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.
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.
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.
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.
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.