TCS' consolidated net profit rose 1.6% to Rs 5328 crore on 2.9% growth in revenue to Rs 24501 crore in Q3 December 2014 over Q2 September 2014. The result hit the market after market hours yesterday, 15 January 2015.
TCS' consolidated operating profit rose 3.7% to Rs 6586 crore in Q3 December 2014 over Q2 September 2014.
TCS said that growth in Q3 December 2014 was driven by industries like Telecom, Hi Tech and Life Sciences. Europe led growth, driven by the investments made in that market, while North America also grew during the quarter, TCS said. Among emerging markets, Latin America and MEA registered strong growth, it added. Among service lines, Global Consulting, Asset Leveraged Solutions, Infrastructure Services and Assurance Services were the leaders, TCS said in a statement.
Commenting on the company's Q3 performance, CEO and MD of TCS, N Chandrasekaran said, We have maintained our momentum in a traditionally weak quarter for the IT industry. In constant currency terms, we have seen significant growth in USA, Europe as well as emerging markets like Latin America and Middle-East Africa. Our diversified industry portfolio and presence across key markets have helped us overcome soft seasonal demand in some sectors.
Mr Chandrasekaran added, Based on our progress this quarter, we are well on our way to post industry-leading growth for FY 2015. In areas like Digital, Simplification and Governance, we continue to partner closely with customers to help them prepare their businesses to succeed in an economy where the default is digital.
Rajesh Gopinathan, CFO, TCS said, Sharp cross currency movements have impacted dollar revenues, but we continue to manage operations with discipline and rigour while investing in people, capabilities and infrastructure on an ongoing basis.
As of 31 December 2014, the company has applied for 2,081 patents including 121 applied during the quarter. Till date, the company has been granted 175 patents, TCS said in a statement.
Bharti Airtel after market hours yesterday, 15 January 2015 in a clarification with regard to news item titled "Airtel may pay Rs. 436 crore" said that the company has not received any order demanding Rs 436 crore from the Department of Telecom. The company, as a matter of policy, does not wish to comment on the present speculative news items and if required, will make necessary disclosures at an appropriate time, Bharti Airtel said.
Reliance Industries, Axis Bank and Wipro will declare their Q3 results today, 16 January 2015.
Union Bank of India after market hours yesterday, 15 January 2015 said that it will reduce its base rate to 10% from 10.25% with effective from 27 January 2015. The bank has also reduced interest rate on deposits in various buckets under retail and bulk deposits from 10 basis points (bps) to 50 bps.
Bajaj Holdings & Investment (BHIL)'s consolidated net profit fell 4.45% to Rs 472 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 15 January 2015. BHIL, with a sizeable pool of cash and cash equivalents, is essentially an investment company, holding as on 31 December 2014, strategic stakes of 31.49% in Bajaj Auto and 39.29% in Bajaj Finserv, the results of which are consolidated with BHIL.
On standalone basis, BHIL's profit on sale of investments (net) dropped 51.85% to Rs 13 crore in Q3 December 2014 over Q3 December 2013. BHIL said that the company chose to hold on to most of its equity portfolio and therefore profit on sale of investments was lower in Q3 December 2014 when compared to the corresponding previous year period. Improving economic environment signals accelerated growth potential in the equity market and hence the company chose to hold on to most of its equity portfolio in Q3 December 2014, BHIL said.
SpiceJet after market hours yesterday, 15 January 2015, said that its board of directors at a meeting held yesterday, 15 January 2015, inter-alia, taken on record the proposal of the principal shareholder and promoter, Mr. Kalanithi Maran and KAL Airways Private Limited to transfer the ownership, management and control of the company to Mr. Ajay Singh pursuant to a scheme of reconstruction and revival for the takeover of ownership, management and control of the company to be filed before the Ministry of Civil Aviation, Government of India. The board has further directed the company to take further steps to implement and undertake all necessary steps in this regard.
Tata Teleservices (Maharashtra) in a clarification with regard to news item titled Tata Tele hits upper circuit on deal news", the company after market hours yesterday, 15 January 2015, said that the news article referred relates to Tata Sons getting approval from RBI for buying stake of NTT DoCoMo INC., in Tata Teleservices. The company said that since the article does not pertain to Tata Teleservices (Maharashtra), the management is not in a position to offer comments thereon.
Autolite (India) after market hours yesterday, 15 January 2015 said its board of directors at its meeting held on 15 January 2015, approved the conversion of 5.55 lakh warrants into 5.55 lakh equity shares of Rs 10 each at a premium of Rs 4 per share upon receipt of balance 75% consideration out of 7.27 lakh warrants balance for conversion out of total 11.25 lakh warrants issued to the promoters on preferential basis on 16 October 2013
Net profit of HSIL rose 156.91% to Rs 30.29 crore in the quarter ended December 2014 as against Rs 11.79 crore during the previous quarter ended December 2013. Sales rose 26.07% to Rs 455.49 crore in the quarter ended December 2014 as against Rs 361.29 crore during the previous quarter ended December 2013.
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