JSW Steel on Friday reported an over 37 per cent decline in consolidated net profit at Rs 1,595 crore for the September quarter of 2020. The company had posted a profit of Rs 2,536 crore for the same quarter a year ago, JSW Steel said in a BSE filing.
Total income stood at Rs 19,416 crore against Rs 17,728 crore in the corresponding quarter of the preceding fiscal. Expenses were at Rs 16,958 crore against Rs 17,025 crore in the year-ago quarter.
The company also informed exchanges about acquiring four mine blocks in the auctions held by the Odisha government in February. JSW Steel has signed the mining development and production agreements with regard to all the four blocks and executed the lease deeds.
Nestle to invest Rs 2,600 crore
FMCG major Nestle India on Friday announced its plans to invest Rs 2,600 crore over the next three to four years to augment its manufacturing capacity in the country, terming the move as “vindication of confidence and trust” the company has in its India journey.
The company, which saw a robust 10.23 per cent growth in its domestic sales in the July-September quarter, said its production units have returned to “normal output” post lockdown. The FMCG major — which follows January-December financial year — posted a marginal 1.37 per cent drop in its net profit at Rs 587.09 crore in the third quarter ended September 30, 2020. Net sales, however, were up 10.19 per cent at Rs 3,525.41 crore during the period under review, the company said.
Yes Bank profit at Rs 129 crore
Yes Bank on Friday reported a net profit of Rs 129.37 crore, helped by a decrease in operational expenses and widening of margins on a much lower loan book. The lender had posted a net loss of Rs 600 crore in the corresponding quarter of the previous fiscal.
The bank’s core net interest income declined 10 per cent to Rs 1,973 crore, majorly because the loan book was 28 per cent lower, but was helped by a 0.34 per cent expansion in net interest margin at 3.1 per cent.
IDBI Bank on Friday reported a net profit of Rs 324 crore for the second quarter of the current fiscal year against a loss of Rs 3,459 crore for the same period of the previous fiscal.
Compared sequentially, the bank registered a 125 per cent jump against the first quarter net profit of Rs 144 crore, IDBI Bank said in release. Total income of the bank fell by 7.5 per cent to Rs 5,761.06 crore during July-September 2020-21 compared to Rs 6,231.02 crore in the same period of 2019-20, the private sector lender said.