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IDBI Bank Q1 profit up 78 Percent at Rs 241 cr, tax credit Rs 1206 cr

Discussion in 'Indian Stocks' started by kailash19, Aug 11, 2016.

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  1. kailash19

    kailash19 New Member

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    Public sector lender IDBI Bank said earnings in June closed quarter raised crisply by 78.3% to Rs 241.1 crore compared with Rs 135.2 crore in year-ago time. It was wholly driven by hefty tax credit and other income & operating profit growth. Net interest income, the variation between interest earned and interest spended, grew by 14.2% to Rs 1,706.5 crore in the quarter closed June 2016 against Rs 1,494.3 crore in corresponding time of past fiscal.

    Asset quality deteriorated further in the quarter gone by. Gross non-performing assets (NPA) as a percentage of gross advances enhanced 92 basis points Q-o-q to 11.9% and net NPA increased 69 basis points to 7.47%. In absolute terms, gross NPA increased 9.6% to Rs 27,275 crore and net NPA 11% to Rs 16,248 crore on sequential basis. Other income (non-interest income) shot gain 42.7% to Rs 916.2 crore and operating profit increased 28.9 Percent to Rs 1,466.8 crore compared to year-ago time.

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  2. kailash19

    kailash19 New Member

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    Apollo Tyres to invest around Rs 1,700 cr in current fiscal in India

    Tyre major Apollo Tyres has said it is planning to spend about Rs 1,600-1,700 crore during the present fiscal, a main chunk of wich would be for its Chennai facility. In addition, it plans to expend about 200 million euros on its Hungary greenfield facility for the financial 2017.

    Gaurav Kumar, chief financial officer, Apollo Tyres, said the broad capex for Hungary is 200 million euros and the organization has already spent about a quarter of that. The investment would be mostly funded by internal accruals and new borrowings.

    Once the investment is accomplished, the Hungarian facility would have a capacity of 5.5 milllion PCLT (passenger car and light truck) tyres, and 675,000 heavy commercial vehicle tyres yearly.

    Apollo Tyres' Chennai facility capacity would be raised to 12,000 TBR (truck-bus radial) and 16,000 passenger car tyres per day. This will be reached in a couple of years. Presently, the Chennai plant has a capacity of 6,000 TBR and 16,000 passenger car tyres/day.

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