Crisil, Corpn Bank & Electrosteel Q1 results

CORPORATE SCORECARD

Crisil net up 72%

Rating agency, Crisil today reported a 72 per cent rise in consolidated net profit in the first quarter ended June 30, 2005 to Rs 5.57 crore from Rs 3.24 crore a year earlier.

The rating agency's consolidated total income during April-June 2005 was up 48 per cent to Rs 37.47 crore against Rs 25.29 crore a year earlier.

The major mandates received during the quarter include an assignment to act as the principal strategic consultant to National Thermal Power Corporation for its mining initiatives, an assignment with a gas company for assessment of markets, regulation and pricing, and an assignment with the West Bengal government.

Corpn Bank net up 17%

Corporation Bank reported a 17 per cent increase in net profit at Rs 123.5 crore for the first quarter ended June 30, 2005 compared with Rs 105.5 crore in the corresponding quarter last fiscal.

Total business (deposits and advances) of the Mangalore-based bank grew by over 18 per cent to Rs 45,565 crore during the first quarter of 2005-06 from Rs 38,422 crore in June 2004, corporation bank said in a release.

Deposits rose by about 12 per cent to Rs 26,767 crore during the quarter under review against Rs 23,934 crore in the year ago quarter.

Advances jumped by 30 per cent to Rs 18,797 crore during April-June quarter of this fiscal from rs 14,487 crore during the corresponding period in 2004.

Total income has increased by 17 per cent at Rs 766 crore during the quarter from Rs 653 crore in the year-ago period.

At present, the bank has a net worth of Rs 3,178crore compared with Rs 2,874 crore as on June 30, 2004. From capital adequacy ratio point of view, the bank was at a comfortable level of 17.16 per cent.

Net non-performing assets stood at 1.15 per cent compared with 1.80 per cent a year ago. The bank has made a provision of Rs 50 crore towards NPA during the quarter.

Electrosteel net dips

Electrosteel Castings registered net sales of Rs 230.6 crore in the first quarter ended June 30 compared with Rs 190.27 crore in the year-ago period.

Total income was at Rs 235.8 crore as against Rs 195.22 crore. Profit before tax dipped to Rs 23.03 crore from Rs 35.89 crore in the previous year's comparable quarter.

Net profit too dropped to Rs 15.9 crore from Rs 22.83 crore in the year-ago comparable quarter.