Maruti Suzuki Q4 net falls 3% YoY to Rs 640cr; beats street

Maruti Suzuki beat street expectations Saturday as fourth quarter net profit fell lower-than-expected 3% from a year ago to Rs 640 crore, helped by a rebound in sales and a surge in other income.

Net sales for the three-month-period were up 17% year-on-year to Rs 11,486.4 crore.

On a sequential basis, the company's net profit more than trebled, while net sales were up 50% over Oct-Dec quarter.

Analysts on average had expected Maruti to report a fourth quarter profit of Rs 530 crore on revenue of Rs 12,012 crore.

"While adverse currency movements made a significant impact during the quarter, the company was able to largely offset it through localization and internal cost control," the Delhi-based company said.

Other income, which more than doubled to Rs 296.85 crore, also put brakes on the declining profits.

In the fourth quarter, Maruti's raw material costs rose 18% year-on-year to Rs 8,874.10 crore.

Its EBITDA (earnings before interest, taxes, depreciation and amortization) margin was down 270bps year-on-year, but up 200 bps sequentially at 7.3%.

Sales of passenger cars for most of last fiscal were hit by slow demand due to expensive loans and high petrol prices. That apart, a crippling labour strike at Maruti Suzuki's Manesar plant partly in second and third quarters also hurt production of its popular Swift premium hatchback.

Sales, however, rebound in Jan-March as customers rushed to book their vehicles before the excise duty hike from April. Its new Swift and compact DZire models have also clicked among customers. During the quarter, the company sold 3,60,334 units, up 4.9% year-on-year.

For the full year (2011-12), Maruti Suzuki's total sales volumes declined near 11% from a year ago to 11,33,695 units.

"We remain bullish on the long term prospects on the passenger car segment. However, we see increasing risk of the growth being shared by the new entrants with higher value added products," said Ronak Sarda, auto analyst at MSFL.

Maruti Suzuki shares closed up 1.1% at Rs 1,397.45 on NSE on Friday. The stock is up over 50% since Dec-end.

The current valuations already factor in revival in volumes and margins, feels Sarda.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd  

Axis Bank Q4 net up 25% on higher interest income

India's third largest private sector lender Axis Bankon Friday reported a 25% year-on-year jump in its fourth quarter net profit (Jan-March) at Rs 1,277 crore, strengthened by higher interest income. Net interest income or the difference between interests earned and paid, climbed 26% to Rs 2,146 crore.

The numbers are partially better than market expectations. A CNBC-TV18 poll predicted a net profit growth of 16 while NII at 26.5%. 

Net interest margin (NIM) rose to 3.55% from 3.44% in the corresponding quarter of the previous year. Fee inocme rose 8% y-o-y to Rs 1,327 crore.

For the fiscal year 2011-12, net profit rose at a similar pace by 25 to Rs 4,242 crore. The bank’s loan book expanded by 19% to Rs 1.42 lakh crore.

During the year, the gross non-performing asset (NPA) ratio improved to 0.94% as against 1.01% a year back. The net NPA ratio too fell marginally from 0.26% to 0.25%. Consequently, provisions and contingence fell to Rs 1,143 crore as against Rs 1,280 crore.

In the Jan-March quarter, the bank restructured loans worth Rs 558 crore.  Total restructured assets stood at Rs 3,060 crore as against Rs 1,930 crore.

Deposits grew a little above 16% to Rs 2.20 lakh crore. Demand deposits (current account + saving account), however increaed at a faster pace by 18% to Rs 91,422 crore.  Hence, the share of CASA to total deposits improved to 42% compared with 41% a year back.

"Overall the bank has posted good Q4 earnings. The asset quality improvment coupled with better loan recovery dismisses any future threat to the bank. It has recovered Rs 593 crore as against Rs 121 crore in Q4, FY11," said Nilanjan Karfa, a banking analyst from Brics Securities.

Also read:   UK-based Schroders AMC to buy 25% stake in Axis MF

Axis Bank has proposed a dividend of Rs 16 per share. Meanwhile, the board of the bank has also approved the reassessment of the valuation of the Enam Securities at Rs 1,396 crore and consequently in consideration of demerger, the bank will issue shares in the ratio of 5 equity shares of bank for every 1 equity share held by shareholders of the Enam.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd  

Siemens Q2 net profit up 9% at Rs 304 cr

Siemens has announced its second quarter results. The company's Q2: net profit was up 9% at Rs 304 crore versus Rs 278 crore.

Its net sales were up 24% at Rs 3,760 crore versus Rs 3,034 crore.

The stock closed at at Rs 790.20, up Rs 17.15, or 2.22% with volumes of 84,347 shares.

There were pending buy orders of 1,657 shares, with no sellers available.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd  

ICICI Bank beats estimates, Q4 net up 31% at Rs 1,902 cr

Aided by higher interest income and other income growth, India's largest private sector lender ICICI Bank on Friday reported a forecast beating 31% year-on-year jump in its fourth quarter (Jan-March) net profit at Rs 1,902 crore.

Net interest income (NII) or the difference between interest earned and paid out rose 24% to Rs 3,105 crore. Loan book expanded by 17% y-o-y to Rs 2.54 lakh crore. However, it was a muted growth at just 3% during the Jan-March period, the peak of so-called busy season (Oct-March).

The net interest margin (NIM) rose to 3.01% from 2.70% in the previous quarter.  Other income climbed 17% to Rs 2,228 crore.

"Profit has come from stable and good improvement in the net interest income," Chanda Kochhar, MD, ICICI Bank said in a concall.

"It was all organic growth unlike in FY11. Both corporate and retail loans added to our loan expansions. Retail book grew by 8% while corporate loans rose 26%. Our domestic loans will grow by 20% in FY13. However, it is difficult to predict the growth of our international loan book."

However, deposits grew at a slower pace at around 13% y-o-y to Rs 2.55 lakh crore during the quarter.  In FY2010-11, the bank had acquired the Bank of Rajasthan. This had led higher growth in loans. 

During the quarter, the bank's net non-performing (NPA) ratio improved to 0.62% compared with 0.94% in Q3, FY12. Gross NPA ratio too fell from 1.11% to 0.73%.  

Moreover, overall asset quality has improved during the 12 month period. Consequently, provisions and contingencies dropped to 1,583 crore compared with 2,287 crore. Interestingly, the same went up to Rs 469 crore as against Rs 341 crore in Q3 despite a sequential fall in NPAs.

The bank has a strong capital adequacy ratio of 18.52%, way above the Reserve Bank of India's mandated 9% mark. This means, the lender is sitting on excess unused capital. However, the bank did not give any specific direction for its growth plans.

"We will continue to invest in our channels. We will grow at a prudent manner," Kochhar replied to a Moneycontrol.com's query in the tele conference.

Meanwhile, the bank's restructured loan book stood at Rs 4,256 crore in FY12 as against Rs 1970 crore in FY11. The bulk of the restructuring, according to the MD, took place in Q3 and Q4. The lender does not see any more threat from its restructured assets in FY13.

For the full fiscal year, net profit shot up 26% y-o-y to Rs 6,465 crore while the consolidated net profit increased by 25% to 7,643. The bank has declared a dividend of Rs 16.50 per share.

"Our overseas subsidiaries have given good dividend income in 2011-12. For the first time, our UK subsidiary has turned in profit. We recorded a dividend income of Rs 280 crore in Q4 compared to Rs 75 crore in Q3. It stood at Rs 740 crore for the full year," Kochhar said.

The rise in dividend income from its subsidiaries led to a spurt in the bank's other income.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd  

Biocon Q4 beats forecast, shares rise

An expected licencing income helped Biocon , India's top-listed biotechnology company, post better-than-expected quarterly profit and lift its shares more than 4%, but it said the global business outlook remained uncertain.

The maker of biosimilar medicines has been scouting for a new marketing partner in key markets such as the United States after Pfizer Inc scrapped a deal in March to sell insulin products of Biocon.

The company reported a net profit of 978 million rupees in its fiscal fourth-quarter ended March, sharply above 796 million expected by analysts, according to Thomson Reuters I/B/E/S.

The earnings of Biocon, which has marketing partners in many countries, were helped by a licensing income of 463 million rupees.

"The licensing income is a big surprise, we did not anticipate it," said Siddhant Khandekar, analyst at ICICI Direct.

"However, business uncertainty continues for the company after the Pfizer deal got terminated ... it has to find a new global partner."

Shares in Biocon, valued at $867 million, were up 4.6 percent at 237.2 rupees in a slightly firm Mumbai market.

The company had posted a net profit of 1 billion rupees in the year-earlier period, but has since sold off a unit making it not comparable for the latest period.

Still, net sales jumped 30 percent to 6.1 billion rupees, above expectations of 5.15 billion rupees, thanks to robust domestic demand for formulations and bio-pharmaceuticals.

"We have delivered particularly strong growth in our research services and branded formulations business," Biocon's chairwoman, Kiran Mazumdar-Shaw, said in a statement.

She said the global economic outlook remains uncertain but the company was hopeful.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer 

DENIP Consultants Pvt Ltd

Hexaware Q1 net up 64% YoY, sees 3.4-4.5% Q2 $ rev growth

Software services provider Hexaware Technologies topped street expectations with a 64% year-on-year jump in first quarter net profit at Rs 88.4 crore.

Revenue for the Jan-March quarter was up 37.6% from a year ago to Rs 438.3 crore.

On a sequential basis net profit was flat, while revenue rose 1.5%.

Analysts on average had expected Hexaware to report 9.1% quarter-on-quarter decline in net profit at Rs 80 crore, on revenue of Rs 440 crore, according to a CNBC-TV18 poll.

Hexaware shares rose post the strong earnings announcement, and at 10:30 hrs were up 1.5% at Rs 129.35 on NSE.

The company has guided for revenue of USD 91-92 million, up 3.4-4.5% sequentially. In the first quarter, its US dollar revenue rose 4.7% from fourth quarter at USD 88 million.

"The foundation to achieve holistic growth was further strengthened this quarter through robust revenue growth, favorable shift towards offshore business, higher fresher intake, and stable pricing and technical utilization regime. Building on this strong momentum and deals in active pursuit, we are well poised to deliver annual revenue growth of minimum 20% year-on-year at the current profitability margin levels on a constant currency basis," PR Chandrasekar, CEO and vice chairman said.

In the first quarter, Hexaware's gross margins rose 400 bps year-on-year and 60 bps sequentially to 41.3%. Its EBITDA (earnings before interest, taxes, depreciation and amortization) margins rose 809 bps from a year ago, but down 60 bps sequentially to 22.4%.

Its average bill rate per hour in the quarter rose 2.6% year-on-year and 1.2% quarter-on-quarter to USD 73.9 for on-site services, while off-shore bill rates remained firm at USD 22.9, Hexaware said.

The company added 12 new clients in the Jan-March quarter and had 201 active clients at the end of March.

It net added 307 employees in the first quarter and has a global headcount of 8,624 employees. Hexaware said it hired 225 fresh graduate engineers in Jan-March and is on track with hiring plans for calendar 2012. Its attrition was down to 11% in Q1.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd 

Idea Cellular Q4 sales up 9% on growth in voice minutes

Idea Cellular , country's second largest telecom operator by market cap, has reported a lower than expected growth of 18.91% quarter-on-quarter in its consolidated net profit of Rs 239 crore for the fourth quarter of FY12.

Consolidated revenues of the company increased 6.74% to Rs 5,370 crore in the January-March quarter of 2012 from Rs 5,030.8 crore in the October-December quarter of 2011.

Analysts on average had expected net profit of Rs 255 crore and revenues of Rs 5,300 crore.

Meanwhile, shares of the company closed the day at Rs 83.80, up 4 %., on market expectations of better-than-expected earnings

The company said the quarter's revenue growth was led by the over 9%  growth in voice minutes to 124 billion. minutes compared to 114 billion minutes in Q3FY12. 

The uptrend of average realisation per minute (ARPM) was halted with decline in ARPM to 42.2p from 43.3p, a harsh reminder of the market place battle and overcapacity. While challenges on the voice ARPM continue, the company remains focused to improve 'non-voice revenue', which contributed 14.3% of revenue in Q4FY12 against 13.7% in last quarter.

The company also said its 3G investment plans are on track and high speed broadband services are now available in 3,000 towns and 10,000 villages, in 20 service areas (including roaming arrangements). The company, in its own way, is accelerating the deployment of 3G ecosystem, by launching Idea branded 3G handsets. Nearly 2.6 million Idea customers are active on company's 3G platform and enjoying futuristic services.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd 

Strides Arcolab Q1 profit after tax up 49% at Rs 61 cr

Drug maker Strides Arcolab has reported a massive growth of 48.8% year-on-year in its profit after tax of Rs 61 crore in the fourth quarter of FY12. Its PAT stood at Rs 41 crore in a year ago period.

Revenues increased 40.22% to Rs 495 crore from Rs 353 crore year-on-year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 65% to Rs 137 crore in the January-March quarter of 2011 versus Rs 83 crore in the corresponding quarter of last fiscal.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd 

MRF Q2 net profit up 67% YoY at Rs 150.13 cr

Automobile tyre maker MRF 's fourth quarter net profit surged 67% from a year ago to Rs 150.13 crore, helped by strong sales growth and softening of input costs.

Its net sales in Jan-March were up near 30% year-on-year to Rs 2,990.63 crore.

Koshy Varghese, MRF's executive vice president - marketing, told CNBC-TV18 that softening raw material prices had helped margins and export market improvement and pickup in replacement market boosted sales in its second quarter.

MRF's raw material costs in Jan-March were up 10% year-on-year at Rs 1,989.73 crore. They were down 4.2% sequentially.

EBITDA margin for the three-month period was 10.8%, compared with 9.2% a year ago.

Koshy said price of rubber, a key input for the company, has been very volatile. Other input costs are also seen going up now, he added.

MRF shares were down 0.9% at Rs 11,346 on NSE in afternoon trade.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd 

L&T Finance Holdings Q4 net profit up 45.4% at Rs 141 cr

L&T Finance Holdings , a subsidiary of engineering and construction company Larsen & Toubro, has reported a growth of 45.4% year-on-year in its consolidated net profit of Rs 141 crore.

Consolidated net sales increased 40% to Rs 848 crore in the January-March quarter of 2012 from Rs 605 crore in a year ago period.

EBITDA shot up 46% to Rs 697 crore from Rs 476 crore year-on-year and operating profit margin improved at 82.10% versus 78.71% during the same period.

For the fiscal year 2011-12, company's profit after tax increased 16% YoY to Rs 455 crore on total income of Rs 2,981 crore (up 42%).

EBITDA moved up by 45% to Rs 2,425 crore and operating profit margin grew at 81.36% in FY12 versus 79.72% in FY11.

The stock gained over 2% to Rs 45 on the BSE amid heavy volumes.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd 

YES Bank Q4 net up 34% on higher interest income

Leading private sector lender Yes Bank on Wednesday reported a forecast beating 34% year-on-year jump in its fourth quarter (Jan-March) net profit to Rs 272 crore, aided by robust interest income. Net interest income or the difference between interests earned and paid out climbed 29% to Rs 448 crore. Yes Bank shares rose more than 1% to close the day’s trading at Rs 366 on the NSE. However, the bank’s loan book expanded at much slower pace 10.5% to Rs 38,000 crore.

 “In the last five and half years, our book has grown at 35% CAGR,” said Rana Kapoor, MD and CEO, Yes Bank.

“If your include substitute credit in our loan growth, it has grown by 20% to Rs 46,200 crore. Moreover, we have earned interest from government bonds which are held in the form of statutory liquidity ratio or SLR. Both have supported our interest income in addition to spread earned from direct loans.”

Under substitute credit, the bank underwrites bond issues from reputed corporates. It is a form of indirect loan only but does not attract provisioning norms. Normally, banks encourage this form of lending business to avoid loan provisioning and operation expenditure. This in turn, adds to profit margin.

The new generation lender holds around 26% SLR as against 24% mandated by the Reserve Bank of India. During the year, it has sold loans around Rs 3,500 crore to earn fee income. Its other income shot up 37% to Rs 857 crore in FY12.

Currently, large corporate loans forms the major part of the bank’s loans to the tune of 60% while mid size companies has a share of 22% and the rest is retail loans. The restructured portfolio stood at just 0.53% (of the total loan book) at Rs 183 crore. During the Jan-March quarter, Yes Bank has referred three cases (total around Rs 50 crore) to the corporate debt restructuring cell.

Yes Bank is planning to raise USD 400-500 million in June either through global depository receipts or qualified institutional placements to support its growth plans.

Net profit grew by 34% to Rs 977 crore for the year ended March 31, 2012 while NII increased by 30% to Rs 1,616 crore during the 12 month period.

Yes Bank, which offers highest interest rate on savings deposits in the range of 6-7% has recorded a whopping growth in its savings account deposits though at a lower base. Savings account deposits trebled to Rs 2,500 crore. Consequently, the share of current account and savings account (CASA) to total deposits improves by 470 basis points to 15%. It aims to attain a CASA ratio of 30% by 2014-15.

During the fiscal, the gross non-performing asset ratio almost remained unchanged at 0.22% while the net NPA ratio inched up to 0.05% compared with 0.03% a year back.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd 

Raymond Q4 cons net profit down 89.66% at Rs 3 cr

Textile company Raymond has reported a massive fall of 89.66% year-on-year in its consolidated net profit of Rs 3 crore for the quarter ended March 31, 2012.

Consolidated income from operations increased 13.11% to Rs 949 crore from Rs 839 crore during the same period.

The board of directors of the company in a meeting held on April 25, 2012, has recommended equity dividend of 25% for the financial year 2011-12.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd 

HCL Infosystems Q3 cons net down 34% at Rs 23 cr

HCL Infosystems has reported a massive fall of 34.29% quarter-on-quarter in its consolidated net profit of Rs 23 crore for the quarter ended March 31, 2012.

Consolidated income from operations dropped over 3% to Rs 2,588 crore in the fourth quarter FY12 from Rs 2,674 crore in the previous quarter.

The board of directors of the company in a meeting held on April 25, 2012, has declared third interim dividend of Re 1 per fully paid up equity share of Rs 2 each for the financial year 2011-12.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd 

Sterlite Q4 net dips 27% on exceptional item

Sterlite Industries March quarter net profit declined 27.2% to Rs 1987 crore Year-on-Year, due to the company recognising an exceptional loss of Rs. 423 crores. The company said due to an unfavorable ruling by the US courts in connection with the cancellation of the share purchase agreement entered with ASARCO in 2009 , it incurred this loss

Meanwhile, sales of the company climbed 7.6%. to Rs 10,763 crore driven by higher volumes as several of the company’s growth projects commenced operations and ramped up production, and the successful integration of the zinc international business acquired in second half of FY 2011.

Anil Agarwal, chairman, Sterlite Industries said; “Sterlite Industries delivered strong operating and financial performance during the year despite macroeconomic headwinds. We continue to deliver on our growth projects, expanding and optimizing our assets to generate strong returns for our shareholders.”

The company in a statement said  it  continues to maintain a strong balance sheet and financial position, with cash and liquid investments totaling to Rs.23,403 crore on 31 March 2012.

Meanwhile, during the quarter, production of refined zinc was marginally lower at 190,000 tonnes YoY primarily on account of higher utilization of new-generation smelters in Rajasthan and ramp-down of Vizag smelter.

But lead production was 37,000 tonnes in Q4, up 110% YoY. Silver production was at 88 tonnes during the quarter, up 77%. The increase in lead and silver production was on account of the ramp-up of the SK mine, the 100 ktpa Dariba lead smelter and the silver refinery.

During the quarter the company announced a merger of Sterlite with Sesa Goa, and simplification of the Vedanta Group structure. "The merger process is well on track to create one of the world’s largest natural resource majors, and deliver significant long term value for shareholders," said the company.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Bharat Electronics Q4 net profit down 25.5% at Rs 334 cr

State-owned Bharat Electronics has reported a net profit of Rs 334 crore in the fourth quarter of FY12, degrowth of 25.45% as compared to Rs 448 crore in a year ago period.

Net sales declined 3.25% to Rs 2,232 crore from Rs 2,307 crore year-on-year.

The company has decided to pay Rs 10 a share as an interim dividend.

Board of directors of the company in a meeting held on April 25, 2012, has deferred the proposal to consider buyback of shares.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal 

Head Dealer

DENIP Consultants Pvt Ltd 

LIC Housing Finance Q4 PAT down 19.4% QoQ at Rs 254 cr

LIC Housing Finance , a subsidiary of Life Insurance Corporation, has reported a decline of 19.4% quarter-on-quarter in its profit after tax of Rs 254 crore for the quarter ended March 31, 2012. In the previous quarter, it had reported PAT of Rs 315 crore.

Net interest income during the same period too declined 3.66% to Rs 405 crore from Rs 420.4 crore.

At 14:56 hours IST, the share was trading at Rs 257.20, down 0.43% and its trading volumes doubled to 531,214 shares as compared to its 5-day average of 226,734 shares.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd 

Motilal Oswal Q4 net down 15.4% QoQ at Rs 22 cr

Financial services provider Motilal Oswal Financial Services has reported a net profit of Rs 21.7 crore in the fourth quarter of FY12, degrowth of 16% quarter-on-quarter and 10% year-on-year.

Income from operations in the January-March quarter increased 16% QoQ and 2% YoY to Rs 129 crore.

Segmentwise revenues

Broking and related revenues jumped 25% QoQ to Rs 89.6 crore in Q4. Daily market volumes of the company grew 6% QoQ to Rs 1.5 lakh crore, buoyed by a 34% growth in cash volumes following increased retail participation in January-February.

Company's fund based income increased 19% QoQ and 10% YoY to Rs 22.5 crore in the quarter ended March 31, 2012.

Motilal Oswal has reported asset management fees at Rs 13 crore, down 24% from Q3FY12 and 3% compared to Q4FY11.

Revenues from investment banking business went up sharply by 196% quarter-on-quarter, but down 30% year-on-year to Rs 3.8 crore in fourth quarter.

As of March 31, 2012, the company has net worth of Rs 1,140.9 crore and net cash of Rs 271 crore.

FY12 (YoY)

Total income dropped 22% to Rs 461 crore and profit after tax fell 24% to Rs 104 crore

Total expenditure too declined 16% to Rs 322 crore and earnings per share slipped to Rs 7.17 versus Rs 9.52.

Segmental revenues (YoY)  

          

Equity broking and other related activities revenues declined 24% to Rs 366 crore.

Investment banking revenues dropped 71% to Rs 11.3 crore.

Revenues from its financing and other activities jumped 61% to Rs 82 crore.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Sesa Goa Q4 net down 21% on higher duties, interest cost

Sesa Goa  has reported a decline of 20.50% in ts net profit to Rs 1,162.11 crore for the March quarter mainly on the back of higher export duties and interest cost However, sales of the company were down 23% to Rs 2,791.37 crore.

For FY12, the Vedanta Group company’s net profit was down by 36%  to Rs 2,695.50 crore, Sales too declined 10% to Rs 8,274.53 crore.

Shares of the company were up 2.08% to Rs !86.65 at 9:20 hours.

Meanwhile, the company’s iron ore production for the March quarter was down by 11% at 4.9 million tonnes (MT), while for the full year, it declined by 27% to 13.80 MT.

Volumes were lower primarily due to the Karnataka mining ban and the discontinuation of Odisha operations. According to the statement, issed by the company, its ore productions were down in both the states, Goa and Karnataka, where it has operating mines.

Besides, Sesa Goa's annual sales of the ore during FY12 were also down by 11.60% to 16 MT vis-a-vis 18.1 MT in FY11, it said. As on March 31, 2012, the company had a total debt of Rs 3,734 crore.

The Goa-based iron ore miner said in a separate statement that it has received approvals of BSE, NSE and Competition Commission of India for the proposed merger of Sterlite Industries and other Vedanta group companies into it.

 "The application of the company before the Foreign Investment Promotion Board is pending consideration," Sesa Goa said, adding that it has also sought approval of the relevant courts for the proposed merger.

 The company has also accounted Rs 465.80 crore for its 20% stake in Cairn India, that was acquired last year for Rs 13,075 crore, it said.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Wipro Q4 profit up 7.7 pct, meets forecast

Wipro Ltd , India's No. 3 software services exporter, reported a 7.7% rise in quarterly net profit, roughly in line with analysts expectations, as its cost-conscious customers bumped up demand.

Consolidated net profit rose to Rs 1,481 crore for the fiscal fourth-quarter ended March 31 from Rs 1,375 crore a year earlier for the company, which counts Citigroup Inc and Telenor ASA among its clients.

Analysts, on average, had forecast a net profit of Rs 1,510 crore for Wipro, according to Thomson Reuters I/B/E/S.

Wipro's billionaire Chairman Azim Premji named T.K. Kurien as IT Services CEO, replacing two co-CEOs, last year to reverse the widening gap between the company and its larger rivals Tata Consultancy Services and Infosys .

Sector leader Tata Consultancy on Monday met estimates with a 23% rise in quarterly net profit, while No. 2 software exporter Infosys dampened investor sentiment with a worse-than-expected revenue growth forecast for the current fiscal year.

India's USD 100 billion export-driven outsourcing sector faces a challenging year due to growing competition, an uncertain global economy and rising US rhetoric against shipping of jobs to low-cost locations.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Bajaj Corp Q4 net profit up 26% YoY to Rs 34 cr

Fast moving consumer goods firm Bajaj Corp 's fourth quarter net profit rose 26% year-on-year to Rs 34.05 crore, helped by strong sales growth.

Net sales of the company, which makes hair oils like Bajaj Almond Drop, Brahmi Amla and Kailash Parbat, were up 33.5% from a year ago to Rs 146.59 crore in the Jan-March quarter.

Bajaj Corp's total expenses surged 43% from a year ago to Rs 113.9 crore in the fourth quarter as raw material expenses rose 44% to Rs 62.68 crore. The company's advertising expenses also more than doubled to Rs 13.34 crore in the three-month period.

For the full year (2011-12), Bajaj Corp's net profit rose 43% from a year ago to Rs 120.1 crore. Revenue for the last fiscal year was up 32% to Rs 472.24 crore.

Bajaj Corp had exceptional loss of around Rs 19 crore in the year ago (2010-11).

The company raised around Rs 300 crore via an initial public offering of shares in 2010.

Bajaj Corp shares were up 0.8% at Rs 125.50 on NSE in late trading on Tuesday.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Polaris Q4 profit remains unchanged QoQ at Rs 61.1 cr

Software services provider Polaris Financial Technology 's consolidated net profit remained unchanged quarter-on-quarter at Rs 61.1 crore in the quarter ended March 31, 2012.

Consolidated total income declined over 6% to Rs 518 crore in the fourth quarter of FY12 versus Rs 552 crore in the previous quarter.

Other income shot up 175% to Rs 22 crore from Rs 8 crore during the same period.

At 14:21 hours IST, the stock fell 6.5% to Rs 140.85 amid heavy volumes.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Mahindra Finance Q4 net up 34% on higher loan growth

Non-banking finance company Mahindra Finance on Monday reported a 34% year-on-year jump in the fourth quarter (Jan-March) net profit at Rs 620 crore aided by its 37% (at Rs 20,643 crore) loan growth. Total income shot up 41% at about Rs 2,800 crore.

“The loan growth has primarily driven the net profit,” V Ravi, Chief Financial Officer told Moneycontrol.com

“Moreover, our (repayment) collection efficiency has increased. This helped us to maintain our asset quality. Loan repayments also happened due to better crop season last year. Next year too, we will continue to perform well. We do not see any regulatory concern. We are already compliant with lot many things. Further, regulations are a kind of blessing in disguise for us.”

The company’s other income component doubled from Rs 4 crore to Rs 8 crore on account of bill discounting wherein it earns commission.

However, provisions and write offs ramped up many folds to Rs 14 crore as against Rs 2 crore a year back. Higher provisioning norms as recommended by the Reserve Bank of India during the year, may have caused the spurt.

The NBFC's current capital adequacy ratio stood at 18%. Keeping pace with its expansions, according to Ravi, it would raise tier-I capital in FY13 besides moping up tier II capital through non-convertible debenture issues.

For the full fiscal year, net profit grew at a similar pace by 34% to Rs 620 crore while total income rose 41% to Rs 2,795 crore.

The company has significantly improved its performance as a car and utility vehicle financier. It has also made a significant growth in financing of heavy commercial vehicles and construction equipment, said a release sent by the company.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

UltraTech's Q4 net up 19%, expect margin pressures ahead

UltraTech Cement, country's largest cement maker by market cap reported a higher than expected growth of 19.3% year-on-year in its net profit at Rs 867 crore for the March. quarter of FY12.

Revenues were in-line with expectations , which increased 19.9% to Rs 5,337 crore from Rs 4,490.1 crore during the same period  mainly on the back of increased prices.

CNBC-TV18 poll expected revenues at Rs 5,290 crore and net profit at Rs 691 crore.

UltraTech will pay Rs 8 a share as a dividend.

For the financial year ended March, net profit was up 42% to  Rs 2,446 crore YoY, while sales were also up 18% to Rs 18,166 crore YoY.

Meanwhile, volume sales were recorded at 11.7 metric tonnes, up 11.3% YoY, which is considered good for the company.  Other income is reported at Rs  2 billion as against analyst estimates of Rs 0.7 billion. The reason for this rise in other income is due to profit booked on treasuries.

The company said its other expenses on per tonne basis also came down sharply, 14% YoY. The management attributed this to better production efficiencies. The company expects the industry to grow at 8% linked to government's focus on infrastructure development.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

TCS Q4 net up 23% YoY at Rs 2,932.4 crore

India's top software services exporter Tata Consultancy Services ' consolidated net profit for January-March quarter rose 23% year-on-year and 1.6% sequentially to Rs 2,932.4 crore.

Its total income from operations for the fourth quarter was Rs 13,259.3 crore, up 30.5% from a year ago and up 0.5% quarter-on-quarter.

Analysts on average had expected TCS to report a net profit of Rs 2,837 crore on revenue of Rs 13,195 crore, according to a CNBC-TV18 poll.

However, EBIT (earnings before interest, taxes) margin for the fourth quarter declined to 27.7% from 29.24% in the Oct-Dec quarter.

The company said pricing has improved 1.3% year-on-year, while volumes rose 4.9% in Jan-March.

"We have carried our strong momentum through the fourth quarter to close out a year of strong growth. We have kept our focus on profitability and consolidated our market leadership," said N Chandrasekaran, CEO and MD.

TCS' full year (2011-12) revenue crossed USD 10 billion and he also expects FY13 will be a normal year as far as growth is concerned.

TCS plans to hire 50,000 employees in fiscal 2013 and said it is going ahead with an average 8% wage hike in India.

The results are in a sharp contrast with its rival Infosys. The Bangalore-based company had earlier this month missed fourth quarter forecasts and guided for a much lower-than-expected 8-10% US dollar revenue growth in the current fiscal year.

Infosys also said it was not giving pay hikes for now, and would relook at the issue if things improved later in the year.

Industry body Nasscom has projected the IT sector will see a growth of 11-14% this fiscal.

Mid-tier HCL Technologies' had surprised the street with a net profit of Rs 603 crore in its third quarter, up 29% from a year ago, while revenue was up 26% to Rs 5,216 crore.

Both HCL Tech and TCS don't give any guidance.

TCS shares on Monday closed down 2.2% at Rs 1,064.25 on NSE. The results were announced after markets closed.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

IDBI Bank Q4 PAT jumps 49% to Rs 771 cr

IDBI Bank has reported a strong growth of 49.4% YoY in its net profit at Rs 771 crore for the quarter ended March 2012 due to decline in provisions.

The bank made provision of Rs 273 crore in the January-March quarter, quite lower as compared to Rs 406 crore in the corresponding quarter of last fiscal.

Net interest income increased 9.4% to Rs 1,211 crore from Rs 1,107 crore during the same period

.

Its asset quality and margins improved sequentially. Net interest margin improved at 2.07% versus 1.86% and capital adequacy ratio advanced at 14.58% versus 13.64% quarter-on-quarter.

Deposit growth in the quarter ended March 2012 stood at 14.7% while advances grew at 15.3%.

Gross non-performing assets (NPAs) stood at Rs 4,551 crore versus Rs 4,639 crore and net NPAs reported at Rs 2,910 crore versus Rs 3,057 crore.

Gross NPAs declined at 2.49% versus 2.94% and net NPAs too fell at 1.61% versus 1.96%.

For the financial year 2011-12, net interest income increased 6.4% YoY at Rs 4,545 crore and profit after tax grew by 23% at Rs 2,032 crore.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd