ICICI Bk net down 6% at Rs 728 cr, SBI Q1 net up 15.1%, beats forecast

ICICI Bank Q1 net down 6% at Rs 728 cr

ICICI Bank, the country's largest private sector lender, today reported a 6% decline in net profit in the April-June quarter at Rs 728.01 crore as against Rs 775.08 crore in the year-ago period.
"A sharp increase in interest rates and adverse market conditions during the quarter had a negative impact of Rs 594 crore on the bank's trading portfolio and Statutory Liquidity Ratio (SLR) and its treasury income in Q1 FY'09," the bank said in a filing with the BSE.

Total income rose marginally (1.6%) to Rs 9,429.98 crore in the quarter ended June 30, 2008 from Rs 9,281.42 crore in Q1FY08.Net interest income increased 41% to Rs 2,090 crore from Rs 1,479 crore in the same period of the previous fiscal.

During the quarter ended June 30, the bank, including its subsidiaries, had total assets worth Rs 4, 84, 643 crore.Savings account deposits increased 35% to Rs 43,465 crore at the end of June 30,2008 from Rs 32,121 crore in Q1FY08. Current and savings account (CASA) deposits constituted 27.6% of total deposits when compared with 22.4% at the end of June 30, 2007.

"As on July 21, 2008, the bank had 1,388 branches and extension counters and 4,233 ATMs," the release added.Consolidated advances of the bank, its overseas banking subsidiaries and ICICI Home Finance Company increased 20% to Rs 2,57,287 crore as on June 30, 2008 from Rs 2,15,293 crore at the end of June 30, 2007.

-------------------------------------------------
SBI Q1 net at Rs 1,641 cr
SBI Q1 net up 15.1%, beats forecast

Country's largest public sector bank the State Bank of India recored a 15.1 percent jump in its net profits for the first quarter of the financial year 2009. The consolidated net profit of of the bank stood at Rs 1,640.92 crore for the quarter ended June 30, 2008 against Rs 1,861.66 crore in during the corrosponding quarter of the prevous year. The figures are not comparable as the bank had changed its accounting policies with effect March 31, 2008.

The bank's total revenue during the quarter were up 25.8 percent at Rs 23,747.43 crore from Rs 18,882.57 crore last year. Shares in State Bank shares fell 31 percent in the June quarter, faring worse than the 14 percent drop in the benchmark Sensex on the Bombay Stock Exchange and a 23 percent slump in the BSE Bankex.
***************
State Bank of India, India's largest bank, posted a 15.1 per cent rise in quarterly net profit on Saturday, beating forecasts, helped by its access to low-cost funds. The state-run bank, which raised $4.1 billion in a rights issue in March, said its net profit in April-June, its fiscal first quarter, rose to 16.41 billion rupees ($388 million) from 14.26 billion rupees reported a year earlier. A Reuters poll of analysts had forecast a 2.9 percent rise in March quarter earnings to 14.67 billion rupees

--------------------------------------------------
Reliance Infrastructure net up 14% at Rs 253 crore

Reliance Infrastructure owned by billionaire Anil Ambani said fiscal first quarter profit rose 14 per cent helped by higher operational efficiencies in power generation and higher orders for equipment.

Net profit of the company rose to Rs 253 crore in the three months ended June 30 compared with Rs 222 crore in the corresponding period of previous year. Total income of the company grew 32 per cent to Rs 2,618 crore, against Rs1,984 crore in the corresponding quarter of previous year.

Aggregate sales of electrical energy increased marginally by 2 per cent to 2,539 million units during the the period. However, aggregate revenues from energy sales during the quarter increased by 37 per cent to Rs 1,764 crore (Rs 1,285 crore in the corresponding quarter of previous year).

"Our Dahanu power plant operated at over 100 per cent plant load factor(PLF) and this resulted in getting better incentives from the regulator. Further, our EPC business grew by over 320 per cent," said Lalit Jalan, chief executive of Reliance Infrastructure.

Maharashtra Electricity Regulatory Authority (MERC) offers incentives mainly for better PLF, station heat rate, oil consumption and other operational efficiencies, said sources. The Company’s Dahanu Thermal Power Station achieved a PLF of 103.2 per cent, generating 1,126 million units. Dahanu's PLF was also higher at 104.5 percent achieved during the corresponding quarter of previous year.

The turnover of the EPC division of the company increased to Rs 434 crore for the quarter against Rs 339 crore in the corresponding previous period. The division had an order book position of about Rs 21,044 crore as on June 30, 2008, as against Rs 5,035 crore in the corresponding quarter of previous year. Profits from EPC and contracts were Rs47.40 crore for the period, compared to Rs17.24 crore in the corresponding previous year. Currently Reliance Infrastructure is working on 6 projects and implementing over 3,500 MW of power projects.
This will ensure an additional accounting of an average Rs5000 crore every year to the revenues of the company, at least for the next 4-5 years.

He said the company was expected to grow at least 20 per cent year on year. "Once Reliance Power's power plants take off, that will ensure us a minimum 45 per cent growth, which will catapult Reliance Infrastrcture", said Jalan. Reliance Infrastrcture will be the EPC contractor for most of the 28,000 MW of power to be added by Reliance Power. Infrastructure business, another area of focus for company, is also expected to give good returns in future. The company is constructing five road projects in Tamil Nadu, two metro rail projects in Mumbai and Delhi and a business district in Hyderabad.

Other Income for the quarter under review was Rs 420 crore as against Rs 360 crore in the corresponding quarter of previous year. The Company's Earnings Before Interest, Depreciation and Tax (EBIDT) was Rs 396 crore (US$ 92 million) during the quarter, against Rs 398 crore in the corresponding quarter of previous year.
---------------------------------------------------------
Divi's Laboratories net profit rises 43.40% in the June 2008 quarter
Net profit of Divi's Laboratories rose 43.40% to Rs 96.48 crore in the quarter ended June 2008 as against Rs 67.28 crore during the previous quarter ended June 2007. Sales rose 16.66% to Rs 266.07 crore in the quarter ended June 2008 as against Rs 228.07 crore during the previous quarter ended June 2007

Motherson Sumi Systems net profit declines 57.66% in the June 2008 quarter
Net profit of Motherson Sumi Systems declined 57.66% to Rs 12.72 crore in the quarter ended June 2008 as against Rs 30.04 crore during the previous quarter ended June 2007. Sales rose 14.68% to Rs 346.38 crore in the quarter ended June 2008 as against Rs 302.04 crore during the previous quarter ended June 2007

Seshasayee Paper & Boards net profit declines 45.49% in the June 2008 quarter
Eicher Motors net profit declines 37.65% in the June 2008 quarter

Bombay Rayon Fashions net profit rises 58.41% in the June 2008 quarter
Net profit of Bombay Rayon Fashions rose 58.41% to Rs 34.93 crore in the quarter ended June 2008 as against Rs 22.05 crore during the previous quarter ended June 2007. Sales rose 36.68% to Rs 275.07 crore in the quarter ended June 2008 as against Rs 201.25 crore during the previous quarter ended June 2007

PTC India net profit rises 58.67% in the June 2008 quarter
Net profit of PTC India rose 58.67% to Rs 18.85 crore in the quarter ended June 2008 as against Rs 11.88 crore during the previous quarter ended June 2007. Sales rose 3.85% to Rs 1203.10 crore in the quarter ended June 2008 as against Rs 1158.55 crore during the previous quarter ended June 2007.

Dolphin Offshore Enterprises (India) net profit rises 241.70% in the June 2008 quarter
Elgi Equipments net profit rises 10.09% in the June 2008 quarter

UCO Bank net profit rises 0.43% in the June 2008 quarter
Net profit of UCO Bank rose 0.43% to Rs 133.44 crore in the quarter ended June 2008 as against Rs 132.87 crore during the previous quarter ended June 2007. Total operating income rose 20.36% to Rs 1837.45 crore in the quarter ended June 2008 as against Rs 1526.66 crore during the previous quarter ended June 2007.

Techno Electric & Engineering Company net profit rises 147.42% in the June 2008 quarter
Reliance Infrastructure net profit rises 13.98% in the June 2008 quarter
Dhanalakshmi Bank net profit rises 57.36% in the June 2008 quarter
ICICI Bank net profit declines 6.07% in the June 2008 quarter
State Bank of India net profit rises 15.08% in the June 2008 quarter

Vijaya Bank reports net loss of Rs 76.64 crore in the June 2008 quarter
Vijaya Bank reported net loss of Rs 76.64 crore in the quarter ended June 2008 as against net profit of Rs 111.35 crore during the previous quarter ended June 2007. Total operating income rose 32.37% to Rs 1188.96 crore in the quarter ended June 2008 as against Rs 898.23 crore during the previous quarter ended June 2007.

Take Solutions reports net profit of Rs 7.37 crore in the June 2008 quarter
JM Financial net profit rises 600.00% in the June 2008 quarter
Mangalore Chemicals & Fertilizers net profit declines 26.35% in the June 2008 quarter

Source: UTVi,CM,BS,ET