TVS Supply Chain Solutions (TVS SCS) reported a net loss of Rs 30 crore in the second quarter, compared to a loss of Rs 51 crore in Q1. “On a consolidated basis, Q2 EBITDA margins expanded 100 bps YoY as margin expansion in the Integrated Supply Chain Solutions (ISCS) segment helped balance the Network Solutions (NS) segment,” the company said in a statement. “Consistent margins and decrease in interest expenses helped narrow the loss before tax and exceptional items to Rs 4.5 crore from a loss of Rs 10.7 crore in Q1 FY24.”from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/k0wIgdv
Bank chiefs have expressed concerns about the stress in unsecured loans, particularly in the fintech-driven digital lending of small-ticket personal loans. There is an expectation that the Reserve Bank of India (RBI) may make it more difficult for banks to lend to this segment, which is considered riskier. The State Bank of India (SBI) chairman stated that the unsecured book is better than the secured book, indicating that SBI does not extend loans below Rs 50,000.
Bank of Baroda (BoB) on Saturday reported a 28% rise in its net profit to Rs 4,253 crore for the quarter ended September, compared to a net profit of Rs 3313 crore in the corresponding quarter last year. The jump was due to an increase in net interest income, as loans grew faster than deposits. The profit would have been higher had it not been for two large accounts slipping into default. One was an international account of Rs 500 crore, and the second was an aviation loan of Rs 1,773 crore.
State Bank of India has reported a net profit of Rs 14,430 crore for the quarter ended September 2023, an increase of 8% over Rs 13,265 crore in the corresponding quarter last year. The increase was driven by a sharp drop in provisions for bad loans as asset quality improved. The operating profit was down 8% at Rs 19,417 crore compared to Rs 21,120 crore in the corresponding quarter last year, despite net interest income rising 18% Rs 39,500 crore.
Edtech startup Byju's has released its FY22 earnings statement, revealing that its core business continues to suffer losses. The company reported EBITDA losses of Rs 2,253 crore in FY22, only slightly lower than the losses of Rs 2,406 crore in FY21. However, revenues increased significantly to Rs 3,569 crore in FY22 from Rs 1,552 crore in FY21. Byju's core business includes its K-12 segment, tuition centers, and online exam prep division, excluding recent acquisitions.
The United Auto Workers union has reached a tentative contract deal with General Motors that includes investments in electric vehicles and wage increases for US hourly workers. The agreement follows a similar pattern set at Ford and Stellantis, providing base wage increases and improved conditions for temporary workers. The contract will raise wages for over 7,000 UAW workers in GM component plants, service parts warehouses, and subsystems operations. UAW leaders will now seek approval from union members at the Detroit Three.
Apple CEO Tim Cook praised India's market as an "extraordinary" one, highlighting the company's all-time revenue record in the country. Cook emphasized the potential for growth in India's expanding middle class and expressed satisfaction with the performance of Apple's retail stores in Mumbai and Delhi. Apple's market share in India has been increasing, aided by local manufacturing, competitive pricing, and strong marketing efforts. Cook also mentioned record-breaking achievements in other countries, but declined to compare the growth momentum in India to that of China.
Manny Maceda, the Worldwide Managing Partner and CEO of Bain & Co. has said, “India has always been a great, unique opportunity.”