Tata Motors' consolidated net profit fell 52.2% to Rs 1628 crore on 1.8% growth in revenue (net of excise) to Rs 46090 crore in Q3 December 2012 over Q3 December 2011. Earnings before interest, taxation, depreciation and amortization (EBITDA) declined 14.93% to Rs 6144 crore in Q3 December 2012 over Q3 December 2011. EBITDA margin dropped to 13.3% in Q3 December 2012 from 16% in Q3 December 2011. The result was announced after market hours Thursday, 14 February 2013.
Tata Motors attributed the small growth in revenue to strong demand, growth in volumes and favourable market mix at Jaguar Land Rover (JLR). The company said JLR's revenue for the quarter ended December 2012 of GBP 3,804 million represented a growth of 1.5% over GBP 3,749 million during the corresponding quarter last year. JLR's operating profit (EBITDA) stood at GBP 533 million in the quarter, lower than GBP 639 million during the corresponding quarter last year. JLR's operating margin for the quarter ended 31 December 2012 stood at 14%, lower than a strong quarter a year ago period, reflecting product mix, the ongoing effect of higher marketing costs compared to the low levels experienced in Q3 of the prior year, launch costs of the all-new Range Rover, run out of the earlier Range Rover, and continued growth in product investments and related costs to support future business growth. JLR's profit before tax for the quarter ended 31 December 2012 was GBP 404 million, lower than GBP 509 million in the corresponding quarter last year. JLR's profit after tax for the quarter was GBP 296 million, lower than GBP 393 million in the corresponding quarter last year.
JLR issued new 10 year bond of $500 million at 5.625% per annum during January 2013.
With regard to the future business plan of JLR, Tata Motors said that JRL will focus on continuing the launch of new Range Rover, full launch of the new Jaguar engine and AWD options, XF Sportbrake, and F-TYPE. JRL will continue its focus on both refreshed and new Jaguar and Land Rover products. JRL will continue to focus on profitable volume growth and improving efficiencies to sustain the growth momentum, Tata Motors said. Given the significant growth in sales and profitability with strong liquidity, JLR's capex and product development spending is expected to increase in FY 2014 in the region of 2.75 billion to develop new products and technologies and for expanding the manufacturing foot print to realize increased market opportunities.
Tata Motors reported net loss on standalone basis in Q3 December 2012. The standalone financial operations represent mainly the India operations of Tata Motors. Revenue on standalone basis (net of excise) stood at Rs 10630 crore for the quarter ended 31 December 2012, which was lower than Rs 13338 crore for the corresponding quarter of the previous year. The operating margin was 2.2% for the quarter ended 31 December 2012, sharply lower than 6.7% for the corresponding quarter last year. Tata Motors reported a net loss of Rs 458 crore on standalone basis in Q3 December 2012, as against net profit of Rs 174 crore in Q3 December 2011.
Tata Motors said that the external environment and overall economic activities remain stressed, resulting in the overall demand continuing to remain under pressure, mainly for the medium and heavy commercial vehicles. Sluggish economic activity and weak macro outlook have impacted freight availability, Tata Motors said. The company said that competitive intensity is resulting in higher marketing costs. The company said that demand in the small commercial vehicles (SCV) segment remains strong. Tata Motors said that the company continues to leverage on its strengths in the commercial vehicles business, which include strong understanding of the domestic market, wide and compelling product portfolio, strong brand and customer support, widespread distribution network and economies of scale.
Tata Motors said that several initiatives are under aggressive implementation by the company in the passenger car business to achieve performance improvement. For the overall passenger car industry, raw material and component prices are expected to be under control going ahead, Tata Motors said. For the company, cost and expense optimization focus will continue in the passenger vehicles business, Tata Motors said.
Mahindra & Mahindra (M&M) after trading hours on Thursday, 14 February 2013, said that the company has decided to invest about 80 billion Korean Won which is equivalent to around $73.73 million at the current exchange rate, by way of subscribing to preferential issue of equity shares of the company's Korean subsidiary viz. Ssangyong Motor Company (SYMC). The preferential allotment will result in an increase in the paid-up capital of SYMC by 11.9% and increase in the M&M's shareholding in SYMC to 72.85% from current 69.63%. The preferential issue would facilitate improvement of the financial structure of SYMC and proceeds of the issue would be utilised by SYMC for new product development and strengthen its competitiveness, M&M said in a statement.
United Breweries after trading hours on Thursday, 14 February 2013, said that the company is the owner of the Kingfisher brand which is registered under the respective Trademark classes pertaining to alcoholic beverages and that the brand Kingfisher has not been hypothecated/pledged by the company to any lender to secure loans. The company made this announcement while clarifying its position with regard to media reports on the Kingfisher brand. United Breweries also said that no shares of the company are pledged with the lenders of Kingfisher Airlines.
Both United Breweries and Kingfisher Airlines belong to the Vijay Mallya's UB group. Kingfisher Airlines has been grounded since 1 October 2012, first because of staff protests against unpaid salaries and thereafter because of regulatory issues. Its flying licence expired on 31 December 2012, although that can be revived through a re-application.
GAIL (India)'s net profit rose 17.72% to Rs 1284.86 crore on 11.87% increase in total income to Rs 12658.37 crore in Q3 December 2012 over Q3 December 2011. The result was announced after market hours Thursday, 14 February 2013. In terms of the decision of the Government of India to share the under recoveries on LPG, the company has provided discount of Rs 700 crore for Q3 December 2012, which was higher than Rs 536.12 crore in Q3 December 2011. GAIL (India) also said it has adjusted Rs 85.67 crore towards excess provision for discount pertaining to Q2 September 2012.
HCL Technologies said after market hours on Thursday, 14 February 2013 that it has entered into a strategic partnership with Linedata, a leading French global applications software provider.
HCL had, through its acquisition of Capital Stream in early 2008 became the owner of Finance Center; a commercial lending software suite. HCL through its expertise in product development and domain knowledge, has significantly transformed this product into a management platform automating disparate operations into a fully-integrated straight through processing solution. The product today offers comprehensive business benefits providing full utilization of the cross-portfolio information needed to streamline decision making, collaborate and manage credit and asset risk.
HCL and Linedata find an excellent strategic opportunity by combining the evolved Finance Center product with Linedata's existing Financial Services software product suite whereby enabling the provision of both front and back office products to customers. Under the partnership, HCL will transfer its commercial lending software product (Finance Center) business, including customer contracts and other associated assets and liabilities for consideration of $45 million while supporting Linedata with offshore product development and professional services. HCL had derived revenue of $30 million during FY 12 from Capital Stream, HCL said in a statement. The agreement is subject to customary closing conditions.
DLF said after market hours on Thursday, 14 February 2013 hat consolidated net profit rose 10.23% to Rs 284.80 crore on 4.37% fall in total income to Rs 2291.25 crore in Q3 December 2012 over Q3 December 2011.
Shares of Madras Cements turn ex-dividend today, 15 February 2013 for 2nd interim dividend of Re 1 per share for the year ending 31 March 2013.
Shares of Power Grid Corporation turn ex-dividend today, 15 February 2013 for interim dividend of Rs 1.61 per share for the year ending 31 March 2013.
Shares of Sail turn ex-dividend today, 15 February 2013 for interim dividend of Rs 1.60 per share for the year ending 31 March 2013.
MTNL reported net loss of Rs 1182.18 crore in Q3 December 2012 as compared with net loss of Rs 929.77 crore in Q3 December 2011. Net sales fell 1.3% to Rs 832.95 crore in Q3 December 2012 over in Q3 December 2011. The result was announced after market hours Thursday, 14 February 2013.
Suzlon Energy reported consolidated net loss of Rs 1154.53 crore in Q3 December 2012 as compared with net loss of Rs 286.46 crore in Q3 December 2011. Net sales fell 19.5% to Rs 4013.66 crore in Q3 December 2012 over in Q3 December 2011. The result was announced after market hours Thursday, 14 February 2013.
HCL Infosystems reported net loss of Rs 28.67 crore in Q3 December 2012 as compared with net profit of Rs 9.11 crore in Q3 December 2011. Net sales fell 4.2% to Rs 2458.03 crore in Q3 December 2012 over in Q3 December 2011. The result was announced after market hours Thursday, 14 February 2013.
Crisil's consolidated net profit rose 7.5% to Rs 59.99 crore on 15.6% increase in total income to Rs 270.12 crore in Q4 December 2012 over Q4 December 2011. The result was announced after market hours Thursday, 14 February 2013
Parsvnath Developers consolidated net profit fell 18.8% to Rs 18.31 crore on 36.8% fall in total income to Rs 153.58 crore in Q3 December 2012 over Q3 December 2011. The result was announced after market hours Thursday, 14 February 2013
Monnet Ispat net profit fell 21.3% to Rs 57.49 crore on 2.9% fall in total income to Rs 477.70 crore in Q3 December 2012 over Q3 December 2011. The result was announced after market hours Thursday, 14 February 2013
Videocon Industries net profit fell 98.8% to Rs 1.04 crore on 0.2% fall in total income to Rs 3082.63 crore in Q3 December 2012 over Q3 December 2011. The result was announced after market hours Thursday, 14 February 2013
Pipavav Defence & Offshore Engineering Company net profit fell 10.6% to Rs 8.41 crore on 46.8% rise in total income to Rs 670.03 crore in Q3 December 2012 over Q3 December 2011. The result was announced after market hours Thursday, 14 February 2013
The Reserve Bank allowed Apollo Tyres to increase FII investment limit under the portfolio investment scheme (PIS) to 40%.
Powered by Capital Market - Live News
