Tag: profit

FCIK Congratulates JK Bank For Making All-Time High Profit

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SRINAGAR: The Federation of Chambers of Industries Kashmir (FCIK) congratulated JK Bank for making an all-time high net profit of 1197 Crores in the last financial year besides improving significantly upon all other banking parameters.
In a statement FCIK while attributing the remarkable achievement of the bank to its dedicated and hardworking management and staff, the apex industrial body said that the bank has improved its outlook towards accelerated regrowth of the J&K economy and high-end sustainability.
FCIK equally attributed the success and achievement of J&K Bank to its loyal depositors from Jammu, Kashmir and Ladakh whose deposits accounted for 88.20% of total deposits of Rs.122038 Crores with 6% growth from the last year. FCIK observed that this deposit profile has played an important role in maintaining the margins of the bank as the cost of these deposits stood at one of the lowest rates amoung the Indian scheduled commercial banks, implying lower than peers’ deposit costs @ 3.67%.
“Such a gesture depicted and displayed an emotional bonding of the people of UTJKL with the bank since its inception in 1938 which needed to be respected, maintained and enhanced further.
“The achievement is also attributed to the borrowers of the bank who have obtained loans from the bank and returned the same with one of the highest interest rates among the Indian scheduled commercial banks” observed FCIK adding that the bank might have been within its right to cover prevalent risk factors while overcharging their borrowers during turbulent times when all other banks had backed out from flowing credit to various economic sectors including MSMEs.
“Although the improvement upon Credit-Deposit ratio to 67.43% by the bank was fair yet it was much below the national average of 75%” observed FCIK adding that J&K Bank needed to fully concentrate on the increased credit flow to all economic sectors in UTJKL as it was observed that out of total advances of Rs.82285 a significant portion has been advanced to large corporate and other enterprises outside the Union Territory.
“The recoveries made from the NPA account holders after the launch of OTS-2022, Karz Mukti Scheme etc. have also aided in the increased profit earning of the bank”, observed FCIK adding that the profit could have increased further had the bank authorities conceded to the demand of FCIK and other business chambers for modification of the OTS schemes.
FCIK said that it was gratifying that the net NPA of J&K Bank stood just at 1.62% to net advances probably one of the lowest in the banking industry and that all borrowers of UTJKL were anxious to repay every penny of their loans borrowed from the bank on launch of a uniform, non-discriminatory OTS with trouble-free provisions and repayment schedule in consultation with the UT government and stakeholders. FCIK hoped that J&K Bank now initiated necessary steps towards launching such a policy which, among other things, could surely enable them to increase the current year’s profits to an all-time high by surpassing the profit figures of the previous year.

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#FCIK #Congratulates #Bank #Making #AllTime #High #Profit
( With inputs from : kashmirlife.net )

May 7, 2023
Jk Bank Nets Rs 1197 Cr Profit, Highest In Eight Years

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SRINAGAR: Adding a historic milestone to its remarkable journey, JK Bank recorded Rs 1197 Cr as net profit for the FY 2022-23 as the Bank’s highest-ever annual profit. Along with a decadal-high Capital Adequacy Ratio (CRAR) of 15.39% and eight-year best gross NPA figure at 6.04%, the Bank also registered its best-ever Q4 profit of Rs 476 Cr to successfully deliver its better-than-promised annual and quarterly performance.
The bank declared its annual and Q4 results today after its Board of Directors approved the numbers in a meeting held here at the bank’s Corporate Headquarters.
Performance Highlights
Aided by good recoveries, J&K Bank today delivered its best-ever net profit of Rs 1197 Cr for the FY 2022-23 and registered Rs 476 Cr as net profit for the January-March quarter of the FY 2022-23.
With Net Interest Margin (NIM) for the FY 2022-23 at 3.89 % against 3.50% recorded last year, the Bank’s operating income increased by 18% YoY to Rs 5502 Cr while as the other Net Interest Income (NII) grew 21% YoY to Rs 4745 Cr.
Bank’s Yield on Advances rose annually to 8.91% from 8.32%, while as the CD and CASA ratios stood at 67.43% and 54.10% respectively for the reviewed financial year.
Asset-Quality
The Bank’s gross and net NPA as percentages to gross and net advances improved considerably to 6.04% and 1.62% respectively when compared to 8.67 % and 2.49%, recorded last year.

The Bank’s Return on Assets jumped from 0.42% to 0.89% for the FY 2022-23, while as the NPA Coverage Ratio of the Bank improved to 86.20% against 84.26% recorded a year ago.
Capital-Cushion
After raising over Rs 1021 Cr as (tier-II) capital and significant internal accruals during the FY 2022-23, the Bank’s Capital Adequacy Ratio witnessed marked improvement of 216 bps to 15.39% from 13.23% recorded last year; thereby ensuring adequate availability of capital to support business growth while maintaining the regulatory buffer comfortably.
Business Growth
With advances growth outpacing the increase in deposits, the Bank’s advances grew by 17% to Rs 82285 Cr while as the deposits increased by around 6% to Rs 122038 Cr posting growth of 10% in the overall business of the Bank.
MD&CEO-Speak
Commenting upon the annual numbers, MD & CEO Baldev Prakash said, “With historic yearly profit, highest-ever quarterly net, decadal high CRAR, best asset-quality figures over last 8 years; it’s a great feeling to deliver better-than-promised annual numbers. I feel completely satisfied to see that we have gotten better at operating our business efficiently.”
“Looking back to March 2022 with these set of numbers, I see an unmistakable shift in performance as well as the functioning of Bank. Right from financials, operations and business to compliance and vastly improved corporate governance, the leap from turn-around to transformation is quite perceptible as well as promising”, he added.
Attributing the accomplishment to Bank staff, MD & CEO said, “I am happy to dedicate this historic and resounding success to the entire J&K Bank family that once again rose to the occasion and honoured the trust of all our stakeholders including customers by achieving most of the targets while improving upon the everyday functioning of the Bank”, adding, “I also express my profound gratitude to our patrons and promoters i.e. J&K Government and Ladakh Administration for their support and guidance throughout this journey.”
Regarding the marked improvement in CAR and GNPAs, MD stated, “Keeping thrust on strengthening the Balance Sheet by way of capital augmentation and NPA reduction, we have achieved Asset Quality figures that are the best in last eight years along with a decadal high CRAR.”
“Post-revamp of business strategy to reduce concentration risk, our loan book in ROI has already grown by above 20% during FY 2022-23 consequently improving the contribution of ROI loan book to 32% of total advances of the Bank”, said the MD on Bank’s sharpening focus on business in rest of the country.
He further said, “While making our balance-sheet stronger on daily basis, we have now entered into a progressive-phase wherein business-growth coupled with process excellence is all set to yield better returns for all stakeholders of the Bank. To ensure ease of banking for our clients, we have already enabled around 4 Lac customers on STP Platform for retail-loan processing with a turn-around-time of just 2-minutes, which has helped in reducing the footfall at branches drastically”, while adding, “With many cutting-edge technological solutions like Customer Relationship Management, WhatsApp banking, Cloud Application along with Artificial Intelligence & Machine Learning based Analytics at advanced stages of completion, I see J&K Bank well on its path to become one of the most agile, efficient and digitally smarter banks in the country soon.”

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#Bank #Nets #Profit #Highest #Years
( With inputs from : kashmirlife.net )

May 5, 2023
Jk Bank Nets Best Ever Profit Of Rs 1197 Cr, Records Good Recoveries

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SRINAGAR: Adding a historic milestone to its remarkable journey, JK Bank recorded Rs 1197 Cr as net profit for the FY 2022-23 as the Bank’s highest-ever annual profit. Along with a decadal-high Capital Adequacy Ratio (CRAR) of 15.39% and eight-year best gross NPA figure at 6.04%, the Bank also registered its best-ever Q4 profit of Rs 476 Cr to successfully deliver its better-than-promised annual and quarterly performance.
The bank declared its annual and Q4 results today after its Board of Directors approved the numbers in a meeting held here at the bank’s Corporate Headquarters.
Performance Highlights
Aided by good recoveries, J&K Bank today delivered its best-ever net profit of Rs 1197 Cr for the FY 2022-23 and registered Rs 476 Cr as net profit for the January-March quarter of the FY 2022-23.
With Net Interest Margin (NIM) for the FY 2022-23 at 3.89 % against 3.50% recorded last year, the Bank’s operating income increased by 18% YoY to Rs 5502 Cr while as the other Net Interest Income (NII) grew 21% YoY to Rs 4745 Cr.
Bank’s Yield on Advances rose annually to 8.91% from 8.32%, while as the CD and CASA ratios stood at 67.43% and 54.10% respectively for the reviewed financial year.
Asset-Quality
The Bank’s gross and net NPA as percentages to gross and net advances improved considerably to 6.04% and 1.62% respectively when compared to 8.67 % and 2.49%, recorded last year.

The Bank’s Return on Assets jumped from 0.42% to 0.89% for the FY 2022-23, while as the NPA Coverage Ratio of the Bank improved to 86.20% against 84.26% recorded a year ago.
Capital-Cushion
After raising over Rs 1021 Cr as (tier-II) capital and significant internal accruals during the FY 2022-23, the Bank’s Capital Adequacy Ratio witnessed marked improvement of 216 bps to 15.39% from 13.23% recorded last year; thereby ensuring adequate availability of capital to support business growth while maintaining the regulatory buffer comfortably.
Business Growth
With advances growth outpacing the increase in deposits, the Bank’s advances grew by 17% to Rs 82285 Cr while as the deposits increased by around 6% to Rs 122038 Cr posting growth of 10% in the overall business of the Bank.
MD&CEO-Speak
Commenting upon the annual numbers, MD & CEO Baldev Prakash said, “With historic yearly profit, highest-ever quarterly net, decadal high CRAR, best asset-quality figures over last 8 years; it’s a great feeling to deliver better-than-promised annual numbers. I feel completely satisfied to see that we have gotten better at operating our business efficiently.”
“Looking back to March 2022 with these set of numbers, I see an unmistakable shift in performance as well as the functioning of Bank. Right from financials, operations and business to compliance and vastly improved corporate governance, the leap from turn-around to transformation is quite perceptible as well as promising”, he added.
Attributing the accomplishment to Bank staff, MD & CEO said, “I am happy to dedicate this historic and resounding success to the entire J&K Bank family that once again rose to the occasion and honoured the trust of all our stakeholders including customers by achieving most of the targets while improving upon the everyday functioning of the Bank”, adding, “I also express my profound gratitude to our patrons and promoters i.e. J&K Government and Ladakh Administration for their support and guidance throughout this journey.”
Regarding the marked improvement in CAR and GNPAs, MD stated, “Keeping thrust on strengthening the Balance Sheet by way of capital augmentation and NPA reduction, we have achieved Asset Quality figures that are the best in last eight years along with a decadal high CRAR.”
“Post-revamp of business strategy to reduce concentration risk, our loan book in ROI has already grown by above 20% during FY 2022-23 consequently improving the contribution of ROI loan book to 32% of total advances of the Bank”, said the MD on Bank’s sharpening focus on business in rest of the country.
He further said, “While making our balance-sheet stronger on daily basis, we have now entered into a progressive-phase wherein business-growth coupled with process excellence is all set to yield better returns for all stakeholders of the Bank. To ensure ease of banking for our clients, we have already enabled around 4 Lac customers on STP Platform for retail-loan processing with a turn-around-time of just 2-minutes, which has helped in reducing the footfall at branches drastically”, while adding, “With many cutting-edge technological solutions like Customer Relationship Management, WhatsApp banking, Cloud Application along with Artificial Intelligence & Machine Learning based Analytics at advanced stages of completion, I see J&K Bank well on its path to become one of the most agile, efficient and digitally smarter banks in the country soon.”

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#Bank #Nets #Profit #Records #Good #Recoveries
( With inputs from : kashmirlife.net )

May 5, 2023
Reliance reports highest ever quarterly net profit of Rs 19,299 cr

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New Delhi: Reliance Industries Ltd on Friday reported its highest-ever quarterly net profit of Rs 19,299 crore in January-March on the back of stronger earnings from the oil and petrochemicals business and steady growth in retail and telecom operations.
The oil-to-retail-to-telecom conglomerate’s consolidated net profit of Rs 19,299 crore, or Rs 28.52 per share, in January-March compares to Rs 16,203 crore, or Rs 23.95 a share, earnings in the same period a year back, according to the company’s stock exchange filing and press statement.
A stronger margin from refining crude oil into products like petrol and diesel, resilient fuel exports earnings on lower windfall tax and chemical business witnessing a buoyancy from the use of ethane as feedstock drove oil-to-chemical (O2C) business.

While higher subscriber additions and stable ARPU (average revenue per user) helped boost the telecom segment’s earnings, the retail segment was driven by an increased store footprint.
Analysts had forecast a decline in net profit as they saw continued weakness in petrochemicals margins. But using ethane imported from the US helped the company as its prices softened during the quarter.
The total income rose to Rs 2.19 lakh crore from Rs 2.14 lakh crore a year back.
Sequentially, the net profit was up 22 per cent from Rs 15,792 crore in October-December 2022.
For the full fiscal (April 2022 to March 2023), Reliance reported its highest-ever net profit of Rs 66,702 crore on a revenue touching close to Rs 10 lakh crore. The firm had a net profit of Rs 60,705 crore on a revenue of Rs 7.36 lakh crore in the preceding fiscal.

Operationally, all businesses were firing all cylinders. EBITDA at Rs 41,389 crore, was up 22 per cent year-on-year.
The mainstay oil refining and petrochemicals business, called O2C, posted a 14.4 per cent rise in EBITDA to Rs 16,293 crore. While digital services, which includes telecom, EBITDA at Rs 12,767 crore was 17 per cent higher, retail EBITDA was up 33 per cent at 4,769 crore. Oil and gas EBITDA more than doubled to Rs 3,801 crore – an 8-year high.
For telecom, EBITDA was driven by 29 million overall net customer additions. Blended ARPU, whereas, was almost flat at Rs 178.8.
In retail, it increased the number of stores to 18,040 from 17,225 in the preceding quarter. Store footfall soared 41.3 per cent to 219 million.
Reliance said the windfall profit tax on the export of diesel and ATF impacted the profit for the quarter at Rs 711 crore, down from Rs 1,898 crore in the preceding three months.
The government in July 2022 slapped a new tax on the export of petrol, diesel and jet fuel (ATF) as well as on domestically produced crude oil to scoop some of the gain being made by companies from higher global energy prices.
Telecom arm Jio reported a 15.6 per cent rise in net profit to Rs 4,984 crore on a higher customer base of 439.3 million.
Retail business net profit was up 13 per cent to Rs 2,415 crore on the addition of more stores, growth across consumption baskets and rising contribution from digital channels led to a rise in retail segment profits.
The company said its net debt after considering Rs 1,93,282 crore cash balance was lower than annualised EBITDA.
Commenting on the results, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Ltd, said the firm’s initiatives in digital connectivity and organised retail are driving greater efficiencies in the economy and contributing to India’s emergence as one of the fastest-growing economies in the world.
“Jio continues to digitally empower millions of citizens across the nation, extending True 5G reach to 2,300+ cities and towns in a short span of 6 months,” he said. “Retail business registered excellent growth numbers backed by the expansion of physical and digital footprint and a significant increase in footfall.”
Also, the firm continues to expand its product base across consumption baskets, ensuring our customers get world-class products at affordable prices.
“O2C segment posted its highest-ever operating profit despite global uncertainties and disruptions in commodity trade flows. Our oil and gas segment also delivered very strong growth and is now poised to contribute nearly 30 per cent of India’s domestic gas production,” he said.
Ambani said Reliance has proposed to demerge its financial services arm and list the new entity ‘Jio Financial Services Ltd’. “This gives our shareholders an opportunity to participate in an exciting new growth platform from inception.”
Implementation of New Energy giga factories at Jamnagar is making significant progress, he noted.
Reliance’s annual EBITDA crossed the benchmark of Rs 1.5 lakh crore for the first time; the record-high EBITDA stood at Rs 154,691 crore, up 23.1 per cent year-on-year.
Capital expenditure for the year was Rs 1,41,809 crore. Net debt as of March 31, 2023, was Rs 1,10,218 crore, substantially below the annual EBITDA.
EBIDTA and net profit have doubled in last 5 years.
With incremental gas production from the MJ field, along with ongoing production from R Cluster and Satellite Cluster fields, Block KG-D6 production is expected to reach around 30 million standard cubic metres per day in FY24.
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#Reliance #reports #highest #quarterly #net #profit
( With inputs from www.siasat.com )

April 21, 2023
NIT Srinagar Student To Donate Rs 1.23 Lakh Profit Earned From Share Market

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SRINAGAR: A student from National Institute of Technology (NIT) Srinagar has earned 1.23 lakh profit from his investment in the share market during the past one week and has decided to donate the entire amount among marginalized sections of society.
Tabrez Alam, 8th-semester student from the Department of Information Technology is all set to donate his profit of investments among marginalized sections of society including students.
In his message, Director NIT Srinagar Prof Rakesh Sehgal appreciated Tabrez Alam for the noble initiative. Donations can provide essential support to individuals and communities who are struggling with poverty, illness, or other challenges, he said.
“By donating, individuals can inspire others to give and contribute to creating a culture of generosity and compassion,” Prof. Sehgal said, adding that NIT Srinagar students should become a ray of hope for the society.
Institute’s Registrar, Prof. Syed Kaiser Bukhari said donation is a powerful tool for creating positive change in the world and helping those in need. By giving to others, we can make a difference in their lives and contribute to building a better future for all, he said.
Prof. Bukhari said helping society at the time of need is essential for building a strong and resilient community. Addressing systemic issues that contribute to social and economic inequality requires sustained limitless efforts. Such things are the need of the hour, he said.
Hailing from Dhaka Champaran district of Bihar, Tabrez stated that he had invested around 5 lakh in the share market. Now has decided to share his entire profit among the marginalized sections of society including poor students, he said.
“I want to help people who are suffering in our society. Although it is a small contribution, I am trying my best to do my part,” he said.

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#NIT #Srinagar #Student #Donate #Lakh #Profit #Earned #Share #Market
( With inputs from : kashmirlife.net )

April 19, 2023
HDFC Bank logs 19 pc growth in net profit, proposes Rs 19 dividend

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Chennai: Private sector HDFC Bank Ltd on Saturday said it had closed FY23 with a 19.3 per cent increase in net profit and the Board has proposed a dividend of Rs 19 per share.
The HDFC Bank said it had closed FY23 with a net profit of Rs 44,107.7 crore (previous year Rs 36,961.33 crore) on a total income of Rs 192,800.4 crore (Rs 157,263 crore).
Net revenues (net interest income plus other income) for the year ended March 31, 2023 were Rs 118,057.1 crore, as against Rs 101,519.5 crore for the year ended March 31, 2022.

The company’s provisions for FY23 stood at Rs 11,919.67 crore (Rs 15,061.83 crore).
While the gross non-performing asset (GNPA) as on 31.3.2023 stood at Rs 18,019.03 crore (Rs 16,140.96 crore) the net NPA as on that date was at Rs 4,368.43 crore (Rs 4.407.68 crore).
The Board of Directors at its meeting held on April 15, 2023, proposed a dividend of, 19.00 per share (Rs 15.50 per share).
The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.3 per cent as on March 31, 2023 (18.9 per cent as on March 31, 2022) as against a regulatory requirement of 11.7 per cent which includes Capital Conservation Buffer of 2.5 per cent, and an additional requirement of 0.2 per cent on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB), HDFC Bank said.

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#HDFC #Bank #logs #growth #net #profit #proposes #dividend
( With inputs from www.siasat.com )

April 15, 2023
54 Cooperative Bank Branches Made Profit After 33 Years, Govt Says

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SRINAGAR: After a high-level meeting that reviewed the functioning of the cooperative banking sector, the government said while non-performing assets are down as many as 54 branches made a profit for the first time in 33 years. Cooperative Commissioner Yasha Mudgal presided over the meeting.
Lt Governor Manoj Sinha inaugurates 69th Cooperative Week Celebrations
During the review, a DIPR statement said the MD and CEO of District Central Cooperative Banks (DCCBs) apprised that out of 154 branches of all 3 DCCBs none of the branches was in profit during the closing of the previous financial year whereas, during the current year till 31st January 2023, 54 branches are running in profit.
“It was also informed that the Anantnag Central Cooperative Bank has already registered a profit of Rs 70 lakh till 31st January 2023, which is likely to go up to one crore plus at the closing of the current financial year,” the statement said. “This is for the first time in more than 33 years that a DCCB has registered profit. The last period when ACCB registered profit was 1989-90 which was to the tune of Rs 28000.”
The meeting was also informed that the DCC Banks have recovered Rs 44 crore of Non-Performing Assets (NPAs) during the current financial year, so far, and the recurring losses have reduced to 50 per cent as compared to the previous year. Besides, the DCC Banks have also issued fresh lending of Rs 82 crore in the current financial year in different sectors, which will have an impact on increasing the profitability of the branches in the coming months.
The meeting was attended by Registrar Cooperative Societies, Director Finance Cooperative Department, Additional Registrar Cooperative Societies Jammu/Kashmir, Additional Secretary Cooperative Department, MD and CEO District Central Cooperative Banks (DCCBs), Branch Heads and other concerned officials both in person and through video conferencing.
Mudgal directed the department to hold recovery camps at the divisional level in Jammu to recover NPAs on account of Primary Agricultural Credit Societies (PACSs) on a war footing basis during the month of March.

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#Cooperative #Bank #Branches #Profit #Years #Govt

( With inputs from : kashmirlife.net )

February 26, 2023
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
Delhi excise policy case: Govt’s loss of Rs 581 cr was diverted as profit to accused, says ED

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New Delhi: The Enforcement Directorate has claimed in its supplementary chargesheet filed in connection with the excise policy case that the Delhi government lost revenues of about Rs 581 crore by providing a margin of 12 per cent to private wholesalers (L1 licence holders).
This 12 per cent commission was given to them by not paying heed to the expert committee headed by IAS Ravi Dhawan, as per the chargesheet.
The ED claimed that the loss was diverted to ostentatious profits to the wholesalers, including accused M/s Indo Spirits which was used to recoup the kickbacks paid in advance by the ‘south group’.
“In order to create a device for continuous payment of kickbacks to Vijay Nair, an unheard of margin of 12 per cent was provided to the private wholesalers contrary to the recommendations of the expert committee headed by Ravi Dhawan, then excise commissioner, which suggested for a single government entity as wholesaler for Delhi.
“On this account, the government lost revenues of Rs 581 crore that would have accrued to it in case the expert committee recommendations were accepted by the government, which in the subject policy was assigned to private players, only to fill the personal coffers of AAP leaders,” the chargesheet read.
The ED has also claimed in the chargesheet that the ‘south group’ directly and indirectly controlled nine retail zones, which included five retail zones of Sarath Reddy.
In some cases, the control was via financing of the EMD (earnest money deposit) for the process, ostensible investments, relatives/dummies/proxies.
Apart from the direct profits accruing from the wholesale business of Indo Spirits, the modus operandi for recovering the kickback paid in advance by the ‘south group’, monies in the form of outstanding from the ostensible sales from the wholesale of Indo Spirits to retail of the ‘south group’ with an understanding that the outstanding was not to be recovered and the amount will be shown as recoverable in the books of account, the chargesheet said.

“Sarath Reddy’s controlled entities owed over Rs 60 crore to Indo Spirits, which is shown as outstanding but was not meant to be recovered as part of the conspiracy,” the ED claimed.
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#Delhi #excise #policy #case #Govts #loss #diverted #profit #accused
( With inputs from www.siasat.com )

February 2, 2023
Vistara reports net profit, crosses $1bn revenue mark in FY23

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New Delhi: Vistara, a joint venture of Tata Sons and Singapore Airlines, has reported a net profit (excluding unrealized foreign currency loss and non-operating income) for the quarter that ended December 2022.
The airline crossed the $1 billion revenue mark and remained EBITDA positive in the current fiscal year and reported break-even for the first time in the quarter.
Vistara on Monday said that it delivered remarkable results for the first time since its inception in 2013.
The airline achieved its highest-ever domestic market share of 10.4 percent in July 2022 and maintained its position as the second-largest domestic airline in India since then, flying more than 11 million passengers in the calendar year 2022.
Vistara also registered an 11 percent year-on-year growth in the member base for its frequent flyer program, Club Vistara.
Vistara grew its international network by over 180 percent in 2022, by adding seven additional routes including three new destinations (Jeddah, Abu Dhabi, and Muscat).
It also grew its domestic network by over 50 percent, by adding six new routes including two new destinations (Coimbatore and Jaipur).
For the quarter that ended December 2022, the airline grew its capacity by 37 percent and passengers by 47 percent compared to the same period last year.

The airline recorded the second-highest on-time performance at four key metros and over 85 percent domestic load factor for most of the year in 2022.
This year, Vistara became the only Indian airline to be featured in Skytrax’s list of the World’s Top 20 airlines.
The airline currently has over 5,000 employees and operates close to 8,500 flights per month.
Vinod Kannan, Chief Executive Officer, of Vistara, said: “With significant network and fleet expansion and sustained growth over the last few months, 2022 has been a phenomenal year for Vistara in terms of our operational and financial performance. Each member of the Vistara family is incredibly proud of our collective achievements in an extremely challenging business environment that included the third wave of the pandemic and escalating costs. We are now aiming for higher goals as we enter the next phase of our growth journey.”
Vistara has augmented its operations from its hubs in Delhi and Mumbai and currently operates more than 75 and 50 daily domestic departures from the two cities, respectively.
With the delivery of 10 aircraft and the re-delivery of eight aircraft, the airline expanded its fleet size to 53 in 2022, said the airline.
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#Vistara #reports #net #profit #crosses #1bn #revenue #mark #FY23
( With inputs from www.siasat.com )

January 23, 2023