Category: Companies

Poly Medicure expects strong growth, margin expansion in FY25

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

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Medical consumables company Poly Medicure Ltd’s Managing Director Himanshu Baid on Saturday (May 18) said he anticipates robust growth and margin expansion in the upcoming fiscal year.

Regarding export growth, Baid remarked, “The exports have been doing well, and especially our European business has been growing very steadily, with a growth of around close to 40% there in Europe.”

He also noted a robust growth rate of around 18% in the Indian market, although expressing a desire for stronger growth domestically. Discussing margin outlook, Baid projected, “We would see a margin expansion of around 100 to 150 basis points. We are maintaining EBITDA guidance close to 26 to 28%.”

Also Read: Astral Q4 Results | Pipe maker declares dividend of ₹2.25, profit slides 12%

In terms of revenue projection, Baid said, “Last year, we suffered due to imports from China. But as the industry got regulated and BIS standards are in place, we are very confident now. We are expecting to close around 140 to 250 Crore this year.”

Further, Baid said, “We have ₹150 crore of net cash in the company right now. Also, we have taken approval from the board to raise additional funding in the company ₹ 800 crore. We got an approval in March. So we are also seeing some inorganic opportunities. No, of course, nothing is finalized now. But that’s the plan.”

Poly Medicure reported a 16.24% year-on-year (YoY) increase in net profit at ₹68.36 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter, Poly Medicure posted a net profit of ₹58.81 crore, the company said in a regulatory filing.

Also Read: NHPC Q4 Results | Net profit declines 16% to ₹550 crore, declares dividend

The company’s revenue from operations rose 23.21% to ₹378.07 crore as against ₹306.85 crore in the corresponding period of the preceding fiscal. The board has recommended a dividend of ₹3 per equity share (60%) of ₹5 each for the financial year 2023-24, subject to the approval of shareholders.

Shares of Poly Medicure Ltd ended at ₹1,649.15, down by ₹4.65, or 0.28% on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

IDFC First Bank shareholders approve merger with IDFC Ltd

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

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IDFC First Bank’s majority shareholders approved the amalgamation of IDFC Ltd with the bank, according to a notification to the stock exchanges on May 17. The approval was granted at a meeting convened by the Chennai bench of the National Company Law Tribunal (NCLT).

The resolution was passed by the requisite majority, with over three-fourths in value of the equity shareholders voting in favour. The bank in a regulatory filing said, “We wish to inform that the resolution approving the scheme was passed by an overwhelming majority of 99.95% of the equity shareholders, representing more than three-fourths in value of the equity shareholders, voting through remote e-voting and e-voting during the meeting, in accordance with Sections 230-232 of the Companies Act, 2013.”

IDFC Bank was granted a license by the RBI along with Bandhan Bank in 2014. In 2018, IDFC Bank Ltd and Capital First Ltd completed their merger to form IDFC First Bank.

In July 2023, the boards of directors of IDFC FHCL, IDFC, and IDFC First Bank had approved the proposed amalgamation.

On December 27, IDFC Ltd announced that the Reserve Bank of India (RBI) had issued a no-objection certificate (NOC) for the amalgamation of IDFC Limited, IDFC Financial Holding Company Limited (IDFC FHCL), and IDFC First Bank.

IDFC, through its non-financial holding company, holds a 39.93% stake in IDFC First Bank. Post-merger, the book value per share of the bank is expected to increase by 4.9%, based on audited financials as of March 31, 2023.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

OYO withdraws DRHP, to refile IPO post refinancing: Sources

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

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Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said. JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.

In preparation for the refinancing, OYO has already moved its application with markets regulator SEBI to withdraw its current draft red herring prospectus (DRHP). The company intends to refile an updated version of the DRHP, after the bond issuance.

Oravel Stays Ltd, OYO’s parent company, had in November prepaid a significant chunk of its debt amounting to Rs 1,620 crore through a buyback process. The buyback involved repurchasing 30 per cent of its outstanding Term Loan B of USD 660 million. The move brought down its outstanding loan amount to around USD 450 million.

A source closely involved in the company’s IPO plans told PTI, “The refinancing will result in material changes to OYO’s financial statements. Hence as per existing regulations, it will need to revise its filings with the regulator”. “Since the decision for refinancing is at an advanced stage, it doesn’t make sense to continue pursuing IPO approval with the current financials. So it’s prudent to withdraw the current application,” he added.

The refinancing will extend the repayment timeline to five years — versus the repayment of the remaining TLB due in 2026 — the source said. The bond issuance would significantly lower the current effective interest rate of 14 per cent on its existing USD 450 million Term Loan B (TLB) facility.

“The refinancing is expected to result in annual interest savings of USD 8-10 million (Rs 66.4-83 crore) in the first year, after accounting for the costs associated with the bond issuance. The company anticipates annual savings of USD 15-17 million (Rs 124.5 -141.1 crore) thereafter, almost all of which would get added to its net profits. Post the debt refinancing, the company is open to contemplating an equity round, to reaffirm investor confidence before a public listing to fortify its financial strength,” the source said.

In September 2021, OYO had filed preliminary documents with the Securities and Exchange Board of India (Sebi) for a Rs 8,430 crore IPO. The launching of the IPO was delayed due to the then volatile market conditions making the company prepare to settle for a lower valuation at around USD 4-6 billion instead of the USD 11 billion it was targeting initially.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Zee may slow down buying content a bit, focus is on frugality, says CEO Punit Goenka

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

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Media company Zee Entertainment which also runs a streaming platform Zee5 will be cutting down spends on content both for its movie as well as digital business.

“The need of the hour is to pivot to business to achieve a balanced cost structure in order to achieve sustained long-term growth. With that backdrop, we are looking at every element of the business with the lens of improving the overall performance. As a result, we expect some short-term aberration in digital business financial performance,” said the company’s MD and CEO Punit Goenka.

Zee’s content inventory, advances and deposits declined by ₹540 crore in FY24 driven by optimised acquisition and movie releases, the company said in its investor presentation. The cost dropped to ₹7,420 crore in FY24 from ₹7,960 crore in FY23.

Also Read: Zee Entertainment’s MD and CEO Punit Goenka takes 20% voluntary pay cut

“We have been aggressive in buying movies and originals but there are times in situations like today when we have to be frugal and make sure of buying the right content at the right price. So, we are being very cautious in what we buy and at what price. We may slow down buying a bit but eventually, when profitably improves we will deploy capital back into ZEE5 content,” said Goenka.

He added that the company wants to focus on frugality and quality content even for the movie business and the company doesn’t want to go after big films.

“Most of our previous successes have not been high-cost content. They have been reasonable or low-cost content. We don’t need to buy expensive content, the MD said. In FY24, ZEE5 released 89 shows and movies including 15 originals.

“We will not take the foot off content. We will be selective in choices. We don’t have to compete count to count, budget to budget with peers. We will do a reasonable amount of content but not going to be swayed by a big budget which others are doing,” said Chief Financial Officer (CFO) Rohit Gupta.

Also Read: SEBI’s investigation into Zee promoters reveals more problems

The streaming business is expected to reduce its losses in the current financial year. “ZEE5 losses will come down in FY25 versus FY24. But there is no timeline for break even,” the company said.

The digital segment’s revenue in FY24 was up 24% at ₹919.5 crore from ₹741.1 crore in FY23. ZEE5’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) loss stood at ₹ 1105.2 crore in the last fiscal year from ₹1105.4 crore in FY23.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Shipping Corporation of India net profit declines 19% to ₹307 crore, declares dividend

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

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State-run Shipping Corporation of India Ltd on Friday reported a 19% year-on-year (YoY) decline in net profit at ₹307.3 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, the Shipping Corporation of India posted a net profit of ₹380 crore, the company said in a regulatory filing. The company’s revenue from operations fell 0.4% to ₹1,412 crore as against ₹1,418 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA slide 12.3% to ₹406 crore in the fourth quarter of this fiscal over ₹463 crore in the corresponding period in the previous fiscal.

Also Read: RVNL Q4 Results | Rail PSU declares dividend of ₹2.11 per share, profit jumps 33%

EBITDA margin stood at 28.8% in the reporting quarter as compared to 32.7% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The board has recommended a dividend of ₹0.50 per equity share of face value of ₹10 each i.e., 5% per share, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the company. The said dividend if declared would be paid within 30 days from the date of its declaration at the AGM.

The results came after the close of the market hours. Shares of Shipping Corporation of India Ltd ended at ₹234.75, up by ₹1.45, or 0.62% on the BSE.

Astral Q4 Results | Pipe maker declares dividend of ₹2.25, profit slides 12%

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Federal Bank top performer among mid-sized private banks over 5 years

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

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With the 2023-24 fiscal in the rearview mirror, CNBC-TV18 took stock of the five-year performance of mid-sized private banks across various parameters.

Under the leadership of MD and CEO Shyam Srinivasan, private lender Federal Bank has provided the best returns to shareholders over the past five years. This achievement is backed by notable improvements in the bank’s financial performance compared to its peers.

Deposits

Federal Bank has experienced strong business momentum over the last five years. Its deposit base has grown at a CAGR (Compounded Annual Growth Rate) of 37.4% during this period. The bank’s market share in deposits increased from 0.88% in FY19 to 1.01% in FY24.

Advances

The bank’s advances have grown at a CAGR of 38% during this period. Its market share in advances rose from 1.38% in FY19 to 1.53% in FY24.

Asset Quality

Federal Bank has shown significant improvement in asset quality, with its GNPA (Gross Non-Performing Asset) ratio declining from 2.92% in FY19 to 2.13% in FY24. This decline in the GNPA ratio is the second best among its peers, next to Yes Bank.

Net Profit

Healthy business growth and improved asset quality have enabled Federal Bank to post the best profit growth among its peers. Although IDFC Bank, which began its banking journey in FY19, reported a net loss in its initial year, making it not comparable, Federal Bank’s performance stands out.

Loan Mix: Positive Shift

Under Shyam Srinivasan’s leadership, Federal Bank has significantly grown its retail and agriculture loan book at a massive CAGR of 44.3% over the past five years.

The loan mix has shifted from a corporate focus to more retail loans. The share of retail and agriculture loans increased to 45.6% in FY24 from 39.2% in FY19, while the corporate book’s share declined from 43.2% in FY19 to 35.15% in FY24.

Stock Returns

Shareholders have enjoyed substantial gains on their holdings. Among mid-sized private banks, Federal Bank has provided the second-best returns over the past five years.

However, when comparing all private banks, ICICI Bank outperforms Federal Bank.

Top of the Table

A simple aggregation of scores, with equal weight given to each parameter, clearly positions Federal Bank as the best performer over the past five years among mid-sized private banks.

Shares of Federal Bank Ltd ended at ₹163.55, down by ₹0.50, or 0.30% on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

NHPC Q4 Results | Net profit declines 16% to ₹550 crore, declares dividend

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

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State-owned NHPC Ltd on Friday (May 17) reported a 16.3% year-on-year (YoY) decline in net profit at ₹549.8 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, NHPC Ltd posted a net profit of ₹657 crore, the company said in a regulatory filing. The company’s revenue from operations dipped 6.9% to ₹1,888.1 crore as against ₹2,028.8 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA fell 1.4% to ₹885.4 crore in the fourth quarter of this fiscal over ₹898.4 crore in the corresponding period in the previous fiscal.

Also Read: Astral Q4 Results | Pipe maker declares dividend of ₹2.25, profit slides 12%

EBITDA margin stood at 47% in the reporting quarter as compared to 44.3% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The board has recommended a final dividend @5% of the face value of ₹10 per share (₹0.50 per equity share) on the paid-up share capital of the Company for the FY2023-24, subject to the approval of shareholders in the ensuing Annual General Meeting.

This is in addition to the interim dividend of ₹1.40 per equity share for the FY 2023-24 paid in March 2024. The final dividend, if declared, will be paid within the statutory period as per the Companies Act, 2013.

Also Read: RVNL Q4 Results | Rail PSU declares dividend of ₹2.11 per share, profit jumps 33%

The results came after the close of the market hours. Shares of NHPC Ltd ended at ₹99.24, up by ₹1.07, or 1.09% on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Delhivery’s Executive Director Sandeep Barasia resigns

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

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Logistics company Delhivery Ltd on Friday (May 17) said its Executive Director and Chief Business Officer Sandeep Barasia has resigned from the company to pursue outside interests, after a successful stint of 9+ years.

He will remain with the company until June 30, 2024, Delhivery said in a press release.

Sandeep joined Delhivery Ltd in 2015. Under his leadership as the Chief Business Officer, the company entered new business segments of supply chain services, truckload, and cross-border logistics and significantly diversified its revenue base.

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Sahil Barua, founder and Chief Executive Officer of Delhivery, said, “Sandeep has been instrumental in the growth and scale-up journey of Delhivery and has significantly contributed to making Delhivery the largest logistics player in India. On behalf of the entire Board, I want to thank Sandeep and wish him all the very best for the future.”

“I am very grateful to have had the opportunity to participate in the journey of Delhivery as it went from a start-up to India’s largest logistics player, achieving several firsts in the industry. I am proud of what has been accomplished so far and am confident of the continued success of Delhivery in the future,” Barasia said.

Shares of Delhivery Ltd ended at ₹456.25, up by ₹5.90, or 1.31% on the BSE.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Astral Q4 Results | Pipe maker declares dividend of ₹2.25, profit slides 12%

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

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PVC pipes and plastic products maker Astral Ltd on Friday (May 17) reported an 11.7% year-on-year (YoY) slide in net profit at ₹181.6 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, Astral posted a net profit of ₹206 crore, the company said in a regulatory filing. The company’s revenue from operations increased 8% to ₹1,625 crore against ₹1,506.2 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA dipped 5.7% to ₹291.4 crore in the fourth quarter of this fiscal over ₹309 crore in the corresponding period in the previous fiscal.

Also Read: JSW Steel Q4 Results | Steel major declares dividend of ₹7.30, net proft tanks 65%

The  EBITDA margin stood at 17.9% in the reporting quarter against 20.5% in the corresponding period in FY23. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The consolidated cash (including cash equivalents) and bank balances as of March 31, 2024 is ₹s609.5 crore. During the quarter, PVC/CPVC raw material prices were stable hence margins were better compared to Q3.

In Q4, bathware registered a sale of ₹24.2 crore. The company has already crossed 1000 showrooms or dealers hence it is expecting very good growth in the bathware division in FY25.

Also Read: Balrampur Chini Q4 net profit dips 20%, full-year distillery sales rise 37%

The board has recommended a final dividend of ₹2.25 per equity share of ₹1 each (face value) for the year ended March 31, 2024 subject to the approval of members at the ensuing annual general meeting (AGM).

The results came after the close of the market hours. Shares of Astral Ltd ended at ₹2,304.30, up by ₹32, or 1.41%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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