Business briefs

Kirloskar Ferrous Industries, the largest castings and pig iron manufacturer in the country, has reported a 31 per cent fall in net income to Rs 81.4 crore for the December quarter on a revenue of Rs 933.2 crore, which jumped 58 per cent from a year ago.RV Gumaste, managing director said the third quarter has been steady.

Kirloskar Ferrous Industries, the largest castings and pig iron manufacturer in the country, has reported a 31 per cent fall in net income to Rs 81.4 crore for the December quarter on a revenue of Rs 933.2 crore, which jumped 58 per cent from a year ago.

RV Gumaste, managing director said the third quarter has been steady. The revenue growth was 58 per cent at Rs 933.20 crore. With the continued uptrend in commodity prices, we see the pressure on our margins. However, we have been able to maintain tight control on our costs to keep the margin impact lower.

The cost control helped the company post a operating margin of 15 percent, which fell from 25 percent a year ago.

Founded in 1991, Kirloskar Ferrous is the largest castings and pig iron manufacturers catering to various industry sectors such as tractors, automobiles and diesel engines. It has plants at Koppal, Hiriyur and Solapur which produce a range of products that include grey iron castings up to 300 kg pieces and various grades of pig iron.

* * * * * Hitachi Payment Services, Indipaisa launch new fintech platform for MSMEs Mumbai: Leading digital payments player Hitachi Payment Services, and Indipaisa, a member of the Nexxo Network, which is an international network of fintech companies operating in the Middle East, Asia and Europe, have tied up to develop a new fintech platform for the domestic small businesses.

The new platform will drive a range of financial solutions to help the 63 million MSMEs take charge of their business finances. In partnership with Hitachi Payment Services, Indipaisa will offer a range of payment solutions to match the specific needs of these MSMEs to help them grow, comply with government tax laws, and build a better future for themselves and their families, the companies said in a statement.