On a consolidated basis, Infosys' net profit grew 19.4% to Rs 2875 crore on 0.5% rise in revenues to Rs 13026 crore in Q3 December 2013 over Q2 September 2013. Infosys has made a provision of Rs 219 crore towards visa related expenses in Q2 September 2013. The results are as per International Financial Reporting Standards (IFRS).
Infosys raised its revenue growth guidance in both rupee and dollar terms for the year ending 31 March 2014. The company expects consolidated revenues in rupee terms to grow 24.4%-24.9% for the fiscal year ending 31 March 2014, under IFRS (based on a conversion rate of $1 = Rs 61.81 for the rest of the fiscal year). The company expects consolidated revenues in dollar terms to grow 11.5%-12.0% for the fiscal year ending 31 March 2014, under IFRS.
At the time of announcement of Q2 September 2013 results in October 2013, Infosys had raised its revenue guidance in both dollar and rupee terms. The increase in revenue growth guidance in rupee terms was driven by weakness in rupee against the dollar. The company had at that time forecast 9% to 10% growth in revenue in dollar terms for the year ending 31 March 2014 (FY 2014). At that time, the company had issued a forecast of 21% to 22% growth in revenue in rupee terms based on the assumption of rupee dollar conversion rate of 62.61 for the rest of the fiscal year.
"The year ahead looks exciting for the IT services industry. We believe the global economic environment has improved and our clients are gaining confidence to invest in their strategic initiatives. said S. D. Shibulal, CEO and Managing Director. We continue to differentiate ourselves to seize growth opportunities. The recent changes in organizational structure will enable us to strengthen client relationships and increase market share."
'During the quarter, we saw early but promising results of our initiatives to increase efficiency in our operations," said Rajiv Bansal, Chief Financial Officer. "We continue to remain focused on making investments necessary to secure and grow our future."
Liquid assets including cash and cash equivalents, available-for-sale financial assets, certificates of deposits and government bonds were Rs 27,440 crore as on 31 December 2013 versus Rs 26907 crore as on 30 September 2013.
Indusind Bank will unveil its Q3 December 2013 results today, 10 January 2014.
VA Tech Wabag said it bagged its first ever order in Tanzania. The project is funded by EXIM Bank of India under the Indian line of credit. The project is a design and build contract from Dar Es Salaam Water & Sewerage Authority (DAWASA) for a value of $40 million. The scope of the work comprises building of 130 MLD Upper Ruvu Water Treatment Plant in The United Republic of Tanzania.
Commenting on this development, Mr. Rajiv Mittal, Managing Director said "We are delighted that our efforts in Sub-Sahara region have started yielding results. Wabag is already present in North African market and with this order we are further expanding our footprints into newer geographies."
Tech Mahindra is reportedly keen on buying Financial Technologies (India) (FTIL) if the latter's promoter is asked to sell his stake as part of the NSEL scam proceedings. According to the report, Tech Mahindra has initiated an evaluation of FTIL for a buyout possibility.
Indian Oil Corporation (IOC) will be watched after media reports suggested that a group of ministers headed by Finance Minister P Chidambaram on Thursday, 9 January 2013, deferred a decision on disinvestment in IOC following strong opposition to the stake sale by the Oil Ministry.
MCX will be watched after MCX Stock Exchange (MCX-SX), on Thursday, 9 January 2014, said that it got the approval of the market regulator, Securities and Exchange Board of India (SEBI), to start trading in interest rate futures (IRF), which would go live from this month onwards.
MTNL will be watched after media reports suggested that the Union Cabinet allowed state-run telecommunications carriers Mahanagar Telephone Nigam (MTNL) and Bharat Sanchar Nigam (BSNL) to return their 4G radio spectrum and get refunds of a total Rs 11260 crore. The government will refund Rs 4534 crore to MTNL and Rs 6724 crore to BSNL in a staggered manner, Information and Broadcasting Minister Manish Tewari told the media on Thursday, 9 January 2014, after a meeting of the cabinet. MTNL and BSNL had received the spectrum in 2010 but have not yet launched the services.
Atul said after market hours on Thursday, 9 January 2014 that Credit Rating & Research (CARE) has revised rating upwards from 'CARE AA-' to 'CARE AA' assigned to the long-term facilities (borrowings for more than one year) of the company. CARE has also reaffirmed the rating 'CARE A1+' to the commercial paper (CP) and short term facilities (borrowings up to one year) of the company.
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