India Earnings Season: More Enterprise without profit (Nov 10)

Vodafone metro
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Leading the news today is a cascade of TPO orders for Transfer pricing practitioners, as pricing becomes another bone of contention for Corporates struggling with slow orders and higher basic inputs in the quarter. Vodafone recd a draft order here thursday after it reported Sales of $3.3 bln from India operations. Vodafone had just declared its India operations profitable in March and is nowgaining from SMS termination charges and 66% increase in Data traffic / 25% increase in customer base this fiscal till September. Vodafone WW grew EBITDA but debt repayments landed it in a loss worldwide Indian EBITDA is $800mln (INR 42.55 bln) for the half year out of a global $15bln guidance on $65 bln sales runrate. india’s contribution to sales for the half year comes to nearly 10%. Costs would rise as Intra roaming on 3G are also looked askance by TRAI and 3G Licence loans come up for active repayment schedules


DLF reported sales of INR 23.8 bln or $470mln but failed to report growth in profit and sector inventories having risen others based in Mumbai instead of DLF Delhi / DLF Gurgaon may not even have that luxury of reporting any profits, still reporting healthier profits on sale of TDRS before prices went down The others are of course responding to the nation’s lawmakers and enforcers in a myriad web of encroachment on regulation

Mahindra Satyam

Reports a qoq growth in sales to INR 15.78 bln vs 14.4 bln in June and profits to an EBITDA (low) of 15.33% for INR 2.42 bln. PAT is up 5.7% over June to INR 2250 mln or $45mln

TCS did report good news for the sector with a new $2.2 bln Friends life contract for 5 mln + policies for 15 years  at London based Diligenta set up in 2005 after transfering business and staff from Pearl insurance.

JSW Energy / Voltas

JSW energy reported sales of INR 9.5 bln frm 11 bln lasty ear, Voltas reported sales up 37% to INR 11 bln or $220 mln but profits of 1.3 bln talking to a loss of 1.09 bln this quarter , a downtick changing hands at around INR2390 mln or $500 mln

GMR Infra

GMR Infra sales are up nearly 50% to INR 18.1 bln converting profits of INR 710 mln to losses of INR 650 mln, a downtick of $23.2 mln

Tata comm

The company reported loses of INR 1.65 bln against INR 2.1 bln last year in September on sales growth of less than 20% to INR 33 bln

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