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Reliance Retail revenue up 25% in March quarter on strong recovery

Reliance Retail revenue up 25% in March quarter on strong recovery Reliance Retail, the retail arm of Reliance Industries (RIL), reported a 25 per cent sequential increase in its revenue from operations to Rs 46,099 crore for the quarter ended March 31 (Q4), as the business witnessed a strong recovery in the period. Profit for the quarter, too, surged on the back of strong operational performance, it said on Friday. Yearly numbers are not comparable, RIL said, since the petro-retail business, which makes up 40 per cent of the firm’s retail revenues, has been demerged. Gross sales increased 24 per cent sequentially to Rs 47,064 crore.

Jio Platforms net profit jumps 47% in January-March quarter to Rs 3,508 cr

Reliance Jio Platform’s net profit rose 47.5 per cent to Rs 3,508 crore in January-March quarter on a year-on-year (YoY) basis on the back of faster customer additions. In the same quarter last year, the company had posted a net profit of Rs 2,379 crore. Revenue from operations grew 18.9 per cent YoY basis to Rs 18,278 crore while earnings before interest tax depreciation and amortization (Ebitda) rose 36 per cent to Rs 8,573 crore. On a sequential basis, however, Jio's result was weak as discontinuation of interconnect usage charges (IUC) resulted in 6.1 per cent decline in revenue from operations and a near flat profit growth.

IndusInd Bank reports 190% growth in Q4 net profit at Rs 876 crore

IndusInd Bank on Friday reported 190 per cent year-on-year growth in standalone net profit at Rs 876 crore for the quarter ended, March, 2021 as compared to Rs 302 crore in the same period last year. The lender's net interest income, the difference between interest earned and interest expended came in at Rs 3,535 crore for the quarter under review as against Rs 3,231 crore in the last year quarter. This is a rise of 9.4 per cent. Gross non performing assets (NPAs) of the bank stood at 2.67 per cent compared to 2.93 per cent in the previous quarter. Meanwhile net NPAs of the lender stood at 0.69 per cent. The lender's Board has declared a dividend of Rs 5 per share.

Tata Power considering a $473-million IPO for its renewable energy unit

Tata Power, controlled by Tata Group, is weighing an initial public offering for its renewable energy business that could raise about Rs 35 billion ($473 million), according to people familiar with the matter. The power company has abandoned earlier plans to seek a partner to invest in its green assets via an investment trust, the people said, asking not to be identified as the information is private. Tata Power will seek approval for the IPO plan from its board, they said. If they approve, the proposed listing in Mumbai could take place as soon as this year, one of the people said.

SBI General insurance net profit grows 32% to Rs 544 cr in FY21

Private non-life insurer SBI General Insurance (SBIG) Friday said its net profit grew by 32 per cent to Rs 544 crore in the fiscal ended March 3, 2021. Gross written premium (GWP) rose 22 per cent to Rs 8,312 crore in the fiscal compared to Rs 6,840 crore in the fiscal 2019-20, a release said. We all have gone through challenging times in the last financial year, however, I'm glad that SBIG has shown a decent growth in top line and bottom line with the support of our distribution partners and customers, the company's managing director and CEO P C Kandpal said. During the year, its solvency ratio stood at 2 as against 2.27 in the previous fiscal. Combined ratio was at 99.8 per cent compared to 98 per cent in fiscal 2019-20

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