Samvardhana Motherson Q4 profit up 19 pc at Rs 1,050 cr
New Delhi, May 29 (PTI) Auto components maker Samvardhana Motherson International on Thursday said its consolidated profit after tax increased 19 per cent to Rs 1,050 crore in the fourth quarter ended March 31, 2025 driven by robust sales.
The company reported a profit after tax (PAT) of Rs 879 crore for the January-March period of 2023-24 fiscal.
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Time of India
31 minutes ago
- Time of India
Bengaluru's first Apple Store likely to open soon: Annual rent and more that lease agreement reveals
Apple has reportedly secured a retail lease for 7,997.8 square feet within North Bengaluru's upscale Phoenix Mall of Asia. The new Bengaluru location is anticipated to become Apple's third retail outlet in India, following its flagship stores in Mumbai and Delhi. This comes soon after Apple CEO Tim Cook announced that the iPhone maker will expand its retail footprint in the country. As per an agreement, revealed by leading real estate platform Propstack, the lease is for a 10-year term with an annual rent of Rs 2.09 crore. It also claims that the lease officially commenced on November 8, 2024, with rent payments set to begin on August 8, 2025. The landlord for the property is Sparkle One Mall Developers Private Limited. Bengaluru's 1st Apple store of 8,000 sft in Phoenix Mall of Asia Apple India has leased a retail space of 8,000 sft in north Bengaluru's upscale Phoenix Mall of Asia for 10 years at an annual rent of Rs 2.1 cr. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo The lease also includes a revenue-sharing component of 2% revenue for the first 36 months and 2.5% thereafter. However, revenue share payments are capped at twice the value of the applicable yearly minimum guaranteed rent, the document showed. The lease commenced on November 8, 2024, and the rent will be charged from August 8, 2025, onwards. The lease has a 15% escalation in both rent and security deposit every three years. What else do we know about Apple's retail expansion plan in India This new store is expected to further strengthen Apple's retail presence in India, particularly as manufacturing partner Foxconn is reportedly preparing a new facility in Bengaluru. Earlier documents indicate that Agni Commex LLP (the landlord) initially leased the space for Rs 48.19 lakh per month, with Apple India paying a deposit of Rs 4.33 crore. The deal includes two lock-in periods, until December 31, 2027, and December 31, 2028, respectively. In 2023, Apple had previously leased over 20,000 square feet of retail space across three floors in a Mumbai mall at a minimum guaranteed rent of approximately Rs 42 lakh per month. Additionally, the company secured 1.16 lakh square feet of commercial space on Bengaluru's Cubbon Road for Rs 2.43 crore per month for 10 years, according to media reports. Apple is set to open four more Apple Stores across the country, in addition to Apple BKC in Mumbai and Apple Saket. The new stores will be in Delhi NCR, Mumbai, Pune and Bengaluru, in India. The company has reportedly started hiring for these retail stores. 4 new Apple stores confirmed for Delhi, Mumbai, Pune and Bengaluru!
Time of India
36 minutes ago
- Time of India
Bombay HC holds Hemang Shah arrest illegal for flouting procedure, orders immediate release
The Bombay High Court declared Hemang Shah's arrest by the Economic Offences Wing illegal due to the failure to produce him before a magistrate within 24 hours. MUMBAI: The Bombay High Court vacation bench on Friday declared the arrest of Anchor Group director Hemang Shah , 50, by Mumbai Police's Economic Offences Wing (EOW) as illegal, citing failure by police to produce him before a magistrate in 24 hours. The court ordered his immediate release from Arthur Road Jail. The vacation bench, comprising Justices Gauri Godse and Somasekhar Sundaresan, noted that chat messages between the wives of the two brothers supported Hemang Shah's claim that his arrest and continued custody were intended to recover the settlement amount in mediation between family members. The arrest was based on allegations of defrauding his elder brother, Mehul Shah, of Rs 67 crore. Hemang Shah petitioned the High Court, arguing that his arrest was illegal since he was not produced before a magistrate within 24 hours as required by law. He was detained at Delhi airport at 5.30 pm on May 17 and produced in court only at 10.45 pm on May 18. The High Court agreed, stating that his arrest "without producing him before the nearest magistrate within 24 hours is completely illegal" and infringes on fundamental rights under Article 22(2), which mandates such production. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The First Information Report (FIR) by the elder brother was lodged with Malabar Police Station in South Mumbai at 2.14 am, and a Look Out Circular (LOC) was issued at the police station's request. The dispute, being resolved before a mediator, is between Hemang on one side and his brother and their father on the other. The FIR was filed during mediation, and Hemang, scheduled to fly to Muscat from Delhi on May 17, was apprehended at the airport due to the LOC. Police stated they arrested him on May 18 after the immigration department handed him over at 4.30 am, and then he was brought to Mumbai. Senior counsel for the elder brother—the complainant—argued that the immigration officers cannot be considered police officers, and hence his custody after being "accosted" at the airport was not an "arrest" by police officers. The prosecution and complainant's counsel argued that only on arrest by officers authorised to do so would the legal obligations ensue. The EOW's arrest memo states he was arrested on May 18 at 7.30 pm. The High Court bench said, "In our view, the act of the Immigration Officers to accost the petitioner or detain him on 17th May 2025 at 1730 hours is the act of arrest, and therefore the period of 24 hours as contemplated under Section 58 of BNS and Article 22(2) of the Constitution of India shall begin on 17th May 2025 at 1730 hours." Additionally, the High Court order stated, "Though the petitioner is shown to have been arrested in the arrest memo on 18th May 2025 at 19.30 hours, the material on record does not support the date and time as mentioned in the arrest memo." The bench also refrained from "expressing any comments on the unholy haste shown by the police officers as well as EOW officers in registering the FIR post-midnight at 2.14 hours on 14th May 2025 and also issuing the request for LOC (Look Out Circular) on the same day," stating that the case did not merit such haste. "Considering the nature of the dispute and the allegations made against the petitioner, we did not find any such tearing hurry to initiate action to take the petitioner into custody with such zeal and enthusiasm," said the detailed order made available on Saturday. The High Court also accepted the prosecutor's statement that the police would preserve CCTV footage of the EOW Unit 5 office at DN Road and the May 18, 22, 25 entry register for two weeks to enable Hemang Shah to take legal steps. However, the High Court clarified that its observations were only to decide his plea regarding his illegal arrest and would not influence the trial or merits of the case.
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Business Standard
39 minutes ago
- Business Standard
Aristo Bio-Tech FY25 PAT Rises to Rs 4.06 Cr, Revenue Jumps 30 Percent to Rs 318.09 Cr
PNN New Delhi [India], May 31: Gujarat-based Aristo Bio-Tech and Lifescience Ltd, a fast-growing company in the agrochemical and biotechnology space, has reported a stellar financial performance for the fourth quarter and full financial year ended March 31, 2025 (FY25). The company posted a strong turnaround in profitability, with significant growth in revenue. Due to expansion and increased capital expenditure, depreciation has risen by Rs. 1 crore compared to last year, resulting in a lower visible profit. For the financial year that ended on March 31, 2025, the company recorded revenue of Rs. 318.09 crore, marking a 30% increase from Rs. 245.15 crore in FY24. Net profit rose to Rs. 4.06 crore, slightly higher than Rs. 3.89 crore in FY24, despite a significant increase in operating scale and investment in expansion. Earnings per share for FY25 stands at Rs. 5.97, a Y-o-Y increase of 4.3% compared to earnings per share of Rs. 5.72 in FY24. The company operates in a promising industry focused on producing and distributing pesticides and fertilizers, helping improve crop yield and quality, offering strong opportunities for the company's sustained growth. Narendra Singh Barhat, Chairman & Managing Director, Aristo Bio-tech and Lifescience said, "FY25 has been a significant year for Aristo. Despite a challenging macroeconomic environment, we delivered strong growth, driven by our operational excellence and strategic investments. Due to expansion and increased capital expenditure, depreciation has risen by Rs. 1 crore compared to last year, resulting in a lower visible profit. We remain committed to delivering value to our shareholders while continuing to expand our market reach and innovation in agri-biotech solutions." Highlights: * Vadodara-based agrochemical company has reported Net Profit of Rs 4.06 crores for FY25 * For FY25, revenue from operations was reported at Rs 318.09 crore, a 30% Y-o-Y growth * Company's distribution network extends over 20 states in India while export network spans over 15 countries * Engaged in the field of producing and distributing pesticides and fertilizers, company has strong growth prospects During the first half of FY25 (April-September 2024), the company recorded a net profit of Rs. 4.55 crore and revenue from operations of Rs. 214.15 crore, reflecting strong growth momentum. However, the second half (October 2024- March 2025) saw a marginal loss of Rs. 49 lakh on revenue of Rs. 104.17 crore, impacted by seasonality and increased input costs. Aristo Bio-Tech and Lifescience product distribution network extendes over 20 states of India. The company also exports to over 15 countries, including Armenia, Australia, Bangladesh, Belgium, Cambodia, Germany, Italy, Kenya, Moldova, New Zealand, Poland, South Africa, UAE, Ukraine, and Vietnam. Company's products include herbicides/weedicides, fungicides, plant growth regulator and insecticides About Aristo Bio-Tech and Lifescience Limited: Incorporated in 2005, Aristo Bio-Tech and Lifescience Limited is an agrochemical company, mainly engaged in the manufacturing, formulation, supplying, packaging, and job work services of various Pesticides. The company delivers products in India as well as engage in exporting products like Insecticides, Herbicides, Fungicides, Plant Growth Regulators, and a wide variety of other Agrochemicals. The company is ISO 9001: 2015 certified for their Quality Management System. Alongside undertaking manufacturing operations, the company also provide Contract manufacturing, Job work and Toll manufacturing services for Crop Protection companies.
