22 Jan 2015

Tech sector leads Q3 results

The third quarter results season has kicked off with the Tech sector leading the way as usual. Infosys surprised on the upside with sales up by 6.3% and profits up by 12% TCS reported sales ahead by 15% but profits disappointed at 5% as realizations in the insurance sector in particular came under pressure. The company was forced to make a strenuous denial of persistent press rumours about staff layoffs. Cyient reported revenues ahead by 22% and profits by 48% as the company announced the acquisition of 74% of the shares in Rangson’s Electronics, a Mysore based systems design and manufacturing company. Cyient hopes to increase revenues in this segment from 20% to 70% of the total by 2020. Finally, in the first flush of announcements, Bajaj Auto reported sales ahead by 11% and profits by 7% as it responds to intense competition by developing entry-level products to attack this segment in 2015; it makes up 66% of the market.

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