Jubilant Foodworks Q4 Results: Net profit jumps 395% YoY to Rs 104.3 crore
Jubilant Foodworks Ltd reported a 395.5% YoY jump in net profit to Rs 104.3 crore for the quarter ended March (Q4). Its revenue from operations rose 14.3% YoY to Rs 1025.9 crore during the same period. Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) rose 47% YoY to Rs 249.2 crore. Same-sales growth for Domino’s Pizza stood at 11.8% in Q4, compared to -3.4% in the corresponding quarter last year. The company opened a record 50 new Domino’s outlets and one store each of Hong’s Kitchen, Ekdum!, and Dunkin Donuts during Q4. The board of Jubilant Foodworks has recommended a final dividend of Rs 6 per share.
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Ashok Leyland’s subsidiary acquires EV maker Switch Mobility Automotive
Switch Mobility, a UK-based subsidiary of Ashok Leyland Ltd, has fully acquired electric vehicles (EV) manufacturer Switch Mobility Automotive Ltd, India. The investment in the equity shares of Switch Mobility Automotive Ltd is at arm’s length. [An arm’s length transaction refers to a business deal in which the buyer and seller act independently without one party influencing the other] Thus, Switch Mobility Automotive Ltd, India, has become a step-down subsidiary of Ashok Leyland.
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Easy Trip Planners Q4 Results: Net profit at Rs 30.4 crore
Easy Trip Planners Ltd reported a consolidated net profit of Rs 30.46 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 3.38 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations rose 82.06% YoY to Rs 57.44 crore in Q4 FY21. The online travel company’s expenses declined by 22.5% YoY to Rs 27.17 crore during the quarter. Net profit for the financial year ended March 31, 2021 (FY21) rose 84.99% YoY to Rs 61.01 crore.
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LTI enters into strategic agreement with Amazon Web Services
Larsen & Toubro Infotech (LTI) has entered into a strategic collaboration agreement with Amazon Web Services (AWS). LTI had recently launched a dedicated cloud unit for AWS, which will focus on migration and modernisation, data analytics, and Internet of Things (IoT). LTI will also build modern accelerators and create industry-focused offerings for the Banking & Financial Services (BFSI), manufacturing, media & entertainment, and insurance sectors.
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LIC Housing Finance Q4 Results: Net profit declines 5% YoY to Rs 399 crore
LIC Housing Finance Ltd reported a 5.33% YoY decline in net profit to Rs 398.9 crore for the quarter ended March (Q4). Net interest income (NII) rose 33% YoY to Rs 1,505 crore during the same period. Its provisions towards impairment on financial instruments jumped to Rs 977.19 crore in Q4 FY21, compared to Rs 27.25 crore in Q4 FY20. The company’s loan portfolio increased by 10% YoY to Rs 2.16 lakh crore in March 2021. LIC Housing Finance’s board has recommended a dividend of Rs 8.50 per share.
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SJVN partners with NDMC for sale of 150-MW solar power
SJVN Limited announced that New Delhi Municipal Corporation (NDMC) has given its in-principle approval to procure 150 megawatts (MW) of solar power from the projects that SJVN plans to bid and develop under the Central Public Sector Undertaking (CPSU) scheme. NDMC will procure solar power at a rate of Rs 2.44 per kilowatt-hour (kWh) for 25 years if SJVN develops the capacity under the CPSU scheme.
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Wipro extends partnership with Levi Strauss & Co.
Wipro Limited has extended its partnership with Levi Strauss & Co., one of the world’s largest brand-name apparel companies and a global leader in jeanswear. As part of a multi-year engagement, Wipro will help optimize Levi Strauss’s customer and user experience across all channels. The IT company will provide Global IT support services across Levi Strauss & Co.’s consumer digital technology space, including eCommerce, B2B Commerce, Consumer Data Hub, Omni Order Management, etc.
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Glenmark Pharma launches COPD treatment inhaler in UK
Glenmark Pharmaceuticals Ltd announced the launch of Tiotropium Bromide Dry Powder Inhaler (DPI) in the United Kingdom. It is used in the treatment of chronic obstructive pulmonary disease (COPD). COPD a long-term condition that causes inflammation in the lungs and narrowing of the airways, making breathing difficult. According to IQVIA data, Tiotropium DPI had sales of $450 million (~Rs 3,300 crore) in the European Union (EU) for the 12 months ended September 2020.
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PFC Q4 Results: Net profit jumps multifold to Rs 3,906 crore
Power Finance Corporation (PFC) Ltd reported a multifold jump in consolidated net profit to Rs 3,906.5 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 693.71 crore in the corresponding quarter last year (Q4 FY20). Total income rose 11.69% YoY to Rs 18,155.14 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) rose 65.8% YoY to Rs 15,716.20 crore. PFC’s board has recommended a final dividend of Rs 2 per share.
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Coal India to reduce manpower by 5% every year over next 5-10 years to cut costs
Coal India Limited (CIL) has announced plans to reduce its manpower by 5% every year over the next 5-10 years to cut costs. The state-owned company currently has 2,72,445 employees. CIL will also close down unviable mines, improve environmental, social, and corporate governance (ESG) compliance disclosures, and work towards achieving a ‘net-zero emission’ status. The PSU aims to achieve a production target of 1 billion tonnes by the financial year 2023-24 (FY24). It has a production target of 670 million tonnes for FY22.
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Siemens to supply digitalised switchgear to 3 steel makers
Siemens Ltd said it will supply advanced power transmission equipment with integrated digital technologies to Icon Steel, Geetai Steels and Gajkesari Steels & Alloys. The installation includes 11 bays of state-of-the-art 132 kilovolts (kV) gas-insulated switchgear (GIS), which will enable increased efficiency, reduced operational costs and ensure safe operations even under extreme environmental conditions.
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IPO Updates:
Shyam Metalics
The Rs 909-crore initial public offering (IPO) of Shyam Metalics and Energy Ltd was subscribed 3.65 times on the second day of bidding. The portion reserved for retail investors was subscribed 5.8 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2.6 times and that of qualified institutional buyers (QIBs) 81%. You can learn more about the IPO here.
Sona BLW Precision Forgings
The Rs 5,550-crore IPO of Sona BLW Precision Forgings Ltd was subscribed 27% on the second day of bidding. The portion reserved for retail investors was subscribed 1.02 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4% and that of qualified institutional buyers (QIBs) 14%. You can learn more about the IPO here.
