Author: Ajay Vaishnav

KP Energy Q4 net profit grows 60% to ₹25 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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KP Energy on Monday posted a 60% rise in its consolidated net profit at ₹24.9 crore during the quarter ended March 2024 on account of increased income. It had reported a net profit of ₹15.5 crore in the January-March period of the preceding 2022–23 financial year, the company said in an exchange filing.

For the whole of FY24, the company reported its net profit at ₹58.3 crore, up from ₹43.9 crore recorded in FY23. During the fourth quarter of FY24, the company’s total income increased to ₹217.4 crore from ₹151.1 crore in the year ago. During the entire fiscal, the total income rose to ₹485.5 crore from ₹442.4 crore in the preceding fiscal.

The expenses in the reporting quarter was at ₹183.28 crore, up from ₹128.56 crore registered in the same period last fiscal. The expenses were at ₹408.18 crore in FY24 as against ₹377.41 crore in the previous fiscal.

KP Energy Ltd also said it has received an order from Bhathwari Technologies for the development of a 9 MW wind power project in Gujarat.

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Reliance Industries results: Q4 profit jumps 10% sequentially, annual revenue crosses ₹10 lakh crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Reliance Industries Ltd (RIL) on Monday, April 22, declared record annual earnings on the back of robust performance in its core oil and petrochemicals business along with sustained growth in its consumer-oriented retail and telecom divisions.

RIL’s quarterly net profit surged to ₹18,951 crore in the January-March period of the financial year 2023-24, recording a 10% sequential jump, from ₹17,265 crore the conglomerate had posted in the preceding October-December quarter. RIL’s net profit in Q4FY23 was at ₹19,299 crore.

RIL’s revenue in the January-March quarter came in at ₹2.37 lakh crore, higher than ₹2.25 lakh crore it posted in Q3FY24 and ₹2.13 lakh crore in Q4FY23.

Reliance became the first Indian company to cross the ₹100,000-crore threshold in pre-tax profits. In FY24, Reliance also achieved the landmark of becoming the first Indian company to achieve a turnover of ₹10 lakh crore.

#4QWithCNBCTV18 | Reliance Industries reports an increase in operating numbers both sequentially and YoY#RILResults #Reliance pic.twitter.com/cYSY9NMGa2

— CNBC-TV18 (@CNBCTV18Live) April 22, 2024

RIL’s EBITDA (earnings before interest, taxes, depreciation and amortization) came in at ₹42,516 crore in Q4FY24, higher than ₹40,656 crore in the October-December quarter and ₹38,440 crore in the same quarter last year. RIL Margin came in at 18% in Q4FY24.

Oil-to-chemical (O2C) results: Margins at multi-quarter high

The O2C segment recorded an 11% jump in revenue on a year-on-year (YoY) basis to ₹1,42,634 crore in Q4FY24, supported by feedstock sourcing and strong domestic markets. RIL had reported a revenue of ₹1,28,633 crore in Q4FY23. RIL’s O2C business EBITDA surged 3% on a YoY basis to ₹16,777 crore in Q4FY24, compared to ₹14,064 crore the company had posted a year ago in the same quarter. Within the segment, Oil & Gas revenue came in at ₹6,468 crore in the January–March quarter.

#4QWithCNBCTV18 | Oil & Gas business of Reliance Industries sees a growth of over 47% in EBITDA year on year and margin remains healthy at almost 87%#RILResults #Reliance pic.twitter.com/ypabmKjhEw

— CNBC-TV18 (@CNBCTV18Live) April 22, 2024

Reliance Retail results: Double-digit revenue growth

Reliance Retail reported a 10.7% rise in revenue at ₹76,683 crore, up from ₹69,288 crore in the year-ago period. The earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at ₹5,829 crore, an 18.4% jump from the year-ago period. Reliance Retail’s margin in the quarter improved to 7.6% on account of mix and operating leverage. For the full year, Reliance Retail business crosses ₹3 lakh crore topline.

#4QWithCNBCTV18 | #4QWithCNBCTV18 | Retail segment of Reliance Industries sees an increase of 11% in revenue and more than 18% in EBITDA YoY#RILResults #Reliance pic.twitter.com/Spv3vJfadk

— CNBC-TV18 (@CNBCTV18Live) April 22, 2024

Reliance Jio results: Industry-leading subscriber addition

Reliance Industries’ telecom arm Reliance Jio Infocomm saw its net profit rise 11% year-on-year (YoY) to ₹5,337 crore for the January to March 2024 quarter. This beats the CNBC-TV18 poll projection of ₹5,268 crore. Jio’s revenue for the March 2024 quarter came in at ₹25,959 crore, up 11% YoY from ₹23,394 crore.

#4QWithCNBCTV18 | Jio’s ARPU remains steady near Rs 182 and subscriber base rises to at 481.8 million#RILResults #Reliance pic.twitter.com/Q8YHQPpGbm

— CNBC-TV18 (@CNBCTV18Live) April 22, 2024

Reliance Jio added 10.9 million subscribers during the quarter and an industry-leading subscriber addition of 42.4 million during FY2024. Reliance Jio’s ARPU (average revenue per user) came in at ₹181.7.

Reliance Industries declares dividend

Reliance Industries announced an interim dividend of ₹10 per equity share for the financial year ended March 31, 2024.

Management Commentary

Commenting on the results, Mukesh Ambani, Chairman and MD, RIL said: “…All segments have posted a robust financial and operating performance. This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the ₹100,000-crore threshold in pre-tax profits… With over 108 million True 5G customers, Jio truly leads the 5G transformation in India… Reliance Retail continued to provide customers endless choices through its robust omnichannel presence… Strong demand for fuels globally, and limited flexibility in refining system worldwide, supported margins and profitability of the O2C segment. Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance.”

Market experts reactions

Market expert Prakash Diwan said, “What’s interesting about these numbers is the EBITDA beat on the consolidated basis is actually come in from the O2C business, which started gearing up and performing over the last couple of quarters.”

Sharekhan’s Binod Modi said, “If I look at numbers on a consolidated level, it looks to be broadly inline with what one had anticipated. Talking specifically about O2C business, I think we have seen a sequential improvement in margin there and that was due to the fact that we saw sharp improvement in GRMs during the quarter as well as there was no maintenance shutdown. So these benefits were expected in this quarter.Retail business also did extremely well and I believe the margin improvement will continue to be on the cards with the kind of product mix changes we are seeing. So I’m really satisfied with the kind of performance that the company has delivered.”

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FSSAI to conduct a broader quality check on spices brands amid MDH, Everest scrutiny: Sources

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amid reports that Singapore and Hong Kong have recalled MDH and Everest spices from the market due to the presence of ethylene oxide, sources told CNBC-TV18 that the Indian food regulator FSSAI has ordered a detailed probe not only against MDH and Everest but against all brands selling spices in India.

“FSSAI has ordered a probe against all brands selling products under spice categories. The probe will be based on random picking up of samples and then testing of samples for quality checks of products sold. Checks will be to assess whether the products sold under spices categories are as per the Indian quality and standards set by FSSAI or not,” the sources said.

The action follows after Hong Kong’s food regulator discovered that three products sold by MDH — Madras Curry Powder, Sambhar Masala, and Curry Powder — as well as Fish Curry Masala sold by the popular brand Everest, were found to contain the pesticide ethylene oxide, classified as a Group 1 carcinogen by the International Agency for Research on Cancer.

According to the International Agency for Research on Cancer, ethylene oxide poses serious health risks, including an increased risk of breast cancer.

“The use of Ethylene Oxide is banned in food products in India and if testing finds any product contaminated with ethylene Oxide then appropriate action as per FSSAI rules will be taken against the companies/brands,” the sources added.

#FSSAI to order probe on #MDH and #Everest : Sources to CNBC-TV18

Here’s more👇🏻 pic.twitter.com/EV9Vf39t9o

— CNBC-TV18 (@CNBCTV18Live) April 22, 2024

Regarding the quality of products exported to Hong Kong and Singapore, sources clarified, “Exports are not within the jurisdiction of FSSAI. The importing country typically tests the products at the point of import. It is the responsibility of the importing country to conduct quality checks according to their standards before permitting imports.”

The outcome of the testing and investigation conducted by FSSAI remains to be seen.

ALSO READ | FSSAI orders probe against Nestle and other baby food manufacturers, say sources

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‘First lotus to PM Modi’ as BJP nominee Mukesh Dalal elected unopposed, says state chief

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bharatiya Janata Party (BJP) candidate Mukesh Dalal was on Monday, April 22, elected unopposed from the Surat Lok Sabha seat in Gujarat after all other nominees withdrew their candidature, giving the ruling party its first win in the ongoing Lok Sabha elections.

The development follows the rejection of the candidature of Congress’ Nilesh Kumbhani from the Surat seat on Sunday after the district returning officer prima facie found discrepancies in the signature of the proposers. Not just that, the nomination form of Suresh Padsala, the Congress’ substitute candidate from Surat, was also invalidated.

“I declare that Mukeshkumar Chandrakant Dalal, sponsored by the BJP, has been duly elected to fill the seat in the House from Surat parliamentary constituency,” district collector cum election officer Saurabh Pardhi told media persons as he handed over the Certificate of Election to Dalal.
Voting for all 26 constituencies in Gujarat is scheduled for May 7, but after Surat seat results declared, polling will be held on 25 seats.

Except for Dalal, all 8 candidates in the fray from Surat—four independents, three from smaller parties and Pyarelal Bharti of the Bahujan Samaj Party—withdrew their nomination papers on the last day, as per the Surat district election office.

Meanwhile, the Congress alleged that Kumbhani’s nomination form was rejected at the behest of the BJP and said it would challenge the rejection in the High Court. Reacting to the development, Congress general secretary Jairam Ramesh claimed that democracy is under threat.

“‘Aap chronology samajhiye’ (Understand the chronology): Surat District Election Officer rejects the Congress’ candidate for Surat Lok Sabha Nilesh Kumbhani’s nomination for ‘discrepancies in the verification of signatures of three proposers’. On similar grounds, officials reject the nomination of Suresh Padsala, the INC’s substitute candidate from Surat. The Congress is left without a candidate,” he said on ‘X’.

Democracy is under threat. Aap chronology samajhiye:

• Surat District Election Officer rejects @INCIndia’s candidate for Surat Lok Sabha, Nilesh Kumbhani’s nomination for “discrepancies in verification of signatures of three proposers”

• On similar grounds, officials reject… https://t.co/uEnLeCGOG7

— Jairam Ramesh (@Jairam_Ramesh) April 22, 2024

“All other candidates withdraw their nomination except the BJP’s candidate, Mukesh Dalal. The BJP candidate declared ‘elected unopposed’ from Surat Lok Sabha seat on April 22, 2024, nearly two weeks before polling on May 7, 2024,” Ramesh added.

The ruling BJP hailed the first win with the party’s state unit president CR Paatil in a post on X saying, “Surat has presented the first Lotus to Prime Minister Narendra Modi. I congratulate our candidate for the Surat Lok Sabha seat Mukesh Dalal for getting elected unopposed.”

માનનીય પ્રધાનમંત્રી શ્રી નરેન્દ્રભાઇ મોદી સાહેબને સુરતે પહેલું કમળ અર્પણ કર્યું !!

સુરત લોકસભા બેઠકના ઉમેદવાર શ્રી મુકેશભાઇ દલાલને બિનહરીફ ચૂંટાવવા બદલ ખૂબ ખૂબ અભિનંદન અને શુભેચ્છાઓ પાઠવ્યા !! #PhirEKBarModiSarkar#AbkiBaar400Paar pic.twitter.com/w87WSrla5s

— C R Paatil (Modi Ka Parivar) (@CRPaatil) April 22, 2024

The last time someone won uncontested in a Lok Sabha election was back in 1989. Mohammad Shafi Bhat of the National Conference won unopposed from the Srinagar Lok Sabha seat in Jammu and Kashmir.

The BJP won all 26 seats in Gujarat in the 2019 Lok Sabha polls.

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This cement stock has gained more than ₹200 per share in trade today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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UltraTech Cement shares jumped more than ₹200 apiece, surging over 2% on Monday as the Street turned bullish on its plans to buy a 1.1-mtpa grinding unit in Maharashtra for ₹315 crore will expand capacity and presence in the fast-growing region. UltraTech Cement hit the day’s high price of ₹9,590. At 2.17 pm, the stock was quoted at ₹9,585.

Global brokerage Morgan Stanley has maintained its “overweight” stance on the stock and target price at ₹11,600, as the Maharashtra unit will boost the cement major’s presence in the state.

The acquisition, valued at ₹315 crore, was formalised through an Asset Purchase Agreement between UltraTech Cement and India Cements Ltd.

The unit located in Maharashtra’s Parli also includes a captive railway siding, it said, while adding that the company plans to expand the brownfield development of 1.8 mtpa at Dhule in the state.

#CNBCTV18Market | Morgan Stanley maintains an overweight call on UltraTech Cement. Says company’s expansion will further strengthen its presence in Maharashtra pic.twitter.com/MOhfdQmEaU

— CNBC-TV18 (@CNBCTV18Live) April 22, 2024

The expansion will cumulatively cost around ₹500 crore and will be funded by internal accruals, the brokerage firm said. Earlier this month, the company completed a 100-megawatt (MW) solar energy project under the Group Captive Scheme in Rajasthan.

This was the company’s first project to source power for its captive consumption from the inter-state transmission network.

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Lok Sabha election 2024: BJP vote share will increase in South, says PM Modi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prime Minister Narendra Modi has stressed that investigative agencies such as the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) must be allowed to carry out their duties without interference.

The PM’s response came during an interview with Malayalam news channel Asianet on Saturday in response to a question that the opposition alleges the’misuse’ of these agencies by the government and for targeting of opposition leaders.

PM Modi dismissed these accusations that the ruling party was leveraging these agencies to stifle dissenting voices within the opposition ranks.

PM Modi also took potshots at the Congress for delaying the announcement of its candidate for the Amerthi seat. He added that the grand-old party may field senior Congress leader Rahul Gandhi from another seat after polling in Wayanad on April 26 as they are not confident of retaining the constituency in Kerala.

The Congress party is yet to name its official candidates for the Amethi and Rae Bareli Lok Sabha seats. Union Minister Smriti Irani defeated Rahul Gandhi in the 2019 Lok Sabha polls.

The PM also took a veiled swipe at former Congress president Sonia Gandhi, saying that senior leaders of the party are no longer keen to contest the Lok Sabha elections and are instead taking the Rajya Sabha route.

On the expectation of the BJP’s performance in the southern states of India, the PM expressed confidence that the party would increase its vote share.

In Kerala, the PM said that Christians in the state are fed up with the lies of both the Congress-led United Democratic Front and the CPM-led Left Democratic Front. Kerala currently has an LDF government, and the Congress is the chief opposition party. The two alliances are also part of the INDIA bloc in the 2024 general elections.

The BJP has been trying to woo the Christian community in Kerala, which has a substantive number of voters in many constituencies of the state.

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Leaked emails reveal why Mark Zuckerberg bought Instagram

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Facebook’s $1 billion acquisition of Instagram in 2012 is hailed as a watershed moment. At the time analysts called the $1 billion price tag for Instagram exorbitant. However, the photo and video-sharing app today commands a staggering valuation of $500 billion, proving Zuckerberg’s strategic foresight and risk-taking.

A series of leaked emails, that first came out in 2020, showing a discussion between Mark Zuckerberg and his team before the Instagram acquisition, is viral again on social media. CNBC-TV18 has not verified the emails. However, the alleged conversation does shed some light on aspects that should be considered while planning an acquisition.

“How much we should be willing to pay to acquire mobile app companies like Instagram…These companies have the properties where they have millions of users (up to about 20m at the moment for Instagram), fast growth, a small team (10-25 employees) and no revenue,” Zuckerberg wrote in the purportedly leaked email to David Ebersman, CFO of Facebook at the time. Ebersman oversaw the company’s initial public offering in May 2012, which at the time was the largest US Internet offering of all time.

Zuckerberg further wrote, “The businesses are nascent but the networks are established, the brands are already meaningful and if they grow to a large scale they could be very disruptive to us. These entrepreneurs don’t want to sell (largely inspired our success), but at a high enough price — like $500m or $1b — they’d have to consider it…we’re vulnerable in mobile…”

Focusing on the “value creation” such an M&A would bring to Facebook, Ebersman’s response made the point that integrating their products with Facebook to improve services was a “very compelling reason.” However, he also made it clear that it requires clarity of vision for implementation and considering cost-efficient factors such as internal product improvements.

Reacting to the trending leaked email, Professor Paul Nary, a corporate strategy professor at The Wharton School, took to the micro-blogging platform, X, to share his thoughts.

“This is at least a reasonably careful, thoughtful approach to doing a deal,” Nary wrote on X, formerly Twitter.

Fascinating thread illustrating real world/real time thinking about corporate (not just business) strategy and a potential acquisition that turns out to be transformative for Facebook $META. Very cool.

Few comments from an academic perspective:
1) Mark repeats the old line… https://t.co/ofpjjrXckH

— Paul Nary (@ProfPaulNary) April 19, 2024

A question on everyone’s mind remains though: Did Mark buy Instagram to kill the competition?

Professor Nary opined, “Interesting thought process that considers something akin to “killer acquisitions” of competitors.. or maybe similar but not quite? Is co-opt and assimilate distinct from kill? I’ve been seeing many variations on the spectrum here.”

From an M&A point of view, Zuckerberg’s conviction was well-founded, and what was initially thought of as a hefty price tag has turned into one of the most celebrated deals in Big Tech. The Facebook founder recognised Instagram’s burgeoning user base and its potential to redefine (rather disrupt) the landscape of social media. The strategic decision underscores the importance of looking beyond short-term goals and eyeing long-term growth and innovation.

Since its acquisition by Facebook in 2012, Instagram’s user base has expanded from 30 million users to over 2 billion monthly active users worldwide (as of January 2024), higher than TikTok and WeChat, as per Statista. On the revenue side, Instagram generated almost 30% of Meta’s revenue in the first half of 2022, according to a Bloomberg report. In 2020 and 2019, Meta listed Instagram’s ad revenue as $22 and $17.9 billion, respectively, it added.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Solar cell maker Premier Energies files for a ₹1,500 crore IPO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Premier Energies Ltd has submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), initiating plans to raise funds through an initial public offering (IPO) at the face value of ₹1. The Premier Energies IPO comprises a fresh issue of shares worth up to ₹1,500 crore and an offer for sale (OFS) of up to 2.82 crore shares.

The offer for sale encompasses shares from various entities, including up to 2.38 crore shares from South Asia Growth Fund II Holding Llc, up to 42 lakh shares from Chiranjeev Singh Saluja, and up to 153,600 shares from South Asia EBT Trust.

The solar cell manufacturer will use the proceeds from the fresh issue primarily towards investments in its arm, Premier Energies Global Environment Pvt Ltd and for general corporate purposes. The subsidiary investment aims to partially finance the establishment of a 4 GW solar photovoltaic TOPCon cell and 4 GW solar PV TOPCon module manufacturing facility in Telangana.

Premier Energies stands as India’s second-largest integrated solar cell and solar module manufacturer, boasting annual installed capacities of 2 GW and 3.36 GW, respectively, as of March end.

The company posted a consolidated loss of ₹13.3 crore for the financial year ended March 2023 against a loss of ₹14.4 crore in the preceding fiscal, as per a Moneycontrol report. The firm turned into black for the nine-month period ended December FY24, with a profit of ₹127.4 crore on revenue of ₹2,017.2 crore, the report added.

Kotak Mahindra Capital Company, JP Morgan India, and ICICI Securities are the book-running lead managers for the issue. The shares will be listed on both the BSE and the National Stock Exchange (NSE).

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Lupin gets USFDA nod to launch generic tablet to treat overactive bladder

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Lupin Ltd (NSE: LUPIN) has announced the launch of Mirabegron, a generic version of Mybetriq used to treat overactive bladder in the United States, it informed the BSE in a filing late Saturday evening. The announcement from the Mumbai-headquartered pharma major came after it received approval from the United States Food and Drug Administration (USFDA).

Mirabegron is the generic equivalent of Myrbetriq and is manufactured by Astellas Pharma Global Development. Lupin had earlier informed that the product would be manufactured at its facility in Nagpur, India.

Myrbetriq, a prescription medicine, is used in the treatment of an overactive bladder with symptoms of frequent or urgent urination and urinary incontinence. It is also used to treat neurogenic detrusor overactivity (NDO) in children.

According to IQVIA MAT February 2024, Mirabegron had estimated annual sales of $1,019 million in the United States, the company’s exchange filing said.

Lupin’s Executive Director and Global CFO, and Head of Corporate Affairs, Ramesh Swaminathan, expects the pharmaceutical company to clock quarterly US sales in the range of $200–210 million this year, given the lineup of existing and upcoming products. The North American market contributes roughly 37% to Lupin’s sales, while India is around 34%.

Lupin launched the first generic version of Oracea (Doxycycline capsules, 40 mg) on April 9 in the United States. Oracea capsules are used in the treatment of inflammatory lesions (papules and pustules) of rosacea in adult patients.

Lupin also recently announced the successful closure of inspections by the USFDA at its manufacturing facility located in Vadodara, Gujarat.

Lupin develops and commercialises a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the US, India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.

Lupin shares settled nearly 3% lower on Friday, quoting at ₹1,547 apiece on the NSE. So far this year, Lupin stock price has surged nearly 18%, while the one-year gain on the stock is 120%.

ALSO READ | Pharma Q4FY24 earnings preview | Robust US performance expected to drive revenue growth

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

JSW Energy arm bags 700 MW solar project from NTPC

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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JSW Energy on Saturday said that its arm, JSW Neo Energy, has received a letter of award from NTPC for setting up a 700 MW solar project. JSW Energy’s total locked-in generation capacity has increased to 13.3 GW of which 3.1 GW is solar power, with the latest project win, the company said in a BSE filing.

JSW Neo Energy Ltd, a wholly-owned subsidiary, has received a Letter of Award (LoA) for setting up a 700 MW ISTS-connected Solar Power Project from NTPC Ltd.

The company’s current installed generation capacity is 7.2 GW and expects to have 9.8 GW of installed capacity by CY24.

JSW Energy aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030.

JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.

Sharad Mahendra, Joint MD and CEO, JSW Energy, in a recent conversation with CNBC-TV18, discussed how the rising peak power demand in India presents a huge growth opportunity for the company.

Mahendra said the company’s vision is to be among the leading green energy producers in the country and providing not only green energy but a comprehensive solution to the end customers.

JSW Energy share price performance and income

JSW Energy share price settled at ₹630.45 on with minor gains on Friday. So far this year, JSW Energy has gained nearly 54% and the one-year return on the stock is more than 143%.

JSW Energy reported an over 28% rise in its consolidated net profit to ₹231 crore in the December 2023 quarter on the back of higher revenues. During the quarter, the total revenue increased 13% year-on-year to ₹2,661 crore from ₹2,350 crore in Q3 FY23, driven by incremental contributions from the renewable portfolio and strong thermal performance, largely driven by a buoyant merchant market.

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