Cairn India's consolidated net profit after giving impact of scheme of arrangement for earlier periods rose 17.26% to Rs 2563.60 crore on 29.93% growth in total income to Rs 4582.52 crore in Q4 March 2013 over Q4 March 2012. The oil exploration firm announced the results after trading hours on Monday, 22 April 2013.
Cairn India's consolidated net profit excluding foreign exchange fluctuation and impact of the reorganization, jumped 56% to Rs 11606.30 crore on 48% growth in revenue to a record Rs 17524.10 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). Earnings before interest taxation, depreciation and amortisation (EBITDA) jumped 41% to Rs 13033.20 crore in FY 2013 over FY 2012.
Commenting on the financial performance, Elango P, Whole Time Director and Interim CEO, Cairn India said that the operating environment has substantially improved with key approvals coming in at a faster pace that enabled the company to ramp up Mangala production, bring Aishwariya field online, commence gas sales and most importantly re-commence exploration in Rajasthan. He said that the company has initiated the largest ever exploration and appraisal programme to unlock further potential in Rajasthan as well as focus on next stage of growth beyond Rajasthan. Commensurate with the development and exploration activity across the existing portfolio, the company has planned a net capital investment of $3 billion through FY 2015-16.
India's second largest private sector bank in terms of operating income, HDFC Bank announces Q4 results today, 23 April 2013. Mahindra & Mahindra Financial Services and Coromandel International, among others, will also declare their January-March 2013 quarter results today, 23 April 2013.
Shares of oil and gas exploration firms will be in focus after the Competition Commission of India (CCI) on Monday, 22 April 2013, cleared 25 exploration and production (E&P) blocks for continued exploration of oil and gas, out of 31 E&P blocks where work had been stopped on account of security restrictions imposed by Ministry of Defence. Out of 31 blocks, 9 blocks have been fully cleared and 16 blocks have been cleared with specific conditions. Due to clearances given at this meeting, investment already made to the extent of $2.71 billion will be put to use and further investment to the extent of $1.9 billion will be made in the exploration activities in the next 3-5 years, the government said in a statement. The details of the E&P projects cleared by the CCI were not announced.
Along with the clearances given by the CCI on 20 March 2013, in summary, out of total 40 blocks, 31 blocks have been cleared by CCI at its meetings held on 20 March 2013 and 22 April 2013 which will put to use an investment of $13.42 billion on oil and gas exploration which has already been incurred and it will also bring in an additional investment of $2.5 billion over the next 3-5 years in exploration activities, the government said. The clearances given by CCI will remove the uncertainty relating to these 31 blocks and energize oil and gas exploration activities in the country. Huge investment is expected in these blocks in the coming years based on discovery of hydrocarbons, the government said.
Shares of power transmission and power generation firms will be in focus after the Cabinet Committee on Investment (CCI) on Monday, 22 April 2013, gave its approval for a total of 13 projects involving investment of about Rs 33000 crore in the transmission, hydro power and thermal power sector. The clearance was given to expedite implementation of these projects where various clearances were pending mostly with Ministry of Environment & Forests (MoEF). The details of the projects cleared by the CCI were not announced.
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Metal stocks may edge lower after a survey showed manufacturing activity growth in China slowed this month. China is the world's largest consumer of copper and aluminum. The preliminary or flash version of HSBC's manufacturing Purchasing Managers' Index fell to a two-month low of 50.5 in April 2013 from March's final reading of 51.6.
Persistent Systems' consolidated net profit rose 4.8% to Rs 51.88 crore on 0.3% growth in revenue to Rs 333.95 crore in Q4 March 2013 over Q3 December 2012. Earnings before interest, depreciation, taxation, and amortization (EBITDA) rose 0.8% to Rs 83.06 crore in Q4 March 2013 over Q3 December 2012. The company's profit before tax (PBT) rose 1.6% to Rs 72.15 crore in Q4 March 2013 over Q3 December 2012. The company announced the results after market hours on Monday, 22 April 2013.
Persistent Systems' consolidated net profit surged 32.3% to Rs 187.61 crore on 29.4% growth in revenue to Rs 1294.51 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). IP-led business jumped 123.6% to constitute 17.2% of the revenue in FY 2013, the company said.
EBITDA surged 44.2% to Rs 335.19 crore in FY 2013 over FY 2012. The PBT surged 33.6% to Rs 262.98 crore in FY 2013 over FY 2012.
Persistent Systems' board of directors at a meeting held on Monday, 22 April 2013, recommended a final dividend of Rs 3 per share for FY 2013.
Commenting on the company's performance, Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems said, Our growth is a result of continued execution of key strategic initiatives in Platform Solutions and IP led business. Specifically, we have doubled our IP revenue during the year and have seen robust growth in Platform Solutions. Further, we have grown our key partnerships with technology leaders as well as added new strategic alliances with HP and Dassault Systems. We observe that the market is growing and clients are investing in new technologies. The investments we have made have positioned us as thought-leaders and we are well set to take advantage of growth opportunities in the coming year.
Net profit of Swaraj Engines rose 3.87% to Rs 13.94 crore in the quarter ended March 2013 as against Rs 13.42 crore during the previous quarter ended March 2012. Sales declined 3.28% to Rs 113.30 crore in the quarter ended March 2013 as against Rs 117.14 crore during the previous quarter ended March 2012.
The company's net profit rose 4.88% to Rs 55.40 crore in the year ended March 2013 as against Rs 52.82 crore during the previous year ended March 2012. Sales rose 6.65% to Rs 474.37 crore in the year ended March 2013 as against Rs 444.80 crore during the previous year ended March 2012.
Dabur India said that its wholly-owned subsidiary, Dabur International, incorporated a new wholly-owned subsidiary in Sri Lanka on 19 April 2013 and named it as Dabur Consumer Care. Accordingly, Dabur Consumer Care has become the step-down subsidiary company upon incorporation on 19 April 2013.
Essel Propack said that its manufacturing plant at Danville V. A. in USA, where a minor fire incident was reported on 17 April 2013, went fully operational from 20 April 2013. There was no injury, casualty, financial loss or loss of property attributed due to the incident.
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