Glenmark Pharmaceuticals posted net sales of R1,601.22 crore for the quarter ended December 31, growth of 16% y-o-y. The net profit for Q3FY14 was R216.27 crore. Glenmark said the net profit is not comparable y-o-y due to out-licensing income of R49.303 crore received in Q3FY13. Excluding this, net profit grew to R364.97 crore. Revenue from the generics business grew 24.7% to R737.27 crore. “Despite challenges in the operating environment, we registered good growth in both our speciality and generics businesses across the globe. We are reasonably confident of maintaining our growth trajectory with our emerging markets businesses being a key growth driver going ahead,?said Glenmark chairman & MD, Glenn Saldanha.
NMDC may pay R3,110-cr dividend for 2013-14
Buoyed by better performance, state-owned iron ore miner NMDC is likely to fork out R3,110 crore in dividend this fiscal, 35% more than in 2012-13. Both production and sales of the country?s largest iron ore miner were higher during April-December of the 2013-14 fiscal, and the upward trend is expected to continue as the fourth quarter is considered to be the best one by the iron ore industry. Production and sales were higher by about 3% during the 9-month period, at 20.17 mt and 21.25 mt, respectively.
Genpact to set up China centre to serve Delphi
BPO major Genpact said it will set up an operation centre in Suzhou, China, for Delphi Automotive and provide finance and accounting business process services to the global auto parts supplier firm. This will help Delphi transform and streamline its finance operations through a shared services operation. Delphi is a global supplier of electronics and technologies for passenger and commercial vehicles. The Michigan-headquartered firm has chosen to establish its Asia-Pacific finance-shared services centre in Huaqiao, China, in conjunction with Genpact through a multi-phased partnership.
Mahindra Lifespaces Q3 net up 75% at R29 crore
Mahindra Lifespaces Developers, the real estate and infrastructure development arm of Mahindra Group, posted a consolidated profit after tax of R29.18 crore, a 75% increase year-on-year, during the quarter ended December 31, 2013. The increase was on the back of higher sales the company saw for its real estate projects. Income from operations grew 14% y-o-y to nearly R144 crore.
Coromandel Q3 net up 38% to R94.21 crore
Fertiliser firm Coromandel International has posted a 38% increase in consolidated net profit to R94.21 crore for the third quarter ended December 31, 2013 on account of higher income. It had clocked a net profit of R68.39 crore in the same period last fiscal. Income in the October-December period increased to R2,756.18 crore as against R2,424.47 crore in the same period of 2012-13.
UPL Q3 profit rises 28% to R222 crore
Agro-chemical firm UPL has reported a 28% increase in net profit to R222.24 crore for the quarter ended December 2013, on account of higher sales. It had clocked a profit of R173.49 crore during the same period of the 2012-13 fiscal, the company said in a filing with the BSE. Total income during October-December increased to R2,646.87 crore from R2,294.24 crore in the same period of the 2012-13 fiscal.
Sun Pharma arm gets nod for cancer therapy
Sun Pharmaceutical Industries? subsidiary Sun Pharma Advanced Research Company said on Friday its treatment for metastatic breast cancer has received approval from the Drug Controller General of India. The therapy is approved in India for 260 mg and 295 mg dosages and should be administered every three weeks.
US firm Textron offers VVIP choppers to India
Following India?s scrapping of the contract for procuring VVIP choppers from AgustaWestland, American firm Textron has said it is ready to offer its unique V-22 Osprey helicopter to India for ferrying its dignitaries. “We are ready to offer to India the V-22 Osprey in the VIP configuration through the Foreign Military Sales route. It is a unique and competitive product,” Textron India president and MD Inderjit Sial said.
Amul, Mother Dairy hike Mumbai milk prices by R2
Milk prices in Mumbai have been hiked by R2 per litre as lead suppliers Amul and Mother Dairy have passed on the higher cost of procurement to customers. While Amul has increased the price from Friday, Mother Dairy will hike rates from Saturday. “We have increased milk price in Mumbai by R2 per litre from today,” Gujarat Cooperative Milk Marketing Federation, which sells milk under the Amul brand, said. Sodhi said the price of Amul gold have gone up to R46 per litre from R44 per litre while that of Amul Taaza to R36 per litre from R34 per litre.
