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The central government has set up a committee that would examine whether changing the financial year from its existing April-March cycle would be feasible or not. The committee would submit its report on the benefits in shifting to a different financial year cycle, if any, to the <keyword id="47209" type="ORGANIZATION" weightage="100" keywordseo="Finance-Ministry">Finance Ministry</keyword> by December. 
 Former CEA <keyword id="324700" type="PERSON" weightage="100" keywordseo="Shankar-Acharya">Shankar Acharya</keyword> will be heading the committee, which would also include former Cabinet Secretary KM Chandrasekhar, former Tamil Nadu Finance Secretary PV Rajaraman and Rajiv Kumar, a fellow of the Centre for Policy Research. 
 
If the committee recommends this change, the finance ministry would require the committee to provide reasons for its recommendation, from the point of view of correct estimation of the receipts and expenditure of the Central and state governments. 
 
Other than this, the committee would also need to state the likely effect that this change would have on the different agricultural crop periods, on businesses, taxation systems and procedures, statistics and data collection, along with the convenience of the legislatures for transacting budget work. 
 
"The Committee may, after due examination of all relevant factors, recommend the date for commencement of the financial year which in its view is the most suitable for the country," said the notification accessed by <a href="http://economictimes.indiatimes.com/news/politics-and-nation/need-to-change-the-financial-year-centre-sets-up-panel-to-answer-the-question/articleshow/53090716.cms">ET</a>. 
 
<a href="https://maastricht-students.com/wp-content/uploads/2013/04/change-ahead.jpg">Image source</a>

No more ‘April to March’? Central government panel to decide the future of India’s financial year cycle

The provisional figures of <keyword id="128666" type="COMPANY" weightage="20" keywordseo="direct-tax-collections">direct tax collections</keyword> for the <keyword id="44623" type="PERSON" weightage="20" keywordseo="Financial-Year">financial year</keyword> 2020-21 showed that net collections are at ₹9.45 lakh crore. The net collection is around 5 per cent higher than the revised estimates for the 2020-21. The net direct tax collections include <keyword id="483910" type="ORGANIZATION" weightage="20" keywordseo="corporation-tax">corporation tax</keyword> (CIT) at ₹4.57 lakh crore and personal income tax (PIT), including security transaction tax (STT) at ₹4.88 lakh crore. "The net direct tax collections represent 104.46% of the Revised Estimates of ₹9.05 lakh crore of direct taxes for the FY 2020-21," said a <keyword id="47209" type="COMPANY" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> statement. The gross collection of direct taxes, before adjusting for refunds, for the FY21 stands at ₹12.06 lakh crore, including corporation tax of ₹6.31 lakh crore and personal income tax (including STT) of ₹5.75 lakh crore. It also includes <keyword id="48166" type="PERSON" weightage="20" keywordseo="Advance-tax">advance tax</keyword> of ₹4.95 lakh crore, tax deducted at source (including Central TDS) of ₹5.45 lakh crore, self-assessment tax of ₹1.07 lakh crore, regular assessment tax of ₹42,372 crore, dividend distribution tax of ₹13,237 crore and tax under other minor heads of ₹2,612 crore. The official statement noted that despite an extremely challenging year, the advance tax collections for FY21 stand at ₹4.95 lakh crore which shows a growth of approximately 6.7 per cent over the advance tax collections of the immediately preceding fiscal of ₹4.64 lakh crore. Further, refunds amounting to ₹2.61 lakh crore have been issued in the FY21 as against refunds of ₹1.83 lakh crore issued in the FY20, marking an increase of around 42 per cent over the previous financial year. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/nokia-x20-specifications-nokia-new-phones-price-in-india/articleshow/81981039.cms">Six new Nokia smartphones announced – price, specifications and availability details you should know</a> <a href="https://www.businessinsider.in/business/startups/news/founders-take-note-heres-why-most-startups-fail/articleshow/81981138.cms">Founders, take note: here’s why most startups fail</a> <a href="https://www.businessinsider.in/tech/apps/news/google-phone-app-now-lets-you-record-calls-automatically-from-unknown-numbers/articleshow/81982791.cms">Google Phone app now lets you record calls automatically from unknown numbers</a>

India collected ₹9.45 lakh crore in taxes last year — exceeding the government's expectations

<keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords" meta.keywordsubtype="org" meta.entityname="China" meta.hostid="153" meta.entityid="China">China</keyword>, <keyword id="19895159" type="General" weightage="20" keywordseo="Russia" source="keywords" meta.keywordsubtype="org" meta.entityname="Russia" meta.hostid="153" meta.entityid="Russia">Russia</keyword>, Iraq, <keyword id="19908927" type="General" weightage="20" keywordseo="UAE" source="keywords" meta.keywordsubtype="org" meta.entityname="UAE" meta.hostid="153" meta.entityid="UAE">UAE</keyword>, <keyword id="19895045" type="General" weightage="20" keywordseo="Singapore" source="keywords" meta.keywordsubtype="org" meta.entityname="Singapore" meta.hostid="153" meta.entityid="Singapore">Singapore</keyword> are among countries where <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords" meta.keywordsubtype="org" meta.entityname="India" meta.hostid="153" meta.entityid="India">India</keyword>'s <keyword id="19916774" type="General" weightage="100" keywordseo="exports" source="keywords">exports</keyword> in the just-concluded <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> have risen substantially, though with a low base. The other countries in the Top 10 list are the UK, Australia, Saudi Arabia, the Netherlands, and South Africa. India's overall exports, merchandise and <keyword id="19896799" type="General" weightage="20" keywordseo="services" source="keywords">services</keyword> combined, in the just-concluded financial year 2023-24 are estimated to be USD 776.68 billion, largely steady on a yearly basis, commerce ministry data showed on Monday. In a break up, exports of merchandise goods declined 3.1 per cent to USD 437.06 billion, and exports of services rose 4.4 per cent to USD 339.62 billion. Coming to exports in March 2024, merchandise exports declined 0.7 per cent to USD 41.68 billion, and services exports declined 6.3 per cent to USD 28.54 billion. India's overall exports 2022-23 were worth USD 775.87 billion, a growth of over 14 per cent and almost USD 100 billion on a yearly basis. Coming to <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword>, India's overall imports in 2023-24 declined 4.8 per cent to USD 854.80 billion. In March 2024, merchandise and services exports declined 5.41 per cent and 2.46 per cent, respectively. Among various steps the government took was to launch a Production Linked Incentive (PLI) scheme in varied sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. These seemed to have reaped dividends.

India's exports to China, UAE, Russia, Singapore rose in 2023-24

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

Mumbai, <keyword id="119524" type="DOMAIN" weightage="20" keywordseo="Magma-Fincorp">Magma Fincorp</keyword> will raise up to ₹3,000 crore through <keyword id="6380698" type="UNKNOWN" weightage="20" keywordseo="debt-securities">debt securities</keyword> in the next <keyword id="44623" type="PERSON" weightage="20" keywordseo="Financial-Year">financial year</keyword> FY21-22 through debt securities. In a regulatory filing, the non-banking financial company has said that its <keyword id="136326" type="COMPANY" weightage="20" keywordseo="Board-of-Directors">Board of Directors</keyword> has approved the issuance of debt securities in the nature of non- convertible debt securities -- <keyword id="2265341" type="ORGANIZATION" weightage="20" keywordseo="secured">secured</keyword>, unsecured, subordinated debentures and so on. The issuance of securities of up to ₹3,000 crore will be done in one or more series or tranches through private placement. The filing said that the banks, pension funds, mutual funds and other entities or individuals including but not limited to multilateral development organisation, institutional investors, foreign portfolio investors, financial institutions, companies among others. The tenure of the secured debentures would be up to 10 years, while that for unsecured debentures would be up to 10 years or perpetual. The tenure of subordinate debentures will be at least 5 years. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/how-big-is-indias-debt-and-should-it-be-a-worry/articleshow/80688623.cms">How big is India's debt and should it be a worry?</a> <a href="https://www.businessinsider.in/stock-market/news/heres-why-you-arent-being-able-to-apply-for-brookfield-reit-ipo-through-zerodha-groww-angel-broking-and-other-stockbroking-apps/articleshow/80686457.cms">Here's why you aren't being able to apply for Brookfield REIT IPO through Zerodha, Groww and other stockbroking apps</a> <a href="https://www.businessinsider.in/stock-market/news/analysts-explain-why-indigo-paints-shares-fell-with-a-thud-just-like-burger-king-and-mrs-bectors-and-what-to-do-with-it-now/articleshow/80704864.cms">Indigo Paints joins the league of Burger King and Bector's — frenzied IPOs that fizzled out</a>

Magma Fincorp to raise up to ₹3,000 crore through debt securities in FY22

New Delhi, <keyword id="9003972" type="COMPANY" weightage="20" keywordseo="the-finance-industry-development-council">The Finance Industry Development Council</keyword> (FIDC), an industry body of asset and loan financing NBFCs has written to <keyword id="102024" type="COMPANY" weightage="20" keywordseo="The-Reserve-Bank-of-India">the Reserve Bank of India</keyword> (RBI) seeking implementation of the proposed guidelines for <keyword id="1874148" type="UNKNOWN" weightage="20" keywordseo="Dividend-distribution">dividend distribution</keyword> by NBFCs with effect from April 1, 2021. As per the draft circular released by the RBI, the guidelines would be applicable for dividend to be declared for the <keyword id="426914" type="PERSON" weightage="20" keywordseo="current-financial-year">current financial year</keyword> beginning April 1, 2020. In a letter to the RBI, the industry body said: "The Draft Circular is proposed to take effect from the financial year beginning April 1, 2020 which would in effect impact the declaration of dividend for the current financial year as well in which interim dividend may already have been declared - this will be akin to giving retrospective effect to the guidelines and hence the request should be for the guidelines to take effect only from April 1, 2021, i.e. for dividend from financial year 2021-2022 onwards." It further said that for preference shares which have already been issued with a certain promised rate of dividend, the proposed guidelines could in effect bar the Systemically Important Non-Deposit taking <keyword id="153220" type="COMPANY" weightage="20" keywordseo="non-banking-financial-company">Non-Banking Financial Company</keyword> (NBFC-ND-SI) from making payment of the same despite having sufficient distributable profits in terms of the Act. All such existing instruments should be grandfathered, FIDC said. It also told the central bank that the circular should be explicitly limited to dividend on only equity shares. Companies often issue redeemable preference shares carrying fixed rates of dividend which need to be treated differently. "Without prejudice to this suggestion, furthermore, we have to state that under Section 47 (Voting Rights) of the Act, failure to pay dividend for a period of two years or more gives preference shareholders voting rights at par with equity shareholders." According to FIDC, if the proposed guidelines under the draft circular are introduced, such a situation could be triggered despite the NBFC-ND-SI having distributable profits available for honouring the promised preference share dividend. The Act should be amended as a pre-cursor to the draft circular to ensure that the voting rights would not trigger if the non-payment of the preference share dividend for a period of two years or more is due to the RBI stipulation, it added, among other recommendations. The RBI released the draft circular for dividend distribution by NBFCs on December 9. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-food-ipo-investors-saw-their-money-double-on-listing-day/articleshow/79934860.cms">Mrs Bector’s Food IPO investors saw their money double on listing day</a> <a href="https://www.businessinsider.in/thelife/personalities/news/from-taking-on-yahoo-to-being-tamed-by-chinas-communist-party-its-been-a-roller-coaster-decade-for-jack-ma/slidelist/79935613.cms">From taking on Yahoo to being tamed by China’s Communist Party— it’s been a roller coaster decade for Jack Ma</a> <a href="https://www.businessinsider.in/careers/news/ey-is-looking-to-hire-9000-techies-in-2021-to-boost-its-digital-services/articleshow/79936576.cms">EY is looking to hire 9,000 techies in 2021 to boost its digital services</a>

'Dividend payout norms for NBFCs should come into effect from FY22'

Mumbai, As the <keyword id="444236" type="PERSON" weightage="20" keywordseo="Indian-equity-market">Indian equity market</keyword> bucked the pandemic-induced slowdown and surged to new highs in the <keyword id="426914" type="PERSON" weightage="20" keywordseo="current-financial-year">current financial year</keyword>, an <keyword id="7442614" type="UNKNOWN" weightage="20" keywordseo="ICICI-Securities-report">ICICI Securities report</keyword> said that 24 stocks have contributed over 75 per cent to the movement of <keyword id="1435368" type="PERSON" weightage="20" keywordseo="BSE-100-index">BSE-100 index</keyword>. The report noted that although the bulk of the equity market performance since <keyword id="2259305" type="PERSON" weightage="20" keywordseo="FY17">FY17</keyword> has been driven by a handful of stocks while the broader indices have underperformed, significantly, the recent rally is becoming broad-based for the first time since FY17. "The tide is turning in terms of the number of stocks contributing to majority of the Index performance (&gt;75 per cent of BSE 100 index movement) at 24 stocks, which is the highest over the past four years," it said. Small-cap and mid-cap indices have also outperformed large-caps for the first time since FY17. The report noted that anatomy of FY21 market rally indicates four <keyword id="10404818" type="UNKNOWN" weightage="20" keywordseo="distinct-phases">distinct phases</keyword> where high level of sector and style rotation has been observed. Activity in Phases II and IV indicates that the rally is becoming broad-based, it added. Normalisation of economic activity continues, but second wave of Covid poses near-term challenges even with hopes of vaccine turning into reality, said the report. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/what-is-pm-wani-public-wifi-platform-launched-by-union-cabinet/articleshow/79642267.cms">Government’s plan for public Wi-Fi lets anyone from the kirana store owner to tea shop stalls sign up to provide the internet</a> <a href="https://www.businessinsider.in/business/corporates/news/the-33-billion-itc-one-of-indias-most-trolled-stock-in-recent-weeks-seems-to-have-turned-a-corner/articleshow/79641456.cms">The $33 billion ITC, one of India’s most-trolled stock in recent weeks, seems to have turned a corner</a>

Market rally widens, 24 stocks underpin most of BSE-100's FY21 performance

New Delhi: The <keyword id="19903456" type="General" weightage="20" keywordseo="income-tax-department" source="keywords">income tax department</keyword> has notified the <keyword id="21803475" type="General" weightage="100" keywordseo="Cost-Inflation-Index" source="keywords">Cost Inflation Index</keyword> for the current fiscal beginning April 2024, for calculating <keyword id="20584761" type="General" weightage="20" keywordseo="long-term-capital-gains" source="keywords">long-term capital gains</keyword> arising from sale of immovable property, securities and jewellery. The Cost <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">Inflation</keyword> Index (CII) is used by <keyword id="20081991" type="General" weightage="20" keywordseo="taxpayers" source="keywords">taxpayers</keyword> to compute gains arising out of sale of capital <keyword id="19975917" type="General" weightage="20" keywordseo="assets" source="keywords">assets</keyword> after adjusting inflation. The CII for <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> 2024-25, relevant to assessment year 2025-26, stood at 363, as per a notification of the Central Board of Direct Taxes (<keyword id="19980145" type="General" weightage="20" keywordseo="CBDT" source="keywords">CBDT</keyword>). The CII number for last fiscal was 348 and for 2022-23 financial year it was 331. Moore Singhi Executive Director Rajat Mohan said the CII reflects the inflation in the economy, which causes the prices of goods and services to increase over time. The index for the following financial year, 2024-25, has been updated to 363, marking an increase of 15 points, which corresponds to an annual inflation rate of approximately 4.3 per cent. "This is consistent with the retail inflation rate of 4.83 per cent recorded in April 2024. Taxpayers usually prefer a higher CII as it allows them to claim larger tax rebates," Mohan said. AKM Global Partner-Tax Sandeep Sehgal said the index is useful to adjust the capital gains for inflation, so that the taxpayers are taxed on real appreciation of the assets and not the gains due to inflation. "Taxpayers can use this to calculate gains for long-term capital assets sold during FY 24-25 and reduce the tax liability accordingly," Sehgal said. CII is notified under the Income-tax Act, 1961 every year. It is popularly used to calculate "indexed cost of acquisition", while calculating capital gains at the time of sale of any capital asset. Normally, an asset is required to be retained for more than 36 months (24 months for immovable property and unlisted shares, 12 months for listed securities) to qualify as 'long-term capital gains'. Since prices of goods increase over time resulting in a fall in the purchasing power, the CII is used to arrive at the inflation adjusted purchasing price of assets so as to compute taxable long-term capital gains (LTCG).

IT department declares 363 as cost inflation index for current fiscal

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword> [India], January 29 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 that starts this April, said the <keyword id="19908390" type="General" weightage="20" keywordseo="ministry-of-finance" source="keywords">Ministry of Finance</keyword> in its monthly review report. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The robustness seen in domestic demand -- private consumption and investment -- traces its origin to the reforms and measures implemented by the government over the last 10 years, said the report issued by <keyword id="19912839" type="General" weightage="20" keywordseo="department-of-economic-affairs" source="keywords">Department of Economic Affairs</keyword>. "The supply side has also been strengthened with investment in infrastructure - physical and digital - and measures that aim to boost manufacturing. These have combined to provide an impetus to economic activity in the country," the review report noted. "Accordingly, in FY25, real GDP growth will likely be closer to 7 per cent." There is, however, considerable scope for the growth rate to rise well above 7 per cent by 2030, the report added. "The rapidly expanding digital infrastructure is continuously improving institutional efficiency. Technological progress is picking up pace with rising collaboration with foreign partners in the production of goods and services. Decisive steps have been taken to speed up human capital formation. Finally, the overall investment climate is increasingly becoming more favourable with sustained enhancement in the ease of doing business." In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion, it asserted. India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030), it said. "This will be a significant milestone in the journey to delivering a quality of life and standard of living that match and exceed the aspirations of the Indian people." Firm GDP growth forecasts, inflation at manageable levels, political stability at the central government level and signs that the central bank is done tightening its monetary policy have all contributed to painting a bright picture for the Indian economy. (ANI)

Indian economy likely to grow 7% next financial year: Ministry of Finance

<keyword id="163934" type="ORGANIZATION" weightage="20" keywordseo="National-Stock-Exchange-of-India">National Stock Exchange of India</keyword> Limited (<keyword id="6354646" type="UNKNOWN" weightage="20" keywordseo="nse">NSE</keyword>) on Thursday said the number of new investor registrations crossed 50 lakh in less than <keyword id="6402111" type="UNKNOWN" weightage="20" keywordseo="Four-months">four months</keyword> of <keyword id="10103883" type="UNKNOWN" weightage="20" keywordseo="financial-year-2021-22">financial year 2021-22</keyword>. New investor registrations witnessed a 2.5 times growth in four months of FY22, compared to the corresponding period of the previous fiscal. "From the geographical presence point of view, 36 per cent new investors registered are from north Indian states, While west Indian states accounts for 30 per cent, southern Indian states accounts for 22 per cent and the remaining 12 per cent are from the east Indian states," the NSE said in a note. "Another interesting trend is that, 53 per cent of new investors registered are from states beyond top 5 ranked states." The NSE's overall registered investor base has now crossed 4.5 crore. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/windlas-biotech-to-raise-395-402-crore-through-public-listing-price-band-fixed-at-448-460/articleshow/84854594.cms">Windlas Biotech to raise ₹395-402 crore through public listing, price band fixed at ₹448-460</a> <a href="https://www.businessinsider.in/tech/mobile/news/googles-sundar-pichai-has-teased-the-whitechapel-chipset/articleshow/84853916.cms">Google teases Whitechapel chipset that may power Google Pixel 6 devices</a>

New investor registrations on NSE grew 2.5 times to cross 50 lakh mark

New Delhi [India], February 26 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): Passenger vehicle volume is expected to ascend to a new peak for the third straight time next financial year, growing 5-7 per cent on a high base of 6-8 per cent estimated for the current year ending March 2024, according to <keyword id="19955699" type="General" weightage="20" keywordseo="crisil-ratings" source="keywords">Crisil Ratings</keyword>. This ascend is expected as sport utility vehicles (SUVs) race ahead even as demand for cars and exports remain muted. Healthy volume growth of the SUV segment, which enjoys higher margin, will steer an improvement in operating margin to 11.5-12.5 per cent next financial year, the rating agency said on Monday. Better cash generation, along with strong balance sheet and robust liquidity will support funding of sizeable capital expenditure to set up additional capacity, keeping credit profiles of passenger vehicle makers stable, the agency said. A significant change in consumer preference has cranked up demand for SUVs leading to its market share doubling to 60 per cent of total domestic volume this fiscal from 28 per cent before the pandemic in fiscal 2019. This preference is expected to further grow backed by a healthy pipeline of new model launches across price points, including electric variants, and normalised availability of semiconductors after a prolonged period of short supply. "While the overall PV volume is seen rising 5-7 per cent next fiscal, we expect demand for SUVs to accelerate at twice the pace at over 12 per cent driven by array of feature-laden launches at competitive price points, varied technology options including hybrid and electric, and increased access to credit," said <keyword id="19898319" type="General" weightage="20" keywordseo="anuj-sethi" source="keywords">Anuj Sethi</keyword>, Senior Director, CRISIL Ratings. In contrast, demand for cars is seen slowing this fiscal too due to the ongoing weakness in the rural market and lower affordability at the entry level. The cost of vehicles has risen in the past 3-4 years as manufacturers have been passing on higher commodity prices and have had to comply with more stringent regulations on safety and emissions. The situation is similar on the exports front. The share of passenger exports is estimated to have slowed to 14 per cent this fiscal compared with 17 per cent in fiscal 2019, mainly due to inflationary headwinds and limited availability of foreign exchange in key export markets -- <keyword id="19968988" type="General" weightage="20" keywordseo="latin-america" source="keywords">Latin America</keyword>, south-east <keyword id="19915288" type="General" weightage="20" keywordseo="asia" source="keywords">Asia</keyword> and Africa -- in the past two years. "This trend is expected to continue next fiscal," Crisil Ratings said. But increasing share of SUVs with higher realisations, along with stable commodity prices and full benefit of price hikes executed last fiscal have resulted in operating margin expansion of manufacturers by 200 basis points (100 basis points is equal to 1 percentage point) to 11.0 per cent this fiscal. A further improvement in sales mix in favour of SUVs can take that number to 11.5-12.5 next fiscal, it said. (ANI)

You Searched For "financial year" and got 11 results

No more ‘April to March’? Central government panel to decide the future of India’s financial year cycle

BI India Bureau

India collected ₹9.45 lakh crore in taxes last year — exceeding the government's expectations

IANS

India's exports to China, UAE, Russia, Singapore rose in 2023-24

ANI

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

PTI

Magma Fincorp to raise up to ₹3,000 crore through debt securities in FY22

IANS

'Dividend payout norms for NBFCs should come into effect from FY22'

IANS

Market rally widens, 24 stocks underpin most of BSE-100's FY21 performance

IANS

IT department declares 363 as cost inflation index for current fiscal

PTI

Indian economy likely to grow 7% next financial year: Ministry of Finance

ANI

New investor registrations on NSE grew 2.5 times to cross 50 lakh mark

IANS

SUVs to drive passenger vehicle volume 5-7% next financial year: Crisil

ANI

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