Karur Vysya Bank Q1 net profit up 25% at Rs 146 cr

Private sector lender Karur Vysya Bank  's net profit rose by 24.8% year-on-year to Rs 146 crore in the first quarter of financial year 2012-13, even after increase in non-performing assets (NPAs).

Net interest income went up by 23.9% to Rs 254 crore during the same period.

Gross NPAs increased 20 basis points quarter-on-quarter to 1.53% and net NPAs rose by 5 basis points to 0.38% in the quarter ended June 2012.

Source: www.moneycontrol.com

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Gaurav Agarwal

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DENIP Consultants Pvt Ltd

Titan Q1 net up lower-than-expected 9% at Rs 156 cr

Watches to jewellery and eyewear maker Titan Industries  ' first quarter net profit rose a lower-than-expected 9% year-on-year at Rs 156 crore due to weak consumer demand, sending its shares down 3% in afternoon trade.

Net sales were up 9% at Rs 2,205.7 crore, in April-June, which was an "extremely challenging" quarter according to the Bangalore-based company.

Analysts on average had expected Titan to report a net profit of Rs 166 crore, on revenue of Rs 2,470 crore according to a CNBC-TV18 poll.

"Gold in rupee terms touched its peak at Rs 3,067 per gram of 24 karat during the quarter, thus affecting the growth of jewellery...The reduction in wedding dates during the quarter has also affected both watches and jewelry," Titan said on Tuesday.

The company's revenue from watch business was up 14% from a year ago to Rs 361 crore, while jewellery income rose 8% to Rs 1,776 crore in the first quarter.

Titan's other businesses, which include eyewear, precision engineering and accessories grew 16% to Rs 90 crore in the quarter.

"The first quarter has been disappointing by way of sales growth due to several factors leading to a weak consumer sentiment. Consumer response was good only to discount offers, thereby impacting margins, specially in watches and eyewear," said Bhaskar Bhat, MD.

Looking ahead, Bhat expects high inflation, a weak rupee and poor monsoon are likely to have "adverse impact" on titan's targeted growth.

However, he said, the company will maintain its investments in brand building, retail network expansion and new product introductions to boost consumer confidence.

Titan opened 20 stores in the first quarter and had 847 outlets as of June 30.

At :14:00 hrs, Titan shares were down 3.1% at Rs 225.85 on NSE.

Source: www.moneycontrol.com

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Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Hexaware Q2 net profit up 48% YoY at Rs 89 cr

Software services provider Hexaware Technologies  ' second quarter consolidated net profit rose better-than-expected 48% year-on-year (0.8% sequentially) to Rs 89 crore, helped by continued demand for outsourcing services even as the global macro-economic conditions remain tough.

Its consolidated revenue in April-June rose 50% from a year ago (14.1% quarter-on-quarter) to Rs 500.1 crore.

In dollar terms, Hexaware's revenue was at USD 91.2 million, up near 4% sequentially, it said on Tuesday.

Analysts on average had expected Hexaware to report a net profit of Rs 85.3 crore on revenue of Rs 499 crore  (USD 91 million in dollar terms) in Q2, according to a CNBC-TV18 poll.

The company's Q2 EBITDA margin rose 764 basis points year-on-year and 53 bps compared with Jan-March quarter to 22.9%.

Hexaware now expects its third quarter revenue will be in the USD 92.5-94 million range, a quarter-on-quarter growth of 1.4-3%.

"The strong performance of 7.2% compounded quarterly growth rate in revenue and 22% in EBITDA over the last 9 quarters substantiates the sustained growth at Hexaware. Over the same period we have also had a healthy client addition and have added 12 new clients in the last quarter. Our number of active clients has increased to 210, of which 50+ belong to Fortune/Global 500 clients," said Chairman Atul Nishar.

Of the 12 new clients added, 3 were in the Banking and Financial Services (BFS) domain and 1 in travel and transportation vertical. Six of the 12 customers are in Americas and 3 each in Europe and Asia Pacific.

In April-June, Americas contributed to 63.3% of Hexaware's total revenue, 29.2% from Europe and 7.5% from Asia Pacific.

The average bill rate per hour in the second quarter was stable at USD 73.50 for onsite services and USD 22.85 for offshore locations, Hexaware said.

The company's global headcount increased to 8,733 at the end of June, up 1,314 from a year ago and 109 sequentially and attrition declined to 9.6%, it said.

Hexaware said it has forward contracts worth USD 219 million at an average rate of Rs 50.4 and hedges worth Euro 13 million at an average exchange rate of Rs 69.6 maturing over next eight quarters.

IT companies have reported mixed results for the April-June quarter. For instance, India's second largest IT company  Infosys missed street expectations , discontinued issuing quarterly guidance and cut full year US dollar guidance citing challenges in the global economic environment, but India's top software services exporter  TCS reported strong growth .

Hexaware shares were down 2.7% at 113.85 on NSE in morning trade.

Source: www.moneycontrol.com

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Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Havells India Q1 net profit up 24% at Rs 80 cr

Fast moving electrical goods company Havells India’s net profit shot up by 23.5% year-on-year to Rs 80 crore in the quarter ended June 2012.

Net sales rose by 25.6% to Rs 1,032.8 crore from Rs 822.37 crore year-on-year.

Numbers were above expectations. Analysts on an average had expected net profit of Rs 75 crore and net sales of Rs 945 crore.

Source: www.moneycontrol.com

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Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Bharat Electronics Q1 net profit down 84% at Rs 19.3 cr

State-owned Bharat Electronics  ' net profit fell by 84% year-on-year to Rs 19.3 crore in the quarter ended June 2012.

Net sales too declined by 15.4% to Rs 779.2 crore from Rs 920.7 crore during the same period.

However, other income increased to Rs 163 crore from Rs 154 crore year-on-year.

Bharat Electronics has announced a final dividend of Rs 10.80/share.

Source: www.moneycontrol.com

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Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

GAIL's Q1 net up 15%, stock gains

GAIL’s net profit for the June quarter rose 15%, year-on-year to 1,134 crore. Sales also grew 25% to Rs 11,088 crore, YoY. Shares of the company rose 2.89% to Rs 354.65 post the result announcement.

The company said it contributed Rs 700 crore to oil companies as against Rs 682 crore, YoY.

Source: www.moneycontrol.com

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Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Muthoot Finance Q1 net profit up 30% at Rs 246 cr

Gold loan financing company Muthoot Finance’s net profit shot up by 29.5% year-on-year to Rs 246 crore in the quarter ended June 2012.

Total income from operations rose by 41% to Rs 1,287 crore from Rs 912.6 crore during the same period.

At 14:38 hours IST, the share rose 1.5% to Rs 126.20 amid heavy volumes.

Source: www.moneycontrol.com

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Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Corporation Bank Q1 net profit rises 5% at Rs 370.3 cr

Public sector lender Corporation Bank’s net profit rose by 5.41% year-on-year to Rs 370.3 crore in the quarter ended June 2012.

Net interest income went up by 14.34% to Rs 808.4 crore from Rs 707 crore during the same period.

Gross non-performing assets (NPAs) increased 45 basis points quarter-on-quarter to 1.71% and net NPAs moved up by 33 basis points to 1.2% during the same period.

Source: www.moneycontrol.com

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Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

SpiceJet returns to profits in Q1, stock up 16%

After five straight quarterly losses, low fare carrier SpiceJet has posted a Rs 56 crore profit for the June quarter. The stellar performance of the company can well be attributed to higher passenger load factors and atleast 24% growth in revenues per passenger. Had the Rupee not appreciated against the dollar, the carrier would have posted better results, said SpiceJet in a press statement.

Meanwhile, sales of the company rose 51% to Rs 1,407 year-on-year as the company improved its markets share in terms of passengers carried. The share price of the company was quick to respond to the good performance of the company and rose almost 16% to Rs 29.35.

Neil Mills, CEO of Spicejet says: “While we expand our footprint in domestic as well as international sectors, the excessive taxation on aviation fuel in India and the weakening of Indian Rupee against the US dollar are matters of serious concern. The sharp increase in airport charges and other pass- through levies in various forms are increasing the cost of air travel to our passengers, without bringing any additional revenue to the airlines." He further said that the need of the hour is that the government should intervene proactively and launch initiatives urgently to improve the health of Indian civil aviation.

Source: www.moneycontrol.com

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Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Syndicate Bank Q1 net up 28% at Rs 440 cr; stock up 5%

State-owned lender Syndicate Bank’s net profit grew by 28.32% year-on-year to Rs 440 crore in the quarter ended June 2012 due to improved asset quality and lower provision.

Net interest income increased 18.83% to Rs 1,319 crore from Rs 1,110 crore year-on-year.

Gross non-performing assets (NPAs) declined by 15 basis points quarter-on-quarter to 2.38% and net NPAs went down by 3 basis points to 0.93% during the same period.

The bank made less provisions during the quarter at around Rs 512.8 crore as compared to Rs 542.2 crore in the previous quarter.

Net interest margin stood at 3.19% in the quarter. Capital adequacy ratio fell by 52 basis points to 11.72% QoQ.

At 13:44 hours IST, the share was trading at Rs 96.75, up 4.99% amid heavy volumes.

Source: www.moneycontrol.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd