Q1 RESULTS

Wipro’s CTO Subha Tatavarti steps down

New Delhi: In another high-level exit at IT major Wipro, its Chief Technology Officer Subha Tatavarti has resigned to pursue opportunities outside the company.

Tatavarti joined Wipro in April 2021 as the technology head under the then-CEO and MD Thierry Delaporte. During her three-year stint, she led Wipro’s GenAI initiatives and introduced Wipro ai360. “Subha Tatavarti, Chief Technology Officer, resigned from the services of the Company to pursue opportunities outside Wipro,” a regulatory filing said on Monday. Before joining Wipro, she led different roles at Walmart and PayPal, among others.

NMDC net profit grows 18%

Hyderabad: State-owned NMDC has reported 18 per cent growth in its consolidated net profit at Rs 1,963.35 crore during the June quarter, on account of reduced expenses. It had posted a net profit of Rs 1,661.04 crore in the April-June period of the preceding financial year, the company said in an exchange filing on Monday. The company increased its total income to Rs 5,779.07 crore from Rs 5,688.87 crore in the same quarter a year ago. NMDC also brought down its expenses to Rs 3,171.12 crore from Rs 3,476.55 crore in the first quarter last fiscal.

Tilaknagar profit up 55.7%

New Delhi: Indian-Made Foreign Liquor (IMFL) manufacturer Tilaknagar Industries Ltd has reported an increase of 55.71 per cent in its consolidated net profit to Rs 40.08 crore for the April-June quarter of 2024. The company had reported a net profit of Rs 25.74 crore in the April-June period a year ago, Tilaknagar Industries Ltd (TIL) said in a regulatory filing. Its revenue from operations was up 3.88 per cent to Rs 664.86 crore in the June quarter. It was at Rs 639.97 crore in the year-ago period. Tilaknagar Industries’ total expenses increased 1.8 per cent in the June quarter to Rs 626.51 crore.

Rathi Steel net profit grows

New Delhi: Rathi Steel and Power Ltd has reported 50 per cent growth in its standalone net profit at Rs 2.7 crore during the June quarter on account of reduced expenses. It had posted a net profit of Rs 1.8 crore in the April-June period of the preceding financial year, the company said in an exchange filing on Monday. The company’s revenues from operations fell to Rs 127.72 crore from Rs 146.55 crore. It also brought down its expenses to Rs 125.13 crore from Rs 147.15 crore in the first quarter of last fiscal.

Fairexpay unveils digital platform remittance

New Delhi: Fintech startupFairexpay has launched the country’s first fully digital solution for cross-border remittances under the LRS, approved by the RBI through the Cohort Sandbox in July 2022.

Fairexpay’s new platform will be a game changer for students and their families, offering savings of 3-5 per cent on forex costs compared to traditional banks, all from the comfort of their home, the company said in a statement on Tuesday. While traditional banks take T+2 days and require multiple document exchanges before processing remittances, Fairexpay simplifies the process, offering a flat 1 per cent margin on most currencies.