Hyderabad, Jan 24: Divi’s Laboratories has earned a PAT of Rs.309 crores on a consolidated basis for the 9-month period ending 31st December, 2008. Total income for the period grew by
14% to Rs.870 crores. For the corresponding 9-month period last year, the company
earned a PAT of Rs.255 crores on a total income of Rs. 762 crores.
For the Q3 of current year, Divi’s earned a PAT of Rs.80 crores on income of Rs.270
crores as against a PAT of Rs.99 crores and income of Rs.287 crores during the
corresponding quarter last year.

EBITDA at Rs. 3,453 million, PAT at Rs. 1,924 million

Hyderabad, India, Jan 20, 2009: Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced its unaudited financial results for the quarter ended December 31, 2008.

Q3 FY09 Key Highlights
o        Overall revenues at Rs. 18.4 billion ($379 million) in Q3 FY09 as against Rs. 12.3 billion ($254 million) in Q3 FY08, representing a growth of 49%.
o           The growth was majorly driven by the successful launch of the authorized generic version of GlaxoSmithKline’s Imitrex® (generic version: sumatriptan succinate), in late November 2008.
o           Excluding revenues from Sumatriptan, the YoY growth is at 21%.
o        Operating income at Rs. 3 billion ($62 million) in Q3 FY09 as against Rs. 1.1 billion ($23 million) in Q3 FY08 after adjusting for the one-time write down of intangibles.

o        EBITDA at Rs. 3.5 billion ($71 million) in Q3 FY09 as against Rs. 2.2 billion ($45 million) in Q3 FY08, representing a growth of 58%.

o        PAT at Rs. 1.9 billion (10% of total revenues). This translates to a diluted EPS of Rs. 11.4 ($0.2) in Q3 FY09 representing a growth of 150% over Q3 FY08, after adjusting for the one-time write down of intangibles.

o        Revenues from Global Generics business at Rs. 13.7 billion ($282 million) in Q3 FY09 as against Rs. 8.0 billion ($165 million) in Q3 FY08. YoY growth of 70% driven by sumatriptan and key markets of North America and Russia.

o           Excluding revenues from Sumatriptan, the growth of 80% in North America was driven by volume growth in key existing products and acquisition of the Shreveport facility.

o           Revenue growth of 44% in Russia driven by key brands of Omez, Nise, Ketorol and Cetrine.

o       Revenues from Pharmaceutical Services & Active Ingredients (PSAI) increase by 6% to Rs. 4.5 billion ($92 million) in Q3 FY09 as against Rs. 4.2 billion ($87 million) in Q3 FY08.

o        During the quarter, the company launched 26 new generic products, filed 32 new generic product registrations and filed 6 DMFs globally.

Segmental Analysis

Global Generics

o       Revenues from Global Generics business at Rs. 13.7 billion ($282 million) in Q3 FY09 as against Rs. 8.0 billion ($165 million) in Q3 FY08. YoY growth of 70% driven by launch of sumatriptan and the key markets of North America and Russia.

o       Revenues from North America at Rs. 6.7 billion ($137 million) in Q3 FY09 as against Rs. 1.7 billion ($36 million) in Q3 FY08.

o           Excluding revenues from Sumatriptan, the growth of 80% in North America was driven by high volume growth in Top products and acquisition of Shreveport facility.

o           Revenue from Shreveport facility at Rs. 409 million ($8 million) in Q3 FY09.

o          3 new products launched in Q3 FY09.

o          During the quarter, the Company filed 5 ANDAs taking the total filings to 133. Total of 69 ANDAs pending at the USFDA addressing innovator sales of $47 billion as per IMS December 2007.

o       Revenues from Europe at Rs. 2.5 billion ($52 million) in Q3 FY09 as against Rs. 2.6 billion ($53 million) in Q3 FY08.

o          Revenues from betapharm marginally down by 2% to Rs. 2.0 billion ($41 million) in Q3 FY09 from Rs. 2.0 billion ($42 million) in Q3 FY08. This decline was on account of destocking due to the AOK tender and olanzapine withdrawal from market.

o       Volume growth in existing products offset by price declines

o       Betapharm volume growth of 15% as against market volume degrowth of 3.3%.

(Source: NVI Report Oct-Nov 2008)

o          Revenues from Rest of Europe at Rs. 501 million ($10 million) in Q3 FY09 from Rs. 500 million ($10 million) in Q3 FY08.

o          During the quarter, the company launched 2 new products and filed 4 dossiers across Europe.

o        Revenues from Russia & Other CIS markets at Rs. 2.0 billion ($41 million) in Q3 FY09 as against Rs. 1.5 billion ($31 million) in Q3 FY08.

o           Revenues in Russia increase to Rs. 1.6 billion ($32 million) in Q3 FY09 as against Rs. 1.1 billion ($23 million) in Q3 FY08. YoY growth of 44% driven by key brands of Omez, Nise, Ketorol and Cetrine.

o    Dr. Reddy’s volume growth at 16% as against the industry volume degrowth of 1%.

(Source: Pharmexpert Apr-Nov 08)

o    Combined revenues from OTC & Hospital segment contribute 26% to total revenues.

o          Revenues in Other CIS markets increase to Rs. 434 million ($9 million) in Q3 FY09 as against Rs. 409 million ($8 million) in Q3 FY08. YoY growth of 6%.

o        Revenues in India remained flat at Rs. 2.0 billion in Q3 FY09.

o           The temporary slowdown in India is on account of delay in launch of new products and a change in our supply chain model to a replenishment based model.

o          10 new products launched during the quarter.

o          New products in the last 36 months contribute 23% to total revenues in Q3 FY09.

Pharmaceutical Services and Active Ingredients

o       Revenues from this segment increase to Rs. 4.5 billion ($92 million) in Q3 FY09 as against Rs. 4.2 billion ($87 million) in Q3 FY08; YoY growth of 6% driven by growth in Europe and RoW markets.

o          Revenue from the business & facility acquired from Dow Pharma at Rs. 224 million ($5 million) in Q3 FY09.

Income Statement Highlights:

o        Gross profit increase by 70% to Rs. 10.3 billion in Q3 FY09 as against Rs. 6.0 billion in Q3 FY08. Gross profit margins on total revenues at 56% as against 49% in Q3 FY08, largely driven by higher margins on sumatriptan.

o        Selling, General & Administration (SG&A) expenses increase to Rs. 5.0 billion (27% of revenues) in Q3 FY09 from Rs. 3.7 billion in Q3 FY08 (30% of revenues).

o           The absolute increase YoY was majorly on account of impact of additional costs on account of the recent acquisitions and the scaling up of our Specialty business in the US.

o           Sequentially SG&A has increased. However if we were to exclude the impact of currency on expenses outside India, the base SG&A remains the same.

o        Other operating expenses include provision of Rs. 969 million as damages on account of the German court upholding the validity of the olanzapine patent.

o        R&D investments at 6% of total revenues in Q3 FY09 as against 7% in Q3 FY08.

o        Amortization expenses at Rs. 339 million in Q3 FY09 as against Rs. 375 million in Q3 FY08. This reduction is on account of lower intangible base of betapharm due to the accelerated impairment charge taken in Q3 FY08.

o        Finance costs (net) are at Rs. 699 million in Q3 FY09 as against Finance income (net) at Rs. 23 million in Q3 FY08. The increase is mainly on account of :

o           Net forex loss of Rs. 493 million in Q3 FY09 as against net forex gain of Rs. 87 million in Q3 FY08

o           Net interest expense of Rs. 215 million in Q3 FY09 as against net interest expense of Rs. 88 million in Q3 FY08.

o        Net income at Rs. 1.9 billion (10% of total revenues). This translates to a diluted EPS of Rs. 11.4 ($0.2) in Q3 FY09, representing a growth of 150% over Q3 FY08, after adjusting the one-time write down of intangibles, net of tax.

o        Capital expenditure for Q3 FY09 is at Rs. 1,220 million ($25 million).

Mumbai, January 19, 2009: eClerx Services Ltd. (eCx), India’s first publicly-listed KPO and a Forbes “200 Best Under a Billion” company, today announced its first nine results for fiscal 2009. eClerx provides data analytics and customized process solutions to global enterprise clients from its offshore delivery centres in India.

Consolidated financial highlights for Q3FY09                               

·        Revenues for the quarter stood at Rs 48.1 crore vs Rs 34.7 crore in Q3FY08, YoY growth of 39%. Operating revenues for the period were Rs 51.6 crores, YoY growth of 56%.

·        EBITDA for the quarter ended December 31, 2008 was Rs 20.5 crore, a growth of 31% YoY.

·        Profit before tax (excluding other income) for the period are Rs 21.3 crores, a growth of 70% YoY.

·        Net Profit for the quarter was at Rs 16.2 as compared to Rs 12.5 crore in Q3FY 08, a jump of 30 %.

·        Basic EPS for the nine months ended December 31, 2008 was Rs 8.57.

Consolidated financial highlights nine months ended December 31, 2008

·        Revenues for the nine months ended December 31, 2008 were Rs 146.2 crores vs Rs 87.4 crore in the corresponding period last year, YoY growth of 67%. Operating revenues for the period were Rs 143.0 crores, YoY growth of 69%.

·        EBIDTA for the nine months ended December 31, 2008 was Rs 58.3 crores, a growth of 56% YoY.

·        Profit before tax (excluding other income) for the period are Rs 49.1 crores, a growth of 59% YoY.

·        Profits after tax for the nine months ended December 31, 2008 were Rs 46.4 crores compared with Rs 29.4 crores in the corresponding period in the previous year, a growth of 58% YoY.

·        Basic EPS for the nine months ended December 31, 2008 was Rs 24.52.

Commenting on the results, Mr. P.D. Mundhra, Executive Director said “We are very pleased to have closed the third quarter with such strong results in the context of a challenging global business environment. The firm has performed exceedingly well by growing revenues and profitability  quarter on quarter  in-spite of one of our top 5 clients filing for bankruptcy at the end of the previous quarter, a testament again to the stickiness of our business and the core importance of the services that we provide to our customers. Overall, our business has grown by 50% over the same period last year, in a much tougher environment, and we have maintained profitability. One accolade that we are especially proud of is the recognition from Forbes as one of the “200 Best under a Billion” companies in Asia. “

Gurgaon, Haryana, India: The Board of Directors of Apollo Tyres Ltd, today took on record the company’s unaudited results for the third quarter of the financial year 2008-09.

Highlights: Q3 FY2008-09 (Oct-Dec) versus Q3 FY2007-08          
Consolidated revenue reported at Rs 11 billion versus earlier period Rs 12.4 billion
Consolidated net profit after tax at Rs 89 million against Rs 820 million in the previous year
Standalone India Operations revenue at Rs 9 billion marginally down from Rs 9.7 billion
Standalone India Operations net profit after tax at Rs 55 mn against Rs 621.7 mn last year

Other highlights
Raw material costs have been higher by 35% in the quarter under review compared Q3FY08. This is despite the fact that prices of crude oil and natural rubber have softened since September 2008
With huge cutbacks in vehicle production, supplies to OEMs fell by nearly 43% in value terms, impacting both the topline and sentiments
Exports however continued to grow with a 37% higher turnover compared to Q3 FY08
While there was a sharp fall in the demand for commercial vehicle tyres, Apollo continued to register growth in the replacement passenger car tyre segment with a 11% growth over the same quarter last year

Commenting on the results, Onkar S Kanwar, Chairman & Managing Director, Apollo Tyres Ltd, said: “The past six months have been very challenging for the automotive industry and our results are a reflection of the situation. Production cuts by OEMs have naturally also impacted us. But we see the tide changing gradually and I am looking forward to the last quarter of this year.”

Mumbai: Net Sales increased by 7 % to Rs. 84.62 crores from Rs. 79.02 crores reported in the corresponding quarter last year. For the 9 months ended it increased by 24 % to Rs. 291.38 crores.

The Earnings Before Interest, Depreciation & Tax (EBIDTA) in the present quarter increased 48% to Rs. 14.44 Crores from Rs. 9.74 Crores while it increased by 64% to Rs. 50.57 Crores in the 9 months ended December 2008.

The Profit after Tax (PAT) has increased by 92% in the present quarter to Rs. 5.09 Crores from Rs. 2.65 Crores reported in the quarter ended December 2007. For the 9 months period it stood at Rs. 22.63 Crores registering an increase of 211%.

EPS for the quarter ended December 2008 is at Rs. 0.92 while for the 9 months ended December 2008 it is Rs. 4.08.

UltraTech Cement Limited Announces Results for the Quarter Ended 31st December, 2008
Mumbai : UltraTech Cement Limited, an Aditya Birla Group Company, today announced its unaudited financial results for the quarter ended 31st December, 2008.

Financials

Net Sales at Rs.1,631 crores is up by 18% compared to Q3FY08 (Rs. 1,380 crores). Profit before Interest, Depreciation and Tax at Rs. 451 crores (Rs. 490 crores) and Profit after Tax at Rs. 238 crores (Rs. 279 crores) were lower by 8% and 15% respectively. Cash Profit remained flat at Rs. 358 crores (Rs.353 crores).

The Company has a strong balance sheet with debt: equity ratio of 0.5 and interest cover of more than 10 times.

The Company produced 3.98 MMT (3.60 MMT) of cement in Q3FY09 registering a growth of 11% YoY.

Domestic cement sales volume at 3.80 MMT (3.40 MMT) registered a growth of 12%. Exports were lower at 0.69 MMT (0.79 MMT). Total sales volume increased by 6% from 4.32 MMT in Q3FY08 to 4.57 MMT during the quarter under review.

Domestic realisation remained flat sequentially. Though fuel prices started softening from November, 2008, its real impact will be reflected in Q4FY09. During Q3FY09, as the Company consumed fuel out of inventory and order in pipeline, the variable cost was up by 35%.

Capex

All Project capex viz. the expansion at Andhra Pradesh Cement Works (APCW), the grinding Unit at Ginigera in Karnataka and installation of captive Thermal Power Plants across the Company’s Units will be fully operational during FY09.

Upon the commissioning at APCW and Ginigera, the total capacity of the Company will stand increased from 18.2 MMT to 23.1 MMT. With the commissioning of the new TPPs, the Company will have access to 271 MWs of captive power which will cater to around 80% of its power requirements.

Outlook

The government has taken several steps for improving liquidity in the system. It has announced two stimulus packages to boost the sagging economy. Despite this, funding continues to be a problem in the real estate and infrastructure sectors. There is a slowdown in construction activities and corporate capital investments, leading to slackening in demand for cement. The sector is now expected to grow in line with GDP.

Additionally, the likely release of around 100 million tonnes capacity in a phased manner over the next two years coincides with slower economic growth. This will put pressure on sales realization and margins in FY10.

The Company will continue to focus on sustaining plant performance and optimising efficiencies.

Strong order book of Rs 1,415 Crores  Mumbai – Sterlite Technologies Limited (“Sterlite”) [BSE (Bombay Stock Exchange): 532374, NSE (National Stock Exchange of India, Mumbai): STRTECH], a leading global provider of transmission solutions for the telecom and power industry, today announced its results for the nine months ended December 31, 2008.

Financial highlights: Nine months ended December 31, 2008

-   Net Revenues reached Rs. 1,712 Crores (US$ 351 Million), up 50% year over year with an EBITDA margin of 9.3%. 
-   Power product sales increased 55% year over year and telecom products/solutions sales increased 42% year over year.
-   International sales showed a strong y-o-y growth by 36% to reach Rs. 488 Crores (US$ 100 Million), as compared to international sales of Rs. 358 Crores (US$ 80 Million) in the same period in FY08.

Financial highlights: Q3 2008-09

-   Net Revenues reached Rs. 642 Crores (US$ 132 Million), up 28% year over year with an EBITDA margin of 11.0%.
-   Net Profits reached Rs. 31 Crores (US$ 6.4Million), up 19% year over year.
-   Power product sales reached Rs 427 Crores (US$ 87 Million) and telecom products/solutions sales reached Rs 215 Crores (US$ 44 Million).
-   Strong cash flow during the quarter. Debt has reduced by Rs 190 Crores (US$ 39 Million); existing debt is below Rs 600 Crores (US$ 123 Million) as on December 31, 2008.

Business Highlights: Q3 2008-09

-   At the start of Q4 FY09, the Company has a strong order book of about Rs. 1,415 Crores (US$ 290 Million) for its telecom and power products.
-   PGCIL, BSNL & MTNL have actively continued their ordering processes for FY 2008-09.
-   Receipt of repeat orders from current customers and the addition of new eminent global customers. International sales currently account for about 30% of the Company’s net revenues.
-   Launch of the ‘Sterlite Fiber Powered Home’ for enterprise and residential customers. This is a highly cost effective solution for any / all new network deployments.
-   The Company won the Deloitte Technology Fast 50 India and Fast 500 Asia Pacific Awards 2008 for the fourth consecutive year.

Mr. Pravin Agarwal – Director, Sterlite Technologies says, “In the current financial year, sales volumes across all our businesses have been highest ever, compared with that in previous years. We remain focused on reducing cost structures, on developing new solutions for the power and telecom sectors and on enhancing our global footprint. With all our expansion projects on schedule, our Company on track to be amongst the Top 3 power conductors suppliers globally and amongst Top 5 integrated optical fiber & cable suppliers globally.  We believe we are poised to capitalize on global opportunities in our focus sectors.”

Pune, January 19, 2009: KPIT Cummins (BSE: 532400; NSE: KPIT), a leading solutions partner to the global manufacturing industry, today announced financial results for the quarter ended December 31, 2008.

Revenue Growth

In USD terms, the company recorded total revenue of USD 42.36 Mn, reflecting a 14.15% growth over the revenue in same quarter last fiscal. In INR terms revenue grew by 22.06% Y-o-Y to reach INR 1845.22 Mn.
Profit Growth
The company earned a net profit of INR 168.66 Mn for Q3 FY09, Y-o-Y growth of 19.36% and Q-o-Q growth of 0.99%.
Innovative solutions for the focus verticals
Filed two patents in Multi-core Processor technology area, taking the total number of patents filed to 8.  
Automotive
·         Commenced 7 new SAP Implementation and Rollout programs for Customers in Automotive & Industrials verticals, including one for a leading European automotive Tier 1.
·         We are the only company to have 3 SAP certified solutions for discrete manufacturing space (Auto, IMC-Industrial Machinery & Components and Hi-Tech).
·         Successfully implemented and tested AUTOSAR (Automotive Open System Architecture: is an open and standardized automotive software architecture) based complex electronic control unit in a vehicle for a leading Asian automotive OEM.
Industrials
·         Won a new ERP customization engagement from an European  agricultural technology company.
·         Won an Oracle Apps implementation engagement from one of the Top five customers.
Hi-Tech
·         Deepened relationship with a long standing Japanese semiconductor customer by engaging in the area of new IP development.
         A large engagement with a leading US based Hi-Tech company ramped-up.

Diversified Financial Services
·         Strengthened our relationship with one of the Biggest banks in South Africa.
·         New engagement in the area of IT enhancements for a global payment software provider.

Mumbai: Religare Enterprises Limited (REL), one of the leading integrated financial services groups of India, in its Board meeting today has decided to go ahead with a Rights Issue subject to regulatory approvals. REL proposes raising of funds of Rs. 1802.48 crores through issue of shares on Rights basis (Rights Issue) in the ratio of 2:3 at a price of Rs. 355 per share and the Promoters have given a firm commitment to subscribe for the unsubscribed portion, if any, of the said Rights Issue.

The Draft Letter of Offer (DLOO) is proposed to be filed with SEBI around the first week of December ‘08. The networth of REL is expected to go up to approximately Rs 2400 crores following the Rights Issue.

The objective of the proposed Rights Issue is to further add momentum to the multi dimensional growth plans of the company. REL whose IPO was oversubscribed a record almost 161 times is listed on the Exchanges since November 2007.

REL’s market capitalisation stood at Rs 2416 crore (as on 24 October 2008), the share price closed at Rs 325.25 (29 October 2008 EOD).