Press release from Business Wire India
Source: The Energy and Resources Institute (TERI)
Saturday, October 31, 2009 08:32 PM IST (03:02 PM GMT)
Editors: General: Consumer interest, Entertainment, Environment, Social issues; Business: Advertising, PR & marketing, Business services, Energy companies
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TERI Business Council stresses on Sustainability Reporting Practice for Corporate Sustainability
Mumbai, Maharashtra, India, Saturday, October 31, 2009 -- (Business Wire India) -- In India, as is the case globally, there has been a growing awareness among the stakeholders such as the consumers, media, NGOs and the society, on the environmental and social impacts of business. With this, there is an increased pressure on companies to be transparent and socially responsible and report on their non-financial performance (primarily environmental and social) in the form of sustainability report. Thus, it is vital for companies to understand the evolving trend of sustainability reporting and its impact on their long-term viability. TERI - BCSD India is the regional network of World Business Council for Sustainable Development (WBCSD), with 94 member companies in India. TERI - BCSD India, in association with one of its member company DNV (Det Norske Veritas), organised a two-day training and capacity building workshop on 'Corporate sustainability: Measuring & reporting'.
Elaborating on the need of such trainings, Ms. Annapurna Vancheswaran, Director TERI, said "From the response that we have received from our sustainability reporting workshop in Delhi and its sequel now in Mumbai, it is evident that companies are realising reporting to be an essential tool for competitiveness. The relevance of sustainability reporting is of particular importance in emerging economies. "
The workshop in Mumbai brought in a new dimension and included a view from the top on sustainability reporting. TERI - BCSD India member CEOs participated in a one- hour panel discussion with trainees on their views and perspectives on corporate responsibility and the role of sustainability reporting. The panel comprised of top CEOs like Ms Meera H. Sanyal (Country Head, ABN AMRO Bank NV), Mr Prasad Chandran (Chairman & Managing Director, BASF India Limited) and Mr Kishor Chaukar (Managing Director, Tata Industries).
In the session, Ms Meera H. Sanyal, of ABN AMRO Bank NV
, pointed out that sustainability decisions come from both- the head and the heart.
During the discussion, Mr. Kishor Chaukar, of Tata Industries, said, "Sustainability reporting reaffirms a company's faith on the well- being of the community around which they function as business and community are interlinked."
Mr Prasad Chandran, of BASF India Limited,
stressed that, "If all the Indian companies undertook sustainability reporting they would not only be able to evaluate and monitor their progress but also India incorporated can claim stake of its space in global negotiations such as the forthcoming climate conference in Copenhagen."
In order to provide a practical edge to the workshop group exercises based on case studies were undertaken. To enhance further the learning and understanding of the participants, representatives from BPCL shared the company's experiences on its sustainability reporting process, the challenges faced by the organisations and the strategies adopted throughout the process.
Large numbers of trainees were from companies who intend to begin the process of sustainability reporting. Some of the participants present are in the process of drafting their report and few have already produced such reports and were present to upgrade and update their knowledge. Around 22 participants from institutions like UNIDO and companies like BPCL, Cairn India, Johnson Controls (I) Pvt Ltd, NSE, TATA Chemicals Ltd, Wipro, Yes Bank, Edelman India, etc enthusiastically participated in the workshop.
About TERI BCSD India
TERI-BCSD (Business Council for Sustainable Development) India is the regional network of World Business Council for Sustainable Development (WBCSD). Currently a network of 94 motivated and environmentally conscious corporate houses, TERI-BCSD India as part of its mandate takes an active role in creating platforms for the corporate sector to enhance their efforts towards a more sustainable path of production and consumption.
For more information, please visit
www.teriin.org/bcsd
CONTACT DETAILS
Ms Pooja Kumar, TERI BCSD India, +919891638112, poojak@teri.res.in
Mr. Rajiv Chhibber, The Energy and Resources Institute (TERI), +91 9810426698, rajivc@teri.res.in
Ms. Tushita Mukherjee, The Energy and Resources Institute (TERI), +919871204990, tushitam@teri.res.in
KEYWORDS
CONSUMER, ENTERTAINMENT, ENVIRONMENT, SOCIAL, MARKETING, BUSINESS SERVICES, ENERGY
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Submit your press release at http://www.businesswireindia.com
Saturday, October 31, 2009
BWI: Patni Q3 Revenues up 3.3% at $167.2 Million; Net Income* up 24.5% QoQ
Press release from Business Wire India
Source: Patni Computer Systems
Saturday, October 31, 2009 06:49 PM IST (01:19 PM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Financial Analyst, Information technology, Stock exchanges; Technology
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Patni Q3 Revenues up 3.3% at $167.2 Million; Net Income* up 24.5% QoQ
Mumbai, Maharashtra, India, Saturday, October 31, 2009 -- (Business Wire India) -- Patni Computer Systems Limited (Patni) today announced its financial results for the third quarter ended 30th September 2009.
*Important Note: In Q3 2009, based on prior years tax reviews by IRS, which were concluded during the quarter, certain provisions have been reversed resulting in one time increase in gross profit of US$ 1.2 million, other income of US$ 2.1 million and decrease in tax expense of US$ 8.1 million. Consequently, profit after tax has increased by US$ 11.4 million for the quarter. Similarly in our Q3 2008 release, prior year's tax reviews by IRS, had resulted in reversal of certain provisions which led to a one time increase in gross profit of US$ 2.8 million, other income of US$ 8.3 million and decrease in tax expense of US$ 7.7 million. Consequently, profit after tax had increased by US$ 18.7 million for Q3 2008. Variations in Patni's Q3 2008 & Q3 2009 financial performance as a result of such write backs have been referred to as "Extra Ordinary Items" in this press release. Financial Performance excluding these Extra ordinary items has been considered for comparative performance review in this release.
Performance Highlights for the quarter ended September 30,2009
Revenues for the quarter at US$ 167.2 million (Rs.8,040.2 million)
-- Up 3.3% QoQ from US$ 161.9 million (Rs.7,729.1 million)
-- Down 8.9 % YoY from US$ 183.5 million (Rs. 8,522.5 million)
-- Revenue concentration from top client lower at 11.9% against 12.3%, Top 5 up at 38.3% from 37.2%, $ 1m relationships up at 92 , 7 new clients added during the quarter.
Operating Income for the quarter at US$ 27.1 million (Rs.1,303.1 million)
-- Up 11.7% QoQ from US$ 24.3 million (Rs.1,158.3 million)
-- Down 2.0% YoY from US$ 27.6 million (Rs.1,283.9 million)
-- Operating Income adjusted for Extra Ordinary items is at US$25.9 million for the quarter, + 6.9% QoQ and +4.3% YoY .
Net Income for the quarter at US$ 35.7 million (Rs. 1,715.7 million)
-- Up 24.5% QoQ from US$ 28.7 million (Rs. 1,368.5 million)
-- Down 17.2% YoY from US$ 43.1 million (Rs.2,001.9 million)
-- Net income adjusted for Extra Ordinary items is at US$ 24.3 million for the quarter, (-)15.2% QoQ and (-)0.4% YoY
EPS for the quarter at US$ 0.28 per share (US$ 0.56 per ADS).
-- EPS adjusted for Extra Ordinary items is at US$ 0.19 per share (US$ 0.38 per ADS)
Future Outlook:
-- Q4 CY2009 Revenues are expected to be at US$ 168 million to US$169 million and Net Income (Excluding the hedging Gain/Loss) is expected to be in the range of US$ 24 million to US$ 25 million
-- This guidance is based on constant Rupee -USD rate of Rs.46.5 and constant GBP -USD rate of 1.65, EURO-USD rate of 1.40.
-- Mark to Market foreign exchange gain during Q4 2009 is expected to be in the range of US$ 1 to $ 1.5 million based on current estimates. This may change depending on further currency movements during the quarter and will impact our Net Earnings accordingly.
Management Comments
Mr.Jeya Kumar, Chief Executive Officer, said, " Our Overall performance from the quarter has been ahead of our expectations on all counts .We are very pleased with these results and hard work of our employees in these difficult times. While the global macro economic environment is still thwart with risks and challenges, the fading of solvency risks is positive with stable market place. Deflationary pressure on overall global IT services market is likely to continue for foreseeable future, however the off shoring and global delivery services market share will increase over time. We find ourselves in a good position competitively with our micro vertical focused strategy even as sustained visibility to growth is at least 2-3 quarters away."
Speaking on the occasion, Mr. Surjeet Singh, Chief Financial Officer, said, "Volumes were up during the quarter and pricing was stable. All customer categories grew on volumes and marginal forex change. Cost realignment gains continued during the quarter as our operating earnings remained ahead of our expectations. With continued investments in geographic expansion, we are confident of capturing faster incremental growth along with inorganic additions besides gains on resultant absorption benefits in our cost base over the next 12- 18 months"
Corporate Developments
Appointments
-- Key leadership Appointments.
Mr. Vijay Mehra has been appointed as Executive Vice President and Head of Business Verticals. Vijay was until recently, Global CIO at Essar Group of Companies and comes with over 20 years of global management and consulting experience. Vijay will define and boost Patni's micro-verticals strategy, structure, systems and skills.
Mr . Naresh K. Lakhanpal,has been appointed as President, Patni Americas Inc. Naresh has over 23 years of diverse business experience including operations, sales, engineering, product development and strategy.
Mr. V Mathivanan , has been appointed President, APAC and will lead this business from Singapore, where Patni has recently established its new regional headquarters. Mathi comes with over 30 years of experience specializing in IT with companies such as Singapore Network Services (SNS) and CrimsonLogic.
Innovation
-- Patni Computer Systems Unveils Cloud Services Strategy
Patni's first in a series of consulting and software services initiatives designed to help customers accelerate deployment to a cloud environment. The first offering, Patni's Cloud Acceleration Program (CAP), gives independent service providers and application developers a structured, business-driven approach based on Patni's proven process and methodologies that take the guesswork out of transitioning to cloud-based solutions.
Awards & Recognition
-- Patni Ranked #7 Preferred Employer in DQ-IDC's Best Employer Survey 2009
Patni has been conferred the #7 Preferred Employer rank in DQ-IDC's Best Employer Survey 2009 based on an industry-wide employee satisfaction survey. The company was also ranked #16 Best IT Employer after a comprehensive analysis of HR policies across the industry. This rank is significant as it indicates a jump of 13 places from last year for Patni.
-- Patni Named "Challenger" in Magic Quadrant for Help Desk Outsourcing, North America
Patni has been positioned by leading industry analyst firm Gartner, Inc., in the "Challengers" quadrant of its "Magic Quadrant for Help Desk Outsourcing, North America" 2009 report by Richard Matlus and William Maurer. The report is designed to help corporations identify and evaluate outsourcing external service providers (ESPs) for help desk services.
Client Initiatives
-- Patni helps "Get Connected" deliver innovative online directory of help and support services for young people in crisis
Patni has collaborated with leading UK charity "Get Connected" to build a new online directory service, 'Webhelp 24/7', that will help young people find solutions to a wide range of issues, from coping with mental illness to learning disabilities. "Get Connected" has also been chosen as Patni's Charity of The Year for the EMEA region.
Financial Statements Analysis:
Revenues
Revenues during the quarter were higher by 3.3% sequentially to US$ 167.2 million (Rs.8,040.2 million), from US$ 161.9 million (Rs.7,729.1 million) in the preceding quarter. Revenue growth was driven by volume growth of 3.0% (including higher number of days) and 0.3% due to currency impacts. Number of active clients were 283 at quarter end as compared to 294 in Q2 2009.
Gross Margin
Gross Margins were at 37.1% or US$ 62.0 million (Rs.2,983.5 million) against 34.7% or US$ 56.2 million (Rs.2,684.5 million) in the previous quarter. Gross Profit adjusted for Extra Ordinary Items is at US$ 60.9 million at 36.4% during the quarter. Improvement in Gross margin is primarily on account of higher utilization and impact of cost rationalization measures.
Overall non cash expense is US$ 5.4 million which includes depreciation and amortization expenses of US$ 4.5 million and stock option charge of US$ 0.9 million. Corresponding expense for Q2 was US$ 4.6 million for depreciation and amortization and US$ 0.2 million for stock option charge.
Selling General and Administrative Expenses (SGA Expenses)
Sales and marketing expenses during the quarter were at US$ 14.2 million (Rs.680.8 million) at 8.5% as compared to US$ 12.0 million (Rs.572.7 million) at 7.4% in the previous quarter.
G&A expenses during the quarter were at US$ 18.0 million (Rs.865.7 million) or 10.8% as compared to US$ 15.9 million (Rs.756.9 million) at 9.8% during the previous quarter. The sequential change is due to period cost change which has got normalized during this quarter.
Overall non cash expense is US$ 3.9 million which includes depreciation and amortization expenses at US$ 2.4 million for the quarter as against US$ 2.1 million in Q2 2009 and stock option charge at US$ 1.5 million for the quarter as against US$ 0.6 million in Q2.
Foreign exchange gain/loss
The revaluation and mark to market foreign exchange loss for the quarter were at US$ 2.3 million (Rs.108.6 million) as compared to foreign exchange loss of US$ 4.1 million (Rs.197.2 million) during the previous quarter.
The quarter end rate for debtor's revaluation was Rs.48.10. Outstanding contracts at the end of Q3 2009 were about US$ 287 million which were contracted in the range of Rs.41.1 to Rs 51.2.
Operating Income
Operating Income including foreign exchange gain / loss was at US$ 27.1 million (Rs.1,303.1 million) or at 16.2% during the quarter. Operating income adjusted a for Extra Ordinary items is at US$ 25.9 million for the quarter or at 15.5% against US $24.3 million (Rs.1,158.3 million) or 15.0% during the previous quarter, reflecting an increase of 6.9% on QoQ and 4.3% on YoY basis.
Other Income
For Q3 CY2009, other income (including interest and dividend income net of interest expenses, profit/loss on sale of investments and other miscellaneous income) stood at 3.5% or US$ 5.9 million (Rs.283.4 million). Other Income adjusted for Extra ordinary items at US$ 3.8 million at 2.3% during the quarter lower than US$ 11.2 million during previous quarter due to cyclical change on account of fixed maturity investments.
Profit before Tax
Profit before tax for the quarter was at US$ 33.0 million (Rs.1,586.5 million) or at 19.7% during the quarter. Profit before Tax adjusted for Extra Ordinary items is at US$ 29.8 million for the quarter or at 17.8% against US $35.5 million (Rs.1,694.2 million) or 21.9% during the previous quarter, reflecting a sequential decrease of 16.1% and increase by 6.4% on YoY basis.
Income Taxes
Income tax for the quarter was at US$ (-) 2.7 million (Rs.129.2 million). Income Tax after adjustment of Extra Ordinary items is at US$ 5.5 million at an effective tax rate of 18.3%.
Net Income
Consequently, net income for the quarter at 21.3% was US$ 35.7 million (Rs.1,715.7 million) against US$ 28.7 million (Rs.1,368.5 million) at 17.7% in the previous quarter. Net income adjusted for Extra Ordinary items at US$ 24.3 million at 14.5% for the quarter.
Balance Sheet and Cash Flow changes
During the quarter, against net income of US$ 35.7 million (Rs.1,715.7 million), cash from operating activities was at US$ 34.4 million (Rs. 1,654.2 million) net of changes in current assets and liabilities of US $ (-) 7.9 million and non cash charges of US$ 6.6 million. These non cash charges comprise of depreciation and amortization including compensation cost of US$ 9.3 million and other charge of US$ (-) 2.7 million.
Net cash from investing activities was US$ 32.7 million (Rs.1,574.1 million) including capital expenditure of US$ 2.4 million (Rs.113.2 million),investment in investments of US$ 30.4 million (Rs.1,460.8 million).
Net cash outflow on financing activities was US$ 0.6 million (Rs.27.5 million) comprising payment of dividend on common shares of US$ 1.4 million (Rs.66.7 million) and US$ (-) 0.8 million (Rs.39.2 million) on other financing activities. Over all cash and cash equivalents (including short term investments) post revaluation, were at US$ 379.9 million (Rs.18,270.6 million), as compared to US$ 347.6 million (Rs.16,595.5 million) at the close of Q2 2009.
Receivables at the end of Q3 2009 were at US$105.6 million as compared to US$ 100.7 million at the end of Q2 2009. Number of days outstanding (Including Unbilled) for the current quarter were 75 days similar to the previous quarter.
Important Notes to this release:
- Fiscal Year
Patni follows a January - December fiscal year. The current review covers the financial and operating performance of the Company for the third quarter ended September 30, 2009
- U.S. GAAP
A Consolidated Statement of Income in US GAAP is available on page 3 of the Fact Sheet attached to this release
- Percentage analysis
Any percentage amounts, as set forth in this release, unless otherwise indicated, have been calculated on the basis of the U.S. Dollar amounts derived from our consolidated financial statements prepared in accordance with U.S. GAAP, and not on the basis of any translated Rupee amount. Calculation of percentage amounts on the basis of Rupee amounts may lead to results that are different, in a material way, from those calculated as per U.S. Dollar amounts.
- Convenience translation
A Consolidated Statement of Income as per Convenience Translation prepared in accordance with US GAAP is available on page 6 of the Fact Sheet attached to this release. We have translated the financial data derived from our consolidated financial statements prepared in accordance with U.S. GAAP for each period at the noon buying rate in the City of New York on the last business day of such period for cable transfers in Rupees as certified for customs purposes by the Federal Reserve Bank of New York. The translations should not be considered as a representation that such US Dollar amounts have been, could have been or could be converted into Rupees at any particular rate, the rate stated elsewhere in this document, or at all. Investors are cautioned to not rely on such translated amounts.
- Attached Fact Sheet (results & analysis tables)
Fact Sheet
About Patni Computer Systems Ltd:
Patni Computer Systems Limited (BSE: PATNI COMPUT, NSE: PATNI, NYSE: PTI) is a global provider of IT Services and business solutions, servicing Global 2000 clients. Patni services its clients through its industry-focused practices, including banking, financial services (BFS) and insurance (I); manufacturing, retail and distribution (MRD); life sciences; communications, media and utilities (CMU), and its technology-focused practices.
With an employee strength of 13,800; multiple global delivery centers spread across 12 cities worldwide; 27 international offices across the Americas, Europe and Asia-Pacific; Patni has registered revenues of US$ 719 million for the year 2008.
Patni's service offerings include application development and maintenance, enterprise application solutions, business and technology consulting, product engineering services, infrastructure management services, customer interaction services & business process outsourcing, quality assurance and engineering services.
Committed to quality, Patni adds value to its clients' businesses through well-established and structured methodologies, tools and techniques. Patni is an ISO 9001: 2000 certified and SEI-CMMI Level 5 (V 1.2) organization, assessed enterprise wide at P-CMM Level 3. In keeping with its focus on continuous process improvements, Patni adopts Six Sigma practices as an integral part of its quality and process frameworks.
Patni leverages its vast experience spanning three decades; deep domain expertise; full-spectrum services; and suites of IP-led solutions, methodologies and frameworks; in being an effective business transformation partner to its clients.
For more information on Patni, visit www.patni.com
IMPORTANT NOTE:
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, liability for damages on our service contracts, the success of the companies in which Patni has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
To view the Press Release with tables, please click on the link given below:
Press Release with Tables
For picture(s)/data to illustrate this release click below:
http://www.BusinessWireIndia.com/attachments/Patni Q3_2009_PressRelease.doc
Patni Q3_2009_PressRelease.doc
http://www.BusinessWireIndia.com/attachments/Fact Sheet Q309.pdf
Fact Sheet Q309.pdf
CONTACT DETAILS
Gaurav Agarwal, Patni US, Investor Relations,, Patni Computer Systems, +1-617-914-8360, investors@patni.com
Gavin Desa, Citigate Dewe Rogerson India, Patni Computer Systems, +91 (22) 40075037, gavin@cdr-india.com
Heena Kanal, Patni India, Media Relations, Patni Computer Systems, +91 (22) 66930500, heena.kanal@patni.com
Tony Viola, Patni US, Media Relations, Patni Computer Systems, +1-617-354-7424, tony.viola@patni.com
KEYWORDS
CONSUMER, ECONOMY, BANKING, Financial Analyst, IT, STOCK EXCHANGES, TECHNOLOGY, PATNI.BO, PATNI.NS
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
Source: Patni Computer Systems
Saturday, October 31, 2009 06:49 PM IST (01:19 PM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Financial Analyst, Information technology, Stock exchanges; Technology
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Patni Q3 Revenues up 3.3% at $167.2 Million; Net Income* up 24.5% QoQ
Mumbai, Maharashtra, India, Saturday, October 31, 2009 -- (Business Wire India) -- Patni Computer Systems Limited (Patni) today announced its financial results for the third quarter ended 30th September 2009.
*Important Note: In Q3 2009, based on prior years tax reviews by IRS, which were concluded during the quarter, certain provisions have been reversed resulting in one time increase in gross profit of US$ 1.2 million, other income of US$ 2.1 million and decrease in tax expense of US$ 8.1 million. Consequently, profit after tax has increased by US$ 11.4 million for the quarter. Similarly in our Q3 2008 release, prior year's tax reviews by IRS, had resulted in reversal of certain provisions which led to a one time increase in gross profit of US$ 2.8 million, other income of US$ 8.3 million and decrease in tax expense of US$ 7.7 million. Consequently, profit after tax had increased by US$ 18.7 million for Q3 2008. Variations in Patni's Q3 2008 & Q3 2009 financial performance as a result of such write backs have been referred to as "Extra Ordinary Items" in this press release. Financial Performance excluding these Extra ordinary items has been considered for comparative performance review in this release.
Performance Highlights for the quarter ended September 30,2009
Revenues for the quarter at US$ 167.2 million (Rs.8,040.2 million)
-- Up 3.3% QoQ from US$ 161.9 million (Rs.7,729.1 million)
-- Down 8.9 % YoY from US$ 183.5 million (Rs. 8,522.5 million)
-- Revenue concentration from top client lower at 11.9% against 12.3%, Top 5 up at 38.3% from 37.2%, $ 1m relationships up at 92 , 7 new clients added during the quarter.
Operating Income for the quarter at US$ 27.1 million (Rs.1,303.1 million)
-- Up 11.7% QoQ from US$ 24.3 million (Rs.1,158.3 million)
-- Down 2.0% YoY from US$ 27.6 million (Rs.1,283.9 million)
-- Operating Income adjusted for Extra Ordinary items is at US$25.9 million for the quarter, + 6.9% QoQ and +4.3% YoY .
Net Income for the quarter at US$ 35.7 million (Rs. 1,715.7 million)
-- Up 24.5% QoQ from US$ 28.7 million (Rs. 1,368.5 million)
-- Down 17.2% YoY from US$ 43.1 million (Rs.2,001.9 million)
-- Net income adjusted for Extra Ordinary items is at US$ 24.3 million for the quarter, (-)15.2% QoQ and (-)0.4% YoY
EPS for the quarter at US$ 0.28 per share (US$ 0.56 per ADS).
-- EPS adjusted for Extra Ordinary items is at US$ 0.19 per share (US$ 0.38 per ADS)
Future Outlook:
-- Q4 CY2009 Revenues are expected to be at US$ 168 million to US$169 million and Net Income (Excluding the hedging Gain/Loss) is expected to be in the range of US$ 24 million to US$ 25 million
-- This guidance is based on constant Rupee -USD rate of Rs.46.5 and constant GBP -USD rate of 1.65, EURO-USD rate of 1.40.
-- Mark to Market foreign exchange gain during Q4 2009 is expected to be in the range of US$ 1 to $ 1.5 million based on current estimates. This may change depending on further currency movements during the quarter and will impact our Net Earnings accordingly.
Management Comments
Mr.Jeya Kumar, Chief Executive Officer, said, " Our Overall performance from the quarter has been ahead of our expectations on all counts .We are very pleased with these results and hard work of our employees in these difficult times. While the global macro economic environment is still thwart with risks and challenges, the fading of solvency risks is positive with stable market place. Deflationary pressure on overall global IT services market is likely to continue for foreseeable future, however the off shoring and global delivery services market share will increase over time. We find ourselves in a good position competitively with our micro vertical focused strategy even as sustained visibility to growth is at least 2-3 quarters away."
Speaking on the occasion, Mr. Surjeet Singh, Chief Financial Officer, said, "Volumes were up during the quarter and pricing was stable. All customer categories grew on volumes and marginal forex change. Cost realignment gains continued during the quarter as our operating earnings remained ahead of our expectations. With continued investments in geographic expansion, we are confident of capturing faster incremental growth along with inorganic additions besides gains on resultant absorption benefits in our cost base over the next 12- 18 months"
Corporate Developments
Appointments
-- Key leadership Appointments.
Mr. Vijay Mehra has been appointed as Executive Vice President and Head of Business Verticals. Vijay was until recently, Global CIO at Essar Group of Companies and comes with over 20 years of global management and consulting experience. Vijay will define and boost Patni's micro-verticals strategy, structure, systems and skills.
Mr . Naresh K. Lakhanpal,has been appointed as President, Patni Americas Inc. Naresh has over 23 years of diverse business experience including operations, sales, engineering, product development and strategy.
Mr. V Mathivanan , has been appointed President, APAC and will lead this business from Singapore, where Patni has recently established its new regional headquarters. Mathi comes with over 30 years of experience specializing in IT with companies such as Singapore Network Services (SNS) and CrimsonLogic.
Innovation
-- Patni Computer Systems Unveils Cloud Services Strategy
Patni's first in a series of consulting and software services initiatives designed to help customers accelerate deployment to a cloud environment. The first offering, Patni's Cloud Acceleration Program (CAP), gives independent service providers and application developers a structured, business-driven approach based on Patni's proven process and methodologies that take the guesswork out of transitioning to cloud-based solutions.
Awards & Recognition
-- Patni Ranked #7 Preferred Employer in DQ-IDC's Best Employer Survey 2009
Patni has been conferred the #7 Preferred Employer rank in DQ-IDC's Best Employer Survey 2009 based on an industry-wide employee satisfaction survey. The company was also ranked #16 Best IT Employer after a comprehensive analysis of HR policies across the industry. This rank is significant as it indicates a jump of 13 places from last year for Patni.
-- Patni Named "Challenger" in Magic Quadrant for Help Desk Outsourcing, North America
Patni has been positioned by leading industry analyst firm Gartner, Inc., in the "Challengers" quadrant of its "Magic Quadrant for Help Desk Outsourcing, North America" 2009 report by Richard Matlus and William Maurer. The report is designed to help corporations identify and evaluate outsourcing external service providers (ESPs) for help desk services.
Client Initiatives
-- Patni helps "Get Connected" deliver innovative online directory of help and support services for young people in crisis
Patni has collaborated with leading UK charity "Get Connected" to build a new online directory service, 'Webhelp 24/7', that will help young people find solutions to a wide range of issues, from coping with mental illness to learning disabilities. "Get Connected" has also been chosen as Patni's Charity of The Year for the EMEA region.
Financial Statements Analysis:
Revenues
Revenues during the quarter were higher by 3.3% sequentially to US$ 167.2 million (Rs.8,040.2 million), from US$ 161.9 million (Rs.7,729.1 million) in the preceding quarter. Revenue growth was driven by volume growth of 3.0% (including higher number of days) and 0.3% due to currency impacts. Number of active clients were 283 at quarter end as compared to 294 in Q2 2009.
Gross Margin
Gross Margins were at 37.1% or US$ 62.0 million (Rs.2,983.5 million) against 34.7% or US$ 56.2 million (Rs.2,684.5 million) in the previous quarter. Gross Profit adjusted for Extra Ordinary Items is at US$ 60.9 million at 36.4% during the quarter. Improvement in Gross margin is primarily on account of higher utilization and impact of cost rationalization measures.
Overall non cash expense is US$ 5.4 million which includes depreciation and amortization expenses of US$ 4.5 million and stock option charge of US$ 0.9 million. Corresponding expense for Q2 was US$ 4.6 million for depreciation and amortization and US$ 0.2 million for stock option charge.
Selling General and Administrative Expenses (SGA Expenses)
Sales and marketing expenses during the quarter were at US$ 14.2 million (Rs.680.8 million) at 8.5% as compared to US$ 12.0 million (Rs.572.7 million) at 7.4% in the previous quarter.
G&A expenses during the quarter were at US$ 18.0 million (Rs.865.7 million) or 10.8% as compared to US$ 15.9 million (Rs.756.9 million) at 9.8% during the previous quarter. The sequential change is due to period cost change which has got normalized during this quarter.
Overall non cash expense is US$ 3.9 million which includes depreciation and amortization expenses at US$ 2.4 million for the quarter as against US$ 2.1 million in Q2 2009 and stock option charge at US$ 1.5 million for the quarter as against US$ 0.6 million in Q2.
Foreign exchange gain/loss
The revaluation and mark to market foreign exchange loss for the quarter were at US$ 2.3 million (Rs.108.6 million) as compared to foreign exchange loss of US$ 4.1 million (Rs.197.2 million) during the previous quarter.
The quarter end rate for debtor's revaluation was Rs.48.10. Outstanding contracts at the end of Q3 2009 were about US$ 287 million which were contracted in the range of Rs.41.1 to Rs 51.2.
Operating Income
Operating Income including foreign exchange gain / loss was at US$ 27.1 million (Rs.1,303.1 million) or at 16.2% during the quarter. Operating income adjusted a for Extra Ordinary items is at US$ 25.9 million for the quarter or at 15.5% against US $24.3 million (Rs.1,158.3 million) or 15.0% during the previous quarter, reflecting an increase of 6.9% on QoQ and 4.3% on YoY basis.
Other Income
For Q3 CY2009, other income (including interest and dividend income net of interest expenses, profit/loss on sale of investments and other miscellaneous income) stood at 3.5% or US$ 5.9 million (Rs.283.4 million). Other Income adjusted for Extra ordinary items at US$ 3.8 million at 2.3% during the quarter lower than US$ 11.2 million during previous quarter due to cyclical change on account of fixed maturity investments.
Profit before Tax
Profit before tax for the quarter was at US$ 33.0 million (Rs.1,586.5 million) or at 19.7% during the quarter. Profit before Tax adjusted for Extra Ordinary items is at US$ 29.8 million for the quarter or at 17.8% against US $35.5 million (Rs.1,694.2 million) or 21.9% during the previous quarter, reflecting a sequential decrease of 16.1% and increase by 6.4% on YoY basis.
Income Taxes
Income tax for the quarter was at US$ (-) 2.7 million (Rs.129.2 million). Income Tax after adjustment of Extra Ordinary items is at US$ 5.5 million at an effective tax rate of 18.3%.
Net Income
Consequently, net income for the quarter at 21.3% was US$ 35.7 million (Rs.1,715.7 million) against US$ 28.7 million (Rs.1,368.5 million) at 17.7% in the previous quarter. Net income adjusted for Extra Ordinary items at US$ 24.3 million at 14.5% for the quarter.
Balance Sheet and Cash Flow changes
During the quarter, against net income of US$ 35.7 million (Rs.1,715.7 million), cash from operating activities was at US$ 34.4 million (Rs. 1,654.2 million) net of changes in current assets and liabilities of US $ (-) 7.9 million and non cash charges of US$ 6.6 million. These non cash charges comprise of depreciation and amortization including compensation cost of US$ 9.3 million and other charge of US$ (-) 2.7 million.
Net cash from investing activities was US$ 32.7 million (Rs.1,574.1 million) including capital expenditure of US$ 2.4 million (Rs.113.2 million),investment in investments of US$ 30.4 million (Rs.1,460.8 million).
Net cash outflow on financing activities was US$ 0.6 million (Rs.27.5 million) comprising payment of dividend on common shares of US$ 1.4 million (Rs.66.7 million) and US$ (-) 0.8 million (Rs.39.2 million) on other financing activities. Over all cash and cash equivalents (including short term investments) post revaluation, were at US$ 379.9 million (Rs.18,270.6 million), as compared to US$ 347.6 million (Rs.16,595.5 million) at the close of Q2 2009.
Receivables at the end of Q3 2009 were at US$105.6 million as compared to US$ 100.7 million at the end of Q2 2009. Number of days outstanding (Including Unbilled) for the current quarter were 75 days similar to the previous quarter.
Important Notes to this release:
- Fiscal Year
Patni follows a January - December fiscal year. The current review covers the financial and operating performance of the Company for the third quarter ended September 30, 2009
- U.S. GAAP
A Consolidated Statement of Income in US GAAP is available on page 3 of the Fact Sheet attached to this release
- Percentage analysis
Any percentage amounts, as set forth in this release, unless otherwise indicated, have been calculated on the basis of the U.S. Dollar amounts derived from our consolidated financial statements prepared in accordance with U.S. GAAP, and not on the basis of any translated Rupee amount. Calculation of percentage amounts on the basis of Rupee amounts may lead to results that are different, in a material way, from those calculated as per U.S. Dollar amounts.
- Convenience translation
A Consolidated Statement of Income as per Convenience Translation prepared in accordance with US GAAP is available on page 6 of the Fact Sheet attached to this release. We have translated the financial data derived from our consolidated financial statements prepared in accordance with U.S. GAAP for each period at the noon buying rate in the City of New York on the last business day of such period for cable transfers in Rupees as certified for customs purposes by the Federal Reserve Bank of New York. The translations should not be considered as a representation that such US Dollar amounts have been, could have been or could be converted into Rupees at any particular rate, the rate stated elsewhere in this document, or at all. Investors are cautioned to not rely on such translated amounts.
- Attached Fact Sheet (results & analysis tables)
Fact Sheet
About Patni Computer Systems Ltd:
Patni Computer Systems Limited (BSE: PATNI COMPUT, NSE: PATNI, NYSE: PTI) is a global provider of IT Services and business solutions, servicing Global 2000 clients. Patni services its clients through its industry-focused practices, including banking, financial services (BFS) and insurance (I); manufacturing, retail and distribution (MRD); life sciences; communications, media and utilities (CMU), and its technology-focused practices.
With an employee strength of 13,800; multiple global delivery centers spread across 12 cities worldwide; 27 international offices across the Americas, Europe and Asia-Pacific; Patni has registered revenues of US$ 719 million for the year 2008.
Patni's service offerings include application development and maintenance, enterprise application solutions, business and technology consulting, product engineering services, infrastructure management services, customer interaction services & business process outsourcing, quality assurance and engineering services.
Committed to quality, Patni adds value to its clients' businesses through well-established and structured methodologies, tools and techniques. Patni is an ISO 9001: 2000 certified and SEI-CMMI Level 5 (V 1.2) organization, assessed enterprise wide at P-CMM Level 3. In keeping with its focus on continuous process improvements, Patni adopts Six Sigma practices as an integral part of its quality and process frameworks.
Patni leverages its vast experience spanning three decades; deep domain expertise; full-spectrum services; and suites of IP-led solutions, methodologies and frameworks; in being an effective business transformation partner to its clients.
For more information on Patni, visit www.patni.com
IMPORTANT NOTE:
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, liability for damages on our service contracts, the success of the companies in which Patni has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
To view the Press Release with tables, please click on the link given below:
Press Release with Tables
For picture(s)/data to illustrate this release click below:
http://www.BusinessWireIndia.com/attachments/Patni Q3_2009_PressRelease.doc
Patni Q3_2009_PressRelease.doc
http://www.BusinessWireIndia.com/attachments/Fact Sheet Q309.pdf
Fact Sheet Q309.pdf
CONTACT DETAILS
Gaurav Agarwal, Patni US, Investor Relations,, Patni Computer Systems, +1-617-914-8360, investors@patni.com
Gavin Desa, Citigate Dewe Rogerson India, Patni Computer Systems, +91 (22) 40075037, gavin@cdr-india.com
Heena Kanal, Patni India, Media Relations, Patni Computer Systems, +91 (22) 66930500, heena.kanal@patni.com
Tony Viola, Patni US, Media Relations, Patni Computer Systems, +1-617-354-7424, tony.viola@patni.com
KEYWORDS
CONSUMER, ECONOMY, BANKING, Financial Analyst, IT, STOCK EXCHANGES, TECHNOLOGY, PATNI.BO, PATNI.NS
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BWI: SRF Q2 PAT Rises by 16% at Rs. 69 crore
Press release from Business Wire India
Source: SRF Limited
Saturday, October 31, 2009 04:10 PM IST (10:40 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Chemicals, Financial Analyst, Stock exchanges, Textiles
--------------------------------------------------
SRF Q2 PAT Rises by 16% at Rs. 69 crore
Q2 PBT at Rs. 103 crore, a Growth of 18% ; H1 Net Profit after Tax (PAT) at Rs. 161 crore, a Growth of 54%; H1 PBT at Rs. 241 crore, a Growth of 57%; Board Approves Interim Dividend of Rs. 7 per share
Gurgaon, Haryana, India, Saturday, October 31, 2009 -- (Business Wire India) -- SRF Limited, the domestic market leader in technical textiles and refrigerant gases and a preferred supplier of other fluorochemical products and polyester films, posted a 16% growth in its net profit after tax (PAT) for the quarter ended September 2009. The net profit of the second quarter stood at Rs. 69 crore as against Rs. 59 crore recorded during the corresponding period last year (CPLY). SRF's revenue increased from Rs. 506 crore to Rs. 524 crore, recording a growth of 4% during July-September 2009. The unaudited financial results of SRF were taken on record by SRF's Board in a meeting held today. The Board also approved an interim dividend at the rate of 70% amounting to Rs. 7 per share.
SRF's profit before tax (PBT) for the second quarter improved by 18%, increasing from Rs. 87 crore in July-Sep'08 to Rs. 103 crore recorded during the same period of the current financial year.
The segment revenue of Technical Textiles Business (TTB), which accounts for more than 50% of the company's revenue, grew by 11% during the second quarter of 2008-09 over CPLY. The segment results (EBIT) of TTB increased by 113% during the same period over CPLY.
Reflecting on the financial performance of the company, Mr. Ashish Bharat Ram, Managing Director, SRF Limited, commented: "Unlike in the past, the profit growth this time has come from a better performance of the Technical Textiles Business. This is extremely heartening to see and we hope the trend will continue in the future. In addition, with our capexes coming on line, we hope to see a higher increase in our topline as well."
H1 Financials
For the first six months of the current financial year, SRF posted a net profit after tax (PAT) of Rs. 161 crore, a growth of 54% over CPLY. SRF in the first six months has thus reached almost the last full year's level of PAT which was recorded at Rs. 163 crore. The company's revenue at Rs. 1022 crore achieved a growth of 4% over Rs. 983 crore recorded during the same period last year. The company's PBT at Rs. 241 crore increased by 57% during the first half of the current financial year over CPLY.
Projects Commissioned
The Company commissioned and capitalised its projects - manufacturing facilities for Polyester Industrial Yarn, Dipping Facilities and facilities for Fluorospecialities - during the quarter.
About SRF
Established in 1973, SRF as a group has today grown into a global entity with operations in 4 countries. Apart from Technical Textiles Business, in which it enjoys a global leadership position, SRF is a domestic leader in Refrigerants, Engineering Plastics and Industrial Yarns as well. The company also enjoys a significant presence among the key domestic manufacturers of Polyester Films and Fluorospecialities. Building on its in-house R&D facilities for Technical Textiles Business and Chemicals Business, the company strives to stay ahead in business through innovations in operations and product development. A winner of the prestigious Deming Application Prize for its tyre cord business, SRF continues to redefine its work and corporate culture with the TQM as its management way.
To view the tables, please click on the links given below:
Unaudited Financial Results for the Quarter Ended 30th September 2009
Segment Wise Revenue, Results and Capital Employed under Clause 41 of the Listing Agreement for the Quarter Ended 30th September 2009
Notes To Unaudited Financial Results For the Quarter Ended 30th September 2009
For picture(s)/data to illustrate this release click below:
http://www.BusinessWireIndia.com/attachments/Doc_1(1).pdf
Doc_1(1).pdf
http://www.BusinessWireIndia.com/attachments/Doc_2.pdf
Doc_2.pdf
http://www.BusinessWireIndia.com/attachments/Doc_3.pdf
Doc_3.pdf
CONTACT DETAILS
Mukund Trivedy, Head of Corporate Communications, SRF Limited, +91 9871709177, mukund.trivedy@srf.com
KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, CHEMICALS, Financial Analyst, STOCK EXCHANGES, TEXTILES, SRF.NS, SRFLTD .BO
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
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Source: SRF Limited
Saturday, October 31, 2009 04:10 PM IST (10:40 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Chemicals, Financial Analyst, Stock exchanges, Textiles
--------------------------------------------------
SRF Q2 PAT Rises by 16% at Rs. 69 crore
Q2 PBT at Rs. 103 crore, a Growth of 18% ; H1 Net Profit after Tax (PAT) at Rs. 161 crore, a Growth of 54%; H1 PBT at Rs. 241 crore, a Growth of 57%; Board Approves Interim Dividend of Rs. 7 per share
Gurgaon, Haryana, India, Saturday, October 31, 2009 -- (Business Wire India) -- SRF Limited, the domestic market leader in technical textiles and refrigerant gases and a preferred supplier of other fluorochemical products and polyester films, posted a 16% growth in its net profit after tax (PAT) for the quarter ended September 2009. The net profit of the second quarter stood at Rs. 69 crore as against Rs. 59 crore recorded during the corresponding period last year (CPLY). SRF's revenue increased from Rs. 506 crore to Rs. 524 crore, recording a growth of 4% during July-September 2009. The unaudited financial results of SRF were taken on record by SRF's Board in a meeting held today. The Board also approved an interim dividend at the rate of 70% amounting to Rs. 7 per share.
SRF's profit before tax (PBT) for the second quarter improved by 18%, increasing from Rs. 87 crore in July-Sep'08 to Rs. 103 crore recorded during the same period of the current financial year.
The segment revenue of Technical Textiles Business (TTB), which accounts for more than 50% of the company's revenue, grew by 11% during the second quarter of 2008-09 over CPLY. The segment results (EBIT) of TTB increased by 113% during the same period over CPLY.
Reflecting on the financial performance of the company, Mr. Ashish Bharat Ram, Managing Director, SRF Limited, commented: "Unlike in the past, the profit growth this time has come from a better performance of the Technical Textiles Business. This is extremely heartening to see and we hope the trend will continue in the future. In addition, with our capexes coming on line, we hope to see a higher increase in our topline as well."
H1 Financials
For the first six months of the current financial year, SRF posted a net profit after tax (PAT) of Rs. 161 crore, a growth of 54% over CPLY. SRF in the first six months has thus reached almost the last full year's level of PAT which was recorded at Rs. 163 crore. The company's revenue at Rs. 1022 crore achieved a growth of 4% over Rs. 983 crore recorded during the same period last year. The company's PBT at Rs. 241 crore increased by 57% during the first half of the current financial year over CPLY.
Projects Commissioned
The Company commissioned and capitalised its projects - manufacturing facilities for Polyester Industrial Yarn, Dipping Facilities and facilities for Fluorospecialities - during the quarter.
About SRF
Established in 1973, SRF as a group has today grown into a global entity with operations in 4 countries. Apart from Technical Textiles Business, in which it enjoys a global leadership position, SRF is a domestic leader in Refrigerants, Engineering Plastics and Industrial Yarns as well. The company also enjoys a significant presence among the key domestic manufacturers of Polyester Films and Fluorospecialities. Building on its in-house R&D facilities for Technical Textiles Business and Chemicals Business, the company strives to stay ahead in business through innovations in operations and product development. A winner of the prestigious Deming Application Prize for its tyre cord business, SRF continues to redefine its work and corporate culture with the TQM as its management way.
To view the tables, please click on the links given below:
Unaudited Financial Results for the Quarter Ended 30th September 2009
Segment Wise Revenue, Results and Capital Employed under Clause 41 of the Listing Agreement for the Quarter Ended 30th September 2009
Notes To Unaudited Financial Results For the Quarter Ended 30th September 2009
For picture(s)/data to illustrate this release click below:
http://www.BusinessWireIndia.com/attachments/Doc_1(1).pdf
Doc_1(1).pdf
http://www.BusinessWireIndia.com/attachments/Doc_2.pdf
Doc_2.pdf
http://www.BusinessWireIndia.com/attachments/Doc_3.pdf
Doc_3.pdf
CONTACT DETAILS
Mukund Trivedy, Head of Corporate Communications, SRF Limited, +91 9871709177, mukund.trivedy@srf.com
KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, CHEMICALS, Financial Analyst, STOCK EXCHANGES, TEXTILES, SRF.NS, SRFLTD .BO
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
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Friday, October 30, 2009
BWI: Cisco WebEx Showcases the Business Benefits of Deploying SaaS Applications in all Spheres
Press release from Business Wire India
Source: Cisco WebEx
Saturday, October 31, 2009 11:50 AM IST (06:20 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Business services, Information technology, Telecommunications; Technology
--------------------------------------------------
Cisco WebEx Showcases the Business Benefits of Deploying SaaS Applications in all Spheres
Bangalore, Karnataka, India, Saturday, October 31, 2009 -- (Business Wire India) -- SaaS - Software-as-a-Service, is the delivery and remote access of software applications via a web browser. It is known as "on-demand software" or "hosted software", SaaS allows one to rent web-based software from the service provider's site. It is a modern delivery model where organizations pay for software applications by actual usage rather than purchasing specific licenses for each user. Over the years it has matured to a high level of acceptance and usability for a growing customer base.
Amongst the numerous arguments that are in favour of SaaS applications, the key ones that reinstate the reason for deploying SaaS applications are-cost allocations, no underestimation of people services, SaaS allows better scalability and accountability of the SaaS vendor.
Cost Allocations
In a typical organization, the IT budget is spent in three broad areas:
-- Software: The actual programs and data that the organization uses for computing and information processing
-- Hardware: The desktop computers, servers, networking components and mobile devices that provide users with access to the software
-- People Services: The people and institutions that ensure the continued operation and availability of the system, including internal support staff, professional services consultants and vendor representatives
Of these three, it is the software that is most directly involved in information management, which is the ultimate goal of any IT organization. Hardware and people services, though vital and important components of the IT environment, are properly considered means to an end, in that they make it possible for the software to produce the desired end result of effective information management. (To put it another way, any organization would gladly add software functionality without extra hardware if it could do so effectively, but no organization would simply add hardware without an anticipated need to add software as well.)
In an IT environment based around on-premise software, the majority of the budget is typically spent on hardware and people services, leaving a minority of the budget available for software.
In the on premise model, the software budget is spent primarily on licensed copies of "shrinkwrapped" business software and customized line-of-business software. The hardware budget goes toward desktop and mobile computers for end-users, servers to host data and applications, and components to network them together. The professional services budget pays for a support staff to deploy and support software and hardware, as well as consultants and development resources to help design and build custom systems.
In an organization relying chiefly on SaaS, the IT budget allocation looks much different. In this model, the SaaS vendor hosts applications and associated data on central servers at the vendor's location, and it supports the hardware and software with a dedicated support staff. This relieves the customer organization from the responsibility for supporting the hosted software, and for purchasing and maintaining server hardware for it. Moreover, applications delivered over the Web or through smart clients place significantly less demand on a desktop computer than traditional locally-installed applications, which enables the customer to extend the desktop technology lifecycle significantly. The end result is that a much larger percentage of the IT budget is available to spend on business critical requirements and not on upgrades to the existing software or in training end users.
Leveraging SaaS Economies of Scale
But isn't this result just an illusion? After all, a percentage of the subscription fees paid to SaaS vendors for "software" have to pay for hardware and professional services for the vendor. The answer lies in the multi-tenant architecture and the economies of scale this architecture model offers.
A SaaS vendor with x number of customers subscribing to a single, centrally-hosted software service enables the vendor to serve all of its customers in a consolidated environment. For example, a line-of-business SaaS application installed in a load balanced farm of five servers may be able to support 50 medium-sized customers. This means that each customer would only be responsible for a tenth of the cost of a server. A similar application installed locally might require each customer to dedicate an entire server to the application-perhaps more than one, if load balancing and high availability are concerns.
This represents a substantial potential savings over the traditional model. As this is happening, the provider will develop multi-tenancy as a core competency, leading to higher-quality offerings at a lower cost. Therefore, even accounting for the hardware and professional services costs incurred by SaaS vendors, customers can still obtain significantly greater pure software functionality for the same IT budget.
SaaS Allows Better Growth Management
The third argument is that SaaS applications grow with you as your business grows. Companies do not have to make decisions on the type of application they need restricted by their own size, but instead they can make decisions based solely on their business needs. Because of the economies of scale offered by the multi-tenant architecture, SaaS vendors can provide enterprise grade applications in any number of user levels. For arguments sake, let's use the "named host" licensing model to explain this. A named host license model means that a specific end-user has the right to use the application. For example; if a company has 100 employees that need access to a specific application; they would buy 100 named user licenses. The company does not have a need to roll out the application to all 100 employees at the same time. With a traditional software model, the company would need to deploy hardware infrastructure to support the application and train its IT staff to install, maintain and troubleshoot the application. In most cases it does not make sense to do this to support only 5 or 10 employees. As a result, the company may buy all 100 licenses up front.
In the case of the SaaS application, there is no hardware infrastructure to acquire or IT staff to train. This means that the company can start by purchasing just 5 or 10 licenses, and buy additional licenses as the need grows. This is especially important when budgets and resources are tight. As a result, the SaaS application is much friendlier to the company's growth model when compared to the traditional software application. There is another important use-case for this flexibility and scalability. Companies that are going through mergers and acquisitions many times have a very hard time aligning their back-end IT infrastructure. It can take many months for hardware to be deployed and networks to be built before users in a new location can have access to all the services used in all other locations. This problem is much smaller for SaaS applications, since all that is necessary is an Internet connection, browser and a username and password to start using the application.
Accountability of the SaaS Vendor
The fourth argument is that SaaS vendors have greater accountability because of the subscription based pricing model. SaaS customers can actually exert more control over their vendors than traditional software customers. SaaS customers pay a recurring subscription fee for the duration of the contract term. SaaS vendors are typically held to monthly service level agreements (SLA) and are financially motivated to maintain adequate support and operational requirements on a recurring basis. Traditional software vendors are paid a big upfront license fee in exchange for a perpetual license. They have few obligations after the software has been deployed.
As a result, there is much more accountability from a SaaS vendor than from a traditional software vendor. If the SaaS service does not function properly, customers, by the simple act of withholding their payment and enforcing their SLAs, can exert much greater pressure on the SaaS vendor to provide a fix for the application than on a traditional software vendor.
CONTACT DETAILS
Karthy Prasanna, brand-comm, +91 9686260350, Karthy@brand-comm.com
KEYWORDS
CONSUMER, MARKETING, BUSINESS SERVICES, IT, TELECOMMUNICATIONS, TECHNOLOGY
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
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Source: Cisco WebEx
Saturday, October 31, 2009 11:50 AM IST (06:20 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Business services, Information technology, Telecommunications; Technology
--------------------------------------------------
Cisco WebEx Showcases the Business Benefits of Deploying SaaS Applications in all Spheres
Bangalore, Karnataka, India, Saturday, October 31, 2009 -- (Business Wire India) -- SaaS - Software-as-a-Service, is the delivery and remote access of software applications via a web browser. It is known as "on-demand software" or "hosted software", SaaS allows one to rent web-based software from the service provider's site. It is a modern delivery model where organizations pay for software applications by actual usage rather than purchasing specific licenses for each user. Over the years it has matured to a high level of acceptance and usability for a growing customer base.
Amongst the numerous arguments that are in favour of SaaS applications, the key ones that reinstate the reason for deploying SaaS applications are-cost allocations, no underestimation of people services, SaaS allows better scalability and accountability of the SaaS vendor.
Cost Allocations
In a typical organization, the IT budget is spent in three broad areas:
-- Software: The actual programs and data that the organization uses for computing and information processing
-- Hardware: The desktop computers, servers, networking components and mobile devices that provide users with access to the software
-- People Services: The people and institutions that ensure the continued operation and availability of the system, including internal support staff, professional services consultants and vendor representatives
Of these three, it is the software that is most directly involved in information management, which is the ultimate goal of any IT organization. Hardware and people services, though vital and important components of the IT environment, are properly considered means to an end, in that they make it possible for the software to produce the desired end result of effective information management. (To put it another way, any organization would gladly add software functionality without extra hardware if it could do so effectively, but no organization would simply add hardware without an anticipated need to add software as well.)
In an IT environment based around on-premise software, the majority of the budget is typically spent on hardware and people services, leaving a minority of the budget available for software.
In the on premise model, the software budget is spent primarily on licensed copies of "shrinkwrapped" business software and customized line-of-business software. The hardware budget goes toward desktop and mobile computers for end-users, servers to host data and applications, and components to network them together. The professional services budget pays for a support staff to deploy and support software and hardware, as well as consultants and development resources to help design and build custom systems.
In an organization relying chiefly on SaaS, the IT budget allocation looks much different. In this model, the SaaS vendor hosts applications and associated data on central servers at the vendor's location, and it supports the hardware and software with a dedicated support staff. This relieves the customer organization from the responsibility for supporting the hosted software, and for purchasing and maintaining server hardware for it. Moreover, applications delivered over the Web or through smart clients place significantly less demand on a desktop computer than traditional locally-installed applications, which enables the customer to extend the desktop technology lifecycle significantly. The end result is that a much larger percentage of the IT budget is available to spend on business critical requirements and not on upgrades to the existing software or in training end users.
Leveraging SaaS Economies of Scale
But isn't this result just an illusion? After all, a percentage of the subscription fees paid to SaaS vendors for "software" have to pay for hardware and professional services for the vendor. The answer lies in the multi-tenant architecture and the economies of scale this architecture model offers.
A SaaS vendor with x number of customers subscribing to a single, centrally-hosted software service enables the vendor to serve all of its customers in a consolidated environment. For example, a line-of-business SaaS application installed in a load balanced farm of five servers may be able to support 50 medium-sized customers. This means that each customer would only be responsible for a tenth of the cost of a server. A similar application installed locally might require each customer to dedicate an entire server to the application-perhaps more than one, if load balancing and high availability are concerns.
This represents a substantial potential savings over the traditional model. As this is happening, the provider will develop multi-tenancy as a core competency, leading to higher-quality offerings at a lower cost. Therefore, even accounting for the hardware and professional services costs incurred by SaaS vendors, customers can still obtain significantly greater pure software functionality for the same IT budget.
SaaS Allows Better Growth Management
The third argument is that SaaS applications grow with you as your business grows. Companies do not have to make decisions on the type of application they need restricted by their own size, but instead they can make decisions based solely on their business needs. Because of the economies of scale offered by the multi-tenant architecture, SaaS vendors can provide enterprise grade applications in any number of user levels. For arguments sake, let's use the "named host" licensing model to explain this. A named host license model means that a specific end-user has the right to use the application. For example; if a company has 100 employees that need access to a specific application; they would buy 100 named user licenses. The company does not have a need to roll out the application to all 100 employees at the same time. With a traditional software model, the company would need to deploy hardware infrastructure to support the application and train its IT staff to install, maintain and troubleshoot the application. In most cases it does not make sense to do this to support only 5 or 10 employees. As a result, the company may buy all 100 licenses up front.
In the case of the SaaS application, there is no hardware infrastructure to acquire or IT staff to train. This means that the company can start by purchasing just 5 or 10 licenses, and buy additional licenses as the need grows. This is especially important when budgets and resources are tight. As a result, the SaaS application is much friendlier to the company's growth model when compared to the traditional software application. There is another important use-case for this flexibility and scalability. Companies that are going through mergers and acquisitions many times have a very hard time aligning their back-end IT infrastructure. It can take many months for hardware to be deployed and networks to be built before users in a new location can have access to all the services used in all other locations. This problem is much smaller for SaaS applications, since all that is necessary is an Internet connection, browser and a username and password to start using the application.
Accountability of the SaaS Vendor
The fourth argument is that SaaS vendors have greater accountability because of the subscription based pricing model. SaaS customers can actually exert more control over their vendors than traditional software customers. SaaS customers pay a recurring subscription fee for the duration of the contract term. SaaS vendors are typically held to monthly service level agreements (SLA) and are financially motivated to maintain adequate support and operational requirements on a recurring basis. Traditional software vendors are paid a big upfront license fee in exchange for a perpetual license. They have few obligations after the software has been deployed.
As a result, there is much more accountability from a SaaS vendor than from a traditional software vendor. If the SaaS service does not function properly, customers, by the simple act of withholding their payment and enforcing their SLAs, can exert much greater pressure on the SaaS vendor to provide a fix for the application than on a traditional software vendor.
CONTACT DETAILS
Karthy Prasanna, brand-comm, +91 9686260350, Karthy@brand-comm.com
KEYWORDS
CONSUMER, MARKETING, BUSINESS SERVICES, IT, TELECOMMUNICATIONS, TECHNOLOGY
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
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BWI: FXB India Suraksha Runs for Children Orphaned by AIDS and Poverty at Airtel Delhi Half Marathon
Press release from Business Wire India
Source: FXB India Suraksha
Friday, October 30, 2009 05:56 PM IST (12:26 PM GMT)
Editors: General: Consumer interest, Social issues, Sports; Business: Advertising, PR & marketing, Media & entertainment, Sports
--------------------------------------------------
FXB India Suraksha Runs for Children Orphaned by AIDS and Poverty at Airtel Delhi Half Marathon
Hopes Alive - There is Life Beyond HIV/AIDS - Join Us to Make it a Reality
New Delhi, Delhi, India, Friday, October 30, 2009 -- (Business Wire India) -- -- Globally, 15 million children are estimated to have lost one or both parents to AIDS
-- Every 15 seconds, a child loses a parent to AIDS
-- In India itself, thousands of children are estimated to be infected by HIV/AIDS
On November 1, 2009 is the Airtel Delhi Half Marathon (ADHM) and FXB Suraksha is making its first presence along with Ishara Puppet Theatre Trust, to raise funds and friends for children affected by AIDS and poverty. The number of children rendered vulnerable on account of AIDS is enormous and increasing every day. FXB Suraksha and Ishara Puppet Theatre are participating in the Great Delhi Run in a group of around 35 runners to build awareness for the cause and raise funds for the organization's work. Our theme for the event is "Hopes Alive - There is life beyond HIV/AIDS - Join us to make it a reality". There would be five life size characters and a 7 feet tall Red Ribbon from Ishara Puppet Theatre Trust to spread the message of adopting safe behavior and educating about different modes of HIV transmission. The characters would illustrate the story of a family who know and understand the value of life which is why they adopt all the necessary precautions to keep themselves and their children safe from HIV/AIDS. This knowledge is a prerequisite for a secure and happy childhood for all the children.
FXB Suraksha is a non-profit section 25 company working in India, currently implementing programmes in 15 States and Union Territories of India and directly supporting 5078 affected children. Founded by Countess Albina du Boisrouvray, a dedicated Swiss philanthropist, FXB India Suraksha is led by Mr. Gourisankar Ghosh, a former IAS Officer and senior UN Functionary. FXB Suraksha's programmes strive to provide quality care and support to children and families affected by the pandemic and enable them to become self reliant as their right.
Founded by Dadi Pudumjee, Ishara Puppet Theatre Trust, Delhi is known as one of India's innovative modern puppet groups. The group has evolved through the years with puppeteers, traditional artists, actors and dancers, creating a language of gesture "ISHARA". Ishara focuses on training young puppeteers, especially street children. The trust is also currently working on HIV awareness and Substance abuse projects supported by UNESCO Paris and the EU under their non-formal education program. They partner with FXB Suraksha in spreading awareness on HIV/AIDS at various social gatherings and platforms.
The huge number of children orphaned or made vulnerable due to AIDS is a great concern and the focus of our work. We aim to ensure a future for these children where every child can thrive and reach his or her potential as his or her fundamental right. We appeal to you all to be partner and supporter to our effort to reach this goal. Join us, today, to make it a reality!
For further information, visit www.fxbsuraksha.org.
CONTACT DETAILS
Jessy Joy, Manager - Coummunications, FXB India Suraksha, +91 (120) 4751900, jessy.fxb@gmail.com
KEYWORDS
CONSUMER, SOCIAL, SPORTS, MARKETING, MEDIA
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
Source: FXB India Suraksha
Friday, October 30, 2009 05:56 PM IST (12:26 PM GMT)
Editors: General: Consumer interest, Social issues, Sports; Business: Advertising, PR & marketing, Media & entertainment, Sports
--------------------------------------------------
FXB India Suraksha Runs for Children Orphaned by AIDS and Poverty at Airtel Delhi Half Marathon
Hopes Alive - There is Life Beyond HIV/AIDS - Join Us to Make it a Reality
New Delhi, Delhi, India, Friday, October 30, 2009 -- (Business Wire India) -- -- Globally, 15 million children are estimated to have lost one or both parents to AIDS
-- Every 15 seconds, a child loses a parent to AIDS
-- In India itself, thousands of children are estimated to be infected by HIV/AIDS
On November 1, 2009 is the Airtel Delhi Half Marathon (ADHM) and FXB Suraksha is making its first presence along with Ishara Puppet Theatre Trust, to raise funds and friends for children affected by AIDS and poverty. The number of children rendered vulnerable on account of AIDS is enormous and increasing every day. FXB Suraksha and Ishara Puppet Theatre are participating in the Great Delhi Run in a group of around 35 runners to build awareness for the cause and raise funds for the organization's work. Our theme for the event is "Hopes Alive - There is life beyond HIV/AIDS - Join us to make it a reality". There would be five life size characters and a 7 feet tall Red Ribbon from Ishara Puppet Theatre Trust to spread the message of adopting safe behavior and educating about different modes of HIV transmission. The characters would illustrate the story of a family who know and understand the value of life which is why they adopt all the necessary precautions to keep themselves and their children safe from HIV/AIDS. This knowledge is a prerequisite for a secure and happy childhood for all the children.
FXB Suraksha is a non-profit section 25 company working in India, currently implementing programmes in 15 States and Union Territories of India and directly supporting 5078 affected children. Founded by Countess Albina du Boisrouvray, a dedicated Swiss philanthropist, FXB India Suraksha is led by Mr. Gourisankar Ghosh, a former IAS Officer and senior UN Functionary. FXB Suraksha's programmes strive to provide quality care and support to children and families affected by the pandemic and enable them to become self reliant as their right.
Founded by Dadi Pudumjee, Ishara Puppet Theatre Trust, Delhi is known as one of India's innovative modern puppet groups. The group has evolved through the years with puppeteers, traditional artists, actors and dancers, creating a language of gesture "ISHARA". Ishara focuses on training young puppeteers, especially street children. The trust is also currently working on HIV awareness and Substance abuse projects supported by UNESCO Paris and the EU under their non-formal education program. They partner with FXB Suraksha in spreading awareness on HIV/AIDS at various social gatherings and platforms.
The huge number of children orphaned or made vulnerable due to AIDS is a great concern and the focus of our work. We aim to ensure a future for these children where every child can thrive and reach his or her potential as his or her fundamental right. We appeal to you all to be partner and supporter to our effort to reach this goal. Join us, today, to make it a reality!
For further information, visit www.fxbsuraksha.org.
CONTACT DETAILS
Jessy Joy, Manager - Coummunications, FXB India Suraksha, +91 (120) 4751900, jessy.fxb@gmail.com
KEYWORDS
CONSUMER, SOCIAL, SPORTS, MARKETING, MEDIA
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
BWI: Location-Sensing Technology Company Gets Rediff.com’s Investment
Press release from Business Wire India
Source: Rediff.com India Ltd
Friday, October 30, 2009 05:00 PM IST (11:30 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Information technology; Technology
--------------------------------------------------
Location-Sensing Technology Company Gets Rediff.com's Investment
Rediff.com has taken a Minority Interest in Location-enabling Technologies Company, Imere
Mumbai, Maharashtra, India, Friday, October 30, 2009 -- (Business Wire India) -- Imere Technologies Pvt. Ltd., a Bangalore based company has got backing from India's leading online portal, Rediff.com India Ltd (NASDAQ: REDF), both in terms of capital and as a platform.
Imere brings location-awareness to applications and provides a host of comprehensive geospatial features for cutting-edge mobile and internet location-based services. Imere's technologies work without the need for GPS on mobile phones. On the internet, Imere endeavors to bring high levels of user location accuracy without entirely being dependant on IP addresses.
Ajit Balakrishnan, Chairman and CEO, Rediff.com said "Location-awareness in applications is critical for hyper-local search and local advertising besides many evolving social networking and enterprise applications. Imere's technology is very cost effective in delivering location awareness."
"The investment from Rediff will not only help us achieve our goals, but also is strategically very important for the company" said Anil Mathews, founder of Imere. Imere's location technologies will enable the creation of innovative and enhanced user experiences as the market adopts the power of location, he added.
Imere uses Cell-ID, Wi-Fi, GPS, IP Addresses and proprietary algorithms in its technologies, bringing best in class location accuracy for both mobile and internet applications. Imere will be initially focusing on the emerging domestic market before going global.
About Rediff
Rediff.com (Nasdaq: REDF) is one of the premier worldwide online providers of news, information, communication, entertainment and shopping service.
Rediff.com provides a platform for Indians worldwide to connect with one another online. Rediff.com is committed to offering a personalized and secure user experience. Founded in 1996, Rediff.com is headquartered in Mumbai, India, with offices in New Delhi, Bangalore, Chennai, Hyderabad and New York, USA
About Imere
Imere is a technology platform that brings location-awareness to applications. Imere's technologies gives service providers and application developers the ability to quickly and easily location-enable their applications. Imere also provides integrated digital maps and database content drawn from multiple sources for fast and accurate access to the user. Imere is a privately held company headquartered in Bangalore and more information can be found online at http://www.imere.com.
Safe Harbor
Except for historical information and discussions contained herein, statements included in this release may constitute "forward-looking statements." These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those that may be projected by these forward looking statements. These risks and uncertainties include but are not limited to the slowdown in the U.S. and Indian economies and in the sectors in which our clients are based, the slowdown in the Internet and IT sectors world-wide, competition, success of our past and future acquisitions, attracting, recruiting and retaining highly skilled employees, technology, legal and regulatory policy, managing risks associated with customer products, the wide spread acceptance of the Internet as well as other risks detailed in the reports filed by Rediff.com India Limited with the U.S. Securities and Exchange Commission. Rediff.com India Limited and its subsidiaries may, from time to time, make additional written and oral forward-looking statements, including statements contained in its filings with the U.S. Securities and Exchange Commission and its reports to shareholders. Rediff.com India Limited does not undertake to update any forward-looking statement that may be made from time to time by it or on its behalf.
CONTACT DETAILS
Mandar Narvekar, Rediff.com India Ltd, +91 (22) 24449144, mandarn@rediff.co.in
KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, IT, TECHNOLOGY
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
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Source: Rediff.com India Ltd
Friday, October 30, 2009 05:00 PM IST (11:30 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Information technology; Technology
--------------------------------------------------
Location-Sensing Technology Company Gets Rediff.com's Investment
Rediff.com has taken a Minority Interest in Location-enabling Technologies Company, Imere
Mumbai, Maharashtra, India, Friday, October 30, 2009 -- (Business Wire India) -- Imere Technologies Pvt. Ltd., a Bangalore based company has got backing from India's leading online portal, Rediff.com India Ltd (NASDAQ: REDF), both in terms of capital and as a platform.
Imere brings location-awareness to applications and provides a host of comprehensive geospatial features for cutting-edge mobile and internet location-based services. Imere's technologies work without the need for GPS on mobile phones. On the internet, Imere endeavors to bring high levels of user location accuracy without entirely being dependant on IP addresses.
Ajit Balakrishnan, Chairman and CEO, Rediff.com said "Location-awareness in applications is critical for hyper-local search and local advertising besides many evolving social networking and enterprise applications. Imere's technology is very cost effective in delivering location awareness."
"The investment from Rediff will not only help us achieve our goals, but also is strategically very important for the company" said Anil Mathews, founder of Imere. Imere's location technologies will enable the creation of innovative and enhanced user experiences as the market adopts the power of location, he added.
Imere uses Cell-ID, Wi-Fi, GPS, IP Addresses and proprietary algorithms in its technologies, bringing best in class location accuracy for both mobile and internet applications. Imere will be initially focusing on the emerging domestic market before going global.
About Rediff
Rediff.com (Nasdaq: REDF) is one of the premier worldwide online providers of news, information, communication, entertainment and shopping service.
Rediff.com provides a platform for Indians worldwide to connect with one another online. Rediff.com is committed to offering a personalized and secure user experience. Founded in 1996, Rediff.com is headquartered in Mumbai, India, with offices in New Delhi, Bangalore, Chennai, Hyderabad and New York, USA
About Imere
Imere is a technology platform that brings location-awareness to applications. Imere's technologies gives service providers and application developers the ability to quickly and easily location-enable their applications. Imere also provides integrated digital maps and database content drawn from multiple sources for fast and accurate access to the user. Imere is a privately held company headquartered in Bangalore and more information can be found online at http://www.imere.com.
Safe Harbor
Except for historical information and discussions contained herein, statements included in this release may constitute "forward-looking statements." These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those that may be projected by these forward looking statements. These risks and uncertainties include but are not limited to the slowdown in the U.S. and Indian economies and in the sectors in which our clients are based, the slowdown in the Internet and IT sectors world-wide, competition, success of our past and future acquisitions, attracting, recruiting and retaining highly skilled employees, technology, legal and regulatory policy, managing risks associated with customer products, the wide spread acceptance of the Internet as well as other risks detailed in the reports filed by Rediff.com India Limited with the U.S. Securities and Exchange Commission. Rediff.com India Limited and its subsidiaries may, from time to time, make additional written and oral forward-looking statements, including statements contained in its filings with the U.S. Securities and Exchange Commission and its reports to shareholders. Rediff.com India Limited does not undertake to update any forward-looking statement that may be made from time to time by it or on its behalf.
CONTACT DETAILS
Mandar Narvekar, Rediff.com India Ltd, +91 (22) 24449144, mandarn@rediff.co.in
KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, IT, TECHNOLOGY
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
BWI: ISB Sets up a Unique Case Development Centre
Press release from Business Wire India
Source: ISB
Friday, October 30, 2009 04:45 PM IST (11:15 AM GMT)
Editors: General: Consumer interest; Business: Accounting & management consultancy services, Advertising, PR & marketing, Business services, Education & training
--------------------------------------------------
ISB Sets up a Unique Case Development Centre
Hyderabad, Andhra Pradesh, India, Friday, October 30, 2009 -- (Business Wire India) -- -- Collaborates with Richard Ivey School of Business
-- Centre to Develop and Distribute Indian Case Studies Globally
-- Train, Support and Mentor Faculty from other Indian B Schools
The Indian School of Business (ISB) today formally announced the setting up of a Centre for Case Development at the ISB. The announcement was followed by the signing of an MoU with the Richard Ivey School of Business (Ivey), The University of Western Ontario, to enhance case writing capabilities among Indian academia, and also to distribute these cases worldwide. The MoU was signed by Ajit Rangnekar, Dean, ISB and Carol Stephenson, Dean, Ivey.
The Centre will support and mentor faculty and research scholars from B Schools in India through a comprehensive process of case development - from generating ideas to publishing case studies globally.
Signing the MoU, Dean Rangnekar, said, "Indian companies have, in this past decade, developed new business models that have the potential to be replicated in other parts of the world but there is a significant shortage of case studies to understand these best practices. With its academic and industry affiliations, the ISB will support and mentor faculty from other B Schools in India, to create a knowledge repository of case studies for India and the world."
The ISB's knowledge of best practices in India combined with Ivey's vast experience in producing global case studies will ensure that case studies produced by the Centre comprise indigenous learning and global methodologies. Ivey is the second largest producer of case studies and the leading producer of Asian cases globally.
Elaborating on this association, Dean Stephenson, said, "We are proud to be partnering with ISB in an ambitious case development and training programme which will transform the educational environment in India. In so doing, Ivey will also be able to bolster its own capabilities in managing in emerging markets."
The Centre is currently developing case studies on corporates, planning bodies, NGOs, SMEs and sports organisations among others. It will enable B School faculty in India to create cutting edge research to teach students and executives, and bring an Indian perspective in B-school curriculum across the globe. The Centre has already conducted workshops and trained several management faculty on case writing and teaching. In addition it has created a network of high quality free lance case writing professionals across the country to assist faculty in developing cases. It aspires to build a pool of about 350 case writing faculty and research scholars in India by the next academic year.
In addition to Ivey, the Centre is also working with international B Schools like Darden, University of Virginia, to publish collaborative cases.
About ISB
The Indian School of Business is a premier management institution established in 2001. In a short span of eight years, the ISB has successfully pioneered several new trends in management education in India and has established itself as a leading B-school across the world. The ISB has a strong pool of research oriented resident faculty and invites high calibre international faculty from reputed B-schools to teach in its Post Graduate Programme in Management/Executive Education Programmes as well as to participate in collaborative research with the resident faculty. Recently, ISB was ranked 15 in Global B-School Rankings 2009 by Financial Times, London.
About Richard Ivey School of Business, The University of Western Ontario
The Richard Ivey School of Business at The University of Western Ontario is one of the top business schools in the world. Ivey offers undergraduate and graduate MBA, Executive MBA and PhD degree programmes, in addition to Executive Development programmes. Ivey established Canada's first MBA programme. The School has campuses in London (Ontario), Toronto, and Hong Kong. Ivey is differentiated by its focus on real-world leadership and its case method of teaching.
To view the photographs, please click on the links given below:
Left to Right: Savita Mahajan, Chief Executive, Mohali Campus and Associate Dean Strategic Initiatives and Admissions, ISB, Ajit Rangnekar- Dean, ISB, Carol Stephenson, Dean, Ivey
Ajit Rangnekar- Dean, ISB, and Carol Stephenson, Dean, Ivey releasing the Havell's Case Study- the first case developed at the Centre for Case Development at the ISB
For picture(s)/data to illustrate this release click below:
http://www.BusinessWireIndia.com/attachments/PIC1(69).jpg
PIC1(69).jpg
http://www.BusinessWireIndia.com/attachments/PIC2(41).jpg
PIC2(41).jpg
CONTACT DETAILS
Varshaa Ratnaparke, Manager - Marketing and Communications, Indian School of Business, +91 9394568018, varsha_ratnaparke@isb.edu
KEYWORDS
CONSUMER, CONSULTANCY SERVICES, MARKETING, BUSINESS SERVICES, EDUCATION
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
Source: ISB
Friday, October 30, 2009 04:45 PM IST (11:15 AM GMT)
Editors: General: Consumer interest; Business: Accounting & management consultancy services, Advertising, PR & marketing, Business services, Education & training
--------------------------------------------------
ISB Sets up a Unique Case Development Centre
Hyderabad, Andhra Pradesh, India, Friday, October 30, 2009 -- (Business Wire India) -- -- Collaborates with Richard Ivey School of Business
-- Centre to Develop and Distribute Indian Case Studies Globally
-- Train, Support and Mentor Faculty from other Indian B Schools
The Indian School of Business (ISB) today formally announced the setting up of a Centre for Case Development at the ISB. The announcement was followed by the signing of an MoU with the Richard Ivey School of Business (Ivey), The University of Western Ontario, to enhance case writing capabilities among Indian academia, and also to distribute these cases worldwide. The MoU was signed by Ajit Rangnekar, Dean, ISB and Carol Stephenson, Dean, Ivey.
The Centre will support and mentor faculty and research scholars from B Schools in India through a comprehensive process of case development - from generating ideas to publishing case studies globally.
Signing the MoU, Dean Rangnekar, said, "Indian companies have, in this past decade, developed new business models that have the potential to be replicated in other parts of the world but there is a significant shortage of case studies to understand these best practices. With its academic and industry affiliations, the ISB will support and mentor faculty from other B Schools in India, to create a knowledge repository of case studies for India and the world."
The ISB's knowledge of best practices in India combined with Ivey's vast experience in producing global case studies will ensure that case studies produced by the Centre comprise indigenous learning and global methodologies. Ivey is the second largest producer of case studies and the leading producer of Asian cases globally.
Elaborating on this association, Dean Stephenson, said, "We are proud to be partnering with ISB in an ambitious case development and training programme which will transform the educational environment in India. In so doing, Ivey will also be able to bolster its own capabilities in managing in emerging markets."
The Centre is currently developing case studies on corporates, planning bodies, NGOs, SMEs and sports organisations among others. It will enable B School faculty in India to create cutting edge research to teach students and executives, and bring an Indian perspective in B-school curriculum across the globe. The Centre has already conducted workshops and trained several management faculty on case writing and teaching. In addition it has created a network of high quality free lance case writing professionals across the country to assist faculty in developing cases. It aspires to build a pool of about 350 case writing faculty and research scholars in India by the next academic year.
In addition to Ivey, the Centre is also working with international B Schools like Darden, University of Virginia, to publish collaborative cases.
About ISB
The Indian School of Business is a premier management institution established in 2001. In a short span of eight years, the ISB has successfully pioneered several new trends in management education in India and has established itself as a leading B-school across the world. The ISB has a strong pool of research oriented resident faculty and invites high calibre international faculty from reputed B-schools to teach in its Post Graduate Programme in Management/Executive Education Programmes as well as to participate in collaborative research with the resident faculty. Recently, ISB was ranked 15 in Global B-School Rankings 2009 by Financial Times, London.
About Richard Ivey School of Business, The University of Western Ontario
The Richard Ivey School of Business at The University of Western Ontario is one of the top business schools in the world. Ivey offers undergraduate and graduate MBA, Executive MBA and PhD degree programmes, in addition to Executive Development programmes. Ivey established Canada's first MBA programme. The School has campuses in London (Ontario), Toronto, and Hong Kong. Ivey is differentiated by its focus on real-world leadership and its case method of teaching.
To view the photographs, please click on the links given below:
Left to Right: Savita Mahajan, Chief Executive, Mohali Campus and Associate Dean Strategic Initiatives and Admissions, ISB, Ajit Rangnekar- Dean, ISB, Carol Stephenson, Dean, Ivey
Ajit Rangnekar- Dean, ISB, and Carol Stephenson, Dean, Ivey releasing the Havell's Case Study- the first case developed at the Centre for Case Development at the ISB
For picture(s)/data to illustrate this release click below:
http://www.BusinessWireIndia.com/attachments/PIC1(69).jpg
PIC1(69).jpg
http://www.BusinessWireIndia.com/attachments/PIC2(41).jpg
PIC2(41).jpg
CONTACT DETAILS
Varshaa Ratnaparke, Manager - Marketing and Communications, Indian School of Business, +91 9394568018, varsha_ratnaparke@isb.edu
KEYWORDS
CONSUMER, CONSULTANCY SERVICES, MARKETING, BUSINESS SERVICES, EDUCATION
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
BWI: naseba Announces Post Event Coverage of CFO Strategies India Forum on NDTV Profit on 31st Oct and 1st Nov 2009
Press release from Business Wire India
Source: naseba
Friday, October 30, 2009 04:35 PM IST (11:05 AM GMT)
Editors: General: People; Business: Banking & financial services, Business services, Financial Analyst, Information technology, Media & entertainment; Technology
--------------------------------------------------
naseba Announces Post Event Coverage of CFO Strategies India Forum on NDTV Profit on 31st Oct and 1st Nov 2009
Bangalore, Karnataka, India, Friday, October 30, 2009 -- (Business Wire India) -- One of India's leading 24-hour business channels, NDTV Profit, will telecast a 30-minute feature on the 3rd Annual CFO Strategies India Forum organized by naseba earlier this month in Mumbai. This post event coverage will be telecast on Saturday, 31st October 2009 at 5:30pm IST and repeated on Sunday, 1st November 2009 at 12:30pm IST.
The 2-day forum hosted by naseba, a global business information company, at the Hyatt Regency in Mumbai on October 12-13, 2009 brought together over 100 high-profile finance, accounting, and IT professionals from India's leading companies in a knowledge sharing and business networking environment.
"We are proud of hosting the third annual of CFO Strategies India Forum. We believe that such events are an ideal platform to derive strategic insights from industry experts, discuss the latest trends, and explore opportunities in the changing economic environment. We thank all our participants, speakers, and moderators for their continued involvement and support that made this forum a grand success. We look forward to organizing more events for CXOs in India," said Mohammed Saleem, General Manager, naseba.
Major corporations including KPMG in India, SAP, CARE Ratings, Greater Zurich AG, Zycus Inc., and Sybase Software India partnered with naseba to showcase their solutions at the third annual of the CFO Strategies India Forum.
"Our partnership with naseba for the CFO Strategies Forum gave us an opportunity to interact with key decision makers from India that were seeking practical insights on IFRS convergence. The Forum gave us an opportunity to share insights on IFRS implications for individual sectors of the economy and share our experience in assisting India Inc. to embrace the accounting framework that will change the way financial reporting is done in the country," said Jamil Khatri, Head - Accounting Advisory Services, KPMG in India.
The forum highlighted the latest trends and discussed crucial issues of importance to the industry with informative keynote addresses, knowledge sharing workshops on International Financial Reporting Standards (IFRS) and risk management; and interactive panel discussions on corporate governance, risk management for CFOs, and the evolution of financial reporting standards.
Jamil Khatri, Head - Accounting Advisory Services, KPMG in India conducted exclusive workshops on IFRS adoption and implementation, and the key technical issues associated with IFRS convergence. Professor N. Balasubramanian of the IIMB Centre for Corporate Governance, IIM Bangalore delivered a keynote on 'Addressing challenges to good corporate governance' and emphasized on improving corporate democracy capabilities, overcoming systemic and institutional inadequacies, and expediting regulatory enforcement.
In his keynote session on 'Rating beyond numbers,' D.R. Dogra, Managing Director, CARE Ratings stressed on an approach to credit rating beyond numbers and financial models with emphasis on management policies, business fundamentals, operational parameters, industry characteristics, and past and projected financial risk. He also stressed on viewing accounting practices minutely including giving importance to due diligence with auditors and bankers.
Marcus Cajacob, VP International Affairs, Economic Promotion Canton Schaffhausen presented the opportunities of diversifying risk and reducing costs by investing in Europe. Aatish Dedhia, CEO and Founder of Zycus Inc., impressed on the audience the relevance of procurement as a key profit driver in today's economic scenario and the importance of strategic sourcing for rapid cost savings. Sanjay Deshmukh, Vice President - Business User SAP, Indian sub-continent spoke on Enterprise Performance Management to drive financial and operational performance to improve organizational agility.
Dr. Paritosh C. Basu, Group Controller, Essar Group, spoke on emerging imperatives for CFOs and the approach for cost management and control. Rajeev Wagle, Group CFO, UTV Group, stressed on the CFO's dynamic role in sustaining a corporation's financial performance and provided guidelines for managing and ensuring optimum liquidity.
Abraham Mathews, CFO, Infosys BPO addressed the audience on 'Looking beyond your corporation for re-allocation of efficient resources.' His address delved on the challenges for Indian companies, the strategic role of outsourcing for effective resource allocation management, realizing strategic resource allocation using 'Business service centre' and concluded with an overview of 'Business service centre' implementation.
Other notable speakers and moderators included:
-- S.S. Ranjan, Deputy Managing Director & CFO, State Bank of India
-- Sanjay Jain, CFO, Tulip Telecom
-- Rajesh Magow, Co-founder & CFO, MakeMyTrip.com
-- Anurag Mishra, Former Managing Director, Konkan Railway
-- B.L. Taparia, Company Secretary & Head of Corporate Services, Ambuja Cements
-- Madhavan Ganesan, Chief Commercial Officer, Reliance Retail
-- D.K. Sundar, Executive Vice President - Finance & Legal, Rallis India
-- Dr. M.P. Agarwal, CMD, Lakshmi Cotsyn Limited
-- Manoranjan Sharma, Chief Economist and DGM, Canara Bank
-- Anuradha Das Mathur, Founder & Director, 9.9 Media moderated the panel discussion on 'Risk management for CFOs'
For more information on naseba's recently concluded 3rd Annual CFO Strategies India Forum, please visit: http://www.cfostrategiesin.com/.
About naseba
naseba (Euronext Paris: MLNSB) is a publicly listed business information company that produces, promotes and hosts upper level executive B2B congresses and forums across twenty-six industries on five continents. Each event is focused on re-education, networking, but most importantly, deal flow opportunities for all attendees. Whether the 'deal' is capital raising, vendor sales contracts, or purely sourcing strategic partner each naseba platform gives our clients the perfect opportunity to do business. Since inception in 2002, naseba has organized over 300 business events, and has opened four offices strategically located throughout the world - Bangalore, Dubai, Cairo, and Monaco. For more information please visit: http://www.naseba.com/.
CONTACT DETAILS
Chirayu Parikh, naseba Communication Pvt. Ltd., +91 (80) 30222015, communications@nasebagroup.com
KEYWORDS
PEOPLE, BANKING, BUSINESS SERVICES, Financial Analyst, IT, MEDIA, TECHNOLOGY
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
Source: naseba
Friday, October 30, 2009 04:35 PM IST (11:05 AM GMT)
Editors: General: People; Business: Banking & financial services, Business services, Financial Analyst, Information technology, Media & entertainment; Technology
--------------------------------------------------
naseba Announces Post Event Coverage of CFO Strategies India Forum on NDTV Profit on 31st Oct and 1st Nov 2009
Bangalore, Karnataka, India, Friday, October 30, 2009 -- (Business Wire India) -- One of India's leading 24-hour business channels, NDTV Profit, will telecast a 30-minute feature on the 3rd Annual CFO Strategies India Forum organized by naseba earlier this month in Mumbai. This post event coverage will be telecast on Saturday, 31st October 2009 at 5:30pm IST and repeated on Sunday, 1st November 2009 at 12:30pm IST.
The 2-day forum hosted by naseba, a global business information company, at the Hyatt Regency in Mumbai on October 12-13, 2009 brought together over 100 high-profile finance, accounting, and IT professionals from India's leading companies in a knowledge sharing and business networking environment.
"We are proud of hosting the third annual of CFO Strategies India Forum. We believe that such events are an ideal platform to derive strategic insights from industry experts, discuss the latest trends, and explore opportunities in the changing economic environment. We thank all our participants, speakers, and moderators for their continued involvement and support that made this forum a grand success. We look forward to organizing more events for CXOs in India," said Mohammed Saleem, General Manager, naseba.
Major corporations including KPMG in India, SAP, CARE Ratings, Greater Zurich AG, Zycus Inc., and Sybase Software India partnered with naseba to showcase their solutions at the third annual of the CFO Strategies India Forum.
"Our partnership with naseba for the CFO Strategies Forum gave us an opportunity to interact with key decision makers from India that were seeking practical insights on IFRS convergence. The Forum gave us an opportunity to share insights on IFRS implications for individual sectors of the economy and share our experience in assisting India Inc. to embrace the accounting framework that will change the way financial reporting is done in the country," said Jamil Khatri, Head - Accounting Advisory Services, KPMG in India.
The forum highlighted the latest trends and discussed crucial issues of importance to the industry with informative keynote addresses, knowledge sharing workshops on International Financial Reporting Standards (IFRS) and risk management; and interactive panel discussions on corporate governance, risk management for CFOs, and the evolution of financial reporting standards.
Jamil Khatri, Head - Accounting Advisory Services, KPMG in India conducted exclusive workshops on IFRS adoption and implementation, and the key technical issues associated with IFRS convergence. Professor N. Balasubramanian of the IIMB Centre for Corporate Governance, IIM Bangalore delivered a keynote on 'Addressing challenges to good corporate governance' and emphasized on improving corporate democracy capabilities, overcoming systemic and institutional inadequacies, and expediting regulatory enforcement.
In his keynote session on 'Rating beyond numbers,' D.R. Dogra, Managing Director, CARE Ratings stressed on an approach to credit rating beyond numbers and financial models with emphasis on management policies, business fundamentals, operational parameters, industry characteristics, and past and projected financial risk. He also stressed on viewing accounting practices minutely including giving importance to due diligence with auditors and bankers.
Marcus Cajacob, VP International Affairs, Economic Promotion Canton Schaffhausen presented the opportunities of diversifying risk and reducing costs by investing in Europe. Aatish Dedhia, CEO and Founder of Zycus Inc., impressed on the audience the relevance of procurement as a key profit driver in today's economic scenario and the importance of strategic sourcing for rapid cost savings. Sanjay Deshmukh, Vice President - Business User SAP, Indian sub-continent spoke on Enterprise Performance Management to drive financial and operational performance to improve organizational agility.
Dr. Paritosh C. Basu, Group Controller, Essar Group, spoke on emerging imperatives for CFOs and the approach for cost management and control. Rajeev Wagle, Group CFO, UTV Group, stressed on the CFO's dynamic role in sustaining a corporation's financial performance and provided guidelines for managing and ensuring optimum liquidity.
Abraham Mathews, CFO, Infosys BPO addressed the audience on 'Looking beyond your corporation for re-allocation of efficient resources.' His address delved on the challenges for Indian companies, the strategic role of outsourcing for effective resource allocation management, realizing strategic resource allocation using 'Business service centre' and concluded with an overview of 'Business service centre' implementation.
Other notable speakers and moderators included:
-- S.S. Ranjan, Deputy Managing Director & CFO, State Bank of India
-- Sanjay Jain, CFO, Tulip Telecom
-- Rajesh Magow, Co-founder & CFO, MakeMyTrip.com
-- Anurag Mishra, Former Managing Director, Konkan Railway
-- B.L. Taparia, Company Secretary & Head of Corporate Services, Ambuja Cements
-- Madhavan Ganesan, Chief Commercial Officer, Reliance Retail
-- D.K. Sundar, Executive Vice President - Finance & Legal, Rallis India
-- Dr. M.P. Agarwal, CMD, Lakshmi Cotsyn Limited
-- Manoranjan Sharma, Chief Economist and DGM, Canara Bank
-- Anuradha Das Mathur, Founder & Director, 9.9 Media moderated the panel discussion on 'Risk management for CFOs'
For more information on naseba's recently concluded 3rd Annual CFO Strategies India Forum, please visit: http://www.cfostrategiesin.com/.
About naseba
naseba (Euronext Paris: MLNSB) is a publicly listed business information company that produces, promotes and hosts upper level executive B2B congresses and forums across twenty-six industries on five continents. Each event is focused on re-education, networking, but most importantly, deal flow opportunities for all attendees. Whether the 'deal' is capital raising, vendor sales contracts, or purely sourcing strategic partner each naseba platform gives our clients the perfect opportunity to do business. Since inception in 2002, naseba has organized over 300 business events, and has opened four offices strategically located throughout the world - Bangalore, Dubai, Cairo, and Monaco. For more information please visit: http://www.naseba.com/.
CONTACT DETAILS
Chirayu Parikh, naseba Communication Pvt. Ltd., +91 (80) 30222015, communications@nasebagroup.com
KEYWORDS
PEOPLE, BANKING, BUSINESS SERVICES, Financial Analyst, IT, MEDIA, TECHNOLOGY
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
BWI: A First for Football: Castrol Launches World’s First Player Rankings System
Press release from Business Wire India
Source: Castrol
Friday, October 30, 2009 04:30 PM IST (11:00 AM GMT)
Editors: General: Consumer interest, Entertainment, People, Sports; Business: Advertising, PR & marketing, Automotives, Business services, Media & entertainment, Sports; Automotive
--------------------------------------------------
A First for Football: Castrol Launches World's First Player Rankings System
Ronaldo Reveals the Inaugural Castrol Rankings.but Henry Beats him to the Top Spot
Madrid, Spain, Friday, October 30, 2009 -- (Business Wire India) -- Who is the greatest current footballer? It's a question that always evokes passionate debate from football fans and pundits around the globe. Now they can find the definitive answer to the much-disputed question as Castrol global ambassador Cristiano Ronaldo today unveiled the inaugural Castrol Rankings, the world's first truly objective football rankings system, based on the actual performance of every football player across Europe's top five leagues.
While other football rankings are based on opinion, Castrol has applied the same expertise they apply to the development of their oils to create the Castrol Rankings - using objective analysis and highly advanced technology to measure every pass, every tackle and every single move of over 2000 players and games every year. It will, at last, draw a line under the age-old debate about who are the best performing players.
The Castrol Rankings are updated on a rolling monthly basis so, from now on, for the first time ever, football fans can regularly check whether Kaká is really out-performing Gerrard, or whether Messi is proving more effective than Thierry Henry, by visiting www.castrolfootball.com. Fans can also customise the Castrol Rankings by player nationality, position or club, allowing them to compare the players or teams they support.
Speaking at today's launch, Ronaldo, placed third, vowed that he will close the gap on Lionel Messi and leader Thierry Henry, after the Barcelona forward took the top spot: "The Castrol Rankings is the ranking that every player wants to top. If you can be number one on the Castrol Rankings there can be no arguments, as it is based on fact, not opinion. That's why I'm aiming for the number one spot - to prove I'm the best!"
Marcel Desailly, Henry's former international team-mate and Castrol Ambassador, said: "Thierry Henry has been one of the most consistent strikers in European football for a long time and I am not surprised he is at the head of the Castrol Rankings. Of course he is excellent in front of goal, but what makes him such an outstanding player is his overall contribution to Barcelona's attacking play and that's what makes him such an important part of that team."
Castrol Senior Vice-President Mike Johnson added: "We saw a golden opportunity for Castrol to harness our expertise in analysis, technology and innovation in oil and apply it to the world of ranking football performances. The Castrol Rankings has been 12 months in the making and we're thrilled to now launch it. We are in no doubt that the Castrol Rankings will drive debate around who is the best player and we're excited to be fuelling this. We think football fans will love it."
Commenting on the Castrol Rankings, Thierry Weil, Director, Marketing at FIFA, said: "FIFA is delighted to have a committed football supporter like Castrol in our select group of commercial affiliates and we are excited to be working together with them. The Castrol Rankings is a new and unique way of rating player performances and we look forward to seeing the debate it encourages over the next year."
To see the full Castrol Rankings and register for monthly updates, please go to www.castrolfootball.com.
Notes to Editors:
Castrol's commercial success is underpinned by their ability to deliver improved performance through the application of analysis, technology and innovation. This has helped Castrol deliver superior performing lubricants for over 100 years including brands such as Castrol EDGE, Castrol Magnatec and Castrol Power 1 and Castrol Professional. Castrol believes that by applying the same expertise to football that they do in the development of their oils, they can enhance the fans' experience and bring a new and intriguing point of view to the 2010 FIFA World CupT.
The Castrol Rankings are calculated using the Castrol Index. How does the Castrol Index work?
The Castrol Index tracks every move on the field and assesses whether it has a positive or negative impact on a team's ability to score or concede a goal. A key factor for all areas of performance in the Castrol Index is which zone on the pitch the action takes place. Players receive points for each successful pass they complete but the number of points awarded depends on which zones the ball is passed from and received in.
Similarly, misplaced or intercepted passes are penalised depending on how much trouble the mistake is likely to land the team in. The Castrol Index is also able to split up the rewards of a goal between penalising the goalkeeper for letting in a shot he should have saved and rewarding the attacker for scoring a goal.
The number of Castrol Index points awarded for tackles, interceptions and blocked shots also depends on which zone they are made. Successfully taking a ball from a striker near the penalty spot will earn more points than a tackle on the wing. Conceding free kicks and penalties will result in point deductions.
Castrol's team of performance analysts crunch all the data and award each player a Castrol Index score out of 10 - the higher the score, the better the player's performance. The Castrol Index can help you see football from a completely different perspective. You'll now know which players truly deserve to grab all the headlines.
To view the Castrol Rankings and the photographs, please click on the link given below:
Castrol Rankings for October 2009 - Top 10
Real Madrid's Portuguese star Cristiano Ronaldo stands by jerseys with the names of the top six ranked players of the Castrol rankings system during the launch in Madrid
Real Madrid's Portuguese star Cristiano Ronaldo poses with a soccer ball inside a cutout of a number one during the launch of the Castrol rankings system in Madrid
For picture(s)/data to illustrate this release click below:
http://www.BusinessWireIndia.com/attachments/Rankings.doc
Rankings.doc
http://www.BusinessWireIndia.com/attachments/Pic_1(246).jpg
Pic_1(246).jpg
http://www.BusinessWireIndia.com/attachments/Pic_2(108).jpg
Pic_2(108).jpg
CONTACT DETAILS
Rashmi Sharma, IPAN HILL & KNOWLTON, +91 9867395475, rsharma@ipanhillandknowlton.com
Rosanne Rodricks, IPAN HILL & KNOWLTON, +91 9820115421, rrodricks@ipanhillandknowlton.com
KEYWORDS
CONSUMER, ENTERTAINMENT, PEOPLE, SPORTS, MARKETING, AUTOMOTIVE, BUSINESS SERVICES, MEDIA, AUTOMOTIVE, CASTROL.BO, CASTROL.NS
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
Source: Castrol
Friday, October 30, 2009 04:30 PM IST (11:00 AM GMT)
Editors: General: Consumer interest, Entertainment, People, Sports; Business: Advertising, PR & marketing, Automotives, Business services, Media & entertainment, Sports; Automotive
--------------------------------------------------
A First for Football: Castrol Launches World's First Player Rankings System
Ronaldo Reveals the Inaugural Castrol Rankings.but Henry Beats him to the Top Spot
Madrid, Spain, Friday, October 30, 2009 -- (Business Wire India) -- Who is the greatest current footballer? It's a question that always evokes passionate debate from football fans and pundits around the globe. Now they can find the definitive answer to the much-disputed question as Castrol global ambassador Cristiano Ronaldo today unveiled the inaugural Castrol Rankings, the world's first truly objective football rankings system, based on the actual performance of every football player across Europe's top five leagues.
While other football rankings are based on opinion, Castrol has applied the same expertise they apply to the development of their oils to create the Castrol Rankings - using objective analysis and highly advanced technology to measure every pass, every tackle and every single move of over 2000 players and games every year. It will, at last, draw a line under the age-old debate about who are the best performing players.
The Castrol Rankings are updated on a rolling monthly basis so, from now on, for the first time ever, football fans can regularly check whether Kaká is really out-performing Gerrard, or whether Messi is proving more effective than Thierry Henry, by visiting www.castrolfootball.com. Fans can also customise the Castrol Rankings by player nationality, position or club, allowing them to compare the players or teams they support.
Speaking at today's launch, Ronaldo, placed third, vowed that he will close the gap on Lionel Messi and leader Thierry Henry, after the Barcelona forward took the top spot: "The Castrol Rankings is the ranking that every player wants to top. If you can be number one on the Castrol Rankings there can be no arguments, as it is based on fact, not opinion. That's why I'm aiming for the number one spot - to prove I'm the best!"
Marcel Desailly, Henry's former international team-mate and Castrol Ambassador, said: "Thierry Henry has been one of the most consistent strikers in European football for a long time and I am not surprised he is at the head of the Castrol Rankings. Of course he is excellent in front of goal, but what makes him such an outstanding player is his overall contribution to Barcelona's attacking play and that's what makes him such an important part of that team."
Castrol Senior Vice-President Mike Johnson added: "We saw a golden opportunity for Castrol to harness our expertise in analysis, technology and innovation in oil and apply it to the world of ranking football performances. The Castrol Rankings has been 12 months in the making and we're thrilled to now launch it. We are in no doubt that the Castrol Rankings will drive debate around who is the best player and we're excited to be fuelling this. We think football fans will love it."
Commenting on the Castrol Rankings, Thierry Weil, Director, Marketing at FIFA, said: "FIFA is delighted to have a committed football supporter like Castrol in our select group of commercial affiliates and we are excited to be working together with them. The Castrol Rankings is a new and unique way of rating player performances and we look forward to seeing the debate it encourages over the next year."
To see the full Castrol Rankings and register for monthly updates, please go to www.castrolfootball.com.
Notes to Editors:
Castrol's commercial success is underpinned by their ability to deliver improved performance through the application of analysis, technology and innovation. This has helped Castrol deliver superior performing lubricants for over 100 years including brands such as Castrol EDGE, Castrol Magnatec and Castrol Power 1 and Castrol Professional. Castrol believes that by applying the same expertise to football that they do in the development of their oils, they can enhance the fans' experience and bring a new and intriguing point of view to the 2010 FIFA World CupT.
The Castrol Rankings are calculated using the Castrol Index. How does the Castrol Index work?
The Castrol Index tracks every move on the field and assesses whether it has a positive or negative impact on a team's ability to score or concede a goal. A key factor for all areas of performance in the Castrol Index is which zone on the pitch the action takes place. Players receive points for each successful pass they complete but the number of points awarded depends on which zones the ball is passed from and received in.
Similarly, misplaced or intercepted passes are penalised depending on how much trouble the mistake is likely to land the team in. The Castrol Index is also able to split up the rewards of a goal between penalising the goalkeeper for letting in a shot he should have saved and rewarding the attacker for scoring a goal.
The number of Castrol Index points awarded for tackles, interceptions and blocked shots also depends on which zone they are made. Successfully taking a ball from a striker near the penalty spot will earn more points than a tackle on the wing. Conceding free kicks and penalties will result in point deductions.
Castrol's team of performance analysts crunch all the data and award each player a Castrol Index score out of 10 - the higher the score, the better the player's performance. The Castrol Index can help you see football from a completely different perspective. You'll now know which players truly deserve to grab all the headlines.
To view the Castrol Rankings and the photographs, please click on the link given below:
Castrol Rankings for October 2009 - Top 10
Real Madrid's Portuguese star Cristiano Ronaldo stands by jerseys with the names of the top six ranked players of the Castrol rankings system during the launch in Madrid
Real Madrid's Portuguese star Cristiano Ronaldo poses with a soccer ball inside a cutout of a number one during the launch of the Castrol rankings system in Madrid
For picture(s)/data to illustrate this release click below:
http://www.BusinessWireIndia.com/attachments/Rankings.doc
Rankings.doc
http://www.BusinessWireIndia.com/attachments/Pic_1(246).jpg
Pic_1(246).jpg
http://www.BusinessWireIndia.com/attachments/Pic_2(108).jpg
Pic_2(108).jpg
CONTACT DETAILS
Rashmi Sharma, IPAN HILL & KNOWLTON, +91 9867395475, rsharma@ipanhillandknowlton.com
Rosanne Rodricks, IPAN HILL & KNOWLTON, +91 9820115421, rrodricks@ipanhillandknowlton.com
KEYWORDS
CONSUMER, ENTERTAINMENT, PEOPLE, SPORTS, MARKETING, AUTOMOTIVE, BUSINESS SERVICES, MEDIA, AUTOMOTIVE, CASTROL.BO, CASTROL.NS
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
BWI: PFGBEST Launches Global Services Division Naming Scott Slutsky Managing Director
Press release from Business Wire India
Source: Business Wire
Friday, October 30, 2009 03:40 PM IST (10:10 AM GMT)
Editors: General: People; Business: Accounting & management consultancy services, Banking & financial services, Business services, Financial Analyst
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(BW)(IL-PFGBEST)PFGBEST Launches Global Services Division Naming Scott Slutsky Managing Director
Supplying Trading Services in Answer to India, Russia, South America, Middle East and China Demand for Futures and Forex, Education and Market Advancement
Chicago, United States, Friday, October 30, 2009 -- (Business Wire India) --
CONTACT DETAILS
PFGBEST
Patricia Campbell, 312-775-3411
pcampbell@pfgbest.com
KEYWORDS
PEOPLE, CONSULTANCY SERVICES, BANKING, BUSINESS SERVICES, Financial Analyst
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
http://www.businesswire.com
Submit your press release at http://www.businesswireindia.com
Source: Business Wire
Friday, October 30, 2009 03:40 PM IST (10:10 AM GMT)
Editors: General: People; Business: Accounting & management consultancy services, Banking & financial services, Business services, Financial Analyst
--------------------------------------------------
(BW)(IL-PFGBEST)PFGBEST Launches Global Services Division Naming Scott Slutsky Managing Director
Supplying Trading Services in Answer to India, Russia, South America, Middle East and China Demand for Futures and Forex, Education and Market Advancement
Chicago, United States, Friday, October 30, 2009 -- (Business Wire India) --
PFGBEST® has appointed Scott Slutsky as Managing Director of its newly-created Global Services Division. Slutsky came on board with the PFGBEST acquisition of the customer assets of Alaron earlier this year. He is a former Board Director of the Chicago Mercantile Exchange (CME) and is a current director of the CME/CBOT/NYMEX PAC Committee.
Mr. Slutsky's expertise is promoting business development and international relations throughout India, Russia, China and the Middle East. He leads PFGBEST efforts to supply global investors - both institutional and retail - with educational programs on markets and trading in addition to promoting PFGBEST electronic platforms, products and services. Slutsky is the author of three books: Master's of the Futures; The Complete Guide to Electronic Futures Trading; and The Promises and Pitfalls of FX. His career in the industry spans nearly three decades and began in the currency pits at U.S. exchanges where he filled institutional and retail orders for the most active and sophisticated institutional forex participants.
"PFGBEST has experienced its fastest growth in its history in the past several years largely due to the advancement of foreign investor understanding and need for risk management capabilities through the use of commodity and financial futures, futures options, and foreign exchange," said PFGBEST President and Chief Operating Officer Russell R. Wasendorf, Jr. "We look forward to Scott Slutsky expanding his very extensive network of clients as he travels the globe to represent PFGBEST, continuing to teach individuals and institutional investors how they can integrate futures, options and forex into their overall portfolio management and risk management strategies."
About PFGBEST:
PFGBEST is among the largest non-clearing U.S. Futures Commission Merchants, with customers, affiliates and brokerage offices in more than 80 countries. It was incorporated as an FCM in 1990 under the name PFG, Inc. It offers a range of trading and investor products and services for retail investors and commercial and institutional clients. The company is a leader in sustainable investing through diversified products including managed funds, futures, forex, options, full-service and discount brokerage, precious metals, trader education, market research, and direct online trading through its BESTDirectT platform, and numerous other platforms and applications. Please visit www.pfgbest.com.
CONTACT DETAILS
PFGBEST
Patricia Campbell, 312-775-3411
pcampbell@pfgbest.com
KEYWORDS
PEOPLE, CONSULTANCY SERVICES, BANKING, BUSINESS SERVICES, Financial Analyst
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
http://www.businesswire.com
Submit your press release at http://www.businesswireindia.com
BWI: Yum! Brands International Division Opens 13,000th Restaurant, Reinforcing Strength of Global Portfolio and Growth in Key Emerging Markets
Press release from Business Wire India
Source: Business Wire
Friday, October 30, 2009 03:20 PM IST (09:50 AM GMT)
Editors: General: Consumer interest, Food & drink; Business: Advertising, PR & marketing, Business services, Retailers
--------------------------------------------------
(BW)(KY-YUM!-BRANDS)(YUM)Yum! Brands International Division Opens 13,000th Restaurant, Reinforcing Strength of Global Portfolio and Growth in Key Emerging Markets
Latest Milestone Spotlights India's First KFC Krushers Flagship Store-in-Store Concept
Louisville, Kentucky, United States, Friday, October 30, 2009 -- (Business Wire India) --
CONTACT DETAILS
Yum! Brands
Virginia Ferguson, 502-874-8200
KEYWORDS
CONSUMER, FOOD, MARKETING, BUSINESS SERVICES, RETAIL
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
http://www.businesswire.com
Submit your press release at http://www.businesswireindia.com
Source: Business Wire
Friday, October 30, 2009 03:20 PM IST (09:50 AM GMT)
Editors: General: Consumer interest, Food & drink; Business: Advertising, PR & marketing, Business services, Retailers
--------------------------------------------------
(BW)(KY-YUM!-BRANDS)(YUM)Yum! Brands International Division Opens 13,000th Restaurant, Reinforcing Strength of Global Portfolio and Growth in Key Emerging Markets
Latest Milestone Spotlights India's First KFC Krushers Flagship Store-in-Store Concept
Louisville, Kentucky, United States, Friday, October 30, 2009 -- (Business Wire India) --
Yum! Brands, Inc. (NYSE: YUM) announced the grand opening of its 13,000th restaurant outside the U.S. and China by its international division, Yum! Restaurants International (YRI), reinforcing the strength of the Company's global portfolio of brands and growth in key emerging markets. The new restaurant, located in New Delhi, is the first KFC in India to feature a Krushers beverage bar and store design highlighting YRI's popular new line of cold and hot drinks.
"The enormous popularity of KFC and Pizza Hut has never been more evident as we continue to expand our system around the globe," said Graham Allan, president, Yum! Restaurants International. "It is fitting we are opening our 13,000th restaurant (outside of the U.S. and China) in India, one of the world's most dynamic markets with huge growth potential."
The Company's latest opening is India's first KFC with a Krushers store-in-store concept offering a range of cold and hot beverages that includes yogurt and fruit smoothies, dairy-based and soda-based drinks. The Krushers line of beverages, which is customized for each market, is the largest beverage launch in YRI's history. The Company will have Krushers in at least 2,000 restaurants by year-end 2009, with plans to expand to 5,000 restaurants in 2010. Krushers first launched in Australia and is currently located in 19 markets across the globe, including Brazil, the Philippines and the Middle East.
Over the past 11 years, Yum! has become the largest and fastest growing restaurant company in India. As of the third quarter 2009 earnings, the Company has 153 Pizza Huts in 34 cities and 49 KFCs in 11 cities. In June, the Economic Times (India) named Pizza Hut the most trusted food service brand in the country for a fifth year, demonstrating the brand's popularity in a market with a large middle class population.
"By 2015, we expect to have at least 1,000 restaurants in India, up from just over 200 today," said Niren Chaudhary, managing director, Yum! Restaurants International India. "The number of people who can afford our food will reach 200 million people within five years and we are very excited about serving Pizza Hut, KFC and soon Taco Bell to them."
YRI is the largest division of Yum! Brands with 13,000 restaurants outside the U.S. and China Division (including Thailand KFC and Pizza Hut and Taiwan KFC). One of Yum! Brands' four key business strategies is to drive aggressive international expansion and build strong brands everywhere. In 2008, operating profit for YRI was $528 million. The year 2008 also marked the eighth year that YRI has opened more than 700 new restaurants outside the U.S. and China.
Yum! Brands, Inc., based in Louisville, Kentucky, is the world's largest restaurant company in terms of system restaurants, with more than 36,000 restaurants in over 110 countries and territories. The company is ranked #239 on the Fortune 500 List, with revenues in excess of $11 billion in 2008. Four of the company's restaurant brands - KFC, Pizza Hut, Taco Bell and Long John Silver's - are the global leaders of the chicken, pizza, Mexican-style food and quick-service seafood categories, respectively. Outside the United States, the Yum! Brands system opened more than four new restaurants each day of the year, making it a leader in international retail development. The company has consistently been recognized for its reward and recognition culture, diversity leadership, community giving, and consistent shareholder returns. In 2007, the company launched World Hunger Relief, the world's largest private sector hunger relief effort to raise awareness, volunteerism and funds to benefit the United Nations World Food Programme (WFP) and other hunger relief agencies. To date, this effort has raised $36 million for the WFP and other hunger relief agencies and is helping to provide 160 million meals and save the lives of about 4 million people in remote corners of the world, where hunger is most prevalent.
CONTACT DETAILS
Yum! Brands
Virginia Ferguson, 502-874-8200
KEYWORDS
CONSUMER, FOOD, MARKETING, BUSINESS SERVICES, RETAIL
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BWI: GlaxoSmithKline Pharmaceuticals Net Sales up 12% in Third Quarter of FY 2009
Press release from Business Wire India
Source: GlaxoSmithKline Pharmaceuticals Limited
Friday, October 30, 2009 02:20 PM IST (08:50 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Financial Analyst, Healthcare, biotechnology & pharmaceutical, Stock exchanges; Healthcare
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GlaxoSmithKline Pharmaceuticals Net Sales up 12% in Third Quarter of FY 2009
Profit Before Investment Income and Taxes Grows by 13%
Mumbai, Maharashtra, India, Friday, October 30, 2009 -- (Business Wire India) -- GlaxoSmithKline Pharmaceuticals Limited has announced its financial results for the third quarter ended 30th September 2009. The Company posted Net Sales growth of 12% compared to the previous quarter, while Profit before Investment Income and Taxes grew by 13% on a comparable basis.
Commenting on the performance, Dr. Hasit B. Joshipura, Managing Director, said, "Sales during the quarter have shown growth across mass, mass speciality, vaccines and speciality therapies. Recent launches of Tykerb for refractory breast cancer, Benitec an anti-hypertensive drug from Daiichi Sankyo and Cervarix for cervical cancer are making steady progress. Vaccines have recorded strong growth with the rotaviral diarrhea vaccine tracking ahead of plan".
About GlaxoSmithKline:
GlaxoSmithKline Pharmaceuticals Limited is a subsidiary of GlaxoSmithKline plc, one of the world's leading research-based pharmaceutical and healthcare companies, committed to improving the quality of human life by enabling people to do more, feel better and live longer. For more information, visit www.gsk-india.com.
To view the Financial Results, please click on the link given below:
Unaudited Financial Results for the Quarter Ended 30 September 2009
For picture(s)/data to illustrate this release click below:
http://www.BusinessWireIndia.com/attachments/Doc(1).pdf
Doc(1).pdf
CONTACT DETAILS
Rupali Kalav, Manager, Corporate Communications, GlaxoSmithKline Pharmaceuticals Limited, +91 (22) 24959208, rupali.v.kalav@gsk.com
KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, Financial Analyst, HEALTHCARE, STOCK EXCHANGES, HEALTHCARE, GLAXO.NS, GLAXOPHARMA.BO
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Source: GlaxoSmithKline Pharmaceuticals Limited
Friday, October 30, 2009 02:20 PM IST (08:50 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Financial Analyst, Healthcare, biotechnology & pharmaceutical, Stock exchanges; Healthcare
--------------------------------------------------
GlaxoSmithKline Pharmaceuticals Net Sales up 12% in Third Quarter of FY 2009
Profit Before Investment Income and Taxes Grows by 13%
Mumbai, Maharashtra, India, Friday, October 30, 2009 -- (Business Wire India) -- GlaxoSmithKline Pharmaceuticals Limited has announced its financial results for the third quarter ended 30th September 2009. The Company posted Net Sales growth of 12% compared to the previous quarter, while Profit before Investment Income and Taxes grew by 13% on a comparable basis.
Commenting on the performance, Dr. Hasit B. Joshipura, Managing Director, said, "Sales during the quarter have shown growth across mass, mass speciality, vaccines and speciality therapies. Recent launches of Tykerb for refractory breast cancer, Benitec an anti-hypertensive drug from Daiichi Sankyo and Cervarix for cervical cancer are making steady progress. Vaccines have recorded strong growth with the rotaviral diarrhea vaccine tracking ahead of plan".
About GlaxoSmithKline:
GlaxoSmithKline Pharmaceuticals Limited is a subsidiary of GlaxoSmithKline plc, one of the world's leading research-based pharmaceutical and healthcare companies, committed to improving the quality of human life by enabling people to do more, feel better and live longer. For more information, visit www.gsk-india.com.
To view the Financial Results, please click on the link given below:
Unaudited Financial Results for the Quarter Ended 30 September 2009
For picture(s)/data to illustrate this release click below:
http://www.BusinessWireIndia.com/attachments/Doc(1).pdf
Doc(1).pdf
CONTACT DETAILS
Rupali Kalav, Manager, Corporate Communications, GlaxoSmithKline Pharmaceuticals Limited, +91 (22) 24959208, rupali.v.kalav@gsk.com
KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, Financial Analyst, HEALTHCARE, STOCK EXCHANGES, HEALTHCARE, GLAXO.NS, GLAXOPHARMA.BO
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
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Thursday, October 29, 2009
BWI: Sterlite Industries (India) Limited Unaudited Results for the Second Quarter and Half Year Ended 30 September 2009
Press release from Business Wire India
Source: Business Wire
Friday, October 30, 2009 12:38 PM IST (07:08 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Chemicals, Financial Analyst, Heavy industries, Mining companies, Stock exchanges
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(BW)(STERLITE-INDUSTRIES)(SLT)(STER)(500900)Sterlite Industries (India) Limited Unaudited Results for the Second Quarter and Half Year Ended 30 September 2009
Mumbai, Maharashtra, India, Friday, October 30, 2009 -- (Business Wire India) --
CONTACT DETAILS
Sterlite Industries (India) Limited
Sumanth Cidambi, +91 22 66461531
Director - Investor Relations
sumanth.cidambi@vedanta.co.in
Sheetal Khanduja, +91 22 66461427
AGM - Investor Relations
Sheetal.khanduja@vedanta.co.in
KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, CHEMICALS, Financial Analyst, HEAVY INDUSTRIES, MINING, STOCK EXCHANGES
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Source: Business Wire
Friday, October 30, 2009 12:38 PM IST (07:08 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Chemicals, Financial Analyst, Heavy industries, Mining companies, Stock exchanges
--------------------------------------------------
(BW)(STERLITE-INDUSTRIES)(SLT)(STER)(500900)Sterlite Industries (India) Limited Unaudited Results for the Second Quarter and Half Year Ended 30 September 2009
Mumbai, Maharashtra, India, Friday, October 30, 2009 -- (Business Wire India) --
Sterlite Industries (India) Limited ("SIIL" or the "Company") announced its unaudited consolidated results for the second quarter ("Q2") and half year ("H1") ended 30 September 2009.
Highlights
- Zinc and lead mined metal, aluminium and copper production at rated capacity
- Announced a 400 ktpa smelter expansion project at Tuticorin along with 160MW CPP
- Strong balance sheet with cash, cash equivalents and liquid investments of Rs. 24,213 crores
- The profit during the quarter and half year period was impacted by lower LME's and lower by-product realisations, which was partially offset by higher sales realisation on account of depreciation of Rupee.
| Financial Highlights | ||||||||||||||||||||||||||||
| (In Rs. crore, except as stated) | ||||||||||||||||||||||||||||
| Quarter ended | Change | Half Year ended | Change | Year Ended | ||||||||||||||||||||||||
| 30 September | 30 September | 31 March | ||||||||||||||||||||||||||
| Particulars | 2009 | 2008 | % | 2009 | 2008 | % | 2009 | |||||||||||||||||||||
| Net Sales/Income from operations | 6,085 | 6,594 | (7.7) | 10,623 | 12,364 | (14.1) | 21,144 | |||||||||||||||||||||
| Profit before depreciation and taxes (PBDT) | 1,673 | 2,179 | (23.2) | 3,001 | 4,321 | (30.5) | 6,516 | |||||||||||||||||||||
| Profit after taxes | 1,240 | 1,721 | (27.9) | 2,164 | 3,316 | (34.7) | 4,961 | |||||||||||||||||||||
| Minority Interest including share in profit of associates | 281 | 444 | (36.6) | 532 | 888 | (40.0) | 1,421 | |||||||||||||||||||||
| Attributable profit | 959 | 1,277 | (24.9) | 1,632 | 2,428 | (32.8) | 3,540 | |||||||||||||||||||||
| Earnings Per Share ("EPS") (Rs/share) | 11.83 | 18.02 | 21.47 | 34.27 | 49.96 | |||||||||||||||||||||||
| Production Summary | ||||||||||||||||||||||||||||
| (In kt, except as stated) | ||||||||||||||||||||||||||||
| Quarter ended | Change | Half Year ended | Change | Year Ended | ||||||||||||||||||||||||
| 30 September | 30 September | 31 March | ||||||||||||||||||||||||||
| Particulars | 2009 | 2008 | % | 2009 | 2008 | % | 2009 | |||||||||||||||||||||
| Aluminium | ||||||||||||||||||||||||||||
| BALCO | 64 | 91 | (29.7) | 136 | 180 | (24.4) | 357 | |||||||||||||||||||||
| VAL | 56 | 8 | 109 | 7 | 88 | |||||||||||||||||||||||
| Copper India / Australia | ||||||||||||||||||||||||||||
| Mined metal content | 5 | 6 | (16.7) | 12 | 12 | - | 27 | |||||||||||||||||||||
| Cathodes | 91 | 81 | 12.3 | 169 | 149 | 13.4 | 313 | |||||||||||||||||||||
| Zinc and Lead | ||||||||||||||||||||||||||||
| Mined metal content | 193 | 188 | 2.0 | 375 | 346 | 9.0 | 735 | |||||||||||||||||||||
| Refined metal | 152 | 134 | 14.0 | 307 | 279 | 10.0 | 612 | |||||||||||||||||||||
| Silver ('000 Kgs) | 30 | 22 | 36.4 | 60 | 45 | 33.3 | 105 | |||||||||||||||||||||
| Power (million units) | 388 | 67 | 479 | 675 | 141 | 379 | 231 | |||||||||||||||||||||
Aluminium Business
Operations
During the quarter, the BALCO II smelter continued to operate at higher than its rated capacity. As announced earlier, during H1, we fully ramped down the high cost BALCO I smelter. Consequently, aluminium production in Q2 and H1 was lower at 63,892 tonnes and 1,35,948 tonnes, compared with 90,846 tonnes and 1,79,835 tonnes in the corresponding prior periods.
We continue to maximise returns by selling surplus power from BALCO I CPP in the commercial market. The performance of power is shown separately in the "Power" segment.
Revenues for Q2 and H1 were Rs. 629 crores and Rs. 1,244 crores respectively, compared with Rs. 1,117 crores and Rs. 2,285 crores in the corresponding prior periods. EBIDTA for Q2 and H1 were Rs. 115 crores and Rs. 262 crores respectively, compared with Rs. 280 crores and Rs. 731 crores in the corresponding prior periods.
The cost control measures have started yielding positive impact on the unit cost of production ("CoP") at BALCO II, which reduced to $1,347 per tonne in H1 compared with $1,796 per tonne in the corresponding prior period. We continue to rigorously work on further reducing the CoP.
The positive impact of lower operating costs was more than offset by the lower LME aluminium prices and the lower production volumes due to the complete ramp down of BALCO plant I smelter. During Q2, the average LME aluminium price was $1,819 per tonne, a decrease of 35% compared with the corresponding prior quarter.
Projects
Construction of the 325 ktpa aluminium smelter project at BALCO is progressing well and on schedule for first metal tapping from October 2010.
Construction at the 1,200MW captive power plant project site has been disrupted following a tragic collapse of a chimney under-construction, in September 2009 during heavy rains and lightning at Korba. A detailed study is underway to determine the exact cause of the accident. At this stage we do not anticipate a material delay in the progressive commissioning of the power plant.
VAL
Jharsuguda I - 500 ktpa Aluminium Smelter
The second phase of 250ktpa aluminium smelter of the 500ktpa Jharsuguda aluminium smelter is under commissioning for completion by end FY2010.
Jharsuguda II - 1.25 mtpa Aluminium Smelter
Construction of the 1.25 mtpa Jharsuguda II aluminium smelter project consisting of four pot lines is progressing well with more than 70% of civil works completed. The project is on schedule for first metal tapping from March 2010.
Lanjigarh Alumina Refinery
Progress on the 0.6 mtpa de-bottlenecking project and the 3 mtpa alumina refinery expansion project at Lanjigarh is on schedule.
Copper Business ("Sterlite Industries")
Operations
During Q2 and H1, copper cathode production at our Tuticorin smelter was 91,258 tonnes and 1,69,447 tonnes respectively, compared with 81,160 tonnes and 1,48,747 tonnes in the corresponding prior periods.
Mined metal production at our Australian mine was 5,235 tonnes in Q2 as compared to 5,618 tonnes in the corresponding prior quarter. The production during the quarter has been impacted due to a mud rush in the mine resulting from unprecedented rainfall in end August 2009. As scheduled, the mine has resumed production and is progressively expected to attain rated capacity.
Revenues for Q2 and H1 were at Rs. 3,564 crores and Rs. 5,862 crores respectively, compared with Rs. 3,733 crores and Rs. 6,691 crores in the corresponding periods. EBIDTA for Q2 and H1 was at Rs. 179 crores and Rs. 294 crores respectively, compared with Rs. 463 crores and Rs. 866 crores in the corresponding prior periods. The decrease in profitability was primarily on account of sharp reduction in acid realisations. During H1, sulphuric acid realisations declined by 96% to Rs. 409 per metric tonne and phosphoric acid realisations declined by 76% to Rs. 23,786 per metric tonne, compared with the corresponding prior period.
In October 2009, we announced a 400 ktpa brownfield copper smelter expansion project at Tuticorin, together with an associated 160 MW captive power plant project, at a capex of Rs 2,300 crores (equivalent to US$500 million). The project is expected to be commissioned by mid CY2011.
Zinc Business ("HZL")
During Q2 and H1, zinc and lead mined metal production was 192,517 tonnes and 375,359 tonnes respectively, in line with the rated capacity. During the same period, zinc and lead refined metal production was 1,52,226 tonnes and 306,759 tonnes, an increase of 14% and 10%, compared with the corresponding prior periods.
Sales during the quarter were augmented by the sale of 22,359 dry metric tonnes of surplus zinc and 21,057 dry metric tonnes of surplus lead concentrate.
Saleable silver production during Q2 and H1 was 30,324 kilograms and 59,852 kilograms, an increase of 40% and 33%, compared with the corresponding prior periods. The increase in production was primarily on account of higher silver content in the mined ore and higher recovery.
Revenues for Q2 and H1 were Rs 1,768 crores and Rs 3,257 crores respectively as compared with corresponding prior periods of Rs. 1,721 crores and Rs. 3,340 crores. EBIDTA for Q2 and H1 was Rs. 1,053 crores and Rs 1,813 crores respectively as compared with corresponding prior periods of Rs. 957 crores and Rs. 1,941 crores. During H1, the positive impact of higher volumes and rupee depreciation on sales and EBIDTA was more than offset by the sharp decline in the zinc and lead LME prices and lower by-product realisation.
Project
The work at the 210,000 tpa zinc smelter and the 100,000 tpa lead smelter project site at Rajpura Dariba are progressing well and are on schedule for completion by mid-2010. Work at the mining projects at Rampura Agucha, Sindesar Khurd and Kayar are also on schedule for progressive commissioning from mid-2010 onwards.
Power Business
During Q2 and H1, we sold 388 million units and 675 million units of power respectively, compared with 67 million units and 141 million units in the corresponding prior periods.
Revenue in Q2 and H1 from the power business was Rs. 124 crores and Rs. 260 crore respectively, compared with Rs. 23 crores and Rs. 48 crore in the corresponding prior periods.
EBIDTA in Q2 and H1 from the power business was Rs. 80 crore and Rs. 182 crore respectively, compared with Rs. 23 crore and Rs. 46 crores in the corresponding prior periods.
Projects
For Sterlite Energy Limited projects, construction work on the 2,400 MW (4x600 MW) coal - based independent thermal power plant at Jharsuguda is progressing well. The first unit of 600 MW is now expected to get commissioned in Q4 FY 2010. The remaining units are expected to be progressively commissioned by the end of calendar year 2010.
Post Balance Sheet Date Event- Issue of Convertible Senior Notes
During the quarter the Company announced a Convertible Notes Offering of $500 million, convertible into Company's ADS at an initial conversion price of approximately $23.33 per ADS.
Sterlite intends to use the net proceeds from the offering for previously mentioned expansion of its copper business with allied power plant, acquisition of complementary businesses outside of India and any other permissible purpose under, and in compliance with, applicable laws and regulations in India, including the external commercial borrowing regulations specified by the Reserve Bank of India.
Cash, Cash Equivalents and liquid investments
Consolidated cash, cash equivalents and liquid investments as on 30 September 2009 was Rs. 24,213 crores. The portfolio is conservatively invested with debt mutual funds and in cash and fixed deposits with the banks. Additionally, the investments portfolio is independently reviewed by Credit Rating Information Services of India Limited (CRISIL).
About Sterlite Industries
Sterlite Industries is India's largest non-ferrous metals and mining company with interests and operations in aluminum, copper, zinc and lead and Power. It is a subsidiary of Vedanta Resources plc, a London-based diversified FTSE 100 metals and mining group. Sterlite Industries' main operating subsidiaries are Hindustan Zinc Limited for its zinc and lead operations; Copper Mines of Tasmania Pty Limited for its copper operations in Australia; and Bharat Aluminum Company Limited for its aluminum operations. The company operates its own copper operations in India. The company has entered the commercial energy generation business and is in the process of setting up a 2,400MW independent power plant through its wholly owned subsidiary, Sterlite Energy Limited. Sterlite Industries is listed on the Bombay Stock Exchange and National Stock Exchange in India and the New York Stock Exchange in the United States. For more information, please visit www.sterlite-industries.com.
Disclaimer
This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters. of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
CONTACT DETAILS
Sterlite Industries (India) Limited
Sumanth Cidambi, +91 22 66461531
Director - Investor Relations
sumanth.cidambi@vedanta.co.in
Sheetal Khanduja, +91 22 66461427
AGM - Investor Relations
Sheetal.khanduja@vedanta.co.in
KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, CHEMICALS, Financial Analyst, HEAVY INDUSTRIES, MINING, STOCK EXCHANGES
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
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