Corporate Results

Wipro Q1 net profit up 2% to Rs 2,120.8 crore

Bengaluru: India’s third largest IT firm Wipro on Friday posted over 2% increase in consolidated net profit at Rs 2,120.8 crore for June 2018 quarter. The net profit, attributable to shareholders, in the year-ago period was at Rs 2,076.7 crore. According to a regulatory filing by Wipro, its total profit grew marginally to Rs 2,093.8 crore for the April-June 2018 quarter, from Rs 2,082.6 crore in the year-ago period.  Its revenue from operations grew 2.5% to Rs 13,977.7 crore during the period under review from Rs 13,626.1 crore in the same quarter last year. Wipro, which gets bulk of its topline from IT services, said it expected the revenues from that business to be in the range of USD 2,009 million to USD 2,049 million in the September quarter. For the June quarter, IT services revenue was at Rs 13,700 crore, up 5.2% from the year-ago period. In dollar terms, revenue from this segment grew 2.8% year-on-year to USD 2,026.5 million. The company’s revenue from IT products during the quarter was Rs 350 crore (USD 51.6 million).

HDFC Life Q1 profit jumps 20% to Rs 380 crore

New Delhi: HDFC Life on Friday reported 20.2% rise in net profit to Rs 380.18 crore for the first quarter of the current fiscal. It had reported Rs 316.37 crore profit in the April-June quarter of last fiscal, 2017-18. Insurance profit (policyholder surplus) comprised 81% of the total Profit After Tax (PAT) for the quarter ended June 30, 2018-19, HDFC Life said in a regulatory filing. The total premium of HDFC Standard Life Insurance Company rose by 37% to Rs 5,060 crore during first quarter of 2018-19, as against Rs 3,700 crore a year ago. The growth in total premium was aided by healthy new business growth of 62% and stable growth of 16% in renewable business, HDFC Life said in a statement. The net income for the period rose to Rs 6,930 crore in quarter ended June of this fiscal from Rs 6,570 crore in year ago same period. The value of new business during the quarter wes up by 43% to Rs 250 crore as against Rs 170 crore year earlier. The board of directors of the company on Friday approved the proposal for changing the corporate name of the company from HDFC Standard Life Insurance Company Ltd to HDFC Life Insurance Company Ltd, subject to approval of shareholders, HDFC Life said.

Bajaj Auto Q1 net profit up 24.5 pc at Rs 1,041.78 crore

New Delhi: Bajaj Auto Ltd on Friday reported 24.5 % increase in consolidated net profit at Rs 1,041.78 crore for the first quarter ended June 30, 2018 riding on robust sales. The company had posted consolidated net profit of Rs 836.74 crore in the same quarter of the last fiscal, Bajaj Auto said in a BSE filing. Sales during the quarter under review stood at Rs 7,267.19 crore against Rs 5,740.3 crore in the year-ago period. Total volume sales stood at 12,26,641 units in the first quarter as against 8,88,434 units in the same quarter last fiscal, a growth of 38 %, the company said. Overall motorcycles sales stood at 10,29,964 units as compared to 7,75,714 units in the year-ago quarter, up 33%. Bajaj Auto said its domestic motorcycle sales during the quarter stood at 5,94,234 units as against 4,26,562 units in the same period last fiscal, a growth of 39%. Domestic commercial vehicle sales stood at 94,431 units as against 52,347 units in the corresponding period last fiscal, up 80%. Motorcycle exports grew by 25 per cent during the first quarter at 4,35,730 units as against 3,49,152 units in the same period of the last fiscal, it said.

Kansai Nerolac Q1 net falls marginally to Rs 139.84 crore

New Delhi: Kansai Nerolac Paints on Friday reported a marginal decline in standalone net profit at Rs 139.84 crore for the quarter ended June 30. The company had posted a net profit of Rs 140.81 crore in the year-ago period. Total income during the quarter stood at Rs 1,389.52 crore. It was Rs 1,343.93 crore in April-June, 2017-18, the company said in a BSE filing. It said revenue for the quarter ended June 30, 2017 was reported inclusive of excise duty while revenue for June quarter 2018-19 is reported net of GST.