Cupid Ltd. reported a sharp jump in its June-quarter earnings, with consolidated net profit surging nearly 200% year-on-year as stronger operating margin and a more than 2.6-fold increase in revenue boosted profitability. The company's consolidated net profit rose to Rs 44.1 crore in the quarter ended June, compared with Rs 15 crore in the corresponding period last year, according to an exchange filing on Friday. Revenue from operations surged to Rs 154.7 crore from Rs 59.8 crore, reflecting robust business momentum and strong execution during the quarter. ALSO READ: Titan Q1 Results: Profit Soars 63% To Beat Estimates; Revenue Tops Rs 21,300 Crore Operating performance improved even faster than revenue. Earnings before interest, tax, depreciation and amortisation climbed to Rs 60.1 crore, up from Rs 16.5 crore a year ago. The Ebitda margin expanded to 38.8% from 27.5%, indicating better operating leverage and an improved product mix. Cupid's June-quarter performanc...
The government has received 32 applications for production-linked incentive (PLI) scheme 2.0 for IT hardware, of which 25 are domestic companies, IT Minister Ashwini Vaishnaw told reporters in Delhi on Wednesday.
The announcement comes days after the government announced restrictions in laptop imports from November.
All of them are driven to gear up manufacturing and bring in supply chains.
Mr Vaishnaw said companies like HP, Dell, Lenovo, Thompson, Acer, and Asus will be manufacturing laptops under the scheme. HP, VVDN, Lenovo will be manufacturing servers.
He said Apple has not applied under the PLI framework, but the company is already manufacturing components.
This move should see a significant reduction in the import of laptops and PCs, Vaishnaw said, adding that "import restrictions are not a worry anymore."
"I spoke to all the applicants, and they didn't raise any concern," he said.
The minister said incremental production expected is around Rs 3.35 lakh crore and the expected direct employment is around 75,000.
"The upcoming Dixon factory in Noida will alone employ 25,000 people," he said.
Manufacturing of laptops will begin by April 2024, officials said, as companies such as Dell are also migrating to PLI scheme.
When asked if India is optimising on big players quitting China with its economy slowing down, Mr Vaishnaw said India is emerging as a trusted value chain partner.
"Many of these companies will use the semiconductors manufactured in India. In fact, they were pleased we are starting with the manufacturing of memory first, which is crucial for laptops. Companies have shared their detailed proposals. We are optimistic more will join," he said.
from NDTV News- Special https://ift.tt/BeA0am6
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