Jubilant FoodWorks Q3 in-line with estimates
Jubilant FoodWorks has announced the following Q3 Un-audited Standalone results for the quarter ended December 31, 2016 (YoY):
The Company has posted a net profit of Rs19.97 crore Vs Rs29.35 crore (YoY).
Total Income increased to Rs662.38 crore Vs Rs636.49 crore.
Petronet LNG to start supplying LNG through roads in South India
Petronet LNG to start supplying LNG through roads in South India – positive for PLNG as its Kochi utilization could improve earlier than expectation
As per the media reports, Petronet LNG is looking at an option to start LNG transportation from its Kochi terminal through roads till the Kochi-
Managalore pipeline section gets ready (expected in second half of 2018).
The Kochi terminal operated at only 7% utilization in Q2FY2017 (0.35mmt on annual basis) and the utilization rate could increase 25% (1.25mmt on
annual basis) with transportation of LNG through roads. From June-2017, the company is likely to start supplying LNG to MRPL using trucks with cryogenic cylinder.
Divi’s Q3FY2017 profit lower than expectation
Divi’s Q3FY2017 profit lower than expectation due to high tax
Sales for the quarter grew by 14.5% to Rs 976.5 crores.
Operating profit grew by 18.2% to Rs 380.8 crores; OPM improved by 179 bps to 39% for the quarter.
Profit for the quarter grew by 8.8% to Rs 268.3 crores; impacted due to high tax rate of 27% vs 20% in Q3FY16.
Tax rate for the quarter was high due to higher deferred tax component on account of capex capitalization. For the entire year tax rate will be 23.5% and for FY18 it shall be 24%. During 9MFY17, capex stood at Rs 180 crores.
Indian Tyre companies increase prices by 2%-5%
Indian Tyre companies have increased prices in the range of 2%-5% to pass on the rising raw material prices.
The prices of car and truck tyres have been raised by 2% to 3% while that for two-and three-wheelers have been raised by 2% to 5%.
Positive for tyre companies like Apollo Tyres, CEAT, MRF, JK Tyres.
ABG Shipyard surges on stake buy plans
Shares of ABG Shipyard surged 5% to Rs29 on NSE Cochin Shipyard plans to buy controlling stake in ABG Shipyard.
ABG shipyard: Cochin Shipyard has started preliminary discussions to buy a controlling stake in ABG Shipyard as per media reports. The development is positive read thru for ABG Shipyard.
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