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HCL Technologies Q2 net profit up 4.4%

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New Delhi, Oct 23 : Software major HCL Technologies Ltd (HCL) on Wednesday reported a Rs 2,651 crore consolidated net profit for the second quarter (Q2) of fiscal 2019-20, registering a 4.4 per cent annual growth over the same period a year ago.

The company had posted a profit after tax (PAT) of Rs 2,540 crore in the July-September quarter of last year.

Sequentially, net profit rose 19.4 per cent to Rs 2,651 crore from Rs 2,220 crore a quarter ago.

In a regulatory filing on the BSE, the NCR-based IT major said consolidated revenue for the quarter under review grew 17.9 per cent year-on-year (YoY) to Rs 17,528 crore from Rs 14,861 crore in the like period a year ago.

Sequentially, revenue grew 6.7 per cent to Rs 17,528 crore from Rs 16,425 crore a quarter ago.

Under the International Financial Reporting Standards (IFRS), net income rose 5.5 per cent YoY to $376 million from $357 million a year ago, and 17.7 per cent sequentially from $320 million a quarter ago.

AGross revenue grew 18.4 per cent YoY to $2,487 million from $2,099 million, and 5.2 per cent sequentially from $2,364 million a quarter ago.

Earnings before interest, tax, depreciation and ammortisation (Ebitda) also grew 17.3 per cent YoY to Rs 4,103 crore from Rs 3,499 crore a year ago, and 20.7 per cent from Rs 3,401 crore a quarter ago.

The outsourcing firm expects its consolidated revenue for this fiscal (2019-20) to grow 15-17 per cent YoY.

“Though our revenue guidance is based on fiscal 2018-19 average exchange rates, the 15-17 per cent guidance translates into 13.2-15.2 per cent YoY growth in dollar terms as on September 30,” the company filing said.

Operating margin, or earnings before interest and tax (Ebit), for the fiscal will range between 18.5-19.5 per cent.

“A wave of disruption is underway and it is going to define the next era of business and technology landscape. The times are changing and newer ideas and opportunities are evolving,” HCL Chairman Shiv Nadar said in a statement.

The company acquired 43 new clients during the quarter, including one each under the $100-million and $50 million ranges, six in $5 million and a whopping 34 in the $1 million category.

One client was lost in the $10-million range during the second quarter, while three customers were gained in the previous (April-June) quarter.

“Our focus on pricing and cost levers over the last 6 months have helped deliver 20 per cent of annual growth in Ebit,” HCL Chief Executive C. Vijaykumar said.

Like its peers, the company hired 13,430 techies for the quarter, but with 10,207 techies leaving the company, the net addition is 3,223, taking the headcount to 147,123 in second quarter, from 143,900 a quarter ago and 127,675 a year ago.

“The quarterly performance validates the resilience of our business model and the business mix. Scaling and transforming employee skills remains a key focus area in line with the company’s employee first culture,” Chief Financial Officer Prateek Aggarwal said.

The company’s blue-chip scrip of Rs 2 face value gained Rs 31.20 per share to close on Wednesday at Rs 1,095.65 on the BSE.

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Kia Motors India sells 1 lakh units since July

Additionally, Kia aims to fully utilise the capacity of 300,000 units per annum at its manufacturing unit by 2022.

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New Delhi: Automobile manufacturer Kia Motors India has sold 1 lakh units since July 2020 in the domestic wholesale market.

Accordingly, the maker of Seltos, Sonet and Carnival, has successfully dispatched 200,000 Kia vehicles to its dealerships across India within seventeen months of sales operations in the country.

The company said the top-end — above GTX variants — for the Seltos, Sonet and the Limousine variant for the Carnival, have accounted for nearly 60 per cent of total cars sold.

As per a statement, Kia sold over 106,000 UVO connected vehicles on the road summing up to a humongous 53 per cent of the brand’s total sales.

Besides, Seltos leads the sales charts for Kia Motors India with 149,428 units, followed by the Sonet with 45,195 units, which was launched in September, 2020 and the Carnival with a total sales of 5,409 units.

“In just over a year of sales operations, Kia has emerged as India’s youngest automobile disruptor and one of the best-selling automobile brands in the country,” said Kookhyun Shim, Managing Director and Chief Executive Officer, Kia Motors India.

The rapid adoption of Kia cars reiterates the evolving customer preference towards a technology-led exceptional driving experience, coupled with great connectivity. Kia’s focus has also been on offering products that are designed to fulfill consumer demands across both urban and rural areas.

Currently, Kia’s manufacturing plant in Anantapur is running on two-shift operations and given the increasing demand for Kia cars, the brand is evaluating operating in three shifts to meet them.

Additionally, Kia aims to fully utilise the capacity of 300,000 units per annum at its manufacturing unit by 2022.

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Petrol, diesel prices remain unchanged at record high levels

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Retail fuel prices were unchanged on Sunday across the four metros. On Saturday, petrol and diesel touched fresh all-time high levels.

In the national capital, petrol was priced at Rs 85.70 per litre. In Mumbai, Chennai and Kolkata, petrol was sold at Rs 92.28, Rs 88.29 and Rs 87.11 per litre, respectively.

Although the pump prices of fuels were unchanged on Sunday, they have been elevated for long and have been touching new highs of late.

Global oil prices are above $55 per barrel currently. Crude prices have remained firm for the last couple of weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in the consumption in all major economies globally.

The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up to $80 a barrel.The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices.

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Fuel dearer again: Petrol prices up by 22-25 p/l, diesel by 24-26

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 Petrol and diesel prices rose sharply again on Saturday reaching new all-time highs as oil marketing companies (OMCs) decided to break the pause in revision of auto fuel prices to bridge the widening under recovery.

Accordingly, the pump price of petrol increased between 22-25 paisa per litre across all major metros on the day while diesel prices increased in the range of 24-26 paisa per litre.

With this, petrol is now priced at Rs 85.70/litre in Delhi as against Rs 85.45 a litre previously. Similarly, in Mumbai petrol prices increased to Rs 92.28 a litre, a 24 paisa increase from Friday’s price of Rs 92.04 a litre. In Chennai and Kolkata, petrol is now priced at Rs 88.29 and 87.11 a litre respectively, an increase of 22 and 24 paisa per litre from the previous day’s.

Diesel on the other hand faced sharper increase, rising by 26 paisa a litre in Mumbai from Friday’s level of Rs 82.40 a litre to Saturday’s retail price of Rs 82.66 a litre. In Delhi, diesel rose 25 paisa per litre to Rs 75.88 a litre; in Chennai by 24 paisa per litre to Rs 81.14 a litre and in Kolkata by 25 paisa per litre to Rs 79.48 a litre.

The increase in retail price of auto fuel came on a day when global crude prices showed some signs of softening declining by less than 1 per cent to close to $55 a barrel. Crude price have remained firm for last couple of weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in consumption in all major economies globally.

The increase petrol and diesel prices is fourth such revision this week. The auto fuels had risen sharply by 25 paisa per litre each on Monday and Tuesday before OMCs decided to give relief to consumers from frequent price rise for last two days.

With Saturday’s revision, the pump price of petrol and diesel has now increased by Rs 1.99 and Rs 2.01 per litre, respectively in January so far with OMCs deciding to break an earlier longer period of pause increasing the retail prices first time this year on January 6. The price had been raised on six different days since then.

The last few increases in pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up to $80 a barrel.

The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs in the month. The price rise started again only on January 6.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.

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