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KPIT Q4 net profit rises 23.6% YoY to Rs 47 cr, revenue dips 3.8%

Pune-based IT services firm KPIT reported net profit of Rs 47 crore for the fourth quarter ended March 31, 2021 up 23.6 per cent year-on-year and sequentially profits were up 9.3 per cent. Revenue for the quarter dipped 3.8 per cent at Rs 546.6 crore for the fourth quarter of FY21. Revenue grew sequentially by 4.4 per cent. The company reported operating margin expansion by 150 basis points due to improvement in utilisation and offshore revenues. In US dollar terms KPIT rep5.1 per cent QoQ. The company said that the revenue growth momentum will continue in FY22. The growth is expected to be broad based across practices and clients. The company in a statement said they have a healthy order book and decent medium-term visibility, giving them confidence of double-digit growth in FY22.

Bajaj Finserv fourth quarter profit jumps over 4-folds to Rs 979 cr

Bajaj Finserv Ltd (BFL) on Wednesday reported over four-fold jump in its consolidated net profit to Rs 979 crore for the fourth quarter ended in March 2021, driven by its insurance business. The company had posted a net profit of Rs 194 crore during the corresponding January-March period of 2019-20. The total consolidated income during the March 2021 quarter increased to Rs 15,387 crore as against Rs 13,294 crore in the corresponding period of the previous financial year, BFL said in a regulatory filing. The board has recommended a dividend of 3 per share or 60 per cent on the face value of Rs 5 per unit. The profit after tax in 2020- 21 rose to Rs 4,470 crore from Rs 3,369 crore in the year-ago period, it said.

Info Edge to sell stake worth Rs 750 crore in proposed Zomato IPO

Info Edge on Tuesday said it will sell stake worth Rs 750 crore in the initial public offering (IPO) of its investee company Zomato. In a regulatory filing, Info Edge said Zomato -- an online food delivery platform -- is proposing an IPO of its equity shares, comprising a fresh issue of equity shares by Zomato Ltd and an offer for sale by Info Edge (India) Ltd. "The Board of Directors of the Company today considered and have given their approval to the company to participate in the said Offer for Sale of up to such number of shares of Zomato Ltd as would aggregate upto Rs 7,500 million...," it added.

Covid: Maruti to shut down Haryana factories from May 1-9 to make oxygen

India's largest carmaker Maruti Suzuki on Wednesday said it will shut down its factories in Haryana to make oxygen available for medical needs as coronavirus ravages the country. The company said it is committed to support government in diverting oxygen for saving lives. In this regard, the company advanced its bi-annual maintenance shutdown to May 1 through May 9 from earlier plan of June. the car major has factories in Haryana's Gurugram and Manesar.

Revamp not to impact biz; in talks with global cos for large fields: ONGC

The country's largest oil producer Oil and Natural Gas Corporation today defended its business prospects as also government strategy, stating that the ongoing discussions with all stakeholders was helping it raise issues important for the company and any "potential" restructuring of the company would not significantly affect the company. Press Trust of India had, on April 25, reported the petroleum ministry has told ONGC to sell stake in producing oil fields such as to Ratna R-Series to private firms, get foreign partners in the Krishna Godavari basin gas fields, monetise existing infrastructure, and hive off drilling and other services into a separate firm to raise production

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