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☆ India's smartphone shipments drop 10% in Q3 as prices hit record -IDC
  + stars: | 2022-11-14 | by ( ) www.reuters.com   time to read: +1 min
BENGALURU, Nov 14 (Reuters) - India's smartphone market fell by 10% year-on-year last quarter to 43.5 million units, marking the lowest third-quarter shipment since 2019, and a high inventory pile-up is expected to lead to a muted fourth quarter, market research firm IDC said on Monday. Despite the festival season beginning earlier than usual, the unrelenting rise in prices pulled down shipments in the world's second-biggest smartphone market, IDC said. The average selling price jumped 15% year-over-year, and 6% from the previous quarter, to a record $226, IDC said. Moreover, the inventory pile-up and post-festive tapering in demand will lead to a muted fourth quarter, said Navkendar Singh, associate vice president, devices research, IDC. IDC expects 2022 shipments of around 150 million units, a decline of 8-9% over the previous year, and Singh does not expect 2023 to be any better.
☆ India's Zomato posts smaller net loss as online orders jump
  + stars: | 2022-11-10 | by ( ) www.reuters.com   time to read: +1 min
BENGALURU, Nov 10 (Reuters) - Indian food delivery firm Zomato Ltd (ZOMT.NS) on Thursday reported a narrower loss for the second quarter thanks to a rise in volumes and value of online orders. Adjusted core loss, excluding figures for its recently acquired quick-commerce business Blinkit, narrowed to 600 million Indian rupees ($7.37 million) from 3.1 billion rupees. Gross order value - the total value of all food delivery orders placed online on Zomato's platform - jumped nearly 23% to 66.31 billion rupees, slightly below Morgan Stanley's estimate of 67 billion rupees. Revenue from operations jumped 62% to 16.61 billion rupees, with its food delivery business registering a growth of 33%. Consolidated net loss stood at 2.51 billion rupees for the three months ended Sept. 30, compared with 4.30 billion rupees a year earlier, the Gurugram-based company said in an exchange filing.
☆ India's IFB Industries posts 2% drop in profit as costs climb
  + stars: | 2022-10-28 | by ( ) www.reuters.com   time to read: +1 min
BENGALURU, Oct 28 (Reuters) - India's IFB Industries Ltd (IFBI.NS) posted a 2% fall in its second-quarter profit on Friday, as expenses soared and took the shine off higher sales of its home appliances. Consumer goods makers globally have seen their bottomline take a knock from higher commodity prices, with the COVID-19 pandemic and the Russia-Ukraine war leading to a rise in input costs. For Kolkata, West Bengal-based IFB, which makes several home appliances including washing machines and air conditioners, total expenses rose 13.3% to 10.85 billion rupees. Net profit fell to 241.2 million rupees ($2.93 million) in the three months ended Sept. 30, from 245.9 million rupees a year ago. However, analysts have said the recent fall in commodity prices would start helping companies from the December quarter onwards.
☆ India's Coforge posts Q2 profit beat as deal wins remain intact
  + stars: | 2022-10-20 | by ( ) www.reuters.com   time to read: +2 min
BENGALURU, Oct 20 (Reuters) - Indian IT solutions provider Coforge Ltd (COFO.NS) reported a 37% rise in second-quarter profit on Thursday, beating analysts' estimates, as it won more orders, including large deals. The company's profit of 2.01 billion Indian rupees ($24.3 million) in the quarter was higher than analysts' expectation of 1.97 billion rupees, according to IBES data from Refinitiv. The IT services provider said revenue from operations surged 24.8% year-over-year to 19.59 billion rupees, boosted by big orders from insurance, banking and financial services companies. Coforge said it signed two deals worth over $30 million during the quarter, after securing two large deals, including one worth over $50 million, in the previous quarter. The company's orders intake stayed above $300 million for the third consecutive quarter, clocking $304 million in the latest three-month period.
☆ India's Mahindra's lending arm sees vehicle recovery sliding 75% on RBI order
  + stars: | 2022-09-23 | by ( ) www.reuters.com   time to read: +2 min
People walk past a screen displaying Mahindra and Mahindra logo before the start of a news conference in Mumbai, India May 30, 2016. REUTERS/Danish SiddiquiBENGALURU, Sept 23 (Reuters) - India's Mahindra and Mahindra Financial Services (MMFSL) (MMFS.NS) said on Friday its monthly vehicle recovery would temporarily fall by about 75%, a day after the country's central bank directed the company to stop using third-party services for repossessions. The company's shares tumbled as much as 10% to 201.35 rupees as of 0414 GMT, their biggest intra-day percentage slide in 17 months. The Reserve Bank of India late on Thursday directed the company to stop using third-party services for recoveries until further orders, citing "material supervisory concerns." The halt on vehicle recovery by the third-party agencies is not expected to have any material impact on its financials, the company said.
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