Menu

Markets

Vakrangee Q1 FY@3 Result Update
Business, Equities, Market News, Markets, Research, Result Updates - July 21, 2022

Vakrangee Q1 FY23 Result Update.

Vakrangee Q1 FY23 Result Update.

Vakrangee reported a net profit of Rs. 4.52 crores, down by 80.6% from Rs. 23.33 crores in June 2021. Near Term profitability has been impacted as the company is re-investing the operational cash flows for enhancing franchisee incentives. The net profit decreased from Rs. 30.12 crores, by 85% QoQ basis.

Gross Margins have been impacted mainly because of the launch of Additional Franchisee incentive schemes. The gross margin for the June quarter was 9.5% as compared to 22.1% in the previous quarter. The gross profit stood at Rs. 21.38 crores from Rs. 46.14 crores in the March quarter.

Revenue from Operations stands at Rs. 226.03 crores in Q1 FY23 as against  Rs. 154.02 crores for Q1 FY22, up by 8.25% QoQ. The revenue increased by 46.75% YoY from Rs. 154.02 crores. Strong growth was witnessed in revenues due to an increase in number of outlets as well as services becoming normalized and operational post-pandemic.

Quarterly Gross Transaction Value (GTV) crossed Rs. 134.37 Billion registering a growth of 25.58% on a YOY basis and 6.16% on a QOQ basis. The quarterly no. of transactions crossed 34.82 Million registering a growth of 28.96% on a YOY basis and 5.78% on a QOQ basis.

 

Total expenses the quarter ended nearly doubled to Rs 221.3 crore from Rs 124 crore on a YoY basis, increased by 78% YoY and by 77% QoQ from Rs. 124.8 crores. The total comprehensive income of the company as of Q1 FY23 was at Rs 4 crore as against Q1 FY22 of Rs 23.29 crore.

EBITDA stands at Rs. 10.43 crore in June 2022 down 69.4% from Rs. 34.08 crores in June 2021.

Profit before tax is Rs. 6.49 crore in June 2022 as compared to Rs. 30.54 crores in June 2021. The PBT for the March quarter was Rs. 37.75 crores.

EPS has decreased to Rs. 0.04 in June 2022 from Rs. 0.22 in June 2021 and 0.28 in the previous quarter.

 

On  20th July 2022, the stock is trading at Rs. 29.80 as compared to the previous close of Rs. 29.75, up by 0.05 points or by 0.17%. The stock opened at Rs. 29.95. The market cap of the company is Rs. 3,157 crores. The stock hit the intraday high and low of Rs. 30.15 and Rs. 29.65 respectively.

 

 

Tata Metaliks Q1 net profit falls sharply to Rs 1.22 crores.

 

Jindal Steel & Power Ltd Q1 FY23 Result Update: Net profit jumps to Rs. 2,771 crores.

 

 

Oberoi Realty reported a decline in Book Value.

 

 

 

 

 

0 Comment
Read More
Can India’s Private Sector Growth Sustain Itself Amid Cooling Momentum?
Business, Equities, Market News, Markets, Research, Result Updates - July 20, 2022

Tata Metaliks Q1 net profit falls sharply to Rs 1.22 crores.

Tata Metaliks Q1 net profit falls sharply to Rs 1.22 crores.

Tata Metaliks Ltd reported a net profit of Rs 1.22 crores in Q1 FY23. The net profit fell by 98.71% YoY from Rs. 94.72 crores and down by 97.67% QoQ from Rs. 52.46 crores. The decline in the net profit for the June quarter was on account of higher expenses.

During the June quarter, the expenses climbed up to Rs 667.72 crore from Rs 471.62 crore, up by 41.58% on yearly basis.

The expenses increased due to higher input costs. DIP business has delivered close to its planned volumes, the pig iron business got adversely impacted due to lower production and higher cost arising out of the annual maintenance shutdowns and also on account of operational issues in one of the blast furnaces for much of April and May. Sales Volume of Pig Iron & DI Pipe were lower by 23% & 8% respectively on a y-o-y basis owing primarily to softening of the market sentiment of Pig Iron from mid-May onwards. Pig Iron prices also dropped in market prices after the imposition of export duty by the Govt on 22nd May 2022. On the Raw materials front, coal and coke prices moved up significantly (coke price was up 30% over Q4). Profitability was severely impacted in the quarter owing to the above factors.

 

However, the total revenue increased by 10.37%  YoY, from Rs. 606.45 crores to Rs. 669.35 crores due to increased realization of both Pig Iron and DI Pipe by ~36 to 40%.  The revenue slipped by 17.84% QoQ from Rs. 814.65 crores. During the quarter there was an increase in the prices of coal, coke and other consumables. Another factor for the decline in profitability is the continuing drag of old DIP orders booked in FY21. Moreover, a sharp drop in pig iron prices post imposition of a 15% export duty severely affected the profitability in the June quarter.

 

EBITDA stands at Rs. 27.11 crores in the June quarter. It declined by 82.73% from Rs. 156.99 crores in Q1 FY22. The profit before tax stood at Rs. 1.73 crores, down by 97.64 % QoQ from Rs. 73.19 crores and 98.72 % YoY from Rs. 134.83 crores. The EPS has also decreased to Rs. 0.39 in June 2022 from Rs. 29.99 in June 2021 i.e. by 98.70%. The EPS fell by 97.65% QoQ from Rs. 16.61

 

Currently, the shares of Tata Metaliks are trading at Rs. 706.70 as compared to the previous close of Rs. 700.90, up by 5.05 points or by 0.86%. The shares opened at Rs. 701.50. The market cap of the company is Rs. 2,232 crores.

 

Tata Metaliks Q1 net profit falls sharply to Rs 1.22 crores.
Image shown is for representation only.

 

Jindal Steel & Power Ltd Q1 FY23 Result Update: Net profit jumps to Rs. 2,771 crores.

 

 

Oberoi Realty reported a decline in Book Value.

 

 

 

 

 

, 0 Comment
Read More
Tata Motors Revamps EV Strategy to Reclaim Leadership in Indian Market
Automobile News, Autos, Markets, Research Corporate Trends - July 19, 2022

Tata Motors, Jaguar Land Rover Q1 sale at 78825 units down by 37%.

TATA MOTORS, JAGUAR LAND ROVER Q1 SALES AT 78,825 UNITS, DOWN BY 37%.

Tata Motors reported on Thursday a decline of 37% in retail sales at 78,825 units or Q1 FY2023. The sales were broadly flat for March quarter. This was mainly due to shortage in semiconductor, COVID-19 lockdowns in China and transition in model of Range Rover.

Jaguar brand sales went down by 48% in April-June period of 2022. On the other hand sales of Land Rover were at a low of 33% at 63,618 units. JLR mentioned in a statement that despite of a strong order book the sales continue to decline. This is due to shortage of chip globally. It was compounded by the run out of Range Rover Sport model, with deliveries which were about to start got impacted by Covid-19 lockdowns in China.

When compared to March quarter the retail sales were better in UK by 10% and 49% up for Europe. The sales however decreased in China by 5%, North America by 30% and other places by 10. This indicates the transition to new models and carriage time to these places. The chairman said to the shareholders that Tata Motors expects a better second half of the current year to be better. The company estimates sales of overall 500,000 cars in FY2023.

The demand for Commercial vehicles and Passenger vehicles remains strong regardless of ongoing geopolitical and supply chain and inflation concerns. The shortage of semiconductors is improving step by step and the prices are stabilizing which
However JLR continues to observe strong demand for its commodity. The company added that they have already added up around 32,000 orders in March 2022 and have grown their order book by almost 2 lakh units. As per the company demand for new Range Rover it at 62,000 units and similar trend is seen for new Range Rover Sport and Defender. The order book for Range Rover Sport it at 20,000 units and is 46,000 units for Range Rover Defender.

Auto insurance. What you need to know.

0 Comment
Read More
BEML Surges by 7.86% on Likely Upgrade to Navratna Status
Business, Editorials, Market News, Markets, Result Updates - July 19, 2022

Jindal Steel & Power Ltd Q1 FY23 Result Update: Net profit jumps to Rs. 2,771 crores.

Jindal Steel & Power Ltd Q1 FY23 Result Update: Net profit jumps to Rs. 2,771 crores.

On 15th July 2022, JSPL reported a net profit of Rs. 2770.88 crores as against the net profit of Q1 FY22 at Rs. 14.25 crores. The net profit increased on account of higher income. The total revenue increased from Rs. 10,643.17 crores in the March quarter to Rs. 13,069.17 in the June quarter. The revenue was up by 23% YoY.

The output of steel remained almost flat at 1.99 million tonnes (MT) as compared to 2.01 MT in April-June 2021. However, there was a fall by 6% QoQ . The sale of steel stood at 1.74 MT against 1.61 MT a year ago and was down by 16% QoQ. The key divers foe the fall of the sale was the challenging marketing conditions and the imposition of export duty. Due to the imposition of the export duty, the domestic volume fell by 12% and export volume slipped by 28%. During the June quarter, the realization was higher by 10% QoQ.

Expenses were also higher at Rs 10,566.64 crore as against Rs 7,233.55 in Q1 FY22. The costs grew by 10% due to the increase in the prices of coking coal by 33% and thermal coal by 27%.

The EBITDA margin during this quarter is 42.8% as compared to the previous quarter at 26.4%

In Mozambique, the company’s Chirodzi mine produced 0.93 MT ROM (run of mine) and sold 197 KT (kilo tonne) coking coal. Mozambique operations have reported an EBITDA (earnings before interest, taxes, depreciation, and amortization) of Rs. 334 crores for 1QFY23, driven by higher sales volumes and realisations. During April-June, Kiepersol mine in South Africa reported production of 146 KT ROM, and sales of 74 KT. The mine reported EBITDA of Rs. 84 crores. for the quarter. The company’s Russel Vale mine located in Australia produced 138 KT ROM, and dispatched 79 KT coking coal. The mine reported EBITDA of Rs. 24 crores for the quarter.

JSP’s 1QFY23 standalone Gross revenues of Rs. 14,541Cr declined by 7% Q-o-Q and up by 27% YoY as lower volumes more than offset the benefit from higher realisations. Notwithstanding higher input costs, 1QFY23 Adjusted EBITDA of INR 2,865Cr was 8% higher Q-o-Q and fell by 35% Y-o-Y. Q1FY23 Adjusted Profit after tax (PAT) of INR 2,072Cr (Adjusted for exceptional) increased 44% Q-o-Q and slipped by -22% Y-o-Y on higher operating profit and lower finance costs. Pellet production of 1.92mt declined 11 % Y-o-Y (-3% Q-o-Q) due to negligible external sales (30KT vs. 400KT in 1QFY21)

Consolidated Gross Revenues fell 8% Q-o-Q to INR 14,738Cr (+26% Y-o-Y), driven by lower steel and pellet sales partially offset by higher realisations. Adjusted EBITDA of INR 2,993Cr was higher by 3% Q-o-Q but declined 32% Y-o-Y due to rise in input costs and unfavourable base in the prior year (low cost iron ore inventory available in 1QFY22). 1QFY23 Adjusted Profit after tax declined by 23% Y-o-Y (+5% Q-o-Q) to INR 1,929Cr on the back of lower operating profit, partially offset by lower finance costs. Funds from JPL divestment has further strengthened JSP’s balance sheet with Consolidated Net Debt declining further by INR 1,149Cr in 1QFY23 to end the quarter at INR7,727Cr. Net Debt to EBITDA has improved to 0.54x from 0.57x in Q4 FY22.

 

On 18th July 2022, the shares of the company are trading at Rs. 351.50 , up by 6 points or by 1.74%. The shares previously closed at Rs. 345.50 and opened today at Rs. 349.05. The market cap of JSPL is Rs. 35,856 crores. The stock hit an intraday high of Rs. 353 and intraday low of Rs. 341.95.

 

 

 

 

 

 

Mindtree Q1 FY23 Result Update: Net Profit jumps 37% YoY to Rs. 472 crores.

 

 

 

 

 

 

 

 

 

 

 

 

 

, 0 Comment
Read More
ICICI Prudential Life Insurance Q1 FY23 result update
Business, Market News, Markets, Result Updates - July 18, 2022

ICICI Prudential Life Insurance Q1 update.

ICICI Prudential Life Insurance Q1 FY23 result update.

ICICI Prudential Life Insurance Company posted a net profit of Rs. 156Cr. in Q1FY23, on Saturday, compared to a loss of Rs.186Cr. in Q1FY22. The growth was primarily on account of lower claims and provisions due to Covid-19.

The AUM for the company grew by 3.1% to Rs. 2, 30,072Cr. The 13-month persistency ratio improved to 85.5% while 43-month ratio increased from 63.4% to 65.0% in FY23. As per the Management, the company 4P’s strategy guided by elements like Premium growth, Protection focus, Persistency improvement, and Productivity enhancement is on track with a target of doubling the FY19 value of the new business (VNB).

The business reported a negative investment income of Rs.6,884 Cr. in Q1FY23 versus a positive investment income of Rs.9,0609 Cr. in Q1 FY22. The total expenses incurred increased by 16.1% to Rs.1,411 Cr. in Q1 FY23 from Rs.1215 Cr. in FY22. The APE (Annual Premium Equivalent) witnessed a growth of 24.7% o Rs.1,520Cr. compared to Rs.1,219Cr. in FY22. The VNB was at Rs.471Cr a growth of 31% in FY23 which was previous at 28.0%, on account of a shift in the underlying product mix.

The business premium stood at Rs.3184 Cr. with a growth of 24.4% as compared to Rs.2,559Cr. The annuity APE rose to Rs.98Cr. in FY23 with robust growth of Rs.69% which was at Rs.58Cr. Savings APE was at Rs.892Cr. to Rs.1092Cr for the same period.
The company’s TWRP ratio (total weighted received premium) for savings business and the total cost was at 16.9% and 23.8% respectively. The APE of new business is significant and expenses will not affect margins. The ICICI bank-backed insurance company has a debt-equity mix of 54:46 as of 30 June 2022. The company has zero NPA with 98% of debt instruments being AAA rated and treasury bonds. The claims and benefits payout decreased by 2.8% to Rs.5,512Cr. in FY23.

The Company strives to target untouched customer segments and expand in distribution footprint which enabled them to maintain its market leader position and acquired a market share of 15.8% in Q1 FY23. The net worth is at Rs.9,053 Cr and a solvency ratio of 203.6% against the regulatory requirement of 150%. ICICI Bank and Prudential Corporation holdings promote ICICI Prudential Life Insurance.

The continued supply chain management, ongoing geopolitical crisis, spike in commodity prices, the surge in inflation, and net outflows from the capital market all the factors have directly affected the unit link business. The scrip closed at Rs. 520.55 on Monday, up by 0.67% or 3.45 points. The market cap of the company is Rs.74,246Cr. It touched an intraday high of Rs.527.55 and a low of Rs.514.30.

 

 

Indigo to “rationalise” salaries of technicians following mass sick leave.

Loan growth, higher margins, and lower costs to drive bank bottom lines in Q1.

NBFCs and HFCs securitization volumes almost doubled.

, , , , 0 Comment
Read More
Krishna Institute reported a net profit of Rs. 79 Cr.
Business, Editorials, Market News, Markets, Result Updates - July 16, 2022

Mindtree Q1 FY23 Result Update: Net Profit jumps 37% YoY to Rs. 472 crores.

Mindtree Q1 FY23 Result Update: Net Profit jumps 37% YoY to Rs. 472 crores.

 

On 13th July 2022, Mindtree reported 37.3% rise in the consolidated net profit on YoY basis for the June 2022 quarter. The net profit increased from Rs. 343 cr. to Rs. 471.6 cr. However, on quarterly basis the net profit slipped by 0.3% from Rs. 473.1 cr in the previous quarter. There is an increase in the revenue of 36.2% year-on-year to Rs 3,121.1 crore during April-June 2022. Revenue fell by 7.7% as against the March 2022 quarter with Rs. 2897.4 cr

In terms of dollars, the company reported a revenue of $399.3 million, a growth of 28.6% and 4%QoQ. Its net profit was $60.3 million, a jump of 29.7% y-o-y and a decline of 3.8% q-o-q. This was sixth consecutive quarter of more than 5% growth in constant currency.

The company’s highest revenue of 76.8% came from North America, followed by APAC and Middle East (8.6%), Continental Europe (7.9%), and the UK and Ireland (6.8%).

The communications, media, and tech contributed the highest to Mindtree’s revenue in Q1 with 44.1% of the overall revenue. Retail, CPG, and manufacturing contributed 19.8% and banking, financial services and insurance about 18.6%; travel & transportation and hospitality & healthcare contributed 15.4% and 2% respectively.

 

The company signed a contract of $570 million during the June quarter, the highest ever for the company.

The company’s EBIT margin is 21.1% compared to 18.9% QoQ and 17.7% YoY. Investments and cash stood at an all-time high of $500 million

For the June quarter, the attrition is 24.5%, up from 23.8% in the March quarter and higher than Q1 FY22 recorded at 13.7%. However, the EBITDA improved to 8.2% QoQ.

 

According to Debashis Chatterjee, chief executive officer and managing director of Mindtree, the company’s order book in the June quarter was the highest ever.

As of June 30, 2022, the company had 274 active clients.

The company has received no objection letter from the stock exchange for the merger of Mindtree and L&T Infotech. The merger is on the way to regulatory approvals. According to Debashis Chatterjee, the synergies between Mindtree and LTI are already producing results and this quarter has allowed them to win a large deal from a large European-based travel technology company.

 

On 13th July 2022, the shares of Mindtree closed at Rs. 2900.60. Next day the opening price was Rs. 2960. The stock hit an intraday high of Rs. 2961. Currently, the shares are trading at Rs. 2771, down by 129.80 points or by 4.55%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indigo to “rationalise” salaries of technicians following mass sick leave.

Loan growth, higher margins, and lower costs to drive bank bottom lines in Q1.

NBFCs and HFCs securitization volumes almost doubled.

, 0 Comment
Read More
Business, Markets - July 16, 2022

The Indian economy is expected to grow by 7.1-7.6%.

The Indian economy is expected to grow by 7.1-7.6%.

In FY23, a growth of 7.1-7.6 percent will be witnessed in Indian economy. India will rule as the world’s fastest-growing economy over the next few years. Regardless of geopolitical issues, inflation, interest rate hikes, or Omicron infections.

In 2021, India had many opportunities to grow, but the Russian invasion in Ukraine and the new COVID-19 wave cleaned up all the optimistic events. These events intensified the pre-existing challenges such as surging inflation and geopolitical realities with no definite end in sight. The succeeding convergence of events like surging commodity prices, supply shortages and currency depreciation quickly worsened the Indian economy’s fundamentals that were trending up a few months back.

The Central Bank of India forecasts 7.2% GDP growth for FY23, which ends in March. The Indian rupee will recover against the US dollar, but not before the beginning of next year. The rupee depreciated by 3 paise to close at a record low of 79.62 (temporary) against the US currency on Wednesday. The desire of global businesses to look for more robust and cost-effective investments during difficult times, among other factors, could work to India’s benefit.

Inflation in India is expected to come close to 5% by March. There is a 20–30% possibility that there could be a global recession in the economy. The aggressive monetary tightening policy followed by inflation may lead to recession, particularly in the US economy. The slowdown in inflation in the past two months is possible because of steps taken by the government. This includes cuts in taxes on oil and gas, restrictions on food exports and global breakdown in commodity prices. The government increased GST rates to offset any inefficiencies in the value chain. Globally, surging inflation has been the main factor as it concerns both demand and supply side concerns.
The report also mentioned that uncertainties in the global business environment will have significant risks.

LIC plans to sell RCap bonds worth Rs 3,400 crore hit another roadblock.

Anand Rathi Wealth Q1 Results: Net profit up 34% to Rs 40 cr; revenue rises 36%.

Stamp duty and registration laws for rentals in Maharashtra

 

, , 0 Comment
Read More
Anthropic Reaches $3 Billion in Revenue During AI Surge!
Business, Editorials, Equities, Market News, Markets, Result Updates - July 15, 2022

Anand Rathi Wealth Q1 Results: Net profit up 34% to Rs 40 cr; revenue rises 36%.

 

Anand Rathi Wealth Q1 Results: Net profit up 34% to Rs 40 cr; revenue rises 36%.

On 12th July 2022, Anand Rathi Wealth reported a net profit of Rs. 39.7 crores for the Q1 FY23. The net profit was up by 33.6% as compared to the net profit of Rs. 29.7 crores in Q1 FY21. This was due to the addition of new clients and strong net flows. The net profit improved by 16% QoQ which was Rs. 34 crores. Net Flows for the quarter stood at Rs. 1,355 crores, up by 395% over same the period last year.

The company’s revenue rose by 35.7% YoY to Rs. 133.5 crores. The revenue during Q1 FY21 was Rs. 98.4 crore. The revenue was up by 17% QoQ to Rs. 110 crores.

The company has recorded strong growth for the June quarter despite challenging market situations.

The Asset Under Management (AUM) of the company for this quarter stood at Rs 32,961 crore, up by15% YoY and 0.27% QoQ. During Q1FY21 and Q4 FY22 the Asset Under Management was Rs. 27,887 crore and Rs. 32,054 crores respectively.

The total operating expenses have increased from Rs. 7067.24 lakhs to Rs. 8062.03 lakhs as compared to the previous quarter. The operating cost is up by 40.3% YoY. This was majorly due to higher employee expenses and fixed costs.

The employee expenses were up from Rs. 52 crores to Rs. 60 crores on a QoQ basis.

Mostly the RM’s expenditures or the provisioning are linked to the revenue. If you look at the revenue, it is in terms of percentage, there is hardly any change. Last year employee benefit expenses were about 45% and it is in the same range even in this financial year. So at the absolute number, it looks higher. But compared with the revenue number in terms of percentage, it is more or less the same.

There was an increase in fixed cost by 17% YoY, because now since offices are running and administrative expenses, business promotional expenses and all have come on track. So this was the normal operating first quarter post-COVID era.

The PBT margin for this quarter is 39.6% as compared to the last quarter (40.2%).

For the June quarter, the return on equity is 42.3%, and for Q1 FY22 and Q4 FY22, 44.3% and 39.8% respectively.

The Earning Per Share for this quarter is Rs. 9.5. The active clients increased 17.4% to 7,477.

 

Anand Rathi Wealth, got listed in December. The company operates in the financial services industry with a focus on mutual fund distribution and the sale of financial products.
The company started its activities in fiscal 2002 and is a registered AMFI (Association of Mutual Funds of India) mutual fund distributor.

Currently, the stock is trading at Rs. 639.45. The share price went down by 9.95 points or by 1.52% as compared to the previous close of Rs.649.45. On 15 July 2022, the stock opened at Rs. 653. The shares hit an intraday high and low of Rs. 655.65 and 638 respectively. The company’s market cap is Rs. 2661 crore.

 

 

 

 

 

 

 

 

 

 

 

 

 

LIC plans to sell RCap bonds worth Rs 3,400 crore hit another roadblock.

, 0 Comment
Read More
Bharti Airtel Stock Hits Fresh 52-Week High on Strong Market Momentum
Markets, Result Updates - July 15, 2022

Spandana Spoorty: Q4FY22 result update

Spandana Spoorty: Q4FY22 result update.

Spandana Spoorty, a microfinance company, posted its March 22. The firm witnessed a 50% jump in PAT at Rs. 75 Cr. for the quarter ended in March 2022 compared to Rs. 49.3 Cr in March FY21. The firm’s consolidated total income was Rs. 1480 crore, up from Rs. 1505.6 crore in FY21 YOY. The total expenses for the company grew from Rs. 723 Cr. in FY21 to Rs. 1141 Cr. in FY22 YOY. The delay in publishing the results is due to management-level issues.

FY22 was an action-packed year for the company, starting with eliminating operational inefficiency and rolling out Vision 2025. The remedial measures included: i) appointing an experienced core team manager; ii) settling disruptions with the former MD and CEO by paying a one-time amount. iii) reorganising business processes in accordance with new RBI guidelines. iv) developing Vision 2025 with an ROA  of at least 4.5% and an ROCE of at least 20%.

Q1FY23 has witnessed an improvement in collection efficiency and asset quality. AUM growth continued to remain weak due to changes in the management team and stood at 6,581CR, which was 19% down YOY. The borrower base fell from Rs. 26 Cr. in Q3FY22 to Rs. 24 Cr. in Q4FY22. The average ticket size grew to Rs. 28,000 in Q4 compared to Rs. 25,849 in the previous quarter. The cost/income ratio increased to 69.8 in Q4 from 41.3 in FYQ3. due to the transition cost towards rocess of 40Cr. to the prior MD and CEO. AUM per branch moderated to 5.9Cr in Q4Fy22 due to muted disbursement. The asset quality deteriorated. GNPL was at 15.0%, NNPL was at 6.0% and PCR (Provision Coverage Ratio) was at 60.0% compared to 49.9% in Q3FY22. The liquidity for the company was adequate with Rs. 728 Cr in cash and cash equivalents for March 2022.

The microfinance industry is well poised to grow 4x over the next 8 years, helped by strong macro winds and economic growth. The company has a coverage of 24% in the rural areas and has a potential to cover 76.6%. The new MFI regulation will also help the company to accomplish its goals with new policy introduced. The firm intends to take a calibrated move in their refinements for new process and new products. 

The management expects AUM to reach Rs. 15000 Cr by FY2025.The company has identified 7 additional states with favourable factors for a quick surge in the microfinance book and places to grow organically in the existing states. The new states will avoid concentration and provide a paperless experience to their clients. As per the new plan, there will be approximately 1,500 branches; employee count will be around 12,500–13000; AUM/branch will be 10Cr. and 4 lakh loan clients and intends to have a secured 10%–15% secured book comprising of LAP, housing loans, gold loans etc.

The microfinance company is all set to meet the aspirations of rural India with a 2000CR–3000CR opportunity. Many analysts are bullish on the stock and expect it to be in the Rs. 500-Rs. 540 range by September 2023. The stock is currently trading at Rs.410 and has a market cap. of Rs.2,877Cr. The share price is down from its high of Rs. 727.40. The script opened at Rs.405 on Friday and touched an intraday low of Rs.403.

, , , 0 Comment
Read More
Clean Fanatics Raises $2M to Transform Home Services
Markets, Result Updates - July 14, 2022

Delta Corporation's net sales at Rs.250.27Cr.

Delta Corporation’s net sales at Rs.250.27 crore.

Delta Corp., an online casino company, reported a net sale of Rs.250.27 Cr. in Q1 FY23, up by 229.81% from Rs. 75.87 crore in June 2021. The company posted its highest ever revenue on June 22. The Quarterly Net Profit was at Rs.57.13 crore in June 2022, up 297.48% from Rs.28.93 crore in June 2021. EBITDA stands at Rs.93.56 crore in June 2022, up 550.46% from Rs.20.77 crore in June 2021. EPS increased to Rs. 2.14 in Q1FY23 from Rs. 1.08 in June 2021.

The derivative contracts for Delta Corp. have crossed 95% of MWPL and has been ban period by the stock exchange. It was explained that members can trade in the derivative contracts only to decrease their positions through offsetting them. Any increase in the number of open positions will result in appropriate penal and disciplinary action. No fresh positions were allowed for any of the F&O contracts in that particular stock when it was under the F&O ban period. As per the latest report, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together hold 90lakh shares of Delta Corporation.

The stock, after a correction, took support near Rs.160 and consolidated in the range of Rs.170–Rs.180. This gives the buyers a good opportunity to hold the stock. The decline was witnessed due to COVID-19 pandemic, lock downs, and travel restrictions which forced them to shut down their operations for several months. Meanwhile, Indian indices on Wednesday opened on a flat note due to mixed cues. The small-cap stock has fallen 5.85% in one year and lost 30.69% since the start of this year. The market cap for this company is Rs.4,777.90 Cr.

The casino company declared a dividend of Rs.1.25 per share. The stock closed at Rs.177.70 and was down by 2.40 points, or 1.33%, on Wednesday.

Stemrobo eyes global expansion, targets to close FY23 with net revenue worth Rs. 70 crores.

LIC plans to sell RCap bonds worth Rs 3,400 crore hit another roadblock.

HCL delivers a less than expected result.

, , , 0 Comment
Read More