Despite posting a hefty rise of about 90% in its total operating income, RInfra's net profit remained flat due to higher expenditure and finance cost
Mumbai: Reliance Infrastructure (RInfra) on Friday reported a muted growth in consolidated net profit at Rs411.46 crore for the March quarter against Rs410.88 crore of the year ago period, despite posting a hefty rise of about 90% in its total operating income, reports PTI.
The quarterly results were impacted largely due to rise in expenditure and finance costs. While total expenditure of the company rose by over 84% to Rs6,739.98 crore, its finance cost was up over two times to Rs419.30 crore during the quarter.
Total operating income of the Anil Dhirubhai Ambani Group (ADAG) company was Rs7,135.31 crore during the January-March quarter, an increase of about 90% vis-a-vis Rs3,757.89 crore of the corresponding quarter of FY11, RInfra said in a filing to the BSE.
The company has presence in various segments of infrastructure sector, including roads, EPC, metro rail, airports, power generation, transmission and distribution.
For the full year 2011-12, the company reported a growth of 2.3% in consolidated net profit to Rs1,586.81 crore, while its total operating income was up 59.5% to Rs24,271.80 crore.
The company said in a separate statement that it has invested Rs4,363 crore of equity in its various infrastructure special purpose vehicles till March 2012.
The ADAG company added that it is expecting to commission the Mumbai Metro Line with in the current financial year and has completed 90% of the civil work.
It added that the company's EPC (engineering, procurement and construction) division reported a 3.7 times increase in its revenues to Rs11,048 crore in the last fiscal. Its order book, as on March 2012, stood at Rs17,280 crore.
Besides, the company is also expecting tariff revision to happen soon for its power distribution firms in Delhi and Mumbai.
The infrastructure major is also planning to commission its cement manufacturing unit of 5 million tonnes capacity at Butibori in Maharashtra during the second quarter of the current fiscal, the statement said, adding that construction of cement plant at Maihar, Madhya Pradesh is also on.
Company's Board has recommended a dividend of Rs7.30 per share for the full year, it added.
Shares of the ADAG firm closed today at Rs463.05 apiece on the BSE, up 1.9% from the previous close.
The USFDA had banned 30 generic drugs produced by Ranbaxy at its Paonta Sahib and Batamandi, both in Himachal Pradesh and Dewas in Madhya Pradesh facilities, citing gross violation of approved manufacturing norms
Tokyo: Pharmaceutical company Ranbaxy Laboratories Ltd Friday said it has hired two US-based consultants to advise it on remedial work to be done at its manufacturing units in India as part of a consent decree signed with the US Food and Drug Administration (USFDA) to revoke ban imposed by the US health regulator.
The company said it expects the consultation process to be completed before the quarter ending June this year, following which it can get ahead with the residual work.
"We have engaged two consultants from US. These consultants will come and visit our plants. After they have seen, they will tell us if there is and what is the residual work that we need to do..." Ranbaxy CEO & Managing Director Arun Sawhney told PTI.
Asked how long the process will take, he said: "...all of this is going to happen before quarter ending June."
On the overall time that is expected to take for the ban to be lifted, Sawhney said: "The time is governed by certain steps we will have to take in the consent decree. One of the things to estimate how early we can get back into business is to make an assessment of how long will it take us to do some of those measures."
The company had signed a consent decree with the US FDA in December last year, which was then filed with the US District Court of Maryland in January this year.
Under the decree, the company had committed to further strengthen procedures and policies to ensure data integrity and to comply with current good manufacturing practices in order to lift ban imposed on its plants in India by the USFDA.
Ranbaxy's facilities at Paonta Sahib and Batamandi (both in Himachal Pradesh) along with Dewas (in Madhya Pradesh) have been on FDA import alert since 2008.
The USFDA had banned 30 generic drugs produced by Ranbaxy at these three units, citing gross violation of approved manufacturing norms.
Ranbaxy had also closed its Gloversville facility in New York in July last year.
According to the USFDA, the consent decree also prevents Ranbaxy from manufacturing drugs for introduction to the US market and for the President's Emergency Plan for AIDS Relief (PEPFAR) Programme at the Paonta Sahib, Batamandi, Dewas and Gloversville facilities until drugs can be manufactured at such facilities in compliance with US manufacturing quality standards.
For the full year Camlin Fine Sciences' net sales rose to Rs251.75 crore from Rs161.62 crore last year
Mumbai: Camlin Fine Sciences Ltd (CFSL), world's largest integrated manufacturer of food antioxidants, on Friday said its full year net profit increased to Rs10.14 crore from Rs6.66 crore in a year ago, reports PTI.
The company's net sales also increased to Rs251.75 crore in FY12 as against Rs161.62 crore in FY11, a company statement said.
CFSL said it has posted profit before tax of Rs16.44 crore, EBIDTA of Rs39.13 crore and its sales/income from operations have grown by 56.3% in FY12.
The company's net sales increased to Rs74.1 crore in fourth qurter of FY12 as against Rs51.98 crore same period last year. However, the net profit declined to Rs1.27 crore in the quarter ended March 2012 as against Rs2.73 crore in the corresponding period last year.
The year under review for food antioxidants TBHQ and BHA was a challenging one due to the pricing volatility of key raw material hydroquinone, the release said.
The company has registered a high growth in extremely volatile market situation and increased its market share of food antioxidants in FY12. This was possible by the focused approach on the stability of supplies and prices to the customers. The backward integration due to acquisition of an Italian company Borregaard Italia S.p.A. helped the company to ensure competitive pricing of key raw material, it said.
The company's future plans include building upon its core strength in the food segment by expanding its products and to emerge as a leading food ingredient and solution providing company to food industry in the coming years.
CFSL is also in the process of setting up additional distillation facility for enhancing its capacity of its existing and new products. The facility is expected to be commissioned in the first half of the financial year 2012-13.
The company is also developing new ingredients in the areas of bakery, confectionery, dairy and beverages industry, the release added.