Coal India: Coal India recorded a consolidated net profit of ₹7,755.55 crore for the third quarter (Q3FY23), up 70% from ₹4,558.39 crore in the same period last year, as output surged owing to increasing power demand despite adverse weather conditions. Bloomberg experts had predicted a figure of ₹7,678.03 crore. Net profit after tax (PAT) increased 28% sequentially from ₹6,043.55 crore in the preceding quarter (Q2FY23).
Infosys: Software services behemoth Infosys revealed on Tuesday that it has filed an appeal against a corporate tax assessment by UK authorities, as British media sources used the company’s annual report to expose the issue. According to local media, the business co-founded by British Prime Minister Rishi Sunak’s father-in-law, Narayana Murthy, is fighting a GBP 20 million tax demand with His Majesty’s Revenue and Customs (HMRC).
Power Grid Corporation: The state-run Power Grid Corporation reported a roughly 11% increase in its consolidated net profit to ₹3,645.34 crore in the December quarter compared to the previous year, owing mostly to higher sales. According to a BSE report, the company’s consolidated net profit in the quarter ending December 31, 2021 was ₹3,292.97 crore. The company’s overall income increased to ₹11,530.22 crore in the quarter from ₹10,723.61 crore the previous year.
Jindal Steel: Jindal Steel reported a 67.9% drop in overall net profit to ₹518.67 crore for the December 2022 quarter on Tuesday. This compares to a net profit of ₹1616.67 crore the previous year. Consolidated revenue from operations fell 0.57% to ₹12,452.44 crore from ₹12524.86 crore in the previous fiscal quarter. Jindal Steel and Power recorded 2.06 Mt of output during the quarter, which was 13% higher than the previous quarter. Sales totaled 1.90 Mt, a 6% decrease year on year.
Adani Ports: The Adani Group on Tuesday paid USD 1.2 billion for the strategic Israeli port of Haifa and promised to transform the skyline of this Mediterranean city as part of its decision to invest more in the Jewish nation, including the establishment of an artificial intelligence lab in Tel Aviv. Gautam Adani, the head of Adani Group, whose corporate empire has been shaken by claims of fraud by US short seller Hindenburg Research, stood beside Israeli Prime Minister Benjamin Netanyahu at the signing of the contract to take over Haifa Port and spoke about investment potential.
Tata Motors: Tata Motors announced on Tuesday that it has raised the second and last tranche of ₹3,750 crore from TPG Rise Climate under a 2021 agreement. Tata Motors announced in October 2021 that it will raise USD 1 billion from TPG Rise Climate for its passenger Electric Vehicle (EV) business in return for compulsorily convertible preferred shares in order to establish a portfolio of EVs and specialised Battery Electric Vehicle (BEV) platforms. Tata Motors and TPG Rise Climate have signed into a contractual agreement under which TPG and its co-investor ADQ will invest in a Tata Motors subsidiary.
Godrej Consumers: Godrej Consumers reported a 3.5% increase in consolidated profit to ₹546.3 crore in the December 2022 quarter on Tuesday. This compares to a net profit of ₹527.6 crore the previous year. Consolidated revenue from operations increased by 9% to ₹3,598.9 crore from ₹3,302.6 crore in the previous fiscal quarter. Total costs increased to ₹2,969.52 crore from ₹2,714.32 crore the previous year.
Indian Hotels Company: Tata group hospitality business Indian Hotels Company Ltd recorded a more than fourfold increase in consolidated net profit at ₹403.56 crore in the December 2022 quarter on Tuesday. This compares to a combined net profit of ₹95.96 crore in the previous year. It said that the consolidated revenue from operations increased by 51.6% to ₹1,685.8 crore from ₹1,111.22 crore in the previous fiscal period. Total costs increased to ₹1,248.62 crore in the third quarter, up from ₹1,014.23 crore the previous year.
Vodafone Idea: A Telco in Crisis Vodafone Idea announced on Tuesday that its board of directors has approved the issuance of optionally convertible debentures worth up to Rs. 1,600 crore to vendor American Tower Corporation. Following a board of directors meeting, the firm said in a regulatory filing that it will conduct an extraordinary general meeting on February 25 to seek shareholders’ approval. “The monies so acquired shall be utilised to pay sums payable by the Company to ATC under the master lease agreements and, to the extent of the balance, for general corporate objectives of the Company,” according to the statement.
Westlife Foodworld: Westlife Foodworld Ltd maintained its momentum in the December quarter (Q3FY23), although this was to be expected. It made the most money in a quarter ever, earning ₹611.5 crore. This indicates a 28% increase year on year (y-o-y). Footfalls increased in the latest quarter for the operator of McDonald’s outlets in west and south India. As a result, same-store sales growth (SSSG) increased by 20% year on year. In Q2, SSSG increased to 40%, supported by a reduced base. However, on a trailing 12-month basis, average sales per store were higher in Q3.