MindTree revenues of US$74.5m were up 5.7% qoq and 9.7% yoy (Exp: US$ 72.2m) – volume growth was flattish while realization improved on the back of productivity gains in fixed price projects. In INR terms, revenues of Rs3.4bn grew 4% qoq and 2% yoy. EBIT margin declined by ~110bps qoq – management indicated that this was primarily due to stronger INR, provision for higher leaves (US$ 0.7m), investment into handset business (US$ 0.6m), hardware pass-through cost (US$0.7m), higher SG&A spend. (more…)
Category: Breaking Corporate India Earnings News
Breaking News in Corporate India / Earnings Analysis
FII Gives Thumbs Down to Reliance Industries Ltd
RIL reported F4Q10 results with EBITDA and profit 8% and 9% below our estimates, due to lower than expected earnings in the refining and petrochemical divisions. However, E&P business was in line with our expectation with EBIT growth of 260% YoY and 15% QoQ.
Refining: Reported GRM of $7.5/bbl were 50 cents below (more…)
Ambuja Cement – Strong operational improvement
Ambuja reported 1Q CY10 EBITDA at Rs6.2bn, up 19% YoY & 44% QoQ; results were in line with our expectations. Along with 1Q results, Ambuja announced commencement of commercial production for both the Bhatapara and Rauri expansions. Factoring 1Q trends and tad earlier-than-expected capacity expansions, we have lifted both EBITDA (+4%) and earnings (+10%) for CY10E. (more…)
IndusInd Bank – Q4 benefits of restructuring
Updated: IndusInd Bank reported 4QFY10 net profit of Rs981mn (+11% qoq, +94% yoy). This was driven by 1) 89% growth in NII to Rs2.73bn (3% ahead of our estimate) on margin expansion (NIMs at 3.2%, +25bp qoq) and higher volumes (up 8% qoq, +30% yoy), and 2) noninterest income (i.e., net fee) which was 9% ahead of our estimate on thirdparty product distribution and recovery of NPAs of Rs181mn. Some of this was offset by higher loan loss provisions, as the bank accelerated provisions to meet RBI coverage requirement (more…)
Nitin Fire – Growth in All Segments
Nitin Fire Protection Industries Ltd – reported a strong 4QFY10 performance, with revenues more than doubling yoy (104%) to Rs1,054m, while earnings jumped 179% to Rs155m. Sales and earnings for FY10 grew 28% and 27%, respectively.
All the three business segments contributed to the 104% yoy revenue growth in 4QFY10. The fire-fighting business grew 46% yoy, (more…)
Infosys Technologies – Hope of Revenue Guidance
Infosys Technologies has put a dismal performance for the FY 2009-2010. Pricing declined ~70 bps (constant currency). EBITDA margin declined ~150bps (our exp: ~90bps decline). Reported net profit was Rs16b, in line. However, excluding gains on sale of investment (Rs.480m), it was lower than expectations.
The company expects Overall, US$ revenue growth guidance builds in 3-4% QoQ growth for its guidance of 16-18% YoY revenue growth. EPS (more…)