24 January 2009

Results:NTPC,SBI,ICICI,Sterlite, Rcom etc

SBI posts 37% rise in net profit

India's largest bank, State Bank of India (SBI) has posted a 37% rise in net profit to Rs 2478 crore from for third quarter of FY09 from Rs
1809 crores. Operating profit for the same quarter was up 22.5% at Rs 4482 crore as against Rs 3660 crore. The net income interest (NII) stood at Rs 5,758 crores ,as against Rs 4256 crore in the same period last year, a rise of 35%. Other income was up 38% to Rs 21,256 crore as against Rs 15,364 crore in the corresponding period last year. The total income rose 38% to stand at Rs 21,255 crores of this treasury gains was Rs 674 crore as against 644 crore in the corresponding period. Net interest margins improved to 3.15% from 3.01%. Bank's advances rose 28.5% to Rs 503,829 crore while deposits rose 36% to Rs 692,922 crore. Bank made a provision of Rs 515 crore for bad loan as against Rs 444 crore last year. Gross NPA rose to Rs 13,314 crore from Rs 11,182 crore while net NPA rose to 6864 crore from Rs 5610 crore. As a percentage to total advances, gross NPAs fell to 2.61% from 2.82% while net NPA was at 1.36% against 1.44%. Capital adequacy stood at 13.72% under Basel II norms. Bank officials said that write-back was to the turn Rs 513 crore. SBI made a provision of Rs 198 crore which is net of write-back. The bank would have book huge treasury gains this quarter as yields on g-sec fell sharply. The appreciation in value of bonds can not be booked profit, but banks can write - back access provisions made earlier. Shares of SBI ended down 4.34% on Friday, markets are closed on Saturday.

NTPC Q3 net jumps 26 pc Country's largest power producer NTPC on Saturday said its net profit rose by 26.4 per cent to Rs 2,250 crore for the quarter ended December. The company had reported a net profit of Rs 1,780 crore in the corresponding period last year, NTPC informed the Bombay Stock Exchange. For the nine-month period ended December, the net profit of the company stood at Rs 6,088 crore against Rs 6,075 crore in the year-ago period. The company recorded net sales of Rs 11,277 crore against Rs 9,331 crore in the same period last year. The company also declared an interim dividend of 28 per cent. Power regulator Central Electricity Regulatory Commission (CERC) recently increased the rate of return on equity from 14 per cent to 15.5 per cent for determining tariff as part of various incentives being offered to invite greater investments. The move would help power generating and transmission companies, including NTPC, and PowerGrid to get higher profitability, and thus, attract increased private investment.

ICICI Bank Q3 net profit up 3.4%

Rising NPAs and fall in business affect ICICI Bank's performance

Lower expenses and treasury gains saved the day for ICICI Bank. The bank reported a marginal rise in net profit for the third quarter ended
December 31,2008 at Rs 1272.15 cr as against Rs 1230.21 cr in the corresponding period of the previous quarter. The net profit for the three quarters ended December 31 was flat at Rs 3014.37 cr as against Rs 3007.89 cr. The results are below analyst expectation. The other income of the bank was marginally up at Rs 2514.54 cr as against Rs 2426.59 cr. The bank in a statement said that it has earned a treasury income of Rs. 976 crore in the third quarter, primarily by positioning its treasury strategy to benefit from the decline in yields on government bonds. The interest income of the bank was marginally down to Rs 7836.08 cr from Rs 7911.77 cr. The bank has shown a fall in interest expenses to Rs 5845.67 cr from Rs 5952 cr, while operating expenses saw a fall of 18.49% to Rs 1734.11 cr. The bank in a statement said it has pursued a strategy of lightening the balance sheet and prioritizing capital conservation, liquidity management and risk containment given the challenging economic environment. It has also placed strong emphasis on efficiency improvement and cost rationalization. During the third quarter, it continued with this strategy, while also taking advantage of market opportunities to increase its treasury income. The advances of the bank have seen a marginal fall to Rs 2,12,521 cr as against Rs 2,15,517 cr the previous year. The deposits of the bank have also seen a marginal fall to Rs 2,09,065 cr from Rs 2,29.779 cr the previous fiscal. The bank has seen a rise in non performing assets, which is likely to be on the back of rising bad debts in the retail portfolio. The gross NPAs of the bank have moved up to 4.14% (Rs 8,988 cr) from 2.96% (Rs 6,474.84 cr). The net NPAs of the bank have risen to 2.07% (Rs 4,400.23 cr) from 1.5% (3,227.82 cr). ICICI Bank Canada has posted a net profit of Canadian dollars 32.9 million. After accounting for the gains on buyback of bonds and mark-to-market provisions on the investment portfolio, ICICI Bank UK has posted a net profit of $1.4 million for the three quarters ended December 31. The Bank's capital adequacy ratio at December 31, 2008 on Basel II norms was at 15.6%.

Sterlite Industries Q3 net dips 37 pc at Rs 732 cr

Sterlite Industries on Saturday said that its consolidated net profit in the third quarter of the current fiscal declined 37.76 per cent at
Rs 732.31 crore from the corresponding period a year ago. NRI billionaire Anil Agarwal-led firm had a consolidated net profit of Rs 1,176.64 crore in the third quarter last financial year, Sterlite Industries said in a filing to the Bombay Stock Exchange. Consolidated net income of Vedanta Group firm also fell to Rs 4,445.55 crore in the December quarter of FY 2009, from Rs 5,232.20 crore a year ago. For the nine-month period ended December 31, 2008, the company posted a consolidated net profit of Rs 4,048.51 crore, an 8.67 per cent drop from the same period a last year. It had a consolidated net profit of Rs 4,433.23 crore in the December quarter of last fiscal. On a standalone basis, the copper producer registered a net profit of Rs 204.01 crore in the latest quarter, an 11.62 per cent decline compared with Rs 230.85 crore in the previous year. On Friday, shares of Sterlite Industries closed at Rs 239.45, down 1.68 per cent on the BSE.

RCOM disappoints St, Q3 net rises just 3%

Reliance Communications (RCOM), India’s largest CDMA operator, underperformed market expectations in the December quarter, as profitability
in the wireless and broadband business segments dropped significantly. The R-ADAG company is now planning a sharp cut in capital expenditure. The company posted a 2.7% rise in net profit to Rs 1,410 crore while revenues were up 20% to Rs 5,850 crore for the quarter. The telco added 5.3 million subscribers in the world’s fastest-growing telecom market during the period. ETIG had estimated RCOM’s net profit at Rs 1,669.4 crore on revenues of Rs 5,876.6 crore. RCOM chairman Anil Ambani announced a sharp cut in capex beginning next fiscal. “We will invest in the range of Rs 15,000 crore next fiscal, including Reliance Infratel. Our revised capex expectation for 2008-09 is Rs 25,000,” he said during an analysts conference call after the results. The company’s earlier capex guidance was Rs 30,000 crore for the current fiscal. “Peak capex is behind us and we will continue to go down from here,” he said, adding that capex numbers exclude funds earmarked for 3G (third-generation) spectrum and broadband wireless access (BWA) auctions. “We are on course to deliver free cash flows soon,” he added. Ebitda margins for RCOM’s mobile business reduced sequentially by 1.2% to 37.7%, as average revenue per user (ARPU) per month declined by Rs 20 to Rs 251. The telco’s ARPU during the December quarter is now much lower than rival Bharti Airtel’s Rs 324. Despite attractive tariff schemes and free minutes, RCOM reported a decline in minutes of usage to 410 from 423 per user per month. Even wireless revenue per minute dipped to 61 paise from 64 paise. However, the company said EBITDA margins will be stable in the medium to long term. Ahead of results, the RCOM stock slipped 4.5% to close at Rs 160.15 on Friday in a weak Mumbai market. Mr Ambani said there is a strong demand for NLD bandwidth from enterprise customers. “We are targeting Rs 1,000-crore market share in the next two years out of the total Rs 5,000-crore addressable market,” he said. RCOM’s tower arm Reliance Infratel has commissioned over 50,000 towers till now and is in discussion with operators for infrastructure sharing.

Torrent Power Q3 net up 72 pc at Rs 102 cr

HCL net up 12% at Rs 373 cr24 Jan 2009, 0018 hrs IST
HCL Technologies, one of India’s top five software exporters, warned on Friday its margins could come under pressure as customers faced a choppy economic environment, as it posted a 12.1% rise in third-quarter net profit.

Tech Mahindra Q3 net up 12 pc at Rs 222.90 crore 23 Jan 2009, 1646 hrs IST
Software firm Tech Mahindra reported 12% growth in net profit at Rs 222.90 crore for third quarter ended Dec 31, 2008.
IDBI Bank Q3 net up 27% at Rs 223 crore 23 Jan 2009, 1620 hrs IST
IDBI Bank reported a 26.61% growth in net profit at Rs 222.63 crore for the third quarter ended December 31, 2008.
Vijaya Bank posts 23.73% rise in net profit 23 Jan 2009, 1555 hrs IST
Vijaya Bank has posted a 23.73% rise in net profit to Rs 157 crore in the third quarter ending December 09 as against Rs 127crore reported last year in the same period.

Divis Labs net profit was at Rs 79.5 cr

SBI Q3FY09 PAT up 37% to Rs 2478 cr

RNRL Q3 consolidated net profit 24.21 cr

IDBI Bank Q3 net profit at Rs 222.6 cr

Canara Bank Q3 net profit at Rs 701.5 cr

Union Bank of India Q3 net profit at Rs 672 cr

Voltas Q3 PAT at Rs 42.41 cr

3i Infotech Q3 net profit at Rs 27cr

Source:ET,IE etc

Torrent Power Q3 net up 72 pc at Rs 102 cr

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