Business
Endurance Technologies slips 8% as Q3 profit halves to Rs 95 crore
Shares of Endurance Technologies fell 8% to Rs 1,423 in intraday trade on Wednesday after the company’s profit after tax (PAT) halved to Rs 94.6 crore in Q3FY22 due to weak operating results . The auto parts and equipment company posted a PAT of Rs 1.9 crore in the same period last year (Q3 FY21).
Consolidated operating income fell 7% year-on-year to Rs 1,889 crore compared to Rs 2,041 crore in the previous quarter. Earnings before interest, tax, depreciation and amortization (Ebitda) fell 41% year-on-year to Rs 2,107 crore, while profit margins contracted by 640 basis points to 11.1% in the quarter.
Management said the market this year has been dampened by headwinds such as weak rural demand and rising cost of ownership. “In the EU (including the UK), new car registrations fell 23.4% year-on-year in the third quarter. The European auto market is deeply affected by semiconductor shortages and soaring energy prices,” management said.
Endurance is one of the leading auto parts manufacturers with a wide range of technology-enhanced products in India and Europe (Italy and Germany). In India, the company primarily serves two- and three-wheel OEM5 products including aluminum castings, suspension, transmission and braking systems. In Europe, the company mainly serves four-wheeled vehicle OEM5, mainly supplying aluminum casting products.
Complete News Source : Business Standard
Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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