Q4 results impact: Yes Bank shares zoom 20% after lender posts Rs 2,629-cr profit, HCL Tech jumps over 4%
Shares of Yes Bank on Thursday zoomed 20 percent after the company reported a net profit of Rs 2,629 crore for the March quarter
New Delhi: Shares of Yes Bank on Thursday zoomed 20 percent after the company reported a net profit of Rs 2,629 crore for the March quarter.
The stock jumped 19.92 percent to Rs 31.60 on BSE, while it rallied 19.96 percent to Rs 31.55 on NSE.
Yes Bank on Wednesday reported a net profit of Rs 2,629 crore for the March quarter, helped by a massive gain of over Rs 6,200-crore arising out of a controversial write-off of bond investors' investment.
Representational image. Reuters.
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If the one-off gain is excluded, then the bank, which was bailed out by a consortium-led by State Bank of India (SBI) in March, has a loss of Rs 3,668 crore in the latest quarter under review.
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The private sector lender posted a loss of Rs 18,560 crore in the December quarter while the loss was at Rs 1,506 crore in the March 2019 quarter.
The one-time gain is from the write off of additional tier-I bondholders' Rs 8,419-crore investment, according to a release.
For the fiscal year 2019-20, Yes Bank reported a loss of Rs 16,481 crore. It had a profit of Rs 1,720 crore in the year-ago period.
The bank showed a marginal improvement in the gross non-performing assets ratio at 16.80 percent in the March quarter as against 18.87 percent in the three months ended December 2019.
Meanwhile, shares of HCL Technologies on Thursday jumped over 4 percent after the company posted 22.8 percent rise in its consolidated net profit for the March quarter.
On BSE, the scrip advanced 4.38 percent to Rs 542.40, while on NSE it rose 4.37 percent to Rs 541.80.
Earlier in the day, the IT firm posted 22.8 percent rise in consolidated net profit at Rs 3,154 crore for the March quarter driven by strong growth across verticals.
It had registered a net profit of Rs 2,568 crore in the January-March 2019 quarter, HCL said in a regulatory filing.
Its revenue grew 16.3 percent to Rs 18,590 crore in the quarter under review, from Rs 15,990 crore in the corresponding quarter last year, as per US Generally Accepted Accounting Principles (GAAP).
For FY20, HCL Tech's consolidated net profit increased 9.3 percent to Rs 11,062 crore, while revenue grew 17 percent to Rs 70,678 crore from the previous financial year.
Like its peers, Infosys and Wipro, HCL Technologies has refrained from offering revenue guidance amid uncertainties on account of COVID-19 pandemic.
(With PTI inputs)
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