Reliance Industries' (RIL) net profit jumped 31.9% to Rs 5589 crore on 1.4% fall in turnover to Rs 86618 crore in Q4 March 2013 over Q4 March 2012. Net profit rose 4.8% to Rs 21003 crore on 9.2% growth in turnover to Rs 371119 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). The result hit the market after trading hours on Tuesday, 16 April 2013.
RIL's gross refining margin (GRM) edged up to $10.1 a barrel in Q4 March 2013 from $9.6 a barrel in Q3 December 2012 and $7.6 a barrel in Q4 March 2012. The GRM edged up to $9.2 a barrel in FY 2013 from $8.6 a barrel in FY 2012.
RIL said its retail business achieved cash breakeven with earnings before depreciation, finance cost and tax expense of Rs 78 crore in FY 2013. Turnover of the retail business jumped 42% to Rs 10800 crore in FY 2013 over FY 2012.
RIL is debt free on a net basis as at 31 March 2013.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said: "Reliance has delivered another year of strong operating performance in an environment of continued volatile economic conditions. The growth in earnings was largely driven by strong and improved refining margins during the year. Production growth from our investments in unconventional liquids-rich resource plays in North America has reinforced our confidence in creating long term value for our shareholders from this diversification. We are delighted to see our retail business achieving a milestone of annual revenue crossing Rs 10000 crore and will further strengthen our position in this sector. We are working on projects that form the foundation of our aspirations to become one of the world's most competitive producers of petroleum and petrochemical products while developing consumer centric businesses in India".
HCL Technologies before trading hours today, 17 April 2013, said its consolidated net profit as per US accounting standards rose 7.8% to Rs 1040 crore on 2.4% growth in revenue at Rs 6425 crore in Q3 March 2013 over Q2 December 2012. Earnings before interest, taxation, deprecation and amortization (EBITDA) rose 1.6% to Rs 1439.30 crore in Q3 March 2013 over Q2 December 2012. The EBITDA margin declined to 22.4% in Q3 March 2013 from 22.6% in Q2 December 2012.
Commenting on the Q3 results, Anant Gupta, President and CEO, HCL Technologies said: "We have delivered yet another quarter of strong performance. Our net margins have improved for six straight quarters and are up by 51.5% along with a robust 14.6% US dollar constant currency growth for the twelve month period ended 31 March 2013. Amidst a challenging and uncertain business environment, HCL continues on its growth trajectory fuelled by its Alternative Outsourcing (AO) approach led by two unique value propositions of Alternative ASM and Enterprise Function as a Service (EFaaS)".
Anil Chanana, Chief Financial Officer, HCL Technologies said: "During the 12 months period ended 31 March 2013, our revenues have increased by 27% YoY (INR) while the earnings per share has grown 74% YoY (INR). This increase in EPS has been facilitated by expansion in both gross margin and operating margin by 340 bps and 420 bps YoY respectively. HCL's industry leading performance is also manifested in the strong free cash flow conversion at 60% of EBITDA and Return on Equity at 31%".
Zee Entertainment Enterprises on Tuesday, 16 April 2013, said that in order to maximize returns on its treasury operations, the board of directors of the company has given an in-principle approval to invest in high-yield debt securities of real estate entities which are unrelated to the company or the Essel Group, with adequate security cover, up to a maximum of Rs 100 crore, of which Rs 29 crore has been committed as on date. Zee Entertainment Enterprises also clarified that the company has not sponsored any PE Fund and the company is not the Sponsor or Investor of India Asset Growth Fund -- an Alternative Investment Fund registered by Essel Group with the Securities and Exchange Board of India. The company issued this clarification after media reports said that the Essel Group has launched a Rs 1000 crore realty fund.
GHCL on Tuesday said that Colwell & Salmon Communication Inc. a wholly owned subsidiary of the company in USA, has been voluntarily liquidated/dissolved with effect from 1 April 2013.
Valecha Engineering on Tuesday said it has recently bagged projects worth Rs 316.87 crore in Uttar Pradesh.
Sadbhav Engineering on Tuesday said that the National Highways Authority of India (NHAI) has declared 18 April 2013 as appointed date for the project 'Four Laning of Gomati ka Chauraha -- Udaipur section of NH-8 (from Km 177/000 to Km 260/100) in the state of Rajasthan under NHDP Phase IV on Design, Build, Finance, Operate and Transfer (toll) basis' to be executed through the company's special purpose vehicle i.e. Shreenathji-Udaipur Tollway. The concession period of 27 (Twenty Seven) years including construction period of 910 will start from 18 April 2013 being the appointed date.
Strides Arcolab on Tuesday said that its subsidiary Agila Biotech and Pfenex Inc. have entered into a joint venture (JV) to develop, manufacture and commercialize an initial pipeline of six biosimilar products for the global market. Operating as a JV, wherein both parties will equally share in decision making regarding product development and commercialization, Agila Biotech will be a 51% equity stakeholder in the JV. This multiproduct joint venture combines Pfenex's industry-leading expertise in strain engineering and process development with Agila Biotech's biologics manufacturing and clinical development excellence, Strides Arcolab said. The lead product for the joint venture is Interferon beta-1b, a biosimilar to Betaseron, indicated for relapsingremitting and secondary-progressive forms of multiple sclerosis, commencing human clinical trials by Q4 December 2013.
Under the terms of the agreement, Pfenex will assume primary responsibility for development of an optimized production strain, process and analytical package for each product, while Agila Biotech will be responsible for pre-clinical and Phase 1 development, as well as cGMP manufacturing. The joint venture will then progress the products through Phase 3 and into commercialization. Manufacture of the collaboration products will be carried out at Agila Biotech's state-of-the-art manufacturing facility being built with Bio-XCell at Nusajaya, Johor, Malaysia -- a 160 acre site comprised of customized biotech facilities.
IT major TCS announces Q4 results today, 17 April 2013.
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