Sales accounted under GST could distort September quarter picture

Sales accounted under GST could distort September quarter picture

Investors are in for a surprise when the September quarter results are declared. This will be the first earnings season post-goods and services tax (GST) and differences in how sales will be recorded now are likely to distort reported growth figures. Companies have cautioned about this in their analyst meets and conference calls. Some may provide some comparison to help investors figure out underlying growth but others may not. In the absence of a mandatory requirement to disclose, investors may be left holding numbers that are not comparable. Nestlé India…

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United Bank of India slips into red with Rs 211 crore net loss in first quarter

United Bank of India slips into red with Rs 211 crore net loss in first quarter

State-owned United Bank of India (UBI) on Saturday reported a net loss of Rs 211.46 crore during the first quarter ended June, on rise in Non-Performing Assets (NPAs) and higher provisioning. The bank had registered a net profit of Rs 38.32 crore in the April-June quarter of previous fiscal. Total income of the bank during the reported quarter was marginally up at Rs 2,852.61 crore as against Rs 2,819.37 crore year ago, the bank said in a regulatory filing. Bank’s bad loan proportion rose substantially as gross NPAs rose to…

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