On a consolidated basis, Cipla's net profit rose 10.28% to Rs 485.35 crore on 26.01% increase in total income from operations (net) to Rs 2487.70 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Friday, 9 August 2013.
On a standalone basis, Cipla's net profit rose 18.5% to Rs 475 crore on 25.3% increase in gross revenues to Rs 2492 crore in Q1 June 2013 over Q1 June 2012. Operating margins grew by 24.8% to Rs 675 crore during the period under review.
The company's material cost was at 40.8% of total sales in Q1 June 2013 as compared to 37.6% in Q1 June 2012.
The company's domestic revenues grew by 16.7% to Rs 1132 crore in Q1 June 2013 over Q1 June 2012. The growth in domestic revenues was largely on account of growth in anti-asthma, anti-biotics/infectives, and cardiovascular therapy segments.
Exports of formulations grew by 27.7% to Rs 1034 crore in Q1 June 2013 over Q1 June 2012. Exports of Active Pharmaceutical Ingredients (APIs) fell by 13.1% to Rs 146 crore in the same period. The growth in export revenues was primarily due to growth in anti-retroviral, anti-asthma and anti-allergic segments, the company said.
Sun Pharmaceutical Industries (Sun Pharma) reported consolidated net loss of Rs 1276.10 crore in Q1 June 2013, as against net profit of Rs 795.55 crore in Q1 June 2012. The result was announced on Friday, 9 August 2013. The stock market was closed on that day on account of Ramzan.
The net loss on consolidated basis during the quarter is on account of a provision of Rs 2517 crore towards settlement for patent infringement litigation related to generic versions of 'Protonix'. Recurring net profit jumped 56% to Rs 1241 crore in Q1 June 2013 over Q1 June 2012.
Sun Pharma's consolidated net sales grew 31% to Rs 3482 crore in Q1 June 2013 over Q1 June 2012. Adjusted for the impact of one-time sales recorded in the domestic business in Q4 March 2012, which lowered Q1 June 2012 sales, the net sales have grown by 23% year on year (YoY) in Q1 June 2013.
Branded generic sales in India grew 44% to Rs 849 crore in Q1 June 2013 over Q1 June 2012. Adjusted sales growth of the domestic formulation business during the quarter was 11%. US finished dosages sale in dollar terms rose 28% to $364 million in Q1 June 2013 over Q1 June 2012. International formulation sales grew 19% to $81 million.
Sun Pharma's consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) surged 26% YoY to Rs 1531 crore during the quarter. EBITDA margin was at 44%, lower than 46% reported last year.
Dilip Shanghvi, Managing Director, Sun Pharmaceutical Industries said, All our businesses continue to perform in-line with our expectations. We remain focused on strengthening our existing businesses and developing a differentiated and specialty driven product basket. We also continue to review opportunities to expand and strengthen our global footprint.
Sun Pharma's consolidated R&D expense for Q1 June 2013 was Rs 205 crore, which is 6% of sales.
In Q1 June 2013, abbreviated new drug applications (ANDAs) for 4 products were filed. After counting these, and adjusting for filings that were dropped, cumulatively ANDAs for 453 products have been filed by Sun Pharma and Taro with the United States Food and Drug Administration (USFDA) as on 30 June 2013. ANDAs for 9 products received approvals in the first quarter, taking the total number of approvals to 320 as on 30 June 2013. ANDAs for 133 products now await USFDA approval, including 19 tentative approvals. The above ANDA statistics exclude the discontinued/withdrawn products of URL, Sun Pharma said in a statement.
The total number of patent applications submitted now stands at 791, with 503 patents granted so far, Sun Pharma said in a statement.
Bank stocks will be in focus after the Reserve Bank of India (RBI) on Thursday, 8 August 2013, announced fresh steps to drain cash from the banking system, as it stepped up efforts to stop the rupee's decline against the dollar. The stock market was closed on Friday, 9 August 2013 on account of Ramzan Id. The RBI said it would sell Rs 22000-crore of short-term cash management bills every week on Mondays. The sale is in addition to Rs 12000-crore of Treasury bills and Rs 15000-crore of sovereign bonds the government sells every week to fund its fiscal gap.
TCS announced on Saturday, 10 August 2013 that it will set up a software development campus in Indore, Madhya Pradesh, with an investment of Rs 500 crore in two phases. The TCS Indore campus will be located in the SEZ Area allotted by the Madhya Pradesh government. The Hon'ble Chief Minister of Madhya Pradesh, Shri Shivraj Singh Chouhan was present to preside over this occasion and laid the foundation stone for Phase I at a ceremony held at the site of the campus on Saturday. He was joined by other dignitaries from the city. The world-class TCS campus will comprise software engineering blocks, training facilities, amphitheatre and other facilities to offer a holistic environment for knowledge professionals. Sprinkled with water bodies and green areas, the park will incorporate several green building concepts such as zero discharge, energy efficient systems, rain water harvesting systems and integrated building management systems.
BPCL said on Saturday, 10 August 2013 that Bharat Petro Resources (BRPL), a wholly owned subsidiary of BPCL advised that Petrobras, operator of the block SEAL-M-426 in BM-SEAL-11 Concession, Brazil, has announced that it has discovered hydrocarbons during the drilling of the first appraisal well informally known as Farfan 1, located in the concession area BM-SEAL-11, Block SEAL-M-426 in ultradeepwaters of the Sergipe Basin.
The results obtained in this well confirm the extension of the light oil reservoirs previously discovered in the Farfan discovery well within turbidite sandstones of Upper Calpanian age (Columbia Formation). The well is currently under drilling which will be followed by drill stem test (DST) to confirm the flow potential of the reservoir. The consortium plans to continue with the Discovery Assessment Plan, under approval by the Brazilian Regulatory Agency, ANP.
Petrobas is the operator of the concession BM-SEAL-11 with 60% interest in partnership with IBV Brazil (a 50:50 joint venture company, formed by wholly owned subsidiaries of Bharat PetroResources and Videocon Industries) holding the remaining 40%.
TVS Motor Company's net profit rose 1.5% to Rs 51.87 crore on 4.4% decline in net sales to Rs 1740.19 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Friday, 9 August 2013.
The company said total two-wheeler sales stood at 4.60 lakh units in Q1 June 2013. Total motorcycles sales fell 10.19% to Rs 1.85 lakh units in Q1 June 2013 over Q1 June 2012. Total scooter sales fell 18.33% to Rs 0.98 lakh units in Q1 June 2013 over Q1 June 2012. Total two-wheeler exports fell 14.75% to Rs 0.52 lakh units in Q1 June 2013 over Q1 June 2012. Three wheeler sales surged 66.9% to 15634 units in Q1 June 2013 over Q1 June 2012.
Improved sales mix and control over costs resulted in profit before tax (PBT) improving from Rs 66.11 crore in Q1 June 2012 to Rs 69.05 crore in Q1 June 2013 despite enhanced spend behind brands, the company said.
TVS Motor said it would strengthen its scooter portfolio with the launch of a new scooter in Q2 September 2013. The company said it also plans to launch an upgraded TVS Scooty and TVS StaR City during the current financial year ending March 2014.
During the quarter, PT TVS Motor Company Indonesia's total two wheeler sales fell 1.90% to 5926 units in Q1 June 2013 over Q1 June 2012. The company recently launched TVS Dazz, its first automatic skubek for Indonesia which is expected to perform well and increase sales during 2013-14.
In a separate announcement after market hours on 8 August 2013, TVS Motor said it received an approval from its board to divest a majority stake in its subsidiary, TVS Energy.
ABB's net profit fell 23.07% to Rs 40 crore on 7.42% decline in revenue to Rs 1720 crore in Q2 June 2013 over Q2 June 2012. The result was announced on Friday, 9 August 2013. The stock market was closed on that day on account of Ramzan.
ABB said that it continues to follow a policy of cash over revenue in its businesses to mitigate the credit risk in the market. Localized offerings also enabled the company to stay competitive in a tough economic environment. ABB said that savings from operational excellence initiatives and cost take out programs helped offset the impact of price pressures and the higher cost of working capital.
ABB's adjusted operational earnings before interest, taxation, depreciation and amortization (EBITDA) rose 27.58% to Rs 111 crore in Q2 June 2013 over Q2 June 2012. Adjusted EBITDA margin improved to 6.4% from 4.7% a year ago. ABB's order intake declined 15.35% to Rs 1731 crore in Q2 June 2013 over Q2 June 2012, reflecting a challenging business environment as customers continue to exercise caution on large investments. ABB said it continues to focus on balancing its risks and returns.
ABB said that the company's thrust on exports and new business streams yielded results with export orders demonstrating clear growth over successive quarters. Orders from sectors such as renewable energy continued on their growth trajectory. The company's order backlog stood at Rs 8235 crore as on 30 June 2013, as against Rs 9175 crore as on 30 June 2012.
Commenting on the company's Q2 results, Bazmi Hussain, MD, ABB said, The economic environment is now increasingly depressed. Our multiple productivity and operational excellence initiatives are yielding results. We are confident that our broad portfolio, cost take out programs, localization initiatives and the ability to find new opportunities will give us pole position as market eventually revives.
Aditya Birla Nuvo's (ABNL) consolidated net profit rose 24.16% to Rs 331.33 crore on 7.92% growth in revenue to Rs 5744.54 crore in Q1 June 2013 over Q1 June 2012. On standalone basis, ABNL's net debt to annualised EBITDA improved to 2.1 and net debt to equity improved to 0.38 compared to 3.3 and 0.53 respectively in corresponding previous year.
eClerx Services' board of directors at a meeting held on Thursday, 8 August 2013, approved the proposal for buyback of equity shares of the company up to an aggregate amount of Rs 40.50 crore i.e. not exceeding 10% of total paid-up capital and free reserves of the company as on 31 March 2013. The buy back shall be under the "open market" mechanism through the Stock Exchanges at a price not exceeding Rs 825 per equity share of Rs 10 each and the aggregate consideration for buyback not exceeding Rs 40.50 crore.
Neyveli Lignite Corporation's (NLC) net profit declined 3.48% to Rs 278.43 crore on 14.91% growth in total income to Rs 1669.22 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Friday, 9 August 2013. NLC reported a negative exceptional item of Rs 64.57 crore in Q1 June 2013. This includes Rs 62.09 crore towards income tax reimbursement claim pertaining to the earlier years, disallowed by the appeallate authority (APTEL) in respect of KSEB. Decision with regard to further appeal is under consideration, NLC said.
Aurobindo Pharma reported consolidated net profit of Rs 18.60 crore in Q1 June 2013, as against net loss of Rs 128.91 crore in Q1 June 2012. The result was announced on Friday, 9 August 2013.
Aurobindo Pharma's consolidated total operating income rose 41.3% to Rs 1715.60 crore in Q1 June 2013 over Q1 June 2012. Earnings before interest, taxation, depreciation and amortization (EBITDA) before forex surged 120.1% to Rs 307.70 crore. Formulation sales rose 68.1% to 1100.50 crore in Q1 June 2013 over Q1 June 2012. API sales grew 10.2% to Rs 649.90 crore. Formulation sales constitute 63% and API constitutes 37% of gross sales in Q1 June 2013.
Commenting on the company's performance, Mr. N. Govindarajan, Managing Director, Aurobindo Pharma said: Our focus on costs and the qualitative aspect of sales across key markets have reflected positively on our revenues and operating margins on a year on year basis. Our reported bottom-line got impacted by the mark-to- market component of our Dollar denominated debt because of Rupee depreciation during the quarter. We continue to make steady progress in achieving our strategic objective of strengthening our business mix towards more differentiated product and service offerings to our customers.
Aurobindo Pharma's board of directors at a meeting held on 9 August 2013, considered that in order to strengthen and provide focused growth to the injectable business and to leverage strategic opportunities, the board considered the option of spin-off of the injectable business to a wholly owned subsidiary as a going concern. The board constituted a sub-committee consisting majority of independent directors to evaluate the draft scheme of arrangement placed before the board on 9 August 2013 and recommend final scheme to the board for consideration in no later than 60 days from 9 August 2013.
The board approved in-principle, the following acquisition and joint venture opportunities through its wholly owned subsidiary viz. to acquire 60% of an upcoming manufacturing facility (under construction) being established by Celon Laboratories to manufacture Hormonal and Oncology products for a total cash consideration of Rs 15.60 crore and to further invest towards completion and approval of the facility including new product developments in above therapeutic areas with budgeted investment outlay of Rs 32.30 crore over next 12 months
The board has decided to acquire 57% of the equity stake in Silicon Life Sciences (Silicon), a company engaged in manufacture of non-sterile penems, from its existing shareholders of 49% from VVR group and 8% from Trident Chemphar. Post this acquisition, the equity holding of the company would increase to 75%, thereby making Silicon a subsidiary of the company.
Puravankara Projects' on Friday, 9 August 2013 said it is set to launch a Rs 350 crore residential property named Purva Skydale in Bengaluru. The company said that the project consists of 2 BHK sized 1,341 to 1,371 square feet (sq. ft) and 3 BHK apartments 1,700 to 1,929 sq. ft. The property is priced between Rs 4,491 to 4,995 per sq. ft.
Commenting on the launch, Jackbastian Nazareth, Group CEO, Puravankara said, Purva Skydale is a winning proposition, with its innovative features and unbeatable location. The IT hub a stone's throw away, virtually assures capital appreciation. The project is at the pre-launch stage, and already there is substantial demand - as such, we plan to sell on first come, first served basis.
Godrej Industries' consolidated net profit rose 28% to Rs 53 crore on 6% growth in total income to Rs 1945 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Saturday, 10 August 2013.
The company's consolidated profit before depreciation, interest and taxation (PBDIT) surged 48% to Rs 146 crore in Q1 June 2013 over Q1 June 2012. Profit before tax (PBT) jumped 92% to Rs 100 crore.
Godrej Agrovet's consolidated total income rose 27% to Rs 945 crore year on year (YoY) in Q1 June 2013.
Commenting on the company's Q1 performance, Mr. A. B. Godrej, Chairman, Godrej Industries said, Our results this quarter have demonstrated the strength of our business model which captures a diverse range of businesses in some of the key growth sectors of the economy. Overall performance has been encouraging as some of the core operations registered sustained growth. Our agri businesses have commenced the year on a strong note with the top-line increasing by 27% and operating profit increasing by 37%, driven mainly by the animal feed and agri-inputs segments. Our joint ventures also reported improvement despite a volatile external environment as the impact of bird flu diminished and feed costs stabilized. Godrej Seeds continues to expand its revenues and outreach to newer geographies. Overall the quarter was a heartening period for Godrej Agrovet, encouraging us to gear up for greater opportunities in the coming future.
Godrej Properties has delivered healthy growth in earnings and bookings despite weak market conditions prevailing in the real estate industry, Mr. Godrej said. The company continued to build a robust development portfolio in high growth markets and added two new projects with 1.85 million sq. ft. of saleable area in Bangalore and NCR during the quarter. The momentum in new projects, strong brand equity and a differentiated business model should enable the company to deliver excellent performance in the coming years, he added.
Mr. Godrej said that the Godrej Consumer Products segment continues to deliver strong sales growth, in both its India business and its international operations. In the India business, it has grown significantly ahead of category growth. Its international portfolio is also scaling up well. The company continues to invest strongly in innovation and bringing new products to the market, Mr. Godrej added.
With regard to the company's Chemicals business Godrej said that the performance of the business continues to reflect the impact of an adverse global economic environment and increasing price of natural gas. While the company remains cognizant of extended period of challenges, it believes that the tide should turn and the business will again be in a position to deliver healthy performance, Mr. Godrej said.
Going forward, through our CREATE strategy, we will continue to strengthen our positions in all our core businesses while fostering an inspiring place to work and creating shared value for all our stakeholders., Mr. Godrej said.
CARE Ratings' net profit rose 44.67% to Rs 24.29 crore on 25.93% increase in total income from operations (net) to Rs 34.68 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Saturday, 10 August 2013.
The company said that the revenues increased notwithstanding the challenging overall economic conditions where growth in bank credit moderated to 2.9% from 3.3% last year. While the Reserve Bank of India (RBI) had lowered the repo rate by 25 bps this quarter, the base rates of banks remained virtually unchanged. Also industrial growth in the first 2 months was virtually flat at 0.1%. Therefore, the performance has to be viewed against a rather challenging macro-economic background.
The higher growth in rating income was a result of a sharp increase in the total volume of debt rated, which increased by 73.5% to Rs. 2.36 lakh crore in Q1 June 2013 over Q1 June 2012. Being the first quarter of the year, business was driven more by initial rating assignments rather than surveillance. The growth in CARE's revenue was spearheaded by ratings. The number of bank facilities rated increased from 1081 in Q1 June 2012 to 1203 in Q1 June 2013 while the number of long term debt instruments in Q1 June 2013 was 61 as against 57 in Q1 June 2012. Also, the number of NSIC assignments and SME grading stood at 156.
The rating upgrade and downgrade data has shown some improvement in this quarter. The Modified Credit Ratio (defined as upgrades and reaffirmations to downgrades and reaffirmations) had improved from 0.79 in Q1 June 2012 to 0.91 in Q1 June 2013. It was between 0.80-0.83 in the other three quarters of the year ended March 2013.
The other component of total income, 'other income' which also includes income from investments made in fixed maturity plans (FMPs) increased from Rs 8.45 crore in Q1 June 2012 to Rs 15.61 crore in Q1 June 2013.
Total expenditure increased by 31.1% from Rs 15.17 crore in Q1 June 2012 to Rs 19.88 crore in Q1 June 2013. Staff expenditure which comprises around 76.3% of the total expenses increased to Rs 15.16 crore from Rs 11.96 crore in Q1 June 2012, a rise of 26.8%. The higher staff expenditure was on account of an increase in headcount from 509 as on June end 2012 to 578 as on June end 2013.
Profit indicators of the company had also shown a significant improvement. PBDT increased by 45.4% to Rs 30.93 crore from Rs 21.28 crore in Q1 June 2012, while profit after tax (PAT) increased by 44.6% to Rs 24.30 crore as against 16.80 crore in Q1 last year. PBDT margins saw an increase from 59.1% on Q1 June 2012 to 61.5% in Q1 June 2013. PAT margins stood at 48.31%, which was higher than 46.68% in Q1 June 2012.
Ajanta Pharma said on Friday, 9 August 2013 that it has emerged successful in revoking two composition patents of Allergan Inc. Ajanta had applied for revocation of both the patents under independent application in 2011 on grounds of obviousness, not an invention, not patentable, insufficiency and non-disclosure under section 8 of the patents act (2005) with Intellectual Property Apllelate Tribunal (IPAB). The combination patent decision has emerged as a landmark decision at IPAB.
Both the patents namely IN 212695 and IN 219504 were on medicines for eye related treatments and were granted by the Kolkata Patent Office in December 2007 and May 2008 respectively. Ajanta filed revocation petitions with IPAB for both the patents believing that both these patents are invalid and unenforceable under IPA, 1970 and that these patents were granted on false representation. The IPAB, which has been constituted by the Central Government in the Ministry of Commerce and Industry to hear appeals against the decisions of the Registrar/Controller from the Patents & Trademark Offices and all appeals from various high courts, rightly revoked both these patents on grounds of obviousness and breach of section (8) of IPA, 1970, as put forward by Ajanta.
Ajanta has already been successful selling BIMAT T and BIDIN LS TM in Indian market and will continue to sell backed by this favourable verdict, company said in a statement.
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