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Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Sep 14,2016

Net profit of Future Enterprises rose 615.37% to Rs 315.48 crore in the quarter ended June 2016 as against Rs 44.10 crore during the previous quarter ended June 2015. Sales declined 67.64% to Rs 921.19 crore in the quarter ended June 2016 as against Rs 2846.84 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales921.192846.84-68
OPM %24.969.91-
PBDT295.07184.1360
PBT142.3249.92185
NP315.4844.10615

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Targets Termination of Contract with Welspun India Credit Neutral
Nov 02,2016

Target Corporation (Target) the second-largest discount retailer in the United States terminated its contracts with Welspun India (WIL: IND AA-/Stable) which may result in a one-time hit to profitability in FY17, however the long term credit profile of the company remains stable, says India Ratings and Research (Ind-Ra). WIL has initiated the review of the entire supply chain and processes through Ernst &Young and is in the process to strengthen its end to end systems for specialised products, namely from cotton procurement to spinning to processing and finishing.

As per discussions with the management, there will be a one-time impact on profitability in FY17, in case WIL bears the cost of the product recall and replacement or discounting. Ind-Ra believes that the one-time cost will not materially impact the credit profile of the company in the long term. The management has confirmed to Ind-Ra that other customers have continued their relationship / contracts with WIL.

Ind-Ra estimates that WILs credit metrics will not breach the negative triggers, namely the net debt/EBITDA being sustained above 3.0x in FY17-18, even after factoring in the one-time payouts and the loss of revenues from Target. Ind-Ra draws comfort from WILs strong liquidity, with cash and cash equivalent of INR6.26bn as at end September 2016 and low debt maturity of INR710m and INR1,990m in 2HFY17 & FY18 respectively. WILs interest out go is also low since most of the term debt drawn in the past is for capex which is covered under the Central and State Technology Upgradation Fund Scheme. WIL also has adequate access to fund based lines of bank facilities to support its working capital requirements.

The reason for Target terminating the contract with WIL was following a product specification issue with respect to provenance of Egyptian cotton in bedsheets. Target contributed to around USD90m of WILs revenues in FY16 (around 10% of WILs revenues). The quality issue was with respect to Egyptian cotton in one of the program of bedsheets valued at around USD8.50m in FY16. WILs overall shipment to Target under the said programme was around USD19m during the period July 2014 to August 2016. In FY16, the US geography contributed 70% of WILs revenues, including sales through Welspun Global Brands Ltd (WGBL; IND AA-/Stable) its sales and marketing arm (Ind-Ra has taken a consolidated view of WIL & WGBL).

Ind-Ra will continue to monitor the development and outcome of Ernst &Youngs review and any other action that may impact the credit profile of the company.

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Prakash Steelage to hold board meeting
Nov 02,2016

Prakash Steelage will hold a meeting of the Board of Directors of the Company on 14 November 2016 Quarterly Results

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KIFS Financial Services to hold board meeting
Nov 02,2016

KIFS Financial Services will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider, approve and take on record the unaudited financial results of the Company for the quarter and half year ended on 30 September 2016.

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Tantia Constructions to hold board meeting
Nov 02,2016

Tantia Constructions will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider and approve the unaudited financial results for the quarter ended 30 September 2016.

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PBA Infrastructure to hold board meeting
Nov 02,2016

PBA Infrastructure will hold a meeting of the Board of Directors of the Company on 14 November 2016, to consider and take on record the Un-audited results for the quarter and half year ended 30 September 2016.

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Gujarat Poly Avx Electronics changes name
Nov 02,2016

Gujarat Poly Avx Electronics has received a fresh Certificate of Incorporation pursuant to the change of company name to Gujarat Poly Electronics Limited.

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Healthcare Global Enterprises to hold board meeting
Nov 02,2016

Healthcare Global Enterprises will hold a meeting of the Board of Directors of the Company on 10 November 2016, to consider, approve and take on record the Unaudited Financial Results (both Standalone & Consolidated) of the Company for the quarter and half year ended on 30 September 2016.

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Maha Rashtra Apex Corporation to hold board meeting
Nov 02,2016

Maha Rashtra Apex Corporation will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider the Un-audited Financial Results of the Company for the Quarter period ended 30 September 2016.

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Ceenik Exports (India) to hold board meeting
Nov 02,2016

Ceenik Exports (India) will hold a meeting of the Board of Directors of the Company on 9 November 2016, for taking on record the Un-Audited Financial results of the Company for the quarter ended on 30 September 2016

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Sun TV Network to hold board meeting
Nov 02,2016

Sun TV Network will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider, take on record and approve the Unaudited Financial Results for the quarter ended 30 September 2016 (Q2).

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Rasi Electrodes to hold board meeting
Nov 02,2016

Rasi Electrodes will hold a meeting of the Board of Directors of the Company on 14 November 2016, to consider and take on record the following: Un-Audited Financial Results for the quarter ended 30 September 2016.

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Alps Industries to hold board meeting
Nov 02,2016

Alps Industries will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider and approve the Unaudited Financial Results for the quarter and period ended on 30 September 2016

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Sundaram Multi Pap to hold board meeting
Nov 02,2016

Sundaram Multi Pap will hold a meeting of the Board of Directors of the Company on 9 November 2016, to consider the Unaudited Financial Results for the Quarter and Half Year ended 30 September 2016.

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Balurghat Technologies to hold board meeting
Nov 02,2016

Balurghat Technologies will hold a meeting of the Board of Directors of the Company on 14 November 2016, to consider and take on record the unaudited financial results for the quarter ended 30 September 2016.

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Gratex Industries to hold board meeting
Nov 02,2016

Gratex Industries will hold a meeting of the Board of Directors of the Company on 10 November 2016, to consider and take on record the Un-audited results for the quarter and half year ended 30 September 2016.

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