The erosion in standalone net profit is mainly on account of higher provisioning against bad loans, operating expenses including employee cost besides tax outgo of over Rs900 crore
Mumbai: State Bank of India's (SBI) net profit nosedived to Rs20.9 crore during the fourth quarter ended 31 March 2011 fiscal against Rs1,866.60 crore in the same quarter previous fiscal, reports PTI.
The erosion in standalone net profit is mainly on account of higher provisioning against bad loans, operating expenses including employee cost besides tax outgo of over Rs900 crore.
Total income during the quarter rose 18% to Rs26,536.8 crore from Rs22,474.1 crore in the corresponding period a year ago.
Despite dismal performance, the bank maintained the dividend at 300% for 2010-11. It will pay a dividend of Rs30 per share on face value of Rs10 after getting the shareholders approval.
For the fiscal ended March 2011, the net profit slipped by 10% to Rs8,264.5 crore compared with Rs9,166.05 crore in the previous fiscal.
However, the total income rose to Rs97,218.9 crore during the fiscal against Rs85,962.07 crore in FY 2010.
During the fourth quarter, SBI made a provision of Rs3,263.9 crore against bad debts compared with Rs2,186.7 crore in the same period a year ago, an increase of 49%.
At the same time, tax outgo during January-March quarter rose to Rs1,901.8 crore from Rs977.8 crore in the same period a year ago. Operating expenses of the bank including employee cost also rose to Rs6,793.8 crore from Rs6,036 crore.
On a consolidated basis, the net profit of the SBI Group declined by 7% to Rs11,179.9 crore for the year ended 31 March 2011 compared with Rs12,013.6 crore a year ago. Total income increased to Rs1,47,843.9 crore from Rs1,13,093 crore.
Aurobindo Pharma has received approval from the Australian health authority to market Risperidone and Alendronate tablets, used in the treatment of schizophrenia and osteoporosis
Aurobindo Pharma said it has received approval from the Australian health authority to market Risperidone and Alendronate tablets, used in the treatment of schizophrenia and osteoporosis, respectively, in the Australian market.
The company's subsidiary, Aurobindo Pharma Australia Pty, has received approvals from the Therapeutic Goods Administration (TGA), Australia, for registration of Risperidone tablets in 0.5mg, 1mg, 2mg, 3mg and 4mg strengths, besides oral solution in 1mg/1ml strengths, Aurobindo Pharma said in a statement.
In addition, the company has received approval for marketing Alendronate tablets in 70mg strengths, it added.
According to IMS data, Risperidone products have a market size of nearly $27.5 million in Australia, while the market for Alendronate was worth $14 million for the twelve months ending September 2010.
With this approval, the Hyderabad-based firm now has eight approvals from the TGA, the company said.
Risperidone tablets and oral solution are used in the treatment of schizophrenia and fall under the neurological (CNS) segment. Alendronate tablets are used in the treatment and prevention of osteoporosis.
On Tuesday, Aurobindo Pharma ended 2.52% down at Rs189.65 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.13% to 18,137.35.
IL&FS Engineering has won a contract worth $100 million from Prime Star Energy FZE for the construction of a storage tank terminal at Fujairah, UAE
IL&FS Engineering & Construction Company (IECC) has won a contract worth $100 million from Prime Star Energy FZE for the construction of a storage tank terminal at Fujairah, UAE.
Prime Star Energy is part of the Emirates Trading Agency LLC group and has tied up with Infrastructure Leasing & Financial Services (IL&FS) to finance the project, IECC said in a statement.
The storage tank terminal, which will be built at an estimated cost of $165 million with an aggregate storage capacity of 600,000 cubic meters, is expected to be completed within the next two years, it said.
Prime Star Energy plans to undertake the development, operations and maintenance of the terminal for oil and oil products at Fujairah.
"The storage tank contract is an important development for IECC as it marks its first entry into the oil and gas sector in the Middle East and will enable IECC to qualify for other works in this space," it said.
IECC, which is a joint venture between financial services provider IL&FS and Saudi BinLadin Group, had recently bagged an infrastructure project worth $100 million in Damman, Saudi Arabia.
On Tuesday, IECC ended 0.29% down at Rs172.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.13% to 18,137.35.