PVR Q4 Results: Net loss at Rs 289 crore
PVR Limited reported a consolidated net loss of Rs 289.12 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 74.49 crore in the corresponding quarter last year (Q4 FY20). The multiplex operator’s total income declined by 60.2% YoY (or 17.76% QoQ) to Rs 263.26 crore in Q4 FY21. PVR has posted a net loss of Rs 747.79 crore for the financial year ended March 31, 2021 (FY21). This is compared to a net profit of Rs 27.30 crore in FY20. With the resurgence of Covid-19 cases since April 2021, PVR has been taking all necessary measures to manage costs and preserve liquidity.
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Adani Green’s subsidiary commissions 150-MW wind power project in Gujarat
Adani Wind Energy Kutchh Three has commissioned a 150 megawatt (MW) wind power project in Kutchh, Gujarat. The company is a subsidiary of Adani Green Energy Ltd (AGEL). The project has a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at 2.82 per kilowatt-hour for 25 years. With the successful commission of this project, AGEL’s total operational renewable capacity has increased to 5,070 MW. This is the company’s 6th project to be commissioned ahead of schedule over the past 12 months.
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Motherson Sumi Q4 Results: Net profit jumps 289% YoY to Rs 714 crore
Motherson Sumi Systems Ltd reported a 289% YoY jump in consolidated net profit to Rs 713.6 crore for the quarter ended March (Q4). Net profit has declined by 10.62% when compared to the previous quarter. Its revenue from operations rose 17.6% YoY to Rs 16,971.9 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 11% YoY to Rs 1,039.13 crore. The company’s board has recommended a final dividend of Rs 1.5 per share.
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Phoenix Mills, GIC to set up investment platform in India
Phoenix Mills Ltd (PML) and Singapore’s sovereign wealth fund GIC have entered into a strategic partnership to establish a $733 million (~Rs 5,300 crore) investment platform for retail-led mixed-use assets in India. GIC will acquire a minority stake (26.4%) in the portfolio of PML’s projects that are under development in Mumbai and Pune. The assets comprise 3.4 million sq. ft. of leasable retail and office space.
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Muthoot Finance Q4 Results: Net profit rises 22% YoY to Rs 995 crore
Muthoot Finance reported a 22.14% YoY increase in standalone net profit to Rs 995.66 crore for the quarter ended March (Q4). Its net interest income (NII) rose 15.7% YoY to Rs 1,829.5 crore during the same period. The company’s loan assets grew 26% YoY to Rs 52,622.3 crore as of March 31, 2021. Its total assets under management (AUM) rose 26% YoY to Rs 52,622 crore in FY21. Net profit for the financial year 2020-21 (FY21) increased by 23.32% YoY to Rs 3,722.18 crore. Muthoot Finance’s board has declared a dividend of Rs 20 per share.
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Tata Power Solar secures order worth Rs 686 crore from NTPC
Tata Power Solar, a wholly-owned subsidiary of Tata Power Ltd, has received a Letter of Award (LoA) from state-owned NTPC Ltd to build 210 megawatt peak (MWp) of solar PV projects. The scope of work includes transmission, engineering, procurement, installation, and commissioning of solar projects at an NTPC project site in Gujarat. The total order value of the projects is Rs 686 crore. The commission deadline has been set as November 2022.
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Route Mobile to develop A2P messaging platform for EITC-du
Route Mobile has announced a partnership with Emirates Integrated Telecommunications Company (EITC)- du, by offering a turnkey solution using its Smart Messaging Hub. This platform will enable du to launch a scalable revenue-generating messaging platform for the application-to-person (A2P) wholesale transit business. Route Mobile will oversee the infrastructure, technology, gateway connectivity, and day-to-day operations of the platform for du as a managed service.
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Wipro partners with Finastra to help digitalise banks in the Asia-Pacific
Wipro Limited and UK-based software vendor Finastra have announced a partnership to aid digital transformation of corporate banks in the Asia-Pacific region. The companies will create a unique offering that combines Wipro’s services catalogue with Finastra’s front-to-back finance and cash management solutions. The partnership will help banks transition quickly and enable them to meet client needs in a faster and more agile manner.
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USFDA accepts Lupin’s application for Pegfilgrastim biosimilar
Lupin Limited announced that the US Food & Drug Administration (USFDA) has accepted the Biologics License Application (BLA) for its proposed biosimilar to Neulasta (Pegfilgrastim). According to IQVIA data, Pegfilgrastim had an estimated annual sales of $3.66 billion (~Rs 26,710 crore) in the US for the 12 months ended December 2020. Pegfilgrastim is used to prevent neutropenia or the lack of certain white blood cells in patients receiving chemotherapy.
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MTAR Technologies Q4 Results: Net profit jumps 103% YoY to Rs 18 crore
MTAR Technologies reported a 103.04% YoY increase in consolidated net profit to Rs 18.01 crore for the quarter ended March (Q4). Net profit has jumped 103.39% when compared to the previous quarter. Its revenue from operations rose 12.27% YoY to Rs 69.16 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 47.09% YoY to Rs 46.07 crore. The company’s board has recommended a dividend of Rs 3 per share.
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Rossari Biotech to acquire Unitop Chemicals for Rs 421 crore
Rossari Biotech Ltd has announced plans to acquire a 100% stake in Mumbai-based Unitop Chemicals Pvt Ltd for Rs 421 crore. Unitop Chemicals is a supplier of surfactants, emulsifiers, and specialty chemicals. It has three manufacturing sites in India with a total capacity of 86,000 metric tonnes per annum (MTPA). Rossari Biotech stated that 65% of the equity share capital of Unitop will be acquired upon the closure of the transaction. The remaining 35% will be acquired over the next two years.
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