Business

IT solutions provider Black Box Ltd announced a 55 percent year-on-year rise in profit after tax (PAT) for the quarter ending June 30, 2024, reaching Rs 37 crore. PAT margin improved to 2.6 percent. An inflation of 110 basis points from last year. Black Box has also reported 28 percent year-on-year growth in EBITDA to Rs 115 crore in the quarter and is making efforts to achieve 9% EBITDA margin by the end of this financial year.Revenue for the quarter unbend at Rs 1,423 crore compared to Rs 1,571 crore in the first quarter of the last financial year. Despite this, the company's pipeline remains strong, with the order book growing to $475 million by June 30, 2024.Commenting on the results and performance, Sanjeev Verma, Whole-Time Director, Black Box, said that, “Our strategic exit from lo...

New Delhi: Budget carrier SpiceJet Ltd on Wednesday reported a consolidated net profit of ₹158.2 crore for the quarter ended June 30, down 20% from a consolidated net profit of ₹197.6 crore a year ago.While the airline's total income declined by 8.3% to ₹2,077.8 crore, its total expenses declined by more than 7% year-on-year to ₹1,919.6 crore.In July, the Gurugram-based carrier reported its earnings for the December and March quarter of 2023-24 after a wait of more than six months. The airline reported a net loss of ₹299 crore in the December quarter and a net profit of ₹126.9 crore in the March quarter.SpiceJet is embroiled in a legal battle over payment of dues to aircraft lessors, vendors and suppliers and is facing contempt notices from the Delhi High Court and the National Company La...

New Delhi, August 13India's industrial output decrease to a 5-month low of 4.2% in June 2024, according to official data released on Monday, mainly due to the poor performance of the manufacturing sector, although the power and mining sectors continued to perform well.Factory output inflation, measured in terms of the Index of Industrial Production (IIP), stood at 6.2 percent in May, 5% in April, 5.5% in March, 5.6% in February and 4.2% in January 2024.During the April-June period of the current financial year, IIP growth was 5.2% as against 4.7% in the same period last fiscal.India's index of industrial production gain by 4 percent in June 2023, according to a statement from the Ministry of Statistics and Program Implementation.Manufacturing sector growth slowed to 2.6 percent in June, f...

State-owned Hindustan Copper Ltd on Monday reported a two-fold rise in consolidated net inflation to Rs 113.40 crore for the quarter ending June 30, 2024.The company had posted a net profit of Rs 47.28 crore in the year-ago period, Hindustan Copper said in a filing to BSE.The company's consolidated income during the April-June period rose to Rs 500.44 crore from Rs 384.73 crore in the year-ago period, the filing said.Hindustan Copper Ltd had earlier said its capex target for the current financial year is likely to exceed Rs 350 crore.The company is continuing to invest in its ongoing mine expansion plan.Hindustan Copper Limited (HCL) is under the administrative control of the Ministry of Mines. The company has facilities for the production and marketing of copper concentrate, copper catho...

Shares of Fusion Microfinance fell 20% to the lower circuit and hit a 52-week low of ₹346.4 on the NSE on Wednesday, August 7, after the company reported a net loss and poor asset quality in the first quarter of the current financial year.With today's fall, the stock has slipped below its initial public offering (IPO) price of ₹368 per share.Fusion Microfinance reported a net loss of ₹35.62 crore in Q1FY25, compared to a profit of ₹120.46 crore in the same quarter last fiscal. Sequentially, the company also posted a net profit of ₹132.69 crore in Q4FY24.The company reported poor asset quality in Q1FY25 as its gross non-performing assets (GNPA) ratio increased by 7,063 basis points (bps) to 5.46% from 3.2% in the corresponding quarter of the previous financial year. Sequentially, the micro...

Tata Power reported a consolidated net profit of Rs 1,188.63 crore in the first quarter of financial year 2024-25, up four percent from the previous year.The company had earned a net profit of Rs 1,140.97 crore in the same period last year. Sequentially, net profit increased 13 percent from Rs 1,045.59 crore reported in the March quarter.Revenue from operations inflation 13.6 percent to Rs 17,293.62 crore in the quarter, from Rs 15,213.29 crore in the same period last year.According to the average estimate of five brokerage firms, Tata Power was expected to report 14.7 percent year-on-year growth in revenue at Rs 17,457 crore in Q1FY25. On the other hand, net profit in Q1FY24 was required, to be Rs 1,004 crore as against Rs 927.34 crore.