Bajaj Finance has reported a 29 per cent drop in consolidated net profits for the December quarter of 2020 on higher loan losses and provisions.
Net profits at the non-banking finance company came in at Rs 1,146 crore compared with Rs 1,614 crore a year ago. Provisions and loan losses came in at Rs 1,352 crore against Rs 831 crore a year ago.
Bajaj Finance disclosed that during the period, it did a one time write-off of principal outstanding of Rs 1,970 crore and interest outstanding of Rs 365 crore on account of Covid-19 related stress.
However, from the next fiscal, the company expects loan losses and provisions to revert to pre-Covid-19 levels of 160-170 basis points of average assets.
During the third quarter, its assets under management (AUM) stood at Rs 1,43,550 crore against Rs 1,45,092 crore last year. AUM growth is back across all businesses barring auto finance.
Bajaj Finserv, the holding company for various financial services business of the Bajaj group, has reported a 15 per cent rise in its consolidated third-quarter profit at Rs 1,290 crore. The company had posted a net profit of Rs 1,126 crore in the same period of 2019-20. Total income rose to Rs 15,960.72 crore against Rs 14,561 crore in the year-ago period.
Phillips Carbon Black
Speciality chemical maker Phillips Carbon Black has declared an interim dividend of 350 per cent, making it the second company of the RP-SG group to announce a hefty pay out.
The dividend will work out to Rs 7 per share of face value of Rs 2. While third-quarter revenue remained flat at Rs 769.4 crore compared with Rs 768.85 crore in the same period last year, profit jumped to Rs 125.03 crore, up 81 per cent, from Rs 69.62 crore last fiscal.
Tata Steel BSL
Tata Steel BSL, formerly Bhushan Steel, reported a more than two-and-half fold jump in the net profit in the third quarter on a sequential basis. It posted a net profit of Rs 913.48 crore compared with Rs 342.02 crore in the second quarter. It had recorded Rs 501.5 crore loss in the same period last fiscal.
Moreover, total income went up Rs 5,906.12 crore from Rs 5,053.43 crore in the same period last year and Rs 5,545.35 crore in the trailing quarter.
