Hero MotoCorp's (HMCL) net profit after exceptional item fell 14.05% to Rs 476.53 crore on 4.31% growth in total turnover (net sales & other operating income) to Rs 6793.87 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 7 May 2015. There was an impairment cost of Rs 155.04 crore ($25 million) in Q4 March 2015, pertaining to equity investment in Erik Buell Racing, Inc. a Delaware Corporation (EBR) through HMCL NA Inc, subsidiary of HMCL. EBR has filed an Assignment for Benefit of Creditors under Chapter 128 of the Wisconsin Statutes, which is similar to the federal bankruptcy law of the United States of America.
Pawan Munjal, Vice Chairman, Chief Executive Officer & Managing Director of HMCL said that the auto industry has remained sluggish due to the slowing rural economy on account of poor crop realization and moderating wages in the rural markets. Going forward, the company remains cautiously optimistic in its near to medium term outlook, Munjal said. An overall improvement in the economy and positive market sentiments are required for the industry to get back to the trend of healthy double digit growth, he added. HMCL will continue to focus on its strengths and keep providing the best of products to its customers in India and across the globe, Munjal said.
Titan Company's net profit rose 4.19% to Rs 215.09 crore on 11.19% decline in total income to Rs 2512.05 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 7 May 2015. Titan Company said that FY 2015 witnessed aggressive expansion of its retail network with a net addition of 123 stores by Watches, Jewellery and Eyewear businesses. As on 31 March 2015, the company had 1,201 stores, with over 1.59 million square feet (msf) of retail space delivering a retail turnover in excess of Rs 11770 crore, Titan said in a statement.
Bhaskar Bhat, Managing Director of Titan Company said that the economic outlook for the year 2014-15 was quite good but improvement in consumer demand has been quite lukewarm. The company's jewellery business was also adversely impacted due to regulatory changes and termination of the consumer friendly Golden Harvest Scheme, Bhat said. All the company's brands witnessed good growth during the first half but post Diwali season it has seen tapering of growths, Bhat said. Titan will however continue to invest in strategic initiatives taking into account its long term and sustainable growth plans, Mr. Bhat said in a statement.
Among key corporate earnings, FMCG major Hindustan Unilever and Punjab National Bank are scheduled to announce their Q4 March 2015 earnings today, 8 May 2015.
Reliance Communications (RCom) after market hours yesterday, 7 May 2015, said that Fitch Ratings (Fitch) and Moody's Investors Services (Moody's) have assigned 'BB-' and 'Ba3' (stable outlook) rating respectively, to the company's s senior secured notes of 6.5% due 2020 of $300 million. These ratings are at the same level as RCom's issuer-level ratings assigned earlier by Fitch and Moody's i.e. BB- and Ba3 (stable outlook) respectively, RCom said.
Piramal Enterprises (PEL) reported consolidated net profit of Rs 95 crore in Q4 March 2015, compared with net loss of Rs 311 crore in Q4 March 2014. Revenue rose 16% to Rs 1298 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 7 May 2015. PEL attributed Q4 March 2015 profit after tax (PAT) to improved performance across business segments, lower interest cost due to reduction in long term debt and higher share of income from associates, partly offset by marginal increase in depreciation. PEL's operating profit jumped 174% to Rs 194 crore in Q4 March 2015 over Q4 March 2014, primarily driven by strong revenue performance across most of the businesses during the quarter and fall in R&D expenses.
Index heavyweight Reliance Industries turns ex-dividend today, 8 May 2015, for dividend of Rs 10 per share for the year ended 31 March 2015.
Hinduja Ventures turns ex-dividend today, 8 May 2015, for interim dividend of Rs 15 per share for the year ended 31 March 2015.
GM Breweries turns ex-dividend today, 8 May 2015, for dividend of Rs 2.50 per share for the year ended 31 March 2015.
SKS Microfinance issued Commercial Papers of an aggregate amount of Rs 60 crore on 7 May 2015, which has been rated 'A1+' by a leading rating agency. Instruments with the aforesaid rating are considered to have a very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk. The aggregate Commercial Paper outstanding as on date is Rs 500 crore. The announcement was made after market hours yesterday, 7 May 2015.
BASF India reported net loss of Rs 59.33 crore in Q4 March 2015 as against net profit of Rs 6.56 crore in Q4 March 2014. Net sales rose 0.15% to Rs 1068.88 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 7 May 2015.
On a consolidated basis, net profit of Talwalkars Better Value Fitness rose 20.08% to Rs 17.88 crore on 16.57% rise in net sales to Rs 76.84 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 7 May 2015.
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