ONGC Q4 net more than doubles to Rs 5644cr

State-owned Oil and Natural Gas Corp (ONGC) today reported more than doubling of its net profit in March quarter as rupee depreciation helped offset a steep rise in fuel subsidy outgo.

Net profit in January-March quarter rose to Rs 5,644 crore from Rs 2,791 crore a year ago, ONGC Chairman and Managing Director Sudhir Vasudeva told reporters.

ONGC paid Rs 14,170 crore for subsidising diesel, domestic LPG and kerosene as against Rs 12,136 crore outgo in Q4 last fiscal.

The subsidy outgo was made good by rupee depreciation - from Rs 47.95 to a US dollar in Q4 2010-11 to Rs 50.29 to a US dollar in same period of 2011-12 fiscal.

"Every rupee depreciation against US dollar, increases our topline by about Rs 1,600 crore," ONGC Director (Finance) A K Banerjee said.

ONGC gets paid for both crude oil and natural gas it produces in US dollar and rupee depreciation is a bonanza for it.

But for the subsidy outgo, ONGC profits would have been higher by over Rs 8,000 crore, he said.

Upstream firms like ONGC and Oil India give discounts on crude oil and LPG they sell to refiners to make up for 39% of their losses suffered on sale of diesel and cooking gas at government controlled rates. The rest of the loss is made good by the government through cash subsidy.

Vasudeva said ONGC got USD 44.32 on sale of every barrel of crude oil after giving a record subsidy discount of USD 77.3 per barrel.

"Our cost of production after the recent increase in oil cess to Rs 4,500 per tonne, is USD 44 per barrel," he said.

ONGC plans to invest Rs 121,737 crore in 12th Five Year Plan period. This fiscal it has a capex of Rs 30,432 crore as against Rs 28,276 crore of previous year.

Its sales were up 22% to Rs 18,976 crore.

Vasudeva said the company paid a record Rs 44,466 crore in fuel subsidy in 2011-12, up from Rs 24,892 crore in the previous financial year.

"This subsidy outgo dented out net profit by Rs 25,535 crore (for the full fiscal)," he said.

ONGC net profit in FY'12 rose 33% to Rs 25,123 crore. But for the fuel subsidy outgo, the net profit should have been over Rs 50,000 crore.

Sales was up 15% to Rs 76,130 crore in 2011-12 fiscal.

Source: www.moneycontrol.com

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Sun Pharma Q4 cons PAT up 85% at Rs 820cr

Drug maker Sun Pharma posted a spectacular 85% jump in March quarter net profit at Rs 820 crore, driven by strong sales of its Israeli unit Taro.

However, the company said the increase in Taro sales will not be sustainable going forward as these were largely a result of price increases on select products in the US market.

Net sales of the company for the quarter ended March 31, 2012 stood at Rs 2,330 crore, up nearly 60% from the corresponding period previous fiscal.

Commenting on the quarter gone by,  Dilip Shanghvi, MD of Sun Pharma said, "Performance this year has been in line with our expectations and marginally ahead of our recently revised sales guidance. Though the year has seen a couple of non-recurring elements, the underlying business remains stead across all segments and capable of delivering long-term sustainable growth."

Interestingly, Dilip Shanghvi has stepped down from the chairmanship, while continuing to remain the managing director of the company.

According to the company press release, Israel Makov has been appointed as the chairman of the Sun Pharma at meeting of the Board of Directors of the company held on May 29, 2012. Makov also gets a seat on the board of directors of Sun Pharma.

Makov is the former President and CEO of Teva Pharmaceutical Industries (2002-2007), widely credited with Teva's emergence as a global company and a world leader in generic pharmaceuticals.

Source: www.moneycontrol.com

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Ipca Labs Q4 PAT up at Rs 77 cr

Ipca Laboratories has announced its fourth quarter results. The company's Q4 net profit was up at Rs 77 crore versus Rs 59 crore, Year-on-Year.

Its net sales were up at Rs 553 crore versus Rs 474 crore, YoY.

Source: www.moneycontrol.com

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HPCL Q4 PAT up 312% at Rs 4,630 cr

Hindustan Petroleum Corporation (HPCL) has announced its fourth quarter results. The company's Q4 net profit was up 312% at Rs 4,630 crore versus Rs 1,123 crore, year-on-year, YoY.

Its net sales were up 32% at Rs 52,390 crore versus Rs 39,670 crore, YoY.

The company;s is to pay dividend od Rs 8.50 per share.

Source: www.moneycontrol.com

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Apollo Hospitals Q4 PAT up at Rs 59.3 cr

Apollo Hospitals has announced its fourth quarter results. The company's Q4 net profit was up at Rs 59.3 crore versus Rs 47 crore, YoY.

Its Q4 net sales were up at Rs 744.5 crore versus Rs 621 crore, YoY.

Source: www.moneycontrol.com

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Welspun Corp Q4 cons PAT up at Rs 118.5cr

Welspun Corp has announced its fourth quarter results. The company's Q4 consolidated net profit was at Rs 118.5 crore versus Rs 118 crore, year-on-year, YoY.

Its consolidated net sales were at Rs 2,700 crore versus Rs 2,174 crore, YoY.

Its other income were up at Rs106 crore versus Rs 41 crore, YoY.

Source: www.moneycontrol.com

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Hotel Leela Q4 net profit up at Rs 210 cr

Hotel Leela has announced its fourth quarter results. The company's Q4 net profit was up at Rs 210 crore versus Rs 11 crore, year-on-year, YoY.

Its net sales were up at Rs 139 crore versus Rs 99 crore, YoY.

Its exceptional gain of Rs 417 crore on sale of Asset.

Source: www.moneycontrol.com

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Power Grid Q4 PAT up at Rs 1032cr

Power Grid Corporation of India has announced its fourth quarter results. The company's Q4 net profit was up at Rs 1,032 crore versus Rs 751 crore, YoY.

Its total income was up at Rs 3,102 crore versus Rs 2,211 crore, YoY.

The company’s provision for tax was at Rs 604 crore versus Rs 377 crore, YoY.

Source: www.moneycontrol.com

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Venky's Q4 net up 17% YoY, shares jump

Venky's India fourth quarter net profit rose 17% year-on-year to Rs 18 crore, sending shares of the processed chicken maker up 16% on Tuesday.

The Pune-based company's net sales in Jan-March were up 23% to Rs 258 crore.

On a sequential basis, Venky's net profit was up six-fold, while net sales were up 7%.

The company's net profit was boosted by higher income of Rs 10 crore, compared with Rs 2 crore in the year ago quarter. Its tax expense in the fourth quarter was also lower at Rs 5.5 crore, from Rs 7 crore a year ago.

"During the quarter, the poultry and poultry products segment registered better performance as compared to the quarter ended Dec 31, due to improved realizations from sale of day old chicks and grown up birds," Venky's also said.

In Jan-March, Venky's revenue from poultry and poultry products rose 33% year-on-year to Rs 199 crore. Animal Health products revenue was up 20% to Rs 24 crore.  But revenue from oilseeds fell 9% to Rs 64 crore.

Venky's shares were up 15.6% at Rs 392 on NSE in afternoon trade.

Source: www.moneycontrol.com

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Gaurav Agarwal

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SAIL Q4 net up 3%, despite a weak rupee, high input cost

Steel Authority of India (SAIL) has reported a net profit at Rs 1577 crore for the March quarter, up 3%, year-on-year, despite a 35% increase in input cost.

The state run steel maker said that the imported coking coal which is used in manufacturing steel went up to $288 per metric tonne during FY12 when compared with $213/metric tonne in the preceding financial year. This, again was compounded by the rupee depreciating against the dollar, carrying an adverse impact of aroumd Rs 900 crore.

The company said its turnover for the quarter grew 13% to Rs 14,785 crore,YoY.

For the full year ended March 31, SAIL posted a 27.8% decline in its net profit at Rs 3543 crore. Sales, however grew 7% to Rs 50348 crore.

 "It is a matter of great pride that SAIL's turnover crossed the Rs. 50,000-crore mark during a year in which the global economy faced many challenges. With 2012 having begun on a very positive note for us, and our strategic initiatives in several areas taking firm shape, our outlook is bright. The focus during the current year will be on completing the ongoing M&E plan to give SAIL the readiness to meet the projected growth in steel demand during the 12th Plan period and beyond," SAIL Chairman Mr. C.S. Verma said.

Source: www.moneycontrol.com

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Gaurav Agarwal

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DENIP Consultants Pvt Ltd