Q4 RESULTS

Star Health profit rises 40% to `142 cr

New Delhi: Star Health and Allied Insurance on Tuesday reported a 40 per cent increase in net profit to Rs 142 crore for the fourth quarter ended March 2024. The standalone health insurer posted a net profit of Rs 102 crore during the same quarter of the previous year. The company’s gross written premium during the quarter rose to Rs 4,968 crore against Rs 4,199 crore in the year-ago period, Start Health said in a regulatory filing. At the same time, the net premium also increased to Rs 4,570 crore as compared to Rs 3,993 crore in the same quarter a year ago.

The Executive Centre’s India revenue up 31%

New Delhi: Hong Kong-based co-working firm The Executive Centre (TEC) has posted 31 per cent growth in India revenue to Rs 475 crore during the last calendar year driven mainly by expansion amid rising demand for flexible workspace.

TEC, one of the leading premium workspace providers with a presence in 15 countries, has 40 co-working centres in India, comprising around 13,000 workstations and 12 lakh square feet of area. “Our revenue from India business stood at Rs 475 crore in 2023, a phenomenal 31 per cent growth from the preceding year,” said Manish Khedia, Managing Director for South India, West India and Sri Lanka, TEC.

REC net profit grows 33% to `4,079 cr

New Delhi: State-owned REC Ltd on Tuesday posted a 33 per cent rise in its consolidated net profit to Rs 4,079.09 crore during the March quarter on account of higher income.

The company had clocked a net profit of Rs 3,065.37 crore during the January-March quarter preceding FY 2022-23, REC said in a regulatory filing. The company’s total income during the fourth quarter rose to Rs 12,706.66 crore from Rs 10,254.63 crore in the year-ago period. Total expenses were Rs 7,477.18 crore in the March quarter as against Rs 6,353.40 crore. For the entire FY24, the company’s net profit was Rs 14,145.46 crore, up from Rs 11,166.98 crore in FY23. The income also rose to Rs 47,571.23 crore in FY24 compared to Rs 39,520.16 crore a year earlier. REC Ltd, under the Ministry of Power, is a non-banking finance company focusing on power sector financing and development across India.

Newgen Software profit rises 32% toc 105 cr

New Delhi: Tech firm Newgen Software Technologies on Tuesday posted a 31.67 per cent increase in consolidated net profit (attributable to shareholders of the company) to Rs 105.26 crore for the fourth quarter ended March 2024. The company had reported a net profit of Rs 79.94 crore in the year-ago period. Revenue from operations, driven by strong growth in Europe, Middle East, and Africa (EMEA) and India region, rose 23.01 per cent year-on year to Rs 375.26 crore, as against Rs 305.05 crore in Q4FY23, according to a BSE filing. The largest share of revenue was brought in by the banking vertical (73 per cent), followed by insurance (8 per cent), and Govt/PSUs (5 per cent). For the full FY24, the company’s profit stood at Rs 251.60 crore, a 42.13 per cent ascent from the previous fiscal’s Rs 177.01 crore. Revenue for the year was 27.70 per cent higher at Rs 1,243.82 crore.

Exide Industries PAT up 37% to ` 284 cr

New Delhi: Battery maker Exide Industries on Tuesday said its profit after tax rose 37 per cent to Rs 284 crore for the fourth quarter ended March 31, 2024. The company had reported a profit after tax (PAT) of Rs 208 crore in January-March period of FY23. Revenue from operations rose to Rs 4,009 crore in the period under review from Rs 3,543 crore a year ago. For the year ended March 31, 2024, the company posted a PAT of Rs 1,053 crore as compared with Rs 904 crore in 2022-23. Revenue from operations rose to Rs 16,029 crore as against Rs 14,592 crore in FY23. The company said its board has proposed a final dividend of Rs 2 per share for 2023-24.

Central Bank of India profit jumps 41%

New Delhi: State-owned Central Bank of India on Tuesday reported a 41 per cent jump in its net profit to Rs 807 crore for the March quarter, helped by a decline in bad loans and a rise in interest income. The Mumbai-based lender had earned a net profit of Rs 571 crore in the year-ago period. During the quarter, the bank’s total income increased to Rs 9,699 crore as against Rs 8,567 crore a year ago, Central Bank of India said in a regulatory filing. Interest income grew to Rs 8,337 crore during the period under review from Rs 7,144 crore in the corresponding quarter a year ago.