Ruchi Soya net sales up 18%

During the quarter, branded sales registered a healthy 22.95% growth from Rs. 1,374.23 crore to Rs. 1,689.59 crore
Ruchi Soya Industries Limited (Ruchi Soya) has announced its un-audited financial results for the quarter ended December 31, 2012 (Q3). As compared to the corresponding period of the previous year, net profit for the quarter rose by 105.45% from Rs. 24.05 crore to Rs. 49.41 crore whereas net sales rose by 17.56% from Rs. 6,954.29 crore to Rs. 8,175.16 crore.

During the quarter, branded sales registered a healthy 22.95% growth from Rs. 1,374.23 crore to Rs. 1,689.59 crore. Refining capacity utilization improved by 8.85% from 4,78,589 MT to 5,20,960 MT. Export of Soya Meal in value improved by 47.29% from Rs. 883.16 crore to Rs. 1,300.83 crore. Sale of Textured soya protein (TSP) stood at Rs. 28.16 crore registering an impressive rise of 43.53% from Rs. 19.62 crore during Q3 in the last fiscal.

Commenting on the performance, Managing Director, Dinesh Shahra said, “I am happy to share the healthy growth recorded by the Company during the third quarter ended December 31, 2012. Improved branded sales, better sales realization of oilseed extraction, effective control on the costs and favourable business sentiments helped us to get profit on the track. We are making our efforts to have good performance on a sustained basis in the times to come.”

Source: http://planetcorporatenews.blog.com/

Slowdown may hit salary hikes

With the economic slowdown hitting business plans, those engaged in the financial services sector that includes commercial and investment banks are set to get about 6-9% pay hikes for the next fiscal year compared to about 10-15% given in the previous year.

“The quantum of hike in almost all cases will be in single digits, though the process of appraising employees has just started,” a senior executive working in the human resource (HR) department of an MNC bank said.

The going has been tough for several companies including high profile banks due to the global slowdown led by uncertainty in the US and European markets. Many have also announced job cuts to reduce operational costs.

“We are expecting meagre hikes, there is huge stress on costs and sentiments are still low,” said a mid-level executive at HSBC who did not wish to be identified.

Industry insiders said that the days of hefty hikes which went up to as high as 20-25% for commercial and investment bankers during 2000 to 2007 could well be a thing of the past.

“Firms today are getting realistic about salary hikes and in most cases, the organisations want to bring it down to a sustainable level,” Dev Bharat, director, Executive Access India, a HR firm said.