Highlights Of The Day: JSW Energy, L&T Technology, Tata Communications Release Q3 Earnings; Mahindra Group, Hero Join Hands For Electric Bike Biz & Much More…
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S&P BSE Sensex fell 1.08% or -656.04 points to 60,098.82.
Highlights Of The Day:
JSW Energy Q3 Net Profit Jumps More Than 2X To Rs 324 Cr
JSW Energy reported a more than two-fold jump in its consolidated net profit to Rs 324 crore in the third quarter ended December 2021, mainly due to higher revenues.
The company's consolidated net profit stood at Rs 124 crore a year ago, according to a BSE filing.
Total revenue during the said quarter came in at Rs 1,984 crore, as against Rs 1,659 crore a year ago.
According to a statement issued by the company, its profit after tax (PAT) was Rs 324 crore versus Rs 124 crore in the year-ago period.
Total revenue during the quarter jumped 20 percent year-on-year (y-o-y) to Rs 1,984 crore backed by short-term sales and realization. In Q3FY21, the total revenue was Rs 1,659 crore.
The company reported underlying finance cost during the said quarter declined 10.5 per cent y-o-y to Rs 171 crore, as against Rs 191 crore a year ago.
The consolidated net worth and consolidated net debt as of December 31, 2021, were Rs 16,082 crore and Rs 6,021 crore, respectively; consequently, the net debt-to-equity ratio came in at 0.37.
L&T Technology Net Sales Jumps Nearly 21% To Rs 1,687.50 Crore In Q3
L&T Technology reported its net sales at Rs 1,687.50 crore in the third quarter ending December 31, 2021, up 20.48% from Rs. 1,400.70 crore a year ago.
Quarterly net profit stood at Rs. 248.80 crore in December 2021 from Rs. 186.10 crore Q3FY21, up 33.69%.
EBITDA rose 24.66% to Rs. 404.40 crore in the reporting quarter, from Rs. 324.40 crore a year ago.
L&T Technology EPS increased to Rs. 23.61 in the third quarter as against Rs. 17.75 in December 2020.
Tata Communications Q3 Net Profit Surges 28% To Rs 395 Cr
Tata Communications consolidated net profit jumped 27.8 y-o-y to Rs 395 crore in the quarter ending December 31, 2021, as against a net profit of Rs 309 crore a year ago.
Total income from operations during the quarter stood at Rs 4,204 crore versus Rs 4,231 crore a year ago, the company said in a regulatory filing.
Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 3.5 per cent to Rs 1,082.5 crore.
The data business continues to grow sequentially, with revenue jumping 3.4 percent y-o-y to Rs 3,233 crore. All three businesses (core connectivity, digital platforms, and incubation services) reported good growth, according to the company.
Indian Oil Takes Up Indian Energy Exchange’s 4.93 Percent Equity Stake In Indian Gas Exchange (IGX)
Indian Energy Exchange (IEX) sells 4.93 percent of its equity stake in the Indian Gas Exchange (IGX) to oil major Indian Oil Corporation.
“Indian Energy Exchange (IEX), India’s premiere Energy Exchange and Indian Oil Corporation (IndianOil), India’s largest oil refining and fuel marketing firm, are pleased to announce IndianOil’s strategic equity stake of 4.93 per cent in Indian Gas Exchange Ltd,” an IEX statement said.
Energy exchange IEX and National Stock Exchange (NSE) are promoters of IGX, a gas exchange established to facilitate gas trading in the country. GAIL (India) Ltd, ONGC Ltd, Torrent Gas Pvt Ltd and Adani Total Gas Ltd are strategic investors in the natural gas trading platform.
Mahindra Group & Hero Electric Enter Into Partnership To Produce Electric Bikes
Mahindra Group and Hero Electric entered into a strategic partnership in electric mobility.
According to the deal, Mahindra Group will manufacture Hero Electric’s attractive electric bikes — Optima & NYX — at their Pithampur plant in Madhya Pradesh to meet the growing demand.
This association is a part of Hero’s growth and expansion plans; it will enable Hero to deliver over 1 million EVs per year by 2022.
The life of the contract is five years. The deal is expected to be in the range of Rs 140-150 crore, the companies said in a statement.
"The joint development efforts will also be a key factor in developing the platform approach to help electrification of the Peugeot Motorcycles' portfolio. This is expected to bring significant value to both parties through optimization of costs, timelines, and shared knowledge in this dynamic, fast-growing global EV environment,” Hero Electric MD Naveen Munjal stated.
"Peugeot Motocycles has ambitious plans in the EV mobility space in several regions of the world and particularly in Europe."
More To Know
Hitachi Energy won orders worth more than ₹160 crore for its key electric components to support the electrification of the nation’s rail routes.
Ashoka Buildcon won the project worth Rs 111.51 crore minus GST, for the "work of construction of mall cum multiplex" from Bailey Properties Pvt Ltd. The project is expected to be completed within 15 months.
-Fintech firm BharatPe co-founder and MD Ashneer Groverto goes on voluntary leave from the company till March end.
Reliance Jio and Bharti Airtel welcomed 2.01 million and 1.3 million new mobile subscribers each, in November, according to Telecom Regulatory Authority of India ( TRAI) data. Vodafone Idea (Vi) subscriber base reduced by 1.8 million. With this, Jio rules the market, followed by Airtel.