Paramount Cables Q3 Net Profit Grows 54% To Rs 22 Crore | Companies News

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New Delhi: Wires manufacturer Paramount Cables has reported a 54 percent rise in its consolidated net profit at Rs 22.03 crore in the December quarter of the current fiscal, boosted by higher income.

It had posted a net profit of Rs 14.32 crore during the October-December quarter in the preceding financial year, the company said in an exchange filing on Saturday. The company’s total income rose to Rs 285.83 crore, up 29 per cent from Rs 221.99 crore in the year-ago period. Its expenses stood at Rs 263.77 crore as against Rs 207.68 crore year on year.

Paramount Cables manufactures multi-core cables, low and high-voltage cables, besides extra-high-voltage cables for industrial applications. Earlier, the country’s largest lender SBI on Saturday reported a 35 percent fall in standalone net profit to Rs 9,164 crore for the December quarter. State Bank of India (SBI) had earned a net profit of Rs 14,205 crore in the year-ago period. (Also Read: India’s Stock Exchanges Cut Paytm Daily Trading Limits To 10% After Rout)

The bank’s total income rose to Rs 1,18,193 crore in the third quarter of the ongoing fiscal as against Rs 98,084 crore in the same period a year ago, the bank said in a regulatory filing. During the quarter, the bank earned interest income of Rs 1,06,734 crore as against Rs 86,616 crore in the same period a year ago.  

The bank’s gross Non-Performing Assets (NPA) of the total advances declined to 2.42 percent at December-end of 3.14 per cent at the end of the third quarter of last year. (Also Read: Chennai Metro Joins ONDC, First To Do So; Check What New It Brings)

Similarly, net Non-Performing Assets (NPAs) also eased to 0.64 per cent against 0.77 per cent at the end of the same period a year ago. 

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