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Infotech Enterprise : Infotech Enterprises' consolidated net profit was up 58.7% at Rs 14.4 crore as compared to Rs 34.9 crore quarter-on-quarter. Consolidated net sales were up 5% at Rs 233 crore as against Rs 221.4 crore QoQ.
BVR Mohan Reddy, CMD, Infotech Enterprises, said weakening European currencies led to decline in dollar revenue. He expects Q4 performance to be similar to Q3.
He said the company's continues to maintain its 19-20% margin guidance. Coming to the operating part of the company, he is certainly believe that we have posted good results in troubled times that we are in. We grew our revenue by 5.1%. We were at about Rs 232.7 crore. If you look at it year-on-year, we also grew by about 31.6%. In rupee terms, it grew well.
We have businesses which come from UK, from Europe, from Australia and these currencies have definitely become dramatically weaker in this particular quarter compared to the dollar.
I cannot say I can get my money only in dollars because clients are spread all around. That is the de-risking strategy we have adopted. That impact was negative 7.1%. So in the real dollar terms, we still grew by about 2.1%. I cannot say I can get my money only in dollars because clients are spread all around. That is the de-risking strategy we have adopted. That impact was negative 7.1%. So in the real dollar terms, we still grew by about 2.1%.
Its consolidated net sales were down 7% at Rs 387crore versus Rs 418 crore.
Its OPMs were at 10.4% versus 10%.
Power Finance Corporation (PFC) : PFC has announced its third quarter results. The company's standalone net sales were at Rs 1,715.96 crore versus Rs 1,292.14 crore on YoY basis.
Its standalone net profit was at Rs 338.98 crore versus Rs 320.49 crore on YoY basis.
Its net profit was at Rs 296.2 crore versus Rs 308.6 crore. The total income was at Rs 1441.6 crore versus Rs 1145.8 crore.
VK Garg, CMD, Power Finance Corporation, said loans grew 18% in Q1FY09. Unbooked forex losses are at Rs 40 crore versus gain of Rs 28 crore QoQ.
In a interview with CNBC , PFC CMD Mr. VK Garg answered few questions:
Q: Why are your net profits down marginally from the comparable quarter?
A: The profit is not down marginally, it has rather improved from Rs 281 crore to Rs 342 crore, the pressure that you are looking at is on account of the notional amount of the exchange rate variation. Since we do not have any major repayment during the current calendar year and all other borrowings are long term borrowings, this is not going to affect us in any real matter.
Q: So this is just a mark-to-market that you have done?
A: This is not MTM, but this is just a notional variation that we have provided. Basically if we had a repayment then we would have had a loss, but because we do not have any repayment during the next two quarters rather up to December, there is no immediate reason for a worry or a loss and it is only a notional amount. Since all borrowings are long term borrowings, the actual impact on profits will come as and when the repayments are done and the exchange rate variation losses incur.
Q: Perhaps you could share with us the details of the loan growth that you have seen in this quarter and if there has been any kind of pressure or variation on your margins?
A: The loan growth has been very good, we had sanctioned this quarter new proposals for Rs 15,300 crore as compared to Rs 13,000 crore of the previous quarter, this shows an increase of 18%. The disbursements have increased from Rs 3216 crore the last corresponding quarter to Rs 4733 crore which is 47% higher and all parameters, the comparable PAT has increased by 22%. The exchange rate variation gains in the corresponding quarter of Rs 28 crore and Rs 40 crore, which is the negative variation this year; if you just delete delete that then you can see that the profit after tax has increaseed from Rs 281 crore to Rs 342 crore, which is roughly 22%.
JK Lakshmi Cement : JK Lakshmi Cement announced its Q3 FY 2008 - 2009 result. The company's net sales were at Rs 297.35 crore versus Rs 282.35 crore. Its operating profit was at Rs 78.2 crore versus Rs 86.5 crore.
Its OPM was at 26% versus 31%. Its net profit was at Rs 56 crore versus Rs 61.1 crore.
Bajaj FinServ Ltd : Bajaj Finserv has announced its third quarter results. The company's consolidated net profit was at Rs 12.2 crore versus loss of Rs 11.9 crore.
Its consolidated net sales were at Rs 85.85 crore versus Rs 92.37 crore.
The tax expense was at Rs 10 crore versus Rs 21.7 crore.
Tata Consultancy Services ( TCS ) : Today TCS announced its Q3 FY 2008- 2009 results. It recorded a 4.7% q-o-q growth in Top-line in 3QFY2009 primarily driven by the significant Rupee depreciation witnessed over the quarter (positive impact of 3.4% q-o-q). The company's net profit was up 7.17% and came in at Rs 1,352 crore versus 1261.5 crore and its revenues were up 4.65% at Rs 7,277 crore versus Rs 6,953.4 crore.The TCS management in a press conference said that growth in Q3 revenue was impacted by the rupee movement. However, in US Dollar terms, revenues dipped 5.8% q-o-q largely on account of the adverse cross-currency fluctuations witnessed over the quarter, with the British Pound, Euro, Australian Dollar and Brazilian Real all depreciating against the US dollar.
The rupee rate for TCS came in at Rs49.07 per dollar in 3QFY2009 as against Rs44.18 in 2QFY2009, higher by 11.1% q-o-q. Volumes grew by a subdued 2.4% q-o-q, reflecting the increasing pressures of the worsening business environment.
Factors that adversely impacted revenue growth during the quarter were a slight dip in pricing (0.1% q-o-q) and a shift in the effort mix to offshore (1.1% q-o-q). Offshore revenues grew, as a percentage of Sales, by 0.8%.
The management said that it has added 41 new clients and that its attrition rate was at 11.9%. The net added number of employees in Q3 is 8,692, it said. TCS reported that its PAT has gone up by Rs 41.53 crore due to lower depreciation charges. The staff utilisation rate excluding trainees is at 79.9% and the operating margins grew on (QoQ), TCS informed.
Owing to the margin expansion, the company recorded a 7.2% q-o-q rise in Bottom-line in 3QFY2009. Forex losses at Rs251 crore were almost similar to the previous quarter (Rs260 crore). On a y-o-y basis, bottomline grew by a mere 1.6%.
Over FY2008-10E, we expect TCS to record a 15.4% CAGR in topline, while bottomline is expected to clock a mere 6.2% CAGR.
S Ramadorai, CEO and Managing Director of Tata Consultancy Services, is expecting significant reduction in IT budgets from clients. He added that next fiscal would be even more challenging. TCS investors, he said, should look at long-term growth rather than quarterly results. He feels companies will revise guidance downward on poor macro environment.
Ramadorai added that clients are looking to cut costs and increase efficiency levels. He added that clients are not spending and are delaying their decisions and that their discretionary spending is going to be non-existent.
The management added that Nortel bankruptcy filing was surprising. It, however, added it would not be surprised to see few more bankruptcies like Nortel happen. They expect more volatility and see more challenges ahead. Also, they feel there will be more lay-offs in the US.
TCS feels that the Satyam situation is limited to single company and that would not harm the IT industry. The TCS management added that Satyam clients approached them and that no final transformation has been done yet.TCS is clear that they will not service any Satyam client at low price irrespective of volumes.
Broker Comment : Angel Broking - At the CMP, the stock is trading at 8.8x FY2010E EPS. While valuations appear reasonable, given the cautious short-term environment for growth and pricing and the below-par 3QFY2009 performance by TCS, we believe the stock is likely to trade lacklustre in the near-term.
IndusInd Bank : On Jan 15 2009 , IndiaInd Bank announced its result for the Q3 qtr ended December 2008. It is among the first new generation private sector banks that obtained a license in 1994 to drive the process of reforms in the post liberalization era in India. It was conceptualised by Mr. S. P. Hinduja, Chairman of the Hinduja Group, as a platform to channel contributions from the worldwide NRI community into India’s social and economic development.
RESULT Headlines :
The company's net profit was at Rs 45.06 crore versus Rs 25.04 crore.
Its net interest income was at Rs 116.5 crore versus Rs 99.56 crore.
Its other income was at Rs 133 crore versus Rs 74.3 crore.
Histroy of Bank
The Bank has blazed new trails in technology-supported, cost-efficient, and customer-friendly banking – starting with Corporate and Wholesale Banking and followed by an aggressive foray into Retail Banking. In every year of its existence, the Bank has reported profits and paid healthy dividends to its shareholders. It is the first Bank in India to receive ISO 9001:2000 certification for its Corporate Office and its entire network of outlets.
In December 2003, the Bank was further strengthened by the merger of Ashok Leyland Finance Ltd. (ALFL), the second largest leasing, financing and hire- purchase NBFC in India. ALFL had assets in excess of Euro 500 million, a client base of over 500,000 and a network of over 500 offices. The combined client base will be in excess of 900,000 customers. This merger marries IndusInd’s capacity to mobilize stable and economically priced funds with an NBFC’s ability to ensure superior returns through high–yielding loans. Complete synergy exists because there is very little overlap between the product offerings of the two institutions.
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