DCB Bank Q4 Results: DCB Bank Q4 results: Profit rises 13% to Rs 78 crore

NEW DELHI: Private lender on Saturday reported a 13 per cent increase in net profit to Rs 78 crore for the January-March quarter compared to that of Rs 69 crore in the year-ago quarter. Total income of the bank during the January-March quarter of 2020-21 fell to Rs 971 crore from Rs 1,012 crore in the same quarter of 2019-20, DCB Bank said in a regulatory filing. The income from interest as well as from investment fell during the reported quarter from a year ago.

For the FY2020-21, the bank’s net profit remained nearly flat at Rs 336 crore against Rs 338 crore in FY20. Income also was a tad down at Rs 3,917 crore in FY21 against Rs 3,928 crore in FY20.

The bank’s asset quality worsened with the gross non-performing assets (NPAs) spiking to 4.09 per cent of the gross advances as of March 31, 2021, as against 2.46 per cent by the end of March last year.

In value terms, the gross NPAs stood at Rs 1,083.44 crore, significantly higher than Rs 631.51 crore in the year-ago period.

Provisions for bad loans and contingencies in Q4FY21 came down to Rs 101.18 crore from Rs 118.24 crore a year earlier. Net NPAs stood at 2.29 per cent (Rs 594.15 crore) as against 1.16 per cent (Rs 293.51 crore).

On returning the compound interest to eligible borrowers post the Supreme Court final order in March and subsequent the RBI notification, the lender said it is in the process of account by account calculation of interest relief due to the eligible customers.

In the meantime, as of March 31, 2021, the bank has created liability towards estimated interest relief of Rs 10 crore and reduced the same from the interest income.

The bank said it held contingency provision of Rs 229.11 crore against the likely impact of Covid 19 regulatory package, impact of the conclusion of the interim order (of Supreme Court on not declaring accounts as NPAs till August 31, 2020 and after) and other contingencies.

On the impact of second wave of the pandemic, it said under the current circumstances the bank during March quarter, on a prudent basis, has made a contingency provision of Rs 124 crore towards further likely impact of Covid-19 on restructured and stressed assets.

“In addition to this contingency provision of Rs 124 crore, the bank also holds floating provision amounting to Rs 108.80 crore, besides, provisions for standard assets and specific non-performing assets,” it said.

Besides, the amount in overdue categories where the moratorium or deferment was extended as of March 31, 2020 was Rs 1,908.08 crore at end of March this year, it said. The provisions held on these by the end of September 2020 was Rs 68 crore and similar amount was kept as provisions adjusted against slippages (NPA and restructuring), DCB Bank said.

The lender also said that its board has not recommended any dividend for fiscal ended March 2021 in view of the situation developing around Covid-19 in the country and the related uncertainty that it creates.

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Blue Dart Express Q4 results: Posts net profit of Rs 90 cr

NEW DELHI: Logistics services provider on Wednesday reported a consolidated net profit of Rs 90 crore for the fourth quarter ended March 2021.

The company had posted a net loss of Rs 30.57 crore in the January-March period a year ago, Blue Dart Express said in a BSE filing.

Total income was up 34.11 per cent to Rs 975.64 crore as against Rs 727.49 crore in the corresponding quarter of the previous fiscal.

Total expenses were at Rs 853.63 crore, up 12.49 per cent from Rs 758.87 crore in Q4 FY20.

For the fiscal year 2020-21, the company reported a net profit of Rs 101.81 crore. It had logged a net loss of Rs 41.86 crore in the previous year.

Total income for the entire fiscal was at up 3.69 per cent to Rs 3,308.43 crore compared to Rs 3,190.65 crore earlier.

Blue Dart Express Managing Director Balfour Manuel said, “We look back with pride on our performance in the financial year delivered with the support of all our stakeholders! It has been a challenge to navigate through the pandemic and the lockdowns, however, our single-minded customer centricity combined with tenacity and the organisation’s ability to perform has helped us during this time.”

Out the outlook, he said the company is “cautiously optimistic” about the new financial year against the backdrop of the current wave and the impending third wave of the pandemic.

“While we had started reaping the benefit of cost efficiency measures and restructuring exercise in the quarter under consideration, lockdown due to Covid-19 in the second fortnight of March impacted our revenues and bottom line.

“…we expect to see our operations coming to near normal soon after the lockdown is lifted, thanks to passionate Blue Darters who are ever willing to meet and exceed customers’ expectations,” he added.

In a separate filing, Blue Dart said its board on Wednesday recommended a dividend of Rs 15 per share for the year ended March 31, 2021.

Shares of Blue Dart Express Ltd on Wednesday settled at Rs 5,319.80 on BSE, up 2.01 per cent from the previous close.

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Lloyds beats forecasts with near-£2bn profit; markets eye Fed decision – business live

  • UK to use NHS app as vaccine proof for travel
  • Sainsbury’s slumps to £261m loss on back of Covid costs
  • Duke of Westminster’s property firm reports pretax loss
  • Fed to maintain near-zero interest rates and bond-buying programme

10.48am BST

The UK plans to use the existing NHS coronavirus app to show that people have received their Covid-19 vaccine for international travel, the transport secretary, Grant Shapps, said today.

It will be the NHS app that is used for people when they book appointments with the NHS… to be able to show that you’ve had a vaccine or that you’ve had testing, and I’mm working internationally with partners across the world, to make sure that that system can be internationally recognised.

10.24am BST

Here’s our full story on Sainsbury’s, which has fallen into the red on Covid costs despite booming food sales. The UK’s second-biggest supermarket group plans to open more neighbourhood convenience stores as it assumes that working from home is here to stay.

Simon Roberts, its chief executive, said he expected the return to eating out in pubs and restaurants to put a dampener on sales growth, but he expected more people to work from home at least two or three days a week and this would give a long-term boost to sales in supermarkets, our retail correspondent Sarah Butler reports.

It’s really clear that the likelihood of people going back to the office five days a week is not what’s going to happen. Our expectation is of a hybrid approach where our convenience estate is well positioned and reflects that change in how customers live, work and shop.

Related: Sainsbury’s slumps to £261m loss on back of Covid costs

Continue reading…

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ACC builds on better realisations to post 74% jump in Q4 net profit

ACC, one of the largest cement producers, reported that its net profit in the March quarter was up 74 per cent at ₹563 crore against ₹323 crore logged in the same period last year, mainly on better realisation.

Revenue from sales increased 23 per cent to ₹4,213 crore (₹3,433 crore). Cement sales during the quarter under review was up 22 per cent at 8 million tonne while EBITDA jumped 47 per cent to ₹860 crore.

Power and fuel cost was down by ₹83 per tonne to ₹999 while logistics expenses dipped by ₹32 to ₹1,308 per tonne. The cost savings and lower employee cost pushed up EBITDA per tonne to ₹1,028 (₹798).

Cement prices during the quarter was up six per cent to ₹4,876 a tonne (₹4,579) on sale of premium products, said the company.

The execution of the greenfield growth project at Ametha in Madhya Pradesh and associated grinding units are expected to be completed by June 2022.

Sridhar Balakrishnan, the Managing Director and CEO, said the company has delivered highest-ever revenue and operating profit. The grinding unit expansion at Sindri in Jharkhand was completed in record time, and it is fully operational, he said.

The company has vaccinated 70 per cent of its employees and facilitates the vaccination of remaining employees and contract workmen.

“We are closely monitoring the Covid situation and will continue to take all necessary actions to ensure the health and safety of our employees and communities,” it said.

With Government’s increased spending and a strong focus on infrastructure development, ACC maintains a cautious yet positive outlook for overall cement demand in the coming months, it added.

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Mindtree Q4 results: Net profit rises 54% to Rs 317 cr

Pune: Mindtree’s fourth quarter net profit rose 53.9% to Rs 317.3 crore, while revenues were up 2.9% to Rs 2,109.3 crore on large orders from global customers.

For fiscal year 2021, the mid-tier IT services provider reported net profit of Rs 1,110.5 crore, up 76% and revenue of Rs 7,967.8 crore, up 2.6%.

In dollar terms, Mindtree’s profits were $150 million on revenue of $1.08 billion in the year.

The company declared a final dividend of Rs 17.5 per share.

“We are proud to deliver another strong quarter, driven by significant traction in our client portfolio globally, leading to revenue growth of 5.2%, Ebitda of 21.9%, and an order book of $375 million at the end of Q4,” said Debashis Chatterjee, CEO and MD of the L&T Group company.

“For the year, we delivered…margin expansion of 680 bps, while increasing our order book by 12.3%. As we enter FY22, we are confident that continued client demand for our transformative services, a strong order book, and our strategic investments positions us well to deliver double digit growth and sustain Ebitda above 20%,” he added.

The company said it had 270 active clients as of March 31. Its total headcount was at 23,814, with an attrition rate of 12.1%. Mindtree rolled out its annual salary hikes in January, it said.

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President Trump did not profit from market boom in which he created, according to financial report

President Donald Trump gives thumbs up as he steps off Air Force One as he arrives Monday, Oct. 8, 2018, at Andrews Air Force Base, Md. (AP Photo/Alex Brandon)

OAN Newsroom
UPDATED 11:00 AM PT – Monday, April 12, 2021

A new financial report confirmed President Trump’s assertion he not only did not profit off the presidency, but actually grew less wealthy as a result of his service to the American people.

This is according to estimates by Forbes, which were published in their annual Billionaires List on Tuesday. It assessed his net worth at $2.4 billion, which is down from $3.5 billion in 2017 at the onset of the Trump administration.

That means despite four years of accusations from the left that President Trump was enriching himself from the White House, his time in office actually cost him about 32 percent of his total wealth. This confirms the truth behind his numerous statements on the matter.

“I think I will, in a combination of loss and opportunity, probably it’ll cost me anywhere from three to $5 billion to be President,” he previously stated. “And the only thing I care about is this country…couldn’t care less, otherwise.”

Moreover, the analysis performed by Forbes and verified by industry experts also projected that had President Trump sold off all his assets and used the proceeds to invest in the stock market, he would have made himself $1.6 billion richer.

This is due to the thriving stock market overseen by the Trump administration and boosted by a business-friendly overhaul of the U.S. tax code, which was spearheaded by President Trump. According to Forbes, he refused to “cash in on a market boom he helped propel.”

While the Constitution mandates the president receive a salary amount decided by Congress and thus a sitting commander-in-chief cannot legally refuse it outright, President Trump still did not profit.  While keeping one of his earliest campaign promises, he donated the totality of his salary, set at $400, 000 a year or $1.6 million over four years, to various government agencies throughout his presidency.

His first quarterly donation was in the amount of $78,333, which Forbes estimated were his post-tax earnings. This was topped off by an “anonymous” donor to a total of $100,000, which was the same amount President Trump donated every other quarter of his presidency. This suggests he was not only not taking in a salary, but dipping into his own private funds to pay taxes on that salary then donating the pre-tax amount back.

Yet, despite all those financial losses, President Trump said on repeated occasions he had no regrets over making that sacrifice for the sake of the American people.

MORE NEWS: Biden military budget tailor-made for lobbyist firm ‘Pine Island Acquisitions Corporation’

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‘Public servants and billionaires profit while others lose livelihoods from lockdowns’

University of Queensland Professor James Allan says “public servants” and “billionaires” profited while small business owners “lost their livelihoods” as a result of the lockdowns.

“I just cannot believe that our politicians did not take a pay cut – they were just deeming some businesses non-essential – and a lot of those people are going to not just lose their livelihoods, they will end up losing the family home which they put down to guarantee the mortgage,” he told Sky News host Alan Jones.

“It has been disgraceful.

“Public servants are coming out of this better – billionaires are making money through the whole lockdown.

“It has just been a disgrace how inequitable it has been.”

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Pay rise for dairy farmers as Fonterra announces $32m half-year Australian profit

Dairy farmers supplying dairy company Fonterra in Australia have today received a pay rise, coinciding with the company’s announcement of its interim financial results.

Suppliers will receive an extra 13 cents per kilogram of milk solids for the 2020/21 year, taking the company’s average farmgate milk price to $6.53/kgMS.

The company has also released its interim financial results today, showing a 17 per cent increase in normalised earnings before interest and tax of NZ$684 million ($A736 million).

Fonterra Australia managing director René Dedoncker said the results included a half-year profit of $32 million generated in Australia.

“Our debt is down, we’re back to paying an interim dividend, it’s all healthy so the business is very sound,” Mr Dedoncker said.

“That means it’s a very solid performance, it means our business is clearly making the right choices and it’s very stable and enables us to pay a competitive milk price.”

Overall, Fonterra’s half-yearly profit for the Asia Pacific region was $190 million.

“We’ve demonstrated that we’ve got momentum and the choices that we are making are working and it means we can honour a competitive milk price,” Mr Dedoncker said.

Fonterra said the milk price rise of 13c/kgMS announced this morning would be backdated to July 1 and paid to suppliers on April 15.

“(The step up) has been made possible because of the sharp rise in commodities over the last eight weeks,” Mr Dedoncker said.

In recent weeks, many other processors including Bega, Burra Foods and Saputo have lifted their opening milk prices by 10c/kgMS.

Bulla Foods announced a 10c/kgMS step-up in December.

However, Mr Dedoncker said it was important to look at where prices landed, rather than step-ups.

“If you look at all of the prices in the market, we’re in the mix. We don’t think it’s aggressive at all.

“We’ve earnt that in the way we’re trading, and we are sharing that with farmers today.”

However, Mr Dedoncker would not commit to the possibility of further step-ups in the coming months.

“We are just above the top end of the range that we set eight weeks ago and we think, there or thereabouts, that’s what the rest of the year looks like.

United Dairyfarmers of Victoria president Paul Mumford said it was imperative processors delivered every cent possible back to farmers in order to remain in the Australian supply chain long-term.

He said today’s announcement by Fonterra would deliver an extra $15,000 over 12 months to a Victorian dairy farmer milking the state average of 280 cows and producing 135,000kg milk solids.

“We’re seeing disappointing milk production data coming out of Victoria for one of the best season we’ve had — we know farmers are selling and getting out of dairying because, frankly, they’re tired,” Mr Mumford said.

“What I’m asking of the processors is that we have to have a buoyant dairy industry and they’re a key player.

Mr Mumford said the next challenge processors would face over the coming years was to take some of the risk away from dairy farmers, enabling the industry to grow and be more profitable.

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‘Balaam’ buyer onsells for a $500,000 profit without even owning it

The buyer of Brisbane’s iconic Hamilton mansion “Balaam” has managed to pocket a jaw-dropping $500,000 profit on the property within months of signing a contract to buy it, despite never actually owning it.

The house at 33B Harbour Road, considered to be one of Brisbane’s landmark residences, quietly went under contract via an option agreement for $9 million early last year.

Balaam is set on three titles across 1609 square metres of premier riverfront land and the buyer, according to Place Estate Agents Heath Williams, bought it intending to keep only one of the titles and sell the other two.

His option agreement gave him the right to on-sell the two titles before he settled on Balaam.

The landmark residence Balaam at 33B Harbour Road, Hamilton. Photo: Ray White New Farm

Mr Williams said he managed to find another buyer in October – but that new buyer only wanted to purchase the entire property with all three titles, not just the two.

“So this new buyer was sold all three titles, under the option agreement mention, and paid $9.5 million,” he said.

“Buyer number one made $500,000 profit, without even owning the property.”

The deal, which settled on Friday, was highly unusual for residential real estate in Brisbane, Mr Williams said – he had never seen it before in 12 years of real estate.

The landmark residence Balaam at 33B Harbour Road, Hamilton. Photo: Ray White New Farm

Balaam was a property originally built for prominent Brisbane property developer Don O’Rourke. Designed by celebrated architect Shaun Lockyer and constructed by Hutchinson Builders, it sold for $11.8 million in 2015 to Naiqi Duan, vice-chairman/president of China-based Tempus Global Business Service Holding.

It features 1034 square metres of living space with eight bedrooms, nine bathrooms, 48.3 metres of river frontage and uninterrupted city views.

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