HDFC Registers 10 Per Cent Increase In Net Profit
Housing Development Finance Corp (HDFC) has posted a 10 per cent increase in net profit in the September quarter amid its first rise in bad loans in eight years. Profit rose from the growth in loans to individuals, in line with market forecasts, to Rs 1,266 crore from Rs 1,151 crore a year ago. Demands have come mainly from the outskirts of major cities and tier I and III areas. The loan grew 22 per cent, boosted by an increase in demand from individuals, to Rs 1,84,886 crore from Rs 1,55,128 crore. “We expect the loan books to grow 18-20 per cent over next three years, where some quarters may see higher growth and some lower,” said Keki Mistry, vice-chairman and CEO, HDFC. Analysts said future growth is not a concern as HDFC can exercise discretion over who it gives money to.
M&MFS Notes 18 Per Cent Rise In Net Profit
Mahindra & Mahindra Financial Services noted an 18 per cent increase in net profit during the second quarter of the financial year, by increased penetration and better recovery across geographies. The profit-after-tax rose to 221 crore during the quarter from 188 crore during the corresponding period last year. Net interest income rose 29 per cent to 678 crore. “We have been able to report a better growth on increased penetration as we added another 15-20 branches during the quarter,” said Ramesh Iyer, MD and CEO, Mahindra & Mahindra Financial Services. The growth has come mainly from tractors, used vehicles and utility vehicles segment.
L&T Awarded Rs 1,337-Crore Construction Contract By DLF
India’s largest reality firm DLF said recently that it has given a Rs 1,337-crore contract to L&T for construction of its luxury residential project in Gurgaon. “DLF has appointed construction major L&T Construction as general contractor to build the luxury residential development,” the company said in a statement. DLF is developing a high-end housing project by the name ‘The Crest’ in Gurgaon, which would comprise 756 units, of which about 250 flats have already been sold. The company has decided to outsource the construction jobs to third parties for expediting the deliveries of its projects across the country. L&T’s scope of work includes from construction, civil, structural finishes to MEP (mechanical, electrical and plumbing), external services, landscaping and all ancillary works associated with ‘The Crest’.
Three-Fold Rise In Maruti Suzuki Net In Q2
India’s largest carmaker by volume, Maruti Suzuki has tripled its quarterly net profit. Favourable currency exchange rate, merger benefits of the diesel engine plant, with cost- saving initiatives and low base effect of last year have helped the increase in profit for the company. The company has posted a 195 per cent increase to Rs. 670 crore in net profit for the second quarter ended this September. Maruti’s total revenues from operations rose 27 per cent to 10,211 crore for the July-September quarter over the corresponding period last year.
KIIT Staff Donates Day Salary To CM Relief Fund
KIIT University has donated Rs. 50,00101 to Chief Minister Relief Fund for the victims of recent natural disaster in Odisha. All employees of KIIT had given their consent to donate their one day salary, while expressing sorrow over the suffering caused by the disaster. Besides, KIIT had also provided assistance just after the cyclone. Dr. A. Samanta, Founder, KIIT & KISS, along with Prof. P. P. Mathur, Vice Chancellor, met Shri Naveen Patnaik, Chief Minister of Odisha in his office recently and presented him the cheque.
Sundaram Finance Net Profit Up 10 Per Cent
A 10 per cent rise in Sundaram Finance’s net profit at Rs. 122.72 crore for the second quarter ended September 30, 2013, against Rs. 111.49 crore in the corresponding period of the previous year has been announced by the company. In the year ago period, the total income of Sundaram Finance has risen to Rs. 558.31 crore from Rs. 504.44 crore. Sundaram Finance had adopted stricter provisioning norms from financial year 2012-13, whereby instalments that were overdue for 120 days and above, were provisioned as against the current regulatory requirement of 180 days and above.
Airtel Merges WBSPL With Itself
In a statement to stock exchanges, Bharti Airtel, India’s largest mobile phone operator, has said that it has approved the merger of a wireless broadband company, it acquired from US Qualcomm with itself. Bharti Airtel recently acquired its stake in the then Qualcomm broadband unit, Wireless Business Services (WBSPL), to 100 per cent and renamed it Airtel Broadband Services and made it a wholly owned subsidiary of the company. The acquisition gave the company, broadband wireless bandwidth in the four circles of Delhi, Mumbai, Kerala and Haryana. The company has already started offering 4G services in Banglore, Pune, Kolkata, Chandigarh, Mohali and Panchkula.
Anand Sankaran Joins DELL
In a high-profile hire, Dell has hired Anand Sankaran to head its infrastructure and cloud computing services and he will report to Suresh Vaswani, president of Dell Services and a former co-CEO of Wipro. Suresh Vaswani was Sankaran’s boss until 2011 in Wipro. Anand Sankaran has spent a little over 24 years at Wipro and held various positions there. With the hiring of Sankaran, Dell has picked yet another senior leader from Wipro to strengthen its services play. Sankaran made clear that the opportunity at Dell is vastly different from his role in Wipro.
M&M To Sell Fruits
Auto-to-aero-space conglomerate Mahindra & Mahindra is to set its foot in a very different consumer market. It has planned to sell fruits under the aegis of brand ‘Saboro’ meaning tasty in Spanish, from next month. The company has tied up with food retailers like Godrej Nature’s Basket and Heritage Foods and also is in talks with Reliance Fresh. Kick-starting the venture with branded apples—sourced from Kinnaur in Himachal Pradesh—the company will sell the fruits in 15 outlets in Hyderabad. M&M will add bananas and grapes, which it produces for exports and mangoes to stores in phase 2 of its launch.
Indian Oil Bags Awards
Indian Oil’s Corporate Communications group has bagged seven awards at the 53rd Annual Awards Nite of the Association of Business Communicators of India (ABCI). Awards won were under the categories: social responsibility communication; special feature (English); special column (language) and wall poster and photography. The awards were received by M.Kali Krishna, General Manager (CC), Marketing and his team.