Net profit of Hero MotoCorp declined 3.45% to Rs 554.43 crore on 6.31% rise in net sales to Rs 6455.70 crore in Q4 March 2014 over Q4 March 2013. Net profit declined 0.43% to Rs 2109.08 crore on 6.54% rise in net sales to Rs 25124.91 crore in the year ended March 2014 over the year ended March 2013. The result was announced after market hours on Wednesday, 28 May 2014.
Bhel, BPCL, Cipla, Coal India, Crompton Greaves, DLF, Hindalco Industries, Indian Oil Corporation, MMTC, ONGC, Sun Pharmaceutical Industries, Tata Motors, Tata Power and Voltas, among others, will announce their January-March 2014 earnings today, 29 May 2014.
Infosys after market hours on Wednesday, 28 May 2014 announced the resignation of B. G. Srinivas, President and Member of the Board. The resignation is effective 10 June 2014, Infosys said in a statement.
The Board of Directors placed on record their deep sense of appreciation for the services rendered by B. G. Srinivas during his tenure as Member of the Board and for his contribution to the company, Infosys said in a statement.
Narayana Murthy, Execution Chairman said, B. G. Srinivas has been an integral part of Infosys and has played an important role in the company's growth. The Board and every Infoscion thanks B. G. Srinivas for his wonderful contribution and wish him great success in his future endeavors.
S. D. Shibulal, CEO and MD said, During his tenure at Infosys, B. G. Srinivas played a pivotal role in building the Enterprise Solutions Unit, strengthening our business in Europe and driving growth in key business verticals. I would like to wish him the very best.
B. G. Srinivas said, I thank Infosys for the wonderful opportunity given to me. My tenure at Infosys has been one of my most rewarding experiences, and I am proud to have contributed to the best growth story in the industry. I wish the Board and Infosys the best of success in the future.
GlaxoSmithKline Consumer Healthcare (GSK Consumer Healthcare) after market hours on Wednesday, 28 May 2014 in a clarification to the exchange with respect to news item captioned "GSK Consumer fined for overcharging" declined to comment as Crocin is not a brand of the listed entity GlaxoSmithKline Consumer Healthcare. We would like to state that Crocin is GlaxoSmithKline Asia's brand and is not related to the listed entity GlaxoSmithKline Consumer Healthcare. Therefore, there is no material impact of this article on the company", GSK Consumer Healthcare said.
National Aluminium Company (Nalco)'s net profit fell 29.9% to Rs 172.45 crore on 0.63% decline in total income to Rs 1973.59 crore in Q4 March 2014 over Q4 March 2013. The result was announced after market hours on Wednesday, 28 May 2014.
Nalco's net profit rose 8.35% to Rs 642.35 crore on 1.19% decline in total income to Rs 7338.56 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013).
Net profit of Escorts declined 15.19% to Rs 31.78 crore in the quarter ended March 2014 as against Rs 37.47 crore during the previous quarter ended March 2013. Sales declined 2.00% to Rs 977.17 crore in the quarter ended March 2014 as against Rs 997.13 crore during the previous quarter ended March 2013.
Net profit rose 251.85% to Rs 244.89 crore in the year ended March 2014 as against Rs 69.60 crore during the previous year ended September 2012. Sales rose 61.63% to Rs 6267.61 crore in the year ended March 2014 as against Rs 3877.73 crore during the previous year ended September 2012.
Escorts said the total tractor volume sales went up by 8.9% at 1 lakh in current period as compared to 92,543 in the 18 months ended March 2013. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was up by 117 basis points (bps) from 4.9% in the 18 months ended March 2013 to 6.1% in current fiscal. Profit Before Tax as a percentage to sales went up by 179 bps from 2.5% to 4.3%.
The company has extended its financial year to align with the April-March fiscal calendar. Accordingly, financial year 2012-13 is closed on 31 March 2014. The fiscal year was of 18 months and the January-March 2014 quarter is accordingly the sixth quarter of the fiscal.
Speaking on the results, Chairman Mr. Rajan Nanda said, "The 18 month fiscal has been a mixed bag of strong growth followed by a slowdown in the last quarter as a result of crop damage due to unseasonal rains, elections and a slow economy. The past year has seen variable market situations both in the tractor and construction equipment. The advent of a strong and stable policy environment with focus on agriculture and construction would go a long way in creating the conditions for faster, stable growth. The construction sector, in particular, would benefit from major government programs and an investor-friendly environment. Similarly, we expect railways modernization and a fillip to the automotive industry to improve the market for our products. We are taking the confidence in our tractors to the world and have recently launched category-creating new products in the European, South East Asian and South African markets."
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