Page 11 - Company

Varroc Engineering swings to profit on strong demand in March quarter

Revenue from operations rose nearly 2.3% to 16.90 billion rupees, outpacing expenses, which grew 0.8%

Policybazaar Q4 results: Net loss narrows to Rs 9 crore, revenue up 61%

The company's consolidated revenue from operation rose by 60.92 per cent to Rs 869 crore for the March quarter as compared to Rs 540 crore in the year-ago period

Keystone Realtors net profit up by 82% to Rs 77 cr in March quarter

Keystone Realtors on Monday reported 82 per cent increase in consolidated net profit at Rs 76.59 crore for March quarter 2022-23 on better income. Its net profit stood at Rs 42.03 crore in the year-ago period. Total income of the Mumbai-based firm rose to Rs 357.63 crore from Rs 247.92 crore in the year-ago period, according to a regulatory filing. Net profit declined to Rs 81.95 crore in the last fiscal from Rs 139.62 crore in 2021-22. Total income also fell to Rs 724.90 crore in 2022-23 from Rs 1,302.97 crore in the previous year. Keystone Realtors, which sells properties under Rustomjee brand, got listed last year after launching its Rs 635 crore Initial Public Offer (IPO). Founded in 1995, Keystone Realtors has completed more than 30 projects and is developing more than 10 projects across the Mumbai Metropolitan Region (MMR). The firm has developed 20.05 million square feet of high-value and affordable residential buildings, premium gated estates, townships, corporate parks,

Pratilipi partners with HarperCollins, to bring 200 e-books on platform

As many as 200 fiction titles of publishing house HarperCollins will be available at Pratilipi, announced the digital storytelling platform on Monday. The e-books, both in Hindi and English, will be available on the platform starting June. "Pratilipi currently gives the readers an access to over 10 million stories on our platform and with the new partnership (with HarperCollins), we are looking forward to expanding our existing catalogue to give our subscribers more quality content to consume. This is just a first step in our partnership and we look forward to taking this relationship further by adding more books in the future," said Ranjeet Pratap Singh, co-founder and CEO of Pratilipi, in a statement. The selected titles include "Do Log" by Gulzar, "The Living Mountain" by Amitav Ghosh, "Nar Nareeshwar" by Perumal Murugan, "A Hundred Little Flames" by Preeti Shenoy, "The Vault of Vishnu" by Ashwin Sanghi, "Dopehri" by Pankaj Kapur and "One Arranged Murder" by Chetan ...

Sun TV Networks Ltd PAT falls 7.25% to Rs 380.4 cr in March quarter

South India-based broadcaster Sun TV Networks Ltd on Friday reported a decline of 7.25 per cent in its consolidated profit after tax (PAT) at Rs 380.40 crore for the March 2023 quarter. The company had reported a PAT of Rs 410.17 crore in the January-March period a year ago, Sun TV Network said in a BSE filing. Its revenue from operations was Rs 840.36 crore, 1.92 per cent lower, during the period. It was Rs 856.85 crore in the year-ago period. Sun TV Networks' total expenses in the fourth quarter stood at Rs 427.75 crore against Rs 367.09 crore in Q4 FY22. Its total income during the March quarter was Rs 926.20 crore. Sun TV said: "The results for the quarter and year ended March 31, 2023, includes income from the Holding Company's Cricket franchises (SunRisers Hyderabad and SunRisers Eastern Cape) for season 2023 of Rs 36.96 crore and Rs 287.27 crore, respectively". Sun TV Network operates satellite television channels across six languages of Tamil, Telugu, Kannada, Malayalam,

JSW Steel plans to raise up to Rs 17,000 cr; $1 bn from int'l markets

JSW Steel on Friday said its board has approved plans to raise funds up to Rs 17,000 crore through the issuance of various securities and tap the international markets to mop up USD 1 billion. According to a regulatory filing, an amount totalling Rs 17,000 crore is proposed to be raised through the issuance of convertible securities and non-convertible debentures (NCDs), among other instruments. Besides, the board has approved a proposal to raise USD 1 billion through the issuance of non-convertible senior unsecured fixed-rate bonds in the international markets, JSW Steel said. With respect to the plan to mop up Rs 14,000 crore through issuance of non-convertible debentures and convertible securities, the company said, it had obtained shareholders' approval in July 2022. "The enabling resolution was not acted upon within the stipulated period of one year. Therefore, in order to validate the said resolution, a fresh approval is being sought from the shareholders at the ensuing Annua

JSW Steel elevates Jayant Acharya as Joint MD, CEO with immediate effect

JSW Steel on Friday said Jayant Acharya has been elevated to the post of Joint Managing Director and Chief Executive Officer of the company with immediate effect. Until now, Acharya was heading the post of Deputy Managing Director at the company, JSW Steel said in a statement. "Based on the recommendations of the nomination and remuneration committee and the change in the role of Jayant Acharya, the board of directors has elevated and re-designated Jayant Acharya as the Jt. MD & CEO of the company w.e.f May 19, 2023, from his current position as Dy MD," it said. The company also announced the appointment of Gajraj Singh Rathore as additional director and whole-time director designated as Chief Operating Officer. "The Board has after taking into account the recommendations of the Nomination & Remuneration Committee, inducted Gajraj Singh Rathore as an Additional Director on the Board of Directors of the Company w.e.f May 19, 2023," it said.

PTC India Financial Services Q4 net profit rises nearly 46% to Rs 36.41 cr

PTC India Financial Services on Friday reported a nearly 46 per cent rise in net profit at Rs 36.41 crore for the quarter ended March 2023. The company posted a profit after tax of Rs 24.98 crore in the corresponding quarter of 2021-22. PTC India Financial Services (PFS) is a non-banking finance company promoted by PTC India Ltd. PFS has been granted the status of an infrastructure finance company by the Reserve Bank of India. The company said its net interest margin (NIM) increased to 4.35 per cent in the fourth quarter of FY23 against 4.30 per cent in the year-ago quarter. Its total income for the January-March quarter of 2022-23 fell to Rs 199.70 crore, from Rs 231.35 crore a year ago. For the financial year 2022-23, PFS' profit after tax (PAT) increased to Rs 175.81 crore compared to Rs 129.98 crore in 2021-22. The total income for the fiscal ending March 2023 declined to Rs 797.08 crore over Rs 968.75 crore in FY 2021-22. Shares of the company settled 0.93 per cent up at Rs

DB Corp Q4 results: Net profit up 67.3% to Rs 41 cr, revenue up 12.5%

Media house DB Corp Ltd on Friday reported an increase of 67.3 per cent in its consolidated net profit at Rs 41.02 crore for the fourth quarter ended March 31, 2023. The company had posted a consolidated net profit of Rs 24.52 crore in the January-March quarter a year ago, DB Corp said in a regulatory filing. Its revenue from operations was up 12.5 per cent to Rs 530.95 crore during the quarter under review, as against Rs 471.96 crore in the corresponding period of the previous fiscal. DB Corp's total expenses were at Rs 491 crore, up 10 per cent in Q4/FY23, as against Rs 446.38 crore. The total income of DB Corp in the March quarter was at Rs 544.63 crore, up 13.5 per cent. Its revenue from Printing, Publishing and allied business was up 12.92 per cent to Rs 499.28 crore, during the quarter as against Rs 418.45 crore of the corresponding period. Revenue from the radio business was at Rs 31.8 crore, up 6.24 per cent, as against Rs 28.65 crore of Q2/FY22. For fiscal 2023, DB Corp

Motherson Sumi Wiring reports nearly three-fold surge in Q4 profit

Motherson Sumi's profit rose to 1.38 billion rupees ($16.9 million) in the fourth quarter ended March 31, from 464.2 million rupees, a year earlier

Gland Pharma profit declines by 56% on soft demand in March quarter

Its earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin contracted to 21% from 32% a year earlier

LT Foods reports profit of 75% due to strong demand in March quarter

LT Foods also exports rice to more than 60 countries like the United States and in geographies such as Europe, the Middle East and the Far East

Triveni Turbine net profit grows 68% to Rs 55.6 cr in March quarter

Triveni Turbine Ltd (TTL) on Tuesday posted a 68.5 per cent jump in its consolidated net profit at Rs 55.6 crore during March 2023 quarter, boosted by higher revenues. It had clocked Rs 33.0 crore net profit during January-March quarter of preceding financial year 2021-22, TTL said in a statement. The company's revenues from operations also rose by 56.3 per cent to Rs 369.8 crore from Rs 236.6 crore in the year ago quarter. CMD Dhruv M Sawhney said: "Our company has delivered yet another record year in FY23, building upon the strong foundation of the previous year. In the year gone by, We achieved highest ever turnover at Rs 12.48 billion, with an impressive growth of 46 per cent over the previous financial year." On the order booking front, the company's performance has been the highest ever with total order booking of Rs 16.05 billion, he said. The contribution of exports in total turnover has increased to 45 per cent in FY23 from 30 per cent in FY22. The company is a leader in

Eveready Industries cuts number of direct distributors to 1,000 from 5,000

Batteries and flashlights maker Eveready Industries India Ltd has cut the number of its direct distributors to 1,000, from 5,000 earlier, as part of a network revamp strategy to drive efficiency, according to company Managing Director Suvamoy Saha. The company, in which the Burmans of Dabur had acquired a majority stake last year and became promoters, is seeking to "surpass the growth percentage achieved in FY23" in the ongoing financial year. "As we continue our journey to scale up our revenues, efforts are underway to make our distribution network more efficient. Our teams have studied the demand pattern and key customer requirements and have effected changes to streamline the route-to-market processes," Saha told analysts. He further said changes have been affected not only across the organisation but also across its "channel structures wherein we have reduced our direct distributors from an earlier number of 5,000 to a more efficient 1,000". "We have managed this change without

Jupiter Wagons raises Rs 125 cr via qualified institutional placement route

Jupiter Wagons Ltd (JWL) has raised Rs 125 crore through qualified institutional placement (QIP) route. The funds will be utilized to accelerate its wagon manufacturing capacity, JWL said in a statement on Tuesday. "JWL...has successfully concluded the fundraising exercise through QIP for Rs 125 crore. The QIP got an overwhelming response from investors like Tata Mutual Fund, Ananta Capital, ITI Mutual Fund, etc," it said. Managing Director Vivek Lohia said, through this fundraise the company intends to improve the efficiency of its working capital, accelerate growth trajectory through the planned acquisition and pursue other business objectives. JWL is a leading provider of comprehensive mobility solutions encompassing rail, road, and marine transportation. The company also has a presence in the commercial electric vehicle (CEV) segment. The company did not share any further details on the fundraise.

Suryoday Small Finance Bank posts profit of Rs 39 cr for Jan-Mar

Suryoday Small Finance Bank on Monday posted a net profit of Rs 39 crore for the March quarter of 2022-23 as bad loans fell. The bank had posted a net loss of Rs 48 crore for the same quarter a year ago. Total income during Q4 FY23 rose to Rs 363 crore from Rs 257 crore in the same quarter of the previous year, Suryoday Small Finance Bank said in a regulatory filing. Interest income also increased to Rs 329 crore from Rs 237 crore in the same period a year ago. The lender's asset quality improved, with gross non-performing assets (NPAs) significantly falling to 3.13 per cent of gross advances as of March 31, 2023, from 11.8 per cent a year ago. Likewise, net NPAs or bad loans declined to 1.55 per cent from 5.97 per cent in the same quarter a year ago. Thus, the bank made Rs 51 crore provisions for bad loans and contingencies as against Rs 112 crore put aside for the year-ago quarter. For the full 2022-23, the bank earned a net profit Rs 78 crore against loss of Rs 93 crore in th

CBI registers FIR against Loha Ispaat Ltd in Rs 1,017 cr bank fraud

The CBI has registered an FIR against Loha Ispaat Limited and its then chairman-cum-managing director Rajesh Gaurishankar Poddar for allegedly duping an SBI-led consortium of banks of Rs 1017.93 crore, officials said Monday. It is alleged that the then CMD and others entered into a conspiracy during 2012-2017 to cheat the State Bank of India (SBI) and other five consortium member banks -- Bank of India, Canara Bank, Indian Overseas Bank, Punjab National Bank and Bank of Maharashtra -- by way of availing working capital limit, term loan and NFB limits to the tune of Rs 812.07 crore (approx), the CBI said in a statement. The action was initiated on a complaint from the SBI which alleged that Loha Ispaat and its director(s), guarantors and unknown others have siphoned the bank's funds by doing fictitious sale and purchase transactions with suspicious and non-existent entities. They allegedly conspired to make unlawful gain with an objective to defraud the creditors, the SBI complaint,

Patel Engineering net profit grows to Rs 84.3 cr in March quarter

Patel Engineering on Monday posted a four-fold jump in its consolidated net profit at Rs 84.3 crore during the March 2023 quarter, boosted by higher revenues. It had clocked Rs 21.2 crore net profit during January-March quarter of preceding 2021-22 fiscal, the company said in a statement. The company's revenues from operations also surged to Rs 1,298.34 crore, from Rs 1,111.6 crore in the year ago quarter. Company's CMD Rupen Patel said: "This year has been exciting with new projects coming onboard and taking our order book to an all-time high beyond Rs 2,00,000 million. We have achieved improved revenue and profit figures showcasing the strength and resilience of our business in a competitive environment." Kavita Shirvaikar, Director & CFO, said, The company won several water tunnel and irrigation projects in Maharashtra, Karnataka, and Madhya Pradesh during the quarter. "We continue with our efforts to monetise non-core assets and have reduced debt by more than Rs 5,000 million

Rane Holdings Ltd reports consolidated loss of Rs 8.1 cr in March quarter

Rane Holdings Ltd, the holding company of Rane Group has reported consolidated net loss at Rs 8.1 crore for the fourth quarter ending March 31, 2023, the company said on Saturday. The city-based company had registered consolidated net loss at Rs 12.8 crore during corresponding quarter of previous year. For the year ending March 31,2023, the consolidated profit after tax surged to Rs 87.3 crore form Rs 35.1 crore registered year ago. Total revenue during the quarter under review stood at Rs 948.2 crore as compared to Rs 791.9 crore recorded in the same period of previous year. For the year ending March 31, 2023 the consolidated revenue grew to Rs 3,537.5 crore from Rs 2,714.7 crore registered last fiscal. The Board of directors has recommended a dividend of Rs 17 per equity share on the paid up capital of 1,42,77,809 of Rs 10 each, the company said. On the group's operational performance during the quarter ending March 31, 2023 the company said, the revenue from domestic original

Dish TV reports Q4 net loss at Rs 1,720.62 cr, revenue down to Rs 504.8 cr

Direct-to-home firm Dish TV India Ltd has reported a consolidated net loss of Rs 1,720.62 crore for the fourth quarter that ended on March 31, 2023, mainly on account of impairments and deferred tax liability. The company had reported a net loss of Rs 2,031.99 crore in the January-March quarter a year ago, Dish TV said in a BSE filing. Its revenue from the operation was down 21.45 per cent to Rs 504.82 crore during the quarter under review as against Rs 642.70 crore of the corresponding quarter. In the March quarter, Dish TV's loss before exceptional items and tax was at Rs 233.73 crore. Its losses under exceptional items were at Rs 1,907.61 crore. During the quarter, Dish TV has to go for impairment of Rs 280 crore for assets under development, Rs 110.5 crore for brand, Rs 567.87 crore for customer and distribution relationship and Rs 328 crore for property, plant and equipment. Besides it had also an impairment of goodwill of Rs 621.09 crore of its Goodwill and Intangible asset