Tata Motors Q3 Results: Net loss at Rs 1,516 crore
Tata Motors Ltd reported a consolidated net loss of Rs 1,516 crore for the quarter ended December (Q3 FY22). It had posted a net loss of Rs 4,441.54 crore in the previous quarter (Q2 FY22) and a profit of Rs 2,906.45 crore in Q3 FY21. Its revenue from operations fell 5% YoY to Rs 72,229.3 crore in Q3 FY22. EBITDA stood at Rs 7,078.02 crore in Q3, up 48% YoY. Tata Motors’ total dispatches rose 56% YoY (or 17% QoQ) to 2 lakh units.
Read more here.
GDP growth seen at 8-8.5% in FY23: Economic Survey
As per Economic Survey 2021-22, India’s growth domestic product (GDP) growth is estimated to grow at 8-8.5% in the upcoming financial year (FY23). “Growth in FY23 will be supported by widespread vaccine coverage, gains from supply-side reforms and easing of regulations, robust export growth, and availability of fiscal space to ramp up capital spending,” said Finance Minister Nirmala Sitharaman. The Survey expects the economy to grow by 9.2% during the current financial year (FY22). This indicates a recovery to the pre-pandemic levels.
Read more here.
BPCL Q3 Results: Net profit rises 47% YoY to Rs 2,805 crore
Bharat Petroleum Corporation Ltd reported a 47.6% YoY increase in consolidated net profit to Rs 2,806.09 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 34.8% YoY to Rs 1,17,702.6 crore during the same period. The company’s market sales stood at 30.69 million metric tonnes (MMT) in Q3, up 11.3% YoY. BPCL’s board has declared an interim dividend of Rs 5 per share.
Read more here.
Adani Total Gas to invest Rs 20,000 crore in city gas infra
Adani Total Gas Ltd (ATGL) will invest Rs 20,000 crore in setting up city gas infrastructure across India over the next 8 years. Nearly 60% of the investment will go towards the 14 licenses it won recently. With the addition of 14 geographical areas (GAs) it won in the latest bidding round for city gas distribution (CGD) licenses, ATGL currently has a footprint in 95 districts across 12 states. ATGL is a joint venture between Adani Group and TotalEnergies of France.
Read more here.
Sun Pharma Q3 Results: Net profit rises 11% YoY to Rs 2,059 crore
Sun Pharmaceutical Industries Ltd reported an 11% YoY increase in consolidated net profit to Rs 2,058.8 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 12% YoY to Rs 9,863 crore during the same period. The sale of its domestic formulations business grew 15% YoY to Rs 3,167 crore in Q3. The pharma company’s board has declared an interim dividend of Rs 7 per share.
Read more here.
Govt approves sale of NINL to Tata Steel Long Products for Rs 12,100 crore
The government has selected Tata Steel Long Products (TSLP) as a strategic buyer for state-run Neelachal Ispat Nigam Ltd (NINL). TSLP will acquire a 93.71% stake in the iron and steel manufacturer for an enterprise value of Rs 12,100 crore. NINL has an integrated steel plant with a capacity of 1.1 million tonnes at Kalinganagar, Odisha. It is a joint venture of four central public sector enterprises (CPSEs)– MMTC, NMDC, BHEL, MECON, and two PSUs of the Odisha government.
Read more here.
UPL Q3 Results: Net profit rises 18% YoY to Rs 937 crore
UPL Limited reported an 18% YoY increase in net profit to Rs 937 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 24% YoY to Rs 11,297 crore during the same period. EBITDA stood at Rs 2,666 crore in Q3, up 21% YoY. The agrochemical company witnessed a healthy volume growth of 11% and a 13% increase in product realisations.
Read more here.
Bharti Airtel acquires 25% stake in Lavelle Networks
Bharti Airtel Ltd has announced plans to acquire a 25% stake in Bengaluru-based tech startup Lavelle Networks for an undisclosed sum. The acquisition is part of Airtel Business unit’s plans to address the emerging connectivity requirements of enterprises as they go through the cloud and accelerate digital adoption. Lavelle Networks specializes in software-defined wide area network (SD-WAN) solutions and serves a range of industry segments.
Read more here.
DLF Q3 Results: Net profit falls 15% YoY to Rs 379 crore
DLF Limited reported a 15% YoY decline in consolidated net profit to Rs 379.49 crore for the quarter ended December (Q3 FY22). Its total income rose 1.1% YoY to Rs 1,686.92 crore during the same period. EBITDA stood at Rs 521.3 crore in Q3, up 4% YoY. DLF has developed 153 real estate projects and a built-in area of about 330 million square feet.
Read more here.
IOC Q3 Results: Net profit rises 52% YoY to Rs 8016 crore
Indian Oil Corporation Ltd (IOCL) reported a 52.6% YoY increase in consolidated net profit to Rs 8,016.06 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 35% YoY to Rs 1.47 lakh crore during the same period. The average gross refining margin (GRM) stood at $8.52 per barrel in Q3 FY22, compared to $2.96 per barrel in Q3 FY21. IOCL’s board has declared an interim dividend of Rs 4 per share.
Read more here.