TOP CORPORATE NEWS : 5, May 2017

top corporate news

Top Headlines of the Day :

MRF Q4 earnings disappoint street:
L&T Finance Q4FY17 first cut: Mixed Bag results
Cadila gets USFDA approval to market Budesonide Capsules
Tata Comm tanks as Q4 Loss comes at Rs260.8 Cr
Wockhardt falls on Q4 Cons Net Loss of Rs174.7 Cr

MRF Q4 earnings disappoint street:

MRF Reports Q4 EBITDA & EBITDA Margin Substantially Lower Than In The Same Quarter Last Year
MRF Profit miss Despite Lower Effective Tax Rate Too
MRF ETR At 21.4% vs 28.8% YoY
Q4 Net Profit at Rs286.7 cr vs Rs423.5 cr YoY
Total Income at Rs37313 cr vs Rs3772 cr YoY
EBITDA at Rs522 cr vs Rs726 cr YoY
EBITDA Margin at 15.7% vs 21.4% YoY

L&T Finance Q4FY17 first cut: Mixed Bag results

L&T Finance Holding – Q4FY17 results first cut: Mixed Bag results, focused book growth healthy
L&T finance Holdings has posted better than expected numbers on the as far as the bottom line is concerned, however it was majorly due to Rs228
crore tax write-back which helped profits to beat estimates.
Income from operation grew by 10.4% YoY on the back of 14% YoY growth in the overall loan book. The focused business book grew at faster pace of
19.9% YoY.
Asset quality during the quarter marginally deteriorated as GNPA for the quarter was up by 9 BPS QoQ to 4.94%. Provisions during the quarter surged
significantly by 233% YoY.
The company has made accelerated provisions to the tune of Rs491 crore on principal amount and Rs47 crore on interest part during Q4FY17 to
strengthen the balance sheet.

Cadila gets USFDA approval to market Budesonide Capsules

Cadila Healthcare gets USFDA approval to market Budesonide Capsules; used to reduce inflammation in the body.
The drug will be manufactured at formulation facility at Ahmedabad Pharma SEZ.
Estimated sales for budesonide is $259 million (Rs1675 crores) – Positive for Cadila though Lupin and Natco are other generic players in the US,
hence the space will be competitive.

Tata Comm tanks as Q4 Loss comes at Rs260.8 Cr

Shares of Tata Communication tanked 8% to Rs649.95 on NSE as the company posted Q4 Loss at Rs260.8 Cr Vs Profit of Rs 1, 413.4 Cr QoQ
Loss from Continuing Ops at Rs982.4 Cr Vs Profit Of Rs1.3 Cr
Revenue Down 1.5% at Rs 4, 293.7 Cr Vs Rs 4,360.1 Cr (QoQ)
EBITDA Down 11.7% at Rs502.3 Cr Vs Rs569.1 Cr.

Wockhardt falls on Q4 Cons Net Loss of Rs174.7 Cr

Shares of Wockhardt dropped over 3% to Rs690.15 on NSE after the drugmaker posted Q4 Cons Net Loss at Rs174.7 Cr Vs Loss of Rs5.4 Cr (YoY)
Cons Income Down 14.5% at Rs863.5 Cr Vs Rs 1, 010.3 Cr
Cons EBITDA Loss at Rs164.3 Cr Vs EBITDA Profit Of Rs65.3 Cr (YoY)
Other Income at Rs56.3 Cr Vs Rs17.8 Cr.

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