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As on Mar 29, 2024 12:00 AM |
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ICRA said that the reaffirmation in rating of Royal Orchid Hotels Limited (ROHL/the company) factors its healthy operating and financial performance during 9M FY2024 and anticipated sustenance of the same given the favourable demand outlook for hotel industry in FY2025. The company has reported healthy uptick in revenues in 9M FY2024, with demand stemming from leisure, social meetings, incentives, conferences and exhibitions (MICE) / weddings and pickup in business travel and FTAs (foreign tourist arrivals). The favourable demand outlook for the industry and expansion of ROHL?s hotel portfolio are likely to support revenues and accruals in FY2025. The debt metrices are likely to remain comfortable, supported by the anticipated healthy accruals, despite the proposed debt-funded capex. The rating also positively factors in the company?s asset-light model of operations (over 79% of rooms operated under management contracts/franchise), which limits capex requirements and project execution risks. Further, ROHL has a well-diversified hotel portfolio across segments (five-star, four-star, economy hotels, resorts and service apartments) and has witnessed healthy inventory growth to 5,765 keys as on December 31, 2023 from 1,944 keys in FY2014. The rating, is however, constrained by ROHL?s inventory concentration in the Karnataka and Gujarat regions (over 40% of keys). While ICRA notes that the company has recently increased its presence in other regions such as Punjab, Odisha, Haryana and Himachal Pradesh, the ability to achieve material geographical diversification over the medium term remains to be seen. Further ROHL?s revenues are vulnerable to the inherent cyclicality of the hospitality industry, economic cycles and exogenous events. The Royal Orchid Group of Hotels has a portfolio of 100 operating hotels across 65 locations in India as of 31 December 2023. The company operates vide the following brands: Royal Orchid (five-star), Royal Orchid Central and Regenta Central (four-star), and Regenta Inn (economy hotels); as well as resorts and service apartments. The scrip had risen 1.02% to end at Rs 362.20 on the BSE yesterday.
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The 2013 built vessel is expected to join the company?s fleet by Q1 FY25. GE Shipping?s current fleet stands at 42 vessels, comprising 28 tankers (6 crude carriers, 18 product tankers, 4 LPG carriers) and 14 dry bulk carriers aggregating 3.36 mn dwt. The company?s current capacity utilization is close to 100%. ?The proposed ship will be financed entirely from internal accruals. The purpose of the acquisition is modernization and expansion of the fleet,? stated the shipping firm in a filing. Additionally, the company had contracted to buy a MR product tanker in February 2024, which is also due for delivery in Q1 FY25. Post delivery, the company will have 44 vessels aggregating 3.46 mn dwt. GE Shipping is India's largest private sector shipping service provider. The company operates in two main businesses: dry bulk carriers and tankers. The company's consolidated net profit decline 14.2% to Rs 538.17 crore in Q3 FY24 as against with Rs 627.20 crore posted in Q3 FY23. Net sales stood at Rs 1,245.12 crore in Q3 FY24, decline 12.4% year on year. The scrip settled 0.45% higher at Rs 1,000.15 on Thursday, 28 March 2024. The domestic market is closed today, on account of Good Friday.
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The scope of work entails design, supply, erection, testing and commissioning for upgradation of electric traction system from 1 x 25 KV to 2 x 25 KV traction system for Kharagpur ? Bhadrak section of Kharagpur division of South Eastern Railway to meet 3000 MT loading target. The contract received from SER HQ-Electrical is valued at Rs 148.26 crore and the order has to be executed within 18 months. Rail Vikas Nigam is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings etc. The civil construction company reported 6.24% decline in consolidated net profit to Rs 358.57 crore on 6.44% fall in revenue from operations to Rs 4,689.33 crore in Q3 FY24 over Q3 FY23. The scrip closed 1.15% lower at Rs 252.95 on Thursday, 28 March 2024. The domestic market is closed today on account of Good Friday.
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Siddhivinayak Realties (SRPL) is engaged in the business of real estate development and related activities. The total turnover for last 3 years is NIL as there are no business operations conducted by SRPL. However, the company's net worth stood at Rs 83.88 crore as of 31 March 2023. SRPL has rights in various lands, including to develop free sale portion of SRA project in Mumbai city, stated Lodha as the object of acquisition. The cost of acquisition is Rs 250.72 crore. The acquisition will be done through a wholly owned subsidiary of the company and it will be completed within a week. Meanwhile, the company?s board has approved the allotment of 12,500 rated, listed, senior, secured, redeemable, taxable, transferable non-convertible debentures of Rs 1 lakh each aggregating to Rs 125 crore Macrotech Developers (Lodha Group) is among the largest real estate developer in India that delivers with scale since 1980s. Core business of Lodha Group is residential real estate development with a focus on affordable and mid-income housing. The real estate developer?s consolidated net profit surged 185% to Rs 570 crore in Q3 FY24 as compared with Rs 200 crore in Q3 FY23. Revenue jumped 65.22% YoY to Rs 2930.6 crore in Q3 FY24. Shares of Macrotech Developers settled 1.58% lower at Rs 1,133.75 on Thursday, 28 March 2024. The domestic market is closed today on account of Good Friday.
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The paint maker will subscribe to 4.79 crore equity shares APIPL at SGD 0.67 per share for a consideration of approximately SGD 32.1 million, which is equivalent to about Rs 200 crore. These funds will be utilised by APIPL towards repayment of borrowings and onward infusion of money in certain subsidiaries to support their working capital requirements. The infusion is expected to be completed within 60 days and is subject to completion of necessary regulatory formalities. APIPL is an investment holding firm of international business of the company. It has recorded a consolidated turnover of SGD 436.2 million, equivalent to Rs 2,549.4 crore for the financial year 2022-23. Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world. Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home d?cor, bath fittings and providing related services. The paint major's consolidated net profit jumped 34.96% to Rs 1,447.72 crore in Q3 FY24 as against Rs 1,072.67 crore recorded in Q3 FY23. Net sales grew by 5.43% year on year to Rs 9,074.94 crore in Q3 December 2023. The scrip rose 0.56% to close at Rs 2,846 on Thursday, 28 March 2024. The domestic market is closed today on account of Good Friday.
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The rating on short term bank facilities has been reaffirmed at 'CRISIL A1?. CRISIL stated that the revision in outlook factors in the company?s healthy and improving business risk profile, supported by expectation of sustenance of growth in volume (nearly 15% during the nine months of current fiscal) over the medium term, while maintaining operating margin at 9-11%. Steady improvement in product mix with greater share of the higher margin cross linked polyethylene compounds will support operating margins being held at these levels even if realisations remain at current low levels. Revenue share of the high-margin polyethylene (PE) compound has been steadily increasing and currently forms approximately 86% of the total income, against 76% four years back. Furthermore, the company has started commercial production of halogen free flame retardant (HFFR) compounds, thereby supporting business risk profile. The ratings also derive comfort from company?s healthy market position, wide product range, strong clientele, experienced management, and improving financial risk profile backed by robust capital structure and debt protection metrics. These strengths are partially offset by exposure to intense competition in the compounds market, dependence on large players in the oil and gas industry for raw material, and susceptibility to sharp volatility in raw material prices and currency rates. Ddev Plastiks Industries houses the polymer compounding business of the Kkalpana group. The company has a diverse product portfolio comprising PE compounds, PVC compounds, master batches, engineering plastics, and reprocessed compounds. Currently, the company has seven plants across West Bengal, Daman & Diu, Dadra & Nagar Haveli, and Noida and has aggregate installed capacity of 2,42,000 TPA. The company's net profit surged 75.90% to Rs 40.07 crore despite a 15.45% decline in revenue to Rs 553.54 crore in Q3 FY24 over Q3 FY23. The scrip had risen 0.74% to end at Rs 171.30 on the BSE on Thursday. Domestic equity markets are shut today on account of Good Friday.
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The company will supply six sets of LM2500 gas turbines (GT) and GT auxiliaries (GTAE), spares, tools for Indian Navy Next Generation Missile Vessel (NGMV) project. The project is expected to be executed from FY 2026 to FY 2029. Hindustan Aeronautics (HAL) is an aerospace and defense company, owned by the government of India. The company develops designs, manufactures, and supplies aircraft, helicopters, avionics, and communications equipment for military and civil markets. The company?s consolidated net profit increased 9.2% to Rs 1,261.51 crore on 6.98% rise in revenue from operations stood to Rs 6,061.28 crore in Q3 FY24 over Q3 FY23. The scrip rose 1.40% to settle at Rs 3,327.25 on Thursday, 28 March 2024. The domestic market is closed today, on account of Good Friday.
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The rating upgrade factors in the sustained improvement in PNB Housing Finance?s (PNBHFL) credit profile, driven by the improved asset quality metrics and the strengthened capitalisation profile. The company has an established track record in the mortgage finance industry with assets under management (AUM) of Rs. 68,549 crore and loan book of Rs. 62,337 crore as on 31 December 2023. The reported gross non-performing assets (NPAs) declined to 1.7% as on 31 December 2023 from 3.8% as on 31 March 2023 (8.1% as on 31 March 2022), aided by the sale to asset reconstruction companies (ARCs), write-offs, recoveries and lower incremental slippages. Further, the company?s managed gearing declined to 3.9 times in December 2023 from 5.6 times in March 2023 (6.3 times in March 2022), driven by the Rs. 2,494-crore fresh equity capital raised in 9M FY2024. In ICRA?s opinion, PNBHFL is well capitalised to support its envisaged growth plans in the near-to-medium term. The rating remains constrained by the moderate, albeit improving, profitability metrics. While PNBHFL has been able to improve its yields and interest margin with the revision in the lending rates, it was partially offset by an increase in operating expenses on account of investments in information technology (IT) infrastructure upgradation as well as branch expansion for affordable business vertical. Given the intense competition in the mortgage finance business, the company?s ability to maintain its net interest margin while improving its operating efficiency and controlling the credit costs will be important from a credit perspective. PNB Housing Finance is a deposit-accepting housing finance company, with second largest deposits outstanding within housing finance companies. The company provides housing loans to individuals for purchase, construction, repair, and upgrade of houses. The housing finance company?s consolidated net profit rose 25.75% to Rs 338.44 crore in Q3 FY24 as against Rs 269.13 crore reported in Q3 FY23. Total income declined 2.26% year on year to Rs 1756 crore in the quarter ended 31 December 2023. The scrip had shed 0.22% to end at Rs 629.30 on the BSE on Thursday. Domestic equity markets are shut today on account of Good Friday.
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The luxury resort will have 90 rooms & suites catering to domestic and international travelers on a 52 acres site owned by the company. The estimated investment for the project is Rs 421 crore and the resort is expected to be operational from 1 October 2027. The company stated that it has further entered into a hotel management agreement for a second project as a luxurious Oberoi Resort at Bogmalo Beach in South Goa. EIH owns and operates an exceptional portfolio of hotels and resorts under the prestigious 'Oberoi' and 'Trident' brands in India and abroad. The company?s consolidated net profit jumped 52.2% to Rs 229.94 crore on 26.41% increase in revenue from operations to Rs 741.26 crore in Q3 FY24 over Q3 FY23. The scrip rose 2.19% to end at Rs 448.80 on Thursday, 28 March 2024. The domestic market is closed today, on account of Good Friday.
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The bank will raise Rs 10,000 crore through Basel Ill Compliant Bonds (additional Tier-I bonds up to Rs 7,000 crore and Tier- II bonds up to Rs 3,000 crore), to be raised in one or more tranches during FY 2024-25. On 22 March 2024, the bank has issued and allotted Basel III Compliant Additional Tier-I Bonds at a coupon of 8.47% p.a. aggregating to Rs 1,859 crore on private placement basis. Earlier in March, the bank in its extraordinary general meeting (EGM) has approved raising equity capital aggregating upto Rs 7,500 crore (including share premium) in one or more tranches during FY 2024-25 through qualified institutions placement (QIP)/follow-on public offer (FPO) or any other permitted mode. Punjab National Bank is engaged in the business of treasury, corporate/wholesale banking, retail banking, other banking operations. As on 30 June 2023, Government of India held 73.15% take in the bank. The bank's standalone net profit stood at Rs 1,756.13 crore in Q2 FY24, steeply higher from Rs 411.27 crore in Q2 FY23. Total income increased 27.75% year on year (YoY) to Rs 29,383.20 crore in the quarter ended 30 September 2023. The scrip rose 1.30% to ends at Rs 124.35 on Thursday, 28 March 2024. The domestic market is closed today, on account of Good Friday.
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As per the media reports, Bajaj Housing Finance has initiated preliminary talks with a number of investment banks about a potential IPO in order to meet regulatory requirements. The company hopes to get a $9 billion to $10 billion valuation. The company reportedly intends to raise between $900 million to $1 billion through the proposed IPO, taking into account the estimated valuation range and minimum dilution. Bajaj Finance is engaged in lending and allied activities. It focuses on consumer lending, small and medium-sized enterprises (SME) lending, commercial lending, rural lending, fixed deposits and value-added services. The NBFC reported 22.4% increase in consolidated net profit to Rs 3,638.95 crore on a 31.3% jump in total income to Rs 14,165.98 crore in Q3 FY24 as compared with Q3 FY23.
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The scope of work includes plant design, supply & installation of 45.8 km, 110 KV double circuit Rukarara-Huye-Gisagara transmission lines. Salasar Techno Engineering holds 51% stake in the joint venture company and the remaining 49% share will be held by Rail Vikas Nigam (RVNL). The project is to be completed in 18 months and the cost of the project is $7.152 million which is equivalent to Rs 59.62 crore. Salasar Techno Engineering is a provider of customized steel fabrication and infrastructure solutions in India. It provides 360-degree solutions by carrying out engineering, designing, fabrication, galvanization and deployment. Rail Vikas Nigam is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings etc. Shares of Salasar technologies fell 0.35% to end at Rs 20.01 while RVNL closed 1.15% lower at Rs 252.95 on the BSE.
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Nidhu Saxena, executive director, Union Bank of India was appointed as CEO & MD due to A.S. Rajeev, consequent upon his selection as Vigilance Commissioner in Central Vigilance Commission, for a period of three years with effect from the date of assumption of office, or until further orders, whichever is earlier. The appointment will be in effect for a term of three years with effect from the date of assumption of office from 27 March 2024 or until further orders, whichever is earlier. Nidhu Saxena has pursued B. Com, MBA, and CAIIB. Nidhu started his banking career at Bank of Baroda and later moved to UCO Bank. He has over 26 years of experience working in diversified areas of banking. Prior to joining Bank of Maharashtra, he was the Executive Director of Union Bank of India. During his tenure, he worked in all key banking functions and has been in several positions such as Branch Head, Zonal Head and Vertical Head. At Union Bank, Nidhu was looking after treasury, domestic foreign business, international banking, human resources, stressed assets, retail assets, MSME, retail liabilities, CISO, wealth management and audit verticals. He has been on the Board of Union Bank of India (UK) and Union Asset Management Company and has also been a member of the Academic Council of National Institute of Bank Management, Pune and Governing Body of Indian Institute of Bank Management, Guwahati. He also has experience of 8 years in corporate sector before starting his banking career. Bank of Maharashtra is a public sector bank in India. The Government of India held 86.46% stake in the bank as of 30 September 2023. The bank?s consolidated net profit stood at Rs 1,038.40 crore in Q3 FY24 as against with Rs 776.81 crore posted in Q3 FY23. Total income was at Rs 5851.55 crore in Q3 FY24, registering a growth of 22.7% year on year.
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Pfizer Ltd, Dwarikesh Sugar Industries Ltd, Mold-Tek Packaging Ltd and Tega Industries Ltd are among the other losers in the BSE's 'A' group today, 28 March 2024. Camlin Fine Sciences Ltd tumbled 5.00% to Rs 90.25 at 14:47 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 1.1 lakh shares were traded on the counter so far as against the average daily volumes of 1.12 lakh shares in the past one month. Pfizer Ltd crashed 4.72% to Rs 4197.25. The stock was the second biggest loser in 'A' group.On the BSE, 5867 shares were traded on the counter so far as against the average daily volumes of 1294 shares in the past one month. Dwarikesh Sugar Industries Ltd lost 3.90% to Rs 70.76. The stock was the third biggest loser in 'A' group.On the BSE, 2.49 lakh shares were traded on the counter so far as against the average daily volumes of 2.47 lakh shares in the past one month. Mold-Tek Packaging Ltd shed 3.61% to Rs 780.75. The stock was the fourth biggest loser in 'A' group.On the BSE, 14513 shares were traded on the counter so far as against the average daily volumes of 14649 shares in the past one month. Tega Industries Ltd dropped 3.53% to Rs 1233.9. The stock was the fifth biggest loser in 'A' group.On the BSE, 2743 shares were traded on the counter so far as against the average daily volumes of 2922 shares in the past one month.
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S.M. Gold Ltd, Raw Edge Industrial Solutions Ltd, Ambica Agarbathies Aroma & Industries Ltd and Add-Shop E-Retail Ltd are among the other losers in the BSE's 'B' group today, 28 March 2024. Mukka Proteins Ltd crashed 7.84% to Rs 36.58 at 14:31 IST.The stock was the biggest loser in the BSE's 'B' group.On the BSE, 15.46 lakh shares were traded on the counter so far as against the average daily volumes of 11.78 lakh shares in the past one month. S.M. Gold Ltd lost 6.32% to Rs 15.7. The stock was the second biggest loser in 'B' group.On the BSE, 60379 shares were traded on the counter so far as against the average daily volumes of 25823 shares in the past one month. Raw Edge Industrial Solutions Ltd tumbled 6.08% to Rs 30.9. The stock was the third biggest loser in 'B' group.On the BSE, 19644 shares were traded on the counter so far as against the average daily volumes of 12406 shares in the past one month. Ambica Agarbathies Aroma & Industries Ltd plummeted 5.87% to Rs 26.3. The stock was the fourth biggest loser in 'B' group.On the BSE, 12465 shares were traded on the counter so far as against the average daily volumes of 10387 shares in the past one month. Add-Shop E-Retail Ltd shed 5.79% to Rs 18.86. The stock was the fifth biggest loser in 'B' group.On the BSE, 4.59 lakh shares were traded on the counter so far as against the average daily volumes of 1.52 lakh shares in the past one month.
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V I P Industries Ltd, Aegis Logistics Ltd, IDFC First Bank Ltd, Piramal Enterprises Ltd are among the other stocks to see a surge in volumes on NSE today, 28 March 2024. Century Textiles & Industries Ltd recorded volume of 31.45 lakh shares by 14:14 IST on NSE, a 20.8 times surge over two-week average daily volume of 1.51 lakh shares. The stock gained 8.70% to Rs.1,637.00. Volumes stood at 3.82 lakh shares in the last session. V I P Industries Ltd notched up volume of 173.47 lakh shares by 14:14 IST on NSE, a 20.67 fold spurt over two-week average daily volume of 8.39 lakh shares. The stock rose 13.35% to Rs.527.65. Volumes stood at 16.3 lakh shares in the last session. Aegis Logistics Ltd witnessed volume of 72.45 lakh shares by 14:14 IST on NSE, a 11.45 times surge over two-week average daily volume of 6.33 lakh shares. The stock increased 11.74% to Rs.441.00. Volumes stood at 10.93 lakh shares in the last session. IDFC First Bank Ltd clocked volume of 1471.4 lakh shares by 14:14 IST on NSE, a 5.2 times surge over two-week average daily volume of 283.05 lakh shares. The stock lost 2.51% to Rs.75.85. Volumes stood at 561.34 lakh shares in the last session. Piramal Enterprises Ltd clocked volume of 43.42 lakh shares by 14:14 IST on NSE, a 4.49 times surge over two-week average daily volume of 9.68 lakh shares. The stock gained 2.27% to Rs.859.30. Volumes stood at 13.44 lakh shares in the last session.
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?There is no upfront payment involved in this arrangement. Under this arrangement, SHIPL shall supply to the company and the company shall purchase from SHIPL, the vaccine brands of SHIPL including well-established paediatric and adult vaccines for promoting and distributing the same in private markets in India,? the company stated in the press release. Under the arrangement, Dr. Reddy?s will have exclusive rights to promote and distribute Sanofi?s well established and trusted paediatric and adult vaccine brands Hexaxim, Pentaxim, Tetraxim, Menactra, FluQuadri, Adacel and Avaxim 80U. As per IQVIA MAT February 2024, these brands saw combined sales of approximately Rs 426 crore (around $51 million). Sanofi will continue to own, manufacture, and import these brands to the country, said the firm. M.V. Ramana, chief executive officer, branded markets (India and emerging markets), Dr. Reddy?s, said, ?We are happy to have the opportunity to leverage our strengths in promotion and distribution to considerably expand engagement with healthcare professionals and help widen access of Sanofi?s well-established and trusted vaccine brands in India. We continue our efforts to become the partner of choice in bringing novel, innovative and trusted drugs to patients in India through strategic collaborations. The portfolio now gives Dr. Reddy?s a strong presence in the vaccine segment, propelling us to the second position among vaccines players in India. Through each product and partnership, our aim is to serve over 1.5 billion patients by 2030.? Dr Reddy's Laboratories is engaged in providing medicines. The firm operates in three segments: global generics, pharmaceutical services and active ingredients (PSAI) and proprietary products. The drug major's consolidated net profit increased 10.57% to Rs 1,378.9 crore on 6.57% rise in revenues to Rs 7,214.8 crore in Q3 FY24 over Q3 FY23.
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The Reserve Bank of India (RBI) has relaxed some of its its December 2023 rules on how banks and other financial institutions can invest in Alternative Investment Funds (AIFs). Original Concerns: In December 2023, the RBI had barred banks and NBFCs, known as regulated entities (REs), from investing in AIFs that have any involvement with companies they lend money to (debtor companies). This rule aimed to prevent banks from disguising bad loans by transferring them to AIFs. However, the new clarification issued yesterday offers some relief to REs. Key Changes: * Reduced Provisioning: Banks now only need to set aside provisions for the portion of their AIF investment that goes towards existing borrowers, not the entire investment. * Equity Carve-out: Investments in a borrower's equity shares are excluded from the restrictions. * Intermediary Exemption: Banks investing in AIFs through intermediaries (fund of funds or mutual funds) are not subject to these rules. Addressing Concerns: This revision addresses concerns from stakeholders, including potential slowdowns in the AIF industry. It also clarifies the rules for smoother implementation across lending institutions. Following this news, banks and financial shares were in demand. The Nifty Bank index jumped 1.22% to 47,355.85, and the Nifty Financial Services index climbed 1.45% to 21,094.20.
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Revenue from operations jumped 28.11% YoY to Rs 501.65 crore in Q3 FY24. Profit before tax fell 47.07% to Rs 17.46 crore in quarter ended 31 December 2023 from Rs 32.99 crore in quarter ended 31 December 2022. Total expenses stood at Rs 507.44 crore, registering the de-growth of 37.51% as compared with Rs 369.02 crore posted in corresponding quarter last year. Cost of material consumed stood at Rs 548.85 crore (up 41.86%), employee benefit expenses was at Rs 7.97 crore (up 19.85%), finance cost was at Rs 6.15 crore (up 47.84%) during the period under review. The counter listed on bourses on 7 March 2024. It was listed at Rs 44, exhibiting a premium of 57.14% compared to the issue price of Rs 28. Mukka Proteins manufactures fish protein products. The company produces and supplies fish meal, fish oil and fish soluble paste, which are essential ingredients for production of aqua feed (for fish and shrimp), poultry feed (for broilers and layers) and pet food (for dog and cat food).
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The company approved raising funds through issuance of secured/ unsecured, redeemable, taxable, non-cumulative non-convertible corporate bonds in one or more series/tranches on private placement basis and/or raising of term loans/external commercial borrowings (ECB) in suitable tranches. Further, the board approved closure of Loktak Downstream Hydroelectric Corporation (a subsidiary company of NHPC and joint venture with Government of Manipur), subject to the approval of DIPAM, Ministry of Power and Manipur Government. NHPC is the largest organization for hydropower development in India. It has also diversified in the field of solar & wind power. As of 31 December 2023, the Government of India held 70.95% stake in the company. The power generation company reported 26.76% decline in consolidated net profit to Rs 491.90 crore in Q3 FY24 from Rs 671.67 crore recorded in Q3 FY23. Revenue from operations decreased 20.41% year on year (YoY) to Rs 2,055.50 crore in the quarter ended 31 December 2023.
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