Tata Steel reported a consolidated net profit of Rs 1018 crore in Q2 September 2017, compared with net loss of Rs 49 crore in Q2 September 2016. Revenue rose 20% to Rs 32464 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 30 October 2017.
T V Narendran, Managing Director, said that Tata Steel witnessed strong volume growth during the quarter as the smooth ramp up of its Kalinganagar steel plant coupled with its strong marketing franchise enabled it to expand its customer universe and increase its market share. This is against the backdrop of subdued steel demand during the quarter with slow construction activity, weak rural demand and poor consumer sentiment, he added.
Koushik Chatterjee, Group Executive Director said that Tata Steel Group revenues witnessed a sequential growth of 9% primarily driven by increased volumes across the geographies, with India now contributing to 48% of overall deliveries. However, consolidated EBITDA declined sequentially due to seasonally weaker performance in its European operations, he said. The management is committed to further growing its business in India while building a long term investment in strong European portfolio, he added.
Bharti Infratel's consolidated net profit fell 17% to Rs 638 crore on 11% growth in revenue to Rs 3648 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 30 October 2017.
The company's consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) rose 12% to Rs 1634 crore in Q2 September 2017 over Q2 September 2016.
Akhil Gupta, Chairman, Bharti Infratel, said that Indian telecom has embraced the data centric model and is emerging as the showcase of digital technology with operators rolling out 4G networks and India planning a leadership role on upcoming 5G technology and associated applications. Leading operators have announced enhanced investment plans towards improvising digital infrastructure during the recently concluded India Mobile Congress.
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The Government of India's Smart Cities program presents additional opportunity to create infrastructure for sharing on a non-discriminatory basis. All of this is good for the sector at large. As Bharti Infratel and Indus Towers is well positioned to grab its fair share of market and create sustainable value for all stakeholders, Akhil Gupta said.
Among major earnings, Bharti Airtel and Dr Reddy's Laboratories are set to announce Q2 September 2017 results today, 31 October 2017.
Shares of Shriram Transport Finance Company (STFCL) and IDFC will be watched. Both the Shriram Group and IDFC Group have agreed for aborting any further discussions on the proposed potential merger as they could not hit common ground and arrive at a mutually acceptable structure and valuation. Consequently, the confidentiality, exclusivity and standstill agreement entered between both the Groups stands terminated with immediate effect. The announcement was made after market hours yesterday, 30 October 2017.
Housing Development and Infrastructure (HDIL) has issued a clarification to the stock exchanges regarding media news item titled Andhra Bank drags HDIL before NCLT. The company said that it is in discussion with the bank for settlement of its balance outstanding dues & in fact have made part payment of its balance dues and are awaiting the bank's decision in the matter. The application is neither admitted nor listed at the NCLT and the company will update the exchange in the matter, HDIL said. The announcement was made after market hours yesterday, 30 October 2017.
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