Page 54 - Companies

WNS June quarter results for FY24: Net profit declines to $30.1 million

Business process management company WNS on Thursday reported a 9 per cent decline in net profit at USD 30.1 million in the June quarter. The NYSE-listed company, which has a major chunk of its operations in the country, had reported a profit after tax of USD 33.1 million in the year-ago period. For the reporting quarter, its revenue grew to USD 326.5 million from USD 295.3 million in the year-ago period, and USD 314.9 million in the preceding March quarter. There was an increase in the operating expenses, which includes selling and marketing expenses, administrative expenses and amortisation, along with a narrowing of forex gains during the quarter, the company said. The finance expenses also more than doubled to USD 7.1 million during the reporting quarter. "Despite the challenging macro environment, WNS grew constant currency revenue less repair payments by more than 17 per cent," its chief executive officer Keshav Murugesh said. The company guided that it expects the revenue l

Infosys cuts FY24 outlook to 1-3.5%; Q1 net profit up 11% to Rs 5,945 cr

Operating margins 'resilient in uncertain macro environment', says company

Hindustan Unilever Q1 results: Profit rises 6.9% to Rs 2,556 crore

Total expenses were higher at Rs 12,167 crore as compared to Rs 11,531 crore in the same quarter a year ago, the company said

Reliance Strategic Investments reports Rs 1.45 bn Q1 net profit after tax

In a BSE filing the company further informed that Reliance strategic investments ltd.'s total income from operations was recorded at 2.15 billion rupees in June quarter

Tata Steel manufactured crane used in rocket launch for Chandrayaan-3

Private steel major Tata Steel on Wednesday said that it manufactured the crane used for the successful launch of the LVM3-M4 rocket, dubbed as 'Fat Boy', in the Chandrayaan-3 mission. It said the crane was manufactured in Tata Growth Shop in Jamshedpur. "Our cutting-edge crane technology played a crucial role... We supplied the Electric Overhead Traveling (EOT) crane which was installed at the Satish Dhawan Space Centre of Indian Space Research Organisation (ISRO) at Sriharikota, Andhra Pradesh," it said. "Through our contribution to the launch... we reaffirm our commitment to fostering India's technological advancement and growth," it stated. The rocket was launched from Sriharikota on July 14.

Bata India positive about growth outlook amid short-term headwinds

Geopolitical concerns and doubts about inflation may continue to impact consumer sentiment in the short term, said Bata India managing director and CEO Gunjan Shah. Shah, however, remained positive about the growth and profitability outlook for the company in the latest annual report. He did not elaborate on this. "We have made huge strides this past year. 2023 will be a great year for us. We will strengthen 'OneTeam' collaboration, focus on people development, invest in digitization, and improve efficiency. We are perfectly equipped to achieve future profitable growth," he said. Bata achieved several milestones in FY'23, including crossing the 2,000+ store milestone for the first time and expanding the Sneaker Studios concept. "Expanding our footprint through a combination of franchisee and COCO models, we opened 200 plus franchise stores, shop-in-shop and company-owned-company-operated stores, and the overall store count crossed the impressive 2,000 milestone," Shah said. In FY

L&T Finance net income rises over two-fold to Rs 531 crore in Q1

In a statement, the L&T Group company said its retail portfolio jumped to 82 per cent of the total loan book, up from 54 per cent in Q1FY23 and 75 per cent in Q4FY23

Finolex Industries net profit rises over 10% to Rs 111 crore in Q1

Pipes maker Finolex Industries on Wednesday reported over 10 per cent growth in net profit at Rs 110.88 crore in the June quarter, even though the income declined a notch to Rs 1,179.2 crore from Rs 1,189.8 crore. The 10.8 per cent spike in bottomline was helped by a healthy rise in margins, which rose to 12.93 per cent from 10.58 per cent a year ago, on higher per unit reaslisaiton, the company said. Its volume, primarily pipes and fittings, rose 28.1 per cent to 92,181 tonnes from 71,960 tonnes a year ago, the Pune-based company said in a statement. But volume in PVC resin segment was down 26.57 per cent to 46,074 tonnes from 62,746 tonnes. Prakash P Chhabria, executive chairman, said the overall economic recovery has led to a strong demand which in turn has been driving volume growth in pipes and fittings segment.

Tata Communications net profit falls by 30% to Rs 382 crore in June quarter

Tata Communications on Wednesday posted a 29.8 per cent fall in consolidated net profit at Rs 382 crore in the June quarter, hit by higher interest costs and lower forex gains. The consolidated revenue rose 10.7 per cent year-on-year to Rs 4,711 crore. The data business revenue stood at Rs 3,912 crore, an increase of 17.1 per cent over the same period previous year. In the first quarter of the current fiscal, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) from data business stood at Rs 929 crore, down 4.2 per cent year on year largely "due to inorganic costs coming in this quarter", the company said in a statement. "We have had a pivotal first quarter in FY24 delivering a very strong revenue growth in our data business and the digital portfolio, closing The Switch deal and announcing the Kaleyra acquisition," Tata Communications MD and CEO A S Lakshminarayanan said. He also said the company is on track with the execution of its strategy and the strengthe

Broadcom's $61 bn VMware purchase wins UK competition watchdog's approval

Computer chip and software maker Broadcom's USD 61 billion plan to buy cloud technology company VMware cleared another hurdle on Wednesday after Britain's competition regulator gave the deal provisional clearance. The Competition and Markets Authority said its investigation found the deal would not substantially reduce competition in the supply of hardware components for computer servers in the UK. The deal also would be unlikely to harm innovation, the regulator said. Thousands of British businesses and public bodies, including major banks, big retailers, telecom operators and government departments rely on Broadcom gear and VMware software, the regulator said. Both companies are based in California. The CMA will now seek feedback before issuing its final report September 12. The European Commission, the EU's executive arm and top antitrust enforcer, cleared the deal last week after Broadcom made concessions to address its concerns about competition. Broadcom wants to establish a

Crisil reports 10% growth in profit to Rs 150.6 cr in Apr-Jun quarter

Largest rating agency Crisil, majority owned by the Wall Street-based S&P, Wednesday reported a 10 per cent growth in net income at Rs 150.6 crore for the second quarter ending June. The city-based rater said standalone income from operations for the reporting quarter rose 15.3 per cent to Rs 771.0 crore and the consolidated income rose 12.1 per cent to Rs 788.8 crore. The company also announced an interim dividend of Rs 8 per share. Amish Mehta, the managing director & chief executive said the overall numbers were impacted during Q2, due to unfavourable foreign exchange movements compared to the same quarter last year. Slowing global growth is expected to progressively weigh on domestic activity, he said, adding while domestic demand has been resilient so far, it can moderate later this fiscal as the full impact of rate hikes of the recent past manifests and the pent-up demand in contact-based services wanes.

TCS expands partnership with GE HealthCare Tech for IT operations

Tata Consultancy Services (TCS) on Wednesday said it has expanded its partnership with GE HealthCare Technologies to transform the American multinational firm's IT operating model. The transformation will bring intelligent care solutions to one billion patients across more than 160 countries where GE HealthCare operates, TCS said. TCS will manage the development, maintenance, rationalisation, and standardisation of GE HealthCare's enterprise IT applications and also leverage artificial intelligence for faster time to value realisation, operational resilience, and productivity, it said. Anupam Singhal, Business Head, Corporate Accounts, TCS, said: "TCS' long-standing relationship with GE HealthCare is founded on the shared belief that technology helps improve lives and contribute to the overall well-being of individuals and communities." Chief Information Officer of GE Healthcare Jahid Khandaker said the collaboration will address the changing patient requirements and support medica

Tata Coffee's net profit down by 5% at Rs 62.06 cr for quarter ended June

Tata Coffee on Wednesday reported a 5 per cent fall in consolidated net profit at Rs 62.06 crore for the quarter ended June. Its net profit stood at Rs 65.49 crore in the year-ago period. Total income, however, rose to Rs 707.93 crore in the first quarter of this fiscal from Rs 666.05 crore in the corresponding period of the previous year, Tata Coffee said in a regulatory filing. The rise in total income was driven by higher realisations in plantation coffee and instant coffee businesses both in India and Vietnam. "Tata Coffee's Vietnam operations continue to deliver strong sales with improved profitability driven by higher sales of premium products. It has a robust healthy order pipeline," it said. The operating performance of EOC (Eight O'clock Coffee) business was impacted during the June quarter by lower bag volumes and higher input costs. "The Group's consolidated profit for Q1, FY'24 is marginally lower at Rs 62 crore compared to Rs 65 crore in the corresponding quarter of

Hinduja Tech partners with Proaxia Consulting Group for SAP vehicle sales

Hinduja Tech, part of the diversified conglomerate Hinduja Group on Wednesday said it has partnered with Proaxia Consulting Group AG, to become a Proaxia Vehicle Sales and Service Solutions value added reseller. As a Value Added Reseller, Hinduja Tech gains privileged access to resources, services and product knowledge to maximise business outcomes for customers. The collaboration enables Hinduja Tech to offer end-to-end SAP solutions for the automotive industry, leveraging its expertise as a leading SAP services provider coupled with deep domain expertise in the automotive sector, a company statement said. Hinduja Tech is excited to collaborate with Proaxia in delivering tailored business solutions for the automotive industry. By leveraging its expertise in the automotive domain and SAP implementation, HT incorporates industry best practices to drive optimal outcomes and efficiency for the customers, company business unit-head, digital technology solutions, Prashant Nirmale ...

Tata Coffee Limited (TCL) June quarter revenue grows 6% to Rs 708 crore

The operations in Vietnam by Tata Coffee continue to deliver strong sales with improved profitability

Bank of Maharashtra Q1FY24 result: Net profit up 95% YoY to Rs 882 cr

Net Interest Income (NII) grew by 38.80% YoY to Rs 2,340 crore in Q1FY24 as against Rs 1,686 crore for Q1FY23

Bikaji Foods International acquires 49% equity stake in Bhujialalji

Bhujialalji Pvt Ltd (BPL) is a new entrant to this industry with its product portfolio comprising popular bhujia and namkeen variants

L&T CFO, CEO took double-digit remuneration cuts in FY23: Annual report

In comparison, the median remuneration for all employees rose by 3.06%; average increase in pay for non-managerial employees was 7.72%

Electric two-wheeler sales get recharged as subsidy cut pain eases

Average daily sales in the first 17 days of July double to 1,702 units from 852 units during the same period in June

PhonePe Insurance launches monthly subscriptions for health policies

Option will lower financial burden for customers, says company owned by fintech major PhonePe