GR Infra triples profits in Q1
The recently listed road construction company has delivered strong Q1FY22 results. Revenue at ₹2,133 crore was up 76% YoY, while profit after tax nearly tripled to ₹203 crore.
As of 30 June 2021, the company claims to have an order book worth ₹15,058 crore, which is over 2 times its FY21 revenues. The stock closed 0.6% higher today.
Wockhardt bags Sputnik deal
Mumbai-based Wockhardt has entered an agreement with the sovereign wealth fund of the Russian Federation (RDIF) to manufacture and supply the Sputnik V and Sputnik Light (single dose) vaccines in India. The RDIF funded the development of the Sputnik V vaccine.
Under the agreement, the pharma and hospital major will produce up to 620 million doses of the Sputnik V and Sputnik Light vaccines. The stock closed 4.6% higher today.
Page stumbles on muted profit growth
Page Industries, manufacturer and retailer of Jockey innerwear in India, reported 76% YoY growth in revenue at ₹505 crore, mainly due to the low-base effect. However, revenue is yet to catch up with the pre-pandemic levels, and is still 40% lower than the revenue of the June quarter of 2019.
Meanwhile, the company’s profit was muted at ₹11 crore on account of under absorption of employee costs, selling expenses and corporate overheads. Following the weak quarterly results, the stock closed 4% lower.