Oct. 30: Bharti Airtel has reported a 29 per cent slump in profit in the September quarter at Rs 512 crore against Rs 721.2 crore a year earlier. However, a better operating margin brought hope that the worst might be over for the industry.
This is the 15th consecutive quarter of decline in profit for the company.
The poor show has been attributed to an increase in finance costs and forex losses because of the rupee depreciation.
“The continued depreciation of the rupee has resulted in forex restatement and derivative losses of Rs 342 crore versus Rs 25-crore loss in Q2 2012-13,” the company said.
Hospitality major EIH Ltd today reported a net profit of Rs 7.03 crore for the second quarter ended September against a net loss of Rs 18.30 crore in the same quarter a year ago.
Total income from operations stood at Rs 266.45 crore against Rs 234.47 crore a year ago. The performance was driven by a rise in hotel occupancy and the sale of a part of the company’s stake in Mercury Car Rentals, a joint venture of the Oberoi Group and US car rental firm Avis.
Bata India has posted a 17.29 per cent rise in net profit for the third quarter ended September at Rs 37.58 crore against Rs 32.04 crore in the year-ago period on the back of an improved product offering that has helped to grow its customer base.
Standalone net sales grew 14.31 per cent to Rs 484.16 crore from Rs 423.54 crore a year ago.
McLeod Russel India, one of the world’s largest bulk producer of tea, has reported a 6.59 per cent growth in net profit for the September quarter at Rs 245.49 crore against Rs 230.31 crore a year ago.
Net sales grew 11.78 per cent to Rs 490.79 crore from Rs 439.06 crore last year.
Birla Corporation has reported a 48.18 per cent drop in net profit at Rs 41.58 crore for the second quarter ended September against Rs 80.24 crore a year ago because of subdued demand and low realisations.
Net income from operations rose to Rs 710.71 crore from Rs 627.44 crore a year ago.