Key highlights:
• Net profit after tax of Rs 222.9 crores and revenue of Rs 1132.2 crores
• Net profit after tax grew by 12% and revenue grew by 17 % over the corresponding quarter of the previous year
Financial Summary
Tech Mahindra Limited, one of the largest solution providers in the telecom space, announced 12% growth in net profit after tax and 17% growth in revenue for Q3 09 over the corresponding quarter in the previous year. Tech Mahindra reported consolidated net profit after tax of Rs 222.9 crores for Q3 09 as against Rs 199.6 crores in Q3 08. The Company’s revenue is Rs 1132.2 crores for Q3 09 as against Rs 970.40 crores in Q3 08.
The Company derived 26.3%, 64.5% and 9.2% of its revenues from the US, Europe and ROW respectively.
Tech Mahindra consolidated head count increased from 25,135 in Sep 2008 to 25,429 in Dec 2008.
Mr. Anand Mahindra, Chairman, Tech Mahindra said, “Despite the tough macro-economic environment, Tech Mahindra has demonstrated resilience in its performance. I am confident that we will overcome the challenges of this uncertain environment”.
Mr. Vineet Nayyar, Vice Chairman & MD, Tech Mahindra said, “Our backlog of long term deals has added value in these conditions and will provide enhanced visibility to our performance going forward”.
Operations
During the quarter, Tech Mahindra achieved significant progress in its engagement with BT plc announced in Q2 FY09. Tech Mahindra has been chosen as the prime vendor for a five year transformation program that will deliver improved business agility and lower cost to serve BTGS business. It is anticipated that the total spend on this program would be more than GBP 500m, of which GBP 350 m is expected to be incremental revenue to Tech Mahindra. The transition of this work will commence from April 2009. Tech Mahindra will work closely with BT and will be responsible for the transformation of the IT architecture and systems, governance, and business processes that support the business. Over the next three years, the program will deliver global consolidation of systems and service management and create a robust and reusable systems platform. Tech Mahindra will then operate the platforms for another two years with the option to extend for another two years.
In the OSS domain, Tech Mahindra has partnered with a large telecom equipment manufacturer to deploy a network management solution for a telecom service provider. Tech Mahindra will have end to end responsibility from planning to commission and maintenance of this solution.
In the R&D domain, a large telecom equipment manufacturer has signed a multi year partnership with Tech Mahindra for on-going development, testing and sustenance of multiple product lines. Tech Mahindra with its in-
depth knowledge of service providers will assist the customer in developing new features in line with the changing needs of the market place.
During the quarter, Tech Mahindra has signed a multi year engagement to provide end to end service to an emerging telecom service provider in the Asia Pacific. Under this engagement Tech Mahindra is responsible for system integration, and managed services encompassing both operations and IT, allowing the customer to focus on customer acquisition and building market presence.
Awards & Rankings
• Winner of ‘Deloitte Technology Fast 500 APAC 2008’
• Winner of ‘Deloitte Technology Fast 50 India 2008’
• Winner of ‘Excellence in Growth Award 2008’ by Frost & Sullivan
TECH MAHINDRA Q3 revenue up by 17 %
January 24th, 2009 by | No Comments | Filed in ResultsIndiabulls Financial Services Reusults for 9 months and Q3
January 24th, 2009 by | No Comments | Filed in Politics• Consolidated Total Revenues up 58.3% to Rs. 1,751.7 crore in first 9 months FY 09 from Rs. 1,106.9 crore in first 9 months FY 08
• EBITDA up 64.3% to Rs. 1,252.5 crore in first 9 months FY 09 from Rs. 762.3 crores in first 9 months FY 08
• Consolidated Profit After Tax down 9.4% to Rs. 354.7 crore in first 9 months FY 09 from Rs. 391.3 crore in first 9 months FY 08
• Basic EPS down 15.1% to Rs. 13.2 in first 9 months FY 09 from Rs. 15.5 in first 9 months FY 08
Q3 FY 09 compared to Q3 FY 08 (YoY)
• Consolidated Total Revenues up 26.2% to Rs. 546.1 crore in Q3 of FY 09 from Rs. 432.7 crore in Q3 of FY 08
• EBITDA up 14.3% to Rs. 381.2 crores in Q3 of FY 09 from Rs. 333.6 crore in Q3 of FY 08
• Consolidated Profit After Tax down 57.3% to Rs. 70 crore in Q3 of FY 09 from Rs. 163.9 crore in Q3 of FY 08
• Basic EPS down 60.9% to Rs. 2.5 in Q3 of FY 09 from Rs. 6.4 in Q3 of FY 08
Anil Ambani controlled Reliance Communication Q3 net profit at Rs.1,410 cr.
January 24th, 2009 by | No Comments | Filed in ResultsKEY HIGHLIGHTS:
NET PROFIT UP BY 2.7% TO RS. 1,410 CRORE (US$ 290 MILLION)
REVENUES HIGHER BY 20.0% AT RS. 5,850 CRORE (US$ 1,204 MILLION)
EBITDA HIGHER BY 11.7% AT RS. 2,353 CRORE (US$ 484 MILLION)
EBITDA MARGIN AT 40.2%
NET WORTH EXPANDS TO RS. 29,065 CRORE (US$ 6 BILLION) AND NET DEBT-EQUITY RATIO PLACED AT A CONSERVATIVE 0.64 : 1
AGGRESSIVE NETWORK EXPANSION ACCELERATED WITH RS. 4,361 CRORE (US$ 900 MILLION) CAPITAL EXPENDITURE DURING THE QUARTER
RCOM ANNOUNCED THE WORLD’S LARGEST CUSTOMER EXPERIENCE PROGRAM AND LAUNCHED GSM SERVICES IN 11,000 TOWNS ALL OVER INDIA
__________________________________________________________________________________
Mumbai, January 23, 2009: Reliance Communications Limited (RCOM) today announced its unaudited consolidated financial results for the quarter ended December 31, 2008.
Highlights of the financial performance for the quarter are:
Net Profit of Rs. 1,410 crore (US$ 290 million), higher by 2.7% compared to Net Profit of Rs. 1,373 crore (US$ 348 million) in the corresponding quarter last year.
EBITDA at Rs. 2,353 crore (US$ 484 million), growth of 11.7%. EBITDA margin at 40.2%
Revenue growth of 20.0% at Rs. 5,850 crore (US$ 1,204 million) from Rs. 4,874 crore (US$ 1,237 million).
Return on Net Worth is 33.3% reflecting improved resource utilization.
Shareholders Equity (Net Worth) increases to Rs. 29,065 crore (US$ 6 billion)
Conservative capital structure – Net Debt to Equity Ratio maintained at a conservative level of 0.64:1, despite capex spend of Rs. 4,361 crore (US$ 900 million) during the quarter.
CORPORATE DEVELOPMENTS
RCOM launched its GSM services covering 11,000 towns all over India
RCOM announced the world’s largest customer experience program and launched GSM services in 11,000 towns all over India. RCOM has launched its GSM services in just 11 months from the receipt of start-up GSM spectrum in January 2008. RCOM GSM is the state of the art next generation network with digital voice clarity and India’s first nationwide enhanced EDGE network for fast internet access. RCOM GSM will also offer widest R-World mobile content offering entertainment, music, news, cricket, bollywood, maps and search and one-click set-up and access to email and social networking offering communication convenience of a PC.
Reliance BIG TV crosses 1 million subscribers milestone
BIG TV acquired over 1 million subscribers within 90 days of launch. This is the fastest ramp up ever achieved by any DTH operator in the world. BIG TV would be tapping into the existing customer base of Reliance ADA Group companies to rapidly gain market share. The subscribers can enjoy over 200 channels, 32 on-demand channels, which is highest in the industry. The product is available in 1 lakh retail outlets across 6,500 towns.
RCOM repurchased its FCCBs at a discount
RCOM repurchased 250 zero coupon Foreign Currency Convertible Bonds (FCCBs) with the face value of US$ 100,000 each aggregating to US$ 25 million (approx Rs. 121.22 crores) at a discount of 52.5% on December 29, 2008.
RCOM also repurchased 100 zero coupon Foreign Currency Convertible Bonds (FCCBs) with the face value of US$ 100,000 each aggregating to US$ 10 million (approx Rs. 48.77 crores) at a discount on January 21, 2009.
Divi’s Labs PAT for 9months grows by 21% to Rs.309 crores
January 24th, 2009 by | No Comments | Filed in ResultsHyderabad, Jan 24: Divi’s Laboratories has earned a PAT of Rs.309 crores on a consolidated basis for the 9-month period ending 31st December, 2008. Total income for the period grew by
14% to Rs.870 crores. For the corresponding 9-month period last year, the company
earned a PAT of Rs.255 crores on a total income of Rs. 762 crores.
For the Q3 of current year, Divi’s earned a PAT of Rs.80 crores on income of Rs.270
crores as against a PAT of Rs.99 crores and income of Rs.287 crores during the
corresponding quarter last year.
Satyam board mulls option for additional funding, may announce new CEO soon
January 23rd, 2009 by | No Comments | Filed in PoliticsHyderabad, INDIA, January 23, 2009: Satyam Computer Services Limited (NYSE: SAY) today announced key decisions concluded at its Board meeting, held on 22nd and 23rd January, 2009 in Hyderabad.
This meeting, the third in thirteen days since its reconstitution, was chaired by Mr. Tarun Das. The meeting focused on issues that are a priority for ensuring business continuity.
To tide over the ongoing requirements for operational expenses including salaries and vendor payments, the Board also announced that additional funding arrangements are in the final stages of being concluded. This is expected to be formally announced before Wednesday, 28th Jan 09, and will address the company’s operational needs till end of March 2009, according to Mr Deepak Parekh, Board Member. The immovable properties of the company, including all campuses owned by it, are free of any encumbrance. The collections from receivables have been robust, so far. However, taking note of the demanding financial situation, the Board discussed with the leadership team, ways and means to expedite the collections due from customers and to also execute prudent measures for cost optimization.
The Board announced that they have narrowed the shortlist for the CEO and CFO positions to the final three, and would finalize their decision, in the ensuing week. The Board confirmed that the selected person will be uniquely qualified to lead the company during this period of transition and will be a leader of global standing and recognition.
“This is a crucial decision for the company and its stakeholders,” said the Board. “We fully recognize the urgency and importance to have the right person with the right experience and abilities, to successfully steer the company through these turbulent times.”
The Special Directors nominated by the Government have been actively participating in supporting the company during these difficult times. At least one or two of them have been supporting the general management and operations, by their physical presence in Hyderabad throughout this period.
The Board also met and interacted with a number of Investment Bankers and will take a decision in the next few days.
Addressing Customer issues, the Board confirmed that it has taken the following steps in the last few days :
The Board members have spoken to almost two dozen key customers individually.
Personalized and direct communication is being sent by the Board to all key customers – articulating the positive developments – to restore their confidence in Satyam
Business leaders and Board Members continue to be actively engaged with customers, reassuring them about meeting commitments. Contrary to common perceptions, existing customers continue to release new work orders and are expressing positive opinions on the timely delivery on SLAs, in their engagements.
A few large customers have already visited the company’s development centers in India and have expressed their satisfaction on the team’s commitment towards their projects.
‘There is a pronounced shift in customer attitudes – from being alarmed in the initial days, it has changed to a sense of cautious optimism. The planned actions will have a distinct impact on the customer confidence’ said Kiran Karnik, Board Member.
Customer attrition is being closely monitored at the Board level and the Board confirmed that it has seen no material impact so far.
On the Associate (employees) front, business leaders have enhanced their interactions with associates at the floor level to understand their concerns and to keep them updated about the ongoing developments in the company. The associate attrition remains well under control.
“Associates continue to show great resilience and exceptional commitment towards the company during these challenging times, in spite of the sustained media onslaught” commented the Board.
Board members interacted with the Business Leaders globally, through a conference call to understand the field level realities. The Board members have also reached out to the associates globally through a personalized video recording that is expected to be webcast later today and will be made available on the company’s website shortly.
Commenting on the serious doubts raised regarding the head count in the company by external authorities, the Board has confirmed that prima facie, there appears to be no basis to doubt the same. The independent investigation process is expected to reaffirm this fact, in the coming weeks
The Board is expected to meet again on Monday and Tuesday – the 26th and 27th Jan 2009.
TATA MOTORS LTD BOARD MEETING on Jan 30
January 20th, 2009 by | No Comments | Filed in PoliticsA meeting of the Board of Directors of the Company will be held on Friday, January 30, 2009 to consider, inter alia, the Audited Results for the third quarter ended December 31, 2008 of the Accounting Year 2008-2009, pursuant to Clause 41 of the Listing Agreement
Dr Reddy's Q3 FY09 Revenue at Rs. 18,401 million
January 20th, 2009 by | No Comments | Filed in ResultsEBITDA at Rs. 3,453 million, PAT at Rs. 1,924 million
Hyderabad, India, Jan 20, 2009: Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced its unaudited financial results for the quarter ended December 31, 2008.
Q3 FY09 Key Highlights
o Overall revenues at Rs. 18.4 billion ($379 million) in Q3 FY09 as against Rs. 12.3 billion ($254 million) in Q3 FY08, representing a growth of 49%.
o The growth was majorly driven by the successful launch of the authorized generic version of GlaxoSmithKline’s Imitrex® (generic version: sumatriptan succinate), in late November 2008.
o Excluding revenues from Sumatriptan, the YoY growth is at 21%.
o Operating income at Rs. 3 billion ($62 million) in Q3 FY09 as against Rs. 1.1 billion ($23 million) in Q3 FY08 after adjusting for the one-time write down of intangibles.
o EBITDA at Rs. 3.5 billion ($71 million) in Q3 FY09 as against Rs. 2.2 billion ($45 million) in Q3 FY08, representing a growth of 58%.
o PAT at Rs. 1.9 billion (10% of total revenues). This translates to a diluted EPS of Rs. 11.4 ($0.2) in Q3 FY09 representing a growth of 150% over Q3 FY08, after adjusting for the one-time write down of intangibles.
o Revenues from Global Generics business at Rs. 13.7 billion ($282 million) in Q3 FY09 as against Rs. 8.0 billion ($165 million) in Q3 FY08. YoY growth of 70% driven by sumatriptan and key markets of North America and Russia.
o Excluding revenues from Sumatriptan, the growth of 80% in North America was driven by volume growth in key existing products and acquisition of the Shreveport facility.
o Revenue growth of 44% in Russia driven by key brands of Omez, Nise, Ketorol and Cetrine.
o Revenues from Pharmaceutical Services & Active Ingredients (PSAI) increase by 6% to Rs. 4.5 billion ($92 million) in Q3 FY09 as against Rs. 4.2 billion ($87 million) in Q3 FY08.
o During the quarter, the company launched 26 new generic products, filed 32 new generic product registrations and filed 6 DMFs globally.
Segmental Analysis
Global Generics
o Revenues from Global Generics business at Rs. 13.7 billion ($282 million) in Q3 FY09 as against Rs. 8.0 billion ($165 million) in Q3 FY08. YoY growth of 70% driven by launch of sumatriptan and the key markets of North America and Russia.
o Revenues from North America at Rs. 6.7 billion ($137 million) in Q3 FY09 as against Rs. 1.7 billion ($36 million) in Q3 FY08.
o Excluding revenues from Sumatriptan, the growth of 80% in North America was driven by high volume growth in Top products and acquisition of Shreveport facility.
o Revenue from Shreveport facility at Rs. 409 million ($8 million) in Q3 FY09.
o 3 new products launched in Q3 FY09.
o During the quarter, the Company filed 5 ANDAs taking the total filings to 133. Total of 69 ANDAs pending at the USFDA addressing innovator sales of $47 billion as per IMS December 2007.
o Revenues from Europe at Rs. 2.5 billion ($52 million) in Q3 FY09 as against Rs. 2.6 billion ($53 million) in Q3 FY08.
o Revenues from betapharm marginally down by 2% to Rs. 2.0 billion ($41 million) in Q3 FY09 from Rs. 2.0 billion ($42 million) in Q3 FY08. This decline was on account of destocking due to the AOK tender and olanzapine withdrawal from market.
o Volume growth in existing products offset by price declines
o Betapharm volume growth of 15% as against market volume degrowth of 3.3%.
(Source: NVI Report Oct-Nov 2008)
o Revenues from Rest of Europe at Rs. 501 million ($10 million) in Q3 FY09 from Rs. 500 million ($10 million) in Q3 FY08.
o During the quarter, the company launched 2 new products and filed 4 dossiers across Europe.
o Revenues from Russia & Other CIS markets at Rs. 2.0 billion ($41 million) in Q3 FY09 as against Rs. 1.5 billion ($31 million) in Q3 FY08.
o Revenues in Russia increase to Rs. 1.6 billion ($32 million) in Q3 FY09 as against Rs. 1.1 billion ($23 million) in Q3 FY08. YoY growth of 44% driven by key brands of Omez, Nise, Ketorol and Cetrine.
o Dr. Reddy’s volume growth at 16% as against the industry volume degrowth of 1%.
(Source: Pharmexpert Apr-Nov 08)
o Combined revenues from OTC & Hospital segment contribute 26% to total revenues.
o Revenues in Other CIS markets increase to Rs. 434 million ($9 million) in Q3 FY09 as against Rs. 409 million ($8 million) in Q3 FY08. YoY growth of 6%.
o Revenues in India remained flat at Rs. 2.0 billion in Q3 FY09.
o The temporary slowdown in India is on account of delay in launch of new products and a change in our supply chain model to a replenishment based model.
o 10 new products launched during the quarter.
o New products in the last 36 months contribute 23% to total revenues in Q3 FY09.
Pharmaceutical Services and Active Ingredients
o Revenues from this segment increase to Rs. 4.5 billion ($92 million) in Q3 FY09 as against Rs. 4.2 billion ($87 million) in Q3 FY08; YoY growth of 6% driven by growth in Europe and RoW markets.
o Revenue from the business & facility acquired from Dow Pharma at Rs. 224 million ($5 million) in Q3 FY09.
Income Statement Highlights:
o Gross profit increase by 70% to Rs. 10.3 billion in Q3 FY09 as against Rs. 6.0 billion in Q3 FY08. Gross profit margins on total revenues at 56% as against 49% in Q3 FY08, largely driven by higher margins on sumatriptan.
o Selling, General & Administration (SG&A) expenses increase to Rs. 5.0 billion (27% of revenues) in Q3 FY09 from Rs. 3.7 billion in Q3 FY08 (30% of revenues).
o The absolute increase YoY was majorly on account of impact of additional costs on account of the recent acquisitions and the scaling up of our Specialty business in the US.
o Sequentially SG&A has increased. However if we were to exclude the impact of currency on expenses outside India, the base SG&A remains the same.
o Other operating expenses include provision of Rs. 969 million as damages on account of the German court upholding the validity of the olanzapine patent.
o R&D investments at 6% of total revenues in Q3 FY09 as against 7% in Q3 FY08.
o Amortization expenses at Rs. 339 million in Q3 FY09 as against Rs. 375 million in Q3 FY08. This reduction is on account of lower intangible base of betapharm due to the accelerated impairment charge taken in Q3 FY08.
o Finance costs (net) are at Rs. 699 million in Q3 FY09 as against Finance income (net) at Rs. 23 million in Q3 FY08. The increase is mainly on account of :
o Net forex loss of Rs. 493 million in Q3 FY09 as against net forex gain of Rs. 87 million in Q3 FY08
o Net interest expense of Rs. 215 million in Q3 FY09 as against net interest expense of Rs. 88 million in Q3 FY08.
o Net income at Rs. 1.9 billion (10% of total revenues). This translates to a diluted EPS of Rs. 11.4 ($0.2) in Q3 FY09, representing a growth of 150% over Q3 FY08, after adjusting the one-time write down of intangibles, net of tax.
o Capital expenditure for Q3 FY09 is at Rs. 1,220 million ($25 million).
eClerx’s first 9 months FY09 revenue up 67%
January 20th, 2009 by | No Comments | Filed in ResultsMumbai, January 19, 2009: eClerx Services Ltd. (eCx), India’s first publicly-listed KPO and a Forbes “200 Best Under a Billion” company, today announced its first nine results for fiscal 2009. eClerx provides data analytics and customized process solutions to global enterprise clients from its offshore delivery centres in India.
Consolidated financial highlights for Q3FY09
· Revenues for the quarter stood at Rs 48.1 crore vs Rs 34.7 crore in Q3FY08, YoY growth of 39%. Operating revenues for the period were Rs 51.6 crores, YoY growth of 56%.
· EBITDA for the quarter ended December 31, 2008 was Rs 20.5 crore, a growth of 31% YoY.
· Profit before tax (excluding other income) for the period are Rs 21.3 crores, a growth of 70% YoY.
· Net Profit for the quarter was at Rs 16.2 as compared to Rs 12.5 crore in Q3FY 08, a jump of 30 %.
· Basic EPS for the nine months ended December 31, 2008 was Rs 8.57.
Consolidated financial highlights nine months ended December 31, 2008
· Revenues for the nine months ended December 31, 2008 were Rs 146.2 crores vs Rs 87.4 crore in the corresponding period last year, YoY growth of 67%. Operating revenues for the period were Rs 143.0 crores, YoY growth of 69%.
· EBIDTA for the nine months ended December 31, 2008 was Rs 58.3 crores, a growth of 56% YoY.
· Profit before tax (excluding other income) for the period are Rs 49.1 crores, a growth of 59% YoY.
· Profits after tax for the nine months ended December 31, 2008 were Rs 46.4 crores compared with Rs 29.4 crores in the corresponding period in the previous year, a growth of 58% YoY.
· Basic EPS for the nine months ended December 31, 2008 was Rs 24.52.
Commenting on the results, Mr. P.D. Mundhra, Executive Director said “We are very pleased to have closed the third quarter with such strong results in the context of a challenging global business environment. The firm has performed exceedingly well by growing revenues and profitability quarter on quarter in-spite of one of our top 5 clients filing for bankruptcy at the end of the previous quarter, a testament again to the stickiness of our business and the core importance of the services that we provide to our customers. Overall, our business has grown by 50% over the same period last year, in a much tougher environment, and we have maintained profitability. One accolade that we are especially proud of is the recognition from Forbes as one of the “200 Best under a Billion” companies in Asia. “
Apollo Tyres Ltd Q3 earnings Highlights
January 20th, 2009 by | No Comments | Filed in ResultsGurgaon, Haryana, India: The Board of Directors of Apollo Tyres Ltd, today took on record the company’s unaudited results for the third quarter of the financial year 2008-09.
Highlights: Q3 FY2008-09 (Oct-Dec) versus Q3 FY2007-08
Consolidated revenue reported at Rs 11 billion versus earlier period Rs 12.4 billion
Consolidated net profit after tax at Rs 89 million against Rs 820 million in the previous year
Standalone India Operations revenue at Rs 9 billion marginally down from Rs 9.7 billion
Standalone India Operations net profit after tax at Rs 55 mn against Rs 621.7 mn last year
Other highlights
Raw material costs have been higher by 35% in the quarter under review compared Q3FY08. This is despite the fact that prices of crude oil and natural rubber have softened since September 2008
With huge cutbacks in vehicle production, supplies to OEMs fell by nearly 43% in value terms, impacting both the topline and sentiments
Exports however continued to grow with a 37% higher turnover compared to Q3 FY08
While there was a sharp fall in the demand for commercial vehicle tyres, Apollo continued to register growth in the replacement passenger car tyre segment with a 11% growth over the same quarter last year
Commenting on the results, Onkar S Kanwar, Chairman & Managing Director, Apollo Tyres Ltd, said: “The past six months have been very challenging for the automotive industry and our results are a reflection of the situation. Production cuts by OEMs have naturally also impacted us. But we see the tide changing gradually and I am looking forward to the last quarter of this year.”
Ester Industries Ltd Q3 Highlights
January 20th, 2009 by | No Comments | Filed in ResultsMumbai: Net Sales increased by 7 % to Rs. 84.62 crores from Rs. 79.02 crores reported in the corresponding quarter last year. For the 9 months ended it increased by 24 % to Rs. 291.38 crores.
The Earnings Before Interest, Depreciation & Tax (EBIDTA) in the present quarter increased 48% to Rs. 14.44 Crores from Rs. 9.74 Crores while it increased by 64% to Rs. 50.57 Crores in the 9 months ended December 2008.
The Profit after Tax (PAT) has increased by 92% in the present quarter to Rs. 5.09 Crores from Rs. 2.65 Crores reported in the quarter ended December 2007. For the 9 months period it stood at Rs. 22.63 Crores registering an increase of 211%.
EPS for the quarter ended December 2008 is at Rs. 0.92 while for the 9 months ended December 2008 it is Rs. 4.08.