Bengaluru, July 17 (IANS) Leading IT consulting firm Mindtree on Wednesday reported Rs 93 crore net profit for the first quarter of fiscal 2019-20 against Rs 158 crore in the same period a year ago, which is a 41 per cent annual decline.
Sequentially too, the city-based software services firm, reported 53 per cent plunge in net profit from Rs 198 crore a quarter ago.
Though revenue grew 11.8 per cent annually for the quarter (Q1) under review to Rs 1,834 crore from Rs 1,640 crore in the like period year ago, it remained flat (0.3 per cent) sequentially from Rs 1,839 crore a quarter ago.
In a hostile take-over, Mumbai-based infrastructure construction major Larson and Toubro (L&T) recently acquired controlling stake (61 per cent) in Mindtree from its promoters after it bought about 20 per cent stake of The Coffee Day founder V.G. Siddhartha for Rs 3,300 crore on March 18.
Subsequently, L&T increased its holding with more shares from the open market and an open offer on May 14 for an additional 31 per cent stake for Rs 5,030 crore at Rs 980 per share of Rs 10 face value to have full control over it.
The company had 346 clients by the quarter-end, including 46 clients in the $5-million price band.A
With 15 per cent annual attrition, the headcount at the quarte-end was 20,935.
A"Bots are a software that acts autonomously, free from interference, human or otherwise, to perform a specific task which will otherwise be performed by a human," said the statement.
The company has 674 bots or robots, an automated programme, that runs on the internet.
"Automation is playing a major role in modernising our technology service delivery, enhancing both efficiency and speed-to-results for our clients," said the company in a statement here.
The company's blue-chip scrip with Rs 10 face value per share gained Rs 2.60 at the end of day's trading to close at Rs 751.95 against Tuesday's closing rate of Rs 749.35 and opening price of Rs 755.85./Eom/335 words.
Islamabad, Dec 9 (IANS) Russian energy major Gazprom is set to initiate feasibility study in the first quarter of 2020 for laying an undersea pipeline, beginning from the Persian Gulf and extending to Pakistan, India and Bangladesh, and ultimately ending in China, after touching Myanmar and Thailand.
The pipeline will pass through the shallow waters of Pakistan, India and Bangladesh, and each of the countries will get gas from the pipeline, The News quoted a senior Petroleum Ministry official as saying.
The total cost of the undersea pipeline will be around $20-25 billion when it is extended to China.
The most important aspect of the project is that every country will provide transit fee to Pakistan, which will run into billions of dollars. Pakistan will be getting transit fee from India, Bangladesh, Myanmar, Thailand and China.
Pakistan's Navy will provide security for the pipeline.
Pakistan and India have already signed MoUs and agreements with Russia separately for the project under which both countries would get gas from the undersea pipeline through the spur pipelines.
According to the official, Pakistan will get up to 1 billion cubic feet per day gas from the undersea pipeline.
More importantly, a Russia-Pakistan economic corridor will also be set up and Russia will invest in fiber optic link, roads and power projects as ancillary facilities.
Russia is already engaged with Pakistan on the North South Gas Pipeline, which will cost $2-2.5 billion. However, Gazprom has also shown interest in building gas storages in Pakistan with investment of $400-500 million, the report said.
Russia is also interested in investing in exploration and production activities in Pakistan, and to this effect Gazprom is currently engaged with the top management of Oil and Gas Development Company Limited (OGDCL), a Pakistani multinational oil and gas company.
The official said Pakistan and India will share data with the Russian company about the demand for gas with future projections of the next decade.
Based on data from the two countries, Gazprom will start the feasibility in the first three months of 2020, and the whole process from sharing the data to completion of feasibility report will be finished in one year's time. If the project is found feasible, the pipeline will be laid undersea in 3-4 years.