Tag: crore

Bharti Airtel Q3 net profit surges 92 pc to Rs 1,588 crore

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Delhi: Telecom operator Bharti Airtel on Tuesday reported a 91.5 per cent year-on-year rise in consolidated net profit at Rs 1,588 crore for the three months ended December 2022, helped by competitive growth across businesses.
Total revenue rose nearly 20 per cent to Rs 35,804 crore in the third quarter of the current financial year “backed by strong and consistent performance delivery across the portfolio”, the company said in a statement.
Its consolidated net income (after exceptional items) stood at Rs 1,588 crore for the just ended quarter, translating into an increase of 91.5 per cent year-on-year.
The consolidated net income (before exceptional items) was at Rs 1,994 crore, up 147 per cent compared to the year-ago period.
Bharti Airtel Managing Director Gopal Vittal said the company delivered another quarter of consistent and competitive growth across businesses.
“Revenue grew sequentially by 3.7 per cent while EBITDA margin expanded to 52 per cent. Our strategy of winning quality customers has helped us add 6.4 million 4G customers and exit the quarter with an industry leading ARPU (Average Revenue Per User) of Rs 193,” Vittal said.
Bharti Airtel’s revenue in India grew 19 per cent to Rs 24,961.5 crore in the 2022 December quarter from Rs 20,912.7 crore a year ago.
The total capital expenditure of the company rose 52 per cent to Rs 9,313.6 crore in the latest December quarter from Rs 6,101.5 crore in the same period a year ago. The increase was mainly on account of 5G network rollout in India.

In India, the company’s capital expenditure jumped 74 per cent to Rs 8,095.4 crore during the 2022 December quarter from Rs 4,653.8 crore a year ago.
According to Vittal, the higher capital expenditure led to a 12 per cent decline in the company’s operating free cash flow to Rs 5,071.1 crore.
The telco’s 5G rollout is on track to cover all towns and key rural areas by March 2024, the top honcho said.
India Mobile ARPU increased to Rs 193 during the reporting quarter from Rs 163 in December 2021 quarter, according to the company.
The company had reported ARPU of Rs 190 in the 2022 September quarter.
Vittal said that postpaid, enterprise, homes as well as Africa business sustained their momentum while the DTH business showed signs of growth in an industry that continues to be under pressure.
The company reported a 5.8 per cent growth in its global customer base at 51 crore, including 36.92 crore customers in India.
The mobile subscriber base of Bharti Airtel in India grew 2.9 per cent year-on-year to 33.22 crore, including 1.8 crore postpaid customers.
The 4G data customers base increased 10.8 per cent to 21.67 crore and data consumption per customer per month on Airtel network increased by 11 per cent to 20.29 GB from about 18 GB on a year-on-year basis.
Airtel Africa’s net income grew 22.17 per cent to Rs 788 crore in the latest December quarter. In the year-ago period, the same stood at Rs 645 crore.
The Africa revenue jumped around 22 per cent to Rs 11,087.6 crore in the third quarter of the current fiscal from Rs 9,105.3 crore in December 2021 quarter.
At the end of the 2022 December quarter, the company’s net debt increased nearly 32 per cent to Rs 2.09 lakh crore from Rs 1.59 lakh crore a year ago.
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#Bharti #Airtel #net #profit #surges #crore
( With inputs from www.siasat.com )

February 8, 2023
Hyderabad: Three arrested for duping students of Rs 2 crore

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Hyderabad: Three people were arrested for duping 32 Indian students studying at various universities in Canada and the USA to the tune of Rs 2 crore.
According to police, the accused – Devarashetti Pedda Venkateshwarlu, Devarashetti Gautam and Kohirkar Nilesh – were guilty of cheating students by promising to pay their semester fees in Canada and USA through fraudulent credit card transactions.
Police said that Gautam collected details of students studying in the two countries through various WhatsApp groups. He then convinced a few of them that he would help them in paying their fees and asked them to send their bank details.
After receiving the details, Gautam sent it to Nilesh who then passed on the information to a Zibron residing in Dubai. Zibron used fraudulent credit cards to pay the fees, which naturally did not work. The students were asked to repay the fees by their universities.
Meanwhile, all the amount was transferred to Gautam’s ather’s account. Gautam took his share and sent the rest to Zibron via crypto money.
On receiving a complaint, the cyber crime team caught the trio and seized five mobile phones, four cheque books, five credit cards and five debit cards.
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#Hyderabad #arrested #duping #students #crore
( With inputs from www.siasat.com )

February 7, 2023
Rs 2,500 crore for Metro rail expansion in Hyderabad

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Hyderabad: The Telangana government on Monday allocated Rs 2,500 crore for the Metro Rail project in Hyderabad including for extending metro services to the old city and for metro connectivity to the airport.
In the Budget for 2023-24 presented in the State Assembly, Rs 1,500 crore has been allocated for Hyderabad Metro Rail (HMR).
The government also allocated Rs 500 crore each for extending Metro Rail services to the old city and metro connectivity to Rajiv Gandhi International Airport at Shamshabad.
State Finance minister T. Harish Rao, in his budget speech, only elaborated on the allocation made for metro connectivity to the airport.
He noted that the number of air travelers using the international airport has been increasing day by day. The expansion facilities at the airport at a cost of Rs 7,500 crore have been taken up to meet the requirements even if the air traffic goes up to 4 crore passengers per year. He said the expanded facilities will be completed by June.
The minister said with the objective of facilitating passengers to reach the airport in the shortest possible time from different areas, it has been envisaged to extend metro rail services to the airport. This metro line will commence from Raidurg and terminate at Shamshabad Airport covering a distance of 31 km.
Recently, Chief Minister K. Chandrasekhar Rao laid the foundation for metro connectivity to the airport. This project will be taken up at a cost of Rs 6,250 crore with the own resources of the State government and will be completed within the next three years, he said.
Another Rs 500 crore has been allocated for extending Hyderabad Metro Rail services to the old city. An equal amount was allocated in the Budget for the previous year but the work was not taken up.

L&T Metro Rail Hyderabad (L&TMRH) has completed the first phase of the Metro Rail project across three corridors to a total length of 69.2 km. While L. B. Nagar to Miyapur and Nagole to Raidurg corridors have been completed, Jubilee Bus Station (JBS) to Falaknuma is yet to be completed. On the third corridor, connectivity has been provided from JBS to Mahatma Gandhi Bus Station (MGBS) also called Imlibun.
The developer has not taken up expansion in the old city due to lack of permission. Religious and heritage structures along the proposed route in the old city and financial losses suffered by the developer and operator due to Covid-19 pandemic are cited as the reasons for the delay in construction of Metro works on the 5.5 km stretch.
The state government has still not made clear if it will fund the work in the old city on its own. The concessionaire is unlikely to fund the works as the project cost has already escalated substantially for property acquisition, shift of utilities like electricity lines, water pipelines and the construction of elevated viaducts as well as stations.
In 2021, AL&TMRHL sought the state government’s help to overcome the losses it incurred due to the pandemic.
The 73-km elevated metro is the biggest metro project in the world in public private partnership (PPP) model built at a total cost of Rs 20,000 crore.
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#crore #Metro #rail #expansion #Hyderabad
( With inputs from www.siasat.com )

February 6, 2023
7th Pay Commission: Huge Salary Hike! Centre To Increase DA For Over One Crore Govt Employees And Pensioners – Check Here – Kashmir News

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7th Pay Commission: Huge Salary Hike! Centre To Increase DA For Over One Crore Govt Employees And Pensioners – Check Here – Kashmir News
Hyderabad: Rs 600 crore from Union Budget given for MMTS phase II works

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Hyderabad: Rs 600 crores were allocated from the Union Budget, under its railway budget share to expedite works for the MMTS phase II project.
The cost of this phase project has been revised to over Rs 1,100 crore. In the budget, Rs 600 crore was allotted for the MMTS phase II project, which was sanctioned in 2012-13, with an estimated cost of Rs 817 crore.
The work on this project had been delayed due to the non-availability of funds with the state government releasing Rs 279 crore, as its share of the total cost, and another Rs 417 crore is reportedly still pending.
However, the works that have already been completed include those on the Ramachandrapuram stretch, 14 km between Medchal and Bolarum, Moula Ali-Ghatkesar quadrupling (12.2 km), Falaknuma-Umdanagar doubling (13.5 km).
Works are currently underway in two more sections that include Sanath Nagar to Moula Ali doubling with electrification, and Moula Ali – Malkajgiri – Sitafalmandi doubling with electrification.
Railway minister Ashwini Vaishnaw said, “We have allocated more funds to expedite this project.”
Doubling and electrification have been completed in MMTS services on the Secunderabad-Medchal section, which was kept pending for a long time.

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#Hyderabad #crore #Union #Budget #MMTS #phase #works
( With inputs from www.siasat.com )

February 4, 2023
Railways gave Rs 59,837 crore subsidy on passenger tickets in 2019-20: Minister

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New Delhi: The Indian Railways gave subsidies worth Rs 59,837 crore on passenger tickets in 2019-20, which comes to an average concession of around 53 percent for every person travelling, Railways Minister Ashwini Vaishnaw told Rajya Sabha on Friday.
The minister said concessions on top of this subsidy are still being provided to many categories such as divyangjans, students and patients, but did not clarify if the government is planning to restore the earlier discount given to those above 60 years of age.
Months after a parliamentary panel recommended that the discount on railway tickets to senior citizens should be restored, the minister was asked in a written question about the government’s position on the concession which was suspended after the COVID-19 pandemic hit.
In a written reply to a question by CPI MP Binoy Viswam on whether the railways has taken cognizance of the parliamentary standing committee’s recommendation to restore concessions in trains for senior citizens, the minister said, “The Standing Committee on Railways has advised to review and consider concession to senior citizens at least in sleeper and 3 AC…”
“Government gave subsidy of Rs 59,837 crore on passenger tickets in 2019-20. This amounts to concession of 53 per cent on an average to every person travelling on Railways. This subsidy is continuing for all passengers. Further concessions beyond this subsidy amount are continuing for many categories like Divyangjans, students and patients on Railways. This subsidy is continuing for all passengers,” Vaishnaw said.
In response to another question by BJP MP Sushil Modi, the minister informed that revenue foregone due to concessions in passenger fare to senior citizens during 2017-18, 2018-19 and 2019-20 were approximately Rs 1,491 crore, Rs 1,636 crore and Rs 1,667 crore respectively.
In 2017-18, Rs 670 crore was forgone in subsidy for senior citizens in non-AC classes of trains, while Rs 820 crore was the cost for subsidy in AC classes. In 2018-19, Rs 714 crore was spent on these concessions in non-AC classes, and Rs 921 crore in AC classes. In 2019-20, discount to non-AC classes was Rs 701 crore, while for AC classes it was Rs 965 crore.
At present, concessions in passenger fare are admissible to four categories of persons with disabilities (divyangjans), 11 categories of patients and students, he said.

Between 2019 and 2022, the concession for passengers with physical disabilities cost the railways Rs 209 crore, for patients it was Rs 221 crore and for students it was Rs 60 crore.
In a report submitted in August last year, the Standing Committee on Railways had said senior citizens were earlier granted a concession amounting to 40-50 per cent of their railway fares, but the practice was stopped during the COVID-19 crisis.
The panel in its recommendations said concession to senior citizens which was available in pre-Covid times may be reviewed and considered at least in Sleeper and AC III classes urgently, so that the vulnerable and the genuinely needy senior citizens could avail the facility in these classes.
It also urged the ministry to give wide publicity to the “give up” scheme, which encourages senior citizens to give up their concessions voluntarily.
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#Railways #gave #crore #subsidy #passenger #tickets #Minister
( With inputs from www.siasat.com )

February 3, 2023
India Cements to refurbish its plants in Telangana and AP at Rs.1,600 crore

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Chennai: Cement major India Cements Ltd is looking at refurbishing its old plants located in Andhra Pradesh and Telungana at an outlay of Rs 1,500 crore to Rs 1,600 crore to be funded internally, said a top company official.
Suffering a production cost disadvantage of about Rs 500 per ton as compared to the best in the market and in order to be at par with competition, India Cements has decided to refurbish its plants in Andhra Pradesh and Telangana acquired two decades back, Vice Chairman and Managing Director N.Srinivasan said.
The company has engaged Krupp Polysius and FL Smidth and submit their report on making the plants efficient.
“We have asked the experts to submit their report as how to make these plants as efficient to be on par with the competition. They are expected to submit the report soon,” he said.
According to Srinivasan, the refurbishment when started will take about 15 to 18 months to complete.
Since India Cements has a basket of vintage plants and technology with varying operating parameters, this has pushed the cost of production against its peers, he said.
The company has plants in AP and Telangana and they were acquired two decades ago.
In terms of consumption of fuel (coal and oil) and power, India Cements has found it is incurring an additional cost of Rs 500 per tonne of cement produced compared to the most efficient players in the industry.

The revamp programme is aimed at addressing this cost difference and improve the operational parameters of plants.
According to Srinivasan, the refurbishment programme will start with Malkapur and Vishnupuram plants in Telangana. It will not cover its modern plants like Sankari in Tamil Nadu and Banswara in Rajasthan.
India Cements has eight integrated cement plants – two plants in Andhra Pradesh at Chilamkur and Yerraguntla, two in Telangana at Vishnpuram and Malkapur, one at Banswara in Rajasthan, threein Tamil Nadu at Sankarnagar, Sankari and Dalavoi and two grinding units one near Chennai and the other at Parli in Maharashtra.
The combined production capacity is about 16 million ton per annum.
Srinivasan also said the company will increase volume of cement and sell more blended cement.
Meanwhile, aided by Rs 294.28 crore profit on sale of investments, India Cements closed Q3 of FY23 with a net profit of Rs 90.73 crore.
India Cements closed the quarter ended December 31, 2022 with a revenue from operations of Rs 1,219.46 crore (Q3FY22 Rs 1,108.46 crore) and a net profit of Rs 90.73 crore (Rs 3.30 crore).
The exceptional income item of Rs 294.28 crore is the profit on sale of investments made in Springway Mining Private Ltd.
According to India Cements, during the quarter under review, the company concluded the sale of investment held in its subsidiary Springway Mining Private Ltd (SMPL) for an agreed consideration of Rs 476.88 crore vide share purchase agreement (SPA) on October 10, 2022.
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#India #Cements #refurbish #plants #Telangana #Rs.1600 #crore
( With inputs from www.siasat.com )

February 3, 2023
Rs 5.94 lakh crore allocated to defence ministry in Union Budget

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New Delhi: The defence budget was on Wednesday increased to Rs 5.94 lakh crore for 2023-24 in a modest hike of 13 percent from last year’s allocation of Rs 5.25 lakh crore amid India’s continuing border row with China in eastern Ladakh and concerns over rising Chinese forays into the Indian Ocean Region.
In the Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman, a total of Rs 1,62,600 crore was set aside to the military for capital expenditure that largely includes purchasing new weapons, aircraft, warships and other military hardware.
For 2022-23, the budgetary allocation for capital outlay was Rs 1.52 lakh crore but the revised estimate showed the expenditure at Rs 1.50 lakh crore.
The capital allocations of Rs 1,62,600 crore marked a hike of Rs 10,230 crore over last year’s outlay and it is a 6.7 per cent increase. The capital budget of the Border Roads Organisation (BRO) has been increased to Rs 5,000 crore as against Rs 3,500 crore in 2022-23 which is a hike of 43 per cent.
“The Union Budget for the Financial Year 2023-24 envisages a total outlay of Rs. 45,03,097 crore. Of this, Ministry of Defence has been allocated a total Budget of Rs 5,93,537.64 crore, which is 13.18 per cent of the total GoI Budget,” Defence Minister Rajnath Singh tweeted.
The total revenue expenditure has been pegged at Rs 4,22,162 crore that included Rs 1,38,205 crore for defence pensions, Rs 2,70,120 crore for defence services and Rs 13,837 crore for the Ministry of Defence (Civil).
The capital outlay for the Indian Air Force was the highest at Rs 57,137.09 crore that included Rs 15,721 crore for procurement of aircraft and aero engines and Rs 36,223.13 crore for other equipment.
An amount of Rs 52,804 crore was set aside as the capital outlay for the Indian Navy as against Rs 47,590 crore given to the force in 2022-23.

The capital outlay for the Army has been pegged at Rs 37,241 crore which included Rs 5,500 crore for procurement of aircraft and aero-engines and Rs 21,300 for other equipment. The capital allocation to the force in last year’s budget was Rs 32,015 crore.
Dr Laxman Kumar Behera, Associate Professor at Special Centre for National Security Studies at the Jawaharlal Nehru University, said the increase in the allocation has been satisfactory considering the economic headwinds in view of impact of various global developments.
“The budget has given the armed forces a modest hike. The capital outlay for the Indian Navy has been on an upswing for the last few years because of China’s increasing presence in the Indian Ocean Region. This is a significant aspect in the defence budget for 2023-24 as well,” Behera told PTI.
Former Deputy Chief of Army Staff Lt Gen (retd) Subrata Saha said the budget intends to boost manufacturing and build on India’s strength in the digital domain.
“In defence, domestic manufacturing will get further impetus with efforts to also increase exports from India,” he said.
Saha said the increase in the allocation for the Border Roads Organisation (BRO) will push the border connectivity infrastructure.
The defence ministry said the increase in the capital budget since 2019-20 has been Rs 59,200 crore which it said is a 57 percent increase.
“This increase is a reflection of the government’s commitment towards sustainable augmentation in the area of modernisation and infrastructure development of the defence services,” it said.
The allocation to Defence Research Development Organisation (DRDO) has been put at Rs 23,264 crore.
According to the budget documents, an allocation of Rs 2,70,120 crore has been made to the armed forces for revenue expenditure that includes expenses on payment of salaries and maintenance of establishments. The budgetary allocation of revenue expenditure in 2022-23 was Rs 2,33,000 crore.
In the budget for 2023-24, the capital outlay for the Ministry of Defence (Civil) has been pegged at Rs 8774 crore. The total capital outlay considering Rs 1,62,600 crore for the armed forces and Rs 8,774 crore to defence ministry comes to Rs 1,71,374 crore.
The revenue expenditure for the Army has been put at Rs 1,82,649 crore followed by Rs 44,345 crore for the IAF and Rs 32,284 crore for the Indian Navy.
Under the revenue outlay, the Indian Navy has been allocated an amount of Rs 32,284.20 crore as against a budgetary allocation of Rs 25,406.42 crore and revised estimate of Rs 30,734.58 crore for 2022-23.
The revenue expenditure of the Indian Air Force has been projected at Rs 44,345.58 crore as against budgetary outlay of Rs 32,873.46 crore and revised estimate of Rs 44,728.10 crore for 2022-23.
The gross budgetary support under the central sector head was put at Rs 950 crore.
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#lakh #crore #allocated #defence #ministry #Union #Budget
( With inputs from www.siasat.com )

February 1, 2023
Budget: Over Rs 946 crore allocated to CBI

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New Delhi: The Centre has allocated Rs 946 crore to the Central Bureau of Investigation in the Union Budget 2023-24 announced on Wednesday, a slight increase of over 4.4 per cent from FY 2023.
The country’s premier probe agency is over-stretched in terms of human resources to tackle emerging crime scenes, dominated by artificial intelligence, cryptocurrency, darknet, and conventional crimes like bank fraud cases and ongoing high-profile extradition cases in courts abroad, in addition to criminal cases handed over by various states, High Courts and the Supreme Court.
The agency received Rs 911 crore to manage its affairs in the Budget Estimates for 2022-23, which was later decreased to Rs 906.59 crore in the Revised Estimates.
The Government has allocated Rs 946.51 crore to the agency for 2023-24, the Budget document presented by Finance Minister Nirmala Sitharaman on Wednesday.
“The provision is for the establishment-related expenditure of the Central Bureau of Investigation, which is entrusted with investigation and prosecution in corruption cases against public servants, private persons, firms and other cases of serious crimes,” the Budget document said.
It also includes provision for various projects such as the modernization of CBI’s training centres, establishment of technical and forensic support units, comprehensive modernization and purchase of land/construction of office/residence, it said.
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#Budget #crore #allocated #CBI

( With inputs from www.siasat.com )

February 1, 2023
J&K Gets Rs 35581 Crore Central Assistance In Union Budget

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SRINAGAR: The Union Territory of Jammu & Kashmir has been allocated Rs 35581 crore in the Union budget presented by Union Finance Minister Nirmala Sitharaman in the Lok Sabha on Wednesday.
Quoting the budget documents news agency KNO reported that Jammu & Kashmir has been allocated Rs 35581 crore in the Union budget for 2023-24.
According to the documents, there has been massive hike in revised estimates for the current financial year.
The revised estimates for UT have been hiked to Rs 44538 against budget estimates of Rs 35581 crore.

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#Crore #Central #Assistance #Union #Budget
( With inputs from : kashmirlife.net )

February 1, 2023