Private sector lender HDFC Bank has posted a net profit of Rs 471.1 crore for the quarter ended March 31, 2008, up by 37.1% from the corresponding quarter last year. The bank has earned a net profit of Rs 343.6 crore a year ago. Total income was Rs 3,505.5 crore for the quarter against Rs 2,321.0 crore in the same period last year, an increase of 51.2%.
For FY08, the net profit stood at Rs 1,590.2 crore compared with Rs 1,141.5 crore, up by 39.3%. Total income for the year stood at Rs 12,398.2 crore against Rs 8,164.2 crore in the previous year.
The net interest income for the fourth quarter increased by 55.7% to Rs 1,642.1 crore driven by average asset growth of 50.3% and a core net interest margin of around 4.4%. Other income of the bank grew 39.3% from Rs 394.4 crore to Rs 549.3 crore, comprising Rs 490.4 crore from fee and commissions alone. Provisions and contingencies for the quarter almost doubled to Rs 465.1 crore from Rs 267.1 crore in the corresponding quarter last year. The provisioning comprises Rs 293 crore for non-performing assets and general provisions for standard assets and Rs 172.7 crore for tax, legal and other contingencies.
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Ambuja Cements, part of the Holcim group, is planning to double its capacity to 35 million tonnes (mt) in the next five years. Currently, the company has an installed capacity of 18.5 mt and is undergoing grinding capacity additions at Dadri (UP), Nalagarh in Himachal Pradesh, Sanad in Gujarat and Barh in Bihar.
These projects are stipulated to be completed by 2010 after which the company will be having a capacity of 27 mt. By FY2012, the company plans to reach around 35 mt capacity. At a time when other comparatively smaller players are doubling and even tripling their capacities in the next few years, it is crucial for Ambuja to maintain its presence in the domestic market.
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Soaring depreciation costs combined with currency derivatives loss have led Maruti Suzuki to post a decline in its net profit for the fourth quarter ended March 2008, even as its net sales grew. However, for the fiscal 2007-08, the company recorded a healthy increase in its profits as well as sales.
The newly adopted depreciation policy since April 1, 2007, under which the company made an additional provision of Rs 212 crore for fiscal 2007-08, impacted the profit figures for the quarter. The depreciation policy has brought down the lifecycle of its tools and equipment to eight years instead of 13 years and for dies four years instead of five. The primary reason for changing the depreciation policy is because the lifecycle of various products is now getting shortened.
During the quarter, Maruti's net loss on account of its forex cover stood at Rs 50.4 crore, computed on a marked-to-market basis on various derivative instruments. The company's increased expenditure was due to higher royalty payments, surge in power and fuel costs and currency exchange loss. During fiscal 2007-08, Maruti Suzuki sold 764,842 vehicles, up 13.3%. The company's exports at 53,024 units grew at the fastest pace of 34.9 per cent during the year.
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