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The outbreak of <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">Covid-19 pandemic</keyword> and the suspension of new proceedings under the Insolvency and Bankruptcy Code (<keyword id="192838" type="COMPANY" weightage="20" keywordseo="IBC">IBC</keyword>) is expected to result in significantly lower realisations, by 30-40 per cent for the financial creditors in FY20-21 and pose new challenges. Ratings agency, <keyword id="6354972" type="DOMAIN" weightage="20" keywordseo="icra">ICRA</keyword> expects the resolution of corporate insolvency resolution proceedings (CIRPs) would be impacted during FY2021 due to a decline in the number of CIRPs yielding a resolution plan as well as an increase in haircuts that lenders would have to take. The financial creditors could realise about Rs 600 - 700 billion in FY2021 through successful resolution plans from the IBC as compared to about Rs 1,000 billion realised in FY2020. On the other hand, says ICRA, suspension of fresh insolvency proceedings for a period of one year would ensure relief for the companies that are severely impacted by the Covid-19 pandemic and are unable to meet payments to their creditors. Realisations for financial creditors in FY2022 could be even lower due to the suspension of fresh insolvency proceedings for one-year period, it said. In the current fiscal, successful resolution of a large housing finance company is going to be the key determinant of the extent of amount the financial creditors would realise during the year. The ratings agency further notes that realisations from resolution plans could further suffer in FY2022 as fresh insolvency proceedings have been suspended for one-year period. New insolvency proceedings initiated in FY2022 are unlikely to get resolved in the same fiscal, given the typical average time period seen for CIRPs to conclude with a resolution plan is quite high. Commenting on the lower realisations from IBC, Abhishek Dafria, Vice President, ICRA, says, "The pandemic has thrown up new operational challenges for the various parties involved in a resolution process, this could result in limited cases yielding a resolution plan, especially in Q1 FY2021". "In the current environment, the on-going and even future CIRPs are likely to suffer from lower valuations and possible lesser interest from bidders due to the uncertainty across many sectors. This in turn may result in creditors having to agree on higher haircuts," he added. SEE ALSO: <a href="https://www.businessinsider.in/india/news/gvk-group-announces-salary-cuts-up-to-30-from-may-amid-coronavirus-pandemic/articleshow/76188350.cms">GVK Group announces salary cuts up to 30% from May amid coronavirus pandemic</a> <a href="https://www.businessinsider.in/business/startups/news/zoomcar-ceo-says-people-wont-book-uber-or-ola-and-wont-buy-cars-soon/articleshow/76188254.cms">Zoomcar CEO is betting on people not taking Uber and Ola⁠— and not buying cars in a hurry</a> <a href="https://www.businessinsider.in/defense/news/china-responds-to-prime-minister-narendra-modi-and-us-president-donald-trump-conversation/articleshow/76188158.cms">China responds to Modi-Trump conversation — ‘there is no need for any third party to intervene’</a>

Coronavirus will hit IBC realisations by 30-40% as government suspends new proceedings

New Delhi, The six national parties have declared a total income of nearly Rs 3077 crore in the 2022-23 fiscal, with the <keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword> getting the maximum share totalling around Rs 2361 crore, the Association for Democratic Reforms (ADR) said on Wednesday. The ruling BJP's income forms 76.73 per cent of the total income of the six national parties during FY 2022-23, it said. The <keyword id="19895371" type="General" weightage="20" keywordseo="congress" source="keywords">Congress</keyword> declared the second highest income of Rs 452.375 crore, which forms 14.70 per cent of the total income of the six national parties. Besides the BJP and the Congress, <keyword id="19935865" type="General" weightage="20" keywordseo="bsp" source="keywords">BSP</keyword>, AAP, <keyword id="19984069" type="General" weightage="20" keywordseo="npp" source="keywords">NPP</keyword> and CPI-M have declared their income. Between FY 2021-22 and 2022-23, the income of the BJP increased by 23.15 per cent or Rs 443.724 crore from Rs 1917.12 crore during FY 2021-22 to Rs 2360.844 crore during FY 2022-23, the ADR said. The income of NPP increased by 1502.12 per cent or Rs 7.09 crore from Rs 47.20 lakh during FY 2021-22 to Rs 7.562 crore during FY 2022-23. Similarly, AAP's income increased by 91.23 per cent (Rs 40.631 crore) from Rs 44.539 crore during FY 2021-22 to Rs 85.17 crore during FY 2022-23. Between the 2021-22 fiscal and 2022-23 fiscal, the income of the Congress, CPI(M) and BSP decreased by 16.42 per cent (Rs 88.90 crore), 12.68 per cent (Rs 20.575 crore) and 33.14 per cent (Rs 14.508 crore) respectively, it noted, citing their records submitted to the <keyword id="19895782" type="General" weightage="20" keywordseo="election-commission" source="keywords">Election Commission</keyword>. It also said the BJP declared a total income of Rs 2360.844 crore during FY 2022-23, but spent only 57.68 per cent, which comes to Rs 1361.684 crore of the total income. The Congress' total income was Rs 452.375 crore while it spent Rs 467.135 crore, with its expenditure for that year exceeding its total income by 3.26 per cent. The CPI(M)'s total income was Rs 141.661 crore while it spent Rs 106.067 crore - 74.87 per cent of its income. Similarly, AAP's total income was Rs 85.17 crore while it spent Rs 102.051 crore - its expenditure for that year exceeded its total income by 19.82 per cent.

National parties declare income of ₹3,077 cr in 2022-23; BJP has highest share

India's leading digital ecosystem for consumers and merchants, <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> announced its second quarter earnings report. The digital payments and financial services platform saw its revenue from operations grow by 64 per cent Y-o-Y to Rs 10.9 billion in Q2 FY 2022, driven by 52 per cent growth in non-UPI payment volumes (GMV) and more than 3 times growth in financial services and other revenue. The company's contribution profit grew to Rs 2.6 billion in Q2 FY 2022, year-on-year increase of 592 per cent. The contribution margin jumped to 24.0 per cent of revenue from 5.7 per cent the previous year. Paytm posted an improved Adjusted EBITDA margin to (39 per cent) of revenues in Q2 FY 2022 (Rs 4,255 million), from (64 per cent) of revenues Q2 FY 2021 (Rs 4,267 million), along with increased investments in technology and merchant base expansion. "The growth of non-UPI GMV has driven continued payments revenue growth, and our UPI-led payment volume growth is translating to a significant ramp up of our financial services offering. We are driving digital payments and financial services penetration and widespread adoption across India. Paytm has seen a strong second quarter of FY22, which is a testimony to the strong two-sided ecosystem of consumers and merchants that we have built. We have maintained the growth momentum in our payments services business, expanded our financial services business aggressively and are on our way to pre-Covid volumes for Commerce and Cloud services," said the company's management on the second quarter earnings. Paytm's Gross Merchandise Value (GMV) growth was driven by active user engagement &amp; adoption across businesses. The company's GMV for Q2FY2022 was Rs 1,956 billion, up by 107 per cent Y-o-Y and the growth momentum continued in October 2021, where the GMV at Rs 832 billion was up 131 per cent Y-o-Y. The company's average Monthly Transacting Users (MTU) in Q2FY2022 is up by 33 per cent Y-o-Y to 57.4 million and the trajectory has continued in October 2021 with 63 million MTUs, growth of 35 per ent Y-o-Y compared to 47 million MTUs in October 2020. The Monthly GMV per Transacting User for Q2 FY 2022 grew 55 per cent Y-o-Y to Rs 11,369. Paytm, which has been focussed on growing its financial services platform, saw its revenue from payments and financial services grew 69 per cent Y-o-Y to Rs 8,426 million while Commerce and Cloud Services revenue grew by 47 per cent Y-o-Y to 2,438 million. The company's lending sector saw a huge boost as the number of loans disbursed grew 714 per cent year-on-year to over 2.8 million in Q2 FY 2022. The lending business continued to show strong growth as a result of the rapid scale-up of all of the company's lending products, including Postpaid (Buy-Now-Pay-Later), consumer loans and merchant loans. The company's financial institution partners disbursed around 1.3 million loans in October 2021, a 472 per cent increase in numbers of loans disbursed Y-o-Y and aggregating to a total disbursal of Rs 6,270 million implying a 418 per cent increase in value of loans disbursed Y-o-Y. Paytm's merchant base grew to 23 million in Q2 FY 2022, up from 18.5 million in Q2 FY 2021. The devices deployed base grew to 1.3 million in Q2 FY 2022 from 0.3 million as of Q2 FY 2021. We continue to witness strong adoption of our devices amongst merchant partners as our deployed base further increased to approximately 1.4 million as of October 2021, the company said. SEE ALSO <a href="https://www.businessinsider.in/international/news/the-us-is-set-to-restrict-travel-from-8-countries-on-monday-because-of-the-new-omicron-coronavirus-variant-of-concern/articleshow/87939147.cms" data-type="tilCustomLink">The US is set to restrict travel from 8 countries on Monday because of the new Omicron coronavirus 'variant of concern'</a> <a href="https://www.businessinsider.in/science/news/the-new-coronavirus-variant-omicron-raises-red-flags-among-scientists-but-there-are-more-mysteries-than-answers-about-its-public-threat/articleshow/87940366.cms" data-type="tilCustomLink">The new coronavirus variant, Omicron, raises red flags among scientists — but there are more mysteries than answers about its public threat</a> <a href="https://www.businessinsider.in/thelife/news/qatar-airways-says-it-is-not-accepting-passengers-on-its-flights-from-2-african-nations-immediately-due-to-the-new-omicron-variant/articleshow/87940683.cms" data-type="tilCustomLink">Qatar Airways says it is not accepting passengers on its flights from 2 African nations immediately due to the new Omicron variant</a>

Paytm  Q2 result — Operational revenue crosses ₹1000 crore, loss widens by ₹37 crore

New Delhi, May 11 () Standalone credit profiles of India's oil marketing companies are at greater risk of downward revision due to the coronavirus-induced drop in demand and refining margins, and their continued investments, Fitch Ratings said on Monday. However, the Issuer Default Ratings (IDRs) of Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), which are driven by sovereign linkages through the state's direct or indirect ownership, will remain stable. "We expect the net leverage of the three companies to weaken over the financial year ended March 2020 (FY20) and FY21 to levels where we would consider revising their SCPs (standalone credit profile) downwards, before improving to in line with their current SCPs from FY22. The weakened metrics leave minimal headroom for the SCPs of HPCL and BPCL and limited headroom for IOC's," it said. Fitch in a statement said the FY20 financial profiles of the three companies were likely to have been affected by large inventory losses due to the steep fall in crude oil prices in the last fortnight of March 2020 and by weakened demand during the period. There was also a short-term disruption in the receivables cycle. "All these will lead to a spike in FY20 gross debt, which pushed up their leverage metrics," it said. "We expect the three companies' leverage in FY21 to remain above levels appropriate for their SCPs as they face lower demand, weak refining margins, high capex, though below earlier estimates, and continuing dividend outflows." However, these factors will be partly offset by higher marketing margins until May 5, 2020 and lower working capital requirements given the low oil price assumptions. Fitch cut its FY2021 forecast for industry-wide gross refining margin (GRM) by around 35 per cent as it expects product cracks (or margins) to remain weak until global economic growth recovers materially from the coronavirus crisis. It expected FY2021 GRMs to remain at around FY2020 levels excluding inventory losses in March 2020, due to weak product spreads, which are expected to improve gradually from the second half of FY2021 as demand gradually recovers. The squeeze on GRMs should be partly offset by the reduced value of refining fuel losses due to low crude oil prices. "We estimate FY21 marketing and refining throughput volumes to fall by 10-15 per cent for the industry as the decline in demand for transportation fuels reduces capacity utilisation. This includes a severe drop in demand in 1QFY21 due to measures to contain the spread of the coronavirus, followed by a gradual recovery over the rest of the year," it said. However, the three oil marketing companies will benefit from lower working capital requirements during FY2021 due to low crude oil prices, as well as from our estimates of higher marketing margins on petrol and diesel until May 5, 2020. The companies did not cut product prices for over six weeks despite a fall in global crude oil prices and weakening product spreads, which should help them mitigate inventory losses from the steep fall in crude oil prices, Fitch felt. The increase in duties on petrol and diesel by the central government from May 6, 2020, should result in marketing margins reversing closer to normal levels. FY2021 should also see lower subsidy accrual on liquefied petroleum gas (LPG) sales given the fall in international LPG prices. The higher marketing margins should benefit HPCL more than BPCL and IOC given its higher share of earnings from marketing activities, it added. ANZ MRMR

Fitch Ratings says higher risks to Indian oil marketing firms' standalone profiles

<ul><li>The ratings agency had earlier estimated a decline of 11-13 per cent, but revised the forecast considering the Covid-19 demand-supply disruptions, looming income uncertainties and increased cost of ownership of BS-VI vehicles.</li><li>Accordingly, ICRA expects two-wheeler OEMs to brace for another year of lower earnings and decline in average operating margins by 150-200 bps to 11.5-12 per cent. </li><li>Nonetheless, the price escalation and the depreciating rupee, coupled with continuous cost rationalisation initiatives, would provide some support, it said. </li></ul> Two-wheeler industry unit sales are now likely to decline between 16 and 18 per cent to around 17 million units in FY2021 on the back of the overall macro-economic scenario, <keyword id="879462" type="ORGANIZATION" weightage="20" keywordseo="ICRA-Ratings">ICRA Ratings</keyword> said on Thursday. The ratings agency had earlier estimated a decline of 11-13 per cent, but revised the forecast considering the Covid-19 demand-supply disruptions, looming income uncertainties and increased cost of ownership of BS-VI vehicles. Accordingly, ICRA expects two-wheeler OEMs to brace for another year of lower earnings and decline in average operating margins by 150-200 bps to 11.5-12 per cent. Nonetheless, the price escalation and the depreciating rupee, coupled with continuous cost rationalisation initiatives, would provide some support, it said. "The aggregate capacity utilisation levels for the industry sample is expected to decline to 55-60 per cent from around 70 per cent. However, despite moderation, the 2W OEMs will continue to have strong credit profiles characterised by healthy 'ROCE' (average ranging between 18-20 per cent) and comfortable balance sheets with negligible debt and strong cash and liquid investments," the ratings agency said in a statement. "While any major expansion plans are expected to be deferred till the demand recovers sufficiently, it is expected that OEMs will continue investing in new product development and network expansion." According to the ratings agency, fiscal 2021 started on a sombre note as the <keyword id="43587" type="ORGANIZATION" weightage="20" keywordseo="pandemic">pandemic</keyword> outbreak caused unprecedented disruptions to both supply and demand. "While the operations resumed in May 2020, the unabated rise in Covid-19 infections in unlock phase have resulted in localised re-imposition of lockdowns in several states," the statement said. "This has interrupted the pace of overall economic recovery and has led ICRA to revise its forecast for GDP contraction in FY2021 to 9.5 per cent YoY from 5 per cent estimated earlier." Notwithstanding the overall muted macro-economic sentiments, the agency said that on the positive side, the rural economy offers some growth off-shoots in the form of healthy rabi output and lower Covid-19 impact. "Higher farm income has led to sequential pick-up in 2W demand in June and July 2020. After a timely onset, monsoon progress remains healthy across most regions," the statement said. "Benefiting from favourable moisture conditions and seasonally high reservoir levels, kharif sowing has been progressing well (up 19 per cent till July 24, 2020). These factors coupled with the government's various agri-focused initiatives, are expected to support farm cash flows and 2W demand." In the urban markets, which have been more severely impacted by the pandemic, the agency said a preference towards personal mobility could push near-term demand. "However, these would only help to partially offset the adverse impact of the pandemic. Given the expectation of sharp decline India's GDP, lower job creation and income uncertainties, two-wheeler demand will most certainly remain adversely impacted," the statement said. "There is a likelihood of downtrading by consumers as well once the economy starts to cripple back to normalcy." On the export front, ICRA said that while long-term drivers remain favourable, Covid-19 fallout and volatility in crude oil prices (as it impacts demand in key markets) remain a near term negative. "Nonetheless, an attractive product portfolio and continued focus of Indian 2W OEMs on building and expanding overseas sales and after sales networks (replacement market) provides potential for growth in the medium term," the agency's statement added. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rbi-governor-shaktikanta-das-leaves-repo-rate-unchanged-to-check-inflation/articleshow/77387591.cms">‘Watchful’ RBI leaves repo rate unchanged to keep inflation in check</a> <a href="https://www.businessinsider.in/tech/news/the-beirut-explosion-created-a-huge-mushroom-cloud-and-visible-blast-wave-but-nuclear-weapons-experts-say-it-wasnt-an-atomic-blast-heres-why-/articleshow/77362144.cms">The Beirut explosion created a huge mushroom cloud and visible blast wave, but nuclear weapons experts say it wasn't an atomic bomb. Here's why.</a> <a href="https://www.businessinsider.in/business/startups/news/microsoft-for-startups-lathika-pai-says-entrepreneurs-pitching-for-investments-need-to-have-this-one-question-answered-in-their-pitch-decks/articleshow/77352935.cms">Microsoft for Startups’ Lathika Pai says entrepreneurs pitching for investments need to have this one question answered in their pitch decks</a> <a href="https://www.businessinsider.in/careers/news/linkedin-tcs-disney-hotstar-zee-and-other-companies-hiring-right-now-in-india/slidelist/77352775.cms">LinkedIn, TCS, Disney+ Hotstar, Zee and other companies hiring right now in India</a>

Two-wheeler sales in India could contract by 16-18% in FY2021, says ICRA

Mumbai, Dec 26 () Aided by better recoveries and declining slippages, overall net non-performing assets (NPAs) of the banking sector are likely to improve to 3.2-3.3 per cent by the end this fiscal from 3.7 per cent in September 2019, says a report.
 Net NPAs of banking sector stood at 3.8 per cent as of March 2019.
 "The asset quality for the banking sector continues to improve with declining slippages and expected improvements in recoveries during FY20 even though loan write-offs continue to remain at elevated levels," rating agency ICRA said in a report.
 A recent RBI report on trends and progress of banking sector showed that recovery of stressed assets improved during FY19 propelled by resolutions under the IBC, which contributed more than half of the total amount recovered.
 Banks recovery from bad loans had improved by 15.5 per cent in FY2019 from 14.9 per cent in FY2018.
 The rating agency said the decline in net NPAs will improve the solvency profile of banks, with core equity bettering to around 29 per cent by March 2020 and nearly 27 per cent by March 2021 from 33 per cent as on September 30, 2019.
 The report said with sizeable capital infusion in public sector banks and accelerated provisions, their NNPAs declined sharply to 4.8 per cent as on September 30, 2019 from 7.2 per cent as on September, 2018 and 4.9 per cent as on March 31, 2019.
 Private lenders net NPAs improved to 1.7 per cent as on September 30, 2019 from 1.9 per cent as on September 30, 2018, but were marginally higher than 1.6 per cent as on March 31, 2019.
 The report said with reduction in net bad loan levels, credit provisions for banks are expected to decline to 1.6-1.8 per cent of advances in the current fiscal and 0.8-0.9 per cent during FY2021 from 3.6 per cent during FY2019.
 The decline in the credit provisions will largely be driven by state-run banks with their provisioning declining to 2.1-2.3 per cent in FY2020 and to 1-1.1 per cent in FY2021 from 4.4 per cent during FY2019.
 The report further said the year-on-year growth in bank credit is expected to decelerate sharply to 6.5-7 per cent in FY2020 from 13.3 per cent in FY2019, following limited incremental credit growth the current fiscal till date.
 "The incremental bank credit has increased by only Rs 0.80 trillion during FY2020 till December 6, 2019 to Rs 98.1 trillion, in contrast to the rise of Rs 5.4 trillion and Rs 1.7 trillion during previous corresponding periods of FY2019 and FY2018, respectively," the rating agency said.
 Even in a high growth scenario, whereby incremental credit rises to Rs 6.5-7 trillion during the second half of FY2020, the rating agency projects a 40-45 per cent y-o-y decline in incremental net bank credit to Rs 6.3-6.8 trillion during FY2020 from Rs 11.9 trillion during FY2019.
 On the capital front, the report said the state-run banks' incremental capital requirements for 6-8 per cent growth in risk weighted assets and increasing regulatory requirements will remain limited at Rs 10,000-20,000 crore for FY2020.
 The government has announced a capital infusion of Rs 70,000 crore in state-run banks for FY2020, of which Rs 59,800 crore have been infused during September 2019, including Rs 4,557 crore in IDBI Bank. HV MR
MR

Banking sector net NPA may improve to 3.2pc by March-end, says report

<ul><li><keyword id="6942044" type="COMPANY" weightage="20" keywordseo="bl-agro">BL Agro</keyword> aims at a multi-fold increase of its Rs 2500 crores turnover.</li><li>The company plans to invest Rs 150 crores on Advertising in FY 2021-22.</li></ul>BL Agro Industries Limited, a Rs 2500 crore edible oils and food products company in India, is on an aggressive expansion mode, with extensive brand endorsements, to reach out to its target audience. The company which recently launched TVCs for its brands, Bail Kolhu and Nourish has rolled out its expansive marketing plans for the fiscal year 2021-22. The company would be investing in a media mix, of mainline, digital and innovative media vehicles lead by Television, to create brand positioning resulting in consumer awareness and demand of BL Agro’s products across India. “Our company is on an aggressive B2C expansion spree with a keen eye on profitable incremental growth and sustained capability, which can be achieved through proper marketing strategies,” says Ashish Khandelwal, Managing Director, BL Agro. “To take the brand to the next level through marketing and proper messaging, we have earmarked a media budget of Rs. 150 crores for the current year. With a vision to contribute in nation’s agri-economy, we would be channelizing our capacities through manifold approach to reach out to the maximum audiences,” adds Ashish. “BL Agro’s brands include ‘Bail Kolhu' a 50-year-old brand and ‘Nourish’, that have envisioned the growing need for adding nutrition to consumer’s daily food habits. The company recently on-boarded Nawazuddin Siddiqui, Manoj Bajpayee, Pankaj Tripathi and Shilpa Shetty for its brands," says <keyword id="11329634" type="PERSON" weightage="20" keywordseo="richa-khandelwal">Richa Khandelwal</keyword>, Brand Spokesperson, BL Agro. “The entire range of BL Agro’s products are for all age groups, across different stratas of society, and therefore it is imperative to be on every media. Television still holds the maximum mileage, where our spends would be close to 60%, followed by the print/radio/OOH, digital and online media and other media such as PR and influencer marketing," adds Richa. BL Agro produces nutritionally well balanced and superior quality food products, consistently, by using state-of-the-art technology that provides substantial support to nation’s farmers. The company has a wide portfolio of food products and rely on agricultural value chains to procure raw materials at scale thus boosting farmer income. The company also aims at empowering farmers and driving long-term growth through creation of infrastructure to support the agri-industry. At the same time, with expansion of such a magnitude, BL Agro is contributing considerably in the domain of employment generation. The company already has a workforce strength of about 5000, including a huge field force, and this number is set to go up in the times to come. In the current pandemic scenario, BL Agro is committed to work towards empowering the nation through large scale employment generation.

BL Agro to spend Rs 150 crore on marketing and advertising in FY 2021-22

<keyword id="6357585" type="COMPANY" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword> CEO and <keyword id="6696063" type="UNKNOWN" weightage="20" keywordseo="md-rajesh-gopinathan">MD Rajesh Gopinathan</keyword> took home a pay package of about ₹20.36 crore in 2020-21, according to the company's annual report. In 2019-20, Gopinathan had received a total remuneration of ₹ 13.3 crore. According to TCS' annual report for 2020-21, Gopinathan received ₹ 1.27 crore in salary, ₹2.09 crore in benefits, perquisites and allowances, and ₹ 17 crore in commission. TCS Chief Operating Officer N Ganapathy Subramaniam drew a pay package of about ₹16.1 crore in the last financial year. This includes ₹1.21 crore in salary, ₹1.88 crore in benefits, perquisites and allowances, and ₹13 crore in commission. The increase in the managerial remuneration for the year was 55.22 per cent, the report said. "Increase in the managerial remuneration for FY2021 is not comparable with FY2020 owing to decrease in remuneration of 15 per cent in FY2020 in view of the economic conditions impacted by the COVID-19 pandemic wherein the Directors had decided to moderate the executive remuneration for FY2020 to express solidarity and conserve resources," it added. The average annual increase in salaries was 5.2 per cent in India. However, during the course of the year, the total increase is approximately 6.4 per cent, after accounting for promotions and other event-based compensation revisions. Employees outside India received a wage increase varying from 2 to 6 per cent, the report said. The increase in remuneration is in line with the market trends in the respective countries, it added. The report said the percentage increase in the median remuneration of employees in FY2021 was 0.03 per cent. TCS' permanent employee base was at 4,48,649 at the end of 2020-21 fiscal year. The 26th Annual General Meeting of the Mumbai-based company will be held virtually on June 10, 2021. TCS Chairman N Chandrasekaran said the company sees immense opportunities for growth, riding the new technology cycle that has kicked off, powered by the belief that its differentiated capabilities and collaborative, solution-centric approach makes it the preferred transformation partner of its customers. "It is building on that belief, and investing in sharpening the capabilities needed to expand its footprint in this large opportunity," he said in his letter to the shareholders. Despite a sharp fall in revenues in the first quarter, TCS made a swift recovery during the rest of the year and clocked full year revenues of ₹ 164,177 crore in FY2021. SEE ALSO <a target="_blank" class="c-link" href="https://www.businessinsider.in/tech/mobile/news/xiaomi-oppo-vivo-and-poco-extend-warranties-by-up-to-two-months-due-to-covid-19-lockdowns-and-restrictions/articleshow/82763113.cms">Xiaomi, Oppo, Vivo and Poco extend warranties by up to two months due to COVID-19 lockdowns and restrictions</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/tech/mobile/news/android-12-beta-how-to-download-and-install-it-on-pixel-oneplus-xiaomi-realme-phones-among-others/articleshow/82760990.cms">Android 12 beta – how to download and install it on Pixel, OnePlus, Xiaomi, Realme phones among others</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/corporates/news/adani-green-energy-to-acquire-sb-energy-india/articleshow/82759578.cms">Adani Green Energy to acquire SB Energy India, boosting its renewable energy capacity by 4.9GW</a>

TCS CEO took home over ₹20 crore pay in the last financial year, as managerial hike goes up by 55%

New Delhi, <keyword id="2829846" type="PERSON" weightage="20" keywordseo="Muthoot-Homefin">Muthoot Homefin</keyword> aims to disburse <keyword id="35519" type="PERSON" weightage="20" keywordseo="home-loans">home loans</keyword> worth ₹700 crore in the upcoming financial year (FY2021-22). In a statement, the company said that over the past five years since its inception, <keyword id="6631254" type="DOMAIN" weightage="20" keywordseo="Muthoot">Muthoot</keyword> Homefin has disbursed over ₹2,600 crore home loans. Currently, it has assets under management (AUM) of ₹1,800 crore with <keyword id="6363823" type="UNKNOWN" weightage="20" keywordseo="operations">operations</keyword> in 16 states and Union territories of India serving more than 22,000 customers. "For the coming year, in addition to further penetration into the existing geographies, Muthoot Homefin also plans to expand its operations in the southern states of India and aims to disburse up to ₹700 crore of home loans in FY 2021-22," it said. It also added that the company's credit rating has been upgraded to "AA+ (stable)" from "AA (positive)" by Crisil during the week ended Friday and the upgrade will allow the company to raise funds at competitive interest rates, thereby passing on the benefits to its end customers, it added. George Alexander Muthoot, Managing Director said: "Muthoot Homefin is aiming to disburse Rs 700 crore of home loans in FY 2021-22. We are steadfastly progressing on taking the 'Housing for All' initiative of the government to the farthest tier II and III locations in the country in order to support the affordable housing needs and aspirations of every Indian." As of now, the company will be focusing on expanding its housing finance operations in the southern states of the country. "With the additional focus towards collections in FY2020-21, the company has been able to contain delinquencies on the portfolio during the pandemic and have now stabilised its collections," the MD said. Muthoot Homefin (India) Limited is a wholly-owned subsidiary of <keyword id="163007" type="DOMAIN" weightage="20" keywordseo="Muthoot-Finance">Muthoot Finance</keyword>. It operates as an affordable housing finance company. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nurecas-100-crore-ipo-heres-how-to-check-share-allotment-status/articleshow/81135236.cms">Nureca’s ₹100 crore IPO: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/travel/article/exploring-the-unreal-beauty-of-the-andaman-islands/articleshow/81126293.cms">Exploring the unreal beauty of the Andaman Islands</a> <a href="https://www.businessinsider.in/entertainment/news/pewdiepies-lyrics-targeting-cocomelon-and-jk-rowling-that-may-have-gotten-youtube-angry-enough-to-pull-the-video-down/articleshow/81102941.cms">PewDiePie's lyrics targeting CocoMelon and JK Rowling may have gotten YouTube angry enough to pull the video down</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-gets-leaner-with-a-300-million-jabong-write-off-as-ceo-kalyan-krishnamurthy-lists-out-the-priorities-for-2021/articleshow/81105083.cms">Flipkart gets leaner with a $300 million Jabong write-off as CEO Kalyan Krishnamurthy lists out the priorities for 2021</a>

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