HCL Tech Q4 Results: Net profit jumps 226% YoY to Rs 3,593 crore
HCL Technologies Ltd reported a 226% YoY jump in net profit (24% YoY on an adjusted basis*) to Rs 3,593 crore for the quarter ended March (Q4 FY22). Net profit increased 4.39% compared to the previous quarter. Its revenue from operations rose 15% YoY (or 1.2% QoQ) to Rs 22,597 crore during the same period. HCL Tech’s total order book stood at $2,260 crore, registering a 6% QoQ growth. The IT company’s board has declared an interim dividend of Rs 18 per share.
*In the same quarter last year (Q4 FY21), HCL Tech had paid a one-time milestone bonus to employees (Rs 575 crore net of tax). Also, the deferred tax liability on goodwill impact in the tax expense stood at Rs 1,222 crore).
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ITC plans to broaden dairy products portfolio
ITC is planning to widen its product portfolio in the dairy segment from milk, ghee, curd, lassi, and paneer and tap the low milk consumption in West Bengal. Currently, the FMCG firm has a presence in West Bengal and Bihar for the dairy business and will continue to concentrate on these two states for the next few years. The two states contribute equally to ITC’s dairy business with ~50% share each.
In other news, ITC will acquire a 10.07% stake in Blupin Technologies Pvt Ltd for up to Rs 39.34 crore. Blupin Tech is the company behind Mylo, a direct-to-consumer (D2C) brand.
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Nestle India Q1 Results: Net profit falls 1.25% YoY to Rs 594 crore
Nestle India Ltd reported a 1.25% YoY decline in net profit to Rs 594.7 crore for the quarter ended March (Q1 CY22). The company follows the January-December financial year cycle. Its total revenue rose 10% YoY to Rs 3,980.7 crore during the same period. The FMCG company’s domestic sales rose 10.2% YoY to Rs 3,794.3 crore in Q1 CY22, while exports fell 1% YoY to Rs 156.6 crore.
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Reliance Retail to launch Swadesh to sell products sourced from artisans
Reliance Retail Ventures Ltd (RRVL) will launch a new format called “Swadesh”, which will sell handmade textiles, handicrafts, agriculture items, and other products sourced directly from artisans. The first Swadesh store will roll out in the second half of FY23. Swadesh is part of RRVL’s ‘Handmade in India’ program. It is aimed at showcasing authentic handcrafted products and promoting rich Indian art forms in markets around the world.
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ICICI Lombard General Q4 Results: Net profit falls 10% YoY to Rs 313 crore
ICICI Lombard General Insurance Company Ltd reported a 10% YoY decline in net profit to Rs 313 crore for the quarter ended March (Q4 FY22). The gross direct premium income (GDPI) rose 34% YoY to Rs 4,666 crore during the same period. The company’s board has declared a final dividend of Rs 5 per share.
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ED raids Jindal Steel offices over alleged forex violation: Report
As per a CNBC-TV18 report, the Enforcement Directorate (ED) raided the offices of Jindal Steel & Power Ltd (JSPL) in New Delhi over a suspected violation of foreign exchange (forex) regulations. ED also conducted searches in Gurugram, a satellite town near Delhi’s main airport. JSPL’s shares fell up to 6% to a three-week low, in their biggest fall since mid-March.
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Niti Aayog unveils draft battery swapping policy
Niti Aayog (the government’s think-tank) has released a draft battery swapping policy and has invited comments on it until June 5. The policy has proposed offering incentives to electric vehicles (EVs) with swappable batteries, subsidies to companies manufacturing swappable batteries, and a new battery-as-a-service business model. It aims to support the adoption of battery-swapping, primarily for systems used in electric scooters and three-wheelers.
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Tata Communications Q4 Results: Net profit rises 22% YoY to Rs 365 crore
Tata Communications Ltd reported a 22% YoY increase in net profit to Rs 365 crore for the quarter ended March (Q4 FY22). Net profit fell 7.6% compared to the previous quarter. Its revenue from operations rose 4.7% YoY (or 2% QoQ) to Rs 4,263 crore during the same period. EBITDA stood at Rs 1,045 crore in Q4, up 3% YoY. The company’s board has declared a dividend of Rs 20.7 per share.
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Rallis India Q4 Results: Net loss at Rs 14.2 crore
Rallis India Ltd reported a consolidated net loss of Rs 14.2 crore for the quarter ended March (Q4 FY22). The chemical manufacturer had reported a net profit of Rs 8.12 crore in Q4 FY21 and a profit of Rs 39 crore in Q3 FY22. Its revenue from operations rose 7.7% YoY to Rs 507.54 crore in Q4 FY22.
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