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GAIL Q1 net profit jumps 91% to ₹2,915 cr on marketing margins
BEL to issue 2:1 Bonus shares.
Zomato shares zoom
BHEL reduces its net Loss in Q1
State-owned GAIL (India) Ltd today declared its financial results for the June quarter .
GAIL Q1 results: The company’s revenue from operations rose 116% year-on-year to ₹37,572 crore in the quarter under review as against ₹17,387 crore for the same quarter last fiscal.
State gas utility GAIL (India) Ltd on Thursday reported a 90.5% jump in its June quarter net profit at ₹2,915 crore. The rise in year-on-year profit was on the back of bumper earnings from natural gas marketing.The company had posted a net profit of ₹1.530 crore for the year-ago period. Sequentially, the profit was lower than ₹1,529.92 crore net earnings in the March quarter.
The company’s revenue from operations rose 116% year-on-year to ₹37,572 crore in the quarter under review as against ₹17,387 crore for the same quarter last fiscal. The margin on gas marketing made up for a 12.5% decline in earnings from the gas transportation business and a 74% drop in petrochemicals earnings. Turnover more than doubled to ₹38,033.30 crore in April-June quarter, from ₹17,702.43 crore a year back, the statement showed.
GAIL said the earnings per share have been adjusted on account of a buyback of 1.28% shares by the company. Last month, the board of directors of the firm had recommended the issue of one bonus share for two existing equity shares.
Zomato shares pick up
Zomato shares, which are up 25% in last five sessions, has been in an upward trend after reporting its Q1 FY23 results.
Shares of Zomato surged over 5% to ₹58 apiece on the BSE in Thursday’s trading session, a day after Uber Technologies Inc. sold its minority stake in the Indian food-delivery platform for about $390 million in a block trade on Wednesday. The stock, which is up 25% in last five sessions, has been in an upward trend after reporting its Q1 FY23 results.
BHEL -Loss reduced in Q1
Government-owned engineering and manufacturing firm, BHEL registered a net loss of ₹191.85 crore for the quarter ending June 30, 2022 (Q1FY23). The loss narrowed from ₹445.440 crore in June last year quarter. Meanwhile, revenue from operations stood at ₹4,672 crore in Q1FY23 rising by a whopping 61.03% from ₹2,901.32 crore in the same quarter last year.
BEL -Bonus shares
Government-owned Bharat Electronics (BEL) on Wednesday declared a bonus issue of equity shares in the ratio of 2:1. Simply put, an investor will receive two bonus equity shares for every one equity share held in the company. In a meeting held on Thursday, the company’s board of directors decided issuance of bonus shares to the shareholders by capitalizing nearly ₹487.32 crore. BEL witnessed upbeat sentiment with shares nearing a 52-week high. BEL shares have climbed nearly 4% in one day.
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