Net profit in the year-ago period stood at Rs 26.87 crore, the company said in a regulatory filing.
Net income declined to Rs 226.13 crore from Rs 242.75 crore in the year-ago quarter.
Expenses however remained lower at Rs 190.08 crore as against Rs 205.12 crore.
This growth is not as per expectation and the management shall take regular endeavours to register more growth rate in future," Managing Director M K Dhanuka said.
The Board has declared interim dividend of Rs 2 per share, which will be paid within 30 days of declaration.
Shares of the company fell 4.24 per cent to settle at Rs 665.95
a piece on BSE today.
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