Private sector Yes Bank has posted a net profit of Rs 150.71 crore for the third quarter ended December 2020 of the current financial year. This led to a record loss of Rs 18,654 crore in the same quarter of the previous financial year due to rising debt. In a communication sent to the stock exchanges, the bank said its total income rose to Rs 6,518.37 crore during the quarter from Rs 6,268.50 crore in the same quarter of the previous financial year. The bank’s gross non-performing assets (NPAs) declined to 15.36 per cent of total loans during the quarter, compared to 18.87 per cent in the same quarter a year ago.
Similarly, the bank’s net NPA also came down to 4.04 per cent from 5.97 per cent in the same quarter of the previous financial year. As a result, the bank’s other provisions excluding tax and contingency expenses came down to Rs 2,198.84 crore from Rs 24,765.73 crore in the same quarter a year ago. Meanwhile, the bank’s board of directors has approved a proposal to raise Rs 10,000 crore through equity or debt.
Ultratech Cement’s net profit doubles
The Aditya Birla Group company UltraTech Cement more than doubled its net profit in the third quarter of the current financial year to Rs 1,584.58 crore in December 2020. The company gave this information in a notice sent to BSE. The country’s major cement producing company made a net profit of Rs 711.17 crore in the same quarter of the previous financial year. The company’s operating income increased by 17.38 per cent to Rs 12,254.12 crore during the quarter, from Rs 10,439.34 crore in the same quarter last fiscal.
UltraTech Cement’s total expenditure during the quarter increased by 6.29 per cent to Rs 10,190.03 crore from Rs 9,611.08 crore in the same quarter a year ago. The company’s sales in the quarter under review grew by 14 per cent to 21.2 million tonnes.
Mahindra Lifespace Developers Losses Rs 11.19 Crore
Realty company Mahindra Lifespace Developers Ltd reported a loss of Rs 11.19 crore due to lower income in the third quarter of the current fiscal. The company had a net profit of Rs 1.81 crore in the same quarter of the previous fiscal. The company told the stock markets that during this period its total income fell from Rs 85 crore a year ago to Rs 70.19 crore.
Arvind Subramanian, managing director and chief executive officer (CEO) of the company said, “There has been a strong demand for residential properties in all markets. We have recorded an increase in our sales in every respect. In fact, sales in the third quarter were better than the combined figures for the first two quarters of the current financial year. Mahindra Lifespace Developers was established in 1994. The company is part of the $ 19.4 billion Mahindra group. Also Read: Home Loan- Kotak Mahindra bank loan cheaper, fulfill the dream of home at 6.75%
