Birla Corporation reports fall in net profit
Birla Corporation has reported a net profit of Rs 111.08 crore for the fourth quarter of 2021-22, down 55.45 per cent from Rs 249.33 crore a year ago. Revenue for the quarter was Rs 2,333.54 crore, up 8.73 per cent from Rs 2,146.12 crore.
The company on Wednesday said profitability came under pressure because of the extremely high fuel costs which could not be passed on to consumers. The company said there was a one-off credit adjustment of Rs 124.98 crore in income-tax expense in the previous year.
The company in a disclosure to the stock exchanges said its board has approved the issue of secured redeemable non-convertible debentures aggregating upto Rs 200 crore on a private placement basis.
Indian Bank has reported a 42 per cent fall in net profit for the quarter ended March 31, 2022 because of higher provisions and adjustments under deferred tax assets (DTA).
Net profit for the quarter was at Rs 984 crore against Rs 1,709 crore in the year-ago period. The bank said in a disclosure to the exchanges that in the fourth quarter of 2020-21, net profit factored a DTA of Rs 913 crore against DTA of Rs 161 crore in the fourth quarter of 2021-22.
Total income of the bank during the quarter was Rs 11,405 crore, showing a 9 per cent year-on-year rise.
Punjab National Bank
Public sector lender Punjab National Bank reported a 66 per cent drop in standalone net profit at Rs 201.57 crore for the quarter ending March 31, 2022. The bank had reported net profit of Rs 586.33 crore in the year-ago period.