On a consolidated basis, Tata Motors' net profit surged 70.7% to Rs 3542 crore on 31.1% rise in revenues to Rs 56882 crore in Q2 September 2013 over Q2 September 2012. The company said revenues grew despite weak operating environment in the India business, which was more than offset by increase in wholesale volumes and richer product and market mix at Jaguar Land Rover (JLR).
JLR wholesale and retail volumes for the quarter ended 30 September 2013 grew by 31.6% and 21.1%, respectively, over the corresponding period last year and stood at 101,931 units and 102,644 units, respectively. Following strong response to its new products and powertrain options, Jaguar wholesale and retail volumes grew by 91.6% and 56.5% to 18,834 units and 20,024 units, respectively, as against 9,832 units and 12,798 units, respectively, in the corresponding quarter last year. Strong response to the All-New Range Rover and continued strong growth in Evoque and other products, Land Rover wholesale and retail volumes stood at 83,097 units and 82,620 units (growth of 22.9% and 14.8% over corresponding quarter last year).
JLR's revenues for the quarter ended September 30, 2013 of 4,612 million pounds, represented a growth of 40.3% over 3,288 million pounds in the corresponding quarter last year. Operating margins for the quarter ended 30 September 2013 stood at 17.8%. Operating profit (EBITDA) of 823 million pounds in the quarter, represented a growth of 69.3% over 486 million pounds in the corresponding quarter last year. Continued strong revenue growth and operating performance were supported by increase in wholesale volume, richer product mix, launch of new Range Rover Sport, new Range Rover and Jaguar F-TYPE. The profit before tax for the quarter ended 30 September 2013 grew by 55.0% over the corresponding quarter last year to 668 million pounds (431 million pounds in the corresponding quarter last year). Profit after tax for the quarter grew by 66.2% over the corresponding quarter last year to 507 million pounds (305 million pounds in the corresponding quarter last year).
Britannia Industries, GlaxoSmithKline Pharmaceuticals, Godrej Consumer Products, Godrej Industries, NHPC, Pfizer, Reliance Infrastructure, Reliance Power, SAIL and Tata Chemicals, among others will announce their June-September 2013 quarter results today, 11 November 2013.
Hindalco Industries' US subsidiary Novelis Inc. also unveils its Q2 results today, 11 November 2013.
Infosys after market hours on Friday, 8 November 2013, said that Infosys BPO, the business process outsourcing subsidiary of the company, opened a new delivery center in Eindhoven, the Netherlands. The 120-seat center has strengthened Infosys BPO's footprint and has reinforced its position in Europe, the company said in a statement.
United Spirits (USL)'s net profit surged 273% to Rs 94.30 crore on 7% growth in revenue to Rs 2038.70 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Friday, 8 November 2013. USL's profit before tax (PBT) jumped 267% to Rs 141.20 crore in Q2 September 2013 over Q2 September 2012.
USL sold 28.10 million cases in Q2 September 2013 as against 28.42 million cases in Q2 September 2012. USL's interest costs are down Rs 33.60 crore in Q2 September 2013 and Rs 39.70 crore in first half of FY 2014 compared to their year ago periods as a consequence of the loan repayment of Rs 1857.40 crore effected from the proceeds of the issue of preferential capital and the sale of shares by USL's subsidiary companies to Diageo.
USL said that Extra Neutral Alcohol (ENA) prices continue to unfavorably impact the business. On average, the cost of this key ingredient has risen by Rs 20/case compared to Q2 September 2012 and first half of FY 2014. Given the huge volumes of the company this translates to approximately Rs 56 crore for Q2 September 2013 and approximately Rs 120 crore for first half of FY 2014. While a rise in cost of inputs is the stated reason for this increase, the truth lies elsewhere - an attempt by the sugar lobby to raise prices on the strength of an alternate high paying customer - the oil marketing companies (OMC) - for their willingness to pay higher prices to Indian Ethanol vendors is linked to the higher cost of imports, USL said. This is notwithstanding the fact the EBP is not beneficial to consumers in the long run, USL added.
USL said that its business in Tamil Nadu has been adversely affected by the skewed order placement by the parastatal buying agency in that state. Additionally, despite inflation and rising cost of inputs, the last price increase granted to manufacturers in Tamil Nadu was in December 2007, the company said.
USL's board of directors at a meeting held on Friday, 8 November 2013, inter alia, has approved an arrangement to be entered into by the company with Enrica Enterprises inter-alia for transfer of business pertaining to the company's distillery at Poonamallee to Enrica Enterprises through a Scheme of Arrangement (Scheme) as well as franchising of its brands in Tamil Nadu. The board has approved the relevant documents including the Scheme between USL and Enrica Enterprises and their respective shareholders which envisages transfer of business pertaining to Poonamallee distillery along with related assets and liabilities to Enrica Enterprises.
The Scheme provides for transfer of the undertaking, business, activities and operations pertaining to the Poonamallee distillery to Enrica Enterprises by way of slump sale on a going concern basis. In consideration, USL will receive lump sum cash consideration of Rs 125.07 crore in the manner specified in the Scheme. The Appointed Date for the Scheme is fixed as opening of business hours on 1 April 2013. Further, USL's Board has also approved the Franchise Agreement with the Enrica Enterprises pursuant to which the Enrica Enterprises will bottle the company's brands and in consideration for this bottling arrangement, USL will earn royalty income.
Max India reported net profit of Rs 1.99 crore in Q2 September 2013 as against net loss of Rs 17.43 crore in Q2 September 2012. The result was announced after market hours on Friday, 8 November 2013.
Max India's net sales rose 7.3% to Rs 190.10 crore in Q2 September 2013 over Q2 September 2012.
Commenting on the company's Q2 performance, Mr. Rahul Khosla, Managing Director, Max India said, Our Businesses of Life are positioned for sustained and profitable growth, and are setting the pace in their respective industries. These results are especially pleasing when evaluated against the backdrop of a generally challenging macroeconomic and regulatory environment. This positive financial performance, a healthy balance sheet and a comfortable liquidity position has led the Board of Directors to approve an interim dividend of 90%. I am confident that our commitment to core values and strategies will continue to deliver superior results in the future.
Mr. Mohit Talwar, Deputy Managing Director, Max India said, The liquidity position continues to be healthy at Rs 2300 crore across operating companies and the listed entity. This will ensure that the Group is well positioned to tap future growth opportunities.
Divi's Laboratories' net profit jumped 73.72% to Rs 205 crore on 19.62% growth in total income to Rs 567 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Friday, 8 November 2013.
The company reported a foreign exchange (forex) gain of Rs 31 crore in Q2 September 2013 as against a forex loss of Rs 21 crore in Q2 September 2012.
Divi's Laboratories said it has capitalized fixed assets aggregating to Rs 120 crore in the first half of FY 2014.
Aditya Birla Nuvo said that the investor relations & finance committee of the board approved allotment of 98.20 lakh equity shares of Rs 10 each at a premium of Rs 900.86 each, to the promoter and promoter group company on conversion of equivalent number of warrants issued to them on 10 May 2012. The existing warrants held by these holders shall stand extinguished to the extent of exercise of the option for conversion of equity shares.
Jindal Stainless has allotted 5.47 lakh equity shares of Rs 2 each to ELM Park Fund FCCB upon conversion of foreign currency convertible bonds (FCCBs) amounting to $15,00,000, on 08 November 2013. Subsequent to this conversion, the company has no outstanding FCCBs convertible into equity shares.
Ricoh India said its board will meet on 11 November 2013 to consider a proposal of delisting shares of the company from the Bombay Stock Exchange (BSE). Japan's Ricoh plans to acquire upto 1.04 crore shares of Ricoh India from the public shareholders, representing 26.40% stake, and delist the shares from BSE.
AIA Engineering said it has purchased of 13,000 equity shares, or 2.04% of the paid-up share capital, of Welcast Steels (WSL) in Ahmedabad, a subsidiary of the company. Consequently, the total shareholding of the company in WSL has increased from 72.80% to 74.84%.
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