Bajaj Finserve Ltd. reported a fourth-quarter stand-alone net profit of Rs.7.82 crore, compared with Rs.140.89 crore per share for the quarter ended March 31, 2011. Net profit plummeted by 94 percent in the absence of one-time gain during the quarer.
The results for the preceding year quarter included a one-time gain of Rs.139.07 crore, under exceptional item, toward surplus on pre-payment of sales tax deferral incentive/loan liability.
Its quarterly net income from operations stood at Rs.19.98 crore, up by six percent from the Rs.18.86 crore in the year-ago quarter, while other income was Rs.2.07 crore, compared with Rs.2.11 crore in Q4FY11.
For the fiscal year its stand-alone net profit declined by 59 percent to Rs.76.57 crore, compared with Rs.188.34 crore for the year ended March 31 last year. Total income, including other income, rose by 14 percent to Rs.144.18 crore from Rs.126.06 crore a year-ago.
Consolidated Results
On a consolidated basis, its net profit in the fourth-quarter, after minority interest and share of profit of associates, stood at Rs.880.79 crore, flat from last year's Rs.872.59 crore. Total income, including other income, stood at Rs.1,752.00 crore, up by 33 percent from the Rs.1,317.28 crore in the year-ago quarter.
For the fiscal year, the company posted a net profit of Rs.248.30 crore, lower by 56 percent than the Rs.567.66 crore in 2011. Total income, including other income, rose by 60 percent to Rs.3,904.78 crore from Rs.2,444.57 crore last year, reflecting a percent fall.
The company's board recommended a dividend of 30 percent or Re.1.50 per equity share of Rs.5 each for the fiscal year 2012.
The board also approved a proposal for raising funds up to Rs.1,000 crore by way of issue of equity shares and/or securities convertible into equity shares, by way of a qualified institutions placement, private placements, issuance of ADRs, GDRs etc.
At the BSE, Bajaj Finserve closed Wednesday's trading at Rs.709.55, down 1.03 percent from the previous close.
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