TOP CORPORATE NEWS- 25 May 2016

Ashok Leyland Q4FY2016: Operating results in line with estimates

Ashok Leyland Q4FY2016 results: Operating results in line with estimates; dimunition in value of investments dents profits severely

Ashok Leyland Ltd has announced the following Q4 & FY16 results for the quarter & year ended March 31, 2016:

Standalone

For the Quarter ended March 31, 2016

The Company has posted a net profit after tax of Rs77.02 crore Vs Rs229.97 crore.

Total Income has increased to Rs5987.23 crore Vs Rs4542.95 crore.

Cipla cracks on weak quarterly results

Shares of Cipla cracked 6% to Rs465 on weak results on account of one-offs; maintain Hold with unchanged PT of Rs581

Result synopsis: Sales for the quarter grew by 5.6% to Rs3, 266.5 crores; operating profit declined by 57% to Rs219 crore; operating profit margin (OPM) declined by 971BPS to 6.7% and profit for the quarter declined by 69% to Rs81 crore.

The domestic sales grew by 15.9% to Rs1, 258 crore; export formulation grew by 3% to Rs1, 744 crore and active pharmaceutical ingredient (API) exports remained flat at Rs204 crore.

Tech Mahindra rallies as Q4FY16 profit beats street

Shares of Tech Mahindra rallied 11% to Rs532 on NSE post Q4FY16 results led by in line performance, profit beat led by forex gain and lower tax rate.

Revenues for the quarter was up by 1.3% QoQ on CC term and 0.8% on a reported basis to $1,022.6 mn (in line with expectations).

The growth was led by enterprise side of business especially BFSI vertical, which was higher by 8.7% qoq on CC basis, while Telecom growth remain muted on sequential basis.

Bajaj Auto Q4FY2016 inline; lower other income lead to Net profit miss

Bajaj Auto Q4FY2016 results: Operationally inline; lower other income lead to Net profit miss

Bajaj Auto Ltd has announced the following Q4 & FY16 results for the quarter & year ended March 31, 2016:

Standalone

For the Quarter ended March 31, 2016 (YoY)

Net Profit rose by 29.18% to Rs803.06 crore Vs Rs621.62 crore.

Total Income increased by 13.11% to Rs5535.56 crore Vs Rs4893.61 crore.

Cadila gets USFDA nod for Variconazole tablets

Cadila gets USFDA nod for Variconazole tablets; an anti-fungal drug; to be manufactured at Baddi facility – Sentimentally positive for Cadila.

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MCX rallies as RBI allows overseas investors to buy stake

Dish TV Q4 consolidated net profit at Rs483 cr

Dish TV India Ltd has announced the following audited Q4 & FY16 results for the quarter & year ended March 31, 2016

Standalone

For the Quarter ended March 31, 2016

The Company has posted a net profit of Rs116.42 crore Vs Rs35.01 crore.

Total Income is at Rs536.42 crore Vs Rs743.59 crore.

Britannia Industries slumps on mixed Q4FY2016 performance

Shares of Britannia Industries tanked over 8% to Rs2696 on NSE post Q4FY2016 consolidated results which saw mixed performance; revenue growth slide down to single digits but better operational efficiencies drove margins

Britannia Industries total revenues grew by 7.2% to Rs2211.4crore; volume growth must have slide down to high single digit.

ITC rallies as Cigarette business delivers better Q4 performance

Shares of FMCG major ITC rallied over 5% to Rs347 on NSE as Cigarette business delivered better performance; maintain Buy (TP – Rs375)

Better operating performance; higher tax rate restricted PAT growth:

For Q4FY2016, ITC’s net revenues grew by 10.7% YoY to Rs10, 168.7 crore. Its core cigarette business revenues grew by 10%, while non-cigarette FMCG business revenues grew by just 5.4% during the quarter.

The gross profit margin (GPM) improved by 72BPS YoY to 60.9% and the operating profit margin (OPM) improved by 210BPS YoY to 36.3% (better than our expectation).

The operating profit grew by 17.5% YoY to Rs3, 687.1 crore. However, higher incidence of tax led to 10% Y-o-Y growth in PAT to Rs2, 495.2 crore in Q4FY2016.

CESC becomes distributor for Kota and Bharatpur

CESC has been appointed by Jaipur Vidyut Vitaran Nigam Limited as distribution franchisees for the cities of Kota and Bharatpur, Rajasthan for distribution and supply of electricity for a term of twenty years each.

MCX rallies as RBI allows overseas investors to buy stake

Shares of MCX surged 4% to Rs916.95 on NSE in an otherwise weak market on reports that the RBI has allowed overseas investors to buy stake, removed from FII Investment caution limit.

The Reserve Bank has allowed overseas investors to buy equity shares in Multi Commodity Exchange (MCX) after foreign shareholding in the bourse fell below the prescribed threshold caution limit.

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TOP CORPORATE NEWS- 20 May 2016

IRB Infra Q4 consolidated net profit at Rs151 cr

IRB Infrastructure Developers has announced the following Q4 & FY16 results for the quarter & year ended March 31, 2016:

Standalone

For the Quarter ended March 31, 2016

The Company has posted a net profit of Rs94.37 crore Vs Rs12.33 crore (YoY).

Total Income increased to Rs972.66 crore Vs Rs529.96 crore (YoY).

Lupin cracks as FDA overhang continues

Shares of Lupin cracked 9% to Rs1505 on NSE despite strong outlook as the FDA overhang continues; retain Hold with PT revised to Rs1,850

Strong operating performance:

For Q4FY2016, Lupin’s sales grew by 35.8% to Rs4,181.2 crore; operating profit improved by 73.2% to Rs1,367.4 crore and profit grew of 47.5% to Rs807 crore.

The strong set of numbers was aided by two months’ exclusivity sales from gGlumetza coupled with price hikes in Fortamet.

Profit was affected (compared with growth in operating profit) due to higher tax rate of 33.6% in Q4FY2016 against 19.5% in Q4FY2015. Also, the interest cost has gone up due to increase in debt (taken for funding Gavis acquisition).

Pidilite Inds Q4 consolidated net profit up 89% (YoY)

Pidilite Industries Ltd has announced the Q4 & FY16 audited following results for the quarter & year ended March 31, 2016:

Standalone

For the Quarter ended March 31, 2016 (YoY)

The Company has posted a net profit of Rs115.04 crore Vs Rs77.22 crore.

Total Income increased to Rs1101.10 crore Vs Rs975.93 crore.

Allcargo Logistics rallies on plans to buy majority stake in CCI

Shares of Allcargo Logistics surged 5.4% to Rs153.10 on BSE on back of reports that the company has plans to buy majority stake in CCI for Rs130 crore – Positive for Allcargo Logistics.

The deal will lead to the formation of a new entity in which Allcargo will hold 62%, while the rest is held by CCI.

Force Motors to invest Rs300 cr in FY17 for expansion

Force motors has announced an expansion plan for FY17 with an investment of Rs300 Cr towards new facilities and product enhancement.

The company which supplies engines to marque luxury car maker like BMW and Mercedes is planning to set up a new plant in Chakan (Pune) for manufacturing engines for Mercedes Benz with the investment of Rs150 crore.

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Castrol India drops as promoter divests 7% stake

CESC Q4FY2016: In line numbers; earnings remain flat

CESC Q4FY2016 result first cut: In line numbers; earnings remained flat at Rs248 crore in this quarter

CESC reported flattish earnings in line with our estimate; PAT was at Rs 248 crore in Q4FY2016 Vs Rs244 Cr (YoY)

EBITDA Margin At 32.2%

Total Income At Rs.1,479 Cr

The revenue was up by 5% YoY; investor should take a note that this quarter result includes one off for period tariff adjustment like that of in Q4FY2015.

Lupin Q4 beats estimates

Lupin Ltd has announced the following audited Q4 & FY16 results for the quarter & year ended March 31, 2016:

Standalone

For the Quarter ended March 31, 2016

The Company has posted a net profit of Rs924.93 crore Vs Rs407.70 crore.

Total Income has increased from Rs2198.12 crore Vs Rs3295.03 crore.

Castrol India drops as promoter divests 7% stake

Shares of Castrol India dropped over 3% to Rs373 on NSE on reports that the promoter (BP) is divesting 7% stake in the company viz 34.62 million shares with an upside option of 3.5% stake viz 17.31 million shares in the price range of Rs355-385.25 per share.

The lower price ranged it as a discount of about 8% to the closing price of Rs385.25. Stake sale by promoters is negative for the company.

Indiabulls Housing Finance to raise fund via debentures

Indiabulls Housing Finance said that it will raise Rs50 crore through issue of debentures on private placement basis.

The company proposes to issue 500 Secured Non-Convertible Redeemable Debentures with a face value of Rs10 lakh each aggregating to Rs50 crores plus Greenshoe Option, on Private Placement basis.

The issue will open on May 23 and will also close on the same day.

Torrent Power Q4 consolidated net profit down 85% (YoY)

Torrent Power has announced the following Q4 & FY16  results for the quarter & year ended March 31, 2016

Standalone

For the Quarter ended March 31, 2016 (Unaudited)

The Company has posted a net profit of Rs17.06 crore Vs Rs369.43 crore.

Total Income is Rs2513.70 crore Vs Rs2694.63 crore.

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