Q3 Result: Profit Quarter for Union Bank, Tech Mahindra and Vedanta

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The third quarter of the current financial year has proved to be a quarter of profit for most companies. Tech Mahindra’s consolidated net profit in the third quarter rose 14.3 percent to Rs 1,309.8 crore. Union Bank also made a net profit of Rs 727 crore during this period. While Vedanta’s third-quarter net profit rose 59 percent to Rs 4,224 crore.

IT services company Tech Mahindra’s consolidated net profit for the third quarter of the current financial year ended December 2020 increased by 14.3 percent to Rs 1,309.8 crore. The Mumbai-based company made a net profit of Rs 1,145.9 crore in the same quarter of the previous financial year. Tech Mahindra said in a statement on Friday that its operating income remained almost stable at Rs 9,647.1 crore during the quarter. This was Rs 9,654.6 crore in the same quarter of the previous financial year.

Tech Mahindra’s net profit has increased by 23% as compared to the September quarter of the current financial year. The company had a net profit of Rs 1,064.6 crore in the September quarter. Similarly, the company’s earnings were 2.9 percent higher than the September quarter. The company’s revenue in the September quarter stood at Rs 9,371.8 crore. The company’s earnings per share (EPS) during the quarter stood at Rs 14.9.

Union Bank profits to Rs 727 crore

The public sector Union Bank of India made a net profit of Rs 726.84 crore for the third quarter ended December 2020 of the current financial year. This resulted in the bank’s net profit of Rs 574.58 crore in the same quarter of the previous financial year. The merger of Andhra Bank and Corporation Bank with Union Bank took effect from April 1, 2020. Thus, the December quarter results cannot be compared to the same period of the previous financial year.

In a communication sent to the stock exchanges, the bank said its total income rose to Rs 20,102.84 crore during the quarter from Rs 10,741.21 crore in the same quarter of the previous fiscal. On the property front, the bank’s gross non-performing assets (NPAs) declined to 13.49 percent during the quarter from 14.86 percent in the same quarter a year ago.

The bank’s gross NPAs by value stood at Rs 87,968.62 crore, compared to Rs 49,923.58 crore in the same quarter of the previous financial year. The bank’s net NPAs also came down to 3.27 percent (Rs 19,063.05 crore) from 6.99 percent (Rs 21,510.28 crore) in the same quarter of the previous fiscal. The bank’s share in BSE rose 5.25 percent to close at Rs 31.05.

Vedanta’s net profit increased by 59 percent

Vedanta Ltd. The consolidated net profit for the third quarter of the current financial year ended December 2020 increased by 59 percent to Rs 4,224 crore. This earned the company a net profit of Rs 2,665 crore in the same quarter of the previous financial year. In a communication sent to BSE, the company said that its total income increased to Rs 23,621 crore during the quarter from Rs 22,007 crore in the same quarter of the previous fiscal. The company’s total expenses during the quarter remained almost stagnant at Rs 18,211 crore.

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