Reliance Industries: In a study from May 24, analysts at Bernstein said that Reliance Retail is best set up to lead India’s $150 billion e-commerce market in the long run. The study gives Reliance an edge over Amazon and Flipkart in the long run because of Reliance’s large retail network and digital skills, such as its weight with Jio mobile services, which are not shared by Amazon and Flipkart. India’s e-commerce market is currently led by Flipkart and Amazon, which have about 60% of the market between them.
Vodafone Idea’s losses for the quarter ending in March 2023 were 6418 crore, which was less than the 6563 crore it lost in the same quarter last year and less than the 7990 crore it lost in the previous quarter. The airline that was losing money said it was in talks with lenders to get more debt funding and with outside investors to get stock or equity-linked funding. The No. 3 carrier said in a statement that its quarterly sales went up and that its yearly sales went up for the first time since Vodafone and Idea Cellular merged in 2018.
Emami: On Thursday, the big FMCG company Emami Limited said that its combined net profit for the quarter that ended in March 2023 dropped 60%, to 142 crore. This was because demand was not as strong as it had been. In the same time period of FY22, the company had a combined net profit of 354 crore. During the quarter, operating income went up by 9%, from 768 crore in Q4 of FY22 to 836 crore. The company said that the drop in net profit was because people were not buying as many personal care products and because it rained a lot in March in many parts of the country, which hurt the market for summer products.
Zee Entertainment: Zee Entertainment recorded a net loss of 196 crore. In the same time period last year, the company made a net profit of 181 crore. The media giant made 2,112.1 crore in income from January to March, which is 9% less than the 2,323 crore it made during the same time last year. On the working side, the company’s EBITDA for the fourth quarter was 151.7 crore, a drop of 71.2% from the same time last year, when it was 526.4 crore.
Oil India: Oil India Ltd (OIL), which is run by the government, is in talks with Tullow Oil, which is based in London, to buy a piece of its Kenya block. Ranjit Rath, the head of Oil India, told the reporters on Thursday, “Some discussion is going on,” but he did not say much more. Tullow Oil has been looking for a strategic partner for its oil project on land in Kenya. ONGC Videsh Ltd (OVL) and Tullow Oil talked before in July of last year. After the meeting in July, Tullow said that everyone agreed to keep talking about the issue.
Ircon International: Ircon International Ltd said Thursday that its profit after taxes grew by 25% to 248.18 crore in the March quarter, thanks to more money coming in. According to a statement released by Ircon International, the company recorded a PAT of 197.09 crore for the first three months of the fiscal year 2021–2022. The company’s total sales went up by 31.72 percent from the same time last year, when they were 2,865.12 crore, to 3,773.97 crore.
Max India: Max India has approved a 294 crore investment in its wholly owned subsidiary enterprises, including 177 crore for Antara Senior Living and 117 crore for Antara Assisted Care Services, to meet the capital and growth requirements of these companies. In the March quarter of FY23, the company had a combined loss of 4.18 crore, which is more than the 1.08 crore loss in the same quarter of FY22. The income from operations, on the other hand, grew by 12.6% year over year to reach 56.35 crore for the quarter.
Gujarat State Fertilizers & Chemicals: During FY22-23, the company’s net revenue was 11,445 Cr, up 25% from 9,178 Cr the year before (YOY). Gujarat State Fertilisers & Chemicals said that their running EBIDTA grew by 23% from 1,313 Cr in 12MFY22 to 1,618 Cr in 12MFY23. In FY 21–22, the company made Rs. 1305 Crores, which was its previous high. In FY 22–23, it made Rs. 1568 Crores, which was its biggest PBT. The biggest ever PAT went from 891 crore to 1293 crore, an increase of 45%.
TTK Prestige’s net income in Q4FY23 was 627.94 Cr, which was 11.67% less than in Q4FY22 when it was 710.88 Cr. Its net profit for the quarter that ended in March 2023 was 59.45 Cr, which was 25.71% less than the 80.02 Cr it made for the quarter that ended in March 2022. During the quarter under review, TTK Prestige’s earnings per share (EPS) hit 4.29. This was down by 25.65% from 5.77 in the same quarter last year. During the fiscal year that finished in March 2023, the company’s net income was 2822.79 Cr, up 2.37 percent from 2757.50 Cr in the previous year.
Reliance Home Finance: The debenture holders of Reliance Home Finance Ltd have brought a contempt case against Authum Investment and Infrastructure Ltd, Reliance Home, and IDBI Trusteeship, saying that they “willfully disobeyed” the Supreme Court’s order from March 3. A copy of the letter has been read by Mint. As part of Reliance Home’s corporate insolvency resolution process, the Supreme Court gave AIIL permission to carry out its suggested plan to turn the company around. This was in line with the prudential norms of the Reserve Bank of India.