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Follow on Google News |  Equity Weekly Report By Ways2Capital 16 Feb 2015The country’s largest bank State Bank of India bucked the trend to post a 30 per cent rise in net profit for the October to December quarter FY15 at Rs. 2,910 crore. The profit was driven by im
By: Ways2Capital ✍ SBI Q3 net profit rises 30% to Rs 2,910 cr, NPA improves; shares surge 7% The country’s largest bank State Bank of India bucked the trend to post a 30 per cent rise in net profit for the October to December quarter FY15 at Rs. 2,910 crore.The profit was driven by improvement in asset quality, higher non-interest income and operating profit.Net interest income (difference between interest earned and expended) rose by 9 per cent to Rs. 13,777 crore during the quarter from Rs. 12,640 crore in the year-ago period.Non-interest income jumped 24 per cent year-on-year to Rs. 5,238 crore on account of healthy treasury book. Operating profit grew 22 per cent to Rs. 9,294.5 crore in the December quarter.Gross non-performing assets (NPA) as a percentage of total advances improved to 4.90 per cent in Q3FY15 from 5.73 per cent in the year-ago period. Sequentially, it remained almost flat against 4.89 per cent in previous quarter.Net NPA was 2.80 per cent during the quarter against 3.24 per cent in the corresponding quarter of last fiscal. ✍ Higher provisions for bad loans However, the profit was limited due to higher provisions for bad loans that increased by 26 per cent year-on-year (up 22.5 per cent sequentially) ✍ M&M in Rs 4 thousand crore deal to buy Pipavav Defence Mahindra & Mahindra is taking a majority stake in Pipavav Offshore and Defence Engineering (PODE) in a Rs 4,000-crore multi-layered deal. Pipavav promoter Nikhil Gandhi would retain a minority stake in his company including a position on the board of the company, said sources in the know of the development. Mahindra Defence Systems (MDS) will purchase a 19% stake in Pipavav Defence from the Gandhis, who own about 45% in the company. Later, Pipavav Defence will issue preferential shares to MDS to raise its stake to 40%. In the third phase, MDS will make an open offer to get management and control of Pipavav Defence, which has a debt of around Rs 6,800 crore. The fresh equity that will be issued will give Pipavav Defence an enterprise value of $2 billion. Pipavav has an order book of Rs 9,000 crore and has bid for projects worth Rs 30,000 crore. ✍ SpiceJet flies deeper into red, Q3 loss widens to Rs 275cr In the middle of an ownership change, budget airline SpiceJet on Thursday reported a steep 59 per cent rise in its third-quarter net loss at Rs 275 crore on lower passenger numbers and a one-time cost of Rs 295 crore. The cash-strapped airline was forced to ground flights for some days during the quarter after its vendors refused to offer credit. This resulted in the airline witnessing a 31 per cent decline in capacity, while revenue fell 27 per cent to Rs 1,300 crore, from Rs 1,769 crore in the year-ago quarter. The net loss has widened from Rs 173 crore during the September-December 2013 quarter, said the airline whose co-founder Ajay Singh has returned as its promoter after buying stake from the Maran family. ✍ Voltas Q3 net up 73% at Rs 107 crore Tata Group firm Voltas Ltd today posted 73.4 per cent rise in consolidated net profit at Rs 107.37 crore for the third quarter ended December 31, 2014. The company had posted a net profit of Rs 61.92 crore for the same period of previous fiscal. Net sales of the company, however, declined to Rs 938.97 for the third quarter, as against Rs 1,114.99 crore during the same period of previous fiscal, Voltas Ltd said in a filing to the BSE. ✍ Godrej Industries Q3 net profit rises 38.96% to Rs 90.65 crore Godrej Industries on Wednesday reported 38.96 per cent increase in consolidated net profit at Rs 90.65 crore for the quarter ended December 2014. The company had posted a net profit of Rs 65.23 crore for the corresponding period of last fiscal, Godrej Industries said in a BSE filing. Net sales of thecompany rose to Rs 2,236.56 crore in the quarter under review, up 14.09 per cent from Rs 1,960.23 crore in the corresponding period of the previous fiscal For Quick Trial – 08962000225 Or mail us here: info@ways2capital.com or visit http://www.ways2capital.com/ Contact 0731-6554125 Toll Free – 1800-3010-2007 Or http://www.ways2capital.com/ End
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