Oil India's net profit rose 71.9% to Rs 764.55 crore on 38.2% increase in net sales to Rs 2376.58 crore in Q4 March 2013 over Q4 March 2012. Net profit rose 4.1% to Rs 3589.34 crore on 0.1% increase in net sales to Rs 9525.23 crore in the year ended March 2013 over the year ended March 2012.
Oil India reported 4.22% rise in consolidated net profit to Rs 3592.05 crore on 0.3% rise in net sales to Rs 9545.78 crore in the year ended March 2013 over the year ended March 2012. The result was announced after market hours on Friday, 24 May 2013.
Reliance Industries (RIL) after market hours on Friday, 24 May 2013 said that the company and its partners BP and NIKO on 24 May 2013, announced a significant gas and condensate discovery in the KG D6 block off the eastern coast of India.
RIL said that the discovery, named 'D-55', has been notified to the Government of India (GoI) and the Management Committee of the block. This discovery is expected to add to the hydrocarbon resources in the KG D6 block. Appraisal will now commence to better define the scale and quality of the field, RIL said in a statement.
Expressing happiness at the discovery encountered through this well, PMS Prasad, Executive Director, RIL said, This is a successful outcome of the combined exploration efforts of the Joint Venture partners with the active support of the GoI. We shall embark on the appraisal program in the next few months in order to evaluate the options for developing this discovery.
Dr Mike Daly, Executive Vice President Exploration at BP, commented, The discovery demonstrates the effective technical co-operation between the partners, allowing us to make a new and significant discovery within KG D6. It follows an 18 month drilling time-out and detailed geoscience work that has re-focused our India exploration program and delivered this early success.
Mr. Edward Sampson, Chairman, President and CEO of Niko Resources stated, We congratulate our partners and the Government of India as co-operation in an event like this shows what good can be created for the energy sector and most importantly, for the people of India.
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RIL is the operator of KG D6 with 60% equity. BP has a 30% share and NIKO the remaining 10%.
Jet Airways (India) reported net loss of Rs 495.53 crore in Q4 March 2013, higher than net loss of Rs 298.12 crore in Q4 March 2012. Revenue declined 2.49% to Rs 3990.50 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Friday, 24 May 2013.
Revenues from domestic operations in Q4 March 2013 stood at Rs 1602.80 crore, accounting for 40.2% of total revenue. Seat factors remained at around 74.8% for Q4 March 2013, as against 77.1% for Q4 March 2012. Capacity in terms of ASKM of 3,188 million registered in Q4 March 2013, as against 3,493 million in Q4 March 2012.
Revenues from international operations in Q4 March 2013 stood at Rs 2387.70 crore, accounting for 59.8% of total revenue. Achieved seat factor of 84.4% in Q4 March 2013, compared with 86% in Q4 March 2012.
Jet Airways (India) reported net loss of Rs 485.50 crore in the year ended 31 March 2013 (FY 2013), lower than net loss of Rs 1236.10 crore in the year ended 31 March 2012 (FY 2012). Revenue rose 13.8% to Rs 17068.70 crore in FY 2013 over FY 2012.
On consolidated basis, Jet Airways (India) reported net loss of Rs 779.28 crore in FY 2013, lower than net loss of Rs 1420.13 crore in FY 2012. Total income from operations rose 12.79% to Rs 18840.56 crore in FY 2013 over FY 2012.
Jet Airways (India) said that the performance of the company in Q4 March 2013 was impacted due to high fuel prices, rupee depreciation and increase in cost of operations. Temporary slowdown in demand has resulted into capacity reduction, the company said. This has resulted in aircraft on ground. Few of them were redeployed to profitable international routes, Jet Airways (India) said in a statement.
The impact of aircraft on ground for the quarter was Rs 90.30 crore. There were instances of aircraft on ground during the year (FY 2013); the impact of this for the year was Rs 188.90 crore, Jet Airways (India) said. The result also includes onetime exceptional items amounting to Rs 310.20 crore. This is mainly due to maintenance events, payroll arrears, SFIS reversal on account of expiry of licence and loss on exchange fluctuation. Additionally the company also had certain credits on account of compensation credit and profit on sale and lease back of London slots, Jet Airways (India) said.
Mr. Hameed Ali, acting Chief Executive Officer, Jet Airways (India) said, Sluggish economic scenario and high yields have resulted in decrease in market demand and capacity. Rupee depreciation, high fuel prices, increase in landing & navigation costs and Increase in cost of operations including impact of onetime cost and aircraft on ground has impacted the quarterly results. As India's premier airline, we continue to strive in our endeavor to enhance our guest experience through various strategic marketing and customer friendly initiatives. This will help us to achieve customer delight, which in turn will further help Jet Airways build its industry benchmarks of service excellence and quality, with convenience and comfort.
With regard to its future business outlook, Jet Airways (India) said that the Rupee depreciation and increase in cost of operations, especially landing & navigation cost continues to be a cause of concern. Significant increases in landing & navigation charges at key metros will lead to airlines passing on the costs to the passenger, which may affect the passenger growth in short term, the company added.
Jet Airways (India) said that the demand growth is expected to climb up to a 10-12% range. As against this, capacity increases are expected to be moderate in the industry. Airlines are regaining pricing power and industry load factors are starting to go up, the company said.
Jet Airways (India) said it continues with its endeavor in cutting costs and improving productivity. Initiatives such as enhancing ancillary revenues, discontinuing loss making routes, sale/sale and lease back of aircraft will help the company in the medium to long term, the company said.
Jet Airways (India) said its international business continues to show healthy trends which are reflecting in the seat factors. The company said it is selectively adding flights to profit making markets such as Gulf & Middle East and ASEAN routes and discontinuing loss making routes.
Jet Airways (India) said that the proposed Jet-Etihad deal will bring immediate revenue growth and cost synergy opportunities for both the airlines and will help strengthen Jet Airways balance sheet. The company said that the key cost benefits and synergies in fleet acquisition, maintenance, joint purchasing opportunities for fuel, spare parts, equipment and catering supplies, as well as external services such as insurance and technology support will come through. Other areas of co-operation will include joint training of pilots, cabin crew and engineers, as well as maintenance of common aircraft types and consolidation of guest loyalty programs, the company added. The alliance will bring significant guest benefits with expanded code sharing, creating a combined network of 140 destinations. All of the above will result in accelerated return to sustainable profitability, Jet Airways (India) said in a statement.
SpiceJet reported net loss of Rs 186 crore in Q4 March 2013, as against net loss of Rs 249 crore in Q4 March 2012. Revenue rose 31% to Rs 1456 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Friday, 24 May 2013.
SpiceJet's average passenger yield rose 8% to Rs 3,739 in Q4 March 2013 over Q4 March 2012.
SpiceJet said that the continued weakness of Indian Rupee, high fuel prices and significant tax burden continued to hurt the entire domestic aviation sector. However, SpiceJet said it was in Q4 March 2013 successfully able to grow passenger traffic by around 20%, outperforming the domestic industry passenger growth. However, the increase in fares was inadequate to fully absorb the impact of higher costs of operation, SpiceJet said in a statement.
SpiceJet reported net loss of Rs 191 crore in the year ended 31 March 2013 (FY 2013), as against net loss of Rs 606 crore in the year ended 31 March 2012 (FY 2012). Revenue rose 43% to Rs 5714.55 crore in FY 2013 over FY 2012.
Mr. Neil Mills, Chief Executive Officer, SpiceJet said, The past twelve months have continued to be difficult and the Indian aviation industry witnessed increasing cost challenges particularly relating to airport charges as well as the adverse impact of the weakness of the rupee. We continue to be confident of the future, particularly as we have launched numerous international routes and this will improve the mix and performance in the future.
Britannia Industries' net profit jumped 65.7% to Rs 87.85 crore on 13.5% growth in net sales to Rs 1486.63 crore in Q4 March 2013 over Q4 March 2012. The result was announced after market hours on Friday, 24 May 2013.
Britannia Industries' net profit rose 25.2% to Rs 233.87 crore on 12.5% growth in net sales to Rs 5564.38 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
On consolidated basis, Britannia Industries' net profit rose 30% to Rs 259.50 crore on 12.4% growth in net sales to Rs 6135.91 crore in FY 2013 over FY 2012.
Commenting on the company's performance, Ms. Vinita Bali, MD, Britannia Industries said, Our results are a reflection of our focus on driving consumer off-take & operational efficiencies to generate sustainable and profitable growth, which has resulted in a standalone revenue growth of 12.5% and net profit increase of 25.2% for the year. We have also seen a 100 bps increase in operating margin.
Britannia Industries' board of directors at a meeting held on Friday, 24 May 2013, recommended dividend of Rs 8.50 per share for FY 2013.
Fortis Healthcare after market hours on Friday, 24 May 2013 said that one of its step-down subsidiaries will complete the divestiture of its entire holding in Dental Corporation Holdings (Dental Corporation) by 31 May 2013, in favour of insurance major, Bupa.
The Supreme Court of Victoria on 24 May 2013 approved the scheme of arrangement for Bupa Australia health Pty to complete its full acquisition of Dental Corporation. Fortis had announced the sale of its entire stake in Dental Corporation, in December 2012. Fortis will receive A$2.347 per Dental Corporation share, aggregating to A$270.38 million.
Fortis had acquired Dental Corporation in January 2011 and grew it from 140 dental practices to around 200 dental practices in Australia, New Zealand and Canada. The model however, remained confined to these countries and it found limited acceptance in other Fortis geographies, as originally prompting the divestiture, Fortis Healthcare said in a statement.
Container Corporation of India's net profit declined 0.54% to Rs 225.84 crore on 11.64% growth in total income to Rs 1321.50 crore in Q4 March 2013 over Q4 March 2012. The result was announced on Saturday, 25 May 2013.
Container Corporation of India's net profit rose 7.07% to Rs 940.03 crore on 8.35% growth in total income to Rs 4743.37 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
On consolidated basis, Container Corporation of India's net profit rose 7.5% to Rs 930.61 crore on 8.22% growth in total income to Rs 4777.56 crore in FY 2013 over FY 2012.
Container Corporation of India's board of directors at a meeting held on Saturday, 25 May 2013, declared final dividend of Rs 9.50 per share for FY 2013.
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