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Business News/ Companies / Company Results | Indiabulls Fin won’t expand loan book, wants high level of liquidity
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Company Results | Indiabulls Fin won’t expand loan book, wants high level of liquidity


Company Results | Indiabulls Fin won’t expand loan book, wants high level of liquidity

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Mumbai: Indiabulls Financial Services Ltd has no plan to expand its loan portfolio from the current Rs11,000 crore and will instead focus more on repayment and pre-payments, chief executive officer Gagan Banga said on Tuesday. “Times are tough and we are getting into dialogues for pre-payments," Banga said, adding it was sitting on a cash level of close to Rs3,000 crore.

The finance company plans to hold higher cash levels for the next six months. “We want to stay on high levels of liquidity," he said.

Indiabulls Financial posted a net profit of Rs44.82 crore on total revenue of Rs641 crore. Its year-ago profit was Rs117 crore on total revenue of Rs350 crore, which included earnings from its brokerage business that was demerged earlier this year into Indiabulls Securities Ltd , Banga said.

Indiabulls Financial’s borrowers have repaid Rs2,000 in the July-September quarter and did not face any problems with large-ticket loans, Banga told television channel CNBC TV18 earlier in the day. Banga added that the company’s proposed commodities futures exchange would be operational by the first quarter of 2010. Shares of the company closed 8.74% at Rs107.05 in a firm Mumbai market.

— Reuters

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SAIL profit rises 18% in Q2 on increased output

New Delhi: State-run Steel Authority of India Ltd (SAlL) said second quarter (Q2) profit rose 18% as demand increased for higher grade products used by car makers and the railways.

Net income climbed to Rs2,010 crore in three months ended 30 September from Rs1,700 crore a year earlier, the company said in a statement to the Bombay Stock Exchange (BSE). Profit was in line with the Rs1,980 crore median estimate of five analysts in a Bloomberg survey. Sales increased 34% to Rs12,660 crore.

Shares of the company lost 2.5% to close at Rs105.15 on BSE, on a day the Sensex gained 4.5%.

— Bloomberg

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LIC Housing Fin Q2 net up 16% to Rs135 cr

Mumbai: LIC Housing Finance Ltd on Tuesday announced a net profit of Rs135.06 crore for the second quarter ended 30 September, a 16% growth over the year-ago period. The company showed a net profit of Rs116.37 crore in the year-ago period, LIC Housing Finance said in a filing to the Bombay Stock Exchange.

Total income rose to Rs704.23 crore from Rs523.22 crore in the year-ago period. Shares of the company gained 7.83% to close at Rs243.10 in a firm Mumbai market.

— PTI

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United Spirits reports 17% hike in profits

New Delhi: Liquor maker United Spirits Ltd on Tuesday reported a net profit of Rs93.89 crore for the second quarter ended 30 September, a 17.05% growth over the year-ago period.

The company, led by Vijay Mallya, had registered a net profit of Rs80.21 crore in the second quarter of the last fiscal, it said in a statement.

Total income rose 19.72% to Rs914.51 crore, from Rs763.83 crore in the corresponding period last year.

For the six months ended 30 September, United Spirits reported a 26% growth in net profit at Rs211.02 crore. Shares of the company rose 3.92% to close at Rs740.75 on the Bombay Stock Exchange.

— PTI

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Zee Entertainment net doubles on writeback

Mumbai: India’s second biggest publicly traded television broadcaster, Zee Entertainment Enterprises Ltd, said the group second quarter profit almost doubled after a tax writeback.

The Mumbai-based broadcaster’s profit rose to Rs178 crore in the three months ended 30 September from Rs97.06 crore a year earlier, the company said in a release to the Bombay Stock Exchange on Tuesday. Revenue, rose 43% to Rs600 crore from Rs421 crore. Last year’s profit dropped on expenses in sports and regional language programming.

The tax writeback for the quarter amounted to Rs79.2 crore. At close, shares were up 2.04% at Rs147.75 on Tuesday.

— Bloomberg

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Marico posts 11.6% net growth at Rs47.1 cr

New Delhi: Consumer goods maker Marico Ltd posted 11.6% growth in net profit for the quarter ended September. Net profit grew to Rs47.1 crore against Rs42.24 crore in the same quarter last year.

The company’s sales grew 30% at Rs603.49 crore for the quarter under review as against Rs463.78 in the same period a year ago.

“Despite inflationary pressure, consumption was not adversely impacted during the period. All of Marico’s businesses including consumer products in India, international business and Kaya, the skin clinic service, showed healthy growth. The turnover growth of 30% comprised organic volume growth of 11% and inorganic growth of 3% accompanied by price led growth of 16%," a company statement said.

Turnover from Kaya grew 67% to Rs40 crore. Commenting on the outlook, Milind Sarwate, chief of human resources and strategy said, “The ambience is a challenging one and can lead us on to a plateau on the growth curve. However, focus on the building blocks of branding and innovation will sustain profitable growth."

— Staff Writer

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Polaris profit up 89%, raises earnings outlook

Mumbai: Software services firm Polaris Software Lab Ltd said on Tuesday it has raised its earnings per share forecast for the whole year to Rs13.50 from Rs12.50 earlier. The revision in guidance for 2008/09, was done on the basis of its current visibility of orders, it said in a statement.

“We have been able to sustain growth in revenue as well as profits in the last six quarters," Arup Gupta, director and chief operating officer, said in a statement. The company announced an 89% rise in consolidated net profit for the quarter to September at 4.43 while net sales rose 28% to 50 crore. Its earnings per share during the quarter rose to .48 from .83. On Tuesday, shares closed at 50.80, up 12.02% on the Bombay Stock Exchange.

— Reuters

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Ashok Leyland says Q2 net declined 16%

Mumbai: The country’s second biggest maker of trucks and buses Ashok Leyland Ltd said second-quarter profit fell 16% and net income in quarter ended 30 September declined to Rs67.24 crore from Rs80.34 crore a year earlier, the company said in a statement to the National Stock Exchange on Tuesday. Sales increased to Rs1,870 crore from Rs1,750 crore a year ago.

— Bloomberg

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Pantaloon net up 22% despite interest costs

Mumbai: India’s largest retailer Pantaloon Retail (India) Ltd reported a 21.85% increase in net profit to Rs36.18 crore for the quarter ended 30 September, even as interest costs surged by 94.48%.

At Rs68.38 crore, interest costs were 94.48% more compared with Rs35.16 crore in the corresponding period last year, an indication that company is adding retail space on borrowed funds.

Sales grew by 39.09% to Rs1,511.21 crore from Rs1,086.44 crore, with growth in profits for the quarter clearly lagging behind sales growth.

The company’s stock closed at Rs223.10, up only 1.39%, on a day that the benchmark Sensex rose 460.3 points, or 4.5%.

— Jharna Mazumdar

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Published: 21 Oct 2008, 10:50 PM IST
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