Infosys Q3 results📈; Goat Brand Labs buys Chumbak🎒; Paytm, Nykaa shares tank📉

Infosys: Net profit up 13.4%, Goat Brand Labs buys Chumbak, Paytm, Nykaa shares tank, Funding Deals and more.

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Jan 13, 2023

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Infosys Q3 results: net profit up 13.4% YoY to Rs 6,586 crore📈

Infosys reported a 20.2% year-on-year (YoY) rise in consolidated revenue to Rs 38,318 crore for the December quarter. Consolidated net profit for the quarter rose 13.4% on year to Rs 6,586 crore.

Constant currency revenue growth in the December quarter was strong at 13.7% on year, and 2.4% sequentially.

Amid a seasonally weak quarter for the sector, Infosys won deals worth $3.3 billion, the highest in the past eight quarters.

The Bengaluru-based software major surprised the Street by raising its constant currency revenue growth guidance for the current financial year from 15-16% to 16-16.5%. Most analysts had expected it to retain its revenue growth guidance.

Goat Brand Labs buys Chumbak, four others amid D2C consolidation🎒

Goat Brand Labs – an ecommerce brand roll-up firm – has acquired Chumbak and four other D2C brands, taking its portfolio to 20.

The company did not name the other four brands in its statement. It also did not disclose the deal size, but typically pays about one to two times the revenue of the company it is acquiring.

Goat has bought a majority stake of around 80% in Chumbak, while its cofounders hold around 13%.

With these acquisitions, G.O.A.T Brand Labs' portfolio now includes 20 brands including The Label Life, TrueBrowns, Pepe InnerFashion, Abhishti, Neemli Naturals, NutriGlow, Voylla, Pet Crux, among others.

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Paytm, Nykaa shares crack amid block deals📉

Shares of new-age tech firms Paytm and Nykaa fell sharply on Thursday on news about block sales of their shares.

Paytm’s stock tanked almost 9% in intraday trade and closed 6.16% down at Rs 543.50, while Nykaa fell more than 4% before closing 3.48% down at Rs 149.70.

China's Alibaba Group sold a 3.1% stake in Paytm for $125 million through a block deal on Thursday, Reuters reported. Alibaba, which held a 6.26% stake in Paytm as of end-September, sold the shares at Rs 536.95 each.

Nykaa's stock fell after reports said 1.4 crore of its shares changed hands in a large deal. Since the company’s lock-in period expired on November 9, several pre-IPO investors have liquidated their shares.