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As on May 27, 2017 12:00 AM Your results on : Corporate Results    
ITC
27-May-2017 (16:03)
For Q4 2017, the net sales have increased by 14% to Rs 11125.54 crore. The modest recovery in growth during the quarter, after severe disruption in operations in Q3, was driven mainly by Agri commodities, Branded Packaged Foods businesses, Personal Care Products Business, which was partially offset by ongoing pipeline calibration in the Education and Stationery Product Business and lower consumer offtake & heavy discounting in Apparel. Overall performance, however, remained relatively subdued reflecting the continuing tightness in the liquidity position in the market, persistent weakness in the wholesale channel and rural markets and sharp rise in input costs particularly in the FMCG businesses. OPM decreased by 212 bps to 34.8%. The net profit inclined by 12% to Rs 2669.47 crore.

Standalone Performances

For quarter ended March 2017 (Q4 FY17)

The net sales have increased by 14% to Rs 11125.54 crore. The modest recovery in growth during the quarter, after severe disruption in operations in Q3, was driven mainly by Agri commodities, Branded Packaged Foods businesses, Personal Care Products Business, which was partially offset by ongoing pipeline calibration in the Education and Stationery Product Business and lower consumer offtake & heavy discounting in Apparel. Overall performance, however, remained relatively subdued reflecting the continuing tightness in the liquidity position in the market, persistent weakness in the wholesale channel and rural markets and sharp rise in input costs particularly in the FMCG businesses.

OPM decreased by 212 bps to 34.8% due to increase purchase of stock in trade to adjusted net sales. The operating profit inclined by 7% to Rs 3875.39 crore.

Other income increased by 8% to Rs 402.1 crore. The depreciation has decreased by 2% to Rs 241.81 crore. The profit before tax (PBT) has increased by 9% to Rs 4047.14 crore.

The total tax outgo inclined by 3% to Rs 1377.67 crore. The effective tax rate was at 34.04%, down from 35.96%. As a result, the net profit inclined by 12% to Rs 2669.47 crore.

For year ended March 2017 (FY17)

The Company delivered steady performance during the year in the backdrop of a persistently sluggish demand environment, continuing pressure on the legal cigarette industry due to the cumulative impact of steep increase in taxation and regulatory pressures, sharp hike in input costs and gestation costs relating to new products/categories especially in the non-cigarette FMCG segment. The operating environment was rendered particularly challenging in the second half of the year with the currency crunch impacting the incipient recovery in demand. The business environment in the Hotels industry also remained subdued, with only a marginal improvement in room rates reflecting the overhang of excess room inventory in key markets. The Paperboards, Paper and Packaging segment also had to contend with a weak demand and pricing environment

The net sales have increased by 10% to Rs 40088.68 crore. OPM declined by 110 bps to 36.4%. The operating profit inclined by 6% to Rs 14578.04 crore.

Other income increased by 12% to Rs 1985.91 crore. The interest cost declined by 53% to Rs 22.95 crore. The depreciation has increased by 4% to Rs 1038.04 crore. The profit before tax (PBT) has increased by 7% to Rs 15502.96 crore.

The total tax outgo inclined by 4% to Rs 5302.06 crore. The effective tax rate was at 34.2%, down from 35.37%. The net profit inclined by 9% to Rs 10200.90 crore driven by improved net sales.

Consolidated Performance for year ended March 2017 (FY17)

The net sales have increased by 9% to Rs 42803.61 crore. OPM declined by 81 bps to 36.1%. The operating profit inclined by 7% to Rs 15435.91 crore. The profit before tax (PBT) has increased by 8% to Rs 16020.35 crore. The net profit inclined by 10% to Rs 10289.44 crore.

Segment Results

FMCG-Cigarette

The standalone sales for Q4 FY17 grew by 5% to Rs 8954.94 crore, contributing 58% revenues. Profits before interest and tax (PBIT) margins of the division inclined by 110 bps to 36.4%. PBIT grew by 8% to Rs 3258.76 crore. The segment accounted for 87% of total PBIT.

The performance continues to be impacted by severe pressure on legal cigarette industry volumes even as illegal trade grows unabated.

The standalone sales for FY17 grew by 5% to Rs 34001.98 crore, contributing 57% revenues. Profits before interest and tax (PBIT) margins of the division inclined by 50 bps to 36.8%. PBIT grew by 6% to Rs 12513.9 crore. The segment accounted for 86% of total PBIT.

The consolidated sales for FY17 grew by 5% to Rs 35877.66 crore, contributing 57% revenues. Profits before interest and tax (PBIT) margins of the division inclined by 60 bps to 36.8%. PBIT grew by 7% to Rs 13203.7 crore. The segment accounted for 86% of total PBIT.

Other FMCG

The standalone sales for Q4 FY17 showed a growth of 6% to Rs 2885.76 crore PBIT margins declined 100bps to 1.9%. PBIT declined by 29% to Rs 55.56 crore.

The standalone sales for FY17 showed a growth of 8% to Rs 10511.83 crore. PBIT margins declined by 80bps to 0.3%. PBIT declined by 72% to Rs 28.12 crore.

The consolidated sales for FY17 showed a growth of 8% to Rs 10537.46 crore. PBIT margins declined by 70bps to 0.2%. PBIT declined by 71% to Rs 26.15 crore.

The FMCG industry witnessed further deceleration in growth rate during the year with demand conditions remaining subdued for the fourth successive year. The much anticipated pick-up in consumption expenditure on the back of good monsoons in 2016, low inflation and implementation of the recommendations of the 7th Pay Commission did not play out fully. The incipient recovery in demand witnessed around the middle of the year was adversely impacted by the cash crunch especially during the third quarter. Further, the industry had to contend with sharp escalation in the cost of major commodities in the midst of heightened competitive intensity, leading to compression in margins.

Segment Revenue growth during the year was relatively subdued due to reasons as aforestated. While most categories recovered progressively after severe disruption in operations in the initial period of the cash crunch, the impact on the Lifestyle Retailing and Education & Stationery Products Businesses was more amplified and prolonged. This, inter alia, led to heavy discounting, earlier 'end of season sales' and rebalancing of inventory pipelines by trade in these Businesses. Segment Results also reflect the impact of sustained investment in brand building and gestation costs of new categories (Juices, Dairy, Chocolates and Coffee), sharp increase in input cost besides disruption in sales momentum due to the cash crunch.

During the year, three Company-owned units were commissioned to cater to the requirements of the Branded Packaged Foods and Personal Care Products Businesses. Significant progress was also made during the year in constructing several state-of-the-art owned Integrated Consumer Goods Manufacturing and Logistics facilities across regions to secure capacity and enable the FMCG businesses to rapidly scale up in line with long-term demand forecast. Currently, over 20 projects are underway and in various stages of development - from land acquisition/site development to construction of buildings and other infrastructure.

Branded Packaged Foods

Demand conditions in the Branded Packaged Foods industry remained sluggish during the year, with consumers curbing discretionary spending and rural demand remaining tepid. While signs of recovery were visible in the first half of the year, the second half reflected significant deceleration in growth rates across most categories largely due to the cash crunch. Industry players intensified consumer promotions and trade schemes in a bid to garner volumes. The year also witnessed a sharp rise in input costs, the impact of which was partially offset through a calibrated pricing approach adopted by most players.

Despite such a challenging operating environment, the Company sustained its position as one of the fastest growing branded packaged foods businesses in the country leveraging a robust portfolio of brands, a range of differentiated products customised to address regional tastes and preferences along with an efficient supply chain and distribution network that ensures benchmark levels of visibility, availability and freshness of products in the market.

During the year, the Business launched a luxury range of chocolates under the 'Fabelle' brand at exclusive 'Fabelle Chocolate Boutiques' set up in seven ITC Hotels across the country. The Business also launched two exquisitely crafted blends of gourmet coffee during the year, under the 'Sunbean' brand. The brand is currently available at all ITC Hotels and select outlets. The products have met with excellent response from discerning consumers.

The Staples Business posted robust performance during the year, growing well ahead of the industry. In the Staples category, 'Aashirvaad' atta further consolidated its position as India's No. 1 Atta brand while maintaining its price leadership in the market. The value-added product portfolio, comprising Multigrains, Select and Sugar Release Control atta, continued to record robust growth. In the branded spices category, the Business launched ITC Master Chef 'Super Safe Spices', which are tested for over 470 pesticide residues in accordance with European standards as compared to only nine required under Indian regulations. In the Snacks and Meals Business, the 'Bingo!' range of finger snacks recorded robust growth during the year driven by the Tedhe Medhe and Mad Angles sub-brands. Yumitos Original Style potato chips was extended to target markets during the year, posting impressive growth in sales. The finger snacks portfolio was augmented with the launch of Tedhe Medhe Achari Masti and Tangles Cheese variants while the Yumitos potato chips portfolio was revamped with an improved product and a new vibrant pack. The Instant Noodles industry saw a steady recovery during the year after significant disruption caused by regulatory issues in the previous year largely pertaining to a competitor's product. The recovery was largely led by metro cities and large towns while rural demand remained sluggish. YiPPee! noodles, which had garnered significant volumes in the previous year on the strength of superior quality and safety, sustained its robust growth momentum during the year despite the entry of several regional discount players and relaunch of products by the lead competitor. The year also saw the launch of 'Power Up Atta Noodles' - a differentiated product with vegetable additions - which received good consumer response.

The Confections Business scaled up operations and improved its market standing during the year. In the Biscuits category, the Business continued to focus on premiumising its product portfolio. The 'Sunfeast Mom's Magic' range of premium cookies sustained its strong growth momentum driven by superior product attributes and investment in brand building. The recently launched 'Sunfeast Farmlite All Good Digestive' - 'No maida & No added sugar' cookie made from Aashirvaad whole-wheat atta - was well received by target consumers. Sunfeast Marie Light biscuit doubled its sales in focus geographies, while Bounce strengthened its market leadership position in the creams segment. The Business leveraged its recently commissioned biscuits manufacturing unit owned by North East Nutrients Private Limited, a joint venture company, to record impressive gains in market standing in the Northeast markets. The Confectionery category continued with its portfolio premiumisation strategy by increasing the salience of 'Re. 1 & above' products in the sales mix. During the year, the Business launched 'Candyman Jellicious Jelimals' - a soft fruit bear shaped jelly, 'Candyman Jellicious DubbleZ' - an innovative twin flavoured jelly and 'Candyman Masala Tadka' in the hard boiled candy segment. These products have received encouraging consumer response.

In the Dairy & Beverages Business, the B Natural range of juices continue to gain traction amongst target consumers aided by a clutter-breaking media campaign, on-ground trial generation initiatives and visibility & availability enhancement drives. During the year, the Business launched another unique and first-to-market offer - 'B Natural 100% Pomegranate Juice Not from Concentrate'. Unlike most other packaged fruit juices available in the market which are made from fruit concentrates, B Natural 100% Pomegranate Juice is made directly from the fruit pulp and has no added sugar, colour, preservatives or flavour. The year also witnessed the launch of 'Punjab Da Kinnow' variant catering to the taste and preference of the North markets. These products have been well received by consumers. Aashirvaad Svasti Ghee was extended to other focus markets during the year, gaining consumer franchise.

Personal Care Products

The Personal Care Products Business delivered a resilient performance during the year against a backdrop of sluggish demand conditions, consumers curbing discretionary spending and seeking value-for-money offers and sharp uptick in input costs. Most industry players adopted a calibrated pricing strategy despite sharp escalation in input costs towards supporting volume growth, thereby impacting margins. The Company's Personal Care Products Business responded proactively to these challenges by pursuing a balanced approach to deliver steady growth and improvement in market standing. This was driven largely by enriching the product portfolio, expanding distribution, proactive cost management and enhancing supply chain responsiveness.

The Business launched several differentiated products during the year in the Soaps, Shower Gel, Skin Care and Fragrance categories under the 'Fiama', 'Vivel', 'Engage' and 'Superia' brands. Affordability and convenience were the two key vectors of innovation during the year which marked the introduction of 'Engage ON Pocket Perfumes' in six exciting variants and two differentiated variants of Savlon Hand Wash in 10 ml. multi-use sachets. These first-to-market offers are available in select markets and have received encouraging consumer response. The Business also strengthened its presence in the Health & Hygiene space leveraging the 'Savlon' and 'Shower to Shower' brands. Within a short span of time, Savlon has strengthened its equity around the core value proposition of germ protection. During the year, the Business launched new variants in the Hand Wash and Antiseptic Liquid categories under the Savlon brand thereby expanding its product portfolio and gaining access to new consumer segments and markets. Engage Perfume Sprays continued to gain consumer franchise in the 'No Gas' segment with the launch of several new variants both for men and women. The Business also augmented its skin care portfolio with the launch of 'Vivel Cell Renew - Aqua Quench Cleansing Mousse'.

Education & Stationery Products

During the year, the Education & Stationery Products Business had to contend with a very challenging operating environment marked by subdued demand and tight liquidity conditions exacerbated by the cash crunch in the latter half. This led to significant disruption in the wholesale channel. Consequently, the trade channel maintained leaner inventory pipelines and shifted the timing of purchase closer to the consumer buying cycle thereby impacting revenue growth during the year. Despite these challenging conditions, the Business sustained its leadership position in the Indian Education and Stationery Products industry by leveraging a portfolio of world-class products and brands.

During the year, the Business further enriched its product portfolio by launching several new products including educative board games (puzzles), innovative products in the notebook category under the Classmate brand, premium Paperkraft notebooks with paper having 100 years archival life, pens with enhanced writing experience and several premium offerings in the scholastics category.

Lifestyle Retailing Business

The Branded Apparel industry witnessed severe pressure during the year in the wake of consumers cutting back on discretionary spends, heavy discounting by industry players and emergence of value retailing by e-commerce majors. Squeeze in liquidity during the third quarter further impacted consumer spending in the apparel category. While sales recovered progressively after significant disruption in the immediate aftermath of the currency shortage, the industry had to contend with a significantly shorter window for the Autumn - Winter season leading to build-up of unsold inventory. In addition, industry players resorted to early rollout of 'End of Season Sales' besides offering additional special discounts. The performance of the Lifestyle Retailing Business was significantly impacted by the challenging environment as aforestated.

Incense Sticks (Agarbattis) and Safety Matches

The Agarbatti category sustained its growth momentum during the year anchored on a robust product portfolio and enhanced distribution reach. Mangaldeep fortified its market standing in the Agarbatti and Dhoop segment during the year. Investments in media coupled with on-ground activation activities were made during the year towards enhancing Mangaldeep's salience as the most preferred brand in the devotional space. During the year, the Business launched an innovative app developed in partnership with several subject matter experts and carefully curated to cater to regional nuances. In a relatively short span of time, the app has received excellent response with over 1,00,000 installations, with more than 50% of the users belonging to the age group 'below 35 years'.

In the Safety Matches category, the Company sustained its market leadership position by leveraging a robust portfolio of offerings across market segments. 'Aim' continues to be the largest selling brand in the industry. The Business continues to focus on enriching product mix by expanding the share of value-added products in the portfolio.

Hotels

The standalone sales for Q4 FY17 increased by 6% to Rs 386.52 crore. PBIT margins grew by 560bps to 17.3%. The PBIT grew by 57% to Rs 66.93 crore. This division contributed around 2% to total revenue and total PBIT

The operating environment in the hospitality sector remained challenging during the year. While second half initially indicated signs of pick-up in the Hotels industry, collateral impact on the economy on account of currency crunch limited the recovery. Segment Revenue recorded a growth of 4.3% during the year driven by improvement in average room rates and higher Food & Beverage sales. While Segment Results improved significantly as compared to the previous year, profitability remained relatively muted due to the challenging business context as aforestated and gestation costs of the recently commissioned ITC Grand Bharat, Gurgaon.

The Company remains committed to building world-class hotel properties in view of the long-term potential of the Indian hospitality sector. The Business made steady progress during the year in the construction of luxury hotels at Hyderabad, Kolkata, Ahmedabad and Srinagar. In addition, the Company's wholly-owned subsidiary in Sri Lanka made good progress towards setting up a luxury hotel christened 'ITC One' and a super-premium residential apartment complex, 'Colombo One - Private Residences', situated at a strategic location in Colombo. Excavation and allied works have been completed and the main construction activity is underway. The Business is progressing growth plans towards enhancing its presence in the Upper-Upscale segment under the WelcomHotel brand. Construction of WelcomHotel Coimbatore is nearing completion with the hotel expected to be commissioned in the first quarter of 2017-18. During the year, the Business also commenced construction of WelcomHotels at Guntur and Bhubaneswar.

The standalone sales for FY17 grew by 4% to Rs 1341.73 crore driven by improvement in ARRs and robust growth in F&B sales. PBIT margins grew by 390 bps to 8.3%. The PBIT grew by 99% to Rs 110.95 crore. This division contributed around 2% to total revenue and 1% to total PBIT

The consolidated sales for FY17 grew by 4% to Rs 1414.39 crore. PBIT margins grew by 370 bps to 8.3%. The PBIT grew by 90% to Rs 117.12 crore. This division contributed around 2% to total revenue and 1% to total PBIT

Agri business

This division registered increase in the standalone sales by 6% to Rs 1918.49 crore in Q4 FY17 on the back of supplies of imported wheat in the domestic market, thereby easing the acute shortage in the country. Continued to provide strategic support to the FMCG businesses in the area of wheat, chip stock potato, spices, fruit pulp and leaf tobacco sourcing. Segment Results reflect the slowdown in FMCG & legal cigarette industry, adverse mix and increase in leaf tobacco prices. PBIT margin declined by 240 bps to 7%. The PBIT decreased by 21% to Rs 134.92 crore. This division contributed around 12% to total revenue and 4% to total PBIT.

This division registered increase in the standalone sales by 11% to Rs 8264.55 crore in FY17. PBIT margin declined by 160 bps to 11%. The PBIT decreased by 3% to Rs 905.8 crore. This division contributed around 14% to total revenue and 6% to total PBIT.

This division registered increase in the consolidated sales by 11% to Rs 8384.86 crore in FY17. PBIT margin declined by 150 bps to 11%. The PBIT decreased by 3% to Rs 926.32 crore. This division contributed around 13% to total revenue and 6% to total PBIT.

Paperboard, paper & packaging

The standalone sales grew by 4% to Rs 1372.73 crore for Q4 FY17. PBIT margin has inclined by 210 bps to 17.5%. PBIT increased by 18% to Rs 240.17 crore.. This division contributed around 9% to total revenue and 6% to total PBIT.

Paperboards, Paper & Packaging Segment impacted by slowdown in the FMCG & legal cigarette industry, cheap imports and unabsorbed capacity in domestic paperboard industry. Segment Results improved on the strength of richer product mix and benign input prices

The standalone sales decreased by 1% at Rs 5362.86 crore FY17. PBIT margin has inclined by 100 bps to 18%. PBIT increased by 6% to Rs 965.84 crore.. This division contributed around 9% to total revenue and 7% to total PBIT.

The consolidated sales decreased by 1% at Rs 5362.86 crore FY17. PBIT margin has inclined by 100 bps to 18%. PBIT increased by 6% to Rs 965.84 crore.. This division contributed around 9% to total revenue and 6% to total PBIT

Others

The consolidated sales decreased by 2% at Rs 1513.68 crore FY17. PBIT decreased by 19% to Rs 102.71 crore.

Other Developments

Board recommends Dividend of Rs. 4.75 per share for FY17

Valuation

The scrip is trading at Rs 308.65 on BSE.

ITC: Standalone Results

1703(03)1603(03)Var. (%)1703(12)1603(12)Var. (%)
Sales11125.549756.701440088.6836582.6710
OPM (%)34.836.936.437.5
OP3875.393605.05714578.0413714.626
Other Income402.1371.2381985.911769.2612
PBIDT4277.493976.28816563.9515483.887
Interest (Net)-11.4612.2722.9549.13-53
PBDT4288.953964.0181654115434.757
Depreciation241.81246.48-21038.041000.684
PBT4047.143717.53915502.9614434.077
Tax1377.671336.8535302.065105.74
PAT 2669.472380.681210200.909328.379
EPS8.87.98.47.7
*Annualised on diluted capital of Rs 1212.14 crore.
Face Value: Rs 1/- per share
Var. (%) Exceeding 999 has been truncated to 999
LP: Loss to Profit, PL: Profit to Loss
EO: Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

ITC: Standalone Segment results

Segment Revenue1703(03)1603(03)Var. (%)% to Total1703(12)1603(12)Var. (%)% to Total
FMCG-cigarette8954.948545.4655834001.9832348.29557
others2885.762710.7861910511.839731.17818
Total FMCG11840.711256.2457644513.8142079.46675
Hotels386.52362.99621341.731286.1742
Agri business1918.491806.796128264.557456.81114
Paperboard, paper & packaging1372.731315.03495362.865327.719
Total15518.4414741.05510059482.9556150.136100
Less : Inter Segment Revenue635.69708.62-104481.264567.76-2
Revenue from Operations14882.7514032.43655001.6951582.377
2. Segment Results
FMCG-cigarette3258.763018.5688712513.911752.4686
others55.5678.6-29128.12101.76-720
Total FMCG3314.323097.1678812542.0311854.19686
Hotels66.9342.65572110.9555.69991
Agri business134.92170.32-214905.8933.03-36
Paperboard, paper & packaging240.17202.95186965.84907.6267
TOTAL3756.343513.08710014524.6213750.536100
LP: Loss to Profit, PL: Profit to Loss
Figures in Rs crore
Source: Capitaline Corporate Database

ITC: Consolidated Results

1703(12)1603(12)Var. (%)
Sales42803.6139192.19
OPM (%)36.136.9
OP15435.9114450.857
Other Income1761.531530.815
PBIDT17197.4415981.658
Interest (Net)24.353.6-55
PBDT17173.1415928.058
Depreciation1152.791077.47
PBT16020.3514850.658
Tax5549.095358.214
PAT before share of profit/loss from Assocaites & MI10471.269492.4410
Share of profit/loss from Assocaites 5.978.42-29
Minority Interests187.79156.4120
Net Profit10289.449344.4510
EPS8.57.7
*Annualised on diluted capital of Rs 1212.14 crore.
Face Value: Rs 1/- per share
Var. (%) Exceeding 999 has been truncated to 999
LP: Loss to Profit, PL: Profit to Loss
EO: Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

ITC: Consolidated Segment results

Segment Revenue1703(12)1603(12)Var. (%)% to Total
FMCG-cigarette35877.6634062.67557
others10537.469750.64817
Total FMCG46415.1243813.31674
Hotels1414.391357.4342
Agri business8384.867562.741113
Paperboard, paper & packaging5362.865327.719
Others1513.681541.15-22
Total63090.9159602.336100
Less : Inter Segment Revenue4802.964929.16-3
Net Sales / Income from Operations58287.9554673.177
2. Segment Results
FMCG-cigarette13203.712348.08786
others26.1588.71-710
Total FMCG13229.8512436.79686
Hotels117.1261.61901
Agri business926.32950.88-36
Paperboard, paper & packaging965.84907.6266
Others102.71127.11-191
TOTAL15341.8414484.016100
LP: Loss to Profit, PL: Profit to Loss
Figures in Rs crore
Source: Capitaline Corporate Database

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