UPL (formerly United Phosphorus) reported a 28 per cent jump in consolidated net profit at Rs.405 crore for the fourth quarter ended March 31, 2014, against Rs.317 crore in the year-ago period. This is after adjusting for exceptional items to the extent of Rs.25.1 crore (Rs.15.6 crore). Net sales rose 19 per cent to Rs.3,296 crore Operating margin stood was at 19.1 per cent (17.6 per cent) largely attributable to the dip in employee expenses.
For the whole of 2013-14, UPL reported a net profit of Rs.949.8 crore (Rs.884.6 crore) on total income of Rs.10,902.2 crore (Rs.9,293 crore) The board of the company has recommended a dividend of Rs.4 per share.
During the period, the company completed its offer for buyback of equity shares from the open market by acquiring 1.4 crore shares, and the share capital now stands reduced to Rs.85,72,08,548. Also during the quarter, UPL increased its shareholding in UPL do Brazil from 51 per cent to 73 per cent. The company is engaged in production, marketing, distribution and selling of crop protection products in Brazil. UPL’s overseas subsidiary entered into an agreement with Italian company Sipcam to sell its entire stake of 50 per cent in Sipcam UPL Brazil and the funds will be used to tap into new opportunities.
On the Bombay Stock Exchange, the UPL stock scaled a 52-week high intra-day of Rs.233.45 before closing up 7.26 per cent at Rs.230.4.
L&T Finance HoldingsL&T Finance Holdings has reported a consolidated profit after tax of Rs. 597 crore for the year ended March 31, 2014, up by 7 per cent year-on-year. The gross NPAs stood at 3.18 per cent of loan assets as on March 31, 2014 as compared to 2.93 per cent on December 31, 2013. Y. M. Deosthalee, Chairman & Managing Director stated in a release that the outstanding loan book has crossed the Rs. 40,000-crore mark in the fourth quarter.
