EconomyCompanies
Polycab's profit jumps 43% as HDFC Life, IRFC and HDFC AMC also report gains
A busy Thursday of September-quarter results brought higher profits at the cable maker, the insurer, the railway financier and the fund house.
Key points
- Polycab's net profit rose 42.59% to ₹977.37 crore from a year earlier.
- HDFC Life's profit grew 16.35% to ₹521.60 crore, and it plans to raise up to ₹500 crore in bonds.
- IRFC declared a ₹1.15 dividend a share after profit rose 10.21%.
Polycab India’s profit rose by more than 40% in the July to September quarter, one of several companies that reported higher earnings on a crowded Thursday for results.
The cable and wire maker’s net profit rose 42.59% from a year earlier to ₹977.37 crore.
Insurer and fund house
HDFC Life Insurance reported a 16.35% rise in profit to ₹521.60 crore. Its board also gave in-principle approval to raise up to ₹500 crore through subordinated non-convertible debentures. Rival ICICI Prudential Life had reported a 25% rise in profit on Tuesday.
HDFC Asset Management Company posted a 4.22% increase in profit to ₹748.73 crore, a slower pace than its peer ICICI Prudential AMC earlier in the week.
Railway financier pays out
Indian Railway Finance Corporation (IRFC), the state-owned railway financier, said its profit rose 10.21% to ₹1,958.48 crore. It declared a dividend of ₹1.15 a share, with a record date of 23 October.
The four were among dozens of companies reporting on Thursday, a day dominated by the IT sector. Tech Mahindra’s profit rose 32.7% and its board recommended a 1:1 bonus issue, Wipro’s profit slipped 1.4%, and Persistent Systems’ profit fell 25.4% on costs linked to its Nagarro acquisition even as revenue grew 20%.
More results are due on Friday, including Punjab National Bank, DLF and Federal Bank.