Wheels Indiahas declared an interim dividend of Rs.3 per share for the year 2014-15. The company has reported a 37 per cent increase in its net profit at Rs.5.66 crore for the third quarter ended December 31, 2014, compared to Rs.4.12 crore in the year-ago period. Revenues for the third quarter went up 13 per cent to Rs.477 crore from Rs.422 crore. Exports contributed to over 20 per cent of the revenues.
Indian Overseas BankIndian Overseas Bank (IOB) on Thursday reported a net loss of Rs.516.03 crore for the quarter ended December 31, 2014, against a net profit of Rs.75.07 crore in the corresponding period in the previous year. The net loss is due to increased provisions for domestic and overseas advances and also due to the conscious decision by the bank in containing its credit growth, IOB said in a statement.
Gross NPAs as a percentage to total advances rose significantly to 8.12 per cent from 5.27 per cent in Q3 of previous fiscal.
Its net NPAs went up to 5.52 per cent from 2.50 per cent. Gross NPA in absolute terms rose to Rs.14,500.51 crore from Rs.9,168.08 crore. As a result of this, total provisions, excluding for income tax, rose to Rs.1,183.04 crore from Rs.811.24 crore.
However, total income has increased to Rs.6,647.45 crore from Rs.6,190.26 crore. The operating profit also declined to Rs.726.32 crore from Rs.960.73 crore. However, the net interest income improved marginally to Rs.1,356.85 crore from Rs.1,344.45 crore.
Sundram FastenersSundram Fasteners reported a 24 per cent rise in its total income at Rs.588.62 crore in the third quarter ended December 31, 2014, against Rs.476.45 crore in the same period in the previous year.
Exports registered a rise of 20 per cent to Rs.228.05 crore from Rs.189.36 crore in the year-ago period. The net profit was higher at Rs.30.13 crore against Rs.28.64 crore.
Srikalahasthi Pipes
Srikalahasthi Pipes (formerly Lanco Industries Ltd) has reported a sharp rise in its net profit at Rs.21.38 crore in the third quarter ended December 31, 2014, against Rs.8.83 crore in the same period in the previous year. The profit before tax stood at Rs.31.12 crore against Rs.10.10 crore.
G.S. Rathi, Director, stated in a press release that the Rs.100 crore expansion programme for creating the balancing facilities is as per schedule and the same would be completed by next month. This will result in increase of company’s ductile iron pipe production by 50,000 tonnes.
