Coal India's consolidated net profit fell 16.51% to Rs 3731.04 crore on 0.64% rise in total income to Rs 18692.03 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Saturday, 3 August 2013.
Tata Chemicals, EIH, NDTV, Oudh Sugar Mills, Radico Khaitan, SpiceJet and Titagarh Wagons, among others, will declare their April-June 2013 quarter results today, 5 August 2013.
Metal stocks may gain as data indicated China's service industries showed the first pick-up in growth since March. China is the world's largest consumer of copper and aluminum.
IT stocks may edge higher as the rupee closed at record low on Friday, 2 August 20123. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports. The rupee fell to a record closing low on Friday, posting its worst week in 22 months. The partially convertible rupee closed at 61.10/11 per dollar on Friday compared with 60.43/44 on Thursday.
PSU OMCs may edge lower on weak rupee. The weakness in rupee raises concerns about increasing costs of importing oil. PSU OMCs import about 70-75% of their crude oil needs and rely heavily on foreign currency borrowings, which largely remain unhedged.
Bharat Heavy Electricals' (Bhel) net profit fell 49.45% to Rs 465.43 crore on 20.54% decline in total income to Rs 6996.60 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Saturday, 3 August 2013. Bhel's finance costs surged 402.89% to Rs 27.76 crore in Q1 June 2013 over Q1 June 2012. Bhel had an outstanding order book position of about Rs 108600 crore as on 30 June 2013.
Divi's Laboratories' net profit rose 4.79% to Rs 175 crore on 10% growth in total income to Rs 517 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Saturday, 3 August 2013.
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Divi's tax provision rose 14.89% to Rs 54 crore in Q1 June 2013 over Q1 June 2012. The company reported a foreign exchange (forex) gain of Rs 43 crore during the quarter, as against forex gain of Rs 30 crore in corresponding quarter last year.
Grasim Industries' consolidated net profit fell 15% to Rs 610.01 crore on 1.5% growth in net sales to Rs 6895.08 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Saturday, 3 August 2013.
Grasim Industries said that the performance of the company during the quarter has been satisfactory considering the prolonged subdued economic environment in India and across the world.
On future business outlook, Grasim said that given the prevailing global economic conditions, coupled with the surplus capacity in China, the VSF industry continues to face a challenging environment in the immediate term. In Cement, the demand is expected to grow by 6% in FY 2014 due to the slowdown in GDP growth rate, the company said. It has the potential to recover to over 8% with the improvement in the economic environment, it added. Capacity expansions in VSF and Cement will provide additional volumes, driving growth and further consolidate the company's leadership, Grasim said. This will enable Grasim to move forward rapidly, with the recovery in the market, the company added. Grasim said it will continue to focus on cost reduction measures, improving asset productivity to maintain its position as the lowest cost producer and expanding specialty products portfolio for sustained shareholder value creation.
Godrej Consumer Products' (GCPL) consolidated net profit without exception items and one time tax reversal rose 7% to Rs 130 crore on 24% growth in net sales to Rs 1720 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Saturday, 3 August 2013.
GCPL said that Q1 June 2013 had an exceptional gain of Rs 2.2 crore arising from profit on sale of Simba brand (Indonesia food business). Meanwhile, Q1 June 2012 had a positive one time tax reversal impact of Rs 16.5 crore (Rs 8 crore after minority interest).
GCPL's consolidated revenues in constant currency terms grew 27% year on year (YoY) in Q1 June 2013. Organic business in constant currency terms rose 19%. India business grew 19% with strong growth across core categories. International organic business at constant currency grew 19%.
GCPL's consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) rose 11% to Rs 225 crore in Q1 June 2013 over Q1 June 2012. EBITDA margin stood at 13.1%. Advertisement and Publicity expenses grew 54% during the quarter.
GCPL has adopted the notification issued by the Ministry of Corporate Affairs on 29 December 2011, on amortization of foreign exchange (forex) impacts. The total forex loss for the quarter, including mark to market (MTM) impact at consolidated level aggregates to Rs 15.4 crore. GCPL said it has a forex committee that monitors all the exposures and takes calls on hedging the exposures.
Punj Lloyd reported consolidated net profit of Rs 40 crore in Q1 June 2013, as against net loss of Rs 13 crore in Q1 June 2012. Gross income rose 9% to Rs 3032 crore in Q1 June 2013 over Q1 June 2012. The result was announced after market hours on Friday, 2 August 2013.
Punj Lloyd's consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) declined 1% to Rs 293 crore in Q1 June 2013 over Q1 June 2012.
The company said it has a strong order backlog of Rs 20868 crore. The Group's strategy has been to expand its footprint outside India and today over 65% of orders represent the growing regions of Middle East, Africa, and Asia Pacific. While revenues show a reasonable increase in challenging global macro environment, margins have been impacted due to financial charges and the depreciating rupee, Punj said. In the coming months, the group is actively looking at retiring high interest debt, Punj said in a statement.
State Trading Corporation of India's (STC) offer for sale (OFS) by the Government of India (GoI) on Friday, 2 August 2013, to offload stake aggregating 1.02% of the total paid up equity share capital of STC, garnered bids for a total of 6.90 lakh equity shares as against 6.13 lakh shares on offer with a subscription of 112.52% at an indicative price of Rs 74.01 per share. The GoI had fixed a floor price of Rs 74 per share for the OFS. Post OFS, the GoI's stake in STC reduced to 90%, thereby adhering to Sebi's minimum public shareholding rule of 10% in public firms by 8 August 2013.
India Tourism Development Corporation's (ITDC) offer for sale (OFS) by the Government of India (GoI) on Friday, 2 August 2013, to offload stake aggregating 5% of the total paid up equity share capital of ITDC, garnered bids for a total of 46.71 lakh equity shares as against 42.88 lakh shares on offer with a subscription of 108.93% at an indicative price of Rs 70.39 per share. The GoI had fixed a floor price of Rs 70 per share for the OFS. Post OFS, the GoI's stake in ITDC reduced below 90%, thereby adhering to Sebi's minimum public shareholding rule of 10% in public firms by 8 August 2013. The GoI earlier held 92.11% stake in ITDC.
Berger Paints India's consolidated net profit rose 10.58% to Rs 49.10 crore on 12.47% growth in total income to Rs 916.41 crore in Q1 June 2013 over Q1 June 2012. The result was announced after market hours on Friday, 2 August 2013.
Power Finance Corporation's net profit rose 23.29% to Rs 1198.24 crore on 27.18% growth in total income to Rs 5017.10 crore in Q1 June 2013 over Q1 June 2012. The result was announced after market hours on Friday, 2 August 2013.
Suzlon Energy reported consolidated net loss of Rs 1058.90 crore in Q1 June 2013, higher than net loss of Rs 848.97 crore in Q1 June 2012. Total income declined 19.39% to Rs 3907.50 crore in Q1 June 2013 over Q1 June 2012. The result was announced after market hours on Friday, 2 August 2013.
Suzlon Energy's consolidated order book stood at 5.36 GW, approximately Rs 41947 crore/$7.1 billion in value, with an intake of 356 MW over Q1 June 2013. The company's management, as a precautionary measure, excluded from the order book a US project totaling 200 MW due to non-movement of the order.
Suzlon Energy said that the previously announced initiative to divest approximately $400 million of non-critical assets continues to be on track. The company continues to be in active, solution-oriented dialogue with FCCB-holders, their advisors, and the company's senior secured lenders, it added.
Mr Tulsi Tanti, Chairman - Suzlon Group, said: This has been a progressive quarter for the Suzlon Group. We regained some of our lost momentum and began to see results from the Group's ongoing focus on key priorities. This is reflected in the uptick in performance at the Suzlon Wind level, and REpower continuing to deliver a respectable performance despite a very challenging marketplace. Looking at the markets, India continues to regain momentum, returning from a 50 per cent drop in the last fiscal. In other key emerging as well as developed markets, for example Australia, Canada, Europe, South Africa, we continue to see positive movement. While we expect this year to continue to be challenging, we are confident that our mid-to-long-term outlook remains strong.
Mr Kirti Vagadia, Group Head of Finance, said: On the operational front I am pleased to note that real progress has been achieved. While our financial performance was impacted by the exceptional depreciation of the Rupee, and we incurred one-time costs related to restructuring at REpower, we achieved steady progress on key operating indicators. With a total focus on execution we delivered near-normal volumes, compared to historic performance, at the Suzlon Wind-level. However, as Q1 is also the lowest volume quarter in a fiscal for our business, resulting in under-absorption of fixed costs having a negative impact on the bottom-line. It is important to note that we continue to bring down fixed costs, and therefore our break-even point. We have achieved a 31 per cent reduction in our operating expenses as compared to the last quarter. We continue to bring down the working capital-to-sales ratio to 11.4 per cent at the end of Q1, from 13.6 per cent in the last quarter. Our non-critical asset divestment program continues to be on track. There remains a lot of work to be done but this performance gives us the confidence that, with the continuing support of our lenders, customers, suppliers and key stakeholders, we are on the right road to business normalization.
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