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New Delhi, State-owned <keyword id="159757" type="General" weightage="20" keywordseo="NBCC" source="Orion">NBCC</keyword> (India) Ltd has reported a 16 per cent decline in its consolidated net profit to Rs 81.90 crore for the second quarter of this fiscal due to provisioning for expected loss in a Gurugram housing project. Its net profit stood at Rs 97.72 crore in the year-ago period. The total income, however, rose to Rs 2,129.09 crore during the July-September period of 2023-24 from Rs 2073.89 crore in the corresponding period of the previous year, a regulatory filing said on Thursday. The company's consolidated net profit increased to Rs 159.31 crore in the September 2023 quarter against Rs 92.87 crore in the year-ago period. Its total income rose to Rs 4,094.90 crore in the first six months of this fiscal from Rs 3,927.13 crore in the corresponding period of the previous year. A preferred partner of the government for infrastructure projects, NBCC's 93.22 per cent of business revenue comes from the PMC (project management consultancy) segment and redevelopment works on a consolidated basis. The company is also into real estate development. NBCC's profit declined during the September quarter despite a rise in the total income due to an exception item of provisioning of losses of Rs 65.39 crore. In notes of account, NBCC said that "the group has made an additional provision for expected loss of Rs 6,539.19 lakh against sale of flats/units/interest/cost of stamp duty and registration charges for execution of title deed of flats/units in the favour of group at the quarter and six months ended on September 30, 2023". The matter is related to its residential real estate project 'NBCC Green View', Sector - 37 D, Gurugram. NBCC had sold 392 units (255 flats, 126 EWS and 11 shops) out of 942 units and had received a total amount of Rs 210.12 crore, out of which Rs 159.57 crore was recognised as revenue in the previous year and Rs 40.48 crore were booked as advance from allottees till March 31, 2022. "Subsequently, the buildings in the project exhibited structural cracks. The group received many complaints and representation from some of the homebuyers. Group appointed IIT Delhi to look into the matters," the filing said. IIT Delhi, in its report dated October 6, 2021, advised that the buildings must be vacated within two months in view of the safety of the occupants and further advised to get the feasibility of repairs re-examined. Thereafter, a committee of experts from IIT Roorkee and CBRI Roorkee (Central Buildings Research Institute) was constituted for structural assessment of this project in furtherance to the report of IIT Delhi. "This expert committee opined that no repair/restoration method seems economically viable and safe in the long term. It is recommended to demolish the structure," NBCC said. Further, a review panel of two retired SDGs of CPWD was constituted, which also concurred with the recommendation given by the expert committee. "In view of the advice from the experts and considering the safety of the residents, the buildings were evacuated completely with the help of the District Administration under Disaster Management Act," NBCC said. The company, in its board meeting held on June 21, 2022, accorded the approval to settle with all the homebuyers/allottees by way of buyback of their flats/units by paying the total amount received from the allottees against the sale of flats/units amounting to Rs 210.12 crore and the cost of stamp duty and registration charges paid by them amounting to Rs 9.73 crore. Accordingly, the offer letter for the buyback of their flats/EWS units/shops was communicated to all homebuyers/allottees through posts and mails. "In view of the uninspiring response from the buyers against the first and second buyback offer of the group, the Board in its 529th meeting held on August 18, 2023, decided to reconsider the same in order to arrive at an amicable settlement," NBCC said. Accordingly, the Board of Directors has accorded in-principal approval to settle with all the homebuyers/allottees by way of buyback of their flats/units by paying the total amount received from the remaining allottees against the sale of flats/units amounting to Rs 195.39 crore and the cost of stamp duty &amp; registration charges paid by them amounting to Rs 9.11 crore and simple interest of 6 per cent per annum on the total receipts (excluding stamp duty and registration charges) amounting to Rs 105.79 crore reckoned from the date of receipt of each payment made till the approval date, August 18, 2023. In addition, Rs 12.24 crore (approximately) is estimated to be incurred towards the cost of stamp duty and registration charges for execution of title deed of flats/units in the favour of the group. "Accordingly, the group, in its submission to the National Consumer Disputes Redressal Commission (NCRDC) on October 6, 2023, submitted its willingness to refund the entire amount received from complainants with simple interest at 6 per cent per annum from the date of respective deposits," NBCC said.

NBCC Q2 2023-24 net profit falls 16% to Rs 82 cr on provisioning for loss in Gurugram housing project

Mumbai, <keyword id="6357096" type="General" weightage="20" keywordseo="Mahindra-Mahindra" source="Orion">Mahindra &amp; Mahindra</keyword> (M&amp;M) on Friday said its consolidated profit after tax grew 6 per cent to Rs 2,348 crore in September quarter 2023-24. The Mumbai-headquartered company had posted a PAT of Rs 2,209 crore in the July-September period of last fiscal, M&amp;M said in a statement. Revenue grew 15 per cent year-on-year to Rs 34,436 crore in the second quarter this fiscal, it added. The company said it witnessed robust performance across all businesses except Tech <keyword id="45224" type="General" weightage="20" keywordseo="Mahindra" source="Orion">Mahindra</keyword> which was impacted by weak demand and exits from non core accounts. "During second quarter, operating performance across auto, farm and services was robust. Auto rapidly grew to double its operating profit. Farm continues to be resilient despite tough market conditions," M&amp;M Managing Director &amp; CEO Anish Shah said in a regulatory filing. Tech Mahindra had a tough quarter, the company is now initiating the transformation journey in the business, he added. In the automotive sector, the company said its revenue grew 20 per cent year-on-year to Rs 18,869 crore in the September quarter. "We delivered yet another robust performance in this quarter. We have maintained our SUV revenue market share at 19.9 per cent while further improving our auto standalone PBIT margins," M&amp;M Executive Director &amp; CEO (Auto and Farm Sector) Rajesh Jejurikar said. In the tractor business, the company increased its market share by 150 basis points on the back of new launches of Oja, Swaraj Target and Naya Swaraj, he added. In volume terms, the company said it sold 2,12,078 vehicles in the quarter under review, as compared to 1,79,673 vehicles in the year-ago period, a growth of 18 per cent. Tractor sales were at 89,101 units in the quarter under review, as compared with 92,590 units in the same period a year ago, down 4 per cent. On a standalone basis, the company said its PAT grew by 67 per cent to Rs 3,452 crore in the second quarter as compared with Rs 2,068 crore in the same period last year. Shares of the company were trading 1.84 per cent down at Rs 1,524.60 apiece on the BSE.

Mahindra Q2 2023-24 PAT up 6% at Rs 2,348 cr

Kolkata, Battery and flashlight major <keyword id="166960" type="General" weightage="20" keywordseo="Eveready-industries" source="Orion">Eveready Industries</keyword> India Ltd (EIIL) on Tuesday reported a 73.5 per cent increase in consolidated net profit to Rs 25.44 crore for the second quarter of the current fiscal on easing input cost. The city-based company had posted a net profit of Rs 14.73 crore in the corresponding quarter last fiscal, the company said in a regulatory filing. Revenue from operation during the July-September quarter was lower by three per cent to Rs 364.9 crore as compared to Rs 375.7 crore in the year-ago period. Operating EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin improved to 12.7 per cent from 11.4 per cent in the second quarter of the 2022-23 fiscal. Eveready Industries said the revenue performance was nearly flat owing to the distribution revamp, which is expected to normalise in the coming quarters. Battery-operated flashlights continued to degrow despite healthy growth in rechargeable category, it said. "Favourable trends in key raw materials and stability in exchange rate created suitable conditions for margin expansion," the company said in a statement. "Our emphasis to grow within our existing business mix saw us successfully execute a very complex route to market in our distribution structure," Eveready Industries Managing Director Suvamoy Saha said. The initial moderation in uptake in batteries is expected to resolve in the coming quarters as stocks get replenished via more efficient pathways, he said. In its revamp journey with the new management under the Dabur family, Eveready has also unveiled a new logo and a tagline, aiming at wooing the new generation of consumers.

Eveready Q2 FY'24 net profit jumps 73% on easing input cost

New Delhi, Chemicals maker <keyword id="10487971" type="General" weightage="20" keywordseo="Anupam-Rasayan" source="Orion">Anupam Rasayan</keyword> India Ltd on Tuesday posted a marginal increase of 1.84 per cent in consolidated net profit at Rs 48.69 crore in the second quarter of the current fiscal year. The company's net profit stood at 47.81 crore in the same quarter of the previous year, according to a regulatory filing. Total income rose to Rs 395.61 crore during the July-September quarter of the 2023-24 fiscal, from Rs 383.14 crore in the year-ago period. Expenses remained slightly higher at Rs 324.94 crore in the period under review, as against Rs 315.72 crore in the said period. "Amidst the challenging external environment, I am happy that we have been able to hold our ground and deliver some growth," said Anupam Rasayan Managing Director Anand Desai. In the first half of the current fiscal, total revenue rose to Rs 794.4 crore, reflecting a robust year-over-year growth of 11 per cent. Our strong margins at 28 per cent for the first half this year are a testament to the company's unique business model, he said. During this quarter, the company launched three new molecules, bringing the total to five by the end of H1 of the 2023-24 fiscal, he said, adding "we will launch an additional five molecules by the close of FY24." Desai further said, "we are seeing a resurgence in demand, which instills confidence of delivering growth in coming quarters. This bolsters our confidence in achieving consistent growth and maintaining our margin profile." The company has also signed three memorandum of understanding (MoUs) with the Gujarat government for afforestation in a bid to balance carbon emissions and achieve energy neutrality by 2027. Anupam Rasayan said the board has approved issuance of 19.04 lakh equity shares on a preferential basis to promoters and 39.14 lakh convertible warrants on preferential basis to non-promoters. The Gujarat-based company has a manufacturing capacity of 27,200 tonnes spread over six facilities.

Anupam Rasayan Q2 net profit up 1.84% to Rs 48.69 cr

New Delhi, Shree <keyword id="70097" type="General" weightage="20" keywordseo="Renuka-Sugars" source="Orion">Renuka Sugars</keyword> Ltd has reported a consolidated net loss of Rs 205.6 crore in the second quarter of this fiscal year. Its net loss stood at Rs 141.6 crore in the year-ago period. Total income rose to Rs 2,564.7 crore in the July-September period of this fiscal year from Rs 2,203.3 crore in the corresponding period of the previous year, according to a regulatory filing on Wednesday. Total expenses increased to Rs 2,771.9 crore in the period under review, from Rs 2,335.1 crore a year ago. Shree Renuka Sugars, a subsidiary of Singapore-based Wilmar Sugar Holdings Pte Ltd, is one of India's largest sugar and green energy (ethanol and renewable power) producers.

Renuka Sugars loss widens to Rs 205.6 cr in Sep 2023 quarter

New Delhi, Aditya Birla Group's metal flagship <keyword id="105310" type="General" weightage="20" keywordseo="Hindalco-industries" source="Orion">Hindalco Industries</keyword> said its consolidated profit stayed almost flat at Rs 2,196 crore in the quarter ended September 2023. The company had posted a consolidated profit of Rs 2,205 crore in the July-September period of the previous fiscal, <keyword id="44374" type="General" weightage="20" keywordseo="Hindalco" source="Orion">Hindalco</keyword> Industries said in a filing to BSE. The consolidated total income of the company during the July-September period dropped to Rs 54,632 crore from Rs 56,504 crore in the year-ago period, Hindalco Industries said. A USD 28-billion metal powerhouse, Hindalco is the world's largest aluminium company by revenues and a major player in copper, serving more than half of the country's copper requirement.

Hindalco Industries Q2 2023-24 profit stays almost flat at Rs 2,196 crore

New Delhi, Business services provider <keyword id="6370333" type="General" weightage="20" keywordseo="Quess-Corp" source="Orion">Quess Corp</keyword> has reported 79 per cent year-on-year jump in profit after tax at Rs 70.95 crore for the second quarter ended September 30, riding on operational efficiencies. The company had reported a profit after tax (PAT) of Rs 39.62 crore in the corresponding period of the previous fiscal. Total revenue of the company grew 11 per cent to Rs 4,748 crore, from Rs 4,273 crore in the year-ago period, a company statement said. "This growth is due to focused efforts over the last few quarters in developing greater automation in our platforms, building operational efficiencies and focusing on high margin businesses," Group CEO Guruprasad Srinivasan said. Srinivasan further said the higher margin platforms, GTS and OAM have delivered a consistent increase in profitability along with improvement in margins over the last few quarters. The listed subsidiary, AllSec has surpassed a market cap of Rs 1,000 crore with a CAGR (compound annual growth rate) of 23 per cent from the initial investment in 2019, Srinivasan said. "We remain bullish about future growth prospects and our consolidation efforts have started to yield positive results to help us realize non-linear profit growth from our all-weather business model," he added. For the first half of this financial year, the company reported a PAT of Rs 119 crore, up 10 per cent over the same period a year ago. Revenue increased 13 per cent to Rs 9,349 crore in the April-September period of this year, the statement said. Shares of Quess Corp were trading at Rs 439.25 apiece, up 2.82 per cent over the previous close on BSE.

Quess Corp Q2 2023-24 PAT rises 79% to Rs 71 cr

The country's largest lender <keyword id="13222" type="General" weightage="20" keywordseo="sbi" source="Orion">SBI</keyword> on Saturday reported a 9.13 per cent growth in consolidated net profit for the September quarter to Rs 16,099.58 crore. The state-run lender had reported a consolidated net profit of Rs 14,752 crore in the year-ago period and Rs 18,356 crore in the June quarter. On a standalone basis, it posted a net profit of Rs 14,330.02 crore as against Rs 13,264.52 crore in the year-ago period. The bank, which controls over a fifth of the overall market and has the widest network in the country, reported a total income of over Rs 1.12 lakh crore for the quarter under review, up from Rs 88,733 crore in the year-ago period. From an asset quality perspective, its gross non-performing assets ratio was at 2.55 per cent as of September 30, an improvement from the 3.52 per cent in the year-ago period and the 2.76 per cent in the first quarter of the current fiscal. Its overall capital adequacy stood at 14.28 per cent as of September 30. SEE ALSO: <a href="https://www.businessinsider.in/tech/gadgets/news/hp-omen-16-gaming-laptop-review/articleshow/104945732.cms">HP Omen 16 laptop review – A powerful laptop with a fine display</a> <a href="https://www.businessinsider.in/business/auto/news/indias-electric-two-wheelers-up-and-running-after-reduced-fame-subsidy-bump/articleshow/104912419.cms">India’s electric two-wheelers up and running after reduced FAME subsidy bump</a> <a href="https://www.businessinsider.in/tech/mobile/news/india-q3-smartphone-shipments-apple-gains-34-pc-market-share-in-india/articleshow/104907807.cms">Smartphone shipments: Apple gains 34% market share in India as Samsung, Xiaomi decline</a>

SBI posts 9.13% rise in consolidated net profit to Rs 16,099 crore in Q2

However, sequentially, the net profit of <keyword id="6362419" type="General" weightage="20" keywordseo="HPCL" source="Orion">HPCL</keyword> fell 14 per cent from its April-June quarter profit of Rs 6,765.50 due to the spike in crude prices. HPCL has posted its highest ever half-yearly consolidated net profit of Rs 12,592 crore during April-September 2023 (against consolidated net loss of Rs 11,033 crore during the corresponding period of previous year). The company's standalone net profit during this period was also the highest ever at Rs 11,322 crore as compared to standalone net loss of Rs 12,369 crore during the corresponding period of previous year. The standalone net profit for the period July-September 2023 was Rs 5,118 crore against a net loss of Rs 2,172 crore during the corresponding period of previous year. Average GRMs (gross of export duty) for the period July-September 2023 were $13.33 per barrel ($8.41 per barrel during the corresponding period of previous year). The average GRMs (gross of export duty) for the period April-September 2023 were $10.49 per barrel ($ 12.62 per barrel during the corresponding period of previous year). HPCL refineries processed their highest ever quarterly crude through-put of 5.75 million metrictonnes (MMT) during July-September 2023 (operating at 111.6 per cent) registering a growth of 28 per centover 4.49 MMT crude processed during the corresponding period of previous year. Visakhapatnam Refinery functioning at enhanced capacity of 11 MMTPA processed highest ever quarterly crude through-put of 3.23 MMT (116.7 per cent of installed capacity) and Mumbai Refinery operating at 105.7 per cent capacity also recorded highest quarterly crude through-put of 2.52 MMT during this period.

HPCL posts Rs 5,827 crore profit in Q2 2023-24

New Delhi, <keyword id="667116" type="General" weightage="20" keywordseo="Ircon-International" source="Orion">Ircon International</keyword> Ltd, a navratna public sector enterprise and a leading turnkey construction company, on Thursday reported a 44 per cent rise in consolidated Profit After Tax (PAT) of Rs 250.8 crore in the September quarter. The company had posted a consolidated PAT of Rs 174.2 crore in the year-ago period, Ircon International said in a filing to the BSE. The company said its consolidated total income increased to Rs 3,136.3 crore in the second quarter of the ongoing fiscal from Rs 2,305.9 crore in the same quarter last year. The total order book of the company stood at Rs 32,152 crore as on September 30, it said. IRCON is engaged in the railways and highways sectors and comes under the Ministry of Railways.

Multibagger stock: Ircon International PAT rises 44% to Rs 251 crore in Q2

New Delhi, Dec 1 () State-owned NBCC Ltd is likely to offer more land to lenders and reduce timeline for completion of about 20,000 flats in its final bid to acquire bankrupt realty firm Jaypee Infratech, sources said.
NBCC is considering to give additional land to lenders in lieu of its offer to provide profit share in unclaimed flats and some land parcel, which is pledged as well as under litigation, they added.
For homebuyers, NBCC is looking to reduce the deadline for completing pending flats from four years timeline proposed in the bid submitted on November 17.
In the last meeting of the Committee of Creditors (CoC) held on November 28, lenders asked NBBC and Suraksha Realty to make a final offer by next Tuesday (December 3) after revising their earlier bids by removing impediments and making it more lucrative for homebuyers as well as banks.
Lenders had asked the NBCC to provide more land with clear title in lieu of its current offer of over 600 acres land that is under litigation and some unclaimed flats. Also, they wanted complete Yammu Expressway Project without any debt obligation.
To settle an outstanding claim of nearly Rs 9,800 crore to bankers, NBCC, in its bid submitted last month, offered 1,426 acre land worth Rs 5,000 crore.
That apart, it offered 75 per cent of 858 acre land, which has been pledged by promoter Jaiprakash Associates Ltd and now claimed by Jaypee Infratech.
Moreover, NBCC offered to share 50 per cent of the sale proceeds of unclaimed flats after deducting receivables from earlier buyers and any expenses related to tax/duties/legal.
Yamuna Expressway, which connects Noida to Agra, will be transferred to lenders, but before that NBCC has proposed to take Rs 2,500 crore debt against the expressway for completion of pending flats.
The sources said that NBCC in the final bid could withdraw its offer related to unclaimed flats and pledged land. In lieu of these two offers, it might provide more land parcels, over and above 1,426 acre offered in its latest resolution plan.
Not only NBCC, Mumbai-based Suraksha Realty was also told to increase the upfront payment to lenders from the existing offer of mere Rs 25 crore.
Suraksha Realty has offered 1,934 acres worth Rs 7,857 crore to lenders. It has proposed to bring in Rs 2,000 crore as working capital to complete construction in the next three years and will retain the Yamuna Expressway with itself. The Mumbai-based developer has proposed to complete flats in the next three years.
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
Anuj Jain was appointed as an Interim Resolution Professional to conduct insolvency process and also manage the affairs of the company.
In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the apex court.
On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.
As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required. Homebuyers claim amounting to over Rs 13,000 crore has been admitted. MJH BAL
BAL

Jaypee Infra case: NBCC may offer more land to lenders, cut deadline to complete flats in final bid

New Delhi, Feb 12 () State-owned NBCC Ltd on Wednesday reported a 41 per cent fall in consolidated net profit at Rs 49.53 crore for the quarter ended December. The company's net profit stood at Rs 83.64 crore in the year-ago period, it said in a regulatory filing. Total income declined to Rs 1,979.36 crore in the third quarter of the fiscal from Rs 2,488.17 crore in the corresponding period of the previous year. The state-owned company had in December got approval from financial creditors to takeover debt-laden Jaypee Infratech Ltd, rekindling hopes of home buyers finally getting promised flats over the next four years. MJH RVK

NBCC Q3 net profit down 41 pc at Rs 49.53 cr

New Delhi, Dec 3 () State-owned NBCC Ltd and Mumbai-based Suraksha Realty on Tuesday offered more land parcels to lenders in their final bids to acquire bankrupt realtor Jaypee Infratech through insolvency process, sources said. 
Lenders had asked both the suitors to sweeten their resolution plans and submit their bids by December 3. This is the third round of bidding process for resolution of debt-ridden Jaypee Infratech, which is a subsidiary of Jaiprakash Associates Ltd (JAL).
According to sources, Suraksha Realty is in discussions with JSW group for technical and operational support to complete pending housing projects of Jaypee Infratech. 
NBCC in its final bid has offered 1,526 acres of land to lenders as against its earlier proposal of 1,426 acres. For homebuyers, it has reduced the deadline for the completion of over 20,000 flats to three-and-a-half years from the earlier four years. 
As sought by the lenders, NBCC has withdrawn its earlier two offers -- 50 per cent share in profit on sale of unclaimed flats and 75 per cent of 858 acre land parcels, which has been pledged by the promoter JAL and currently under litigation.
For lenders, the public sector firm has proposed to increase concession agreement by 10 years on Yamuna Expressway, which it has proposed to transfer it to bankers. However, NBCC has proposed to take Rs 2,500 crore debt against toll income of the expressway, which connects Noida and Agra, for completion of pending flats.
On the other hand, Suraksha Realty has also sweetened its resolution plan, by offering 2,220 acres of land worth Rs 9,800 crore under the land-debt swap deal. Earlier, it had offered 1,934 acres of land worth Rs 7,857 crore. This will cover the entire claim of lenders which is Rs 9,800 crore.
It has increased upfront cash payment to lenders to Rs 175 crore from Rs 25 crore earlier.
For homebuyers, Suraksha Realty has now set aside Rs 250 crore worth land as against land parcels worth Rs 100 crore earmarked earlier. 
Further, it has promised to provide additional land parcels worth Rs 250 crore to homebuyers, if 858 acre land under the litigation comes back to Jaypee Infratech. 
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
Anuj Jain was appointed as an interim resolution professional (IRP) to conduct insolvency process and also manage the affairs of the company.
In the first round of insolvency proceedings conducted last year, Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.
The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the Supreme Court.
On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.
As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For a bid to be approved, 66 per cent votes are required. Homebuyers claim amounting to over Rs 13,000 crore has been admitted. MJH MKJ

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