SBI net profit declines by 13.6%

SBI net profit  declines by 13.6%

SBI Q1 profit falls 13.6% - SBI net down 13.6% to Rs 3,241 crore in Q1 - SBI Q1 net down 13.6% at Rs 3241 crore - State Bank of India on Monday...

State Bank of India on Monday reported 13.6 per cent decline in standalone net profit to Rs. 3,241.08 crore for the quarter ended June 30, 2013, due to increased provisioning for rising non-performing assets. The country’s largest bank had a standalone net profit of Rs. 3,752 crore in the same quarter last year. Total income increased to Rs. 36,192.62 crore in the quarter, from Rs. 32,415 crore in the same period a year ago. The bank’s gross non-performing assets (NPAs) rose to 5.56 per cent of total advances at the end of June, against 4.99 per cent a year ago, reflecting the impact of slowing economy.On consolidated basis, SBI’s net profit fell by 12 per cent to Rs. 4,298.56 crore for the quarter ended June 30, from Rs. 4,874.7 crore in the same period a year ago.

ONGC Q1 net down 34%
State-owned Oil and Natural Gas Corporation (ONGC) has reported a 34 per cent drop in the June quarter net profit, the fourth straight quarterly decline, on back of high fuel subsidy payout. Net profit in April-June fell 33.92 per cent to Rs 4,015.98 crore from Rs 6,077.70 crore in the same period a year ago, ONGC Director (Finance) A K Banerjee said here.

ONGC sells crude to state refiners at a discount to partly compensate them for selling diesel and cooking fuel below cost.
It paid 2.2 per cent more subsidy at Rs 12,622 crore in April-June despite fuel retailers revenue losses on diesel, cooking gas (LPG) and kerosene declining 43 per cent to Rs 25,579 crore.

The subsidy payout in first quarter ended June 30 compared to Rs 12,346 crore in same quarter last fiscal.ONGC has foregone Rs 90,500 crore of profit in the last five years. Banerjee said profits were also lower because of the one-time charge towards employee pension benefits. Turnover was marginally lower at Rs 19,308.93 crore in first quarter compared to Rs 20,177.78 crore a year ago. Revenues were lower because the company realised lesser price for crude oil it sold, he said, adding that production increased to 6.025 million tonnes from 6.007 million tonnes.

GVK Power & Infra posts Rs 31 cr loss for Q1
GVK Power and Infrastructure has posted consolidated net loss of Rs 31 crore for the quarter ended June 30, 2013, against that of Rs 64 crore during the same quarter last year.Net income from operations also dropped to Rs 600 crore in the quarter, from Rs 819 crore in first quarter of last fiscal, GVK said in a statement. The revenue from the power segment was at Rs 86 crore during the quarter under discussion against Rs 433 crore in the same quarter previous year.Airports segment saw substantial growth by whooping 68 per cent to Rs 548 crore against Rs 327 during Q1 of FY13.

India Cements Q1 drops by 72%
India Cements has reported a 72 per cent drop in net profit during the quarter ended June 30, 2013 at Rs 16.82 crore as compared to Rs 62.07 crore, a year ago. N Srinivasan, vice chairman and managing director, India Cements commented that foreign exchange had hit the company bottom-line. The exchange translation charges due to unprecedented Rupee depreciation impacted to the tune of Rs 27 crore resulting in net profit before tax of Rs 26 crore. However, total income rose to Rs 1,240.72 crore from Rs 1,205.03 crore, an increase of around three per cent.

TechMah Apr-Jun qtr net up 27%
IT firm, Tech Mahindra has reported 27 per cent jump in consolidated net profit at Rs 686.3 crore for the quarter ended June 30, 2013, led by broad-based growth across sectors like manufacturing and media and entertainment. This is against a net profit of Rs 540.5 crore in the same period last year.

Tech Mahindra, part of the Mahindra and Mahindra group, saw revenues at Rs 4,103.2 crore in the reported period, up 21.7 per cent as compared to Rs 3,372.7 crore in the April-June 2012 quarter. "We have completed one of the largest mergers in Indian corporate space this quarter in a seamless fashion. Our robust performance reinforces our belief in the inherent strength and cross leveraging possibilities," Tech Mahindra Executive Vice Chairman Vineet Nayyar said here.

Tech Mahindra in June completed the merger of Mahindra Satyam with itself to create the country's fifth largest software services firm.

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