Hexaware, IBP Company & Indian Rayon results

CORPORATE SCORECARD

Hexaware Technologies' net profit zoomed 647.36 per cent to Rs 21.30 crore for the quarter ended December 31, 2004 compared with Rs 2.85 crore in the corresponding period of last year.

Total Income increased from Rs 49.55 crore in the quarter ended December 31, 2003 to Rs 84.46 crore for the quarter ended December 31, 2004, a growth of 70.45 per cent.

The company has declared a dividend of 50 per cent (Rs 5 a share) for the year ended December 31, 2004. The board will meet on February 21 to consider a stock split proposal.

For the full year ended December 31, 2004, the company posted a 44.12 per cent growth in net profit to Rs 43.77 crore compared with Rs 30.37 crore in the previous year.

Total Income increased from Rs 180.50 crore in the financial year ended December 31, 2003 to Rs 269.02 crore in January-December period of 2004, thereby posting a increase of 49.04 per cent.

Chairman Atul Nishar attributed the improved performance to the 82 per cent repeat business from existing clients as well as customers additions, which was the highest this quarter. The company acquired 12 new customers during the quarter.

Hexaware signed $61 million of new business in the last six months. Buoyed by growth in customers and new initiatives, the company has projected a revenue of $170 million in 2005, a growth of 40 per cent over 2004 and net profit of $25.2 million, a growth of 80 per cent over 2004.

As of December 31, 2004, Hexaware had 3,833 employees and plans to add another 2,000 next year. The group's net profit stood at Rs 21.45 crore for the quarter ended December 31, 2004 compared with Rs 7.54 crore for the quarter ended December 31, 2003, an increase of 184.48 per cent.

Total income increased from Rs 106.52 crore in quarter ended December 2003 to Rs 159.84 crore for the quarter ended December 31, 2004.

For the full year ending December 31, 2004, the net profit of the group stood at Rs 63.73 crore compared with Rs 32.88 crore for the year ended December 31, 2003. Total Income has increased from Rs 354.63 crore to Rs 559.86 crore for the year ended December 31, 2004.

IBP Company posts Rs 98 crore loss

IBP Company has posted a net loss of Rs 98.01 crore for the quarter ended December 31, 2004, compared with a net profit of Rs 39.25 crore for the quarter ended December 31, 2003.

As a result of non-revision of retail selling prices matching with the movement of international prices in respect of MS, HSD, the company has suffered under recoveries amounting to Rs 272.91 crore compared with industry expected margin.

The company has also suffered under recoveries amounting to Rs 264.62 crore, net of recovery under loss sharing scheme approved by the ministry of petroleum and natural gas on account of SKO (PDS) and LPG (domestic) against Rs 92.56 crore during corresponding period of previous year. Total income increased from Rs 2847.57 crore in Q3 of last fiscal to Rs 3515.06 crore for the quarter ended December 31, 2004.

Indian Rayon net flat at Rs 28.65 crore

Indian Rayon, an Aditya Birla group company's net profit has remained flat with a 0.3 per cent growth at Rs 28.65 crore for the quarter ended December 31, 2004, compared with a net profit of Rs 28.56 crore, recorded for the corresponding period of the previous year.

Net sales increased 19.8 per cent at Rs 493.31 crore in the quarter compared with Rs 411.7 crore registered in the corresponding quarter of the previous year.

The company has recorded a loss of Rs 3.76 crore as exceptional items, on account of VRS and a long term strategic investment. The company's garments division's revenues have increased 28.9 per cent to Rs 129.9 crore, compared with Rs 100.8 crore, recorded in the corresponding period of the previous year.

Meanwhile, the carbon black division's revenues stood at Rs 119.43 crore, a rise of 36.4 per cent compared with Rs 87.59 crore in the corresponding period of the previous year.

Revenues from the rayon division were higher by 12.8 per cent at Rs 96.32 crore compared with Rs 85.42 crore in the corresponding period of the previous year.