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| As on Jan 20, 2021 12:00 AM |
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Other income surged 68.08% to Rs 113.05 crore in in Q3 FY21 over Q3 FY20. Profit before tax (PBT) gained 3.55% to Rs 482.62 crore in Q3 December 2020 as against Rs 466.03 crore in Q3 December 2019. Total tax expense for the quarter declined 0.10% to Rs 113.36 crore as against Rs 113.48 crore in Q3 December 2019. The Q3 result was declared after market hours today, 20 January 2021. Total expense during the quarter declined 11% year-on-year (Y-o-Y) to Rs 112.20 crore. The operating profit of the company for the quarter ended 31 December 2020 was Rs 369.70 crore. While this is 7% lower than the operating profit of Rs 398.70 crore for the quarter ended 31 December 2019, it is 6% higher than the operating profit of Rs 349.10 crore for the quarter ended 30 September 2020. HDFC AMC's market share stood at 13.1% as on 31 December 2020 as against 13.6% as on 30 September 2020 and 14.3% as on 31 December 2019. The company's quarterly average Assets Under Management (QAAUM) was at Rs 3,89,500 crore as of 31 December 2020 as compared to Rs 3,82,500 crore as on 31 December 2019. The company said its financial performance in the initial period of this financial year had suffered due to the effects of the COVID-19 pandemic on the markets. While there continues to be some uncertainty regarding how the COVID-19 pandemic will ultimately pan out, markets have been upbeat and the firm's financial performance this quarter has improved further. This is evident from sequential improvement in profit parameters and even in operating margin which has gone up from 34 bps in the quarter ended 30 June 2020 to 37 bps in the quarter ended 30 September 2020 and now stands at 38 bps for the quarter ended 31 December 2020. HDFC AMC is investment manager to HDFC Mutual Fund. The company has a diversified asset class mix across equity and fixed income/others. It also has a countrywide network of branches along with a diversified distribution network comprising banks, independent financial advisors and national distributors. Shares of HDFC Asset Management Company (AMC) fell 0.03% to close at Rs 3,205.90 today.
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| The NBFC's profit before tax stood at Rs 1,554.51 crore in Q3 December 2020, a 28.3% decline over Rs 2170 crore posted in Q3 December 2019. Total tax expense declined 26.5% to Rs 408.53 crore in Q3 December 2020 over Q3 December 2019. Loan losses and provisions spiked by 62.7% in Q3 December 2020 to Rs 1,352 crore from Rs 831 crore reported in Q3 December 2019. During the quarter, the company said it has done a one time write-off of principal outstanding of Rs 1,970 crore and interest outstanding of Rs 365 crore on account of COVID-19 related stress. Post such write off, the company holds a management overlay of Rs 800 crore as of 31 December 2020. On the asset quality side, gross NPA and net NPA as of 31 December 2020 stood at 0.55% and 0.19% respectively, as against 1.61% and 0.70% as of 31 December 2019. The provisioning coverage ratio as of 31 December 2020 was 65%. Capital adequacy ratio (including Tier-II capital) as of 31 December 2020 stood at 28.18%. According to Supreme Court's interim order, the company has not classified any accounts which were not NPA as of 31 August 2020, as per RBI norms, as NPA after 31 August 2020. Net Interest Income (NII) fell 5.27% year-on-year to Rs 4,296 crore in Q3 December 2020 over Q3 December 2019. This was predominantly due to higher reversal of interest income at Rs 450 crore versus Rs 83 crore in Q3 FY20 and higher cost of liquidity surplus at Rs 213 crore versus Rs 83 crore in Q3 FY20. The NBFC's Assets under management (AUM) fell by 1% year on year to Rs 143,550 crore as of 31 December 2020 from Rs 145,092 crore as of 31 December 2019. New loans booked during Q3 FY21 stood at 6.04 million as against 7.67 million in Q3 FY20. Customer franchise as of 31 December 2020 stood at 46.31 million as against 40.38 million as of 31 December 2019. The NBFC major said that it acquired 2.19 million new customers in Q3 FY21 as compared to 2.46 million in Q3 FY20. Total operating expenses to net interest income for Q3 December 2020 was at 32.3% as against 33.8% in Q3 December 2019. The reduction was on account of lower business volumes as well as measures taken to reduce operating expenses. Shares of Bajaj Finance rose 0.41% to Rs 4981.15. Bajaj Finance is engaged in lending and allied activities. It focuses on consumer lending, small and medium-sized enterprises (SME) lending, commercial lending, rural lending, fixed deposits and value-added services.
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Ramco Logistics Software is an integrated and smart platform engineered to provide an end-to-end comprehensive business solution for 3PLs, Contract Logistics, Freight Forwarders, Project Cargo, Reefer Logistics, E-Commerce Logistics and Parcel/ Express Service Providers. By embedding geo-visualization layer provided by HERE Technologies, Ramco Systems' clients will benefit from real-time view of their logistics operations using HERE Maps. In addition, Ramco Systems will use HERE Technologies' routing APIs to compute accurate ETAs (expected time of arrival) based on historic and real-time traffic conditions, movement of hazmat materials as well as truck attributes, thus enabling improved customer satisfaction. HERE Technologies will also provide advanced algorithms around dynamic re-routing to allow for updates to routes based on changes on traffic, weather, tour or new orders. Ramco Systems will also integrate the HERE SDK to support turn by turn navigation on the mobile device supporting driver behavior analysis and allow drivers to safely stay focused on the road and traffic conditions around them. The announcement was made before market hours today, 20 January 2021. Ramco Systems' consolidated net profit surged 19.39% to Rs 16.93 crore on 10.03% increase in net sales to Rs 159.82 crore in Q2 September 2020 over Q1 June 2020. Shares of Ramco Systems fell 0.80% to Rs 690.70. Ramco Systems is an enterprise software, offering cloud and mobile-based enterprise software in the area of HCM and Global Payroll, ERP and M&E MRO for Aviation.
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| Profit before tax in Q3 December 2020 stood at Rs 2,945 crore, up by 40.57% from Rs 2,095 crore in Q3 December 2019. Current tax expense jumped 42.18% YoY to Rs 509 crore in the third quarter. The company said that the increase in revenue was led by higher metal volumes, higher zinc & silver prices and rupee depreciation partly offset by lower lead prices. Zinc volumes increased by 6% year-on-year (YoY) and lead by 30% YoY in line with higher production and robust demand. EBITDA for the quarter soared to Rs 3,314 crore, up 45% YoY and 12% sequentially on account of higher revenue and well managed operating costs. The company's net cash and cash equivalents as at end of 31 December 2020 was Rs 10,987 crore as compared to Rs 17,832 crore at the end of the second quarter (Sept'20) and was invested in high quality debt instruments. Commenting on the Q3 performance, Arun Misra, CEO, said: We have delivered record production volumes yet again despite challenging operating environment due to Covid. Our steadfast focus on strengthening fundamentals will allow us to operate at targeted run-rate production in Q4, in turn setting the stage right for next fiscal year. We are leveraging technology for increased efficiency at our mines & smelters and more importantly to ensure safe operations in these extraordinary times. Swayam Saurabh, CFO, said: Our unwavering commitment to invest in cutting edge technology and increased digitization of our operations, along with other structural cost reduction initiatives has helped to successfully bring down the cost at sustainable low levels. Our firm focus on free cash flow generation through working capital optimization has enabled us to deliver industry-leading shareholder returns. In its outlook, the company said: “We previously guided to achieve mined metal and finished metal production of 925-950 KT each and saleable silver production of c.650 MT in FY21. We also guided zinc cost of production to remain below $1,000 per MT and project capex between $100 million and $140 million for the year.” Hindustan Zinc is an integrated producer of zinc, lead and silver. The scrip shed 0.33% to Rs 298.30. It traded in the range of 295.05 and 314.80 so far during the day.
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Alembic Pharmaceuticals Ltd, L&T Finance Holdings Ltd, Indiabulls Real Estate Ltd and Somany Home Innovation Ltd are among the other losers in the BSE's 'A' group today, 20 January 2021. Tata Communications Ltd lost 6.88% to Rs 1052.25 at 14:48 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 70255 shares were traded on the counter so far as against the average daily volumes of 18524 shares in the past one month. Alembic Pharmaceuticals Ltd crashed 4.02% to Rs 988.5. The stock was the second biggest loser in 'A' group.On the BSE, 35760 shares were traded on the counter so far as against the average daily volumes of 14912 shares in the past one month. L&T Finance Holdings Ltd tumbled 3.45% to Rs 103.4. The stock was the third biggest loser in 'A' group.On the BSE, 22.42 lakh shares were traded on the counter so far as against the average daily volumes of 14.34 lakh shares in the past one month. Indiabulls Real Estate Ltd corrected 3.27% to Rs 84.35. The stock was the fourth biggest loser in 'A' group.On the BSE, 7.65 lakh shares were traded on the counter so far as against the average daily volumes of 9.5 lakh shares in the past one month. Somany Home Innovation Ltd dropped 3.17% to Rs 178.85. The stock was the fifth biggest loser in 'A' group.On the BSE, 13625 shares were traded on the counter so far as against the average daily volumes of 18554 shares in the past one month.
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Energy Development Company Ltd, Eurotex Industries and Exports Ltd, Vikas Multicorp Ltd and Kwality Ltd are among the other losers in the BSE's 'B' group today, 20 January 2021. JSW Ispat Special Products Ltd lost 5.00% to Rs 32.3 at 14:32 IST.The stock was the biggest loser in the BSE's 'B' group.On the BSE, 88465 shares were traded on the counter so far as against the average daily volumes of 1.84 lakh shares in the past one month. Energy Development Company Ltd crashed 4.98% to Rs 14.89. The stock was the second biggest loser in 'B' group.On the BSE, 1924 shares were traded on the counter so far as against the average daily volumes of 70446 shares in the past one month. Eurotex Industries and Exports Ltd tumbled 4.95% to Rs 9.21. The stock was the third biggest loser in 'B' group.On the BSE, 502 shares were traded on the counter so far as against the average daily volumes of 1857 shares in the past one month. Vikas Multicorp Ltd fell 4.94% to Rs 4.43. The stock was the fourth biggest loser in 'B' group.On the BSE, 47.17 lakh shares were traded on the counter so far as against the average daily volumes of 82.82 lakh shares in the past one month. Kwality Ltd plummeted 4.90% to Rs 2.72. The stock was the fifth biggest loser in 'B' group.On the BSE, 10.59 lakh shares were traded on the counter so far as against the average daily volumes of 3.53 lakh shares in the past one month.
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Profit before tax in Q3 FY21 stood at Rs 542.28 crore, down by 6.98% from Rs 582.96 crore in Q3 FY20. Tax expense declined by 2.91% year-on-year (YoY) to Rs 138.18 crore. Operating profit increased by 29.45% to Rs 962.90 crore in Q3 December 2020 from Rs 743.82 crore in Q3 December 2019. On the asset quality side, gross non-performing assets (NPAs) stood at Rs 3,470.18 crore as on 31 December 2020 as against Rs 3,552.19 crore as on 30 September 2020 and Rs 3,618.69 crore as on 31 December 2019. The ratio of gross NPAs to gross advances stood at 2.71% as on 31 December 2020 as against 2.84% as on 30 September 2020 and 2.99% as on 31 December 2019. The ratio of net NPAs to net advances stood at 0.60% as on 31 December 2020 as against 0.99% as on 30 September 2020 and 1.63% as on 31 December 2019. Provisions and contingencies surged 161.48% to Rs 420.62 crore in the third quarter as against Rs 160.86 crore in the same period last year. The bank held a provision of Rs 587.91 crore as on 30 September 2020 against the likely impact of COVID-19, including the RBI mandated provision. During the current quarter, the bank has utilized Rs 51.22 crore from the above provision for creation of RBI mandated provision for advances restructured under “Resolution framework for COVID-19 related stress”. Hence, the aggregate provision against the likely impact of COVID-19, including the RBI mandated provision, stands at Rs 536.69 crore as on 31 December 2020. Federal Bank operates through four segments: treasury, corporate or wholesale banking, retail banking and other banking operations. The scrip rose 1.13% to Rs 76.25. It traded in the range of 74.60 and 77.55 so far during the day. In the past one year, the stock has tumbled by 18.71% while the benchmark S&P BSE Sensex gained 19.98% during the same period.
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Schaeffler India Ltd, JK Tyre & Industries Ltd, New India Assurance Company Ltd, Tata Communications Ltd are among the other stocks to see a surge in volumes on NSE today, 20 January 2021. Schneider Electric Infrastructure Ltd recorded volume of 73.63 lakh shares by 14:14 IST on NSE, a 6.8 times surge over two-week average daily volume of 10.83 lakh shares. The stock gained 10.57% to Rs.103.55. Volumes stood at 2.64 lakh shares in the last session. Schaeffler India Ltd saw volume of 78441 shares by 14:14 IST on NSE, a 4.8 fold spurt over two-week average daily volume of 16333 shares. The stock dropped 0.89% to Rs.4,555.45. Volumes stood at 54155 shares in the last session. JK Tyre & Industries Ltd registered volume of 251.98 lakh shares by 14:14 IST on NSE, a 4.42 fold spurt over two-week average daily volume of 56.96 lakh shares. The stock rose 12.24% to Rs.101.35. Volumes stood at 45.34 lakh shares in the last session. New India Assurance Company Ltd clocked volume of 39.94 lakh shares by 14:14 IST on NSE, a 4.23 times surge over two-week average daily volume of 9.43 lakh shares. The stock gained 4.57% to Rs.140.60. Volumes stood at 12.5 lakh shares in the last session. Tata Communications Ltd registered volume of 13.6 lakh shares by 14:14 IST on NSE, a 4.16 fold spurt over two-week average daily volume of 3.27 lakh shares. The stock slipped 6.29% to Rs.1,058.00. Volumes stood at 3.22 lakh shares in the last session.
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Among the components of the S&P BSE Power index, Power Grid Corporation of India Ltd (down 1.3%), Torrent Power Ltd (down 1.27%),NTPC Ltd (down 1.15%),Tata Power Company Ltd (down 0.99%),NHPC Ltd (down 0.81%), were the top losers. Among the other losers were Bharat Heavy Electricals Ltd (down 0.38%), Thermax Ltd (down 0.3%), and ABB India Ltd (down 0.03%). On the other hand, Adani Transmission Ltd (up 7.28%), CESC Ltd (up 1.69%), and Adani Green Energy Ltd (up 1.55%) turned up. At 13:48 IST, the S&P BSE Sensex was up 342.75 or 0.69% at 49741.04. The Nifty 50 index was up 104.3 points or 0.72% at 14625.45. The S&P BSE Small-Cap index was up 113.2 points or 0.61% at 18748.17. The S&P BSE 150 Midcap Index index was up 45.48 points or 0.72% at 6335.13. On BSE,1564 shares were trading in green, 1332 were trading in red and 160 were unchanged.
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Among the components of the S&P BSE Utilities index, Rattanindia Power Ltd (down 4.15%), Va Tech Wabag Ltd (down 2.16%),Gujarat State Petronet Ltd (down 1.58%),Power Grid Corporation of India Ltd (down 1.3%),Torrent Power Ltd (down 1.27%), were the top losers. Among the other losers were GAIL (India) Ltd (down 1.18%), NTPC Ltd (down 1.15%), Reliance Infrastructure Ltd (down 1.14%), Tata Power Company Ltd (down 0.99%), and Jaiprakash Power Ventures Ltd (down 0.98%). On the other hand, Adani Transmission Ltd (up 7.28%), JSW Energy Ltd (up 3.62%), and Nava Bharat Ventures Ltd (up 3.36%) turned up. At 13:48 IST, the S&P BSE Sensex was up 342.75 or 0.69% at 49741.04. The Nifty 50 index was up 104.3 points or 0.72% at 14625.45. The S&P BSE Small-Cap index was up 113.2 points or 0.61% at 18748.17. The S&P BSE 150 Midcap Index index was up 45.48 points or 0.72% at 6335.13. On BSE,1564 shares were trading in green, 1332 were trading in red and 160 were unchanged.
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Net sales during the quarter rose 16.1% year-on-year (YoY) to Rs 5,501.20 crore. Total expenditure dropped 10.6% to Rs 4,256.75 crore while the interest outgo declined by 14.5% to Rs 360.93 crore in Q3 December 2020 over Q3 December 2019. The company posted a pre-tax profit of Rs 913.48 crore in third quarter. It had recorded a pre-tax loss of Rs 501.50 crore in the same period last year. Tax expense in Q3 FY21 was Rs 0.29 crore. Tata Steel BSL, a subsidiary of Tata Steel is the largest manufacturer of auto-grade steel in India.
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Adani Green Energy Ltd gained for a third straight session today. The stock is quoting at Rs 1009.85, up 1.71% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.36% on the day, quoting at 14573.5. The Sensex is at 49584.38, up 0.38%. Adani Green Energy Ltd has slipped around 1.02% in last one month. Meanwhile, Nifty Energy index of which Adani Green Energy Ltd is a constituent, has slipped around 6.82% in last one month and is currently quoting at 17518.55, down 0.14% on the day. The volume in the stock stood at 5.91 lakh shares today, compared to the daily average of 9.08 lakh shares in last one month. The PE of the stock is 0 based on TTM earnings ending September 20.
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| The board will mull fund raising through qualified institutional placement (QIP) / follow-on public offer (FPO) /rights issue and/or in combination thereof. The board will also consider Q3 results in the same meeting. The scrip was up 0.63% at Rs 96, extending gains for second day. The stock has added 5.73% in two sessions from its recent closing low of Rs 90.80 on 18 January 2021. In the past three months, the stock has zoomed 60.96% while the benchmark Sensex has added 22.29% during the same period. On the technical front, the stock's RSI (relative strength index) stood at 64.147. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. The stock was trading above its 50-day, 100-day and 200-day daily simple moving average placed at 80.16, 69.96 and 62.86, respectively. Indian Bank is a public sector bank. The Government of India held 88.06% stake in the bank as on 31 December 2020. The bank reported 15% rise in net profit to Rs 412.28 crore on a 93% jump in total income to Rs 11,669.12 crore in Q2 FY21 over Q2 FY20.
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Under this partnership, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing. Definitive agreements for the said co-lending arrangement had been executed between the IIFL Home Finance and Standard Chartered Bank on 16 January 2021. IIFL Finance offers a wide spectrum of products such as home loan, gold loan, business loan, microfinance, capital market finance and developer & construction finance. On a consolidated basis, the company's net profit jumped 148% to Rs 212.59 crore on a 30.3% rise in total income to Rs 1515 crore in Q2 September 2020 over Q2 September 2019. IIFL Finance shed 0.30% to Rs 115.05. It traded in the range of 114.80 and 116.50 so far during the day.
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| Prince Pipes and Fittings (PPF) had remitted an advance amount of Rs 40 crore to Prince Marketing for the purchase of immovable property at Dadar in Mumbai. The conveyance of the immovable property between PPF and Prince Marketing, had not been completed. Accordingly, PPF and Prince Marketing entered into an agreement to record the terms of repayment of the advance amount. In January 2021 the first major tranche of the advance payment of Rs 26.10 crore has been received by PPF. Parag Chheda, joint managing director, Prince Pipes and Fittings said, The management decided to accept the amount from Prince Marketing and has received the first major tranche of the total amount. This will support PPF's balance sheet, which has been our key focus. Prince Pipes and Fittings is an integrated piping solutions & multi polymer manufacturer. The company is India's largest PVC pipes manufacturer. The company's net profit rose 39.4% to Rs 46.57 crore on a 6.9% increase in net sales to Rs 458.67 crore in Q2 FY21 over Q2 FY20.
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Commercial Syn Bags Ltd, Golden Tobacco Ltd, RPG Life Sciences Ltd and Stampede Capital Ltd-DVR are among the other gainers in the BSE's 'B' group today, 20 January 2021. Emami Paper Mills Ltd spiked 12.47% to Rs 106.4 at 12:03 IST. The stock was the biggest gainer in the BSE's 'B' group. On the BSE, 6886 shares were traded on the counter so far as against the average daily volumes of 3333 shares in the past one month. Commercial Syn Bags Ltd surged 9.98% to Rs 134.4. The stock was the second biggest gainer in 'B' group. On the BSE, 40001 shares were traded on the counter so far as against the average daily volumes of 34612 shares in the past one month. Golden Tobacco Ltd soared 8.48% to Rs 49.9. The stock was the third biggest gainer in 'B' group. On the BSE, 2631 shares were traded on the counter so far as against the average daily volumes of 5333 shares in the past one month. RPG Life Sciences Ltd gained 8.42% to Rs 400.95. The stock was the fourth biggest gainer in 'B' group. On the BSE, 36663 shares were traded on the counter so far as against the average daily volumes of 3462 shares in the past one month. Stampede Capital Ltd-DVR advanced 7.91% to Rs 1.5. The stock was the fifth biggest gainer in 'B' group. On the BSE, 79747 shares were traded on the counter so far as against the average daily volumes of 18697 shares in the past one month.
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| The first shipment of 184 units left from Mundra port to Latin American countries such as Columbia and Peru. The iconic three-door Suzuki Jimny will be exported to Latin America, Middle East and African markets from India. The current generation of Jimny was launched in 2018 by Suzuki Motor Corporation in Japan and has emerged as a popular choice globally. Customers like its appeal for city driving too. With India as a production base for Jimny, Suzuki aims to leverage Maruti Suzuki's global production stature. As there is a large customer demand worldwide well beyond Suzuki Japan capacity for this model, Indian manufacturing will supplement capacity to meet this global demand. Kenichi Ayukawa, managing director & CEO, Maruti Suzuki India said, “Jimny will fulfillaspirations of customers throughout the world. Jimny manufactured at Maruti Suzuki's Gurugramplant shares the same specification as the export models produced at the Suzuki Motor Corporation's Kosai plant in Japan. We are confidentwith Jimny we will be able to enhance our overall exports.” Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components and spare parts (automobiles). The company's net profit rose 1% to Rs 1371.60 crore on 9.7% increase in net sales to Rs 17,689.30 crore in in Q2 FY21 over Q2 FY20. The company will announce its December quarter earnings on 28 January 2021.
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JK Tyre & Industries Ltd, Orient Refractories Ltd, Prince Pipes & Fittings Ltd and Mastek Ltd are among the other gainers in the BSE's 'A' group today, 20 January 2021. Gateway Distriparks Ltd surged 17.70% to Rs 138.3 at 11:48 IST. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 1.56 lakh shares were traded on the counter so far as against the average daily volumes of 21658 shares in the past one month. JK Tyre & Industries Ltd soared 13.41% to Rs 102.3. The stock was the second biggest gainer in 'A' group. On the BSE, 9.83 lakh shares were traded on the counter so far as against the average daily volumes of 3.23 lakh shares in the past one month. Orient Refractories Ltd spiked 8.07% to Rs 247.75. The stock was the third biggest gainer in 'A' group. On the BSE, 24126 shares were traded on the counter so far as against the average daily volumes of 11786 shares in the past one month. Prince Pipes & Fittings Ltd jumped 7.03% to Rs 316.05. The stock was the fourth biggest gainer in 'A' group. On the BSE, 1.23 lakh shares were traded on the counter so far as against the average daily volumes of 25891 shares in the past one month. Mastek Ltd advanced 6.86% to Rs 1164. The stock was the fifth biggest gainer in 'A' group. On the BSE, 45076 shares were traded on the counter so far as against the average daily volumes of 24771 shares in the past one month.
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| According to the reports, the government will offload its stake in the ongoing financial year, through offer for sale and strategic sale routes. A part of the shareholding will be offered through OFS and the balance, including any leftover portion in the OFS, will be offered to strategic partner Panatone Finvest. The transaction is to be completed by 20 March 2021. Public sector VSNL was privatised in the year 2002 by disinvesting 25% shareholding along with transfer of management control to the strategic partner, Panatone Finvest. Following the strategic disinvestment, the name of the company was changed to Tata Communications. The government of India held 26.12% stake while Panatone Finvest held 34.80% stake in Tata Communications (TCL) as on 31 December 2020. Meanwhile, Tata Communications announced its Q3 earnings after market hours yesterday. On a consolidated basis, the company posted 428.1% jump in net profit to Rs 309.15 crore on a 0.1% decline in net sales to Rs 4,222.83 crore in Q3 FY21 over Q3 FY20. EBITDA was Rs 1,046 crore in the third quarter, an increase of 37.5% year-on-year (YoY) on the back of robust growth and margin expansion in data business and cost optimisation initiatives. Profit before tax in Q3 December 2020 stood at Rs 381.48 crore, up by 288.7% from Rs 98.15 crore in Q3 December 2019. Tax expense during the quarter increased by 86.5% YoY to Rs 99.14 crore. The company's net debt has come down on the back of strong free cash flow generation. Net Debt to EBITDA was at 1.9x as compared to 2.9x for same quarter last year. CAPEX for Q3 FY21 was Rs 339 crore as compared to Rs 490 crore in Q3 FY20. Announcing the results, A.S Lakshminarayanan, MD and CEO, Tata Communications, said, Our disciplined execution has helped us deliver good results in a seasonally weak quarter. Our Secure Connected Digital Experience (SCDx) offering continues to be relevant as we reimagine the New World for our customers. At the same time, our investments in products and services are positioning us well in our customers' digital transformation journeys, an example being our investment in Oasis. Kabir Ahmed Shakir, chief financial officer, Tata Communications, said, We continue to deliver on our goal of profitable growth. Both profitability and cash flow generation has improved significantly in the last few quarters on the back of cost efficiencies and improved business processes. This agility has given us headroom to compete more effectively in the market and cater to our customer's changing needs. Tata Communications is an Indian telecommunications company.
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| The power transmission & distribution business of L&T has won a slew of transmission line orders in Bangladesh. As per L&T's classification, the valuation of the 'large' contract lies between Rs 2,500 crore to Rs 5,000 crore. L&T is an Indian multinational engaged in engineering, procurement and construction projects, manufacturing, defence and services with over $21 billion in revenue. On a consolidated basis, the company's net profit surged 115.20% to Rs 5876.54 crore on 12.2% decline in net sales to Rs 31,034.74 crore in Q2 September 2020 over Q2 September 2019. L&T will announce Q3 FY21 result on 25 January 2021.
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