Q1 RESULTS

Allcargo net profit plummets 97%

Mumbai: Allcargo Logistics standalone net profit nosedived 97 per cent to Rs 3.36 crore in the June quarter of the current fiscal. The company’s net profit was Rs 198.26 crore in the corresponding period of last year, according to a regulatory filing. Income from operations for the quarter under review, however, rose 46 per cent year-on-year to Rs 526.47 crore from Rs 360.26 crore in Q1 FY24, as per the filing. Global events coupled with high demand across trade lanes during the second quarter of 2024 (calendar year) have led to improved volumes and increased freight rates, the company said. The demand is expected to continue through the peak season until the end of the year, the company said in a statement.

OYO reports net profit of `229 cr

New Delhi: IPO-bound unicorn OYO reported its first-ever net profit at Rs 229 crore during the financial year ended March, as per its latest annual report. Ritesh Agarwal, OYO founder, acknowledged on X on Wednesday that the numbers have exceeded his earlier estimate of Rs 100 crore for the 2023-24 fiscal year. “One big learning for me over the years is under-promise and over-deliver. Our audited results are published post-adoption by the board. The effort of OYOpreneurs has delivered `229 crore net profit, exceeding my earlier estimate of Rs 100 crore,” Agarwal said. In a statement, OYO informed that the first-ever net profit comes on the back of eight consecutive quarters of positive Adjusted EBITDA.

PC Jeweller swings to profit

New Delhi: Jewellery retailer PC Jeweller Ltd on Wednesday reported a consolidated net profit of Rs 156.06 crore for the first quarter ended June 30, compared to a net loss of Rs 171.62 crore a year earlier. The company’s revenue from operations surged to Rs 401.15 crore during the April-June quarter of this fiscal from Rs 67.68 crore in the same quarter of the previous year, according to a regulatory filing.

PC Jeweller said it was “confident” of an early settlement of ongoing legal issues, which would allow management to focus on restoring business that had “suffered badly” in the last three years.

Ola Electric losses widen

Mumbai: Ola Electric Mobility on Wednesday reported widening of its consolidated losses to Rs 347 crore in the April-June quarter from a year ago. The company reported losses of Rs 267 crore in the April-June period of 2023, according to a regulatory filing.

Black Box profit up 55% to Rs 37 cr

New Delhi: IT company Black Box on Wednesday reported 54.9 per cent rise in consolidated net profit at Rs 37.09 crore for June quarter FY25. It had posted a net profit of Rs 23.94 crore for the year-ago period, according to a regulatory filing. Revenue from operations came in at Rs 1,423.3 crore, down from Rs 1,571.4 crore in Q1 FY24.