PTC India, Priyadarshini, Bhagyanagar, Suven Life, Sasken, Subex Systems results

PTC India (formerly Power Trading Corporation of India) has reported 9 per cent drop in net profit despite a significant rise in net income for the quarter ended September 30.

The company posted net profit at Rs 8.65 crore for this quarter against Rs 9.65 crore for the corresponding period last year. However, net income rose 53 per cent at Rs 1,314.68 crore against Rs 861.98 crore reported in the same quarter last year. Traded volumes during the quarter rose to 3,268 MUs from 3,148 MUs, up by 4 per cent from the corresponding quarter last year.

Priyadarshini Mills bottomline up 21%

Priyadarshini Spinning Mills has reported 21 per cent increase in net profit for the quarter ended September 30, 2006, at Rs 1.04 crore compared with Rs 86 lakh in the corresponding quarter last year.

Net sales increased 36 per cent to Rs 48.12 crore from Rs 35.37 crore.

Bhagyanagar net up 26% at Rs 6.93 cr

Bhagyanagar India has announced 26 per cent increase in net profit for the quarter ended September 30, 2006, at Rs 6.93 crore compared with Rs 5.49 crore in the corresponding quarter last year. This has been due to the increase in income from the copper division and reduction in current tax from Rs 1.1 crore to Rs 20 lakh.

Net income from operations increased by 12 per cent to Rs 45.49 crore compared with Rs 40.65 crore in the corresponding previous quarter. The revenue from the copper division increased by 70 per cent to Rs 44.13 crore while the revenue from telecom and infrastructure business declined by 79 per cent to Rs 2.87 crore and 62 per cent to Rs 2.02 crore, respectively.

Bhagyanagar raised $15 million through foreign currency convertible bonds issue (closed on October 11, 2006). These would be converted at the option of the bond-holders at a price of Rs 44, the company said.

Suven Life net up 53% at Rs 2.49 cr

Suven Life Sciences has reported 53 per cent increase in net profit at Rs 2.49 crore for the quarter ended September 30, 2006, compared with Rs 1.63 crore in the corresponding quarter last year. Total income increased by 37 per cent to Rs 27.97 crore compared with Rs 20.4 crore in the corresponding quarter last year.

Intermediates under custom synthesis contributed Rs 25.4 crore to the quarterly revenues, while bulk drugs contributed Rs 1.79 crore. Suven's R&D expenses for the quarter were at Rs 4.65 crore compared with Rs 3.81 crore in the corresponding quarter last year.

Sasken net flat at Rs 11 crore

Sasken Communication Technologies, telecom R&D outsourcing player, has reported a flat net profit at Rs 11 crore for the second quarter ended September 30, 2006, against the second quarter of previous fiscal. The company's top line has moved up by 36 per cent at Rs 117 crore.

According to the company, the stagnant net profit is due to the one-time large licensing fee in Q2 of the last fiscal. The company reported 60 per cent dip in product revenues at Rs 6.25 crore during second quarter. The services business has, however, managed to grow by 57 per cent at Rs 111 crore for the second quarter.

On a sequential basis, revenues has grown by 29 per cent, while the net profit moved up by 37 per cent. During the second quarter of the current fiscal, Sasken acquired Botnia Hightech in Finland and this contributed around Rs 10 crore to the top line.

Subex Systems net up 356%

Subex Systems' acquisition of the UK-based Azure Solutions in April this year has started paying dividends in the second quarter of the fiscal 2006-07. The new entity has helped post an impressive 356 per cent jump in net profit at Rs 17.1 crore against Rs 3.75 crore in the same quarter in last year. Subex acquired Azure Systems in a $140-million majority stock transaction. The top line of the company has grown by 137 per cent at Rs 103 crore with products business contributing 72 per cent.

Subex with the acquisition of Azure gets to serve British Telecom, contributing around 31 per cent to its top line. "The basic objective of acquiring Azure was for the clients they were servicing. This has built the top line exceptionally well for us and we are on track for the Rs 450 crore top line guidance for FY08," Subash Menon, CMD, Subex said.

"The strong growth proves that the industry has accepted the acquisition, with the telecos placing orders on us, viewing us as long-term partners for their revenue maximization efforts," he added.

In the Q2 of FY07, the consolidated revenue of the company gone up by 137 per cent to Rs 103.1 crore against Rs 43.45 crore in the Q2 of fiscal 2005-06. The earnings per share (EPS) of the company grew by 217 per cent to Rs 4.92 against Rs 1.55 in the corresponding period last year.

The company also announced that it will sponsor a GDR/GDS issue subject to a maximum of 9 million shares which will be listed on a major European exchange. Given the current stock price of Rs 550, this issue will be worth around $100 million.