Vedanta’s consolidated net profit jumped to Rs 4,615 crore for the quarter ended September 30, 2021 from Rs 838 crore in the year-ago period.
Consolidated income during July-September 2021 increased to Rs 31,074 crore compared with Rs 21,758 crore in the year-ago period.
Emami PAT up 56%
Emami’s profits beat estimates even as sales remained in line with expectations during the second quarter.
The Calcutta-based FMCG company recorded 56 per cent growth in profit while net sales went up 7 per cent during the July-September period. The board of the company announced an interim dividend of Rs 4 a share (400 per cent) along with the result.
Revenue from operation at the end of September 30, stood at Rs 788.84 crore compared with Rs 734.82 crore a year ago. Profit after tax stood at Rs 185.25 crore, up 56 per cent from Rs 118.45 crore in the same period last fiscal.
Bandhan in the red
Bandhan Bank on Friday posted a loss of Rs 3,008.6 crore for the September quarter with the bank aggressively stepping up provisions on stressed assets. Net profit in the year-ago period was Rs 920 crore and in the April-June quarter of 2021 was Rs 373.1 crore.
Bandhan Bank made an accelerated provision on NPA accounts of Rs 1,500 crore resulting in the bank’s provision coverage ratio climbing up to 74 per cent against 62 per cent during the first quarter. The bank has also made a standard assets provision of Rs 2,100 crore and a provision of Rs 1,030 crore on restructured assets.
The total provisions made by the bank during the quarter was at Rs 5,578 crore against Rs 1,442 crore during first quarter and Rs 379.6 crore during the corresponding second quarter of previous year.
“Due to such provisions the bank has reported a loss in this quarter. We believe that this provisioning should be sufficient to take care of any previous asset quality issues on account of the pandemic as well as protect the bank against any disruption in the future,” said Chandra Shekhar Ghosh, MD and CEO of Bandhan Bank.
Exide profit up
Exide Industries has posted a 2.4 per cent growth in standalone net profit for the quarter ended September 30, 2021. Net profit during the quarter was at Rs 234.4 crore compared with Rs 228.8 crore in the corresponding period previous year.
Revenue from operations grew 19.5 per cent to Rs 3,290 crore during the second quarter compared with Rs 2,753.4 crore in the corresponding year ago period.
The top line growth was driven by strong replacement demand for automotive batteries and easing of Covid induced restrictions from June onwards. Makeshift home offices and data centres drove the demand for UPS batteries in the industrial segment with telecom and power sectors showing signs of demand recovery.
"Both automotive and industrial SBUs are seeing demand recovery compared to the same quarter previous year and to the previous quarter of the current year. However, increase in gross profit was restricted due to unprecedented cost inflation of inputs. As an ongoing focus area, sales transformation and cost compression remain the core strategies to improve efficiencies within the company," said Subir Chakraborty, MD and CEO, Exide.
The automotive and industrial battery maker said that the divestment of life insurance vertical Exide Life Insurance to HDFC Life Insurance has received the approval of shareholders. While the completion of the transaction is subject to further approvals, Exide estimates the sale is likely to be completed before June 30, 2022.
The total consideration of the deal is Rs 6687 crore and will be paid in the form of Rs 726 crore as cash consideration and issuance of 8,70,22,222 shares at a price of Rs 685 per share.
Exide scrips at Rs 172.95 were 0.44 per cent up at the Bombay Stock Exchange.
