Igate, Exide & CMC Q3 results

CORPORATE SCORECARD

Igate net down 51.15%

Igate Global Solutions reported a 51.15 per cent decrease in net profit at Rs 9.27 crore for the quarter ended December 31, 2005, as compared to Rs 18.98 crore for the corresponding quarter in the previous fiscal.

However, the total income grew 17.40 per cent during the third quarter this fiscal to Rs 146.58 crore as against Rs 124.85 crore for the corresponding period last year, the IT company informed the BSE.

The group reported a consolidated net profit of Rs 1.30 crore as compared to Rs 15.84 crore for the third quarter ended December 31, 2004. Total income of the group increased to Rs 164.35 crore for third the quarter ended December 31, 2005, from Rs 157.80 crore in the year-ago period.

Figures for the corresponding periods of previous year include profit on sale of assets of Rs 15.64 crore. Figures for the previous year are unaudited.

"Our existing customers, pleased with our performance are contributing to our growth. We have put in place significant expansion plans in Canada and Japan," the company's CEO Phaneesh Murthy, said.

Exide profit up 3% at Rs 21cr

The storage battery major Exide Industries has witnessed a three per cent jump in net profit at Rs 21.5 crore for the quarter ended December 31, 2005 compared to Rs 20.9 crore for the quarter ended December 31, 2004.

Turnover has increased from Rs 295.2 crore in the third quarter of 2004-05 to Rs 342.7 crore for the quarter ended December 31, 2005.

Commenting on the third quarter results, the executive chairman and chief executive officer of Exide, S B Ganguly said, "The rising input cost of lead in the international markets remains a cause of concern".

Continued focus on quality, technology and cost consciousness across levels has paid rich dividends in terms of better profitability and robust growth in automotive and infrastructure segments was promising, he added.

The operating profit rose 38 per cent per cent at Rs 53.31 crore for the quarter ended December 2005. In April-December 2005, net profit rose 26.7 per cent at Rs 74.8 crore, compared to the corresponding nine month period of the previous financial year.

The Exide CEO said that during the period, the replacement battery business in the automotive segment grew by close to 20 per cent. "During the third quarter we have announced major brand initiatives through signing up M S Dhoni as the Exide brand ambassador, a first by us," he added.

CMC net up 16%

CMC has announced that the company posted a profit after tax of Rs 10.76 crore for the quarter ended December 31, 2005, around 16 per cent higher compared with Rs 9.28 crore for the quarter ended December 31, 2004. Total revenue decreased by 4.5 per cent from Rs 205.23 crore in Q3-05 to Rs 195.97 crore for the quarter ended December 31, 2005.

On a consolidated basis, the group posted a profit after tax of Rs 12.07 crore for the quarter ended December 31, 2005, 25 per cent higher as compared to the Rs 9.63 crore for the quarter ended December 31, 2004.

Total revenue decreased by around 2 per cent from Rs 216 crore in Q3-05 to Rs 211.9 crore for the quarter ended December 31, 2005.