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Escorts Limited Q3 net profit up 52% at Rs 140.11 crore

29Jan By AnkitaNo Comments

BUSINESS

Escorts Limited Q3 net profit up 52% at Rs 140.11 crore

Tractor Manufacturer Escorts reported a 52.34 per cent increase in standalone net profit at Rs 140.11 crore for the third quarter ended December 2018. The company had posted a net profit of Rs 91.97 crore in the same period of the previous fiscal. Its total income rose to Rs 1,679.47 crore, up 38.42 per cent, during the third quarter as against Rs 1,213.23 crore in the year-ago period. Tractor sales rose 36 per cent to 25,743 units during the third quarter of the current fiscal. "Sales of construction equipment went up by 30 per cent at 1,413 units in quarter ended December 2018 as against 1,087 units in the corresponding quarter," it added. Escorts revenue from the railway products division rose 34.1 per cent to Rs 96.6 crore as against Rs 72.0 crore in the third quarter o...

24Jan By AdityaNo Comments

BUSINESS

PVR Q3 Net Profit at $7 million

Multiplex chain operator PVR Thursday reported a consolidated net profit of Rs 55.38 crore for the third quarter ended December 2018. The company had reported a net profit of Rs 29.16 crore for the October-December quarter of the previous fiscal. PVR's total income during the period stood at Rs 857.37 crore. It was Rs 560.46 crore in the year-ago period, PVR said in a BSE filing. Meanwhile, the company said the results for the quarters were not comparable due to acquisition of Chennai-based chain SPI Cinemas. PVR's total expenses were Rs 768.11 crore during the quarter. It has added 123 screens during the current financial year so far and now operates a network of 748 screens spread over 161 properties in 64 cities, according to the company. Shares of PVR Ltd were tradin...

Just Dial Net Profit Jumps in Q3, Close to $9 million

22Jan By AdityaNo Comments

BUSINESS

Just Dial Net Profit Jumps in Q3, Close to $9 million

Local search engine Justdial Monday reported two-fold rise in standalone net profit at Rs 57.34 crore for the third quarter ended December 31, 2018. The company had posted net profit of Rs 28.60 crore in the year-ago period. In a statement, the company said its "net profit stood at Rs 57.3 crore, up 100.5 percent Y-o-Y". The company's income increased to Rs 260.86 crore in the October-December period, over Rs 199.37 crore in the same quarter a year ago. "Pursuant to the approval of directors and members of the company for buyback of equity shares of Rs 220 crore, the company has completed buy-back of 27,50,000 equity shares of face value of Rs 10 each at a price of Rs 800 per share for an amount aggregating up to Rs 220 crores from the shareholders on a proportionate basis...,...

Future Group to invest 1000 Crore in Food Space, Launch India Food Grid

12Jan By AnkitaNo Comments

BUSINESS

Future Group to invest 1000 Crore in Food Space, Launch India Food Grid

Chandigarh: Future Supply Chain Solutions (FSC or the Company), India’s leading third party integrated logistics service provider, is launching the INDIA FOOD GRID, a network of 38 Integrated Food Distribution Centres (IFDC) across the length and breadth of the country that will provide pan-India reach. Food & FMCG Supply Chain in India is highly inefficient and complex. It has formidable challenges in terms of inventory levels in the system, availability issues, freshness of the product, distribution cost and time to market. FSC, as a supply chain specialist, understands the existing hurdles in the supply chain process of conventional retail as well as modern stores. Based on a comprehensive study, FSC has identified 38 locations across the country, which will be developed...

Infosys Q3 Net Profit Drops, Announces Rs 8,260 Cr Share Buyback

12Jan By NitishNo Comments

BUSINESS

Infosys Q3 Net Profit Drops, Announces Rs 8,260 Cr Share Buyback

World's leading IT Company Infosys reported a 30 per cent drop in its December quarter net profit on higher expenses even as it approved a Rs 8,260-crore share buyback the second in less than 13 months' time. Its net profit slumped to Rs 3,610 crore in October-December 2018 from Rs 5,129 crore in the same period a year ago, the company said in a statement. In spite of the drop in quarterly profit, the company raised its revenue growth forecast for the fiscal year ending March 2019 to 8.5-9 per cent in constant currency terms, from 6-8 per cent previously. Revenue from operations rose 20.3 per cent to Rs 21,400 crore. During the third quarter, expenses surged over 26 per cent to Rs 17,021 crore on the back of higher depreciation and amortisation charge and reduction in carryi...

31Dec By Gauri SinghNo Comments

BUSINESS

Alcohol Brand Kweichow Moutai Plans to Sell 31,000 tons of Liquor in 2019

One of the top alcohol companies in China called Kweichow Moutai has announced that the company plans to sell about 31,000 tons of product in 2019. "The sales volume in 2019 will increase by 3,000 tonnes more than in 2018," said Li Baofang, chairman of Moutai Group. A total of 17,000 tons of liquor will be supplied to distributors and the rest will be sold through e-commerce retail channels. The group is going to sell 7,500 tons of liquor during the coming New Year and Chinese Lunar New Year, or Spring Festival, period. Customers will be able to buy a special Year of the Pig edition after the New Year's Day holiday. Moutai is a sorghum-based spirit produced by Kweichow Moutai and is China's top brand of baijiu (white alcohol). The liquor, often served on official occasions and...

Smartphone Maker Oppo to Invest $145 million for App Developers

28Dec By Gauri SinghNo Comments

BUSINESS

Smartphone Maker Oppo to Invest $145 million for App Developers

Chinese smartphone maker Oppo has planned to invest 1 billion yuan ($145.7 million) to encourage mobile app developers to create gaming, video and other forms of quality content. The move has arrived after Oppo has accumulated 250 million monthly active users of its smartphones in the world. Every month, more than 200 million users download apps from its software store and gaming distribution center. Wu Henggang, vice-president of Oppo, said by leveraging its sound handset business, the company aims to offer smart services which will integrate content, technology, channels and other resources. Oppo has unveiled a voice skill and smart service platform Breeno, which will be opened to software developers and partners in the future, serving as an intelligent control center to connec...

US based Netflix to Open India HQ on Lease in Mumbai

28Dec By Gauri SinghNo Comments

BUSINESS

US based Netflix to Open India HQ on Lease in Mumbai

US based video streaming service provider Netflix has reportedly picked up 1.5 lakh sq ft office space in Bandra-Kurla Complex (BKC), Mumbai's new business district, on long-term lease to set up its India head office. The video streaming giant leased the office space spread over two floors in commercial tower Godrej BKC from promoters of D'decor Home Fabrics. Netflix will be paying a rent of 265 per sq ft a month for this office space taking the total annual pay-out to 47.70 crore. The total tenure of the lease is nine years and the contract includes a clause to cover 15% rental escalation at the end of every three years. India is one of the most lucrative markets for Netflix and it is looking to expand here and focus on original content for the local market. ...

Apple’s Taiwanese supplier Wistron Plans Capital Infusion

27Dec By Gauri SinghNo Comments

BUSINESS

Apple’s Taiwanese supplier Wistron Plans Capital Infusion

Apple’s Taiwanese supplier Wistron Infocomm Manufacturing India is planning capital infusion and has increased the authorized share capital of the company from Rs 185 crore to Rs 3,000 crore that signals a fresh round of capital infusion into its India unit. Wistron India, at its EGM recently, approved the altered capital clause wherein the authorized share capital of Rs 3,000 crore is divided in 300-crore equity shares with face value of Rs 10, showed a recent Registrar of Companies (RoC) filing. Wistron’s wholly-owned subsidiary SMS Infocomm Singapore has been allocated 10.3 crore shares worth Rs 102.9 crore. An email sent to Wistron on the enhanced authorized share capital didn’t elicit a response. Wistron India, the original equipment manufacturer (OEM) and origina...

Grocery Delivery Major Grofers Aims to Amass $2.5 billion in Revenue by 2020

26Dec By Gauri SinghNo Comments

BUSINESS

Grocery Delivery Major Grofers Aims to Amass $2.5 billion in Revenue by 2020

The grocery delivery platform Grofers aims to garner $2.5 billion (around Rs 17,500 crore) in revenue by 2020 as it scales up its private label offerings in the country and focusses on expanding repeat purchases in its platform. The company, which has recently completed five years of its operations, has a revenue run rate of $360 million (about Rs 2,500 crore) currently. Grofers co-founder and CEO Albinder Dhindsa said Grofers has been witnessing over 30% month-on-month growth. "While we do not sell gourmet products that usually offer higher margins, we have been able to create a set of dedicated customers that usually promote our brand as well... We will continue to ramp up our business and we aim to clock $2.5 billion revenue by 2020," he said.&n...

Revenue of PayU India Doubles to Rs 588 Crore in FY18

26Dec By Gauri SinghNo Comments

BUSINESS

Revenue of PayU India Doubles to Rs 588 Crore in FY18

PayU India's revenue nearly doubled in fiscal 2018 to Rs 588 crore from Rs 306 crore the year before. It has been reported earlier this month that the Indian subsidiary of the Naspers-backed PayU accounted for more than half the overall business of the financial technology firm, based on Naspers' half-yearly report for fiscal 2019. PayU India is valued at more than $2.5 billion, based on a September Citi report which had pegged Naspers' payments business at around $5.2 billion. PayU India chief executive Amrish Rau said along with revenue for Citrus Payments, which PayU acquired in 2016 but is still a separate entity, the total revenue was about Rs 670 crore, meeting the $100-million revenue target that the company had set for fiscal 2018. "Last year was about scaling the payment...

China’s Weibo Plans to Boost up Content-driven e-commerce Investment

26Dec By Gauri SinghNo Comments

BUSINESS

China’s Weibo Plans to Boost up Content-driven e-commerce Investment

Weibo Corp, a leading social media platform, is investing 2 billion yuan ($290 million) to support content-driven e-commerce, multichannel networks, online celebrities, actors, entertainers and agencies in the next two years, as it attempts to better cater to the tech-savvy younger generation. "By September this year, China had nearly 1.12 billion monthly active mobile internet users, which is close to saturation point," said Wang Gaofei, chief executive officer of Weibo. "The competition has shifted from expanding user scale to increasing the time users spend on app usage. Users will abandon the products that fail to meet their real needs and wants. To consolidate our leading position in the content market, we will continue to improve product functions, enhance content capabilities...