TOP CORPORATE NEWS:- 10 Nov 2017

top corporate news

TOP Headlines Of The Day:- 10 Nov 2017

Mahindra & Mahindra Q2FY18 standalone net profit rises 24.7% yoy to Rs.1,331 crore
State Bank of India Q2FY18 standalone net profit declines 37% yoy to Rs.1,581 crore
MRF Q2FY18 standalone net profit declines 22.2% yoy
Motherson Sumi Systems Q2FY18 consolidated net profit rises 23.7% yoy
Bosch Q2FY18 standalone net profit declines 16.5% yoy to Rs.353.3 crore
Dredging Corporation of India Ltd standalone net profit of Rs.19 crore in Q2FY18, vs net loss of Rs. 14.37 crore in Q2FY17

Mahindra & Mahindra Q2FY18 standalone net profit rises 24.7% yoy to Rs.1,331 crore
Mahindra & Mahindra ltd’s Q2FY18 standalone results for the quarter registered a beat on consensus estimates. Revenue for the quarter came in 0.3 % lower than the estimated figure of Rs. 12219 crore. EBITDA for the quarter came in 9.3 % higher than the estimated figure of Rs. 1582 crore. And lastly, net profit for the quarter came in 8.4 % higher than the estimated figure of Rs. 1228 crore.
Mahindra & Mahindra ltd consolidated revenue for the quarter came in at Rs. 12182 crore, registering 6.4% yoy increase. This was largely aided by rise in revenue from farm equipment segment by 21% yoy to Rs.3958 crore in Q2FY18.
EBITDA for the quarter rose by 45.6% yoy to Rs. 1729.8 crore with a corresponding margin expansion of 382 bps. EBITDA margin for the quarter stood at 14.2%.
The PAT for the quarter came in at Rs. 1331 crore, yoy increase of 24.7%. This was due to lower interest expenses by 34% yoy. Moreover, board also recommends 1:1 bonus issue.

State Bank of India Q2FY18 standalone net profit declines 37% yoy to Rs.1,581 crore
State bank of India Q2FY18 results missed the street estimates for the quarter. The NII for the quarter was 2.6% below the street estimates of Rs.19088 crore. While net profit for the quarter also was 36% below the street estimates of Rs.2507 crore.
The NII for the quarter rose by 27% yoy to Rs.18586 crore in Q2FY18 vs Rs.14600 crore in Q2FY17.This was largely aided by almost 30% increase in interest income & interest expended for the quarter.
Provisions for the quarter also rose by 142% yoy to Rs.19137 crore in Q2FY18 vs Rs.7896 crore in Q2FY17. Further, bank reported net profit of Rs.1581 crore a yoy decline of Rs.37% yoy.Also, the provisons coverage ratio for the quarter stood at 65.1%.
In terms of Asset quality GNPA’s as percentage of total advances rose by 269bps to 9.83% vs 7.14% in Q2FY17. The NNPA’s for the quarter also increased by 124 bps to 5.43% in Q2FY18 vs 4.19% in Q2FY17.
Advances & deposits for the quarter rose by 26% & 41% yoy to Rs.1802608 crore & 2623179 crore respectively.

MRF Q2FY18 standalone net profit declines 22.2% yoy
MRF standalone revenue for the quarter came in at Rs. 3591.11crore, registering 0.7% yoy decline.
EBITDA for the quarter fell by 7.8% yoy to Rs. 605.7 crore with a corresponding margin contraction of 130 bps. EBITDA margin for the quarter stood at 16.9%. This margin contraction was aided by 5.7% increase in its employee expenses.
The PAT for the quarter came in at Rs. 300 crore, yoy decline of 22.2%. This was due to 15% increase in its depreciation expense.

Motherson Sumi Systems Q2FY18 consolidated net profit rises 23.7% yoy
Mothersun Sumi Systems’ Q2FY18 consolidated results for the quarter came in mixed versus street estimates. Revenue for the quarter came in 0.6 % lower than the estimated figure of Rs. 13512 crore. EBITDA for the quarter came in 11.3 % lower than the estimated figure of Rs. 1328 crore. And lastly, net profit for the quarter came in 19.2 % higher than the estimated figure of Rs. 498 crore.
Mothersun Sumi Systems consolidated revenue for the quarter came in at Rs. 13431 crore, registering 30.2% yoy increase.

EBITDA for the quarter rose by 19.3% yoy to Rs. 1178 crore with a corresponding margin contraction of 80 bps. EBITDA margin for the quarter stood at 8.8%. This margin contraction was led by 32% yoy rise in cost of materials.
The PAT for the quarter came in at Rs. 593 crore, yoy increase of 23.7%. This was due to 21% yoy decline in interest expenses.

Bosch Q2FY18 standalone net profit declines 16.5% yoy to Rs.353.3 crore
Bosch reported standalone results for the quarter registered a miss versus street estimates. Revenue for the quarter came in 11.1 % lower than the estimated figure of Rs. 3164 crore. EBITDA for the quarter came in 10.7 % lower than the estimated figure of Rs. 569 crore. And lastly, net profit for the quarter came in 14.4 % lower than the estimated figure of Rs. 413 crore.
Bosch standalone revenue for the quarter came in at Rs. 2811.8 crore, registering 0.9% yoy decline. This was driven by slowdown in its automotive products business.
EBITDA for the quarter rose by 3.4% yoy to Rs. 507.9 crore with a corresponding margin expansion of 76 bps. EBITDA margin for the quarter stood at 18.1%. This margin expansion was aided by 14% decline in its other expenses.
The PAT for the quarter came in at Rs. 353.3 crore, yoy decline of 16.5%. This was due to 24.6% increase in its depreciation expense.

Dredging Corporation of India Ltd standalone net profit of Rs.19 crore in Q2FY18, vs net loss of Rs. 14.37 crore in Q2FY17
Dredging corporation of India standalone revenue for the quarter came in at Rs. 161 crores.
EBITDA for the quarter rose by 363% yoy to Rs. 51.48 crore with a corresponding margin expansion of 2504 bps. EBITDA margin for the quarter stood at 31.9%. This margin expansion was aided by lower other expense by 32.6% yoy to Rs.81.8 crore.

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