Wipro to be watched after Q4 results

Wipro on Friday, 19 April 2013, said its consolidated net profit as per International Financial Reporting Standards (IFRS) rose 17% to Rs 1729 crore on 12% growth in revenue to Rs 11026 crore in Q4 March 2013 over Q4 March 2012. Net profit from continuing operations rose 13% to Rs 1576 crore on 13% growth in revenue to Rs 9614 crore in Q4 March 2013 over Q4 March 2012. Wipro demerged all its non-IT businesses into a separate company with effect from 31 March 2013 and therefore the company has given separate information on continuing operations as a pure play IT company. Net profit from continuing operations rose 17% to Rs 6136 crore on 17% growth in revenue to Rs 37688 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).

Wipro's IT services revenue rose 0.5% to .585 billion in Q4 March 2013 over Q2 December 2012. On year on year basis, IT services revenue rose 3.2% to .585 billion in Q3 March 2013 over Q3 March 2012. Wipro expects a between 0.63% fall to a growth of 1.57% in revenue from IT services business at between .575 billion to .61 billion in Q1 June 2013 over Q4 March 2013.

Commenting on the financial performance for the quarter and year ended 31 March 2013, Azim Premji, Chairman of Wipro, said: "We have completed the demerger of the 'Diversified Business' effective 31 March 2013 to make Wipro a pure play IT company. We are confident that being a technology-focused company will provide a fresh momentum for growth."

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said: "The cross currencies have been volatile and impacted our financial performance in the quarter. Excluding the impact of foreign exchange, we have been able to maintain margins on a sequential basis. We have shown significant improvements in cash flow generation for the year."

T K Kurien, Executive Director & Chief Executive Officer, IT Business, said: "We continue to see improvement in our customer satisfaction and employee engagement. Our continued investments in the go-to-market organization positions us well for the future."

Cairn India and UltraTech Cement will announce their Q4 results today, 22 April 2013.

Bharat Petroleum Corporation (BPCL) after trading hours on Thursday, 18 April 2013, said that Anadarko Mocambique Area 1 Limitada, the operator of the offshore Area 1 block in the Rovuma basin, Mozambique, has announced the discovery of a new natural gas accumulation fully contained within the Offshore Area 1 of the Rovuma basin. Bharat PetroResources (BPRL), a wholly owned subsidiary of BPCL, has 10% participating interest in the block. The Orca-1 discovery well encountered approximately 58 net metres of natural gas pay in a Paleocene fan system. The operator has informed that an initial two well appraisal program is being designed to define the areal extent of the Orca field, which will commence immediately after drilling of the Linguado and Espadarte exploration wells. Orca is a single large Paleocene column, and its proximity to shore provides additional options and flexibility for potential future developments.

Sesa Goa on Friday, 19 April 2013, said that the company is in the process of securing the necessary statutory clearances to resume iron ore mining operations in Karnataka shortly. The Supreme Court of India has given clearance for resumption of mining operations for A and B category mines in Karnataka subject to statutory clearances, vide its order dated 18 April 2013. Sesa Goa's Karnataka mine falls under B category.

United Breweries said after market hours on Friday, 19 April 2013 that High Court of Karnataka has approved the scheme of amalgamation between Scottish & Newcastle India and United Breweries. The certified true copy of the court has been filed with the Registrar of Companies, Karnataka and the Scheme has become effective. Further The company shall in due course allot equity shares to the eligible shareholders in terms of the scheme, company said in a statement.

Reliance Communications (RCom) said that it was no longer in talks with Bahrain Telecommunications Company (Batelco) for selling one of its subsidiaries.

Instead, the company said that private equity (PE) funds led by Samena Capital were in advanced talks to acquire Reliance Globalcom, which owns undersea cable company Flag Telecom.

Samena Capital, in a proposed consortium with certain other global PE funds, is at an advanced stage of the process of due diligence and completion of definitive documents in relation to the acquisition of Reliance Globalcom, RCom said in a statement.

The intended time line for completion is end of May 2013. At this point, there can be no certainty that this will lead to a transaction, the company added.

Essel Propack said that on 17 April 2013, there was a minor fire at the rear mechanical room of the company's manufacturing plant at Danville V.A. in USA. The building's sprinkler system got activated and doused the fire immediately. There were no casualty or any damage to property. However, on account of the water spray from the sprinklers on a few electrical panels the plant was temporarily stopped in order to facilitate change of the components. The plant resumed operation partially on 18 April 2013 and was fully operational on 19 April 2013, the company said in a statement.

PC Jeweller said it opened its thirty-third showroom on 20 April 2013, at Ahmedabad in Gujrat.

Oberoi Realty's consolidated net profit rose 1.1% to Rs 145.17 crore on 19.7% growth in net sales to Rs 302.75 crore in Q4 March 2013 over Q4 March 2012. Earnings before interest, taxation, depreciation, and amortization (EBITDA) stood at Rs 200.01 crore in Q4 March 2013. EBITDA margin stood at 61.35% during the quarter. The profit before tax (PBT) rose 2.53% to Rs 192.71 crore in Q4 March 2013 over Q4 March 2012. The company announced the results after market hours on Friday, 19 April 2013.

The company's total sales volume declined 32.95% to 1.18 lakh sq. ft in Q4 March 2013 over Q4 March 2012. Total sales value fell 20.17% to Rs 222.66 crore in Q4 March 2013 over Q4 March 2012.

Oberoi Realty's consolidated net profit rose 9.1% to Rs 504.79 crore on 27.3% growth in net sales to Rs 1041.75 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). EBITDA stood at Rs 712.01 crore in FY 2013. EBITDA margin for FY 2013 was at 62.05%. PBT rose 12.73% to Rs 683.06 crore in FY 2013 over FY 2012.

The company's total sales volume declined 29.44% to 4.96 lakh sq. ft in FY 2013 over FY 2012. Total sales value fell 9.57% to 868.69 crore in FY 2013 over FY 2012.

Commenting on the company's performance, Mr. Vikas Oberoi, CMD, Oberoi Realty said, We are fairly satisfied with our performance that has remained steady in the last fiscal year, as there continues to be demand for quality projects by reputed developers at the right price. Our residential properties have maintained traction with the discerning flat purchases and our rental income from our strategic investment properties continues to give us the stability. Our order books remain robust and continue to earn confidence of our partners and stakeholders. Considering the cyclical nature of our business, and the macro economic factors globally and locally, we will continue to be financially prudent and explore the various opportunities to acquire land that make business sense for the company.

Oberoi Realty's board of directors at a meeting held on Friday, 19 April 2013, recommended a dividend of Rs 2 per share for FY 2013.

Tata Elxsi's consolidated net profit declined 1.5% to Rs 8.14 crore on 12.3% growth in net sales to Rs 163.43 crore in Q4 March 2013 over Q4 March 2012. The company announced the results after market hours on Friday, 19 April 2013.

The company's consolidated net profit declined 38.4% to Rs 21.31 crore on 15.4% growth in net sales to Rs 621.67 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).

Tata Elxsi's board of directors at a meeting held on Friday, 19 April 2013, recommended a dividend of Rs 5 per share for FY 2013.

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