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The company's Q1FY03
numbers are clearly lower than market expectations. The company attributes this to its
Customer Refocus exercise.
The company's
performance in Q2FY03 should be considered after adjusting for compliance with AS-25 and
the write backs during the quarter.
The company has
recorded a stellar sequential growth for yet another quarter. Revenues have spiked 23% in
Q2FY03 to Rs489.6mn, while net profits have grown 20.5% to Rs152.8mn.
Though the results
are more or less in line with our expectations, we are a bit surprised by the 20bps
sequential drop in OPM to 8.7%.
VSNL has declared net
revenue of Rs12.47bn and net profit of Rs2.46bn for Q2FY03. On the back of falling
settlement rates, the company's international telephony revenues for the quarter under
review at Rs.10.48bn is 25% lower YoY.
The Bank has posted
a net profit of Rs897mn in Q2FY03, 29.4% higher than the corresponding period in the
previous year. Net profit of the Bank has grown in line with our expectations.
The company has
recorded good topline growth in its global IT segment in Q2FY03. However, margins dipped
due to increase in cost of revenues and appreciation of the Indian rupee against the US
dollar.
We are particularly
impressed by HH's cost rationalisation efforts reflected in OPM, which expanded 180 bps
since Q2FY02, which has been the primary reason for the smart growth in bottomline.
The company has
announced its Q3 2002 results as per expectations. The company is headed for break-even
this calendar year (2002).
The company has
announced good results. However, the topline especially in the solutions segment was a bit
lower than expectation, at around Rs.286mn.
Profits have surged
due to a non-recurring income of Rs245.7mn, on account of treasury management (Rs177.1mn)
and securitisation income (Rs68.6mn).
Sales at Rs.1851mn
have grown at a healthy rate of 11.5% YoY. The company has maintained and furthered its
market share in all its key categories except sunflower oil.
Infosys has succeeded
in beating all expectations in topline. The company grew a superb 15% sequentially and 36%
YoY.
The good show by
MphasiS in 2QFY03 only confirms the fact that the Indian software companies are once again
gaining ground in the IT services space.
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