Month: May 2008

JSW Steel one of the main companies behind steel cartel in India reported a PAT for 4Q excluding SISCOL, prior period taxes and write-back of misc expenditure works out to Rs3bn (-15% yoy). 4Q PAT would have been higher excl forex translation loss of Rs930m. EBITDA was Rs7.2bn (-7% yoy) and the margin was 23.1%, lower yoy and qoq. SISCOL reported FY08 PBT of Rs660m and 21% EBITDA margin.

During 4Q coke costs jumped 89% yoy to Rs19,000/t and iron ore costs rose 98% to Rs2,300/t. Costs are slated to rise further. JSTL has tied up its coking coal at US$305/t for FY09. Iron ore hikes have not yet been finalized but are likely to be in excess of 65%. JSTL has ~25% of captive iron ore and expects ~60% captive iron ore and ~45% coking coal by 2010.

Margins are likely to be hit somewhat in 1Q FY09 as prices are being maintained at current levels for the next 2-3 months. JSTL also passed on the impact of the import duty cut on raw materials by reducing prices of HRC by Rs500/t.

Elder Pharma reported 32% YoY growth in top line in Q4FY08 on the back of strong performance of its leading brands. For full year FY08, total revenue increased by 22% YoY to Rs 5481.4 mn. The growth in revenues was mainly on account of strong performance by its leading brands like Shelcal, Chymoral, Eldervit etc.

Elder’s EBDITA margin remained stable at 20.2% during the fourth quarter ended March 2008. For full year FY08, EBDITA margin grew by 280 basis points to 20.2% as compared to 17.4% for last year.

Elder recorded 36.5% YoY growth at net profit level to Rs 204.2 mn during Q4FY08 compared to corresponding quarter last year. For FY08, net profit witnessed growth of 36.1% YoY to Rs 718 mn.

GMR Infrastructure has announced that Istanbul’s Sabiha Gokcen International Airport Investment Development and Operations – the company formed by the consortium of GMR Infrastructure (40%), Limak Holdings (40%) and Malaysia Airports Holdings Berhad (20%), which bid for and won the 20-year operation rights of Sabiha Gokcen International Airport, has started its operations and investments for the construction and management of a 10 million capacity terminal.

The consortium has 20-year operation rights of Sabiha Gokcen International Airport.

Real Estate major, Omaxe Ltd has entered into MOU for establishing and operating SPA and massage knowledge centre, SPA and massage techniques and but not limited to other related services under the name of Thai Privilege Spa in New Delhi and Northern India.

The company has enterd into Spa Franchise agreement for establishing and operating of SPA outlet of Thai Privilege Spa in Noida, India and with Thai Privilege Consultant, a central group of Thailand which is a group of international repute.