On a consolidated basis, Infosys' net profit rose 1.4% to Rs 2407 crore on 15.1% increase in total revenues to Rs 12965 crore in Q2 September 2013 over Q1 June 2013. Figures are as per International Financial Reporting Standards (IFRS). The company announced the result before trading hours today, 11 October 2013.
Infosys said it expects dollar revenues to grow 9% to 10% in the fiscal year ending 31 March 2014. In rupee terms, the company said expects revenues to grow 21% to 22% in the fiscal year ending 31 March 2014, under IFRS standards.
"During the quarter we witnessed broad-based volume growth, robust client additions, five large deal wins and increased sales momentum of our big data and cloud offerings. This growth is a result of our focus on execution, which helps our clients achieve their objectives." said S. D. Shibulal, CEO and Managing Director. "We will continue with planned investments and initiatives to explore new avenues of growth. We remain watchful of the sustainability of improving global economic fundamentals", he added.
The global currency market remains volatile with the Indian Rupee depreciating by 11% during the quarter. We have an active hedging program to minimize its impact on our margins. We will continue our focus on optimizing costs and enhancing the efficiency of our operations, said Rajiv Bansal, Chief Financial Officer.
Infosys' liquid assets including cash and cash equivalents, available-for-sale financial assets, and government bonds were Rs 26907 crore as on 30 September 2013 versus Rs 24078 crore as on 30 June 2013.
Reliance Industries (RIL) and the Venezuelan state oil company, Petroleos de Venezuela, SA (PdVSA) have signed a Joint Study Agreement for Ayacucho Block 8 in Orinoco Oil Belt. As per the study agreement, both the parties will jointly evaluate the development plan for Ayacucho 8. RIL and PdVSA have also extended the term of the memorandum of understanding (MoU) signed between the parties last year by one year for continued cooperation. The signing of the Joint Study Agreement for Ayacucho Block 8 and the extension of MoU marks further strengthening of the long standing relationship between RIL and PdVSA as well as between India and Venezuela, RIL said in a statement.
Sobha Developers announced that the income tax authorities conducted a routine verification of books of account at the company's premises on Thursday, 10 October 2013. The company said that as a law abiding corporate citizen, it extended its full cooperation and assistance during the course of verification.
PTC India Financial Services (PFS) net profit rose 4.35% to Rs 30 crore on 50% increase in total revenue to Rs 109.45 crore in Q2 September 2013 over Q2 September 2012.
Net interest income (NII) grew by 30% to Rs 50.14 crore in Q2 September 2013 over Q2 September 2012. PFS' net interest margin (NIM) was reported at 6.92% in Q2 September 2013 compared with 8.75% in Q2 September 2012.
Binny said its board will meet on 12 October 2013, to consider entering into an memorandum of understanding for the purpose of sale of a parcel of land belonging to the company.
Hotel Leelaventure and Kempinski (a German hotel group) have mutually decided to end their 25 year old relationship with effect from 1 October 2013.
Arvind announced that Ralph Lauren Corporation USA (RLC) has instituted a suit in the United States District Court, against US Polo Association, USA (USPA) and Arvind India, alleging breach of agreement between Ralph Lauren Corporation, USPA and Arvind on account of non compliance in respect of disclaimers to be printed on USPA products sold in India.
Arvind Lifestyle Brands (ALBL), subsidiary of Arvind, has license to manufacture and market USPA branded products in India.
It is pertinent to note that first RLC issued a notice for arbitration to be held in India against USPA and Arvind in the above matter. Arvind and ALBL were successful in obtaining a temporary injunction against the commencement of the arbitration from the jurisdictional court in India, which injunction is currently operative. Unfortunately during the pendency of the said injunction, RLC has instituted the suit in New York.
Based on the legal advice received, both Arvind and ALBL are confident of their strong position and believe that they will be able to successfully defend this matter as there is no breach of agreement as alleged by RLC, Arvind said in a statement.
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