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RIL's profit before tax dips 6%; petroleum retail biz valued at $2.04 bn Reliance Industries Ltd reported a 6 per cent fall in PBT at Rs 13,508 crore in the 1Q FY21 as against a PBT of Rs 14,366 crore YoY. The company's net profit, however, rose about 31 per cent to Rs 13,248 crore against Rs 10,141 crore YoY. Its total income stood at Rs 95,626 crore against Rs 165,199 crore YoY indicating improved margins. Among the exceptional items during the quarter, RIL took on its books Rs 4,966 crore (net of taxes of Rs 1,508 crore) from the sale of 49 per cent equity stake in Reliance BP Mobility Limited to BP Global Investments Limited. The agreement for the petroleum retail marketing arm was signed in December 2019. The aggregate consideration was Rs 7,629 crore based on the enterprise value of $2.04 billion for RBML. While RIL's earnings before interest and tax for petrochemicals, refining, oil and gas, and retail segments declined, they rose to Rs 4,708 crore for digital services. Piramal Enterprises Q1 profit up 11% at Rs 496 cr; revenue at Rs 2,937 cr
Piramal Enterprises reported a 10.57 per cent rise in Consol PAT at Rs 495.56 crore for the 1Q FY20, (Rs 448.17 crore YoY). Consolidated revenue from operations stood at Rs 2,937.34 crore as against Rs 3,186.82 crore YoY. During the quarter, pharma delivered revenue of Rs 1,038 crore, which is nearly 90 per cent of Q1FY20 revenue, despite global Covid-19 pandemic impact. Despite the slowdown caused by the global pandemic, the company signed an agreement with global investment firm Carlyle to raise strategic growth investment of $490 million in Piramal Pharma
HDFC's pre-tax profit dips 9.5% to Rs 3,607 cr in Q1, NII at Rs 3,392 cr HDFC reported a PBT of Rs 3,607 crore in Q1FY21, down 9.5 per cent due to additional provisioning for Covid-19 related uncertainties and negative carry on account of higher liquidity. The numbers are, however, not comparable YoY, as the PBT was aided by stake sale in its life insurance subsidiary, dividend income and net gains from de-recognition of assigned loans. After adjusting all the factors, the PBT stood at Rs 3,265 crore, compared to Rs 2,684 crore in the corresponding period last year, up 22 per cent. Net profit of the lender was down 4.73 per cent.
Dabur Q1 profit falls 6% to Rs 341 cr; revenue dips 12.9% to Rs 1,979.9 cr Dabur India Ltd reported a 6.18 per cent decline in Consol PAT at Rs 341.30 crore for the 1Q FY21, due lower revenue from operations. It had posted a net profit of Rs 363.81 crore YoY. Revenue from operations was down 12.90 per cent to Rs 1,979.98 crore, as against Rs 2,273.29 crore YoY. Nestle cuts 2020 growth forecast as consumers ate into stockpiles in Q2
Nestle cut its full-year underlying sales forecast, saying demand had slowed as customers worked their way through cupboards they stocked up with food at the start of coronavirus related-lockdowns. Packaged food companies have weathered the crisis better than other industries as consumers bought coffee, pasta or infant formula in bulk during Covidrelated lockdowns, although Nestle's business supplying restaurants and cafes restaurants has suffered. Organic sales growth, excluding currency swings and mergers and acquisitions, slowed to 1.3% in the three months to June, down from 4.3% in the first quarter, the maker of KitKat chocolate bars and Nescafe coffee, said in a statement.
Karur Vysya Bank Q1 profit jumps 45% to Rs 105.5 cr as bad loans decline KVBreported a 45 per cent jump in PAT at Rs 105.50 crore in 1Q FY21 on fall in bad loans. Total income, however, fell to Rs 1,693.23 crore from Rs 1,762.37 crore
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