New Delhi, July 21 (IANS) Eternal, the parent company of online food delivery platform Zomato, on Monday reported a massive 90 per cent year-on-year decline in consolidated net profit at Rs 25 crore in Q1 FY26, compared to Rs 253 crore in the same quarter last fiscal (Q1 FY25).On the sequential basis (month-on-month), Zomato clocked 35.89 per cent drop in net profit, from Rs 39 crore in the Q4 FY25, according to its stock exchange filing.The Zomato and Blinkit operator registered revenue from operations at Rs 7,167 crore, up around 70 per cent from Rs 4,206 crore a year ago.On the profitability front, consolidated Adjusted EBITDA declined 42 per cent on-year to Rs 172 crore in Q1 FY26, “largely on account of the continuing investments in quick commerce and going-out”, the company said in its shareholders’ letter.It was “partly offset by the improvement in food delivery Adjusted EBITDA margin (as a percentage of NOV) to 5.0 per cent from 3.9 per cent a year ago, said Eternal.In its quick commerce business Blinkit, the margins improved from -2.4 per cent of net order value (NOV) in Q4 FY25 to -1.8 per cent despite continued investments in new store roll-outs and seasonal factors.“We added 243 net new (Blinkit) stores this quarter, taking our store count to 1,544 stores by the end of the quarter. We are on track to get to 2,000 stores by Dec 2025,” said the company.The NOV of its B2C businesses grew 55 per cent YoY (16 per cent QoQ) to Rs 20,183 crore in Q1 FY26.“This was the first quarter where our quick commerce NOV exceeded food delivery NOV for the full quarter. On an annualised basis, we are now at almost $10 billion of annual NOV across our B2C businesses and quick commerce is now our largest B2C business contributing to almost half of this annualised NOV,” said Eternal.Eternal CEO Deepinder Goyal said that “the YoY growth is likely to bottom out now as we recover from the demand slowdown we started seeing in late 2024”.“For FY26, it looks unlikely that the business will deliver a 20 per cent+ NOV growth but we should be north of 15 per cent and hopefully trending towards 20 per cent YoY growth in FY27,” said Goyal.Going forward, the company will only be disclosing NOV (and will discontinue disclosing GOV), as “we believe that NOV is a better measure of growth in our B2C businesses including food delivery”.Earlier this month, Eternal appointed Aditya Mangla as CEO of its food ordering and delivery business for a period of two years.“I am super excited to see how Aditya shapes the future of Zomato over the next two years, until it is time to hand over the baton to someone else,” said Goyal in the shareholders’ letter.–IANSna/

New Delhi, July 21 (IANS) India is leading a transformative shift in how reality is experienced and Qualcomm Technologies envision a future where smart glasses become as integral to daily life as smartphones, seamlessly handling everyday tasks, the leading chip manufacturer said here on Monday.Qualcomm kicked off its ‘Snapdragon for India–XR Day’ event here, uniting top tech experts, developers, partners, media, and creators to fuel the growth of spatial computing in India.The event featured immersive demos and real-world use cases across entertainment, content creation, fitness, and education, spotlighting Qualcomm’s leadership in smart glasses and extended reality.According to Alex Katouzian, Group General Manager, Mobile, Compute & XR (MCX) at Qualcomm Technologies, Snapdragon XR platforms have powered 100+ immersive devices globally, and continue to deliver best-in-class experiences across mixed reality (MR), virtual reality (VR), and augmented reality (AR).On stage, Alex demonstrated a SLM (small language model) running completely on a pair of AI glasses, showing the versatility of Snapdragon platforms to run AI across the cloud, local and on-device solutions.As part of the vision, Qualcomm is powering smart glasses being developed by partners like Lenskart, with Snapdragon chipsets. This move reflects a concerted effort to bringing cutting-edge, AI-enabled smart eyewear solutions to Indian consumers.“Snapdragon platforms are engineered to deliver a balance of sleek, lightweight design with powerful functionality, making smart glasses practical and intuitive for everyday use. This milestone signals a new era in bringing spatial computing to Indian consumers and positioning India prominently in the global immersive technology ecosystem,” said Savi Soin, Senior Vice President and President, Qualcomm India.Aligned with the vision of Viksit Bharat, this technology will empower frontline workers, transform education in remote areas, and enable truly inclusive digital access, he mentioned.As Qualcomm Technologies continues to expand beyond smartphones, it remains committed to enabling transformative innovation across industries, accelerating India’s drive in spatial computing technologies.–IANSna/

Mumbai, July 21 (IANS) Mahindra Logistics on Monday reported a wider net loss of Rs 9.44 crore on sequential basis in the first quarter (Q1) of FY26, compared to a loss of Rs 5.29 crore in the previous quarter (Q4 FY25).However, the Mumbai-based company’s revenue from operations rose to Rs 1,624.59 crore in Q1, up 3.54 per cent from Rs 1,569.51 crore in the previous quarter, according to its stock exchange filing.Its total income also saw a growth of 3.69 per cent on quarter-on-quarter (QoQ) basis, reaching Rs 1,629.66 crore compared to Rs 1,571.68 crore in Q4 FY25.However, total expenses during the quarter grew at a faster pace — rising by 4.12 per cent to Rs 1,635.44 crore from Rs 1,570.75 crore in the previous quarter, the company stated in its regulatory filing.The increase in expenses was mainly due to higher operating costs and employee benefits.Operating expenses stood at Rs 1,407.4 crore, employee costs were Rs 104.48 crore, while finance cost and depreciation amounted to Rs 22.53 crore and Rs 64.57 crore respectively. Other expenses came in at Rs 36.46 crore.Mahindra Logistics Limited (MLL) is one of India’s third-party logistics (3PL) companies. It is part of the Mahindra Group, operating under Mahindra Partners, the group’s private equity arm.It provides supply chain and enterprise mobility solutions to over 400 corporate clients across sectors such as automotive, engineering, consumer goods, and e-commerce.The company follows an ‘asset-light’ model, focusing on customised and technology-driven logistics solutions rather than owning a large fleet.It also offers employee transportation services under brands like Alyte and Meru, and has a freight forwarding division that manages air, ocean, and project cargo logistics.MLL continues to focus on sustainability and operates globally through subsidiaries and partnerships in countries like the UAE and the UK.–IANSpk/na

New Delhi, July 21 (IANS) India houses nearly 1,700 Global Capability Centres (GCCs) spread across tier 1 and 2 cities, accounting for around 53 per cent of the total number of GCCs worldwide, a report said on Monday.Bengaluru, Hyderabad, Chennai, Delhi-NCR, Mumbai and Pune account for 94 per cent of the total number of GCCs in India, said Vestian Research, an occupier-focused global workplace solutions provider, in its report.The rest 6 per cent GCCs are spread across Kolkata, Kochi, Ahmedabad, Chandigarh, Coimbatore, Vadodara, Nashik, Trivandrum, Jodhpur, Warangal, Baroda, Visakhapatnam, Bhogapuram, Jaipur, Surat, Mohali, Bhubaneswar, Indore, Mysuru, Madurai and Bhopal.According to Vestian Research, the total number of GCCs in India is projected to exceed 2,100 by FY28, growing at a CAGR of 8 per cent. On average, approximately 150 new centres are expected to be established annually.The IT sector leads the landscape in India, accounting for approximately 49 per cent of the total number of GCCs nationwide, followed by the BFSI (Banking, Financial Services and Insurance) sector, which holds a 17 per cent share.Collectively, the Healthcare and Lifesciences, Engineering and Manufacturing, Consulting Services, and Telecom and Media sectors contribute around 19 per cent to the overall number of GCCs in India, the report highlighted.“India’s leading office markets continue to offer a compelling value proposition to GCCs, characterised by competitive costs, a highly skilled workforce, robust infrastructure, progressive policy incentives, and a conducive business environment,” said Shrinivas Rao, CEO, Vestian.However, selecting the right location remains critical to the long-term success of any GCC, he added.Bengaluru has the highest number of GCCs (487) spread across various industries, accounting for 29 per cent of the total number of GCCs in the country.With the presence of 273 GCCs Hyderabad has emerged as the fastest-growing GCC hub in the country. While the NCR region houses 272 GCCs, Mumbai has 207 GCCs, and Pune accounts for 178 GCCs , as per report.GCCs have evolved significantly since their emergence in the 1990s, as companies began leveraging offshore locations for cost-efficient operations and a skilled workforce.From initial focus on IT support and back-office services, GCCs have now become hubs for innovation, research, and development, and their number reached approximately 3,200 centres around the world, according to the report.–IANSaps/na

New Delhi, July 21 (IANS) Senior IAS officer Sanjay Kaul on Monday took over as the Managing Director and Group Chief Executive Officer of GIFT City, India’s first smart city and International Financial Services Centre (IFSC), in Gujarat. He replaces Tapan Ray, a retired IAS officer who led GIFT City since 2019 and played a key role in its growth and development.After assuming charge, Kaul said it was a privilege to lead GIFT City at such an important stage.“It is a privilege to take on the leadership of GIFT City at this pivotal time in its journey toward becoming a globally successful financial and technology hub,” Kaul stated.He added that he looks forward to building on the strong foundation already laid, driving new strategies, and creating global partnerships to make GIFT City a world-class financial and technology hub.“I look forward to building on the strong foundation laid so far, driving strategic initiatives, forging global partnerships, and delivering a world-class city experience that reinforces GIFT City’s status as a project of national importance,” he mentioned.Kaul is a 2001-batch Indian Administrative Service (IAS) officer with over 20 years of experience in public policy, infrastructure, technology, and finance.Before taking up his new role, he served as Joint Secretary in the Ministry of Culture. He has also worked earlier in Gujarat as the Managing Director of Gujarat Informatics Limited and the Tourism Corporation of Gujarat Limited.Kaul, who is originally from Gujarat, holds a degree in electronics and communication engineering from the National Institute of Technology (NIT), Surat, and a degree in public policy from Syracuse University in New York, USA.Meanwhile, last week, the Gujarat government’s General Administration Department (GAD) issued an official notification regarding his appointment on July 15.According to the GAD notification, Kaul’s deputation to GIFT City will be for a period of three years from the date he assumes charge, or until further orders.–IANSpk/na

New Delhi, July 21 (IANS) Venture-backed Indian startups raised over Rs 44,000 crore ($5.3 billion) in FY25 from public markets via initial public offerings (IPOs), follow-on public offerings (FPOs), and qualified institutional placements (QIPs), a report said on Monday.Public markets outpaced private capital for late-stage fundraising, solidifying their role as the dominant source of growth capital, according to Rainmaker Group’s ‘RainGauge Index FY25 Annual Report’.FY25 also marked the first full market cycle for India’s startup listings after a euphoric period for IPOs in 2021–22, sharp corrections in 2023, and rationalisation in 2024.”All of this unfolded with a backdrop of a cyclical economic slowdown in India in FY25, causing a lot of consumer-facing companies to battle margin compression and weak topline momentum, the report said.The fiscal year also saw a secondary exit of over Rs 20,000 crore as private equity/venture capital (PE/VCs) harvested early bets through block deals.“FY25 didn’t just test India’s startup listings, it matured them,” said Kashyap Chanchani, Managing Partner, The Rainmaker Group.The public market has become the preferred playground for India’s breakout companies. We’ve now seen the full arc – the IPO frenzy, the valuation winter, and now a clear re-rating driven by fundamentals, Chanchani said. The financial year also saw some symbolic structural changes.Meanwhile, mutual fund participation surged, with average holdings in RainGauge Index companies, a pool of listed startups prepared by Rainmaker Group, rose from 10 per cent in March 2024 to 14 per cent in March 2025, the report said. Despite the early correction and record FII outflows of over Rs 78,000 crore in the first quarter of FY25, foreign investors returned strongly by Q4, driven by rate-cut expectations and India’s steady macro indicators, the report stated.The Rainmaker Group is one of India’s investment banks focused exclusively on the private markets.–IANS aps/na

Mumbai, July 21 (IANS) Hyderabad-based Dodla Dairy on Monday reported a 3.4 per cent year-on-year (YoY) decline in net profit for the June quarter (Q1 FY26) to Rs 62.8 crore, compared to Rs 65 crore in the same quarter in previous fiscal (Q1 FY25). Similarly, the company’s profit before tax (PBT) came in at Rs 80.98 crore, lower than Rs 92.80 crore in the year-ago period, according to its stock exchange filing.However, revenue for the quarter grew 10 per cent YoY to Rs 1,007 crore, driven by higher sales.Including other income of Rs 0.99 crore, the total comprehensive income for the quarter was Rs 63.87 crore, the company added in its filing.Additionally, operational performance remained weak. The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) fell 22 per cent to Rs 83 crore.Margins also narrowed significantly to 8.2 per cent from 11.5 per cent in the year-ago period — showing a drop of over 300 basis points.Dodla Dairy’s expenses during the quarter included Rs 710.61 crore in raw material costs, Rs 36.72 crore due to changes in inventory, Rs 47.14 crore in employee benefits, Rs 0.69 crore in finance costs, and Rs 17.77 crore for depreciation and amortisation.Other expenses stood at Rs 129.88 crore, as per its regulatory filing.Following the results announcement, shares of Dodla Dairy declined as much as nearly 8 per cent during the intra-day trading session.At last check, the stock was trading Rs 111.3 or 7.68 per cent lower at Rs 1,338.40, as per the official data.Despite today’s fall, the stock has gained 6.72 per cent so far this year.Meanwhile, the Board of Directors also announced the appointment of Rajani Kumar KVVS as Senior Management Personnel (SMP) and Head — Production & Maintenance, effective July 21.–IANSpk/na

New Delhi, July 21 (IANS) The financial services sector in the country recorded 79 transactions valued at $5.6 billion, including initial public offerings (IPO) and qualified institutional placement (QIP) activity, in the April-June period (Q2), a report said on Monday.While overall deal volumes rose by 18 per cent and values saw a modest 5 per cent uptick over Q1 2025, the quarter reflected a measured investment approach amid ongoing global uncertainties and trade tensions, according to the Grant Thornton Bharat ‘Q2 Financial Services Dealtracker’ report.According to the report, excluding public market activity, the sector reported 73 deals valued at $4.5 billion — up 12 per cent in volume but down 10 per cent in value quarter-on-quarter — driven by a sharp 92 per cent decline in domestic deal values in the quarter.”Despite this, high-value activity remained strong, with six deals over $100 million collectively contributing $3.7 billion,” the report stated.The sector accounted for 14 per cent of overall volumes and a commanding 33 per cent of total values this quarter, continuing to play a pivotal role in the deal landscape.“Q2 continued the trend of high deal volumes driven by small-ticket transactions, punctuated by a few notable big-ticket moves, particularly in Indian banking,” said Vishal Agarwal, Partner, Private Equity Group and Deals Tax Advisory Leader, Grant Thornton Bharat.As consolidation deepens across banks and small finance banks, and regulatory clarity improves, we anticipate more M&A and PE activity in this space. Fintech remains the top draw for investors, while wealth and asset management is emerging as a fast-growing asset class, Agarwal added.Meanwhile, Mergers & Acquisitions (M&A) activity saw a slowdown in Q2 2025, with volumes declining 43 per cent and values falling 35 per cent compared to Q1.The quarter recorded 16 deals worth $2.6 billion, with domestic transactions continuing to dominate volumes despite a 35 per cent dip from the previous quarter, the report highlighted.Due in large part to Sumitomo Mitsui Banking Corporation’s $1.5 billion acquisition of a Yes Bank stake, inbound deals accounted for 88 per cent of total M&A value this quarter, the highest percentage since Q2 2024.Private Equity (PE) surged in Q2 2025, recording 57 deals worth USD 1.9 billion—marking the highest quarterly volumes since Q2 2022 and the highest values since Q2 2023, the report said.–IANSaps/na

New Delhi, July 21 (IANS) Meta is taking a big step to make money from WhatsApp by testing new ad features and in its latest Android beta update (version 2.25.21.11), the messaging platform has introduced two new tools – ‘Status Ads’ and ‘Promoted Channels’.These features are now available to select beta users on Android, according to WABetaInfo.Status Ads are similar to the ads you see on Instagram Stories. Business accounts can now post sponsored content that will appear in users’ Status feeds.These ads will show up between updates from friends and family but will have a clear “sponsored” label, so users can easily tell them apart from personal posts.WhatsApp is also giving users control over what they see. If someone doesn’t want to see ads from a particular advertiser, they can block them, and those ads won’t appear again.The second feature, Promoted Channels, will help public channels become more visible in WhatsApp’s channel directory.Just like Status Ads, these promoted channels will be marked as “sponsored”. When a business or creator pays to promote their channel, it will appear higher in search results, making it easier for users to find and follow them.These changes could be very useful for brands, creators, and organisations who want to grow their audience quickly.It also signals WhatsApp’s serious entry into the world of advertising and creator monetisation — something already common on platforms like Instagram and YouTube.Meta has assured that these ads won’t affect users’ privacy. The company says all promotional content will only be shown in public areas like Status and Channels, not in private chats. So, your personal messages will remain ad-free.Earlier, in a previous beta update (2.25.19.15), WhatsApp also started testing a feature that lets users download detailed ad activity reports.These reports show which ads were displayed, who the advertisers were, and when the ads were seen. This adds more transparency compared to traditional ad platforms.–IANSpk/na

New Delhi, July 21 (IANS) A Crisil report on Monday projected India’s gross domestic product (GDP) to grow at 6.5 per cent this fiscal (FY26), supported by improving domestic consumption, among other positive indicators.The Crisil Intelligence’s near-term outlook report suggested US tariff-related global uncertainty as the top risk to India’s growth. “However, growth is expected to be supported by improving domestic consumption driven by an above-normal monsoon, income tax relief and the RBI MPC’s rate cuts,” the report mentioned.GDP growth accelerated to 7.4 per cent on-year in the fourth quarter of last fiscal from 6.4 per cent in the previous quarter. Overall, GDP grew 6.5 per cent last fiscal (FY25).Consumer Price Index (CPI) inflation slid to 2.1 per cent in June, the lowest in 77 months, as food inflation turned negative.“Based on the inflation trajectory, prediction of an above-normal monsoon, and the expectation of soft global oil and commodity prices, we expect CPI inflation to soften to 4 per cent on average this fiscal from 4.6 per cent last fiscal,” the report mentioned.The report expects one more RBI repo rate cut this fiscal, and a pause thereafter.“The MPC cut the rate by 100 bps between February and June 2025. Its change in stance from accommodative to neutral in June highlights the front-loading of rate cuts and the data-dependent approach hereon The 100 bps CRR cut will be implemented in four tranches between September and November 2025,” it mentioned.On fiscal health, the Union Budget has targeted a reduction in the central government’s fiscal deficit to 4.4 per cent of GDP this fiscal from 4.8 per cent last fiscal.”Gross market borrowing is estimated at Rs 14.8 lakh crore for this fiscal, 5.8 per cent higher on-year. The government plans to carry out 54 per cent of the budgeted borrowing in the first half of the fiscal,” said the report.Fiscal deficit stood at 0.8 per cent of this fiscal’s Budget target until May, lower than 3.1 per cent in the corresponding period last fiscal, driven by higher revenue receipts and lower revenue expenditure than last fiscal.The report further stated that it expects the current account deficit (CAD) to average 1.3 per cent of GDP this fiscal, compared with 0.6 per cent last fiscal.–IANSna/