Wipro announced before market hours today, 24 July 2012, that as per International Financial Reporting Standards (IFRS) net income rose 18% to Rs 1580 crore on 24% rise in total revenues to Rs 10653 crore in Q1 June 2012 over Q1 June 2011.

In its outlook for the quarter ended September 2012 the company said it expects revenues from its IT Services business to be in the range of $1520 million to $1550 million. (Guidance is based on the following exchange rates: GBP/USD at 1.58, Euro/USD at 1.26, AUD/USD at 1.01, USD/INR at 54.76.)

Azim Premji, Chairman of Wipro, commenting on the results said – “In today's complex business environment, global corporations are increasingly investing in transformational technology initiatives to improve competitiveness. We see this shift as an opportunity for us to lead this change and help customers differentiate in this fast evolving market.”

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said – “We have seen high levels of volatility in currencies globally. We have improved profitability, while continuing to invest for growth.”

T K Kurien, Executive Director & Chief Executive Officer, IT Business, said – “We have delivered revenues in line with our guidance in a volatile environment. We will continue to build differentiation and invest in technology driven business transformations for our customers as well as ewarding our talent.”

Shares of public sector oil marketing companies--BPCL, HPCL and Indian Oil Corporation--will be in focus after petrol prices were hiked by 70 paise a litre from midnight on Monday, 23 July 2012.

Jindal Steel & Power will unveil Q1 results today, 24 July 2012. Lupin, Sesa Goa, Ashok Leyland, Canara Bank, ING Vysya Bank, LIC Housing Finance and Torrent Power, among others, will also unveil Q1 results today, 24 July 2012.

Hindustan Unilever's (HUL) net profit rose 112.26% to Rs 1331.19 crore on 13.72% rise in net sales to Rs 6250.15 crore in Q1 June 2012 over Q1 June 2011. Profit before interest and tax (PBIT) grew by 30% with PBIT margin improving 180 basis points (bps). Profit after tax but before exceptional items, PAT (bei), grew by 48% to Rs 855 crores during the quarter. Net Profit at Rs 1331 crore grew 112% after accounting for an exceptional income of Rs 607 crore arising from the sale of properties.

Harish Manwani, Chairman commented: "We have delivered another quarter of strong volume led growth with an improvement in margins. The environment continues to be challenging in terms of inflation and a general economic slowdown. In this context, we are implementing our strategy with even greater rigor and managing our business dynamically to remain competitive and cost efficient. We continue to drive innovation and execution to strengthen our core business while leading market development in the emerging categories."

HUL said inflationary pressures during the quarter came primarily from currency depreciation. Cost pressures were managed dynamically through judicious pricing coupled with relentless focus on buying efficiencies and cost savings. Overall media intensity was up and A&P was maintained at competitive levels, higher by Rs 187 crore (+160 bps) in the quarter.

Idea Cellular announced after market hours on Monday, 23 July 2012, that consolidated net profit rose 32.08% to Rs 234.14 crore on 21.8% growth in net sales to Rs 5501.49 crore in Q1 June 2012 over Q1 June 2011. Idea said in a statement that due to introduction of ‘Telecom Consumer Protection Regulation' by TRAI w.e.f. 22 March 2012 and grim market battle for supremacy, Idea's strong revenue performance of last two quarters has slowed down on sequential quarterly basis to only 2.5% revenue growth. The above is primarily due to slide in ‘Average Realisation Per Minute' (ARPM) by 2.3% to 41.2 paise in comparison to 42.2 paise in Q4 March 2012, suggesting the industry growth is likely to be muted in the first half of this financial year.

The company added that the long term business outlook for the company remains positive, with growing consumer affinity for brand Idea, now serving 117 million subscribers. The minutes' growth is stable @ 5.3% generating 131 billion minutes compared to 124 billion minutes in Q4 March 2012, strengthening Idea's minutes' market share. This volume expansion was supported by 3.1 million VLR subscriber additions during the quarter.

Idea said it is confident to overcome the current uncertain regulatory phase, emerge stronger, consolidate its position in the telecom voice market and participate aggressively in the evolving wireless broadband business.

Cairn India announced after market hours on Monday, 23 July 2012, that its consolidated net profit rose 40.31% to Rs 3825.74 crore on 43.36% growth in total income to Rs 5402.75 crore in Q1 June 2012 over Q1 June 2011.

UltraTech Cement has signed an agreement with the shareholders of Gotan Lime Stone Khanij Udyog (GKUPL), Rajasthan to acquire 100% equity shares of GKUPL. With this acquisition, GKUPL has become a wholly owned subsidiary of the company.