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India Cements

India Cements Books 7.46 Surge In Q2 Revenue To Rs 1,327 Cr

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During the previous fiscal, the company had posted a net profit of Rs 29.75 crore in the July-September quarter. Its revenue from operations went up by 7.46 per cent to Rs 1,327.06 crore and total expenses were recorded at Rs 1,528.01 crore, up by 27.16 per cent, during the second quarter this year

India Cements Ltd on 7 November recorded a consolidated net loss of Rs 113.26 crore for the second quarter ending September 2022.

During the previous fiscal, the company had posted a net profit of Rs 29.75 crore in the July-September quarter, said India Cements in a regulatory filing.

Its revenue from operations went up by 7.46 per cent to Rs 1,327.06 crore during the second quarter this year. The same stood at Rs 1,234.85 crore a year ago.

The company’s total expenses were recorded at Rs 1,528.01 crore, up by 27.16 per cent during the September quarter of FY23 in comparison with Rs 1,201.61 crore from last year.

The Shares of India Cements were traded at Rs 248.50 on Bombay Stock Exchange, up by 1.02 per cent from the previous close.

Stock Market Graph

Companies’ Revenues Rise, Profits Go Down: Report

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As compared to the revenue growth, a low profit growth states that companies are not completely able to pass on higher input costs to consumers. A at around 355 companies declared their July-September numbers which reported a rise in revenue by 20.5 per cent. This made it the seventh consecutive quarter of double-digit growth. The commodity prices moderation may ease input cost pressures and the margin performance too may show corrections. This may occur as more companies from the manufacturing sector release their results

According to a report by a media house, the initial trends in Q2 corporate results witnessed sustained revenue growth in double-digit and a slow surge in net profit in single-digit year-on-year. The revenue growth was backed by Inflation and pent-up demand however, input cost pressures have pulled down the operating profit margins.

As compared to the revenue growth, a low profit growth states that companies are not completely able to pass on higher input costs to consumers. A at around 355 companies declared their July-September numbers which reported a rise in revenue by 20.5 per cent. This made it the seventh consecutive quarter of double-digit growth.

However, comparatively a modest net profit growth was witnessed at 5.6 per cent, being the slowest in the nine quarters. During previous in the same quarter, revenue and profit surged by 23.3 per cent and 22.8 per cent, respectively. A slow growth in profitability may impact tax revenues.

Last year in the September 2022 quarter, the total sample’s operating margin decreased by 500 basis points (bps) to 19.5 per cent. On the other hand, the raw material cost as a percentage of revenue hiked by 250 bps to 23.8 per cent year-on-year.

The commodity prices moderation may ease input cost pressures and the margin performance too may show corrections. This may occur as more companies from the manufacturing sector release their results.

However, majorly banking and finance companies and Reliance Industries, have been driving the second-quarter performance so far. Amid lower provisioning requirements and higher interest rates Banks have shown good profit growth. The scenario will be clearer in mid-November after few more companies from diverse sectors announce their earnings.

The corporate sector currently is deleveraged, however companies with huge liquidity will invest subject to demand being durable. Less responsive global demand and the shrinking of financial conditions will hamper the exports. This concludes that domestic demand is required to be robust.

The small and medium industries with utmost need of working capital will be hurt the most due to higher interest rates.  Hence, a cautious approach needs to be considered in order to prevent investment slowdown. Government of India’s consistent push to capex and improving pace of project execution will surge demand which will help India Inc’s revenue to grow.

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Snap’s Revenue Surges 6% YoY To USD 1,128 Mn In Q3 Of 2022

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With over 363 million daily active users (DAUs), the growth of their community continues expanding their long-term opportunity. It witnessed a hike of 19 per cent year-over-year as they navigate this volatile macroeconomic environment. Also, it recorded a growth of 55 per cent YoY in total time spent watching Spotlight content

Snap, reported a growth in its revenue by 6 per cent year-over-year (YoY) to 1,128 million dollar in the third quarter of 2022. Snap is the parent company of widely known mobile application Snapchat.

According to the company, the net loss was 360 million dollar, included restructuring charges of 155 million dollar, as compared to 72 million dollar for the previous year.

The CEO of the company, Evan Spiegel, said in a statement that in this quarter, to focus our business on our three strategic priorities, we undertook certain actions. Those priorities being growing our community and deepening their engagement with our products, reaccelerating and diversifying our revenue growth and investing in augmented reality.

He added that with over 363 million daily active users (DAUs), the growth of their community continues expanding their long-term opportunity. It witnessed a hike of 19 per cent year-over-year as they navigate this volatile macroeconomic environment.

The DAUs in the third quarter saw an increase of 57 million or 19 per cent to 363 million YoY. A sequential increase was witnessed and it kept on going up year-over-year in each of North America, Europe and the rest of the world.

Also, it recorded a growth of 55 per cent YoY in total time spent watching Spotlight content. On the other hand, the daily average time spent for Snapchatters and older watching Shows and publisher content increased by 35 and 40 per cent YoY, respectively.

Snap initiated a strategic reprioritisation plan in the third quarter of 2022 showed a reduction of their global employee headcount nearly by 20 per cent.

The company said that it incurred 154.6 million dollar against restructuring charges in the third quarter of 2022. It composed primarily of severance and related charges, stock-based compensation expense, lease exit and related charges, impairment charges, and contract termination charges.

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Zomato To Witness Massive Revenue Jump

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The company’s annual report said, “The average monthly transacting customer base grew by 116 per cent in the year. The online food delivery platform went public last year.”

A surge of 123 per cent to reach Rs. 4,109 crore in the 2021-22 financial year has been recorded by Zomato. However, the firm’s loss increased by 24 per cent to reach Rs. 1,098 crore. The company’s annual report said, “The average monthly transacting customer base grew by 116 per cent in the year. The online food delivery platform went public last year.”

“We expanded our food delivery offering to over 1,000 locations by the end of this fiscal year (up from 455 cities as at the end of FY21). While the GOV (gross order value) contribution from these new markets is very low currently, we have seeded these markets early with the objective of being a first mover and benefiting from growth as these markets scale over time. Historically, we have seen markets beyond the top eight cities become significant contributors to our overall GOV over time,” the annual report said.

e-comm

E-Commerce Sellers Witnessed 194% Hike In Revenue: Report

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The research report titled, “Does e-commerce impact small enterprises and employment in India?” stated that digitised SMEs increased their sales by 42 per cent and 40 per cent in T1 and T2 cities respectively

E-commerce users have recorded 1.5 times higher value addition with online businesses enjoying 194 per cent revenue than their counterparts, as per the report by Tata Institute of Social Sciences (TISS).

The research report titled, “Does e-commerce impact small enterprises and employment in India?” stated that digitised SMEs increased their sales by 42 per cent and 40 per cent in T1 and T2 cities respectively.

The report said that Covid-19 has encouraged businesses to adopt digital platforms, contributing significantly to business expansion, market coverage, labour productivity, and workplace modification. 

Businesses that have adopted digital technologies have witnessed 40 per cent more employment than those that did not. 15 per cent of SMEs have hired new employees through their e-commerce participation,” the survey revealed. 

E-commerce platforms have increased women’s employment, especially in the self-employed category (59 per cent) and women business owners (nearly 91 per cent).

The costs involved in running a non-digitised business is 25 per cent higher in tier-1 cities and  42 per cent higher in tier-2 cities than the digitised business.

“Digitised firms enjoy 178 per cent higher median revenue in T2 cities than non-digitized enterprises. 23 per cent of SMEs improved their intra-state reach and 16 per cent improved their inter-state reach,” the report added. 

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Rs. 5,000 Crores Net Profit For Reliance Retail Ltd In FY22

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After the GST recovery is deducted, the net revenue from operations saw a surge of 29 per cent to reach Rs. 1,69,397.35 crores

Reliance Retail Ltd. recorded a net profit of about Rs. 5,000 crores in the fiscal year between 2021- 22. The entity’s net profit saw a surge by 7.6 per cent to reach ₹4,934.65 crores in the fiscal year ending March 31, 2022.

After the GST recovery is deducted, the net revenue from operations saw a surge of 29 per cent to reach Rs. 1,69,397.35 crores. The firm, which is India’s largest retailer recorded a net profit of three times the combined profit of its close rivals, namely, Avenue Supermarts, Tata-owned Trent, Shoppers Stop, Spencer’s Retail, and V-Mart Retail. Its revenue too was more than four times that of these rivals’ combined revenue.

As per the firm’s quarterly earnings announcement, the consolidated gross retail revenue for the fiscal year of 2022 reached Rs. 1,99,704 crore and the net profit was of Rs. 7,055 crore. In the previous fiscal, the firm’s gross revenue from operations had recorded a surge of 2 per cent reaching Rs. 1,49,925 crores and its net profit saw a decline by 17 per cent to record Rs. 4,587 crore. The firm’s net revenue from operations was ₹131,687.81 crore. In the recent annual report for the fiscal year of 2022, Reliance Ind claimed to have invested Rs. 30,000 crore for expansion of its stores presence. The firm claims to have added over 2,500 stores and 11.1 million square feet of warehousing space during the year.

economy

TAC Security’s Revenue Increases 1.5x FY21-22 While EBITDA Hikes 35%

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“TAC Security has partnered with 21 global partners from 9 countries, including Google, IBM, Deloitte, Tech Mahindra, Data Guard, Protiviti, and more. We have also added 51 new clients in FY 21-22 from 14 Countries, including the US, Canada, UK, Israel, Australia, and more,” said Founder and CEO, Trishneet Arora.

TAC Security, A Silicon Valley-based cyber-security company recently hosted its Annual Town Hall. The Town Hall saw the company’s achievements for the year FY 21-22. “TAC Security has partnered with 21 global partners from 9 countries, including Google, IBM, Deloitte, Tech Mahindra, Data Guard, Protiviti, and more. We have also added 51 new clients in FY 21-22 from 14 Countries, including the US, Canada, UK, Israel, Australia, and more,” said Founder and CEO, Trishneet Arora.

TAC Security’s revenue has increased 1.5x in FY 21-22 from the previous year of FY20-21 and the expenses have been 35 per cent Higher from the previous year as well. While the EBITDA has increased to 36 per cent, it was at 23 per cent last. The event was also graced with dignitaries from across the globe like National Cyber Security Coordinator, Lt. Gen Rajesh Pant, Youth Icon, Actor and Investor Rannvijay Singha, renowned author, Cyrus Gonda, and Director of Protean Infosec Services Limited, Milind Mungale.

“TAC Security and Trishneet Arora are making India proud globally. TAC Security has a vision and drives to create intelligent cyber-security products that are state of art and allow organisations to have unique abilities that ensure the best possible cyber-security process and levels. I commend them for receiving global recognition for their efforts of bringing cybersecurity’s Future, today”, said Lt. Gen Rajesh Pant, National Cyber Security Coordinator, Govt of India.

“Having the right leadership to gauge the right person for the right job is very important, and having the leaders around you to understand their point of view during situations is equally important. In my observation over the years, TAC Security has mastered this under the tutelage of Trishneet Arora and has vast scales to cross. The company is set to grow and flourish across the globe”, said Rannvijay Singha, Youth Icon, Investor, and actor.

“Protean’s partnership with TAC Security is essential as we aim to make the best of cybersecurity easily available for organisations of all sizes and industries. We have had first-hand experience with their product ESOF and can assure the smoothest experience of cybersecurity protection. We have also experienced the product and service first hand, making us extremely sure of what we support”, said Milind Mungale, Director of Protean Infosec Services.

The Investors, Board of Directors, and the rest of the management team had shared insightful stories of their and the company’s journey since they have been around.

For the FY22-23 vision, the CEO announced the Strengthening of the Board of Directors, Board of Advisors, and global leadership team as a priority for the next few quarters to drive the best corporate governance with growth across the globe.

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Twitter’s Q2 Revenue Declines By 1% YoY To $1.18 Bn

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Advertising revenue grew 2 per cent to USD 1.08 billion while subscription and other revenue totaled $101 million, a decrease of 27 per cent year-over-year

Twitter’s Q2 revenue has declined 1 per cent YoY to USD 1.18 billion for the second quarter ended 30th June, reflecting advertising industry headwinds associated with the macroenvironment as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk. When excluding MoPub and MoPub Acquire, year-over-year growth was 3 per cent. Advertising revenue grew 2 per cent to USD 1.08 billion while subscription and other revenue totalled USD 101 million, a decrease of 27 per cent year-over-year. Q2 average monetizable daily active usage (mDAU) was 237.8 million, up 16.6 per cent compared to Q2 of the prior year. The increase was driven by ongoing product improvements and global conversation around current events. 

The average US mDAU was 41.5 million for Q2, up 14.7 per cent compared to Q2 of the prior year. The average international mDAU was 196.3 million for Q2, up 17.0 per cent compared to Q2 of the prior year. Costs and expenses totalled USD 1.52 billion, an increase of 31 per cent year-over-year. Costs related to the pending acquisition of Twitter were approximately USD 33 million in Q2. Severance-related costs were approximately USD 19 million in Q2. Operating loss was USD 344 million, representing a -29 per cent operating margin, compared to operating income of USD 30 million or 3 per cent operating margin in the same period last year. Net loss was $270 million, representing a net margin of -23 per cent and diluted EPS of -USD 0.35. This compares to a net income of USD 66 million, a net margin of 6 per cent, and diluted EPS of USD 0.08 in the same period last year.

Net cash provided by operating activities in the quarter was USD 30 million, compared to USD 382 million in the same period last year. Capital expenditures totaled USD 154 million, compared to USD 276 million in the same period last year. “Given the pending acquisition of Twitter by an affiliate of Elon Musk, we will not host an earnings conference call, issue a shareholder letter, or provide financial guidance in conjunction with our second quarter 2022 earnings release,” Twitter says in a release.

On April 25, 2022, Twitter entered into a merger agreement to be acquired by an entity wholly owned by Elon Musk, for USD 54.20 per share in cash. Upon completion of the transaction, Twitter will become a privately held company. On July 8, 2022, representatives of Musk delivered a notice purporting to terminate the merger agreement. “Twitter believes that Mr. Musk’s purported termination is invalid and wrongful, and the merger agreement remains in effect. On July 12, 2022, Twitter commenced litigation against Mr. Musk and certain of his affiliates to cause them to specifically perform their obligations under the merger agreement and consummate the closing in accordance with the terms of the merger agreement. On July 19, 2022, Twitter’s request for an expedited trial was granted, and the trial is being scheduled for October 2022,” the company states.

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Tech Mahindra Q1 FY23 Revenues Up 24.6% YoY

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Revenue stood at Rs 12,708 crores; up 4.9 per cent quarter-on-quarter (QoQ) and up 24.6 per cent year-on-year (YoY)

Tech Mahindra has today announced the audited consolidated financial results for its quarter ended June 30th 2022. The company revenue statistic stood at Rs 12,708 crores; up 4.9 per cent quarter-on-quarter (QoQ) and up 24.6 per cent year-on-year (YoY). The Pune-headquartered company’s EBITDA stood at Rs 1,880 crores; down 10 per cent QoQ, up 0.2% YoY. Its consolidated PAT was Rs 1,132 crores; down 24.8 per cent QoQ and down 16.4 per cent YoY.

The company’s total headcount stood at 158,035 up 6,862 QoQ. And its Cash and Cash Equivalent was reported at USD 1,114 million as of June 30, 2022. “We are starting this fiscal with a renewed commitment towards delivering consistent organic growth. We remain resilient and watchful given the dynamic global macro-economic environment and will continue to invest in new and emerging technologies to deliver differentiated offerings. Our winning strategy rests on the pillars — ‘Purpose, People and Performance’ which is aiding us to responsibly capitalise on the strong demand environment in the market”, said CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra.

Amongst the key deal wins for the company in Q1 FY23 were one of the largest telecom operators in Africa, which chose Tech Mahindra as the preferred partner for transitioning to Next Generation Digital IT Operations including Infrastructure Support and managed services. Tech Mahindra was also chosen by a large municipal organization in the Middle East to implement digital services transformation leveraging their next-generation Al-Ops frameworks & tools to enhance customer experience and establish an agile customer service delivery.

“Delivery transformation, cost optimization and cash conversion will be key focus areas, as we continue to offset the strong supply side headwinds in the market. We aim to expand our profitability through operational excellence and improved operating metrics over the course of FY’23”, said Rohit Anand, Chief Financial Officer, Tech Mahindra.

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Need To Manage Subsidies In Targeted Manner : Govt Sources

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With cuts in excise duties on diesel and petrol hitting revenue collection, meeting additional expenditure on food and fertiliser subsidies would be a challenge, the sources said

In view of rising pressure on government finances due to the cut in taxes on fuel, the Centre needs to manage subsidies more strictly and in a targeted manner, official sources said. The government had on May 23 cut excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 a litre to cool record high inflation, thereby sacrificing revenue of Rs 1 lakh crore annually. Earlier in April, the Centre approved a subsidy of Rs 60,939.23 crore for phosphatic and potassic (P&K) fertilisers, including DAP, for the first six months of this fiscal. This has put additional burden on the fiscal deficit. In addition, the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) has been extended by six months till September 2022 to help the vulnerable sections of the population.

With cuts in excise duties on diesel and petrol hitting revenue collection, meeting additional expenditure on food and fertiliser subsidies would be a challenge, the sources said, adding there is a need to manage the subsidies more strictly and in a targeted way. Under the PMGKAY, the government provides 5 kilograms of free ration per person per month in addition to their normal quota of foodgrains under the National Food Security Act.

From April 2020 to September 2022, the government has allocated 1,003 lakh MT of foodgrains for PMGKAY, benefiting 80 crore people for two-and-a-half years. In addition, during the initial months of the pandemic, the government transferred Rs 500 per month for three months to women Jan Dhan account holders, totalling Rs 1,500 of transfers each to 20 crore women.

The sources further said that India’s macroeconomic fundamentals are strong to deal with global challenges and the central government is committed to sticking to the fiscal deficit target of 6.4 per cent of the GDP for the current fiscal. Fiscal deficit is the difference between total revenue and expenditure of the government. It also indicates the total borrowings that are needed by the government to bridge the gap. The fiscal deficit for the last financial year was contained at 6.7 per cent of the GDP, slightly lower than the 6.9 per cent estimated in Budget FY’23.

The government is taking steps to deal with the elevated crude oil prices in the international market, the sources added. India meets nearly 85 per cent of its oil demand through imports and a weaker rupee makes inbound shipments costlier. Commodity prices, including of crude oil, are ruling high due to the ongoing Russia-Ukraine war and have led to inflationary pressures across countries, including India.

The government is committed to adhering to the fiscal consolidation path and the Budget this year has pegged the fiscal deficit at 6.4 per cent of the GDP. Sources said steps are being taken to address the situation arising out of rising crude oil prices. While acknowledging that there are strong global headwinds, the sources said the country’s macroeconomic fundamentals are strong enough to deal with challenges. They, however, added that the current account deficit (CAD) is expected to be high due to firm crude oil prices. For the past several years, India had low CAD but this year there is headwind on that front. However, the macroeconomic situation and foreign exchange reserve are better than in the past, the sources added.

PTI

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