HDFC Bank net up 46 p.c.

HDFC Bank has recorded a net profit of Rs. 120 crores for the financial year ended March 31, 2000, 45.7 per cent higher than Rs. 82.4 crores achieved in 1998-99. With the amalgamation of Times Bank with HDFC Bank, effective February 26, 2000, the profit figures reflect the standalone HDFC Bank's revenues and expenses till February 25 and those of the merged HDFC Bank from February 26 till March 31, 2000.

The directors have recommended a dividend of Rs. 1.60 per share (16 per cent) for 1999-2000. The shareholders of erstwhile Times Bank, who have been allotted equity shares on March 29 are be entitled to receive dividend on a pro-rata basis with effect from February 26, pursuant to the scheme of amalgamation.

The total income of the bank has shot up to Rs. 805.2 crores from Rs. 444.2 crores, a growth of 81 per cent. The bank provided Rs. 74.8 crores for income taxes as against Rs. 34.5 crores in the previous year.

According to a bank release, ``The balance sheet parameters have also grown significantly during the year, partly due to the Times Bank merger and partly reflecting the robust growth in business volumes and a more favourable macro environment.'' The bank's total deposits increased by 189 per cent to Rs. 8,428 crores, while savings accounts deposits, reflecting the success of the retail franchise, grew 224 per cent to Rs. 1,125 crores. Total advances increased from Rs. 1,401 crores to Rs. 3,362 crores, a growth of 140 per cent.

In addition, investment in corporate debt (credit substitutes like commercial paper and debentures) increased from Rs. 569 crores to Rs. 1,080 crores during the year. Total customer assets therefore, grew by 125 per cent to Rs. 4,442 crores as of March 31, 2000. The net non-performing assets (NPAs net of specific loan loss provisions) were 0.77 per cent of customer assets as against 1.08 per cent as of March 31, 1999.

On account of the amalgamation of Times Bank and the preferential issue of equity shares approved by the shareholders in line with the SEBI guidelines in January this year, the bank's share capital increased by a total of Rs. 43.28 crores to Rs. 243.28 crores as on March 31, 2000. The bank's capital adequacy ratio as of March 31, 2000 was a healthy 12.1 per cent as against the regulatory minimum of 9 per cent.

The bank further stated that during 1999-2000 it achieved strong growth in each of its key business franchises, driven by an expanded product range, enhanced customer acquisition, geographic expansion and higher levels of penetration.

NIIT

Global revenues of NIIT and its subsidiaries for the six month period ended March 31, 2000 reached Rs. 563 crores, an increase of 34 per cent over the corresponding period last year. The net profit has risen by 94 per cent to Rs. 55.3 crores from Rs. 28 crores.

Software solutions business recorded revenues of Rs. 337 crores, a growth of 50 per cent and these constitute 60 per cent of NIIT's global revenues. Learning solutions business contributed Rs. 225 crores. New orders of $67.8 million secured during October-March 2000, represent a 91 per cent increase with the company adding over 30 new global customers.

Commenting on the performance, Mr. Rajendra S. Pawar, Chairman, NIIT, said, ``A whopping 91 per cent increase in new orders in the last six months and a strong focus on America's geography will continue to fuel a new phase of high growth opportunities in e-business solutions at NIIT. Our e-commerce solutions practice and e-commerce components helped us grow our e-commerce revenues to 35 per cent of the global revenues for the quarter.''

The company is setting up a new e-commerce and knowledge management competency centre in Singapore. It enhanced its development capacity at the dedicated export oriented software development centres in Delhi, Mumbai and Calcutta in the last six months. These facilities now allow NIIT to engage 500 additional knowledge workers.

NIIT is helping large organisations such as Apollo Hospitals, Caltex, CheckFree, Glaxo, Nagase and Vijaya Bank in formulating their e-strategy. In the last six months, NIIT delivered some of the innovative web-based solutions using its own e-commerce products. The company is working with organisations like Dot Commerce, Easier.com and Misys helping them set up portals using NIIT's product, NIITePortal.

Using its own e-Commerce product NIITeMart, the company is helping a large jewellery boutique set up an electronic mart. It is also working with ING, one of the largest financial services companies, as its offshore development partner on its Euro projects. It also building e-Knowledge solutions for Ericsson and Nanyang Polytechnic.

In a move to incubate ambitious young Indians into running successful 'Click & Portal' business, NIIT launched e- Mahamillionaire, the first ever integrated Net incubator project. e-Mahamillionaire will make available to the aspirants NIIT's knowhow, technology and Internet infrastructure along with its software intellectual property to help set successful net ventures.

45 p.c. interim from Blue Star

Blue Star (BSL) has declared 45 per cent interim dividend for the year ended March 31, 2000 against 35 per cent during the previous year. The dividend would be payable on the reduced capital after implementation of pruning the company's capital base, as per the scheme of arrangement between BSL and Blue Star Infotech (BSIL), the company said in a release.

According to the scheme, the software business of BSL would be deemed to have been transferred to the newly formed BSIL, with effect from October 1, 1998, it said. BSL shareholders would receive one share of BSIL for every four BSL shares held by them, leading to reduction in the capital base of BSL.

40 p.c. interim from Orchid Chem

The directors of Orchid Chemicals & Pharmaceuticals have declared an interim dividend of 40 per cent (Rs. 4 per share). The shares issued on a private placement basis to corporate bodies of Schrodfer Ventures are eligible for a prorate dividend. The record date has been fixed as May 20. The total dividend was 40 per cent in the previous year.

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