Net profit of Larsen & Toubro (L&T) rose 2.09% to Rs 558.14 crore on 15.79% rise in net sales to Rs 13937.04 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Friday, 28 July 2017.
On a consolidated basis, L&T's net profit rose 50.60% to Rs 1028.30 crore on 9.59% rise in net sales to Rs 23810.86 crore in Q1 June 2017 over Q1 June 2016.
L&T won new orders worth Rs 26352 crore at consolidated level in Q1 June 2017 in a challenging business environment. International orders at Rs 7885 crore, constituted 30% of the total order inflow. Major orders during the quarter were secured by infrastructure segment. Consolidated order book of the group stood at Rs 262860 crore as on 30 June 2017, marginally higher by 2% on a year on year basis. International order book constituted 26% of the total order book.
L&T said that prospects of a good monsoon, rural wage growth, pay hike for state government employees, lower lending rates and a modest pick-up in external demand are expected to catalyse GDP growth. The company said its focus continues to be on selective order intake, working capital reduction, cost optimization through strengthening execution operational efficiencies and productivity enhancement through digitalization and other initiatives. The company is optimistic of its growth aspirations in the medium term as the economic outlook improves.
Net profit of NTPC rose 12% to Rs 2618.17 crore on 4.3% rise in net sales to Rs 19879.32 crore in Q1 June 2017 over Q1 June 2016. The result was announced on Saturday, 29 July 2017.
Net profit of Pfizer declined 28.6% to Rs 57.17 crore on 16.02% decline in net sales to Rs 420.91 crore in Q1 June 2017 over Q1 June 2016. The result was announced on Saturday, 29 July 2017.
Among prominent companies, Reliance Power, Shree Cement and Siemens will announce April-June 2017 results today, 31 July 2017.
ONGC will be watched. With reference to media report suggesting Cabinet clears plan to pipe away HPCL stake to ONGC, the state-run oil major clarified that it was reported in the media that the Union Cabinet in its meeting held on 19 July 2017 has "in- principle" decided to disinvest its existing 51.11% of total equity shareholding in HPCL to ONGC. However, ONGC has not yet received any communication from the Government of India on the aforesaid decision. The clarification was issued on Saturday, 29 July 2017.
In the budget speech for the year 2017-18, the Finance Minister indicated that the government sees opportunities to strengthen its CPSEs through consolidation, mergers and acquisitions. By these methods, the CPSEs can be integrated across the value chain of an industry. It will give them capacity to bear higher risks, avail economies of scale, take higher investment decisions and create more value for the stakeholders. Possibilities of such restructuring are visible in the oil and gas sector. The government proposes to create and integrated public sector 'oil major' which will be able to match the performance of international and domestic private sector oil and gas companies.
Wipro announced that Wipro Gallagher Solutions (WCS) released the latest version of its Loan Origination System (LOS), NetOxygen v5.O. NetOxygen v5.0, which provides users such as loan officers, processors and administrators with more simplified innovation and configuration tools to meet lenders' evolving needs and support next-gen lender transformation. The announcement was made before trading hours today, 31 July 2017.
In the first of a series of significant advancements designed to simplify innovation, NetOxygen v5.O streamlines access to its Application Programming Interfaces (APIs) through the development of a Loan Gateway Service. The Loan Gateway Service enables direct data sharing between third-party partners and NetOxygen, accelerating the development and deployment of future-ready lending models. NetOxygen v5.O also accelerates and simplifies configuration through a suite of easy-to-use self-service tools available to business users. The business tools enable lenders to address necessary and urgent business changes such as fee schemes, conditions, products, and user maintenance without intervention from the IT team.
Alok Industries announced on Saturday, 29 July 2017, that it has a processing plant in Navi Mumbai, where there is no production since the last 14 months primary due to labour issues. Arising out of a notice that the company put up on 14 July 2017, a lock-out has been declared at the said plant from Saturday, 29 July 2017. The working of the company is however expected to remain normal despite the above development.
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