Tata Motors Q4 net up 10% at Rs 591 cr

May 29 Tata Motors has reported a 10 per cent growth in net profit at Rs 591 crore for the quarter ending March 31, 2009 as against Rs 536 crore in the corresponding period last year. Net income dropped 21 per cent to Rs 6,895 crore (Rs 8,750 crore).

Net profit for the fiscal fell 51 per cent to Rs 1,001.26 crore (Rs 2,028.92 crore) while revenue was down 11 per cent to Rs 25,660.79 crore (Rs 28,739.41 crore).

High input costs and interest rates in the first half of the fiscal coupled with tight liquidity and low consumer sentiments in the latter half impacted margins, said Mr C. Ramakrishnan, Chief Financial Officer, at a press conference here on Friday. Tata Motors’ overall vehicle sales dropped 13 per cent to 5.06 lakh units (5.85 lakh units).

The company, however, improved its performance from the third quarter ending December 2008 when it reported a Rs 262-crore loss. “The October-December quarter was bad but each successive month turned out to be better. Barring heavy commercial vehicles, all segments have sprung back,” said Mr Ravi Kant, Managing Director, Tata Motors.

Capex cut

Mr Ramakrishnan said the company would go in for a substantial capital expenditure cut in the medium term. “Given our wide product portfolio, we have a capex plan of Rs 10,000 crore for 2-3 years. We are planning a cutback of about Rs 2,500 crore. Our product development plan will go on and the cutback will mainly be in capacity expansion,” he added.

The capex last fiscal was around Rs 4,000 crore and is expected to be in the range of Rs 3,000-3,500 crore in the next couple of years. Besides this, Tata Motors plans a cost reduction of Rs 1,000 crore for the next three years.

The board has recommended a dividend of Rs 6 on ordinary share and Rs 6.50 on “A” share. The company’s shares closed 1.20 per cent up on the NSE at Rs 336.85.

New MD

Mr Prakash M. Telang (61) is the new Managing Director of Tata Motors. He takes over from Mr Ravi Kant who steps down on June 1. Mr Kant will, however, continue as non-executive Vice-Chairman.

Source - Hindu Business Line.

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Infosys Q4 revenue falls QoQ 1st time in decade

Infosys Technologies Ltd has reported first ever sequential fall in its revenue in a decade during the March 2009 quarter. Its operating margin is also under pressure as general and administrative expenses rose despite falling revenue.

The company’s revenue and net profit were more or less in line with the estimates of ET Intelligence Group (ETIG). It reported Rs 5,635 crore in revenue and Rs 1,613 crore in net profit. ETIG had estimated sales of Rs 5,684 crore and PAT of Rs 1,579 crore.

Infosys witnessed over 2% drop in its blended pricing on a sequential basis during the March quarter. It also lost four clients and reported 90 basis points (bps) fall in its employee utilisation including trainees.

Operating margin shrank by 154 bps to 33.5% from the previous quarter. However, net margin expanded by 26 bps to 28.6% thanks to the other income of Rs 252 crore.

The company’s European business suffered a drop of 12.5% sequentially due to beleaguered telecom, manufacturing, and financial sectors.

Its North American business could grow by just over a per cent despite slowdown in the US economy. Among its verticals, manufacturing revenue fell by 6% whereas telecom dropped by 15.3%.

Infosys has guided for a sluggish performance in FY10. It expects earnings per share (EPS) to skid by 3.3-7.6% to Rs 96.65-Rs 101.18. Revenue
is likely to be more or less flat between Rs 22,066 crore and Rs 22,928 crore, a growth of 1.7-5.7%. - Economic Times.

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Infy Q4 net profit at Rs 1613 crore; EPS guidance at Rs 96.65- Rs 101.18

IT bellwether Infosys Technologies posted a net profit of Rs 1613 crore for the quarter ended March 31, 2009 as against Rs 1641 crore in the Oct-Dec quarter, which translates a fall of 1.73 per cent in net profit on a sequential basis.

Net sales stood at Rs 5635 crore in the fourth quarter compared with Rs 5786 crore for the Oct-Dec quarter.

On a consolidated basis, the IT major has reported a net profit of Rs 5988 crore for the quarter ended Mar 31, 2009 compared with Rs 4659 crore in the corresponding quarter last year.

The company has announced an earnings guidance of Rs96.65- Rs101.18 per share for FY2010.

Infosys has recommended a final dividend of Rs.13.50 per share (270% on an equity share par value Rs 5). - Economic Times

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Federal Bank Q3 net soars 98.11%.

Federal Bank, one of the oldest private sector banks in India, reported a phenomenal rise in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the bank rose 98.11% to Rs 2,038.90 million from Rs 1,029.20 million in the same quarter previous year.

Interest earned for the quarter rose 35.11% to Rs 8,764.20 million, while total income for the quarter jumped 41.93% to Rs 10,412.30 million, when compared with the prior year period.

During the quarter, the bank reported earnings of Rs 11.92 a share, a decline of 0.83% over the prior year period.

Quarterly Results - Standalone (Rs in mn)
As at	Dec - 08	Dec - 07	%Change
Interest Income	8,764.20	6,486.60	35.11
Net Profit	2,038.90	1,029.20	98.11
Basic EPS	11.92	12.02	(0.83)

MyIRIS

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Jet Airways Q3 loss widens to Rs 2,141.80 mn

Jet Airways (India) loss for the quarter ended December 2008 has widened. During the quarter, the loss of the company rose to Rs 2,141.80 million compared with a loss of Rs 911.20 million in the same quarter previous year.

Net sales for the quarter rose 24.60% to Rs 30,228.30 million, while total income for the quarter rose 21.69% to Rs 30,630.70 million, when compared with the prior year period.

The company reported loss of Rs 24.81 a share during the quarter compared with loss of Rs 10.55 a share in prior year period.

Quarterly Results - Standalone (Rs in mn)
As at	Dec - 08	Dec - 07	%Change
Net Sales	30,228.30	24,259.80	24.60
Net Profit	(2,141.80)	(911.20)	-
Basic EPS	(24.81)	(10.55)	-

Shares of the company gained Rs 1.95, or 1.26%, to settle at Rs 157.05. The total volume of shares traded was 282,926.00 at the BSE (Friday). - MyIRIS

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MMTC Q3 results decline 36.41%

MMTC, a state-owned international trading company, disclosed a steep drop in its standalone net profit for the third quarter ended December 2008. During the quarter, the profit of the company declined 36.41% to Rs 249.10 million from Rs 391.70 million in the same quarter, last year.

Net sales for the quarter surged 99.87% to Rs 97,635.70 million, while total income for the quarter jumped 2 times to Rs 97,674.10 million, when compared with the prior year period.

The company reported earnings of Rs 4.98 a share during the quarter, registering 36.40% decline over previous year period.

Quarterly Results - Standalone (Rs in mn)
As at	Dec - 08	Dec - 07	%Change
Net Sales	97,635.70	48,848.60	99.87
Net Profit	249.10	391.70	(36.41)
Basic EPS	4.98	7.83	(36.40)

MyIRIS

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