Ixigo reports strong growth with 73% surge in revenue, net profit rises to Rs 19 crore
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India.com
24 minutes ago
- India.com
Big relief to Anil Ambani in Rs 920000000 case, NCLAT stays insolvency proceedings against…, after full payment to…
Anil Ambani (File) Reliance Infrastructure Ltd announced on Friday that the appellate tribunal NCLAT has halted insolvency proceedings against the company after it repaid Rs 92.68 crore related to tariff obligations under an energy purchase agreement. What Was NCLT's Order Against Reliance Infra? Reliance Infrastructure in its latest regulatory filing said that the National Company Law Appellate Tribunal (NCLAT) has stayed an NCLT order over an appeal filed by it. The Mumbai bench of the National Company Law Tribunal (NCLT) on May 30 this year directed initiation of the corporate insolvency resolution process and appointment of an interim resolution professional against Reliance Infrastructure. The NCLT order came after IDBI Trusteeship in April 2022 had filed a petition alleging a default of Rs 88.68 crore plus interest as of August 28, 2018. In a regulatory filing on June 2 this year, Reliance Infrastructure said the NCLT order has become infructuous 'upon full payment having already been made'. On June 4, NCLAT had suspended the NCLT order while hearing the company's appeal which said it has made the full payment of Rs 92.68 crore to Dhursar Solar Power Pvt Ltd (DSPPL). 'The company has made full payment of Rs 92.68 crore to Dhursar Solar Power Private Limited, towards claim of tariff as per the Energy Purchase Agreement with the company,' Reliance Infra had said in its June 2 statement. What Were Allegations Against Reliance Infra? IDBI Trusteeship in its petition had alleged payment defaults on 10 invoices raised between 2017 and 2018 by DSPPL for supplying solar energy to Reliance Infrastructure. The payments were sought by IDBI Trusteeship, the security trustee of DSPPL. (With Inputs From PTI)
Business Standard
24 minutes ago
- Business Standard
Trishakti Industries Limited Announces Capital Raising Initiative via Preferential Equity & Convertible Warrants
VMPL Kolkata (West Bengal) [India], July 18: Trishakti Industries Limited, India's leading crane rental and heavy lifting solutions provider, has successfully concluded a capital raising initiative, marking a pivotal moment in its ongoing growth trajectory and ambitious capex plans. Key Highlights: Preferential Allotment of Equity Shares and Warrants Strategic Capital Raise & Allotments: The Board of Directors has approved a preferential issue comprising: * 1,46,000 fully paid-up equity shares at an issue price of ₹158.10 per share. * 16,18,000 convertible warrants at ₹158.10 per warrant, each warrant convertible into one equity share within 18 months of allotment. * The aggregate fundraise will total up to ₹27.89 crore, combining fresh capital infusion and conversion of unsecured loans. * 10 lakh shares allotted to the promoter group, signifying their continued commitment and vote of confidence in Trishakti's long-term vision. * 6.18 lakh warrants allotted to public (non-promoter) investors, significantly broadening the shareholder base and market participation. Enhanced Shareholding Profile After the preferential issue, the total number of shares increased from 1,63,30,550 to 1,80,94,550. The Promoter and Promoter Group's shareholding rose from 1,12,85,591 to 1,22,85,591 shares, though their stake slightly decreased from 69.11% to 67.90%. Public shareholding increased from 50,44,959 to 58,08,959 shares, with their stake rising from 30.89% to 32.10%. Capex Plan: India's Infrastructure Backbone: * Trishakti is executing a robust ₹400 crore capex plan for FY25-FY27, strengthening its modern fleet of hydraulic, crawler, and truck-mounted cranes to support India's most demanding infrastructure projects. * Over Rs.50 crore has already been invested as of FY25, enabling Trishakti to achieve full fleet utilization and win prestigious contracts--including a landmark equipment supply order from Reliance Industries for a marquee renewable energy project. * Funds from this round will directly advance fleet expansion, technology upgrades, working capital, and project execution capabilities. High-Profile Investor Participation: The current capital raise attracted significant new backing from: * Gautam Badalia, CEO of Route Mobile, who joins as a shareholder, bringing deep strategic insight. * The company's first major Domestic Institutional Investor (DII), marking the entry of institutional capital and enhancing market credibility. Sector Outlook: Robust Growth in India's Infrastructure Ecosystem: * India's infrastructure sector is experiencing unprecedented momentum, backed by record government allocations of over ₹11 lakh crore for FY2025-26 alongside strong growth in private capex. * Large-scale expansion in transportation, energy, and urban development is fueling high demand for crane rentals and heavy lifting solutions. * The surge in mega projects and modernization initiatives is reshaping the national landscape, providing significant growth opportunities for companies like Trishakti Industries to scale and innovate their fleet-driven offerings. Management Commentary Mr. Dhruv Jhanwar, Chief Executive Officer, stated: "This capital raise represents a strategic milestone in Trishakti's journey. With a robust pipeline of orders and rising demand from blue-chip clients, we are scaling rapidly to meet the evolving needs of India's infrastructure sector. Importantly, this fundraise includes significant infusion from the promoter group--demonstrating our conviction--and participation from marquee industry and institutional investors. We are confident these resources will accelerate our fleet expansion, drive operational excellence, and strengthen our balance sheet for sustained, long-term growth." About Trishakti Industries Limited Trishakti Industries Limited, established in 1985, is one of India's premier infrastructure solutions providers, specializing in the hiring of heavy earth-moving equipment. With its diverse fleet of advanced machinery, the company supports large-scale projects across key sectors such as steel, cement, railways, construction, and more. Over nearly four decades, Trishakti Industries has built a robust reputation through successful partnerships with leading organizations, including Tata Steel, Larsen & Toubro, RVNL, ONGC, ITD Cementation, Jindal Group, Adani Group, KEC International, NCC Limited, and many others. By delivering reliable, timely, and efficient equipment solutions, the company has played a pivotal role in powering India's infrastructure development. Trishakti Industries is committed to operational excellence, safety, and client satisfaction, positioning itself as a trusted partner for some of the nation's most complex and high-profile projects. Continual investment in technology and innovation ensures that its clients benefit from access to cutting-edge and efficient machinery, making Trishakti Industries a leader in the field. Disclaimer This document contains forward-looking statements, which are not historical facts and are subject to risks and uncertainties such as government actions, local developments, and technological risks. The Company is not responsible for any actions taken based on these statements and does not commit to publicly updating them to reflect future events or circumstances.
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Business Standard
24 minutes ago
- Business Standard
Reliance Retail Q1FY26 results: Net profit soars 33.2% to ₹3,267 crore
Reliance Retail Ventures Limited (RRVL) on Friday reported a 33.2% year-on-year rise in its net profit, reaching Rs 3,267 crore for the first quarter of the financial year 2025-26 (FY26). Executive director Isha Ambani said, 'Reliance Retail delivered resilient performance during this quarter, driven by our relentless focus on operational excellence, geographical expansion, and a sharper product portfolio. Our continued investments in cutting-edge technologies and differentiated product offerings have enabled us to serve our customers better and scale with agility." Reliance Retail's EBITDA (earnings before interest, taxes, depreciation, and amortisation) from operations increased 10.9% to Rs 6,044 crore. The firm's revenue from operations stood at Rs 73,720 crore, up 11.3% year-on-year, while its gross revenue also rose by 11.3% to Rs 84,171 crore. Sequentially, revenue from operations decreased by 6.2%, and net profit dropped by 7.2%. Mukesh Ambani, chairman and managing director of Reliance Industries, said in a statement, 'Retail's business performance registered customer base expansion to 358 million, along with significant improvement across operating metrics.' He added, 'We are focusing on strengthening the portfolio of our own FMCG brands, which resonate with the tastes of Indian consumers. Our Retail business continues to enhance its ability to fulfil everyday as well as specialised needs of all customer cohorts, through a multi-channel approach.' During the quarter, the company opened 388 new stores, taking its total store count to 19,592 with a total area of 77.6 million square feet. For the quarter ended June, its finance cost was up 7.6% year-on-year, totalling Rs 592 crore. The company's registered customer base grew to 358 million, making Reliance Retail one of the most preferred retailers in the country, according to its release. The company also highlighted that JioMart continued to expand quick hyper-local deliveries, registering a 68% quarter-on-quarter growth and 175% year-on-year growth in daily orders. Reliance Retail's consumer electronics business achieved steady growth, driven by a 26% increase in average bill value and a 200 basis point increase in conversions year-on-year. However, air conditioner sales were impacted due to the early onset of the monsoon, the company said. Its fashion and lifestyle business experienced growth in revenue and EBITDA, driven by new store formats and strong performance of its own brands. 'Growth has picked up with multiple initiatives undertaken in the last four quarters, including Reliance Trends launching in-trend designs and improving store experiences. Emerging formats of GAP, Azorte, and Yousta registered a 59% year-on-year growth, now operating in over 170 stores,' RRVL said in its release. It added that Shein continues to receive strong traction, crossing 2 million app downloads and over 20,000 live options. The grocery business also continued to grow at scale, consolidating its market leadership position, the company stated. It saw broad-based growth across categories, with home and personal care (HPC) growing at 15% year-on-year, fruits and vegetables growing at 15%, and packaged foods growing at 13%. 'The Metro format has seen strong growth momentum during the quarter, with key categories like home and personal care growing 25% year-on-year. Hot beverages and dry fruits & nuts each grew by 20% year-on-year. The business launched its 'Elite' loyalty program across customer cohorts during the quarter,' it said. Its quick hyper-local commerce saw a strong pick-up in daily orders, with 68% quarter-on-quarter growth and 175% year-on-year growth. Additionally, operations were scaled to 4,290 pin codes, serviced by over 2,200 stores in more than 1,000 cities.
