Tag: Business

Mumbai (Maharashtra) [India], February 13: AVRO India Limited(NSE – AVROIND & BSE – 543512), One of the leading manufacturers of plastic moulded furniture products has announced its audited Financial Results for the Q3FY23 and 9mFY23.

Key Financials at a Glance:

3QFY23:

• Total Income at ₹82 crore; up 10.65%
• EBITDA at ₹29 crore; up 73.48%
• EBITDA margin at 10.49% Vs 6.74%
• PAT at ₹19; up 138%
• NPM at 5.45% Vs 2.54%
• EPS at₹17

9MFY23

• Total Income at ₹69 crore; up by 36.88%
• EBITDA at ₹55; up by 148.11%
• EBITDA margin at 10.28% Vs 5.67% 
• PAT at ₹28 crore; up 252.69%
• NPM at 5.15% Vs 2%
• EPS at ₹25

Commenting on the performance, Mr. Sushil Kumar Aggarwal, Chairman of AVRO India Limited said, “Plastic furniture demand helped us to report good revenue growth and our recycling unit helped us to cut cost and optimise profit and this is clearly seen in our improving EBITDA margin which is over 10% for the reported quarter as well as nine months of FY23.

Our foray into the recycling business has helped us strategically control costs while optimizing our profitability. We have already exceeded FY22 profit in the first nine months of FY23 and expect to close FY23 with an impressive net profit.”

About AVRO India Limited:

The Ghaziabad (Uttar Pradesh) based AVRO India Limited (AVRO) was incorporated in 1996 and established its manufacturing facilities in the year 2002 and is engaged in the business of manufacturing plastic moulded furniture under the brand name of AVRO/ AVON. The company has one of the largest product ranges manufacturing with imported machines and moulds in a highly automatic environment and following global quality standards & practices. AVRO India Ltd. is one of the largest players in North India in the plastic molded furniture segment and the company is also among the top 5 Manufacturers in India.

AVRO sells its products through online and offline channels. The company has an online presence on Amazon, and Flipkart, Indiamart, etc and in the offline channel the company has more than 200 Dealers & Distributors and 20,000 plus touch-points through Retailers

The company’s products are widely accepted for various Home and Commercial use for both indoor and outdoor use with absolute reliability in all weatherproof conditions & long-lasting for decades, thus making its products most versatile and reliable.

For FY22 the company reported a Net profit of ₹ 2.99 Cr, EBITDA of ₹ 5.63 Cr on sales of ₹ 65.20 Cr.

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New Delhi (India), February 13: A new name is rocking the world of music today, the name of that talented artist is Bhagyesh Hendre. Bhagyesh recently released a song featuring talented actress Rupali Singh Song Kahani Suno (Dark Reprise) Produced & Directed by Deepesh Bangra & Rahul Soni This song is a success today It is on the side and people are liking it very much. Bhagyesh is working on many more big projects in the coming time which also has many songs which are going to be released soon. Bhagyesh’s Tenu Rab Maneya song is on its way to becoming a huge hit which is released on Soch Music India’s YouTube channel. Bhagyesh was born in Mumbai, apart from the financial capital of India, we also call Mumbai the magical city, this is the city where artists come from all over the country and abroad to shine their fortunes.

Bhagyesh considers himself lucky that he was born in the city where every artist dreams of achieving success. Bhagyesh’s date of birth is 28 June 1999 i.e. this talented artist is just 23 years old. Bhagyesh has completed his 12th standard from Lilavatibai Podar High School and is currently pursuing his graduation from Bhavan’s College, Mumbai. Bhagyesh tells that he was in love with music since childhood, he has always been inclined towards music, and his dream is to become a big name in the music industry. Bhagyesh has been associated with the music industry for the last 6 years and he himself is the CEO of Soch Music India. Bhagyesh has his own team with whom he works on different types of music to give something new to the audience. After the success of his first original ‘Intezaarr’ with over 1 lakh listeners bhagyesh is viral globally.

https://www.ibtimes.co.in/bhagyesh-hendre-ruling-wedding-music-industry-via-soch-music-india-851058

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Profit after Tax stood at Rs. 106 crore as compared to Rs. 84 crore registering growth of 26%

Mumbai (Maharashtra) [India], February 13: JB Pharma, one of the fastest growing pharmaceutical companies in India, announced record revenue growth of 32% to Rs. 793 crore in Q3 FY23.

Operating EBITDA (Earnings Before Interest Depreciation and Taxes) increased by 26% to Rs. 193 crore as compared to Rs. 153 crore. Profit after Tax stood at Rs. 106 crore as compared to Rs. 84 crore registering growth of 26%.

Commenting on financial results, Mr. Nikhil Chopra, CEO and Wholetime Director, JB Pharma mentioned, “JB continues its growth journey delivering strong financial performance in the quarter. Our organic business outpaced the market, whereas our inorganic portfolio added to the upsides with better than anticipated momentum. Our inorganic strategy is built around growing the India business and increasing share in the chronic segment. During the quarter we acquired Razel, a leading brand for lipid-lowering. This further strengthens our chronic presence, as we enter the ‘Statins’ category – the largest segment in cardiology. Our strong prescriber base and existing chronic teams will help in further growing the brand and drive operating leverage”.

“The CMO business continued its revenue traction, while other parts of international business have also witnessed good growth. We are equally cautious about the inflationary environment and continue to build on productivity and cost optimization initiatives to enable us to maintain our operating margins.” added Chopra.

For Three Quarters or Nine months of the Financial Year 2022-23, the Company recorded revenue of INR 2387 crores as compared to INR 1800 crores for the same period in the previous year, registering growth of 33%. Operating EBITDA (Earnings Before Interest Depreciation and Taxes) increased by 28% to INR 584 crores as compared to INR 457 crores. Profit after Tax was INR 322 crores as compared to INR 301 crores.

As per IQVIA MAT Dec’22 data, JB Pharma continues to be the fastest growing company among the top 25 in the industry, growing by over 19.5% as compared to IPM growth at 6.5%. JB registered YoY revenue growth of 32% in Q3 FY23 and 33% for the 9 months of FY23. Domestic business continued to record over INR 400 crores in revenue for the third quarter in a row, out-pacing industry growth, while the international business grew at 23% to INR 386 crores in Q3 FY23 and by 26% to INR 1127 crores in the 9 months of FY23.

Domestic formulations business maintained its market beating performance growing at 42% in Q3 FY23 and 39% in 9M FY23, and excluding sales from the acquired brands, growth was mid-teens for Q3 and 9M FY23. International formulations and CMO business recorded strong growth, with the CMO business crossing INR 300 crores in the 9 months of  FY23 recording a growth of 92% in Q3.

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Mumbai (Maharashtra) [India], February 13: Mitsu Chem Plast Limited (Mitsu) (BSE:540078), One of the largest manufacturers of Blow Molding, Injection Molding, and Customized Molding, announced its unaudited Financial Results for Q3 & 9M FY23.

Key Financials at a Glance:

9M FY23

• Total Income for 9M FY23 at ₹. 226.16 Cr
• EBITDA for 9M FY23 at ₹. 19.02 Cr
• PAT for 9M FY23 at ₹. 8.51 Cr
• EPS for 9M FY23 at ₹. 7.05

Q3 FY23 

• Total Income for Q3 FY23 at ₹. 71.65 Cr
• EBITDA for Q3 FY23 at ₹. 5.25 Cr
• PAT for Q3 FY23 at ₹. 1.81 Cr
• EPS for Q3 FY23 at ₹. 1.50

Commenting on the performance, Mr. Jagdish Dedhia, Chairman of Mitsu Chem Plast Limited said,

“Increase in Raw material prices continues to be the concern for the quarter which are increasing due to various reasons like Inflation & Geopolitics which is giving some pressure on our margins but we have been able to maintain our EBITDA.

We have been working on a continuous basis to improve our margins through operating efficiency and improving product mix.”

About Mitsu Chem Plast Limited:

Mitsu Chem Plast Limited (BSE – 540078) is a certified polymer-based molded products manufacturing company, engaged in the business of manufacturing and marketing technically driven innovative products catering to growing industry sections like Industrial Packaging Solutions, Automotive Components, Healthcare Products, Infrastructure related products & Emergency Handling Solutions with an in-house testing and quality control systems and machines.

The key products of the company are Molded Industrial Plastic Packaging products such as Drums, Jerry Cans, Bottles, Jars, and their accessories; Infrastructural furniture parts such as chair shells; Hospital Furniture Parts such as Panels, Railings, Planks, Trolley Parts; Rescue & Safety Equipment such as Spine Board; Automotive Components such as Washer Tanks, Rainhood.

The company majorly supplies OEMs of various industries such as chemical, pharmaceutical, dyes, agrochemical, disinfectants, diagnostic, hospital & infrastructure furniture, and automotive manufacturers.

The Company has diversified its product portfolio by entering into new products viz. pails to cater to lubricants, paints, ink, and the food (FMCG) industry.

The Journey of the Company started 32 years back with a plant situated at Boisar, Tarapur, and has enlarged its wings up to three manufacturing units situated in Maharashtra i.e. Two (2) units situated at Boisar, Tarapur, and one (1) unit in Khalapur.

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Vedanta company authority successfully held discussions with the displaced people

Sundargarh (Odisha) [India], February 13: Jamkani coal block, a Greenfield mine in Odisha’s Sundargarh district allotted to Vedanta Limited, started operation today with the successful completion of a meeting with villagers. A meeting was successfully held between the company authority, district administration, and the displaced villagers regarding the problem of the displaced people at the Jamkani Coal mine agitation site of Vedanta Company. Various issues were discussed and today in a healthy atmosphere an agreement was reached with the consent of all and the mining process was started। Today’s meeting was attended by Mrs. Kusum Tette, Hon’ble MLA, Sundargarh Sadar, Mr. Abhimanyu Behera,  ADM, Sundargarh, Mr. Dasharathi Sarabo, Deputy-Collector, Sundargarh, Mr. V Srikant, CEO Vedanta Mines, Mr. Nawal Sharma Chief Land & Legal, Vedanta, Mr. Pranay Satpathy, Head External Relations, Vedanta, Mr. Batakishore Mishra, Representative Sundargarh MP And more than 1500 villagers from Vedanta and Mendra, Jamkani, Girishma, and Jharpalang villages attended the meeting.

Among the major demands, conduct a survey of each family and arrange for training and employment of boys and girls currently above 18 years of age, to employ the local unemployed with a determination to hire educated and trained young women from the displaced families, to survey the houses of each family to be displaced and to construct a house. Negotiations on various issues such as compensation were successful.

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Dishes of IC – Hilton Mumbai International Airport

Mumbai (Maharashtra) [India], February 11:  Homage to the old Imperial China, which served only Cantonese food but now serves popular cuisines of South East Asia in a contemporary style

If you are a food connoisseur and especially like to enjoy South East Asia cuisine and delicacies – Hilton Mumbai International Airport’s IC awaits your presence. Exuding a décor reminiscent of the Imperial era, it adorns e-size paper fans on the walls alongside an aura that is bound to charm its patrons. The restaurant’s interiors flaunt an air of relaxed elegance, and its ambience ensures an immersive dining experience. All cultures have their unique characteristics of cuisine. Asian cuisine is known to be famous for its spices and mouth-watering food.

IC bring together a specially curated Pan-Asian menu that journeys through South East Asia with our team of talented chefs. Their Pan-Asian menu encompasses an eclectic variety of popular dishes from various countries that form this unique amalgamation of flavours that gives this region its distinctive character. From Japanese Yaki Tori to Kambing Masak Merah and a variety of homemade dim sums all form a part of the servings. A section will also have a tribute to the Indo-Chinese style close to the streets of India. Setting a diverse platter with distinguished flavours for the patrons, the place offers an A La Carte menu from 7 pm to 11.30 pm, empowering its guests with an unparalleled gastronomic experience over dinner.

Join them here at IC for a meal to experience the grand epicurean odyssey of signature flavours of the Pan-Asian cuisine story with their comforting Hilton Hospitality.

To reserve your table, call: +91-9987759672 | +91-7710000881

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Vedanta Authority’s Talks with Displaced Locals Successful

Sundargarh (Odisha) [India], February 11: The deadlock that had stalled the mining activities of Vedanta at its Jamkani site in Sundargarh sadar assembly segment for a long due to the stir staged by the affected villagers ultimately got resolved today following hectic parleys and successful talks between the protesters and the Sundargarh district administration as well as the Vedanta authorities.

A significant meeting was held today between the company authority, district administration and the displaced villagers regarding the problems of the aggrieved people at the agitation site of Vedanta Company’s Jamkani Coal Mine.

Various issues were discussed in a healthy atmosphere resulting in an agreement reached, following which the mining process started from today onwards.

Today’s meeting was attended by Mrs. Kusum Tette, Hon’ble MLA, Sundargarh Sadar, Mr. Abhimanyu Behera, ADM, Sundargarh, Mr. Dasharathi Sarabo, Sub-Collector, Sundargarh, Mr V Srikant, CEO, Vedanta Mines, Mr. Nawal Sharma, Chief (Land & Legal), Vedanta, Mr. Pranay Satpathy, Head (External Relations), Vedanta, Mr. Batakishore Mishra, Representative, Sundargarh MP. In contrast, more than 1500 villagers from Mendra, Jamkani, Girishma and Jharpalang villages attended the meeting. Negotiations on various issues, such as compensation, were also successful.

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New Delhi (India), February 11: Agarwal Industrial Corporation Limited, the largest pvt sector player in the bitumen sector has released its performance for the period that ended on December 31, 2022. For Q3FY23, Company reported a 45.42% year-on-year (YoY) jump in its consolidated revenue from operations at Rs 553.90 crores. EBIDTA (earnings before interest, taxes, depreciation, and amortization) margin increased by 19.18% at Rs.39.80 crore. PAT (Profit after tax) stood at Rs.26.43 crore with an increase of 27.91%.

The Company, recently inducted 2, Specialized Bitumin Vessels with a total capacity of 12,574 MTs taking the total count of its Vessel Family to 8 & total carrying capacity to 51,574 MTs.

In Budget 2023 Road ministry got a 36% hike in allocation at Rs 2.7 lakh cr for 2023-24, to help the ministry meet the 25,000-km road development target announced in the 2022-23 Budget

The company primarily belongs to the ancillary infra industry and is engaged in the business of manufacturing and trading bitumen and allied products used heavily in infrastructure projects. It also provides logistics for bulk bitumen and LPG through. Besides, it generates power through windmills. Agarwal Industrial has manufacturing units in Taloja, Belgaum, Vadodara, and Hyderabad.

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Mumbai (Maharashtra) [India], February 11: Sky Gold Limited (BSE Code: 541967), one of the leading jewellery companies based in Mumbai reported unaudited Financial Results for the Q3 FY23 & 9M FY23.

Financials at a Glance: 

Q3 FY23:

• Revenues at ₹57 crore
• EBITDA at ₹28 crore; up by 73.45%
• EBITDA margin at 4.59%
• Net profit at ₹67 crore; up by 501.55 %
• EPS at ₹91

9M FY23:

• Revenues at ₹62 crore; up by 52.36%
• EBITDA at ₹37 crore; up by 7.77%
• Net profit at ₹90 crore; up by 20.97 %
•    EPS at ₹11.66

Speaking on the occasion Mr. Mangesh Chauhan, Managing Director and Chief Financial Officer of Sky Gold Limited said – “The strong demand for our jewellery products enabled us to surpass FY22 revenues of ₹ 796 crore by reporting revenues of ₹ 885 crore in the first nine months of the current financial year. We are optimistic about demand growth and expect to close FY23 with a splendid performance.”

About Sky Gold Limited:

Established in 2008 Sky Gold Limited (The Company), is one of the leading jewellery companies based in Mumbai. The Company has been engaged in the business of Designing, Manufacturing, and Marketing gold jewellery. The Company specialised in lightweight jewellery of 22 Carat gold. The Company manufactures jewellery through casting. The Company makes Plan Gold Jewellery, Studded Gold Jewellery, and Turkish Jewellery.

The Company works on a B2B model with leading Jewellery Retailers like Malabar Gold & Diamonds, Joyalukkas, Kalyan Jewellers, GRT Jewellers, and Samco Gold. The Company also works with large wholesalers. With this Sky, Gold products are available at more than 2,000 showrooms across India.

Sky Gold manufactures its Jewellery in its 25,000 Sq Ft manufacturing facility in Mumbai India with the help of German Equipment. The Company is having capacity of processing 300 Kg of Gold per month. The Company has a design library of more than 5,00,000 designs of rings, bracelets, bangles, fancy pendants, earrings, etc.

The Company entered equity markets by SME IPO on BSE SME in October 2018 raising ₹ 25.56 Crore at an issue price of ₹ 180.

For FY22, The Company reported total Revenues of ₹ 796.26 crore and a Net Profit of ₹ 16.92 crore.

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WoodenStreet’s Mumbai Store

Mumbai (Maharashtra) [India], February 11: India’s leading online furniture brand, WoodenStreet is going aggressively in expanding its offline footprint with its aim to strengthen niche markets and omnichannel consumer engagement across India.

WoodenStreet in its recent expansion drive announced the opening of 3 new experience stores in the city of dreams, Mumbai. These new stores have strengthened their existing pool & taken it to a solid number of 8 physical experience stores across the city.

The brand has invested $500,000 in these new launches, covering a carpet area of 10000 sq. ft. combined.

All three stores are located in the prime locations & high suburbs of Mumbai, which are Borivali, Juhu Tara, and Padle Gaon.

The three new launches will offer a perfect blend of luxurious and aesthetically pleasing furniture that is created with the thought of trending, space-saving, and modular products.

Commenting on the launch of new stores, Lokendra Singh Ranawat, CEO, WoodenStreet, said, “We are delighted to launch 3 new experience stores in Mumbai, which is in line with the 5 already existing stores in the city. All the new launches are located in iconic areas and are considered to be the well-known furniture markets in India.”

The new stores have been curated as a One-Stop furniture & home decor destination for customers across the city to seek the latest trends and also interior design consultancy services extended by experts.

“Over the decade, we have gained immense love from our customers across the country through experience studios. And, as we move ahead, we will continue to build trust and engagement within our customers by providing a great shopping experience.”, he added further.

WoodenStreet experience stores have transformed the furniture & home decor retail map of India. The company has recently expanded to 100+ experience stores across the country and making headway, it plans to open a total of 300 stores in the next 24 months.

Founded in 2015, WoodenStreet has an extensive collection of 30K+ home furniture and decor items in its catalog.

The company, in April last year, raised $30 million in Series B funding, led by WestBridge Capital and following that, in October it also announced the investment of $20 million (around Rs 200 crore) to fuel its growth across the country.

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