PTC India result for Q3FY08 was below expectations. During the quarter under review, revenues from operations declined 9.12% y-o-y to Rs 733.79 crore. Traded power units were down 9% to 2009 million units due to lower volumes from the Tala Hydroelectric Power Plant in Bhutan as well as a fall in surplus volumes from the Himachal Pradesh State Electricity Board.
Wipro results for the Q3FY08 were lower than our estimated 13.5% q-o-q growth with the global IT and products business recording an 11.4% q-o-q growth in rupee terms to Rs 3597 crore. Consolidated profit after tax was also lower than our estimates on account of lower than expected margins for Infocrossing (7.2% as compared to our estimates of 12%).
Cinemax India results were below our expectations. Rollout delays and with lower occupancy levels (32%) resulted in a flat top line growth of only 4.9% q-o-q to Rs 27.6 crore. EBIDTA margins also declined 631 bps, impacted by higher entertainment taxes at the new properties, higher employee cost due to yearly bonus, and higher-than-expected lease rentals.
ACC sales for the quarter ended Dec 31, 2007 (Q4CY07) increased 10.8% to Rs 1763.73 crore against Rs 1592.33 in the corresponding quarter the previous year. The improvement was on account higher sales volumes and improved realizations.