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Wednesday,05-August-2020

Business

HDFC’s Q1FY21 net profit at over Rs 3K cr

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HDFC. (Photo: Twitter/@HDFC_Bank)

Mortgage lender HDFC on Thursday reported a standalone net profit of Rs 3,052 crore for Q1FY21.

The company had reported a net profit of Rs 3,203 crore during the like period of the previous year.

According to the mortgage lender, the profit numbers for the quarter under review are not directly comparable with that of the previous year.

“To facilitate a like-for-like comparison, after adjusting dividend, profit on sale of investments, net gains on de-recognition of assigned loans, provisioning and the impact of negative carry on account of higher liquidity, the adjusted profit before tax for the quarter ended June 30, 2020 is Rs 3,265 crore compared to Rs 2,684 crore in the previous year, reflecting a growth of 22 per cent,” the mortgage lender said in a statement.

The mortgage lenders’ ‘Total Comprehensive’ Income for the quarter ended June 30, 2020 was Rs 5,070 crore compared to Rs 3,465 crore in the corresponding quarter of the previous year, representing a growth of 46 per cent.

“Owing to the national lockdown, the retail business was impacted during the quarter. However, successive month-on-month improvements have been seen in the individual loan business since April 2020, with June 2020 disbursements being 68 per cent of the corresponding month in the previous year and the increasing trend continuing in the month of July 2020,” the statement said.

“During the quarter, the Corporation focused on lending to select rated corporates.”

As per the statement, the net interest income (NII) for the quarter ended June 30, 2020 stood at Rs 3,392 crore compared to Rs 3,079 crore in the previous year, representing a growth of 10 per cent.

“The NII numbers, however, are not comparable with each other owing to the higher liquidity levels and equity investments made in the recent period,”

“After considering the impact of the above, the adjusted NII for the quarter ended June 30, 2020 is Rs 3,609 crore, reflecting a growth of 17 per cent.”

Besides, the mortgage lender reported a Net Interest Margin of 3.1 per cent compared to 3.3 per cent in the corresponding quarter last year.

“Adjusting the NIM for the impact of negative carry on account of significantly higher liquidity levels, the NIM stood at 3.3 per cent the same as the previous year,” the statement said.

Business

Godrej Properties logs Rs 20 crore consolidated net loss in Q1

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Godrej. (Photo: twitter@GodrejGroup)

Godrej Properties on Wednesday reported a consolidated net loss of Rs 20.23 crore for the April-June quarter of FY 2020-21.

During the corresponding period of the last fiscal, the company had reported a consolidated net profit of Rs 89.87 crore.

The real estate major reported an 88.63 per cent fall in its revenues from operations during the first quarter of FY 2020-21 at Rs 72.29 crore.

In its investor presentation, the company said that due to the Covid-induced lockdown, there was very limited construction activity during the quarter and as a result, no new projects achieved revenue recognition. Cash collections, which depend on construction milestones, were also impacted, it added.

“This led to an accounting loss and negative operating cash flow for the quarter,” the company said.

Commenting on the performance, Pirojsha Godrej, Executive Chairman, Godrej Properties Ltd, said: “While we expect poor reported earnings and cash flows this financial year due to the lockdown and the major impact it has had on our annual construction plan, we expect strong momentum in both portfolio project additions and new project launches during the rest of the financial year.”

He added that that the current crisis will add further momentum to the process of consolidation that is underway in the sector and the company will continue to focus on rapidly growing its market share.

Shares of the company plunged nearly 3 per cent post the earnings announcement. Currently its shares on the BSE are trading at Rs 902.50, lower by Rs 28.70 or 3.08 per cent from its previous close.

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Business

Indian Railways changes freight policy to boost economy

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Indian-Railways

With an aim to boost economic activities in the country during unlock 3.0, the Indian Railways is offering a slew of incentives, including 50 per cent concession in terminal access charges for covered wagons, to boost freight traffic.

A Railway Ministry spokesperson said that its new policy measures will further boost the incentives for all suppliers to transport their goods through railways.

In the revised policy, the Railways has worked on the alternate goods shed policy, under which terminal charge will not be levied on consignments booked from alternate goods sheds, instead of identified busy goods shed, the official said.

The railways has already surpassed the freight loading figures in August so far, adding that 8.64 million tonnes of freight had been loaded compared with 8.37 million tonnes during the corresponding period last year.

The official said that under the free-time relaxation for covered wagons, zonal railways are empowered to relax the free time up to double the normal free time and/or non-levy of demurrage/wharfage in case of covered stock up to September 30.

The official said that to boost the freight traffic, the railways has decided to give 50 per cent concession in terminal access charge on container traffic handled at Group-III Container Rail Terminals.

The Ministry has decided to not collect the stabling charges on container traffic from May 18 to October 31.

A discount of 5 per cent on haulage charge per 20-foot equivalent unit (TEU) is being given on loaded containers from August 4 to April 30, 2021, the official said.

The official said permission to accept road weighbridge weight figures to certain goods sheds of South Central Railway for loading granite-all documents and data to be captured in the system.

The railways has also decided to give a concession of 40 per cent for loading in open wagons covered with tarpaulin.

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Business

Maruti Suzuki launches new S-Cross Petrol

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Automobile major Maruti Suzuki India on Wednesday launched the all new S-Cross Petrol with a starting price of Rs 8.39 lakh.

As per the company, the SUV has been engineered with a ‘1.5 Litre K series BS6’ petrol engine.

“The new refined engine delivers a peak power of ’77KW@6000 rpm’ with a top-end torque of ‘138Nm@4400rpm’ that de livers an energetic driving experience.”

“The engine offers superior NVH characteristics powered by a pendulum mount engine, offering unmatched best in-class fuel efficiency (18.55km/l) and an improved cooling performance.”

According to the company, the new S-Cross Petrol is available with 5-speed m anual and 4-speed automatic transmission.

“Automatic variants are equipped with hill hold assist feature, as standard. These help enhance the driving experience through optimal acceleration and performance,” the statement said.

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