The IT company reported a 49 percent year-on-year (YoY) jump in net profit at Rs 473.1 crore for the fourth quarter ended March 31, 2022. In the corresponding quarter last year, the company posted a net profit of Rs Rs 317 crore. Its EBITDA margin of 20.9 percent and PAT margin of 15.7 percent have been their highest in a decade. Mindtree’s consolidated revenue from operations grew by 37.4 percent to Rs 2,897.4 crore in during January-March 2022 from Rs 2,109.3 crore in the corresponding quarter of 2020-21.
The company has appointed Satya Easwaran as Country Head.
Rail Vikas Nigam
The company has entered into an agreement with Mahanadi Coalfields, a subsidiary of Coal India. MCL has given a project management consultancy contract for rail infrastructure works to Rail Vikas from concept to commissioning.
Ujjivan Financial Services
The company’s board of directors has appointed Radhakrishnan Ravi, as Chief Executive Officer and Chief Financial Officer of the company.
Asahi Songwon Colors
The company acquired a 78 percent stake in Atlas Life Sciences, a manufacturer of bulk pharmaceutical ingredients (APIs). The acquisition, which has taken place in a cash deal for Rs 48 crore, includes a fully operational WHO GMP certified manufacturing facility in Odhav, Ahmedabad, an R&D facility, a corporate office, and a land parcel in Chhatral. Asahi Songwon will acquire an additional 11 percent stake in Atlas each year for the next two years based on performance metrics, taking the total equity stake to 100 percent by the end of FY25.
The company has achieved financial closure by signing a loan agreement of Rs 494 crore with Himachal Pradesh State Co-Operative Bank for the development of 66 MW Dhaulasidh HEP, in Himachal Pradesh. The total project cost of Rs 688 crore has to be financed through a debt equity ratio of 80:20
Eveready Industries India
Puran Associates Pvt Ltd & Others acquired 76,534 equity shares in the company through open market transactions on April 18. With this, their stake in the company stands increased to 20.07 percent, up from 19.96 percent earlier.
The auto component maker is likely to sell its global lighting business Varroc Lighting System at an enterprise value of up to Rs 600 million to a leading European component maker to pare its debt, a report said.
The company has appointed Rodolfo Hrosz as Managing Director of the company with effect from June 1, 2022.
INEOS Styrolution India
Promoter INEOS Styrolution APAC Pte Ltd has proposed to sell 25,32,330 equity shares (14.4 percent stake) of the company through an offer for sale issue. It has also kept an option open, to additionally sell 16,88,220 equity shares (9.6 percent stake) through OFS. The OFS will open for two days – April 19 and 20.