Kotak Mahindra Bank (KMBL)'s net profit fell 55.84% to Rs 189.78 crore on 70.65% growth in total income to Rs 4583.86 crore in Q1 June 2015 over Q1 June 2014. KMBL announced the first quarter results after market hours yesterday, 30 July 2015. The results for Q1 June 2015 include operations of erstwhile ING Vysya Bank which was merged with KMBL with effect from 1 April 2015. Hence, the results for Q1 June 2015 are not comparable with that of the corresponding period of the previous year.
KMBL said that the Q1 June 2015 results were hit adversely by significant provisions on merger of ING Vysya Bank with KMBL. KMBL made provisions of Rs 339 crore for retiral benefits of employees of erstwhile ING Vysya Bank amounting to Rs 339 crore. The bottom line during the quarter was also impacted by provisions and contingencies of Rs 305 crore of which a significant portion is from erstwhile ING Vysya Bank. KMBL also incurred integration cost of Rs 63 crore in Q1 June 2015, including stamp duty, related to the merger. KMBL made payment of additional interest on savings accounts of erstwhile ING Vysya Bank amounting to Rs 30 crore in view of the higher rate of 6% (for balance above Rs 1 lakh) offered to the customers as against 4% offered by ING Vysya Bank.
KMBL said in a statement that the management believes the merger benefits will flow in due course from both, revenue synergies as well as cost efficiencies, resulting from significant geographical and product complementarities, fuller customer segment coverage, economies of scale and improved productivity and efficiency.
On absolute basis, KMBL's gross non-performing assets (NPAs) stood at Rs 2421.77 crore as on 30 June 2015, compared with Rs 1237.23 crore as on 31 March 2015 and Rs 1079.02 crore as on 30 June 2014. The ratio of gross NPAs to gross advances stood at 2.31% as on 30 June 2015 as against 1.85% as on 31 March 2015 and 1.88% as on 30 June 2014. The ratio of net NPAs to net advances stood at 1.04% as on 30 June 2015 as against 0.92% as on 31 March 2015 and 0.98% as on 30 June 2014.
The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 16.36% as on 30 June 2015 as against 17.17% as on 31 March 2015 and 18.5% as on 30 June 2014.
Among key corporate earnings, ICICI Bank, Larsen & Toubro, Sun TV Network, Titan Company and GlaxoSmithkline Pharmaceuticals are scheduled to announce their June quarter earnings today, 31 July 2015.
With respect to news article titled "Hindalco seeks 5/25 protection", Hindalco Industries announced after market hours yesterday, 30 July 2015, that there is no truth in the news paper report that the company is doing refinancing under the 5/25 scheme of Reserve Bank of India (RBI).
On consolidated basis, Glenmark Pharmaceutical's net profit rose 3.31% to Rs 190.93 crore on 13.6% growth in revenue excluding out-licensing income to Rs 1655.24 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 30 July 2015.
Glenmark Pharmaceuticals received out-licensing income of Rs 29.90 crore in Q1 June 2014.
The company's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 5.03% to Rs 359.57 crore in Q1 June 2015 over Q1 June 2014.
Commenting on the company's Q1 performance, Glenn Saldanha, Chairman & MD of Glenmark Pharmaceuticals said that the company recorded good growth during the quarter for its India, US LatAm and Europe businesses. While the company continues to outperform in the Indian pharmaceuticals market, its US business also registered decent growth in the quarter aided by ANDA approvals for six products, Saldanha said. The company's LatAm business performed exceedingly with Brazil, Mexico and Venezuela recording good sales growth. Glenmark has also been making steady progress in its innovation pipeline as it persists with its relatively high investments on R&D to build both its novel as well as generics products pipeline, Saldanha said in a statement.
Gati's consolidated net profit fell 31.91% to Rs 7.83 crore on 5.22% growth in total income to Rs 420.36 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 30 July 2015.
Shares of Adani Enterprises turn ex-dividend today, 31 July 2015, for final dividend of Rs 1.40 per share for the year ended 31 March 2015.
Shares of Ambuja Cements turn ex-dividend today, 31 July 2015, for interim dividend of Rs 1.60 per share for the year ending 31 December 2015.
Shares of Godrej Industries turn ex-dividend today, 31 July 2015, for final dividend of Rs 1.75 per share for the year ended 31 March 2015.
Shares of Adani Transmission will debut on the bourses today, 31 July 2015. It may be recalled that as per a Composite Scheme of Arrangement between Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Transmission and Adani Mining Private Limited, the shareholders of Adani Enterprises were allotted one equity share of Adani Transmission for each equity share held in Adani Enterprises on record date.
Exide Industries' net profit fell 16.24% to Rs 155.20 crore on 6.01% decline in total income to Rs 1802.63 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 30 July 2015.
Exide Industries' MD & CEO P K Kataky said that demand for both Automotive and OEM and Industrial battery, including demand for Home UPS, Power and Traction battery, remained subdued in Q1 June 2015. However, growth in Automotive and Motorcycle battery replacement sale was encouraging in this quarter, Kataky said. Technology upgradation and cost control remain important part of the company's strategy to improve the bottom-line, Kataky said.
Gujarat Pipavav Port's net profit dropped 0.14% to Rs 80.41 crore on 8.67% growth in total income to Rs 190.50 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 30 July 2015.
FM radio operators will be in focus. E-Auction of the first batch of private FM Radio Phase III Channels re-commenced on 30 July 2015 and during the day, four rounds of bidding took place. At the close of the fourth day of bidding, 80 channels in 55 cities became provisionally winning channels with cumulative provisional winning price of around Rs 643 crore against their aggregate reserve price of about Rs 391 crore. Thus the summation of provisional winning prices surpassed Rs 550.18 crore, which is the total reserve price of 135 channels. Till now, 16 rounds of bidding are over. The first batch auction for 135 FM Channels in 69 existing cities of Phase II began on 27 July 2015. The Auction Activity Requirement of 80% set at the beginning of the auction continued to remain the same on the fourth day. Bidding will re-commence on 31 July 2015.
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