Page 41 - Companies

Two-thirds of Indian knowledge workers likely to switch jobs in 2023: Study

A majority say they feel burned out and want better communication from their company's leaders

Disney+ Hotstar paid user base up 42% in July-Sept; firm says it may shrink

This is the second time the company has pointed to a likely drop in subscribers in the future due to the absence of IPL

HR tech start-up Keka raises $57 mn in series A funding by WestBridge

The company helps businesses by automating payroll, recruiting, performance management

Pocket FM announces US foray, crosses $25 mn in annualised revenue run rate

According to Statista, audio OTT market in India is expected to be worth $2.5 billion by 2030

You're fired! Layoff crisis getting out of control at unicorns in India

A growing list of top tech unicorns or companies with over $1 billion valuation each is laying-off employees in an attempt to conserve cash and focus on profitability amid a funding winter this year

Twitter turbulence puts focus on brand security in social media advertising

Focused approach to media targeting, using third-party verification tools among measures advertisers are adopting

Mastodon struggles to keep up with recent flood of Twitter defectors

Searches for Mastodon spiked on Google following the Twitter acquisition, especially in Europe where the social network is based.

Auto component firm Sundram Fasteners posts 6% dip in Q2 net profit

Board approves amalgamation of Sunfast TVS and TVS Engineering with Sundram Fasteners

Facebook parent Meta Inc to begin widespread job cuts starting today

The cuts are expected to affect about 10% of the company, which employed more than 87,000 as of Sept. 30, according to Insider.

Global investment firm KKR invests $400 million in Serentica Renewables

Global investment firm KKR has inked a pact to invest USD 400 million in decarbonization platform Serentica Renewable. Both the entities have signed definitive agreements to this effect, under which KKR will invest USD 400 million in Serentica Renewable, a statement said on Tuesday. "This transaction is amongst the largest industrial decarbonization investments in India to date and carries forward the global decarbonization agenda which is centre stage at COP27 (2022 United Nations Climate Change Conference)," said Pratik Agarwal, Director of Serentica Renewables. Serentica looks to deliver round-the-clock clean energy solutions for large-scale, energy-intensive industrial customers. This includes providing renewable energy solutions through long-term Power Purchase Agreements and working closely with customers to design their paths to net-zero electricity. Currently, the company has entered into three long-term PPAs and is in the process of developing around 1,500 MW of solar and

IndoStar Capital Finance reported Q2 net up by 31% at Rs 52 crore

IndoStar Capital Finance on Tuesday reported a 31 per cent rise in net profit at Rs 51.6 crore for the quarter ended September 2022. The non-banking finance company had posted a net profit of Rs 39.5 crore in the year-ago period. The profit, however, was down by 15 per cent from Rs 60.9 crore in the preceding quarter ended June 2022. There was a marginal rise of 3 per cent in net revenues at Rs 149 crore during the July-September quarter of 2022-23, as against Rs 144.8 crore in the same period of 2021-22, IndoStar said in a release. Sequentially, the net revenues fell by 11 per cent from Rs 167 crore in the June 2022 quarter. Collections of Rs 870 crore during the quarter resulted in gross collection efficiency of 135 per cent. AUM (assets under management) stood at Rs 7,908 crore and capital adequacy was at 34.1 per cent, 510 bps higher than Q1 FY23. The company's debt/equity ratio at 1.8 times continues to be one of the lowest in the industry, it said. "The company has raised

One97 Communications commerce turns operationally profitable: Analyst

Financial services firm One97 Communications' commerce vertical has turned profitable at the operational level, an analyst said after the company's earning call. One97 Communications, which owns the Paytm brand, has set a target to post operating profit by September 2023. "In the commerce business, the company makes sure that cash back incentives are not more than margins. This business has also turned profitable at the operating level," ICICI Securities analyst Kunal Shah said in the email summarising takeaways from Paytm's earnings call. Commerce and Cloud Services offerings of Paytm primarily include advertising, ticketing and deal vouchers. Paytm has reported 55 per cent year-on-year growth in Commerce and Cloud revenues at Rs 377 crore, with commerce revenue increasing 49 per cent y-o-y due to higher ticketing sales, while Cloud revenues were up 58 per cent as advertising revenues started recovering and credit card revenues continue to scale. "The change in promotional and ..

Greenply Industries reports net down by 26% to Rs 23.6 crore in Q2

Leading plywood maker Greenply Industries Limited on Tuesday reported a consolidated net profit of Rs 23.6 crore for the second quarter ended September 2022, a decline of 26 per cent over the corresponding quarter of the previous year. The company's profit suffered due to a challenging macro environment and rising timber prices, a company official stated. The company for the quarter under review posted a revenue of Rs Rs 494.7 crore from operations, a 14 per cent jump over the corresponding period revenue of Rs 432.4 crore. Adjusted core EBIDTA (Earnings before interest, taxes, depreciation, and amortisation) margin remained almost flat at Rs 52.9 crore during the quarter. "We delivered good volume growth in the quarter backed by the commissioning of the Sandila unit and improved demand momentum due to festivities. The macro-environment has been challenging with a continued increase in timber prices, partially offset by the ease in some chemical prices. The situation remains ...

Aptus Value Housing net profit rises 52% to Rs 242 crore in H1 FY23

Aptus Value Housing Finance India on Tuesday reported a 52 per cent jump in its net profit at Rs 242 crore for the first half ended September 2022 of the current fiscal. The company had posted a net profit of Rs 159 crore in the April-September period of the previous financial year. Total disbursements during H1 FY2022-23 jumped by 69 per cent to Rs 1,129 crore as against Rs 668 crore in the same period of 2021-22, Aptus Value Housing Finance said in a release. The assets under management grew by 33 per cent to Rs 5,932 crore at end of September 2022, from Rs 4,480 crore a year ago. On the assets front, the gross non-performing assets (NPAs/bad loans) were higher at 1.47 per cent against 0.81 per cent, up by 66 basis points. The company said the increase in gross NPAs was due to regulatory requirement by RBI as per its November 2021 circular. The net interest margin (NIM) stood at 14.32 per cent, Aptus said. Return on assets (ROA) was at 8.71 per cent and return on equity (ROE) s

HCL Infosystems posts consolidated loss at Rs 10 cr in Sept quarter

IT company HCL Infosystems on Tuesday posted a consolidated loss of Rs 10 crore in the second quarter ended September. The company had posted a consolidated profit of Rs 13 crore in the same period a year ago, it said in a regulatory filing. According to the auditor's note, HCL Infosystems group has accumulated losses and its net worth has been fully eroded as on September 30, 2022. The group's current liabilities exceeded its current assets by Rs 489.84 crore during the July-September period. HCL's revenue from operations more than halved to Rs 6.93 crore during the quarter under review from Rs 15.54 crore in the corresponding period of the preceding year.

Zee Media Corporation's Sept quarter net loss narrowed at Rs 12.08 crore

Zee Media Corporation Ltd (ZMCL) on Tuesday reported narrowing of its consolidated net loss at Rs 12.08 crore for the second quarter ended September. The company had posted a net loss of Rs 102.67 crore during the July-September quarter of FY22, ZMCL said in a regulatory filing. Its revenue from operations was down 5.51 per cent to Rs 194.77 crore during the quarter under review. It stood at Rs 206.14 crore in the corresponding period a year ago. Its total expenses rose 17.7 per cent at Rs 204.23 crore in the September quarter. ZMCL is one of the leading news networks of India. Formerly known as Zee News Ltd, ZMCL is a part of media baron Subhash Chandra-led Essel Group and operates one of the largest news networks with 14 news channels in ten different languages.

Suzuki Motor Q2 operating profit jumps two-fold on improved sales

Japanese auto major Suzuki Motor Corporation on Tuesday reported a two-fold year-on-year increase in operating profit at 89.8 billion yen (around Rs 5,000 crore) in the second quarter ended September 30, 2022. Net sales in the period under review stood at 1,154.1 billion yen (around Rs 64,000 crore), an increase of 39.3 per cent over 828.2 billion yen in the same period last year. The company attributed the rise in operating profit to sales volume growth across markets, including India, which offset the impact of higher raw material prices. Suzuki said its automobile sales across markets for the April-September period stood at 14.63 lakh units as compared to 12.55 lakh units in the same period last year. On the business outlook for the rest of the year, the automaker noted: "While there is no change in our perception that the risk of global recession is increasing, we have revised the forecast upward to reflect the progress of the first half of the fiscal year and the review of uni

CCI needs an update to ensure fair play in digital economy, say experts

New Bill, better training will help anti-trust regulator perform better, they add

M P Birla group's Birla Corporation posts Rs 56 cr loss in second quarter

M P Birla group flagship company Birla Corporation Ltd (BCL) posted a loss of Rs 56 crore in the second quarter of the current fiscal against a net profit of Rs 86 crore in the same period previous financial year. Revenue of the company increased 19.3 per cent at Rs 2042 crore during the second quarter as compared to Rs 1711 crore in the previous similar period, a statement by the primarily cement manufacturing firm said on Tuesday. The company said that the profitability of BCL during the second quarter was impaired by rising power and fuel costs which could not be passed on to the consumers. EBITDA, a measure of underlying profitability, of the company in the current second quarter declined 51.6 per cent to Rs 136 crore from Rs 281 crore in the similar previous period of 2021-22. BCL said that the newly-commissioned Mukutban plant in Maharashtra is yet to stabilise operations and also had a negative impact on profitability. Sales of the company increased 11.4 per cent at 3.64 ..

Welspun India's Q2 net profit down 96% at Rs 8.33 cr due to high input cost

Home textiles major Welspun India Ltd on Tuesday reported a 95.86 per cent decline in its consolidated net profit to Rs 8.33 crore for the second quarter ended September 30, mainly due to high input costs. It had posted a consolidated net profit of Rs 201.50 crore in the July-September quarter a year ago, Welspun India said in a regulatory filing. Its revenue from operations slipped 15.04 per cent to Rs 2,113.46 crore during the quarter under review. It was Rs 2,487.63 crore in the year-ago period. The company's total expenses in the September quarter fell 4.29 per cent to Rs 2,122.85 crore. Its revenue from home textiles was Rs 2,011.41 crore and Rs 159.59 crore from the flooring segment. Welspun Group Chairman BK Goenka said: "In view of the macro environment that continues to be challenging, the Company's operating and financial performance demonstrates the trust it enjoys among its global customers. This is evident in the growth registered by the company's brands portfolio and