Bandhan Bank Q4 Results: Net profit declines 80% YoY to Rs 103 crore
Bandhan Bank reported an 80% YoY decline in net profit to Rs 103 crore for the quarter ended March (Q4). Net interest income (NII) rose 4.6% YoY to Rs 1,757 crore during the same period. [NII is the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPAs) ratio fell to 6.8%, compared with 7.1% in the previous quarter (Q3 FY21). The bank’s provisions increased sharply to Rs 1,594 crore in Q4 FY21, compared with Rs 827.36 crore in Q4 FY20. Bandhan Bank’s board has announced a dividend of Rs 1 per share.
Read more here.
Cadila Healthcare eyes approval for Covid-19 vaccine by June in India: Report
According to a report from Financial Express, Cadila Healthcare is all set to submit data related to its vaccine candidate ZyCov-D by the end of May. The pharma company is looking forward to receiving approval for its vaccine from India’s drug regulator in June. Cadila’s Managing Director Dr. Sharvil Patel said Phase-III clinical trials of ZyCov-D will be truly representative of its efficacy against many known variants of the virus. It is by far the largest trial being conducted in India, and the company has recruited more than 28,000 volunteers.
Read more here.
CSB Bank Q4 Results: Net profit at Rs 42.89 crore
CSB Bank reported a net profit of Rs 42.89 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 59.70 crore in the corresponding period last year (Q4 FY20). Net interest income (NII) rose 28% YoY to Rs 497 crore in Q4 FY21. The gross non-performing assets (NPAs) ratio stood at 2.68%, compared with 3.54% in Q4 FY20. Provisions for bad loans and contingencies declined to Rs 70.95 crore in Q4 FY21, compared with Rs 84.32 crore in the year-ago period. CSB Bank reported its highest-ever net profit of Rs 218.40 crore for the financial year ended March 31, 2021 (FY21).
CSB Bank said it will double down on branch expansion as it seeks to reduce dependence on its home state of Kerala. The lender will seek growth in newer markets, especially in retail banking.
Read more here.
Coal India fuel allocation through spot e-auction rises 43% in FY21
Coal India Ltd (CIL) allocated 42.51 million tonnes (MT) of coal in FY 2020-21 under the government’s spot e-auction scheme. This is a 42.5% increase as compared to the previous financial year. Fuel allocation by CIL under the scheme increased to 5.30 MT in March, compared with 2.53 MT in the corresponding month in FY20. State-owned CIL, which accounts for over 80% of domestic coal output, has set a target of 1 billion tonnes of production by 2023-24.
Read more here.
DCB Bank Q4 Results: Net profit rises 13% YoY to Rs 78 crore
DCB Bank reported a 13.3% YoY increase in net profit to Rs 77.91 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 19%. Total income fell 5.15% YoY to Rs 971.16 crore during the same period. The bank’s gross non-performing assets ratio (NPAs) increased to 4.09%, compared with 2.46% in the corresponding period last year (Q4 FY20).
Read more here.
Economic impact of second wave of Covid-19 to be muted: Finance Ministry
According to the Finance Ministry’s monthly economic report, the second Covid-19 wave in India poses a downside risk to economic activities in the first quarter of 2021-22. However, the economic impact is expected to be muted compared to the first wave. “Learning to ‘operate with Covid-19′, as borne by international experience, provides a silver lining of economic resilience amidst the second wave”, the report said.
Read more here.
Avenue Supermarts Q4 Results: Net profit rises 53% YoY to Rs 414 crore
Avenue Supermarts Ltd reported a 52.56% YoY increase in consolidated net profit to Rs 413.87 crore for the quarter ended March (Q4). Its revenue from operations rose 18.47% YoY to Rs 7,411.68 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit fell 15.5% YoY to Rs 1,099 crore. Avenue Supermarts opened 22 new stores last year. The company said that the second wave of Covid-19 infections has once again resulted in significant disruption to its business. Close to 80% of its stores have been impacted by Covid-related restrictions.
Read more here.
Reliance Power Q4 Results: Net profit at Rs 72.56 crore
Reliance Power reported a consolidated net profit of Rs 72.56 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 4,206.38 crore in the corresponding period last year (Q4 FY20). The company’s total income fell to Rs 1,691.19 crore in Q4 FY21, compared with Rs 1,902.03 crore in Q4 FY20. At the same time, total expenses including fuel and finance costs came down to Rs 1,648 crore from Rs 2,334 crore in Q4 FY20.
Read more here.
Vardhman Acrylics Q4 Results: Net profit rises 107% YoY to Rs 22.9 crore
Vardhman Acrylics Limited reported a 107.32% YoY increase in net profit to Rs 22.93 crore for the quarter ended March (Q4). On a quarterly basis, net profit rose 54.6%. Revenue from operations rose 18.3% YoY to Rs 108 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 7.24% YoY to Rs 42.92 crore. Vardhman Acrylics is a leading manufacturer of acrylic fibre and tow.
