Category: Breaking Corporate India Earnings News

Finance Minister Mr. Pranab Mukherjee did a complete “U” turn on the Direct Tax Code Bill. The first draft released in August-2009 [See here] had proposed some very drastic changes raise the individual income tax limits in 3 big slabs of 1.6 Lakhs to 10 Lakhs, 10 Lahks to 25 Lakhs and 25 Lakhs & above. Get rid of all exemptions as well as total savings was encouraged to take it upto Rs 3 lakhs.

The Second draft [See here]had also proposed to tax capital gains from stock markets currently 100% exempt. However, the (more…)

Even as foreign flows have remained buoyant, foreign ownership has actually dipped…unusual and mathematically challenging, but likely a combination of flow timing (buying at the top, selling low and possibly buying back – it’s called underperformance), capital raising – including large secondary market sales, and insurance company buying…over the year though, within the now fairly stable 16-18% range.

But let there be no two views on this – foreign flows have had a consistently huge impact on the market…the market has tended to (more…)

Rolta India Revenues at Rs4.1b were up ~4% qoq (CIRA exp: Rs4.1b) with EBITDA margin expansion of ~100bps qoq (CIRA exp: ~50bps decline). This led to profits at Rs691m, up ~3% qoq vs. our expectations of Rs672m (flattish qoq).

Management has guided for revenue growth of ~12-15% yoy in FY11 with EBITDA margins in the range of 37-38% (FY10: 37.6%). Further, the net profit guidance is in excess of 15% yoy. Though the revenue growth guidance looks muted and is below our (more…)

Punj Lloyd reported 1QFY11 PAT loss of Rs306mn, significantly below CIRA estimate of Rs439mn profit. PAT loss was driven by sharp
decline in revenues. 1QFY11 revenue at Rs16.1bn declined 46% YoY and was 36% below CIRA estimate of Rs25bn. Losses would have been higher but for Rs1.28bn (Rs201mn in 1QFY10) other operating income in the quarter.

~38% of order backlog comes from slow moving Libya orders. Continuing execution delays and operating leverage led to EBITDA (more…)

REC reported strong disbursement in Q1FY11, of INR 46.4 bn (28% Y-o-Y), led by generation projects; disbursements in T&D were, however, relatively lower. Sanctions were robust at INR 228.8 bn – a growth of 51% Y-o-Y led by sanctions under the T&D segments and spillover from the earlier quarter.

REC reported earnings of Rs5.9bn (up 25% yoy; in line). But, excluding few oneoffs of last year (income tax-refund from earlier years (more…)

Unitech has filed the amalgamation/de-merger scheme document for de-merger of its infrastructure businesses into Unitech Infra (de-merged entity) and amalgamation of two wholly owned subsidiaries of Unitech – Unitech Holdings and Aditya Properties
(Aditya Prop.) with Unitech

Post amalgamation, Unitech’s non-real estate businesses will be de-merged into Unitech Infra (comprising amusement parks, hotels, construction, telecom, transmission towers, property and township management, SEZs, IT parks and industrial parks). (more…)