On a consolidated basis, Wipro's net profit fell 9.94% to Rs 1885.60 crore on 4.03% increase in revenue to Rs 14541 crore in Q2 September 2018 over Q1 June 2018. IT services revenues rose 4.9% to Rs 14,377 crore in Q2 September 2018 as against Rs 13,700 crore in Q1 June 2018. The result was announced after trading hours yesterday, 24 October 2018.
For the quarter ending 31 December 2018, Wipro expects revenue from IT services business to be in the range of $2,028 million to $2,068 million. Comparable revenue excluding India PSU and India Government business for the quarter ended 30 September 2018 was $2,007 million. This translates to sequential growth outlook of 1.0% to 3.0%.
Abidali Z. Neemuchwala, CEO and member of the board said that Wipro has delivered a strong quarter on both revenue and margin growth. The firm won its largest deal to date and four of its Business Units grew over 4% sequentially in constant currency terms. The demand environment is robust, especially for digital transformation and enterprise scale modernization services.
Jatin Dalal, chief financial officer said that consistent improvement in the company's operating metrics reflects its relentless rigor of execution, which has resulted in its adjusted IT services margin reaching 18.1% in quarter. The company sees automation as a key lever to drive margins going forward.
Tata Chemicals (TCL) said it signed a memorandum of understanding (MoU) with CSIR - CECRI (Central Electrochemical Research Institute), Karaikudi to explore collaborative technology scaling up of manufacturing cathode materials for Lithium-ion cells. Under this MoU, TCL and CSIR-CECRI envisages building a partnership which would leverage SIRCECRI's intellectual property, capabilities and infrastructure, to test and validate multiple possible cathode chemistries, with a view to eventually manufacture Lithium-ion batteries for various applications. This partnership is intended to build a strong foundation on commercially scalable cathode chemistries and is in line with the direction for increased electrification in transportation and the thrust on cleaner forms of energy in India. The announcement was made after trading hours yesterday, 24 October 2018.
Jet Airways (India) will be watched. With reference to news item captioned, Cash-strapped Jet Airways asks banks for loan rejig, Jet Airways clarified after trading hours yesterday, 24 October 2018, that it has not sought any moratorium on any loans or reduction of interest rates from its lenders.
On a consolidated basis, L&T Finance Holdings' (LTFH) net profit rose 62.23% to Rs 559.12 crore on 25.02% increase in net sales to Rs 3246.30 crore in Q2 September 2018 over Q2 September 2017. The result was announced after trading hours yesterday, 24 October 2018.
On a consolidated basis, Indiabulls Real Estate's net profit rose 20.08% to Rs 75.89 crore on 121% increase in net sales to Rs 1040.42 crore in Q2 September 2018 over Q2 September 2017. The result was announced after trading hours yesterday, 24 October 2018.
Kilitch Drugs, one of the leading pharmaceutical Indian exporters, is all set to boost its expansion plans in Africa with its first manufacturing plant in Addis Ababa, the capital city of Ethopia. The company has been operating in the continent for three decades in providing pharmaceutical solutions with more than 200 products registered and 250+ under registration. With an annual Gross Domestic Product (GDP) of 10% since 2013, Ethopia has been a centre of focus for Kilitch in exporting and marketing drug formulations in solid, liquid and parenteral dosage forms. The company also has established and expanded operations across key African countries.
The manufacturing plant has approximately completed 60% of its the construction with more machineries and peripherals started to arrive at the plant. The production from the Kilitch's first plant is likely to commence from mid 2019-2020. The company expects to generate a revenue of 500 crores in next 5 years as it is bullish on the African markets. With the sole concentration on its upcoming plant, the management will look forward to replicating the Ethopian model to the rest of Africa. The announcement was made after trading hours yesterday, 24 October 2018.