Bajaj Finserv Q1 Results: Net profit falls 31% YoY to Rs 833 crore
Bajaj Finserv Ltd reported a 31.5% YoY decline in consolidated net profit to Rs 832.7 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 14.9% when compared to the previous quarter. Its revenue from operations fell 1.7% YoY (or 9.34% QoQ) to Rs 13,949.5 crore during the same period. Under its life insurance business, new business premiums grew 75% YoY to Rs 1,296 crore in Q1. However, the net profit of the life insurance business declined by 35% YoY to Rs 84 crore due to a surge in claims related to Covid-19 deaths.
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Bharti Airtel partners with Intel to accelerate 5G rollout in India
Bharti Airtel has announced a collaboration with Intel to develop 5G network by leveraging virtualized radio access network (vRAN) and open radio access network (O-RAN) technologies. The telecom operator will deploy Intel’s 3rd-generation Xeon Scalable processors and other specialised telecom equipment across its network to build a foundation for rolling out wide-scale 5G and mobile edge computing (MEC). The partnership is part of Airtel’s 5G roadmap for India, as it transforms its networks to allow customers to reap full possibilities of the hyperconnected world.
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Glenmark Life Sciences IPO to open on July 27; price band set at Rs 695-720 per share
The initial public offering (IPO) of Glenmark Life Sciences will open on July 27 and close on July 29. The price band of the IPO is fixed at Rs 695-720 per share. It consists of a fresh issue of equity shares worth Rs 1,060 crore and an offer for sale (OFS) of up to 63 lakh shares by Glenmark Pharma Ltd (the promoter). At the higher end of the price band, the company is expected to raise Rs 1,513.6 crore. Glenmark Life Sciences is a leading manufacturer of Active Pharmaceutical Ingredients (APIs).
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Wipro announces strategic partnership with Celonis
Wipro Limited has entered into a strategic partnership with Celonis, a global leader in execution management. The IT company will launch the Global Celonis Center to drive operations transformation for clients. The partnership will leverage the Celonis Execution Management System and Wipro’s expertise to streamline operations for clients across several areas, including finance, human resources, and supply chain management.
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Havells India Q1 Results: Net profit jumps nearly four-fold to Rs 236 crore
Havells India Limited reported a 268.5% YoY jump in consolidated net profit to Rs 235.78 crore for the quarter ended June (Q1 FY22). Net profit declined by 22.4% when compared to the previous quarter. Its total revenue from operations rose 75.95% YoY to Rs 2,609.97 crore during the same period. The revenue from its cables segment grew 75% YoY to Rs 807.17 crore. The electrical consumer durables business posted a revenue of Rs 576.33 crore in Q1, an increase of 91% YoY.
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Gland Pharma Q1 Results: Net profit rises 12% YoY to Rs 350 crore
Gland Pharma Limited reported an 11.82% YoY increase in consolidated net profit to Rs 350.7 crore for the quarter ended June (Q1 FY22). Net profit increased by 34.66% when compared to the previous quarter. Its revenue from operations rose 30.5% YoY to Rs 1,153.9 crore during the same period. The company’s key markets of Canada, Europe, the US, and Australia registered a growth of 16% YoY and accounted for 61% of the total revenue in Q1.
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Firstsource Solutions partners with Upfront Healthcare
Firstsource Solutions Ltd has partnered with US-based Upfront Healthcare to provide personalised navigation for each patient. The companies will offer data-backed personalisation and health communications to engage patients before and after care— ultimately transforming the care experience and reducing friction. They will focus on improving medication & visit adherence and reducing patient communication fatigue.
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Syngene Q1 Results: Net profit rises 33% You to Rs 77 crore
Syngene International reported a 33.27% YoY increase in consolidated net profit to Rs 77.3 crore for the quarter ended June (Q1 FY22). Net profit declined by 51.8% when compared to the previous quarter. Its revenue from operations rose 41% YoY to Rs 594.5 crore during the same period. EBITDA grew 27% YoY to Rs 177.30 crore in Q1. Syngene International is a contract research and manufacturing company. It provides drug discovery and development services in India and the US.
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Jubilant Foodworks Q1 Results: Net profit at Rs 69 crore
Jubilant Foodworks Ltd reported a consolidated net profit of Rs 69.51 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 73.89 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 129.95% YoY to Rs 893.18 crore in Q1 FY22. The company opened 29 new stores in Q1, including 20 new Domino’s stores and three stores each for Hong’s Kitchen, Ekdum!, and Dunkin Donuts.
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Tejas Networks Q1 Results: Net profit at Rs 7.55 crore
Tejas Networks Ltd reported a consolidated net profit of Rs 7.55 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 9.76 crore in the corresponding quarter last year (Q1 FY21). Its total income rose 80.73% YoY to Rs 152.63 crore during the April-June quarter of FY22. Tejas Networks is a global optical, broadband, and data networking products company.
CEAT Q1 Results: Net profit at Rs 23.98 crore
CEAT Limited reported a consolidated net profit of Rs 23.98 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 34.76 crore in the corresponding quarter last year (Q1 FY21). However, net profit has declined by 84.31% when compared to the previous quarter (Q4 FY21). The tyre manufacturer’s total income rose 70.11% YoY to Rs 1,910.28 crore during the April-June quarter of FY22.
Sterling Gtake secures order worth Rs 60 crore for high-speed electric 2W application
Sterling Gtake E-mobility Ltd (SGEM) has secured an order worth Rs 60 crore for motor control units (MCUs) from a leading electric two-wheeler manufacturer. SGEM is a subsidiary of Sterling Tools Limited. The company expects electric vehicle (EV) components to contribute more than 10% of its revenues by the end of the current financial year (FY22). SGEM has been focusing on identifying partners and driving technology transfer to provide customers with application support and technology adapted to Indian requirements.
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