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    Q4 results roundup: BHEL's net profit falls 33%, City Union Bank's rises 4%

    Synopsis

    On a sequential basis, net profit for the quarter rose multifold from just Rs 10 crore reported in the December quarter.Revenue from operations rose by a meager 2% to Rs 8,226 crore in the March quarter, as against Rs 8062 crore in the same quarter of last year.

    BHELAgencies
    BHEL and Nexus Select Trust announced their fourth-quarter results on Friday. Here is a brief look at what the companies reported in the March quarter.

    BHEL
    BHEL has reported a 33% decline in its consolidated net profit at Rs 611 crore for the quarter ended March. The same stood at Rs 912 crore in the corresponding quarter of last year.

    On a sequential basis, net profit for the quarter rose multifold from just Rs 10 crore reported in the December quarter.
    Revenue from operations rose by a meager 2% to Rs 8,226 crore in the March quarter, as against Rs 8062 crore in the same quarter of last year.

    The Board has also recommended a final dividend of Rs 0.40 per share of Rs 2 each on the paid-up share capital of the company for FY23. The final dividend, if approved by the company in the annual general meeting will be paid within 30 days from the date of AGM.

    During the quarter, the company's total expenses increased 5% to Rs 7474 crore, compared with Rs 7,091 crore in the same period of last year.

    For the full fiscal year, BHEL's revenue from operations jumped 10% to Rs 22,136 crore. The same stood at Rs 20,153 crore in FY22.
    For FY23, net profit came in at Rs 477 crore, higher by 7% from Rs 444 crore in the previous fiscal year.

    City Union Bank
    City Union Bank's net profit rose 4% to Rs 218 crore in Q4 of FY23 as against Rs 209 crore in Q4 FY22. For the year ended FY23, the PAT had registered a growth of 23% and increased to Rs 937 crore.

    The Bank earned a net interest income of Rs 514 crore for the fourth quarter as against Rs 501 crore in the same quarter last year. Non-interest income of the Bank for the same period was Rs 195 crore.

    The gross profit fell 5% to Rs 417 crore during the reporting period, compared with Rs 440 crore in the corresponding period last year.

    The Bank made a provision of Rs 880 crore as of March 2023 as against Rs 835 cr in the same period of last year.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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