Page 65 - Companies

Hi-Tech Pipes's net profit grows 42% to Rs 16 crore in March 2023 quarter

Hi-Tech Pipes Ltd has posted a 42 per cent rise in its consolidated net profit to about Rs 16 crore in March 2023 quarter, backed by higher revenues. It had clocked a consolidated net profit of Rs 11.22 crore in the January-March quarter of 2021-22, the company said in a statement on Sunday. Its revenue from operations increased 18 per cent to Rs 701.85 crore from Rs 594.77 crore in the year-ago quarter. Its Chairman and Managing Director (CMD) Ajay Kumar Bansal said, "During this quarter, we have registered the highest-ever sales volume, revenue, PAT and EBIDTA. Net working capital days of the company have reduced substantially to 48 days". The company's greenfield facility of large diameter pipes at Makhiyav, Sanand in Gujarat is expected to start commercial production from the third quarter or Q3 of FY24, he said. In Q4 FY23, "the sales volumes increased by 26 per cent y-o-y to 1.07 lakh tonne (LT), and EBITDA rose by 13 per cent to Rs 33.75 crore," the company said. Uttar ...

Healthy growth, valuations point to more gains for Mahindra & Mahindra

Auto segment to drive growth on the back of improving demand, new launches

Zypp Electric to deploy 200K vehicles in its fleet, invest $ 300 mn

Startup electric mobility services provider Zypp Electric is targetting to deploy 2 lakh vehicles in its fleet in the next three years and will need up to USD 300 million to fund its expansion, according to company CEO and co-founder Akash Gupta. The company, which is planning to enter new cities like Mumbai, Pune and Hyderabad is targeting a revenue of Rs 500 crore this year, up from Rs 125 crore last year. "For us, the expansion is that today, we have 13,500 (vehicles in the fleet). How fast we can get to 2,00,000 is what we have to go for. We are doing those partnerships, we are building that tech, we are building that team of R&D and to do this in multiple markets," Gupta told PTI. When asked for the timeline for reaching a fleet size of 2 lakh, he said it would be in three years. Zypp, which serves e-commerce and food/grocery delivery players like Swiggy, Zomato, Amazon, Myntra, Delhivery and PharmEasy, among others, is currently present in Delhi-NCR and Bengaluru. "We are ..

Corporate family feuds and the critical role of independent directors

IDs can play a vital role during family disputes by promoting corporate governance, ethical conduct, ensuring strict compliance and controls, and resolving conflicts fairly and equitably

Wipro chairman Rishad Premji's compensation down 50% as profits fall

If one has to take the Covid period as an example, several senior executives and managers have taken pay cuts

Dream Sports CEO Harsh Jain elected as new chairman of IAMAI till 2025

Jain replaces Sanjay Gupta, vice-president, and country manager at Google India

Bayer CropScience records 3.79% increase in Q4 profit at Rs 159 crore

Bayer CropScience on Thursday reported 3.79 per cent increase in net profit at Rs 158.5 crore for March quarter 2022-23, as against Rs 152.7 crore in the year-ago period. Total income rose to Rs 982.5 crore during the quarter from Rs 963.3 crore in the year-ago period, according to a regulatory filing. Expenses increased to Rs 811.1 crore from Rs 789.5 crore. For the entire 2022-23 fiscal, Bayer CropScience reported 17.49 per cent jump in net profit at Rs 758.2 crore, when compared with Rs 645.3 crore in the previous fiscal. Total income increased to Rs 5,203.6 crore in 2022-23 from Rs 4,789 crore in the previous year, the filing added. Executive Director Simon-Thorsten Wiebusch said, "Sales growth in Q4 continued to be driven by strong crop protection sales and consistent performance by our corn seeds business while overcoming some supply constraints faced during the quarter." Chief Financial Officer Simon Britsch said, "The steady performance of our crop protection and corn see

Hindalco Q4 results: Profit falls 48% to Rs 832 cr, Rs 3 dividend declared

During the quarter, the company's revenue from operations rose to Rs 19,995 crore from Rs 18,969 crore in Q4FY22

Infosys unveils a platform 'Topaz' for generative artificial intelligence

Infosys Topaz is an AI-first offering to accelerate business value for global enterprises using generative AI

Jet Airways revival: NCLAT to rule on consortium plea against SBI on May 30

Lender says Jalan-Kalrock has not paid dues that had a deadline of May 15

IndiGo reinstates cabin crew bonus after 2nd consecutive profitable quarter

IndiGo hadn't paid crew bonus for three years as it incurred losses due to the Covid-19 pandemic

Most Indian companies believe ESG rules are important but only few prepared

The consumer industry was the least ready for ESG requirements, and only 7 per cent of organisations said they have robust preparedness for it, according to a Deloitte India survey

Four entities settle insider trading case in Poonawalla Fincorp with Sebi

Four entities on Wednesday settled with capital markets regulator Sebi a case pertaining to alleged insider trading in the shares of Poonawalla Fincorp Ltd, earlier known as Magma Fincorp Ltd, after paying Rs 10.97 crore towards the settlement fee. The entities paid a total of Rs 10.97 crore -- Rakesh Bhojgdhiya HUF (Rs 4.29 crore), Rakesh Bhojgdhiya (Rs 3.74 crore), Murlidhar Agrawal (Rs 1.20 crore) and Amit Agrawal (Rs 1.72 crore) -- towards the settlement charges. Apart from these, the terms of the settlement also included disgorgement of the already impounded ill-gotten gains of a combined value of Rs 11.82 crore made by these entities. "In view of the acceptance of the settlement terms and receipt of settlement amounts... the specified proceedings initiated against the applicants vide show cause notice dated September 15, 2022, are disposed of in terms of...the Settlement Regulations," Sebi said in two settlement orders. The regulator, in its show cause notice issued, alleged

Jubilant FoodWorks net profit for Q4 falls by 70% to Rs 28.54 crore

Jubilant FoodWorks Ltd on Wednesday reported a 70 per cent decline in consolidated net profit at Rs 28.54 crore in the March quarter, impacted by higher expenses and raw materials cost. The company had posted a consolidated net profit of Rs 96 crore in the year-ago period, Jubilant FoodWorks said in a regulatory filing. Consolidated revenue from operations in the fourth quarter was at Rs 1,269.85 crore as against Rs 1,175.97 crore in the year-ago period, it added. Total expenses were higher at Rs 1,205.15 crore as compared with Rs 1,038.27 crore in the corresponding period a year ago, the company said. Cost of raw materials consumed in the quarter was at Rs 290.96 crore, up from Rs 254.96 crore in the same period of FY22. The company, which holds the exclusive master franchise rights from Domino's Pizza Inc for India, Sri Lanka, Bangladesh and Nepal, besides exclusive rights to develop and operate Dunkin' restaurants in India and Popeyes restaurants in India, Bangladesh, Nepal and

Home Depot cuts outlook as softening demand hits first quarter sales

The company now expects comparable sales to decline as much as 5% this fiscal year - the first annual fall in 14 years - following a bad start to the year affected by lumber deflation and poor weather

Even after FTX's collapse, most influential crypto cos follow own rules

The lack of effective corporate governance and due diligence conducted on FTX's books raised eyebrows around the world. But for crypto industry watchers, it's not an unfamiliar tale

George Soros's firm among top bidders to acquire Vice out of bankruptcy

Vice's rapid downfall underscores the challenges facing digital media companies, which are struggling as advertisers cut spending during an uncertain economy

Coca Cola, Zepto expand partnership to 'return and recycle' PET bottles

Companies' expand initiative after 60-day pilot in Mumbai gets 'overwhelming customer response'

Adani stocks have seasonality to help in recovery from $100 billion rout

Stocks of at least four companies controlled by billionaire Gautam Adani - including the conglomerate's flagship Adani Enterprises Ltd. - show a strong tendency to climb in the second half of year

Partial sale of companies won't be default under insolvency code: Report

The Ministry of Corporate Affairs proposed revisions to the IBC which would allow several resolution plans for different parts of an insolvent company to increase value realisation