Ushdev International cons net profit jumps 112%...

 

Ushdev International Ltd (UIL), a leading corporate house engaged in the Trading of Metals and Generation of Power, has reported its Financial Performance for the second quarter and half year ended September 30, 2013.
 
Consolidated Total Sales for the quarter ended September 30, 2013 stood at Rs 2,796 crores, registering a jump of 47%, as compared to Rs 1,906 crores in the in the corresponding period previous year.
 
Consolidated Net Profit for Q2FY14 stood at Rs 44 crores, up by 112% as compared to Rs 20 crore in the corresponding period previous year.
 
For the half year ended September 30, 2013, the Company’s Consolidated Total Sales stood at Rs 4,841 crores, up by 38%, as compared to Rs 3,511 crores in the corresponding period previous year. Consolidated Net Profit for H1FY14 stood at Rs 74 crores, a rise of 65% as compared to Rs 45 crores in the corresponding period last year.
 
On the Standalone basis, Net Profit for Q2FY14 stood at Rs 16 crores, up by 15% as compared to Rs 14 crores in the corresponding period previous year.
 
The Board of Directors of the Company at its meeting held on October 29, 2013 has approved and taken on record the financial results of the Company for the quarter and half year ended September 30, 2013.
 
Commenting on the second quarter performance, Mr. Prateek Gupta, Vice-Chairman, Ushdev International Ltd, said, “The group has been consciously exploring new opportunities for business both in terms of product and geography. Quarterly performance is result of those efforts. ”
Earnings per share (EPS) for the H1FY14 stood at Rs 21.85.

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Green infra seems to be very close to acquired 59.5 MW Wind projects of tvs energy...

 

Delhi based, Renewable Energy Developer, Green Infra Ltd, seems to be quite close to acquire the 59.5 MW Wind Energy generating assets of TVS Energy.

Green Infra is Equity promoted by IDFC, an Infrastructure Finance Company has bided for the 59.5 MW Wind Energy Projects of TVS Energy. TVS Energy is a wholly-owned subsidiary of TVS Motor and was set up around three (3) years ago.

Apart from Green Infra, Mytrah Energy and Orient Green Power are also in the race of buying the Wind Energy Projects.

It seems that various Wind Energy Developers have started to consider the sale of Wind Projects. Many companies put up wind power capacity for the purpose of availing "Accelerated Depreciation" to get benefits of Tax Savings. 

Developers such as BP, DLF, VRL Logistics etc have closed deals to sell their Wind Energy Assets in recent past. Further, companies like Lanco Infra, Ashok Leyland and KS Oils etc have also announced their intentions to sell.

Thus the wind power assets are passing from the hands of companies for whom ‘wind’ is a non-core business activity, to the hands of ‘independent power producers’ whose very business is to generate power and sell it.

• JP Morgan-backed Leap Green, Mumbai-based Ushdev International, Bharat Light and Power, and Green Infra are among the companies that have announced plans to grow their wind businesses.
• Ushdev International, for instance, intends to raise its capacity from 90 MW to 350 MW this year, only through acquisitions. Even its existing capacity was acquired from Suzlon Energy.
• Leap Green and BLP have bought parts of DLF assets.
• Green Infra is among the earliest acquirers—in 2009, it bought a 100-MW wind farm from the British oil giant, BP, which then began the process of exiting wind business.

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Additional Readings

http://www.thehindubusinessline.com/companies/green-infra-close-to-acquiring-tvs-energys-wind-power-assets/article4935638.ece

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