Bata India Q2 net profit rises 24% to Rs 43 cr

Bata India Q2 net profit rises 24% to Rs 43 cr”

United Bank of India (UBI) ended the second quarter with a Rs. 344.8 crore loss against a Rs. 43.5 crore net profit a year earlier.

The company said the results for the period are not comparable as it include the financials of Aditya Birla Nuvo Ltd (ABNL) and its subsidiaries post its merger with effect from 1 July 2017.

Total expenses during the period were Rs12,354.92 crore against Rs8,186.11 crore in the year ago quarter. During the quarter ended September, 2017, the bank had made a provision of Rs 162.94 crore under Insolvency and Bankruptcy Code (IBC). "Remaining Rs 325.89 crore will be provided in next two quarters as permitted under RBI directions", the bank said.

The company has registered sales of Rs 1,433.2 crore compared to Rs 1,393.2 crore in the corresponding quarter of the previous year, representing an increase of 12 per cent, a company statement said.

The bank's operating profit saw a 34.5 per cent y-o-y dip to Rs 286 crore against Rs 436.59 crore in the year-ago period.

Total consolidated income during the quarter stood at Rs13,935.18 crore.

The company's stock closed 7.94 per cent up at Rs 154.95 apiece on BSE today.

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