ACC's consolidated net profit jumped 189.2% to Rs 438.29 crore on 2.9% decline in net sales to Rs 2911.11 crore in Q1 March 2013 over Q1 March 2012. The company announced Q1 results after market hours on Friday, 3 May 2013.
ACC's consolidate earnings before interest, taxation, depreciation and amortization (EBITDA) declined 24.09% to Rs 491.57 crore in Q1 March 2013 over Q1 March 2012.
Despite lower EBITDA, net profit jumped by 189.2% year-on-year in Q1 March 2013 due to recognition of additional depreciation charge of Rs 335.38 crore in Q1 March 2012 and write back of tax provision of Rs 140.83 crore in Q1 March 2013.
ACC said that the demand for cement in the first quarter of the year is usually expected to be robust. However, this year the industry did not witness the normal seasonal pattern on account of an overall slowdown in infrastructure and general construction segments, the company said. The slackening of demand also saw subdued realizations, ACC said in a statement.
ACC said that the company's on-going improvement programme aimed at achieving cost leadership and delivering enhanced customer value has contributed particularly in the areas of manufacturing, sales, logistics and procurement processes. This helped the company to contain much of the inflationary pressures on the costs of its major inputs and transportation, ACC said in a statement.
Jaiprakash Associates' net profit fell 56.48% to Rs 123.50 crore on 3.95% decline in total income to Rs 3932.07 crore in Q4 March 2013 over Q4 March 2012.
On a consolidated basis, net profit fell 27.04% to Rs 461.79 crore on 26.51% rise in total income to Rs 19128.67 crore in the year ended March 2013 over the year ended March 2012.
The board of Jaiprakash Associates recommended a final dividend of Rs 0.50 per equity share for the year ended March 2013.
Adani Power, Emami, Great Eastern Shipping Company, South Indian Bank and State Bank of Bikaner and Jaipur, among others, will declare their January-March 2013 quarter results today, 6 May 2013.
Grasim Industries' consolidated net profit rose 1% to Rs 818 crore on 5% increase in net revenue to Rs 7672 crore in Q4 March 2013 over Q4 March 2012. Profit before interest, depreciation and taxes (PBIDT) fell 5% to Rs 1786 crore in Q4 March 2013 over Q4 March 2012. Despite record volumes, profitability of the viscose staple fibre (VSF) business was adversely affected by decline in realization, Grasim said. The company said profits of the cement business were adversely affected due to lower volumes and higher logistics costs. Cement and VSF are the two key businesses of Grasim. The company's exposure to the cement business is through its subsidiary UltraTech Cement.
Consolidated net profit rose 2% to Rs 2704 crore on 11% increase in net revenue to Rs 25245 crore in the year ended March 2013 (FY13) over the year ended March 2012 (FY12).
PBIDT rose 4% to Rs 6543 crore in FY13 over FY12 led by improved volumes in its viscose staple fibre (VSF) business and cost optimization. The board of Grasim has recommended a dividend of Rs 22.50 per share, same as last year.
Grasim said that given the prevailing global economic conditions, coupled with the surplus capacity in China, the VSF industry is expected to remain under pressure in the short term. With regard to the outlook on the cement business, Grasim said that cement demand in India is expected to grow by an average 8% in the long term with housing, infrastructure and allied spending being the key value drivers. The capacity utilization of the cement industry is likely to improve to 80% in FY 2016 as the pace of capacity addition will slow down, Grasim said. Cost pressures are easing off with the decline in global commodity prices, particularly energy, the company said.
Capacity expansions in VSF and capacities under implementation/unutilized in cement will provide additional volumes, driving growth and further consolidation of the company's leadership, Grasim said. The company will utilise these capacities at the earliest in the present difficult situation, Grasim said. The company will continue to focus on cost reduction measures, improving asset productivity to maintain its position as the lowest costs producer and expanding specialty products portfolio for sustained shareholder value creation, Grasim said.
Titan Industries' net profit rose 28.2% to Rs 184.97 crore on 14.54% growth in total income from operations (net) to Rs 2613.24 crore in Q4 March 2013 over Q4 March 2012. The company announced the results after market hours on Friday, 3 May 2013.
The company's net profit rose 20.8% to Rs 725.18 crore on 14.41% growth in total income from operations (net) to Rs 10112.67 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
On consolidated basis, Titan Industries' net profit rose 20.6% to Rs 725.38 crore on 14.4% growth in total income from operations (net) to Rs 10123.29 crore in FY 2013 over FY 2012.
The firm's board of directors at a meeting held on Friday, 3 May 2013, recommended a dividend of Rs 2.10 per share for FY 2013.
Titan Industries said its good financial performance in FY 2013, which was the silver jubilee year for the company, was despite a challenging economic environment.
Titan Industries said it had pursued growth during 2012-13 in all its business. The company invested in many strategic initiatives taking into account long term and sustainable growth. All these backed by the talent and commitment of employees and business associates have helped Titan Industries register this encouraging growth in a difficult year, Titan Industries said in a statement.
The strength of company's brands contributed to sales growth across all retail formats of watches, jewellery and eyewear, Titan Industries said in a statement.
The Watches business of the company recorded an income of Rs 1675.87 crore in FY 2013, a year-on-year growth of 9.6%. This was achieved through excellent planning and execution of key initiatives, Titan said. The income from Jewellery segment rose 14.8% at Rs 8107.99 crore in FY 2013 over FY 2012. The income from other segments comprising of Precision Engineering, a B2B Business, the Eyewear business and accessories surged 25.9% to Rs.414.03 crore in FY 2013, Titan Industries said in a statement.
Titan Industries said that FY 2013 witnessed aggressive expansion of its retail network with a net addition of 126 stores by Watches, Jewellery and Eyewear businesses. As on 31 March 2013, the company had 953 stores, with over 1.27 million sq.ft of retail space delivering a retail turnover in excess of Rs 9980 crore, Titan Industries said in a statement.
Commenting on the company's performance, Mr. Bhaskar Bhat, Managing Director, Titan Industries said, "The year 2012-13 was a challenging year given the economic environment that was subdued and other adverse factors like the high price of gold that impacted our jewellery business. It has however been a fruitful year for Titan Industries with healthy growth and the fourth quarter in particular, was very encouraging with 28% growth in profit. Given the high expectations of all our stakeholders and aspirations of our employees, we move confidently into the new financial year with aggressive plans.
On a consolidated basis, Piramal Enterprises reported a net loss of Rs 200.41 crore in Q4 March 2013 compared with a net loss of Rs 38.68 crore in Q4 March 2012. Net sales rose 46.3% to Rs 926.93 crore in Q4 March 2013 over Q4 March 2012.
Aurobindo Pharma on Saturday, 4 May 2013, said that it has received final approvals from the US Food and Drug Administration (USFDA) to manufacture and market two generic drugs. One of the two drugs is indicated for the treatment of symptoms of an enlarged prostate (Benign Prostatic Hyperplasia - BPH) in men. The drug had sales of $244 million in the United States for the twelve months ended September 2012 as per IMS data.
The other drug is indicated for indicated in the treatment of serious infections caused by susceptible anaerobic bacteria in infants. This drug had sales of $57 million in the United States for the twelve months ended September 2012 as per IMS data.
Aurobindo now has 190 abbreviated new drug application (ANDA) approvals from USFDA, which includes 163 final approvals including 4 from Aurolife Pharma LLC and 27 tentative approvals.
SpiceJet will be in focus after influential investor Rakesh Jhunjhunwala's wife Rekha Jhunjhunwala, bought 25 lakh shares of the low-cost air carrier on BSE for Rs 9.73 crore through a block deal for an average price of Rs 38.94 a share on Friday, 3 May 2013.
Gujarat Gas Company's consolidated net profit fell 8.73% to Rs 59.28 crore on 6.80% increase in net sales to Rs 762.85 crore in Q1 March 2013 over Q1 March 2012.
Gujarat Gas Company said there was significant fall in indigenous gas supply during the quarter. The company addressed the shortfall in supplies with a higher proportion of re-gasified liquefied natural gas (RLNG). This pushed up the average cost of gas. Selling prices were revised to the extent feasible to partially mitigate the sharp increase in cost. The total volume of gas sold during the quarter was 264 million metric standard cubic meter (mmscm) compared to 304 mmscm in the corresponding quarter of the previous year. Volumes in the industrial segment have been undergoing a churn with increasing price of gas, the company said in a statement.
Gujarat Gas Company said it connected more than 10800 new residential customers, converted about 6000 vehicles to CNG and commissioned more than 44000 scmd of new volumes in the industrial sector during the quarter.
The board of SRF has approved proposals for setting up two plants with a combined capacity of 2000 tonnes per annum for producing speciality chemicals at SRF's chemical complex in Dahej, Gujarat at an aggregated cost of Rs 90 crore.
Net profit of SRF declined 17.36% to Rs 71.88 crore in the quarter ended March 2013 as against Rs 86.98 crore during the previous quarter ended March 2012. Sales declined 0.66% to Rs 816.47 crore in the quarter ended March 2013 as against Rs 821.92 crore during the previous quarter ended March 2012.
Bharat Forge said it has redeemed foreign currency convertible bonds (FCCBs) (Tranche 'B'), aggregating to $62.43 million, which includes principal of $39.90 million and redemption premium of $22.53 million. The company had issued these FCCBs on 28 April 2006 to finance capital expenditure and global acquisitions. The company said it expects to complete the bonds cancellation process and other formalities shortly.
Powered by Capital Market - Live News
