Varun Shipping & Zensar Tech results

CORPORATE SCORECARD

Varun Shipping net zooms 132%

Varun Shipping has posted an impressive 132 per cent increase in its net profit at Rs 23.24 crore for the quarter ended December 31, 2004 compared with Rs 10.47 crore for the corresponding quarter previous year.

The company's total freight revenue for this year's third quarter has also registered a 42.3 per cent growth at Rs 103.8 crore from Rs 72.9 crore in the corresponding quarter for the previous year.

During this quarter, the company had acquired its seventh LPG carrier and had also allotted 3.6 crore equity shares on rights basis in December 2004.

Zensar Tech surges 235%

The Pune-based Zensar Technologies has posted a net profit of Rs 6.23 crore for the quarter ended December 2004, a 234.94 per cent jump from Rs 1.86 crore in the corresponding period of the last year.

Revenue, during the period, grew by 41.74 per cent to Rs 47.91 crore from Rs 33.80 crore. The consolidated revenues stood at Rs 90.97 crore and its net profit stood at Rs 7.26 crore for the quarter ended December 2004.

Chairman and managing director, Ganesh Natarajan, attributed the increase in profits and revenues to innovative solutions and specific value propositions in each of the chosen sectors.

He sais, "This increase can also be attributed to growth in Japan. China and Continental Europe has witnessed significant growth."

He added that the decline in dollar compared with rupee has not impacted the company as much because the US contributes 51 per cent to the total revenues of the company.

Zensar added 10 new customers this quarter and has increased its share in offshore to 43 percent.