Reuters India

India’s GlaxoSmithKline Pharma posts rise in Q1 profit on steady vaccine business

BENGALURU (Reuters) – GlaxoSmithKline Pharmaceuticals, the Indian unit of UK’s GSK plc, posted an 11% rise in first-quarter profit on Wednesday, buoyed by strong demand for its vaccines. The firm said consolidated profit for the quarter ended June 30 rose to 1.32 billion rupees ($16.10 million) from 1.19 billion rupees a year earlier. “GSK’s vaccines …

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India’s Jindal Stainless posts 50% jump in Q1 profit on robust domestic demand

India’s Jindal Stainless reported a near-50% rise in its first-quarter profit on Wednesday, helped by strong domestic demand. The company – the biggest stainless steel maker in India by volumes – posted a consolidated net profit of 7.46 billion rupees ($91 million) for the quarter ended June 30, compared to 4.98 billion rupees a year …

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India tax council to meet on Aug 2 to finalise online gaming tax – source

NEW DELHI (Reuters) – India’s Goods and Services Tax (GST) Council will meet on Aug. 2 to decide on a 28% tax on funds that online gaming companies and casinos collect from customers, and finalise other rules, a government official said on Wednesday. The council, chaired by India’s Finance Minister Nirmala Sitharaman and comprising state …

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India’s Tata Consumer posts Q1 profit miss on higher expenses

CHENNAI/BENGALURU (Reuters) – India’s Tata Consumer Products reported a smaller-than-expected 24% rise in first-quarter profit on Wednesday, as mounting expenses outpaced higher sales of its eponymous packaged food and beverages. The Kolkata, West Bengal-based company said its consolidated net profit rose to 3.17 billion Indian rupees ($38.66 million) in the quarter ended June 30, marking …

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India’s Dr Reddy’s beats Q1 profit view on strong N.America, Russia sales

HYDERABAD (Reuters) -Indian pharma company Dr Reddy’s Laboratories reported a bigger-than-expected 18% rise in first-quarter profit on Wednesday, boosted by strong sales at its mainstay generic drugs business in North America and Russia. The company’s consolidated profit rose to 14.03 billion rupees ($171.09 million), from 11.88 billion rupees last year. Analysts, on average, expected a …

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India’s Tech Mahindra posts 39% drop in Q1 profit as clients cut spending

BENGALURU (Reuters) -India’s Tech Mahindra on Wednesday posted a surprise 39% drop in first-quarter profit, as challenging macroeconomic conditions prompted clients to curb spending. The company’s consolidated net profit fell to 6.93 billion rupees ($84.5 million) for the quarter ended June 30. Analysts were expecting profit to remain flat at 11.32 billion rupees, according to …

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India’s REC posts 21% rise in Q1 profit aided by interest income on loan assets

BENGALURU (Reuters) – India’s state-owned infrastructure finance company REC Ltd on Wednesday reported a 20.9% rise in first-quarter profit, helped by an increase in interest income on loan assets. The non-banking financial company’s consolidated net profit rose to 29.68 billion rupees ($361.98 million) in the three months ended June 30, 2023, from 24.54 billion rupees …

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India’s Cipla tops profit view on strong domestic, N.America drug sales

BENGALURU (Reuters) -Cipla, India’s third-largest drugmaker by sales, reported a bigger-than-expected increase in quarterly profit on Wednesday, helped by strength in its domestic and North American drugs business as well as easing input costs. The company’s consolidated net profit climbed 45% to 9.96 billion rupees ($121.5 million) in the first quarter, beating analysts expectations of …

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