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Posted On:
13-08-2024

Vodafone Idea Q1 FY25 results: Net loss narrows to Rs 6,432 crore

Vodafone Idea (Vi) on Monday reported a net loss of Rs 6,432 crore in the April-June quarter (Q1) of 2024-25 (FY25), down nearly 18 per cent from the Rs 7,840 crore loss seen in the corresponding quarter of 2023-24 (FY24), due to lower interest and financing costs. On a sequential basis, the firm’s net loss shrank 16.1 per cent, down from Rs 7,675 crore in the preceding quarter. The telecommunications company’s (telco’s) interest and finance costs shrank to Rs 5,262 crore in Q1, down 17.6 per cent from Rs 6,376 crore in the same quarter of the previous year. The telco’s revenue from operations fell by 1.38 per cent in the latest quarter, coming in at Rs 10,508 crore, down from Rs 10,655.5 crore in Q1FY24. The average revenue per user (Arpu) for the quarter stood at Rs 146, the same as the fourth quarter (Q4). It had been Rs 145, Rs 142, and Rs 139 in the first three quarters of the previous financial year, respectively. On a year-on-year basis, Arpu was up 4.5 per cent.
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Posted On:
13-08-2024

Sonata Finance to merge with BSS Microfinance: Kotak Mahindra Bank

Kotak Mahindra Bank on Monday said Sonata Finance Private Ltd and BSS Microfinance Ltd, both wholly-owned subsidiaries of the bank, at their respective board meetings have approved a scheme of amalgamation. As per the scheme of amalgamation approved on Monday, Sonata would merge with BSS Microfinance Ltd on a going concern basis, Kotak Mahindra Bank said in a regulatory filing. The scheme would be subject to the approval of the respective shareholders and creditors of Sonata and BSS and the approval of the concerned National Company Law Tribunal (NCLT) and other regulatory authorities, it said. The combined net worth of Sonata and BSS is less than 2 per cent of the net worth of the bank, as on March 31, 2024, it said. Sonata and BSS Microfinance transaction is at an arm's length price based on valuation report obtained from an independent registered valuer, it said. BSS would issue and allot to the shareholders of Sonata shares in proportion of 1,931 shares of face value of Rs 10 each in BSS for every 10,000 shares of face value of Rs 10 each held by them in Sonata pursuant to scheme of amalgamation, it said.
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Posted On:
13-08-2024

Lower growth, lack of valuation comfort to weigh on pipes maker Astral

The stock of plastic pipes maker Astral slipped 4.6 per cent in trade on Monday due to margin pressures in the June quarter, growth concerns going forward, and expensive valuations. Given the profitability pressures and a cut in growth guidance across segments by the management, brokerages have lowered earnings estimates. The stock has been an underperformer over the past month, shedding 16 per cent during this period. Led by a 16.4 per cent improvement in the volumes of the plumbing segment, the company reported revenue growth of 7.8 per cent, which was marginally lower than what the brokerages had estimated. What further pulled down the overall performance was the weak contribution of the adhesives and paints segments. Plumbing revenue was up 8 per cent year-on-year (Y-o-Y) and was lower than Street estimates due to lower volume growth at 16 per cent, compared to 23 per cent in Q4FY24. The realisations were lower by 1 per cent on a sequential basis and 7 per cent over the year-ago quarter, as the company was unable to pass on the higher polyvinyl chloride (PVC) prices. Though plumbing volumes were in double digits, BOB Capital Market notes that this was lower than its nearest competitor, Supreme Industries (Supreme), for the tenth straight quarter.
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Posted On:
13-08-2024

NCLT passes Oberoi Realty's resolution plan for Nirmal Lifestyle Realty

Oberoi Realty on Monday said the National Company Law Tribunal has approved its resolution plan for Nirmal Lifestyle Realty, and it will pay Rs 230 crore to the creditors of the bankrupt firm. In a regulatory filing, Oberoi Realty said the NCLT Mumbai bench issued an order on August 9, 2024, approving the resolution plan submitted by the company in relation to the Corporate Insolvency Resolution Process (CIRP) of Nirmal Lifestyle Realty Pvt Ltd (NLRPL). The NLRPL holds development rights with respect to land measuring about 20,262.40 square metres at Mulund West, Mumbai. "The resolution plan provides for payment on the Effective Date (being a date not earlier than 90 days from the NCLT approval date) of an amount of Rs 273 crore to various creditors in the full and final settlement, and the CIRP Costs at actuals incurred up to the Effective Date)," the filing said. On the effective date, the company would also subscribe to 100 per cent equity share capital of NLRPL for Rs 1,00,000, making it a wholly-owned subsidiary of the company.
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Posted On:
14-08-2024

NPCI incorporates NPCI BHIM Services Ltd as a wholly-owned subsidiary

The National Payments Corporation of India (NPCI) on Tuesday incorporated Bharat Interface for Money (BHIM) as a wholly-owned subsidiary, hiving it off into a new entity known as NPCI-BHIM Services Ltd (NBSL). Former banker Lalitha Nataraj will head the new subsidiary as its chief executive officer (CEO). Nataraj has previously worked with IDFC FIRST Bank and ICICI Bank. Rahul Handa will be NBSL’s chief business officer (CBO). At BHIM too, Handa worked in the capacity of a CBO. In his previous role, he was the executive vice president at the Open Network for Digital Commerce (ONDC). Business Standard reported on Monday that the BHIM application is undergoing a revamp. “This development aims to meet the growing demand for digital transactions and evolving market expectations, while keeping pace with innovation and rapidly shifting customer preferences. Additionally, it aims to promote financial inclusion,” NPCI said in a statement. The incorporation of NBSL comes at a time when NPCI is addressing the challenge of a duopoly in India’s Unified Payments Interface (UPI) market.
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