GMR Infrastructure on Thursday posted a Rs 593-crore loss on a consolidated basis for the quarter ended June 30 as against a net loss of Rs 326 crore in the same period last year, due to higher interest cost, depreciation and scrapping of user development fee by AERA at Hyderabad airport. In a filing to the stock exchange, the company said its total income (including other income) during the period rose to Rs 2,796 crore from Rs 2,689 crore a year ago.
Tata Steel Q1 profit drops 70% to Rs 337 crore
Tata Steel reported a worse-than-expected 70% drop in its first quarterly consolidated profit, Hurt by exceptional charges due to write-down of certain investments. The steel producer posted a profit of Rs 337 crore in the April-June quarter of fiscal 2015 compared to Rs 1,139 crore in the corresponding period last fiscal.
Adani buys Lanco plant in Rs 6,000 crore deal
Adani Power will buy Lanco Infratech's 1,200-MW imported coal-fired power plant at Udupi in Karnataka in a deal valued at more than Rs 6,000 crore, marking the biggest acquisition in India's thermal power industry.
SAIL’s Q1 net up 18% on higher demand
Steel major Steel Authority of India (SAIL) reported an 18% growth in the first quarter net profit, led by higher sales and better realization. The state-run company said profit in the April-June 2014-15 quarter stood at Rs 530 crore against Rs 451 crore in the corresponding period of 2014-15. "We are witnessing a pick-up in demand and we expect that new projects as well as those held-up earlier will lead to higher sales," SAIL chairman C S Verma said.
Repco Home Finance's net profit rose 11% to Rs 24.81 crore
Repco Home Finance's post DTL (deferred tax liability) net profit during the first quarter ending June 30 2014 rose 11% to Rs 24.81 crore as against 22.31 crore during the same period in the previous year. The income from operations for the quarter ended June 2014 rose 32% to Rs 156.03 crores as compared to Rs 118.65 crores during the same period of the previous year. During the quarter ended June 2014, loans loans sanctioned rose 35% to Rs 481.14 crores as against Rs 357.50 crore sanctioned during the previous year. The loan book of the company as on June 30 2014 rose 31% to Rs 4,892.33crore as against Rs 3,746.71 crores as at the end of June 2013. The gross NPA (non performing asset) stood at Rs 121.76 crores as against Rs 83.35 crore during the same period in the previous year.
Corporation Bank's net, operating profit dip in first quarter of 2014-15
City based Corporation Bank's first quarter net profit for 2014-15 at Rs 231.47 crore has seen a decline of 38.76%. The net profit for the corresponding period of last fiscal was Rs 377.98 crore. The operating profit for first quarter this fiscal too slipped by 29.89% to touch Rs 697.55 crore as against Rs 995 crore in the corresponding period of the last fiscal
Godrej Industries Q1 net up by 46% at about Rs 78 crore
Godrej Industries posted 45.91 per cent growth in consolidated net profit at Rs 77.70 crore for the first quarter ended June 30, 2014-15. It had reported net profit of Rs 53.25 crore in the April- June period of the 2013-14 fiscal, Godrej Industries said in a BSE filing. Net sales of the company stood at Rs 2,290.88 crore in Q1, 2014-15, up 23.67 per cent as compared to Rs 1,852.4 crore in the same period last fiscal.
Adani Enterprises reports Q1 profit after tax of Rs 557 crore
Adani Enterprises, the flagship company of the Adani Group, reported a profit after tax of Rs 557 crore for the first quarter ended June 30, 2014 on the back of a 43 per cent jump in revenue. The company had posted a loss of Rs 278 crore in the corresponding quarter of the previous financial year, Adani Enterprises said in a statement
Tata Steel shuts Odisha plant due to raw material crunch
Tata Steel Ltd has shut down one of its ferro alloys plants in Odisha due to a raw material shortage linked to the suspension of a mining license. Tata Steel sourced ore for the 50,000 tonne-per-year Bamnipal plant from its captive chromite mine in Sukinda, operations of which were suspended in May. The plant was run with available inventory before being shut on August 4.
Jet Airways reports $35 million loss in first quarter
Jet Airways Ltd, India's No. 2 airline by market share, said on Monday it lost Rs 2.18 billion ($35.6 million) during the three months to end-June, less than a year earlier after its revenues rose and financing costs fell. The airline, 24% owned by Abu Dhabi's Etihad Airways, has now reported six straight quarters of losses, as it grapples with high costs, low fares and fierce competition in its home market.
IOC posts over Rs 2.5k cr Q1 net profit on subsidy
Flagship refiner-marketer IndianOil Corporation on Tuesday reported a net profit of Rs 2,523 crore in the June quarter on the back of government subsidy, discounts from public sector oil producers and foreign exchange gains. In the same quarter last year, the company had reported a loss of Rs 3,093 crore as the government failed to pay the cash subsidy on diesel, cooking gas and kerosene in time.
Gulf Oil's Q1 net at Rs 8 crore
Hinduja group company Gulf Oil Corporation Limited reported a dip in the net profit for the first quarter of FY15 at Rs 8 crore as compared to Rs 9.5 crore reported in the first quarter of FY14. This was on an income of Rs 23.7 crore in the quarter ended June 30, 2014, as against Rs 227 crore in the year ago period.
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