Alembic Pharmaceuticals' profit jumps 37% in Q1
Alembic Pharmaceuticals Limited, a vertically integrated research and development pharmaceutical company, reported its consolidated financial results for the quarter ending June 30, 2019. The company net profit jumped 37% in Q1FY20 to Rs124cr from Rs90cr in the same period previous fiscal.
For the quarter, EBITDA stood at Rs233cr, a growth of 54% yoy vs. Rs155cr over the corresponding quarter of the previous year.
Net sales were up 10% at Rs949cr in Q1 and Profit before exceptional items & tax up 58% to Rs192cr.
SBI reduces the interest rate on deposits across all maturities
Country largest lender State Bank of India (SBI), has, because of the falling interest rate scenario and surplus liquidity, realigned its interest rate on Retail Term Deposits (less than Rs2cr) and Bulk Term Deposits (Rs2cr & above) w.e.f. August 1, 2019.
For time deposits with longer tenors, there is a reduction upto 20bps in the Retail segment and 35bps in the Bulk segment.
Interest rates have been slashed by 50-75 bps for time deposits with shorter tenors, i.e. upto 179 days, the bank said.
KPIT up 3% after reporting flat PAT of Rs31cr qoq in Q1FY20
Shares of tech firm KPIT are up over 3% after the co. posted a consolidated net profit of Rs31cr for the June 2019 quarter on July 26 vs. Rs30.9cr qoq.
Its revenue from operations was at Rs505.7cr for Q1FY20 vs. Rs501.2cr.
The numbers are not comparable on year-on-year basis as last year, CK Birla Group-owned Birlasoft and KPIT Technologies announced that they will merge and then split into two publicly-traded companies to create two specialised IT players.
After the demerger, the engineering business was incorporated on January 8, 2018, and listed on the BSE and the NSE as KPIT Technologies in April 2019.
Havells India tanks ~7% as net profit declines 16% yoy in Q1FY20
Shares of Havells India are down 7% as the company reported a weak set of numbers for Q1FY20 on Saturday. The consumer electrical goods maker reported a 16.13% fall in its consolidated net profit to Rs177.09cr for the first quarter ended June 2019.The company had posted a net profit of Rs211.16cr in the April-June period a year ago.The company total income during the quarter grew 4.81% to Rs2, 756.50cr vs. Rs2,629.94cr yoy.Its total expenses stood at Rs2,489.62cr vs. Rs2,328.23cr yoy, up 6.93%.Revenue from lighting and fixtures was up 8.61% yoy to Rs285.34cr.Havells electrical consumer durables revenue also increased to Rs623.50cr vs. Rs504.21cr in the Q1FY19.Revenue from Lloyd Consumer, a company that Havells had acquired in 2017, fell 7.92% to Rs652cr.
Tata Power to develop 250 MW solar project in Gujarat
Tata Power, India largest integrated power company, announced that Tata Power Renewable Energy Limited (TPREL), the Company wholly owned subsidiary, has received a Letter of Award (LOA) from Gujarat Urja Vikas Nigam Limited (GUVNL) on 25th July 2019 to develop a 250 MW solar project in Dholera Solar Park of Gujarat. This capacity is in addition to 100 MW awarded by GUVNL earlier at Raghanesda Solar Park in May'19.
The energy will be supplied to GUVNL under a Power Purchase Agreement (PPA) valid for a period of 25 years from the scheduled commercial operation date. The Company has won this capacity in a bid announced by GUVNL in January 2019. The project has to be commissioned within 15 months from the date of execution of the PPA.
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