Minda Corporation reports record revenue and profit growth
Minda Corporation Limited, the flagship entity of Spark Minda, reported its highest ever quarterly consolidated revenue of Rs 1,290 crore in the second quarter of FY25, up 8% year-on-year. The surge in revenue was accompanied by an operating profit margin of 11.4%, a year-on-year increase of 38 basis points. The company's profit after tax (PAT) rose to Rs 74 crore, up 26.5% year-on-year, taking the PAT margin to 5.8%. The increase in financial results was attributed to Minda Corporation's broad product portfolio and expanding customer base, as well as strategic efforts to premiumize its products. mind Half-year results and key financial indicators In the first half of fiscal year 2025, Minda Corporation achieved consolidated revenue of 2,482 billion rupees, an increase of 9.3% over the previous year. EBITDA for the half year was Rs 2.78 billion, with profit margins remaining at 11.2%. Profit after tax reached 1.39 billion rupees, a year-on-year increase of 33.2%, with a profit margin of 5.6%.…
Audi Group third-quarter profit plunges 91%
Audi Group reports another disappointing quarter but has reasons to be optimistic about the future The Audi Group endured a dismal third quarter and a difficult start to the year. The carmaker blamed the disastrous results on restructuring costs at its Brussels plant. Sales of both Audi and Bentley fell in the first nine months of this year. Volkswagen's struggles are well known, but the Audi Group also faces a challenging market, a highly competitive environment and limited parts supplies. These and other problems have wreaked havoc, with sales of Audi, Bentley and Lamborghini cars falling 10.9% in the first nine months of the year. The Audi brand was particularly hard hit, with U.S. sales falling 16.8% to 139,665 vehicles. The situation was also bad in Europe and China, where sales fell by 9.8% and 8.5% respectively. MORE: VW profits fall 42% as 'industry-wide buyer reluctance' to buy electric cars Among other companies in the group, Bentley's sales fell 26.6%…
Panama Canal net profit $3.45 billion
The Panama Canal posted a 9.5% profit increase in the fiscal year to September 2024, generating revenue of $3.45 billion, despite a severe drought that restricted ship traffic in the vital waterway. Also read: Panama Canal transit resumes, full normalization still to be resolved Weather challenges and shipping restrictions Bad weather has forced the canal authority to reduce the number of daily ship transits and impose draft restrictions through late 2023 and early 2024. The restrictions caused severe delays and forced some ships to reroute other routes, although they were lifted later this year. Strategic cuts of 5% in operating costs have helped offset the financial impact of the drought, allowing the canal to maintain profitability. Revenue also rose slightly by $18 million to $4.99 billion, Canal Vice President of Finance Victor Vial said. Focus on sustainability and resilience “Our financial strategy is complemented by environmental initiatives that ensure operational resilience,” canal chief Ricaurte Vásquez said in a statement. While…
Hapag-Lloyd and Maersk raise profit forecasts on Red Sea
Hapag-Lloyd followed future alliance partner Maersk in raising its profit outlook for 2024, citing higher-than-expected demand and rising freight rates despite operational challenges. Also read: Maersk predicts Red Sea conflict to lead to prolonged trade disruptions in 2024 The German shipping giant announced preliminary results for the first nine months of 2024, with group EBITDA of approximately $3.6 billion (€3.3 billion) and group EBIT of approximately $1.9 billion (€1.8 billion). "Given that the current business is characterized by stronger-than-expected demand and higher freight rates, we are revising our earnings outlook upwards for 2024, despite higher costs from vessels around the Cape," the company said in its 2024 report. statement. Upgrade financial guidance Hapag-Lloyd now forecasts that its full-year group EBITDA will be between US$4.6 billion and US$5 billion, up from its previous estimate of US$3.5 billion to US$4.6 billion. Group earnings before interest and tax are expected to increase to US$2.4 billion to US$2.8 billion, compared with the previous forecast…
Maruti Suzuki’s net profit rises 47% to Rs 3,649.9 crore
In the April-June quarter of fiscal 2024-25, Maruti Suzuki reported a net profit of Rs 3,649.90 crore, up 46.9% from Rs 2,485.1 crore in the same period of the previous year. The major factors for the growth were cost-cutting, low commodity costs and favourable foreign exchange rates. Notably, the company's net sales for the quarter stood at Rs 33,875 crore, a significant increase compared to the first quarter of fiscal 2023-2024. The automaker sold 4,51,308 vehicles in the country, up 3.8% from the same period of the previous fiscal. During April-June, the company supplied 5,21,868 vehicles, up 5% over the same period last fiscal. Export sales were 70,560 units, up 11.6%. Let's take a look at some of the latest developments of the company. Also read: Maruti Suzuki Ertiga gets one-star safety rating in Global NCAP crash test: Watch Video Maruti Suzuki Grand Vitara sales in India surpass 200,000 units Maruti Suzuki recently reported that its Grand Vitara SUV sold…
Maruti Suzuki’s net profit rises 47% to Rs 3,649.9 crore
In the April-June quarter of fiscal 2024-25, Maruti Suzuki reported a net profit of Rs 3,649.90 crore, up 46.9% from Rs 2,485.1 crore in the same period of the previous year. The major factors for the growth were cost-cutting, low commodity costs and favourable foreign exchange rates. Notably, the company's net sales for the quarter stood at Rs 33,875 crore, a significant increase compared to the first quarter of fiscal 2023-2024. The automaker sold 4,51,308 vehicles in the country, up 3.8% from the same period of the previous fiscal. During April-June, the company supplied 5,21,868 vehicles, up 5% over the same period last fiscal. Export sales were 70,560 units, up 11.6%. Let's take a look at some of the latest developments of the company. Also read: Maruti Suzuki Ertiga gets one-star safety rating in Global NCAP crash test: Watch Video Maruti Suzuki Grand Vitara sales in India surpass 200,000 units Maruti Suzuki recently reported that its Grand Vitara SUV sold…
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