Allsec Tech, Greaves Cotton, EID Parry & Hexaware results

Allsec Tech net up 27%

Allsec Technologies has reported a growth of 27.2 per cent in its net profit at Rs 7.40 crore for the second quarter ended September 30 as compared with Rs 5.82 crore in the corresponding period last year.

Income from operations grew by 28.7 per cent to Rs 30.83 crore from Rs 23.96 crore during the period under review.

For the half year ended September 30, net profit grew by 45.1 per cent to Rs 14.18 crore against Rs 9.77 crore last year. Income from operations was Rs 58.49 crore, a growth of 38.5 per cent over Rs 42.24 crore last year.

On a sequential basis, profit after taxes was higher by 9.3 per cent and income from operations was higher by 11.5 per cent.

Adi Saravanan, founder and president, Allsec, said the company is expecting a growth of 40 to 45 per cent for this financial year. Flush with funds after investment by private equity firm First Carlyle in Allsec, the company is currently looking at acquiring companies in the US and also in Australia. It is looking at companies focusing on verticals, such as healthcare, mortgage and insurance.

He added that Allsec was looking at the option of acquiring some BPO divisions of foreign companies in the country. The company hopes to finalise the acquisition before the end of the financial year.

Greaves Cotton net at Rs 25 cr

Greaves Cotton Ltd, one of the country's leading engineering companies, has reported higher revenues at Rs 286 crore for the quarter ended September 30 as against Rs 215 crore during the corresponding quarter last year, registering a growth of 33 per cent.

The Profit after tax (PAT) has increased by 57 per cent to Rs 24.6 crore as against Rs 15.7 crore in the period under review. The company has declared an interim dividend of 20 per cent equivalent to Rs 2 a share. Both its core business segments, engines and infrastructure equipment, have performed well with the sales going up by 28 per cent and 67 per cent respectively for the current quarter over the corresponding period last year.

The company has already initiated the process of setting up two new units "� one in Aurangabad for the manufacture of diesel engines and the other in Gummidipoondi for the manufacture of construction equipment. During the current year, the company has planned a major thrust towards upgrade and innovation of new products.

Greaves is a multi-product, multi-locational company with core competencies in the areas of diesel engines and infrastructure equipment. The company sustains its leadership through seven manufacturing units, which produce world-class products backed by comprehensive marketing, service and parts network throughout the country.

EID Parry net at Rs 26 crore
EID Parry India Ltd has posted a net profit of Rs 26.32 crore for the quarter ended September 30. The company had registered a net profit of Rs 27.99 crore during the corresponding period last year.

Turnover of the company stood at Rs 169.43 crore as against Rs 223.38 crore last year.

The previous year's figures include the results of the erstwhile Parryware division and hence not comparable with the company's current year results.

For the half year ended September 30, the net profit of the company was at Rs 134.61 crore as against Rs 39.72 in the corresponding period last year. Turnover of the company was Rs 345.49 crore as against Rs 401.05 crore during the period under review. The board of directors have approved the proposal of amalgamation of Parry Nutraceuticals Ltd (PNL), its wholly-owned unlisted subsidiary, with the company, with effect from September 1, 2006. This is subject to the approval of shareholders.

Hexaware PAT up 44% Rs 35 crore
Hexaware Technologies announced a consolidated revenue of Rs 224.97 crore for the third quarter ended September 30 as against Rs 177.57 crore for the corresponding period last year "� a year-on-year growth of 28.1 per cent.

The sequential growth was 8.7 per cent when compared to its second quarter figures of Rs 206.88 crore this year.

The company registered a profit after tax (PAT) of Rs 34.68 crore "� a 44.1 per cent increase when compared to the corresponding quarter figures of Rs 24.06 crore last year. The sequential PAT increased by 16.5 per cent over this year's second quarter figures of Rs 29.77 crore.

The company's global headcount increased by 757 to touch a figure of 5,487, the highest addition in any quarter. Its annualised EPS (basic) stood at Rs 10.2 and operating margins improved to 13.6 per cent compared to 12.8 per cent in the second quarter of this year.

The company added 11 new clients and its attrition rate stood at 14.2 per cent on an annualised basis. The company says 88.2 per cent of its revenue was from repeat business. The number of clients in the $5-10 million range stands at five, while that of over $10 million increased to four.

"For the third consecutive quarter, we have exceeded guidance, supported by sharp increase in operating metrics. We now have 40 customers billing over $1 million each. The pricing environment is stable with some new clients coming at higher bill rates," said Atul Nishar, executive chairman, Hexaware Technologies.

The company's operating margins increased from 12.8 per cent to 13.6 per cent, despite a small forex loss. "This has largely resulted from higher utilisation and slightly better rates. PAT margin of 15.4 per cent is our highest ever," said Rusi Brij, vice-chairman and CEO.

The company said for the quarter ending December 31, 2006, its revenue from operations will touch $51 million (around Rs 230 crore) "� a growth of 5 per cent over this quarter and 39.9 per cent over the fourth quarter figures of 2005.

Its net profit guidance of $8 million (around Rs 37 crore) represents a growth of 6.67 per cent over this quarter figures.