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HindustanTimes Mon,15 Sep 2014

Strong TCS leads Q3 profit parade

HT Correspondents, Hindustan Times  New Delhi\Mumbai, January 17, 2011
First Published: 23:00 IST(17/1/2011) | Last Updated: 02:16 IST(18/1/2011)

TCS net up on demand push
India's largest software firm Tata Consultancy Services (TCS) on Monday posted a 30% year-on-year growth in net profit at Rs. 2,370 crore for the third quarter ended September 30, 2010.

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Strong demand for software services across developed markets of the US and Europe led to the robust profit growth.

Revenues rose 26.3% to Rs. 9,663 crore during the quarter.

"Sharp focus on strategy with rigorous execution discipline has helped us deliver another stellar quarter," said N Chandrasekaran, MD and CEO, TCS.

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Speed drives L&T growth      
Faster execution of projects helped engineering and construction major Larsen & Toubro report a 10.7% year-on-year growth in net profit for the  quarter ended December 31, 2010 at Rs. 840.6 crore.

It had reported a net profit of R758.8 crore last year.

The company's gross revenue rose 40% to Rs. 11,418 crore for the third quarter of the current fiscal year against Rs. 8,139 crore in the year-ago period.
 
The company said it bagged orders worth R13,366 crore during the quarter, taking it's order book to Rs. 114,882 crore.

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All-round gains for Axis
Driven by the healthy growth in interest and fee income, pivate sector lender Axis Bank on Monday reported a 36.0% year-on-year growth in net profit at Rs. 891 crore for the October-December quarter, compared to R656 crore last year.

Net interest income rose 28.0% to Rs. 1,733 crore during the third quarter from Rs. 1,349 crore  year-ago, while fee income registered a growth of 21% at Rs. 968 crore against Rs. 800 crore.

Net non-performing assets, as a proportion of net customer assets, decreased to 0.3% as on December 31, 2010 against 0.5% last year.

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Essar Oil bounces back
Essar Oil Ltd on Monday reported a net profit of Rs. 273 crore for the quarter ended December 31, 2010 against a loss of Rs. 266 crore a year-ago.

Revenues rose 21% year-on-year to Rs. 13,809 crore in the third quarter.

"The strong performance has been driven by increased refinery throughput and a recovery in global oil demand, which has led to an improvement in refining margins," said Naresh Nayyar, managing director, Essar Oil.

The company earned $7.21 on refining every barrel of crude oil in the third quarter.

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