Page 47 - Companies

Adani Wilmar posts Rs 79 cr loss in June quarter due to lower income

Edible oil major Adani Wilmar on Wednesday reported a net loss of Rs 79 crore in the June quarter due to lower income amid fall in prices of cooking oils. The company had posted a net profit of Rs 194 crore in the year-ago period. Total income fell 12 per cent to Rs 12,928 crore during the April-June period of this fiscal from Rs 14,724 crore in the corresponding period of the previous financial year, Adani Wilmar said in a regulatory filing. Adani Wilmar sells edible oils and other food items under Fortune Brand. "We have regained the momentum in our edible oil business with the decline in the edible oil prices. The soft prices of edible oil are expected to augur well for the industry," Angshu Mallick, MD & CEO of Adani Wilmar Ltd, said. The company is gaining good share from regional brands in the under-indexed customer segments with marketing and sales focus on specific geographies and oil categories, he added. To capture the opportunity in the value-added blended oils, Mallic

Sterlite Power acquires Fatehgarh III Beawar Transmission from PFC

Sterlite Power on Wednesday said it has acquired Fatehgarh III Beawar Transmission, a special purpose vehicle, from PFC Consulting Limited. PFC Consulting Limited (PFCCL) is a wholly-owned subsidiary of Power Finance Corporation Limited under the Ministry of Power. "Sterlite Power acquires Fatehgarh III Beawar Transmission Project in Rajasthan from PFC. The project was awarded to Sterlite Power through tariff-based competitive bidding process in March 2023," the company said in a statement. Through the Fatehgarh III Beawar Transmission Limited special purpose vehicle (SPV), the company will set up a critical transmission project in Rajasthan on build-operate-transfer mode for 35 years. The project will involve constructing a 350 kilometre, 765kV transmission corridor from Fatehgarh III to Beawar in Rajasthan. It will enable evacuation of a part of 20 GW of renewable power from renewable energy zones in Fatehgarh (9.1 GW), Bhadla (8 GW) and Ramgarh (2.9 GW) areas of the state. Ster

Cholamandalam Investment and Finance reports 28.2% rise in Q1 PAT

Cholamandalam Investment and Finance Company Ltd has reported a 28.2 percent rise in its net profits for the April-June 2023 quarter at Rs 726 crore, the company said on Wednesday. The financial services arm of the diversified conglomerate Murugappa Group reported a profit after tax at Rs 566 crore during the corresponding period of last year. In a statement, the company said the Board of Directors, subject to the approval of shareholders, has approved a proposal for Capital raising by way of qualified institutional placements (equity issuance and or compulsory convertible securities) at a price to be determined under SEBI, (Issue of Capital and Disclosure Requirements) Regulations, 2018. "We are targeting to raise Rs 4,000 crore by way of these instruments, subject to necessary approvals," the company said. Total income during the quarter under review surged by 49 percent to Rs 4,134 crore from Rs 2,771 crore registered in the same period of last year. The aggregate disbursements

Dhanuka Agritech profit falls by 33% to Rs 32.93 cr in June quarter

Agro chemical firm Dhanuka Agritech Ltd on Wednesday reported a 33 per cent decline in its consolidated net profit at Rs 32.93 crore in the first quarter of this fiscal year. Its net profit stood at Rs 49.11 crore in the year-ago period. Total income also fell to Rs 375.71 crore in the April-June period of 2023-24 from Rs 409.57 crore in the corresponding period of the previous year, according to a regulatory filing.

Logistics firm Gateway Distriparks Q1 PAT grows to Rs 63.72 cr

Logistics operator Gateway Distriparks Ltd (GDL) on Wednesday reported a 9 per cent growth in Profit After Tax (PAT) at Rs 63.72 crore in the June quarter. The company had posted a PAT of Rs 58.45 crore in the April-June period a year ago. Total revenue during the quarter under review rose 8 per cent at Rs 374.85 crore against Rs 347.23 crore in the year-ago period, the company said in a statement. During the June quarter, rail volume stood at 89,939 TEUs, a growth of 4.96 per cent over 85,686 TEUS handled in Q1FY23, it said. Container Freight Station (CFS) business, however, recorded a 3.42 per cent decline in volume at 89,958 TEUS in the June quarter in comparison to 92,973 TEUS in the June quarter of the last fiscal, GDL said. "Train running was impacted this quarter by the Biparjoy cyclone when the rail network and port operations were shut for some time in Gujarat, along with some double stack restrictions imposed temporarily by the Indian Railways during the quarter as well,

SKF India standalone PAT rises to Rs 154.53 crore in June quarter

Bearings maker SKF India on Wednesday said it has recorded a 20 per cent growth in its standalone Profit After Tax (PAT) at Rs 154.53 crore in three months ended June 2023. The company had reported a standalone PAT of Rs 129.18 crore in Q1FY23, SKF India said in a statement. Revenue from operations during the quarter was at Rs 1,149.6 crore as compared to Rs 1,054.7 crore in the same period a year ago, it said. "We reported yet another quarter of impressive growth, achieving a 9 per cent increase in revenue and an 18 per cent increase in PBT year-over-year. Our focus on portfolio management and higher price realisation helped us offset inflationary pressures," Manish Bhatnagar, Managing Director of SKF India Ltd, said. Given the company's focus on strong cash flow momentum and driving operational efficiency, "we remain well prepared for further profitable growth in the upcoming quarters", he said. "Looking ahead, we are confident that the continued execution of our intelligent and

Vistaar Financial Services raises $50 million funding from US govt's DFC

Vistaar Financial Services has secured USD 50 million funding from the US government's development finance institution, the International Development Finance Corporation (DFC). The Bengaluru-based Vistaar, founded by Brahmanand Hegde and Ramakrishna Nishtala in 2010, has so far funded over 2 lakh small businesses across 12 states since inception and has a loan book of Rs 3,100 crore. In May, the company had raised USD 40 million in equity from the global private equity major Warburg Pincus. The DFC loan will help it expand its secured MSME lending portfolio, Avijit Saha, the chief executive said in a statement on Wednesday. The loan will expand access to capital for lending to small women-owned and -led enterprises, said James Polan, vice-president of DFC's office of development credit. The partners with the private sector to finance solutions and invest across sectors including energy, healthcare, critical infrastructure, and technology. With the May 2023 equity investment, Warb

Aditya Birla Capital Q1FY24 results: Net profit jumps 51% YoY to Rs 648 cr

The total income for Q1FY24 came in at Rs 9.82 crore, compared to Rs 7.98 crore year-on-year

Godrej Properties Q1FY24 results: Net profit at Rs 121 cr; revenue up 44%

The total income for Q1FY24 came in at Rs 567.51 crore, compared to Rs 439.29 crore year-on-year

Strides Pharma Q1FY24 results: Net profit at Rs 8 cr; revenue up 12%

The total income for Q1FY24 came in at Rs 486.9 crore, compared to Rs 430.6 crore year-on-year

Reliance Jio, Airtel drive telecom subscriber base to 1,172.57 mn in May

New customer addition by telecom operators Reliance Jio and Bharti Airtel led to a marginal growth in the country's telecom subscriber base to 1,172.57 million in May, according to a report released by regulator Trai on Tuesday. Subscriber loss of Vodafone Idea, BSNL and MTNL mitigated the growth of the telecom user base in May. "The number of telephone subscribers in India increased from 1,172.52 million at the end of April-23 to 1,172.57 million at the end of May-23, thereby, showing a monthly growth rate of 0.004 per cent," the Telecom Regulatory Authority of India (Trai) said in its monthly subscriber report. The subscriber base growth came from rural areas, where subscriptions increased to 519.14 million in May from 518.64 million. The growth was offset by a decline in the subscriber base in urban areas to 653.43 million in May from 653.88 million in April. The wireless subscriber base grew marginally to 1,143.21 million in May from 1,143.13 million in April. Reliance Jio ...

Sebi imposes Rs 13 lakh fine on two former executives of Wockhardt

Market regulator Sebi has imposed penalties totalling Rs 13 lakh on two former executives of Wockhardt for flouting insider trading norms. The regulator has slapped a fine of Rs 12 lakh on Yatendra Kumar and Rs 1 lakh on Shashi Kant Tiwari. The order came after Sebi conducted an investigation into the trading activity in the scrip of Wockhardt for the January 2012 to August 2013 period to ascertain any violation of the provision of insider trading rules. In its 35-page order on Monday, Sebi found that Kumar was an insider who had traded in the scrip of Wockhardt while having Unpublished Price Sensitive Information (UPSI), regarding issuance of Form 483 by the US Food and Drug Administration (USFDA) to Wockhardt's manufacturing facility in Waluj in Maharashtra. Form 483 contains FDA's observation in detail and is issued if USFDA finds objectionable conditions upon completion of inspection of facilities. The issuance of such a form is regarded as adverse observations. Unless rectifie

Uber forecasts quarterly operating profit above estimates on ride demand

Uber Technologies on Tuesday forecast third-quarter operating profit above Wall Street expectations as it sees growing demand for ride hailing

Shriram General Insurance reports 37% rise in net profit in June quarter

Shriram General Insurance Company posted a 37 percent growth in net profit at Rs 98 crore during the first quarter of FY 24. The insurer on Tuesday said it wrote 13,03,340 policies driven by higher digital selling of traditional and new combo products. About 82 percent of all its policies now come from online purchases and the company introduced three new products during the quarter, the insurer jointly owned by Shriram Group and Africa's Sanlam Group, said in a statement. Its gross written premium (GWP) stood at Rs 560 crore, a rise of 39 percent growth over the same period last year. The company's solvency at the end of June 2023 was 4.83 from 4.48 a year ago. It has settled 39,076 claims in Q1 FY24 compared to 33,811 in the year-ago period. "Our physical approach is the main driver during the quarter. While we remain focussed on existing business streams, we believe newer areas like EV insurance and developing a stream of combo insurance plans will help the market and drive growt

Tribhovandas Bhimji Zaveri reports five-fold jump in profit in June quarter

BENGALURU (Reuters) - Indian jeweller Tribhovandas Bhimji Zaveri reported a nearly five-fold jump in first-quarter profit on Tuesday

Orient Cement's net profit declines to Rs 37.03 crore in June quarter

C K Birla group firm Orient Cement Ltd on Tuesday reported a marginal decline in its net profit at Rs 37.03 crore in the June quarter. It had posted a net profit of Rs 37.41 crore in the April-June quarter a year ago, Orient Cement said in a regulatory filing. Its revenue from operation was up 15.58 per cent at Rs 825.17 crore during the quarter under review as against Rs 713.93 crore in the year-ago period. Orient Cement's total expenses were at Rs 772.39 crore in Q1 of FY2023-24, up 17.73 per cent. In the June quarter, the company's total income was up 16 per cent at Rs 829.60 crore. Shares of Orient Cement Ltd on Tuesday settled 2.18 per cent lower at Rs 143.85 apiece on the BSE.

Jakson Group installs 9 kilowatt solar plant at AIIMS-Delhi premises

Renewable Energy firm Jakson Group has installed a 9-kilowatt solar plant on the premises of AIIMS here as part of an agreement. The project has been set up by its CSR arm Jakson Welfare Trust, Jakson Group said in a statement on Tuesday. The 9 KW solar project, installed on the rooftop of AIIMS Director's bungalow in the campus, is expected to generate 13,140 units per year, it added. Jakson Group Chairman and Managing Director Sameer Gupta said, "We are committed to support the nationwide net zero mission through renewable energy solutions, and our partnership with AIIMS demonstrates this commitment". After the inauguration of the solar project, M Srinivas, Director of AIIMS, New Delhi, said this collaboration illustrates a commitment to advancing sustainable healthcare practises, and he hopes it will encourage other institutions to follow the practice.

Redington reports 21% fall in quarterly profit as expenses mount

Redington reported a 21% fall in quarterly profit, as the technology devices distributor wrestled with higher expenses at a time when demand for work-from-home equipment also slowed

Thermax misses Q1 profit view with just 1.7% rise on slow sales growth

Thermax on Tuesday posted a marginal rise in its consolidated net profit at Rs 60 crore in the June 2023 quarter. Its consolidated net profit stood at Rs 59 crore in the year-ago period. "The company's consolidated profit after tax (PAT) is Rs 60 crore (Rs 59 crore in April-June 2022), an increase of 2 per cent over Q1 FY23," a company statement said. The company explained that the results were adversely impacted due to an exceptional item of provision related to ongoing litigation of Rs 51 crore. Its profit before tax (PBT) and exceptional increased 75 per cent to Rs 142 crore from Rs 81 crore in April-June 2022, it stated. Thermax, an energy and environment solutions company, recorded a consolidated operating revenue of Rs 1,933 crore in the first quarter of 2023-24, 17 per cent higher compared to Rs 1,654 crore in the year-ago period. As of June 30, 2023, the order balance for the quarter was Rs 10,505 crore, up by 10 per cent from Rs 9,554 crore a year ago. The order booking

Godrej Agrovet posts higher profit at 27.3% for June quarter as costs drop

The company's consolidated net profit rose to 1.05 billion rupees ($12.8 million) in April-June, from 827.1 million rupees a year ago