Trent back in the black

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⭐ Trent back in the black

Trent reported a consolidated net profit of ₹114 crore in Q1 FY23. The company had posted a net loss of ₹138 crore in the same quarter last year. Its revenue from operations stood at ₹1,803 crore, up over three-fold from ₹491 crore in Q1FY22. The management said the group's financial performance during Q1FY22 and Q4FY22 was impacted by Covid-related business disruptions. However, the easing Covid-related restrictions  helped the company return to profitability.

⭐ Bharat Forge’s profit rises

Auto components maker Bharat Forge reported a consolidated net profit at ₹160 crore, up 5% year-on-year (YoY). Meanwhile, revenue from operations saw a jump of 35% at ₹2,851 crore. The management said the company's European operations delivered a stable performance amid high input prices and weak market conditions. Meanwhile, Indian operations secured new business worth around ₹350 crore. The management expects stable performance across both the domestic and export markets amid uncertainty arising from the macroeconomic headwinds due to monetary tightening.

⭐ Jet Airways’ net loss widens

Grounded domestic carrier Jet Airways reported a standalone net loss of ₹390 crore in Q1 as compared to a loss of ₹129 crore in Q1FY22. Meanwhile, revenue from operations declined 83% to ₹12.5 crore. Total income stood at ₹13 crore as compared to ₹75 crore in the year-ago period. Recently, the company started the process of hiring pilots for its newly acquired aircraft. The airline reportedly plans to resume operations in Q2FY23.

Global markets (at 7:30 AM today)

Fact of the day

Walt Disney Co edged past Netflix with a total of 221 million streaming customers.

Source: NDTV