Orient Technologies' Q1 FY25 PAT up 36% YoY at Rs 9.3 Cr
- 23 Sept, 04:55 AM (GMT+5:30)
- 2 Min
Summary
Information technology (IT) company Orient Technologies announced on Friday, September 13, that its net profit (PAT) for the quarter ending in June 2024 was Rs 9.3 crore, up 30.43% from the previous year's Rs 7.13 crore.
Key Takeaways from Orient Technologies' Financial Performance:
- For the April-June quarter of FY25, Orient Technologies reported a 30.43% year-over-year rise in profit after tax of Rs 9.3 crore.
- Compared to last year, operating revenue climbed by 27.3% to Rs 148.84 crore.
- Earnings before interest, taxes, amortisation, and depreciation ( EBITDA) rose by 28.53% to Rs 13.65 crore.
- The company's EBITDA margin increased by 9.2% during that same quarter.
The company’s revenue from operations increased 27.3% year-on-year (Y-o-Y) to Rs 148.84 crore in the April-June quarter of the financial year 2024-25, from Rs 116.9 crore in the same quarter previous year.
The company’s earnings before interest, tax, amortisation, and depreciation (EBITDA) rose 28.53% to Rs 13.65 crore, compared to Rs 10.62 crore in the corresponding period last year.
Orient Technologies EBITDA margin rose 9.2% in the third quarter ended June 2024.
About Orient Technologies Limited:
Orient Technologies Limited is a technology development company that was established in 1997 in Mumbai, Maharashtra, India, a start-up that sought to bring novel technology solutions into businesses that engage with customers. As these professionals continued emphasising excellence and innovation, the company emerged as a leading player in the IT sector, excelling in full capabilities as well as international clientele. Orient Technologies Limited has continued to venture to new frontiers in technology for businesses navigating the dynamic landscape of digitisation today.
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Revolt Motors' New RV1 Electric Motorcycle Sees 16,000 Bookings in First Week
- 24 Sept, 12:37 AM (GMT+5:30)
- 2 Min
Summary
Revolt Motors announced on Tuesday, September 24, that it has recorded over 16,000 bookings within just a week of the launch, showcasing a strong demand for the RV1, India's first commuter electric motorcycle.
Key Takeaways from the Announcement
- Revolt Motors has announced that the RV1 and RV1+ electric motorcycles have achieved over 16,000 bookings in the first week of their launch.
- The RV1 costs ₹84,990 and the premium RV1+ is priced at ₹99,990 which are reasonable prices for an electric two-wheeler.
- The RV1 models were launched by the Minister of Road Transport & Highways, Nitin Gadkari.
The RV1 and RV1+ were officially unveiled on 17th September 2024 by Hon'ble Nitin Gadkari, Minister of Road Transport & Highways. Priced at ₹84,990 for the RV1 and ₹99,990 for the RV1+, both models offer an eco-friendly alternative to traditional two-wheelers, aligning with the rising consumer interest in electric mobility.
‘Revolt Motors is dedicated to offering not just cutting-edge products but also world-class service, ensuring an unmatched ownership experience for its customers’, the company said in a stock exchange filing.
Commenting on the positive response, Mrs. Anjali Rattan, Chairperson of RattanIndia Enterprises Limited, shared, "We are deeply humbled by the unprecedented demand for the RV1. This monumental response not only strengthens our resolve but inspires us to continue leading the charge in India’s electric mobility revolution. The RV1 was designed with the everyday Indian commuter in mind, and to witness its acceptance at such a massive scale within a week is both thrilling and rewarding."
About Revolt Intellicorp (Revolt Motors)
Revolt Intellicorp, founded in 2017, is a leading player in India’s electric vehicle market. It focuses on providing advanced electric mobility solutions, introducing India’s first AI-enabled motorcycle that blends innovation, technology, and design. With a mission to make clean transportation more accessible, the company offers electric motorcycles along with genuine parts and accessories, ensuring a complete riding experience through its dealerships.
About RattanIndia Enterprises Limited
RattanIndia Enterprises Limited, a publicly traded corporation, works within the RattanIndia group and assists innovative industries in building future growth. The company operates in several diversified industries, including electric mobility with Revolt Motors, e-commerce with Cocoblu Retail, fashion with Neo Brands, fintech with WeFin, and drone services through Neosky, thus playing an integral role in transforming several industries and benefiting society in a meaningful way.
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BGR Energy Gets Termination Notice from Chennai Metropolitan Water Supply and Sewage Board
- 24 Sept, 11:27 PM (GMT+5:30)
- 2 Min
Summary
On Monday, September 23, BGR Energy Systems received a termination notice from the Chennai Metropolitan Water Supply and Sewage Board for its contract with the agency. Reasons behind termination are said to include delays in project execution as well as issues related to the quality of RO water.
Key Takeaways from BGR Energy Termination Notice:
- The Chennai Metropolitan Water Supply and Sewage Board terminated BGR Energy Systems' contract on September 23.
- The reasons consist of project execution delays and the quality of the water from the RO.
- The financial bids were received on 23 December 2016, and a contract was awarded for a 45 MLD capacity tertiary treatment reverse osmosis facility at Kodungaiyur.
- It was awarded on January 4, 2017, with a total value of Rs 440 crore, of which Rs 235 crore will be used for construction and Rs 205 crore for operation and management.
- The cancellation is assumed to have led to turnover and profit from the pending contracts.
The contract was awarded on January 4, 2017, for a total value of Rs 440 crore- Rs 235 crore for construction and Rs 205 crore for operation and management over 15 years. This loss will be in terms of an amount falling short in the turnover and proportionate profit due to the pending contracts.
The contract was signed on December 23, 2016, to design, build, and operate a 45 MLD capacity Tertiary Treatment Reverse Osmosis (TTRO) facility in Kodungaiyur. This included supplying and laying DI transmission mains for product water conveyance to industries in the Manali Area, Chennai.
About BGR Energy Systems Limited:
BGR Energy Systems Limited was a joint venture with GEA Energietechnik GmbH that was established in the year 1985. BG Raghupathy and his family became sole shareholders in the year 1993. They have elaborated product and services offerings in Power and Oil & Gas sectors. The company rebranded on June 28, 2007. BGR Energy operates in two business segments that are Supply of Systems and Equipments and Turnkey Engineering Project Contracting. It engineers, manufactures, procures, constructs, and commissions to manage projects. The company provides Balance of Plant (BOP) equipment and civil works for Power Generation. Currently, it is also on Engineering, Procurement, and Construction (EPC) contracts, supplying all the necessary power plant equipment. Currently, BGR Energy specialises in BOP and EPC contracts tailored according to customer requirements.
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NTPC Green Energy Files for IPO
- 23 Sept, 04:26 AM (GMT+5:30)
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Summary
NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Limited, has submitted its Draft Red Herring Prospectus (DRHP) dated September 18, 2024, to the Securities and Exchange Board of India (SEBI), BSE Limited, and the National Stock Exchange of India Limited for its proposed Initial Public Offering (IPO) of equity shares.
Key Takeaways from the IPO Filing
- NTPC Green Energy Limited has filed its Draft Red Herring Prospectus for an upcoming IPO.
- The IPO will involve a fresh issue of equity shares, aggregating up to ₹10,000 crore.
- The IPO includes a reserved portion for eligible NTPC Limited shareholders and employees of NTPC and its subsidiaries.
As per a stock exchange filing, the initial public offering, or IPO, is going to be launched, subject to market conditions and other regulatory approvals, and will consist of a fresh issue of equity shares with a face value of Rs 10 each, aggregating up to ₹10,000 crore. As per SEBI requirements, the IPO will also have reservations for eligible shareholders of NTPC Limited and eligible employees of NTPC, NGEL, and its subsidiaries.
This move by NGEL represents a major step forward in their expansion ambitions as NTPC's green energy arm seeks to raise funds and strengthen its position in India's renewable energy sector. This offering provides NTPC shareholders and employees an exclusive opportunity to participate in the NGEL growth model.
Details concerning the IPO process, including pricing and timing, will be disclosed after regulatory approvals are received.
About NTPC Green Energy Limited
NTPC Green Energy Limited (NGEL), a subsidiary of the Indian state-owned power generation company NTPC Limited, was established in 2022. Its primary focus is on developing and operating renewable energy projects, primarily in the solar and wind power sectors.
NGEL's mission is to contribute to India's clean energy transition by generating renewable electricity and reducing carbon emissions. The company aims to expand its renewable energy portfolio through a combination of new project developments and strategic acquisitions.
Currently, NGEL has several renewable energy projects under development and operation across India. These projects involve the construction and management of solar and wind power plants, which generate electricity and contribute to the country's renewable energy capacity.
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