Indian Oil Corporation Limited on Tuesday reported a 49.96 per cent year-on-year fall in consolidated net profit at Rs 5,148.87 crore for the quarter that ended on March 31 in financial year 2023-24 (Q4FY24). The company had reported a net profit of Rs 10,289.82 crore during the same period last year (Q4FY23). Sequentially, the net […]
Day: May 1, 2024
India’s oil import bill could swell to $101-104 billion in FY25: ICRA
India’s net oil import bill could widen to USD 101-104 billion in current fiscal from USD 96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil […]
Dry cell battery maker Eveready Industries defers new category entry
Dry cell battery maker, Eveready Industries India, has pushed the goalpost for entering a new category by a year. Led by the Burman family of Dabur India, Eveready had planned to enter a new category by FY26, what would have been its fourth after battery, flashlight and lighting. However, its challenges with a revamped route-to-market […]
Exide Q4 results: Net profit up 2.56% at Rs 184.74 cr, revenue rises 13.49%
Storage battery maker, Exide Industries, on Tuesday recorded a 2.56 per cent year-on-year (Y-o-Y) increase in net profit on a consolidated basis in Q4 FY24 on the back of a 13.49 per cent increase in revenue. Consolidated net profit stood at Rs 184.74 crore in Q4 FY24 compared to Rs 180.12 crore a year back. […]
Musk fires Tesla EV charging team, blindsiding automobile manufacturers
Elon Musk’s abrupt decision to lay off employees who ran Tesla’s electric vehicle charging business blindsided automakers gearing up to equip new EVs for customers to use the Tesla Supercharger network, industry officials and analysts said on Tuesday. For now, General Motors, Ford and other automakers which struck deals last year to give customers access […]
Adani Energy Solutions’ Q4 result: Net profit declines 13% to Rs 381 cr
Adani Energy Solutions Ltd (AESL) on Tuesday posted a 13.26 per cent fall in its consolidated net profit to Rs 381.29 crore during the quarter ended March 2024 on account of increased expenses. Its net profit after tax was at Rs 439.60 crore in the January-March period of the preceding 2022-23 financial year, the company […]
IndiGrid Investment Managers settles InvIT rule violation case with Sebi
IndiGrid Investment Managers Ltd has settled a probe by markets regulator Sebi in a case pertaining to the alleged violation of infrastructure investment trust (InvIT) rules after paying Rs 23.4 lakh towards settlement charges. The case related to IndiGrid Investment Managers allegedly using funds mobilised through borrowings for purposes other than the acquisition or development […]
Sterlite Power bags Rs 2500 cr worth orders in Q4; FY24 wins surge 35% YoY
Sterlite Power on Tuesday announced securing new orders worth Rs 2,500 crore during the quarter ended March 31. This takes the company’s cumulative order wins in FY24 to Rs 7,000 crore, up 35 per cent year-on-year (YoY) over FY23, Sterlite Power said in a statement. “Sterlite Power has capped off a successful fiscal year FY24 […]
REC logs highest annual profit of Rs 14K crore on lower stressed assets
REC Ltd, which is one of the leading non-banking financial companies (NBFC) in the energy sector, has registered its highest ever annual profit during the financial year 2023-24, owing to a reduction in stressed assets and diversification into newer business areas. During the financial year 2023-24, REC clocked a net profit of Rs 14,019 crore […]
REC Ltd net profit grows 33% to Rs 4,079 crore in March quarter
State-owned REC Ltd on Tuesday posted a 33 per cent rise in its consolidated net profit to Rs 4,079.09 crore during the March quarter on account of higher income. The company had clocked a net profit of Rs 3,065.37 crore during the January-March quarter preceding FY 2022-23, REC said in a regulatory filing. The company’s […]
German carrier Lufthansa looks to strong summer to shake off strike costs
Lufthansa hopes to claw back its strike-related losses in the second half of the year, the German flag carrier said on Tuesday, pointing to a strong summer season with bookings up 16 per cent compared with the previous year. The first quarter is often a loss-making one for airlines, with fewer bookings. However, Lufthansa’s losses […]
Lufthansa, Air France-KLM plan to cut costs after tough first quarter
Two of Europe’s top airline groups, Lufthansa and Air France-KLM, announced plans to cut costs after reporting wider first-quarter losses on Tuesday as they faced high customer payouts due to flight disruptions and labour disputes. The first quarter is often a loss-making one for airlines, with fewer bookings. But this year’s was worse than expected […]