Tata Motors’s consolidated Q1 net profit up more than 41%

Aug 9, 2017 0

Mumbai– Automobile manufacturer Tata Motors on Wednesday reported a rise of over 41 per cent in its consolidated net profit for the first quarter (Q1) of 2017-18 due to “one-time gain” on account of changes made to the Jaguar Land Rover (JLR) pension plans.

The automobile major’s consolidated net profit (post profit or loss in respect of joint ventures and associate companies) increased to Rs 3,200 crore from Rs 2,260 crore for the corresponding quarter of 2016-17.

The one-time gain of Rs 3,609 crore (£437 million) relating to the changes made to the JLR pension plans.

“Consolidated profit after tax (post profit or loss in respect of joint ventures and associate companies) for the quarter are lower by Rs 793 crore due to translation impact from GBP to INR,” the company said in a statement

According to the auto major, its consolidated revenues (net of excise) declined by 10 per cent to Rs 58,651 crore as against Rs 65,115 crore for the corresponding quarter last year.

The company said that its consolidated revenues for the quarter were lower by Rs 7,761 crore due to translation impact from GBP to INR.

“While the first quarter results have not met our expectations, we are working with renewed focus and energy to improve performance of our commercial and passenger vehicle businesses,” said Guenter Butschek, MD & CEO, Tata Motors.

“Our focus on topline, market share growth, major cost reduction initiatives and efficiency improvements have been significantly enhanced and accelerated in the last few months.”

On a standalone basis, the company reported a net loss of Rs 467.05 crore for Q1, 2017-18 from a net profit of Rs 26 crore for the corresponding quarter of 2016-17.

The auto major’s revenues (net of excise) (including joint operations) for the quarter ended June 30, 2017 stood was lower by 11.41 per cent to Rs 9,207 crore, as compared to Rs 10,393 crore earned for the corresponding quarter last year.

“The sales (including exports) of commercial and passenger vehicles for the quarter ended June 30, 2017, stood at 111,860 units, a de-growth of 11.8 per cent, as compared to the corresponding quarter last year,” the statement added. (IANS)

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Piramal Enterprises’ net up 60 percent in Q1

Aug 1, 2017 0

Mumbai–Piramal Enterprises Ltd on Tuesday reported a consolidated net profit of Rs 350 crore for the first quarter of 2017-18, registering a 60 per cent annual growth from Rs 219 crore over the same period a year ago.

In a regulatory filing on the BSE, the Piramal group’s flagship company said revenue from operations for the quarter under review grew 27 per cent annually to Rs 2,254 crore from Rs 1,776 crore in the like period a year ago.

On standalone basis, net profit for Q1, however, plunged a whopping 84 per cent to Rs 42 crore from Rs 258 crore a year ago, while revenue declined 40 per cent annually to Rs 621 crore from Rs 1,041 crore a year ago.

Sequentially, consolidated net profit declined 12.3 per cent from Rs 399 crore a quarter ago and revenue dipped 8.5 per cent from Rs 2,463 crore a quarter ago.

On standalone basis, net profit, however, zoomed 289 per cent sequentially from Rs 11 crore a quarter ago but revenue dipped 34 per cent sequentially from Rs 936 crore a quarter ago. (IANS)

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Tata Communication net profit down 22 percent in Q1

Jul 24, 2017 0

Mumbai–Tata Communications on Monday reported a 22.27 percent fall in its consolidated net profit at Rs 32.94 crore in the quarter ended June 30, as compared to Rs 42.38 crore in the year-ago period.

Its total income also fell by 4.34 percent to Rs 4,354.39 crore during the quarter under review from Rs 4,552.30 crore in the same period a year ago.

“On a year-on-year basis core revenues declined, as expected, primarily due to de-growth in the voice business; in-line with the industry trends,” the company said in a statement.

It also said that its data services revenue improved by 4.6 percent on year-on-year basis.

“Digitalisation continues to create new avenues for growth across our entire business portfolio, and our investments in digital competencies hold us in good stead for the future. Having established a broad and deep portfolio that enables digital and global transformations, we are now pivoting our customer engagement around business themes rather than just technology,” said MD and CEO Vinod Kumar.

The company is also proactively investing into futuristic workflows and systems that will boost its productivity and enhance the customer experience. These investments will positively impact the medium to long term margins, he said.

CFO Pratibha K. Advani said: “Our free cash flow generation remains robust notwithstanding investments into new growth services and for our in-house business transformation projects. We are fully geared to capitalise on this opportunity.”

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Vijaya Bank net up 57 percent in Q1

Jul 22, 2017 0

Bengaluru–State-run Vijaya Bank Ltd on Saturday reported a Rs 255 crore net profit for the first quarter of fiscal 2017-18, registering a 57 per cent annual growth from Rs 162 crore in the same period a year ago.

Sequentially, net profit grew 25 per cent from Rs 204 crore a quarter ago.

Operating profit for the quarter under review (Q1) also zoomed 64 per cent annually to Rs 753 crore from Rs 459 crore in the like period a year ago but only 7 per cent sequentially from Rs 703 crore a quarter ago.

“Total income, however, grew 6.5 per cent yearly to Rs 3,510 crore in Q1 from Rs 3,295 crore in the same period year ago and was flat sequentially (0.14 per cent) from Rs 3,505 crore quarter ago,” said the bank in a statement here.

The bank’s provisioning for non-performing assets (NPAs) shot up 63 per cent annually to Rs.411 crore in Q1 from Rs 253 crore in the like period a year ago and 19 per cent sequentially from Rs 345 crore a quarter ago.

CASA deposits increased 30 per cent annually to Rs 36,318 crore, with Current Accounts forming Rs 7,998 crore and Saving Accounts Rs 28,320 crore during the quarter under review.

“Focus on assets quality resulted in net NPA declining marginally to 5.24 per cent from 5.42 per cent a year ago,” added the statement. (IANS)

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Reliance Industries Q1 consolidated net income up by 28 percent

Jul 20, 2017 0

New Delhi– Industrialist Mukesh Ambani-led Reliance Industries Ltd’s (RIL) consolidated net profit went up by 28 per cent during the first quarter (April-June) of 2017-18, a company statement said here on Thursday.

Consolidated net profit of the company stood at Rs 9,108 crore as against Rs 7,113 crore in the corresponding period of the previous year.

The company clocked a revenue of Rs 90,537 crore, an increase of 26.7 per cent, as compared to Rs 71,451 crore in the corresponding period of the previous year.

“Our Company recorded yet another strong quarterly performance with net profit of Rs 9,108 crore, up 28 per cent year-on-year. Our industry leading portfolio of assets in the refining and petrochemicals business contributed to considerable improvement in our earnings for the quarter. Retail business also witnessed accelerated growth momentum with year-on-year revenue growth of 74 per cent,” said Ambani, Chairman and Managing Director, RIL.

Regarding the company’s telecom venture Jio, he said it has revolutionised the Indian telecom and data consumption landscape.

“This digital services business has been built to address the entire value chain across the digital services domain with smart applications to make life simple, beautiful and secure.”

The company’s capital expenditure for the first quarter was Rs 25,192 crore including exchange rate difference capitalisation. Capital expenditure was principally on account of ongoing projects in the petrochemicals and refining business at Jamnagar and digital services business.

During the quarter, the company said employee-cost increased by 16.3 per cent at Rs 2,455 crore as against Rs 2,111 crore in the corresponding period of the previous year due to increased employee base and higher payouts.

RIL will be holding its annual general meeting on Friday.

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Wipro net dips 8 percent quarterly, flat yearly

Jul 20, 2017 0

Bengaluru–Global software major Wipro Ltd on Thursday reported Rs 2,080 crore net profit for the first quarter of fiscal 2017-18, registering 8 per cent sequential decline from Rs 2,260 crore quarter ago but 1.2 per cent up annually from (Rs 2,059 crore) the like period year ago.

In a regulatory filing on the BSE, the IT major said revenue for the quarter (Q1) under review at Rs 13,630 crore was 2.5 per cent lower sequentially from Rs 13,990 crore quarter ago and flat (0.2 per cent) annually from Rs 13,599 crore in the same period year ago.

Under the International Financial Reporting Standard (IFRS), net income for Q1 was up 1.2 per cent yearly to $321 million and gross revenue flat (0.2 per cent) yearly at $2.1 billion.

Revenue from IT services business at $1,972 million was flat (0.9 per cent) quarterly but up 2.1 per cent annually under IFRS.

Profit from IT services business declined 5.8 per cent year-on-year (YoY) to Rs.2,190 crore or $339 million. Operating margin from IT services was 16.8 per cent for Q1. (IANS)

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State Bank of India net profit up 122.72 percent in Q4

May 19, 2017 0

Kolkata–India’s largest public sector State Bank of India on Friday reported a 122.72 per cent increase in its net profit to Rs 2,815 crore in the last quarter of 2016-17 fiscal ended March 31.

The SBI’s net profit was Rs 1,264 crore in the same period in 2016.

The bank’s total income in the quarter under review was at Rs 57,720.07 crore, up 7.8 per cent from Rs 53,526.97 crore in the corresponding period of the previous fiscal, the lender said in a regulatory filing.

The bank’s net interest income rose by 17.33 per cent to Rs 18,071 crore in the last quarter of the last fiscal from Rs 15,401 crore in the corresponding period of previous fiscal.

Its operating profit increased by 12.93 per cent to Rs 16,026 in three months ended March 31, from Rs 14,192 crore in corresponding period of previous fiscal.

Deposits of the bank increased to Rs 20,44,751 crore as on March 17, up by 18.14 per cent year-on year from Rs 17,30,722 crore, it said in a statement.

Gross advances increased by 7.8 per cent from Rs 15,09,500 crore as on March 16 to Rs 16,27,273 crore as on March 17.

Large corporate advances rose 3.59 per cent from Rs 3,30,136 crore as on March of previous fiscal to Rs 3,41,990 crore as on last March.

The lender said its gross non performing assets (NPAs) increased to Rs 1,12,343 crore as on March 31, from Rs 98,113 crore in the year ago, while its gross NPA ratio stood at 6.9 per cent in March 2017.

The state lender reduced loan loss provisions by 9.44 per cent to Rs 10,993 crore in the three months ended March as compared to Rs 12,139 in the year-ago period.

Return on assets declined marginally by five basis points to 0.41 per cent as on March 2017, from 0.46 per cent in the year-ago. (IANS)

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HCL net up 21 percent in Q4; projects flat growth in FY18

May 11, 2017 0

New Delhi– Global software major HCL Technologies Ltd, which posted double-digit net profit and revenue growth for the fourth quarter (Q4) and fiscal 2016-17, on Thursday projected flat revenue growth for fiscal 2017-18 in dollar terms.

“Revenue for fiscal 2017-18 (FY 2018) is expected to grow 9.9-11.9 per cent year-on-year (YoY) as compared to 11.9 per cent YoY growth posted in fiscal 2016-17 (FY 2017) in dollar terms,” said the Noida-based company in a statement here.

In constant currency, revenue is expected to grow 10.5-12.5 per cent YoY in dollar terms.

“The revenue guidance is based on average exchange rate of US dollar (Rs 65.50) and other currencies in FY 2017,” noted the statement.

Operating Margin is expected to be 19.5-20.5 per cent for FY 2018.

In a regulatory filing on the BSE earlier in the day, the company said it posted Rs 2,325 crore consolidated net profit for Q4 registering 21 per cent YoY growth from Rs 1,926 crore in the same period year ago (2015-16).

Sequentially, the net profit in Q4 (Rs 2,325 crore) increased from Rs 2,070 crore in the third quarter (Q3), posting 12.3 per cent Quarter-on-Quarter (QoQ) growth.

Consolidated revenue for the quarter (Q4) under review grew 12.7 per cent YoY to Rs 12,053 crore from Rs 10,698 crore in like period year ago and two per cent QoQ from Rs 11,814 crore quarter ago (Q3).

For FY 2017 under review, net profit grew 15 per cent YoY to Rs 8,457 crore from Rs 7,354 crore year ago (FY 2016) and revenue 14.2 per cent YoY to Rs 46,723 crore from Rs 40,913 crore year ago (FY 2016).

Under the International Financial Regulatory Standards (IFRS), net income for Q4 grew 22.7 per cent YoY to $350 million from $285 million in like period year ago and 14.3 per cent QoQ from $306 million quarter ago (Q3).

Gross revenue under IFRS for Q4 grew 14.5 per cent YoY to $1,817 million from $1,587 million in the same period year ago and 4.1 per cent QoQ from $1,745 million quarter ago (Q3).

Net income for FY 2017 under IFRS grew 12.9 per cent YoY to $1,262 million from $1,118 million in FY 2016 and gross revenue 11.9 per cent YoY to $6,975 million from $6,235 million in FY 2016.

“We are pleased with our industry-leading financial results for the fourth quarter and the full year. In Q4, we had a healthy 3.8 per cent sequential revenue growth in constant currency,” said HCL Technologies Chief Executive Officer C. Vijayakumar in the statement later.

For the fiscal under review, the IT major delivered a double-digit constant currency revenue growth of 13.7 per cent, which is at the higher end of its guided range.

“Our differentiated services, which focus on new growth areas like digital, Cloud, security and IoT (Internet of Things) as well as products and platforms registered an impressive 30.9 per cent YoY growth in the fiscal under review,” noted Vijayakumar.

Commenting on the results, HCL Chairman Shiv Nadar said the company remained at the forefront of the changing market paradigm with leadership, value-driven business model and focus on sustainability, diversity and inclusion.

“With the advent of the fourth industrial revolution, we are seeing a convergence of physical and digital worlds. This convergence is creating an interplay of business models and redefining the way value is created and delivered,” Nadar said in the statement.

HCL Chief Financial Officer Anil Chanana said that cash flow generation during the fiscal was robust, with net income to operating cash flow conversion at 112 per cent.

“Our focus on rewarding shareholders continues, with Rs 3,500-crore buyback of shares (Rs 2 face value) programme. Return on equity continues to be healthy at 27 per cent for the fiscal,” added Chanana.

With a net addition of 11,077 employees in FY 2017, the headcount increased to 115,973 from 104,896 in FY 2016, while annual attrition declined marginally to 16.9 per cent from 17.3 per cent year ago. (IANS)

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Biocon net declines 62% in Q4

Apr 27, 2017 0

Bengaluru–India’s biotechnology major Biocon Ltd has posted Rs 127 crore consolidated net profit for the fourth quarter (January-March) of fiscal 2016-17 as against Rs 333 crore in the same period year ago, registering a whopping decline of 62 per cent year-on-year (YoY).

In a regulatory filing on the BSE on Thursday night, the city-based pharmaceutical company said consolidated revenue for the quarter (Q4) under review was muted at Rs 974 crore as against Rs 973 crore in like period year ago.

Ebitda (earnings before interest, tax, depreciation and amortisation), however, grew 5 per cent YoY to Rs 231 crore from Rs 221 crore in like quarter year ago.

Sequentially or quarter-on-quarter (QoQ), net profit in Q4 (Rs 127 crore) was 26 per cent lower YoY from Rs 171 crore in the third quarter (October-December).

Revenue too in Q4 (Rs 974 crore) was 11 per cent lower QoQ from Rs 1,092 crore in the third quarter (Q3) and Ebitda (Rs 231 crore) was 29 per cent lower YoY from Rs 324 crore in Q3.

For the fiscal under review (FY 2017), consolidated net profit grew 11 per cent YoY to Rs 612 crore from Rs 550 crore in fiscal 2015-16 (FY 2016).

Consolidated revenue for FY 2017 grew 18 per cent YoY to Rs 4,079 crore from Rs 3,460 crore in FY 2016, while Ebitda grew 34 per cent YoY to Rs 1,137 crore from Rs 847 crore in FY 2016.

“We have closed FY 2017 with 18 per cent revenue growth, led by a sturdy performance of our Biologics and Small Molecules businesses,” said Biocon Chairperson Kiran Mazumdar-Shaw in a statement later.

Net profit before exceptional item for Q4 at Rs 135 crore was 75 per cent up YoY and for FY 2017 at Rs 620 crore 54 per cent up YoY.

“FY 2017 was a landmark year wherein we established our credibility as a global biosimilars player with the launch of our insulin Glargine pen in Japan and submission of five regulatory filings of biosimilars in the developed markets of the US and the EU,” recalled Shaw in the statement.

The company’s subsidiary in Malaysia became operational with the Malaysian government’s exclusive contract for its insulins, which expanded its footprint in emerging markets. The multiple clinical and regulatory milestones crossed in our biosimilars business augur well for the future.

The company’s Board of Directors recommended bonus shares in the ratio of 2:1 shares of Rs 5 face value, i.e. one bonus share for every two equity shares.

The blue scrip share, however, ended at Rs 1,119.60 per share on the BSE on Thursday as against Wednesday’s closing rate of Rs 1,127.50 and opening price of Rs 1,133 after quoting at a high of Rs 1,155.80 and a low of Rs 1,111.20 during the intra-trading session. (IANS)

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Wipro 2016-17 net declines 4.7 percent; projects flat revenue for Q1

Apr 25, 2017 0

Bengaluru– Global software major Wipro on Tuesday reported Rs 8,490 crore net profit for 2016-17, registering 4.7 per cent decline over the previous year (2015-16).

The company has projected a flat sequential revenue growth from IT services for the first quarter of 2017-18.

“Revenue from IT services will be in the range of $1,915-1,955 million for the first quarter (Q1) ending June 30,” it said in a statement here.

The city-based firm posted $1,955 million revenue from IT services for the fourth quarter of 2016-17, registering 3.9 per cent growth over last year and 2.7 per cent over last quarter.

Unlike rival Infosys, Wipro does not give revenue guidance for the fiscal.

Net profit for the fourth quarter was almost flat at Rs 2,260 crore, registering only one per cent growth over last year but up 6.9 per cent from Rs 2,115 crore in the third quarter.

The Board of Directors have recommended a bonus issue of 1:1. It also will consider a proposal for buyback of equity shares around July 2017. The interim dividend of Rs 2 per share declare in January has been made final.

Azim Premji was reappointed as company Chairman.

Under capital allocation, the Board of Directors has recommended adoption of the interim dividend of Rs 2 per share of Re 1 face value as the final dividend and total dividend for the fiscal 2016-17.

The interim dividend was recommended on January 25.

In a regulatory filing on the BSE earlier, the IT major said revenue for the fiscal under review grew 7.4 per cent over last year to Rs 55,040 crore.

Revenue from IT services grew 8.4 per cent to Rs 52,840 crore.

Under the International Financial Reporting Standards (IFRS), net income was $1.3 billion and revenue $8.5 billion.

Revenue from IT services grew 4.9 per cent over last year to $7,705 million. Operating margin from IT services was 18 per cent for the fiscal.

Gross revenue for the quarter (Q4) under review grew 2.6 per cent over last year to Rs 13,990 crore.

Revenue from IT services business grew 4.7 per cent over last year to Rs 13,400 crore for Q4.

Under the IFRS, net income was $349 million and gross income $2.2 billion for the same quarter.

Revenue from IT services under IFRS was $1,955 million, a growth of 3.9 per cent over last year and 2.7 per cent sequentially.

CEO and board member, Abidali Z. Neemuchwala said the company had delivered revenues within the guidance range in the fourth quarter.

“We are confident that the recovery in energy and utilities and our demonstrated strength in digital will help us improve our growth trajectory during the course of the current financial year,” he added.

Giving his views on Q4, Kotak Securities Ltd Senior Vice-President Dipen Shah (PCG Research) said Wipro results were a mixed bag, with revenues coming marginally higher and margins slightly lower against the expectations.

“The guidance of (-)2 per cent-0 per cent growth in the first quarter (Q1 of FY2018) is a negative surprise and is due to cancellation of projects in the healthcare business as well as structural challenges in retail vertical. This, once again, reflects the need for better account management at Wipro,” said Shah in a statement.

Neemuchwala however said: “We are confident that the recovery in Energy & Utilities and our strength in Digital will help us improve our growth trajectory in the new fiscal.”

The IT services division added 51 clients inQ4 as against 108 last quarter and 119 last year ago and 256 for the fiscal as against 261 last year.

For the fiscal, the total number of active clients was flat sequentially at 1,323 in Q4 and Q3 but up 100 from 1,223 in Q4 of 2015-16).

“We continue to maintain our focus on operational improvements and productivity enhancements,” said Chief Financial Officer Jatin Dalal in the statement.

Though the company added 8,570 people for the fiscal, exit of 8,650 techies during the fiscal, led to the total headcount decline to 165,481 (net addition) from 181,482 (gross addition).

The net addition in the previous fiscal (2015-16) was 156,831 and gross addition 172,912. (IANS)

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