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Hindustan Petroleum Q4 net profit jumps to Rs 3,018 cr on inventory gains

Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported its March quarter net profit soaring many folds to Rs 3,018 crore on the back of inventory gains and rise in refining margins. The company had a net profit of Rs 27 crore in January-March 2020. "Enhanced profitability was a result of robust operational performance, improvement in refinery margins helped by inventory gains and favourable exchange rate variations," HPCL Chairman and Managing Director M K Surana told reporters. The company, which runs refineries at Mumbai and Visakhapatnam, earned USD 8.11 on turning every barrel of crude oil into fuel in January-March period. This is compared with a negative gross refining margin (GRM) of USD 1.23 per barrel.

Apollo Tyres gets nod to re-start production at Kerala manufacturing plant

Apollo Tyres on Thursday said it has received permission from the authorities to re-start operations at its manufacturing plant at Perambra in Kerala from May 21. On May 17, the company had informed about the closure of plant till May 23, 2021, pursuant to directives issued by the District Government authority. "The local authority has now permitted the company to operate the plant with effect from May 21,2021," Apollo Tyres said in a regulatory filing. Accordingly, the operations of the plant shall be resumed from Friday (May 21) by adhering to the standard operating procedures/ guidelines for industrial units as prescribed by the authorities, it added.

Mindtree to acquire NxT Digital Business of L&T Group for Rs 198 cr

Mid-cap IT services player Mindtree said it has signed an agreement to acquire the NxT Digital Business, the cloud based IoT and AI platform for Industry 4.0 of L&T Group for a consideration of Rs 198 crore. The NxT Digital Business was founded as a startup in FY19 with broad digital capabilities within L&T. The revenue of NxT Digital Business was Rs 37.59 crore for FY21, a drop of almost 25 per cent when compared to revenues of FY20 at Rs 49.73 crore, according to regulatory filings.

Torrent Power Q4 PAT at Rs 398 cr versus Rs 274 cr loss a year ago

Torrent Power Limited has posted a consolidated profit after tax (PAT) of Rs 398.10 crore for the quarter ended March 31, 2021, based on its filing with stock exchanges. The company had incurred a net loss of Rs 273.94 crore in Q4 of previous fiscal 2019-20. However, due to the Covid-19 pandemic and stress in the power sector, the company's consolidated income rose marginally by three per cent to Rs 3,116.54 crore for the quarter, from Rs 3,020.84 crore in Q4 of last year.

Havells consolidated net profit rises 71% to Rs 304 cr in March quarter

Consumer electrical goods maker Havells India on Thursday reported 70.95 per cent rise in consolidated net profit at Rs 303.83 crore for the fourth quarter ended March 31, 2021. The company had posted a net profit of Rs 177.73 crore in the year-ago period, Havells said in a regulatory filing. Revenue from operations was up 50.59 per cent to Rs 3,339.21 crore during the period under review as against Rs 2,217.44 crore in the corresponding period of 2019-20. Q4 sustained the growth momentum gained in Q3 with the highest quarterly sales. The tumultuous year has ended with reasonable growth in revenues and profitability, underpinning Havells' resilience amidst uncertainty," Havells India Chairman and Managing Director Anil Rai Gupta said.

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