TOP CORPORATE NEWS : 12, May 2017

top corporate news
Top Headlines of the Day :

Yes Bank posts divergences of Rs 4,177 crore in gross NPAs
Dr Reddy’s Labs Q4 profit jumps 175%, operating income misses estimates
HCL Tech Q4FY17 result update
Asian Paints Q4 net profit up 10.4%
Glenmark Pharma reports weak Q4FY2017 earnings

Yes Bank posts divergences of Rs 4,177 crore in gross NPAs
Following the RBI directive on bad loans, Yes Bank reported a disclosure in divergence of Rs 4176.7 crore in gross non-performing assets as on March 2016, as per the annual report of the bank.
The divergence in net NPAs stood at Rs 3318.7 crore.
In March 2016, Yes Bank had reported a gross NPA figure at Rs 750 crore as against the RBI’s assessment of Rs 4,925.7 crore. In the same period, net
NPAs declared by the bank stood at Rs 284.5 crore while the RBI assessment showed a substantially high number of Rs 3603.1 crore.
Explaining the RBI’s assessment, Rana Kapoor, Yes Bank’s MD and CEO mentioned that the gross NPAs increased largely due to one single cement borrower (Jaiprakash Associates), the exposure to which stood at Rs 911 crore (88 percent of gross NPAs).”

Dr Reddy’s Labs Q4 profit jumps 175%, operating income misses estimates
Pharma major Dr Reddy’s Laboratories said profit for March quarter rose 175.4 percent to Rs 337.6 crore compared with Rs 122.6 crore in same quarter
last year.
The low base in year-ago quarter supported bottomline. Profit in Q4FY16 had impacted due to writedowns of Rs 400 crore on account of Venezuela.
Revenue during the quarter fell 4.8 percent to Rs 3,611.9 crore compared with Rs 3,795 crore in corresponding quarter of last fiscal, dragged by US sales that contributed more than 50 percent to global generics business.
Global generics sales slipped 5 percent year-on-year to Rs 2,913.8 crore while North America generic sales dropped 19 percent to Rs 1,534.9 crore.
Europe generic sales during the quarter increased 17 percent to Rs 206.6 crore and India sales rose 8 percent to Rs 571.1 crore compared with year- ago period.

HCL Tech Q4FY17 result update
HCL Tech Q4FY17 result update: Steady quarter, healthy margin outlook for FY18; maintain Buy
Results in-line with our estimates, net profit beat aided by tax reversals
Growth across the segments
Industry leading growth guidance, aided partly by inorganic initiatives
Reasonable valuation; maintain Buy with price target of Rs965

Asian Paints Q4 net profit up 10.4%
Asian Paints consolidated net profit rises by 10.4% to Rs462.22 crore on 8.9% rise in revenue from operations to Rs4416.23 crore in Q4 March 2017
On a consolidated basis, Asian Paints’ net profit rose 11.1% to Rs 1939.42 crore on 7.8% increase in revenue from operations to Rs 17084.76 crore in the year ended March 2017 over the year ended March 2016.

Glenmark Pharma reports weak Q4FY2017 earnings
Glenmark Pharma Q4FY2017: Weak results; big miss on US sales and margins
Net sales grew 7.7% YoY to Rs2457.2 crore with US sales coming at disappointing level of Rs1000 crore. The street was expecting the US sales to show
robust growth as full quarter effect of Zeita sales revenues would reflect in Q4 as compared to partial benefit in Q3. India business delivered
muted growth of ~6% YoY. Demonetisation had a negative impact on business.
EBITDA grew 46.5% YoY to Rs443.8 cr. Muted EBITDA margins are because of weak US and India sales.
Exceptional Items included Rs 80cr represents impairment loss relating to certain intangibles assets under development owing to the Company’s future research and development strategy for such products.
Company has 4 observations pending at its Goa plant and it hopes for early resolution and indicated possibility of new approvals from the Goa plant.
On the positive side, the product pipeline of new launches in US remains strong and early approvals could result in better than its revenue growth guidance of 10-15% growth in FY2018.

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