Grasim second quarter net down at Rs. 416 crore

October 30, 2014 01:55 am | Updated May 23, 2016 06:33 pm IST - MUMBAI:

Grasim Industries, an Aditya Birla Group company, reported lower consolidated net profit of Rs 416 crore for the second quarter ended September 30, 2014, as compared to Rs. 450 crore in the same period last year.

This was due to higher interest and depreciation charges on account of the commissioning of projects at its cement and VSF divisions and the acquisition of 4.8 million tonne per annum cement capacity in Gujarat in the first quarter.

During the quarter the company’s revenue grew by 16 per cent to Rs. 7,945 crore from Rs. 6,850 crore in the year-ago period driven by volume growth in all the businesses supported by new and acquired capacities.

On a standalone basis the net profit was sharply lower at Rs. 299 crore for the quarter ended September 30, 2014, as compared to Rs. 413 crore in the same period in the previous year. Total income increased to Rs. 1,811 crore from Rs. 1,627 crore.

The company’s VSF business achieved record sales volume of more than one lakh tonne, supported by the commissioning of two lines at Vilayat, Gujarat. The chemicals business reported volume growth of 28 per cent. Cement sales at its subsidiary UltraTech Cement was up 10 per cent at 10.92 million tonne. Costs were impacted on account of increase in prices of petcoke, input and higher freight cost.

Tech Mahindra

Tech Mahindra has reported a negligible growth in consolidated net profit at Rs. 720 crore in the second quarter ended September 30, 2014, as compared to Rs. 718 crore in the year-ago period.

Revenues stood at Rs. 5,488 crore as compared to Rs. 4,771 crore, up 15 per cent.

During the quarter the company hired 2,580 professionals and had a total headcount of 95,309.   

“Robust growth in key verticals this quarter underpins our belief in our strategy of continuous investment in capabilities. We are also heartened by the growth in our larger customers which demonstrates their trust and faith in our partnership,” said Vineet Nayyar, Executive Vice Chairman, Tech Mahindra.

Lupin

Pharmaceutical major, Lupin reported 55 per cent growth in consolidated net profits at Rs.630 crore for the second quarter ended September 30, 2014, as compared to Rs.406 crore in the same period last year.

 During the period the company’s consolidated net sales income grew by 18.5 per cent to Rs.3,117 crore from Rs.2,631 crore in the year-ago-period.

 “We have had a great first half driven by strong growth in the U.S., India, Japan and our API business. Our research pipeline is evolving well and we expect significant developments in the dermatology and inhalation space in the quarters to come,” said Nilesh Gupta, Managing Director, Lupin.

 On a standalone basis, the company’s net profit dropped to Rs.459 crore during the quarter from Rs.809 crore. Total income has declined from Rs.2,541 crore to Rs.2,348 crore for the quarter ended September 30, 2014.

ABB India

Power and automation major ABB India has reported a 25 per cent rise in its net profit at Rs.45 crore for the third quarter ended September 30, 2014, as compared to Rs.36 crore in the same period last year. Tight market liquidity conditions and high cost of capital continued to weigh on earnings, the company said.

 During the quarter, the company’s revenues increased to Rs.1,846 crore as compared to Rs.1,787 crore in the same period last year.

The company received orders during the quarter worth Rs.1,421 crore as compared to an order intake of Rs.1,762 crore . “Order intake during the quarter remained subdued as few large orders were awarded and some are awaiting contract closure,” the company said in a statement.

The company’s order backlog stood at Rs.7,666 crore at the end of the quarter as compared to Rs.8,252 crore in the year-ago period.

India Motor Parts

India Motor Parts & Accessories (IMPAL) has recommended a special dividend of Rs. 4 (40 per cent ) per share on account of completing 60 years. The company’s sales turnover grew 4.32 per cent in the half year ended September 30, 2014, to Rs. 260.06 crore from Rs. 249.29 crore in the same period in the previous year. The profit before tax rose by 30.2 per cent to Rs. 24.12 crore from Rs. 18.53 crore in the year-ago period.

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