Tech Mahindra after market hours on Tuesday, 4 February 2014, said its consolidated profit after tax (PAT) jumped 40.6% to Rs 1010 crore on 2.7% increase in revenue to Rs 4899 crore in Q3 December 2013 over Q2 September 2013. The sharp rise in net profit on sequential basis in Q3 December 2013 was due write back of excess provision for contingencies of Rs 120 crore provided in earlier years in Q3 December 2013. This is non-recurring item. Another reason for the sharp surge in net profit on sequential basis in Q3 December 2013 was a reversal of tax provision of Rs 226.60 crore no longer required.
Operating profit (EBITDA) rose 2.3% to Rs 1136 crore in Q3 December 2013 over Q2 September 2013. EBITDA margin declined to 23.19% in Q3 December 2013, from 23.28% in Q2 September 2013.
Commenting on the financial performance, Vineet Nayyar, Executive Vice Chairman, Tech Mahindra, said: "We are pleased to report another successful quarter where growth has come from our main verticals -- Telecom, Manufacturing and BFSI. We remain confident of the success of our differentiated offerings."
C P Gurnani, Managing Director & CEO, Tech Mahindra said: "Our results are a testimony to the fact that our strategy and investments are aligned with market drivers and demands. Our focus on connected solutions for digital enterprises will continue to drive this momentum".
Meanwhile, Tech Mahindra's board of directors of the company at its meeting held today, 4 February 2014, approved increase in limit of investment by FIIs from the existing 45% to 48% of the paid up capital of the company.
Cummins India after market hours Tuesday, 4 February 2014, reported 37.1% fall in net profit to Rs 147.23 crore on 6.09% fall in total income from operations (net) to Rs 1023.01 crore in Q3 December 2013 over Q3 December 2012. The sharp fall in net profit was due to base effect. The company's bottom line in Q3 December 2012 was boosted by exceptional profit of Rs 47.50 crore on sale of long term (trade) investments. The operating profit declined 5.3% to Rs 197.56 crore in Q3 December 2013 over Q3 December 2012. The operating profit margin edged up to 19.31% in in Q3 December 2013, from 19.14% in Q3 December 2012.
Net profit of Power Finance Corporation rose 37.35% to Rs 1534.31 crore in the quarter ended December 2013 as against Rs 1117.10 crore during the previous quarter ended December 2012. Operating income rose 24.2% to Rs 5547.16 crore in the quarter ended December 2013 as against Rs 4465.71 crore during the previous quarter ended December 2012.
Power Grid Corporation of India, Praj Industries, Ranbaxy Laboratories, Tata Investment Corporation, Honeywell Automation India, SJVN and Redington India, among others, will announce their October-December 2013 earnings today, 5 January 2014.
NHPC said that Unit-4 of Uri-II H.E. project was synchronized with full load on 2 February 2014 at 19:20 IST. Now all the four units of 60 megawatts each stand commissioned, the company said.
Jindal Steel and Power (JSPL) after market hours on Tuesday, 4 February 2014, said that as per Regulation 14(3) of the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998, as amended (the "Buy-Back Regulations"), the company has utilized at-least 50% of the amount earmarked for buy-back as specified in the resolution passed by the board of directors at its meeting held on 30 August 2013, i.e., the minimum buy-back Size of Rs 500 crore. Accordingly, the duly authorized Sub-Committee of Directors of the company at its meeting held today, 4 February 2014, unanimously approved that the buy-back offer of equity shares of the company be closed on 18 February 2014, being a date earlier than the last date for the completion of buy-back mentioned in the announcement, i.e. 15 March 2014. Subject to the maximum buy-back price of Rs 261 per share, the company will not place buy orders under the buy-back after 13 February 2014, JSPL said.
JSPL after market hours on Monday, 3 February 2014, said that its power generation unit -- Jindal Power -- has acquired a stake in the company owning the Kineta power project in Andhra Pradesh. The Kineta Power project is not under construction and is not an operational power plant. This project has only land and statutory clearances. The acquisition value is not significant and there are no immediate plans for starting construction, Jindal Steel and Power said. "As and when, the plans are made in the future the same will be appropriately disclosed as required," Jindal Steel and Power said.
Engineers India (EIL) said that the Empowered Group of Ministers (EGoM) in its meeting held on 4 February 2014, fixed a price band of Rs 145 to Rs 150 for the company's further public offer (FPO) of 3.36 crore equity shares through an offer for sale (OFS) route by the government. EIL will offer a discount of Rs 6 per share on the issue price to retail investors and employees of the company.
Meanwhile, Petroleum Secretary Vivek Rae was quoted by media as saying on Tuesday, 4 February 2014, that EIL's FPO will hit the capital market on 6 February 2014. As on 31 December 2014, the government held 80.40% in EIL.
Godrej Consumer Products said it has entered into an agreement with the Darling Group for enhancing its Phase 1 holdings. Consequent to this, it will gain full control of the Nigeria business. This move is in-line with GCPL's intent of gradually getting to full control of the Darling country businesses. GCPL had completed the acquisition of 51% stake in Darling Nigeria in September 2011.
Pochiraju Industries said its board will meet on 12 February 2014, to take review of the progress of bio-pharma division, agri division and pharma division.
SKS Microfinance said its board approved the business plan for the fiscal year ending March 2015 and the fiscal year ending March 2016. The board approved further issue of equity shares through qualified institutional placement (QIP) upto a maximum of Rs 400 crore with a cap of 20% dilution. Further, the board approved portfolio guidance of Rs 4000 crore by the end of the fiscal year ending March 2015 and profit guidance of Rs 125 crore for the fiscal year ending March 2015.
The board re-designated Mr. P.H. Ravi Kumar presently Non-Executive Chairman (Interim) as Non-Executive Chairman of the company.
Further, the board approved that Mr. S Dilli Raj, presently Chief Financial Officer to be promoted as President of the company; Mr. K.V. Rao, presently Senior Executive Vice President - Operations, to be promoted as Chief Operating Officer; Mr. Ashish Damani, presently Executive Vice President - Finance, to be promoted as Chief Financial Officer; Mr. J. S. Sai, presently Executive Vice President - Public Affairs, to be promoted as Chief Marketing and Communications Officer; and Mr. V. Srinivas Reddy, presently Senior Executive Vice President - Human Resources, to be promoted as Chief People Officer.
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