Hindalco Q1 net profit falls 1.5% to Rs 290 cr

Ajay Singh Chairman Spicejet

Hindalco Industries, an Aditya Birla Group company, has reported a marginal drop in June quarter net profit at Rs 290 crore (Rs 294 crore) largely due to one-time provisioning of Rs 104 crore towards a mining litigation case.

MD and CEO of Allahabad Bank, Usha Ananthasubramaniam said that operating profit of the bank increased 21 per cent to Rs 1170 crore as compared to Rs 967.44 crore during the previous similar quarter. "Historical data has been arrived at by aggregating the audited numbers of the erstwhile Associate Banks, Bharatiya Mahila Bank and SBI for comparison purposes", the statement said.

The company had posted a net profit of Rs 31.56 crore in the previous year.

However, net interest income decreased by 3.51 per cent to Rs 17,606 crore from Rs 18,246 crore year earlier.

The bank's asset quality worsened, with gross NPAs surged by 85.21 percent to Rs 1.8 lakh crore (Rs 1.88 trillion) at the end of the June quarter from Rs 1 lakh crore (Rs 1.01 trillion) in the same quarter a year ago.


Net NPAs or bad loans stood at 5.97 per cent at the end of June quarter, 2017-18, up from 4.05 per cent by June 30, 2016-17. Interest outgo during the quarter was down 19 per cent at Rs 488 crore (Rs 600 crore) due to pre-payment of loan.

Revenues from aluminium business were up by 9 per cent at Rs 5,008 crore, while EBITDA was in line with past year at Rs 875 crore.

Consolidated income (non-comparable) stood at Rs 70,776.56 crore in the first quarter of this fiscal.

The SBI stock plunged 4.60 per cent to Rs 282.90 on BSE in the afternoon.

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