FY23 | Business Upturn

Tata Elxsi reports robust FY23 Q2 Results: Net profit increases to Rs. 200 crore

Vanshika Lodhi — Tue, 17 Oct 2023 14:57:14 +0000

Tata Elxsi, a global design and technology services company, has reported strong results for the second quarter of the fiscal year. The company’s net profit and revenue have seen significant growth both year-on-year (YoY) and quarter-on-quarter (QoQ).

The standout figure is the company’s net profit, which has risen to 2 billion rupees, up from 1.74 billion rupees YoY and 1.89 billion rupees QoQ. This represents a substantial increase and demonstrates the company’s strong performance.

In terms of revenue, Tata Elxsi reported 8.82 billion rupees, a notable increase from 7.63 billion rupees YoY and 8.5 billion rupees QoQ. This growth in revenue indicates a positive trend for the company.

The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also saw an increase, reaching 2.63 billion rupees from 2.27 billion rupees YoY. Tata Elxsi’s EBITDA margin, a key profitability metric, stood at 29.89%, slightly up from 29.69% YoY. This marginal increase suggests that the company has been able to maintain its profitability despite the challenging business environment.

These robust figures highlight Tata Elxsi’s strong performance in Q2 and reflect the company’s ongoing commitment to delivering value to its shareholders.

Colgate Q4 FY23 earnings: net sales rise by 3.7% to Rs. 1,341 crore; Check out other market highlights

News Desk — Fri, 12 May 2023 14:11:46 +0000

Colgate-Palmolive, a multinational FMCG firm, released the results of its fourth quarter operations for the financial year 2023 (FY23) on Friday.

The firm reported that its net sales for the quarter ended at Rs. 1,341.7 crore, which is an increase of 3.7% from Rs. 1293.35 crore reported for the same time the previous year. The profit after tax for the quarter came in at Rs. 316.2 crore, representing a decrease of 2.28% year over year in contrast to the reported net profit of Rs. 323.6 crore for the same period the previous year. The rise in domestic sales that the business recorded for Q4FY23 was 5.4%.

“The Board of Directors has announced an Rs. 21/- Second Interim Dividend for the Financial Year 2022-23, which will be paid out on shares with a face value of Re 1 apiece. Those shareholders who had their names listed on the Register of Members of the Company as of May 20, 2023, would be eligible to receive the dividend payment of Rs. 571.17 crore, which will be paid on or after June 8, 2023. According to a filing with the stock market, Colgate-Palmolive (India) said that the Total Dividend will be Rs. 39/- per share for the year 2022-23.

“We are satisfied with the sequential progress that has been made as well as the results of the quarter. The company has generated domestic growth of 5.4%, with toothpaste producing high single-digit growth despite ongoing slow demand patterns in the category as a whole, particularly in rural areas, but the company has nonetheless managed to deliver domestic growth of 5.4% overall. Our aim to boost consumption, innovation centered on offering high-quality science-led goods, and premiumization have all been driving forces behind this development. According to Ms. Prabha Narasimhan, the company’s Managing Director and Chief Executive Officer, “We remain fairly optimistic that the overall category growth will improve in the coming quarters.”

“Continuing its emphasis on creating healthy oral care habits in India, the country’s largest toothpaste brand, “Colgate Strong Teeth,” is being relaunched in an upgraded formula with unique, best-in-class, arginine technology. This is part of the company’s commitment to “Colgate’s commitment to building healthy oral care habits in India.” The formulation of Colgate Strong Teeth contains arginine and fluoride, both of which contribute to a 2X acceleration of the process of returning the natural calcium that is found in saliva to the teeth. According to Prabha Narasimhan, this leads to nourished teeth that are 2 times stronger, and as a consequence, the phrase “Paste Hi Nahi, Poshan Hai Ye.”

Colgate Palmolive (India) shares ended the day on the National Stock Exchange (NSE) trading at 1,621 rupees each, a decrease of 0.32% from their previous closing price of 1,626.15 rupees.

World Bank holds India as one of the fastest growing economies, predicting its GDP growth to climb 6.3% in FY24

News Desk — Tue, 04 Apr 2023 10:44:16 +0000

In its assessment of global economic prospects, which was issued on Tuesday, the World Bank predicted that India will see a current account deficit of 5.2% and a rise of 6.3% in GDP. According to the findings of the research, “due to contraction in expenditure on the basis of slower income, it is expected that India’s GDP growth would decelerate to 6.3 percent in FY24.” Even if there are some signs that growth is slowing down, the economy of India is nevertheless resilient, as stated in the flagship report that is published every two years by the World Bank.

On the other hand, in spite of significant challenges posed by the international environment, the study found that India is one of the world’s only economies that is growing at the quickest rate in the entire globe. The study conducted by the World Bank indicates that India’s overall growth is still robust and is anticipated to be 6.9% for the whole year, with a real GDP expanding 7.7% year over year during the first three quarters of the fiscal year 2022–2023.

In the financial year 2024, it is anticipated that the current account deficit would amount to 5.2% of GDP. According to the study, the annual rate of retail inflation in India would decrease to 5.2 percent in FY24 from its current level of 6.6 percent. “The primary factor that contributed to growth was robust domestic demand, which was bolstered by robust consumer spending among higher-income groups as well as better governmental investment.” According to the findings of the study, despite this fact, the rise of low-income groups’ consumer expenditure trailed behind that of their income.

According to the annual book published by the World Bank, it is projected that slower consumer growth and challenging external conditions would place limits on the economic expansion of the Indian nation. According to the research, the withdrawal of financial aid measures connected to the pandemic is anticipated to result in an increase in borrowing rates as well as a slower rise in revenue.

Home Textiles exports to drop 16-18% in FY23

News Desk — Thu, 09 Feb 2023 08:38:08 +0000

The sector that saw hype in the FY 21 and FY 22 is expected to record a fall of 16-18% in this FY 23. This will be accompanied by a slowed demand in European and the U.S. regions.

According to a report by Care Edge Ratings, the costs of materials and well of logistics have been predicted to rise which may further affect the trade.

After hitting the peak in Q2 FY22, exports started plateauing with a sharp surge in commodity inflation and a global recessionary trend disrupting growth. As per the report, FY22 witnessed exports of USD 44.4 billion (PY: USD 31.5 billion), helped by the pandemic-induced demand and the China+1 strategy of importing nations.

Currently, the European and American markets constitute approximately 68-70% of home textiles imports and a recession there will directly impact the Indian statistics too. Coupled with weak consumer sentiments, product demand, and lower capacity utilization, exports are bound to decline in turnover by 10%-12% in FY23 and margin contraction by 400-500 bps.

“CareEdge expects a 16-18% degrowth in home textile export in FY23, impacted by the recessionary trend in Europe, and cut down on non-essential expenses in the US amid high inflation. While the depreciating rupee against the dollar and China+1 policy across the globe restricts turnover fall for Indian home textile players, margins would contract by 400-500 bps due to lower operating leverage is given lower capacity utilization. Demand momentum should witness gradual recovery from Q1FY24 as freight and cotton costs show moderation and inventory exhausts with retailers”, said Arti Roy, Associate Director.

Coffee Day Enterprises’ Q1 FY2023: Net loss shrinks to 18 crore

Yakita Somani — Sat, 13 Aug 2022 11:05:26 +0000

In the first quarter (April-June) of the fiscal year 2023, Coffee Day Enterprises Ltd. reduced its combined net loss to 18 crores.

In the same quarter last year, the company reported a net loss of 117.28 crores.

The operational revenue increased to 210.49 crores from 81.52 crores in the same period last fiscal year.

While CDEL costs increased 17.96% from Q1 FY2021, from 201.54 crores to 237.75 crores.

Coffee Day Enterprises reported revenue from coffee and allied activities of 189.63 crores in the April–June 2022 quarter as compared to 67.16 crores in 2021 in a regulatory filing. In contrast, the company made 14.32 crores in revenue from hospitality as opposed to 2.40 crores.

The CDEL also revealed the outcomes of its subsidiary, Coffee Day Global Ltd, which runs the well-known coffee chain Cafe Coffee Day, separately (CCD).

Consolidated revenue from operations for Coffee Day Global increased significantly from the pandemic-affected June quarter of the previous fiscal year to 189.63 crores in Q1 FY23.

Additionally, the company reduced its net losses from 89.49 crores in Q1 FY22 to 11.72 crores this quarter.

The average daily sales for CCD climbed from 8,558 to 19,537 over the April-June quarter of the previous fiscal year.

Its café locations have decreased from 550 in the April–June quarter of the previous fiscal year to 493, while the number of vending machines has increased from 43,782 to 46,603.