HDFC Bank's net up 75 p.c.

HDFC bank has achieved an increase of 75.04 per cent in net profit at Rs. 210.12 crores for the financial year ended March 31, 2001 against Rs. 120.04 crores in the same period of previous fiscal.

The board has recommended a dividend of 20 per cent (Rs. 2 per share). Interest earned stood at Rs. 1,259.46 crores (Rs. 679.87 crores). Other income was Rs. 185.53 crores (Rs. 125.35 crores). It relates to income from non-fund based banking activities including commission, fees, foreign exchange earnings and debt securities.

During the year, the bank revised its estimates of useful lives of ATMs, V-Sat terminals, and computers. The change in the useful life of computers is in accordance with the Reserve Bank of India circular issued in October last. The revision resulted in a higher depreciation charge of Rs. 4.86 crores. For the fourth quarter ended March 2001, HDFC Bank posted a net profit of Rs. 60.86 crores against Rs. 38.57 crores, a rise of 57.79 per cent.

Interest earned in Q4 stood at Rs. 362.34 crores (Rs. 255.99 crores) while other income was higher at Rs. 57.54 crores (Rs. 45.07 crores). Subject to shareholders approval, the board has also decided to increase the authorised capital from Rs. 300 crores to Rs. 450 crores and issue of additional capital in the domestic or international markets.

TVS Electronics

TVS Electronics (TVS-E), leaders in the manufacture of computer peripherals and information appliances, has reported a sharp rise in its net profit in the first quarter ended March 31, 2001 at Rs. 89 lakhs against Rs. 41 lakhs in the same period last year. Net sales including other income have risen to Rs. 63.84 crores from Rs. 53.90 crores with dot matrix printers contributing 57 per cent of sales.

The gross profit before depreciation and interest charges has risen to Rs. 4.47 crores from Rs. 3.02 crores. Interest charges claimed Rs. 2.27 crores (Rs.1.75 crores) and depreciation Rs. 93 lakhs (Rs. 77 lakhs). The provision for taxation was Rs. 38 lakhs (Rs. 9 lakhs).

Mr. Gopal Srinivasan, director, TVS-E has stated in a press release that the company had in the preceding quarter taken several significant efforts to ensure highest levels of customer satisfaction. The highlight of the quarter was the completion of QS 9000 certification process for higher levels of customer service as well as opening of first wholly owned call centre for national customers.

Hughes Software

Hughes Software Systems has reported a 100 per cent rise in its post-tax profit and 89 per cent rise in total income, excluding extraordinary items, in the 12 months ended March 31, 2001 as compared to the same period last fiscal.

The profit after tax was Rs. 62.90 crores against Rs. 31.50 crores (excluding extraordinary items of Rs. 6.20 crores). Total income was Rs. 209.50 crores against Rs. 110.70 crores (excluding extraordinary items of Rs. 6.20 crores).

The fourth quarter profit was Rs. 22.10 crores against Rs. 10.90 crores (excluding extraordinary item of Rs. 1.10 crores) while total income was Rs. 64.50 crores against Rs. 34.3 crores.

Aztec Software

The Bangalore-based Aztec Software and Technology Services has posted a turnover of Rs. 78.87 crores and a net profit of Rs. 20.15 crores in the 12 months ended March 31, 2001 against Rs. 13.69 crores and Rs. 4.11 crores respectively in the previous year. The board has recommended a dividend of 10 per cent for 2000-01

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