ITC Q4 Results: Net profit rises 12% YoY to Rs 4,190 crore
ITC Limited reported an 11.8% YoY increase in net profit to Rs 4,190.96 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 16% YoY to Rs 16,426 crore during the same period. Revenue from ITC’s cigarette business grew 9.96% YoY to Rs 6,443.37 crore in Q4. Non-cigarette FMCG revenue stood at Rs 4,141.97 crore, up 12.32% YoY. ITC’s board has declared a final dividend of Rs 6.25 per share.
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Ruchi Soya to acquire Patanjali’s food retail business for Rs 690 crore
Ruchi Soya Industries Ltd (RSIL) will acquire Patanjali Ayurved’s food retail business for Rs 690 crore. The business comprises of 21 major products, including ghee, honey, spices, juices, and atta. The company will also get manufacturing plants located at Padartha (Uttarakhand) and Newasa (Maharashtra). RSIL’s board has also approved the change in the name of the firm to Patanjali Foods Ltd.
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Route Mobile Q4 Results: Net profit rises 29% YoY to Rs 45.68 crore
Route Mobile Ltd reported a 29.15% YoY increase in consolidated net profit to Rs 45.68 crore for the quarter ended March (Q4 FY22). Net profit rose 2.61% when compared to the previous quarter. Its total income grew 75.35% YoY (or 11.80% QoQ) to Rs 634.48 crore during the same period. Route Mobile’s board has declared a final dividend of Rs 2 per share.
Sun Pharma to launch first-in-class oral lipid-lowering drug in India
Sun Pharmaceutical Industries Ltd is planning to launch an oral drug, Bempedoic Acid, to reduce low-density lipoprotein (LDL) cholesterol. The pharma company will launch the drug under the brand name Brillo. The drug is indicated for people who have an inherited genetic disorder that causes high cholesterol levels or established heart disease where cholesterol levels remain high.
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ABFRL Q4 Results: Net profit at Rs 43.6 crore
Aditya Birla Fashion & Retail Ltd (ABFRL) reported a consolidated net profit of Rs 43.59 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 137.64 crore in the corresponding quarter last year (Q4 FY21). Its total income grew 25.57% YoY to Rs 2,309.55 crore during the same period. EBITDA stood at Rs 401 crore in Q4, up 58% YoY.
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TVS Motor launches electric scooter iQube
TVS Motor Company Ltd rolled out its latest electric scooter, iQube, equipped with a host of features, including a best-in-class range of 140 km on a single charge. The Chennai-based company has unveiled three variants of the electric scooter. It will have a seven-inch touchscreen, voice assist, iQube Alexa skillset, and Bluetooth connectivity. TVS iQube and TVS iQube S will be available at Rs 98,564 and Rs 1,08,690, respectively.
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IGL Q4 Results: Net profit rises 9% YoY to Rs 361 crore
Indraprastha Gas Ltd (IGL) reported a 9% YoY increase in net profit to Rs 361.6 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 54.9% YoY to Rs 2,649.77 crore during the same period. EBITDA rose 2% YoY to Rs 500 crore in Q4. Total volumes grew 14% YoY to 697 million standard cubic meters (mscm) in Q4. IGL’s board has declared a dividend of Rs 5.5 per share.
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Manappuram Finance Q4 Results: Net profit falls 44% YoY to Rs 261 crore
Manappuram Finance Ltd reported a 44% YoY decline in net profit to Rs 261 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) fell 10.2% YoY to Rs 986.5 crore during the same period. [NII is the difference between the interest income earned on loans and the interest paid to depositors.] The gold loan financier’s assets under management (AUM) stood at Rs 30,300 crore in Q4, up 11.2% YoY.
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Union Cabinet amends biofuels policy, advances ethanol blending target to 2025-26
The Union Cabinet approved advancing the target of blending 20% ethanol in petrol by five years to 2025-26. Currently, ~10% of ethanol is blended in petrol. The Cabinet has also approved a proposal to allow more feedstocks for the production of biofuels. These decisions will help India cut its reliance on oil imports.
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