Glenmark Pharmaceuticals' consolidated net profit rose 1.55% to Rs 216.23 crore on 15.92% growth in revenue to Rs 1601.22 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Friday, 24 January 2014.
Glenmark Pharmaceuticals (Glenmark) said that the net profit for the quarter is not comparable due to out-licensing income of Rs 49.30 crore received in Q3 December 2012. EBITDA (earnings before interest, taxation, depreciation and amortization) excluding out-licensing income surged 34.75% to Rs 364.97 crore in Q3 December 2013 over Q3 December 2012.
Revenue from the Generics business rose 24.73% to Rs 737.26 crore in Q3 December 2013 over Q3 December 2012. The Specialty Formulation business excluding out-licensing revenue rose 16.62% to Rs 863.95 crore in Q3 December 2013 over Q3 December 2012.
Commenting on the company's Q3 performance, Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals said, "Despite challenges in the operating environment, we have registered good growth in both our Speciality and Generics Businesses across the globe. We are reasonably confident of maintaining our growth trajectory with our emerging markets businesses being a key growth driver going ahead. Our Innovation R&D Business has also been making steady progress with our 4 NCE and 3 NBE molecules at various stages of clinical development".
Hindustan Unilever, Idea Cellular, Allahabad Bank, Escorts, Adani Ports and Special Economic Zone, Just Dial and Shree Cement, among others, will announce their October-December 2013 earnings today, 27 January 2014.
London Stock Exchange listed Cairn Energy PLC on Friday, 24 January 2014, said it has been contacted by the Income Tax Department of India to discuss income tax assessments for the year ended 31 March 2007. Cairn Energy is co-operating to provide the necessary documentation and information as requested, the company said in a statement. While discussions are ongoing, the Income Tax Department has instructed Cairn Energy to hold its shares in Cairn India. Cairn Energy will update the market in due course, it said.
Reliance Infrastructure on 24 January 2014, acquired 9.50 crore equity shares of face value Rs 10 each of Reliance Power at Rs 68 per share from Reliance Enterprises and Ventures in a bulk deal on BSE by way of an inter se transfer.
GMR Infrastructure's board of directors at a meeting held on Friday, 24 January 2014, accorded approval for raising of funds through issue of foreign currency convertible bonds and/or other securities upto an amount of Rs 2500 crore through follow on offer, further public offer and/or private placement etc.
On a consolidated basis, Torrent Power reported a net loss of Rs 35.51 crore in Q3 December 2013 compared with net profit to Rs 95.66 crore in Q3 December 2012. Total income rose 6.44% to Rs 2068.47 crore in Q3 December 2013 over Q3 December 2012.
Engineers India's net profit rose 2.01% to Rs 135 crore on 21.27% decline in total income to Rs 528.75 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Friday, 24 January 2014.
On a consolidated basis, Persistent Systems' profit after tax (PAT) rose 5.6% to Rs 64.19 crore on 0.1% increase in revenue to Rs 432.75 crore in Q3 December 2013 over Q2 September 2013. The company's EBIDTA (earnings before interest, taxes, depreciation and amortization) rose 6.7% to Rs 119.72 crore in Q3 December 2013 over Q2 September 2013. EBIDTA margins stood at 27.8% in Q3 December 2013, higher than 26% in Q2 September 2013.
"We have delivered another strong quarter with 3.8% quarter-on-quarter (QoQ) growth in services and improved operational efficiencies. Our continued investment in technology has helped us establish leadership position in the Social, Mobile, Analytics, Cloud space," said Dr. Anand Deshpande, Chairman, Managing Director and CEO, Persistent Systems. "We continue to focus on products and IP-led revenue, tracking new industry trends, and encouraging innovative ideas that solve real-world problems."
On a consolidated basis, ICRA's net profit rose 28% to Rs 14.75 crore on 12% increase in total income to Rs 74.44 crore in Q3 December 2013 over Q3 December 2012. ICRA's consolidated operating income rose 14% to Rs 74.21 crore in Q3 December 2013 over Q3 December 2012.
Shares of TCS turn ex-dividend today, 27 January 2014, for third interim dividend of Rs 4 per share for the year ending 31 March 2014.
Shares of Supreme Industries turn ex-dividend today, 27 January 2014, for interim dividend of Rs 2 per share for the year ending 30 June 2014.
Shares of Sterling Tools turn ex-dividend today, 27 January 2014, for interim dividend of Rs 5 per share for year ending 31 March 2014.
Shares of Punjab & Sind Bank turn ex-dividend today, 27 January 2014, for interim dividend of Rs 1.60 per share for year ending 31 March 2014.
Educomp Solutions said that the board of Educomp Infrastructure & School Management (EISML), a material subsidiary of the company at its meeting held on 26 June 2013, had approved reference by the EISML to Corporate Debt Restructuring (CDR) Cell for restructuring of its debts. The CDR Cell had admitted the Flash Report of EISML in its meeting held on 25 July 2013.
Educomp Solutions said that EISML's request for restructuring its debts of Rs 715.63 crores with CDR lenders has been approved by CDR-Empowered Group with cut off date as on 1 April 2013. Accordingly, EISML on 28 December 2013 has executed Master Restructuring Agreement with its lenders for the implementation of CDR package.
The restructuring package agreed with CDR lenders (led by Axis Bank) envisages extended repayment tenure of 153.50 months including moratorium period of 33.50 months from cut off date and funding of interest for a period of 2 years from cut off date.
The package also provides for additional loans of Rs 73 crore to fund critical capital expenditure, Educomp Solutions said in a statement.
Fiem Industries after market hours on Friday, 24 January 2014 said that the company has signed a memorandum of understanding (MoU) with two Japanese companies namely, Honda Lock Mfg. Co., Japan and Toyota Tsusho Corporation, Japan for a joint venture (JV) proposal in India for manufacturing of key sets, door mirrors and outside handles. The Japanese companies are group companies of Japanese conglomerates Honda and Toyota, respectively.
Fiem Industries said that the Management considers it a major breakthrough in diversification of the product line as well as enhancing the presence of the company in four-wheel segment and being a new product line for the company, will add new dimensions to the growth of the company. The key sets will be for four-wheel as well as for two-wheel vehicles also, the company said.
Sabero Organics Gujarat (SOGL) said that the board of directors of Coromandel International (Coromandel) and SOGL, a subsidiary of Coromandel, at their respective meetings held on Friday, 24 January 2014, have approved merger of SOGL with Coromandel through a scheme of amalgamation, subject to approval of the stock exchanges, shareholders, creditors, concerned High Courts/Tribunal, and other regulators as applicable.
As per the scheme, the public shareholders of SOGL will be issued shares in Coromandel in the ratio of five equity shares of Re 1 each of Coromandel for every eight equity shares of Rs 10 each of SOGL. The shares held by Coromandel and PCL in SOGL shall get extinguished. In terms of the scheme, amalgamation of SOGL with Coromandel will be followed by the dissolution of SOGL. Coromandel, along with its wholly owned subsidiary Parry Chemicals (PCL), holds 74.9% equity stake in SOGL.
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