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Union Bank of India looks to move to a new tax regime in FY23

Union Bank of India is looking to move to a new tax regime in the next financial year. It will use Rs 12,000 crore — available in the deferred tax asset (DTA) pool — to set off any tax obligations. The public sector lender plans to raise capital via Rs 1,000 crore in additional tier 1 bonds (AT1 bonds) based on market conditions. Rajkiran Rai G, managing director (MD) & chief executive officer (CEO), Union Bank, sa-id the net profit is increasing as DTA is coming down every quarter.

MRF Q3 net dips 71% to Rs 149 cr, revenue up 6% to Rs 4,920 cr

Tyre manufacturing major MRF has posted 71 per cent dip in net profit during the third quarter of the financial year 2021-22 to Rs 149 crore, from Rs 521 crore during the same period in 2020-21.

The company's revenue from operations was seen up by 6 per cent to Rs 4,920 crore during October to December quarter, from Rs 4,642 crore during the same period last financial year.

Hindalco Q3 results: Consolidated PAT nearly doubles to Rs 3,675 cr

Aluminium major Hindalco Industries on Thursday reported 96% jump in consolidated net profit at Rs 3,675 crore for the quarter ending December 31, 2021. It reported net profit of Rs 1,877 crore in Q3FY21. Consolidated revenue from operations rose 44% to Rs 50,272 crore from Rs 34,958 crore in the year-ago period.

The results were driven by positive macros and focus on downstream valueadded products along with better operating efficiencies. The company said that it reported its highest net profit in Q3FY22, surpassing all previous quarterly performances. The results were driven by a consistent performance by Novelis and an exceptional performance by India business, supported by favourable macros, strategic product mix and an improved performance by the downstream business.

Bharat Forge posts ₹422-crore profit in Q3

Buoyed by growth in revenues and exceptional items Forging company Bharat Forge was back in the black in the quarter ended December, 2021 reporting a consolidated net profit of ₹422 crore helped by a strong growth in revenues and exceptional items.

The Pune-based company had clocked a consolidated net loss of ₹ 210.4 crore in the same quarter last year. There were exceptional gains of ₹ 167.18 crore during the December 2021 quarter while the same quarter last year had an exceptional loss of ₹299.45 crore.

Revenue from operations at the consolidated level grew 39 per cent to ₹2,394 crore during the December, 2021 quarter as compared to ₹ 1,723 crore clocked in the same quarter last year.

Dr Lal PathLabs Q3 results: Net profit dips 39.3% YoY to Rs 58.2 crore, revenue up 10% to Rs 497 crore

Diagnostic services provider Dr Lal PathLabs on Thursday reported a 39.3 percent year-on-year (YoY) decline in net profit at Rs 58.2 crore for the third quarter ended December 31, 2021. In the corresponding quarter last year, the company posted a net profit of Rs 95.9 crore. Total revenue for the quarter rose 9.8 percent YoY to Rs 497 crore from Rs 452.4 crore in the yearago quarter.

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