Corporate results- MRF net up 80%, State Bank net up 37%
Ravi:
That is one reason the other one is that there is patent bill pending in India with respect to drugs and this is supposed to be beneficial to the Pharmaceutical companies.I don't know all the ramification of the bill but as I venture in to Indian stock market soon I will let you know.I have a couple on my list of possible purchases.
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80 pc rise in MRF net profit
Date: 29-01-1999 :: Pg: 01 :: Col: f
Our Bureau
CHENNAI, Jan. 28
MRF Ltd has reported a net profit of Rs.91.39 crores (after providing for debenture redemption reserve), for the financial year ended September 30, 1998, against Rs.50.90 crores in the previous year - an increase of 80 per cent.
The company achieved a turnover of Rs.2,215.67 crores, (Rs.2,128.48 crores), a four per cent rise. Exports grew to Rs.132.26 crores (Rs.122.24 crores). The board has recommended a final dividend of 90 per cent. With the two interim dividends of 30 per cent each, the total works out to 150 per cent.
For the quarter ended December 31, 1998, the company reported a net profit of Rs.24.15 crores against Rs.26.37 crores in the corresponding quarter of the previous year. Turnover amounted to Rs.538.21 crores (Rs.529.17).
Other income was Rs.5 crores (Rs.53 lakhs). Total expenditure, at Rs.468.72 crores (Rs. 450.87 crores), amounted to 87 per cent (85.2 per cent). Depreciation charges worked out to Rs.22.63 crores (Rs.20.38 crores). Provision for taxation was Rs.9 crores (Rs.11 crores).
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SBI Q3 net up 37%
Date: 29-01-1999 :: Pg: 01 :: Col: c
Our Bureau
MUMBAI, Jan. 28
STATE Bank of India has reported a 37 per cent rise in net profit in the third quarter of the current fiscal owing to higher income from treasury operations and advances.
Net profit was Rs. 285.30 crores for the quarter ended December 31, 1998, against Rs. 207.90 crores in the quarter year-ago.
For the nine-month period, net profit increased by 25.25 per cent to Rs. 1,143 crores (Rs. 912.60 crores).
Addressing a press conference here today, Mr. M.P. Radhakrishnan, Chairman, said the net interest income in the first nine months of this fiscal, registered a 13.03 per cent increase, which was largely due to the growth in interest on resources operations and advances.
However, the net interest margin was lower by about 20 basis points at 3.08 per cent in the third quarter (3.28 per cent).
Net NPAs were higher at 6.2 per cent of the total advances (6.1 per cent). In the third quarter, provisions and contingencies were higher at Rs. 352.89 crores (Rs. 309.83 crores).
Total income was Rs. 5,552.46 crores in this quarter (Rs. 4,528.09 crores), a rise of 22.6 per cent. Other income increased to Rs. 693.37 crores (Rs. 664.93 crores).
Total expenditure rose to Rs. 5,267.16 crores (Rs. 4,320.19 crores).
According to Mr. Radhakrishnan, average resources deployed (inclusive of the average for RIB funds) in treasury operations went up to Rs. 81,248 crores in the nine months (Rs. 68,986 crores). Coupled with a higher average yield at 9.93 per cent (9.51 per cent), interest income on resources operations witnessed a 23.01 per cent growth.
He said that even though the average yield on advances declined to 11.55 per cent (12.08 per cent) in the nine months, the volume growth of 16.49 per cent in the average advances level ensured that the interest income on advances registered a 11.37 per cent increase.
The SBI Chairman said that with the growth of average deposits by 17.63 per cent (from Rs. 1,12,927 crores to Rs. 1,32,831 crores), interest paid on deposits increased by 16.95 per cent.
This was despite a reduction in the deposit cost to 8.07 per cent (8.12 per cent) in the nine months.
Domestic deposits, at Rs. 1,36,149 crores, as on the last Friday of December 1998 recorded a 10.2 per cent growth over March 31, 1998.
The net interest income at foreign offices registered an increase of 29.93 per cent due to an increase of 29.89 per cent in their advances. Personal banking loans at Rs. 7,196 crores (outstanding level) accounted for 10.62 per cent of the total non-food advances, spread over 28 lakh accounts.
The bank proposes to increase these advances by at least 30 per cent every year.
Mr. Radhakrishnan said that SBI had disbursed about Rs. 1,200 crores to infrastructure projects in the current year. It had also sanctioned projects worth Rs. 8,000-10,000 crores.
The SBI Chairman felt interest rates were unlikely to change in the next six months.
On whether the bank would lend support to Essar Steel for raising money to redeem its FRN issue, he said: ''We have yet to receive any proposal.''
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