L&T after market hours on Wednesday, 22 January 2014, said its recurring profit after tax rose 12% to Rs 1136 crore on 12% growth in gross revenue to Rs 14534 crore in Q3 December 2013 over Q3 December 2012. L&T said the results are excluding the performance of the hydrocarbon business segment, which has been transferred to a wholly-owned subsidiary of the company with effect from 1 April 2013. Consequently, the figures for the previous periods have been restated to make a like-to-like comparison, L&T said.
L&T said its order inflow rose 21% to Rs 21722 crore in Q3 December 2013 over Q3 December 2012, shrugging off prevailing weak investment climate. The international order inflow during the quarter at Rs 8237 crore, more than doubled on the back of major orders secured in the Middle East. The order backlog rose 13% year-on-year at Rs 171184 crore as on 31 December 2013. International order book constituted 15% of the total order book.
L&T said that while the company continues to focus on maximizing the domestic opportunities, it is strengthening its international presence in select overseas markets. Competitive value proposition to the clients and disciplined execution have helped the company sustain its profitable growth momentum, L&T said. Presence in the diverse sectors, healthy order book, proven track record and strong balance sheet are the key enablers for the company to steer through the near to medium challenges and meet its growth aspirations, L&T said in a statement.
Cairn India, Dish TV India, Indian Bank, L&T Finance Holdings, Mastek, Novartis India, Bharti Infratel and Essar Ports will announce their October-December 2013 earnings today, 23 January 2014.
On a consolidated basis, Biocon's net profit rose 14.42% to Rs 104.99 crore on 9.08% increase in total income to Rs 719.57 crore in Q3 December 2013 over Q3 December 2012. Earnings before interest taxes depreciation and amortization (EBITDA) margin stood at 26% in Q3 December 2013.
Commenting on the quarterly performance and highlights, Chairman and Managing Director, Kiran Mazumdar-Shaw stated,"Q3 FY14 has been a very eventful quarter for us, with several research milestones across our novel molecules and biosimilars portfolio. The key highlight was the DCGI approval for our biosimilar Trastuzumab, which paved the way for its commercial launch in India as CANMAb". CANMAb is not only the world's first biosimilar Trastuzumab, but is also the most affordable worldwide. We have also strengthened our Research and Development pipeline with 2 new alliances giving us access to novel technology platforms.
The performance of the Biopharmaceuticals segment has been steady as we continue our efforts to optimise the product basket. We have witnessed sustained business momentum in Research Services, and a return to growth for our Branded Formulations vertical. Our investment efforts in Malaysia continue and we are on track to commission our insulin facility in FY15. We expect to close this financial year with a strong performance across business verticals."
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Biocon said the outlook for the year ending March 2014 (FY14) remains positive while the company strives to balance its revenue growth and Research and Development spend. The company said its portfolio and cost optimization initiatives continue, helping it manage its margins more effectively. The firms said it continues to invest in its Research and Development pipeline, and the several milestones achieved over the course of this year are indicative of the growth opportunities ahead. The Malaysia facility is on track for commissioning in the year ending March 2015 (FY15), the company said.
In a separate announcement, Biocon said it entered into an exclusive licensing agreement with Advaxis Inc., a leader in developing the next generation of cancer immunotherapies, for co-development and commercialization of ADXS-HPV, a novel cancer immunotherapy for the treatment of human papillomavirus (HPV)-associated cervical cancer in women, for India and key emerging markets.
As per the agreement, Biocon will also have access to Advaxis' innovative and proprietary immunotherapy technology that can be leveraged for the development of other novel therapeutics for various unmet medical needs.
Under the terms of the agreement, Advaxis will provide exclusive commercialization rights for ADXS-HPV to Biocon for India, and key emerging markets for all HPV-associated cancers. Advaxis will manufacture and supply ADXS-HPV to Biocon, the company said in a statement.
On a consolidated basis, Raymond's net profit surged 343% to Rs 57 crore on 15% rise in net sales to Rs 1207 crore in Q3 December 2013 over Q3 December 2012. Consolidated earnings before interest taxes depreciation and amortization (EBITDA) rose 35% to Rs 164 crore in Q3 December 2013 over Q3 December 2012. EBITDA margin expanded by 202 basis points (bps) to 13.6% in Q3 December 2013 over Q3 December 2012.
Announcing the results, Gautam Hari Singhania, Chairman & Managing Director, Raymond said, "We have ended the third quarter on a positive note, despite subdued discretionary spend witnessed in the month of December 2013. Our focus on profitability through margin expansion across key business segments of the group has led to a strong bottom line growth in the current quarter as well as for the period till date. Going forward, while factors like inflation and interest rates will continue to play a role in the consumer discretionary space, we are confident that our long term sustainable initiatives in brands, retail, supply chain management and operational efficiency will enable Raymond to surge ahead."
Metal stocks may edge lower as a private gauge of China's manufacturing in January unexpectedly contracted. China is the world's largest consumer of copper and aluminum.
Bank of India turns ex-dividend today, 23 January 2014 for the interim dividend of Rs 5 per share for the year ending 31 March 2014.
IDBI Bank turns ex-dividend today, 23 January 2014 for the interim dividend of Rs 0.73 per share for the year ending 31 March 2014.
Bharti Airtel will be watched on reports the company is expected to sell-off mobile towers in Nigeria, biggest revenue generating market for the company in Africa, for about $500 million by April 2014. The company has less than 4,000 mobile towers in the African country, reports added.
Cairn India will be watched on reports that the Income-Tax (IT) department has surveyed the office of Cairn India in connection with transfer of assets by its erstwhile UK promoter, Cairn Energy Plc to the Indian entry.
Bosch said that with a view to adjust production to meet the demand for products and to avoid unnecessary buildup of inventory, it is proposed to suspend the manufacturing operations at Nashik plant for a period of two days on 27 January 2014 and 28 January 2014.
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