In India, Timex sells watches under brands such as Timex, Marc Ecko, Nautica, Tarun Tahiliani, Versace, Helix and Salvatore Ferragamo
Hyderabad: Timex Group India, which launched its 100th outlet, will add 40 more stores by the end of the current fiscal, reports PTI.
“The target is to open 40 more ‘Time Factory’ stores during the next 12 months. With the addition of these new outlets, the count will go up to 140 stores,” Timex Group India managing director VD Wadhwa told reporters.
The ‘Time Factory’ is a one-stop destination watch store for mid-priced and premium international brands.
The company, a subsidiary of the US-based global watch maker Timex Group, opened 32 such stores in India during 2011, he said.
The company had a turnover of Rs175 crore in fiscal 2010-11, Mr Wadhwa said, adding, “The financial result for 2011-12 is being finalised and it is likely to be announced by May 2012.”
“Time Factory stores contributed 20% to our revenue,” he said.
Mr Wadhwa said 30% of sales in United States came from health and wellness category, which includes watches equipped with heart rate monitor and those that can count calories.
Sales from India in this category are likely to pick-up in the coming years, he added.
In India, Timex sells watches under brands such as Timex, Marc Ecko, Nautica, Tarun Tahiliani, Versace, Helix and Salvatore Ferragamo.
In afternoon trade, Timex Group India was trading at around Rs24.60 per share on the Bombay Stock Exchange, 5.13% up from the previous close.
Net profit in January-March 2012 at Rs245.12 crore was 19% higher than Rs206.27 crore in the same period a year ago, Petronet LNG managing director and CEO AK Balyan told reporters
New Delhi: Petronet LNG, the nation’s largest importer of liquefied natural gas, reported 19% rise in net profit in the fourth quarter of 2011-12 on back of higher volumes, reports PTI.
Net profit in January-March at Rs245.12 crore was 19% higher than Rs206.27 crore in the same period a year ago, Petronet LNG managing director and CEO AK Balyan told reporters.
“We imported and regassified 135 trillion British thermal units (TBtus) against 126 TBtus in the corresponding quarter last year,” he said.
With the increase in volume, turnover of the company rose 60% to Rs6,375.43 crore.
“During the financial year ended 31 March 2012, the company operated at 107% of its capacity (name plate capacity of the Dahej terminal being 10 million tonnes per annum) and processed a total volume of 5489 TBtus against a total re-gasification volume of 440 TBtus in the previous year,” he said.
Petronet imported 171 shiploads of LNG (natural gas turned into liquid form at minus 160 degrees temperature for ease of transportation in ships) under the 7.5 million tonnes a year long-term import contract with RasGas of Qatar. Another 34 cargoes were imported from the spot market.
The Dahej terminal also received another 21 cargoes that were imported by state-owned gas utility GAIL India and Gujarat State Petroleum Corp (GSPC).
Petronet plans to expand the Dahej terminal in Gujarat to 15 million tonnes at a cost of Rs4,000 crore. This includes Rs1,000 crore towards cost of building a third jetty at the port.
About Rs2,000 crore of the funds would be raised as debt in 3-4 months time, Petronet director (finance) RK Garg said adding another Rs 4,000 crore would be invested in terminal on east coast.
Petronet is also building a 5 million tonnes capacity import terminal at Kochi. The third terminal at Gangavaram in Andhra Pradesh would have an equal capacity and would take 3-4 years to build.
The financial closure of Kochi terminal has already been completed. The company would raise Rs3,000 crore in debt for the east coast terminal. This would be done some time in the next year.
In the afternoon trade, Petronet LNG was trading at around Rs144 per share on the Bombay Stock Exchange, 1.87% down from the previous close.
Polaris’ total revenue for the year ending 31 March grew by 29% to Rs2,052 crore as compared to Rs1,586 crore in the previous fiscal
Chennai: IT major Polaris Financial Technology reported a 9% rise in its net profit to Rs221 crore for the financial year ending 31 March 2012, reports PTI.
The city-headquartered company reported a net profit of Rs202 crore in the previous fiscal, Polaris said in a statement.
The total revenue for the year ending 31 March 2012 grew by 29% to Rs2,052 crore as compared to Rs1,586 crore in the previous fiscal.
Polaris Financial Technology’s net profit for the fourth quarter ending 31March 2012 grew by 6% to Rs61.14 crore as against Rs57.57 crore registered during the same period in the previous fiscal.
Total revenue for the January-March quarter grew by 19% to Rs520 crore as compared to Rs437 crore registered in the year-ago period.
The company’s operating profit (EBITDA) grew by 20% to Rs287 crore from Rs239 crore registered in 2011-12 fiscal.
For the quarter ending 31 March 2012, its EBITDA grew by 9% to Rs63 crore from Rs58 crore registered during the same period of last year.
The company expects to grow at 17%-20% for the financial year ending 31 March 2013 and revenues are pegged to be in the range of Rs2,400 crore to Rs2,460 crore, the statement said.
“It is satisfying to see that our Polaris 3.0 strategy of repeatable, predictable and profitable growth has paid off,” Polaris Financial Technology founder-chairman and CEO Arun Jain said.
In the last four years, revenue in both product business as well as services doubled and PBDT (profit before depreciation and tax) grew from Rs135 crore to Rs330 crore, he said.
The company currently has about 12,886 employees on its rolls. It reported an attrition rate of 15.60% for the fourth quarter ending 31 March 2012.
In the afternoon session, Polaris was trading at around Rs139.80 per share on the Bombay Stock Exchange, 0.99% down from the previous close.