Apollo Tyres net profit declines 44% yoy in Q1FY20
Apollo Tyres' share price jumped 4% after the co. announced its Q1FY19 numbers.
The company's Q1FY20 net profit has declined by 44% to Rs141.6cr from Rs251.8cr for the corresponding quarter ended June 30, 2018.
The income from operations rose by 1% to Rs4331.3cr in Q1FY20 as against Rs4299.3cr for the corresponding quarter ended June 30, 2018.
EBITDA margin stood at 11% vs. 12.5% yoy basis.
Coffee Day appoints S. V. Ranganath as interim chairman
Coffee Day Enterprises said in the press note that the board has appointed SV Ranganath as the new Interim Chairman. The company has also appointed Nitin Bagmane as an Interim Chief Operating Officer.
Constitution of an executive committee comprising S. V. Ranganath (Non-Executive Independent Director), Nitin Bagmane (COO) and R. Ram Mohan (CFO) to exercise the powers previously vested with the Chief Executive Officer of the Company and the Administrative Committee constituted by the Board in 2015. The Board will, in due course, prepare a detailed charter of authorities vested in the Executive Committee and approve the same. The Executive Committee will, inter alia, explore opportunities to deleverage the Coffee Day Group, the company said in the stock exchange.
RBI eases ECB norms for corporates, NBFCs
The Reserve Bank of India (RBI) on July 30 relaxed the end-use stipulations under external commercial borrowings framework for corporates and non-banking financial companies (NBFCs).
"Based on the feedback from stakeholders and with a view to further liberalise the ECB framework, it has been decided, in consultation with the Government of India, to relax the end-use restrictions relating to external commercial borrowings for working capital requirements, general corporate purposes and repayment of rupee loans," RBI said in a press release yesterday.
PNB Housing Finance PAT up 11% yoy to Rs285cr in quarter ended Jun'19
Performance highlights for Q1FY20 vs. Q1FY19:
Its Net Interest Income registered a growth of 45% to Rs625.5cr from Rs432.8cr.
Profit after Tax grew by 11% to Rs284.5cr from Rs255.8cr.
The spread on loans for Q120 stood at 2.53% compared to 2.11% for Q1FY19.
Net Interest Margin for Q1FY20 stood at 3.14% compared to 2.74% for Q1FY9.
Return on Asset is at 1.37% on an average gearing of 9.4x against 1.54% on an average gearing of 8.7x during Q1 FY18-19 resulting in a Return on Equity of 14.8% for Q1 FY19-20 vis a vis 15.8%for Q1 FY18-19.
Gross Non-Performing Assets (GNPA) stood at 0.85% of the loan assets as on 30th June, 2019, against 0.43% as on 30th June, 2018.
Net NPA stood at 0.67% of the loan assets as on 30th June, 2019 against 0.33% as on 30th June, 2018.
ICRA expects some weakening in Retail-NBFC asset quality in the current fiscal
The assets under management (AUM) of retail non-banking finance companies grew at a much slower pace of ~9.5% (over September 2018) during H2FY2019 vis a vis ~13% during H2FY2018 (over September 2017) due to tightening of liquidity. Typically, though Retail-NBFC growth in H2 is higher than H1, in FY2019, it was lower than H1 growth of 11.5%. Therefore, overall credit growth of 22% during FY2019 was largely supported by the H1 performance. The Retail-NBFC AUM stood at Rs9.1 trillion as on March 31, 2019.
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