On a consolidated basis, Cairn India reported 65.05% fall in net profit to Rs 1092.90 crore on 10.33% rise in total income from operations (net) to Rs 4482.85 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Wednesday, 23 July 2014.
The steep fall in the company's bottom line was due to an exceptional deprecation charge of Rs 1627.39 crore with retrospective effect in Q1 June 2014 due to change in method of depreciation from Straight Line method (SLM) to the Unit of Production (UOP) method.
Mr. Sudhir Mathur, Interim CEO, Cairn India said: In line with our vision to contribute to the nation's energy security, we are confident of not only achieving the stated exploration target of 3bn barrels of hydrocarbons in-place, ahead of schedule, but also of adding another 3 bn barrel to our un-risked prospect inventory. With multi-Tcf potential, we expect gas to be a significant contributor in our product mix. Before end of financial year 2015, we anticipate doubling of gas production from Rajasthan. Our two main projects of enhanced oil recovery and debottlenecking Mangala Processing Terminal are as per schedule.
Cairn India in its outlook said that with ongoing net capital investments program of $3 billion through end of year ending 31 March 2017, the company remains committed to the creation of long term shareholder value. Based on recent exploration successes, the company is confident that it will establish 3 billion barrels of oil equivalent (boe) hydrocarbons in-place, significantly ahead of schedule. Cairn India has identified significant gas potential in the block and plans are underway to advance commercialisation of discovered gas volumes. Considering the significant potential of the Rajasthan asset, the company continues to focus on other major development projects to enhance recovery and achieve a 3 year production CAGR of 7-10% from known discoveries with flat production in FY15, Cairn India said.
Wipro unveils Q1 results today, 24 July 2014.
On a consolidated basis, L&T Finance Holdings' net profit rose 97.25% to Rs 285.87 crore on 24.56% increase in total income to Rs 1468.54 crore in Q1 June 2014 over Q1 June 2013.
More From This Section
Loans and advances as on 30 June 2014 grew by 19% year on year to Rs 40764 crore as compared to Rs 34340 crore as on 30 June 2013. This has been led largely by continued momentum in disbursements of rural products finance, personal vehicle finance and housing finance in the retail business, while focusing on operational assets in the wholesale business. The investment management business witnessed the average assets under management (AAUM) growing by 44% on a year on year basis to Rs 19895 crore, while the wealth management business achieved average assets under service of Rs 6,139 crore as on 30 June 2014.
Commenting on the results and financial performance, Y. M. Deosthalee, Chairman & Managing Director, L&T Finance Holdings, said, "The conscious focus on operating project assets in wholesale business and B2C products in retail business has helped maintain Y-o-Y asset growth of 19%. Margins in the retail business continued to improve and the overall credit costs have stabilized. There has been an increase in the overall GNPA % arising from the seasonality seen in the retail portfolio during the first quarter and existing stress in infrastructure sector. Our efforts and the positive outlook for the medium term should bring about a gradual improvement in asset quality in the upcoming quarters."
In its outlook, the company said it would look to maintain overall book growth at approximately 20% levels and expect improved return metrics on back of improving margins and lower capex in retail business, while overall credit costs begin to taper.
Liberty Shoes said its board has observed that the company's plan to restructure its operations by consolidating the business available from group concerns under franchise arrangements is under active consideration. The company has bagged major Institutional order worth approximately Rs 48 crore and the supplies will now be made in the second quarter, although part of which were earlier planned in the first quarter which affected the sales targets. Further, the company has added 21 new exclusive stores in company owned and company operated (COCO) and franchise format and plans to add 20 more new exclusive stores in second quarter also. The company in this quarter has witnessed growth of over 14% in its own stores, Liberty Shoes said in a statement.
Net profit of Liberty Shoes rose 1.22% to Rs 3.33 crore in the quarter ended June 2014 as against Rs 3.29 crore during the previous quarter ended June 2013. Sales declined 9.73% to Rs 101.64 crore in the quarter ended June 2014 as against Rs 112.59 crore during the previous quarter ended June 2013.
Mahindra & Mahindra Financial Services said that Brickwork Ratings India has upgraded its ratings assigned to unsecured subordinated debt (bonds) issued by the company to 'BWR AAA' with a stable outlook from 'BWR AA+' with a positive outlook.
Reliance Communications (RCom) will be watched. In clarification to media report indicating that IBM, Wipro and other companies are in race for Rs 1200 crore call centre deal with RCom, the Anil Dhirubhai Ambani-controlled company after market hours on Wednesday, 23 July 2014, said that it does not comment on media reports on routine and ongoing business negotiations which may or may not result in to any transaction.
Jet Airways (India) and Etihad Airways after market hours on Wednesday, 23 July 2014 said that they have finalized a major strategy for Jet Airways (India) to return to profitability in three years, which includes long-term network, fleet and product developments to optimise Jet's domestic and international operations. Etihad Airways holds 24% stake in Jet Airways (India). To initiate the three-year turnaround plan, Jet Airways board and management team have already worked with auditors to clean up Jet's balance sheet and write down overvalued non-cash assets, Jet and Etihad said in a joint statement.
Under the new plan, focus areas for international operations include widening network with new services to markets such as Europe, China, Australia and South East Asia. The airline will also expand frequencies on its existing routes and sign additional codeshares.
Naresh Goyal, chairman of Jet Airways (India), said that the company will address challenges in the domestic market with a model that removes complexity in its fleet, product and brand.
Alstom T&D after market hours on Wednesday, 23 July 2014 reported 54.34% fall in net profit to Rs 2.84 crore on 48.72% fall in total income from operations (net) to Rs 67.32 crore in Q1 June 2014 over Q1 June 2013.
Panacea Biotec after market hours on Wednesday, 23 July 2014 said that a meeting of the board of directors of the company will be held on 1 August 2014, to consider raising of funds by way of issue of securities aggregating upto Rs 250 crore or equivalent thereof in any currency.
Container Corporation of India after market hours on Wednesday, 23 July 2014 said that Ministry of Heavy Industries and Public Enterprises, Department of Public Enterprises, Government of India has communicated grant of Navratna status to the company.
Bharti Infratel turns ex-dividend today, 24 July 2014, for total dividend of Rs 8.90 per share for the year ended 31 March 2014 (FY 2014). The total dividend includes an interim dividend of Rs 4.50 per share for the year ending 31 March 2015 and final dividend of Rs 4.40 per share for the year ended 31 March 2014.
Clariant Chemicals (India) turns ex-dividend today, 24 July 2014, for an interim dividend of Rs 39 per share for the year ending 31 December 2014.
Cummins India turns ex-dividend today, 24 July 2014, for final dividend of Rs 8 per share for the year ended 31 March 2014 (FY 2014).
Gujarat State Fertilizers & Chemicals turns ex-dividend today, 24 July 2014, for dividend of Rs 2 per share for the year ended 31 March 2014 (FY 2014).
Jammu & Kashmir Bank turns ex-dividend today, 24 July 2014, for dividend of Rs 50 per share for the year ended 31 March 2014 (FY 2014).
UltraTech Cement turns ex-dividend today, 24 July 2014, for dividend of Rs 9 per share for the year ended 31 March 2014 (FY 2014).
Ajanta Pharma turns ex-dividend today, 24 July 2014, for dividend of Rs 10 per share for the year ended 31 March 2014 (FY 2014).
Apar Industries turns ex-dividend today, 24 July 2014, for final dividend of Rs 5.25 per share for the year ended 31 March 2014 (FY 2014).
Arvind turns ex-dividend today, 24 July 2014, for dividend of Rs 2.35 per share for the year ended 31 March 2014 (FY 2014).
3i Infotech has allotted 43.37 lakh equity shares on 23 July 2014 against conversion of the foreign currency convertible bonds (FCCBs) of principal amount of $1,409,000.
Patel Engineering said that its board approved raising the company's borrowing limits from Rs 7500 crore to Rs 9000 crore. The board also approved creation of charges/mortgages on the movable and immovable properties of the company, in respect of borrowings. The board also approved issuing securities not exceeding Rs 1000 crore.
Net profit of Sanofi India rose 12.30% to Rs 57.50 crore in the quarter ended June 2014 as against Rs 51.20 crore during the previous quarter ended June 2013. Sales rose 18.71% to Rs 486.70 crore in the quarter ended June 2014 as against Rs 410.00 crore during the previous quarter ended June 2013.
Net profit of Ingersoll-Rand (India) declined 5.02% to Rs 13.05 crore in the quarter ended June 2014 as against Rs 13.74 crore during the previous quarter ended June 2013. Sales rose 15.17% to Rs 144.89 crore in the quarter ended June 2014 as against Rs 125.81 crore during the previous quarter ended June 2013.
Powered by Capital Market - Live News