Tech Mahindra Q4 Net dips 3.6 pc to Rs 614.2 cr
Country's fifth largest IT services firm Tech Mahindra ltd on Wednesday said its consolidated net profit has declined 3.6 per cent to Rs 614.2 crore for the quarter ended March 31, 2014. This is against a net profit of Rs 637.7 crore in the January-March 2013 quarter, Tech Mahindra said in a statement.
The company's consolidated revenues, which includes financials of erstwhile Satyam Computer, grew 34.2 per cent to Rs 5,058.1 crore in the said quarter as against Rs 3,767.3 crore in the corresponding quarter last fiscal.
The company said it has not obtained the audit opinion on the merged entity's consolidated financials for Q4 FY 2012-13 and FY 2012-13. In USD terms, the company's net profit stood at USD 101 million, while revenue was up 18.2 per cent at $825 million.
"Our result this year is a reflection of our commitment towards growth and our passion to help our customers deal with the needs of a dramatically changing world, fuelled by hyper connectivity, and decisions at the speed of thought," Tech Mahindra Managing Director and CEO C P Gurnani said.
Bajaj Finance March quarter profit up 11%
Non-banking lender Bajaj Finance on Wednesday posted a 11 per cent growth in its March quarter profit at Rs 182 crore."Considering how the market is performing due to difficulties on the macroeconomic front, I am satisfied that we have been able to grow our profit without damaging the asset quality," Rajeev Jain Chief Executive of Bajaj Finance said.During the reporting quarter, the total income grew 30 per cent to Rs 1,095 crore. Assets under management, driven primarily by advances, grew 37 per cent during the fiscal.Net interest income grew 31 per cent to Rs 645 crore, while the interest and fee income also rose 30 per cent to Rs 1,095 croreHowever, gross non-performing assets ratio increased to 1.18 per cent from 1.09 per cent a year ago.The quarter saw the company keeping off infrastructure and construction equipment sectors. Despite this, provisions for loan losses jumped 38 per cent to Rs 62 crore, denting the profit growth."We are confident of things improving and we will post a growth of over 20 per cent in the key indicators next fiscal," Jain added.
Icra Q4 Net down 31% to Rs 19 crore on increased tax provision
Rating agency Icra on Wednesday reported a 31 per cent decline in its net profit at Rs 19 crore in January-March quarter, on higher tax provisions. The company had reported a net profit of Rs 27.50 crore in the same
period of 2013-14."Profit declined 31 per cent to Rs 19 crore following an increase in tax provision to Rs 8.42 crore from Rs 4.26 crore," the agency said in a statement.For the full year, profit after tax declined 3 per cent to Rs 58.73 crore from Rs 60.38 crore as income tax provisions of Rs 6.69 crore relating to previous years were adjusted against tax during 2012-13.
"Were this figure to be excluded, our net profit for FY14 would be higher by 9 per cent over the previous fiscal," Icra said.Operating income for the fourth quarter grew 7 per cent to Rs 49.62 crore from Rs 46.30 crore.The growth in operating revenue was mainly led by bank loan ratings and structured finance ratings.