JSW Energy on Wednesday posted 54.3 per cent rise in consolidated net profit at Rs.491.96 crore for the quarter ended September 30, helped by higher net generation and lower fuel costs.
Its consolidated net profit in the year-ago period was Rs.318.63 crore.
The net sales increased 12.4 per cent to Rs.2,491 crore over Rs.2,216.05 crore in the corresponding quarter of previous fiscal, the company said.
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“EBIDTA before exceptional items for the quarter is Rs.1,088 crore against Rs.973 crore in the corresponding quarter of the previous year, an increase of 12 per cent,” the company said.
The increase in EBITDA is primarily driven by lower fuel costs and generation from the hydro assets.
The company further said that it refinanced Rs.2,979 crore of term debt from banks/financial institutions at Himachal Baspa Power with extended repayment terms and at lower interest rate as on September 30, 2015.
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During the quarter, the company achieved an average plant load factor (PLF) of 83 per cent as against 87 per cent in the corresponding quarter of last fiscal.
The fuel cost, it said, during the quarter declined 13 per cent year-on-year to Rs.1,071 crore primarily due to lower thermal generation as well as decline in the free-on-board cost of imported coal driven by lower international prices.
The company said that the electricity demand has picked up post the lacklustre demand in the first quarter as the progress of monsoon was less than normal.
JK Tyre & Industries Ltd
JK Tyre & Industries Ltd has reported 55 per cent rise in its consolidated net profit of Rs.118 crore for the second quarter ended September 30, 2015 when compared with Rs.76 crore in the same quarter a year-ago, on the back of strong operating performance aided by lower cost of raw materials.
Its net sales stood at Rs.1791 crore as against Rs.1859 crore, posting a decline of four per cent.
On a standalone basis, the company reported a net profit of Rs.110 crore as against Rs.58 crore. Operating profit jumped 41 per cent to Rs.267 crore, an increase of 41 per cent. Net sales stood at Rs.1490 crore as against Rs.1520 crore.
“The company continues to improve its operational performance despite the challenges of unbridled cheap Chinese imports and slow pick up of auto industry,” said Raghupati Singhania, Chairman & Managing Director said.
“JK Tyres 2QFY2016 results were in line with our estimates on the operating front; however forex loss led to lower than an estimated profitability,” said Bharat Gianani, Auto Analyst at Angel Broking.
Syndicate BankManipal-based public sector lender Syndicate Bank on Wednesday reported a growth of 5.3 per cent in its net profit on higher interest income and lower provisioning. The net profit of the Bank for the period stood at Rs 332.37 crore as against Rs 315.60 in the corresponding quarter last year.
The net interest income, the difference between the interest earned and expended, increased from Rs. 1,428 crore in Q2 of FY 14-15 to Rs 1595 crore in July-September period of FY 16 registering a growth of 12 per cent.
“The high level of NPAs is hurting banks by preventing increase in the loan book, leading to adverse impact on profitability,” Arun Shrivastava, Syndicate Bank, Managing Director & CEO said.
For the second quarter, the gross NPA ratio stood 3.72 per cent as against 3.43 per cent in Q2 of FY 15. Meanwhile, net NPA ratio stood at 63.37 per cent as against 65.38 per cent in Q2 of previous year. The net NPAs were up at Rs. 4,854.50 crore against Rs. 3,825.32 crore.
The provision coverage ratio as on September 30, 2015 stood at 63.37 per cent.
Sundaram BNP ParibasSundaram BNP Paribas Home Finance, the home finance subsidiary of Sundaram Finance, has registered a 27 per cent increase in its net profit at Rs.40.52 crore in the second quarter ended September 30, 2015, against Rs.31.95 crore registered in the same period last year.
Income from operations stood at Rs.242 crore compared to Rs.238 crore in the year-ago period. Loans under management stood at Rs.7,535 crore as on September 30, 2015.
The company registered home loan disbursements of Rs.450 crore compared to Rs.537 crore in the corresponding quarter last year.
“The real estate sector continues to be sluggish. We are continuing to witness stiff resistance from buyers and the quantum of unsold stock remains a concern. Improvement in hiring sentiments, especially in the IT sector, could trigger a recovery in the home buying space later this year,” said Srinivas Acharya, Managing Director, Sundaram BNP Paribas Home Finance.
Axis BankAxis Bank reported 19 per cent growth in its net profit at Rs.1,915.60 crore for the quarter ended September 30, 2015, against Rs.1,610.7 crore for the same period last year. Total income increased to Rs.12,001 crore from Rs.10,550 crore.
“During the quarter all business performed well. Our loan growth was up by 23 per cent, Net interest income grew by 15 per cent and net interest margins remained healthy and stood at 3.85 per cent. We reported consistent performance in a reasonably tougher environment,” V. Srinivasan, Deputy Managing Director, Axis Bank told The Hindu .The gross NPAs and net NPAs stood at 1.38 per cent and 0.48 per cent respectively and remained unchanged.