Patanjali Foods doubles profit for Q2FY24 to Rs 255 crore
“I am optimistic about the upcoming festival seasons and increase in consumer spending to drive the growth in the coming quarter,” said Sanjeev Asthana, CEO, Patanjali Foods.
IndusInd Bank’s consolidated net profit plunged 52.67 per cent to Rs 663 crore in the second quarter of FY21 as compared to Rs 1,401 crore during the corresponding quarter of the previous year.
Sequentially, the net profit for the quarter increased by 30 per cent over the quarter ended June 30, 2020.
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Net interest income for the quarter ended September 30, 2020 increased to Rs 3,278 crore from Rs 2,909 crore reported for the quarter ended September 30, 2019. Net interest margin for Q2FY21 is at 4.16 per cent, the bank said in a statement.
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“Operating expenses for the quarter ended September 30, 2020 were Rs 1,980 crore as against Rs 2,013 crore for the corresponding quarter of previous year,” it added.
The lender said that its business was highly impacted in the first quarter due to the lockdown since March 24, 2020 to mitigate the spread of the Covid-19 pandemic.
Besides, the bank has made a ‘Pre Provision Operating Profit’ at Rs 2,852 crore for the quarter ended September 2020 as against Rs 2,623 crore for the corresponding quarter of the previous fiscal.
Furthermore, the bank reported that its loan book quality was stable.
On the gross non-performing assets side, bank’s data said that they were at 2.21 per cent of gross advances as on September 30, 2020 as against 2.19 per cent as on September 30, 2019. “On account of higher level of prudential provisioning, the net non-performing assets were 0.52 per cent of net advances as on September 30, 2020 as compared to 1.12 per cent on September 30, 2019,” the statement said.
“The bank strengthened its balance sheet by improving provision coverage ratio to 77 per cent in September 2020 from 50 per cent in September 2019. Provisions and contingencies for the period ended September 30, 2020 were Rs 4,606 crore as compared to Rs 2,381 crore for the corresponding period of the previous year,” it added.
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