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AAI to post record ₹5,000-crore profit in FY24, says chairman Sanjeev Kumar
Livemint
·
1y ago
Medial
The Airports Authority of India (AAI) has reported a record profit of approximately ₹5,000 crore. AAI chairman Sanjeev Kumar announced that the turnover is expected to exceed ₹15,000 crore in 2023-24, making it the highest in the AAI's history. In addition, the AAI has achieved an excellent memorandum of understanding rating for 2022-23 and has made progress in transitioning towards green energy at its airports. The increasing demand for air travel has prompted the AAI to hire over 500 air traffic controllers in the last two-and-a-half years.
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0 to 10,000 in 3 years: Birla sets ambitious target for new paints business
Livemint
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1y ago
Medial
Aditya Birla Group has entered the Indian decorative paints market with the launch of Birla Opus. Chairman Kumar Mangalam Birla expects the paints business to turn profitable within three years, targeting revenues of INR 10,000 crore. The company plans to expand distribution to over 6,000 towns by FY25. Grasim Industries, a flagship business of the Aditya Birla Group, has invested INR 5,000 crore in the decorative paints business and plans to establish six manufacturing plants across India by 2025. Additionally, Birla mentioned that progress is being made in attracting outside investors for Vodafone Idea Ltd, in which the group has a joint venture.
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Infosys dividend: IT major declares final dividend of ₹28 per equity share
Livemint
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1y ago
Medial
Infosys declared its Q4 FY24 results and announced a final dividend of ₹20 per equity share and a special dividend of ₹8 per share. The company reported a net profit of ₹7,969 crore in the March quarter and revenue of ₹37,923 crore. The record date for dividend payment is May 31, 2024, and the payment will be made on July 1, 2024. Infosys' operating margin declined to 20.1% in Q4 FY24.
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Everstone-backed Translumina hires former Medanta exec as CFO
VCCircle
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6m ago
Medial
Integris Health Pvt Ltd, backed by Everstone Capital, has appointed Sanjeev Kumar as the group CFO. Kumar, previously with Medanta, brings over 30 years of finance experience, including leading India’s largest hospital sector IPO. He will report to CEO Probir Das and be based in New Delhi. Integris, which manufactures cardiac stents and medical devices under Translumina Therapeutics, operates across India and internationally, and recently raised Rs 375 crore for pre-IPO funding.
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SBI earns ₹16 trillion PAT in 4 years under Khara, higher than previous 64 years | Mint
Livemint
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1y ago
Medial
State Bank of India (SBI) has reported a profit after tax (PAT) for the past four years that exceeds its cumulative profit from the previous 64 years, according to Chairman Dinesh Kumar Khara. SBI's annual profit has risen from ₹14,000 crore to ₹17,000 crore per quarter under Khara's leadership. The bank has attributed this improvement to resolving lending issues, increasing other income, and improving employee productivity. Despite this success, Khara believes SBI is undervalued in the market and is not satisfied with its current valuation. SBI is preparing to launch a beta version of its upgraded mobile banking application, YONO 2.0.
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MyGate FY24 revenue jumps 35%; rejigs top deck
VCCircle
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1y ago
Medial
Indian security and community management platform, MyGate, announced a 35% growth in revenue to over Rs 100 crore in the financial year ending March 2024. The rise in revenue was attributed to subscriptions from resident welfare associations and advertising partnerships with brands. MyGate achieved zero cash burn in the March quarter of FY24 and made key management changes, promoting Abhishek Kumar to CEO and co-founder Vijay Arisetty to chairman of the board.
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MapMyIndia posts Rs 32 Cr profit in Q3 FY25
Entrackr
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6m ago
Medial
MapMyIndia posts Rs 32 Cr profit in Q3 FY25 CE Info Systems, the parent company of MapMyIndia, has announced its financial results for the third quarter of FY25. The company reported a year-on-year revenue growth of over 24% compared to Q3 FY24. MapMyIndia’s revenue from operations increased to Rs 114.5 crore in Q3 FY25 from Rs 92 crore in Q3 FY24, its unaudited consolidated quarterly report sourced from NSE shows. Income from digital map data, GPS navigation, location-based services, and IoT were the primary sources of revenue for MapMyIndia, which accounted for 90% of the total collection. This revenue source increased by 32.5% to Rs 102.4 crore in Q3 FY25. However, income from the sale of its devices generated Rs 12 crore of revenue. The cost of IoT devices, employee benefits, and technical services (outsourced) were the major cost elements, which pushed the total cost of the firm to Rs 79.4 crore in Q3 FY25 against Rs 60.5 crore in Q3 FY24. With the increase in scale, MapMyIndia recorded a 4.2% increase in its profit to Rs 32.3 crore during Q3 FY25 as compared to Rs 31 crore in the third quarter of the previous fiscal year (Q3 FY24). MapMyIndia is currently trading at Rs 1609 per share with a market capitalization of Rs 8,753 crore ($1 billion). Last month, MapMyIndia announced that its CEO and whole-time director, Rohan Verma, will step down from his executive role effective March 31, 2025. Chairman and Managing Director Rakesh Kumar Verma will continue to provide leadership at MapMyIndia.
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EV financing no longer risky, says Shriram Finance's Umesh Revankar
Livemint
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7m ago
Medial
Shriram Finance's executive vice-chairman, Umesh Revankar, states that electric vehicle (EV) financing is now less risky due to established manufacturers entering the space, enhancing technology reliability, and infrastructure. Shriram Finance launched a green vertical to support EVs and green projects, targeting ₹5,000 crore assets under management. Revankar emphasizes government action in public transport electrification as crucial for boosting EV adoption. The absence of a long-term strategy remains a challenge for the industry's growth.
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Bidders for renewable projects becoming more practical: Hexa Climate’s Aggarwal
VCCircle
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1y ago
Medial
Bidders for renewable projects are becoming more practical, according to Sanjeev Aggarwal, Chairman of Hexa Climate and former MD of Amplus Solar. In 2015, private equity firm I Squared Capital invested in Amplus Solar, which was later acquired by Petronas. Recently, I Squared returned to the renewable energy sector by partnering with Sanjeev Aggarwal.
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Tata Motors Results 2024 Updates: Net profit rises 222%, declares dividend
Livemint
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1y ago
Medial
Tata Motors reported a significant increase of 222% YoY in its net profit for the quarter ending March 2024, reaching ₹17,407.18 crore. The company experienced a notable surge of 13.3% in consolidated revenue, amounting to ₹1,19,986.31 crore. Tata Motors also declared a final dividend of ₹6 per share. The domestic passenger vehicle sales reached a record high of over 4.2 million units in FY24, with SUVs and emission-friendly powertrains driving the growth. The company recorded its highest-ever turnover and profits in FY24.
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Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24
Entrackr
·
1y ago
Medial
Info Edge, the parent company of Naukri and 99acres, published its financial statements on Thursday. The consolidated figures showcased a modest 8% increase in revenue for FY24. However, the company made a turnaround in its bottom line, transitioning from a loss of Rs 70 crore in FY23 to a profit of Rs 594 crore in FY24. Info Edge’s revenue from operations grew 8% to Rs 2,536 crore in FY24 from Rs 2,345 crore in FY23, its consolidated financial statements disclosed with the stock exchange shows. Meanwhile, the company posted a 4.8% increase in revenue to Rs 657 crore in Q4 FY24 from Rs 627 crore in Q3 FY24. The Sanjeev Bikchandani-led firm operates through different segments. Income from Naukari.com and related portals formed 74.1% of its total revenue which increased 7.49% to Rs 1,880 crore in FY24. Its other segment 99acres saw a 23.6% growth to Rs 351 crore in FY24. Jeevansathi and Shiksha combined participated with Rs 305 crore of revenue during FY24. Info Edge made Rs 414 crore from non-operating activities tallying its total revenue to Rs 2,950 crore in FY24. Akin to other internet companies, its employee benefits accounted for 61% of its total expenditure which grew only 2.83% to Rs 1,128 crore in FY24 from Rs 1,097 crore in FY22. Info Edge’s network/internet, advertising cum promotional, legal, traveling and other overheads push the total expenditure to Rs 1830 crore in FY23 from Rs 1,858 crore in FY23. Note 1: The company recorded exceptional items of Rs 110 crore and Rs 509 crore in FY24 and FY23 respectively due to the decrease in the carrying value of investments. This was the primary reason for the significant loss posted in FY23. Note 2: The company has 15 joint ventures including Makesense, Happily Unmarried’s Ustraa (now acquired by VLCC), Shopkirana, Juno, Sploot and others during FY24. Info Edge recorded a share loss of Rs 131 crore and 231 crore in FY24 and FY23 respectively in its joint ventures which also makes a part of its consolidated figures and reflects losses in the financial statements. At the end, Indo Edge posted a net profit of Rs 594 crore in FY24 where the figures stood at a loss of Rs 70 crore in FY23 (refer note 1 and 2). On a unit level, it spent Rs 0.72 to earn a rupee in FY23.
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