TOP CORPORATE NEWS :- 29 May 2017

Corporate News

TOP Headlines :-

Escorts Q4 net profit beat
Torrent Pharma result is below expectation
CG Power cracks post Q4 earnings
Cadila Q4FY2017 result lower than expectation
Sun Pharma Q4 profit slips 14% on weak US sales
Tech Mahindra tanks on disappointing Q4FY17 performance

Escorts Q4 net profit beat
Escorts net profit rose to Rs59.5 crore Vs Rs18.4 crore in Q4FY16
Revenue up 29.5% at Rs1044 crore (YoY)
Escorts Reports One-time Gain of Rs14.7 crore Vs loss Of Rs11 crore
Margin 7.3% Vs 5.5% (YoY);

Torrent Pharma result is below expectation
Torrent Pharma FY17 Earnings
• Sales for the quarter declined by 4.6% to Rs1434 crore.
• Operating profit declined by 39.4% to Rs295 crore translating to OPM of 20.6%.
• Adjusted PAT declined by 27.5% to Rs206 crores, supported by lower tax rate of 15% (vs 30% YoY).
• Previous period included exceptional revenues and profits, primarily on account of Abilify sales in US, which had limited competition.
• R&D cost for quarter stood at Rs136 crores as against Rs73 crores.

CG Power cracks post Q4 earnings
Shares of CG Power & Industrial Solutions Ltd tanked 13% to Rs80.90 on NSE in an otherwise strong markets post Q4 earnings.
However, the domestic business and Indonesian subsidiary is expected to drive the growth; maintain Hold with revised price target of Rs100
Input cost adversely impact profitability of Industrial Systems business during the quarter:
During the quarter, segmental profitability of Industrial Systems dropped by a significant 487bps on a YoY basis to 6.4% due to steep rise in input
costs (primarily copper & steel).
There is a time lag of around 3 months in terms of input costs increase/decrease impact on profitability for the company.
Since copper and steel prices were on a rising trend since November’16, profitability took a knock during Q4FY17.

Cadila Q4FY2017 result lower than expectation
Cadila Q4FY2017 result lower than expectation
Sales for the quarter grew by 3% to Rs 2525 crores;
Operating profit declined by 20.6% to Rs 463.4 crores, translating into OPM of 18.4% (decline of 548 bps).
Profit for the quarter declined by 32% to Rs 385 crores.
Results for the quarter and the FY2017 are not comparable with the same period of the last financial year on account of scheme of arrangement
between the company and one of its subsidiaries.

Sun Pharma Q4 profit slips 14% on weak US sales
Sun Pharmaceutical Q4 profit declines 14% to Rs1, 223.71 crore on weak US sales.
Net sales fell 8% to Rs6, 825.16 crore vs Rs7, 415.98 crore.
The company’s guidance for a decline in revenue was a surprise.

Tech Mahindra tanks on disappointing Q4FY17 performance
During Q4FY2017, Tech Mahindra’s revenues grew by 0.9% QoQ on CC term and 1.3% on a reported basis to $1,131.2 mn, in-line with expectations.
EBITDA margins declined by 371BPS QoQ at 12.0%, below our expectation, owing to exit of some of the loss making contracts (impact of 180bps, which
is one off), realignment of legacy business (impact of 140bps, may take 2-3 quarters to recover) and currency impact (40bps).
The exit of loss making contracts has impacted by $20 million, while realignment of legacy business has impacted $15 million.
Other income during the quarter increased 53.3% QoQ to Rs237.9 crore (led by 79% growth in forex gain), while tax provisioning rate increased by
800BPS QoQ to 28.2% in Q4FY17 against 20.2% in Q3FY17. Net income during the quarter declined by 31.2% on sequential basis.

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