ABB's net profit fell 10.66% to Rs 42.56 crore on 10% rise in total income to Rs 1971.40 crore in Q1 March 2013 over Q1 March 2012. ABB said improvements achieved through cost optimisation and operational excellence were eroded by low price realisation and tight market conditions. The company announced its Q1 results after market hours on Wednesday, 8 May 2013.
ABB's order intake declined 8% to Rs 1531 crore in Q1 March 2013 from Rs 1663 crore in Q1 March 2012. The company said short cycle orders registered strong growth even as major project decisions were delayed with customers continuing to exercise caution on large investments. ABB said that the company continues to assess risk-return profile especially of large projects in the current market environment.
ABB said its order backlog continued to remain strong at Rs 8229 crore as on 31 March 2013, compared with order backlog of Rs 9028 crore as on 31 March 2012.
ABB said that the company continues to focus on cost and growth while addressing emerging opportunities such as renewables and energy efficiency by introducing technology and products to meet the changing market needs.
Asian Paints, Punjab National Bank, Godrej Properties, HCL Infosystems, Bajaj Hindustan, Escorts, Indian Bank, Jubilant FoodWorks, New Delhi Television (NDTV) and Union Bank of India, among others, will declare their January-March 2013 quarter results today, 9 May 2013.
Hindustan Unilever (HUL) after market hours on Wednesday, 8 May 2013, said that open offer by its parent firm Unilever Plc to buy 48.70 crore shares, or 22.52% stake, at Rs 600 per share in HUL will begin on 21 June 2013 and close on 4 July 2013. Unilever Plc plans to hike its stake in HUL to 75% through the open offer from its current holding of 52.48%.
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JSW Steel after market hours on Wednesday, 8 May 2013, said that the High Court of Judicature at Bombay has sanctioned the composite scheme of amalgamation and arrangement amongst JSW ISPAT Steel and JSW Building Systems and JSW Steel Coated Products and JSW Steel and their respective shareholders and creditors on 3 May 2013.
The board of Godrej Properties will meet today, 9 May 2013, to consider rights issue of shares.
The board of Westlife Development has recommended splitting each equity share of face value Rs 10 each into five equity shares of face value Rs 2 each (5-for-1). The proposal is subject to shareholders' approval.
SKS Microfinance reported net profit of Rs 2.70 crore in Q4 March 2013, as against net loss of Rs 329.53 crore in Q4 March 2012. The company announced Q4 results after market hours on Wednesday, 8 May 2013. Total income rose 42.3% to Rs 101.98 crore in Q4 March 2013 over Q4 March 2012.
SKS Microfinance reported net loss of Rs 297.14 crore in the year ended 31 March 2013 (FY 2013), lower than net loss of Rs 1360.60 crore in the year ended 31 March 2012 (FY 2012). Total income declined 25.4% to Rs 352.56 crore in FY 2013 over FY 2012.
Commenting on the company's performance, Mr S. Dilli Raj, CEO, SKS Microfinance said, "With fully providing for the AP exposure, managing the supply-side shock, cost structure optimization and recapitalization as the building blocks of our turnaround strategy, we returned to profitability in Q3 FY 2013 and, with second quarter of profitability, the financial turnaround of SKS Microfinance is completed and sustained. These gains should accelerate on account of our strong capital base, robust liquidity as also improved productivity and cost efficiencies. Our debt-equity leveraging improved to 4.1 times in Q4 FY 2013 from 2.7 times in Q3 FY 2013 (2.3 in FY 2012).
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