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Ambani's Reliance reports 30% YoY increase in net profit to Rs 19,878 crore in Q2FY24

IndianStartupNews

IndianStartupNews · 1y ago

Ambani's Reliance reports 30% YoY increase in net profit to Rs 19,878 crore in Q2FY24

Reliance Industries, led by Mukesh Ambani, reported a 1.2% year-on-year increase in gross revenue for the second quarter of fiscal year 2024. The growth was driven by the company's consumer businesses, with Jio Platforms Limited seeing a 10.6% revenue increase and Reliance Retail Ventures Limited experiencing an 18.8% growth. The EBITDA surged by 30.2%, and the profit after tax showcased a robust growth of 29.7%. Reliance continues to invest in the pan-India 5G rollout.

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Bharti Airtel Q4 PAT may dip 26.8% YoY to Rs. 2,201 cr: Prabhudas Lilladher

Money Control

Money Control · 1y ago

Bharti Airtel Q4 PAT may dip 26.8% YoY to Rs. 2,201 cr: Prabhudas Lilladher

Prabhudas Lilladher predicts Bharti Airtel's net profit in Q4 2023-24 to be Rs. 2,201 crore, a decrease of 26.8% YoY and 9.9% QoQ. However, net sales are expected to increase by 7.6% YoY and 2.2% QoQ to Rs. 38,736.2 crore. EBITDA is also likely to rise by 8.8% YoY and 2.6% QoQ to Rs. 20,336.5 crore. This forecast is not an official statement.

Mamaearth employees may sell ESOP shares worth ₹150 crore via a block deal

Livemint

Livemint · 1y ago

Mamaearth employees may sell ESOP shares worth ₹150 crore via a block deal

Employees at Mamaearth's parent company Honasa Consumer Care are expected to sell ESOP (employee stock ownership plan) shares worth ₹150 crore in a block deal. The deal is likely to be executed at a 5-7% discount to the current market price of ₹477.10. Honasa Consumer reported a net profit of ₹30 crore in Q2FY24, with its revenue from operations growing 21% to ₹496 crore. Mamaearth's share price surged by 20% after the company reported its quarterly earnings for Q2FY24, the first since its listing.

iD Fresh turns profitable, clocks 16% rise in FY24 revenue

YourStory

YourStory · 10m ago

iD Fresh turns profitable, clocks 16% rise in FY24 revenue

Packaged foods seller iD Fresh announced its profitability in FY24, with a net profit of Rs 4.56 crore compared to a loss of Rs 32.8 crore in the previous fiscal year. The company saw a 16.3% YoY increase in operating revenue to Rs 557.84 crore, accompanied by a rise in total expenses. iD Fresh's ready-to-cook batters and parotta were its top-selling segments, with respective YoY sales increases of 24% and 10%. The company also plans to expand into the spices market and increase its presence in north India.

Maruti Suzuki shares cross Rs 12,000 mark; CLSA expects carmaker to maintain top position in CNG space

Money Control

Money Control · 1y ago

Maruti Suzuki shares cross Rs 12,000 mark; CLSA expects carmaker to maintain top position in CNG space

Maruti Suzuki, India's largest carmaker, reported a net profit of Rs 3,130 crore in Q3FY24, a 33% YoY increase. The company sold a total of 4,65,911 vehicles during the same period, up 8.2% YoY. Domestic sales accounted for 4,03,929 units, while exports reached 61,982 units. Maruti Suzuki's stock price crossed the Rs 12,000 mark, trading at Rs 11,992.50, a 3.41% increase. With the rise in CNG passenger vehicles, the company is expected to maintain its lead in the segment.

Info Edge Q1 revenue rises 14% to Rs 676 crore, net profit down 50% amid weak IT sector hiring

Money Control

Money Control · 2y ago

Info Edge Q1 revenue rises 14% to Rs 676 crore, net profit down 50% amid weak IT sector hiring

Info Edge reports a 14% revenue increase to Rs 676 crore, but net profit drops 50% due to weakened IT sector hiring. The company's financial results reflect the impact of industry-specific challenges on hiring trends. The decline in net profit highlights the interconnectedness of economic sectors and their influence on recruitment dynamics, illustrating the broader effects of market fluctuations on employment trends.

Bottomline: Warburg-owned Shriram Housing maintains profit, AUM growth trend in FY24

VCCircle

VCCircle · 10m ago

Bottomline: Warburg-owned Shriram Housing maintains profit, AUM growth trend in FY24

- Shriram Housing Finance reports a 58% increase in net profit for FY24 - Assets under management (AUM) continue to grow at a high double-digit rate - Private equity firm Warburg Pincus acquires Shriram Housing in May - Ravi Subramanian serves as the Managing Director and CEO of Shriram Housing - Net profit for the year ended March 2024 amounts to Rs 217.4 crore

Paytm ramps up lending efforts as revenue growth trickles back

The Arc Web

The Arc Web · 10m ago

Paytm ramps up lending efforts as revenue growth trickles back

Paytm reports an 11% QoQ revenue increase to ₹1,660 crore, though revenues fell 34% YoY. Paytm’s adjusted EBITDA loss reduced from ₹545 crore to ₹186 crore as expenses decreased. The sale of its entertainment business boosted its net profit to ₹930 crore and increased cash reserves to ₹9,999 crore. Paytm is ramping up its lending business, entering a ₹225 crore default loss guarantee agreement with SMFG India Credit, and disbursed ₹1,651 crore in merchant loans under this model.

SBI dethrones Reliance as India's most profitable company

Inshorts · 1y ago

SBI dethrones Reliance as India's most profitable company

Mukesh Ambani's Reliance Industries has been dethroned not by a competitor but by a bank. The State Bank of India (SBI) has emerged as India's most profitable company, surpassing Reliance in net profit for the March quarter. SBI's remarkable performance has made it a market leader, with increased investor confidence and higher price targets from brokerage firms.

Reliance posts record Rs 21,930 Cr profit as Jio, retail fuel growth

YourStory

YourStory · 7m ago

Reliance posts record Rs 21,930 Cr profit as Jio, retail fuel growth

Reliance Industries Ltd reported a record net profit of Rs 21,930 crore for Q3 of fiscal 2024-25, boosted by performances in retail and telecom. Consolidated revenue rose 7.7% to Rs 2,67,186 crore. Reliance Jio's profit increased by 25.9%, with revenue up by 19.2%. Reliance Retail's profit grew by 10.1%, with revenue up by 8.8%, driven by new stores and festive demand. The O2C segment's revenue modestly increased by 6% amid weaker refining margins.

Dhan swings to profit in FY24 with gross revenue of Rs 380 crore, up 600% year-on-year

Economic Times

Economic Times · 11m ago

Dhan swings to profit in FY24 with gross revenue of Rs 380 crore, up 600% year-on-year

- Stock broking startup Raise Financial Services (Dhan) has reported gross revenues of Rs 380 crore for 2023-24, up 600% from the previous year. - Dhan reported a net profit of Rs 155 crore compared to a net loss of Rs 22 crore in the previous fiscal. - The company expects a 25-30% impact on its gross revenue due to recent regulatory actions on the futures and options market. - Dhan has about 740,000 active traders, making it one of the top 10 stock brokers in India in terms of active traders. - The company is in talks with potential investors to raise fresh venture funding and plans to go public in the next three to five years. - Other discount brokers like Zerodha and Groww have also performed well, with Zerodha reporting a 61% YoY jump in net profit and Groww reporting a net profit of Rs 297 crore in its broking business for the fiscal.

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