The company reported a three-fold jump in its profit to Rs 41.39 crore from Rs 13.99 crore a year ago. Revenue from operations rose 8 per cent to Rs 864.42 crore compared with Rs 800.07 crore clocked during the year-ago period.
Historically high operating cash flows have led to a net debt reduction of over Rs 210 crore and net debt or EBITDA (Earnings before interest, taxes, depreciation, and amortization) declined to less than 1, which has been reaffirmed by our credit rating upgrade from A+ to AA-, SIS Group managing Director Rituraj Kishore Sinha said.
The latest earnings report of the private bank showed it is finally coming back on track under a new leadership. Last week, it posted a net profit of Rs 129.37 crore for September quarter compared with a Rs 600.08 crore loss posed for the same period last year.
Broader market indices outperformed their headline peers in morning trade as Nifty Smallcap rose 0.83 per cent while Nifty Midcap added 0.85 per cent. Broadest index on NSE, Nifty 500 was up 0.50 per cent.
A quick look at the stocks where FII shareholdings dropped during the quarter shows three of top five names belong to the NBFC space. They included Indiabulls Housing Finance, VA Tech Wabag, Repco Home Finance and Equitas Holdings.
Profits of 70 cents per share were anticipated by the thirty analysts providing estimates for the quarter. Wall Street expected results to range from 55 cents to 86 cents per share, with a forecasted mean of 70 cents per share.
Tech companies have seen demand surge for their products and services from people stuck at home during the pandemic. Better-than-expected earnings from Pinterest Inc, which forecast a rebound in ad spending, helped spur the rally. Shares of the image-sharing company soared more than 26.9%.
Last year in May, the regulator had issued a show cause notice to Mukherjea alleging he procured price- sensitive information from the senior management of Mannapuram Finance (MFL) and communicated it through a research report before the information was made public.
It has been decided to conduct another purchase auction of SDLs under Open Market Operations (OMOs) for an aggregate amount of 10,000 crores on November 05, 2020, the central bank said in a release Thursday.
The company reported a profit of Rs 196 crore against expectations of Rs 183 crore for the September quarter. This was a decline of 23% over the same period last year when the company had booked an exceptional gain of Rs 76 crore.