Tata Coffee, on Tuesday, reported a 34 per cent drop in its standalone net profit in the quarter ended June 30, while total income from operations during the period went up marginally by over four per cent.
Lower plantation coffee output caused by adverse weather and off year conditions impacted the income and profitability, the company said. The value-added products segment, it said, has, however, shown 15 per cent growth in income.
The net profit during the first quarter of the current fiscal was Rs.18.74 crore as against Rs.28.38 in the corresponding quarter of 2013-14. The total income in the quarter under review was Rs.168.07 crore (Rs.161.01 crore).
On a consolidated basis, the net profit of Rs.30.31 crore was 25 per cent less compared to Rs.40.38 crore of the corresponding last quarter. Total income from operations dropped by 11 per cent to Rs.374.52 crore (Rs.418.46 crore).
In a release, the company said the revenues from the instant coffee segment rose to Rs.86 crore (Rs.76 crore).
Tata Coffee Managing Director Hameed Huq said: “Our premium value propositions have allowed us to gradually move away from commodity price volatilities. The global instant coffee market is showing steady recovery after a slow-down in some markets. The new capacities we have put in place will help us strongly leverage such growth.” Exports of instant coffee during the quarter grew by 20 per cent to 1,836 tonnes (1,535 tonnes).
Axis BankPrivate sector Axis Bank on Tuesday reported 18.3 per cent growth in its net profit at Rs. 1,667 crore for the first quarter ended June 2014. The bank had earned a net profit of Rs. 1,409 crore in the April-June quarter of 2013-14. Total income of the bank rose to Rs. 9,980.47 crore during the quarter under review from Rs. 9,059.12 crore in the same period last year. Net interest margin for the bank rose to 3.88 per cent in the April-June quarter from 3.86 per cent. The net interest income rose to 16 per cent to Rs. 3,310 crore from Rs. 2,865 crore. As of June 30, Axis Bank’s gross non-performing assets increased to 1.34 per cent from 1.10 per cent at the end of first quarter of the last fiscal.
ING Vysya BankING Vysya Bank on Tuesday reported a drop of 18.11 per cent in its net profit at Rs.143.40 crore for the quarter ended June 30, 2014, against Rs.175.12 crore in the year-ago period. Total income was higher by 4.77 per cent at Rs.1,627.28 crore against Rs.1,553.08 crore. Interest expended was Rs.936.61 crore (Rs.883.18 crore).
Noting that the bank had been indicating for sometime that the challenging macro-economic environment would at some stage also impact “our asset quality”, Managing Director Shailendra Bhandari said a few accounts slipped to NPA in the quarter. “However, with these large flows, we see stability return to asset quality and believe that fresh movements to NPA should revert to the levels we have normally experienced in the past,” he said in a release.
The bank, Mr. Bhandari said, saw a strong pick-up in core business with growth in customer assets back to higher than the system at 16 per cent and core cost income ratio at 53.0 per cent. Provisions and contingencies totalled Rs.100.8 crore (Rs.68.1 crore). Net interest income for the quarter increased by 8.8 per cent to Rs.463.1 crore.
