Its the results time and a number of companies have announced their results on 25th. I have not read about any company reporting disappointing results so I assume things are still rosy with the Indian Economy. 3i Infotech and ICICI bank are stand outs from among the ones that reported their results. Both IT and Banks are supposed to do bad due the credit crunch and the pending US recession. Their results in brief is as follows
Software services firm 3i Infotech Ltd on Friday posted a 56.9 per cent rise in Jan-March net profit to Rs 50.2 crore. Revenue grew 66.9 per cent to Rs 352 crore. For 2008/09, the company forecast earnings of 13 rupees to 13.5 rupees a share, up form 10.25 rupees reported last year. Revenue is expected to grow 40 per cent to Rs 1700 crore, the company said in a statement.
ICICI Bank, India’s second-largest bank, on Saturday reported an above-forecast 39 per cent rise in quarterly net profit, helped by a strong demand for loans. The country’s leading private-sector bank, which is also listed in New York said net profit in January-March, its fiscal fourth quarter, was 11.5 billion rupees ($287 million), up from 8.25 billion rupees a year ago.
I bought into 3i recently, its shares are trading in a range between 100 and 130. These results could be the trigger to move further up. As far as ICICI is concerned I am down by about 25% but I am confident of it bouncing back and these results will at least prevent any downside. I guess many will not enter banks until the full extent of their derivatives exposure is know so I don’t see it just zooming up!