Emami takes a beating
Wellness focused FMCG firm Emami on Friday reported a 59.4 per cent decline in its March quarter consolidated net profit at Rs 22.75 crore against Rs 56.09 crore a year ago. Revenue from operations was down 16.7 per cent to Rs 532.68 crore from Rs 640.35 crore a year ago.
The business environment that was already facing challenges from weak consumption trends and liquidity concerns was impacted severely by the Covid-19 pandemic, Emami said.
Emami director Harsha V. Agarwal said the company has geared up to respond to the demands of the new normal and has forayed into hand sanitisers, soaps and handwashes under the Boroplus brand and a few other healthcare products under the Zandu brand.
“We are pushing to launch more products in both personal hygiene and healthcare categories in the next one to two months,” he said.
Uco Bank has posted a net profit of Rs 16.78 crore for the fourth quarter ended March 31, 2020 against a net loss of Rs 1,552.03 crore in the corresponding previous period.
A combination of high non-interest income, a fall in NPA and lower provisioning has helped the bottomline of the city-based bank.
“We made quality lending during the quarter and there was also a rise in forex income and treasury profit. There was also a good recovery in written off accounts,” Uco Bank MD and CEO A.K. Goel told The Telegraph.