Infosys Ltd - Q2FY2015 reports 117.67% rise in Q2 net profit.

Company’s revenue grew at Rs.13,525 crore, registering growth of 6.18% qoq .

Infosys, a global leader in consulting, technology and outsourcing solutions, reported results for the quarter ended September 30, 2015.

On standalone basis, the company’s net profit for the quarter at Rs. 6,306 crore, registered growth of 117.67% qoq and 87.40% yoy. The company’s revenue at Rs. 13,525 crore, registered growth of 6.18% qoq and 14.01% yoy.

It’s core operating profit at Rs. 3,801 crore, witnessed 16.10% qoq and 13.94% yoy growth. Operating margin at 28.10% contracted by two bps yoy and 240 bps qoq basis respectively.

For six month ended September 30, 2015, the company’s standalone net profit at Rs. 9,203 crore, registered growth of 51.24% yoy. The company’s revenue at Rs. 26,263 crore, registered growth of 13.29% yoy. 

Result highlights- (Should pick consolidated numbers by default. In absence, pick stand-alone figures)

Reported	Results	IIFL Estimates	Variance (%)
Net Profit	6,306	3,323	89.76

Infosys has declared an Interim Dividend of Rs. 10/- per Equity Shares.

The Board further approved the issuance of new shares, so as not to cumulatively exceed 2% of the shares outstanding, in order to support grants made over time under the 2015 Incentive Compensation Plan. Approval to issue such shares under the 2015 Incentive Compensation plan will be subject to the approval of shareholders.

Infosys Ltd is currently trading at Rs. 1131.9, down by -35.95 points or -3.08% from its previous closing of Rs. 1167.85 on the BSE.

The scrip opened at Rs. 1202.7 and has touched a high and low of Rs. 1219 and Rs. 1108.9 respectively. So far 6893172(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 268248.68 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1197 on 01-Oct-2015 and a 52 week low of Rs. 900 on 10-Oct-2014. Last one week high and low of the scrip stood at Rs. 1190 and Rs. 1126 respectively.

The promoters holding in the company stood at 13.08 % while Institutions and Non-Institutions held 57.1 % and 13.08 % respectively.

The stock is currently trading below its 50 DMA.

14 Stocks in focus today

Check out the companies which will be in focus during trade today based on recent and latest news developments.

Simbhaoli Sugars Ltd: The company has informed BSE that The Hon'ble High Court of Judicature at Allahabad (the Court) has sanctioned the Scheme of Amalgamation of Simbhaoli Sugars Limited with Simbhaoli Spirits Limited (the Scheme) on September 09, 2015. The order sanctioning the Scheme was uploaded at the Court's website on Oct 1, 2015.

Bank of Baroda: The bank has suspended two senior officials and done an investigation to verify in connection to the alleged forex scam in one of its Delhi branches

Kolte-Patil Developers Ltd: The real-estate company has raised Rs. 110 crore through issue of redeemable Non-Convertible Debentures(NCD). The developer has raised the funds through private placement of these secured NCDs.

IOC:The company plans to sell subsidised 5-kg LPG cylinders in rural India in a bid to promote the use of clean fuel for cooking, Chairman B Ashok was quoted as saying on Sunday in Kolkata.

Tata Steel: The steel company sold 2.3 mn tons (mt) of steel in the second quarter ended September 30, 2015 up 11%. For the half year ended September 30, 2015, the company sold 4.4 mt of saleable steel. The company reportedly said it produced 2.4 mt of saleable steel in Q2 FY'16.

Maruti Suzuki: The companyapproved a proposal to raise foreign institutional investors (FII) limit in the company to up to 40% from the current 24%.

GMR Infrastructure: Kakinada SEZ Pvt. Ltd. (KSEZ), a subsidiary of GMR Infrastructure Ltd. (GMR), signed a Memorandum of Understanding (MoU) with Japanese Major – JGC Corporation (JGC) for co-developingJapanese Oriented Food Processing Park (Park) at its Kakinada Special Economic Zone.

Maharashtra Seamless Ltd: The company has reportedly shut down one of its units at Raigarh in Maharashtra, rendering nearly 500 employees jobless.

Zensar Technologies: The company announced that Marina Holdco, a company backed by Funds advised by Apax Partners has acquired 23.2% stake in Zensar Technologies. The stake was acquired from Electra Partners Mauritius, an existing minority shareholder. RPG Group continues to be the promoter and the largest shareholder in the Company with 48% stake.

Unichem Laboratories: The company has received ANDA approval from the United State Food and Drug Administration for Montelukast Sodium Tablets.

SpiceJet: The country’s favourite low-cost carrier has unveiled an all new winter schedule, with 291 daily flight from the current 250 daily flights, adding 10 new sectors, 30 new frequencies and 22 connecting flights. The airline also announced the induction of six new aircraft to its existing fleet strength in the next 30 days, a first of its kind initiative in the history of Indian aviation.

IDBI Bank Ltd: Staff and officers of IDBI Bank are contemplating one-day nationwide strike to oppose the government's proposed move to dilute its stake in the lender, as per media reports.

Aurobindo Pharma: The pharma company has received the final approval from the US Food and Drug Administration (USFDA) to manufacture and market Aripiprazole tablets. The approved new drug application is the bioequivalent of the reference listed drug product Abilify of Otsuka Pharmaceutical Company.

Cairn India: The company reported a 3% rise in crude oil and natural gas production from its Rajasthan fields to 168,126 barrels per day in the second quarter ended September 30, an official statement by the company said.

Infosys Business Highlights

Infosys continue to make changes on our renew-new strategy with focus on improving client relationship management, proposal quality as well as discipline around large deals, pipeline and operational efficiencies are helping.

Infosys Business Highlights

Infosys continue to make changes on our renew-new strategy with focus on improving client relationship management, proposal quality as well as discipline around large deals, pipeline and operational efficiencies are helping. At the same time, we are seeing our clients on a shared path with us to leverage the nextgeneration of services, in which software, platforms and systems amplify people.

Client Wins

The company signed a three-year agreement with TOMS Shoes to become its worldwide partner to maintain and develop its digital platform. The agreement will enable TOMS to streamline the management of its web-based properties and introduce automation technologies to lower overall support and development costs.

ABB (ASEA Brown Boveri), a Swiss high-tech engineering multinational operating mainly in robotics, power and automation, has entered into an agreement with us to implement its global product compliance program in ABB’s Low Voltage Products (LP) division. As a part of this agreement, we will program manage, implement, roll out and support a product compliance solution to manage compliance of LP’s products.

In India, the Goods and Services Tax Network (GSTN), a non-government, non-profit, private limited company has awarded Infosys an `1,380 crore (~USD 210 Million) contract to build and maintain the GSTN system for five years.

We were chosen by Saks Fifth Avenue, an American luxury retail store chain − owned by the Canadian retailer, Hudson's Bay Company − to implement an omni-channel solution that will help improve its digital commerce business.

We announced a strategic partnership with ATP to leverage the latest technological advances in mobility, cloud and analytics powered by the Infosys Information Platform to transform the experience of tennis fans and players the world over. We are the Global Technology Services Partner and  Platinum Sponsor of the ATP World Tour, as well as the season-ending Barclays ATP World TourFinals, for the next three years.

A global food service retailer chose us as its largest cloud and infrastructure services partner. Our solutions will improve customer experience, manage a multi-vendor ecosystem, drive change and innovation and bring a flexible IT consumption model supported by talent and robust global governance. This was a new account opening, and a large deal win for us.

A payments technology firm chose us as its sole strategic partner for its issuer processing line of business. We will now be its leading global technology services provider and partner to develop and sell joint go-to-market solutions leveraging our offerings in Finacle, Edge and IIP. In addition, we will be the system integrator for the client’s products and will be collaborating to implement its products for banks and financial institutions globally.

A leading benefits administrator for long-term care programs for U.S. federal employees engaged us to develop a member-enrollment portal based on responsive web-design methodology, delivering a new kind of user experience to employees. This portal will support administration of a new program and the Supplemental Health Benefits Program, for a federal agency. 

Infosys CFO Rajiv Bansal resigns

He will be replaced by M.D. Ranganath at the close of business October 12, 2015.

Infosys  Chief Financial Officer (CFO) Rajiv Bansal has informed Infosys of his intention to resign. He will be replaced by M.D. Ranganath at the close of business October 12, 2015.

Bansal was working with Infosys as the CFO of since October 2012.

Vishal Sikka CEO, commented, “I would like to thank Rajiv for his outstanding contribution to the company and for being a great partner over the past 16 months. As Infosys’ CFO, Rajiv has led our financial strategy and has been instrumental in bringing us to this point in our transformational journey. He’s a brilliant CFO and we will miss him even as we respect his decision and wish him continued success in his future endeavors.”Rajiv said, “It has been an absolute privilege and pleasure to work at Infosys. It has been a most exciting and
rewarding experience. I am proud of what we have achieved as a teamand am sure that Infosys, under the leadership of Vishal, will scale new heights in the times ahead.”

Rajiv will continue as an advisor to the CEO and the Board through December 31, 2015 in order to provide a smooth transition.

Ranganath has held several leadership positions during a tenure of nearly 15 years with Infosys. He is
currently Executive Vice President and Head of Strategic Operations, responsible for Strategic Planning, Risk
Management, Mergers & Acquisitions and Corporate Marketing. In earlier roles at the company, he was the
Chief Risk Officer for over 5 years, implementing the Enterprise Risk Management Program and leading cost
optimization initiatives as Senior Vice President in the Chairman’s office. Prior to working at Infosys, he held
leadership responsibilities in treasury, planning and credit functions at ICICI Limited. Ranga is a post graduate
(PGDM) from the Indian Institute of Management, Ahmedabad, holds a master's degree in technology from
the Indian Institute of Technology, Madras and is an Associate Member of CPA, Australia.

Commenting on the appointment, Dr. Vishal Sikka, CEO and Managing Director said, “Over the course of the
last sixteen months, I have come to know Ranga as a passionate leader and a balanced leader with
tremendous ability, knowledge and integrity. We welcome him as our CFO.”

Infosys results beats the street; net profit at Rs. 3,400 crore

“We are experiencing a once-in-a-generation opportunity for a services company to help businesses maximize their potential with technology. From automation and AI helping to simplify and enable existing landscapes as well as build intelligent systems that help us solve our most complex emerging problems, to education and design helping us to rethink the human experience and helping uncover our most important horizons, a great services organization can truly partner with and amplify businesses,” said Dr. Vishal Sikka, CEO and MD.

Infosys Ltd has posted results for the second quarter ended 30th September, 2015.

The net profit for the quarter stands at Rs. 3400 crore.

EBIT for Q2 was at Rs.3,993 Crore.

“We are experiencing a once-in-a-generation opportunity for a services company to help businesses maximize their potential with technology. From automation and AI helping to simplify and enable existing landscapes as well as build intelligent systems that help us solve our most complex emerging problems, to education and design helping us to rethink the human experience and helping uncover our most important horizons, a great services organization can truly partner with and amplify businesses,” said Dr. Vishal Sikka, CEO and MD.

“At Infosys, we are taking steps towards becoming such a services organization, and I am encouraged by our progress. While results in any one quarter are transitory snapshots of a long journey, we do see our focused execution along our strategy starting to produce encouraging results for our clients, shareholders and

Infoscions.”

We had strong all-round growth during the quarter driven by recent initiatives around service differentiation, improvement in client mining and higher focus on winning large deals”, said Mr. U. B. Pravin Rao, COO.

“Increase in revenue productivity was significant, volume growth was robust, client metrics and utilization improved while attrition remained stable.”

“Our relentless focus on operational efficiencies has resulted in increase in operating margins despite higher variable payouts”, said Rajiv Bansal, CFO. “The impact of significant currency volatility was effectively mitigated by our proactive hedging program.”

IndusInd Bank Q2 net profit up 30.2%; NII at Rs. 1,094 cr

Total Income has increased from Rs. 29,727.20 million for the quarter ended September 30, 2014 to Rs. 35,813.10 million for the quarter ended September 30, 2015.

Indusind Bank Ltd has announced the following Unaudited Standalone results for the quarter ended September 30, 2015

The Bank has posted a net profit of Rs. 5600.40 million for the quarter ended September 30, 2015 as compared to Rs. 4302.00 million for the quarter ended September 30, 2014. Total Income has increased from Rs. 29727.20 million for the quarter ended September 30, 2014 to Rs. 35813.10 million for the quarter ended September 30, 2015.

Vedanta Oil & Gas Q2 production up 6%

We are continuing to drive efficiency improvements and optimise opex and capex across the business. While the near-term market outlook is challenging, we believe we have the right mix of commodities to benefit from future demand in India and globally, Tom Albanese said.

Q2 Highlights

• Oil & Gas: Q2 production up 6% and H1 production in line with guidance
• Rajasthan production 3% higher at 168,126 boepd
• Ravva and Cambay production 19% higher at 37,236 boepd
• Zinc-India: Strong mined and refined metal production; integrated silver production up 64%
• Aluminium: Stable volumes from existing smelters; cost reduction initiatives in progress; further pots at Jharsuguda - II smelter to ramp up in Q3
• Iron Ore: Mining operations recommenced at Goa
• Copper India: Stable operations at 94% capacity utilisation
• Power: Unit - 1 of Talwandi Sabo achieved 86% availability
• Continued optimisation of opex and capex to maximise free cash flow and reduce net debt

Tom Albanese, Chief Executive Officer, Vedanta Limited, said,  “Our diversified asset portfolio has delivered a strong operating performance during the quarter, including record production from our tier-1 Zinc mines. We are continuing to drive efficiency improvements and optimise opex and capex across the business. While the near-term market outlook is challenging, we believe we have the right mix of commodities to benefit from future demand in India and globally.

Oil and Gas

Average gross production for H1 FY2016 was at 207,538 barrels of oil equivalent per day (boepd), slightly up by 1% year-on-year (y-o-y). The increase in production was mainly driven by consistent performance of our offshore assets – Ravva and Cambay, through effective reservoir management practices and better than expected results from the Ravva infill drilling campaign.

In Q2 FY2016, average gross operated production and working interest production were up 6% and 4% y-o-y at 205,361 boepd and 128,021 boepd, respectively. Production at Rajasthan was up 3% y-o-y at 168,126 boepd, primarily driven by inline reservoir performance at Mangala and production from additional infill wells in the Aishwariya field. At Mangala EOR, the injection ramp up plan is on track and work on the drilling and surface facilities is ongoing. Gross production from DA (Development Area) -1 and DA-2 averaged at 147,443 boepd and 20,683 boepd, respectively.

In Q2 FY2016, gas production from the RDG field increased to an average rate of 30 mmscfd from 19 mmscfd in Q1FY16, recording a peak production of 34 mmscfd. This was largely on account of optimization of existing infrastructure.

In Q2FY2016, both the offshore assets registered a gross average production of 37,236 boepd, an increase of 19% y-o-y. Production at Ravva grew 27% to 26,064 boepd due to consistently higher gas production, effective infill drilling campaign and prudent reservoir management. Cambay saw a production growth of 5%, driven by effective reservoir management practices including well intervention campaign undertaken in the last quarter.

Zinc India

During Q2, mined metal production was at 240,000 tonnes 13% higher y-o-y. The increase was driven by higher ore production across all mines. Refined metal production during the quarter was higher than mined metal production primarily on account of conversion of existing inventory and enhanced smelter efficiency. Integrated saleable zinc, lead and silver metal production during the quarter increased by 22%, 53% and 64% respectively y-o-y. Silver production benefited from higher ore grades and volumes from the Sindesar Khurd (SK) mine.

The cost of production (COP) of zinc excluding royalty was lower at c.US$771 per tonne compared with US$802 per tonne in Q1 FY2016. The contribution towards District Mineral Foundation has been notified by the Government of India at 30% of royalty paid for the existing mines, effective 12 January 2015.

Zinc International

Refined zinc metal production at Skorpion was at 17,000 tonnes, lower than the corresponding prior quarter due to an unplanned shutdown and a 30 day planned maintenance shutdown that commenced on 16th September. Zinc-lead mined metal production at Lisheen was lower due to the ramp down at Lisheen, which is scheduled to cease production in November 2015. COP in Q2 FY2016 at c. US$ 1,477 per tonne was higher compared with US$ 1,409 per tonne in Q1 FY2016, as lower cost Lisheen mines ramp down together with lower refined production from Skorpion.

At the Gamsberg project, pre- stripping commenced in July 2015 as per the rephased plan. As previously announced, the project is being developed using a modular approach, with project execution carried out in a phased manner that allows flexibility to manage the capital expenditure programme.

At Goa, the remaining approvals were received for production of saleable ore of 5.5 mtpa, during the quarter and mining restarted during the quarter. Production will progressively be ramped up in Q3 FY2016. The first export shipment is expected in October 2015.

At Karnataka, production in Q2 was higher at 0.6 million tonnes. Production of pig iron was lower at c.150kt primarily due to planned maintenance activities at the plant.

Copper ― India and Australia

Copper cathode production was 94,000 tonnes in Q2 FY2016, 6% lower y-o-y, primarily due to a maintenance shutdown at the smelter. Additionally, there was a shutdown in late September that will impact the cathode production for Q3 FY2016. The smelter is now producing at a normalised level. The 160MW power plant at Tuticorin operated at lower Plant Load Factor (PLF) of 76% in Q2 compared to 94% last year due to reduction in power off-take by the Tamil Nadu Electricity Board (TNEB) on account of seasonally lower demand.


Aluminium

The Lanjigarh alumina refinery produced 272,000 tonnes in Q2, 20% higher than the corresponding prior quarter. The production was stable at the 500kt Jharsuguda-I and 245kt Korba-I smelters.

The 325kt Korba-II smelter produced 19,000 tonnes during Q2 FY2016 with 83 pots operational. However, the ramp up of further pots has been temporarily put on hold due to weaker LME and premium. The high cost rolled product facility at BALCO which produced c. 46,000 tonnes in FY2015 has been temporarily closed, which will result in cost saving. We will continue to sell ingots and wire rods from BALCO.

The 1.25 million tonnes Jharsuguda-II smelter produced 19,000 tonnes in Q2 with 80 pots operational. We are in discussions with the Government authorities for using power from the 2,400 MW power plant for further ramp up of pots of the first line of 312 kt at this smelter, and expect the ramp up to commence in Q3 FY2016. Due to non-availability of captive bauxite and cost optimization drive across the business, production capacity at the Lanjigarh alumina refinery has been reduced to a single stream and it will now operate at a capacity of c. 800 kt. The alumina COP for the month of September dropped by 20% to c. $299 per tonne against $340 per tonne in Q1 as a result of this optimisation.

Hot metal cost at Jharsuguda-I was at US$1,599 per tonne compared to US$1,740 per tonne in Q2 FY2015. Hot metal cost at Korba- I was at US$1,674 per tonne compared to US$2,089 per tonne in Q2 FY2015. Costs were lower mainly on account of depreciation of the Indian rupee, lower alumina and other costs. The COP at Jharsuguda was impacted by higher coal costs. The two CPP units (300MW each) of the 1,200MW power plant at BALCO are expected to commence production in H2 FY2016.

Power

The Jharsuguda 2,400MW power plant operated at a PLF of 32% in Q2, lower than Q2 FY2015 and Q1 FY2016 primarily due to lower demand and softer power rates. The first 660MW unit of TSPL operated at 86% availability during the quarter. TSPL’s Power Purchase Agreement with the Punjab State Electricity Board (PSEB) compensates based on the availability of the plant. The balance two units are expected to commence production in H2 FY2016.

MALCO power plant operated at lower PLF due to lower demand. Of the two 300MW IPP units of the 1,200 MW Korba Power Plant, the first 300 MW unit has been commissioned. It was capitalized in August 2015 and sold 158 million units. The second commercial unit is expected to be commissioned in Q3 FY2016.

Mutual Fund assets cross 13 trillion mark in July-September: Crisil

Helped by buoyant investor sentiments, domestic Mutual Fund industry's asset under management surged 7% to cross the Rs 13 trillion mark for the quarter ended September 2015, rating agency Crisil said.

Helped by buoyant investor sentiments, domestic Mutual Fund industry's asset under management (AUM) surged 7% to cross the Rs 13 trillion mark for the quarter ended September 2015, rating agency Crisil said.

Driven by rise in equity and debt-oriented funds, the industry added Rs 872.39 billion to end with average assets worth Rs 13.16 trillion, during the July-September period.

This is the eighth consecutive quarter rise in AUM for MF industry.

"The domestic MF industry crossed yet another milestone, after its average AUM crossed the Rs 13 trillion-mark in the quarter ended September 2015," Crisil said in its latest report.

"The industry recorded the largest absolute gain in assets, ever since the Association of Mutual Funds in India (AMFI) started declaring quarterly average AUM data in September 2010," it noted. 

Patanjali and Future Group join hands

With this tie up, Patanjali products will be available across Big Bazaar and EasyDay. In addition, the products will also be offered across the counters of Aadhaar and Nilgiris.

In a first of sorts, one of India s largest retailers Future Group, owned by Kishore Biyani, has joined hands with Patanjali Ayurved. Patanjali is amongst top 10 FMCG companies of India.

With this tie up, Patanjali products will be available across Big Bazaar and EasyDay. In addition, the products will also be offered across the counters of Aadhaar and Nilgiris.

Stock Information

Future Retail Ltd is currently trading at Rs. 143.85, up by 5.25 points or 3.79% from its previous closing of Rs. 138.6 on the BSE.

The scrip opened at Rs. 144.4 and has touched a high and low of Rs. 148.8 and Rs. 143 respectively. So far 3538750(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 5807.57 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 151.5 on 03-Feb-2015 and a 52 week low of Rs. 80.6 on 01-Dec-2014. Last one week high and low of the scrip stood at Rs. 142.7 and Rs. 120 respectively.

The promoters holding in the company stood at 50.93 % while Institutions and Non-Institutions held 21.42 % and 27.65 % respectively.

The stock is currently trading below its 50 DMA.