NHPC’s results helped by prior period revenues

Hydro-power company NHPC’s revenues rose by 40% to Rs 1,431 crore during the June quarter (Q1), but this growth was chiefly due to prior-period revenues. Finalisation of tariff for earlier years led to Rs 275 crore being added to revenues in this quarter. Excluding that, growth would have been a more sedate 13.7%.

GE Shipping’s operating profit up by 4%, but 17% up sequentially

Great Eastern Shipping Co.’s operations in the June 2011 quarter (Q1) were affected by a slump in the global shipping market. Margins suffered as revenues grew at a lower rate than costs did.

Net profit (after minority interests) fell by 5.4%, despite higher other income and lower interest costs, which were offset by depreciation and a higher tax incidence.

Thermax’ sales growth helps overcome margin drop

Engineering company Thermax reported its June quarter results on Friday. Its results, which was for the first quarter of fiscal 2011-12, were better than expectations. Its share price rose by 2%, while the market was up by 1.6%.
 

Highlights:

Ashok Leyland’s March 2011 quarter sales up 30%, stock rises 4%

Ashok Leyland, which makes trucks and buses, reported a 30% increase in sales to Rs 3,829 crore in the March 2011 quarter. The company sold 15% more vehicles during the quarter, compared to the March 2010 quarter.
The difference between volume and value sales could be explained either by a change in its product mix (selling higher value vehicles) or by an increase in prices.

Satyam profit lifted by lower wages and higher other income, stock up 11%

Satyam Computer Services (rebranded as Mahindra Satyam) reported a 3% growth in operating income to Rs 1,279 crore, over the preceding quarter. All comparisons are for its consolidated results and on a sequential basis.

Mundra Port & SEZ’s profit up 40%, stock down by 0.6%

Mundra Port & Special Economic Zone had a good quarter in December 2010. The company owns and manages a port and related infrastructure in Mundra, Gujarat, including a multi-product special economic zone. In end-December, it commissioned a 60 million tonne coal receiving terminal, which will contribute to revenues in forthcoming quarters. Some of its significant subsidiaries are Adani Logistics Ltd and Adani Petronet (Dahej) Port Pvt Ltd, whose results do not reflect here, as it has reported standalone results for the quarter.

Eicher Motors CV sales on a roll

Eicher Motors Ltd, maker of commercial vehicles and two-wheelers, reported a much better operating performance in the December quarter.

The company’s sales rose by 41% to Rs 1,235 crore, over the same period last year, on the back of higher vehicle sales and price hikes. The company had hiked prices of commercial vehicles in the September quarter by about 2-4% to compensate for higher raw material prices. On a sequential basis, sales rose by 13%.

Jain Irrigation net profit up 25%, to issue bonus DVR shares

Jain Irrigation Systems reported good growth and stable margins in the quarter ended December 2010.

Its sales rose by 15% to Rs 736 crore, over the September quarter or on a sequential basis. Its net profit too rose by 15% to 71 crore. Compared to the same period a year ago, its net profit rose by 25%.

Balaji Telefilms cuts costs; turns loss to profit

Media and entertainment company, Balaji Telefilms, turned the corner in the December 2010 quarter, compared to the September quarter or sequential basis. It earned a net profit of Rs 1.2 crore, compared to a loss of Rs 6.4 crore.
This is despite sales rising by a relatively low 3%. Compared to the December 2009 quarter, its sales growth is flat, but net profit has fallen by 33%.

ICICI Bank’s loan provisions halve, net profit up by 31%

ICICI Bank's December quarter results were better than expectations, and it appeared to be benefiting from a phase, when rising interest rates result in better yields on loans, as the cost of funds rises with a lag. It has also managed to improve its asset quality during the quarter, which is a positive sign.
 

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