Third quarter numbers: TCS profit growth meets estimates
Tata Consultancy Services (TCS) on Thursday reported a net profit of Rs 6,531 crore for the three months ended December 2017, marking a quarter-on quarter increase of 1.3%. The performance, supported by volume expansion (especially in the digital business) and improved profitability, was in line with analysts’ estimates. Analysts had estimated TCS would report a net profit of Rs 6,532 crore on revenues of Rs 31,054 crore, Bloomberg data showed.For the December quarter, considered seasonally weak for the IT industry, revenues of the country’s biggest software services exporter came in at Rs 30,904 crore, an increase of 1.2% over the September quarter, and a tad below street estimates. However, the company said it registered its strongest sequential volumes growth in the December quarter in three years of 1.6%, while revenues in dollar terms were up 1% to $4.79 billion.
Gunning the gas: With two-digit sales growth, two-wheelers pick up pace
Motorcycle sales, which had been in the slow lane for the past five fiscals, have picked up speed this year. According to data released by the Society of Indian Automobile Manufacturers (SIAM) on Thursday, sales during April-December of the current fiscal grew 10%. Though SIAM had refrained from giving any exact projection for motorcycle sales in the current fiscal by merely stating that it expected moderate growth, analysts are optimistic now that the fiscal may see sales back in double digits, nearing 12%, which the industry clocked way back in FY12. In FY17, motorcycle sales grew by just 4%. In fact, during December motorcycle sales rose a whopping 40.31% to 7,88,156 units. This maybe because of the low base during the month in the previous year as sales were badly hit due to demonetisation. However, analysts said that the growth in December this year would have been even higher had it not been the last month of the calendar which prevents companies from despatching higher volumes to the dealers.
SIAM lifts sales projections for FY18
With passenger vehicle (PV) sales crossing the 3-million mark in calendar 2017 on robust demand for utility vehicles, which is a five-year high, SIAM on Thursday revised its projections for fiscal 2018 across segments. PV sales, which were earlier projected to grow 7-9% during the fiscal, are now expected to grow at the higher end of 9%, the industry body said. Similarly, for commercial vehicles (CVs), growth has been revised upwards to 13% from an earlier estimate of 4-6%, while for two-wheelers it has been pegged at 12% against a previous forecast of 9-11%. In terms of growth rate, PV sales in CY2017 was the fastest since 2012 when it rose 9.77%. Vehicle sales across categories, including CVs and two-wheelers, grew 8.39% to 2,37,39,780 units in 2017 compared with 2,19,01,703 units in 2016.
Aadhaar row: Centre says innovations can’t be killed under “garb of privacy”
As the row over alleged breach of Aadhaar raged, the Centre today said innovations happening in the country cannot be killed under the “garb of privacy” even as the scheme’s architect Nandan Nilekani felt there was an “orchestrated campaign” to malign it. Putting up a robust defence of the ambitious scheme of providing a 12-digit unique identity number to the citizens of the country, Union Law minister Ravi Shankar Prasad said finger print and iris data stored in the Aadhaar system are safe and secure and cannot be breached even by “billions of efforts.” He also made an appeal not to “overblow” the issue of data breach. The alleged breach of Aadhaar brought to fore in a recent newspaper report has triggered privacy and security concerns. The Delhi police filed an “open-ended FIR” following a complaint by the Unique Identification Authority of India (UIDAI) against The Tribune newspaper and its reporter.
8 day strike by TN transport workers called off ‘temporarily’
Agitating transport workers in Tamil Nadu today ‘temporaril’ withdrew their eight day old strike over wage related issues and said they would return to work tomorrow, ahead of Pongal festival, which falls on January 14. CITU leader A Soundarrajan told reporters that the strike was being “temporarily” called off, keeping in mind the people who have made plans to travel home for the Tamil harvest festival pongal, falling on Sunday.The Madras High Court appointing an arbitrator today to settle their wage dispute with the government “shows there is something more than the 2.44 factor,” he said, indicating at their demand for a 2.57 time revision. “The strike is being temporarily withdrawn keeping in mind the welfare of the people of the state,” he added. Workers of Tamil Nadu State Transport Corporation (TNSTC) had launched their indefinite strike last Thursday following failure of talks with the government on wage revision. While unions wanted a 2.57 times hike, the government offered only 2.44, resulting in the stalemate. The workers struck work citing other demands also like pending dues for serving and retired personnel. Soundararajan said the unions will put forth before the arbitrator their arguments on the 2.44 factor. M Shanmugam, General Secretary of DMK backed Labour Progressive Federation (LPF) said the 2.44 factor is only “an interim arrangement,” and said the strike was only being “suspended” and “postponed.”