Foseco India showcases a dismal third quarter results with net income declining but owing to its good track record announces a third interim dividend
Foseco India, India’s leading supplier of metallurgical chemicals for the ferrous and non-ferrous industry, has come up with their September quarter results period July 2013 to September 2013. The company reported a decline of 9.6% in total income from operations which stood at Rs56.29 crore when compared to Rs62.27 crore for the same period last year.
The company’s net profit stood at Rs4.90 crore this quarter compared to Rs4.86 crore for the same period last year.
The total expense of the company including depreciation and amortisation expenses has come down marginally from Rs 55.41 crore in the third quarter ending at September 2013 to Rs49.88 crore for the same period this year, a moderate decrease of 10%.
The company has announced at its Board meeting on a third interim dividend of Rs4.50 per equity share of Rs 10 each.
On Thursday, Foseco’s shares closed at Rs480 which is down by 1.64% on BSE while the benchmark S&P BSE Sensex closed at 132.11 points down at 20,415.51.
The company in its quarter to end September recorded robust growth of 78% in net profit. It generated strong revenues by executing its operations of information technology development and infrastructure management services
Mindtree Ltd, an international information technology (IT) solution company, in its quarter to end September reported robust growth of 78% in its net profit at Rs128.70 crore from Rs72.20 crore compared with same period a year ago.
The company which operates mainly in two units - product engineering and IT services, in its September ended quarter company generated revenues of Rs769.60 crore from Rs596.30 crore compared with same period last year, a growth of 29%.
Mindtree generated robust growth from its revenues from executing its orders in IT development and infrastructure management services. It derives 58.6% of its revenue from offshore and the remaining onsite. Due to rupee depreciation company gained profit of Rs20 crore.
“The relentless execution of our new strategies has delivered two consecutive quarters of strong revenue growth this year. We continue to invest in expertise-led solutions and attracting top quality industry talent. This drives positive business outcomes for our customers while achieving sustainable growth,” said Krishnakumar Natarajan, chief executive officer and managing director.
As on 30 September 2013, the company has 12,941 employees and added 1,122 employees during the quarter and company have 220 active customers the number of ‘$5 million’ customers grew to 21.
The company also informed BSE that Microsoft selected Mindtree as its Windows Azure Circle partner for development of cloud compounding services.
The Board of Directors announced an interim dividend of Rs5 per share (50% of Rs10 par value) for the six months ended 30 September 2013.
On Thursday, Mindtree’s shares closed 4.96% down at Rs1,310 on BSE. The benchmark S&P BSE Sensex closed 132 points down at 20,415
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