NIIT Tech Q3 net profit up 32.6% to Rs 100.2 crore

New Delhi (PTI): NIIT Technologies on Friday posted a 32.6 per cent year-on-year rise in consolidated net profit to Rs 100.2 crore for the December 2018 quarter and said the demand continued to be robust in large markets like the US and Europe. The net profit stood at Rs 75.6 crore in the corresponding period of previous year. Sequentially, the net profit declined by 10 per cent on account of lower ‘other income’ and increased effective tax rate, the company said. The consolidated revenue for the third quarter was up 28.5 per cent year-on-year to Rs 971.7 crore helped by “all round growth across verticals and geographies,” NIIT Technologies vice-chairman and managing director Arvind Thakur told PTI. Asked about the tightening of visa norms in key markets like the US, Thakur said mobility of people was definitely a “challenge” but the company had, in response, stepped up localisation and set up two nearshore centres. He declined to comment on media reports about Baring Private Equity Asia acquiring a stake in NIIT Technologies in a deal valuing the IT firm at Rs 8,000-10,000 crore. The operating profit at Rs 180.5 crore marked a growth of 39.4 per cent over the same period last year and 10.4 per cent sequentially.

Wipro Q3 net profit rises 31.8% to Rs 2,544.5 cr0re

New Delhi (PTI): IT services major Wipro on Friday posted a 31.8 per cent increase in consolidated net profit at Rs 2,544.5 crore for October-December 2018 compared to the year-ago period.  Wipro’s board has also approved an issue of bonus shares, offering one bonus share for every three held by shareholders, a BSE filing said. The net profit in the October-December 2017 quarter was at Rs 1,930.1 crore.  Wipro’s revenue from operations expanded 10.17 per cent to Rs 15,059.5 crore during the period under review from Rs 13,669 crore in the third quarter of FY2017-18. The company’s IT services segment revenue, which accounts for a bulk of its topline, was at USD 2,046.5 million (around Rs 14,555 crore), up 1.8 per cent sequentially.

LTI net profit up 32.8% to Rs 375.5 cr in December quarter

New Delhi (PTI): Larsen & Toubro Infotech (LTI) on Friday said consolidated net profit had increased 32.8 per cent to Rs 375.5 crore for the quarter ended December 2018 compared to the year-ago period. The company had registered a net profit of Rs 282.8 crore in the October-December 2017 quarter, LTI said in a statement.  Its revenue grew 31.3 per cent to Rs 2,472.9 crore in the quarter, against Rs 1,883.8 crore in the third quarter of FY18, it added. On a sequential basis, the net profit declined 6.2 per cent (from Rs 400.3 crore), while revenue was higher by 6.1 per cent (from Rs 2,331.2 crore in September 2018 quarter). In dollar terms, LTI’s revenue was at USD 346.9 million, growing 18.2 per cent year-on-year.

Rallis India Q3 profit down 45% to Rs 13.8 cr; revenue up 7% at Rs 423 cr

New Delhi (PTI): Tata group firm Rallis India, which is into crop protection business, has reported a 45 per cent decline in consolidated net profit to Rs 13.76 crore for the quarter ended December 2018 on higher tax outgo and other expenses. Its net profit had stood at Rs 24.94 crore in the year-ago period, according to a regulatory filing. Total income, however, rose by 7 per cent to Rs 423.25 crore in the third quarter of this financial year, from Rs 393.86 crore in the corresponding period of the previous year. “Margins remain constrained owing to higher raw material prices. Expect profitability to pick up going forward following growth-specific initiatives undertaken towards driving growth,” Rallis said in a statement. Higher input cost, imports from China resulted in profitability and margin compression, the company said. It is working towards improving product mix - share of value-added/specialty products to offset impact of rising raw material.

The company said the revenue grew on the back of steady performances in domestic and global markets.