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CHENNAI | TUESDAY, 28 JULY 2020 COMPANIES 3. <

ARINDAMMAJUMDERNewDelhi, 27 July

India’s largest airline IndiGo has implemented anotherround of pay cuts for its seniormanagement and pilots.

Chief Executive Ronojoy Dutta will take a pay cut of35percentwhileall executiveswithdesignationsof sen-iorvice-presidentandabovewill takeapaycutof30percent. Simultabeously, pilots will face a further cut of 28per cent to their salary while vice-presidents and asso-ciate vice-presidents will face a 15 per cent cut in theirsalary. The latest paycuts, whichmean the seniorman-

agement will get between15percentand35percentlower monthly salariesthan normal times, willbe implemented fromSeptember 1, Dutta wrotein a letter to employees.

“To cushion theimpactamong lower-paidemployees, this time, wewill increase the pay cutpercentages only amongthe very top at the pyr-amid,”Duttawrote.

The airline hadrecently announced to layoff 10 per cent of its staff.

In May, IndiGo hadannounced one round ofpaycut and leave withoutpay for employees fol-lowed by a second roundforpilots inJune. “It isourintent to gradually reducethe number of days with-out pay as we add backmore flights,” Dutta said.

Air India has proposed to send employees on leavewithout pay for up to five years. It has also announced acut in allowances for pilots for up to 60 per cent. GoAirsent 80 per cent staff on leavewithout pay inApril evenafterannouncinganaverage20percentpaycut.SpiceJetsent a large section of cabin crew on leave without payfor threemonths and deducted salary by 30 per cent. Itis payingpilots andcabin crewsbasedon thenumberofhours theywork.With its large cashbuffer, IndiGo is thebest positionedairline towithstand the crisis.

SAI ISHWARMumbai,27 July

IT services firm TechMahindraon Monday reported profitbefore tax (PBT) of ~1,283 crore,up32.9per cent sequentiallybutflat year-on-year (YoY), accord-ing to an exchange filing.

The Mahindra group firmbeat estimates for the June2020 quarter (Q1FY21) thanksto lower operating costs, evenas the firm remained optimisticon large-scale Cloudmigrationand 5G opportunities in themedium term.

ThePune-headquarteredfirmreported ~972 crore in consoli-dated net profit for Q1, also flatYoY. Sequentially, it rose 20.9percent. Revenue stood at ~9,106crore, up 5.2 per cent YoY, evenas it declined 4 per cent sequen-tially. In dollar terms, revenuecame in at $1,207 million, a 6.3per cent sequential drop in con-stant currency (CC) terms.

Operating margin expandedby 10 bps to 14.3 per cent on asequential basis. New deal winsstood at $290millionduring the

quarter under review.“The deal pipeline is prob-

ably the strongest I have seen inthe last three years, but I’m notcelebrating it.Whenever there isuncertainty in theenvironment,deal closure takes longer,” saidCPGurnani,MDandCEOofTechMahindra, in a post-earningsconference call.

He added that the Covidshock in Q1 was less than whatwasbudgeted.Themanagementalso said itwas “happy”with theprogressmade on 5G.

Numbers beat expectationson the profit front. AxisSecurities, in a pre-earningsresearch note, had estimatednet profit to slip 10.9 per cent

sequentially and 2 per cent YoYto ~910 crore. It also expectedrevenue to decline 5.5 per centsequentially to ~8,970 crore.Headcount stood at 123,416 atthe end of the quarter — regis-tering a net decline of 1,820employees sequentially.

“The fall in (headcount)numbers is due to naturalattritionandperformance-basedreviews. On the productivityfront,wehavemade investmentsin the command and controlcentre that allows us tomonitorprogrammes seamlessly. About90 per cent of employees in theBPS segment are working fromhome, with customers appreci-ating us for beating expecta-tions,” said Manoj Bhat, CFO ofTechMahindra.

This comes amid larger ITpeers predicting that uncer-tainties arising out of the out-break have bottomed out. TCSsaid it may see break-even andreach pre-pandemic revenuelevels (in rupee terms) from theDecember quarter. Infosys fore-casts CC growth in revenue of 0-2 per cent in FY21.

Freshroundofpaycut forIndiGo staff

FROM SEPTnCEORonojoyDuttawilltakeapaycutof35%

nExecutiveswithdesignationsofseniorV-Pandabovewill takeapaycutof30%

nPilotstofaceafurthersalarycutof28%

nV-PsandassociateV-Pswill faceapaycut of 15%

TechMbeatsSt,pre-taxprofitup33%

IndiaCementspre-taxprofitdips75%IndiaCementsprofitbeforetax(PBT)droppedby75.26percentto~26.06croreduringthequarterendedJuneasagainst~105.35croreduringthesameperiodlastyear.Total incomedroppedto~760.32crorefrom~1,472crore.NSrinivasan,vice-chairman,saidgiventhecurrentpandemicsituation,theperformanceofthecompanycanbeconsideredtobegood.Ebitdawas~1,013andmarginwas20percentduringthequarter, thehighest inpastseveralyears.Netplantrealisationwasat~4,235duringthequarterascomparedto~3,654,ayearago. T E NARASIMHAN

PfizerPBTdownmarginally to~173 crPfizerpostedaprofitbeforetaxof~173.3crorefortheJunequarterofFY21,anegligibledeclineof0.8percentwhencomparedwiththecorrespondingquarterofthepreviousfinancialyear.Thedrugmakerhadpostedaprofitbeforetaxof~174.91croreinJunequarterofFY20.Revenuestoodat~514.89croreagainst~544.40croreforthesameperiodayearago. SAMREEN AHMAD

Bharti Infratel postedaprofit before taxof~943 crore for thequarter ended June,down15per cent from~1,106 crore in thecorrespondingperiod last year. The consolidatedprofit after taxfor thequarterwasdown21per centat~704 crore from~887crore in the sameperiod last year. Total revenuestoodat~3,505crore,down7per cent from~3,712 crore in the Junequarterof2019. The firmreportedco-locations reduction (saleofstructures todeploymobileantennas) as it received 1,228exitnotices.However, asof June30, therewere cumulative 3,474co-locations forwhichexitnoticeswere receivedbutactualexitshavenothappened, the company said. MEGHA MANCHANDA

HOW THEY FARED IN THE JUNE QUARTER

Bharti Infratel profit declines 15%

nRevenue(~cr) 9,106YoYchange(%) 5.2QoQchange(%) -4

nNetprofit (~cr) 972YoYchange(%) —QoQchange(%) 20.9

nProfitbeforetax(~cr) 1,283.2YoYchange(%) —QoQchange(%) 32.9

nOperatingmargin(%) 14.3YoYchange(basispoints) -90QoQchange(basispoints) 10

REPORT CARD

Source: Company