KEC International wins orders worth Rs371 crore

KEC International has secured orders for supply and construction of transmission lines in the power sector in Gujarat and West Bengal.

KEC International, a billion dollar global infrastructure EPC major, has secured two new orders worth Rs371 crore for the construction of terminal lines in India. KEC International has secured orders for supply and construction of transmission lines in the power sector in Gujarat and West Bengal.

The first order valued at Rs258 crore has been received from Power Grid Corporation of India Ltd. The order is for the supply and construction of 400 kV double circuit transmission line from Bhachau (Kutch district) to Essar thermal power station in Gujarat. The total length of the line is 260 km and the contractual completion time is 26 months.

The second order valued at Rs113 crore has been received from Haldia Energy Ltd, a subsidiary of CESC Ltd. The order is for supply and construction of 400 kV double circuit river crossing transmission line between Haldia thermal power plant and Subhash Gram, crossing the Ganga at Kolkata. The contractual completion time is 18 months.

In the late afternoon, KEC International was trading at around Rs52.85 per share on the Bombay Stock Exchange, 0.56% down from the previous close.

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Coromandel International net profit for third quarter falls 12%

Coromandel International’s Board of Directors declared an interim dividend of 400% (Rs 4 per share) on the face value of Re1 per share.

Coromandel International, the phosphatic fertiliser producer, reported a nearly 12% fall in its standalone net profit for the quarter ended 31 December 2011 at Rs133.56 crore, against Rs150.29 crore in the year-ago period. The fall was due to an exceptional item, which was a non-compete fee of Rs35.53 crore paid to the erstwhile Indian promoters of Sabero Organics.
 
Coromandel International, part of the Rs17,000-crore Murugappa Group, completed the acquisition of Sabero Organics Ltd during the quarter. The company's net sales was Rs2,550 crore, up from Rs2047 crore in the same period last year.

The Board of Directors declared an interim dividend of 400% (Rs4 per share) on face value of Re 1 per share.

Its expenditure also increased to Rs2,327.29 crore from Rs1,842.56 crore during the period. Its consumption of raw materials during the quarter was Rs1,588.19 crore against Rs1,326.21 crore in the previous year.

In the late afternoon, Coromandel International was trading at around Rs273.40 per share on the Bombay Stock Exchange, 0.13% down from the previous close.

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Torrent Pharma declares 120% Interim Dividend

Torrent Pharma Q3 revenues stood at Rs697 crore, up by 21%.

Torrent Pharmaceuticals released its financial results for the third quarter ended 31 December 2011. The Q3 revenues stood at Rs697 crore, up by 21% from Rs578 crore in the comparable quarter of last year. The company declared an interim dividend of Rs6 per share.

During Q3, domestic formulation business recorded revenues of Rs229 crore, growing by 8% mainly due to a relatively low performance in the acute therapy segment. International revenues grew by 33% to Rs394 crore.

Operating profits for the quarter stood at Rs121 crore showing a growth of 6%. Net profit for the quarter grew by 8% to Rs83 crore compared to Rs77 crore during the same period last year.

For YTD (year-to-date) December 2011, the revenues increased by 19% to Rs2,027 crore compared with Rs1,700 crore for the corresponding period last year. For YTD December 2011, the PBDIT (profit before depreciation interest and tax) grew by 20% to Rs415 crore, while the net profit grew by 26% to Rs286 crore.

Investments in product development are being made to support the build-up of the Brazil, Europe and US operations. The total revenue expenditure on R&D was 5% of Q3 2011-12 consolidated net sales and operating income.

In the late afternoon, Torrent Pharma was trading at around Rs549 per share on the Bombay Stock Exchange, 0.16% up from the previous close.

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