Business News

Business News

TCS net jumps 22% to Rs 3,597 crore; expects stronger show in FY'14
ENS Economic Bureau : Mumbai | Thu Apr 18 2013, 01:02 hrs
  Buoyed by strong topline growth, Tata Consultancy Services Ltd — the country’s top software services provider — reported a 22.1 per cent year-on-year jump in net profit at Rs 3,596.9 crore for the fourth quarter of 2012-13.

Revenue for the quarter ended March 31, 2013, grew by 23.9 per cent to Rs 16,430.1 crore, as against Rs 13,259.3 crore in the year ago period, according to the results announced by the company.

With this the firm ends FY’13 with revenues of Rs 62,989 crore, up 28.8 per cent and net profit of Rs 13,941 crore, up 30.9 per cent. Operating profit margins for the year came in at 27 per cent while for Q4FY’13, the margin was a shade lower at 26.5 per cent due to some adverse currency movements and a one-off expense.

In a post-results interaction with the media, MD & CEO N Chandrasekaran sounded an optimistic note, saying the deal pipeline was strong and closures were happening. “We are chasing more large deals today both in terms of numbers and value than we were last year and our commentary is that FY’14 will be a better year than FY’13,” the TCS chief observed.

On Wednesday, the TCS stock closed at Rs 1,459.20, down1.73 per cent, ahead of the results announcement.

Speaking on the US immigration bill, Chandrasekaran observed that since only a draft was available it would be premature to comment on its impact. “We would need to know the cap on visas and the restrictions because we can understand the impact,” the CEO said. TCS added 153 clients in FY’14 of which 52 were added in Q4. Chandrasekaran observed that opportunities for vendors were on the rise as companies attempted to become more efficient, re-engineered themselves.

“There is traction both in run-of-the mill spending as also discretionary spends,” he said. TCS, which acquired Alti SA, a French firm IT services player with revenues of euro 126 million for euro 75 million earlier this month, believes that Europe is a focus area for both organic and inorganic growth.

Rajesh Gopinathan, chief financial officer of the firm said the pricing regime appeared to be stable though there could be some ups and downs. Ajoy Mukherjee, EVP and head, global human resources, said TCS would hire 45,000 people in FY’14. (With FE)

HCL’s Jan-Mar net jumps 73%

New Delhi: HCL Technologies on Wednesday beat the Street estimates, posting a 73 per cent year-on-year and 7.8 per cent sequential jump in net profit during the January-March period, backed by higher other income, forex gains and a strong order book despite a challenging macro environment.

For the quarter ended March, the company recorded a profit of Rs 1,040 crore against Rs 602.5 crore in the year-ago period. It follows July-June fiscal year. In the October-December quarter, profit stood at Rs 964.7 crore. During January-March, the firm had a forex gain of about Rs 23 crore while recording a dollar revenue growth of 3.2 per cent sequentially to $1,191 million.

“HCL Tech once again reported healthy set of results, beating our as well as market expectations. The dollar revenues grew by 3.2 per cent QoQ, led by a strong 8.6 per cent sequential dollar revenue growth in infrastructure managed services,” Angel Broking IT analyst Ankita Somani said. However, the company reduced its staff strength for the second quarter in a row. It cut its headcount by 791 employees during the quarter, taking the total staff strength to 84,403 as on March 2013. FE

Yes Bank Q4 net up 33% to R362 crore

Mumbai: Private sector lender Yes Bank on Wednesday reported a 33.2 per cent rise in its net profit to Rs 362.2 crore in the fourth quarter ended March 31, 2013, on the back of higher core income.

Net profit of the bank was Rs 271.8 crore in the January-March period of the previous fiscal. For the entire 2012-13 fiscal, the bank’s net profit grew by 33.1 per cent at Rs 1,300.7 crore, compared to Rs 977 crore in the previous fiscal. PTI