Latest news with #Bengaluru-headquartered
Time of India
6 hours ago
- Business
- Time of India
Most listed new-age startups improve Q4 profitability; Swiggy, Ola lag behind
Out of the 17 new-age companies listed on Indian stock exchanges, 11 reported an improvement in profitability for the January-March quarter, either by expanded profits or narrower losses, in a sign of better operational performance. This group includes Nykaa , Delhivery , BlackBuck, Paytm, Policybazaar, Go Digit , Ather Energy and Ixigo . However, six others saw a deterioration in their bottom lines. These include food and grocery delivery firms Swiggy and Eternal , which ramped up cash burn amid intensifying competition in the fast-growing quick commerce sector. Losses also widened for FirstCry , Mobikwik and Ola Electric. For Ola Electric, the fourth-quarter loss more than doubled to Rs 870 crore even as its operating revenue plummeted 62%. Among the lot of these 17 companies, beauty and fashion retailer Nykaa and Policybazaar parent PB Fintech were the top performers, having posted 24% and 38% year-on-year growth in revenue for the fourth quarter, while also more than doubling their profits. ETtech Brokerages underscored the improvement in margins for these two companies, which went public in 2021, suggesting the momentum could continue. For PB Fintech, Citi Research highlighted a one-percentage-point expansion in contribution margins for the March quarter — which came after three quarters of contraction — in addition to reduced expenses on employee stock option plans as key drivers behind its strong profitability momentum. Live Events On Nykaa , brokerage firm JM Financial said strong working capital enhancement ensured that the company had its first year of positive cashflow since Covid, after adjusting for lease liabilities and capital expenditure. 'We believe core BPC (beauty and personal care) will benefit from repeat purchases from customers acquired this year, resulting in sharper margin improvement in the coming years. Nykaa's ability to deliver robust growth in a tepid demand environment along with margin enhancement demonstrates its differentiated market positioning,' the firm said. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Beauty retailer Honasa Consumer , the parent of Mamaearth, meanwhile saw its profits falling 15% during the quarter on back of the company's offline restructuring exercise. The company's management indicated that it is now expected to see the positive impact of the rejig. ETtech Quick burn The fourth quarter saw increased cash burn for Gurgaon-based Zomato parent Eternal and Bengaluru-headquartered Swiggy in their quick commerce units, Blinkit and Instamart , respectively. This impacted their consolidated earnings, particularly at a time when their largest segment of food delivery is undergoing a slowdown. Going ahead, senior executives of the two companies laid out differing views on how they see profitability. Eternal said Blinkit will aggressively chase market share even if it comes at the cost of near-term profitability. On the other hand, Swiggy group CEO Sriharsha Majety said the operating losses for Instamart peaked by the end of the January-March quarter, and the company expects to 'progressively unwind losses' from here on. Eternal reported a 78% fall in its net profit to Rs 39 crore in the past quarter, while Swiggy's net loss nearly doubled to Rs 1,081 crore. A research note from HSBC Securities said Blinkit lost Rs 2 for every Rs 100 of gross order value (GOV), while Swiggy lost Rs 18. 'Cash burn for Swiggy was even higher than profit losses. In terms of competitive intensity, while the next few months are tactically favourable for Blinkit and Swiggy Instamart, competition may get intense again in the second half of this year and next year (2026),' it said. EV mixed bag For Ola Electric, the March quarter saw not only expanding losses but also a significant fall in revenue as the company went from being the leader in electric two wheeler segment to now falling behind legacy players such as TVS Motor and Bajaj Auto in terms of market share. Analysts at Kotak Institutional Equities, while downgrading their call on Ola Electric's stock to 'sell', said its future 'hinges on scaling up volumes' and a 'successful motorcycle foray', and that the company 'faces executive and credibility challenges'. According to the brokerage firm, the company's performance during the past couple of quarters has been marred by weaker scooter volumes and rising warranty provisions, which have weighed on its profitability. 'Volume trends have been impacted by increased competitive intensity and several quality issues faced by customers,' the analysts added. The company's operating revenue for the March quarter came in at Rs 611 crore – lower than its rival Ather Energy, which posted Rs 676 crore in top line . To be sure, Ather Energy, which went public in May, clocked less than half the scooter volumes compared with la Electric in fiscal 2025. Even though Ola Electric's losses expanded, Ather Energy saw its loss narrowing 17% during the March quarter. Logistics on firm ground New-age logistics firm Delhivery and truck aggregator platform BlackBuck both reported profits for the fourth quarter, compared to losses in the year-ago period. For Delhivery, the profitability in the March quarter meant it posted its first full year of net profit as its core transportation business continued to show improvement in operating efficiencies. BlackBuck, which went public last year, reported a net profit of Rs 280 crore, a major chunk of which was on account of a one-time tax credit. However, even on a pre-tax basis, BlackBuck turned profitable, reporting a Rs 41 crore profit, as it tightened expenses particularly under the heads of employee benefits and interest costs.
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Business Standard
3 days ago
- Business
- Business Standard
Puravankara's consolidated net loss widens to Rs 88 crore in Q4FY25
Puravankara Limited, the Bengaluru-headquartered real estate major, saw its consolidated losses widen to Rs 88 crore in the fourth quarter ended March 2025, from a loss of Rs 6.71 crore in the same quarter last financial year. Revenue from operations for the quarter declined 40.4 per cent to Rs 563.7 crore, from Rs 946.8 crore in the corresponding period of the previous year. The company's inventory — including flats, land stock, and work-in-progress — ballooned to Rs 430 crore in Q4FY25, up from Rs 45.48 crore in the same quarter last year. Land purchase cost more than doubled to Rs 191.8 crore from Rs 87.6 crore during the period. Sub-contractor costs also rose to Rs 424 crore versus Rs 397 crore, contributing to the overall income turning negative. 'FY25 saw record sustenance sales, and our western India investments are now poised to come to market. We are also actively pursuing several major redevelopment projects. With over 13.5 million square feet in the pipeline group-wide, and key approvals in place, we are optimistic about delivering long-term value to all stakeholders while reinforcing our legacy of trust and innovation,' said Ashish Puravankara, Managing Director, Puravankara Limited. In Q4FY25, pre-sales stood at Rs 1,282 crore, driven by a sales volume of 1.42 million square feet and collections of Rs 946 crore. For the full year FY25, the company achieved pre-sales of Rs 5,006 crore, with a sales volume of 5.67 million square feet and a 10 per cent year-on-year (YoY) increase in sales realisation to Rs 8,830 per square foot. Collections for the year stood at Rs 3,937 crore, reflecting 9 per cent growth over the previous year. Total revenue stood at Rs 2,093 crore, while operating cash inflows rose by 10 per cent YoY to Rs 4,342 crore. The FY25 net loss was reported at Rs 182.92 crore. In comparison, the company had posted a net profit of Rs 42 crore in FY24. For the full year, inventories increased to Rs 1,935.5 crore in FY25, more than tripling from Rs 597.3 crore in FY24. The company said it continues to invest in its Grade A commercial portfolio, with nearly 2 million square feet expected to receive occupancy certificates (OCs) in FY26, thereby enhancing annuity income visibility. Despite approval delays that impacted some project launches — including regulatory shifts such as the new e-khata policy — approvals have now begun to come through, setting the stage for a more active launch calendar in the coming quarters, the company said. Puravankara delivered approximately 3.09 million square feet in FY25 and expects OCs for key projects like Atmosphere, Oakshire, and Capella in Bengaluru, and Adora De Goa in Goa in FY26. These have a combined saleable area of 3.95 million square feet and a gross development value (GDV) of Rs 3,200 crore. The realtor highlighted that net debt stood at Rs 2,949 crore for FY25, up from Rs 2,151 crore in March 2024, largely due to a rise in capital expenditure. Residential debt declined by Rs 132 crore, reflecting strong project cashflows and operational efficiency. However, land-related debt increased by Rs 164 crore due to incremental investment in Mumbai projects during the quarter. 'We have done land investment of Rs 1,284 crore in FY25, including acquisition of landowner's share of Rs 377 crore,' the company said in its investor presentation. In FY26, the company intends to launch 9.25 million square feet, including new projects and phases in existing ones, across Bengaluru, Mumbai, and Kochi. It launched a developable area of 7.38 million square feet and opened 3.6 million square feet for sale at the time of launch in FY25. Of this, Bengaluru constituted 31 per cent, Chennai 23 per cent, Mumbai 29 per cent, and Pune 17 per cent. Puravankara announced its results post-market hours. Shares of the company closed at Rs 262.9 apiece, up 2.08 per cent on the NSE on Friday.
Time of India
3 days ago
- Business
- Time of India
Tejas Networks CEO Anand Athreya quits
NEW DELHI: Homegrown telecom gear maker Tejas Networks Friday said its managing director and chief executive officer (CEO), Anand Athreya , has resigned from the company due to personal reasons. Athreya will be relieved from the position of MD & CEO effective close of business hours on June 20, 2025, Tejas Networks said in a regulatory filing. 'It has been my privilege to work at Tejas and I want to take this opportunity to thank you and the Board of Directors for their guidance and support. I also want to thank the Executive Team at Tejas for their leadership and the entire team at Tejas, for their warmth and "can do" attitude,' Athreya said in his resignation letter to N Ganapathy Subramaniam, chairman, Tejas Networks. Consequently, the Bengaluru-headquartered vendor has entrusted Arnob Roy , currently the executive director and chief operating officer (COO) of the company, with the additional responsibility of CEO, as per the regulatory filing. The development comes at a time when Bangalore-based Tejas, a part of the Tata Consultancy Services (TCS)-driven consortium, is deploying 4G and 5G radio access network or RAN for state-run Bharat Sanchar Nigam Limited (BSNL). Industry sources told ETTelecom that a few hiccups in BSNL's 4G network deployment, including IP Multimedia Subsystem (IMS) issues, led to his exit following a performance review by the telecom department (DoT). BSNL plans to deploy 1 lakh towers as part of its commercial 4G foray. Communications minister Jyotiraditya Scindia recently said that nearly 93,450 towers have been installed for the telecom carrier's 4G network. Athreya, who has over 27 years of experience, joined the homegrown vendor in 2023 from Juniper Networks. He was the executive vice president (EVP) & chief development officer of Juniper Networks since 2017 and had served as senior vice president of the Routing Business Unit for three years prior to that. He was with Juniper Networks from 2004 until November 2022.
Time of India
4 days ago
- Business
- Time of India
Altimetrik Closes in on SLK Software Buyout
Live Events Altimetrik, the US-based digital services firm owned by PE major TPG Capital , is in advanced talks to acquire Bengaluru-headquartered SLK Software , according to people familiar with the matter. The deal is expected to peg SLK's value at $500-600 million (₹4,270-5,100 crore).Altimetrik has signed an exclusivity agreement with SLK, according to the people was first to report in February that a number of IT companies, including Mphasis, Hexaware Technologies and Altimetrik, were in the race to acquire in 2000 and promoted by the Amin family, SLK Software (formerly SLK Digital) provides AI-driven technology solutions with a focus on intelligent automation and company has delivery centres in seven countries, including India and the US, with clients in manufacturing, banking, insurance and financial is projected to report ebitda of about $40 million in FY25, said people aware of the financials. Its client roster includes Google Cloud, Microsoft, Oracle and Software CEO Ajay Kumar and Altimetrik didn't respond to last year acquired a 60% stake in Altimetrik from Indian-American tech entrepreneur Raj Vattikuti at a valuation of $1.5 billion (Rs 12,500 crore). Altimetrik employs over 6,000 professionals in 18 countries, with more than 80% of its workforce based in India. The company helps businesses implement digital transformation, according to its has offices in Pune, Chennai, Bengaluru, Hyderabad, Jaipur and Gurgaon. The company recently appointed Rajeev Jain, formerly executive vice president at LTIMindtree, as chief operating India presence includes offices in Bengaluru and Pune besides Cincinnati and Chicago in the US. It also maintains operations in France, the Netherlands, Germany, the UK and Singapore. In 2021, SLK's promoters sold a controlling stake in its BPM arm, SLK Global Solutions, to Coforge Ltd for Rs 920 primarily serves regional banks, manufacturers and energy sector clients in the US. As part of its global expansion, the company last year partnered with Greymatter Innovationz in Mexico to form GMI-SLK Mexico, strengthening its footprint in Latin digital engineering services (DES) sector is seeing heightened M&A activity driven by high-quality, globally distributed assets, rapid growth verticals, and intellectual property led business models, said a recent report by Avendus equity firms, responsible for over 50% of such deals in the past decade, are accelerating consolidation to build scalable platforms and unlock operational global tech services industry recorded 216 transactions worth $334 billion between January 2013 and September 2024, with each deal exceeding $300 million in India's software products market is projected to grow from $15 billion in FY23 to $44 billion by FY31, underscoring the expanding potential for tech investments.
Economic Times
4 days ago
- Business
- Economic Times
Altimetrik nears Rs 5,100 crore acquisition of SLK Software
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Altimetrik, the US-based digital services firm owned by PE major TPG Capital , is in advanced talks to acquire Bengaluru-headquartered SLK Software , according to people familiar with the matter. The deal is expected to peg SLK's value at $500-600 million (Rs 4,270-5,100 crore).Altimetrik has signed an exclusivity agreement with SLK, according to the people cited. ET was first to report in February that a number of IT companies, including Mphasis, Hexaware Technologies and Altimetrik, were in the race to acquire SLK. Founded in 2000 and promoted by the Amin family, SLK Software (formerly SLK Digital) provides AI-driven technology solutions with a focus on intelligent automation and company has delivery centres in seven countries, including India and the US, with clients in manufacturing, banking, insurance and financial is projected to report ebitda of about $40 million in FY25, said people aware of the financials. Its client roster includes Google Cloud, Microsoft, Oracle and Salesforce. SLK Software CEO Ajay Kumar and Altimetrik didn't respond to queries. TPG last year acquired a 60% stake in Altimetrik from Indian-American tech entrepreneur Raj Vattikuti at a valuation of $1.5 billion (Rs 12,500 crore).Altimetrik employs over 6,000 professionals in 18 countries, with more than 80% of its workforce based in India. The company helps businesses implement digital transformation, according to its website. Altimetrik has offices in Pune, Chennai, Bengaluru, Hyderabad, Jaipur and Gurgaon. The company recently appointed Rajeev Jain, formerly executive vice president at LTIMindtree , as chief operating India presence includes offices in Bengaluru and Pune besides Cincinnati and Chicago in the US. It also maintains operations in France, the Netherlands, Germany, the UK and Singapore. In 2021, SLK's promoters sold a controlling stake in its BPM arm, SLK Global Solutions, to Coforge Ltd for Rs 920 crore. SLK primarily serves regional banks, manufacturers and energy sector clients in the US. As part of its global expansion, the company last year partnered with Grey matter Innovationz in Mexico to form GMI-SLK Mexico, strengthening its footprint in Latin digital engineering services (DES) sector is seeing heightened M&A activity driven by high-quality, globally distributed assets, rapid growth verticals, and intellectual property led business models, said a recent report by Avendus Capital. Private equity firms, responsible for over 50% of such deals in the past decade, are accelerating consolidation to build scalable platforms and unlock operational value. The global tech services industry recorded 216 transactions worth $334 billion between January 2013 and September 2024, with each deal exceeding $300 million in India's software products market is projected to grow from $15 billion in FY23 to $44 billion by FY31, underscoring the expanding potential for tech investments.
