Results | Marico profit rises 22% to Rs62.3 cr

Results | Marico profit rises 22% to Rs62.3 cr

Mumbai:Marico Ltd on Thursday reported consolidated profit of Rs62.30 crore for the quarter ended December 2009, a 22% increase from Rs50.90 crore in the corresponding period in the last fiscal.

Marico makes Saffola cooking oil, Parachute coconut hair oil, and operates a chain of Kaya beauty and wellness clinics.

Revenue for the quarter grew 8% to Rs670 crore against Rs621 crore in the year-ago quarter.

“Our volume growth for the quarter was 14%, which is higher than our sales growth of 8% as we were running promotions on Parachute and had also taken price corrections in Saffola and Parachute," said Chaitanya Deshpande, head of mergers and acquisitions and investor relations.


Canara Bank profit rises to Rs1,052.6 cr

Bangalore: Canara Bank’s third quarter net profit improved by nearly 50% from a year ago to Rs1,052.58 crore on the back of higher net interest income, fall in provisions and cost controls.

The Bangalore-based lender’s total income in the December quarter rose to Rs5,469.10 crore from Rs5,382.90 crore in the same period a year ago. Its net interest income rose 18.78% to Rs1,478 crore. It earned Rs781 crore from non-interest income.

“The bank could maintain the spread by increasingly focusing on core business growth and containing cost," A.C. Mahajan, chairman and managing director, Canara Bank, said in a statement.

— Deepti Chaudhary


UTV profit up 28.7% at Rs37.8 cr

New Delhi: Riding on the back of its movies and broadcast division, UTV Software Communications Ltd has reported an increase of 28.7% in consolidated net profit for the third quarter ended 31 December at Rs37.8 crore compared with Rs29.4 crore in the corresponding quarter last fiscal.

Consolidated net sales rose 60.3% at Rs216.17 crore from Rs134.88 crore in the same year-ago quarter.

— Ishita Russell


Federal Bank profit falls 46% to Rs110.25 cr

Kochi: Kerala-based private sector Federal Bank on Thursday reported a profit of Rs110.25 crore for the quarter ended December 2009, a 46% drop from Rs203.89 crore in the corresponding period in the previous fiscal.

The bank said in a statement that the decline was due to increased provisions for income tax and absence of the benefit of write-back of investment provisions, which was available in the corresponding quarter last fiscal.

Operating profit for the quarter was Rs331.54 crore, a decline of 13.75 % from Rs384.41 crore from the year-ago period, primarily because of a fall in income from sale of securities.

— Ajayan


SBI Life Insurance posts profit of Rs82 cr

Mumbai: SBI Life Insurance Co. Ltd on Thursday announced a profit of Rs82 crore for the quarter ended December. It also announced a 32% growth in total premium collections to Rs6,087 crore for the nine months to December.

New business premium increased 19% to 4,392 crore during the same period. The insurer reported a profit of 99 crore for the nine months to December 2009, against a loss of almost 00 crore in the corresponding period last fiscal.

— Anirudha Laskar


Central Bank’s profit declines 13.25%

Mumbai: Public sector lender Central Bank of India on Thursday reported a 13.25% drop in profit due to increase in provisioning compared with the corresponding quarter last fiscal, when the bank had a write-back on investments.

Profit for the third quarter declined to Rs306.45 crore from Rs353.26 crore in the corresponding period last fiscal. Provisions for the quarter were at Rs179.35 crore as against a write back of Rs97.15 crore in provisioning in the year-ago quarter.

— Anup Roy


Dena Bank profit falls 4.2% to Rs134.5 cr

Mumbai: Public sector lender Dena Bank’s profit for the quarter ended December dropped 4.16% to Rs134.52 crore owing to less profitable use of excess liquidity and an extra-ordinary gain related to income tax refund in the year-ago quarter.

The bank had Rs2,300 crore of excess liquidity in the quarter, which it invested in mutual funds that gave it poor returns. The bank also suffered from poor treasury performance with profits on sale of securities falling to Rs28.13 crore for the quarter, compared with Rs49.41 crore in the year-ago period. Net interest margin, or the difference between cost of funds and interest earned on funds, dropped significantly to 2.53% from 3.76% a year ago.

— Anup Roy