Reliance Industries Ltd's recently announced quarterly results have indicated that the conglomerate may soon start enjoying a rise its operating profit, according to CLSA and Goldman Sachs analysts.
The Mukesh Ambani-led conglomerate has been reporting a fall in its operating profit for the past couple of fiscals; but an analysis of its October-December quarter has hinted that the tide is turning.
Sluggish economy accompanied by high fuel and interest costs continued deterring passenger cars sales growth in December 2013.
Maruti Suzuki, the country's biggest passenger car manufacturer, suffered a decline of 4.4 per cent in its total car sales to 90,924 units in December 2013. The manufacturer sold 95,145 units in the corresponding month of 2012. The company's exports dropped 67 per cent, from 13,072 units in December 2012 to just 4,311 units in December 2013.
Indian drug-maker Sun Pharmaceutical Industries Limited (Sun Pharma) has reported a bigger-than-expected year-on-year rise in September quarter profit, along with a hike in its revenue growth outlook for current fiscal.
Late on Wednesday, Sun Pharma announced that its net profit jumped nearly 3.5 times to Rs 1,559.79 crore in the July-September quarter of current fiscal, while net sales jumped at an impressive rate of 46 per cent Rs 4,192.05 crore. In the corresponding quarter of the last fiscal, the company had reported net sales of Rs 2,857.24 crore.
Shares of Tata Steel Ltd gained nearly 4 per cent after the steel giant reported a better-than-expected profit for the quarter ended September 30 this year.
Beating analysts' estimates, Tata Steel reported a consolidated net profit of Rs 917 crore for the July-September quarter, as against a net loss of Rs 364 crore in the corresponding period of last year. A group of analysts surveyed by Bloomberg had projected an average consolidated profit of Rs 383.6 crore.
United Spirits Ltd has said that it has recorded a rise of 140 per cent in profits to Rs. 94.27 crore on a standalone basis during the second quarter of the financial year compared to the same quarter of the previous year.
The company had recorded a profit of Rs. 39.27 crore during the second quarter of the year. the company' s income from operations fell 8 per cent to Rs. 2,057.56 crore compared to Rs. 2,236.77 crore recorded during the same quarter of the previous year. The EPS stood at Rs 6.49 during the period compared to Rs. 3 recorded during the previous year.
Billionaire Vijay Mallya's beleaguered Kingfisher Airlines Ltd, which is grounded for more than a year, kept on piling up losses in the second quarter of current financial year.
The grounded airline posted a loss of Rs 715.56 crore for the July-September quarter. In the corresponding quarter of last year, the carrier had suffered a loss of Rs 753.55 crore.
The Mumbai-based carrier generated zero revenues in the three months ended September 30, 2013, as compared with Rs 200 crore in the corresponding period of 2012.
Tech Mahindra shares gained more than 3 per cent in early morning trade on Friday, thanks to the announcement of better-than-expected rise in the company's quarterly revenue and profit.
On Thursday, Tech Mahindra announced that its revenue jumped 16.3 per cent quarter-on-quarter to settle at Rs 4771 crore in the three-month period ended September 30. Consolidated net profit jumped 4.7 per cent to Rs 718 crore.
Idea Cellular shares slipped nearly 4 per cent on Friday, a day after India's third-largest mobile phone operator reported lower-than-expected quarterly results.
On Thursday, Idea announced that its consolidated net profit in the July to September quarter slipped 3.3 per cent to Rs 447.6 crore. The operator's total voice minutes of use slipped 5.8 per cent, from 147.3 billion minutes in April to June quarter to 138.8 billion minutes in July to September quarter. Analysts had projected 141.5 billion minutes for the company's quarter under review.
Indian software services provider Infosys on Friday reported a considerable year-on-year increase in its consolidated net profit for the September quarter, but failed to meet analysts' estimates.
Infosys announced that its consolidated net profit in the July-September quarter of current fiscal jumped 1.6 per cent from the corresponding quarter of last year to Rs 2,407 crore (US$391M). In the July-September quarter of 2012, the company had pocketed a consolidated net profit of Rs 2,369 crore.