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After reporting <keyword id="21767878" type="General" weightage="20" keywordseo="record-profits" source="keywords">record profits</keyword>, state-owned <keyword id="20459282" type="General" weightage="100" keywordseo="fuel-retailers" source="keywords">fuel retailers</keyword> <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="General" weightage="20" keywordseo="IOC" source="Orion">IOC</keyword>), <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword> and <keyword id="20052221" type="General" weightage="20" keywordseo="HPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="HPCL" meta.hostid="153" meta.entityid="HPCL">HPCL</keyword> posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed. The three fuel retailers made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses they had suffered in the previous year when they did not raise retail prices despite a surge in cost. The gains arising from the price freeze were eroded with petrol and diesel prices being cut by Rs 2 per litre each just before general elections and a fall in refining margins. Also, the three had uncompensated <keyword id="20866844" type="General" weightage="20" keywordseo="LPG-subsidy" source="keywords">LPG subsidy</keyword> - IOC booking under-recovery of Rs 5,156.23 crore in April-June, BPCL Rs 2,015.10 crore and HPCL Rs 2,443.71 crore, according to the filings. As per an order of the oil ministry, when market determined price (MDP) of LPG cylinders is less than its effective cost to customer (ECC), oil marketing companies (OMCs) have to retain the difference in a separate buffer account for future adjustment. However, as on June 30, 2024, the three firms had a net negative buffer as the retail selling price was less than MDP. The three retailers IOC, BPCL and HPCL had reported record profits totalling about Rs 81,000 crore in FY24 (2023-24), which was far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years. This is because they resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year, when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore in 2022-23. While the company could argue that FY23 was impacted by the <keyword id="21626914" type="General" weightage="20" keywordseo="oil-crisis" source="keywords">oil crisis</keyword>, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21. BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22. HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings. The losses in FY23 had led to the finance minister announcing Rs 30,000 crore equity infusion in the three firms. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue. But after the record profits of 2023-24, the equity infusion plan has now been scrapped. Finance Minister Nirmala Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in IOC, BPCL and HPCL to support the three state-owned firm's energy transition plans. In the interim budget that the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore. In the full budget for 2024-25, both plans have been scrapped. While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine. The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices, resulting in losses when input costs were higher and profits when raw material prices were lower. They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23, but HPCL was in the red. In FY24, things changed dramatically, and the three firms posted record earnings.

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

Buoyed by attractive government incentives towards local manufacturing, <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> is all set to reach a remarkable $10 billion (over Rs 82,000 crore) worth smartphone exports in the fiscal year ending March 31, industry data showed on Wednesday. According to the India Cellular and Electronics Association (ICEA), <keyword id="6354427" type="General" weightage="80" keywordseo="apple" source="Orion">Apple</keyword>'s 'Make in India' smartphone now constitute 50 per cent of total exports. <keyword id="10591" type="General" weightage="50" keywordseo="samsung" source="Orion">Samsung</keyword> is second with 40 per cent mobile exports while other smartphone players constitute 10 per cent export share. Smartphone exports from India have doubled from a corresponding period from last fiscal year, driven by production-linked incentive (PLI) schemes. The top five global destinations India currently exports mobile phones to are the UAE, the US, the Netherlands, the UK and Italy, according to the ICEA data. "Efficacy and maturity of an industry is only judged with robust exports. Mobile phones policy and outreach initiatives have been relentless and the results are in front of us," Pankaj Mohindroo, Chairman of ICEA, told IANS. "The mobile phone industry will cross $40 billion manufacturing output and 25 per cent exports at $10 billion is a stellar performance," he added. Reports surfaced earlier this year that Tim Cook-led Apple will quickly shift some of its China manufacturing to India and Vietnam in the next 2-3 years. India is likely to produce 45-50 per cent of Apple's <keyword id="57315" type="General" weightage="80" keywordseo="iphones" source="Orion">iPhones</keyword> by 2027, at par with China, where 80-85 per cent of iPhones were produced in 2022. According to estimates by DigiTimes research analysts, India and Vietnam are to become the biggest beneficiaries of smartphone supply chain migration out of China. India accounted for 10-15 per cent of iPhones' overall production capacity at the end of 2022. Apple became the first smartphone player in India to have exported $1 billion worth iPhones in the month of December. It currently manufactures iPhones 12, 13, 14 and 14 Plus in the country. According to Mohindroo, the country is now moving in a different direction, "which is largely export-focused and led by the government's performance-linked scheme (PLI) push". The government is also working to strengthen the electronic manufacturing ecosystem beyond mobiles to boost its global share in hearables and wearables, IT hardware and electronic components etc. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indian-railways-reduces-fare-of-ac-3-tier-economy-tickets/articleshow/98908343.cms">Indian railways reduces fare of AC-3 tier economy tickets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/gold-price-tumbled-by-480-to-58770-per-10-gram-on-wednesday/articleshow/98909456.cms">Gold price tumbled by ₹480 to ₹58,770 per 10 gram on Wednesday</a>

India to cross $10 billion worth mobile exports in FY22-23, Apple leads at 50%

IPO-bound car search platform <keyword id="1945738" type="General" weightage="100" keywordseo="cardekho" source="Orion">CarDekho</keyword> Group on Monday said it registered 81% growth in consolidated revenue from operations, increasing to ₹1,598 crore in FY22 from Rs 884 crore in 2021. A $1.2 billion unicorn, the company said it narrowed its losses by 28%, to Rs 246 crore in FY22 from Rs 341 crore in FY21. The company informed that it has ₹1,000 crore in net cash and has a clear path to achieve profitability by FY24. "The stellar business growth is a testament to the trust reposed in CarDekho Group by over 50 million visitors, over 5,000 used car loan agent partners, more than 50,000 insurance partners in over 1,300 cities and more than 3,500 used car dealers as of March 2022," said Amit Jain, Co-founder and CEO, CarDekho Group. The group has multiple brands such as CarDekho, BikeDekho, InsuranceDekho, <keyword id="13718937" type="General" weightage="80" keywordseo="rupyy" source="Orion">Rupyy</keyword> and <keyword id="32880" type="General" weightage="50" keywordseo="zigwheels" source="Orion">Zigwheels</keyword>, etc. "We are confident that our homegrown insuretech and fintech solutions, InsuranceDekho and Rupyy, will remain strong growth engines contributing to a significant profit pool," Jain added. In November last year, CarDekho said it aims to infuse $100 million in its fintech entity called Rupyy in a mix of debt and equity. To date, the group has helped issue 16 lakh insurance policies and facilitated the disbursal of over 1 lakh auto loans in FY22. The company added that its current international operations, spread across Indonesia, Malaysia and the Philippines, are gaining significant traction "The group continues to focus on driving profitable growth coming from the benefits of operating leverage, continuous focus on improving unit economics across all our business lines, and implementing technology-led innovations across the platforms," said <keyword id="918804" type="General" weightage="50" keywordseo="mayank-gupta" source="Orion">Mayank Gupta</keyword>, Group Chief Financial Officer. On the IPO plans, <keyword id="6356160" type="General" weightage="80" keywordseo="gupta" source="Orion">Gupta</keyword> said that public listing will be one of the key milestones in the company's journey. "We are definitely evaluating it subject to requisite approvals and conducive market conditions," said Gupta. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/jsw-group-mulls-foray-into-evs-to-manufacture-4-wheelers/articleshow/96673259.cms">JSW Group mulls foray into EVs, to manufacture 4-wheelers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/data-breach-reported-by-toyota-kirloskar-motor/articleshow/96674229.cms">Data breach reported by Toyota Kirloskar Motor</a>

CarDekho logs ₹1,600 cr in revenue in FY22, narrows losses by 28%

These companies paid the highest taxes in India in FY22

Online food delivery platform <keyword id="6358977" type="General" weightage="100" keywordseo="swiggy" source="Orion">Swiggy</keyword>'s losses doubled to ₹3,629 crore in FY22 compared to ₹1,617 crore in the last fiscal year. Total expenses went up 131% to ₹9,574.5 crore in FY22. According to its annual financial statement with the Registrar of Companies (RoC), during the last quarter of FY22, Swiggy turned "decacorn" (with a valuation of $10 billion and above) after raising a $700 million round led by Invesco. Meanwhile, Swiggy's revenue grew 2.2 times to ₹5,705 crore during FY22 as opposed to ₹2,547 crore in FY21. According to Entrackr, outsourcing support costs accounted for 24.5% of the total expenses of the company. This particular cost increased 2.3 times to ₹2,350 crore in FY22 from ₹1,031 crore in FY21. Its advertising and promotional expenses surged 4 times to reach ₹1,848.7 crore during FY22, according to the report. Reports surfaced last month that Swiggy may lay off more than 250 employees or up to 5% of its workforce starting January. "There have been no layoffs at Swiggy. We concluded our performance cycle in October and have announced ratings and promotions at all levels. As with every cycle, we expect exits based on performance," a Swiggy spokesperson had said in a statement. The upcoming layoffs are likely to impact Swiggy's quick commerce delivery service <keyword id="9728281" type="General" weightage="50" keywordseo="instamart" source="Orion">Instamart</keyword> to reduce cash burn. In November, global brokerage firm <keyword id="151304" type="General" weightage="50" keywordseo="jefferies" source="Orion">Jefferies</keyword> said that Swiggy was fast losing market share to its rival <keyword id="11830133" type="DOMAIN" weightage="20" keywordseo="zomato" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="zomato" meta.entityname="Zomato Ltd." meta.entityid="57948" meta.seoname="zomato-ltd">Zomato</keyword> despite offering heavy discounts. Citing Swiggy investor Prosus' financial report, Jefferies said that the gross value of Swiggy's food delivery business was $1.3 billion in the January-June period this year. Zomato in the same period logged a gross order volume of $1.6 billion. In May last year, Swiggy acquired Dineout, a dining-out and restaurant tech platform, for an undisclosed sum. According to sources, the acquisition size was around $200 million. Earlier this year, the food delivery platform raised $700 million led by Invesco at a $10.7 billion valuation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tvs-motor-sales-slip-3-58-to-242012-units-in-dec/articleshow/96681654.cms">TVS Motor sales slip 3.58% to 2,42,012 units in Dec</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-manufacturing-pmi-hits-13-month-high-in-dec-on-rise-in-new-orders-strong-demand/articleshow/96678340.cms">India's manufacturing PMI hits 13-month high in Dec on rise in new orders, strong demand</a>

Swiggy's losses jump 2X to ₹3,629 crore in FY22, layoffs coming

While all eyes are on <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s much-awaited FY21 financial results that were set to be revealed on Wednesday, the edtech major has registered nearly Rs 9,991 crore in revenues in its FY22 financial results and its core K12 education business is growing very fast, top sources have revealed. In six months from February 2022 till July 2022, the company logged Rs 6,175 crore revenue, breaking all previous sales records, three people close to the matter told IANS. This is a substantial gain from its FY20 financial report, when the company registered revenue of Rs 2,434 crore with a net profit of Rs 51 crore. BYJU's investors were ecstatic at the company's growth in the core business in the recently-concluded meeting, sources told IANS, as the company logged 50 per cent growth (year-on-year) in its core K12 India business at Rs 1,205 crore, leaving no competition anywhere near it. After getting acquired by BYJU's for $1 billion last year, <keyword id="3406091" type="General" weightage="50" keywordseo="aakash-educational-services" source="Orion">Aakash Educational Services</keyword> (AESL) has transformed into a hybrid edtech firm, expanding rapidly across the country, which is one of the key reasons behind BYJU's FY22 success. Meanwhile, after nearly 18 months delay of "ironing out the complexities", edtech major BYJU's was all set to reveal its financial report for FY21. The company had received an 'unqualified' report from auditor <keyword id="6358918" type="General" weightage="50" keywordseo="deloitte" source="Orion">Deloitte</keyword> late last month. According to sources, there may be a substantial difference between the projected sales and the audited revenue in BYJU's FY21 financial results. Last valued at $22 billion, BYJU's has so far raised over $6 billion in funding, and aims to file an IPO in the US through the <keyword id="6767232" type="General" weightage="50" keywordseo="special-purpose-acquisition-company" source="Orion">Special Purpose Acquisition Company</keyword> (<keyword id="1817616" type="General" weightage="50" keywordseo="spac" source="Orion">SPAC</keyword>) route. The company is likely to raise over $500 million (nearly Rs 3,900 crore) at a valuation of around $23 billion soon. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/amazon-moves-delhi-hc-against-1-lakh-ccpa-penalty-in-pressure-cooker-case/articleshow/94190091.cms">Amazon moves Delhi HC against ₹1 lakh CCPA penalty in pressure cooker case</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/jaiprakash-power-ventures-avassa-ferro-alloys-among-successful-bidders-for-commercial-coal-blocks/articleshow/94190360.cms">Jaiprakash Power Ventures, Avassa Ferro Alloys among successful bidders for commercial coal blocks</a>

BYJU's logs nearly  ₹10K crore revenue in FY22, tops estimates

<ul><li>India’s digital advertising spending is estimated to surge to $21 billion in the next five years, growing at a compounded annual growth rate (CAGR) of 19-21%. </li><li>Key amongst the drivers of the growth in digital ad spends is the growing use of smartphones and internet. </li><li>Ad spends on digital platforms – which also have 2.5-3 million content creators in India – are expected to increase to $3.5 billion by 2028. </li></ul>India’s digital advertising spending growth in FY23 will be muted largely due to macro factors, increasing from $8 billion in FY22 to $9 billion this year. However, it is expected to pick up speed in the next five years to hit $21 billion on the back of a surge in smartphone and internet usage, according to <keyword id="3359665" type="General" weightage="100" keywordseo="redseer" source="Orion">Redseer</keyword> Strategy Consultants. The agency says that after FY23, spendings on digital advertisements would account for 65-70% of the total ad spends in India. “Upon mapping market sizing across media agencies, we observe a significant under-reporting of digital ad spend in India. However, Redseer projection has considered enterprise spends, small and medium business (SMB) spends, <keyword id="2540701" type="General" weightage="20" keywordseo="Influencer-marketing" source="Orion">influencer marketing</keyword>, affiliate marketing and gaming,” said Mukesh Kumar, engagement manager, Redseer Strategy Consultants. Over the next five years, the firm estimates total ad spends will be $21 billion, growing at a compounded annual growth rate (CAGR) of 19-21%. The disruption caused by Covid-19 also helped in accelerating the digital push – the total spends on digital advertising grew from $5 billion in FY21 to $8 billion in FY22, registering a 60% growth in just one year. <cmsannotation type="cmsannotation" annotationid="Here’s what will drive the growth in ad spends" comment="subhead" text="Here’s what will drive the growth in ad spends">Here’s what will drive the growth in ad spends</cmsannotation> Key amongst the drivers of the growth in digital ad spends is the growing use of smartphones and internet – according to the report, users spend nearly 7 hours per day on their smartphones. This provides marketers with a lucrative target audience that has a higher engagement rate. In addition to this, the content creator ecosystem also allows marketers to precisely target their advertisements. “The user-generated content and influencer ecosystems have the capacity to drive highly-targeted advertising. Since the UGC (user-generated content) platforms already possess content creating communities, they are better positioned for setting up the creator marketplace,” the report said. India’s advertising spends as a percentage of the country’s gross domestic product (GDP) is also on the lower side, at 0.5%. In contrast, the US and UK spend 1.4% and 1.3% of their respective GDPs on advertisements, the Redseer report noted, adding that India’s advertising spends will increase going forward. <cmsannotation type="cmsannotation" annotationid="Bright days ahead for influencer economy" comment="subhead" text="Bright days ahead for influencer economy">Bright days ahead for influencer economy</cmsannotation> The influencer economy – or the content creators on platforms like <keyword id="819905" type="General" weightage="50" keywordseo="instagram" source="Orion">Instagram</keyword>, Facebook, YouTube and others – driven by UGC, have bright days ahead, according to the Redseer report. Ad spends on digital platforms – which also have 2.5-3 million content creators in India – are expected to increase to $3.5 billion by 2028, while influencer-led live commerce is expected to grow to $8 billion by 2030. The report says there are four types of content creators – micro, macro, mega, and elite. Interestingly, it notes that it’s the micro and macro content creators who have delivered better returns on investment for brands, and not the mega and elite ones. <cmsannotation type="cmsannotation" annotationid="SMBs embrace digital ads" comment="subhead" text="SMBs embrace digital ads">SMBs embrace <keyword id="155791" type="General" weightage="20" keywordseo="Digital-ads" source="Orion">digital ads</keyword></cmsannotation> Small and medium businesses (SMB) are embracing digital ads, according to Redseer. In FY22 alone, SMBs accounted for 30-35% of the $8 billion spent on digital ads. This is expected to increase to 40% by FY28, or about $8.4 billion of India’s total digital ad spends. If it comes to pass, then SMBs will spend more on digital ads by FY28 than India’s current digital ad spends. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/psus-stage-a-comeback-in-2022-and-the-future-looks-healthy-say-analysts/articleshow/96522444.cms">PSUs stage a comeback in 2022, and the future looks healthy, say analysts</a> <a href="https://www.businessinsider.in/business/news/uber-rides-indians-spent-11-billion-minutes-traveling-and-covered-4-5-billion-kilometers-in-2022/articleshow/96535396.cms">Indians spent 11 billion minutes traveling and covered 4.5 billion kilometers in 2022 in this taxi service</a> <a href="https://www.businessinsider.in/business/news/venugopal-dhoot-the-man-who-went-from-making-colour-tvs-to-being-involved-in-the-icici-bank-loan-fraud-case/slidelist/96537909.cms">Venugopal Dhoot – The man who went from making colour TVs to being involved in the ICICI Bank loan fraud case</a>

India’s digital ad spend estimated to surge to $21 billion in the next five years, rising 2.5x over FY22 levels, says Redseer

Here’s how Indians paid for non-cash transactions in FY22

<keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s total merchandise exports are expected to grow by 33 per cent during the second quarter of <keyword id="5027223" type="General" weightage="20" keywordseo="fy22" source="Orion">FY22</keyword>, the <keyword id="402797" type="General" weightage="20" keywordseo="export-import-bank-of-india" source="Orion">Export-Import Bank of India</keyword> said on Friday. Accordingly, <keyword id="10407892" type="General" weightage="20" keywordseo="india-exim-bank" source="Orion">India Exim Bank</keyword> forecast total merchandise exports in Q2FY22 to grow to $98.45 billion from $74.02 billion reported for the corresponding quarter of the previous financial year. Besides, non-oil exports are expected to rise 28.3 per cent to $85.63 billion, as compared to $66.73 billion reported for the corresponding quarter of the last fiscal. "The rise in India's exports could be attributed largely to the low base effect, pick-up in growth in advanced economies and the resultant increase in global import demand," India Exim Bank said in a statement. "Increase in commodity prices have also contributed to the increase in India's exports," it added. The forecasts are based on India Exim Bank's Export Leading Index (ELI) model. These forecast are released by India Exim Bank on a quarterly basis, during the first week of June, September, December and March for the corresponding quarters. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ronnie-screwvalas-investment-firm-leads-10-million-round-in-lido-learning/articleshow/86093922.cms">Ronnie Screwvala’s investment firm leads $10 million round in Lido Learning</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/den-networks-hathway-cable-biocon-alembic-pharma-ujjivan-financial-services-eron-international-stocks-are-going-down/slidelist/86093519.cms">Den Networks, Biocon, Alembic Pharma and more -- here’s why these companies made no money to investors even in a bull run</a>

India's exports expected to grow by 33% during the second quarter

Mumbai, Revenue growth for multiplexes will slow down to 10-15 per cent in FY25 from the 20-24 per cent expected in FY24, a domestic ratings agency said on Wednesday. The profit margins will widen marginally, but will continue to be lower than the pre-pandemic levels due to the competition faced by the industry from over the top service providers like <keyword id="19897536" type="General" weightage="20" keywordseo="netflix" source="keywords">Netflix</keyword> and Amazon Prime, the report by <keyword id="19955699" type="General" weightage="20" keywordseo="crisil-ratings" source="keywords">Crisil Ratings</keyword> said. The topline will grow 10-15 per cent to Rs 7,300 crore in FY25, it estimated, adding that in FY24, the revenue growth was higher due to a slew of big-budget releases, especially from Hindi films like Gadar 2 and <keyword id="19897076" type="General" weightage="20" keywordseo="jawan" source="keywords">Jawan</keyword>, it said. The operating profit will grow by 4 percentage points to 14 per cent in FY24 on the rising revenues, and will widen further to 15 per cent in FY25, the agency said. "But that number (margins) will still be lower than the pre-pandemic level of 18-20 per cent, given the competition from Over-The-Top (OTT) content," the report said. The agency said OTT continues to benefit from high-quality and diverse content available on-tap and the competition from such platforms will keep occupancies below the pre-pandemic level going forward as well. Occupancy surged to 25 per cent in FY23 from 16 per cent in FY22, but remained below the pre-pandemic level of 30-32 per cent in FY20 amid increased penetration of OTT, it said, adding that Hindi films significantly underperformed than regional ones. "With movie producers aligning better with audience preferences and a stronger regional film pipeline, occupancies should remain at 26-28 per cent next fiscal and over the medium term," the agency's Director <keyword id="19955698" type="General" weightage="20" keywordseo="naveen-vaidyanathan" source="keywords">Naveen Vaidyanathan</keyword> said. Continued supply of high-quality movies focusing on the large-screen experience will be crucial to sustain and improve occupancy at multiplexes, the agency noted. The agency's team leader, <keyword id="20763273" type="General" weightage="20" keywordseo="shivaramakrishna-kolluri" source="keywords">Shivaramakrishna Kolluri</keyword>, however, said the slower revenue growth will take the topline to an all-time high, and attributed the same to factors such as addition of screens, rising movie ticket prices amid cost inflation and focus on premium formats. Increasing spends on refreshments following more offerings and menu revisions will also help drive the revenues, Kolluri said.

Multiplexes' revenue growth to dip to 15% in FY25 as OTTs crimp profit margins

<keyword id="895682" type="General" weightage="20" keywordseo="Adani-Ports" source="Orion">Adani Ports</keyword> and Special Economic Zone on Tuesday reported a net profit of Rs 1,479 crore during Q3FY22, down six per cent year-on-year. In the same quarter last fiscal, the net profit was Rs 1,577 crore. The company's consolidated revenue during the quarter grew one per cent to Rs 3,797 crore, as compared to Rs 3,746 crore in the same period last fiscal. EBITDA fell two per cent during the quarter to Rs 2,431 crore. During Q3FY22, cargo volumes were subdued due to higher commodity prices and disruptions in the supply chain. <keyword id="1033941" type="General" weightage="20" keywordseo="karan-adani" source="Orion">Karan Adani</keyword>, Chief Executive Officer and <keyword id="253911" type="General" weightage="20" keywordseo="whole-time-director" source="Orion">Whole Time Director</keyword> of <keyword id="841459" type="General" weightage="20" keywordseo="apsez" source="Orion">APSEZ</keyword>, said: "Our learnings in 2020 helped us weather the storm and our operational expertise allowed us to continue our expansion. The addition of two ports in 2021 - Krishnapatnam and <keyword id="1073434" type="General" weightage="20" keywordseo="gangavaram" source="Orion">Gangavaram</keyword> in Andhra Pradesh on the east coast of India - to the ones on the west coast continued to tighten our pan-India presence." "Our under-construction port of Vizhinjam in Kerala, along with our new terminal in Colombo, Sri Lanka, will act as a new transshipment hub in southeast Asia." With an extensive focus on the use of renewable energies the company is on the road to achieving carbon neutrality by 2025 and becoming the world's most sustainable ports company, he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/union-budget-2022-all-you-need-to-know-about-the-ev-battery-swapping-policy/slidelist/89274280.cms">Union Budget 2022: All you need to know about the EV battery swapping policy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/diamonds-will-now-be-cheaper-imitation-jewellery-and-umbrellas-costlier-here-are-the-highlights-on-how-budget-2022-will-impact-imports/articleshow/89272589.cms">Diamonds will now be cheaper, imitation jewellery and umbrellas costlier – here are the highlights on how Budget 2022 will impact imports</a>

Adani Ports' net profits decline by 6% in the third quarter of FY22

IT firm <keyword id="611086" type="COMPANY" weightage="20" keywordseo="Happiest-Minds-Technologies">Happiest Minds Technologies</keyword> Ltd has reported a <keyword id="11251348" type="UNKNOWN" weightage="20" keywordseo="manifold-growth">manifold growth</keyword> in consolidated net profit at ₹36.05 crore in the March 2021 quarter. The company, which got listed on <keyword id="35140" type="COMPANY" weightage="20" keywordseo="BSE">BSE</keyword> and <keyword id="6354646" type="COMPANY" weightage="20" keywordseo="nse">NSE</keyword> last year, had posted a net profit of ₹5.30 crore in the year-ago period. Its revenue was at ₹220.71 crore in the quarter under review, up 18.4 per cent from ₹186.35 crore in the year-ago period, a regulatory filing said. On a quarter-on-quarter basis the net profit fell 14.5 per cent, from ₹42.15 crore in the December 2020 quarter. Its revenue grew 14.5 per cent from ₹192.84 crore in the third quarter of FY'21. "The highlight for the year FY21 was our successful IPO... As we begin <keyword id="5027223" type="COMPANY" weightage="20" keywordseo="FY22">FY22</keyword>, we will look to achieving 20 per cent organic growth as indicated at the time of our IPO," Happiest Minds Technologies Executive Chairman Ashok Soota said. In dollar terms, the revenue stood at <keyword id="54123" type="COMPANY" weightage="20" keywordseo="USD">USD</keyword> 30.2 million, up 18 per cent year-on-year and 15.4 per cent sequentially. The company's net profit more than doubled to ₹162.46 crore, while revenue was higher by 10.8 per cent to ₹773.41 crore in FY'21 from the previous fiscal. "Our fiscal year revenue growth of 6.3 per cent in USD terms is reflective of our business model which positions us as a go-to player for customers building a digital ready enterprise," Happiest Minds Technologies MD and CFO Venkatraman N said. He added that revenues for the quarter grew sequentially by 15.4 per cent, which includes Pimcore Global Services (PGS) that was acquired earlier during the quarter. "Our growth for the quarter even on a standalone basis has been robust. Considering our performance, strong cash generation and capital allocation priorities, I am happy to highlight the maiden dividend of ₹3 per share recommended by the Board," he said. The company had 173 clients as of March 31, 2021 with addition of 23 new customers during the quarter. Its headcount was at 3,228 people, with trailing 12 months attrition at 12.4 per cent. The company announced its results late night on Wednesday. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-responds-to-privacy-criticism-by-alleging-other-apps-like-zomato-ola-aarogya-setu-zoom-google-and-other-apps/articleshow/82570897.cms">WhatsApp responds to privacy criticism by alleging that other apps and tech companies also show disdain for user privacy</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-adds-subscribers-for-the-first-time-in-15-months/articleshow/82568343.cms">Vodafone Idea shares up by 10% as it adds subscribers for the first time in 15 months – Airtel, Reliance Jio expand their user base</a> <a href="https://www.businessinsider.in/stock-market/markets/news/heres-why-the-spike-in-inflation-in-the-us-may-worry-markets-in-india/articleshow/82597218.cms">Here's why the spike in inflation in the US may worry markets in India ⁠— but experts say don’t panic yet</a>

Happiest Minds Technologies' net profit falls 14.5% quarter-on-quarter even as revenue grew 14.5%

A good number of <keyword id="8764262" type="UNKNOWN" weightage="20" keywordseo="covid">Covid</keyword> survivors will opt for life insurance in the country, said <keyword id="323997" type="PERSON" weightage="20" keywordseo="Vibha-Padalkar">Vibha Padalkar</keyword>, MD and <keyword id="5645" type="POSITION" weightage="20" keywordseo="CEO">CEO</keyword> of <keyword id="472962" type="DOMAIN" weightage="20" keywordseo="HDFC-Life">HDFC Life</keyword> Insurance Company Ltd, while announcing the company's Q4 results on Monday. Padalkar told the media that Covid-19 survivors are now coming for life insurance, more so post the raging second wave of the pandemic. The Covid situation has led to higher awareness around the need for protection and the inadequacy of the current insurance coverage, she said. Padalkar said the company has provided ₹165 crore as Covid reserve for <keyword id="5027223" type="COMPANY" weightage="20" keywordseo="FY22">FY22</keyword> based on the actual experience in FY21 after factoring in aspects such as latest mortality trends across businesses and customer segments and the geographic spread of Covid 2.0. HDFC Life closed the <keyword id="1553646" type="PERSON" weightage="20" keywordseo="last-fiscal">last fiscal</keyword> with an after tax profit of ₹1,360 crore, up from ₹1,295 crore logged in FY20. Last fiscal, the company earned a total premium of about ₹38,583 crore, up from about ₹32,707 crore earned in FY20. She said despite logistical challenges through the year, the company had insured close to 40 million lives in FY21. The company sold about 9.8 lakh new individual policies, registering a year-on-year growth of 10 per cent. On the claims front, Padalkar said over 2.9 lakh death claims were settled during last fiscal with a pay out of over ₹3,000 crore. According to her, given the resurgence of Covid and the looming uncertainty around economic and market momentum, the company will continue to maintain a cautiously optimistic stance for FY22 and evaluate its approach dynamically. The company board has recommended final dividend of ₹2.02 per equity share of face value of ₹10 each for the year 2020-21. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/sundar-pichai-and-satya-nadella-will-use-google-and-microsoft-resources-and-technology-to-support-india-during-the-covid19-crisis/articleshow/82253126.cms">From Sundar Pichai to Satya Nadella – Indian-Americans wake up to the COVID-19 crisis at home</a> <a href="https://www.businessinsider.in/science/health/news/covid-19-what-is-proning-and-how-can-it-help-you-increase-oxygen-levels-at-home/articleshow/82251671.cms">COVID-19 – What is proning and how can it help you increase oxygen levels at home</a> <a href="https://www.businessinsider.in/business/startups/news/upgrad-gets-its-first-external-funding-from-singapore-based-temasek/articleshow/82253861.cms">Edtech startup upGrad gets its first external funding – a $120 million cheque from Temasek</a> <a href="https://www.businessinsider.in/science/health/news/maharashtra-kerala-and-chhattisgarh-states-are-on-top-covid-19-positivity-rate-in-india/articleshow/82254421.cms">COVID-19: These are the five states in India with the highest positivity rates</a>

You Searched For "FY22" and got 13 results

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