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Published on 31/05/2021 9:21:45 AM | Source: ARETE Securities Ltd

Key News - Divi`s Laboratories Ltd, Bank of Baroda, Mahindra and Mahindra Ltd, Glenmark Pharmaceuticals Ltd, Max Healthcare Institute Ltd by ARETE Securities

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Key News

Divi's Labs Q4 net profit jumps 29% at Rs 502 crore on robust sales

Drug firm Divi's Laboratories on Saturday reported a 29.30 percent rise in its consolidated net profit to Rs 502.02 crore for the quarter ended March 31, 2021, on account of robust sales. The company had posted a net profit of Rs 388.23 crore for the corresponding period of the previous fiscal, Divi's Laboratories said in a regulatory filing. Consolidated total income of the company stood at Rs 1,811.71 crore for the quarter under consideration. It was Rs 1,466.44 crore for the same period a year ago, it added.

 

BoB posts Q4 net loss of Rs 1,047 cr due to rise in tax provisions

Public sector lender Bank of Baroda posted a net loss of Rs 1,047 crore in the fourth quarter ended March 2021 on sharp rise in tax provisions as it shifted to a new tax structure. It had booked a net profit of Rs 506 crore in the quarter ended March 2020. For the full financial year of FY21, it posted a net profit of Rs 828 crore, up from Rs 546 crore in FY20. In Q4FY21, its tax provisions were about Rs 3,726 crore as against tax write back of about Rs 2,289 crore in Q4FY20.

 

Mahindra CEO expects car sales to take 2 years to rebound after Covid shock

India's Mahindra & Mahindra expects it will take at least another two years for car sales to return to their pre-pandemic peaks, but a slow pace of vaccinations could hurt recovery prospects, its chief told Reuters in an interview. Battered by the pandemic in 2020 and an economic slowdown in 2019, passenger vehicle sales in India fell to 2.7 million units in the last fiscal year - their lowest level in six years and well below the peak of 3.4 million units in fiscal year 2019

 

Drugmaker Glenmark fourth quarter net profit up 6% at Rs 233.87 crore

Drug firm Glenmark Pharmaceuticals has reported a 6.15 per cent rise in its consolidated net profit to Rs 233.87 crore for the quarter ended March 2021 on account of higher sales. The company had posted a net profit of Rs 220.30 crore in the corresponding period of the previous fiscal, Glenmark said in a late regulatory filing on Friday. Its consolidated revenue from operations stood at Rs 2,859.9 crore for the quarter under consideration. It was Rs 2,767.5 crore for the same period a year ago, it added.

 

Covid-19 pandemic: Govt cuts airline capacity to 50% from June 1

The government has cut down capacity for airlines to operate from 80 per cent to 50 per cent from 1st June in order to safeguard viability of airlines with weak finances. Simultaneously it has increased the upper cap of airfare to go up by around 14 per cent due to the rise in fuel prices. “In view of sudden change in the number of Covid-19 cases, and decrease in number of passengers and reduced occupancy, the existing capacity cap of 80 per cent is reduced to 50 per cent,” the Ministry of Civil Aviation said in an order.

 

Max Healthcare profit after tax up 31% to Rs 70 crore in March quarter

Max Healthcare on Friday reported 31.11 per cent rise in consolidated profit after tax (PAT) at Rs 69.69 crore for the quarter ended March 31, 2021. The company had posted a PAT of Rs 53.15 crore for the corresponding period of the previous fiscal year, Max Healthcare Institute said in a filing to BSE. Revenue from operations stood at Rs 801.86 crore for the quarter under review. It was Rs 247.86 crore in the same period a year ago, it added. For the fiscal year ended March this year, the company posted a loss of Rs 137.55 crore as against a PAT of Rs 58.99 crore in 2019- 20, the filing said.

 

 

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