Tata Communications, the digital ecosystem enabler, experienced a 29.8% year-on-year decline in profit, amounting to Rs 381.7 crore for the quarter ending in June FY24. This drop was primarily attributed to a weak operating margin, lower other income, and higher finance cost. Despite the challenging profit figures, the company’s revenue from operations showed a positive trend, increasing by 10.7% YoY to reach Rs 4,771.4 crore for the quarter. On the operating front, EBITDA also experienced a decrease of 4.9%, amounting to Rs 1,024 crore compared to the same period last year. Additionally, the operating margin contracted by 350 basis points YoY during the quarter.
Federal Bank, a private sector lender, initiated its qualified institutional placement (QIP) issue on July 19. The floor price for the QIP was set at Rs 132.59 per share.
Dr. Reddy’s Laboratories successfully underwent inspections by the United States Food & Drug Administration (USFDA) at its API manufacturing facility in Srikakulam, Andhra Pradesh. The inspections, which took place during July 10-19, concluded with zero observations, and the facility received a classification of no action indicated (NAI).
Finolex Industries, a manufacturer of PVC pipes and fittings, achieved a 16.2% year-on-year growth in profit, reaching Rs 115.3 crore for the quarter ending in June FY24. This growth was supported by a healthy operating performance. However, the revenue from operations experienced a slight decline of 0.9% compared to the previous year, amounting to Rs 1,179.2 crore. On the positive side, the operating front saw a significant increase in EBITDA, which jumped 21.1% YoY to Rs 152.5 crore, resulting in a margin expansion of 230 basis points due to a sharp fall in input costs.
Shree Cement, a major company in the industry, received a letter from the Ministry of Corporate Affairs notifying them of an upcoming inspection under Section 206(5) of the Companies Act, 2013.
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