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Walmart-backed <keyword id="22923802" type="General" weightage="100" keywordseo="PhonePe-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="PhonePe Group" meta.hostid="269" meta.entityid="PhonePe Group">PhonePe Group</keyword> on Monday reported a consolidated <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword>, excluding <keyword id="20037952" type="General" weightage="20" keywordseo="esop" source="keywords">ESOP</keyword> costs, of Rs 197 crore for fiscal year 2023-24. It had incurred a loss of Rs 738 crore in the previous fiscal, according to a company statement. The company's revenue in <keyword id="19910780" type="General" weightage="20" keywordseo="FY24" source="keywords">FY24</keyword> was Rs 5,064 crore, 73.7% higher than Rs 2,914 crore in FY23. The group's payment business reported a standalone net profit (excluding ESOP costs) of Rs 710 crore in FY24, against a loss of Rs 194 crore in the preceding fiscal. The group has expanded into <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword> (insurance, lending, wealth) as well as new consumer tech businesses (pincode - hyperlocal e-commerce and Indus App Store). The company has not provided the results of these verticals. Recently, the company also launched credit line on <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>, allowing customers to avail short-term credit effectively. PhonePe has been able to achieve growth and <keyword id="20049278" type="General" weightage="20" keywordseo="diversification" source="keywords">diversification</keyword> of revenue through a combination of market leadership, platform reliability and cross-selling a diverse product portfolio, the statement said. This achievement is a result of PhonePe's focus on driving operating leverage through automation and cost efficiencies, it added. "Our financial strategy is anchored on three key pillars: (1) predictable and sustainable growth in revenue, (2) diversification of revenue streams, and (3) continuing improvements to the bottom line," PhonePe CFO Adarsh Nahata said. These pillars have guided the firm's strategic decisions and enabled it to scale rapidly and a focus on disciplined financial management will help it continue in the progression towards profitability of the payments business, he added. <keyword id="20075850" type="General" weightage="20" keywordseo="sameer-nigam" source="keywords">Sameer Nigam</keyword>, Founder and CEO said the optimisation of investments and capital allocation, in conjunction with building a diversified revenue model, and remaining customer-focused, will provide a solid foundation for sustained future success. The PhonePe group on Monday reported an adjusted profit after tax, excluding ESOP costs, of Rs 197 crore for the financial year 2023-24, compared with a loss of Rs 738 crore a year ago. Its revenue in FY24 jumped 74 % to Rs 5,064 crore, against Rs 2,914 crore in the previous financial year. The company already boasts of 550+ million registered users, along with acceptance across 40+ million merchants. Per its release, the company processes over 270 million transactions on a daily basis, which have an annualised total payment value (TPV) of around $1.5 trillion.

PhonePe Group posts Rs 197 crore profit for FY24

<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s <keyword id="23127366" type="General" weightage="20" keywordseo="consumption-loan" source="Orion">consumption loan</keyword> portfolio grew by 15.2% year-on-year (YoY) to Rs 90.3 lakh crore as of March 2024, according to the latest <keyword id="6354680" type="General" weightage="20" keywordseo="credit" source="Orion">credit</keyword> bureau report. The fourth edition of the CRIF High Mark report noted a slowdown from the 17.4% growth recorded in March 2023, largely due to a deceleration in the home <keyword id="6362287" type="General" weightage="100" keywordseo="loans" source="Orion">loans</keyword> segment, which accounts for 40.1% of the overall consumption loan portfolio by value. The home loans portfolio saw growth slowing down to 7.9 % YoY in FY24, from the 23 % expansion seen in FY23. This was mainly due to muted growth in "originations", which increased by 9.2 % in FY'24 compared to 18.2 % in the previous fiscal year. Origination refers to the process by which a lender creates or initiates a new loan or credit, including evaluating, processing, and approving a borrower's application. The report finds a shift toward higher <keyword id="6871589" type="General" weightage="20" keywordseo="ticket-size" source="Orion">ticket size</keyword>s, with a growing preference for loans above Rs 35 lakh, although the average ticket size (ATS) rose by 32% from Rs 20.1 lakh in FY20 to Rs 26.5 lakh in FY24. In contrast, the personal loans segment maintained strong momentum, growing by 26% YoY in FY24, despite recent regulatory reforms. Larger ticket loans of Rs 10 lakh and above increased their share in originations by value, while loans under Rs 1 lakh continued to dominate in volume. Banks led in value-based originations, whereas non-banking financial companies (NBFCs) remained dominant in volume. Two-wheeler loans experienced a 34% YoY growth in FY24, up from 30% in FY23, fueled by a shift to higher ticket-size loans. However, the overall volume of originations grew at a slower pace of 13% in FY24 compared to 32% in FY23. <keyword id="35527" type="General" weightage="20" keywordseo="auto-loans" source="Orion">Auto loans</keyword>, on the other hand, grew by 20% YoY in FY24, compared to 22% in FY23. Consumer durable loans posted a robust growth of 34% YoY in FY24, up from 26% expansion in the previous fiscal. This growth was driven by a shift to larger ticket sizes, although origination volumes grew by only 8.5% in FY24, compared to 38.2% in FY23. The MSME lending segment displayed mixed results, with individual MSME loans growing faster than entity MSMEs. The individual MSME portfolio increased by 29% YoY in FY24, accelerating from 15% in FY23, while entity MSME loans grew by just 6.6 % YoY, a sharp slowdown from 17.2 % in the previous year. Microfinance lending also saw strong growth, with the portfolio rising by 27% YoY in FY24, compared to 21% in FY23. "The resilience of the Indian credit market is evident in the strong performance across various lending categories and the stability in delinquencies. Home loans remain dominant, but the growth in personal loans, two-wheeler loans, and the rebound of NBFCs highlight significant shifts in the lending landscape," CRIF High Mark MD Sanjeet Dawar said.

Consumption loan portfolio expands 15% to Rs 90 lakh crore in FY24, notes CRIF report

New Delhi: India's <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">Initial Public Offering</keyword> (IPO) market witnessed a resurgence in 2024, with a total of 272 companies going public compared to 164 during the previous fiscal year, highlights a report by <keyword id="19901201" type="General" weightage="100" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>. The market regulator SEBI stated that upbeat secondary markets, enthusiasm from retail investors, and strong institutional flows set the stage for a flurry of new listings. "After a relative moderation during 2022-23, the equity segment witnessed a resurgence in fundraising activity during the current fiscal. The <keyword id="19926041" type="General" weightage="20" keywordseo="IPO-market" source="keywords">IPO market</keyword> had been vibrant with a total of 272 companies going public as compared to 164 during the last fiscal year," said SEBI. The report also noted that India received the highest <keyword id="20018891" type="General" weightage="20" keywordseo="foreign-investment" source="keywords">foreign investment</keyword> in the year 2023-24, as the investment surged to a new high of Rs 3.4 lakh crore. It also added that the investment in the year 2023-24 is the highest since the year 1992-93. "Compared to net outflows of Rs 40,936 crore in 2022-23, FPIs invested Rs 3.4 lakh crore in India during 2023-24, which was the highest since 1992-93," said SEBI. SEBI highlighted that Foreign Portfolio Investment and foreign venture capital investment are crucial for emerging economies like India. FY 2023-24 was an exceptional year for India in terms of foreign portfolio investment flows. It added that India's continuing growth resilience, financial stability, reining in of inflation, fiscal consolidation coupled with the persistence of inflation in advanced economies, uncertain geopolitical scenarios, etc., attracted a record level of foreign flows to India. The report noted that in the midst of a subdued global economic scenario with recession risks and monetary tightening, India's economic prospects were bright among emerging markets, driven by a fillip in manufacturing and service sector activities, easing inflation, fiscal consolidation, financial stability, and buoyant <keyword id="20977711" type="General" weightage="20" keywordseo="market-performance" source="keywords">market performance</keyword>. According to the sector-wise breakup on FPI investment, the report stated that out of the consolidated Rs 64.2 lakh crore equity assets held by FPIs, Rs 18.6 lakh crore were invested in financial services, followed by oil, gas, and consumable fuels (Rs 6.0 lakh crore), information technology (Rs 5.9 lakh crore), and automobile and auto components with Rs 4.8 lakh crore invested.

In FY24, 272 companies went public as compared to 164 in FY23: SEBI

State-owned <keyword id="20039085" type="General" weightage="20" keywordseo="Coal-India-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Coal India Ltd" meta.hostid="261" meta.entityid="Coal India Ltd">Coal India Ltd</keyword>'s contribution to the <keyword id="21546749" type="General" weightage="20" keywordseo="government-exchequer" source="keywords">government exchequer</keyword> increased by 6.4 per cent to Rs 60,140.31 crore in <keyword id="19910780" type="General" weightage="20" keywordseo="FY24" source="keywords">FY24</keyword>, over the financial year 2022-23. <keyword id="19903245" type="General" weightage="20" keywordseo="Coal-India" source="keywords">Coal India</keyword> Ltd (CIL), which accounts for over 80 per cent of domestic coal output, paid Rs 56,524.11 crore to the government exchequer in FY23, according to provisional figures of the coal ministry. Total levies paid to the government in March 2024 also went up by 14.8 per cent to Rs 6,069.18 crore from Rs 5,282.59 crore paid in the corresponding month of FY23. Of the total Rs 60,140.42 crore paid to the government exchequer in FY24, maximum amount of Rs 13,268.55 crore was made to the state government of Jharkhand, followed by Rs 12,836.20 crore to the Odisha government, Rs 11,890.79 crore to Chhattisgarh, Rs 10,865.96 crore to Madhya Pradesh, and Rs 6,188.89 crore to Maharashtra among others. The coal-producing states earned the <keyword id="19945274" type="General" weightage="20" keywordseo="revenue" source="keywords">revenue</keyword> from royalty, District Mineral Foundation (DMF) and National Mineral Exploration Trust (NMET) among others. The government had earlier said that the coal-producing states earned a revenue of Rs 1.52 lakh crore in the last nine years from royalty, DMF and NMET. Coal mining sector has proved to be a big booster for the economic growth of the states that produce fossil fuel. State governments are entitled to receive 14 per cent of royalty on the sale price of coal and 30 per cent of the royalty as contribution towards the proposed district mineral foundations (DMFs)-- which is meant to support project-affected people---and two per cent of NMET from dry-fuel produced by the coal companies and also the private sector. In case of captive, commercial mines states are also entitled to receive the revenue share offered by the auction holder in a transparent bidding process. Apart from this, state governments also benefit from increased employment, land compensation, increased investment in allied infrastructure like railways, road and several other economic benefits. Coal India's production and off-take are pegged at 838 MT for FY'25. SEE ALSO:<a href="https://www.businessinsider.in/finance/banks/news/following-kotak-mahindra-banks-strong-q4-numbers-analysts-reset-stock-target-up-to-1900-worried-about-reputation-impact-than-financial-says-ceo/articleshow/109882571.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/following-kotak-mahindra-banks-strong-q4-numbers-analysts-reset-stock-target-up-to-1900-worried-about-reputation-impact-than-financial-says-ceo/articleshow/109882571.cms" target="_blank">Following Kotak Mahindra Bank’s strong Q4 numbers, analysts reset stock target up to ₹1,900; Worried about reputation impact than financial, says CEO</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a><a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms" target="_blank">Global smartphone shipments grow by 6% in Q1 2024, Samsung retakes the top spot</a>

Coal India's contribution to govt exchequer rises 6.4% to ₹60,140 crore in FY24

About 6 crore <keyword id="19948101" type="General" weightage="100" keywordseo="income-tax-returns" source="keywords">income tax returns</keyword> have been filed for income earned in 2023-24, of which 70 per cent were filed under the new <keyword id="22442211" type="General" weightage="20" keywordseo="simplified-tax-regime" source="keywords">simplified tax regime</keyword> which offers lower rate of tax, Revenue Secretary Sanjay Malhotra said on Tuesday. Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions as to whether people would shift to the simplified tax regime. "About 6 crore filed for last year and 70 per cent is under the new income tax regime. The whole move has been towards simplicity with the ultimate purpose being to reduce the <keyword id="20380188" type="General" weightage="20" keywordseo="compliance-burden" source="keywords">compliance burden</keyword>," Malhotra said. For the 2022-23 fiscal, 8.61 crore ITRs were filed. The idea behind comprehensive income tax review as announced in the <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">Budget</keyword> is to make the tax law simpler. "We will come up with a draft and then we will seek suggestions," Malhotra said. Currently, India has two <keyword id="20155151" type="General" weightage="20" keywordseo="personal-income-tax" source="keywords">personal income tax</keyword> regimes. In the old income tax regime, the <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> are relatively high but taxpayers can claim several exemptions and <keyword id="20385232" type="General" weightage="20" keywordseo="deductions" source="keywords">deductions</keyword>. However, in the <keyword id="19935168" type="General" weightage="20" keywordseo="new-tax-regime" source="keywords">new tax regime</keyword>, tax rates are lower but fewer deductions.

About 6 cr ITRs filed for FY24; 70% under new tax regime

<ul><li><keyword id="19931193" type="General" weightage="20" keywordseo="Maruti-Suzuki-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki India" meta.hostid="261" meta.entityid="Maruti Suzuki India">Maruti Suzuki India</keyword> on Friday reported a 47.8% rise in <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> for the March quarter of <keyword id="19910780" type="General" weightage="20" keywordseo="FY24" source="keywords">FY24</keyword>.</li><li>The auto maker reported a net profit of Rs 3,877.8 crore, on account of higher sales volume and favourable commodity prices.</li><li> The auto major had reported a net profit of Rs 2,623.6 crore in the year-ago period.</li></ul>The country's largest car maker <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword> India on Friday reported a 47.8 per cent rise in net profit for the March quarter of FY24 to Rs 3,877.8 crore, on account of higher sales volume and favourable commodity prices. The auto major had reported a net profit of Rs 2,623.6 crore in the year-ago period, Maruti Suzuki India said in a regulatory filing. "For the first time, the company surpassed annual total sales milestone of 2 million units in FY24. The company continued to be the top exporter for the third consecutive year, now contributing 41.8 per cent of total passenger vehicle exports from India," the company stated. Maruti Suzuki shares were trading at Rs 12,687.05 apiece at the day's close, down 1.7 per cent from its previous close on the BSE. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank">Realme C65 5G with 5,000mAh battery, 120Hz display launched starting at ₹10,499</a><a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank">An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema</a>

Maruti Suzuki Q4 net profit rises 47.8% to ₹3,877.8 crore

Indian financial services firm <keyword id="19913826" type="General" weightage="100" keywordseo="Zerodha" source="keywords" meta.keywordsubtype="org" meta.entityname="Zerodha" meta.hostid="261" meta.entityid="Zerodha">Zerodha</keyword> made headlines recently for hitting ₹8,320 crore revenue in FY24. However, its CEO and co-founder <keyword id="19923447" type="General" weightage="20" keywordseo="Nithin-Kamath" source="keywords">Nithin Kamath</keyword> says that the company is preparing for a decline in revenue as several regulatory changes are expected to take effect later this year. Kamath, in a blog post, outlined the challenges ahead, which could result in a <keyword id="20168027" type="General" weightage="20" keywordseo="revenue-drop" source="keywords">revenue drop</keyword> of up to 50% as Zerodha faces a combination of stricter regulations and shifting market conditions. <h2>Zerodha braces for revenue drop</h2>One of the main concerns for Zerodha is the new Securities and Exchange Board of India (SEBI) regulation, which will be implemented on October 1, 2024. Kamath expects a 10% dip in revenue as the "true-to-label" circular is enforced. This change will impose stricter guidelines on brokers like Zerodha regarding the kind of financial products they offer, potentially limiting some of their key revenue-generating activities. Another significant factor affecting Zerodha’s future revenue is the ongoing review of index derivatives regulations. Index derivatives, which are a crucial part of Zerodha's business model, could soon face changes that might severely impact the company’s earnings. Kamath estimates that such modifications could reduce earnings by 30-50%. Additionally, with the <keyword id="20930760" type="General" weightage="20" keywordseo="Securities-Transaction-Tax" source="keywords">Securities Transaction Tax</keyword> (STT) set to rise in October 2024, the costs of futures trading could further impact Zerodha’s profitability, though the effect on options trading may be limited. Zerodha is also set to face revenue pressures due to changes in Annual Maintenance Charges (AMC) under the new Basic Services Demat Account (BSDA) thresholds. From October 2024, brokers will only be able to charge full AMC fees from customers with holdings of ₹10 lakhs or more, up from ₹4 lakhs currently. Combined with Zerodha's removal of account opening fees, this is expected to significantly impact their revenue. Yet another challenge comes from Zerodha’s decision to halt payouts from its referral program. The program, which incentivised customers to refer others to the platform, will now only allow payouts to Authorised Persons (AP) registered with exchanges. This new regulation limits the number of people who can refer customers, slowing the firm's growth. <h2>Zerodha's financial results</h2>Despite these looming challenges, Zerodha posted strong financial results for the fiscal year 2024. The firm recorded a 62% increase in profits, reaching ₹4,700 crore, with revenue climbing by 21% to ₹8,320 crore. Traders using Zerodha's platform are also sitting on over ₹1 lakh crore in unrealised profits, largely driven by strong market performance and increased retail participation. However, Kamath also cautioned that the profitability boost in recent years has been fuelled by a bull market, which could reverse at any time. If the market turns, Zerodha, like many other financial service providers, may face significant challenges. To prepare for such an eventuality, the company has built up a strong financial position, with Kamath stating that their net worth now stands at nearly 40% of the customer funds they manage.

Zerodha co-founder Nithin Kamath says bracing for a huge revenue hit even as the company hits ₹8,320 crore revenue in FY24

<keyword id="19923397" type="General" weightage="20" keywordseo="ONGC" source="keywords">ONGC</keyword> declared the highest-ever standalone net <keyword id="19933742" type="General" weightage="20" keywordseo="profit" source="keywords">profit</keyword> of Rs 40,526 crore in FY24, the company informed the exchange in a filing. The consolidated net profit of the company is also highest at Rs 57,101 crore in FY24. The <keyword id="21739636" type="General" weightage="20" keywordseo="crude-oil-production" source="keywords">crude oil production</keyword> of the company has surged by 2.4 per cent quarterly to 5.359 MMT in Q4 FY24. However, the standalone gross revenue of the company declined 11 per cent YoY to Rs 1,38,402 crore in FY24 from Rs 1,55,517 crore in FY23. The standalone profit has surged yearly by 1.1 per cent to Rs 40,526 crore in FY24. The company also announced a total <keyword id="20047030" type="General" weightage="20" keywordseo="dividend" source="keywords">dividend</keyword> of Rs 12.25 per share with a total payout of Rs 15,411 crore. This includes an interim dividend of Rs 9.75 per share which is already paid during the year and a final dividend of Rs 2.50 per share recommended by the Board. The Crude Oil production of the company in Q4 FY'24 saw an increase of 2.4 per cent over Q4 FY'23 whereas <keyword id="20646431" type="General" weightage="20" keywordseo="gas-production" source="keywords">gas production</keyword> decreased by 3 per cent. The company informed that it drilled 541 wells, the highest recorded in the past 34 years, comprising 103 exploratory and 438 development wells. ONGC invested around Rs 37,000 crore in <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> in FY24, compared to Rs 30,208 crore spent in the previous year. ONGC has also declared 11 discoveries (6 in on land, 5 in offshore) during FY 2023-24 in its operated acreages. Out of these, 6 are prospects (1 in on land, 5 in offshore) and 5 are new pool (on land) discoveries. The shares of ONGC gained more than 46 per cent in the last six months on the national stock exchange and were trading at Rs 280 at the time of filing this report. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/go-digit-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110276113.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/go-digit-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110276113.cms" target="_blank">Go Digit IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/sports/webstories/kolkata-knight-riders-vs-sunrisers-hyderabad-head-to-head-record-match-timings-and-more/slidelist/110274500.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/kolkata-knight-riders-vs-sunrisers-hyderabad-head-to-head-record-match-timings-and-more/slidelist/110274500.cms" target="_blank">Kolkata Knight Riders vs Sunrisers Hyderabad – head-to-head record, match timings and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank">Motorola Edge 50 Fusion vs OnePlus Nord CE 4 – price, specs and features compared</a>

ONGC declares highest ever standalone profit in FY24

Travel tech platform <keyword id="19901637" type="General" weightage="20" keywordseo="OYO" source="keywords">OYO</keyword> reported <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> 2023-24 as the maiden profitable fiscal with a net earning of nearly Rs 100 crore, founder <keyword id="20198157" type="General" weightage="20" keywordseo="Ritesh-Agarwal" source="keywords">Ritesh Agarwal</keyword> said on Thursday. In a post on social media platform X, Agarwal said he sees growth ahead "not just in India" but also in OYO's other key markets of Nordics, South East Asia, the US and UK. "While a delighted customer or a hotel partner brings the biggest smile on my face, our first cut financials of FY24 have me humbled as well," Agarwal shared. "We had our maiden net profitable financial year at nearly Rs 100 crore. This was our eighth consecutive quarter of a positive EBITDA and we also have a cash balance of around Rs 1,000 crore," he added. He further highlighted that global credit rating firm Fitch has also taken note of OYO's improved performance and strong cash flows, upgrading its credit rating. "I see growth ahead not just in India with emerging travel trends such as premiumization, spiritual travel, business travel and conferences, destination weddings but also in our other key markets of Nordics, South East Asia, US and UK. FY25 will clearly be even more exciting," the OYO founder stated. He added that these are provisional numbers, but the audited financials will likely be close to these. Earlier this week, Fitch Ratings announced it has upgraded the rating of OYO parent firm Oravel Stays, citing the hospitality company's improved financial profile. Fitch upgraded Oravel Stay's long-term foreign and local currency issuer default ratings to 'B' from 'B-' with a 'Stable' outlook, according to a statement. It also upgraded the rating on the company's USD 660-million senior secured term loan facility due 2026 to 'B' from 'B-'. In FY24, OYO added about 5,000 hotels and 6,000 homes globally. It also reported a PAT (Profit after Tax) of Rs 99.6 crore (USD 12 million) and an adjusted EBITDA of Rs 888 crore (USD 107 million) for the whole fiscal year, up from Rs 274 crore (USD 33 million) in FY23. EBITDA -- Earnings Before Interest, Taxes, Depreciation, and Amortization -- is an alternate way of calculating profitability to net income. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

At ₹100 crore, OYO posts FY24 as maiden profitable fiscal: Founder

India's largest lender <keyword id="19898108" type="General" weightage="100" keywordseo="sbi" source="keywords">SBI</keyword> on Saturday reported a 35% fall in standalone net profit to Rs 9,164 crore for the December quarter. <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword> (SBI) had earned a net profit of Rs 14,205 crore in the year-ago period. The bank's total income rose to Rs 1,18,193 crore in the third quarter of the ongoing fiscal as against Rs 98,084 crore in the same period a year ago, the bank said in a regulatory filing. During the quarter, the bank earned interest income of Rs 1,06,734 crore as against Rs 86,616 crore in the same period a year ago. The bank's gross Non-Performing Assets (NPA) of the total advances declined to 2.42% at December-end from 3.14% at the end of the third quarter of last year. Similarly, net Non-Performing Assets (NPAs) also eased to 0.64% against 0.77% at the end of the same period a year ago. On a consolidated basis, SBI Group's net profit slipped 29% to Rs 11,064 crore as against Rs 15,477 crore in the same quarter a year ago. However, total income increased to Rs 1,53,072 crore as compared to Rs 1,27,219 crore in the first quarter of the previous fiscal. During the quarter under review, the bank acquired the entire 20% stake held by SBI Capital Markets Ltd (SBICAPS) in SBI Pension Funds Pvt Ltd. With this, the bank's stake in SBI Pension Funds Pvt Ltd has increased from 60% to 80%, it said, adding that the consideration paid for the transaction is Rs 229.52 crore.

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