Apeejay Surrendra Park Hotels Ltd on Monday reported a 46 per cent rise in consolidated net profit to Rs 27.42 crore in the third quarter ended December 31, 2023.
The company had posted a consolidated net profit of Rs 18.77 crore in the same quarter last fiscal, the newly-listed firm said in a regulatory filing.
Total income during the quarter under review stood at Rs 163.61 crore as against Rs 142.64 crore in the year-ago period.
Total expenses in the quarter were higher at Rs 102.99 crore as compared to Rs 89.74 crore in the same period a year ago, the company said.
This is the first earnings statement by the company which runs hotels under brands, including the Park, Park Collection, Zone by The Park, and Zone Connect by The Park, after its listing on bourses in February.

The company had posted a consolidated net profit of Rs 18.77 crore in the same quarter last fiscal, the newly-listed firm said in a regulatory filing

Its net interest income rose by 24.4 per cent Y-o-Y to Rs 548.5 crore in Q3, up from Rs 440.8 crore in Q3 FY23

China's pre-tax profit plummeted 89% Y-o-Y to $371 mn in 2023 from $3.40 bn in 2022 due to losses the bank suffered in its wealth management, personal banking and corporate centre verticals

French sports retailer Decathlon is accelerating its investments to ramp up production and enhance its retail presence further in India, one of its "most important" global markets, its Global CEO Barbara Martin Coppola has said.
Decathlon expects to continue its "high growth rate" from the Indian market, which is also emerging as an important manufacturing hub for the sports retailer, from where it currently exports around 65 per cent of production to global markets, she added.
For Decathlon, India is currently among the top ten global markets, growing "twice the rate" of others, where it entered in 2009 and now operates a network of 129 stores, she said.
Coppola said she is "really impressed" with the evolution of the sports culture in India, especially among the middle class, which is gradually getting engaged in different kinds of sports, amid a rise in their income level with the growth of the economy.
"We see a real appetite for overall sports consumption, people wanting to tr

Decathlon

For Decathlon, India is currently among the top ten global markets, growing 'twice the rate' of others, where it entered in 2009 and now operates a network of 129 stores, she said

E-commerce firm Flipkart's valuation has declined by USD 5 billion or around Rs 41,000 crore as of January 2024 compared to that in January 2022, according to equity transactions carried out by its US-based parent firm Walmart.
The valuation of the e-commerce firm declined to USD 35 billion as of January 31, 2024, from USD 40 billion in the financial year ended on January 31, 2022, as per Walmart's change in equity structure in Flipkart.
Flipkart attributed the decline in valuation to the demerger of fintech firm PhonePe into a separate company. Sources, however, peg the current valuation of Flipkart in the range of USD 38-40 billion.
Walmart diluted 8 per cent equity in Flipkart for USD 3.2 billion in fiscal year (FY) 2022 reflecting the enterprise value of the e-commerce at USD 40 billion.
The US retail giant in FY2024 increased its shareholding by 10 per cent to approximately 85 per cent by paying USD 3.5 billion, reflecting the enterprise valuation of Flipkart at USD 35 ...

Flipkart

Flipkart attributed the decline in valuation to the demerger of fintech firm PhonePe into a separate company. Sources, however, peg the current valuation of Flipkart in the range of $ 38-40 billion

A consumer disputes redressal commission here found Flipkart guilty of adopting unfair trade practices and ordered it to pay a customer Rs 10,000 for the mental harassment he suffered after it cancelled his iPhone order.
The cancellation was intentional to make extra profit, which amounts to a deficiency in service and unfair and restrictive trade practice adopted by the online platform, said the District Consumer Disputes Redressal Commission, Central Mumbai, in the order passed last month.
The detailed order was available on Sunday.
The commission noted that though the customer had received a refund, he needed to be compensated for the mental harassment and agony he suffered because of the unilateral cancellation of his order.
As per the complainant, a Dadar resident, he ordered an iPhone from Flipkart on July, 10 2022 and paid Rs 39,628 using his credit card.
The phone was supposed to be delivered on July 12, but six days later he received an SMS from the e-commerce company tha

iPhone, Apple, iPhone sales

As per the complainant, a Dadar resident, he ordered an iPhone from Flipkart on July, 10 2022 and paid Rs 39,628 using his credit card

Tata Group hospitality firm Indian Hotels Company Ltd (IHCL) is planning to increase the number of skill training centres to 50 across India by next year, apart from accelerating online training in partnership with group firm TCS to meet its target of skilling 1 lakh people by 2030, a senior company official said.
The company, which has identified skilling as one of the areas of focus under its environmental, social, and corporate governance initiative Paathya, is focussing on rural areas for the skill training programme and is confident that more than 25 per cent of the 1 lakh people who will be skilled by 2030 will be women.
It is trying to play its part in bridging the demand-supply gap of skilled workforce in the hospitality industry, which has witnessed robust growth in the last couple of years after the pandemic.
"The industry has come back in a very strong way... In the last few quarters in terms of growth, (if it) is anything to go by, we are looking at a very robust path in

taj hotels, IHCL hotels

It is trying to play its part in bridging the demand-supply gap of skilled workforce in the hospitality industry, which has witnessed robust growth in the last couple of years after the pandemic

Mother Dairy will invest Rs 650 crore to set up two new plants for processing of milk as well as fruits and vegetables to expand its business amid rising consumer demand.
Mother Dairy, which is a leading milk supplier in Delhi-NCR, will also invest another Rs 100 crore to expand capacities of its existing plants.
"In our endeavour to expand our distribution and reach to our consumers, we have earmarked a capital expenditure (capex) outlay of over Rs 750 crore to enhance our dairy and F&V (fruits and vegetables) processing capacities across key locations," Mother Dairy Fruits and Vegetables Pvt Ltd MD Manish Bandlish told PTI.
Mother Dairy is coming up with a big dairy plant in Nagpur, Maharashtra with an investment of around Rs 525 crore, he said.
The greenfield plant will have a processing capacity of 6 lakh litres of milk per day, which can be expanded up to 10 lakh litres a day.
This upcoming plant will serve the markets of central and southern regions.
"We also plan to ...

Mother Dairy

Mother Dairy, which is a leading milk supplier in Delhi-NCR, will also invest another Rs 100 crore to expand capacities of its existing plants

Sakra, in collaboration with SECOM and TTC, anticipates a revenue surge of Rs 500 crore by the end of 2024

Sakra World Hospital

Japan's Toyota Tsusho and Secom Medical System on Saturday announced plans to set up a second multi-super specialty healthcare facility under their Sakra World Hospital operations in India at an investment of Rs 1,000 crore.
The two partners, which already run a Sakra World Hospital facility in Bengaluru, plan to add another 500-bed new unit at Banaswadi in Bengaluru North. The facility is scheduled for completion by the end of 2026.
Sakra World Hospital is also looking to set up at a third unit, which is envisaged to have 300 beds, as part of its plans to add 1,000 beds in the upcoming years.
The second facility, to be constructed at an estimated cost of Rs 1,000 crore, will have a 500-bed capacity with a built-up area spanning 6 lakh sq ft, Sakra World Hospital said in a statement.
Sakra World Hospital is a collaboration between Japan's healthcare major Secom Medical System and trading conglomerate Toyota Tsusho.
"The new facility is the extension of our firm commitment towards 

Medical college

Sakra World Hospital is also looking to set up at a third unit, which is envisaged to have 300 beds, as part of its plans to add 1,000 beds in the upcoming years

Fintech

Rai explained that this is an extension of their work on the Trinetra, which has been adopted by the UP Police Department and deployed through integration with security cameras

Prashant Kumar, Director General of Police (DGP), Uttar Pradesh Police during presentation by Staqu Technologies

The Series B funds raised from Naik and other investors would be used to set up a state-of-the-art integrated manufacturing facility for neurovascular devices in Karnataka

AM Naik, L&T

Indian startup movement must be driven by Indian financing and cannot depend on foreign funding, G20 Sherpa Amitabh Kant said on Thursday.
While speaking at the CII Unicorn Summit, Kant said the nation needs to create a fund of funds to support young deep tech startups.
He said unicorns are national assets to the country.
Startups should focus on corporate governance for growth, otherwise, they will land up in a debacle, Kant added.
He also said women are outperforming men in every single walk of life, and if India wants to be a USD 35 trillion economy by 2047, it cannot do so without women.

Amitabh Kant

While speaking at the CII Unicorn Summit, Kant said the nation needs to create a fund of funds to support young deep tech startups

Our dominance in the consumer group is unparalleled, especially in the auto portal segment, said Aneesha Menon

Aneesha Menon, Executive Director and CFO of CarTrade,

Make time for that forgotten hobby, advises Bijli, who revived his 1980s-style rock band during the pandemic

Ajay Bijli, PVR Inox MD

Smiles are a mood-lifter, says Tapan Singhel, whose wellness matra includes not leaving tasks pending

Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance

I don't think there is anything called work-life balance; it is only work-life integration, says Vignesh Shahane

Vighnesh Shahane, MD & CEO, AFLI

R C Bhargava tells that we support any scheme of the government that encourages new investment and new technology to come into the country, and that is what we hope will happen

R C Bhargava, Chairman, Maruti Suzuki

Linde talks about the global chemical company's blueprint for India, which ranges from an AI campus and more manufacturing facilities

Sanjiv Lamba, Linde

He also mentioned that the Group has understood the importance of "perception and brand" value after the Hindenburg affair

Karan Adani, Managing Director of Adani Ports and Special Economic Zone Limited

All concerns raised by the RBI pertain to operational and process-related matters, AK Purwar said

A K Purwar, chairman and independent director, IIFL Finance

Companies News: Get latest company news, company results, company interviews, company financials, company analysis, company disclosure, corporate news, company announcements at Business Standard.

Company News: Company Business News, Indian Companies News, Company Analysis, Corporate Industry News

Get latest company news, company results, company interviews, company financials, company analysis, company disclosure, corporate news, company announcements at Business Standard.

Companies

Start Ups

People

Results Corner

Result News

Interview