Punjab National Bank's net profit for last fiscal emerged higher at Rs 1,139.77 crore after it adopted the stringent accounting principle of the United States as against Rs 939.57 crore recorded as per the Indian standards.
With India set to adopt IFRS in 2011, a number of legal/regulatory issues need addressing for a smooth transition to the globally-followed accounting standard.
HCL Technologies on Monday announced a special one-time bonus worth over Rs 700 crore for its employees, as the IT giant marked $10 billion (about Rs 72,800 crore) revenue milestone. The special bonus will be paid to employees in February 2021, amounting to nearly $90 million plus payroll taxes in some countries, the impact of which is excluded from FY21 EBIT (earnings before interest and taxes) guidance provided by the company last month, HCL Tech said in a statement. HCL Technologies said it is "issuing a one-time special bonus to employees around the world" worth over Rs 700 crore in recognition of its recent milestone of crossing the $10 billion mark in revenue for 2020.
Top financial professionals of India Inc are keen on converging to global accounting norms and want the present ones to be aligned with either the International Financial Reporting Standards or the US GAAP.
The audited consolidated financial results of the company and its subsidiaries as per Indian GAAP would also be\nconsidered at the board meeting.
Nasdaq listed Infosys Technologies will announce its third quarter results on January 12.
ICICI Bank has posted a net profit of Rs 522 crore [Rs 5.22 billion ($116 million)] for the year ended March 2004, under the US GAAP, as against a net loss of Rs 798 crore [Rs 7.98 billion ($177 million)] in 2002-03.
Tata Consultancy Services said quarterly consolidated net profit surged 49.6 percent, its fastest pace of increase in at least two-and-half years, helped by increasing demand for outsourcing services in the United States and Europe.
Software leaders are quite robust.
Ebix said the acquisition of Yatra would lend itself to significant synergies and the emergence of EbixCash as India's largest and most profitable travel services firm.
Posts a fall in net profit sequentially despite clocking higher volume growth.
The corporate affairs ministry and the Institute of Chartered Accountants of India (ICAI) are confident of meeting the April 2011 deadline to shift to International Financial Reporting Standards (IFRS).
Tata Consultancy Services Ltd informed the Bombay Stock Exchange on Wednesday that its revenues for the first quarter of 2010-11 increased by 6.21 per cent over the previous quarter to Rs 8,217 crore (Rs 82.17 billion).
Despite wage hikes, an appreciating rupee, and fewer working days nibbling at their profit margins during the quarter ended December 31, 2007, the five IT majors Tata Consultancy Services (TCS), Infosys Technologies, Wipro, Satyam Computer Services and HCL Technologies posted revenue and net profit figures that were in line with market expectations.
As corporate India prepares to put its house in order, the transition raises concerns
Tata Consultancy Services on Monday announced the results for Q2 FY08. The net profit is up 22.8 per cent at Rs 1252 crore (Rs 12.52 billion).
Starting its journey with a gross revenue of $5 million during its stock market debut on June 14, 1993, Infosys has reached dizzying heights, with a revenue of $10.93 billion in 2017-18
A large number of Indian companies are vying to list their shares on foreign exchanges, particularly in the US, on the back of the successful listing of BPO major WNS on the New York Stock Exchange.
Operating Income crosses $ 1 billion; Q4 revenues at $1.2 billion; up 8% Q-o-Q.
i-flex solutions, an IT solutions provider to the global financial services industry, has posted a consolidated net income (Indian GAAP) of Rs 111.2 crore (Rs 1.11 billion), recording a 106 per cent growth
Cognizant Technology Solutions Corporation has posted a 57 per cent increase in revenue at $285.50 million in the first quarter of 2006, as against $181.70 million during the corresponding period last year.
Sify Limited, India's premier Internet, network and e-commerce services company, announced on Wednesday its consolidated US GAAP results for the quarter ended June 30th 2005.\n\n
The company's consolidated revenue for the quarter was up 48 per cent at Rs 2,517 crore.
Overall, Tata Steel becomes the seventh non-financial firm, including four oil PSUs to report quarterly revenues of Rs 50,000 crore.
In the wake of renewed threats from the unions to stall the proposed public offering of shares, the government is reworking its strategy to go ahead with the divestment of National Aluminium Company.\n\n\n\n
Its total income, as per Indian GAAP, for Q1FY08 surged 54% to Rs 5,873.52 crore (Rs 58.735 billion) from Rs 3,815.49 crore (Rs 38.154 billion) in Q1FY07.
Satyam Computer Services has reported a 32.4% in consolidated net profit at Rs 176.86 crore
Wipro Limited on Friday announced that it's profit after tax for the quarter ended June 30, 2004, under the consolidated Indian GAAP (Generally Accepted Accounting Principles), grew by 73 per cent to Rs 357 crore (Rs 3.57 billion).\n\n\n\n
Satyam Computer Services' consolidated net profit under Indian GAAP has surged 39 per cent to Rs 711.64 crore (Rs 7.1164 billion) for the year ended March 31, 2005 as compared to Rs 513.38 crore (Rs 5.1338 billion) for the year ended March 31, 2004.
The company's revenue rose 16.08 per cent to Rs 25,668 crore.
Internet, network and e-commerce major Sify Ltd has posted a consolidated net loss of $8.55 million on US GAAP basis for the fiscal ended March 31, 2004.
i-flex solutions has posted a 24.57 per cent growth in net income at Rs 50.33 crore (Rs 503.3 million) for the second quarter ended September 30, 2003 as compared to Rs 40.40 crore (Rs 404 million) for the corresponding quarter of the previous year.
Wipro's numbers for Q3 came as a disappointment to the market and early trades on Friday reflected this, the scrip shedding 4% to Rs 1,516.
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