Tag: Revenue

Hyderabad: ORR up for lease, Rs 6000-7000 cr revenue expected

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Hyderabad: Hyderabad is expected to get another record revenue through Toll, Operate and Transfer (TOT) of Outer Ring Road (ORR). Hyderabad Growth Corridor Limited (HGCL), which is engaged in the operation and maintenance of outer ring road, has decided to lease the 150 km long expressway on TOT basis for a period of 30 years in public, private partnership.
In this regard, HGCL has summoned bidders to execute the contract on lease. “As per our expectations, the 30-year lease will generate revenue of Rs 6,000-7,000 crore for HGCL,” said a senior HGCL official.
Currently, HGCL gives operation and maintenance contracts to private agencies on an annual basis. However, it had some hurdles for the company in executing the annual lease contract. HGCL has to invite bids from private agencies in advance every year for next year’s contracts and it takes a long time to finalize the budders.
For example, if the contract expires in March, bids have to be invited from December at least 90 days in advance. Apart from this, sometimes it has happened, in which some agencies approached the court for extension of the contract citing various reasons. To resolve all these issues, HGCL has now decided to extend the lease period to 30 years.
The office bearer said that the 30-year lease period has been approved in the recently held cabinet meeting and it is being done as per the guidelines of the National Highways Authority of India.
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#Hyderabad #ORR #lease #revenue #expected
( With inputs from www.siasat.com )

March 6, 2023
Telangana: Rs 200 crores Net revenue to be paid to Beedi workers

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Hyderabad: Telangana Forest Minister Indrakaran Reddy on Monday launched the Beedi Leaf Net revenue (bonus) payment program in Sirpur constituency by distributing the cheques to the beedi leaf collectors.
“We have started the process of paying Rs 200 crores across Telangana. The beneficiaries will receive the amount directly in their accounts,” said the minister, speaking at the event.
In Komaram Bheem – Asifabad district, 63,573 beneficiaries will be paid Rs 31.58 crores. In Sirpur constituency alone, 48,418 people will be paid Rs 26.98 crores said the minister.
“We have completed all preparations for Beedi leaf collection for the season. The goal is to collect and sell 2.27 lakh standard bags of leaves. We are hoping to complete this by the end of May,” he added.
“The government has passed a GO increasing the price of Beedi leaf from Rs 2.05 to Rs 3 per pack. These rates will be in effect from the current season,” said Reddy.
About 75,000 Beedi leaf collectors are going to take part in this season’s leaf collection.
He said “In the year 2023, The Forest Development Corporation (FDC) under the forest department will make the sale in 225 units across 19 districts.”
The bonus payment program is beginning on Monday from the Sirpur constituency with the distribution of the cheques to the Beedi workers.

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#Telangana #crores #Net #revenue #paid #Beedi #workers
( With inputs from www.siasat.com )

February 27, 2023
Assam losing Rs 2,000 cr revenue per month due to illegal coal mining: AJP

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Digboi: Opposition party Assam Jatiya Parishad (AJP) on Sunday alleged that the northeastern state is losing nearly Rs 2,000 crore in revenue every month due to rampant illegal rat-hole coal mining in several places, particularly in Tinsukia district.
The party sent a memorandum to the President, Prime Minister, Supreme Court Chief Justice, Leader of the Opposition in Parliament, NHRC Chairman and National Green Tribunal Chairman highlighting the issue.
“We have been highlighting rampant illegal coal mining, particularly rat-hole mining, in various parts of Assam. It has a direct impact on the environment, public health and the state exchequer,” AJP president Lurinjyoti Gogoi told PTI here.
He claimed that the government is aware that illegal coal mining, which has continued unabated for decades in Assam, has caused large-scale destruction to Dehing Patkai National Park — the largest rainforest in the Northeast.
The AJP, in its memorandum, pointed out that the NGT had in 2014 banned rat-hole coal mining, while alleging that it is still going on and the Assam government is aware of the illegal activities in the Digboi Forest Division.
“Inquiries in this regard have been ordered frequently at different levels. Commissions have been appointed to probe the illegal activity. These commissions have also submitted voluminous reports only to be shelved with no visible action,” the memorandum alleged.
Highlighting various directives of the Gauhati High Court, it alleged that even PSU firm Coal India carried out illegal mining inside the forest for 16 years from 2003 to 2019, which was admitted by the company in 2020.
“Seizure of trucks laden with coal dug out from the forests around Ledo-Margherita region has become a regular phenomenon despite there being a ban on rat-hole mining, without the kingpins ever being nabbed.

“It has created an impression that the government often displays a total inability, even reluctance, to check the illegal mining of coal in the eastern tip of Assam bordering Arunachal Pradesh,” the memorandum alleged.
The party claimed that there is no effective mechanism to keep a tab on the forested region and only the forest department and the police sometimes conduct drives to check illegal coal mining, but without any result.
“Tikak and Tirap are the two main coal producing collieries in Ledo-Margherita. They lie in close proximity to some villages, which facilitate the illegal miners/traders to hire local residents for digging coal. Locals, including women and children, use sharp tools to extract coal through the rat-hole method,” AJP alleged.
Further, transportation of the illegally mined coal is a bigger issue in terms of money transaction and tax evasion, which goes up to thousands of crores, it claimed.
“It is astonishing to know that daily 500-600 truckloads of coal are being transported, alone in Ledo- Margherita area, and the amount of commission ranges from Rs 70,000 to Rs 75,000 per truck,” the memorandum alleged.
The commission for other areas such as Jagun, Tipong Jisubai and Koylajan is even more and ranges from Rs 1.25 lakh to Rs 1.35 lakh per truck, it added.
“These commissions are taken in lieu of the tax challan that otherwise is required for transportation. Thus, the government is losing several crores. The estimated total monthly illegal transaction on account of illegal mining and transportation of coal in the state amounts to nearly Rs 2,000 crore per month,” the AJP claimed.
The opposition party claimed that illegal rat-hole coal mining has resulted in large-scale money laundering, misuse of money for criminalising politics and society, irreplaceable degradation of environment and forest, and huge loss of government revenue.
“We demand that illegal mining be stopped immediately and stern action be initiated against the persons (irrespective of government official and/or politician) involved in patronising illegal mining and transportation of coal,” AJP said in the document.
When contacted, state Mines and Minerals Minister Nandita Gorlosa declined to comment and said her secretary would get back to PTI. But no reaction was received from any government official despite several attempts.
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#Assam #losing #revenue #month #due #illegal #coal #mining #AJP
( With inputs from www.siasat.com )

February 19, 2023
Telangana: ACB sleuths arrest revenue inspector, VRA in Medak

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Hyderabad: The sleuths of the Anti-Corruption Bureau caught a revenue inspector of Shankarampet mandal Medak and a village revenue assistant when they accepted an amount of Rs. 1 lakh from a person for doing official work.
The accused officer revenue inspector Nelli Srihari had demanded the bribe amount from a man P Srinivas for having processed and done the work of correction in patta passbook.
The amount was accepted through village revenue assistant G Talari Suresh Babu of Chandampet village Shankarampet mandal.
On a complaint from Srinivas, the ACB laid a trap and caught them red handed.
Both the persons are being produced before the First Additional Special Judge for SPE and ACB cases Hyderabad.
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#Telangana #ACB #sleuths #arrest #revenue #inspector #VRA #Medak

( With inputs from www.siasat.com )

February 6, 2023
Global smartphone revenue fall by 9% in 2022: Report

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New Delhi: The global smartphone revenue declined by 9 percent, amounting to $409 billion in 2022, the lowest since 2017, a new report has said.
According to Counterpoint Research, the global smartphone market declined by 18 percent (year-over-year) to reach 304 million units in Q4 2022.
“The smartphone market remained under pressure in the fourth quarter of 2022 as the cost-of-living crisis, shortage in the labor market, and a decline in consumers’ purchasing power resulted in double-digit declines in the shipments of each of the top five smartphone players,” said Senior Analyst Harmeet Singh Walia.
Moreover, Apple achieved an all-time high revenue share of 48 percent in 2022, and also captured the highest-ever operating profit share of 85 percent.
“Having proficiently managed its production problems, Apple was able to weather a year already marred by economic and geopolitical turmoil better than other major smartphone players,” said Research Director Jeff Fieldhack.
Chinese smartphone players suffered from domestic lockdowns for much of the year in addition to facing global economic and geopolitical difficulties, said the report.
As a result, the shipments of Xiaomi, OPPO, and Vivo fell by more than 20 percent each.
Despite offering premium phones at aggressive margins, Chinese brands have yet to break into the premium market and have been unable to fully capitalize on Huawei’s decline, the report added.

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#Global #smartphone #revenue #fall #Report
( With inputs from www.siasat.com )

February 5, 2023
Twitter to now share ad revenue with Blue users: Musk

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San Francisco: Twitter CEO Elon Musk announced that the micro-blogging platform will now share ad revenue with creators who are subscribed to “Twitter Blue Verified” for advertisements that appear in their reply threads.
In a tweet on Friday, Musk said: “Starting today, Twitter will share ad revenue with creators for ads that appear in their reply threads. To be eligible, the account must be a subscriber to Twitter Blue Verified.”
Several users expressed their thoughts on Musk’s post.
While one user asked, “what will the Twitter/Creator revenue split look like?”, another commented, “how is this going to look logistically? An ad monetization dashboard for creators?”
In December last year, Twitter had updated the list of features for its Blue service, which mentioned that subscribers of the service will get “prioritised rankings in conversations”.
The updated page also mentioned that subscribers can upload videos up to 60 minutes long from around the web at 1080p resolution and 2GB in file size, but also all videos must comply with the company’s rules.
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#Twitter #share #revenue #Blue #users #Musk
( With inputs from www.siasat.com )

February 4, 2023
Apple logs $65.8 bn in iPhone revenue as China disruptions hit supply

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New Delhi: Apple reported $65.8 billion in revenue for iPhones in the holiday quarter, down 8 per cent (year-over-year).
However, on a constant currency basis, iPhone revenue was roughly flat, according to the company.
Apple faced supply chain disruptions in October and November as China faced Covid surge and protests erupted at its key supplier Foxconn’s main factory in the country.
Cook said that Covid-related challenges “significantly impacted the supply of iPhone 14 Pro and iPhone 14 Pro Max and lasted through most of December”.
“Because of these constraints, we had significantly less iPhone 14 Pro and iPhone 14 Pro Max supply than we planned, causing ship times to extend far beyond what we had anticipated,” he noted.
Cook said that as a result of a challenging environment, “our revenue was down 5 per cent year over year”.
“But I’m proud of the way we have navigated circumstances, seen and unforeseen, over the past several years, and I remain incredibly confident in our team and our mission and in the work we do every day,” he said in an earnings call with analysts.
“Our customers continue to rave about the astounding camera capabilities and unprecedented battery life and the groundbreaking suite of health and safety features. The iPhone 14 lineup pushes the limits of what users can do with a smartphone,” he added.

During the quarter, Mac revenue came in at $7.7 billion, which was in line with what Apple had expected.
During the quarter, iPad revenue grew 30 per cent to a total of $9.4 billion.
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#Apple #logs #iPhone #revenue #China #disruptions #hit #supply
( With inputs from www.siasat.com )

February 3, 2023
Govt has tried to simplify taxation regime in budget: Revenue secretary

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New Delhi: Government has tried to simplify the taxation regime in the budget, be it corporate tax or personal tax, Revenue Secretary Sanjay Malhotra said on Thursday.
Addressing a post-budget discussion organised by industry body FICCI, Malhotra further said that the government’s thrust is on improving trust, having tax rates without increasing the tax cuts and on certainty and stability.
Central Board for Direct Taxes (CBDT) chairperson Nitin Gupta, who was also present on the occasion, said that the government has tried to prevent leakage of revenue through appropriate changes.
“Our approach to the budget, on the customs side, is of simplification. We have brought down the number of rates from 21 to 13,” Vivek Johri, chairperson, Central Board of Indirect Taxes and Customs (CBIC) said during the interactive session on the Union budget.
“We have once again looked at exemptions in the budget which are no longer needed. Also, we have carved out exceptions for the condition exemptions in the law,” Johri said further.
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#Govt #simplify #taxation #regime #budget #Revenue #secretary

( With inputs from www.siasat.com )

February 2, 2023
Pfizer reports record revenue, expects Covid-19 vaccines to be commercialized later this year

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In its 2022 fourth-quarter earnings call, company executives said that they expect sales of Covid-19 vaccines to decrease, in part because they still have shots that the government purchased last year to distribute.
The decline in revenue also comes in part because an estimated 24 percent of the population will receive a Covid-19 vaccine this year, down from 31 percent in 2022 as fewer people comply with federal recommendations.
“Fewer people are expected to receive their primary doses,” Pfizer CEO Albert Bourla said. “And for the most part only those who are older or at higher risk are expected to continue receiving more than one booster per year.”
Pfizer expects to account for about two thirds of Covid vaccinations, and Bourla estimated about 102 million shots of its vaccine, called Comirnaty, would be distributed this year. The company is not expecting any new Covid variants that would prompt more people to get vaccinated.
The company also noted that the U.S. government had previously purchased a set number of Covid-19 vaccines; but moving forward, there will be less demand once the vaccine is sold on the commercial market.
Company executives did not mention how much they plan to charge for their Covid products on the commercial market but have previously stated it would be somewhere between $110 and $130 per dose. Moderna, which also makes an mRNA Covid-19 vaccine, has floated a price of $110 to $130 per dose.
On Monday, the White House announced that it would end the Covid-19 emergency declarations in May. And last week, the FDA’s Vaccines and Related Biological Products Advisory Committee discussed the steps it would need to take for a simplified Covid-19 vaccine regimen as it moves toward a model of managing the virus on a yearly basis, similar to the way flu shots are developed and administered.
Pfizer has its sights set on future iterations of Covid-19 vaccines, which it expects will be needed as immunity wanes as the virus continues to mutate.

“We expect to see an increase in Covid-19 vaccination rates assuming the successful development and approval of a Covid-flu combination product,” Bourla said, noting that about half of eligible adults receive a flu shot annually.
Other products in the pipeline: Pfizer also noted that it expects to launch its RSV vaccine for adults 60 and older this year. The FDA said Tuesday that it would convene its external vaccine advisory committee to discuss its application in late February.
The company is also developing an mRNA-based flu vaccine and an mRNA-based shingles vaccine.
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#Pfizer #reports #record #revenue #expects #Covid19 #vaccines #commercialized #year
( With inputs from : www.politico.com )

February 1, 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