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India's largest airline with a market share of 62.5% and Asia's biggest carrier by market valuation, <keyword id="19899182" type="General" weightage="100" keywordseo="IndiGo" source="keywords" meta.keywordsubtype="org" meta.entityname="IndiGo" meta.hostid="261" meta.entityid="IndiGo">Indigo</keyword>, posted a net loss of Rs 986.7 crore for the last quarter ended September 30, 2024. Indigo's profits during this quarter in 2023 were Rs 188.9 crore. The main reason behind the carrier running into reds during the second quarter of FY25 was high <keyword id="21353061" type="General" weightage="20" keywordseo="fuel-costs" source="keywords">fuel costs</keyword>. Per the airline, its fuel costs jumped by 12.8% to Rs 6,605.2 crore, compared to Rs 5,856 crore in the year-ago period. Another expense area that witnessed an exponential surge was aircraft and engine rentals, which rose to Rs 763.6 crore in the second quarter. This stood at Rs 195.6 crore in the year-ago period. All in all, the company's total expenses burgeoned 22% to Rs 18,666.1 crore during the previous quarter. Indigo's <keyword id="20066400" type="General" weightage="20" keywordseo="revenue-from-operations" source="keywords">revenue from operations</keyword>, while down by 13.3% on a QoQ basis, from Rs 19,571 crore in June 2024 to Rs 16,970 crore as of September 2023, jumped 13.6% on a YoY basis. The company's revenue from operations during the September quarter in 2023 stood at Rs 14,944 crore. Indigo’s consolidated top line also jumped 14% YoY to Rs 16,970 crore, which included Rs 14,359 crore of <keyword id="23687772" type="General" weightage="20" keywordseo="ticketing-revenue" source="keywords">ticketing revenue</keyword> and Rs 1,875 crore earned from ancillary services. At the end of September 2024, Indigo had a fleet of 410 planes. For the last quarter, Indigo was plagued by mass groundings of its aircraft due to faulty engines manufactured by <keyword id="21405019" type="General" weightage="20" keywordseo="Pratt-and-Whitney" source="keywords">Pratt and Whitney</keyword> Group. This had forced the airline to ground around 75 planes, or about 1/5th of its fleet. However, in the earnings call today, the management noted that the worst was behind them. Indigo expects the number of non-operational planes to drop below 60 by the end of this year and further dip to 40 by March 2025. Already, the number of grounded aircraft had come down to the high 60s. IndiGo’s cost per available seat kilometer (<keyword id="23687771" type="General" weightage="20" keywordseo="CASK" source="keywords">CASK</keyword>)—a useful metric to assess an airline's operational efficiency—also inched up 12% YoY to stand at Rs 4.69. The company expects this figure to inch up to double digits by the next quarter. Indigo's stock was down by 3.23% during the day, closing the week at Rs 4,373.70.

IndiGo's bottom-line turns red for Q2, high fuel costs, and forced groundings main reason

<keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> firm <keyword id="19924892" type="General" weightage="20" keywordseo="Tech-Mahindra" source="keywords" meta.keywordsubtype="org" meta.entityname="Tech Mahindra" meta.hostid="261" meta.entityid="Tech Mahindra">Tech Mahindra</keyword> on Saturday reported a more than two-fold jump in its consolidated <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> to Rs 1,250 crore for the July-September quarter, driven by special income from the sale of assets. The Mahindra Group company posted a net profit of Rs 493.9 crore in the year-ago period, according to an exchange filing. Revenue rose by 3.49 per cent to Rs 13,313.2 crore in the second quarter of 2024-25 compared to Rs 12,863.9 crore in the same quarter of 2023-24. "Other income includes gain on sale of property of Rs 4,502 million which comprises of freehold land and its related buildings along with the furniture &amp; fixtures sold for a consideration of Rs 5,350 million, receivable over a period of four years along with interest of 8.2 per cent p.a," the company filing said. Sequentially, net profit rose by 46.81 per cent and revenue by 2.36 per cent. "We continue to progress on our strategic improvement efforts even as the overall IT services industry has remained soft. "We have focused on strengthening client relationships and expanding the partner ecosystem while maintaining a sharp focus on operational excellence through project Fortius, which has resulted in an expansion of margins for the third sequential quarter," Tech Mahindra CEO Mohit Joshi said. The CEO unveiled Project Fortius in April, a three-year plan to achieve a 15 per cent operating margin with a focus on organic growth. "This quarter we see consistent performance around increasing deal wins, <keyword id="19965932" type="General" weightage="20" keywordseo="revenue-growth" source="keywords">revenue growth</keyword>, cost optimisation and steady free cash flow generation as we continue our journey towards FY27 stated targets. In line with our capital allocation policy the board has declared an interim dividend of Rs 15 per share," Tech Mahindra CFO Rohit Anand said. The company's TCV (<keyword id="23580531" type="General" weightage="20" keywordseo="Total-Contract-Value" source="keywords">Total Contract Value</keyword>), or net new deal wins, stood at USD 603 million in the second quarter of FY25. Joshi further said the company is on the right path for a long-term sustainable transformation, with its leading indicators moving in the right direction, and its 'Scale at Speed' narrative resonating in the market. "We have invested in strengthening the capabilities in the focus service lines by broadening the leadership and investing in technical specializations. "We continue to invest in strengthening our fresher hiring program, building the right mindset and future skilling and associates, by building capabilities in AI-first and cloud-first skill sets," he told reporters. Investments shall continue in creating and sustaining an outcome-driven learning organisation and cultivating a high-performance culture based on the pillars of simplifying, clarifying, innovating and driving a high-performance orientation, he added. This year could be volatile because we are in the turnaround phase, Joshi said. "I am confident, however, that the platform is being set for a long-term, valuable franchise thanks to a high-calibre and united leadership team and a clearly articulated strategic plan," Joshi said. The Pune-headquartered firm added 6,653 employees during the quarter under review, bringing the total staff count to 1,54,273. Shares of Tech Mahindra settled at Rs 1,688 apiece on the BSE on Friday, down 0.68 per cent from the previous close. SEE ALSO:<a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank"></a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank">Best credit cards for online shopping this festive season</a><a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank">Waaree Energies IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank">Best smartphones under ₹25,000 in India in October 2024</a>

Tech Mahindra profit jumps over 2-times to ₹1,250 crore in Jul-Sep quarter

<ul class="summary-list"><li>Replenishment ships are essential to resupplying carrier groups at sea with fuel, food and bombs.</li><li>The US is overhauling its aging ships while China has built a dozen.</li></ul>Involved in nearly every crisis since World War II, aircraft carriers have been called upon to assure allies, deter enemies, and strike directly at hostile targets.Yet for all their importance, their missions would be impossible if not for the US Navy's unsung workhorses: replenishment ships.Replenishment ships loaded with food, fuel and bombs are the reason US carrier strike groups can stay at sea for months at a time. This capability is increasingly vital for the US Navy's chief competitor, China. With the <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-shrinking-china-biggest-fleet-shipbuilding-taiwan-2024-4">largest navy in the world</a>, its lack of overseas military bases only makes the need for this capability greater.But replenishment ships also form the weakest link in the chain of <a target="_blank" class="" href="https://www.businessinsider.com/us-vs-chinese-navy-aircraft-carriers-2024-5">American</a> and <a target="_blank" class="" href="https://www.businessinsider.com/chinas-new-aircraft-carrier-more-to-learn-to-match-us-2024-5">Chinese carrier</a> groups. Often unarmed and full of explosive cargo, they are prime targets for any hostile force.<div type="image" title="USNS Supply is one of the two largest combat logistics ships in the US Navy's Military Sealift Command." height="1500" width="2100" msid="115143523" hostid="261" sizebytes="299192"></div><h2 id="3d01aa20-7b10-4f31-9c1e-4e4a0f3254e6">US replenishment ships</h2>The US Navy's Military Sealift Command's Combat Logistics Force (CLF) operates 17 fleet replenishment oilers, 14 dry cargo/ammunition ships, and two fast combat support ships.These ships are built to deliver wet cargo (mainly aviation and diesel fuel) and dry cargo like ordnance, food, and spare parts. Though US carriers are nuclear-powered, their escort ships still run on diesel, and their <a target="_blank" class="" href="https://www.businessinsider.com/newest-us-navy-supercarrier-underway-with-all-airpower-first-time-2023-3">air wings</a> require aviation fuel.The most capable replenishment vessels in the CLF are the fast combat support ships of the <a target="_blank" href="https://www.navy.mil/Resources/Fact-Files/Display-FactFiles/Article/2174658/">Supply-class</a>, the largest combat logistics ships in the MSC fleet.Equipped with four cargo booms for loading cargo, they are capable of carrying 156,000 barrels of fuel, 1,800 tons of ordnance, 400 tons of refrigerated store, and 250 tons of other dry cargo.<div type="image" title="Fleet replenishment oiler Henry J. Kaiser refuels a US warship via two hose lines suspended on a tensioned wire between the ships." height="1331" width="2000" msid="115143326" hostid="261" sizebytes="123714"></div>These ships have two primary means to transfer cargo: sling loads carried by helicopter or tensioned lines between the ships. They have five fuel-at-sea (FAS) stations that utilize long flexible refueling hoses that travel on the tensioned wire, and six replenishment at sea (RAS) stations that move supplies via the horizontal wire pulley systems on the tensioned line. In addition, the Supply-class ships have a helicopter hangar and deck with space for two helicopters at the stern, enabling helicopter transfer known as vertical replenishment, or VERTREP.The FAS/RAS stations, combined with aerial resupply, enable Supply-class vessels to replenish up to four ships at once. Only two Supply-class ships, the USNS Supply and USNS Arctic, remain in service.The backbone of the CLF's refueling fleet are the <a target="_blank" href="https://www.msc.usff.navy.mil/Ships/Ship-Inventory/Fleet-Replenishment-Oiler/">Henry J. Kaiser-class</a> fleet oilers. Built between 1984 and 1996, the ships are 677 feet long, displace around 41,000 tons, and can carry up to 159,000 barrels of fuel.The Kaisers can refuel two warships simultaneously. They lack a helicopter hangar, but have a deck at the stern where helicopters from nearby ships can sling-load pallets.Fourteen Kaisers are in active service with the MSC.Though effective for refueling, the Kaiser-class has limited space for dry cargo — only enough for 586 pallets, including frozen and chilled food. The Navy relies on 14 Lewis &amp; Clark-class dry cargo/ammunition ships to fill in the gap.The Lewis &amp; Clark-class ships can carry a massive 8,391 tons of dry cargo, including 1,716 tons of refrigerated stores. They also have tanks capable of carrying approximately 25,000 barrels of fuel.<div type="image" title="An MH-60S Sea Hawk helicopter delivers supplies to the USS Dwight D. Eisenhower from the fast combat support ship USNS Arctic." height="1331" width="2000" msid="115143525" hostid="261" sizebytes="207016"></div>The Kaiser-class replacement effort kicked off in earnest in 2016, when the Navy signed a design and construction contract with General Dynamics, a leading defense contractor and shipbuilder that reported $11.7 billion in revenue in its third-quarter earnings.Five years later, the lead ship of the new John Lewis-class was christened.The 746-foot-long, double-hull ships can carry 162,000 barrels of fuel, 6,675 tons of dry cargo, and 1,716 tons of refrigerated stores. A helicopter deck at the stern also enables VERTREP.Three John Lewis-class oilers — USNS John Lewis, USNS Harvey Milk, and USNS Earl Warren — are in service, and a fourth, USNS Robert F. Kennedy, is set to begin sea trials soon. Another was recently launched and two more are under construction.The class will soon become the main fleet oiler. An order for six ships was made in 2018, with options for three more exercised in 2022 and 2023. In September, the Navy signed a $6.7 billion contract for eight more John Lewis-class oilers with General Dynamics's National Steel and Shipbuilding Company. The Navy hopes to have 20 of the vessels in total, supplemented by 13 yet-to-be-designed light replenishment oilers.<div type="image" title="The Hulunhu fast combat support ship is part of a new class that was built to service China's carrier strike groups." height="1060" width="2000" msid="115143528" hostid="261" sizebytes="205312"></div><h2 id="02ad4c6d-8c78-4ca1-ab92-1b32a6c75d25">China's replenishment ships</h2>The US Navy has over <a target="_blank" href="https://www.usni.org/magazines/naval-history-magazine/2018/june/century-replenishment-sea">100 years of experience</a> building and operating replenishment ships. China's experience began in the 1980s.Its first replenishment ships could only carry about 10,500 tons of fuel. As China's fleet grew in the 1990s, it searched for a stopgap measure and found it in the Qinghaihu, an oiler built in Ukraine that was intended for the Soviet Navy.Ultimately, the Chinese opted to pursue a new design for its next replenishment ships: the <a target="_blank" href="https://www.globalsecurity.org/military/world/china/qiandaohu.htm">Type 903-class</a> oiler.These ships can carry around 11,000 tons of cargo, including some 10,000 tons of fuel. Like the Qinghaihu, the Type 903s have a helicopter deck and helipad.Nine ships were built between 2002 and 2018, all of which are in service.The Type 903s form the backbone of China's replenishment fleet, but they are not the most capable. That title goes to the PLAN's Type 901-class fast combat support ships.The ships, which NATO designated the "Fuyu-class," are 787 feet long, displace 45,000 tons, have a helicopter deck and hangars, and are equipped with 5 FAS and 2 RAS stations. They are primarily meant to service China's carrier groups and can keep up as they are propelled by four gas turbine engines.The size, mission, and speed of the ships are comparable to the US Navy's Supply-class. Two Type 901s have been built: the Hulunhu and the Chaganhu.<div type="image" title="Replenishment ships like the Lewis and Clark-class dry cargo and ammunition ships are essential to carrier operations but are highly vulnerable to attack." height="1333" width="2000" msid="115143527" hostid="261" sizebytes="344510"></div><h2 id="e54916fd-474c-416c-9f6b-46ac068eead5">'Weakest link'</h2>The important role these ships play is hard to overstate.Between October 2023 and May 2024 in support of <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-weapons-expenditure-cost-middle-east-conflicts-2024-10">Red Sea operations</a>, for instance, USS Supply <a target="_blank" href="https://gcaptain.com/usns-supply-crew-honored-for-exceptional-service-in-red-sea-operations/">replenished</a> US and allied ships 143 times, transferring over 87 million gallons of fuel and 14,928 pallets of supplies in the process.The Henry J. Kaiser- and Lewis and Clark-class vessels also enabled the continuous presence of <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-carrier-strike-groups-significant-combat-power-middle-east-2024-8">two carriers in the Middle East</a>.The PLAN's oilers, meanwhile, have extended the reach of its warships. <a target="_blank" href="https://digital-commons.usnwc.edu/cgi/viewcontent.cgi?article=1007&amp;context=cmsi-notes">Its contributions to international anti-piracy efforts in the Gulf of Aden</a> have, since 2008, almost always been made up of two surface combatants and one oiler, enabling each task force to stay on station for 4 months.The new Type 901s are already proving their worth. Last year, the Type 901-class oiler Chaganhu supported the Shandong carrier group during a series of exercises near Taiwan, Guam, and in the South China Sea. This included 620 aircraft sorties in just 18 days, <a target="_blank" href="https://news.usni.org/2023/07/14/japan-releases-fighter-scramble-data-against-chinese-aircraft">according</a> to the Japanese Ministry of Defense.In all, <a target="_blank" class="" href="https://www.businessinsider.com/chinas-growing-navy-conducts-first-dual-aircraft-carrier-drills-2024-10">Shandong</a> spent about as much time at sea as any US carrier in the western Pacific that year, due in no small part to its replenishment ships.Yet replenishment ships are also the weakest link in each country's carrier groups. The most obvious reason is that they are almost completely unarmed, making them defenseless. Their defenses are instead provided by escort ships.They also face additional challenges unique to each country. The US, for instance, faces a manpower shortage, limited <a target="_blank" class="" href="https://www.businessinsider.com/new-us-navy-warships-delayed-photos-2024-4">shipyard capacity</a>, and an aging fleet with ships approaching the end of their expected service lives.Military Sealift Command employs mostly civilian merchant mariners, but now has a recruiting issue of its own.The manpower issue has been serious enough for MSC to <a target="_blank" href="https://news.usni.org/2024/08/22/navy-could-sideline-17-support-ships-due-to-manpower-issues">propose sidelining 17 of its ships</a> — including two Lewis &amp; Clark-class ammo ships and one Kaiser-class oiler — so their crews could be sent to serve on other vessels.The Kaiser-class itself is aging quickly. Four of the active oilers are already past their 35-year service lives, while one, USNS Pecos, departed for deactivation last month.Ships can have their service lives extended, but American shipyards appear unable to <a target="_blank" href="https://thehill.com/opinion/national-security/4624326-almost-all-navy-shipbuilding-is-hopelessly-behind-schedule-as-war-looms/">keep up with demand</a> for new ships and maintenance for active ones, with some estimating that the Navy is as many as 20 years behind in needed maintenance.The backlog may be why only one Kaiser-class oiler, <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-fired-captain-didnt-fix-steering-problem-near-miss-2024-9">USNS Big Horn</a>, was present in the Middle East during tensions between Israel and Iran in late September. This almost caused major problems when the ship accidentally <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-fuel-ship-damaged-incident-middle-east-2024-9">ran aground</a> and could no longer operate, forcing the Navy to rely on two Lewis &amp; Clark-class ammunition ships for refueling duties despite their smaller capability. The incident exposed <a target="_blank" href="https://responsiblestatecraft.org/refueling-navy-middle-east/">just how fragile UNREP networks can be</a>.China, meanwhile, has just 12 oilers despite having the world's largest navy, which puts a considerable strain on those ships. Additionally, its logistical network is hampered by a lack of overseas naval bases, which can serve as refueling and resupply stations for the oilers.China has the <a target="_blank" class="" href="https://www.businessinsider.com/chinas-shipbuilding-power-players-making-warships-at-a-rapid-pace-2024-9">largest shipbuilding industry</a> in the world, however, enabling it to quickly build more oilers and convert some of its merchant ships into replenishment ships. It has also been attempting to expand its "String of Pearls"— Chinese-controlled ports in countries across the Indian and Pacific oceans that could support military ships.Benjamin Brimelow is a freelance journalist covering international military and defense issues. He holds a master's degree in Global Affairs with a concentration in international security from the Fletcher School of Law and Diplomacy. His work has appeared in Business Insider and the Modern War Institute at West Point.

US vs. Chinese replenishment ships: The workhorses that keep aircraft carriers operating

<ul class="summary-list"><li>After two scandals this year, PwC's business in the Asia-Pacific region has fallen.</li><li>The firm's license to operate in China was suspended for six months for its involvement in a fraud case.</li></ul>After scandals in Australia and China this year, PwC has lost business in the Asia-pacific region.On Monday, the <a target="_blank" class="" href="https://www.businessinsider.com/partner-pay-at-big-four-falling-ey-pwc-deloitte-kpmg-2024-10">Big Four</a> consulting firm reported a 12.7% decline in net income in the region for the financial year ending in June. <a target="_blank" class="" href="https://www.pwc.com/gx/en/about/transparency-report/2024/financials.html">PwC said</a> demand was particularly slow in China, where revenues fell.In September, the firm was found to have <a target="_blank" class="" href="https://www.pwc.com/gx/en/news-room/press-releases/2024/pwc-network-statement-regarding-pwc-zhong-tian-administrative-penalties.html">helped conceal fraud at the now-collapsed Chinese property developer Evergrande.</a>The Chinese government fined PwC $62 million and removed its license to operate in the country for six months. 11 employees were fired or left the company, and state-owned enterprises have since dropped PwC as their auditor.Mohamed Kande, PwC's global chairman, <a target="_blank" class="" href="https://www.pwc.com/gx/en/global-annual-review/2024/pwc-global-annual-review-2024.pdf">said</a> the findings of the Evergrande audit were in "stark contrast" to the high-quality work PwC produces and were not representative of what the firm stands for.The firm's second regional scandal hit in Australia after a senior partner in its tax division was found to have passed confidential information from his work with the government to colleagues to help them win new business with multinational technology companies like Uber and Google, <a target="_blank" href="https://www.afr.com/companies/professional-services/the-emails-that-almost-destroyed-pwc-australia-20240802-p5jyv1">the Australian Financial Review </a>first reported.PwC sold its government consulting business in Australia following the revelations.Overall revenues in Asia-Pacific, which is the smallest of the firm's regions, were down by 5.6% in local currencies. PwC highlighted that business had performed well in India, where revenues increased.Despite the regional impact on the business, PwC posted an overall growth of 3.7% to reach record-high gross revenues of $55.4 billion.Like other leading consultancies, PwC has been hit by falling demand for consulting services, and its growth rate has slowed. In FY2023, revenue grew 9.9%.Following a pandemic-era rush on advisory services, demand for professional services has slowed, leaving firms overstaffed for the level of work. While EY and Deloitte have been <a target="_blank" class="" href="https://www.businessinsider.com/big-four-consultancies-deloitte-ey-cut-staff-pwc-accenture-2024-10#:~:text=Deloitte%20and%20EY%20are%20trimming,be%20over%2C%20one%20analyst%20said.">trimming back staff numbers</a> in the past year, PwC expanded its workforce by 10,000 in FY2024 to reach 370,000 global employees."Despite a backdrop of economic headwinds, we've seen revenue growth across all of our lines of business, deepened our strategic alliances, and invested $1.5 billion to expand and scale our AI capabilities," said Mohamed Kande, PwC's global chairman.

Scandals in China and Australia hit Big 4 giant PwC, but global revenues reached a record high

New Delhi [India], May 22 (ANI): Benefiting from strong sales, organised gold jewellery retailers are set to clock 17-19 per cent <keyword id="19965932" type="General" weightage="20" keywordseo="revenue-growth" source="keywords">revenue growth</keyword> in the current financial year 2024-25, according to <keyword id="19898320" type="General" weightage="20" keywordseo="Crisil" source="keywords" meta.keywordsubtype="org" meta.entityname="Crisil" meta.hostid="261" meta.entityid="Crisil">Crisil</keyword>. The rating agency asserted that the projected revenue would be driven by higher realisations stemming from elevated <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword>, while volume remains steady. Gold, considered a safe haven asset for investment, has been in demand for considerable period of time, with its prices rallying to hit record highs every now and then. Geopolitical conflict in the West Asia that stretched for long now, buying by several central banks including RBI, physical demand, have altogether pushed gold prices towards northwards. Retailers are likely to step up marketing and promotional campaigns this fiscal to combat the moderation in demand amid rising gold prices, Crisil said on Wednesday. Hence, operating profitability may marginally moderate 20-40 basis points (100 basis points is equal to 1 percentage point) year-on-year to 7.7-7.9 per cent. "Working capital requirements may rise, too, resulting from increased inventory due to a substantial rise in gold prices and new stores additions. That said, credit profiles should remain stable," the rating agency noted. The organised gold sector accounts for slightly more than a third of the market, with the highly fragmented unorganised sector making up the rest. Domestic gold price increased 15 per cent during fiscal 2024 and reached Rs 67,000 per 10 gm as on end of March 2024. Now, they are trading at over Rs 74,000. Gold kept its shine as one of the safer investment options seen by various central banks across the world as well as end consumers amid geopolitical uncertainties. Gold is a scarce commodity, and any mismatch in demand-supply conditions may invariably trigger sharp price rise. Moreover, Crisil believes <keyword id="21263075" type="General" weightage="20" keywordseo="organised-retailers" source="keywords">organised retailers</keyword> will continue to gain market share at the expense of the unorganised ones, supported by changing consumer preferences and store expansion into Tier 1 and 2 cities and beyond. Himank Sharma, Director, CRISIL Ratings, "Stronger cash generation, due to healthy revenue growth and adequate profitability, will keep credit profiles of organised gold jewellery retailers stable, despite an expected rise in working capital borrowings." At the global level too, gold prices too are at their peaks. Historically, gold, as an asset, is considered to be a haven as it typically manages to retain or appreciate its underlying value in times of turbulence. (ANI)

Benefiting from strong sales, gold jewellers set for 17-19% revenue growth in 2024-25: Crisil

<ul class="summary-list"><li><keyword id="1027537" type="General" weightage="20" keywordseo="daniel-ek" source="Orion">Daniel Ek</keyword> said <keyword id="685487" type="General" weightage="100" keywordseo="spotify" source="Orion">Spotify</keyword> underestimated the impact of laying off 1,500 people in December.</li><li>"It took us some time to find our footing," Ek told investors in an earnings call.</li></ul><a target="_blank" href="https://www.businessinsider.com/spotify-cfo-leaving-after-laying-off-staff-2023-12">Laying off 1,500 people in December</a> ended up creating a "significant challenge" for Spotify, the company's CEO <a target="_blank" href="https://www.businessinsider.com/spotify-ceo-daniel-ek-feels-inadequate-every-day-worth-billions-2024-2">Daniel Ek</a> said on Tuesday. "Although there's no question that it was the right strategic decision, it did disrupt our day-to-day operations more than we anticipated," Ek <a target="_blank" href="https://seekingalpha.com/article/4685308-spotify-technology-s-spot-q1-2024-earnings-call-transcript">told</a> investors in an <a target="_blank" href="https://newsroom.spotify.com/2024-04-23/spotify-reports-first-quarter-2024-earnings/">earnings call</a>. But Ek quickly assured investors that the company has managed to overcome this challenge. "It took us some time to find our footing, but more than four months into this transition, I think we're back on track," Ek added. And it seems that Ek's decision might have paid off for Spotify. On Tuesday, the streaming giant reported its earnings for the first quarter of 2024, where it revealed that Spotify had <a target="_blank" href="https://s29.q4cdn.com/175625835/files/doc_financials/2024/q1/Q1-2024-Shareholder-Deck-FINAL.pdf">made a quarterly profit of 197 million euros</a>, or $210 million. The company had incurred a loss of around $241 million in the same period last year. Founded in 2006, the music platform has become a go-to spot for listeners hoping to enjoy the latest tunes. On Saturday, Spotify announced that Taylor Swift's latest album, "The Tortured Poets Department," had become the platform's most-streamed album in a single day. Swift herself became the "most-streamed artist in a single day in Spotify history," the company said in an <a target="_blank" href="https://www.instagram.com/p/C59Y1G-yNv4/?utm_source=ig_web_copy_link">Instagram post</a>. "We've talked about 2024 as the year of monetization, and we're delivering on that ambition," Ek said on Tuesday. "I feel good about the changes we are implementing and remain very confident in our ability to reach the ambitious plans we've outlined," he added. Spotify's change in fortunes comes after the company <a target="_blank" href="https://www.businessinsider.com/spotify-wrapped-2023-layoffs-before-christmas-2023-12">laid off 2,300 workers</a> over three rounds of layoffs last year. Besides cutting 1,500 jobs in December, Spotify <a target="_blank" href="https://www.businessinsider.com/spotify-layoff-employees-jobs-reduce-costs-daniel-ek-2023-1">laid off about 600 employees in January </a>2023 and <a target="_blank" href="https://newsroom.spotify.com/2023-06-05/an-update-on-changes-to-spotifys-podcast-business-june-2023/">another 200 staff in June</a>. The layoffs, Ek said in December, were necessary as the company needed to become "relentlessly resourceful." "Today, we still have too many people dedicated to supporting work and even doing work around the work rather than contributing to opportunities with real impact," Ek wrote in a <a target="_blank" href="https://newsroom.spotify.com/2023-12-04/an-update-on-december-2023-organizational-changes/">blog post</a> at the time. Ek isn't the only tech executive who has acknowledged the difficulties and benefits of cutting jobs. In February, Meta CEO Mark Zuckerberg told <a target="_blank" href="https://www.youtube.com/watch?v=xQqsvRHjas4">Morning Brew Daily hosts Neal Freyman and Toby Howell</a> that laying off<a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-year-of-efficiency-working-meta-ai-2023-7"> tens of thousands of staff</a> was "really tough." "It was obviously really tough, we parted with a lot of talented people we cared about. But in some ways actually becoming leaner kind of makes the company more effective," Zuckerberg said. Representatives for Spotify didn't immediately respond to a request for comment from BI sent outside regular business hours.

Spotify CEO Daniel Ek acknowledges that mass layoffs posed a 'significant challenge' for day-to-day operations

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal for the 3rd batch of ascending <keyword id="22338892" type="General" weightage="20" keywordseo="e-auctions" source="keywords">e-auctions</keyword> for 730 <keyword id="22951451" type="General" weightage="100" keywordseo="FM-radio-channels" source="keywords">FM radio channels</keyword> in 234 new cities, with an estimated reserve price of Rs. 784.87 crore under the <keyword id="22950610" type="General" weightage="20" keywordseo="Private-FM-Radio" source="keywords">Private FM Radio</keyword> <keyword id="22657617" type="General" weightage="20" keywordseo="Phase-III-Policy" source="keywords">Phase III Policy</keyword>. According to the official statement, the Cabinet also approved a proposal to set the <keyword id="22951452" type="General" weightage="20" keywordseo="Annual-License-Fee" source="keywords">Annual License Fee</keyword> (ALF) for FM channels at 4 per cent of <keyword id="20406587" type="General" weightage="20" keywordseo="Gross-Revenue" source="keywords">Gross Revenue</keyword>, excluding Goods and Services Tax (GST). This will apply to the 234 new cities and towns. The expansion of Private FM Radio to these 234 new locations will address the existing demand for FM radio services in areas still uncovered by private broadcasters, providing access to new and local content in <keyword id="20520759" type="General" weightage="20" keywordseo="regional-languages" source="keywords">regional languages</keyword>. This initiative will create new <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>, promote local dialects and culture, and support the 'vocal for local' initiative. Many of the approved cities and towns are located in Aspirational districts and areas affected by Left-Wing Extremism (LWE). The introduction of Private FM Radio in these regions will further strengthen the Government's outreach efforts. The evolution of India's Private FM Radio Policy marked a shift from <keyword id="22951453" type="General" weightage="20" keywordseo="medium-wave" source="keywords">Medium Wave</keyword> (MW) broadcasting to Frequency Modulated (FM) waves, driven by a need to enhance the quality and variety of radio programming, improve broadcast standards, and modernize outdated equipment. The journey began with the approval of the FM Phase-I Policy in July 1999, which aimed to revitalize the radio industry by introducing open auctions for selecting successful bidders. However, the initial phase met with limited success, with only 21 channels becoming operational across 12 cities. Recognizing the need for a more robust framework, the government introduced the improved FM Phase-II Policy in July 2005, following recommendations from the Dr Amit Mitra Committee and the Telecom Regulatory Authority of India (TRAI). This policy was well-received by stakeholders and resulted in significant growth in the FM radio industry, creating new employment opportunities and expanding the reach of private FM radio. Despite this success, many cities, particularly those with populations below three lakh and border areas, remained outside the private FM radio network. The necessity for further expansion led to the introduction of the FM Phase-III Policy, which sought to address the unmet demand for FM radio in uncovered cities. This policy recognized the strategic importance of extending FM radio services to border areas, such as Jammu &amp; Kashmir, the North Eastern states, and island territories, where private broadcasters had been reluctant to enter due to concerns about viability. The policy also aimed to incentivise the development of FM radio in these regions to counter cross-border propaganda and ensure that Indian radio channels had a wider reach. Additionally, the Phase-III Policy acknowledged the presence of 97 vacant channels from Phase-II that could not be auctioned for various reasons and emphasized the need for better utilisation of the frequency spectrum allocated for FM broadcasting.

Cabinet approves Rs 784.87 cr e-auctions for 730 FM radio channels across 234 new cities

<ul class="summary-list"><li>OpenAI is projected to turn a profit in 2029, a new report from The Information says.</li><li>Microsoft also appears to be on track to get a 20% cut of OpenAI's revenue, per the report.</li></ul>Investors will likely be waiting a while before OpenAI starts making a profit.A <a target="_blank" href="https://affiliate.insider.com?h=e3988e204dbea7e70241799f7c076c22ddcc9bfe944a912e3a434d705b6d0925&amp;postID=67078df1434c477c2327b187&amp;postSlug=openai-profit-funding-ai-microsoft-chatgpt-revenue-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fopenai-projections-imply-losses-tripling-to-14-billion-in-2026">new report from The Information,</a> which analyzed the company's financial documents, revealed that while OpenAI is burning less cash than previously thought, it's still years away from turning a profit.The report said the company doesn't expect to become profitable until 2029 when revenue is projected to hit $100 billion. Between 2023 and 2028, OpenAI reportedly expects its losses to total $44 billion.While the figures are significantly larger than those of most startups, it's not uncommon for companies working on expensive tech to show big losses early on."Developing advanced AI takes a lot of time and money, so it's expected that OpenAI would face high costs before it starts making a profit," Kate Leaman, chief market analyst at AvaTrade, told Business Insider.Microsoft, which has funneled some $13 billion into the company, is also set to benefit more from its partnership with OpenAI than previously thought. According to The Information's analysis, the tech giant is expected to get a 20% cut of OpenAI's revenues, higher than previously reported.Leaman said Microsoft's contribution to OpenAI in cloud services and infrastructure explained the high percentage of revenue."The partnership with Microsoft might mean OpenAI earns less from each dollar of revenue, but it could help the business grow significantly in size, meaning the impact may not be as bad as initially anticipated," she said.The Information's report comes just over a week after OpenAI closed the <a target="_blank" class="" href="https://www.businessinsider.com/generative-ai-market-froth-openai-cerebras-meta-2024-10">most valuable funding</a> round in Silicon Valley history.The company raised $6.6 billion from a series of new and existing investors, valuing it at $157 billion. In addition to the new funding, <a target="_blank" class="" href="https://openai.com/index/new-credit-facility-enhances-financial-flexibility/">OpenAI has also tapped</a> a $4 billion credit facility from an array of banks.While it's common practice for fast-growing companies to establish a line of credit, OpenAI's search for more funds signals that its loss-making operations are set to become even more expensive.The company's flagship product, ChatGPT, is still free to use at the basic level but expensive to run and maintain due to the significant computing power required.OpenAI is also planning major improvements to its flagship AI model. Over the summer, the company shared a <a target="_blank" rel=" nofollow" class="" href="https://www.bloomberg.com/news/articles/2024-07-11/openai-sets-levels-to-track-progress-toward-superintelligent-ai">new five-level classification system</a> to track its progress toward artificial general intelligence and launched a new upgraded model that has some reasoning abilities.The company's push to build a more intelligent model means it will need to funnel even more money into training. According to The Information, OpenAI is currently projecting that its compute costs for model training could hit as high as $9.5 billion a year in 2026.This means investors need to be ready to play the long game."Investors should look at the company's long-term potential — if OpenAI stays ahead with its technology, it has the potential to be very profitable in the future," Leaman said.Representatives for OpenAI did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

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