TOP CORPORATE NEWS - 20 JAN 2016

· Reliance Ind slips on profit booking post Q3FY16 results

Shares of Reliance Ind dropped over 3% to Rs1015 on NSE post Q3FY16 result despite another quarter of strong margin-led performance led by profit booking; retain Buy with PT of Rs1200 Stellar earnings performance: Reliance Industries Ltd (RIL) reported another quarter of strong earnings supported by a seven-year high refining margin and fat petchem margin Largely in line with our estimate, the stand-alone earnings of RIL jumped by 42% YoY and 10% sequentially in Q3FY2016. In this quarter, RIL reported a GRM of $11.5 per barrel (against our estimate of $11 per barrel), which stole the show and drove the earnings.

·JSW Energy Q3 consolidated net profit at Rs321 cr

JSW Energy has announced the following Q3 results for the quarter ended December 31, 2015 (YoY):

Standalone (YoY)

The Company has posted a net profit of Rs280.54 crore VS Rs289.53 crore. Total Income has decreased to Rs1639.15 crore Vs Rs1713.19 crore.

Consolidated (YoY)

The Group has posted a net profit of Rs320.68 crore Vs Rs380.19 crore. Total Income is Rs2675.57 crore VS Rs2418.44 crore.

·UltraTech Q3 consolidated net profit at Rs546 cr

Ultratech cement Ltd Q3FY2016 result – Operational efficiencies led by low energy costs boosts earnings Ultratech posted standalone net sales of Rs5,747 crore (+5% YoY) for Q3FY2016 on back of both volume and better realization across the regions. The overall volume (cement + clinker) has risen by 3% YoY to 11.6 million tonne. The average blended cement realization grew by 2% YoY to Rs4955 per tone. The operating Profit Margin (OPM) improved by 276 bps YoY to 18.2% on account of growth in realization and lower power & fuel cost (down 14% YoY on per tone basis). Hence the EBITDA per tonne grew by 20.2% YoY to Rs900 per tone. Further lower interest expense (down 18% YoY) and lower effective tax rate (30% as against 34.7% in Q3FY2015) led to net profit growth of 40% YoY to Rs509 crore.

·Reliance Infra Q3 consolidated net profit up 2%

Reliance Infrastructure has announced the following Q3 results for the quarter ended December 31, 2015:

Standalone (YoY)

The Company has posted a net profit of Rs541.48 crore Vs Rs405.90 crore. Total Income is at Rs3002.23 crore Vs Rs3118.86 crore.

Consolidated (YoY)

The Group has posted a net profit of Rs462.67 crore Vs Rs452.37 crore. Total Income is at Rs4395.36 crore Vs Rs4788.40 crore

·L&T JV wins Rs3115 cr Bihar New Ganga Bridge Project

Larsen & Toubro ( L&T) has announced that L&T JV Wins Rs3115 Cr Bihar New Ganga Bridge Project. The company has announced that the heavy civil infrastructure business along with its joint venture partner, Daewoo E&C of South Korea, has won a major order worth Rs3,115 crore from the Bihar State Road Development Corporation. This is for the design and construction of greenfield six-lane extra-closed cable bridge over river Ganga near Kachchi Dargah in the district of Patna on NH-30, near Bidupur in the District of Vaishali on NH-30, Bihar.

                                                   

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