Engineering and construction giant L&T gained after market hours on Friday, 18 October 2013 reported 14.05% fall in net profit to Rs 977.51 crore on 10.59% rise in total income to Rs 14958.93 crore in Q2 September 2013 over Q2 September 2012. However, L&T reported 7% rise in recurring profit after tax (PAT) to Rs 978 crore in Q2 September 2013 over Q2 September 2012.
L&T said orders inflow rose 27% to Rs 26533 crore in Q2 September 2013 over Q2 September 2012. International order inflow more than doubled contributing 43% of the total order inflow on the back of a few orders for large projects in the Middle East. The major orders came from infrastructure and hydrocarbon segments, L&T said.
L&T said order book rose 11% to Rs 1.76 lakh crore as at 30 September 2013 over 30 September 2012. International order book constituted 15% of the total order book. The company's order book rose 11% to Rs 1.76 lakh crore as at 30 September 2013 over the previous year.
In its outlook, L&T said that the macro-economic environment continues to remain weak and uncertain on account of the twin deficits, tight liquidity, persistent inflation and heightened volatility in the financial markets. Investment climate in the economy is yet to show sign of recovery. Deferral of new projects and delayed decision making and execution features the weak performance of the core sector this far.
The recent government measures such as improved allocation of resources to kick-start the stalled projects are, however, a welcome move to improve the investment sentiment, L&T said.
The company said the strategy of business development in select international markets has started yielding results as is evident from the increased share of international business. The company continues to focus on emerging prospects in the Middle East and other select international markets as part of its twin strategy to hedge against domestic slowdown and attain global competitiveness, it said.
Hindalco Industries will be in focus after the Prime Minister's Office (PMO) on Saturday, 19 October 2013, said that the Prime Minister is satisfied that the final decision of allocation of Talabira-II and III coal blocks in Odisha to Mahanadi Coalfields, Neyveli Lignite Corporation and Hindalco Industries was entirely appropriate and is based on the merits of the case placed before him. The PMO said that the final decision on the Talabira coal block allocation differed from the earlier recommendation of the Screening Committee, and this was done following a representation received in the Prime Minister's Office from one of the parties, which was referred to the Ministry of Coal.
Hindalco, last week, claimed that the company had followed every process required for allocation of coal completely as stipulated by the government policy. The company issued the statement after the Central Bureau of Investigation (CBI) on 15 October 2013 named Aditya Birla Group Chairman Kumar Mangalam Birla in its 14th FIR in the coal block allocation case. CBI also filed FIRs against Nalco, Hindalco and former coal secretary PC Parakh.
HDFC, Asian Paints, Dewan Housing Finance Corporation, Geometric, Karnataka Bank, Mahindra & Mahindra Financial Services, Merck, Rallis India, Swaraj Engines, Whirlpool of India and Zee Entertainment Enterprises, among others, will declare their July-September 2013 quarter results today, 21 October 2013.
UltraTech Cement's net profit fell 52% to Rs 264 crore on 4.19% decline in net sales to Rs 4502 crore in Q2 September 2013 over Q2 September 2012. Profit before Interest, Depreciation and Tax (PBIDT) fell 33.36% to Rs 717 crore in Q2 September 2013 over Q2 September 2012.
The combined domestic cement and clinker sales remained unchanged on year on year basis at 9.1 million tonnes (MnT) in Q2 September 2013. Sales volume of white cement and wall care putty rose 15.06% to 2.75 lakh metric tonnes (LmT) in Q2 September 2013 over Q2 September 2012.
The results for the quarter have been impacted mainly on account of lower selling prices and subdued demand. Cement demand remained sluggish on account of prolonged monsoon and low off take from the infrastructure and housing sectors, UltraTech Cement said in a statement.
The benefit of softening in prices of imported coal was negated by the devaluation of the rupee. Logistics and raw material costs continued to rise given the high diesel prices. However. optimisation of the fuel mix helped in curbing power and fuel cost to some extent, the company added.
The company's capex plans are progressing on schedule. During the quarter the company commissioned a 25 megawatts (MW) thermal power plant (TPP) at Rajashree Cement in Karnataka. Its 1.6 million tonne per annum (mtpa) cement mill at Jharsuguda in Odisha went on stream in October 2013, the company said.
UltraTech Cement said the outlook continues to remain challenging. Demand growth in FY14 is likely to be around 5%, though in the long term growth is likely to be over 8%. The key demand drivers will continue be housing and infrastructure spends, it added.
On a consolidated basis, CRISIL's net profit surged 95.6% to Rs 116.81 crore on 5.7% increase in income from operations to Rs 286.40 crore in Q3 September 2013 over Q3 September 2011.
During the quarter, CRISIL sold its entire equity stake in India Index Services & Products (IISL), a joint venture with National Stock Exchange of India (NSE), for a total consideration of Rs 100 crore. The stake represented 49% of the equity share capital of IISL.
CRISIL said the quarter saw extreme volatility in the Indian financial markets, coupled with high interest rates and a decline in economic growth. It resulted in a virtual halt to any type of issuance, whether equity or bonds. This affected CRISIL's bond ratings and India research businesses, leading to muted revenue growth. Ratings revenues were driven by the Bank Loan Ratings and SME Ratings businesses. The Global Analytical Centre (GAC) business of CRISIL continues to see good demand from the analytical team of S&P Ratings, driven by a pick-up in business volumes across the global corporate and structured finance domains, the company said in a statement.
Unichem Laboratories' net profit rose 3.22% to Rs 36.20 crore on 2.02% increase in total income to Rs 269.57 crore in Q2 September 2013 over Q2 September 2012. The result was announced on Saturday, 19 October 2013.
Multi Commodity Exchange of India (MCX) said that Shreekant Javalgekar has resigned as Managing Director & CEO of the company, subject to the approval of the board.
Marico has fixed 5 November 2013 as the record date for determining the shareholders of the company to whom shares of Marico Kaya Enterprises (MaKE) will be issued and allotted. Marico shareholders will receive one fully paid-up equity share of Rs 10 each of MaKE for every 50 equity shares held in Marico
Bosch after market hours on Friday, 18 October 2013, said that it has proposed to suspend the manufacturing operations at the company's Nashik plant between 21 and 23 October 2013 and 6 to 7 November 2013 with a view to adjust production to meet the demand for products and to avoid unnecessary buildup of inventory.
Natco Pharma said its board considered a proposal of issuing 24 lakh equity shares on preferential basis. The board also considered a proposal of increasing the limit of shareholding by NRI/ PIO and registered foreign institutional investors (FIIs) upto 24/49% of the paidup capital of the company. The company will hold an extraordinary general meeting (EGM) on 14 November 2013.
PC Jeweller opened its 37th showroom on 20 October 2013 at Rajkot in Gujrat.
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