Here are the top stories making headlines in the financial world on November 7, 2023:
FSN E-Commerce Ventures (Nykaa): The company behind Nykaa has reported a consolidated profit of Rs 5.85 crore for the quarter ending September FY24, marking a significant 42.3 percent growth year-over-year. This remarkable performance was driven by strong operating and top-line results. Despite a delay in the festive season, with festivities starting in October this year instead of September, the company’s consolidated revenue from operations grew by 22.4 percent YoY, reaching Rs 1,507 crore. The EBITDA also increased by 32 percent to Rs 80.6 crore, with margins expanding by 38 basis points to 5.4 percent compared to the same period last fiscal year, thanks to cost efficiencies.
Bajaj Finance: A leading non-banking finance company has initiated a qualified institutions placement (QIP) on November 6 to raise funds. The floor price for the QIP has been set at Rs. 7,533.81 per share, with the possibility of offering a discount of up to 5 percent on the floor price. Sources suggest that the fund raised from the QIP issue could be around Rs 8,800 crore.
Gland Pharma: The pharmaceutical company has reported a consolidated profit of Rs 194.1 crore for the July–September period of FY24, showing a 20 percent decrease despite a robust top-line performance. The company’s consolidated revenue increased by 32 percent YoY, reaching Rs 1,373.4 crore in Q2 FY24.
Hindustan Petroleum Corporation: This oil marketing company has recorded a 17.5 percent sequential decline in standalone profit, reporting Rs 5,118.2 crore for the July–September period of FY24. This decline is attributed to lower revenue from operations, which dropped 14.5 percent quarter-on-quarter to Rs 95,701 crore. Additionally, EBITDA declined by 14.9 percent to Rs 8,217 crore in Q2 FY24.
Emami: The fast-moving consumer goods (FMCG) company has reported a 3.1 percent year-on-year decrease in consolidated profit, reaching Rs 178.5 crore for the quarter ending September FY24. This decline was despite a strong operating performance, primarily due to lower other income. Emami’s consolidated revenue from operations increased by 6 percent YoY, reaching Rs 864.5 crore in Q2 FY24. The company’s domestic business showed a 4 percent growth, while international business recorded a growth of 12 percent. EBITDA increased by 20 percent year-over-year, reaching Rs 234 crore, and the margin expanded by 300 basis points to 27 percent during the quarter.
Ujjivan Financial Services: This non-banking finance company posted a consolidated profit of Rs 225.8 crore for the quarter ending September FY24, representing a 12 percent decline compared to the year-ago period, primarily due to impairments on financial instruments. The company’s revenue from operations grew by 44 percent YoY, reaching Rs 1,496.2 crore during the quarter.
NHPC: The state-owned power generation company has reported a consolidated profit of Rs 1,546 crore for the July–September period of FY24, a 0.7 percent increase over the year-ago period despite lower revenue and operating performance, supported by a tax write-back. The company’s consolidated revenue from operations increased by 11.6 percent YoY, reaching Rs 2,931.3 crore during the quarter. Additionally, the company announced the approval of the Joint Venture Agreement for the formation of a joint venture company between NHPC and Andhra Pradesh Power Generation Corporation.
Bank of India: Rajesh Sadashiv Ingle has been promoted to the position of Chief General Manager of the Bank of India, effective from November 6. Rajesh Sadashiv Ingle previously held the position of general manager.
Gujarat State Petronet: The gas transmission company has reported a consolidated profit of Rs 590.4 crore for the quarter ending September FY24, marking a 36 percent quarter-on-quarter growth driven by strong operating performance. Revenue from operations grew by 3.8 percent sequentially, reaching Rs 4,265.2 crore for the quarter.
Redington: The technology solutions provider recorded a consolidated profit of Rs 311.6 crore for the quarter ending September FY24, despite a 20.5 percent year-on-year decline. This decline was attributed to weak operating performance, even though the company had a healthy top-line. Revenue from operations grew by 16.6 percent YoY, reaching Rs 22,220 crore in Q2 FY24.
Central Bank of India: The Government of India has extended the term of office of M. V. Rao as Managing Director and CEO of the Central Bank of India until July 31, 2025. His current term was set to expire on February 29, 2024.
Honasa Consumer: The beauty and personal care products brand Mamaearth Parent is scheduled to debut on the stock market on November 7, with a final issue price set at Rs. 324 per share.
Maitreya Medicare: The Gujarat-based multispeciality hospital will list its shares on the NSE Emerge on November 7, with a final issue price of Rs. 82 per share. Its equity shares will be available for trading in the trade-for-trade segment.
Mish Designs: The company specializing in design is making its debut on the BSE SME on November 7 with an issue price of Rs. 122 per share. The stock will be available for trading in the trade-for-trade segment for 10 days.
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