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<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> stands to benefit from any removal of consumer tax credits on electric vehicle purchases.</li><li>The move could hurt competitors more, CEO Elon Musk said.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> supports a Trump plan to end tax credits of up to $7,500 for electric vehicle purchases.That might sound confusing: Why would the CEO of Tesla want to end a program that makes it cheaper for people to buy EVs?Well, according to Musk, it would devastate Tesla's rivals. And Tesla wants to keep its strong lead in the US EV market, which recently slipped under 50% for the first time."I think it would be devastating for our competitors and for Tesla slightly," Musk said in a July earnings call, predicting the impact of the tax credits ending. "But long term probably actually helps Tesla, would be my guess."On Thursday, Reuters reported that Trump plans to end the EV tax credit, with support from Tesla representatives. In a related post on X, Musk called for an "end all government subsidies, including those for EVs, oil and gas."Tesla has had a longer time than some of its rivals to <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-list-government-subsidies-tesla-billions-spacex-solarcity-2021-12">benefit from government subsidies</a>. Its market lead is well established, and it has led an EV pricing war that has squeezed its rivals, making it harder for them to survive if consumer demand falls even further.Put simply: Tesla wins if ending the tax credit pressures smaller rivals enough to stall their growth or even fold.<h2 id="91842e59-2373-4c08-abdd-17185b0bea0d">Tesla sells more EVs than anyone else, and more profitably</h2>In the third quarter of 2024, Tesla <a target="_blank" class="" href="https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q3-2024-Update.pdf">reported</a> a pre-tax profit margin of 18%, well above the industry average of around 9%. Ford, the only competitor to break out its EV-specific finances, <a target="_blank" class="" href="https://s201.q4cdn.com/693218008/files/doc_financials/2024/q3/Press-Release-Ford-2024-Q3-Earnings.pdf">reported</a> a -104% margin for its Model e unit.Yet many of Tesla's vehicles are also priced well below many competitors. The Model 3 starts at $42,490 (after a cheaper option disappeared earlier this year). That's well below the average EV price in the US, which held steady at nearly $57,000 in October, according to Kelley Blue Book data.In an effort to juice sales, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-can-make-cars-cheaper-than-competitors-2024-6">Tesla has drastically cut prices</a> on many of its cars over the past year, instigating an industry-wide price war that has cut into its own margin in pursuit of maintaining its industry-leading market share. Of the nearly 600,000 EVs sold in the US in the first half of 2023, <a target="_blank" class="" href="https://www.coxautoinc.com/wp-content/uploads/2024/07/Q2-2024-Kelley-Blue-Book-Electric-Vehicle-Sales-Report.pdf">half</a> were made by Tesla. Ford, in second place, accounted for just over 7% of EVs sold in the same period."While losing the EV tax credit could also hurt some demand on the margins in the US, this will enable Tesla to further fend off competition from Detroit as pricing/scale/scope is an apples to oranges when compared to the rest of the auto industry once the EV tax credit disappears," Dan Ives, a longtime bullish analyst at Wedbush, told clients in a note on Thursday.<h2 id="c6cefac7-9186-47f8-8f0a-f2fb65808785">Tesla is ahead of the curve in building a US manufacturing presence</h2>Eliminating the <a target="_blank" class="" href="https://www.businessinsider.com/federal-state-electric-car-vehicle-tax-credits-rebates-qualify">consumer tax credit</a>, part of President Joe Biden's Inflation Reduction Act, would need congressional approval. It's not yet clear if Trump and the incoming Republican-controlled Congress would also target other IRA tax incentives, like those supporting domestic manufacturing of cars, batteries, and other components. Competitors like BMW, Honda, and Hyundai have <a target="_blank" href="https://techcrunch.com/2024/07/20/tracking-the-ev-battery-factory-construction-boom-across-north-america/">raced</a> to scale up factories state-side to take advantage of those credits.Tesla has been ahead of this curve in manufacturing, too, with six US factories churning out cars and batteries. That work has paid off, and many Tesla models are regularly named as the most "<a target="_blank" href="https://www.cars.com/american-made-index/">American-made</a>" compared to competitors, many of which rely on factories in Mexico. In fact, only one other American automaker even cracked the top 10 in 2024.Tesla CFO Vaibhav Taneja said in a July earnings call that the company has taken advantage of manufacturing credits, but "we always drive ourselves to say, OK, what if there is no IRA benefit? And how do we operate in that kind of an environment? Like Elon said, we definitely have a big advantage as compared to our competition on that front."In October, the Alliance for Automotive Innovation, an industry group representing Ford, GM, Honda, Toyota, and others, <a target="_blank" href="https://subscriber.politicopro.com/article/2024/11/auto-trade-group-to-gop-tax-writers-keep-bidens-ev-credits-00189430">urged</a> Congress to keep the tax credits.The tax credits, including those for commercial leasing and manufacturing, are "critical to cementing the US as a global leader in the future of automotive technology and manufacturing," they said in an October letter to Congress published by <a target="_blank" href="https://subscriber.politicopro.com/f/?id=00000193-277d-dea7-afbb-b77f708f0000">Politico</a>.The group, which does not include Tesla, did not respond to a request for comment. A spokesperson for the Trump transition team did not respond to a request for comment.While Musk supports cutting the EV tax credit, reports of its potential demise appear to have spooked investors. Tesla shares fell about 5% following the Reuters report, while Rivian shares fell 11%.Musk and other Tesla leaders have long said autonomous vehicles are the future of Tesla, not just EVs, and encouraged potential investors to think much more long-term.Additional reporting by Benjamin Zhang.

Why Musk supports Trump getting rid of EV tax credits

New Delhi: As the earnings season for the second quarter of FY25 unfolds, <keyword id="19959986" type="General" weightage="20" keywordseo="public-sector-banks" source="keywords">public sector banks</keyword> (PSBs) are expected to see a slight dip in profits compared to the previous quarter, according to a report by <keyword id="19896146" type="General" weightage="100" keywordseo="Motilal-Oswal" source="keywords" meta.keywordsubtype="org" meta.entityname="Motilal Oswal" meta.hostid="153" meta.entityid="Motilal Oswal">Motilal Oswal</keyword>. The report estimates that PSBs' Profit After Tax (PAT) will decline by 0.6 per cent quarter-on-quarter (QoQ), while showing a stronger year-on-year (YoY) growth of 17.2 per cent. "We estimate PSBs to report moderate <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword> of 17.2 pc YoY/ a decline of 0.6 pc QoQ in 2QFY25," the report stated. The slower pace of growth can be attributed to flat net interest margins (NIMs) and a slight increase in loan loss provisions (LLP). The <keyword id="20171160" type="General" weightage="20" keywordseo="Net-Interest-Income" source="keywords">Net Interest Income</keyword> (NII) for PSBs is expected to grow by around 6 per cent YoY, although interest margins are likely to remain under pressure. Despite these near-term challenges, the report suggests that public sector banks are on track to post a compound annual growth rate (CAGR) of 15 per cent between FY24 and FY26, pointing to sustained long-term growth. In the private sector banking space, the report forecasts mixed results for the same quarter. For private banks under the coverage, Pre-Provision Operating Profit (PPoP) is expected to grow by 12 per cent YoY and 1 per cent QoQ. However, PAT growth is predicted to be more modest, increasing by 5 per cent YoY and 0.6 per cent QoQ. "For our private bank coverage universe, we estimate a PPoP growth of 12 pc YoY/1 pc QoQ and a PAT growth of 5 pc YoY/0.6 pc QoQ in 2QFY25," the report added. Looking ahead, private sector banks are expected to experience steady profitability growth, with earnings projected to grow at a CAGR of 12.4 per cent over FY24-FY26. Overall, while both public and private sector banks may face moderate growth in the second quarter due to margin pressures and higher provisions, their long-term earnings prospects remain positive. (ANI)

Profit of public sector banks expected to decline by 0.6 percent QoQ : Motilala Oswal

<div type="image" title="For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire" height="900" width="1200" msid="114064202" hostid="261" caption="&amp;lt;p&amp;gt;For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire&amp;lt;/p&amp;gt;"></div> Once upon a time, there thrived a wild, wild land. Here, it was all about super high monetary stakes, lightning-fast trade deals, and bucketloads of money shifting hands every single second. This wilderness lured millions of individuals with the promise of super duper high returns. But, at what cost? Welcome to the unforgiving, ultra-risky wild west of <keyword id="19991165" type="General" weightage="20" keywordseo="Indian-equity-markets" source="keywords">Indian equity markets</keyword> called the <keyword id="145718" type="General" weightage="100" keywordseo="Futures-and-Options" source="Orion">futures and options</keyword>. Here, everyone seems to just fly right through the bright red-flagged warnings of financial risks to earn even a fraction of these promised returns. Most burn themselves in the process, but carry on nevertheless, as if nothing ever happened. <h2>Chasing the cloudy profits</h2>The data conclusively proves that every 9 out of 10 individuals only lost their hard-earned money in this land. But hey, what do the numbers know? Some hide their losses out of shame, some out of fear. The proponents, meanwhile, proudly boast unusually high returns on their investments, some open social media channels while others encourage their friends and family to take the plunge. Naturally, news of this unstoppable and humongous en-masse migration to the F&amp;O (futures and options) town has reached sheriff <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, galvanising them into action. After all, it was time to put a leash on this madness and save the common man. The inhabitants of this town doubled in the last 2 years, from 51 lakh in FY22 to 96 lakh in FY24—99.8% of whom were small and mid-income traders. But profits? Well, that's a different, rather completely absent story. <h2>Que Sera Sera, much?</h2>A recent report by SEBI (Securities and Exchange Board of India) that studied profits and losses made by traders in the equity derivatives segment between FY22-24 exposed the mad mania of futures and options trading in India, especially since the pandemic. Per the report, 91.1% of individual traders, or about 73 lakh traders had only lost money trading in futures and options in FY24. Between FY 22-24, over 1 crore traders, or about 92.8% of individual traders, had lost Rs 2 lakh each. But once bitten, twice shy? Well, not in this case. More than 75% of individuals, who had only made losses trading in F&amp;O in FY22 and FY23, continued to trade vigorously in FY24 as well, without any changes in the bottom line, which remained deep in red and negative. So, then all these traders must be uber-rich, with tons of cash and not much care to spare? Nope. 76% of traders in the F&amp;O space in FY24 had an annual income of less than Rs 5 lakh. 2 years ago, their share stood at 71%. And their choice of poison? Options! In FY24, 60% of traders made losses trading in futures, but a whopping 91.5% burnt their funds trading in options. Mind you, futures are riskier than options. With futures, which require significant capital investment, the buyer and seller both are contractually bound to adhere to the pre-determined strike price of the futures or options contract, irrespective of whether the prevailing prices are higher or lower (and thus, resulting in losses for either the buyer or seller). With options, since this adherence ain't necessary, individuals end up taking debt to take highly leveraged positions while trading here. <h2>Scale of the explosion</h2>Anyone who trades even infrequently will tell you that a demat account is the mitochondria or powerhouse of the trading cell. As of August 2024, India had over 17.1 crore <keyword id="20957284" type="General" weightage="20" keywordseo="demat-accounts" source="keywords">demat accounts</keyword>, which are a prerequisite for trading in the markets. India is the 9th biggest country in the world, in terms of total demat accounts. Did you know that our demat accounts are at par with the entire population of Bangladesh? Talk about scale! Just 4 years ago, in March 2020, this number was a mere 4 crore. Naturally, the total F&amp;O turnover on both <keyword id="20004725" type="General" weightage="20" keywordseo="NSE" source="keywords" meta.keywordsubtype="org" meta.entityname="NSE" meta.hostid="261" meta.entityid="NSE">NSE</keyword> and BSE has hit the roof, and also broken it. As of October 4, 2024, the total futures and options turnover on NSE stood at a massive Rs 4,78,27,27,750.30 crore. Good luck counting the thousands! <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Turnover (Both Futures and Options) (In Rs Crore) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020-21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64,36,03,951.51 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021-22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,69,52,33,134.47 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022-23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,82,23,26,468.06 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023-24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,99,27,67,152.43 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source : NSE Another metric that underlines the meteoric growth of trading in India is the collection of STT or <keyword id="20930760" type="General" weightage="20" keywordseo="Securities-Transaction-Tax" source="keywords">Securities Transaction Tax</keyword>. As of September 2024, India's STT mop-up had gone past Rs 26,000 crore. Traders have to pay STT whenever they buy or sell any security in the market. So, more trading brings in more STT, and hence, more revenue for the government, so they're not really complaining. After all, this is certainly what they'd call enviable growth. As of August 2023, our STT collection stood at about Rs 21,599 crores. And in FY20-21, India's STT collection had been Rs 16,000 crore. If only our salaries also managed to grow at this rate! <h2>So, what's happening?</h2>Two things. One, it's the big bulls who are raking in all the moolah. And it's the younger lot (those aged under 30) who are propping them up for this. In FY24, 43% of individual traders in the market were less than 30 years of age. In just one year, this number has swelled by 12 percentage points from just 31% of individual traders. But who says ageing is bad? Wrinkles and silver hair seemingly have a propensity of incurring lesser losses in the market. In FY24, only 79% of traders aged above 60 years made losses, as compared to 93% of those aged below 30. Small and mid-income traders, which make up 98% of the total trader base, witnessed average losses per person of Rs 65,000 and Rs 1.5 lakh in FY24 in futures and options, respectively. The winner here? Clearly, the big bulls, who declared an annual income of over Rs 1 crore, ended up with average profits of Rs 96,000 per person this year. <h2>What’s the sheriff up to?</h2>The government has finally swung into action, hiking the STT rate for F&amp;O during this year’s budget. Effective October 1, 2024, the STT on futures stands at 0.02%, up from 0.0125%. For options, it was upped to 0.1% versus 0.0625% previously. Small margins, but huge impact oncoming. Says Puneet Sharma- CEO and Fund Manager at Whitespace Alpha, “SEBI aims to enhance market stability while safeguarding investor interests, reflecting the regulator's intent to balance risk management with market participation”. But this might come with its own share of challenges, too. “Stricter norms around leverage, transparency, and capital adequacy could limit the ability of investors to determine their own risk appetite, thereby stifling innovation in trading strategies. Over-regulation in an environment that thrives on strategic flexibility and creativity could dampen the market’s dynamism, affecting India's competitiveness in the global derivatives landscape”, he observes. SEBI recently came out with a set of guidelines that aim to thwart <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword>' participation in futures and options and hinder them from taking undue risks. Here's a quick recap of what's to come for the residents of the F&amp;O town Margin Requirements: To battle the high volatility and chaos which is generally seen on expiry days(i.e the last mandated date, post which an option becomes invalid), SEBI will put in place an extreme loss margin (ELM) of 2% for all open short options on the day of expiry. Translation? Traders will need to pony up more cash upfront, leaving them with fewer funds to take on risky bets. It ain't a choice: No more of one expiry every single day! Going ahead, an exchange like BSE or NSE will just be able to offer weekly expiries, that too, only on one benchmark index, as opposed to an entire buffet it currently offers. At present, NSE offers weekly options contracts for its financial index, bank and midcap indices. But say goodbye to this, and hello to derivatives on only 1 index per exchange. Raising the bar: Effective November 30, 2024, the minimum contract value for index derivatives will be upped to Rs 15 lakh, from the present Rs 5-10 lakh. The hope is that by making it ultra-expensive to enter these trades, investors will be dissuaded from taking on risky trades. Pay upfront: Starting February 2025, those trading in options will have to pay the entire options premium upfront, even before their trades are executed. This is because options generally carry very high leverage, and paying a significant sum upfront can force traders to think twice. Invigilation Pro Max: Starting April 1 2025, to make sure that the number of positions for equity index derivatives does not slyly slip over the mandated limit, especially on expiry days when trade volumes are huge, the exchanges will have to take a minimum of 4 position snapshots randomly. The question is, will these injections of sobriety be enough to calm down the steroid-fed bull of the futures and options market in India? Well, only time and market turnover will tell! For more insights into the financial markets and business news, stay tuned to our site and social media handles. And don’t forget to subscribe to Business Insider India’s newsletters for your weekly dose of Simply Put! Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

SIMPLY PUT: SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how

<ul class="summary-list"><li>Using a 401(k) can boost investment portfolios by 23%, per Charles Schwab study.</li><li>The study compared 401(k) and taxable accounts over 20 years with an 8% annual return.</li></ul>Nothing is less exciting than thinking about <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/taxes">taxes</a>, especially when the bill is coming due.And once you cross into the first quarter of the year, little can be done to reduce your tax liability, especially if you're a W2 employee.That's why thinking about deferral strategies is a great way to reduce how much you pay in taxes and increase your net worth in the long term. But to maximize your outcome, you have to start with a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">401(k)</a> or a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-ira">Traditional IRA</a>, according to a recent simulated study by Charles Schwab. The study showed how a 401(k) could increase an investment portfolio's value by 23%.The study, which was backtested over 20 years, compared two investors, one who used a taxable brokerage account versus one who used a 401(k). At an 8% annual return, it found that the latter finished with a value of $177,116 compared to the taxable account at $144,547. Based on this scenario, it assumed that someone allocating funds after tax in a 24% bracket would have a principal investment of $38,000 compared to $50,000. It also assumed taxable events on a turnover rate every five years and on 2% qualified income dividends and 6% long-term capital gains.<div type="image" title="Chart showing increased portfolio value with tax-deferred account." height="1064" width="1846" msid="114955475" hostid="261" sizebytes="34694"></div>In a scenario where an investor uses a taxable account but doesn't turnover or realize gains every five years, meaning taxable events are only placed on the 2% dividends, the outcome would lead to an ending value of $152,392.One caveat is that <a target="_blank" class="" href="https://www.businessinsider.com/tax-loopholes-to-reduce-or-avoid-capital-gains-taxes-2024-10">tax-deferred accounts</a> don't take into account every phase of where taxation can occur along the investment process, says Rob Williams, managing director of financial planning at Charles Schwab. The first point is when money is earned and before it's invested. The second is when income and dividend payments are earned along the way. The third point is once gains are realized. The first two taxation points are covered. The last phase isn't. For this process, other accounts, such as Roth IRAs for after-tax contributions allow gains to grow tax-free.Roth IRAs could come in handy in retirement during years when you have a higher withdrawal rate and, in turn, fund yourself in a higher tax bracket.<h2 id="bd273b03-5ffe-4b6d-8acc-d2373d85fc37">Other tax tips</h2>Another option people don't think about as much is a <a target="_blank" class="" href="https://www.businessinsider.com/how-to-use-health-savings-account-retirement-tool-investing-wealth-2024-10">health savings account</a>, which is unique, Williams noted. You have to qualify for those with an employer that provides it through a health insurance policy with a high deductible plan. But they are a nice additional tool that investors can use to contribute from their paycheck, he added.It's contributed pre-tax. And if the money isn't used for healthcare costs, it can be saved and invested in that health savings account and grow tax-free. It's tax deferral and tax avoidance, he noted."For a health savings account, that's powerful," Williams said. "We call that a triple tax exemption. You get no taxes when you put the money in and no taxes on any growth or capital gains in the fund. And then when you take it out, you don't have any taxes as well."Taxable brokerage or investment accounts are still useful because they allow you to withdraw money before retirement. This is especially great in the event you need to make a big purchase. But when using these accounts, investors should consider the assets they're buying. For example, exchange-traded funds have less tax drag than mutual funds that have higher turnover and, in turn, more taxable events, Williams noted."Any investment or mutual fund that generates a fair amount of investment income, whether it's interest or dividends, do not tend to be very tax efficient," Williams said.This also means considering how funds distribute gains, such as whether they are qualified or ordinary dividends. The latter is taxed at an investor's tax rate and depending on what margin that's in, it may not be as advantageous as a qualified dividend.

How tax-deferred investing can increase a portfolio's value by 23% and the account that provides a triple benefit

July is here, and while we are still 5 months away from the end of 2024, the deadline to file your <keyword id="19897621" type="General" weightage="20" keywordseo="ITR" source="keywords">ITR</keyword> is July 31st, which is looming large. While it is best to not "file away" filing your income tax returns for later, are you aware of the right ITR form that applies to you? Out of the 7 ITR forms available, how do you know which one is the right fit for you, and where to start? For starters, the first 4 ITR forms (ITR-1,2,3,4) are necessary for an individual to know about, while filing taxes. Lets decode all these forms in detail with Tanya, a 22 year old IT professional who earns Rs 10,000 per month. Her mother has a monthly rental income of Rs 12,000 per month. Will the two of them be required to file ITR? Well, the answer is no. You see, Tanya's <keyword id="21120362" type="General" weightage="20" keywordseo="annual-income" source="keywords">annual income</keyword> comes to about Rs 1,20,000, while her mother's total rental income comes to about Rs 2,40,000. If you opt for the old tax regime, you don't need to file an ITR if you annual income is below Rs 2.5 lakh. In the new regime, this limit stands at Rs 3 lakh. Similarly, if your grandparents are aged between 61-79, they need not file an ITR if their annual income (via rent, pensions) falls below Rs 3 lakh. And if they are aged above 80, this threshold if of Rs 5 lakh for the year. <h2>ITR-1: Sahaj </h2>Lets continue with Tanya's life. She works super hard, and over the years, earns a few well deserved raises. Now, her monthly income is Rs 50,000. In this case, she will have to file ITR-1, which is also known as Sahaj. This form applies to you if your total annual income for the year does not exceed Rs 50,00,000. The best part? This form is generally pre-filled, and all you've got to do is verify the information through your <keyword id="22247325" type="General" weightage="20" keywordseo="Form-16" source="keywords">Form-16</keyword> and Annual Information Statement (AIS). <h2>ITR-2 </h2>Over time, Tanya decides to start investing in mutual funds. While she holds most of her investments for the long-term, she is compelled to sell some units of her investment in equity mutual funds, due to a medical emergency at home. She had purchased some equity mutual fund units worth Rs 2,00,000 on April 1, 2023. Due to the emergency, she had to sell about Rs 80,000 worth of units in December of the same year. On redemption, she received Rs 1,10,000. Since she had held these securities for less than 12 months, Tanya would have to pay a short-term <keyword id="20301441" type="General" weightage="20" keywordseo="capital-gains-tax" source="keywords">capital gains tax</keyword> of 15%, Had Tanya held on to these securities for more than 12 months and then sold them at a gain, she'd have to pay long-term capital gains tax, which is applicable at 10% for equity mutual funds. And to account for such capital gains, be it from sale of shares, mutual funds, property or the like, Tanya needs to file ITR-2. <h2>ITR-3</h2>Tanya's brother, Vishal, is a freelancer who got hooked to trading in futures and options during the pandemic. Initially, he made solid profits, but during FY24, he ran into losses worth Rs 5 lakh. In this case, he will have to file ITR-3 to report his losses. This form is to be used by those who earn income under the head of profits (or even losses) of business or profession, other than regular salary. In case Tanya's mother starts receiving rental income from more than one house properties, she will also have to file ITR-3. Or, in case you are a CA, or a doctor and have your own practice (are self employed), this form is for you. <h2>ITR-4: Sugam </h2>This form is exclusively for those who opt to be taxed under the presumptive taxation scheme. You can opt for this scheme if you are a small business/firm and your annual turnover is less than Rs 3 crore, or you are self employed with an annual revenue of less than Rs 75 lakh. Under this, you don't pay taxes on your actual income, rather, you pay taxes on a presumed income. As per law, under this scheme, your net income will be considered as 6% of your total revenue, and you'll have to pay taxes on that. Here, you're really not calculating your income for taxation, and hence, it is not even mandatory to maintain records. In case you file the wrong ITR, you can always file a revised return by December 31, 2024. In case you miss filing your ITR on time, you’ll have to pay Rs 5,000 as a penalty. Moreover, you’ll be charged interest on your outstanding tax liability, if there is any. So, get down to work, right away!

Wondering which ITR form is right for you? Know all about it here

The <keyword id="19938467" type="General" weightage="20" keywordseo="deadline" source="keywords">deadline</keyword> for filing your <keyword id="19995225" type="General" weightage="20" keywordseo="income-tax-return" source="keywords">income tax return</keyword> for AY 2024-25 i.e. July 31st is knocking right at your door. If you are yet to file your <keyword id="19897621" type="General" weightage="20" keywordseo="itr" source="keywords">ITR</keyword>, you still have some time. But there are certain things that you must remember and double-check before you click on submit ITR-from picking out the right form to ensuring that all the details you’ve furnished are correct. Read on to know the top five things that you must remember before <keyword id="19942833" type="General" weightage="100" keywordseo="ITR-filing" source="keywords">ITR filing</keyword>. <h2>Linking your PAN with Aadhar is mandatory</h2>Before you file your ITR, ensure that your <keyword id="19985317" type="General" weightage="20" keywordseo="Pan-card" source="keywords">PAN card</keyword> is linked to your <keyword id="19952125" type="General" weightage="20" keywordseo="Aadhar-card" source="keywords">Aadhar card</keyword>. You can’t file your ITR without linking your Pan to Aadhar first. This can be done online. In case you’re wondering whether or not your PAN is linked to your Aadhar card, you can visit <a href="https://eportal.incometax.gov.in/iec/foservices/#/pre-login/verifyYourPAN">this</a> link and verify. However, remember that this process can take up to 6-10 days to complete, so you'll have to jump aboard the belated ITR bandwagon in case you've just initiated the linking process. <h2>Pick the correct form</h2>Choosing the correct form is one of the most important things that you need to keep in mind while filing your ITR. For instance, the ITR-1 form is designed for resident individuals who have income from salary, one house property, and other sources such as interest or dividends, provided their total income does not exceed Rs 50 lakh. On the other hand, ITR-2 is applicable to individuals and Hindu Undivided Families (HUFs) with income from capital gains or foreign assets.<div type="Article" hostid="261" msid="111406215" title="Wondering which ITR form is right for you? Know all about it here" mstype="2" mssubtype="0"></div> ITR-3 is applicable for those who have income from business or professions, or those who are self-employed. ITR-4 is filled by those who opt for presumptive taxation. <h2>Remember to <keyword id="22469557" type="General" weightage="20" keywordseo="e-verify" source="keywords">E-verify</keyword> your return: </h2>Think you're done with your ITR filing? Think again! You will also need to e-verify your return. If the e-verification is not done within 30 days from filing your ITR, it will be rendered invalid, and will be considered as not filed. You will also not receive any refunds in the absence of e-verification of your ITR. You can easily e-verify your ITR via generating an OTP on your mobile number linked with Aadhar, or by generating an electronic verification code (EVC) through your pre-verified bank account or demat account. <h2>Check your documents and details</h2> When you are trying to get things done quickly, it isn’t uncommon to forget double-checking the details entered. Do remember to double-check all the details that you enter in your ITR. Also, filing an ITR requires certain documents like bank statements, investment proofs, <keyword id="19948097" type="General" weightage="20" keywordseo="tds" source="keywords">TDS</keyword> certificates, Form 16 etc. Even though you don’t have to attach these documents in the ITR, you must keep them handy. <div type="Article" hostid="261" msid="111402608" title="ITR filing: Documents you need to file your income tax return" mstype="2" mssubtype="0"></div> <h2>Check income and investment details</h2> If you have just one source of income, the process is easy as you just need to mention that in your ITR. However, if you have <keyword id="22106780" type="General" weightage="20" keywordseo="multiple-sources-of-income" source="keywords">multiple sources of income</keyword>, you need to be careful and mention all of them. Similarly, ensure that you have entered all investment details in the form correctly. Do not forget to mention your interest earned on savings and fixed deposits, dividend income (if any) or income from other sources, since that could lead to hefty penalties.

Five things to remember as you file your ITRs at the last minute

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hey there! We seem well on our way to a rematch of the 2020 US presidential election as Donald Trump secured a <a target="_blank" href="https://www.businessinsider.com/new-hampshire-2024-republican-primary-results-trump-haley-2024-1">decisive win</a> at the New Hampshire Republican primary.In today's big story, we're previewing Tesla's make-or-break earnings report.What's on deck:<ul><li>Markets: The <a target="_blank" href="https://www.businessinsider.com/where-to-invest-stocks-buy-goldman-sachs-fed-rate-cuts-2024-1#12-kraft-heinz-12">companies behind the products you buy every day</a> might be the best investments.</li><li>Tech: Google rolled out an AI tool to <a target="_blank" href="https://www.businessinsider.com/google-chrome-new-ai-feature-organize-open-tabs-2024-1">organize all your open tabs</a>.</li><li>Business: The Zoomtown boom has newcomers and long-time residents <a target="_blank" href="https://www.businessinsider.com/americas-zoomtowns-housing-home-price-traffic-culture-crisis-2024-1">at odds with each other</a>.</li></ul>But first, the results are coming in.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h2>The big story</h2><h3>It's Tesla time</h3><div type="image" title="elon musk in front of a red Tesla" height="500" width="1000" msid="107119472" hostid="261" sizebytes="26536"></div>Earnings season is stressful for companies, but arguably no one is under more pressure these days than Tesla.The EV maker reports its highly anticipated fourth-quarter and year-end results after the market closes.Tesla's earnings always draw significant fanfare thanks to the high level of trading activity around the company and its polarizing CEO, but this time feels even more important.The company's share price has had a rocky start to the year — down nearly 16% — despite the broader market being up on the year. The EV market has also shifted <a target="_blank" href="https://www.businessinsider.com/electric-car-ev-sales-prices-problem-transportation-2024-1">as demand is drying up</a>. And then there's <a target="_blank" href="https://www.businessinsider.com/news-today-january-12-elon-musk-tesla-board-ultimatum-2024-1">the ultimatum Elon Musk issued to Tesla's board</a> about wanting more voting rights or taking his AI projects elsewhere.Business Insider's Jennifer Sor has a roundup of what five Wall Street firms expect <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-earnings-preview-tsla-stock-price-outlook-elon-musk-ai-2024-1">ahead of Tesla's earnings report</a>.A key area of focus will be where Tesla's profit margins landed for the year after <a target="_blank" href="https://www.businessinsider.com/musk-tesla-electric-car-price-discounts-war-ford-and-gm-2023-1">conducting a significant price cut</a> throughout 2023, <a target="_blank" href="https://www.businessinsider.com/author/nora-naughton">Nora Naughton</a>, BI's senior reporter covering the auto industry, told me.The price cut, which saw some models discounted as much as 25%, was a bid to deal with a glut in Tesla's supply and a shot at competitors moving deeper into the space.The strategy <a target="_blank" href="https://www.businessinsider.com/tesla-elon-musk-acted-normal-this-year-it-worked-out-2023-12">worked in the short term</a>, as Tesla enjoyed big wins during the year and saw its share price more than double. But how long it can maintain the price war <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-price-cuts-electric-cars-losing-business-strategy-2023-11">remains to be seen</a>.<div type="image" title="elon musk walking toward a cybertruck" height="412" width="1000" msid="107119473" hostid="261" sizebytes="33558"></div>How Musk pitches Tesla's year ahead will also be a telling signal, Nora told me.Part of what makes Tesla so special in Wall Street's eyes — and what validates its $655 billion market cap — is how innovative the company can be. There is always something on the horizon that's brilliant, fascinating, and, most importantly, potentially profitable.For a while, that was the <a target="_blank" href="https://www.businessinsider.com/tesla-truck-cybertruck">Cybertruck</a>. But that's a carrot Musk can no longer dangle in front of analysts.Instead, he'll need to look elsewhere. One obvious and anticipated innovation is a self-driving feature allowing Teslas to drive without humans.On Monday, Tesla released a new version of its Full Self-Driving software to a few owners. But despite previously big promises from Musk regarding this version, the early reviews have been underwhelming, <a target="_blank" href="https://fortune.com/2024/01/23/elon-musk-tesla-fsdbeta-v12-chatgpt-moment-ai/">Fortune reported</a>.If self-driving remains a pipedream, that's bad news for Tesla. Because if analysts can't point to what's next for Tesla, they might start pointing somewhere else.<h2>3 things in markets</h2><div type="image" title="view of people walking by skyscrapers, while looking up" height="500" width="1000" msid="107119476" hostid="261" sizebytes="49884"></div><ol><li>Commercial real estate might be about to hit its breaking point. The sector was battered in 2023 and has $2.7 trillion in debt set to mature by 2027, according to Capital Economics deputy chief property economist Kiran Raichura. As a result, <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-crash-property-price-drop-defaults-interest-rates-2024-1">borrowers could end up selling into a soft market, which would lead to more valuation markdowns</a>, Raichura said in a note on Monday.</li><li>These consumer staples stocks should be on your investing shopping list, according to Goldman Sachs. The sector full of companies producing everyday necessities is a good bet after a rough 2023. <a target="_blank" href="https://www.businessinsider.com/where-to-invest-stocks-buy-goldman-sachs-fed-rate-cuts-2024-1">These 38 names</a>, from Kraft Heinz to Monster Beverage, should shift from your shopping cart to your portfolio.</li><li>Bitcoin ETFs were kind of a bummer. The price of the cryptocurrency dropped to a two-month low on Tuesday as much of the gains seemed to have been baked in before the SEC's approval. But <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-spot-etf-investors-sec-financial-markets-cryptocurrency-regulators-2024-1">the benefits from bitcoin ETFs in the long run</a> could still materialize, experts say.</li></ol><h2>3 things in tech</h2><div type="image" title="google chrome's new ai features" height="1200" width="2880" msid="107119477" hostid="261" sizebytes="50792"></div><ol><li>Google Chrome's new AI feature can now organize your browser tabs. The tool will <a target="_blank" href="https://www.businessinsider.com/google-chrome-new-ai-feature-organize-open-tabs-2024-1">automatically organize your open tabs</a> into groups based on similarities. It's part of a slate of generative AI tools that Google will soon be rolling out across Chrome.</li><li>Sam Altman wants to solve the great AI chip shortage himself. The demand for AI chips is heavily outstripping supply right now — so the OpenAI CEO is reportedly <a target="_blank" href="https://www.businessinsider.com/openai-boss-sam-altman-wants-his-own-chip-supply-2024-1">considering building his own supply line</a>.</li><li>Why Netflix just made a $5 billion pro wrestling deal. For years, the streamer didn't want to get into live sports. Now, it's entering the arena with <a target="_blank" href="https://www.businessinsider.com/why-netflix-pro-wrestling-wwe-deal-makes-sense-2024-1/">a nine-figure agreement with TKO</a>. A major reason it could work is that Netflix also previously wasn't in the ads business. But now it is.</li></ol><h2>3 things in business</h2><div type="image" title="digital illustration of people watching buildings falling into place in a city" height="1000" width="2000" msid="107119480" hostid="261" sizebytes="216690"></div><ol><li>America's booming cities are suffering from some nasty growing pains. Midsize cities exploded over the past few years. But now, <a target="_blank" href="https://www.businessinsider.com/americas-zoomtowns-housing-home-price-traffic-culture-crisis-2024-1">residents old and new are fighting</a> over housing, traffic, and local culture.</li><li>United's CEO seemed to subtly threaten a move away from Boeing. The airline is expected to <a target="_blank" href="https://www.businessinsider.com/united-airlines-expects-lose-money-boeing-737-max-9-grounding-2024-1">lose money over the 737 Max 9 grounding</a> — the first indication of the financial impact of the door plug blowout saga. United's CEO called the grounding "<a target="_blank" href="https://www.businessinsider.com/united-ceo-boeing-alternatives-due-to-delays-and-grounding-2024-1">the straw that broke the camel's back</a>."</li><li>A possibly strong labor market. The labor market may be returning to pre-pandemic conditions, but <a target="_blank" href="https://www.businessinsider.com/labor-market-job-openings-unemployment-rate-goldman-sachs-economic-outlook-2024-1">three statistics could indicate some challenges</a> for the year ahead, Goldman Sachs found. One strong sign for the economy, however, is that young people are working up the courage to <a target="_blank" href="https://www.businessinsider.com/quitting-jobs-higher-pay-economic-confidence-growing-gen-z-millennials-2024-1">start switching jobs again</a>.</li></ol><h2>In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/oscars-2024-nominations-winners-list-2024-1">Here are all the 2024 Oscar nominees</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/temu-us-e-commerce-700-percent-growth-2024-1">Temu was one of the fastest-growing websites in 2023, new data shows</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/baby-boomers-wont-sell-homes-millennials-kids-need-housing-affordability-2024-1">Empty-nest baby boomers won't give up their large homes — and it's hurting millennials with kids</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/what-is-bin-store-extreme-discounts-bargains-amazon-returns-2024-1">I visited a "bin store" that sells Amazon returns for as little as 25 cents. It made me rethink my shopping habits</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/estate-planning-charitable-lead-trusts-clt-wealth-management-taxes-2024-1">How the superrich, like Walmart's Waltons, get richer by using trusts to give to charity and save on tax</a>.</li></ul><h2>What's happening today</h2><ul><li>The Metal Hall of Fame induction ceremony is tonight. The seventh annual ceremony will be hosted by Eddie Trunk.</li><li>Today marks the 40th anniversary of the first Apple Macintosh. It was on sale two days after it was shown in a Super Bowl commercial.</li><li>Earnings today: Tesla, IBM, AT&amp;T, <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">and other companies</a>.</li></ul><h2>For your bookmarks</h2><h3>Trader Joe's weekly buys</h3><div type="image" title="a trader joes cart with groceries" height="750" width="1000" msid="107119661" hostid="261" sizebytes="142370"></div>The 12 things a busy parent buys from Trader Joe's each week. <a target="_blank" href="https://www.businessinsider.com/trader-joes-best-things-for-family-with-kids-san-francisco-2024-1">Staples to feed her family of four</a> include the Baked Cheese Crunchies, shredded cabbage, and family-style meat lasagna.The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York City. <a target="_blank" href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://newsletter.businessinsider.com/click/33739711.1210015/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9hdXRob3IvaGF5bGV5LWh1ZHNvbj91dG1fbWVkaXVtPW5ld3NsZXR0ZXImdXRtX3NvdXJjZT1TYWlsdGhydSZ1dG1fY2FtcGFpZ249SW5zaWRlcl9Ub2RheQ/6388bd81e7b7ccd0ba0929daB5b9051cd">Hayley Hudson</a>, director, in Edinburgh. <a target="_blank" href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

Inside Tesla's make-or-break earnings report

<keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="267" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> has won a vote of confidence from global rating agencies <keyword id="20043943" type="General" weightage="20" keywordseo="SP" source="keywords">S&amp;P</keyword> and <keyword id="19950093" type="General" weightage="20" keywordseo="Fitch" source="keywords">Fitch</keyword> after its robust earnings in the fiscal year ended March 31, 2024, supported its growth aspirations and kept leverage under check. S&amp;P Global Ratings and Fitch Ratings in separate notes spoke of its <keyword id="19957744" type="General" weightage="20" keywordseo="EBITDA" source="keywords">EBITDA</keyword> (loosely known as pre-tax profit) rising in the current fiscal year and next on rising revenue and past investments. "<keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords">Reliance Industries</keyword> Ltd's (<keyword id="20002939" type="General" weightage="20" keywordseo="ril" source="keywords">RIL</keyword>) strong earnings will keep leverage in check as the company continues to pursue growth ambitions. We expect the company's debt-to-EBITDA ratio to remain commensurate with the rating (BBB+/Stable/--)," S&amp;P said in a note. The oil-to-telecom-and-retail conglomerate's growth aspirations remain intact, it said, adding the company has ramped up investments in the media business in recent months. In 2024, it entered into binding definitive agreements with The Walt Disney Co for a media joint venture in which RIL will invest Rs 11,500 crore. The company subsequently agreed to buy Paramount Global's 13.01 per cent stake in local entertainment network Viacom18 Media Pte Ltd for about Rs 4,300 crore. "These investments are in line with RIL's strategy to diversify and have a strong presence in a few key industries," the rating agency said. Also, the company received government approval in 2024 to develop gas reserves in the KG-D6 block in the Bay Of Bengal. This could increase the company's gas production capacity by 13-17 per cent. RIL's earlier announced investments include a Rs 75,000 crore expansion plan over five years (starting 2022) for the oil-to-chemicals business. "RIL's earnings will benefit from past investments," S&amp;P said. "We project the company's adjusted EBITDA will rise 2-4 per cent in fiscal 2025 (year ending March 31, 2025)," it added. Just as in the past two years, the digital services segment (Reliance Jio Infocomm Ltd) will be the key growth driver, with segment's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) increasing 10-12 per cent in fiscal 2025. Reliance Jio's wireless subscriber base and average revenue per user will gain from the company's investments in its 5G network since late 2022. Meanwhile, earnings in the oil and gas as well as retail segments will reap the rewards of increased production volume and a wider retail store network. "The EBITDA improvement that we expect in fiscal 2025 comes after a 14 per cent increase to Rs 1.6 lakh crore in fiscal 2024," it said. S&amp;P saw RIL's rising earnings providing it greater balance-sheet flexibility for growth. "We expect the combination of robust operating performances and continued spending to keep the company's debt-to-EBITDA ratio at 1.8x-2.0x over the next two years. This compares with our estimate of 1.7x for fiscal 2024 and our downgrade trigger of 2.5x," S&amp;P said. RIL's leverage has some distance from the upper end of the company's internal leverage target. RIL has reiterated its intention to keep its net debt-to-EBITDA ratio (by its own calculations) below 1x. The ratio was 0.65x as of March 31, 2024. Separately, Fitch Ratings said RIL's EBITDA net leverage is likely to remain below 1x in the medium term, supported by increasing cash flows and lower capex intensity, even as the conglomerate's absolute capex and investments remain high in the near term. "We expect RIL's EBITDA to increase by 8 per cent year-on-year in the financial year ending March 2025 (FY25) and 14 per cent in FY26, while capex intensity (capex/revenue) is likely to reduce below 13 per cent by FY26 (FY24: 15.3 per cent). Lower capex intensity would be driven by growing revenue and reduction in capex after FY25," it said. Fitch expected the conglomerate's Cash Flow from Operations (CFO) to be sufficient to fund its capex from FY26, which will limit additional debt funding and keep its EBITDA net leverage below 1.0x in the medium term (FY24: 0.9x, FY23: 1.1x). "Fitch estimates RIL's FY24 EBITDA net leverage at 0.9x, better than our expectation of 1.1x, driven by marginally higher EBITDA and Rs 20,900 crore of equity raised mainly from the sale of a stake in a subsidiary, even as its capex remained high at Rs 1.5 lakh crore (FY23: Rs 1.4 lakh crore)," the rating agency said in a statement. It rates RIL at 'BBB'/Stable, one notch above India's rating (BBB-/Stable). "We expect the EBITDA increase in the near to medium term to be driven by the telecom and retail businesses, supported by contribution from the upstream oil and gas segment and marginal recovery in petrochemical spreads in the oil to chemical (O2C) segment," Fitch said, adding EBITDA from digital services, largely telecom, is likely to benefit from a 10-15 per cent tariff hike and 15-20 million of additional subscribers in FY25 (FY24: 482 million subscribers). Digital services EBITDA rose by 13 per cent in FY24, as Reliance added 42 million subscribers and monthly average revenue per user increased to Rs 182. Monthly user data consumption increased by 24 per cent to 28.7 GB, one of the highest globally. Fitch expected retail EBITDA to increase by 20-25 per cent in FY25 (FY24: 28%) as Reliance continues to expand its physical stores and digital channels. EBITDA would be supported by a 22.2 per cent increase in its registered customer base to 304 million in FY24. Also, O2C segment EBITDA is expected to remain above Rs 60,000 crore in FY25 (FY24: Rs 62,400 crore), as a gradual improvement in petrochemical spreads from FY24 lows is expected as a supply overhang recedes. Upstream oil and gas EBITDA should stay at around Rs 20,000 crore in FY25 (FY24: Rs 20,200 crore), assisted by the expectation of a 10 per cent increase in gas production in the first full year of operation of three gas fields in the KG-D6 block, which should offset the potential reduction in price realisation with lower gas prices in international benchmarks. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/jnk-india-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/109597273.cms">JNK India IPO allotment – How to check allotment, GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms">An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema</a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a>

Reliance gets thumbs-up from S&P, Fitch as strong earnings keep leverage in check

<keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="261" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> on Monday reported an almost flat March quarter net profit, while its annual earnings hit a record high on the back of a recovery in its core oil and petrochemicals business and sustained momentum across the consumer-facing telecom and retail businesses. The oil-to-telecom-and-retail conglomerate's consolidated net profit stood at Rs 18,951 crore, or Rs 28.01 per share, in January-March quarter of the 2023-24 fiscal compared to Rs 19,299 crore, or Rs 28.52 a share, a year ago, according to a company's stock exchange filing. The profit was, however, higher quarter-on-quarter when compared to Rs 17,265 crore in October-December period. For the full fiscal FY24 (April 2023 to March 2024), Reliance posted a record net profit of Rs 69,621 crore as compared to Rs 66,702 crore earnings in the preceding financial year. Reliance also became the first Indian company to hit Rs 10 lakh crore turnover in FY24 when revenue from operations rose 2.6 per cent from Rs 9.74 lakh crore in 2022-23. The oil-to-chemicals (O2C) business, the main milch cow, posted a rise in profitability annually as well as sequentially, while retail business' earnings rose on new store openings despite lower footfalls. The firm helmed by billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> saw telecom revenues soar as it outpaced competition in subscriber addition and data traffic. While quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) was up 14.3 per cent year-on-year to Rs 47,150 crore, registering growth across all businesses, the revenue from operations rose almost 11 per cent to Rs 2.64 lakh crore. The mainstay oil refining and petrochemicals business, called O2C, posted a 11 per cent rise in revenue and a 3 per cent higher EBITDA at Rs 16,777 crore in Q4. This was primarily because of "advantageous" sourcing of feedstock (crude oil) for refining business and use of ethane for making chemicals as well as higher domestic product placement, a company statement said, adding exports were down 8.5 per cent. With the consumer base swelling to 481.8 million from 470.9 million at the end of December on a flat per-user revenues of Rs 181.7, Reliance <keyword id="21397660" type="General" weightage="20" keywordseo="Jio-Infocomm-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Jio Infocomm Ltd" meta.hostid="261" meta.entityid="Jio Infocomm Ltd">Jio Infocomm Ltd</keyword> - the digital services business - posted a 12 per cent rise in net profit at Rs 5,583 crore in the fourth quarter of FY24. Also, aiding the business was rise in data traffic to 40.9 billion GB in January-March from 38.1 billion GB in the preceding quarter. For the full year, Jio posted a profit of Rs 21,424 crore as compared to Rs 19,124 crore in FY23. Profits from the retail business climbed 11.7 per cent to Rs 2,698 crore as store count rose to 18,836 from 18,774. Store footfalls dropped to 272 million from 282 million in October-December 2023 but were higher than 219 million recorded in January-March 2023. Oil and gas EBITDA soared 47.5 per cent to Rs 5,606 crore as higher gas volumes partly offset lower price realisation. The firm's flagship KG-D6 block in Krishna Godavari basin in the Bay of Bengal is now producing about 30 million standard cubic metres per day of gas and 23,000 barrels a day of oil/condensate. The company said its outstanding debt rose to Rs 3.24 lakh crore from Rs 3.11 lakh crore in December-end. After accounting for cash in hand, net debt at Rs 1.16 lakh crore as on March 31 was lower than Rs 1.25 lakh crore a year back. Mukesh Ambani, Chairman and Managing Director of <keyword id="20076630" type="General" weightage="20" keywordseo="reliance-industries-limited" source="keywords">Reliance Industries Limited</keyword>, said all segments of business have posted a robust financial and operating performance. "This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 1 lakh-crore threshold in pre-tax profits," he said. Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services, he said. "With over 108 million True 5G customers, Jio truly leads the 5G transformation in India." <keyword id="19901342" type="General" weightage="20" keywordseo="reliance-retail" source="keywords">Reliance Retail</keyword>, he said, continued to provide customers endless choices through its robust omni-channel presence. "We continue to offer product differentiation and superior offline experience through stores re-modelling and revamping of layouts. Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue," Ambani said. Strong demand for fuels globally, and limited flexibility in refining system worldwide supported margins and profitability of the O2C segment. "Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance," he said. "We remain committed to our projects and initiatives, including those in the new energy segment, which will bolster the company, and help it deliver sustainable growth for the future," he added. 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Reliance Industries quarterly profit stays flat; annual earnings hit record at ₹69,621 crore

<ul class="summary-list"><li>Many gig drivers earn less than local minimum wage after expenses, UC Berkeley finds.</li><li>Researchers analyzed data from 1,088 drivers in major metro areas using the Gridwise app.</li></ul>Many Americans looking to make at least their local <a target="_blank" href="https://www.businessinsider.com/uber-doordash-blast-nyc-minimum-wage-for-food-delivery-workers-2023-6">minimum wage</a> might be unable to <a target="_blank" href="https://www.businessinsider.com/driving-for-uber-lyft-flexibility-gig-work-doordash-stock-earnings-2024-3">count on gig driving</a> as their primary income source.In an <a target="_blank" href="https://laborcenter.berkeley.edu/gig-passenger-and-delivery-driver-pay-in-five-metro-areas/">analysis</a> of 52,370 trips by 1,088 drivers in the Boston, Chicago, Los Angeles, San Francisco Bay, and Seattle metros in January 2022, researchers at the UC Berkeley Labor Center and the Center for Wage and Employment Dynamics found drivers across six ride-hailing and delivery platforms often earned less than the local minimum wage, including with tips, after <a target="_blank" href="https://www.businessinsider.com/is-driving-for-uber-worth-it-earning-strategies-gig-economy-2024-5">expenses like gas</a>.The researchers used data from the rideshare and delivery assistance app Gridwise to examine <a target="_blank" href="https://www.businessinsider.com/is-driving-for-uber-worth-it-declining-pay-more-competition-2024-4">drivers</a> who worked 10 or more hours. To be sure, many drivers on these platforms work just a few hours a week, and the researchers' results may not apply to those drivers. Nearly half of the drivers drove for multiple apps, and 42% of non-DoorDash drivers worked 32 hours or more a week.In some cases, <a target="_blank" href="https://www.businessinsider.com/lyft-uber-gig-driving-with-disability-stock-flexibility-part-time-2024-1">drivers </a>earned less than half of the local minimum wage in net employee-equivalent pay, which adjusts drivers' net pay over the entire time they're driving or looking for gigs for factors like employer payroll taxes and employee benefits. <a target="_blank" href="https://www.businessinsider.com/i-started-delivery-business-after-working-for-doordash-amazon-flex-2024-3">Delivery drivers</a> in the metro areas studied outside California relied almost solely on tips and earned just 40 cents net per hour adjusted when excluding gratuities."Pay for gig drivers rarely exceeds the employee-equivalent local minimum wage," the authors wrote. "Most non-casual drivers would be better off if they were classified as employees, rather than as independent contractors."Delivery drivers overall made at or above minimum wage in median gross hourly earnings with tips — $21.10 in California and $18.94 outside California — and passenger drivers made above minimum wage in all metro areas before tips — $21.61 in California and $25.41 outside California. These gross wages skyrocket when looking at engaged time, or time spent picking up and dropping off passengers or food rather than looking for the next job.Still, expenses eat up much of these gross earnings. For delivery drivers, expenses total $7.44 per shift hour in California and $7.60 outside. For passenger drivers, it's $14.03 and $11.68, respectively.Business Insider reached out to the six companies analyzed in the paper.In a statement, a DoorDash spokesperson said, "As the authors make clear, this study is based on an incomplete and unrepresentative sample of app-based workers in these five cities. If they had bothered to include Dashers in their study, they would have learned that California Dashers, for example, earned around $36 per hour while on deliveries in 2023 on average, a 41% increase from 2020 before Prop 22 was enacted."DoorDash further noted in the statement that the study omitted 654 DoorDash drivers from its net earnings analysis on the basis that the data doesn't include distances and shift times.A Lyft spokesperson noted, "Earlier this year, Lyft announced a <a target="_blank" href="https://www.lyft.com/blog/posts/early-2024-driver-release">new commitment</a> where drivers will always make at least 70% of rider fares each week after external fees. In Q1 of this year, the median U.S. Lyft driver earned $31.10 including tips and bonuses per hour of engaged time. After taking into account estimated expenses such as gas and maintenance, that's around $24.25 per engaged hour. Improving the driver experience is essential to our purpose and we are constantly listening to driver feedback."An Uber spokesperson said that nationally, drivers earn "more than $30 an hour while working on the app.""<a target="_blank" rel="noopener noreferrer" class="c-link" href="https://protectdriversandservices.com/new-uc-riverside-study-california-app-based-drivers-earned-over-34-per-hour-on-average/">Research, using data from actual driver earnings, shows</a> that California drivers earned, on average, $34.46 per active hour including tips — which is a 26 percent increase compared to pre-Prop 22 data," said a spokesperson for the Protect App-Based Drivers + Services coalition, based in California.The other three companies did not directly reply to the request for comment before publication.To be sure, in February, an Uber representative <a target="_blank" href="https://www.businessinsider.com/uber-drivers-feeling-squeezed-pay-after-company-hits-profit-2024-2">told BI</a> that "the vast majority of drivers are satisfied" and that "as of last quarter, drivers in the US were making about $33 per <a target="_blank" href="https://www.businessinsider.com/uber-lyft-drivers-explain-how-they-make-the-most-money-2023-9">utilized hour</a>" before expenses. In February, Lyft said its median US driver who used a personal vehicle <a target="_blank" href="https://www.businessinsider.com/lyft-earnings-gig-driver-rider-payments-uber-hourly-pay-stock-2024-2">earned about $30 per engaged hour</a> before driving expenses — and $23 an hour once some driving expenses were accounted for.<h2 id="14d1796f-7554-41cc-b8f6-022a29211c75">The challenges of gig work</h2>Across Uber, Lyft, Uber Eats, DoorDash, Grubhub, and Instacart, drivers almost universally had net hourly earnings well under the local minimum wage in the five studied metros — $15 in Boston, $15 in Chicago, $16.90 in Los Angeles, $18.07 in San Francisco, and $19.97 in Seattle.Since drivers are classified as independent contractors, they don't need to be paid minimum wage in most cities or for their time and expenses between rides. The authors note these companies often engage in "algorithmic wage discrimination.""These conditions allow the companies to take shares of passenger fares (commissions) that are higher than the levels in more competitive platform industries and to pay their workers less than what they would receive if there was more competition among the companies," the authors wrote.Drivers pay out of pocket for expenses incurred when they're waiting for their next ride and are not paid by the app. About half of miles driven per shift and a third of shift time is spent during those waiting periods for delivery drivers. About a third of miles and 28% of shift time are spent between gigs for passenger drivers.As part of Proposition 22, a law passed in 2020, California drivers are promised earnings of at least 120% of the local minimum wage, excluding tips. When minimum pay mandates aren't met, gig companies must pay adjustments. Though drivers under Proposition 22 don't get overtime or paid sick leave, they get paid 35 cents per mile while picking up or dropping off passengers. Drivers who work frequently also must be reimbursed for part of their healthcare premium expenses if enrolled in the state's health benefit exchange.The report found that even with the adjustments, excluding tips, San Francisco and LA passenger drivers made less than those in the other three metro areas, though they earned $3 more factoring in tips. While two-thirds of DoorDash drivers and just under half of Uber Eats drivers had their incomes adjusted, just 5% of Uber drivers did.<h2 id="c6f6d2ab-1bec-4c59-8c82-a5ada7cb26ec">Efforts to reform gig driving</h2>This month, the California Supreme Court will hear a case concerning whether Proposition 22 is unconstitutional.Meanwhile, in 2023, Seattle passed a law mandating that drivers must be paid at least $0.64 a minute, plus $1.50 per mile and at least $5.62 per trip. New York City also has a minimum compensation standard for gig drivers.The authors note that when drivers have only a handful of driving gig options, companies can pay lower wages, and they can often get away with it since many workers are <a target="_blank" href="https://www.businessinsider.com/uber-lyft-florida-miami-fort-lauderdale-immigration-rideshare-driving-cuba-2024-5">immigrants</a> with few other employment opportunities.The UC Berkeley study isn't the first to try to document the earnings of gig drivers.For example, a study commissioned by the state of Minnesota and released on March 8 found that in 2022, drivers in the <a target="_blank" href="https://www.businessinsider.com/uber-lyft-leave-minneapolis-drivers-pay-minimum-wage-earnings-ordinance-2024-3">Twin Cities metro area</a> earned $13.63 an hour after expenses, below Minneapolis's minimum wage of $15.57 an hour. Uber and Lyft <a target="_blank" href="https://www.startribune.com/minnesota-uber-and-lyft-drivers-often-earn-less-than-minimum-wage-state-study-says/600349568/">took issue</a> with the study's calculation of driving expenses. Uber and Lyft have threatened to pull out of Minnesota over the city's new pay plan for gig drivers.A study published earlier this year of over 500,000 US gig drivers from Gridwise found that the <a target="_blank" href="https://www.businessinsider.com/how-much-uber-eats-lyft-doordash-instacart-grubhub-drivers-make-2024-2">average Uber driver</a> made $25 an hour before expenses, including tips and bonuses. The average Lyft, Uber Eats, and DoorDash driver had hourly earnings of $24, $18, and $14, respectively.Using Gridwise data, <a target="_blank" href="https://driversdemandjustice.org/wp-content/uploads/2023/10/Gig-Worker-Report-Design_780.pdf">Big Lake Data</a> estimated net earnings in Massachusetts to be $12.82 an hour in 2023 including tips, with expenses totaling about half of gross earnings. This month, Massachusetts sued Uber and Lyft in an attempt to classify drivers as employees.Over the past year, several gig drivers have told BI that their <a target="_blank" href="https://www.businessinsider.com/how-make-money-gig-worker-uber-lyft-doordash-delivery-driver-2023-12">gigs are less profitable</a> than they used to be. For example, Uber and Lyft drivers have said the ride-hailing giants are <a target="_blank" href="https://www.businessinsider.com/uber-drivers-feeling-squeezed-pay-after-company-hits-profit-2024-2">taking a larger cut</a> of rider fares. These frustrations have led to <a target="_blank" href="https://www.businessinsider.com/uber-lyft-driver-pay-protest-valentines-day-gig-economy-california-2024-2">driver protests</a> and calls for <a target="_blank" href="https://www.businessinsider.com/uber-lyft-leave-minneapolis-drivers-pay-minimum-wage-earnings-ordinance-2024-3">higher guaranteed pay</a>.While some drivers are unsatisfied with their pay, many Americans have turned to gig work in recent years as a source of income. The share of Bank of America customers <a target="_blank" href="https://www.businessinsider.com/job-market-slows-uber-lyft-gig-work-get-more-popular-2024-5">receiving income from ride-hailing</a> roughly tripled from less than 0.4% in March 2020 to about 1.2% as of March, exceeding pre-pandemic levels, according to a Bank of America Institute report published in late April.Are you a gig driver who is struggling to make ends meet? Reach out to these reporters at <a target="_blank" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a> or jzinkula@businessinsider.com.

Many drivers for Uber, Lyft, and DoorDash are earning well below minimum wage, even with tips, a new paper finds

<ul class="summary-list"><li>Kyle Rice supercommutes from Delaware to New York for his job at an EMS software company.</li><li>The commute takes about two hours each way and costs $1,510 monthly for Amtrak and PATH trains.</li></ul>This as-told-to essay is based on a conversation with<a target="_blank" href="https://www.linkedin.com/in/kyle-rice-b072928/"> Kyle Rice,</a> a 38-year-old EMS provider based in Willmington, Delaware. The following has been edited for length and clarity.For 15 years, I worked as a critical care paramedic. I spent between 12 and 24 hours at a time in an ambulance providing, direct patient care. I loved this job.But I'm very much of the mindset that when a good opportunity comes your way, you should take it. I came across a job on a job board as a protocol architect for a project manager at an EMS software company. This job interested me because it involved working in the tech side of healthcare.The only catch was that the job was based in New York City and required in-office workdays five days a week. I live in Wilmington, Delaware, with my wife and two kids — 125 miles from the office. We own our house. Even though this job seemed like a dream, I wasn't in the position to uproot my life for it.<h2 id="047cf5ba-443a-4fb9-9f06-3a9ce2c7f9f9">I met most of the qualifications listed in the job description, so I applied anyway</h2>I knew it only took around two hours <a target="_blank" href="https://www.businessinsider.com/traveling-with-kids-first-amtrak-train-new-york-worth-it-2024-5">by train to get to NYC</a> from going there on vacation, so the idea that I could commute to work for this job didn't seem far-fetched.The job description stated they were looking for someone living in New York or New Jersey, but when I calculated my commute versus someone living in Long Island, it came out to be roughly the same amount of time. When asked about my commute during the second interview, I shared my plan to take the <a target="_blank" href="https://www.businessinsider.com/amtrak-auto-train-brought-car-worth-it-moving-review-2023-10">Amtrak train</a>, transfer to a subway, and be in the office by 9 a.m. I was offered the job and started <a target="_blank" href="https://www.businessinsider.com/super-commuters-hybrid-work-wfh-business-travel-office-2023-10">supercommuting</a> in February.<h2 id="34714fdf-6ff6-4d34-a9fb-af7112a58b52">It takes me around 2 hours door-to-door</h2><div type="image" title="headshot of a man waiting on a train platform" height="869" width="1158" msid="110270204" hostid="261" sizebytes="144574"></div>I leave my house at 6:15 a.m. and drive eight minutes to the train station in Wilmington to catch the 6:33 a.m. Amtrak train to Newark Penn Station. The ride is around an hour and 37 minutes.After that, I get on the PATH train to the World Trade Center, which takes 30 minutes. I step outside the Oculus at around 8:35 a.m. and walk a block to my office. If there are no delays, I'm often one of the first to arrive in the morning.I do the reverse commute at night and am on the couch by 7:30 p.m., which gives me plenty of time to be with my kids, eat dinner, and do some chores before starting it all again the next day.<h2 id="c52fe677-5518-44bb-a080-7d49a6586922">The transportation costs me $1,510 a month</h2>I spend $1,400 on an <a target="_blank" href="https://www.businessinsider.com/paid-300-amtrak-usa-rail-pass-boston-to-napa-2023-7">unlimited Amtrak pass</a> every month, which allows me to ride the train twice daily for $35 a ride. I also have an unlimited PATH train card, which costs $110 a month.I do have commuter benefits through my job. We can use pre-tax income to purchase the commuter cards, and there's a discount built in.It might seem like an expensive commute, but it's worth it.<h2 id="dedd2f5c-1b0b-46ef-a327-b62618c1fa6b">I earn more and save more by working a NYC job</h2>I'd never consider <a target="_blank" href="https://www.businessinsider.com/moving-to-new-york-city-nyc-weather-expensive-jersey-city-2024-1">relocating to NYC</a> because it wouldn't be smart financially. This job pays considerably more than a similar one in Delaware. This new job allowed me to double my salary — I now make six figures.I don't have to worry about the <a target="_blank" href="https://www.businessinsider.com/cost-of-living-nyc-millionaires-wealth-tax-2023-12">high cost of living in NYC</a>. The average one-bedroom in <a target="_blank" href="https://www.businessinsider.com/nyc-apartment-without-kitchen-sink-costs-2500-per-month-2023-8#:~:text=Those%20living%20in%20the%20borough,bed%20apartment%2C%20the%20data%20shows.">Manhattan is $4,443</a>, three times my mortgage of $1,400. I live in a suburban area with all the benefits of urban pay.Plus, I love spending time in NYC and experiencing the culture, food, and diversity. I find time to enjoy the city on lunch breaks or before I head into the office.<h2 id="c6963c02-7488-441a-8dd0-d7bf66495d23">The hardest part is giving up family time for the commute</h2>The hardest part of this commute is the time commitment that takes me away from my family. My wife is amazing and took on the burden of being home with our two kids under four. She handles many duties that I can't do, all while working full-time in law enforcement.When I was working as a paramedic, I'd be off for a few days after my shifts. This allowed me to help more around the house and spend time with my kids. The opportunity and the higher pay make this worth it for now.<h2 id="f107687b-4b43-4d62-a22f-0aa028b307c6">I like to make myself comfortable and enjoy my time on the train</h2>I pack an <a target="_blank" href="https://www.businessinsider.com/guides/travel/best-travel-pillow">inflatable neck pillow</a>, blackout glasses, and earbuds. There's WiFi on the train so I check emails, read the news, listen to podcasts, or sleep. Sometimes, I'll sit in the dining car just to talk to other people, which is fun and helps pass the time.Sometimes, there's the added component of stress if the train is delayed or going slow because of signal issues, which can add hours to the commute. Now, I have backup plans if there are delays. I've been late for work on a few rare occasions, but my boss understood.<h2 id="1e15c637-9205-465c-86c0-e7e1f72b4bf3">I only have to go in 2 days a week now</h2>Recently, my job has shifted its requirements, and I only have to go into the office twice a week, but I usually go in more for in-person meetings.I don't think I'll ever tire of watching the sunrise as the train pulls into Newark or seeing the Manhattan skyline off in the distance. Whenever the commute frustrates me, I remember how grateful I feel that I can pass through a handful of states on my way to work. I just stay present on the ride and just enjoy the view.

I supercommute through 4 states to get to work. I love earning a 6-figure NYC salary but living a suburban life in Delaware.

<ul class="summary-list"><li><keyword id="6358584" type="UNKNOWN" weightage="60" keywordseo="HSBC">HSBC</keyword> posted a 79% jump in Q1 pre-tax profit that beat analyst expectations.</li><li>Quarterly revenue fell 5% to $13 billion, but was still higher than the expected $12.6 billion.</li><li>The bank released $400 million of provisions made for bad debts, down from last year's $3 billion.</li></ul><a href="https://markets.businessinsider.com/stocks/hsbc-stock">HSBC</a>, the first of Britain's big <keyword id="6368751" type="UNKNOWN" weightage="60" keywordseo="banks">banks</keyword> to announce first-quarter <keyword id="6357061" type="SPONSORED" weightage="60" keywordseo="earnings">earnings</keyword>, on Tuesday posted a 79% jump in profit for the quarter ending March 31.Europe's biggest lender said profit before-tax-came in at $5.8 billion, beating the $3.4 billion expectation of analysts polled by the bank. It also dramatically cut back the amount it set aside to handle bad debts stemming from the pandemic to $400 million from $3 billion set aside in the first quarter last year.Here are the key numbers:Revenue: $13.2 billion versus $12 billion last quarterEarnings per share: $0.19 versus $0.03 last quarterProfit before tax: $5.8 billion versus $3.2 billion a year ago"I am pleased with our revenue and cost performance, but particularly with our significantly lower expected credit losses," CEO Noel Quinn said in a statement. "The economic outlook has improved, although uncertainties remain. We carry good momentum into the second quarter, while maintaining conservative positions on capital, funding, liquidity and credit."The bank, which gets most of its revenue from Asia, said all regions were profitable in the quarter. The UK unit was a standout performer, bringing in reported pre-tax profits of more than $1 billion, compared to $369 million a year ago. Quarterly revenue fell 5% to $13 billion, but was still higher than expectations for $12.6 billion.The investment banking division also benefited from strong equity trading, lifting its revenue by 55%. HSBC's first-quarter profit plunged by half in 2020 after increasing credit losses against the raging <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword> pandemic, heightening concern that the global financial system was at risk. HSBC's London-listed shares rose 2.3% in mid-morning European trading.

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