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[ad_1] India sent 15,000 litres of kerosene to Sri Lanka on Saturday to help 700 fisherfolk and power ferry services in the Tamil-dominated Jaffna city, days after it delivered around 40,000 metric tonnes of petrol to the debt-ridden island nation which is grappling with its worst economic crisis. India extended an additional USD 500 million credit line to Sri Lanka last month to help the neighbouring country import fuel as it has been struggling to pay for imports after its foreign exchange reserves plummeted sharply in recent times, causing a devaluation of its currency and spiralling inflation. “Continuing Indian assistance to Sri Lanka. 15000 ltrs of kerosene gifted to 700 fishermen of Delft, Nainativu, Eluvaitivu & Analitivu. CG Shri Raakesh Natraj with Fisheries Min Hon. Douglas Devananda initiated distribution; part of the consignment will also power ferry service between islands,” the Consulate General of India in Jaffna said in a tweet. India on Friday handed over 25 tonnes of medical supplies worth over USD 700,000 to Sri Lanka as part of its ongoing efforts to help the island nation combat its worst economic crisis. India on Monday said it delivered around 40,000 metric tonnes of petrol to Sri Lanka, days after supplying 40,000 metric tonnes of diesel under the Indian credit line to help ease the acute fuel shortage in the country. Last week, India sent urgent relief supplies comprising 9,000 metric tonnes (MT) of rice, 200 MT of milk powder and 24 MT of life-saving medicines with a combined value of Rs 45 crore to Sri Lanka. On Friday, Sri Lankan Prime Minister Ranil Wickremesinghe expressed appreciation for the support India has been extending to his country during “this difficult period”. Taking to Twitter, the prime minister said he had a conversation with India’s finance minister Nirmala Sitharaman on Friday. “I expressed our country’s appreciation for the support India has extended during this difficult period. I look forward to further strengthening ties between our nations,” he wrote. Sri Lanka is going through the worst economic crisis since independence in 1948. A crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people. The economic crisis has also triggered a political crisis in Sri Lanka and a demand for the resignation of the powerful Rajapaksas. [ad_2] Source link

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[ad_1] Leading specialty polyester films exporter Garware Hi-Tech Films Ltd’s (GHFL) profit after tax soared by around 42 per cent to Rs 45.12 crore in January-March 2021-22. GHFL had posted a PAT of Rs 31.80 crore in the last quarter of FY2020-21, the company said in a statement. Its revenue on a consolidated basis rose by over 12 per cent to around Rs 324 crore in the last quarter of FY22 compared to Rs 287 crore in the year-ago period. “Our Company has earned record revenues and profits, despite challenging external environmental factors. In the coming year, we anticipate, our new lamination facility to commence production, and our paint protection film to see increased volume as it has been tested and approved by our major trading partners in USA and Europe,” GHFL Chairperson and Managing Director S B Garware said. For the full 2021-22 fiscal, the company reported a 33 per cent jump in PAT to Rs 167 crore compared to Rs 126 crore in FY2020-21. Its revenue on a consolidated basis jumped by 32 per cent to Rs 1,303 crore in FY22 against Rs 989 crore in FY21. The company also announced that its new lamination facility is nearing completion and it expects to commence commercial production by the second quarter of FY23. GHFL also said that Sarita Garware Ramsay will rejoin its board as an additional director in the category of whole-time director (executive director) termed as Joint Managing Director. The board of directors has recommended a 100 per cent final dividend of Rs 10 per fully paid-up equity share of Rs 10 each for the financial year ended March 31, 2022. Shares of GHFL closed higher by 1.22 per cent at Rs 682.10 apiece on BSE on Friday. GHFL, formerly Garware Polyester Limited, is the flagship company of Garware Group and a leading player in specialty polyester films in India and globally. It has manufacturing facilities at Aurangabad, Maharashtra. [ad_2] Source link

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[ad_1] Mumbai-headquartered automotive major Mahindra & Mahindra has announced its financial results for Q4 FY2022 and the fiscal gone by. In FY22, the company sold 455,57 vehicles (+31%) and 350,981 tractors respectively (-0.12%) YoY. This helped the company report its highest-ever annual standalone revenue at Rs 55,300 from its auto and tractor business. At Rs 6,577 crore, the profit after tax grew by 97 percent. For Q4, the revenue was at Rs 17,124 crore (28% YoY), compared to Rs 13,356 crore for the same period last year; PAT at Rs 2,237 crore (48% YoY). Riding high on the Thar and XUV700, the Mahindra says it achieved the leadership position in the SUV Revenue Market Share in H2 FY22. The auto business saw its highest ever quarterly UV Volumes in Q4 with 42% growth YoY; while the Farm Equipment Sector share in FY22  grew by 1.8 percent YoY helping it grab 40% share. The OEM also witnessed highest ever farm export volume at around 17,500 tractors in FY22, up by 66% YoY. Dr. Anish Shah, MD and CEO, Mahindra & Mahindra said, “Our performance in Q4 and FY22 underscores the resilience of our business model. Despite significant challenges due to various factors like Covid, commodity prices, semiconductor shortages and the Ukraine conflict, we have delivered strong results at the consolidated level. All of our group companies are well positioned to capitalise on growth opportunities”. Rajesh Jejurikar, Executive Director, Mahindra & Mahindra said, “We recorded our highest revenue for Auto and Farm segment in FY22. M&M became No.1 in SUV Revenue Market Share in Q4 and H2 FY22, while FES gained 180 basis points market share in FY22. With 170k+ bookings, the demand for the automotive product portfolio remains strong. FES delivered second highest full year PBIT despite market slowdown and steep commodity inflation. Given the recent fiscal and monetary measures by government of India and RBI, we foresee the cost pressures in the economy to ease out “. Manoj Bhat, Group CFO, Mahindra & Mahindra said, “Our focus on capital allocation and improved financial metrics continues to deliver results. We continue on our journey towards 18% RoE”. [ad_2] Source link

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