TVS Motor Q3 Results: Net profit rises 9% YoY to Rs 288 crore
TVS Motor Company Ltd reported a 9% YoY (or 4% QoQ) increase in net profit to Rs 288 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 6% YoY to Rs 5,706 crore during the same period. EBITDA stood at Rs 568 crore in Q3, up 11% YoY. The two-wheeler manufacturer’s total sales fell 12% YoY to 8.35 lakh units.
Read more here.
Ashok Leyland to supply 200 trucks to Bangladesh
Ashok Leyland will supply 200 trucks to the Government of Bangladesh. These trucks will be a part of a project from India under a $2 billion line of credit announced by Prime Minister Narendra Modi. Ashok Leyland is one of the leading commercial vehicle brands in Bangladesh and has more than 50 touchpoints across the country.
Read more here.
L&T signs pact with Microsoft to develop regulated sector-focused cloud offering
Larsen & Toubro (L&T) has signed an agreement with Microsoft India to develop a regulated sector-focused cloud offering. The partnership will offer customers the best-of-breed cloud computing and infrastructure services. As part of the agreement, L&T and Microsoft will co-engage with a defined set of large customers to develop architectures and road maps to modernise their traditional data centres.
Read more here.
NALCO Q3 Results: Net profit jumps three-fold to Rs 831 crore
National Aluminium Company Ltd (NALCO) reported a 246.5% YoY jump in consolidated net profit to Rs 830.67 crore for the quarter ended December (Q3 FY22). Its total income rose 59.2% YoY to Rs 3,845.25 crore during the same period. EBITDA stood at Rs 1,190.4 crore in Q3, up 174% YoY. NALCO paid a final dividend of Rs 1 per share, amounting to Rs 183.66 crore in 2020-21.
Read more here
Sonata Software partners with Microsoft to launch ‘Microsoft Cloud for Retail’
Sonata Software Ltd (SSL) has announced a partnership with Microsoft for its launch of ‘Microsoft Cloud for Retail’. The collaboration will further enhance SSL’s capabilities in leveraging data, elevating the shopping experience, building sustainable supply chains, and empowering store associates. The company has been a partner with Microsoft for over three decades. SSL is a global IT services and technology solutions company based in Bengaluru.
Read more here.
Jindal Stainless Q3 Results: Net profit jumps 160% YoY to Rs 442 crore
Jindal Stainless Ltd (JSL) reported a 159.5% YoY jump in consolidated net profit to Rs 441.78 crore for the quarter ended December (Q3 FY22). Its total income rose 58.2% YoY to Rs 5,682.37 crore during the same period. A sharp product mix, attuned to market demands, helped the company remain agile and responsive to customer requirements. JSL’s board has approved raising up to Rs 3,500 crore by issuing debt securities.
Read more here.
Minda Industries raises stake in Minda Kosei Aluminium Wheels to 77.3%
Minda Industries Ltd (MIL) will increase its stake in subsidiary firm Minda Kosei Aluminum Wheels (MKA) from 70% to 77.35%, with an investment of Rs 61.2 crore in the venture. The existing shareholders and joint venture partners have renounced their rights in favour of MIL. Minda Industries is consolidating its stake in four partnership firms by acquiring the remaining stake of promoters.
MIL reported a 13% YoY fall in consolidated profit after tax (PAT) to Rs 118 crore in Q3 FY22. Its revenue from operations rose 7% YoY to Rs 2,181 crore during the same period.
Read more here.
Indian Bank Q3 Results: Net profit rises 34% YoY to Rs 690 crore
Indian Bank reported a 34% YoY increase in net profit to Rs 690 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 1.9% YoY to Rs 4,395 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 9.13% in Q3 FY22, compared to 9.56% in Q2 FY22. Total provisions rose 21% YoY to Rs 2,493 crore.
Read more here.
HPCL’s Visakha Refinery all set for Rs 26,264 crore expansion
Hindustan Petroleum Corp Ltd’s Visakha Refinery in Andhra Pradesh is set for modernisation and expansion at a total cost of Rs 26,264 crore. Under the Visakha Refinery Modernisation Project (VRMP), the capacity of the refinery will expand from 8.3 million tonnes per annum (MTPA) to 15 MTPA. VRMP is scheduled to be completed during the financial year 2022-23.
Read more here.
Union Bank Q3 Results: Net profit rises 49% YoY to Rs 1,085 crore
Union Bank of India reported a 49% YoY increase in net profit to Rs 1,085 crore for the quarter ended December (Q3 FY22). Its total income fell 3.2% YoY to Rs 19,453.74 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 11.62% in Q3 FY22, compared to 13.49% in Q3 FY21. Total provisions fell 51% YoY to Rs 2,549.58 crore.
Read more here.
Tube Investments Q3 Results: Net profit jumps three-fold to Rs 390 crore
Tube Investments of India Ltd (TII) reported a 267% YoY jump in consolidated net profit to Rs 120.43 crore for the quarter ended December (Q3 FY22). Its revenue rose 100.5% YoY to Rs 3,410 crore during the same period. EBITDA stood at Rs 441 crore in Q3 FY22, compared to Rs 220 crore in Q3 FY21. TII’s board has declared an interim dividend of Rs 2 per share.
Read more here.
