Tata Steel may gain on good Q2 results

Cipla, Tata Power Company, DLF, Hindalco Industries, and Sun Pharmaceutical Industries announce their Q2 results today, 13 November 2014.

Tata Steel's consolidated net profit rose 36.82% to Rs 1254.33 crore on 2.03% fall in total income to Rs 36098.63 crore in Q2 September 2014 over Q2 September 2013. The bottom line was boosted by profit of Rs 1146.86 crore on sale of land at Borivali in Mumbai. The result was announced after market hours on Wednesday, 12 November 2014.

Tata Steel Group steel deliveries rose 0.3% to 6.50 million tonne in Q2 September 2014 from 6.48 million tonne Q2 September 2013. Earnings before interest, taxation, depreciation and amortization (EBITDA) fell 0.89% to Rs 3750 crore in Q2 September 2014 over Q2 September 2013.

Tata Steel said that the Indian operations reported stable performance despite the weaker monsoon period. The European operations maintained the level of year-on-year improvement in financial performance established in the first quarter. Production and deliveries were higher than in the first quarter, despite extended summer shutdowns. The South East Asian operations were under pressure due to a surge in low priced imports and a decline in the rebar-scrap spread, the company said.

Among India operations, deliveries increased to 2.11 million tonne in Q2 September 2014 from 2.04 million tonnes in Q2 September 2013. Turnover increased 9% to Rs 10785 crore in Q2 September 2014 over Q2 September 2013 driven by higher volumes and realisations and better product mix. EBITDA fell 0.18% to Rs 3196 crore in Q2 September 2014 as compared to Rs 3202 crore in Q2 September 2013. Net profit rose 58.81% to Rs 2476 crore in Q2 September 2014 over Q2 September 2013. Profits for Q2 September 2014 included exceptional gains of Rs 1147 crore from the sale of land at Borivali, Mumbai, Tata Steel said.

Among European operations, deliveries declined marginally to 3.36 million tonne in Q2 September 2014 from 3.46 million tonnes in Q2 September 2013. Turnover fell 4.47% to Rs 20202 crore in Q2 September 2014 over Q2 September 2013. EBITDA jumped 67.68% to Rs 929 crore in Q2 September 2014 over Q2 September 2013.

Among South East Asia operations, deliveries were stable at 0.95 million tonne in Q2 September 2014 over Q2 September 2013. Turnover fell 11.22% to Rs 3710 crore in Q2 September 2014 over Q2 September 2013. EBITDA loss in Q2 September 2014 was Rs 281 crore as compared to gains of Rs 129 crore in Q2 September 2013.

Tata Steel said that the company has been operating its mining activities in Odisha and Jharkhand with all statutory clearances such as environmental clearances, forest clearances, consent to operate etc. The company had also submitted the applications for renewal of its mines well before the expiry of the leases as stipulated under the law, it added.

Mr T V Narendran, Managing Director of Tata Steel India and South East Asia, said: Our strategy of focusing on the auto segment, particularly the high end segment, and the retail market yielded rich dividends. We are hopeful that the stable political climate will trigger a steel-intensive economic revival and we are well positioned to take advantage of any improvement in the steel demand in the country.

Dr Karl-Ulrich Kler, MD & CEO of Tata Steel in Europe, said: We are on track with our new product launch plans and with our programme to raise the proportion of differentiated products in our sales. We see headwinds constraining steel demand growth globally. In Europe we are increasingly concerned about the impact of rising imports, particularly from China, on EU steelmakers.

BPCL's net profit fell 50.14% to Rs 464.20 crore on 0.06% rise in total income to Rs 62280.28 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Wednesday, 12 November 2014.

National Aluminium Company's net profit jumped 90.61% to Rs 341.52 crore on 16.28% rise in total income to Rs 2164.13 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Wednesday, 12 November 2014.

Jaiprakash Associates reported net loss of Rs 106.48 crore in Q2 September 2014 compared with net profit of Rs 67.67 crore in Q2 September 2013. Total income fell 17.06% to Rs 2736.91 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Wednesday, 12 November 2014.

Eicher Motors' consolidated net profit rose 53.61% to Rs 165.03 crore on 30.99% rise in total income to Rs 2294.16 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Wednesday, 12 November 2014.

On a consolidated basis, Reliance Infrastructure reported 1.07% rise in net profit to Rs 431.19 crore on 14.91% fall in total income to Rs 4487.08 crore in Q2 September 2014 over Q2 September 2013. Towards the end of the Q2 September 2013, the Parent company had diluted its holding in SU Toll Road, TD Toll Road and TK Toll Road each from 100% to 49% and in the two joint ventures, BSES Rajdhani Power and BSES Yamuna Power from 49% to 28.82%. In view of above dilution, the figures of the quarter ended 30 September 2014 and half year ended 30 September 2014 are not comparable with the figures for the corresponding quarter and half year respectively, Reliance Infrastructure said.

Reliance Power's consolidated net profit rose 1.02% to Rs 253.07 crore on 29.35% rise in total income to Rs 1884.18 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Wednesday, 12 November 2014.

Reliance Power's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 38% to Rs 597 crore in Q2 September 2014 over Q2 September 2013.

Shree Renuka Sugars reported net loss of Rs 129.10 core in Q2 September 2014, higher than net loss of Rs 120.30 crore in Q2 September 2013. Total income increased 5.82% to Rs 1630.10 crore in Q2 September 2014 over Q2 September 2013.

Indraprastha Gas reported 28.95% rise in net profit to Rs 119.61 crore on 5.15% fall in total income to Rs 959.60 crore in Q2 September 2014 over Q2 September 2013.

On a consolidated basis, Natco Pharma reported 20.24% rise in net profit to Rs 32.37 crore on 22.74% rise in total income to Rs 222.42 crore in Q2 September 2014 over Q2 September 2013.

On a consolidated basis, ICRA reported 81.72% drop in net profit to Rs 2.84 crore on 12.77% rise in total income to Rs 84.59 crore in Q2 September 2014 over Q2 September 2013.

On a consolidated basis, Sobha Developers reported 5.12% rise in net profit to Rs 59.50 crore on 24.29% rise in total income to Rs 676.80 crore in Q2 September 2014 over Q2 September 2013.

Max India reported net loss of Rs 11.30 core in Q2 September 2014, as compared to net profit of Rs 1.99 crore in Q2 September 2013. Total income dropped 93.04% to Rs 14.90 crore in Q2 September 2014 over Q2 September 2013. On account of slump sale of Max Speciality Films division on 1 April 2014, the figures for previous periods are not comparable, Max India said.

Sequent Scientific said that the Board of Directors has approved the allotment of 24 lakh equity shares at a price of Rs 135.25 per share pursuant to conversion of equal number of warrants to promoter group entities. Consequent to the allotment, the paid up equity share capital of the company has increased from Rs 28.08 crore to Rs 30.48 crore.

United Breweries reported net profit of Rs 42.62 crore in Q2 September 2014 compared with net loss of Rs 18.57 crore in Q2 September 2013. Total income rose 28.74% to Rs 1092.76 crore in Q2 September 2014 over Q2 September 2013. The result was announced before market hours.

Jyoti Structures announced after market hours on Wednesday, 12 November 2014, that a Committee of the Board of Directors of the company on 12 November 2014 has allotted 38.05 lakh shares of face value of Rs 2 each at an issue price of Rs 52 per share to Surya India Fingrowth Private, a promoter group Company.

Jammu & Kashmir Bank's net profit fell 43.07% to Rs 172.30 crore on 7.65% rise in total income to Rs 1883.16 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Wednesday, 12 November 2014.

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