Reliance Industries (RIL)'s net profit rose 0.2% to Rs 5511 crore on 10.5% growth in revenue to Rs 106383 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Friday, 17 January 2014.
RIL's profit before depreciation, interest and taxation (PBDIT) declined 1.8% to Rs 9927 crore in Q3 December 2013 over Q3 December 2012. RIL's non-operational income jumped 32.47% to Rs 2305 crore in Q3 December 2013 over Q3 December 2012.
RIL's gross refining margin (GRM) declined to $7.6/barrel from $7.7/barrel in Q2 September 2013 and $9.6/barrel in Q3 December 2012.
Commenting on the company's Q3 performance, Mukesh D. Ambani, CMD, RIL said, "Reliance's robust refining configuration enabled it to deliver stable refining profits in Q3 December 2013, against the backdrop of declining regional benchmark margins. Even as we invest to further strengthen our energy businesses, this quarter demonstrates the outstanding quality of our refining and petrochemical business resources and their ability to deliver creditable performance in a period marked by cyclicality and uncertainties. We are happy to announce the commissioning of our new polyester facility in Silvassa, the first amongst a series of projects that underpin RIL's industry-leading competitive position. Our retail business continues on its rapid growth trajectory with 38% revenue growth during the quarter."
RIL's outstanding debt as on 31 December 2013 was Rs 81330 crore compared to Rs 72427 crore as on 31 March 2013.
RIL had cash and cash equivalents of Rs 88705 crore as on 31 December 2013. These were in bank deposits, mutual funds, CDs and Government securities/bonds. RIL is debt free on a net basis as at 31 December 2013.
The Ministry of Petroleum and Natural Gas notified the Domestic Natural Gas Pricing Guidelines, 2014 for all domestically produced gas, including conventional, shale, coal bed methane (CBM). These guidelines will be applicable from 1 April 2014.
On a consolidated basis, Wipro's net profit rose 4.28% to Rs 2014.70 crore on 3.06% increase in total income from operations (net) to Rs 11,327.40 crore in Q3 December 2013 over Q2 September 2013. The result was announced after market hours on Friday, 17 January 2014
In dollar terms, IT services revenue were reported at $1,678.4 million in Q3 December 2013, an increase of 2.9% over Q2 September 2013 and an increase of 6.4% over Q3 December 2012.
IT services revenues in rupee terms was Rs 10330 crore in Q3 December 2013, an increase of 20% over Q3 December 2012.
IT services earnings before interest and tax (EBIT) was Rs 2380 crore in Q3 December 2013, an increase of 33% over Q3 December 2012.
Wipro expects revenues from IT services business to be in the range of $1,712 million to $1,745 million, including the revenues from its acquisition, for the quarter ending 31 March 2014. (The guidance is based on the following exchange rates: GBP/USD at 1.63, Euro/USD at 1.37, AUD/USD at 0.92, USD/INR at 62.0).
Azim Premji, Chairman of Wipro, commenting on the results said, As the global economy is progressing towards stability, we see optimism amongst clients, especially in the West. Corporations are leveraging technology to reduce operational costs and investing resources in differentiating themselves in the marketplace.
T K Kurien, Executive Director & Chief Executive Officer of Wipro, said, "Our focus on account management has yielded encouraging results. We continue to execute to our strategy for superior engagement with clients while investing in emerging technologies to drive towards a higher growth trajectory. During the quarter, our Global Infrastructure Services business grew strongly on revenues."
Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said - "Our strategy of 'standardization at the core' is yielding results. Our investments in automation and productivity tools have driven efficiencies and helped us expand margins of IT Services by 54 basis points to 23%."
Mahindra & Mahindra (M&M) on Saturday, 18 January 2014 said that the company, as part of aligning its production with sales requirements, would be observing on production days at the company's automotive plants for 1 to 3 days during the remaining period of January 2014. Mahindra Vehicle Manufacturers, a wholly owned subsidiary would also be observing no production days at the plant at Chakan for up to 3 days during the remaining period of January 2014, M&M said. The company added that the management does not envisage any adverse impact on availability of vehicles in the market due to adequacy of vehicle stocks to serve the market requirements.
MOIL said its board has declared an interim dividend of Rs 4 per share. The company said that the the dividend will be paid to the eligible shareholders on 14 February 2014.
PTC India's net profit jumped 314.9% to Rs 90.78 crore on 47.5% growth in total income to Rs 2771.05 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Friday, 17 January 2014.
Reliance MediaWorks after market hours on Friday, 17 January 2014 said that its board of directors will meet on 20 January 2014, inter alia, to consider delisting of equity shares of the company from the Stock Exchanges.
Aurobindo Pharma on Saturday, 18 January 2014 announced the signing of a binding offer to acquire commercial operations in seven Western European countries from Actavis plc. Closing of the transaction is conditional on certain antitrust approvals and completion of employee consultation processes, Aurobindo Pharma said in a statement.
Aurobindo said it expects to acquire personnel, commercial infrastructure, products, marketing authorizations and dossier license rights in seven European countries. Actavis and Aurobindo will be entering into a long term commercial and supply arrangement in order to support the ongoing growth plans of these businesses. The acquisition expands Aurobindo's front-end operations into five segments (generics, prescription products, over-the-counter products, hospital products and generics tenders) with approximately 1,200 products and an additional pipeline of over 200 products, Aurobindo Pharma said in a statement.
Aurobindo Pharma said that the Management estimates the net sales for the acquired businesses would be around euro 320 million in 2013 with a growth rate of over 10% year-on-year. Although these businesses are currently loss-making, Aurobindo said it expects them to return to profitability in combination with its vertically integrated platform and existing commercial infrastructure. The acquisition will make Aurobindo one of the leading Indian pharmaceutical companies in Europe, it added. Since 2006 Aurobindo has been steadily expanding its European footprint through an increasing presence in UK, Spain and Germany. The acquisition will enable Aurobindo to achieve critical mass in Western Europe with a top 10 position in several key markets, Aurobindo Pharma said in a statement.
Commenting on the transaction, Mr V Muralidharan, SVP of European Operations for Aurobindo said, The acquisition of these European businesses is a value enhancing and forward-looking initiative for Aurobindo. We have been clear about our intention to focus on growth initiatives in Europe and international markets, which together are expected to be key drivers for future growth. This transaction will complement our strategy of pursuing organic growth along with value-creating acquisitions within our served markets and adding complimentary growth platforms to provide scale and revenue diversity.
Mr Arvind Vasudeva, CEO of Aurobindo's Formulations Business further stated that, We have carefully reviewed the Actavis European operations and concluded that with our cost competitiveness and group structure, we could significantly capitalize Actavis's strong market position in these Western European countries and improve profitability, thereby accelerating our strategy of becoming a significant Gx player in Europe. Aurobindo takes a disciplined approach to acquisition with clearly defined strategic and financial criteria and is committed to maintaining a prudential capital and debt structure. We are also excited to welcome the new employees in seven countries to our growing global team and anticipate a seamless integration into Aurobindo. Actavis will continue to support the businesses as a supplier and licence provider. Aurobindo looks forward to the opportunities this transaction provides for us to work even more closely with Actavis, who are one of our existing strategic partners.
Mr Sigurdur Oli Olafsson, President of Actavis Pharma, said, We believe that the value created by the commercial operations in these seven markets will be better maximized by Aurobindo, which will gain scale, additional products and enhanced competitive market share position as a result of this transaction. This transaction will permit Actavis to focus management time and resources to support accelerated investment in driving faster growth of other markets, including Central and Eastern Europe and Southeast Asia.
Actavis plc is a global, integrated specialty pharmaceutical company focused on developing, manufacturing and distributing generic, brand and biosimilar products. Actavis has global headquarters in Dublin, Ireland and US administrative headquarters in Parsippany, New Jersey, USA.
IL&FS Transportation Networks said that the committee of directors has approved on Friday, 17 January 2014, the allotment of 5 crore rated unlisted fully paid-up cumulative non-convertible compulsorily redeemable preference shares (CNCRPS) of Rs 10 each at a premium of Rs 10 per share on a private placement basis. The company had earlier issued and allotted 32.64 crore CNCRPS of Rs 10 each at a premium of Rs 10 per share on a private placement basis. With the aforesaid allotment, the company has issued 37.64 crore preference shares of Rs 10 each as of date, IL&FS Transportation Networks said.
JSW Holdings said that pursuant to the application made by the company to the Reserve Bank of India (RBI) for voluntary de- registration as an non-banking financial company (NBFC), RBI has vide its letter dated 9 January 2014, cancelled the Certificate of Registration as an NBFC of the company. Since the company is not a systematically important core investment company in terms of RBI's notification dated 5 January 2011, the company is eligible to function as a core investment company (CIC) without applying for registration, JSW Holdings said.
Tilaknagar Industries said that pursuant to the sale of entire stake held by the company in its wholly owned subsidiary i.e. P.P. Caps Private (PPCPL), PPCPL ceases to be subsidiary of the company with effect from 16 January 2014.
Tara Jewels said that the Credit Analysis and Research (CARE) vide their rating report dated 8 January 2014 received by the company on 16 January 2014, has reaffirmed the ratings assigned to the bank facilities of the company, i.e. long-term & short-term (Fund-based & Non Fund-based), as CARE BBB+ (Triple B Plus)/CARE A2 (A Two).
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