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HDFC Bank's net profit rises 18% to Rs 8,186 cr in Q4, misses estimates

Country’s largest private-sector lender HDFC Bank on Saturday reported an 18.2 per cent rise in net profit at Rs 8,186.5 crore in the quarter ending March 31, 2021. In the same period last year, the bank's net profit stood at Rs 6,927.69 crore. The bank’s quarterly performance missed analysts’ estimates as Bloomberg analysts had estimated a net profit of Rs 8,436 crore and net interest income of Rs 16,409 crore for the fourth quarter. The net interest income (NII) of the lender rose 12.6 per cent in Q4FY21 to Rs 17,120 crore, driven by growth in advances at 14 per cent and a net interest margin of 4.2 per cent. In the same period, other income of the lender was up 26 per cent at Rs 6,032.6 crore. The bank’s net revenue in the March quarter was up 16 per cent at Rs 24,714 crore as compared to Rs 21,236.6 crore in the same period last year.

Insurer ICICI Lombard fourth quarter profit rises 23% to Rs 346 crore

ICICI Lombard General Insurance Company on Saturday reported 23 per cent rise in net profit at Rs 346 crore for March quarter 2020-21. The nonlife insurer had posted a net profit of Rs 282 crore in the corresponding period of 2019-20. The gross direct premium income (GDPI) of the company stood at Rs 3,478 crore in the quarter under review as compared to Rs 3,181 crore in the year-ago period, ICICI Lombard said in a statement. For the full year 2020-21, the profit after tax or net profit increased 23.4 per cent to Rs 1,473 crore from Rs 1,194 crore in the preceding fiscal year.

Crisil downgrades its PVR's long-term rating to AA-minus negative

Crisil has downgraded its rating on long-term bank facilities and nonconvertible debentures (NCDs) of PVR Ltd to AA-minus negative from AA negative. The rating on short-term bank facility has been reaffirmed at A1- plus and the rating on Rs 75 crore NCDs has been withdrawn as the instruments have been fully repaid. The rating actions reflect Crisil's expectation of weakening of PVR's business risk profile over the medium term. It was earlier expected that with resumption of operations in October 2020, the occupancy will improve gradually with return of content to the multiplexes.

Q4 results: Mindtree reports revenue growth of 5.2% q-o-q, EBITDA at 21.9%

Mindtree, a global technology services and digital transformation company guiding its clients to achieve faster business outcomes, announced its consolidated results today for the fourth quarter ended March 31, 2021, as approved by its board of directors. "We are proud to deliver another strong quarter, driven by significant traction in our client portfolio globally, leading to revenue growth of 5.2 per cent, EBITDA of 21.9 per cent, and an order book of $375 M at the end of Q4. Our journey of profitable growth and seamless delivery during the pandemic year has been made possible by the resilience of Mindtree Minds, the commitment of our leadership team, and above all, the continued support of our clients," said Debashis Chatterjee, Chief Executive Officer and Managing Director, Mindtree.

Maruti Suzuki hikes price of selected models, others may follow suit

Maruti Suzuki on Friday said it is increasing the prices of select models owing to a rise in various input costs. “The weighted average increase in ex-showroom prices (Delhi) across models is 1.6 per cent,” it said in a regulatory filing. The new prices are effective from Friday. It is expected that other automakers will follow suit. Automakers in India have been hiking prices this year, citing rise in various input costs. In January, Maruti had cited a rise in input costs and raised prices for some car models.

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