The Hindu : HDFC Bank Q1 net up 30 p.c.

Online edition of India's National Newspaper
Tuesday, Jul 15, 2003

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HDFC Bank Q1 net up 30 p.c.

HDFC Bank has reported a 30.2 per cent rise in its net profit at Rs. 107.28 crores for the first quarter ended June 30, 2003 against Rs. 82.41 crores in same period last year. Total income also increased to Rs. 717.19 crores from Rs. 560.48 crores, the bank said in a release.

Net interest income grew by Rs. 96.6 crores to Rs. 285 crores, driven by an average asset growth of 29.7 per cent and an improvement in the net interest margin, it said.

As of June 2003, the total deposit base was Rs, 23,340 crores, registering an increase of 32.6 per cent over Rs. 17,602 crores in Q1 of last fiscal. The retail accounts have increased by 30 per cent to 33 lakhs from 25 lakhs. Retail loans grew by 132.9 per cent to Rs. 3,790 crores and now form 30.8 per cent of gross advances, it said.

The net non-performing assets were less than 0.3 per cent of customer assets and the capital adequacy ratio was pegged at 11.79 per cent.

Operating expenses grew by Rs. 73.4 crores to Rs. 193.5 crores, primarily due to higher marketing and distribution expenses for retail assets and credit card businesses. The expenses were also up due to hike in infrastructure investments for future business growth, the bank added. As of June 30, 2003, the branch network comprised of 241 branches in 129 locations against 187 branches in 89 locations in June 2002.

Mastek

The Mastek Group has recorded a 22 per cent rise in net profit at Rs. 50.50 crores for the year ended June 30, 2003 against Rs. 41.40 crores in the previous year. Total income has risen by 30 per cent to Rs. 380.20 crores from Rs. 292.60 crores, the company said in a release.

In the fourth quarter ended June 30, the net profit dropped to Rs. 3 crores from 20.40 crores in Q4 of 2001-02. This includes Rs. 1.50 crores of expenses incurred on its business process outsourcing operations. Total income has increased to Rs. 92.10 crores from Rs. 90.10 crores.

Exide Industries

Exide Industries has achieved a net profit of Rs. 13.90 crores in the first quarter ended June 30, 2003, a growth of 78 per cent over the corresponding period in the previous year. The profit before tax has risen by 80 per cent to Rs. 21.90 crores. Gross sales have improved by 18 per cent to Rs. 291.30 crores. The automotive division recorded a rise of 18 per cent in sales at Rs. 146.71 crores. Exports of industrial batteries have risen by 69 per cent. Both Exide and SF brands showed a growth of 17 per cent and 15 per cent in the two-wheeler retail segment. Exports of automotive batteries rose by 17 per cent.

Mphasis BFL

The Mphasis BFL group's consolidated net profit has increased to Rs. 19.40 crores for the quarter ended June 30, 2003 from Rs. 13.89 crores in the corresponding period in the previous fiscal, an increase of 40.3 per cent. Revenues have increased by 45 per cent to Rs. 130.22 crores. On a sequential quarter-on-quarter basis, revenues have grown by 7.7 per cent.

Total cash balances on June 30, 2003 amounted to Rs. 78 crores. Losses in MsourcE have reduced from Rs. 2.98 crores to Rs. 75 lakhs despite continued rapid scaling up of operations.

BPL Soft Energy

BPL Soft Energy Systems, a wholly owned subsidiary of BPL, has reported financial break-even in 2002-03. The company, which makes and markets premium quality dry cells, alkaline batteries and a range of lighting products, has posted a profit before tax of Rs. 39 lakhs, for the first time since inception, against a loss of Rs. 218 lakhs. The turnover has increased to Rs. 96 crores from Rs. 87 crores. In a stagnant market, the company claimed to have outperformed the industry by registering a growth of 22 per cent in dry cells sales.

eonour technologies

eonour technologies has reported a sales of Rs. 27.08 crores in the quarter ended June 30, 2033 against Rs. 21.18 crores, an increase of 28 per cent. The net profit has improved by 19 per cent to Rs. 6.01 crores from Rs. 5.06 crores. Along with STADS, eonour's consolidated net profit was Rs. 10.01 crores on sales of Rs. 56.45 crores in the quarter under reference. STADS, as a stand alone, has recorded sales of Rs. 29.37 crores and a net profit of Rs. 4 crores.

Pondy Oxides

Pondy Oxide and Chemicals has achieved a sales turnover of Rs. 39.96 crores for the 12 months ended March 31, 2003, a rise of 25 per cent over the previous year.

The net profit has marginally improved to Rs. 95.10 lakhs from Rs. 94.19 lakhs. The board has recommended a dividend of 10 per cent for 2002-03.

In the quarter ended June 30, 2003, the company has reported a provisional net profit of Rs. 35.20 lakhs on a turnover of Rs. 10.44 crores. In the corresponding quarter last year, the net profit and turnover were Rs. 35.15 lakhs and Rs. 10.44 crores respectively.

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