Reliance Industries Ltd has posted a net profit of Rs 3,912 crore for the quarter ended March 31, 2008, an increase of 23.95% as compared with Rs 3,156 crore in the same quarter in 2007.
Total revenues for the quarter ended March 2008 has increased to Rs 37,575 crore from Rs 27,573 crore reported in the same period in 2007. For the year ended March 2008, the company has shown a net profit of Rs 19,458 crore, an increase of 62.90% as against Rs 11,943 crore for the year ended March 2007.
Total revenues for the year ended March 2008 has increased to Rs 1,34,338 crore from Rs 1,12,171 crore during the year ended March 2007. The board of directors at its meeting held today has recommended a dividend of Rs 13 per fully paid-up equity share of Rs 10/- each.
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Tata Consultancy Services (TCS), India`s biggest software exporter registered a Y-o-Y increase of 4.15% in earnings and a sequential decline of 6.17% in consolidated net profit to Rs 12,450 million in quarter ended March 2008. During the quarter, the company posted earnings of Rs 12.72 a share on consolidated basis, registering a sequential increase of 6.19%. Consolidated total revenues of the company grew 18.13% on Y-o-Y basis and a sequential rise of 2.95% during the quarter to Rs 60,980 million.
For the financial year 2008, TCS posted 19.31% increase in consolidated net profit to Rs 50,260 million over fiscal 2007. Consolidated total income for the year rose 23.45% to Rs 233,494.50 million compared with the prior year.
Commenting on the financial performance in FY 2008, S. Ramadorai, CEO and managing director said, ``We are extremely satisfied with our annual performance. Our full year results reflect a validation of our strategy and robust business model that has helped us deliver strong growth rates again on an ever increasing base and in a difficult and challenging environment.`` He added, ``We will deliver sustained, profitable growth in the next financial year helped by a new agile customer-centric organisation structure that adds value to our clients and employees.``
N. Chandrasekaran, chief operating officer and executive director said, ``TCS continues to gain traction for its superior full services capabilities backed by our global network delivery model. Our significant deal wins in the last few quarters across sectors and markets and a healthy deal pipeline will drive our ramp ups to deliver growth next year. In addition to the major markets, we are also well positioned to deliver new growth markets like Asia-Pacific, India, Middle-East and Latin America.`` Shares of the company declined Rs 1, or 0.1%, to settle at Rs 999.9. The total volume of shares traded was 129,595 at the BSE (Monday).
Other Highlights:
> 53 new clients added
> Gross employee addition at 6,921 and net employee additions at 3,299
> Closed 6 USD 50 million plus deals in Q4
> Rs 5 a share declared as final dividend in Q4
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Citigroup has suffered a second massive loss and is cutting 9,000 jobs as the credit crisis continues to take its toll on the biggest US bank.
It made a loss of $5.11bn (£2.7bn) in the first quarter, although this was smaller than the $9.8bn loss reported in the final three months of 2007.
The results included about $12bn of write-downs for sub-prime mortgages and other risky assets.
Citigroup employs about 369,000 people worldwide, including 11,000 in London.
The job cuts are on top of 4,200 layoffs announced in January.
Lenders worldwide have written off more than $200bn hit by the credit crisis.
"Our financial results reflect the continuation of the unprecedented market and credit environment," said Citigroup chief executive Vikram Pandit.
Only Switzerland's UBS has reported bigger write-downs and credit losses than Citigroup from the collapse of the sub-prime mortgage market.
'Cathartic quarter'
The loss was slightly deeper than many analysts had expected but European and US stock markets rose in relief there were no nasty surprises.
"It's a cathartic quarter," said Arthur Hogan, chief market analyst at Jefferies & Co in New York.
Citigroup shares climbed 4.5% in New York to finish at $25.11 - still about half what they were trading at last year.
"The market is shrugging it off. We knew there were going to be write-offs and [Citigroup] hasn't yet said anything far too negative," said Andrea Williams, head of European equities at Royal London Asset Management.
Earlier this week, Citigroup rival Merrill Lynch said it lost $1.96bn in the first quarter of 2008 and unveiled plans to cut about 4,000 jobs worldwide.
Merrill's results included about $4.5bn of sub-prime related write-downs.
Revenue halves
Citigroup's revenues plunged 48% to $13.2bn as the firm wrote-down the value of assets linked to sub-prime mortgages - those given to people with poor or patchy credit histories.
Of the write-downs, $6bn was directly related to the sub-prime market, with the remainder due to other assets and exposure affected by the credit crisis.
It also saw a $3.1bn increase in consumer credit costs due as people failed to keep up with payments on mortgages, unsecured personal loans, credit cards and auto loans.
Last year, investments and assets based on sub-prime loans quickly soured as higher interest rates pushed up mortgage payments and triggered a wave of defaults.
Banks became more reluctant to lend to each other as the scale of bad debts remained unknown, leading to a shortage of credit worldwide.
The credit crunch resulted in the collapse of US banking giant Bear Stearns and is being felt in the wider economy as consumers pare back debt-fuelled spending and grapple with higher mortgage payments.
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