TCS going strong,net profit up 49.2%

Meeting market estimates,India’s largest software firm Tata Consultancy Services (TCS) has reported a 49.2 per cent jump in consolidated net profit at Rs 3,434 crore for the quarter ended September 2012 as against Rs 2,301 crore in the same period of last year. On a quarter-on-quarter (q-o-q)) basis,the net profit rose by 7.1 per cent. […]

Written by ENS Economic Bureau | Mumbai | Published: October 20, 2012 12:57:17 am

Meeting market estimates,India’s largest software firm Tata Consultancy Services (TCS) has reported a 49.2 per cent jump in consolidated net profit at Rs 3,434 crore for the quarter ended September 2012 as against Rs 2,301 crore in the same period of last year.

On a quarter-on-quarter (q-o-q)) basis,the net profit rose by 7.1 per cent. Revenues rose 34.3 per cent to Rs 15,621 crore in the second quarter of 2012-13 compared to the year-ago period,TCS said in a statement. During the six-month period,TCS posted a net profit of Rs 6,752 crore as against Rs 4,715 crore.

TCS CEO and MD,N Chandrasekaran said: “We have delivered a strong performance with well-rounded growth across industries and geographies. Our execution excellence is winning recognition and our service offerings remain relevant for customers.” Shares of TCS closed at Rs 1,290.30 down 1.14 per cent on the BSE.

S Mahalingam,CFO and ED,said,“ In this quarter,TCS has posted a credible margin performance at the operating level and we have also expanded our net margins by managing the ongoing currency volatility.”

TCS on Friday announced that Rajesh Gopinathan,vice president,business finance,will take over as the next CFO of the company after S Mahalingam retires on February 9,2013.

ITC Q2 net up 21% at Rs 1,836 cr

New Delhi: FMCG major ITC,which makes four out of every five cigarettes sold in India, posted a 21 per cent rise in net profit year-on-year for the second quarter of 2012-13 at Rs 1,836 crore driven by strong growth in cigarettes.

Net sales for the July-September quarter were up 20 per cent y-o-y to Rs 7,146 crore,a company release said,while profit from operations grew 21.8 per cent to Rs 2,499 crore. Analysts said the overall operating margins had improved by 72 bps during the quarter.

The ITC stock crossed the 52-week high level in the afternoon and closed 2.09 per cent,up from Thursday’s close,at Rs 297.50. For the second quarter,gross cigarette sales were up 17 per cent y-o-y to Rs 6,419 crore.

The non-cigarette FMCG segment also registered a 26.4 per cent growth y-o-y in revenues during the quarter to Rs 1,700 crore. Losses in non-cigarette FMCG businesses were reduced to Rs 30 crore in the quarter from Rs 56 crore a year ago.

Gross sales in hotels,however,were up just 3 per cent y-o-y to Rs 217 crore and profit plummeted to Rs 15 crore from Rs 43 crore. Agri-business sales were up 41 per cent y-o-y to Rs 2,024 crore. But paper boards,paper and packaging sales grew 6 per cent y-o-y to Rs 1,122 crore,and margins fell significantly. FE

Adani Power loss at R225 cr

new delhi: Adani Power has reported a loss of Rs 225 crore for the quarter ended September 30,2012,on account of rise in imported coal prices. “Net loss is mainly due to higher imported coal prices and non-availability of transmission line,” Adani Power said in a statement. The total income of the company rose 34 per cent to Rs 1,434 crore as against Rs 1,072 crore during the corresponding period last year.

L&T Finance Q2 net up 19%

new delhi: L&T Finance Holdings,a subsidiary of Larsen & Toubro,on Friday posted 19 per cent rise in consolidated net profit at Rs 143.73 crore for the second quarter ended September. The company had a net profit of Rs 124.23 crore in the same quarter last fiscal,the company said in a filing to the BSE. During the first half of 2011-12,the company’s net profit increased by 19 per cent to Rs 264.41 crore. PTI

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