15 Nov 2016

Family coup, US properties, drug approval

Second quarter results continue to flow. Indian Hotels, one of the Tata Group companies in the spotlight following the family-led coup against the first non-family Chairman, Cyrus Mistry, reported sales up by 6% as it leveraged new channels for generating sales. Losses were cut by half as margins improved but more importantly, net debt was cut by 25% as sales of overpriced US properties proceeded. Lupin reported sales up 31.9% and profits up 57.8% as strong US sales and a strong ANDA drug approval pipeline drove sales in the US market. Pidilite Industries reported sales growth of 6.6% and profit growth of 17.1% ahead on the strength of sustained input cost benefits.

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