In contrast to its December quarter profit of Rs 11,045 crore, the state-owned ONGC reported a standalone net loss of Rs 247.7 crore for the quarter under review. A one-time loss of Rs 9,235 crore related to tax issues between 2016 and 2022 was the cause of the net loss on a standalone basis. Sequentially, revenue for the quarter decreased by 5.9 percent, and operating profit, or EBITDA, decreased by 20 percent from December.
The company that runs EaseMyTrip.com, Ease Trip, announced gross booking revenue (GBR) of Rs 8,051 crore, which was a record-breaking amount. This increased by 117 percent year over year in the quarter that ended in March 2023. The travel agency’s sales nearly doubled from the prior year to Rs 116.5 crore, and its net profit increased by 33%.
Data of This Week
An engineering consultancy and EPC firm called Engineers India reported a year-over-year increase of 140.3 percent to a consolidated profit of Rs 190.2 crore in the quarter ending in March 2023. It was propelled by solid operational results. The company’s operating revenue for the quarter increased 7.6 percent to Rs 880 crore over the same period last year.
The northeastern subsidiary of cement manufacturer Dalmia India has approved a capex budget of Rs 3,642 crore to build new linearization and grinding facilities. It would use a combination of debt, equity, and internal accruals to pay for the capital expenditures, with the proposed capacity being added in FY25–26.
- ONGC reported a standalone net loss of Rs 247.7 crore due to a one-time loss related to tax issues.
- Ease Trip reported a record-breaking GBR of Rs 8,051 crore, doubled sales, and increased net profit by 33%.
- Sun Pharma has made an offer to buy Taro Pharma for $38 per share in a reverse triangular merger.
The board of the pharmaceutical business has made a non-binding indication of interest to buy Taro Pharma outright for $38 per share in an all-cash deal using a reverse triangular merger. Sun Pharma will possess all of the shares following the proposed deal. After the transaction concludes, it intends to list Taro on the NYSE.
Tiotropium bromide inhalation powder, sold under the brand name Spiriva, has been given the go-ahead by Health Canada, according to Lupine’s Canadian subsidiary, Lupine Pharma Canada. For the treatment of airflow obstruction in people with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and/or emphysema, tiotropium bromide is recommended.
More than three-quarters of the net profit the pharmaceutical business reported surpassed Wall Street projections. Additionally, its margins were by three-quarters. Despite being at the low end of the $370 million-$380 million range, US sales of $370 million were on target.
Through a block deal, the Clean Science and Technology Promoter Group intends to sell up to 3.5 percent of the company’s total stock for Rs. 1,400 per share, or Rs. 553 crores. To meet the required minimum public shareholding, promoter shares are sold. Presently, the promoters own 78.5% of the company.
