ICICI's net rises 13 p.c., pick-up in retail finance disbursals

MUMBAI, JULY 27. ICICI's disbursals increased by six per cent to Rs. 8,741 crores in the first quarter from Rs. 8,240 crores. Total assets stood at Rs. 74,751 crores, up by 14 per cent. The newly-created government and institutions group accounted for 13 per cent of disbursals. The group's retail finance disbursals were higher at Rs. 1,139 crores against Rs. 571 crores.

The secondary market equity trading operations resulted in a net gain of Rs. 4 crores. This was achieved through active management of the portfolio and the use of equity derivatives, it said, adding that the FI's secondary market equity trading exposure ranged between Rs. 20 crores and Rs. 76 crores.

ICICI's has achieved a 13.3 per cent growth in net profit at Rs. 326 crores against Rs. 287 crores in the same period last fiscal. The net income from operations increased by 13.5 per cent to Rs. 537 crores against Rs. 473 crores. The fund-based income rose to Rs. 2,207 crores from Rs. 2,001 crores in the same period last fiscal.

The period under review was marked by generally lower credit offtake by corporates and limited project finance opportunities in the absence of new projects, the FI said in a release.The FI divested 7.8 per cent in the ICICI eco-net fund in favour of Compaq corporation for $4 million, recording capital gains of Rs. 11 crores.

Drop in VSNL's revenue

Videsh Sanchar Nigam's (VSNL) revenue during the first quarter of the current fiscal decreased by Rs. 215 crores to Rs. 1,642 crores from Rs. 1,857 crores during the same period last year. This was mainly due to 11 per cent lower revenue from the telephone revenue head due to reduction in telecom accounting rates (TAR) by 27 per cent. Part of the loss due to the sharp reduction in TAR was made up by the increase in telephone traffic (up from 609.58 million minutes to 709.73) but the buoyancy was apparently inadequate.

The revenue from telephony during the first quarter was Rs. 1,346 crores (Rs. 1,517 crores). Income from value added services grew by Rs. 17 crores to Rs. 182 crores while `other income' fell by Rs. 41 crores to Rs. 114 crores.

According to a company release, the performance assumes significance in view of the trend in declining settlement rates all over the world due to which most telecom operators are finding it difficult to retain profitability.

The company's physical performance showed all round growth. Besides the increase in telephone paid minutes, the number of leased data circuits grew by 182 per cent and the number of Internet subscribers also increased to 6.59 lakhs from 4.46 lakhs.

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