Adani Enterprises
Adani Defence Systems and Technologies Limited, the wholly-owned subsidiary of Adani Enterprises Limited (AEL) announced a 50% stake acquisition in Bengaluru-based commercial drone player General Aeronautics Private Limited. Made for an undisclosed amount, the 50% stake acquisition will help Adani Defence Systems and Technologies to leverage its own military drone as well as artificial intelligence (AI) and machine learning (ML) capabilities for extending work into the domestic agricultural sector. General Aeronautics provides robotic drones and drone-based solutions for crop protection services, crop health, precision- farming and yield monitoring using artificial intelligence and analytics for the agricultural sector.
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JSW Steel
JSW Steel reported a 20% decline in its consolidated net profit to Rs 3,343 crore for the March 2022 quarter, dragged by higher expenses. The company had posted a net profit of Rs 4,191 in the year-ago period. Consolidated revenue surged 74% year on year to Rs 46,895 crore against net revenue of Rs 26,943 crore registered in the year-ago quarter. The company has recommended a dividend of Rs 17.35 per equity share of Rs 1 each for the year ended March 31, 2022.
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Nykaa
FSN E-Commerce Ventures Ltd, Nykaa’s parent company, has reported a steep 49% decline in profit to Rs 8.56 crore for the March 2022 quarter from Rs 16.88 crore reported in the year-ago period. Revenue from operations rose to Rs 973 crore from Rs 741 crore.
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Hinduja Global Solutions
Business process management firm Hinduja Global Solutions reported a multi-fold jump in its consolidated profit after tax to Rs 5,686 crore for the March quarter of fiscal 2021-22, mainly on account of a one-time gain from the divestment of its healthcare service business. The company had reported a profit after tax of Rs 130.32 crore in the year-ago period. The consolidated revenue from operations grew 13.57% to Rs 865.46 crore during the reported quarter, from Rs 762 crore in the year-ago period. The company announced a final dividend of Rs 25 per share post one bonus share against each share.
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Arvind Fashions
Arvind Fashions reported a net profit of Rs 917 crore for the March 2022 quarter, up 34% from Rs 685 crore reported in the year-ago period, led by a strong bounce back in demand and strong footfalls, reflected in 20% like to like (LTL) growth in February-March 2022. The company reported a marginal profit of Rs 1 crore as compared to a loss of Rs 45 crore during the same period last year.
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TCI Express
TCI Express reported a net profit of Rs 35.93 crore, down from 15.6% to Rs 42.57 crore in the year-ago period. The regional restrictions due to COVID impacted the performance of the company. Revenue from operations grew 7.3% to Rs 300 crore as compared to Rs 280 crore in the year-ago period. The company recommended a dividend of Rs 2.00 per equity share of Rs 1 each for the fiscal ended March 31, 2022.
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Welspun Corp Limited
Welspun Corp reported a 30.4% year on year decline in net profit to Rs 263.5 crore in the March quarter from Rs 379 crore in the year-ago period, due to higher global energy prices and the rise of commodity prices. Revenue for the quarter fell marginally by 1.2% year on year to Rs 2,011 crore as compared to Rs 2,035 crore in the same quarter of the previous financial year. The company has recommended a final dividend of Rs 5 per share for fiscal 2022.
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ONGC
State-owned Oil and Natural Gas Corporation of India Limited (ONGC) reported a 10% rise in consolidated net profit at Rs 12,061 crore for the quarter ending March 31, 2022, as it got the best price for crude oil it produces and sells. It reported a consolidated net profit of Rs 10,963 crore in the year-ago period. Consolidated revenue from operations grew 37% to Rs 1.55 trillion in March 2022 quarter against Rs 1.14 trillion same quarter of the previous financial year.
