Exports of Ind-Swift Labs rose from Rs102.61 crore in September 2011 to Rs176.55 crore in December 2011.
Pharma major Ind-Swift Laboratories has clocked a profit after tax (PAT) of Rs28.44 crore in the third quarter ended 31 December 2011 (Q3 FY11-12), a healthy 15.52% jump from Rs24.62 crore in the year-ago period. The company’s total revenue in Q3 FY11-12 increased 15.7% to Rs358.80 crore as against Rs310.11 crore in the year-ago period. Its EBITDA also showed a robust 22.44% growth in Q3 FY11-12 at Rs63.88 crore as compared to Rs52.17 core in the same period of the previous fiscal.
On a quarter-to-quarter (q-o-q) basis as well, Ind-Swift Laboratories has recorded a 27.5% jump in its PAT at Rs28.44 crore in Q3 FY11-12 as against Rs22.31 crore in Q2 FY11-12, while its total revenue was up 0.98% to Rs358.80 crore in Q3 FY11-12 as against Rs355.32 crore in the previous quarter.
Commenting on the financial results, the company’s vice-chairman and managing director, N R Munjal, said, “We are on the high-growth track. Our growth in profits is as per our expectations. Our growth plans for the last quarter of this year, as well as over the next three years, are in place and we are confident Ind-Swift Labs will continue to grow from strength to strength.”
The company’s export during the quarter also saw a jump of 75% over the previous quarter ended September 2011. Exports rose from Rs102.61 crore in September 2011 to Rs176.55 crore in December 2011. The company got the Korean FDA approval this year. The company is already supplying commercial quantities of its key molecules to the highly regulated markets of USA and Japan.
In the early afternoon, Ind-Swift Labs was trading at around Rs121.55 per share on the Bombay Stock Exchange, 1.9% down from its previous close.
During the nine-month period between April and December 2011, IIP growth stood at 3.6% against 8.3% in corresponding period a year ago
New Delhi: Industrial production grew by just 1.8% year-on-year in December 2011 due to contraction in mining and capital goods sectors and a lower manufacturing sector growth, reports PTI.
Factory output growth, as measured by the Index of Industrial Production (IIP), was at 8.1% in December 2010.
Output of the manufacturing sector, which constitutes over 75% of the index, rose at a lower rate of 1.8% in December compared to a growth of 8.7% in the same month of 2010, according to the official data released today.
Besides, capital goods sector witnessed a contraction of 16.5% against a growth of 20.2% in the same month in 2010.
Mining output, too, contracted by 3.7% in December against 5.9% growth in the year ago period.
However, power generation witnessed a good growth of 9.1% in December 2011 compared to 5.9% in the year ago period.
During the month, 15 out of 22 industry groups witnessed a positive growth.
During the month output of basic goods went up by 4% against 7.8% in the year ago period. However, intermediate goods witnessed a contraction of 2.8% against 8.1% growth in December 2010.
During the April-December 2011, the IIP growth stood at 3.6% against 8.3% in corresponding period a year ago.
Besides, the IIP figure for November, 2011 has been revised to 5.94% from the provisional estimates of 5.9%.
Commenting on the IIP figures, Planning Commission deputy chairman Montek Singh Ahluwalia said that the numbers are expected to bottom out in the third quarter and revive in the January-March period.
“I thought the third quarter would be a kind of bottoming out quarter. We have to see whether that really works out,” he said.
Asked if the IIP numbers are likely to pick up in the subsequent months, he said, “I hope so”.
During December 2011, consumer goods witnessed a 10% upswing, as against a low growth of 3.5% in the corresponding month of 2010.
Furthermore, consumer durables production increased by 5.3% compared to a growth of 7.8% in December 2010.
During the month under review, output of consumer non-durables also shot up by 13.4%. The segment grew by a mere 0.6% in December 2010.
The lower industrial output growth in the month was on expected lines as the eight core industries had registered a muted growth of 3.1% growth in December, mainly due to slackening output of crude oil, steel and natural gas. The core sector grew by 6.3% in December 2010.
The eight industries together contribute 37.9% to the overall IIP.
Earlier this week, the Central Statistical Organisation (CSO) had estimated the Indian economy to grow at a slower pace of 6.9% in the current fiscal, against 8.4% in 2010-11.
The decline in IIP numbers, experts said will make a good case for further rate cuts by the Reserve Bank of India (RBI). Last month it cut cash reserve ratio (CRR) by 50 basis points to 5.5%.
The loss was largely caused by a Rs781 crore ($147 million) decline in core earnings from the European operations of Tata Steel as the demand from the continent—the largest market for Tata Steel—slumped. A jump in raw material costs by 20.59% also contributed to the loss
Mumbai: Tata Steel , the world’s seventh largest steel maker, on Thursday reported a consolidated net loss of Rs602.67 crore for the October-December quarter, its first quarterly loss in more than two years, reports PTI.
It was largely caused by a Rs781 crore ($147 million) loss in core earnings from the European operations of Tata Steel as the demand from the continent—the largest market for the firm—slumped. A jump in raw material costs by 20.59% also contributed to the loss.
The company had reported a net profit of Rs1,003.02 crore in the Q3 of 2010-11. It said that it is expecting muted but stable demand in 2012 in European markets.
“Through our Step Up and Save initiative, we are accelerating cash conservation in expectation of muted but stable demand in our core markets in 2012,” Tata Steel Europe MD & CEO Dr Karl-Ulrich Kohler said in a statement.
He added that the October-December quarter “marked the height of the cyclical cost-price squeeze”.
Tata Steel Europe (formerly Corus) reported a loss of Rs781 crore ($147 million) in its core earnings (EBITDA) during the quarter, the statement said, adding that it was mainly due to mark-to-markets provisions on stock.
During the same period of 2010-11, Tata Steel Europe had reported a positive EBITDA (earnings before income, tax, depreciation and amortisation) of Rs392 crore ($74 million).
Tata Steel’s total expenses went up by 22% to Rs32,549.77 crore, while the raw material costs rose by 20.59% to Rs12,618.69 crore in the Q3.
On a consolidated basis, the net sales were up by 15.23% to Rs 32,964.15 crore during the quarter over Rs28,606.15 crore of the October-December quarter of FY10-11.
The consolidated results of the Tata Group company includes its operations in Europe and South-East Asia.
On a standalone basis, company’s net profit declined by a little over 6% to Rs1,421.26 crore during the October-December quarter, while the standalone net sales were up 13.38% to Rs8,304.58 crore.
The statement added that Tata Steel is looking to commission 2.9 million tonnes per annum new capacity at its existing plant in Jamshedpur during the ongoing quarter.
Commenting on the results, the company’s managing director HM Nerurkar said, “Company-wide cost saving measures benefited margins in an otherwise difficult market. We expect steel demand to improve on expectations of the Reserve Bank of India (RBI) relaxing monetary policy to aid growth and investment.”
Mr Nerurkar added that Indian operations of the company delivered steady performance during the last quarter, with flat product volumes increasing 3% year-on-year.
However, the long products volume of the company dropped marginally due to planned shutdowns of the Jamshedpur plant, he said.
Talking about the Tata Steel’s South-East Asian operations, Mr Nerurkar said that “an improvement in operating performance, coupled with a number of new marketing initiatives, should increase profitability”.
During the quarter, company’s steel deliveries fell slightly to 5.84 million tonnes from 5.9 million tonnes in Q3 of FY10-11.
However, the net debt of the company has increased to Rs50,528 crore ($9.52 billion) as on 31 December 2011 compared to Rs46,627 crore ($$8.79 billion) debt reported at the end of March 2011.