Q4 Results

City Union Bank records 17% jump in net at `254.81 cr

Chennai: Private sector City Union Bank has reported a 17 per cent jump in its net profits at Rs 254.81 crore for the January-March 31, 2024 quarter, based on improved recovery from slippages. The Tamil Nadu-based bank had registered a net profit of Rs 218.04 crore during the corresponding quarter of last year. For the financial year ending March 31, 2024, the net profits of the bank breached the Rs 1,000 crore mark, with Rs 1,015.73 crore, up by 8 per cent from Rs 937.47 crore registered a year ago. “Improved recovery resulting in lowering provisioning helped to achieve growth in PAT,” the bank said in a statement on Tuesday. The total income during the quarter under review went up to Rs 1,549.34 crore from Rs 1,423.09 crore registered in the same quarter of last year. For the financial year ending March 31, 2024, the total income surged to Rs 6,012.22 crore, as against Rs 5,524.69 crore registered a year ago.

Clocked 1.6 times growth in grocery biz: Flipkart

Bengaluru: As online grocery delivery market surges in the country, e-commerce platform Flipkart on Tuesday said it has clocked 1.6 times growth (year-on-year) in its grocery business, with more than half of deliveries being carried out using electric vehicles (EVs). Flipkart Grocery offers next-day deliveries in over 200 cities, including tier 2 and beyond towns and cities. “As we expand our footprint and enhance our service offerings, we remain dedicated to delivering unparalleled convenience to millions of customers across India,” said Hari Kumar G, Vice President, Head of Grocery, Flipkart. While essential staples such as oil, ghee, atta, tea, coffee, detergents and personal care saw 1.6 times growth, the company said it also witnessed strong growth across essential and non-essential items, with an increase in liquid detergents by 1.8 times, dry fruits by 1.5 times and energy drinks by 1.5 times, among others.

Deepak Nitrite posts 8.54% rise in profit to `254 cr

New Delhi: Deepak Nitrite Ltd has posted an 8.54 per cent rise in consolidated net profit to Rs 253.85 crore for the March quarter on the back of higher income. The chemical firm had reported a net profit of Rs 233.86 crore in the year-ago period. Total income of the company increased 8.6 per cent to Rs 2,145.34 crore during the January-March period of FY24, from Rs 1,973.93 crore a year earlier, according to a regulatory filing. Expenses remained higher at Rs 1,875.96 crore, compared with Rs 1,658.78 crore in the said period. For the full 2023-24 fiscal, the company reported a 4.82 per cent decline in consolidated net profit to Rs 810.89 crore, compared with Rs 852 crore in the previous fiscal. Total income fell to Rs 7,757.93 crore from Rs 8,019.64 crore during the said period, the filing added.

Welspun Enterprises profit drops 45%

New Delhi: Welspun Enterprises on Tuesday reported a 45.4 per cent decline in consolidated profit to Rs 77.67 crore for the quarter ended on March 31, 2024. The company posted a consolidated profit of Rs 142.41 crore in the year-ago period. The consolidated income dropped to Rs 866.70 crore in the January-March quarter from Rs 916.46 crore in the year-ago period, according to an exchange filing by the company. Welspun Enterprises is an infrastructure developer with diversified portfolio of projects in infrastructure and energy sectors. Shares of the company tanked more than 8 per cent to trade at Rs 363.65 per share on BSE in the pre-close session.