Profit in Q4 grew 22.8% to Rs 10,055.2 crore YoY as provisions declined 29.4% in the same period. Net interest income rose 10.2% to Rs 18,873 crore, with credit growth of 20.8 % and a deposits growth of 16.8% YoY. Asset quality improved with gross non-performing assets falling 9 bps sequentially to 1.17% and net NPAs declining 5 bps QoQ to 0.32% in the March quarter.
The country’s second-largest IT services company recorded lower-than-expected earnings growth in March 2022 quarter, with profit falling 2.1% sequentially to Rs 5,686 crore on lower-than-expected revenue growth (up 1.3% QoQ) and a fall in operating margin, and dollar revenue growth of seven-tenth of a percent QoQ at $4,280 million. However, the revenue growth guidance for the current financial year at 13-15% over the previous year exceeded analysts’ expectations, with an operating profit margin forecast in the range of 21-23%.
Quarterly results on April 18
Mindtree, Star Housing Finance, Earum Pharmaceuticals, DRC Systems India, Mishtann Foods, Ramsarup Industries, Sheetal Cool Products, SE Power, SM Gold, and Swiss Military Consumer Goods will release quarterly earnings on April 18.
Future Enterprises (FEL)
The company has defaulted on the payment of interest of Rs 1.22 crore due to non-convertible debentures (NCDs). The due date for payment of Rs 1.22 crore interest was April 13, 2022.
The company received a certificate of good manufacturing practices (GMP) from the South African Health Products Regulatory Authority. The company had undergone an inspection audit during September 20-29, 2021. Windlas can now start manufacturing and selling its products in the South African market. The company also received zero critical observations for its plant-IV at Dehradun after European Union GMP inspection carried out by the National Institute of Pharmacy and Nutrition, Hungary during April 11-13.
The company has reported a net profit of Rs 1.28 crore for the fourth quarter and year ended March 31, 2022, as compared to a net loss of Rs 4.64 crore for the same quarter in the previous year. The total income of the company increased by 26.03% to Rs 68.32 crore for Q4FY22 as compared to Rs 54.21 crore for the corresponding quarter previous year.
Its UAE subsidiary, UltraTech Cement Middle East Investments (UCMEIL), has picked up a 29.39% stake in RAK Cement Company for White Cement and Construction Materials PSC (RAKWCT), a listed entity on Abu Dhabi and Kuwait stock exchanges. This is a strategic investment and the acquisition cost will be $101.1 million.
The company has incorporated a wholly-owned subsidiary namely ‘Alluvial Heavy Minerals’ (AHML), on April 13, 2022, with an Initial Authorized and Paid-Up Share Capital of Rs 10,00,000 each to, interalia, carry on manufacturing and processing of minerals, Ti02 Slag manufacturing, Pigment manufacturing etc. and to do all necessary and incidental activities in this regard. AHML will commence its business operations in due course.
The pharma company’s Taloja unit has been cleared by the US health regulator as the unit has not received “Form 483” after inspection. The US FDA inspected the company’s bioequivalence centre at Taloja in Maharashtra during April 11-14.
The company has been granted approval under the Production Linked Incentive (PLI) Scheme from the Ministry of Textiles, Government of India for manufacturing textiles products in India.
BlackRock Real Assets, together with Mubadala, will invest Rs 4,000 crore ($525 million) for a 10.53% stake in the company’s subsidiary Tata Power Renewables. The investment has taken a base equity valuation of the subsidiary to Rs 34,000 crore.
The company has reported a net loss of Rs 132.54 crore for the fourth quarter and year ended March 31, 2022, as compared to a net profit of Rs 41.11 crore for the same quarter in the previous year. However, the total income of the company increased by 28.77% to Rs 1038.28 crore for Q4FY22 as compared to Rs 806.33 crore for the corresponding quarter previous year.
Mahindra & Mahindra
The company has hiked the price of its vehicles by 2.5%. The price revision is a result of a continuous increase in prices of key commodities such as steel, aluminium and palladium, the company said.
Indiabulls Real Estate
The company has raised Rs 865 crore through the issue of shares to institutional investors. The company launched its QIP (Qualified Institutional Placement) issue on March 7, 2022, and closed it on April 12, 2022.
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The company has received a CDMO contract worth Rs 270 crore in speciality chemicals business from an “international customer”. The contract is for three years. The company will supply two key GMP intermediates for one of the “patented drugs” of the innovator pharmaceutical customer. Commercial supplies of both these products will start from FY23.
The company is set to consider a stock split proposal on May 3. The company’s board will also decide on dividend recommendations for the financial year 2021-22.
Coal India Ltd
The company is set to launch its own e-auction platform, and the mining major has informed new and existing bidders to register on the portal, a top company official said. At present, the e-auction portal is managed by mjunction and state-owned MSTC Ltd.