Ackruti City reported its consolidated results today, a month after it reported its standalone results. The real estate company’s operating income fell by 82% to Rs 40.9 crore during the June 2009 quarter, but lower operating expenditure and an increase in its inventory (unsold flats) ensured it still made profits during the quarter.
June 2009
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Reliance’s refining business drags down profits
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Reliance Industries chose to focus on margins rather than improve volumes during the June 2009 quarter. Its performance was affected by a mix of factors. Export volumes dipped during a period when the rupee depreciated, which would have normally added extra rupees to RIL’s bottom line. The Jamnagar refinery voluntarily gave up its export oriented tax status as it wanted to focus on the domestic market. Gas production from its KG basin started, contributing to sales and profits, but also upped its depreciation outgo. Continue Reading →
Filed under: Companies, Oil & Gas, Top News, June 2009, Petroleum, Reliance Industries, Results
Other income boosts United Breweries’ net profit
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United Breweries, a company that sells Kingfisher beer, did well on the sales front but operating margins dipped in the June 2009 quarter. The company’s sales during the quarter grew by 17.2% to Rs 556 crore. The company, which sold Rs 1,700 crore worth of the liquid in 2008-09, said that it sold 12% more beer during the quarter over the corresponding previous period, twice the industry average. Strong beer sales grew by 25%.
Filed under: Companies, Top News, June 2009, Results, UB, United Breweries
Bharti Airtel’s performance dented by rising costs and capex
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Bharti Airtel’s results tell a different story, based on whether you compare it with the previous quarter or June 2008. Its performance seems to have improved compared to March but has deteriorated when compared to a year ago. It does appear that Bharti’s operating performance in 2009-10 will be lower, compared to the previous year.
Filed under: Companies, Telecom, Top News, Bharti Airtel, June 2009, mobile telephony, Results
Wipro stays true to forecast, hikes September guidance
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Wipro’s performance in the June 2009 quarter was good, with revenues falling between the range it had given in April 2009. The stock markets, however, seemed to have bargained for more, as the stock is down about 2%. Measured in constant currency terms, IT companies have reported modest performances in the June 2009 quarter, but when you translate them from currencies like pounds, euros and Australian dollars to USD and then to rupees, the effect can be quite significant.
Filed under: Companies, Information Technology, News Analysis, Azim Premji, June 2009, Results, Wipro
Ultratech’s Q1 net profit up 58%, volumes up 24%
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Ultratech Cement’s sales and profits during the June 2009 quarter grew handsomely. The company is a subsidiary of Grasim Industries, a Aditya Birla Group company. Its net sales grew by 31% to Rs 1953 crore, and net profit rose by 58% to Rs 418 crore. Several factors contributed to its good performance: volume growth (partly due to new capacity), firm prices, excise duty reduction, lower coal prices and power costs.
Filed under: Cement, Companies, Top News, Grasim Industries, June 2009, Results, Ultratech Cement
HDFC Bank battles slowdown; fee income and cost control aid profit growth
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HDFC Bank’s first quarter results at first seem to suggest all is well; with its net profit growing by 30.5% to Rs 606.1 crore. A closer look reveals that the bank’s core business is suffering from the after effects of the economic slowdown.