by Ritmbarah Arora
Companies like Prestige Estates, Cochin Shipyard, Sundaram Finance and Phoenix Mills have experienced a rise in operating profits, while Venky’s and Bliss GVS Pharma saw losses. Here’s a detailed outlook towards the quarter results of these companies. The full result analyzer is here.
Prestige Estates falls on results, focus now on affordable housing
Headquartered in Bangalore, real estate firm Prestige Estates Projects Limited focuses on the development and construction of properties, and leasing of commercial properties.
The firm reported an operating profit of Rs 609.9 crore for Q2FY20 as against Rs 370 crore in Q2FY19. Profit Before Tax was reported at Rs 224.8 crore in Q2FY20 as compared to Rs 143.4 crore in Q2FY19 while Net Profit was at Rs 152 crore as against Rs 92.8 crore in Q2FY19. Share price fell on the result announcement, with revenues below analyst expectations. The company said that it plans to focus on mid-income and affordable housing projects, which has been driving demand for residential units in India.
Cochin Shipyard delivers a 40.3% rise in net profit YoY
Kochi headquartered Cochin Shipyard is the largest shipbuilding and maintenance facility in India. It is a part of maritime-related facilities in the port-city of Kochi. The services provided by the shipyard are building platform supply vessels and double-hulled oil tankers. The company has been awarded with Miniratna status. Currently, Cochin Shipyard is building India’s first indigenous aircraft carrier.
Cochin Shipyard announced its September quarter results on November 12 with a 40.3% rise in its consolidated net profit to Rs 206.33 crore for Q2FY20 as against Rs 147.1 crore during Q2FY19. The total income on a consolidated basis rose 22.8% to Rs 1,050.8 crore in Q2FY20 as compared to Rs 855.3 crore in Q2FY19. Total expenses were at Rs 789.6 crore in Q2FY20 as against Rs 623.58 crore in Q2FY19. Net Sales at Rs 971.20 crore up 21.49% from Rs 799.4 crore in September 2018. EBITDA stands at Rs 285.8 crore, up by 17.2% from Rs 243.86 crore in Q2FY19. The board of directors of Cochin Shipyard declared an interim dividend of Rs 1.63 per equity share of Rs 10 each for the financial year 2019-20.
Sundaram Finance surges in net profit YoY by 74.3%
Chennai, Tamil Nadu headquartered Sundaram Finance is a financial and investment service provider. The company had 640 branches across the country and offers vehicle loan, construction equipment loan, wealth management, commercial finance and infrastructure flights. Sundaram Finance also offers services such as commercial finance, investment banking, private equity, treasury advisory and credit cards. It serves corporate, retail and institutional customers through its Investment Arm.
Sundaram Finance reported a surge in net profit by 74.32% to Rs 269 crore on 28.85% rise in total income to Rs 1,058 crore in Q2FY20. The assets under management were Rs 30,256 crore on September 30, 2019 as against Rs 27,228 crore registered in the same period last year. Profit Before Tax was reported at Rs 322.1 crore in Q2FY20 over Rs 232.2 crore in Q2FY19 while operating profit was at Rs 802.4 crore in Q2FY20 as against Rs 668.4 crore in Q2FY19.
Venky’s (India) disappoints in September quarter
Pune headquartered Venky’s (India) Ltd is a part of VH Group, an integrated poultry group in Asia. The major business segment of the company is in poultry and poultry products which consists of production and sale of day-old broiler.
The Q2FY20 results for Venky’s has been announced today showing a lackluster performance in the September quarter. Total revenue for Q2FY20 was at Rs 824 crore as compared to Rs 651 crore in Q2FY19. The company witnessed an operating loss of Rs 2.5 crore in Q2FY20 as against a profit of Rs 19.9 crore in Q2FY19. Venky's reported a before taxes loss of Rs 7.4 crore in Q2FY20 as against a profit of Rs 8.8 crore in Q2FY19. Net profit was positive due to lower tax deductions, reported at Rs 13.6 crore for Q2FY20 over Rs 5.5 crore in Q2FY19.
Phoenix Mills sees consolidated profits rise 6%
Mumbai based Phoenix Mills Limited is engaged in the construction of buildings carried out on own-account basis or on a fee or contract basis, in the development and operation of malls and other real estate properties. The company specializes in the ownership, management and development of retail-led mixed-use properties that include shopping, entertainment, commercial, residential and hospitality assets.
The September quarter results for Phoenix Mills was announced on Monday, November 11 after market hours. Consolidated net profit rose 6% to Rs 65.7 crore in Q2FY20 from Rs 62 crore in Q2FY19. A 2.7% increase in the consolidated total income has been reported by the company from operations to Rs 434.5 crore on YoY basis. Phoenix Market City Mumbai, Pune and Bangalore were the top performing retail assets demonstrating strong consumption and rental income growth. The retail consumption increased by 1% to Rs 1,694.8 crore in Q2FY20 over Q2FY19. Consolidated EBITDA stood at Rs 210.7 in Q2FY20, showing a rise of 6% on YoY basis. The EBITDA margin showed a marginal improvement to 51% in Q2FY20 from 49% in Q2FY19.
Shishir Shrivastava, Joint Managing Director of Phoenix Mills commented on the company performance, “We are pleased to report a robust performance. Consumption at our malls was resilient, our commercial portfolio across Mumbai and Pune continued to deliver a strong operational performance. I am glad to inform that work across our under-construction retail and commercial projects is progressing well and we are on course to double our retail portfolio and substantially increase our office portfolio over the next five years."
Bliss GVS Pharma falls on negative revenues and profit
Mumbai headquartered Bliss GVS Pharma Ltd is a pharmaceutical company. The company primarily develops, manufactures and markets products across various therapeutic categories including anti-fungal, contraceptive, laxative, anti-haemorrhoidal, anti-spasmodic, anti-malarial, anti-biotic, anti-microbial, anti-inflammatory, antipyretic, analgesic and several others.
Bliss GVS Pharma reported a net profit decline, to Rs 30.9 crore in Q2FY20 as against Rs 39 crore in Q2FY19. Net profit growth is lower than historical averages. Operating profit at Rs 25.5 crore in Q2FY20 as against Rs 41.5 crore in Q2FY19.
