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Kotak Mahindra Bank Q3 consolidated net up 11% at Rs 2,602 cr on robust

NII Private sector lender Kotak Mahindra Bank’s consolidated net profit jumped 11 per cent to Rs 2,602 crore in the October–December (Q3) of FY21, from Rs 2,349 in the corresponding quarter of FY20. On a standalone basis, the bank’s net profit jumped 16 per cent in Q3FY21 to Rs 1,854 crore, compared to Rs 1,596 crore in Q3FY20 due to healthy rise in net interest income (NII) and lower provisions. NII, the difference between the interest income the bank earns from its lending activities and the interest it pays to its depositors, of the lender grew 17 per cent in the reporting quarter to Rs 4,007 crore, compared to Rs 3,430 crore in the corresponding period of FY20. And, the net interest margin stood at 4.51 per cent versus 4.69 per cent in the year ago period.

ICICI Securities third quarter net profit up 95% to Rs 267 crore

ICICI Securities on Monday reported a 95 per cent jump in profit after tax at Rs 267 crore for three months ended December 31 on account of growth in revenue and improvement in margins. In comparison, the company had posted a profit after tax (PAT) of Rs 137 crore in the year-ago period, ICICI Securities said in a statement. The company has attributed the surge in quarterly PAT to growth in revenue and improvement in margins. ICICI Securities' revenue shot up by 47 per cent to Rs 620 crore in the quarter under review from Rs 423 crore in the three months ended December 31, 2019.

L&T consolidated Q3 PAT at Rs 2,467 crore, up 5% YoY on lower expenses

Larsen & Toubro (L&T) reported a consolidated net profit of Rs 2,467 crore in the December quarter, up nearly 5 per cent from same period last year as lower expenses lent some support to the bottomline even as revenues were a tad muted. Higher profit was also attributed to increased profits from IT & TS segment and sale of commercial property in realty. Bottomline also includes gain on divestment of Rs 209 crore from discontinued operations for the quarter ended December, said the company in its release. The gain of divestment includes sale of the electrical and automation business to Schneider Electric SE and sale of the UK based Marine control & automation systems subsidiary to Rolls-Royce Power Systems AG, it said.

Sundaram Home Finance Q3 net up 36% to Rs 56 cr, disbursements fall

Sundaram Home Finance Ltd, a wholly-owned subsidiary of Sundaram Finance Ltd, has posted a 36 per cent growth in net profit for the third quarter ended December 31, 2020 at Rs 56.24 crore, from Rs 41.31 crore a year ago. Disbursements for Q3 stood at Rs 416.57 crore as compared to Rs 536.33 crore in the comparative period the previous year.

Dr Reddy's, Zuventus get nod to conduct Covid-19 trials on repurposed drugs

The subject expert committee (SEC) has given the go-ahead to a clutch of firms, including Dr Reddy’s Laboratories (DRL) and Zuventus Healthcare, to conduct clinical trials on repurposed drugs for Covid-19. Mumbai’s Zuventus and Hyderabad’s DRL have got the nod to conduct Phase 3 clinical trials of Aviptadil injectable formulation. Aviptadil — a vasoactive intestinal polypetide used to treat erectile dysfunction — has been found to be useful in treating respiratory distress in Covid-19 patients. The US Food and Drug Administration has allowed emergency-use of the drug for treating Covid-19 patients.

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