Coal India Q1 Results: Net profit rises 52% YoY to Rs 3,169 crore
Coal India Ltd reported a 52.53% YoY increase in consolidated net profit to Rs 3,169.95 crore for the quarter ended June (Q1 FY22). Net profit declined by 30.89% when compared to the previous quarter. Its revenue from operations rose 36.76% YoY to Rs 25,282.15 crore during the same period. Total coal production increased by 2.43% YoY to Rs 123.98 million tonnes (MT) in Q1. Coal India’s total expenses jumped 31.3% YoY to Rs 21,626.5 crore during the April-June quarter of FY22.
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Reliance Industries, Bill Gates to invest in battery storage company
Reliance Industries Ltd (RIL), along with strategic investors Paulson & Co. Inc and Bill Gates, has announced an investment of $144 million (~Rs 1,070 crore) in Ambri Inc, an energy storage company based in Massachusetts, US. RIL’s subsidiary, Reliance New Energy Solar Ltd (RNESL), will invest $50 million to acquire 43.2 million shares of preferred stock in Ambri. The transaction is in line with RIL’s strategic plan to invest Rs 75,000 crore over the next 3 years to build a new clean energy business to fuel its commitment to be net carbon neutral by 2035.
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Jindal Steel & Power Q1 Results: Net profit jumps 10-fold to Rs 2,516 crore
Jindal Steel & Power Ltd reported a 967% YoY jump in consolidated net profit to Rs 2,515.71 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 63% YoY to Rs 10,609.5 crore during the same period. EBITDA grew 151% YoY to Rs 4,539 crore in Q1. Jindal Steel & Power produced 2.01 million tonnes (MT) of steel in Q1 FY22, compared to 1.65 MT in Q1 FY21.
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CAMS Q1 Results: Net profit rises 58% YoY to Rs 63.24 crore
Computer Age Management Systems (CAMS) reported a 58.9% YoY increase in consolidated net profit to Rs 3,169.95 crore for the quarter ended June (Q1 FY22). Net profit increased by 5.19% when compared to the previous quarter. Its revenue from operations rose 35.36% YoY to Rs 201.18 crore during the same period. CAMS is a mutual fund transfer agency that provides services for investors, distributors, asset management companies (AMCs), and demat account holders in India.
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Dixon Tech to form JV with Japan’s Rexxam for PCB manufacturing
Dixon Technologies has entered into an agreement with Japan-based Rexxam Co. to form a joint venture (JV) to manufacture Printed Circuit Boards (PCBs) for air conditioners for domestic and international markets. Rexxam will hold a 60% stake in the JV, while Dixon Tech will own 40%. Meanwhile, Dixon has also proposed to file the necessary applications with the Department for Promotion of Industry & Internal Trade (DPIIT) to avail benefits under the government’s PLI scheme.
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Manappuram Finance Q1 Results: Net profit rises 18% YoY to Rs 436 crore
Manappuram Finance Ltd reported an 18.59% YoY increase in consolidated net profit to Rs 436.53 crore for the quarter ended June (Q1 FY22). Net profit has declined by 6.8% when compared to the previous quarter. Its revenue from operations rose 3.36% YoY to Rs 1,563.3 crore during the same period. Manappuram Finance is a leading non-banking financial company (NBFC) based in Kerala.
M&M to recall nearly 30,000 pickup trucks to replace faulty fluid pipe
Mahindra & Mahindra (M&M) announced that it was inspecting and replacing fluid pipes in some of its pickup trucks made between January 2020 and February 2021 for suspicion of improper assembly. The recall is limited to a batch of 29,878 vehicles and will be kept in line with M&M’s customer-centric approach. The issue will be rectified free of cost for customers, who will be individually contacted by the automaker.
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Motherson Sumi Systems Q1 Results: Net profit at Rs 290 crore
Motherson Sumi Systems Ltd reported a consolidated net profit of Rs 289.63 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 810.45 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 713.62 crore in the previous quarter (Q4 FY21). Its revenue from operations rose 98% YoY to Rs 16,712 crore in Q1 FY22. The company’s net debt has declined by 32% YoY to Rs 6,158 crore during the same period.
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Kalyan Jewellers Q1 Results: Net loss at Rs 51 crore
Kalyan Jewellers reported a consolidated net loss of Rs 51.3 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 85.87 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 109.19% YoY to Rs 1,636.77 crore in Q1 FY22. The company’s India revenue grew 94% YoY, while revenue from the Middle East jumped 183% YoY during the April-June quarter of FY22.
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Max Financial Q1 Results: Net profit falls 80% YoY to Rs 36 crore
Max Financial Services Ltd (MFSL) reported an 80% YoY decline in consolidated net profit to Rs 36 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 27% YoY to Rs 3,420 crore during the same period. MFSL’s new business premium grew 32% YoY to Rs 875 crore in Q1. The company’s sole operating subsidiary, Max Life, posted a 28% YoY increase in total revenues to Rs 4,626 crore in Q1. Max Life’s assets under management (AUM) grew 28% YoY to Rs 93,697 crore in the April-June quarter of FY22.
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Powergrid Q1 Results: Net profit jumps nearly three-fold to Rs 5,998.28 crore
Power Grid Corporation of India Ltd (PGCIL) reported a 193% YoY jump in consolidated net profit to Rs 5,998.28 crore for the quarter ended June (Q1 FY22). Net profit has increased by ~70% when compared to the previous quarter. Its revenue from operations rose 8% YoY to Rs 10,216 crore during the same period. EBITDA has increased by 8% YoY to Rs 8,997 crore in Q1.
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Zomato Q1 Results: Net loss at Rs 356 crore
Zomato Ltd reported a consolidated net loss of Rs 356.2 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 99.8 crore in the corresponding quarter last year (Q1 FY21) and a net loss of Rs 153 crore in Q4 FY21. Its adjusted sales growth grew 26% YoY to Rs 1,160 crore in Q1 FY22. [Adjusted sales is the sum of revenue from operations and customer delivery charges]. The gross order value (GOV) jumped four-fold YoY (or 37% QoQ) to Rs 4,540 crore in Q1. Total expenses jumped more than three times over the previous year to Rs 1,260 crore.
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