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Maruti Suzuki India’s FY17 profits soar to Rs 7,511 crore.

Date: 28-04-2017
Subject: Maruti Suzuki India’s FY17 profits soar to Rs 7,511 crore
NEW DELHI: Riding on its high-end models, Maruti Suzuki India (MSI) reported a 36.8 per cent jump in its annual net profit during 2016-17, while it reported a 15.8 per cent jump in profit for the fourth quarter of the financial year ending March 31, 2017.

MSI’s net profit in 2015-16 was Rs 5,497.2 crore, against Rs 7,511 crore in 2016-17.

Buoyed by its performance, the company’s board recommended a dividend of Rs 75 per share of face value Rs 5 for 2016-17 against a dividend of Rs 35 per share paid in 2015-16. This will result in a total outgo of Rs 2,726 crore inclusive of taxes.

MSI reported an 18.5 per cent jump in net sales for 2016-17 over last year at Rs 66,909.4 crore. The sales volumes during 2016-17 grew by 9.8 per cent to 15,68,603 units. These include the 124,062 units that were exported during the period.

Net sales during the fourth quarter of FY17 grew 20.3 per cent to Rs 18,005.2 crore over the year-ago period. Sales were up 15 per cent to 4,14,439 units during the quarter that included an export of 31,771 units.  

MSI Chairman R C Bhargava said the year was in challenging due to demonetisation because of which “everybody expected all bad things to happen but it did not”.

There were also environmental issues with various agencies functioning in a manner which create difficulties for automobile companies to function, he added.

MSI said it was able to overcome the challenges with “growth in volumes, increase in share of the company’s higher segment models, benefits due to full capacity utilisation and cost reduction efforts”.

Bandhan to grow on the back of small-ticket loans

Mumbai: Small proved big for the newly created Bandhan Bank, which closed its first full year operations in FY17 registering a neat  H1,112 crore net profit. The Kolkata-based NBFC-turned-universal lender is banking on micro loans that account for a staggering 91 per cent of its loan book.

“These are below H1 lakh, with an average ticket size of H30,000. We’re not focusing on loans from H1 lakh to H10 lakh, which is between corporate and micro loans,” said Chandra Shekhar Ghosh, founder, managing director and chief executive officer, Bandhan Bank.

For Bandhan, the so-called Small Enterprise Loans grew over 10 times from H100 crore last year to H1,054 crore. One key reason why Bandhan intends to stay away from corporate loans that come with high risk.

However, other retail loans like affordable housing, personal and gold loans, which stood at H393 crore during FY17, will increase reducing Bandhan’s overall exposure to small loans, but Ghosh wouldn’t yet hazard a guess by how much.

“There’s an opportunity in the micro and small enterprises because 95 per cent of them don’t get credit. We’d like to build our growth there,” he said. Announcing the financial results here on Thursday.

Kotak Mahindra Bank posts 40% jump in net profit

New Delhi: Private sector lender Kotak Mahindra Bank reported 40.3 percent increase in its net profit for the March quarter at H976.5 crore year-on-year against H696 crore in the year-ago quarter, driven by other income, operating income and net interest income.

However, higher provisions and weak asset quality restricted growth. Net interest income for the bank was reported at H2,161.4 crore, a growth of 16.4 percent over a year-ago quarter, aided by 15 percent increase in loan book at H1.36 lakh crore.

Source: The New India Express

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