Tata Motors' consolidated net profit surged 195.23% to Rs 4804.80 crore on 38.37% increase in total income to Rs 64,034.30 crore in Q3 December 2013 over Q3 December 2012. The result was announced after trading hours on Monday, 10 February 2014. Tata Motors' topline during the quarter was boosted by strong demand, growth in volumes and favourable product mix and geographic mix at Jaguar Land Rover (JLR).
Hindalco Industries' US subsidiary Novelis Inc. on Monday, 10 February 2014 reported net income attributable to its common shareholder of $13 million for the third quarter of fiscal 2014. Excluding certain tax-effected items, net income was $23 million for the quarter, up $14 million compared to $9 million reported in the same period a year ago.
Adjusted EBITDA for the third quarter of fiscal 2014 was $203 million, up 10% compared to $185 million reported for the same period in the prior year. The increase was driven primarily by higher global shipments partially offset by continued pricing pressures in North America and Asia and reduced scrap benefits from lower aluminum prices.
"Our execution in the third quarter was excellent," said Phil Martens, President and Chief Executive Officer for Novelis, "with year-over-year shipment growth in every operating region. We have made great progress in the commissioning of our major expansions and we are now seeing the benefits of some of these projects in our results. While external market pressures partially offset the bottom line impact of this volume growth, we are confident about the realizable potential for this business as the new projects come on-line."
Shipments of aluminum rolled products totaled 721 kilotonnes for the third quarter of fiscal 2014, an increase of 11% compared to 647 kilotonnes for the same period last year. Despite being a seasonally low production quarter, shipments were up one percent sequentially compared to the second quarter. Net sales for the third quarter of fiscal 2014 were $2.4 billion, up four percent compared to the prior year resulting from higher shipments partially offset by a 12% decrease in average aluminum prices and lower conversion premiums.
The company continues to see strong demand for aluminum flat rolled products globally, particularly in the automotive segment. In December, the company announced a $205 million investment to further expand its global automotive aluminum capacity to 900,000 tons annually.
"We are the world's leading supplier of aluminum automotive sheet, pioneering advancements in cutting edge technologies and facilities to meet our customers' needs," said Martens. "Ford's introduction last month of the aluminum intensive F-150 pickup truck will truly be a game changer for both the automotive and aluminum industries and Novelis is in an excellent position to capture the significant growth ahead."
For the third quarter of fiscal 2014, Novelis reported liquidity of $806 million. Free cash flow was negative $61 million for the third quarter of fiscal 2014, in part due to $107 million in semi-annual bond interest payments and $157 million in capital expenditures. "We have successfully implemented several strategic actions to improve cash flow particularly around working capital activities, resulting in significantly higher free cash flow results than last year," said Steve Fisher, Chief Financial Officer for Novelis.
NMDC's net profit rose 21% to Rs 1567 crore on 38% rise in turnover to Rs 2823 crore in Q3 December 2013 over Q3 December 2012. The result was announced after market hours on Monday, 10 February 2014. The NMDC board at its meeting on Monday has recommended 2nd interim dividend of 550% in addition to the 1st interim dividend of 300% for the year ending 31 March 2014. The total interim dividend so far is 850% for the year 2013-14.
The company's production of iron ore during the 3rd quarter is 7.30 million tonnes (MT) registering a growth of more than 36% over Q3 December 2012, while sales of iron ore was 7.34 MT which is about 38% more than that of the corresponding quarter of previous year.
For the year 2013-14, capital expenditure of Rs.2720 crore is planned to be incurred including Rs.100 crore for overseas acquisitions. So far, from April-December 2013, the capital expenditure of Rs 1679 crore has been incurred, which is 65% more than corresponding period last year. The installation of 3 MTPA steel plant at Nagarnar in Chhattisgarh, as part of NMDC's forward integration programme and value addition, is being pursued vigorously. Orders for major technological packages have already been placed, other auxiliary packages are in advanced stages of finalization and construction works of the major packages are being undertaken on war footing.
As part of its expansion programme, NMDC is developing two new mines, one in Bailadila Sector in Chhattisgarh i.e. Deposit-11B Iron Ore Project and the other in Bellary-Hospet region in Karnataka i.e. Kumaraswamy Iron Ore Mine. Besides, orders have already been placed for setting up of 1.2 MTPA capacity Pelletisation plant in Karnataka.
Speaking on the occasion, Shri C.S. Verma, CMD said NMDC is in its stride to reach production of iron ore of 30 MT for the year 2013-14 which would be a record in itself for NMDC in spite of evacuation hurdles. It is evident from these results that NMDC would definitely be in the forefront in the years ahead and move towards ensuring sustainable growth
Tata Steel and Dr Reddy's Laboratories will unveil Q3 results today, 11 February 2014.
Punjab National Bank turns ex-dividend today, 11 February 2014 for the interim dividend of Rs 10 per share for the year ending 31 March 2014.
Jaiprakash Associates reported net loss of Rs 88.71 crore in Q3 December 2013 as compared to net profit of Rs 110.93 crore in Q3 December 2012. Total income fell 9.5% to Rs 3181.81 crore in Q3 December 2013 over Q3 December 2012. The result was announced after trading hours on Monday, 10 February 2014.
BGR Energy Systems reported 19% fall in net profit to Rs 33.55 crore on 3.1% rise in total income to Rs 835.83 crore in Q3 December 2013 over Q3 December 2012. The result was announced after trading hours on Monday, 10 February 2014.
Manappuram Finance said that CRISIL has revised its rating outlook on ratings of the long-term debt instruments and bank facilities of the company from 'Negative' to 'Stable' on 5 February 2014.
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