Vedanta was up 3.20%. On a consolidated basis, Vedanta posted net loss of Rs 11181 crore in Q4 March 2016, lower than net loss of Rs 19228 crore in Q4 March 2015. Net sales fell 11% to Rs 15829 crore in Q4 March 2016 over Q4 March 2015. Net profit before exceptional items surged 89% to Rs 955 crore in Q4 March 2016 over Q4 March 2015. Non-operational income or the so-called other income surged 3485.68% to Rs 1289 crore in Q4 March 2016 over Q4 March 2015. Vedanta said that the non-operational income income was significantly higher in Q4 March 2016 largely due to timing differences wherein income earned on certain investments are recognized at maturity. During the quarter, a substantial portion of investments were liquidated at Hindustan Zinc on account of an announcement of special dividend and at Cairn India.
Earnings before interest, tax, depreciation and amortization (EBITDA) dropped 13% to Rs 3508 crore in Q4 March 2016 over Q4 March 2015. Exceptional items in Q4 March 2016 totalled Rs 12312 crore, of which Rs 12304 crore pertained to impairment. The impairment was triggered by the continued fall in oil prices during the year. Further, in light of the declining iron ore prices, both the acquisition goodwill and carrying value of the exploratory assets in West Africa (Western Cluster, Liberia) have also been impaired to the extent of Rs 1490 crore. Additionally, certain unused fixed assets and goodwill at copper mines of Tasmania and Bellary, Karnataka (Iron Ore) incurred an impairment charge of Rs 456 crore. Vedanta announced the fourth quarter results after trading hours yesterday, 28 April 2016.
The fall in EBITDA in Q4 March 2016 was primarily due to a steep fall in oil and metal prices and premia; partly offset by cost saving initiatives and strong volumes, Vedanta said. Revenues in Q4 March 2016 were 11% lower on account of the fall in oil and metal prices, which were partially offset by higher volumes, the company said.
Lupin was up 0.88%. The company and its US subsidiary, Lupin Pharmaceuticals, Inc. have announced the re-introduction of Methergine (methylergonovine maleate) Oral Tablets 0.2mg in the US for the prevention and management of postpartum hemorrhage (PPH). Methergine is the only FDA-approved oral uterotonic and is a preferred oral agent in the management of PPH, according to guidelines issued by the American Congress of Obstetricians and Gynecologists (ACOG). Lupin made the announcement at fag end of the trading session yesterday, 28 April 2016.
Dabur India was up 0.98%. The company said that in order to meet the growing demand for products of the company, the board of the directors of the company in its meeting held on 28 April 2016 has approved a capitl expenditure of Rs 250 crore for setting up a manufacturing plant at Tezpur, Assam which shall be financed through internal accruals. The plant is likely to commence the operations in the year 2017. The announcement was made after market hours yesterday, 28 April 2016.
Zee Entertainment Enterprises was down 0.53%. The company said that the integration of channel distribution functions within the company is proposed to be done with effect from 1 May 2016 instead of 1 April 2016 as approved by the board. This change has been necessitated to facilitate strict compliance with the requirement of submitting Reference Interconnect Offer (RIO) to regulators in pursuance of subsequent judicial pronouncement. Further the company noted that, the change shall not have any impact on its consolidated financials for the year ended 31 March 2017 (FY 2017). The announcement was made after market hours yesterday, 28 April 2016.
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