Page 110 - Companies

HCL Infosystems posts consolidated loss at Rs 10 cr in Sept quarter

IT company HCL Infosystems on Tuesday posted a consolidated loss of Rs 10 crore in the second quarter ended September. The company had posted a consolidated profit of Rs 13 crore in the same period a year ago, it said in a regulatory filing. According to the auditor's note, HCL Infosystems group has accumulated losses and its net worth has been fully eroded as on September 30, 2022. The group's current liabilities exceeded its current assets by Rs 489.84 crore during the July-September period. HCL's revenue from operations more than halved to Rs 6.93 crore during the quarter under review from Rs 15.54 crore in the corresponding period of the preceding year.

Zee Media Corporation's Sept quarter net loss narrowed at Rs 12.08 crore

Zee Media Corporation Ltd (ZMCL) on Tuesday reported narrowing of its consolidated net loss at Rs 12.08 crore for the second quarter ended September. The company had posted a net loss of Rs 102.67 crore during the July-September quarter of FY22, ZMCL said in a regulatory filing. Its revenue from operations was down 5.51 per cent to Rs 194.77 crore during the quarter under review. It stood at Rs 206.14 crore in the corresponding period a year ago. Its total expenses rose 17.7 per cent at Rs 204.23 crore in the September quarter. ZMCL is one of the leading news networks of India. Formerly known as Zee News Ltd, ZMCL is a part of media baron Subhash Chandra-led Essel Group and operates one of the largest news networks with 14 news channels in ten different languages.

Suzuki Motor Q2 operating profit jumps two-fold on improved sales

Japanese auto major Suzuki Motor Corporation on Tuesday reported a two-fold year-on-year increase in operating profit at 89.8 billion yen (around Rs 5,000 crore) in the second quarter ended September 30, 2022. Net sales in the period under review stood at 1,154.1 billion yen (around Rs 64,000 crore), an increase of 39.3 per cent over 828.2 billion yen in the same period last year. The company attributed the rise in operating profit to sales volume growth across markets, including India, which offset the impact of higher raw material prices. Suzuki said its automobile sales across markets for the April-September period stood at 14.63 lakh units as compared to 12.55 lakh units in the same period last year. On the business outlook for the rest of the year, the automaker noted: "While there is no change in our perception that the risk of global recession is increasing, we have revised the forecast upward to reflect the progress of the first half of the fiscal year and the review of uni

CCI needs an update to ensure fair play in digital economy, say experts

New Bill, better training will help anti-trust regulator perform better, they add

M P Birla group's Birla Corporation posts Rs 56 cr loss in second quarter

M P Birla group flagship company Birla Corporation Ltd (BCL) posted a loss of Rs 56 crore in the second quarter of the current fiscal against a net profit of Rs 86 crore in the same period previous financial year. Revenue of the company increased 19.3 per cent at Rs 2042 crore during the second quarter as compared to Rs 1711 crore in the previous similar period, a statement by the primarily cement manufacturing firm said on Tuesday. The company said that the profitability of BCL during the second quarter was impaired by rising power and fuel costs which could not be passed on to the consumers. EBITDA, a measure of underlying profitability, of the company in the current second quarter declined 51.6 per cent to Rs 136 crore from Rs 281 crore in the similar previous period of 2021-22. BCL said that the newly-commissioned Mukutban plant in Maharashtra is yet to stabilise operations and also had a negative impact on profitability. Sales of the company increased 11.4 per cent at 3.64 ..

Welspun India's Q2 net profit down 96% at Rs 8.33 cr due to high input cost

Home textiles major Welspun India Ltd on Tuesday reported a 95.86 per cent decline in its consolidated net profit to Rs 8.33 crore for the second quarter ended September 30, mainly due to high input costs. It had posted a consolidated net profit of Rs 201.50 crore in the July-September quarter a year ago, Welspun India said in a regulatory filing. Its revenue from operations slipped 15.04 per cent to Rs 2,113.46 crore during the quarter under review. It was Rs 2,487.63 crore in the year-ago period. The company's total expenses in the September quarter fell 4.29 per cent to Rs 2,122.85 crore. Its revenue from home textiles was Rs 2,011.41 crore and Rs 159.59 crore from the flooring segment. Welspun Group Chairman BK Goenka said: "In view of the macro environment that continues to be challenging, the Company's operating and financial performance demonstrates the trust it enjoys among its global customers. This is evident in the growth registered by the company's brands portfolio and

Pocket FM expects to reach $100 mn annual revenue run rate by Sept 2023

Audio content app Pocket FM expects to reach an annual revenue run rate (ARR) of USD 100 million by September 2023, the company said on Tuesday. This implies that the company will be able to achieve at least USD 100 revenue by September 2024 if its growth remains consistent. "As we successfully discovered the content monetisation model in the audio space, our revenue has grown 10 times to USD 25 million ARR in just 12 months. "With the continued momentum and expected growth targets, we foresee another 4X growth in our revenue during our fifth year of operations, thus entering into the USD 100 million ARR club within five years of our operations," Pocket FM Co-founder and CEO Rohan Nayak said in a statement. Driven by micro-payment features on the platform, Pocket FM claims to have registered a 10-fold revenue growth during its fourth year of operations, with over 500,000 monthly transactions. The company also said that it has strengthened its creator community to over 500,000 ...

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Reliance may retain Metro India's top management post-acquisition: Report

The acquisition includes 31 wholesale distribution centres, land and other assets owned by Metro

Top IT services firm hit the pause button on hiring amid weak earnings

However, fears of an impending recession and declining profitability have together contributed in the change of mood for these IT services companies, along with their approach

Meta Platforms' India staffers on edge over layoff media reports

The global tech giant is struggling, but its India unit is performing rather well

Why Musk's takeover of Twitter and the layoffs will shrink free speech

Musk's vision for Twitter is not particularly complex. He views it as a software platform first, and only then as a social network

Britannia investors see 'Good Day' after strong Q2, stock surges 9%

FMCG major has been gaining market share for 38 consecutive quarters now, stands at 15-yr high

Reliance Jio takes a bold call on financial services amid tough competition

By separating financial services from its core business through the listing, RIL wants to keep it at arm's length, which would be a necessary regulatory requirement for the financial services business

Jio Payments likely to become subsidiary of Jio Financial Services

Sources in the know say that this 70 per cent stake held by RIL will be transferred to JFS. SBI will continue to own the rest of the 30 per cent in RPB

India Cements posts Q2 loss of Rs 113 cr on input cost spike, lower volumes

Revenue from operations up 7% YoY; firm had posted Rs 30 cr profit a year ago

Unacademy gives pink slips to 350 employees in second round of layoffs

CEO Gaurav Munjal apologises to staff, says market challenges forced relook at commitment of no layoffs

Tata Motors beats target, becomes India's first to roll out 50,000 EVs

The firm which entered EV market in 2020, is now focusing on a three-phased architecture approach for such vehicles and plans to launch 10 EVs in five years

IndiGo, Go First weighed down by grounded planes and engine shortages

IndiGo confirms 30 planes on ground, plots alternate strategies for capacity growth

Brookfield India's net dips 61% to Rs 27 crore, net operating income up

The company's sales rose 43.40 per cent to Rs 303.60 crore in the July-September quarter, from Rs 211.71 crore during the previous quarter ended September 2021