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Dr Reddys Labs : India Drug maker Dr Reddys Laboratories has declared its third quarter results. It posted on a consolidated basis posted a 2.54 times growth in net profit for the quarter ended Dec. 31, 2008. During the quarter, the net profit of the company rose to Rs 1,591.60 million as against Rs 625.50 million for the quarter ended Dec. 31, 2007.
Total Income of the company rose 45.54% to Rs. 1855.28 crore or Rs 18,552.80 million for the quarter ended Dec. 31, 2008 as against Rs. 1265.98 crore or Rs 12,659.80 million over the prior year period.
US GAAP : The company's (US GAAP) consolidated net profit at Rs 192 crore versus loss of Rs 121.3 crore. Its (US GAAP) consolidated net revenues were up 37% at Rs 1804 crore versus 1232 crore. Its (US GAAP) consolidated operating profit at Rs 301 crore versus loss of Rs 176.3 crore.
Its forex loss was at Rs 49.3 crore. Its OPM was at Rs 17.15%.
The company reported earnings of Rs 6.16 a share during the quarter, registering 2.44 times growth over previous year period.
Result Analysis : Powered by MoneyControl.com
* Without imitrex grew in US markets of 50%.
* India business was weak because of change in supply chain model; leading to de-stocking.
* German business was weak & Has given Weak outlook for Germany.
* Projecting a flat growth for next year despite AOK tenders.
* Alert AOK tenders stayed.
* AOK tender will further lead to reduction in margins in Germany.
* Reduced sales force in Germany; retrenched 70 sales personnel.
* will not meet guidance given for German market.
* Has won about 17% of total AOK volumes.
* Lost case on Olanzapine in Germany.
* German market become more of commoditized market.
* Still witnessing pricing in Germany.
* Pharmaceutical services and active ingredients grew only 6% because of global slow down( but changing the focus from research base to manufacturing based in pharmaceuticals space)
* Watching credit limit closely of clients closely ( Russian client has gone bust).
* Will launch 2 new products in biologics next year.
* Total ANDAs filed 133.
* Launched 3 products in North America and 10 products in India.
Alstom Projects India : A power equipment manufacturing company having interest in business of engineering, manufacturing, project management and supply of power generation equipment announced its third Q3 result for the financial year 2008 - 2009.
APIL reported a marginal rise in its standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company rose 4.25% to Rs 31.4 crore or Rs 313.80 million from Rs 30.1 crore or Rs 301.00 million in the same quarter, previous year. Its operating profit was at Rs 53.5 crore versus Rs 41.4 crore.
Net sales for the quarter rose 35.63% to Rs 538.2 crore or Rs 5,381.70 million versus Rs 396.8 crore, YoY, while total income for the quarter rose 33.60% to Rs 5,447 million, when compared with the prior year period.
The company reported earnings of Rs 4.68 a share during the quarter, registering 4.46% growth over prior year period.
Interest cost stood at Rs 0.10 million while depreciation cost rose 58.83% to Rs 95.30 million over previous year period.
AIA Engineering : AIA Engineering disclosed a small decline in its standalone net profit for the third quarter ended December 2008. During the quarter, the profit of the company declined 8.01% to Rs. 29.12 crore or Rs 291.29 million from Rs. 31.67 crore or Rs 316.67 million in the same quarter, previous year.
Net sales for the quarter jumped 68.48% to Rs. 281.40 crore or Rs 2,814.01 million, while total income for the quarter jumped 63.15% to Rs. 283.87 crore or Rs 2,838.73 million, when compared with the prior year period.
On consolidated basis, company net sales were at Rs 272.92 crore versus Rs 188.85 crore on YoY basis.
Its consolidated net profit was at Rs 46.86 crore versus Rs 40.51 crore on YoY basis.
The company posted earnings of Rs 3.10 a share during the quarter, registering 81.60% decline over previous year period.
During the quarter, interest cost increased 7.12 times to Rs 1.21 million while depreciation cost rose 25.90% to Rs 29.17 million over previous year period.
AIA Engineering specializes in design, development, manufacture, installation and servicing of high-chromium wear, corrosion and abrasion resistant parts used in cement, mining and thermal power generation industries.
AXIS Bank : One of the leading private banks of India announced its third Q3 results. Axis Bank reported a phenomenal rise in its standalone net profit for the third quarter ended December 2008. During the quarter, the profit of the bank rose 63.24% to Rs 500.86 crore or Rs 5,008.60 million from Rs 306.83 crore or Rs 3,068.30 million in the same quarter, last year.
Interest earned for the quarter jumped 65.61% to Rs. 2984.77 crore or Rs 29,847.70 million, while total income for the quarter climbed 62.29% to Rs. 3716.94 crore or Rs 37,169.40 million, when compared with the prior year period.
Its standalone net interest income (NII) was up 24.4% at Rs 929.68 crore versus Rs 747.34 crore. Its other income was up 50 % at Rs 732.17 crore versus Rs 487.9 crore. The provisions were down 34% at Rs 131.98 crore versus Rs 200.05 crore.
Its CAR was at 14% versus 16.88%. Its NPA was at 0.39% versus 0.42%. The bank reported earnings of Rs 13.95 a share during the quarter, registering 47.78% growth over previous year period.
Segment analysis -Revenues
Retail banking up 50.70% at Rs 1758.65 crore versus Rs 1166.98 crore
Treasury up 85.51 % at Rs 5840.5 crore versus Rs 3148.37 crore
Corp.. banking up 66.39% at Rs 2016 crore versus Rs 1211.62 crore
Segment analysis -Results
Retail banking down 58% at Rs -6.34 crore versus Rs -15.11 crore
Treasury up 89.13 % at Rs 325.32 crore versus Rs 172.01 crore
Corp.. banking up 47.61% at Rs 466.74 crore versus Rs 316.2 crore
Petronet LNG Ltd : India's Petrochemicals company Petronet LNG has announced its third quarter results. During the quarter, the profit of the company declined 19.83% to Rs 105 crore or Rs 1,050.80 million from Rs 131 crore or Rs 1,310.77 million in the same quarter previous year.
Net sales for the quarter jumped 56.41% to Rs 2,473 crore or Rs 24,730.42 million, while total income for the quarter jumped 56.63% to Rs 24,951.98 million, when compared with the prior year period.Its net sales were at versus Rs 1581.1 crore.
The company's other income was at Rs 22.15 crore versus Rs 11.96 crore and operating profit was at Rs 185.5 crore versus Rs 232 crore.
Its OPM was at 7.5% versus 14.7%. The company reported earnings of Rs 1.40 a share during the quarter, registering 20% decline over prior year period.
UltraTech Cement : One of the major cement manufactures of India's has came out with its Q3 FY 2008 - 2009 results. UltraTech Cement manufactures and markets ordinary Portland cement, Portland blast furnace slag cement and Portland pozzolana cement.
The net profit was at Rs 236.4 crore versus Rs 279.5 crore. Its net sales were at Rs 1,630.8 crore versus Rs 1,380.1 crore.
Net sales for the quarter rose 18.45% to Rs. 1673.14 crore or Rs 16,371.40 million, while total income for the quarter rose 17.75% to Rs. 1651.16 crore or Rs 16,511.60 million, when compared with the prior year period.
Its OPM were at 18% versus 20%. The company reported earnings of Rs 19.15 a share during the quarter, registering 14.70% decline over prior year period.
Q3 Highlights
- Total sales volume up
- Domestic realisation remained flat (QoQ)
- Domestic sales volume up 12% at 3.80 mt
- Exports lower this quarter at 0.69 mt
TATA TeleServices : TTML has announced third quarter results. The company's Q3 standalone net sales were up at Rs 494.01 crore versus Rs 487.14 crore, QoQ.Its standalone net loss at Rs 45.07 crore versus net loss of Rs 47.35 crore, QoQ.
The company posted loss of Rs 0.24 a share during December 2008 quarter.
MindTree has announced its third quarter numbers of FY09. Its consolidated net profit went down to Rs 8.72 crore as against Rs 35.13 in previous quarter.
The company's net sales increased to Rs 363.80 crore from Rs 312.02 crore, QoQ.
Its standalone net sales have gone up to Rs 275.54 crore from Rs 254.55 crore, QoQ
.
MindTree`s consolidated financial highlights for the third quarter ended Dec. 31, 2008 are:
- Software revenues grew by 16.6% quarter over quarter (QoQ) and 93.4% year over year (YoY) to Rs 3,638 million.
- In rupee terms, EBITDA for the quarter was 30.5% against 27.8% in Q2 2008-09 and 16.8% in Q3 2007-08. This reflects a QoQ growth of 28% and a YoY growth of 251.6%.
- In rupee terms, MindTree`s (Q, N,C,F)* IT Services revenues grew by 7.7% QoQ and 50.6% YoY. R&D Services posted a growth of 10% QoQ and 34.6% YoY.
Other Q3 Highlights for MindTree
Guidance
- The company has revised its revenue guidance for the current year to USD 223-225 million indicating a growth of 22.1-23.2% over the previous year. EBITDA guidance is USD 51-53 million for the year. The company has revised its PAT guidance for the current year to USD 12.8-14.5 million.
- On a consolidated basis, MindTree has announced a revenue guidance of USD 269-273 million for 2008-09, EBITDA of USD 62-65 million and PAT of USD 14.8-17.5 million. - As announced earlier, Aztecsoft financials are consolidated with MindTree effective August 1, 2008
- As announced earlier, Aztecsoft financials are consolidated with MindTree effective August 1, 2008
- The above guidance is based on an exchange rate of Rs 48.50 = USD 1.
Speaking about the results, MindTree, chief executive officer, Krishnakumar Natarajan said, ``In the backdrop of a global softness in demand, we are satisfied with our results this quarter. We will continue to invest in strategic initiatives which improve our competitive positioning.``
ITC Limited : FMCG major ITC disclosed a small rise in its standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company rose 8.73% to Rs 9,032.10 million or 903 crore from Rs 8,307.20 million or 830 crore in the same quarter, last year.
Net sales for the quarter rose 11.59% to Rs 38,586.50 million or Rs 3,833 crore, while total income for the quarter rose 10.04% to Rs 39,562.10 million, when compared with the prior year period.
Its EBITDA was at 8.7% to Rs 1352.7 crore. Its EBITDA margins were at 35.2% versus 34.78%.
The company posted earnings of Rs 2.40 a share during the quarter, registering 8.60% growth over prior year period.
ITC is engaged in business of cigarettes, hotels, paperboards, packaging and agri-exports.
Segmental revenues
- Cigarette – revenue up 17.7% led by price hikes ; Price compensated for drop in volumes
- FMCG: revenue up 11.4%
- Hotels Down 14% lower occupancy levels, terror attacks, lower tourist flows
- Paper up 13.6%
Net sales for the quarter jumped 42.19% to Rs 2,758.30 million, while total income for the quarter rose 33.71% to Rs 2,696.20 million, when compared with the prior year period.
The company posted earnings of Rs 14.35 a share during the quarter, registering 0.62% decline over prior year period.
During the quarter, interest cost increased 9.06% to Rs 229.90 million while depreciation cost fell 9.44% to Rs 237.90 million over previous year period.
eClerx Services : A data analytics and customized process solutions company for global enterprise clients.
Company has announced its third quarter results. The company's consolidated revenues for the quarter stood at Rs 48.1 crore versus Rs 34.7 crore in Q3FY08, YoY growth of 39%.
Its consolidated net profit for the quarter was at Rs 16.2 crore as compared to Rs 12.5 crore in Q3FY 08, a jump of 30 %.
Net sales for the quarter jumped 65.03% to Rs 515.59 million, while total income for the quarter jumped 46.84% to Rs 481.14 million, when compared with the prior year period.
The company reported earnings of Rs 8.58 a share during the quarter, registering 21.70% growth over previous year period.
Apollo Tyres : engaged in the manufacturing and selling of automobiles tyres, tubes and flaps, reported a substantial drop in its standalone net profit for the third quarter ended December 2008. During the quarter, the standalone profit of the company declined 91.14% to Rs 55.08 million or Rs. 5.51 crore from Rs 621.70 million in the same quarter, last year.
Net sales declined marginally 7.28% to Rs 9,033 million or Rs 903.26 crore versus Rs 974.13 crore, while total income for the quarter fell 7.21% to Rs 9,041.88 million, when compared with the prior year period.
The company reported earnings of Rs 0.11 a share for the quarter ended December 2008.
BASF India : A chemical company and a subsidiary of Germany-based BASF Aktiengesellschaft, reported a substantial drop in its standalone net profit for the third quarter ended December 2008. During the quarter, the profit of the company declined 96.27% to Rs 4.10 million or Rs 41 lakhs from Rs 110 million or Rs 11 crore in the same quarter, previous year.
Net sales for the quarter dropped 7.32% to Rs 2,063.90 million, when compared with the prior year period.
The company reported earnings of Rs 0.15 a share during the quarter, registering 96.15% decline over previous year period.
Factors affecting revenues:
- According to the company notes the degrowth is due to a steep fall in prices since September 2008 combined with economic slowdown
- Inventory has increased significantly YoY to 15 cr vs 61 lakhs
Allahabad Bank : The oldest public sector bank of India announced its third quarter numbers of FY09 . During the quarter, the profit of the company rose 1.21% to Rs 3,694.69 million or 369 crores from Rs 3,650.51 million in the same quarter, previous year.
Interest earned for the quarter rose 19.86% to Rs 18,980.45 million or 1898 crores, while total income for the quarter rose 17.89% to Rs 23,064.49 million or 2306 crores , when compared with the prior year period.
Its net interest income went up at Rs 604 crore versus Rs 445.28 crore on YoY basis. Net non-performing assets increased to 0.82% from 0.67%.
Its other income went up by 9.5% at Rs 408.4 crore versus Rs 372.92 crore. Its NIMs were at 2.85% versus 2.4% on YoY basis.
The company posted earnings of Rs 8.27 a share during the quarter, registering a rise of 1.22% over prior year period.
Jaiprakash Associates Limited : Jaiprakash Associates Limited ( JAL ), the flagship of Jaypee Group is the leading infrastructure conglomerate having business interest in cement and cement production, engineering & construction, power, hospitality and real estate recorded remarkable performance with total income of Rs 3921.87 crore for the nine months of current fiscal; an increase of 33.93% as compared to Rs 2928.36 crore in the corresponding previous period. EBIDTA for 9MFY09 improved to Rs 1176.22 crore; an increase of 27.57% as compared to Rs 922.01 crore in the corresponding previous period. Net profit for the 9MFY09 was at Rs 495.90 crore as against Rs 399.26 crore in 9MFY08. The earnings per share (EPS) for 9MFY09 stood at Rs 4.22 per share.
JAL's all operating subsidiaries with its robust performance has made JAL a unique organization, whereby bucking the general trend total income for the Q3FY09 registered a growth of 44.49% and stood at Rs 1447.12 crore. EBIDTA for Q3FY09 was at Rs 372.69 crore. The share of revenue from Cement Division (including cement products) during the quarter constituted 40% of the revenue while Engineering Division (including Real Estate & others) during the quarter constituted 57% of the revenue.
JAL registered net profit of Rs 165.51 crore for the quarter ended December 31, 2008 registering growth of 6% over the corresponding quarter of the previous year. The Operating Margins for Q3FY09 stood at 22.19%.
Commenting on the Company's performance for 9M & Q3 FY09, Mr. Manoj Gaur, Executive Chairman, Jaiprakash Associates Ltd., said, "Even in a challenging macro environment, we are delighted to report an operationally strong financial growth in the third quarter and for the nine months ended December 31, 2008. Emphasis on effective execution and timely delivery of projects without compromising on quality has helped us achieve excellence across all business segments in which JAL operates."
"Jaypee Group's Real Estate foray is unique in the country as the same is an integral part of a large infrastructure project and is invariably located along the express way connecting Noida to Agra thereby providing competitive edge with respect to the cost as well as the valuation which go hand in hand with the prospects of any real estate project. As for the third quarter & nine months of current fiscal, the Real Estate Division contributed 62% out of the total revenues. In fact our recently launched property – Wish town Klassic, received an overwhelming response from customers in the first month of launch itself. The fact that out of total bookings done by all real estate developers combined together in last month were less then the bookings received by Wish town Klassic reiterates the faith and confidence that customers have shown in the execution capabilities of Jaypee Greens," Mr. Gaur further added.
PAT for 9MFY09 at Rs 495.90 crore, up 24%; EBIDTA at Rs 1176.20 crore, up 27.57%
PAT for Q3FY09 at Rs 165.51 crore, up by 6%; EBIDTA at Rs 372.69 crore, up 14.82%
9MFY09 Results (all comparisons with 9MFY08)
* Total Income at Rs 3921.87 crore, up by 33.93 % from Rs 2928.36 crore
* EBIDTA at Rs 1176.20 crore, up by 27.57% from Rs 922.01 crore
* PAT at Rs 495.90 crore, up by 24 % from Rs 399.26 crore
* PBT at Rs 684.42 crore, up by 27.23% from Rs 537.95 crore
* EPS (Basic) at Rs 4.22
* Operating profit margin of 27.56%
* PAT margin of 14%
* Cement dispatches in 9MFY09 was at 54.57 lakh MT up 13% v/s 48.50 lakh MT in 9MFY08
Q3FY09 Results (all comparisons with Q3FY08)
* Total income at Rs 1447.12 crore, up by 44.49% from Rs 1001.57 crore
* EBIDTA at Rs 372.69 crore, up by 14.82% from Rs 324.60 crore
* PAT at Rs 165.51 crore, up by 6 % from Rs 155.80 crore
* PBT at Rs 208.91 crore, up 7.29% from Rs 194.71 crore
* EPS (Basic) at Rs 1.41
* Operating profit margin of 22.19%
* PAT margin of 13%
* Cement dispatches in Q3FY09 was at 19.19 lakh MT up 15% v/s 16.71 lakh MT in Q3FY08
Segmental Division Results Highlights – 9MFY09
* Turnover from Cement Division (including cement products) at Rs 1680.94 crore v/s Rs 1473.87 crore registering growth of 14%
* Turnover from Engineering Division (including Real Estate & others) at Rs 2102.30 crore v/s Rs 1320.03 crore registering phenomenal growth of 59%
Segmental Division Results Highlights – Q3FY09
* Turnover from Cement Division (including cement products) at Rs 577.30 crore v/s Rs 500.39 crore registering growth of 15%
* Turnover from Engineering Division (including Real Estate & others) at Rs 818.10 crore v/s Rs 440.32 crore registering a phenomenal growth of 86%
Bank of Rajasthan : Private lender, Bank of Rajasthan (BoR) announced a rise in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the bank rose 16.75% to Rs 492.13 million from Rs 421.54 million in the same quarter last year.
Interest earned for the quarter rose 42.01% to Rs 3,726.27 million, while total income for the quarter rose 35.74% to Rs 4,198.82 million, when compared with the prior year period.
During the quarter, the bank reported earnings of Rs 3.05 a share, a decline of 2.87% over the prior year period.
Federal Bank : Federal Bank has announced its third quarter results. The bank's standalone net profit was at Rs 203.89 crore versus Rs 102.9 crore.
Its standalone net interest income (NII) was at Rs 384.59 crore versus Rs 203.7 crore. Its other income was at Rs 164.8 crore versus Rs 84.9 crore.
The company's tax expenses were at Rs 130.5 crore versus Rs 30.2 crore.
Its loan book has grown by 23% on YoY basis. Deposits have grown by 17% and advances by 23% on YoY basis.
JAI PRAKASH HYDRO : JP Hydro has announced its third quarter results. The company's Q3 standalone net sales were up at Rs 55.2 crore versus Rs 43.2 crore, YoY.
Its standalone net profit was up at Rs 44 crore versus Rs 6.9 crore. YoY.
The company reported PAT includes net interest refund from PFC of Rs 20.37 crore.
The company's tax refund was of Rs 9 crore versus tax expense of Rs 13 crore. Its forex loss was of Rs 6.8 crore versus gain of Rs 5.3 crore. Its revenues went up 16.3% to Rs 876 crore versus Rs 753 crore. Its margins were at 9.5% versus 13.6% .
The net profit was hit by higher interest of Rs 57.3 crore and forex losses of Rs 6.8 crore. The margins were impacted by higher commodity prices.
The order book increased by 35% to Rs 12000 crore. Expect interest costs to increase by Rs 45 crore in the next quarter.
Speaking on the company's orderbook postion, Ajit Gulabchand, Chairman and Managing Director of HCC, said he expects the order book to stand at approximately Rs 16,000-17,000 crore by year-end.
He said the company’s interest cost had gone up due to its investments in infrastructure and real estate, the returns of which the company will reap in the next 2-4 years.
Here is a verbatim transcript of the exclusive interview with Ajit Gulabchand on CNBC-TV18.
Q: You need to take us through the sales picture. Is it Rs 876 crore over Rs 750 crore a year ago?
A: Yes, it is Rs 876 crore, about 16% up from the previous figure of Rs 753 crore last year same quarter.
Q: Would you say that the profit looks elevated largely because of the tax write-back?
A: It is not really a tax write-back. We had anticipated higher profits but found that margins were under pressure. Therefore, we corrected the tax figure, a provision that we made and as a result there is really no tax write-back as much as an excess provision that is no longer required.
Q: Could you take us through the margin picture a wee bit because I believe last quarter is at about 13.6% on an operating level?
A: Our EBITDA margins for this quarter have been 12.94% as against 12.91% at same period last year – a marginal increase of 0.23% and if you take for the nine-month ended till the December 31, the EBITDA margins are at 12.03% as against 11.61% last year for the same period of nine-months. However, our interest costs have gone up during the period primarily because of investments in the construction sector. Our investment in our infrastructure and real estate subsidiaries has increased the interest burden for us; the returns of which we will get over a period of the next 2-4 years.
Bongaigaon Refineries and Petrochemicals : BRP has announced its third quarter results. The company's standalone net sales were at Rs 1,112.07 crore versus Rs 1,462.22 crore on YoY basis. The company's standalone net loss was at Rs 224.09 crore versus net profit of Rs 84.90 crore on YoY basis.TV John, Director – Finance, Bongaigaon Refinery, said the company lost Rs 350 crore due to inventory loss. “GRM from April to December was +5.3 but during the last quarter it was 5.4,” he said. His outlook, going forward: “The short-term predictions are very difficult because it is subject to operations by various international agencies like OPEC and other developments that are taking place in the world.” He, however, said crude prices, in the long term, will be at a higher level than what they are currently.
Here is a verbatim transcript of TV John's exclusive interview on CNBC-TV18. Also watch the accompanying video.
Q: If you could just walk us through your gross refining margins (GRMs) this quarter and the inventory loss that you may have clocked?
A: We have lost about Rs 350 crore due to inventory loss during these nine months and that has happened in the last quarter. So, GRM from April to December was +5.3 but during the last quarter it was 5.4.
Q: What is the kind of macro environment that you are dealing with? Are you witnessing a slowdown in terms of petchem demands because we are seeing huge amount of capacity additions all across Asia as well? What is the demand supply situation that you configure for the times ahead?
A: We are only a refinery, so we are not very much concerned about the marketing aspects but demand is constantly on rise. So, I don’t see any fall in the demand coming up because with the growth of the various economies, it is highly unlikely that the demand for petroleum products will come down.
Q: We have seen how the raw material costs have gone down by almost 28%. What is your outlook going forward?
A: The short-term predictions are very difficult because it is subject to operations by various international agencies like OPEC and other developments that are taking place in the world. But in the long term, crude prices are likely to be at a higher level than what they are today.
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