Page 5 - Company

Apollo Hospitals Q1 results: Net profit declines 47% to Rs 167 crore

Apollo Hospitals on Friday said its consolidated profit after tax declined by 47 per cent to Rs 167 crore in the first quarter ended June 30, 2023. The healthcare major had reported a PAT (profit after tax) of Rs 317 crore in the April-June quarter of previous fiscal. Revenue grew by 16 per cent to Rs 4,418 crore in the first quarter as against Rs 37,96 crore in the same period a year ago, Apollo Hospitals said in a regulatory filing. As on June 30, 2023, Apollo Hospitals had 7,798 operating beds across the network, out of which 14 hospitals were new with 2,380 operating beds, it said. The new hospitals have a utilisation of 60 per cent and are expected to witness double-digit growth in volumes and improvement in utilisation and profitability going forward, it added. "As we step into the next quarter, our focus remains steadfast to augment our doctors' expertise and revolutionise the overall patient experience as we continue steering Apollo towards a future where healthcare is ..

Raymond consolidated net profit jumps multi-fold to Rs 1,066.74 crore in Q1

Diversified group Raymond Ltd on Friday reported a multi-fold growth in consolidated net profit at Rs 1,066.74 crore in the June quarter, helped by gains from sales of its consumer business to Godrej Consumer Product Ltd (GCPL). The leading textile and apparel maker had posted a net profit of Rs 81.93 crore during the April-June period of the previous fiscal, Raymond said in a regulatory filing. Its revenue from operations rose 2.5 per cent to Rs 1,771.46 crore during the quarter under review as against Rs 1,728.14 crore in the year-ago period. During the June quarter, Raymond Consumer Care Ltd (RCCL), an associate company, sold its entire business, including all brands, to GCPL on a slump sale basis for a consideration of Rs 2,825 crore. However, the manufacturing location in Aurangabad for sexual wellness products was not part of the deal. Accordingly, Raymond's share in the profit from the sale of RCCL's business for the quarter ended June includes a gain of Rs 983.01 crore. It

Nalco consolidated net profit declines 40% to Rs 334 crore in June quarter

National Aluminium Company Limited (NALCO) on Friday posted a 40 per cent decline in consolidated net profit to Rs 333.76 crore for the June quarter due to lower income. It had clocked a net profit of Rs 557.91 crore in year-ago quarter, the company said in a regulatory filing. The company's total income dropped to Rs 3,226.88 crore in the first quarter of the current fiscal compared to Rs 3,847.17 crore in the year-ago period. Odisha-based NALCO is one of the largest integrated aluminium producers in the country. Shares of the company closed at Rs 94.24 apiece on the BSE on Friday, down 0.81 per cent from its previous close.

ABB India's profit doubles to Rs 296 cr in June qtr due to higher revenue

ABB India's net profit more than doubled to Rs 296 crore in the June quarter of the current fiscal mainly due to higher revenues. The company reported a net profit of Rs 147 crore in the same quarter of the previous fisca, ABB India said in a statement. Total revenues of the company rose to Rs 2,509 crore in the quarter from Rs 2,053 crore in the same period a year ago. The company follows January to December fiscal year. Sanjeev Sharma, Managing Director, ABB India, said in the statement, "ABB India's Q2 (April-June) performance is testimony to the strength of its industry-leading portfolio and capabilities. We continued growth momentum during the quarter, built on strong order backlog execution, delivering highest ever quarterly operational EBITA." Our balance sheet and cash position remain robust, putting us in a strong footing to prepare for future opportunities, he added. Total orders for the quarter stood at Rs 3,044 crore and Rs 6,169 crore for the first half of 2023. Whi

Puravankara consolidated net loss at Rs 17.86 crore in June quarter

Realty firm Puravankara Ltd on Friday reported a consolidated net loss of Rs 17.86 crore in the first quarter of this fiscal year on higher expenses. The company had posted a net profit of Rs 34.44 crore in the year-ago period. Total income rose to Rs 335.81 crore during the April-June period of the 2023-24 financial year from Rs 297.35 crore in the corresponding period of the previous year, according to a regulatory filing. The company's total expenses increased to Rs 362.84 crore from Rs 249.34 crore during the period under review, the Bengaluru-based firm said.

JSPL net profit declines 13% to Rs 1,692 crore in Q1 due to high expenses

Private steel player Jindal Steel and Power Ltd (JSPL) on Friday posted a 13 per cent decline in consolidated net profit to Rs 1,692 crore for the June quarter due to higher expenses. It had clocked a net profit of Rs 1,990 crore in the April-June period a year ago, the company said in a regulatory filing. The company's total income was at Rs 12,643 crore in the first quarter of the current fiscal compared to Rs 13,069 crore in the year-ago period. Its total expenses rose to Rs 10,876 crore from Rs 10,566 crore. "We have achieved a significant milestone of successfully commissioning our state-of-the-art pellet plant at Angul (Odisha). "We have also signed mining lease for two thermal coal mines -- Gare Palma IV/6 and Utkal C -- which will lead to consistent availability of coal for our thermal coal requirements in DRI (Directly Reduced Iron) kilns, coal gasification and power plants at lower costs," JSPL Managing Director Bimlendra Jha said in a statement. During the quarter, the

TV Today Network's net profit declines 75% to Rs 8.78 crore in Q1

TV Today Network Ltd on Friday reported a 75 per cent decline in its consolidated net profit to Rs 8.78 crore for the first quarter ended on June 30, 2023. The company had reported a net profit of Rs 35.05 crore in the April-June period a year ago, TV Today Network said in a regulatory filing. Its revenue from operations grew 2.1 per cent to Rs 222.75 crore during the period under review as against Rs 218.15 crore in the corresponding quarter of the previous fiscal. The company's revenue from television and other media operations was Rs 218.84 crore and from radio broadcasting at Rs 3.91 crore in the first quarter of FY2023-24. Total expenses increased 21.16 per cent to Rs 220.38 crore during the quarter under review. Its total income in the June quarter fell 1.46 per cent to Rs 232.40 crore from the year-ago period. Shares of TV Today Network on Friday ended 1.02 per cent lower at Rs 208 apiece on the BSE.

Adani Energy achieves $1 bn financial closure for transmission asset

The credit facility is part of a $ 700 million revolving project finance facility tied up in October 2021 for its under-construction transmission assets portfolio

Marsh India expects growth of 20-25% in next year, says Sanjay Kedia

Marsh India has seen consistent growth year after year, crossed 8,000 corporate clients in India and the total amount of premium placed for the financial year ending March 2023, was Rs 15,000 Cr

Tech Mahindra trains 8,000 employees in artificial intelligence: Official

IT company Tech Mahindra trained 8,000 employees in artificial intelligence as it readies itself to cater to demand around generative AI and quantum computing, a senior company official said on Saturday. Tech Mahindra global chief people officer and head of marketing Harshvendra Soin said that the company is enhancing focus on BFSI, healthcare, manufacturing and retail sectors in geographies like the USA. "At Tech Mahindra, as we are increasing our focus across BFSI, healthcare, manufacturing and retail sectors in geographies like the USA, we are investing in quantum computing, cybersecurity and AI. We will also continue to invest in learning development of employees to create a future-proof and resilient talent pool. We have trained and upskilled around 8,000 employees in generative AI and other AI platforms in the June 2023 quarter," Soin said. Tech Mahindra recorded a 38 per cent fall in June quarter net profit at Rs 692.5 crore due to a sharp contraction of the profit margins.

Axiscades back in black with consolidated net profit of Rs 5.70 cr in Q1

Engineering solutions provider Axiscades Technologies has returned to black posting a consolidated net profit of Rs 5.70 crore during the quarter ended June 30, backed by higher income. It had clocked a net loss of Rs 31.69 crore during the April-June period of the preceding 2022-23 fiscal, the company said in a regulatory filing on Friday. The company's total income surged to Rs 216.33 crore from Rs 186.92 crore in the year-ago quarter. In a separate statement, David Bradley, Chairman of Axiscades, said: "We have started fiscal year 2024 on firm footing, recording a revenue growth of 17 per cent and EBITDA growth by 45 per cent year on year. The recent acquisition of add solution GmbH will give us access to global OEMs (original equipment manufacturers) and help us expand our product offerings to the automotive industry." These acquisitions have been accretive to company's earnings and have helped to achieve its long-term growth goals, he added. Bengaluru based Axiscades is a lea

Affle India's profit after tax rises over 21% to Rs 66.2 cr in April-June

Global technology company Affle (India) Limited on Saturday reported a 21.4 per cent rise in its profit after tax at Rs 66.4 crore in the April-June quarter of this fiscal. The company promoted by Singapore-based Affle Holdings had registered a profit after tax (PAT) of Rs 54.5 crore in the first quarter of FY23, Affle India said in a release. The consolidated revenue from operations grew 17 per cent to Rs 406.6 crore in the reporting quarter as compared to Rs 347.5 crore in the year-ago period. The company's earnings before interest, tax, depreciation and amortization (EBITDA) increased to Rs 78.1 crore during the first quarter of this fiscal, up 13.7. per cent from Rs 68.7 crore in the year-ago quarter. The consumer intelligence driven firm, which transforms advertisements into recommendations helping marketers connect with their target audience, said it has "achieved its highest quarterly revenue run rate ever" in the reporting quarter which saw an "accelerated broad-based growt

Computer Age Management reports Q1 consolidated profit at Rs 75.67 cr

Computer Age Management Services Ltd has reported a consolidated profit for the April-June 2023 quarter at Rs 75.67 crore, the company said on Saturday. The company, one of the largest registrar and transfer agents in the mutual fund industry, has reported a consolidated profit at Rs 64.60 crore in the corresponding period of last year. For the year ending March 31, 2023, the consolidated profit was at Rs 284.63 crore. Total consolidated revenue during the quarter under review grew to Rs 2,709.77 crore from Rs 2,410.82 crore registered year ago. For the full year ending March 31, 2023, the consolidated total revenue was at Rs 9,986.40 crore. "The Indian mutual fund industry grew by 6.4 percent quarter-on-quarter to reach Rs 43.8 trillion in AAUM and is well-positioned for future growth. Our assets under management grew by 6.8 per cent quarter-on-quarter, ahead of the industry, to cross the Rs 30 trillion mark," company Managing Director Anuj Kumar said. "We also had a higher shar

Vedanta announces new appointments, advisory board for oil business

John Slaven has been appointed as chief executive officer for the Aluminium Business, also being designated as senior management personnel (SMP), effective from October 3 for a term of 3.5 years

Ola expands Prime Plus premium service to Mumbai, Pune, Hyderabad

Following successful Bengaluru rollout, SoftBank-backed ride-hailing firm expands premium service

Aditya Birla Capital's consolidated net profit up by 51% in June quarter

The company's asset quality improved, with gross non-performing assets (NPAs) falling to 2.6% in June 2023, compared to 3.7% a year earlier

Amazon meets Urban Company: EESL to set up energy-efficiency marketplace

This would be a first of its kind marketplace which Kapoor said would be completely IT integrated and allow mega scale projects to get fast track approval

IDFC FIRST Bank net profit increases by 61% at Rs 765 cr in June quarter

IDFC FIRST Bank on Saturday said its net profit rose by 61 per cent year-on-year to Rs 765 crore in the April-June quarter this year mainly driven by strong growth in core operating income. The bank's net profit for the April-June quarter of 2022-23 was Rs 474 crore. "Core operating profit (pre-provision operating profit excluding trading gains) grew strongly by 45 per cent Y-o-Y from Rs 987 crore in Q1-FY23 to Rs 1,427 crore for the quarter Q1-FY24," the bank said in a statement. The bank's net interest income (NII) grew 36 per cent to Rs 3,745 crore in the first quarter of the current fiscal compared to Rs 2,751 crore in the year-ago period. Its Gross NPA improved to 2.17 per cent as of June 30, 2023, from 3.36 per cent as of end-June 2022. Net NPAs of the bank improved to 0.70 per cent at end-June 2023 from 1.30 per cent at June 30, 2022. Commenting on the result, V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, "We continue to build a strong franchise with a h

Wockhardt says NBFC Guardian Finance wrongfully invoked 2 mn shares

Some members of the promoter group had pledged certain shares of Wockhardt with Guardian Finance to avail loan

Route Mobile net profit increases 29% to Rs 92 crore in June quarter

Enterprise communications firm Route Mobile on Friday posted a 29 per cent increase in consolidated net profit to Rs 91.69 crore in the June quarter. Route Mobile had registered a profit of Rs 71 crore in the same period a year ago. The consolidated revenue from operations grew about 32 per cent to Rs 961.34 crore during the first quarter of the current fiscal from Rs 729 crore a year ago, according to an exchange filing. "We are well on track to achieve our revenue growth guidance for 2023-24. We have seen robust growth in CPaaS (Communications platform as a service) and Firewall business with the signing of large contracts," Route Mobile Managing Director and Group Chief Executive Officer Rajdipkumar Gupta said. Route Mobile has set a target to become a billion-dollar revenue company over the next 3-4 years, Gupta said, adding that the company will also continue to gain significant market share in the country.