR Group has signed a Memorandum of Understanding (MoU) with Airbus SE to explore collaboration opportunities across aviation services, technologies, and innovation. GMR and Airbus teams will work together and innovate across areas such as airport operations and air cargo supply chain. The MoU was signed at Aero India 2021 in Bengaluru.
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Tata Power Q3 Results: Net profit rises 22% YoY to Rs 318 crore
Tata Power Limited reported a 22% YoY increase in consolidated net profit to Rs 318.41 crore for the quarter ended December (Q3). Its total revenue rose 7.5% YoY to Rs 7,598 crore during the same period. Tata Power said it does not expect much impact of the Covid-19 pandemic on its business.
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Adani Power Q3 Results: Net loss narrows to Rs 289 crore
Adani Power Ltd reported a consolidated net loss of Rs 289 crore for the quarter ended December (Q3). It had posted a net loss of Rs 703 crores in the corresponding quarter last year. Revenue from operations increased by 4.9% YoY to Rs 6,894.84 crore in Q3 FY21. Adani Power (along with the power plants of its subsidiaries) achieved an average Plant Load Factor (PLF) of 75%, and aggregate sales volumes of 19.1 billion units in Q3.
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NTPC Q3 Results: Net profit rises 15% YoY to Rs 3,876 crore
State-owned NTPC Limited reported a 15.66% YoY increase in consolidated net profit to Rs 3,876.36 crore for the quarter ended December (Q3). Its revenue from operations rose 3.56% YoY to Rs 27,526 crore during the same period. NTPC has declared an interim dividend of Rs 3 per share.
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