TCS reported 15.1% rise in consolidated net profit to Rs 5333 crore on 1.5% increase in revenue to Rs 21294 crore in Q3 December 2013 over Q2 September 2013. The result was announced after market hours on Thursday, 16 January 2014.
Operating profit grew 0.5% to Rs 6337 crore in Q3 December 2013 over Q2 September 2013. Operating margin was reported at 29.8% in Q3 December 2013.
Commenting on the Q3 performance, Chief Executive Officer and Managing Director, N Chandrasekaran said: "Strong international demand for our services and discipline in execution has helped TCS maintain its momentum and post robust growth in volumes as well as realisation. Our diversified market presence and services portfolio have helped us overcome seasonal weakness and soft demand in the Indian market.
Mr Chandrasekaran added: Based on initial discussions with our customers we believe 2014 will be a stronger year for us than 2013, as customers execute their business plans in a relatively stable environment. With Digital technologies rapidly changing the way an enterprise operates in multiple dimensions, our continuous investments positions us well to help customers reimagine their business.
Rajesh Gopinathan, Chief Financial Officer, said: We have been able to maintain our profitability by operating in a disciplined manner while sustaining our investments in customer-facing initiatives globally. We have also been able to significantly increase our cash generation due to efficient working capital management.
Growth in Q3 was driven by industries like Life Science & Healthcare, Manufacturing, Media, Travel & Hospitality and Telecom. The company's broad based presence across markets and services helped overcome seasonal weakness in some markets. Europe led growth, driven by the continuous investments being made in that market, while North America and UK also grew during the quarter. Among growth markets, Latin America, APAC and MEA registered strong growth. India business suffered from volatility and declined sequentially. Among service lines, Business Process Services, Enterprise Solutions, Global Consulting were the leaders.
Coal India turns ex-dividend today, 17 January 2014, for dividend of Rs 29 per share for the year ending March 2014. Before turning ex-dividend, the stock offered a dividend yield of 9.58% based on the closing price of Rs 302.70 on Thursday, 16 January 2014.
HDFC Bank, Reliance Industries (RIL), ITC and Wipro announce Q3 results today, 17 January 2014.
Hindustan Zinc, Federal Bank, NIIT, PTC India and TTK Prestige among others will also release their earnings for December quarter today, 17 January 2014.
Bajaj Holdings & Investment (BHIL)'s consolidated net profit rose 9.14% to Rs 493.74 crore in Q3 December 2013 over Q3 December 2012. The company announced the result after market hours on Thursday, 16 January 2014. BHIL, with a sizeable pool of cash and cash equivalents, is essentially an investment company, holding as on 31 December 2013, strategic stakes of 31.49% in Bajaj Auto, 39.16% in Bajaj Finserv and 24% Maharashtra Scooters, the results of which are consolidated with BHIL.
BHIL's standalone financials showed that the company's profit on sale of investment (net) declined sharply to Rs 27 crore in Q3 December 2013, from Rs 54 crore in Q3 December 2012. On the other hand, interest and other income surged sharply to Rs 69 crore in Q3 December 2013, from Rs 31 crore in Q3 December 2012.
Private sector air carrier Jet Airways (India) after market hours on Thursday, 16 January 2014, said that Mr. Garry Kenneth Toomey, Chief Executive Officer (CEO) of the company has resigned with immediate effect. Mr. Ravishankar Gopalakrishnan, the Chief Financial Officer (CFO), will officiate as the acting Chief Executive Officer of the company till the board identifies and appoints a new CEO, the company said.
On a consolidated basis, MindTree's net profit fell 31.2% to Rs 88.50 crore on 2.7% rise in revenue to Rs 790.60 crore in Q3 December 2013 over Q2 September 2013. The result was announced after market hours on Thursday, 16 January 2014. In dollar terms, Mindtree's consolidated net profit declined 31.5% to $14.20 million on 2.5% growth in revenue to $127.10 million in Q3 December 2013 over Q2 September 2013.
The company reported a forex loss of Rs 27.20 crore in Q3 December 2013 compared with a net forex gain of Rs 20 crore in Q2 September 2013.
"We are seeing good business momentum and traction with our clients. Our strong deal pipeline, improved client metrics, proven leadership, global right-sourcing delivery model, and ability to attract and retain talent demonstrate our confidence for a promising future. We will continue to invest in technology-led solutions as our clients are favourably responding to it by making MindTree a significant part of their strategic initiatives," said Krishnakumar Natarajan, CEO & Managing Director, MindTree.
A panel of ministers has approved sale of a 10% stake in Indian Oil Corporation through a block deal on the stock exchanges, Oil Minister Veerappa Moily was quoted by media as saying on Thursday, 16 January 2014. State exploration firms ONGC and Oil India will buy the stake, Oil Secretary Vivek Rae was quoted as saying. The transaction is likely within the next week or so, Rae said.
Corporation Bank clarified that it signed a Memorandum of Understanding (MoU) with Geojit BNP Paribas Financial Services on 10 January 2014, to offer trading account facilities to its retail customers. This has been done consequent upon withdrawal of Trading account facilities by HSBC Invest Direct to retail customers of the bank.
The clarification was issued after a media report suggested that Corporation Bank signed pact with Geojit for integrated account.
Aksh Optifibre said it has been awarded a Rs 200 crore plus order for Package B of ambitious National Optic Fibre Network (NOFN) backbone project. The project is aimed at providing connectivity to over 250,000 gram panchayats across the country for better e-governance, e-health services and educational services.
Igarashi Motors India announced that on 16 January 2014, the allotment committee of board of directors of the company approved allotment of 92.32 lakh equity shares of Rs 10 each to Padamabhan Mukund at Rs 65 per share upon conversion of 92.32 lakh Optionally Convertible Redeemable Debentures (OCD). Post allotment of 92,32,362 equity shares of face value Rs 10 each, the company's issued and paid-up share capital is at 3.04 crore equity shares of face value Rs 10 amounting to Rs 30.44 crore.
Rallis India's consolidated net profit rose 38% to Rs 30 crore on 17% rise in net sales to Rs 396 crore in Q3 December 2013 over Q3 December 2012.
GRUH Finance's net profit rose 22% to Rs 35.24 crore on 30.6% rise in total income to Rs 217.39 crore in Q3 December 2013 over Q3 December 2012.
KRBL's consolidated net profit rose 241.7% to Rs 71.08 crore on 42.7% rise in total income to Rs 715.72 crore in Q3 December 2013 over Q3 December 2012.
Powered by Capital Market - Live News
