Q4 Results 2022: Cipla, Max Financial Services, Torrent Power, Ajanta Pharma, Welspun India declare March quarter results; see key highlights

Q4 Results 2022: Listed companies Cipla, Max Financial Services, Torrent Power, Ajanta Pharma and Welspun India announced their March quarter results on Tuesday. Here are key highlights of the quarterly earnings posted by these companies 

Cipla Q4 results 2022: net profit declines 12% to Rs 362 cr

Drug major Cipla on Tuesday said its consolidated profit after tax declined by 12 per cent to Rs 362 crore for the fourth quarter ended March 2022.

The Mumbai-based company had posted a PAT (Profit After Tax) of Rs 413 crore in the January-March quarter of 2020-21 fiscal.

Total revenue from operations, however, rose to Rs 5,260 crore for the period under review as against Rs 4,606 crore in the fourth quarter of FY21, Cipla Ltd said in a regulatory filing.

For the year ended March 31, 2022, the drug major posted a consolidated PAT of Rs 2,517 crore. It was Rs 2,405 crore in 2020-21.

Total revenue from operations last fiscal rose to Rs 21,763 crore. It stood at Rs 19,160 crore in FY 2020-21.

"I am pleased to see the continued momentum across our key markets despite adverse seasonality impacting overall business mix," Cipla MD and Global CEO Umang Vohra noted.

The company's domestic business continued the double digit trajectory during the quarter, he added.

"We crossed the USD 1 billion milestone in our domestic branded prescription business driven by the sustained growth across our acute and chronic portfolio," Vohra said.

The company's established respiratory franchise and contribution from peptide assets have strengthened US run rate to USD 160 million, he stated.

"Adjusting for Covid-linked and other one-time charges, our core operating profitability continues to be strong underpinned by the strength of our business fundamentals," Vohra said.

The drug maker continues to respond to challenging input cost environment with cost optimisation and mix management while maintaining high serviceability, he added.

The company said its board has approved a dividend of Rs 5 per equity share of face value Rs 2 per share for the year 2021-22.

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Kansai Nerolac Paints Q4 profit down 85% at Rs 19 cr

Kansai Nerolac Paints Ltd on Tuesday reported a decline of 84.49 per cent in its consolidated net profit at Rs 19.17 crore for the fourth quarter ended March.

The company had posted a net profit of Rs 123.62 crore in the January-March quarter a year ago, Kansai Nerolac said in a BSE filing.

However, its revenue from operations was up 5.27 per cent at Rs 1,536.60 crore during the quarter under review as compared to Rs 1,459.57 crore in the corresponding quarter of the previous year.

Kansai Nerolac's total expenses were at Rs 1,503.54 crore, up 15.47 per cent in Q4/FY 2021-22, as against Rs 1,302.06 crore in the year-ago period.

Kansai Nerolac Paints Managing Director Anuj Jain said, "The quarter witnessed impact in terms of demand for decorative on account of the steep price increase towards end of Q3 FY 21-22. In automotive, passenger vehicles demand was good though impacted because of supply side constraints.

On raw material costs, the quarter continued to witness inflationary pressures along with volatility in crude and exchange rates on account of tough geopolitical situation globally.

"Overall demand situation is expected to remain healthy, and company remains positive and well poised to do better. It is expected that price increases taken in FY 21-22 will accrue in the coming year," said Jain adding that "company will strive for more price increases in industrial.?

For the fiscal year ended March 31, 2022, the company's consolidated net profit was down 34.72 per cent at Rs 343.15 crore. It had reported a net profit of Rs 525.72 crore in 2020-21.

Its revenue from operation was at Rs 6,369.35 crore in 2021-22. This was 25.52 per cent higher than Rs 5,074.25 crore in the year-ago period.

The board of Kansai Nerolac has recommended a final dividend of Re 1 per share. In addition, the company had declared an interim dividend of Rs 1.25 per share paid on November 22, 2021.

"Accordingly, the total dividend is 225 per cent (Rs 2.25 per share) for the financial year ended March 31, 2022, as compared to total dividend of 525 per cent (Rs 5.25 per share) including special dividend of 200 per cent declared last year," it said.

Over the outlook of Indian paint industry, the company said the size of domestic paint industry is estimated at around Rs 60,000 crore as of March 2022.

The good growth in infrastructure, core sector as well as automobile and real estate is likely to have a positive effect on the overall demand of paint for the industry in the long run, it added.

Shares of Kansai Nerolac Paints Ltd on Tuesday settled at Rs 431.10 on BSE, down 1.77 per cent from the previous close.

Max Financial Q4 profit doubles to Rs 144 cr

Max Financial Services Ltd on Tuesday reported a two-fold jump in consolidated net profit at Rs 144 crore for the last quarter of 2021-22.

The company had logged a net profit of Rs 70 crore in the same period a year ago.

Max Financial Services Ltd's consolidated revenues declined to Rs 8,962 crore in the quarter from Rs 9,760 crore in Q4 of the previous financial year, it said in a release.

For the full fiscal 2021-22, the company posted a consolidated profit of Rs 318 crore, 43 per cent lower compared to the previous year.

Its sole operating subsidiary Max Life Insurance recorded 27.4 per cent rise in total new business premium (individual and group) to Rs 1,528 crore in FY22.

Max Life's assets under management (AUM) were at Rs 1,07,510 crore as on March 31, 2022, a rise of 19 per cent over the previous year.

The company further said Naina Lal Kidwai has resigned from the position of independent director with effect from May 31, 2022. 

Torrent Power Q4 Results 2022: Company posts Rs 487 crore loss in March quarter

Torrent Power on Tuesday reported a consolidated net loss of Rs 487.37 crore in the March quarter due to provision for an impairment loss of Rs 1,300 crore.

The company had reported a consolidated net profit of Rs 398.10 crore in the year-ago period.

However, the consolidated net profit before the exceptional items and tax stood at Rs 596.67 crore in the three months ended March, which is 31 per cent higher than Rs 455.28 crore recorded in the same period a year ago, according to a regulatory filing.

The company's total income in the quarter under review rose to Rs 3,840.59 crore from Rs 3,116.54 crore in the year-ago period.

According to the company, the loss in the latest March quarter was due to an exceptional item of an impairment loss Rs 1,300 crore.

Net carrying value of Property, Plant & Equipment (PPE) as on March 31, 2022 includes Rs 1,378.90 crore pertaining to 1,200 MW DGEN Mega Power Project located at Dahej, Gujarat.

The project started commercial operations with effect from November 2014 and thereafter has operated only intermittently or partially due to various factors such as unavailability of domestic gas, high prices of imported gas and non-availability of power selling arrangement.

In the last fiscal, the company carried out an impairment assessment of DGEN by considering the recoverable amount based on value-in-use of DGEN in accordance with Indian Accounting Standard 36 'Impairment of Assets'.

An additional impairment loss of Rs 1,300 crore has been provided in the quarter, which has been disclosed as an exceptional item in the statement of profit and loss, the filing said.

In 2021-22, the company reported a consolidated net profit of Rs 458.70 crore in as against Rs 1,295.87 crore in the previous fiscal.

During the same period, total income rose to Rs 14,492.65 crore from Rs 12,314.47 in 2020-21.

The company's board has approved issuance of Non-Convertible Debentures up to Rs 2,000 crore by way of private placement.

Further, the board cleared appointment of Ketan Dalal as an Additional Director (Non-Executive Independent) with effect from May 11, 2022 till the commencement of the ensuing Annual General Meeting (AGM).

He will continue for 5 years from May 11, 2022 till May 10, 2027, subject to shareholders' approval.

The re-appointment of Samir Mehta as Chairman of the company, liable to retire by rotation, for 5 years from April 1, 2023, has also been approved by the board.

The board has also approved re-appointment of Jinal Mehta as Managing Director, liable to retire by rotation, for 5 years effective from April 1, 2023.

In a statement, the company's Chairman Samir Mehta said it continued to focus on growth initiatives in the identified growth engines of distribution and renewables.

"In line with this strategy, the company took over the operations as distribution licensee of Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD) wef 1st April, 2022 post acquisition of 51 per cent equity share capital of the company.

"With our strong balance sheet, the company will continue to pursue profitable growth opportunities across the entire value chain of the power sector," Mehta said." PTI KKS

Ajanta Pharma Q4 net profit falls 5% to Rs 151 cr

Ajanta Pharma on Tuesday said its consolidated profit after tax declined by 5 per cent to Rs 151 crore for the fourth quarter ended March 2022.

The drug firm had reported a consolidated PAT (Profit After Tax) of Rs 159 crore in the January-March quarter of 2020-21 fiscal.

Revenue from operations rose to Rs 870 crore during the period under review from Rs 757 crore in the year-ago period, the Mumbai-based drug firm said in a regulatory statement.

For the year ended March 31, 2022, the company posted a PAT of Rs 713 crore. It was Rs 654 crore in FY21. Revenue from operations rose to Rs 3,341 crore last fiscal as against Rs 2,890 crore in 2020-21.

The company said its board has approved the issuance of bonus equity shares in the proportion of 1 share of Rs 2 each for every 2 shares of Rs 2 each.

Welspun India Q4 results 2022: profit declines 62% pc to Rs 51 cr

Home textiles major Welspun India on Tuesday reported a 61.85 per cent decline in consolidated net profit at Rs 51.25 crore in the fourth quarter ended March.

The company had posted a consolidated net profit of Rs 134.34 crore in the same quarter of previous fiscal, Welspun India said in a regulatory filing.

Consolidated total income during the quarter under review stood at Rs 2,247.06 crore as compared to Rs 2,173.56 crore in the year-ago period, it added.

Total expenses in the fourth quarter stood at Rs 2,138.37 crore as against Rs 1,993.84 crore in the corresponding period of previous fiscal.

For the fiscal ended March 31, 2022, consolidated net profit was at Rs 606.71 crore as against Rs 550.79 crore in the previous fiscal, the company said.

In FY22, total income stood at Rs 9,377.31 crore as compared to Rs 7,407.96 crore in FY21, the company said.

Total expenses in 2021-22 stood at Rs 8,504.47 crore.

Welspun Group Chairman BK Goenka said, "The global economy is going through unprecedented times currently - Ukraine-Russia conflict, logistical challenges, unseen levels of increases in commodity prices and decades' high inflation in western economies - have all come on the back of an extended pandemic and resulted in dampened business sentiments across industries worldwide."

Against this backdrop, the home textile revenues continued the upward trajectory to cross the USD 1 billion mark in FY22, he said.

"This demonstrates the ability of scaled-up, quality-led, and highly differentiated players to maintain an edge even during challenging times. The recently announced free trade agreements with Australia and Middle East countries would bring in additional advantages for the Indian home textiles industry and players like Welspun," Goenka said.

However, "Historic highs in cotton and coal prices, global logistics disruptions and related impacts continue to put further pressure on the margin front," he added.

Welspun India said its board of directors at its meeting held on Tuesday has recommended a dividend of 15 paise per equity share of the face value of Re 1 each at the rate of 15 per cent on the equity shares for the financial year 2021-22.

Inputs from PTI