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Bandhan Bank Q1 Profit Slumps 32% as Provisions Climb, NPAs Soar

31/07/2021

Bandhan Bank’s net profit for the first quarter through June 2021 dropped 32%, dragged down by a 62%jump in provisions to cover for potential non-performing assets

The private-sector bank posted a net profit of Rs 373.1 crore for the April-June period compared with Rs 549.8 crore a year earlier.

Net interest income—the difference between interest earned and paid—rose 16.7% to Rs 2,114.1 crore while the net interest margin expanded to 8.5% from 8.2% a year earlier.

The bank’s provisions to cover for potential NPAs jumped to Rs 1,375 crore from Rs 849 crore in the corresponding period of the last financial year.

 

Other key details:


1. Operating profit for Q1 grew 18% from a year earlier to Rs 1,871 crore.

2. Total advances grew 8.1% to Rs 80,356.9 crore;total deposits increased 27.6% to Rs 77,335.5 crore.

3. Gross NPAs as on June 30 were Rs 6,440.4 crore while net NPAs came in at Rs 2,457.9 crore.

4. Gross NPA ratio jumped to 8.2% from just 1.4% a year earlier; net NPAs rose to 3.3% from 0.5%.

5. The bank’s capital adequacy ratio is at 24.8%, above the minimum norm of 15%.

 

Management Commentary: 


Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank, said the lender delivered the “best-ever quarter” in terms of operational performance in spite of the challenging environment due to the second wave of the Covid-19 pandemic.

“Collections continue to improve with Covid restrictions getting relaxed. Typically, the second half of the financial year is always better for the bank in terms of growth and collections. With easing of Covid second wave and upcoming festive season, we are confident of achieving better performance going forward,” he said.

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Investors Hesitant, Vodafone Idea on Road to Collapse: Birla’s SOS to Govt.

02/08/2021

Aditya Birla Group chairman Kumar Mangalam Birla has offered to hand over his stake in Vodafone Idea Ltd to any state-run company or financial institution in a bid to keep the debt-laden telecom operator afloat.

The billionaire has written to the government saying the company has been trying to raise Rs 25,000 crore to sustain its operations but potential foreign investors—all non-Chinese—have shown “understandable hesitation” to invest. The investors, he added, want to see “clear government intent” to have a three-player telecom market in India.

Birla, one of India’s wealthiest people, also said that without the government’s help Vodafone Idea is heading towards an “irretrievable point of collapse”. 
The Aditya Birla Group owns an 18.48% stake in Vodafone Idea, partly via publicly listed group companies Grasim (11.55%) and Hindalco (2.6%). This stake is now worth Rs 3,929 crore after the telecom firm’s stock crashed 10% on Tuesday in a Mumbai market that jumped 1.65%.

 

What really happened?

 

The unprecedented statement comes after the government slapped a hefty bill on Vodafone Idea, Bharti Airtel Ltd and some other companies asking billions of dollars in past dues.

The government says Vodafone Idea owes more than Rs 50,000 crore as per a revenue-sharing arrangement under the licensing norms. Telecom companies pay a percentage of their adjusted gross revenue (AGR) as license fees to the government. While the companies argue that income from non-core businesses such as rent should not be included in the AGR, the government thinks otherwise. The Supreme Court, too, has sided with the government.

Birla said the government must provide clarity on the AGR liabilities and allow it a moratorium period to make the payments.

 

Why it matters?

 

The telecom sector was bustling with a dozen companies until a few years ago. But only three private-sector companies—Vodafone Idea, Bharti Airtel and Reliance Jio — are in operation now, in addition to state-run MTNL and BSNL. This is in thanks in part to the near-zero tariffs that Reliance Jio introduced when it launched five years ago. 

If Vodafone Idea collapses, as Birla fears, the sector will effectively become a two-horse race with billionaire Mukesh Ambani-led Reliance Jio calling the shots. This could lead to massive job losses, drive tariffs higher and dampen consumer sentiment.

On the flip side, if the government does take over Vodafone Idea, the company and its employees will get a reprieve. But that may also be temporary, especially considering the state of affairs at most government-run companies including MTNL and BSNL.

 

Similar Article: Birla group willing to exit stake in Vodafone Idea

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RBL Bank Swings to Q1 Loss as Provisions Nearly Triple

02/08/2021

RBL Bank has slipped into a loss for the first quarter through June 2021 from a profit a year earlier after it set aside almost thrice the amount than before to cover for possible bad loans.

The private-sector bank posted a standalone net loss of Rs 459.5 crore for the April-June period compared with a net profit of Rs 1,412.2 crore a year earlier.

Net interest income—the difference between interest earned and paid—fell 7% to Rs 970 crore while the net interest margin shrank to 4.36% from 4.85% a year earlier.

The bank’s provisions to cover for potential non-performing assets (NPAs) jumped to Rs 1,425.67 crore from Rs 500 crore in the corresponding period of the last financial year.

 

Other key details:


1. Operating profit for Q1 grew 17% from a year earlier to Rs 807 crore.

2. Total deposits rose 21% year-on-year to Rs 74,471 crore while the low-cost CASA deposits grew 35%

3. Retail deposits jumped 47% to Rs 29,505 crore but retail advances grew only 7% to Rs 32,071 crore.

4. The bank’s overall capital adequacy ratio is at 17.2%, slightly above the minimum norm of 15%.

5. Asset quality worsened as gross NPA ratio came in at 4.99% versus 3.45% a year earlier.

 

Management Commentary: 


RBL Bank MD and CEO Vishwavir Ahuja said the lender’s revenue and operating profit “held up well” during the quarter.

However, the effect of the second wave of the COVID-19 pandemic on the asset quality was “rather severe and different from the first wave” given the nature of the bank’s businesses, he said.

Ahuja also said that economic activity and growth revival are now visible.As a result, the bank decided to increase its provisions to preparefor normalized levels of business.

The bank is also ramping up its physical and digital presence as well as expanding its secured retail assets business in a bid to improve its financial performance, he added.

 

Also Read: Quarterly Results - RBL Bank and PNB Bank

 

 

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Dabur Q1 Net Profit Jumps 28% on Volume Growth, Higher Margin

03/08/2021

Fast-moving consumer goods maker Dabur India Ltd reported a 28% jump in its consolidated net profit for the first quarter through June 2021 thanks to strong growth in business volumes and higher earnings margins.

Net profit for the April-June period rose toRs 438.3 crore from Rs 341.3 crore in the year-ago period, the maker of Dabur Chyawanprash, Real fruit juices and Vatika hair oil said.

The company’s revenue climbed 32% to Rs 2,611.5 crore from Rs 1,980 crore a year earlier, despite the mobility restrictions and disruptions due to localized lockdowns in the wake of the Covid-19 pandemic.

Dabur’s India FMCG business grew 35.4% during the quarter, with an underlying volume growth of34.4%.

 

Other key details:


1. Dabur’s EBITDA rose 32.5% to Rs 552 crore from Rs 416.5 crore. EBITDA margin widened to 21.1% from 21%.

2. April-June revenue from the food business soared 85% to Rs 402.5 crore.

3. Quarterly sales from the main consumer care business jumped 25% to Rs 2,168 crore.

4. Healthcare business reported 30% growth, with the ayurvedic OTC business growing 52%.

5. Overseas sales soared 34% in constant currency terms, with the MENA business growing 49% and SAARC business rising 41%.

 

Management Commentary: 


Dabur CEO Mohit Malhotra said the company learnt from last year to streamline its supply chain and ensured minimal disruption while firmly focusing on delivering volume-led growth.

Malhotra said the company has expanded its rural coverage by 16%, from 60,000 villages at the end of 2020-21 to 69,000 villages as of June 30, 2021, and that it plans to expand it to 80,000 villages over the next two years.

The company also said that its e-commerce vertical reported more than 100% growth and now contributes 8.2% to its India FMCG business.

It also said that discretionary spending in the country is reviving despite the pandemic. This helped its home and personal care business grow by 26% during the quarter while the skin care and salon business reported 66% growth.

 

 

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Rolex Rings IPO Allotment - How to Check the Allotment Status?

by Nikita Bhoota 03/08/2021

Rolex Rings IPO is subscribed 130.44 times and allotment of shares is happening on 4th August. Investors who have applied for Rolex Rings IPO are very keen to know if the IPO is being allotted to them. Allotment of shares happens based on rules prescribed by the regulatory body i.e. SEBI. Allocation is categorised as retail investors, non-institutional investors and qualified institutional investors. However, the allotment rules for all the three mentioned categories are different.

Several Investors wait for the email or messages from the depository. However, the investors sometimes might not get updated about IPO allotment information through emails or SMS due to technical reasons. Therefore, here we have discussed some of the other ways to check IPO allotment status.

 

Also Read: Rolex Rings IPO Final Subscription Status

 

Let’s understand what exactly is the allotment status

Allotment status denotes the number of shares allocated and the number of shares applied in an IPO. It is categorised as follows:

Allotted: It means full shares allotted against applied.

Partly/ partially allotted: This means less number of shares allotted against applied.

Non- Allotment: No shares allotted against applied number of shares. Some of the reasons for non-allotment are as follows

•    The issue price is more i.e. higher than the bid price
•    The application was not selected in the lottery process
•    Error in some of the details like pan card number, Demat Account number
•    More than one application has been submitted via the same pan card number

Some of the other ways to check Rolex Rings IPO Allotment status

Option 1 - Go to Registrar’s Website:
An investor can check the IPO allotment status on the registrars’ website. Below are the steps mentioned to check allotment status in detail – 

1.    Go to Link Intime India Website at - https://www.linkintime.co.in/ & select "Public Issues"

2.    Select the IPO name as – Rolex Rings IPO

3.    Choose to add PAN Card no./Application number, DP Id or account no./IFSC to check the allotment status

4.    Click on the search button

Following is the link of registrar to check the Rolex Rings IPO Allotment Status - 

https://www.linkintime.co.in/ 


Option 2 – BSE and NSE Website
On the BSE website investors have to click on the equity or debt category in the equity type field, select the issue name from the dropdown, enter the application number as well as pan card details to check the allotment status. The link to check allotment status is as below
https://www.bseindia.com/investors/appli_check.aspx

Whereas, in the case of NSE, investors have to register one time by providing the PAN details. The investor shall be able to view the details of the bids entered against the registered PAN number.

On registration, the investor will receive an email notification from NSE on their registered email ID mentioning the login details.

 

Frequently Asked Questions - 

Q. How do I check whether Rolex Rings IPO is allotted to me or not?

A. You can check the IPO Allotment status using two ways - mentioned above. However you will also receive an email and SMS notification if you have got the shares allotted to your account or not.

 

Q. What if Rolex Rings IPO is not allotted to me?

A. If Rolex Rings IPO is not allotted to you, then -

     1) In case of no-allotment or partial allotment, the money will be refunded to investors of the application money. Once applied for the IPO, then the bank blocks the amount in the account equal to bid size and the amount gets debited from the bank account after final allotment. 

     2) Based on application status, the bank will initiate a full or partial refund which generally takes one or two days to receive the refund in your account. 

 

Q. When is the Rolex Rings IPO Allotment expected?

A. Rolex Rings IPO allotment is expected on 4th August 2021.

 

Q. When is Rolex Rings IPO getting listed?

A. Rolex Rings IPO is getting listed on 9th August 2021.

 

Q. How many times Rolex Rings IPO was subscribed?

A. Rolex Rings IPO was oversubscribed (44.17%).

     Retailer - 24.49 times

     QIB - 143.58 times

     NII - 360.11 times

 

Q. Where can I check the IPO Allotment status of Rolex Rings IPO?

A. You can login to Link Intime Website OR on BSE India Website to check Rolex Rings IPO. Above are the steps mentioned for both the websites.

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Titan Ekes Out a Profit in Q1 but Local Lockdowns Hurt

04/08/2021

Titan Company Ltd swung to a consolidated net profit for the first quarter through June 2021from a steep loss a year earlier when a nationwide lockdown to control the Covid-19 pandemic forced it to keep its stores closed.

The Tata Group company posted a consolidated net profit attributed to shareholders of Rs 20 crore for the April-June quarter, compared with a net loss of Rs 291 crore for the corresponding period of 2020.

However, the first-quarter profit was down 96.5% from Rs 564 crore in the preceding three-month period due to localised lockdowns that state governments imposed to tackle the pandemic’s devastating second wave.

The maker of Tanishq jewellery and Fastrack watches recorded revenue of Rs 3,473 crore in the first quarter. This is up from Rs 2,020 crore a year earlier but less than half the revenue it generated in the January-March period.

 

Other key details:


1. Jewellery division recorded revenue of Rs 2,467 crore for Q1 versus Rs 1,182 crore a year earlier.

2. Jewellery division clocked earnings before interest and tax of Rs 207 crore for Q1 versus a loss of Rs 54 crore.

3. The watches and wearables business recorded sales of Rs 292 crore as against Rs 75 crore earlier.

4. Eyewear business generated Rs 67 crore in Q1, compared with Rs 30 crore in the same period last year.

5. Titan added 13 stores in Q1 and now operates 1,922 outlets across 297 towns.

 

Management Commentary: 


The company said higher revenue in the first quarter of the current fiscal year was due mainly to the base effect of zero sales in April last year, when India was under a strict lockdown.

It also said its jewellery division, which accounts for more than four-fifths of its revenue, is gaining good traction in new customers and its mix in total buyers has reached the pre-pandemic levels.

Titan managing director CK Venkataraman said the company started the quarter with strong business momentum but the second wave of the pandemic severely disrupted it.

“The learnings and experience of the past year helped us navigate this quarter’s turbulence much more efficiently. As the lockdowns started getting relaxed in different parts of the country in June, and with the rising vaccination level, we saw demand coming back steadily,” he said.

 

 

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