Page 48 - Companies

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

Triveni Turbine net profit rises by 59% to Rs 61 cr in June quarter

Triveni Turbine on Tuesday posted over a 59 per cent rise in its consolidated net profit to Rs 61 crore, mainly due to higher revenues. The consolidated net profit of the company was Rs 38.3 crore in the quarter ended June 2022, a company statement showed. Its revenues from operations increased to Rs 376.4 crore in the quarter from Rs 259 crore a year ago. "In the first quarter of FY24, Triveni Turbines has delivered yet another impressive performance. The momentum in revenue growth remained strong during the quarter with 45 per cent growth over the previous corresponding period," said Triveni Turbine Chairman and Managing Director Dhruv M Sawhney. At the end of the quarter, the company had a record closing order book of Rs 1,410 crore, up 31 per cent year-on-year, he added.

Chemicals maker Anupam Rasayan Q1 net profit rises 25% to Rs 52.25 crore

Chemicals maker Anupam Rasayan on Tuesday posted a 24.52 per cent rise in its consolidated net profit at Rs 52.25 crore in the June quarter on strong revenue. Net profit stood at Rs 41.96 crore in the same quarter a year ago, a regulatory filing said. Total income rose on a consolidated basis to Rs 398.76 crore during the April-June quarter of the 2023-24 fiscal from Rs 334.3 crore in the year-ago period. Expenses remained higher at Rs 321.46 crore as against Rs 273.64 crore in the said period. Anand Desai, Managing Director of Anupam Rasayan, said, "I am delighted at the consistent growth momentum of the company against a challenging industry backdrop." While the falling prices of commodity agrochemicals are putting pressure on margins for the industry, the company's customised products and robust business model helped deliver strong EBITDA margins of 29 per cent in Q1 of this fiscal, he said. During Q1, Anupam Rasayan signed an MoU with 3xper Innoventure Ltd for the supply of .

Franklin Templeton MF says returned over Rs 27,000 crore to investors

Franklin Templeton Mutual Fund (MF) on Tuesday said it has returned over Rs 27,000 crore to unit holders of six shuttered debt schemes till date. The amount translates to around 107.51 per cent of the aggregate reported assets under management value across the six funds as of April 23, 2020, when the fund house announced shutting the six debt mutual fund schemes, citing redemption pressures and lack of liquidity in the bond market. Only short term income plan has some miniscule assets that have to be liquidated, according to a Franklin Templeton spokesperson. The six schemes had collective assets under management of Rs 25,215 crore, when the decision to close the funds was announced, it said in a statement. The schemes were Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund, and Franklin India Income Opportunities Fund -- In a separate statement, Frankl

Roastea eyes Rs 100 cr in topline, to install 5,000 vending machines

Beverage startup, Roastea is eying Rs 100 crore turnover and 5,000 vending machines network by 2024-25. "The company's tea and coffee vending machine business will be one of the key drivers of growth, and it aims to roll out over 1,500 such machines this year, aggregating to 2,500 machines," a company statement said Roastea aims to have around 5,000 vending machines installed across corporates and open 40 cafes over the next two years (by 2024-25), it added. Profitable since inception, Roastea aims to reach Rs 100 crore turnover by FY25, it stated. Focused on corporates, IoT (Internet of Things) enabled modern vending machines are manufactured at Roastea's own contracted factory. They offer fresh milk-based beverages with a unique selection of filter coffee and Indian masala chai and can serve over 20 beverages simultaneously. Roastea's co-founder Anurag Bhamidipaty said, "Vending machine business of Roastea is performing exceptionally well and serves as the primary growth driver

Meta prepares AI-powered chatbots in attempt to retain users: Report

The report comes as Meta executives are focusing on boosting retention on its new text-based app Threads, after the app lost more than half of its users in the weeks following its launch on July 5

Indians spent Rs 5,000 crore on cosmetics in 6 months, mostly online: Study

Kantar Worldpanel study reveals that working women leading the way of cosmetic purchases both online and offline

700,000 new gig jobs to come up between July and December: TeamLease

The upcoming festive season is expected to push demand on e-commerce platforms which will boost their need for gig workers like delivery and warehousing partners

Aditya Birla Group expands its portfolio, adds four restaurant brands

Aditya Birla New Age Hospitality (ABNAH) has added four restaurant brands, namely Hakkasan, Yauatcha, Nara Thai, and CinCin to its portfolio

Sebi's recent rules increase costs, compliance burden on companies

Companies are struggling to prepare themselves for the new regulations, some of which will take effect in a few months

Petronet LNG Q1FY24 results: Net profit at Rs 789 cr YoY; revenue down 18%

The total income for Q1FY24 came in at Rs 11,802.79 crore, compared to Rs 14,405.58 crore YoY

Pernod Ricard eyes premium spirit market in India with local brands

The second-largest distiller in the world has already produced an Indian single malt and may be expanding its portfolio in light of growing demand

Over 96,000 companies voluntarily wound up operations in last five years

From April 1, 2018 to March 31, 2023, as many as 96,261 companies exited voluntarily, invoking a section in the Companies Act

DGCA renews air operator certificate of cash-strapped Jet Airways

The airline had stopped flying on April 17, 2019, and its AOC expired over two months ago on May 19 this year

Reliance Capital posts consolidated net profit of Rs 444 crore in Q1

Debt-ridden Reliance Capital on Sunday reported coming back in black in the April-June quarter of 2023-24 with a consolidated net profit of Rs 444 crore for the period driven by the good performance of group companies. The financial services firm under the debt resolution process had a net loss of Rs 491 crore in the corresponding quarter of 2022-23. The company's total income during April-June 2023 stood at Rs 6,001 crore against Rs 3,604 crore in the year-ago quarter, Reliance Capital said in a regulatory filing. Its total expenses rose to Rs 5,560 crore, from Rs 4,068 crore in the first quarter of the previous year. The company has a presence in finance and investment business, general and life insurance, commercial finance and others. The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues. The RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolve

Domestic drug makers Sun Pharma, Alembic recall drugs in US market

Domestic drug makers Sun Pharma and Alembic are recalling products in the US market due to manufacturing issues, according to the US Food and Drug Administration (USFDA). As per the US health regulator's latest Enforcement Report, the Mumbai-based drug major is recalling 12,336 bottles of Buprenorphine Sublingual tablets, used for treating opioid use disorder, in the American market. Sun Pharmaceutical Industries Inc, the US-based arm of the company, is recalling the affected lot (8 mg, 30 count-bottles) due to CGMP (Current Good Manufacturing Practice) deviations, the USFDA stated. The company initiated the CLass II voluntary recall on May 3 this year. Sun Pharma is also recalling 7,313 bottles of Methylphenidate Hydrochloride tablets, used to treat attention deficit hyperactivity disorder, in the US market. New Jersey-based Sun Pharmaceutical Industries Inc is recalling the lot due to the "presence of foreign substance: metal embedded in a tablet", the USFDA stated. The company

Fedbank Financial Services to raise up to Rs 1,400 cr from IPO this year

Fedbank Financial Services is aiming to raise up to Rs 1,400 crore through an Initial Public Offering (IPO) by the end of 2023, a top official at its promoter entity Federal Bank has said. The Non-Banking Finance Company (NBFC) arm of the South-based bank re-filed its Draft Red Herring Prospectus for an IPO last week, after the previous go-ahead lapsed as choppy market conditions prevented it from moving ahead. "They (Fedfina) are looking at an IPO of somewhere in the Rs 1,200-1,400 crore range... We are looking to do something in the course of calendar 2023," Federal Bank's managing director and chief executive Shyam Srinivasan told PTI in an interaction. He said the NBFC arm is growing well and has adequate capital to take care of growth requirements till early 2024. Capital markets regulator Sebi will take some time to go through the papers and issuance can happen in the next 90-100 days, he said. The retail finance-focused company plans to raise up to Rs 750 crore through a fr

Tredence eyes acquisitions in BFS, healthcare vertical by year end

In terms of size, Tredence will be focussing on acquiring companies with revenues in the range of $10-15 million, though it would be flexible in its approach, said Bhowmick