TOP CORPORATE NEWS - 01 FEB 2017

Apollo Tyres Q3 consolidated net profit up 6% (YoY)

Apollo Tyres has announced the following Q3 results for the quarter ended December 31, 2016 (YoY):

Standalone

The Company has posted a net profit of Rs185.46 crore Vs Rs185.33 crore (YoY).

Total Income increased to Rs2470.32 crore Vs Rs2411.91 crore.

Eicher Motors Q3 consolidated net profit up 50% (YoY)

Eicher Motors has announced the following Q3 results for the quarter ended December 31, 2016 (YoY):

Standalone (YoY)

The Company has posted a net profit of Rs415.19 crore Vs Rs252.40 crore.

Total Income increased to Rs2129.24 crore Vs Rs1486.60 crore.

Defence budget raised to Rs2, 74,000 cr excluding pensions

Finance Minister Arun Jaitley has increased the defence budget to Rs2, 74,000 crore excluding pensions. Out of this amount, about Rs86, 000 crore is for capital acquisition. Devoid of the pension outlay, the total defence budget for 2016-17 was Rs2, 49,000 crore.

Jaitley also said that a central defence travel system has been developed through which soldiers can book travel tickets online. A comprehensive web based defence pension distribution system for defence pensioners has also been developed.

Maruti Sales up 27% at 1.44 lakh Vs 1.13 lakh units (YoY)

• Maruti Suzuki reported an impressive 27% YoY growth in sales numbers at 144,396 units for January 2017. The numbers were higher than our estimates of 1.25 lakh units. Strong demand for the recent launches (Baleno, Brezza and Ignis) which have an orderbacklog of about 2-6 months led to better than expected sales.

• Compact segment sales were up 22% YoY driven by the sustained demand for Baleno and the incremental volumes coming in from Ignis. Ciaz volumes also grew 20% yoy.

• The utility vehicle segment sales for the month doubled to 16,313 units driven by a strong demand for the compact suv- Vitara brezza.

• Mini segment sales sales grew in double digits helped by the recent launch of Wagon R auto shift variant. Van segment sales also grew strongly 35% yoy.

• Exports for the month were up 45% YoY due to a low base in the Jan 2016.

Bajaj Holdings reports strong Q3 quarterly earnings

• Bajaj Holdings & Investments Limited (BHIL) reported a strong set of numbers from standalone operations and good results from associate Bajaj Finserve.

• The Income from operations was up by 269% YoY to Rs 276 crore led by increased profits on sale of investments

• On the back of a strong topline growth, the operating profit for the quarter was up 183% YoY to Rs 184 cr. Net Profit before share of associates grew strongly 171% yoy to Rs 124 cr

• The share of profits from investments in associate companies stood at Rs 523 crore up by 10% YoY. Consequently, the adjusted PAT grew a healthy 24% yoy to Rs 647 cr.

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