Tata Steel Q1 Results: Net profit at Rs 8,907 crore

Tata Steel Ltd reported a consolidated net profit of Rs 8,907 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 4,416 crore in Q1 FY21 and a net profit of Rs 6,644 crore in the previous quarter (Q4 FY21). Its revenue from operations jumped 109.5% YoY to Rs 53,372 crore in Q1 FY22. The company posted its highest-ever EBITDA of Rs 16,185 crore during the quarter, registering a growth of 25.7 times YoY (or 13.3% QoQ). Tata Steel’s crude steel production rose 54.8% YoY to 4.63 million tonnes (MT) in Q1.

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Bharat Forge Q1 Results: Net profit at Rs 153 crore

Bharat Forge Ltd reported a consolidated net profit of Rs 153.7 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 125.8 crore in Q1 FY21 and a net profit of Rs 208.6 crore in Q4 FY21. Its revenue from operations rose 82.6% YoY (or 1.2% QoQ) to Rs 2,107.7 crore in Q1 FY22. EBITDA stood at Rs 454.6 crore during the same period, recording a growth of 20.7% quarter-on-quarter (QoQ). Bharat Forge completed the acquisition of Sanghvi Forgings for Rs 77.06 crore in Q1.

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Tata Power Solar secures Rs 386 crore contract in Leh

Tata Power Solar has secured a contract worth Rs 386 crore to build a 50 megawatt (MW) solar photovoltaic (PV) plant with a 50 MWh battery energy storage system (BESS) project at Phyang village in Leh, Ladakh. The commercial operation date for this project is set for March 2023.  This will be India’s first co-located large-scale BESS solution as well as the first large-scale solar PV project in the union territory of Ladakh. Tata Power Solar is a wholly-owned subsidiary of Tata Power Company Ltd. 

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IRCTC Q1 Results: Net profit at Rs 82 crore

Indian Railway Catering & Tourism Corp Ltd (IRCTC) reported a net profit of Rs 82.5 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 24.6 crore in Q1 FY21 and a net profit of Rs 103.7 crore in Q4 FY21. Its revenue from operations rose 85.4% YoY to Rs 243 crore in Q1 FY22. IRCTC’s board has approved the proposal for the split of 1 share at a face value of Rs 10 each into 5 shares at a face value of Rs 2 each (1:5 ratio).

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BPCL Q1 Results: Net profit declines 28% YoY to Rs 1,502 crore

Bharat Petroleum Corp Ltd (BPCL) reported a 27.6% YoY decline in net profit to Rs 1,501.6 crore for the quarter ended June (Q1 FY22). Net profit has declined by 87.4% when compared to the previous quarter. Its revenue from operations rose 77% YoY to Rs 89,687 crore during the same period. BPCL’s gross refining margin stood at $4.12 per barrel in Q1 FY22, compared to $0.39 per barrel in Q1 FY21.

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CCI directs Grasim Industries to cease, desist from unfair business practices

The Competition Commission of India (CCI) has directed Grasim Industries to cease and desist from indulging in unfair business practices after it found that the company had abused its dominant position with respect to the supply of certain staple fibre. CCI said Grasim had been charging discriminatory prices for the staple fibre. In a regulatory filing dated August 9, Grasim Industries said, “While the company is yet to receive certified copy of the said order (from CCI), it believes that on merits it has sufficient grounds for an appeal”.

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Eicher Motors Q1 Results: Net profit at Rs 237 crore

Eicher Motors Ltd reported a consolidated net profit of Rs 237.1 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 55.2 crore in Q1 FY21. Net profit has declined by 55% when compared to the previous quarter (Q4 FY21). Its revenue from operations jumped 141% YoY (but declined by 33% QoQ) to Rs 1,974.3 crore in Q1 FY22. The company’s sales declined by 40% QoQ to Rs 1.24 lakh unit in the April-June quarter of FY22.

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Natco Pharma Q1 Results: Net profit declines 39% YoY to Rs 75 crore

Natco Pharma Ltd reported a 38.9% YoY decline in consolidated net profit to Rs 75 crore for the quarter ended June (Q1 FY22). Net profit has increased by 41.5% when compared to the previous quarter. Its total income declined by 26.6% YoY (but increased by 18.7% QoQ) to Rs 427.3 crore during the same period. The pharma company’s board has recommended an interim dividend of Rs 2 per share.

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Hero MotoCorp Q1 Results: Net profit jumps 498% YoY to Rs 365 crore

Hero MotoCorp Ltd reported a 498% YoY jump in net profit to Rs 365 crore for the quarter ended June (Q1 FY22). Net profit has declined by 58% when compared to the previous quarter. Its revenue from operations rose 85% YoY (but declined by 37% QoQ) to Rs 5,487 crore during the same period. The motorcycle maker’s total sales declined by 35% QoQ to 10.24 lakh units in the April-June quarter of FY22.

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PFC Q1 Results: Net profit rises 28% YoY to Rs 4,554 crore

Power Finance Corporation (PFC) reported a 28% YoY increase in net profit to Rs 4,554 crore for the quarter ended June (Q1 FY22). Its total income rose 12% YoY to Rs 18,973.93 crore during the same period. PFC’s board has approved an interim dividend of Rs 2.25 per share. State-owned PFC is the financial backbone of the Indian power sector.

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