Maruti Suzuki India announces Q3 results today, 27 January 2015.
UltraTech Cement's consolidated net profit rose 1% to Rs 400 crore on 14% growth in revenue to Rs 5835 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours on Friday, 23 January 2015. The consolidated figures include the financial results of the acquired units in Gujarat of Jaypee Cement Corporation (JCCL) with effect from 12 June 2014. As a result, figures for Q3 December 2014 are strictly not comparable with the corresponding previous year period.
UltraTech Cement's earnings before interest, taxation, depreciation, and amortization (EBITDA) rose 14% to Rs 1058 crore in Q3 December 2014 over Q3 December 2013. EBITDA margin was at 18.1% in Q3 December 2014, unchanged from Q3 December 2013.
The company's finance costs jumped 64% to Rs 164 crore in Q3 December 2014 over Q3 December 2013. Depreciation and amortization rose 3% to Rs 296 crore in Q3 December 2014 over Q3 December 2013. The increase in finance costs and depreciation and amortization was attributed to the acquisition of Gujarat units and commissioning of new capacities.
On a sequential basis, prices witnessed a downward trend in Q3 December 2014, UltraTech Cement said. However, the on-going cost optimisation measures helped in containing costs despite the continuing increase in price of input material and logistics cost, the company said in a statement.
UltraTech Cement said that the business outlook continues to remain challenging. Growth in cement demand in India is likely to be around 8% over the long term, the company said. The key demand drivers will continue to be housing and infrastructure spends, it added.
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At the time of announcement of the third quarter results, UltraTech Cement said that its board of directors has approved signing of the definitive agreement with Jaiprakash Associates (JAL) for the acquisition of JAL's cement units located at Bela and Sidhi in Madhya Pradesh, having a capacity of 4.9 million tonnes per annum together with 180 megawatts (MW) captive thermal power plants. Earlier on 23 December 2014, the company's board had approved the proposal for the acquisition of the cement units of JAL located at Bela and Sidhi in Madhya Pradesh. UltraTech Cement will issue non-convertible debentures worth Rs 4538 crore and non-convertible cumulative redeemable preference shares worth Rs 10 lakh to JAL for the acquisition. UltraTech Cement will also take over JAL's debt of Rs 626.50 crore and negative working capital of Rs 160.50 crore. It is anticipated that the transaction will close in 7 to 9 months, UltraTech Cement said.
Jaiprakash Associates announced after market hours on Friday, 23 January 2015, that the board of directors of the company on 23 January 2015, approved the implementation agreement and scheme of arrangement for transfer of two of its cement plants with an aggregate grinding capacity of 4.9 million tonnes per annum and 180 megawatts captive thermal power plants at Bela and Sidhi in Madhya Pradesh to Ultratech Cement. In exchange UltraTech shall issue to JAL non convertible debentures worth Rs 4537.90 crore and non-convertible cumulative redeemable preference shares worth Rs 10 lakhs besides taking over debt and working capital aggregating Rs 787 crore. The consummation of transaction is expected to take 7 to 9 months.
Manoj Gaur, Executive Chairman of the Jaypee Group said that with this disinvestment, the group has disinvested assets of over Rs 22000 crore including disinvestment of Rs 10000 crore in cement business. Post the deal, Jaypee Group will continue to remain the third largest cement manufacturers in the country with a capacity of 22 million tonnes per annum.
Wipro announced before market hours that it has been awarded a multi-year strategic infrastructure management contract by Allied Irish Banks, p.l.c. (AIB)., a leading bank in Ireland offering a full range of personal and corporate banking services.
GMR Infrastructure announced before market hours that the Delhi High Court vide order dated 22 January 2015 has issued directions to the reconstituted Airport Economic Regulatory Authority Appellate Tribunal (AERAAT) to decide the appeals filed by Delhi International Airport (a subsidiary of GMR Infra) within 12 weeks and that the current tariff structure for Delhi Airport will continue till the disposal of the appeals by the AERAAT.
Shares of public sector oil marketing companies (PSU OMCs) and GAIL (India) will be in focus after the Ministry of Petroleum & Natural Gas after trading hours on Friday, 23 January 2015, said that so far 9 crore consumers have already joined the Direct Benefits Transfer for LPG (DBTL) Consumers Scheme for LPG consumers and that they will receive subsidy directly into their bank accounts. This constitutes over 60% of the LPG consumers in the country. So far, an amount of Rs. 2262 crore has been transferred as subsidy and permanent advance in over 7 crore transactions to the LPG consumers. The DBTL Scheme for LPG consumers called PAHAL was launched on 15 November 2014 in 54 districts and in the rest of the country on 1 January 2015. The scheme aims to transfer the subsidy on LPG directly into the bank accounts of over 15 crore LPG consumers.
Gayatri Projects after market hours on Friday, 23 January 2015 said that the company in joint venture with RKTCPL has been awarded an order worth approximately Rs 119 crore by Government of Chhattisgarh PWD. The order forms part of Government of India and Asian Development Bank (ADB) agreement aimed towards improving the road connectivity along key corridors in Chhattisgarh.
Under the agreement, ADB would provide $300 million loan to the Chhattisgarh Government for overhauling over 900 KM of roads by 2017. The Government of Chhattisgarh will provide counterpart finance of about $128 million to cover the estimated total project cost of $428 million, Gayatri Projects said in a statement.
Supreme Infrastructure India after market hours on Friday, 23 January 2015 said that the Investment committee of the company at its meeting held on 23 January 2015, decided to issue and allot 36.06 lakh equity shares of face value Rs 10 each to eligible qualified institutional buyers (QIBs) at a price of Rs 277.39 per equity share (including a premium of Rs 267.39 per equity share), aggregating approximately Rs 100.03 crore.
Bharat Electronics' net profit rose 41.8% to Rs 271.81 crore on 34.9% growth in net sales to Rs 1581.66 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours on Friday, 23 January 2015.
Bharat Electronics' board of directors at its meeting held on Friday, 23 January 2015, declared interim dividend of Rs 6 per share for the year ending 31 March 2015.
8K Miles Software Services after market hours on Friday, 23 January 2015 said that its board of directors will meet on 28 January 2015 to consider allotment of 3 lakh equity shares of the company on conversion of warrants.
Shriram Transport Finance Company consolidated net profit declined 1.1% to Rs 321.27 crore on 6.82% growth in total income to Rs 2346.91 crore in Q3 December 2014 over Q3 December 2013. The result was announced on Saturday, 24 January 2015.
The company's net interest income (NII) rose 9.55% to Rs 1106.27 crore in Q3 December 2014 over Q3 December 2013.
Total assets under management as on 31 December 2014 stood at Rs 60328.95 crore compared with Rs 56883.12 crore as on 31 December 2013.
Poddar Developers announced after market hours on Friday, 23 January 2015, that the board of directors of the company at its meeting held on 23 January 2015, have considered and approved the issue and allotment of 11.10 lakh shares at a price of Rs 1,125.21 per share including a premium of Rs 1,115.21 per share, to qualified institutional buyers (QIBs), under a qualified institutions placement.
Indiabulls Housing Finance announced after market hours on Friday, 23 January 2015, that the committee of the board of directors of the company, constituted by the board of directors of the company for the purposes of deciding upon matters relating to the issue of bonds by the company and the terms and conditions in relation to any such issue, including the timing of issuance of bonds by the company, at their meeting held on 23 January 2015, has inter-alia pursuant to the applicable provisions of the Companies Act, 2013 read with the rules made thereunder and approval of the board of the directors dated 27 October 2014, decided to offer to the public taxable, redeemable, secured non-convertible bonds for an aggregate amount not exceeding Rs 3000 crore in one or more tranches.
Excel Crop Care announced after market hours on Friday, 23 January 2015, that credit rating agency, CRISIL has upgraded the rating to 'CRISIL A1+' from the existing rating 'CRISIL A1' for the company's Short-term bank facilities. CRISIL has reaffirmed 'CRISIL A+/ Stable' rating for the company's long-term bank facilities.
Ashoka Buildcon announced after market hours on Friday, 23 January 2015, that one of its project special purpose vehicles (SPVs) viz. Ashoka Highways (Bhandara), which executes the project viz. to carry on the business of construction, operation, maintenance of Chattisgarh/Maharashtra Border Wainganga Bridge Section from kilometers 405 to kilometers 485 of NH -6 in the state of Maharashtra under NHDP phase IIIA on build, operate and transfer (BOT) basis, has completed refinancing of its debt of Rs 324 crore with ICICI Bank. After refinancing the interest cost has been reduced to 11.5% per annum (p.a.) resulting in a saving of 1.5% p.a. and extension of repayment period.
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