PNB Gilts net falls 34% to Rs 38 cr

Mumbai, January 23: | Updated: Jan 24 2002, 05:30am hrs
PNB Gilts has reported a 34 per cent fall in its net profit to Rs 38.03 crore for the quarter ended December 31, 2001 as against Rs 58 crore for the same period last fiscal due to write-offs for depreciation.

PNB Gilts’ managing director Arun Kaul said that the fall in net profit for the latest quarter was on account of write-offs for depreciation in the previous year, which witnessed heavy pressure on rupee and interest rates.

Income from operations stood at Rs 74.07 crore (Rs 105.02 crore) while other income stood at Rs 0.09 crore (Rs 0.51 crore). Interest stood at Rs 13.32 crore (Rs 34.26 crore). Depreciation on fixed assets stood at Rs 0.15 crore (Rs 0.09 crore). Profit before tax stood at Rs 58.99 crore (Rs 70.11 crore). Provision for taxation was Rs 20.96 crore (Rs 12.10 crore). The paid up equity share capital stood at Rs 135 crore. The basic and diluted earnings per share (EPS) stood at Rs 2.82 (Rs 4.30). The EPS figures are for the relevant period and have not been annualised.

PNB Gilts has reported a net profit of Rs 83.63 crore for the nine months ended December 31, 2001 as against Rs 18.85 crore for the same period last fiscal.

Said Mr Kaul: "The company’s excellent performance in the present period has been as a result of the company’s judicious risk managemment policies, strong research base and a focus on greater market penetration coupled with good market conditions. There has been a conscious shift in the business focus on active business strategy."

Added Mr Kaul: "The outlook for the next quarter remains positive and there appears to be no negatives on the interest rate front. Liquidity is comfortable on account of deposit growth of banks coupled with slow credit offtake and regular forex inflows. Inflation remains low at around 2 per cent. Interest rates, thus are expected to remain stable with a bias towards softening."