TVS Motor Q3 net profit up 16.3%
Posted on 31st January 2018 |
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| TVS Motor Co has reported a 16.3% growth in its net profit for the quarter ended December 31, 2017 to Rs 154.35 crore, compared with Rs 132.67 crore in the same quarter last fiscal, even as revenues have grown at a faster 23.5% (after adjusting for excise and GST) to Rs 3,685 crore. The lag in profit growth was mostly due to lower income and higher taxes. Tax expenses increased sharply by 51% to Rs 56.01 crore in Q3 FY18 from Rs 37.13 crore in the year-ago period. Adjusted for this, the net profit was well in line with the estimate of analysts at Rs 168 crore, according to Bloomberg. The stock, however, closed 0.94% lower at Rs 712.90 on the BSE on Tuesday. Total unit sales in the quarter grew 15% to 8.26 lakh units. Realisations too improved by 7.4% per unit leading to revenue growth ahead of volumes, aided by price increases earlier in the year on motorcycles and a change in sales mix. The company’s profit before tax (PBT) registered a growth of 23.9% to Rs 210.36 crore in the third quarter of 2017-18 from Rs 169.80 crore in the third quarter of the previous financial year. Operating profit during the quarter shot up 31.3% to Rs 286.8 crore and margin expanded by 50 basis points to 7.8%, compared with 7.3% in the same quarter in the previous fiscal. During the quarter ended December 2017, motorcycle sales grew 26.7% to 3.14 lakh units (from 2.48 lakh units registered in the third quarter of 2016-17) and scooter sales increased by 22% to 2.69 lakh units (2.21 lakh units). Exports during the quarter saw 42.4% growth to 1.40 lakh units of two- and three-wheelers in the quarter under review against 99,000 units in the third quarter of 2016-17. Three-wheeler sales too registered a strong growth of 67.7% to 26,968 units against 16,081 units in the third quarter of last fiscal. In the nine months ended December 2017, revenue excluding excise duty/GST grew 19.9% to Rs 11,136.90 crore (Rs 9,290.81 crore and the profit after tax grew 15.2% to Rs 496.98 crore against Rs 431.31 crore registered in the nine months ended December 2016). |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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