TOP CORPORATE NEWS : 26, May 2017

Corporate News
Top Headlines of the Day :

ITC net profit at Rs2669 cr; Revenue meets est
HPCL net profit beats estimate
Britannia falls as gross margins dip in Q4
Tata Chemicals consolidated net profit at Rs343 crore
Ashok Leyland spurts as Q4 tax credit leads to profit beat

ITC net profit at Rs2669 cr; Revenue meets est
ITC Profit up 12.1% at Rs2669 crore Vs Rs2381 crore (YoY)
Revenue at Rs15009 crore
EBITDA Margin at 34.8% Vs 36.9% (YoY)
EBITDA up 7.5% at Rs3875.4 crore Vs Rs3605 crore (YoY)
ITC Q4 Cigarette revenue up 4.8%, Cigarette EBIT up 16.9%
ITC board approves dividend of Rs4.75/Sh.

HPCL net profit beats estimate
HPCL Q4
Net Profit at Rs1819 crore
Revenue at Rs58779 crore
EBITDA at Rs2886 crore
EBITDA margin at 5.6%
Gross Refining Margin (GRM) at $7.99/bbl Vs $7.51/bbl (QoQ)
HPCL board approves bonus issuing 1 share for every 2 held.

Britannia falls as gross margins dip in Q4
Britannia’s Q4FY17 consolidated revenue grew by ~6% YoY to Rs. 2316.1 crore (volume growth is expected to 2-2.5% in-line with Q3FY2017).
The growth in the international business (5% of revenues) was affected by bleak geo-political environment in Middle East and Africa.
Due to the pressure of high raw material cost (rise in prices of milk, sugar) the gross margins came in lower by 125BPS YoY to 39.9% but better than
our estimates of 38.8%. This could be the result of better product mix.
The operating profit came at Rs308.1 crore, up by 6% YoY led by stable operational cost and OPM thus came in flat at 13.3% on a YoY basis. PAT grew
in line with the revenue growth of ~6% and came in at Rs. 210.8 crore which is slightly better than our expectation of Rs. 203.8 crore.
The company has declared a dividend of Rs. 22 per share (1100%) for FY2016-17

Tata Chemicals consolidated net profit at Rs343 crore
Tata Chemical Cons (YoY)
PAT at Rs343 crore Vs Rs260 crore
Revenue down 16% at Rs3002 crore
EBITDA down 6% at Rs487 crore & Margin at 16%

Ashok Leyland spurts as Q4 tax credit leads to profit beat
Ashok Leyland topline for the quarter was up 11% YoY driven by double digit volume growth due to pre buying ahead of the emission norms and market share gains. Realizations for the quarter were up 2.2% YoY driven by price hikes. The numbers were in line with our estimates of Rs 6725 Cr.
The operating margins for the quarter shrunk 210 BPS YoY to 11% ( as against our estimate of 12%) on the back of increase in the commodity prices and discounting in order to clear old BS3 inventory. Consequently the EBITDA for the quarter was down 7% YoY to RS 730 Crs as against our estimate of Rs 806 Crs.
During the quarter, the company had a tax credit of Rs 215.7 Crs as against a tax outflow of Rs 140 Crs for Q4FY2016 which lead to the adjusted PAT coming at Rs 804 Crs which is better than our estimates of Rs 482 cr
During the quarter the company reported an extra ordinary expense amounting to Rs 350 Crs (as against Rs 653 Crs loss in Q4FY2016) towards impairment loss on account of loans (including interest) given to subsidiaries and provisions for obligations relating to subsidiaries.
Ashok Leyland declared dividend of Rs 1.56 per share for FY2017 as against Rs 0.95 per share in FY2016.

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