Two-wheeler major Hero MotoCorp's net profit fell 4.86% to Rs 574.23 crore on 1.79% rise in total income to Rs 6250.26 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results after market hours on Friday, 26 April 2013.
Hero MotoCorp said at the time of announcement of the Q4 results that it has hiked prices of its products, ranging from Rs 500 to Rs 1,500 with immediate effect.
Commenting on the company's financial performance, Mr. Pawan Munjal, Managing Director and Chief Executive Officer, Hero MotoCorp said: "FY 2013 has been a rough year for the overall Indian auto sector. Weak macroeconomic sentiment coupled with subdued consumer confidence adversely impacted the industrial growth and sales volumes. Considering the current environment, these are tough times for the auto sector in India and we remain cautiously optimistic about the growth prospects in the near term. However, having sold over 60 lakh two-wheelers in just 12 months, we have sustained our performance during the period. Being the industry leader, we have planned major initiatives to boost the industry sentiment and accelerate growth in the new financial year, mainly through new launches, campaigns, capacity addition and network expansion. In a significant step working towards our global vision, we have commenced dispatches to half a dozen new markets last fiscal and will add a few more to that tally very soon".
FMCG, fertilizer and other agri-sector related stocks will be in focus after the India Meteorological Department (IMD) on Friday, 26 April 2013, forecast normal southwest monsoon seasonal rainfall during 2013. FMCG firms derive substantial sales from rural India. The year 2013 will most like have a normal southwest monsoon seasonal rainfall for the country as a whole i.e. 96 to 104% of Long Average during June to September, the Union Minister of Earth Sciences & Science and Technology Mr. S. Jaipal Raddy announced on Friday, 26 April 2013. Quantitatively, the monsoon seasonal rainfall is likely to be 98% of the Long Period Average with a model error of 5%. Also, the probability for normal rainfall is 46%, as against the climatological value of 33%.
The IMD will issue the update forecast in June 2013 as a part of the second stage forecast. Along with the update forecast, separate forecasts for the monthly (July and August) rainfall over the country as a whole and seasonal (June-September) rainfall over the four geographical regions of India will be issued.
Lupin announced after market hours on Friday, 26 April 2013, that its subsidiary Lupin Pharmaceuticals Inc. (collectively Lupin) has received final approval for its Pirmella 7/7/7 (Norethindrone and Ethinyl Estradiol Tablets USP, 0.5 mg/0.035 mg, 0.75 mg/0.035 mg and 1mg/0.035 mg) and Pirmella 1/35 Tablets (Norethindrone and Ethinyl Estradiol Tablets USP, 1 mg/0.035 mg) from the United States Food and Drugs Administration (US FDA) to market a generic version of Janssen Pharmaceuticals, Inc.'s Ortho-Novum 7/7/7 Tablets and Ortho-Novum 1/35 tablets. Lupin would commence shipping the product shortly. Lupin's Pirmella 7/7/7 and Pirmella 1/35 Tablets is indicated for the prevention of pregnancy in women who elect to use the product as a method of contraception. The combined annual sales of Ortho Novum 7/7/7 and Ortho Novum 1/35 Oral Contraceptive Tablets stands at $96.5 million (as per IMS MAT December 2012 data).
Federal Bank's net profit declined 6.59% to Rs 221.94 crore on 8.58% growth in total income to Rs 1780.31 crore in Q4 March 2013 over Q4 March 2012. The bank announced the results on Saturday, 27 April 2013. The private sector bank's net profit rose 7.9% to Rs 838.17 crore on 12.17% growth in total income to Rs 6832.01 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
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On consolidated basis, Federal Bank's net profit rose 13.12% to Rs 852.66 crore on 13.03% growth in total income to Rs 6910.96 crore in FY 2013 over FY 2012.
Jaypee Infratech's net profit declined 57.48% to Rs 148.51 crore on 5.15% growth in total income to Rs 969.11 crore in Q4 March 2013 over Q4 March 2012. The company announced the results on Saturday, 27 April 2013. The company's net profit declined 46.15% to Rs 694.46 crore on 3.88% growth in total income to Rs 3292.20 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Jaypee Infratech's board of directors at a meeting held on Saturday, 27 April 2013, recommended dividend of Re 1 per share for FY 2013.
Cholamandalam Investment and Finance Company's consolidated net profit jumped 43.8% to Rs 87.41 crore on 38.6% growth in total income to Rs 730.69 crore in Q4 March 2013 over Q4 March 2012. The company announced the results after market hours on Friday, 26 April 2013. On a standalone basis, Cholamandalam Investment and Finance Company's net profit surged 41.4% to Rs 85.76 crore on 38.9% growth in total income to Rs 725.63 crore in Q4 March 2013 over Q4 March 2012.
Cholamandalam Investment and Finance Company's vehicle finance disbursements jumped 32.48% to Rs 3140 crore in Q4 March 2013 over Q4 March 2012. Disbursements in home equity loans surged 42.63% to Rs 639 crore in Q4 March 2013 over Q4 March 2012. The company's aggregate disbursements surged 33% to Rs 3808 crore in Q4 March 2013 over Q4 March 2012.
Cholamandalam Investment and Finance Company's consolidated net profit surged 82.2% to Rs 307.91 crore on 40.1% growth in total income to Rs 2571.81 crore in FY 2013 over FY 2012. On standalone basis, Cholamandalam Investment and Finance Company's net profit jumped 77.7% to Rs 306.55 crore on 42.9% growth in total income to Rs 2555.68 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Cholamandalam Investment and Finance Company's vehicle finance disbursements jumped 35.24% to Rs 9882 crore in FY 2013. Disbursements in home equity loans surged 41.42% to Rs 2161 crore in FY 2013. The company's aggregate disbursements surged 36% to Rs 12118 crore in FY 2013.
The company has expanded its presence to 518 branches as on 31 March 2013, from 375 branches as on 31 March 2012. The additional branches are in Tier III and Tier IV locations across India, Cholamandalam Investment and Finance Company said in a statement.
The company raised Tier II capital of Rs 698 crore during FY 2013 by way of subordinated debt and perpetual debt instruments to strengthen its capital adequacy ratio (CAR), which improved to 19.04% as on 31 March 2013, from 18.08% as on 31 March 2012.
The company had issued and allotted 1.05 crore equity shares at Rs 285 per share aggregating to Rs 300 crore in February 2013.
Cholamandalam Investment and Finance Company's board of directors at a meeting held on Friday, 26 April 2013, recommended final dividend of Re 1 per share for FY 2013.
Suzlon Energy's wholly owned subsidiary, REpower Systems SE, announced after market hours on Friday, 26 April 2013 that it is streamlining the organization to be a leaner, more efficient and competitive company. Andreas Nauen, CEO - Repower Systems SE, said, The plans I am announcing will allow REpower to better meet today's challenges and prepare for tomorrow's opportunities, particularly in the offshore segment. Whilst the long-term outlook for the sector remains strong, the mid-term outlook is expected to remain uncertain and volatile, and we need to prepare for that. He said that REpower's central functions will be arranged globally. "This is a pre-requisite for being able to react to market conditions more quickly and with greater flexibility. Only in this way will we remain a reliable partner with products tailored to meet our customers' requirements", Nauen said.
He further said that the additionally, the company has to realize cost savings of around euro 100 million in the 2013/14 financial year also with effects to following years thereby ensuring a solid economic base. The focus here is on measures for strengthening the efficiency and hence the future viability of Repower. "We will apply leverage wherever we have recognized need for action and will be able to realize savings potential for example in purchasing, production or manufacturing. We have set up a package that will allow REpower to draw on its own strengths to remain a top-quality provider in the wind energy market. We will therefore continue to invest in innovation and hence in our future", Nauen added.
In the course of re-organization, there will be up to 750 job cuts throughout the entire company as one of these measures. "This is a necessary but painful development. We plan to keep compulsory redundancies to a minimum. REpower will work together with the employee representatives in order to do everything to find fair, socially acceptable solutions for those affected by these cuts. The number of enforced redundancies is to be kept as low as possible by means of natural fluctuation, financial incentives for contract termination agreements and expiring fixed-term employment contracts, he added.
REpower Systems SE, a wholly owned subsidiary within the Suzlon group, is one of the world's leading manufacturers of onshore and offshore wind turbines. The international mechanical engineering company develops, produces and markets wind turbines for almost any location with rated outputs of 1.8 MW to 6.15 MW and rotor diameters of 82 metres to 126 metres. Furthermore, the company offers its customers project specific solutions in the areas of turnkey, service and maintenance, transport and installation, as well as foundation planning and construction. With more than 3,300 employees worldwide the company headquartered in Hamburg can make use of the experience gained from the manufacture and installation of over 4,600 wind turbines around the world. REpower is represented by distribution partners, subsidiaries and participations in European markets such as France, Belgium, the UK, Italy, Portugal, Romania, Sweden, Poland and Spain as well as on a global level in the USA, China, Australia and Canada.
Sesa Goa's consolidated net profit fell 74% to Rs 298 crore on 90% decline in net sales to Rs 291 crore in Q4 March 2013 over Q4 March 2012. The company announced Q4 results on Saturday, 27 April 2013.
Sesa Goa's consolidated net profit declined 15% to Rs 2280 crore on 69% drop in net sales to Rs 2554 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Sesa Goa said it has posted a loss before depreciation and taxes for Q4 March 2013 at Rs 206 crore, as against cash profit of Rs 1110 crore in Q4 March 2012. The cash profit for FY 2013 declined to Rs 23 crore from Rs 3235 crore in FY 2012 on account of suspension of iron ore operations, the company said in a statement.
Sesa Goa said that its iron ore operations were affected by the suspension of mining in Goa and Karnataka. On 18 April 2013, the Supreme Court of India has given clearance for resumption of mining operations for A and B category mines in Karnataka subject to statutory clearances. Sesa Goa's Karnataka mine falls under B category, and the company is awaiting statutory clearances, including forest clearance which expired in October 2012, to resume mining, the company said. The company said it expects to commence mining shortly, subject to the grant of statutory clearances.
Regarding the suspension of mining in Goa, the date for initial hearing is yet to be fixed by Supreme Court of India, Sesa Goa said. In the meantime, the state government and major miners including Sesa Goa, have filed their responses to the Central Empowered Committee report, the company added. Separately, the company has filed an application to the Supreme Court seeking a stay on the suspension of mining and restrictions on ore transportation, Sesa Goa said in a statement.
In Q4 March 2013, production of pig iron and metallurgical coke were 75% and 48% higher at 1,04,000 tonnes and 94,000 tonnes, respectively, due to the new capacities commissioned in Q2 September 2012, the company said. For the full year, the production of pig iron and metallurgical coke grew by 24% and 29% respectively, Sesa Goa said in a statement.
Sesa Goa's power sales were 43 million units in Q4 March 2013 and 159 million units for FY 2013. Power sales are not comparable with the previous periods in view of Goa Energy acquisition in March 2012, and the commissioning of new 30 (megawatts) MW power plant, the company said in a statement.
During the year, Sesa Goa acquired the remaining 49% of the outstanding common shares of Western Cluster (thereby taking the equity interest in the project to 100%) for a cash consideration of $33.5 million.
With regard to the update on Sesa Sterlite merger, Sesa Goa said the proposed Vedanta Group Consolidation and Simplification has received the approval of the High Court of Bombay at Goa on 3 April 2013. The hearings at the High Court of Madras have been completed and the order is awaited, the company said. Following the receipt of Court Approvals, a record date will be announced to complete the transaction, Sesa Goa said in a statement.
Sesa Goa's board of directors at a meeting held on Saturday, 27 April 2013, recommended dividend of 10 paise per share for FY 2013.
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