CORPORATE NEWS 09/August/2019

MRF zooms ~5% as cons. PAT rises 3% yoy to Rs273.3cr in Q1FY20

Shares of tyre major MRF are trading ~5% higher after reporting Q1 results for the quarter ended June 2019.

The company's consolidated net profit rose 3% yoy to Rs273.3cr against Rs260.7cr.

Its revenue grew 16.5% yoy at Rs4, 471cr vs. Rs3, 836.3cr.

EBITDA rose 6.3% yoy at Rs612.3cr and EBDITA margin was at 13.7%.

Alembic Pharma gets USFDA tentative approval for Bimatoprost Ophthalmic Solution, 0.01%

Alembic Pharmaceuticals Limited announced that the Company has received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Bimatoprost Ophthalmic Solution, 0.01%. The tentatively approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), LUMIGAN ophthalmic solution 0.01%, of Allergan Inc. Bimatoprost Ophthalmic Solution, 0.01% is indicated for the reduction of elevated intraocular pressure in patients with open angle glaucoma or ocular hypertension.

Bimatoprost Ophthalmic Solution, 0.01% has an estimated market size of $704mn for twelve months ending December 2018 according to IQVIA.

Mahanagar Gas reports ~33% yoy jump in PAT for Q1FY20

Shares of Mahanagar Gas are down ~3% after opening up 2% in early trade. The company posted its Q1FY20 results on Thursday.

Mahanagar Gas' net profit rose 32.66% yoy to Rs170.24cr in the quarter under review.

Revenue went up on 22.55% yoy at Rs777.83cr for the June quarter.

The board in its meeting also approved the appointment of Dr. Ashutosh Karnatak as an additional Director (Non-Executive & Non Independent) and Chairman of the Company effective from August 01, 2019.

Britannia Ind. adjusted PAT up 3% yoy to Rs267cr in Q1FY20

Britannia Industries Ltd. (BIL), India leading Food Company, reported its Q1FY20 results today. The company's consolidated revenue rose 6% yoy for the quarter to Rs2, 677cr.

Adjusted Net Profit increased by 3% yoy to Rs267cr (Reported Net profit at Rs251cr).On the cost front, the company witnessed moderate inflation in the prices of key raw materials for the bakery business. However, the inordinate rise in milk prices impacted profitability of the company's Dairy business adversely.

Cadila Healthcare's Q1FY20 PAT falls 34% yoy in Q1FY20 to Rs303cr

Zydus Cadila announced its Q1FY20 results today.For the first quarter ended June 30, 2019, the company's consolidated net profit was down 34% yoy at Rs303.6cr against Rs 460.5cr.

Its revenue was up 20.8% yoy at Rs3, 496.3cr against Rs2, 893.7cr.

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