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Dharani Sugars Q1 FY2026: Challenges Amid Industry Headwinds

Dharani Sugars Q1 FY2026: Challenges Amid Industry Headwinds

Dharani Sugars Q1 FY2026: Challenges Amid Industry Headwinds

Despite reporting widened losses and negligible sales, Dharani Sugars confronts operational and financial pressures amid a tough market environment.

Overview of Q1 FY2026 Financial Performance
Dharani Sugars and Chemicals Limited reported weak financial results for the quarter ending June 30, 2025. The company registered an unaudited net loss of ₹20.58 crore, sharply higher than the previous year’s loss of ₹13.43 crore for the same period. Strikingly, the sugar and chemicals maker reported nil sales revenue for the quarter, indicating significant operational challenges affecting production or marketability.
The basic loss per share widened to ₹4.96 compared to ₹4.04 in Q1 FY2025, reflecting overall erosion in profitability. These results come amid a broader global slowdown in commodity prices and rising input costs impacting profitability in the sugar sector.

Revenue and Sales Analysis
The company’s total reported revenue stood at just ₹2.31 million, a marginal increase from INR 0.409 million in Q1 of the prior year. However, this trivial revenue generation starkly contrasts against the company’s existing capacity and financial obligations. Segment-wise, revenues from sugar, chemical, distillery, and power units remained negligible or non-existent for the quarter.
Lack of sales inflows exerted severe pressure on the company’s working capital cycle, impeding its ability to service debt and operational costs effectively in a capital-intensive industry.

Rising Losses and Expense Pressure
Operating profitability declined due to high fixed costs and interest expenses. Dharani Sugars posted a significant increase in net loss, swelling from ₹13.43 crore to ₹20.58 crore year-on-year. Key cost components like employee expenses and depreciation remained high, further straining earnings. Interest burden also remained elevated, weighing heavily on the bottom line.
The company operates in a sector prone to commodity price volatility and cyclical downturns, which exacerbates cost pressures when product prices soften.

Sector Context and Industry Challenges
The sugar industry in India is grappling with multiple challenges including:
• Excess production leading to inventory buildup
• Delays in government subsidy payments and export incentives
• Rising cane procurement costs impacting margins
• Competition from alternative sweeteners and biofuels
These headwinds have complicated Dharani Sugars’ efforts to stabilize its revenues and regain profitability. Market volatility and high raw material costs continue to pressure operating margins.

Balance Sheet and Financial Health
The company’s financial position remains fragile. Contingent liabilities exceed ₹348 crore while working capital deficiencies persist. Limited cash flow generation due to minimal sales and increasing losses raises solvency concerns. The company’s equity and reserves are under stress given ongoing losses, impacting investor confidence and credit rating prospects.
To improve liquidity, Dharani Sugars may need to explore asset monetization, debt restructuring, or fresh capital inflows.

Outlook and Strategic Considerations
While Q1 FY2026 presented significant challenges, Dharani Sugars’ management will need to focus on:
• Restarting production and sales operations at profitable levels
• Enhancing operational efficiencies and cost control
• Navigating regulatory and subsidy landscapes effectively
• Leveraging diversification in chemicals and power segments for revenue stability
Sector recovery hinges on government policy support and improved global sugar demand. Until then, the company faces a steep climb to return to earnings growth and financial stability.

Conclusion
Dharani Sugars and Chemicals’ Q1 FY2026 results highlight the tremendous difficulties the company faces amid sector downturn and operational constraints. With nil sales and widening losses, immediate strategic actions to restore production, contain costs and strengthen the balance sheet are critical. While the broader sugar industry shows signs of volatility, Dharani Sugars must execute concrete turnaround plans to secure its future in a challenging market.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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IOC Q1 FY2026 Results: Strong Profit Growth Amid Mixed Revenue Trends

Remsons Industries Q1 FY26: Consolidated Growth Powers Ahead

Remsons Industries Q1 FY26: Consolidated Growth Powers Ahead

Remsons Industries Q1 FY26: Consolidated Growth Powers Ahead

Financial Highlights: Q1 FY26
Remsons Industries, a leading Indian supplier of automotive cables and components, announced robust consolidated financial results for the quarter ended June 2025. Consolidated revenue surged to approximately ₹99.6 crore, reflecting a sharp 30% rise over the previous year. PAT surged 73% year-on-year, coming in at around ₹3.6 crore for the quarter.
Earnings per share also followed this growth trajectory, underscoring the company’s operational discipline and strong demand from global and domestic customers. At the same time, consolidated operating margins crept higher: EBITDA rose by 63% year-on-year, and a healthy 11% operating margin was reported.
However, standalone results painted a contrasting picture. Standalone revenues fell by nearly 8%, and standalone net profit slipped 11% year-on-year, primarily due to persistent softness in domestic core markets.

Strategic Expansion and New Ventures
Remsons’ management has pushed strongly into diversification and external partnerships to insulate it from domestic cyclical weaknesses. The company launched a new subsidiary, Remsons Edge Technologies Private Limited, and completed a significant (35.86%) minority acquisition in Astro Motors Private Limited. These bold moves aim to reinforce Remsons’ portfolio, boost R&D, and add new revenue streams, particularly through electric vehicle and high-value product segments.
Further, Remsons has aggressively broadened its product range and is steadily progressing on its stated ambition to venture into the railway and defense sectors—two markets with promising long-term potential.

Operational Excellence and International Push
Despite muted domestic auto sector trends during the quarter, Remsons outperformed its industry peers thanks to a blend of operational efficiencies, robust export growth, and a shift towards high-value, customized products. Management cited export realization and premium orders as critical drivers for consolidated revenue growth, particularly as overseas markets offered better pricing and stability.
Export growth and diversification not only cushioned against local market headwinds but also helped drive up profitability, as evidenced by the year-on-year expansion in margins.

Chairman’s Perspective: Confidence Amid Uncertainties
Chairman and Managing Director Krishna Kejriwal said the company’s strong results highlight its flexible and resilient business model.
He stressed that, even in a sluggish auto market, the company achieved remarkable results by advancing high-value segments, enhancing operational efficiency, and maintaining a firm focus on creating value for shareholders.
The company aims to reach a revenue milestone of ₹900–1,000 crore by FY29 as part of its medium-term goals. Management’s ongoing commitment to invest in technology, people, and process innovation remains central to this goal.

Challenges: Standalone Softness and Sectoral Risks
The main blemish in Q1’s performance was the dip in standalone revenue and profit. While the reasons include subdued demand from core Indian OEM clients and heightened competition, the company appears confident that its strategic pivots—such as moving further up the value chain and increasing export reliance—will help mitigate these headwinds moving forward.
Remsons also faces the broader cyclical risks affecting the auto sector, including input cost volatility, currency fluctuations, and changing regulatory norms. Nonetheless, its diversified base and strong cash position provide some insulation.

Conclusion: On Track for Ambitious Growth, with Cautious Optimism
Remsons Industries’ Q1 FY26 performance demonstrates the effectiveness of its transformation efforts and diversification into both product lines and geographies. Robust consolidated growth and margin expansion speak to improving competitiveness and operational focus. While soft spots remain in certain business verticals, particularly domestically, the company’s trajectory remains positive.
Management’s medium-term outlook is upbeat, grounded in investments in innovation, new business verticals, and continued global expansion. If Remsons sustains its strategic discipline, further market share gains and profitability improvements are likely.

 

 

 

 

 

 

 

 

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Reliance Retail Writes Off $200 Million Dunzo Investment — A Wake-Up Call for Quick-Commerce in India

BEML Secures $6.23M Export Orders from Russia, Uzbekistan!

BEML Secures $6.23M Export Orders from Russia, Uzbekistan!

BEML Secures $6.23M Export Orders from Russia, Uzbekistan!

The Indian heavy equipment giant expands its footprint in the resource-rich Russian and CIS regions with fresh orders for robust mining and construction equipment.

Summary:
BEML Limited has secured export orders worth $6.23 million from Russia and Uzbekistan, a move that strengthens its foothold in the challenging but opportunity-rich mining markets of the CIS region. This strategic win underscores BEML’s competitive positioning as a global supplier of durable, high-performance mining machinery.

In a significant boost to India’s engineering and export ambitions, BEML Limited, a leading manufacturer of mining and construction equipment, has secured fresh export orders worth $6.23 million from Russia and Uzbekistan. The orders include the supply of advanced, heavy-duty mining machinery specially designed to withstand the complex and demanding terrains of the Russian Federation and the wider Commonwealth of Independent States (CIS).
The CIS market, comprising resource-rich nations with substantial mineral wealth, has long been a priority for BEML, which specialises in manufacturing equipment for harsh mining environments. The newly secured orders mark a continuation of BEML’s strategy to tap global markets by offering high-quality, cost-effective, and technologically advanced solutions tailored to the needs of large-scale mining operations.
According to industry sources, the orders include a mix of dump trucks, crawler dozers, excavators, and other mining support equipment, which will be deployed in large mineral extraction projects in Russia and Uzbekistan. The company’s equipment is valued for its durability, reliability, and suitability for operations in subzero temperatures and rugged terrains — attributes that are critical for clients in these regions.

Strategic Expansion into Russia and CIS
Russia and Uzbekistan, both endowed with vast reserves of coal, copper, gold, and other strategic minerals, have been actively modernising their mining operations to improve productivity and reduce costs. With these fresh orders, BEML is well-positioned to support this transition while expanding its international customer base.
The CIS mining sector has traditionally depended on equipment from European and North American manufacturers, but geopolitical shifts and changing trade preferences have created opportunities for Indian companies like BEML to step in as reliable partners. This contract, therefore, is not just a commercial achievement but a strategic milestone that could open doors to larger deals in the future.

Building the ‘Make in India’ Brand
BEML’s success in winning these export orders directly supports the Indian government’s “Make in India” initiative, aimed at transforming India into a global manufacturing hub. Through the export of advanced, domestically produced mining equipment, BEML is highlighting India’s engineering capabilities globally, while also generating foreign exchange revenue and contributing to job creation within the country.
The company has consistently invested in modernising its manufacturing facilities, integrating advanced design, production, and testing capabilities to ensure its products meet the most rigorous international standards. Its R&D divisions have played a pivotal role in adapting machines to unique geographies like Siberia and Central Asia, where extremely low temperatures, rugged conditions, and logistical challenges demand ruggedised, specialised equipment.

A Step Toward Diversification
The orders from Russia and Uzbekistan come at an opportune moment, as BEML seeks to diversify its revenue streams beyond the Indian domestic market, where it primarily serves defence, mining, and metro rail sectors. With global mining recovering from the pandemic shock and commodity prices stabilising, demand for high-quality mining machinery is on the rise.
By securing these orders, BEML is not only mitigating risk from over-dependence on the domestic market but also strengthening its brand recognition internationally. The move will likely enhance its competitiveness when bidding for future projects across Central Asia, Africa, and Latin America — regions with similar infrastructure and mining needs.

Future Prospects and Roadmap
Going forward, BEML aims to deepen its engagement with customers in Russia and the CIS region by establishing local service centres, joint ventures for spares supply, and partnerships for technical training. This strategy will help build long-term relationships and ensure equipment uptime in remote and challenging mining sites, where after-sales support is often as critical as product quality itself.
Additionally, BEML is exploring opportunities to supply electric and hybrid mining vehicles to these regions, aligning with the global shift toward greener, more sustainable mining practices. Given its experience in developing advanced metro rolling stock and military vehicles, BEML is well-positioned to transfer those green mobility innovations into the mining sector over time.

Industry Response and Outlook
Industry experts have hailed the announcement as a win-win, bolstering India’s export ambitions while helping resource-rich nations modernise their mining fleets with affordable, world-class machinery. With geopolitical uncertainties disrupting traditional supply chains, countries like Russia and Uzbekistan appear increasingly interested in diversifying their supplier base — a change that may be advantageous for Indian engineering companies prepared to adhere to their quality and performance standards.
BEML’s current order book, coupled with this new $6.23 million export deal, underscores its resilience and adaptability in a rapidly evolving global business environment. By leveraging its manufacturing strengths, technical expertise, and long-standing experience in the mining sector, BEML is well-positioned to consolidate its position as a trusted global partner for sustainable and efficient mining solutions.
As global mining continues to grow in scale and complexity, BEML’s proven ability to deliver reliable, cost-effective, and locally adapted solutions will be a vital differentiator in maintaining its competitive advantage worldwide. This latest success is likely just one step in a larger journey of transformation, innovation, and global collaboration for one of India’s engineering champions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Strategic Investment Fuels Deccan Gold Mines’ Kyrgyzstan Gold Project

Chinese Tech Giants Export India-Made Electronics to Global Markets

Chinese Tech Giants Export India-Made Electronics to Global Markets

Chinese Tech Giants Export India-Made Electronics to Global Markets

Major Milestone for India’s Tech Exports

In a pivotal turn for India’s electronics manufacturing landscape, several Chinese technology firms have begun *shipping smartphones and electronic devices produced in India* to international markets, including *the United States, West Asia, and Africa. This move signals a significant departure from their earlier export dependency on facilities in China and Vietnam, and is being hailed as a breakthrough for India’s “Make in India” mission.

Manufacturing Pivot: From China to India

This production shift is driven by a growing trend among global firms to *diversify manufacturing locations* in light of rising geopolitical tensions and supply chain vulnerabilities. Often referred to as the *”China Plus One” strategy, this approach encourages businesses to **limit overdependence on Chinese manufacturing* by setting up alternative bases.

The Indian government has actively pushed to develop the country as a global production hub, with schemes like the *Production-Linked Incentive (PLI)* program designed to make Indian manufacturing globally competitive.

Strengthening Global Supply Chains

The relocation of production facilities to India is not only beneficial for the companies involved but also contributes to *strengthening global supply chains. It adds a layer of **resilience and flexibility* by decentralizing production and reducing the bottlenecks that come with regional disruptions. With India now producing devices for export under some of the world’s most recognized tech brands, the country is becoming an *integral part of global electronics logistics*.

A New Phase for India’s Export Economy

The ongoing expansion of *India-based manufacturing for export purposes* has implications beyond just trade. It shows the country’s capability to *match international quality standards, scale rapidly, and meet the logistics demands of distant markets like the U.S. and West Asia. With Chinese companies now relying on Indian factories to fulfill export orders, it also flips the traditional dynamic, presenting India not just as a consumer, but as a credible supplier to global markets.

Road Ahead: Opportunities & Requirements

The momentum is encouraging, but sustaining this growth will demand consistent effort. The Indian government and private sector must continue to *invest in infrastructure, digital readiness, workforce training, and logistics efficiency. With continued focus, India can evolve from a regional production base to a global electronics export powerhouse.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Diamond Power Lands ₹175 Cr Conductor Deal Under ₹100

Nvidia Surpasses Apple, Becomes Most Valuable Ever!

India's Role in Apple's Future: A New Era of iPhone Exports Amid Tariff Pressures

India’s Role in Apple’s Future: A New Era of iPhone Exports Amid Tariff Pressures

Apple increases iPhone exports from India to the US as tariffs on Chinese products climb, highlighting a major shift in its global manufacturing strategy.

Apple Shifts Global Strategy to Navigate Growing Tariff Pressures

Apple’s supply chain is undergoing a significant transformation as the tech giant increasingly pivots its manufacturing focus towards India. Recent trade data highlights that almost the entirety of Foxconn’s iPhone exports from India between March and May 2025 were directed to the United States. This sharp change is a direct response to rising tariffs on Chinese-made products, compelling Apple to diversify its production footprint.

Customs records show that Foxconn, one of Apple’s key manufacturing partners, exported iPhones worth approximately $3.2 billion from India during this three-month window. Remarkably, around 97% of these shipments were sent to the US market. This represents a massive jump from 2024 figures, where roughly half of India’s iPhone exports found their way to American consumers.

The surge underscores Apple’s urgent push to counter the increasing costs associated with importing Chinese-made goods into the US—a strategic pivot that could reshape the tech supply landscape for years to come.

iPhone Shipments to the US Reach Record Levels

Partnering in this production surge, Tata Electronics—a division of the Tata Group—has swiftly ramped up its iPhone manufacturing capabilities. May 2025 alone witnessed nearly $1 billion worth of Indian-assembled iPhones landing in the US. While this figure slightly trails the all-time high of $1.3 billion recorded in March, it reflects the sustained momentum behind Apple’s shift.

What’s driving this rapid escalation is clear: geopolitical tensions and shifting trade dynamics. With the Biden administration intensifying its stance on Chinese imports—continuing a policy stance that began under the Trump presidency—Apple has found itself needing to recalibrate its global manufacturing strategy swiftly.

Currently, Chinese tech goods face tariff rates of up to 55% under the proposed framework, making Indian exports far more cost-effective for Apple. While India itself is navigating its own tariff environment—with a base rate of 10% and discussions underway to prevent an additional 26% duty—the conditions remain far more favorable compared to China.

Political Challenges Loom Over Apple’s India Expansion

Apple’s strategic move hasn’t escaped the attention of American political figures. Highlighting a previous conversation with CEO Tim Cook, former President Trump condemned Apple’s deepening investment in India, urging the company to prioritize US production. Regardless of this criticism, Apple seems firmly committed to strengthening its operations in India.

This determination is not without reason. Apple’s goal is to secure a reliable manufacturing base outside China while keeping its largest consumer market, the US, well supplied. For Apple, India provides both the scale and cost advantages necessary to meet that demand while mitigating the risks associated with escalating US-China trade frictions.

Foxconn and Tata Electronics Fuel India’s Growing iPhone Export Surge to America

Leading this transition is Foxconn, Apple’s long-standing production partner. Within the initial five months of 2025 alone, Foxconn’s iPhone exports from India to the US reached $4.4 billion—eclipsing the total $3.7 billion exported throughout all of 2024.

Apple’s aggressive export push has involved chartering dedicated cargo flights. During March 2025, Apple utilized exclusive cargo flights to deliver iPhone models 13, 14, 16, and 16e, with the shipment’s worth nearing $2 billion. The company has also pressed Indian authorities to streamline customs procedures at Chennai airport, successfully reducing clearance times from 30 hours to just six hours.

Tata Electronics, a subsidiary of India’s Tata Group, has rapidly expanded its role in assembling iPhones, working alongside Foxconn in this manufacturing push. Between March and April this year, around 86% of Tata’s iPhone shipments were sent to the United States—a dramatic increase from its 2024 average of just over 50%. Tata, which began exporting iPhones only in mid-2024, has quickly established itself as a key player in Apple’s global manufacturing network.

India’s Growing Role in Global iPhone Production

This shift reflects a larger global trend in Apple’s supply chain reconfiguration. India Accounted for Nearly One-Fifth of Global iPhone Production in 2024 That figure is projected to climb to 25–30% in 2025, signaling India’s rising importance within Apple’s long-term strategy.

The US remains Apple’s largest market for iPhone sales, with American consumers purchasing over 60 million units annually. Historically, about 80% of these devices were manufactured in China. With geopolitical instability showing no signs of abating and tariffs making Chinese goods less competitive, Apple’s gradual transition to Indian assembly hubs looks poised to accelerate.

Final Thoughts

Apple’s decision to increasingly source its iPhone production from India reflects both practical business considerations and geopolitical necessity. With soaring tariffs on Chinese technology imports and ongoing US-China tensions, India has emerged as Apple’s favored alternative.

The remarkable growth of iPhone exports from India to the US in just the first half of 2025 signals a long-term shift, not just a temporary fix. Foxconn’s ramped-up output and Tata’s rapid rise as a major assembler further cement India’s role in Apple’s global supply chain.

While political pressure from US leaders may continue, Apple’s immediate priority is securing reliable, tariff-efficient manufacturing to serve its loyal American customer base. As this trend gathers momentum, India’s prominence as a key player in the global electronics manufacturing ecosystem will only strengthen.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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India’s Forex Reserves Hit $5.2 Billion Surge!

Q4 Highlights: Grasim Industries Shows Resilience with Narrowed Losses

Q4 Highlights: Grasim Industries Shows Resilience with Narrowed Losses

Q4 Highlights: Grasim Industries Shows Resilience with Narrowed Losses

Robust revenue increase and dividend announcement highlight Grasim’s improving financial health in a challenging market environment

Grasim Industries Q4 Financial Results Overview

Grasim Industries Ltd. unveiled its fourth-quarter financial results, showcasing a notable improvement in its net losses alongside a substantial rise in revenue. The company reported a net loss of ₹288 crore for the quarter ending March 31, 2025, a significant narrowing compared to the previous year’s loss. This positive shift reflects the company’s effective cost control and operational improvements during a turbulent economic phase.

Revenues surged by 32% year-on-year, reaching ₹9,422 crore, driven by strong demand across its key business segments. The company’s ability to grow topline amidst market uncertainties has drawn attention from investors and analysts alike, reaffirming its resilience and strategic agility.

Revenue Growth Fueled by Diverse Business Segments

Grasim’s impressive revenue growth was supported by strong performance in sectors including cement, viscose staple fiber (VSF), and chemicals. The cement division, a core contributor, benefited from increased sales volumes and steady pricing, helping offset pressure from input costs.

Meanwhile, the VSF segment also recorded robust demand, driven by both domestic and international markets. Enhanced capacity utilization and efficiency improvements in this vertical further contributed to top-line expansion. The chemicals business showed promising growth, aided by higher volumes and improved product mix, highlighting Grasim’s diversified revenue base.

Narrowing of Net Loss Reflects Operational Efficiency

One of the most significant takeaways from the quarterly report is the considerable reduction in net loss from the previous year. The ₹288 crore loss is a marked improvement over last year’s results, indicating that Grasim has successfully navigated cost pressures and market challenges.

This contraction in losses was largely attributed to enhanced operational efficiencies, disciplined cost management, and better product mix. While the company continues to face external headwinds such as raw material price volatility and global economic uncertainties, its focused approach toward profitability is clearly paying dividends.

Dividend Declaration Signals Confidence

Reflecting its improving financial health, Grasim announced a dividend of ₹12 per share for the fiscal year 2024-25. This dividend payout not only underscores management’s confidence in the company’s cash flow generation capabilities but also signals a commitment to rewarding shareholders despite a tough macroeconomic backdrop.
Market participants view this dividend declaration positively, considering it a strong message of the company’s return to stability and its intention to maintain shareholder value in the medium to long term.

Segment-Wise Performance Highlights

• Cement: Grasim’s cement segment continued to demonstrate steady demand growth, with increased dispatch volumes and healthy pricing trends. The company’s integrated operations and focus on cost optimization helped sustain margins despite inflationary pressures.
• Viscose Staple Fibre (VSF): Demand in the textile sector, particularly for sustainable fibers, has been favorable. Grasim’s VSF business capitalized on this trend, leveraging its expanded capacities and technological enhancements to meet rising market requirements efficiently.
• Chemicals: The chemical business showed resilience, with volume growth complemented by a favorable shift in product mix towards higher-margin offerings. Strategic customer relationships and operational agility have been instrumental in this segment’s improved performance.

Outlook and Future Growth Prospects

Looking ahead, Grasim Industries remains cautiously optimistic about sustaining its growth trajectory. The management emphasized ongoing efforts to strengthen core operations, invest in capacity expansion, and enhance operational efficiencies.

Additionally, the company is focusing on leveraging emerging opportunities in green and sustainable products, aligning with global trends towards environmental responsibility. Initiatives to reduce carbon footprint and adopt cleaner technologies are expected to not only enhance Grasim’s brand reputation but also open new avenues for growth.

Conclusion: Grasim Industries on a Path to Financial Recovery and Sustainable Growth

Grasim Industries’ latest quarterly results paint a picture of a company on the mend, showing resilience in the face of economic challenges. The narrowing net loss combined with strong revenue growth signals improving fundamentals and operational strength.

The dividend announcement further reinforces the company’s commitment to shareholder returns, marking a positive step towards financial stability. With a diversified business portfolio and a clear strategic vision focused on sustainability and efficiency, Grasim is well-positioned to navigate future market dynamics and capitalize on growth opportunities.

As the company continues to enhance its product offerings and operational effectiveness, stakeholders can anticipate a steady progression towards profitability and long-term value creation.

 

 

 

 

 

 

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In Q4, Patanjali Foods reports record revenue and a 74% increase in profit.