All of the company’s core businesses grew by double digits, and the company’s revenues grew by 25% year-over-year thanks to greater growth contributions from watches and wearables and nascent businesses. The base quarter of Q4FY22 was negatively impacted by partial lockdowns caused by the Omicron wave and feeble consumer sentiments resulting from a fragile geopolitical situation caused by the outbreak of the Russia-Ukraine conflict. In Q4 compared to the previous year, the jewelry business grew by 23%, the watches and accessories segment by 41%, the eyecare segment by 22%, and emerging businesses by 84%.
Europe (up 47% YoY), the United Kingdom (up 42%), China (up 29%), Overseas (up 29%), and North America (up 12%) drove a 30% year-on-year increase in retail sales to 1.02 lakh units for the March quarter of FY23. However, for the full year, sales fell 6% to 3.54 lakh units compared to the previous year. Wholesales (excluding China JV) increased by 24% year-over-year in Q4 to 94,649 units, and by 9% year-over-year to 3.21 lakh units in FY23. As sales increased, the order book remained robust at 2 lakh units, reflecting strong client demand, especially for Range Rover, Range Rover Sport, and Defender.
The NCLT has ordered the dissolution of NBCC Engineering & Consultancy Limited (NECL), a wholly-owned subsidiary of NBCC, effective 16 March 2023. In November of 2020, the board approved the dissolution of the NECL.
Muthoot Financial Services
The board of directors of the gold loan financing company has declared an interim dividend of Rs 22 per share (face value Rs 10) for FY23. The total interim dividend expense will tally Rs 883.19 billion.
Century Textiles & Manufacturing
Birla Estates, the Aditya Birla Group’s real estate subsidiary located under Century Textiles and Industries, has entered the Pune residential real estate market by purchasing 5.76 acres of land in Sangamwadi. The property was acquired from Sudarshan Chemical Industries (SCIL). This land parcel has an estimated revenue potential of approximately Rs 2,500 crore.