Corporate FIR or (First Information Report)
brings you a snapshot analysis of Annual Results of Key Indian Companies even before other
websites start work on it. Corporate FIR will always give you the time advantage so that
you get indepth and incisive analysis on Corporate results well in advance. Go get the
Corporate FIR advantage!!
We feel concerns
regarding HCL Perot and the Client Rationalization exercise have been bearing down on the
stock. Taking Q2 FY03 results into account we have revised out FY03 projections marginally
downwards.
Revenues for Q3 FY03
were Rs5173mn as against our estimate of Rs5273mn (the company's guidance was Rs5250 -
5400mn). The company has said that the new clients acquired in the current and last
quarter were taking longer than anticipated to ramp-up.
Telco has reported
Net Profit of Rs757mn and Net Sales of Rs21.9bn for the quarter ended December 2002. Net
profit is below both our and consensus estimates primarily because the huge deferred tax
expense was incurred
during the quarter.
OPM slides in Global
IT; growth pains in Spectramind and Healthcare. Operating performance this quarter is not
in line with expectations. The company has spent additional amounts towards beefing up it
Sales and Marketing and strengthening its Sales team in its Global IT segment.
Against our
estimated Reported PBT (including profit on sale of investments) of Rs391.97mn, ACC has
managed PBT and Exceptional Items (but including profit on sale of investments) of
Rs371.70mn.
Revenues grew 5%
sequentially; N America records growth while Europe declines marginally The company has
revised its Profit Guidance for FY03 upwards from Rs590 - 640mn to Rs640 - 680mn.
Bajaj Auto has
reported a 23.9% rise in net profits to Rs1.34bn in its third quarter FY03 results. The
reported net profit was in line with our estimates of Rs1.33bn and way below the consensus
estimates of Rs1.46bn.
IT heavyweight
Infosys has recorded a 9% surge (sequential) in topline as against our expectation of 4%
during Q3FY03. However, the volume increase has come at the expense of margins.
Auto major Hero
Honda (HH) has reported a 14.7% YoY and 9.3% QoQ jump in net profits to Rs1528mn for
Q3FY03 which is in line with our estimates of Rs1529mn.
Consolidated
revenues of Mphasis BFL have risen 13% QoQ as against our expectation of around 8%. The
ongoing aggressive recruitments by MsourcE (BPO) seem to indicate that the company is
expecting continuous ramp-up by its various key clients.
|