Vedanta Group firm on Thursday reported a 20.2 percent year-on-year (YoY) decline in net profit to Rs 2,156 crore for the third quarter that ended December 31, 2022. In the corresponding quarter last year, the company posted a net profit of Rs 2,701 crore. A CNBC-TV18 Poll had predicted a profit of Rs 2,210 crore for the quarter under review.
India’s largest IT services company Tata Consultancy Services (TCS) on Thursday said the company has been selected as a strategic partner by Canadian aerospace manufacturer Bombardier to accelerate its digital transformation and drive innovation. Bombardier selected TCS for its proven experience in delivering successful digital transformation programs in the business aviation industry, as well as its extensive portfolio of intellectual property, the company said in an exchange filing.
L&T Technology Services
US Dollar revenue growth of 0.4 percent during the December quarter missed expectations of a 2 percent growth quarter-on-quarter. The company also cut its full-year revenue guidance to 15 percent from 15.5-16.5 percent earlier. On the positives, this was the sixth straight quarter of EBIT margin being in excess of 18 percent. Also named a strategic partner by Airbus.
The company reported domestic volume growth of 5 percent for the December quarter, at the upper end of the CNBC-TV18 poll of 4-5 percent. The volume growth figure of 5 percent was higher than the 4 percent growth seen in the September quarter and 2 percent during the same period last year. For the December quarter, Hindustan Unilever’s revenue grew 16.3 percent from last year to Rs 15,228 crore. The figure was also higher than a CNBC-TV18 poll of Rs 14,860 crore.
The private lender on Thursday reported its highest quarterly net profit of Rs 393 crore, a growth of 30 percent annually, for the October-December period of 2022-23 on improved asset quality and the resultant decline in provisions. The bank said its gross bad loans declined to 1.81 percent or Rs 1,019 crore in the reporting quarter from 2.60 percent or Rs 1,058 crore in December 2021 and net bad loans improved to 0.51 percent from 1.29 percent or Rs 285 crore and Rs 520 crore, respectively
Multiplex operator posted a net profit of Rs 16.1 crore in the October-December quarter compared to a loss of Rs 10.2 crore in the corresponding period a year ago. On a quarterly basis, too PVR’s figures have improved as it registered a loss of Rs 71 crore in the last quarter. PVR saw its revenue rise 53.2 percent to Rs 941 crore against Rs 614 crore in the quarter that ended December 31, 2021.
Announced that it will be selling its international zinc assets to Hindustan Zinc Limited (Hind Zinc) for $2,981 million. This move is in line with Vedanta’s ongoing strategy to simplify its portfolio and focus on core operations. The company has agreed to make payment for the assets in a phased manner, based on agreed milestones.
Jubilant Foodworks Ltd on Thursday said it has lined up a Rs 900 crore capex plan for the next 12-18 months. In a regulatory filing, the company said capex of Rs 900 crore would be funded entirely through internal accruals over a period for 12-18 months. This will be towards stores, including re-imaging and maintenance capex, and digital of about Rs 500-600 crore, and Rs 300 crore in commissaries.
Sun Pharmaceutical Industries
The company on Thursday said it has inked a pact to acquire US-based Concert Pharmaceuticals in a $576 million (around Rs 4,688 crore) deal. The companies have executed a definitive agreement under which Sun Pharma will acquire all outstanding shares of Concert through a tender offer for an upfront payment of $8 per share of common stock in cash, or $576 million in equity value.
Sterling and Wilson Renewable Energy