For the entire fiscal 2010-11, Maruti Suzuki's consolidated net profit declined by 9.23% to Rs2,382.37 crore from Rs2,624.64 crore in FY09-10. The company stated that its FY10-11 profit was impacted due to adverse currency movement
New Delhi: Maruti Suzuki India (MSI0, the country's largest carmaker, today reported a marginal rise in its net profit for the quarter ended 31 March 2011, at Rs 659.86 crore, from Rs656.55 crore in the corresponding quarter of 2009-10 fiscal, reports PTI.
Total income from operations during the fourth quarter of the last fiscal increased by 18.93% to Rs10,092.18 crore from Rs8,485.83 crore in the same period previous fiscal, the company said in a statement.
During the quarter, the company's total automobile sales stood at 3,43,340 units compared to 2,87,422 units in the year-ago period, up 19.46%.
For the entire fiscal 2010-11, MSI's consolidated net profit declined by 9.23% to Rs2,382.37 crore from Rs2,624.64 crore in FY09-10.
The consolidated total income from operations during last fiscal went up by 24.75% to Rs37,578.48 crore from Rs30,122.51 crore in 2009-10.
Raw material cost was up by 24% at Rs7,598 crore from Rs6,128 crore, year-on-year.
Maruti stated that its FY10-11 profit was impacted due to adverse currency movement.
MSI sold a total of 12,71,005 vehicles in FY10-11 as against 10,18,365 units in the previous fiscal, up 24.81%.
The company's board also recommended a dividend of 150%, which is Rs7.50 per share of the face value of Rs5 for 2010-11.
Ramki has been with the Prime Focus group for over four years, and as a founder of Prime Focus Technologies, has led that company from inception to its current position as a market leader
Prime Focus has announced that Ramki Sankaranarayanan, president and CEO of Prime Focus Technologies, has been appointed CEO of Prime Focus India. The appointment, which is effective immediately, will see Ramki become responsible for all of the operations and business lines of Prime Focus in India, in addition to maintaining his leadership of Prime Focus Technologies.
Ramki has been with the Prime Focus group for over four years, and as a founder of Prime Focus Technologies, has led that company from inception to its current position as a market leader in providing blue-chip, global media companies with cloud-based multi-platform content operations solutions. Ramki joined Prime Focus with over 14 years of rich experience across technical, strategic and operational roles at companies such as Subex and Tata Elxsi.
Ramki said: "Prime Focus is enjoying dynamic growth-in India and internationally- but we must not rest on our laurels. Prime Focus has always been known as an innovator, and a leader in its sector, and my role is to ensure that we continue in this vein with new service offerings, new technological developments, the best creative offering in the marketplace and even better levels of customer service. There are many opportunities for Prime Focus India-both domestically and internationally-and I look forward to leveraging these opportunities to take the company to even greater heights."
Hospitality firm Lemon Tree Hotels plans to invest over Rs1,400 crore to launch housing projects in India in partnership with US-based investment firm Warburg Pincus
Hospitality firm Lemon Tree Hotels is foraying into real estate, with plans to invest over Rs1,400 crore, to launch housing projects in India in partnership with US-based investment firm Warburg Pincus.
New Delhi based firm has formed a 51:49 joint venture, Oceanus Real Estate Pvt Ltd, with Warburg Pincus for the housing projects. Besides diversification into housing, the hospitality chain has put in place a blueprint to expand in its core business within India and explore neighbouring markets like Nepal and Sri Lanka.
"The joint venture with Warburg Pincus will develop at least three to four affordable housing projects in Gurgaon," Lemon Tree Hotels chairman and managing director Patu Keswani said. Out of a total planned investment of Rs1,400 crore by 2015, the JV will invest Rs700 crore while Warburg Pincus alone will put another Rs700 crore separately, he said.
Keswani said the residential apartments would be sold under the 'Lemon Tree' brand in the range of Rs20 lakh to Rs1 crore per unit.
"We have already identified a couple of sites in Gurgaon and will begin construction soon and start selling by December this year," he said.
In 2006, Warburg Pincus had invested in Lemon Tree Hotels and currently own 25.8% stake. In the hospitality segment, the company currently owns and operates 14 mid-scale Lemon Tree hotels in the country with a total capacity of 1,500 rooms.
"By mid 2013, we have a plan to own and operate total 20 hotels with 2,800 rooms and then we have a plan to go public by making an IPO," Keswani said. The first Lemon Tree hotel was opened in 2004, and since the inception in 2000, Rs1,600 crore has been invested in the company.
Asked about revenues, while he did not provide figures for the past fiscals, he said this financial year Lemon Tree Hotels expects the turnover to be around Rs300 crore. Besides, domestic expansion, Keswani is also exploring Nepal and Sri Lanka to set up Lemon Tree hotels. "International expansion plans is at a preliminary stage at the moment," he said.