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Business Standard
3 days ago
- Business
- Business Standard
Waaree secures $176 million deal to supply 586 MW solar modules in US
Waaree Energies on Friday said it has signed a USD 176 million agreement with a US-based independent power producer to supply 586 MW solar modules. The modules will be manufactured at Waaree Solar Americas' facility in Brookshire, Texas, and are scheduled for delivery during FY 202627 across four projects, a company statement said. "This agreement reflects Waaree's unwavering commitment to building a resilient, robust, and technologically advanced clean energy supply chain in the US," said Sunil Rathi, President, Waaree Solar Americas. In January, Mumbai-headquartered Waaree Energies announced starting commercial production of solar modules at its manufacturing facility in the US. Waaree Energies is India's leading renewable energy company having an installed capacity of 15 GW for solar PV modules globally (including 1.3 GW of Indosolar and 1.6 GW in Texas, USA). The company also has 1.4 GW of cell manufacturing facility with an expansion capacity of 5.4 GW. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard
3 days ago
- Business
- Business Standard
Embed Code : SC rejects Vodafone, Airtel, Tata pleas for AGR dues waiver on interest
The Supreme Court on Monday dismissed petitions by Bharti Airtel, Vodafone Idea, and Tata Teleservices seeking waivers on interest, penalties, and interest on penalties related to adjusted gross revenue (AGR) dues. A Bench of Justices JB Pardiwala and R Mahadevan described the petitions as "misconceived" and criticised the companies for approaching the court. Red Fort and Jama Masjid received bomb threat call. According to Delhi Police, nothing suspicious was found during the check and the call was declared as hoax: Delhi Police — ANI (@ANI) April 10, 2025 'We are really shocked by these petitions which have come before us. It is not expected of a multinational company. We will dismiss it,' the Bench told senior advocate Mukul Rohatgi, who appeared for Vodafone. The court also declined to intervene in the Centre's decision to support the telecom companies. The ruling came a day after Vodafone Idea filed a plea seeking relief from AGR liabilities exceeding ₹45,000 crore, citing financial distress. Networks as a discontinuing operation, valued at Rs 7.9 crore. The Mumbai-headquartered company's revenue from operations rose marginally by 0.7 per cent year-on-year (YoY) to Rs 2,184.1 crore in Q4FY25. The modest growth was largely due to a sharp 24.56 per cent decline in advertising revenue, which fell to Rs 837.5 crore. 'Domestic advertising revenue declined by 27 per cent YoY for the quarter due to a slowdown in the macro advertising environment, postponement of the Zee Cine Awards, a busy sports calendar and a higher base in Q4FY24,' the company stated in its investor presentation. In contrast, subscription revenue rose by around 4 per cent YoY to Rs 986.5 crore during the quarter, driven by both linear TV subscriptions and growth on ZEE5, the company's digital streaming platform. ZEEL's other sales and services revenue—which includes the distribution business—tripled to Rs 360.1 crore in Q4FY25. The rise was attributed to a higher number of film releases and increased syndication revenue. In the quarter, 16 shows and movies were released, including four ZEE5 originals. However, profit before interest, depreciation and tax (PBIDT) remained flat, dipping marginally by 0.1 per cent to Rs 98.2 crore for the quarter. 'There is not much meat left in us to cut,' a company executive said during the earnings call, referencing ZEEL's cost-cutting measures, particularly in its digital business, ZEE5. The executive added that future growth would now rely on increasing revenue as the scope for further cost reductions has been exhausted. Connect with us on WhatsApp More From This Section North Korea fired missiles off west coast, says South Korea amid US drills Govt nod to over ₹7,500 crore ropeway projects for Kedarnath, weather today Narendra Modi PM Modi to launch Mission Weather Forecast to make India more weather-ready war Macron unveils $112.5 bn AI investment to boost France's tech ambitions US commerce dept expands list of Chinese firms subject to export controls Topics : KL Rahul Rahul Gandhi Ratan Tata1 Iran Israel conflict By Shruti Srivastava and Sudhi Ranjan Sen The interim deal will likely cover areas including market access for industrial goods, some farm products and addressing some non-tariff barriers, such as quality control requirements, the people said, asking not to be identified because the discussions are private. The talks are still ongoing and there's no clarity if the Trump administration has agreed to a three-stage process for a trade deal. India's Commerce Minister Piyush Goyal is currently in Washington on a four-day trip that ends Tuesday, where he's expected to meet US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick to advance the negotiations.
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Business Standard
3 days ago
- Business
- Business Standard
Entertainment Q4FY25 net profit jumps 14-fold to Rs 188.4 crore
Zee Entertainment Enterprises (ZEEL) reported a 14-fold increase in its consolidated net profit to Rs 188.4 crore for the January–March quarter (Q4FY25) compared to the same period last year. The profit figure includes gains from the company's portfolio rationalisation initiative and the treatment of Margo Networks as a discontinuing operation, valued at Rs 7.9 crore. The Mumbai-headquartered company's revenue from operations rose marginally by 0.7 per cent year-on-year (YoY) to Rs 2,184.1 crore in Q4FY25. The modest growth was largely due to a sharp 24.56 per cent decline in advertising revenue, which fell to Rs 837.5 crore. 'Domestic advertising revenue declined by 27 per cent YoY for the quarter due to a slowdown in the macro advertising environment, postponement of the Zee Cine Awards, a busy sports calendar and a higher base in Q4FY24,' the company stated in its investor presentation. In contrast, subscription revenue rose by around 4 per cent YoY to Rs 986.5 crore during the quarter, driven by both linear TV subscriptions and growth on ZEE5, the company's digital streaming platform. ZEEL's other sales and services revenue—which includes the distribution business—tripled to Rs 360.1 crore in Q4FY25. The rise was attributed to a higher number of film releases and increased syndication revenue. In the quarter, 16 shows and movies were released, including four ZEE5 originals. However, profit before interest, depreciation and tax (PBIDT) remained flat, dipping marginally by 0.1 per cent to Rs 98.2 crore for the quarter. 'There is not much meat left in us to cut,' a company executive said during the earnings call, referencing ZEEL's cost-cutting measures, particularly in its digital business, ZEE5. The executive added that future growth would now rely on increasing revenue as the scope for further cost reductions has been exhausted.
Mint
5 days ago
- Business
- Mint
Tata Sons feels the heat as TCS shrinks dividend for the first time in 20 years
Bengaluru: Tata Sons received less money from Tata Consultancy Services Ltd in 2024-25 than in the year before, a first year-over-year decline since India's largest information technology services company went public in August 2004. TCS had accounted for about 84% of the Tata Group holding company's total income in 2023-24. Tata Sons earned ₹1,333 crore less in FY25 dividend income from TCS at a time when it needs more money to bankroll its group companies' new but loss-making businesses, including assembling iPhones for Apple Inc. (Tata Electronics Pvt. Ltd), running Air India, and building an e-commerce business under Tata Digital Ltd. TCS returned ₹45,588 crore to shareholders in FY25, representing a 4% decline from the ₹47,445 crore it distributed to shareholders in FY24, according to the company's annual report released on Wednesday. As Tata Sons owns 71.77% of TCS, it received ₹32,718.6 crore as dividend income for FY25, down from ₹34,051.27 crore for FY24. TCS's shareholder payout ratio as a percentage of total free cash flow in FY25 totalled 93.9%—the lowest since FY19, when it was 92.6%. In FY24, the ratio was 101.8%. Also read | Accenture and Infosys have beaten TCS. What is N. Chandrasekaran planning? Mint could not Independently ascertain the reason behind TCS distributing less money to its shareholders in the previous financial year. However, two executives, including a public investor in TCS, said the lower shareholder payout could signal that the Mumbai-headquartered company intends to invest more money in its information technology (IT) services business. 'The management needs to clarify if this decline (shareholder payout) is a one-off or if TCS would pay about 92-95% of free cash flow to shareholders," said the investor on condition of anonymity. 'Long-term investors like us understand that the business needs investments, especially as GenAI (generative artificial intelligence) technologies take centrestage." TCS did not immediately reply to an email seeking an explanation for the company's decision to return less cash to shareholders. TCS's relative resiliency Since going public in 2004, TCS has seen its parent and public shareholders earn more money year after year. The only aberration was when TCS returned ₹10,206 crore to shareholders in FY16 after giving them ₹18,088 crore the previous financial year. This was because TCS had given a special dividend of ₹9,166 crore in FY15 to commemorate 10 years since it went public. Presently, though, TCS's lower shareholder payout comes as the IT services company faces a challenging environment. TCS's revenue improved 3.8% to $30.18 billion in FY25 while net profit rose 2% to $5.74 billion. However, for the first time, TCS failed to fulfil its promise of annual salary hikes to its 607,979 employees. TCS offers a wage hike at the start of a fiscal year; however, in April, the company's management, citing macroeconomic uncertainty, said it would decide on salary increases later in the year. Also read | Will IT get better or worse? TCS points to cautious growth ahead For this reason, some analysts have started voicing concerns. 'TCS managed the 2008-09 recession quite well and gained better market share after the recession compared with peers such as Infosys. We believe relative resiliency versus peers is lower in the current environment," Kotak Institutional Equities analysts Kawaljeet Saluja, Sathishkumar S., and Vamshi Krishna said in a note dated 11 April. 'TCS has not been able to outperform Tier 1 peers on revenue growth in the past couple of years, despite the demand environment being more conducive to cost take-outs, TCS' area of strength. Performance in developed markets in FY2025 has been disappointing. Revenue declined 0.2% in developed markets, significantly lower than our estimates for Infosys and HCLT (HCL Technologies), indicating market share losses for TCS," they added. Also read | Tech's Big Five cautious on salary hikes, hiring TCS: Most generous Tata Sons has earned ₹1,49,127 crore from TCS in dividends and share buybacks since FY21. It earned an additional ₹9,362.3 crore when it sold 0.65% of TCS shares in March last year—adding up to ₹1,58,489.35 crore ($18.5 billion) in five years. This inflow of cash from TCS helped Tata Sons pay off over ₹20,000 crore in debt, enabling the Tata Group holding company to start and run new businesses and utilise some of the money in its other listed companies. Tata Sons owns shares in 26 listed companies, including TCS, Tata Motors Ltd, and Tata Steel Ltd, which cumulatively earned over $165 billion in revenue in FY24. Tata Sons is owned 65.9% by Tata Trusts, 12.87% by half a dozen Tata Group companies, and 18.4% by the Mistry family (of the Shapoorji Pallonji Group). TCS, despite its lower shareholder payout ratio of 93.9% in FY25, is among the most generous of India's Big Five IT services companies. Infosys Ltd's capital allocation policy states that the country's second-largest IT services company will return 85% of its free cash flow to shareholders. HCLTech, India's third-largest IT services firm, has promised to return 75% of its profits to shareholders, while Wipro Ltd has assured investors of 50% of its earnings. Tech Mahindra Ltd has announced that it will distribute all its extra cash in dividends. Also read | Tata Sons goes debt-free as it seeks listing exemption
Time of India
6 days ago
- Business
- Time of India
Nazara's Q4 Revenue up 95% to `520 crore
HighlightsNazara Technologies reported a 95 percent year-on-year increase in fourth-quarter operating revenue, reaching ₹520.2 crore. The company's total expenses surged by 85 percent year-on-year to ₹527.7 crore, primarily due to a threefold increase in advertising and promotional spending. Chief Executive Officer Nitish Mittersain stated that Nazara expects greater contributions from high-margin gaming businesses and plans to expand its global publishing business through acquisitions. Online gaming firm Nazara Technologies has reported a 95 per cent year-on-year (y-o-y) increase in fourth-quarter operating revenue at ₹520.2 crore, even as total expenses surged due to rising marketing and employee costs . The Mumbai-headquartered company reported a net profit of ₹4 crore for the quarter ending March 31 compared with ₹0.18 crore a year ago. During the company's earnings call, chief executive Nitish Mittersain said Nazara expects greater contribution from high-margin gaming businesses in the current fiscal year, which should improve profitability. The company also plans to expand its global publishing business through acquisitions such as Curve Games and Fusebox, alongside continued organic growth. Expenses and segment performance Nazara's total fourth-quarter expenses rose by 85 per cent y-o-y to ₹527.7 crore, primarily driven by a threefold increase in advertising and promotional spending, which jumped to ₹151.03 crore.
