India’s industrial output rises 0.4% in December
India’s index of industrial production (IIP) grew 0.4% year-on-year (YoY) to 138.0 in December 2021. IIP had risen 2.2% YoY to 137.4 in December 2020. The electricity sector witnessed a growth of 2.8% to 162.5, while the mining sector grew 2.6% YoY to 120.3. The manufacturing sector saw a (-)0.1% contraction to 138.8. The data was released by the Ministry of Statistics & Programme Implementation (MoSPI).
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Divi’s Labs Q3 Results: Net profit rises 92% YoY to Rs 902 crore
Divi’s Laboratories Ltd reported a 91.7% YoY increase in consolidated net profit to Rs 902.24 crore for the quarter ended December (Q3 FY22). Net profit increased by 49% when compared to the previous quarter. Its revenue from operations rose 46.5% YoY to Rs 2,493.24 crore during the same period. EBITDA stood at Rs 1,097 crore in Q3, up 59% YoY. The pharma company incurred a loss of Rs 3.1 crore on account of forex variations.
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JSW Steel’s crude steel output rises 15% in January
JSW Steel Ltd reported a 15% YoY increase in crude steel production at 14.46 lakh tonnes (LT) in January. The production of its flat-rolled products increased by 23% to 12.47 LT. Its output of long-rolled products registered a growth of 4% to 3.74 LT. The company’s expansion project at Dolvi works, which commenced commercial operations in November 2021, is gradually ramping up capacity utilisation.
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Sobha Q3 Results: Net profit rises 51% YoY to Rs 32.7 crore
Sobha Ltd reported a 51% YoY increase in consolidated net profit to Rs 32.7 crore for the quarter ended December (Q3 FY22). Net profit fell 32% when compared to the previous quarter. Its revenue from operations fell 2% YoY to Rs 668.2 crore during the same period. The realty company’s EBITDA stood at Rs 227.5 crore in Q3, up 27% YoY.
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Max Healthcare acquires stake in Eqova Healthcare to develop 400 bed hospital in East Delhi
Max Healthcare Institute Ltd has acquired Eqova Healthcare, a company with long-term exclusive rights to develop and provide medical services to a 400 bed hospital in East Delhi. The company will pay Rs 47.18 crore for the acquisition of an initial tranche of 26% stake. The phase-1 of the acquired project (which consists of 250 beds) is expected to be commissioned by H1 FY26. It has the potential to expand to 400 beds in Phase 2.
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Motherson Sumi Q3 Results: Net profit falls 69% YoY to Rs 245 crore
Motherson Sumi Systems Ltd (MSSL) reported a 69.3% YoY decline in consolidated net profit to Rs 245.1 crore for the quarter ended December (Q3 FY22). Its revenue from operations fell 5.7% YoY to Rs 16,117.5 crore during the same period. Operating profit stood at Rs 1,383 crore in Q3, up 14% YoY. During Q3, MSSL raised Rs 1,000 crore via non-convertible debentures for funding working capital requirements and repaying debt.
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Mylab partners with Shilpa Biologics to enter vaccines & therapeutics segment
Mylab Discovery Solutions has announced its foray into the vaccine and therapeutics segment with its strategic partnership with Shilpa Biologicals Pvt Ltd (SBPL). Starting with a Covid-19 vaccine manufacturing opportunity, the parties plan to strengthen the relationship by expanding the product portfolio in other areas, including various biosimilars and diagnostics. SBPL, a wholly-owned subsidiary of Shilpa Medicare Ltd.
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Apollo Hospitals Q3 Results: Net profit rises 81% YoY to Rs 243 crore
Apollo Hospitals Enterprise Ltd (AHEL) reported an 81% YoY increase in net profit to Rs 243 crore for the quarter ended December (Q3 FY22). Net profit declined by 9% when compared to the previous quarter. Its revenue from operations rose 32% YoY to Rs 3,639 crore during the same period. EBITDA stood at Rs 587 crore in Q3, up 50% YoY. The third quarter of FY22 witnessed a strong revival of non-Covid business, with volumes reaching pre-Covid levels.
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India Cements Q3 Results: Net profit falls 76% YoY to Rs 16 crore
India Cements Ltd reported a 79% YoY decline in consolidated net profit to Rs 16 crore for the quarter ended December (Q3 FY22). Its revenue from operations fell 2% YoY to Rs 1,160 crore during the same period. The company’s volumes stood at Rs 21.08 lakh tonnes in Q3, a decline of 11% YoY. The Covid-19 pandemic and heavy rains in South India impacted the company’s Q3 performance.
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