Page 4 - Company

Sunil Munjal to exit Hero MotoCorp as part of family agreement in 2016

The management and control of listed entity vested with the family Group and Sunil Kant Munjal resigned as joint managing director in the listed entity

Q1 results beat, valuations factor in bright prospects for ONGC stock

The company guidance is to add over 100,000 square kilometres of exploratory area annually, and spend Rs 10,000 crore each year on exploration

Ashok Leyland acquires OHM to house E-MaaS business, will invest Rs 300 cr

Electric mobility as a service 'important part' of commercial electric vehicle business, says conglomerate

Aurobindo Pharma profit increases 10% at Rs 571 cr in June quarter

Aurobindo Pharma on Saturday said its consolidated net profit increased 10 per cent to Rs 571 crore in the first quarter ended June 30, 2023, on account of robust sales across regions. The drug firm had reported a net profit of Rs 520.5 crore in April-June 2022-23. Revenue from operations rose to Rs 6,850.5 crore from Rs 6,236 crore in the year-ago period, the Hyderabad-based firm said in a statement. With the product pipeline continuing to advance, and execution of growth drivers proceeding as planned, the company is confident that its fundamental strengths position it to create an upward trajectory, Vice-Chairman and Managing Director K Nithyananda Reddy said. "Looking ahead, we are confident in executing our growth initiatives and creating long-term value for our shareholders," Reddy said.

Cube Highways Trust reports Rs 781 cr consolidated net income in June qtr

Cube Highways Trust (Cube InvIT) has posted a consolidated income of Rs 781.5 crore for the quarter ended on June 30, 2023. Earning before interest tax depreciation and amortisation was Rs 422.89 crore during the period under review, Cube InvIT said. These are its first quarterly earnings as the investment trust was listed in India in April 2023. The Board of the Investment Manager has also declared a distribution per unit (DPU) of Rs 2.15 to ordinary unitholders for the first quarter of FY 2023-24. The record date for the distribution is August 11, 2023, and the distribution payment will be made on or before August 25, 2023, he said. Cube Highways Trust has a diversified portfolio of 18 toll and annuity road assets with an aggregate length of 1,423.60 kilometres. These road assets are located across 11 states in India. The Trust is engaged in implementing the public-private partnership (PPP) model in the country's highways sector to operate and manage highway projects in associa

Crompton Greaves net profit falls 3.1% to Rs 122.03 cr in June quarter

Crompton Greaves Consumer Electricals Ltd on Saturday reported a 3.11 per cent decline in its consolidated net profit to Rs 122.03 crore in the first quarter ended in June 2023. The company had posted a net profit of Rs 125.95 crore in the April-June quarter a year ago, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a regulatory filing. Its revenue from operations increased marginally to Rs 1,876.85 crore during the quarter under review against Rs 1,862.94 crore in the year-ago period. CGCEL's total expenses were at Rs 1,740.83 crore, up 2.81 per cent in the first quarter of FY 2023-24. Its total income in the June quarter was Rs 1,896.65 crore, up 1.24 per cent. In the June quarter, CGCEL's revenue from the electric consumer durables segment revenue was at Rs 1,428.98 crore compared to Rs 1,347.18 crore in Q1 FY23. However, revenue from lighting products slipped 12.68 per cent to Rs 228.98 crore against Rs 262.26 crore. While revenue from its new subsidiary Butterfly

IREDA reports Q1 net profit of Rs 295 cr, loan book grows to Rs 47,207 cr

State-owned Indian Renewable Energy Development Agency (IREDA) has posted a profit after tax (PAT) of Rs 295 crore for the June quarter on account healthy loan book. In a statement on Saturday, IREDA said it has "reported loan disbursement of Rs 3,173 crore with a growth of 272 per cent, all-time high quarterly PAT of Rs 295 crore, up 30 per cent. Loan book surged 44 per cent to Rs 47,207 crore as of June 30, 2023, showcasing a robust growth of 44 per cent." IREDA, under the Ministry of New and Renewable Energy (MNRE), is a Non-Banking Financial Institution engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation. Its PAT in the June quarter of 2022-23 was Rs 226 crore. Its loan book was Rs 32,679 crore and loan disbursements were Rs 852 crore, the company said. Its total income from operations was at Rs 1,143 crore, up 45 per cent as against Rs 786 crore in the ...

RK Swamy files DHRP with SEBI; first-ever IPO by integrated marketing firm

Integrated marketing services firm RK Swamy Ltd has filed draft papers with capital markets regulator Sebi to mobilize funds through an initial public offering (IPO). The company's IPO comprises a fresh issue of shares aggregating up to Rs 215 crore and an offer for sale (OFS) of up to 87 lakh equity shares by selling shareholders, according to the draft red herring prospectus (DRHP). Those offering shares in the OFS are -- Srinivasan K Swamy, Narasimhan Krishnaswamy, Evanston Pioneer Fund LP, and Prem Marketing Ventures LLP. The funds raised through the fresh issue would be used for setting up a digital video content production studio, establishing new customer experience centres and computer-aided telephonic interview centres as well as for general corporate purposes. Also, the funds would be utilized for investment in the IT infrastructure development of RK Swamy Ltd, and its subsidiaries, Hansa Research and Hansa Customer Equity. RK Swamy Ltd is the largest Indian majority-o

Kirloskar Industries profit after tax dips 9% to Rs 94 cr in June quarter

Kirloskar Industries Ltd on Saturday reported a 9 per cent year-on-year drop in its consolidated Profit After Tax (PAT) at Rs 94 crore for June quarter of the ongoing financial year. The company had posted a consolidated PAT of Rs 102.9 crore in the first quarter of FY23, Kirloskar Industries said in a statement. The total income for the quarter under review stood at Rs 1,518.2 crore, as compared to Rs 1,513.5 crore in the corresponding quarter of the previous fiscal, the company said. Kirloskar Industries Managing Director Mahesh Chhabria said the company is now entering into an exciting phase of its business realignment plan, and that "Avante's first project is progressing as planned and we expect to complete it at the end of the year." Kirloskar Industries also said in the statement that its wholly-owned subsidiary, Avante Spaces Ltd, has issued 27,24,868 fully paid-up equity shares on June 30, to the company on the conversion of Optionally Convertible Debentures (OCDs), basis f

JK Cement profit declines 29.4% to Rs 113.46 crore in June quarter

JK Cement Ltd on Saturday reported a 29.43 per cent decline in its consolidated net profit to Rs 113.46 crore for the first quarter that ended on June 30, 2023. The company had posted a net profit of Rs 160.79 crore in the April-June period a year ago, JK Cement said in a regulatory filing. Its revenue from operations was up 21.57 per cent to Rs 2,762.62 crore during the quarter under review as against Rs 2,272.38 crore in the year-ago period. JK Cement's total expenses were at Rs 2,598.63 crore, up 27.58 per cent in the first quarter of FY 2023-24. The total income of JK Cement in the June quarter was Rs 2,794.22 crore, up 22.16 per cent over the year ago period.

PTC India consolidated net profit up 5.62% to Rs 143 cr in June quarter

Power trading solutions provider PTC India on Saturday posted a 5.62 per cent year-on-year rise in its consolidated net profit at Rs 142.70 crore for the April-June quarter of this fiscal, mainly on the back of higher revenues. The consolidated net profit of the company stood at Rs 135.10 crore in the quarter ended on June 30, 2022, the company said in a regulatory filing. Total income of the company rose to Rs 4,863.46 crore in the quarter under review, from Rs 4,310.74 crore in the same period a year ago. "The company achieved an impressive 21 per cent growth in profitability, propelled by strong growth in volumes and effective working capital management," PTC India Chairman & Managing Director Rajib K Mishra said. He noted that the company achieved the highest ever PBT (profit before tax) and PAT (profit after tax) for the first quarter of a financial year. The subsidiary companies continued to perform well during the quarter reaffirming the robustness and overall resilience of

NHPC posts 4% rise in consolidated net profit to Rs 1,095 cr in Q1

State-owned hydro power giant NHPC on Friday posted a 4 per cent rise in its consolidated net profit to Rs 1,095.38 in the June quarter compared to the year-ago quarter mainly on the back of higher revenues. The consolidated net profit of the company was Rs 1,053.76 crore in the quarter ended on June 30, 2022, a BSE filing showed. The total income of the company increased to Rs 3,010.22 crore in the quarter from Rs 2,886.95 crore in the same period a year ago. The NHPC Ltd is India's premier hydropower company. Its total installed capacity is 7097.2 MW of renewable power (including Wind & Solar) through its 25 power stations including 1520 MW through subsidiary.

Global Health profit increases nearly 78% to Rs 102 crore in June quarter

Global Health, which runs Medanta hospitals, has reported a nearly 78 per cent year-on-year jump in net profit to Rs 102 crore for the June quarter boosted by higher margins and revenue realisation. Its income rose 26.8 per cent to Rs 794.5 crore in the first quarter of the current fiscal, while operating margins went up to 25.1 per cent from 22.6 per cent in the year-ago period, the multi-speciality tertiary care hospital chain, which operates in the north and eastern regions, according to a statement. For the Gurugram-based company, the average occupied bed days increased by 16.2 per cent, representing an occupancy of 58.1 per cent in the first quarter on increased bed capacity. In-patient volume rose 19.4 per cent and out-patient volume went up by 17.5 per cent. Revenue share from the developing hospitals in Lucknow and Patna increased from 23.4 per cent to 28.9 per cent, amounting to Rs 229.7 crore. Revenue from international patients increased 45 per cent to Rs 47.7 crore, dri

New India Assurance profit doubles to Rs 260 crore in June quarter

Public sector general insurer New India Assurance on Friday reported doubling of net profit to Rs 260 crore for the June quarter. The non-life insurer had recorded a net profit of Rs 118 crore in the year-ago period. Its total income rose to Rs 9,274 crore in the first quarter of the current fiscal, as against Rs 8,143 crore, New India Assurance said in a regulatory filing. The company said the gross premium during the quarter rose to Rs 11,362 crore as against Rs 10,349 crore last year. The Mumbai-headquartered insurer, which has a presence in 28 countries, earned an income from investment of Rs 1,355 crore as against Rs 962 crore in the year-ago quarter. The gross NPA of the insurer came down to 0.85 per cent from 1.19 per cent in the first quarter of the previous fiscal. The company witnessed an improvement in solvency margin to 1.85 per cent as against 1.72 per cent in the June quarter last year.

Surya Roshni profit increases two-fold to Rs 59 crore in June quarter

Lighting products and pipe maker Surya Roshni on Friday reported a two-fold increase in consolidated net profit to Rs 59.13 crore for the June quarter driven by reduced finance costs. It had posted a consolidated net profit of Rs 22.24 crore in the year-ago period, the company said in a regulatory filing. Revenue from operations was up 2 per cent to Rs 1,875.27 crore in the first quarter of the current fiscal as against Rs 1,839.89 crore last year. "Profit after tax stood at Rs 59 crore, reporting a growth of 166 per cent, on account of reduced finance cost," said an earning statement from the company. Total expenses of Surya Roshni were Rs 1,795.91 crore, up 11.46 per cent in the first quarter of 2023-24. Its total income rose 2 per cent to Rs 1,877 crore. The company's revenue from steel pipe and strips was marginally down to Rs 1,502.80 crore from Rs 1,504.44 crore in the corresponding quarter last year. "The revenue remained flattish due to lower steel prices. However, raw ..

TECNO eyes 7% market share in 2023, aims to be among top 5 next year

Mobile devices maker TECNO plans to corner a 7 per cent market share in the Indian smartphone market by the end of this year and be among the top five players next year, a senior company official said on Friday. TECNO Mobile, which is owned by China-based Transsion, earlier focussed on affordable and medium-range smartphones but it has now entered into premium and ultra-premium segment this year which has been a high growth segment across the industry. "We are looking to close a 7 per cent market share by the closing of this year and we aim to feature in top 5 players by the next year. We will strengthen our portfolio in the price range of Rs 6,000 to Rs 1 lakh with a product for everyone," TECNO Mobile India CEO Arijeet Talapatra said. He was speaking on the sidelines of the company's annual event, 'World of TECNOlogy' after unveiling the POVA 5 series and MEGABOOK laptop on its inaugural day. "POVA is the online exclusive sub-brand of Tecno which is targeted toward the digital ..

ESAF Small Finance Bank profit increases 23% to Rs 130 crore in Q1

ESAF Small Finance Bank on Friday posted a 23 per cent increase in net profit to Rs 130 crore for the June quarter helped by a rise in interest income and a decline in bad loans. The operating profit -- net profit plus provisions and contingencies -- grew 33 per cent to Rs 301 crore in the first quarter of the current fiscal from Rs 225 crore in the year-ago period, the Kerala-based lender said in a statement. The bank's net interest income -- interest income minus interest expenditure -- increased by 30 per cent to Rs 585 crore in the quarter from Rs 449 crore a year ago. The bank's gross bad loans, or non-performing assets (NPAs), declined to 1.65 per cent of gross advances at the end of June as against 6.16 per cent in the year-ago period. Similarly, net NPAs, too, slipped to 0.81 per cent from 3.78 per cent in the same quarter a year ago. The bank's capital adequacy ratio stood at 20.56 per cent at the end of the June quarter. "We remain committed to sustainable growth and ..

GRSE reports best-ever net profit of Rs 77 crore in June quarter

Warship maker Garden Reach Shipbuilders & Engineers Ltd (GRSE) on Friday reported its best-ever net profit of Rs 77 crore in the June quarter. The entity saw a 54 per cent increase in net profit as compared to Rs 50 crore it reported in the year-ago period. The total income stood at Rs 827 crore in the first quarter of the current fiscal, 33 per cent higher than Rs 621 crore in the year-ago period. Revenue from operations for the quarter under review grew 30 per cent to Rs 756 crore as compared to Rs 580 crore last year. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) was Rs 117 crore as against Rs 74 crore, registering a growth of 58 per cent. "The current fiscal year has started on a very vibrant note for GRSE with the shipyard recording the best-ever quarterly results in the history of the company," GRSE Chairman and Managing Director Cmde PR Hari said. "The shipyard gears up for the launch of the third Frigate of P17A on August 17... GRSE shall continu

GE Power India's net loss widens to Rs 135.79 crore in June quarter

GE Power India on Friday reported widening of consolidated net loss to Rs 135.79 crore in the June quarter. It had reported a consolidated net loss of Rs 59.02 crore in the year-ago quarter, according to a regulatory filing. The company's total income declined to Rs 440.28 crore in the first quarter of the current fiscal from Rs 520.01 crore in the same period a year ago. "In the June quarter, we continued to see that the turnaround is taking longer than anticipated... we are seeing a slight ease on the FGD (Flue-Gas Desulfurisation) market, but conversion to orders is still slower than expected," GE Power India Managing Director Prashant Jain said in a statement. The company's revenue is down due to lower orders in previous quarters and project delays, he said and added that efforts on claims settlement are ongoing but it is a long-drawn process.

Patanjali Foods Q1 profit slumps over 60% as high expenses dent margins

Patanjali's shares closed nearly 2.2% lower ahead of the results. The stock rose nearly 23% in the April-June quarter