Fiscal Year Cycle

FY24 profits outpaced wage growth, worker productivity dipped

While corporate profits per factory rose 7 per cent to ₹41.3 million in FY24, the average wages paid per worker increased 5.5 per cent to ₹2,16,000

Solex Energy FY25 revenue rises 80% to Rs 665 cr in FY25, aims expansion

Solex Energy on Thursday reported a revenue of Rs 665 crore for FY25, marking an increase of over 80 per cent over the preceding fiscal. The company had garnered a revenue of Rs 368 crore in the 2023-24 financial year, it said in a statement. Approximately 22 per cent of the company's revenue comes from the EPC business, while the remaining portion is generated from the module business, the company said. It has reported a revenue of 665 crore, which is 80 per cent higher year-on-year (y-o-y), the company said. The company's Chairman & Managing Director (CMD) Chetan Shah said, "As we approach our 30th year in the industry, we remain dedicated to accelerating India's clean energy transition and expanding our global footprint." The company is bullish on the growing renewable energy market in India and has already announced a multi-crore investment plan under its vision 2030 strategy, he said. Gujarat-based Solex Energy has plans to increase its module manufacturing capacity from 1.5

Awfis Q3FY25 results: Net profit at Rs 15.17 cr, income rises to Rs 331 cr

Co-working firm Awfis Space Solutions Ltd has posted a consolidated net profit of Rs 15.17 crore in the third quarter of this fiscal on higher income. The company had posted a net loss of Rs 6.28 crore in the year-ago period. Total income increased to Rs 331.46 crore in the October-December period of this fiscal from Rs 225.77 crore in the corresponding period of the preceding year, according to a regulatory filing on February 11. "Since March 2024, we added around 27,000 seats and 33 centres to reach 1,20,000 seats and 193 operational centers ... We remain confident in reaching our target of 1,35,000 operational seats by March 2025," said Amit Ramani, Chairman and Managing Director, Awfis Space Solutions. Awfis is one of the leading operators of flexible managed office space in the country.

GeM procurement crosses Rs 4 trillion during April-January period of FY25

The procurement of goods and services through government's portal GeM rose by about 50 per cent to over Rs 4 lakh crore during April-January this fiscal due to higher buying activities by various ministries and departments, an official statement said on Friday. The Government e-Market (GeM) portal was launched on August 9, 2016, for online purchases of goods and services by all central government ministries and departments. "The GeM has surpassed last years' historic high gross merchandise value (GMV) of Rs 4 lakh crore within 10 months of the current fiscal. As of January 23, GeM has clocked a GMV of Rs 4.09 lakh crore, which marks a growth of nearly 50 per cent over the corresponding period last fiscal," the commerce and industry ministry said. Out of this, the services segment accounted for Rs 2.54 lakh crore, whereas product area procurement was Rs 1.55 lakh crore, it said. "With an emphasis on expansion of bouquet of services offerings on GeM, 19 new service categories have be

India's exports to cross $800 billion this fiscal year: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said despite global economic uncertainties, India's exports of goods and services are expected to cross USD 800 billion, which will be a record. Last fiscal year, the exports stood at USD 778 billion. He said though there will be stresses in the global system, but India's exports basket is large. "My estimate is that we will cross USD 800 billion in exports, another record given the world situation," he told reporters here. He added share in services exports is also growing at a rapid pace. On exports to developing and least developed countries (LDCs), he said those nations have been stressed because of the forex crisis they are facing after the COVID-19 pandemic. The Red Sea crisis too had impacted shipping lines. On the new US administration, the minister said: "We are looking forward to a deep and substantive engagement with the new US administration...we are looking forward to working with (Donald) Trump administration ag

CAI expects 36.5% dip in cotton exports to 1.8 mn bales on lower output

India's cotton exports are likely to decline 36.53 per cent in the 2024-25 season, beginning from October 1, to 18 lakh bales due to lower production following shrinking acreage of the crop in the north and Gujarat, Cotton Association of India (CAI) said on Wednesday. The total exports during the 2023-24 season stood at 28.36 lakh bales, according to CAI data. "The decline in cotton exports is mainly due to a decline in production following lower acreage this year. The acreage for cotton crop has shrunk 35 per cent in the north cotton growing region (Punjab, Haryana, and Rajasthan) and by 15 per cent in Gujarat. This is going to keep the cotton prices steady compared to the global markets," CAI President Atul Ganatra told PTI. The total cotton pressing 2023-24 season is estimated at 302.25 lakh bales compared to 327.45 lakh bales in the previous season. Meanwhile, the total cotton supply till end of November 2024 is estimated at 108.41 lakh bales, comprising the pressing figures of

EEPC India cautiously optimistic on engineering export growth in FY'25

EEPC India remains "cautiously optimistic" for the engineering exports growth in the current fiscal, even though the shipment registered a 7.3 per cent year-on-year increase in May, amounting to USD 9.98 billion, an official said on Friday. This uptick is part of a consistent growth pattern, with the April-May period of FY25 witnessing exports totalling USD 18.65 billion, a modest rise from USD 18.25 billion for the two months of FY'24, the Engineering Export Promotion Council said. "We remain cautiously optimistic with the upturn in shipments which reflects improvement in the demand scenario in key markets. The global economic outlook is expected to improve in the ongoing fiscal and exporting community remains optimistic," EEPC India chairman Arun Kr Garodia said. Softening price pressure and easing of interest rates in major advanced economies is set to spur demand, he said. Garodia also pointed out that several Free Trade Agreements (FTAs) are under negotiation and these could b

States to miss capex targets this fiscal on fall in revenue, polls : Report

Several states are likely to miss their capital expenditure targets for the ongoing fiscal due to polls and fall in revenue, according to an analysis. A steep fall in revenue receipts will further lead to a major compression in state capex, which during the first half of FY24 rose to a record 35 per cent, Icra Ratings Chief Economist Aditi Nayar said. To maintain their Budget estimates, 21 states -- whose capex and other macro data is available -- will have to ensure that the capex run run rate is maintained at 28 per cent in the second half, which is unlikely, since model code of conduct is likely to take effect in the March quarter before the general elections, Nayar said. The combined revenue and fiscal deficits of these 21 states widened to Rs 70,000 crore and Rs 3.5 lakh crore, respectively, in the April-September period, from Rs 50,000 crore and Rs 2.4 lakh crore, respectively, in the year-ago period. The report excludes Arunachal Pradesh, Assam, Goa, Manipur, Meghalaya, ...

Eastern Railway's revenue sees 21.17% jump to Rs 10, 502 cr in FY'23

The Eastern Railway on Tuesday said it has earned a total revenue of Rs 10,501.99 crore in the 2022-23 financial year, registering a 21.17 per cent growth over Rs 8,667.12 crore mop-up in the previous fiscal. In passenger revenue, ER has earned Rs 3,272.67 crore in FY'23 as against Rs 2,130.57 crore in 2021-22, which is an increase of 53.61 per cent, the Kolkata-headquartered zonal railway said in a statement. Owing to the Covid-19 pandemic's second and third waves, movement of people was lesser in 2021-22. "Eastern Railway has earned a total revenue of Rs 10,501.99 crore during financial year 2022-23 as against Rs 8,667.12 crore earned during the financial year 2021-22, registering a growth of 21.17 per cent," it said. ER carried 1094.20 million passengers in the financial year ended on March 31, 2023, up by 54.29 per cent from 709.319 million carried in the previous fiscal, it said. From goods revenue, the zonal railway garnered Rs 6,514.63 crore in 2022-23 in comparison to Rs .

India set to post BoP deficit for 2nd straight yr: Standard Chartered Bank

The foreign bank expects current account balance to slip into a deficit of 3% of gross domestic product this financial year from a surplus of 0.9% last year

Flipkart's net loss widens 51% on account of rising transportation costs

Flipkart's operating loss or EBITDA (earnings before interest, taxes, depreciation, and amortisation) loss stood at Rs 3,925 crore, which was up from Rs 2,267 crore in the previous fiscal

Tech Mahindra to consider interim dividend for FY23 in board meeting

The company, in its exchange filing last week, informed that the board of directors will consider a proposal for payment of interim dividend for the financial year 2022-2023, during its scheduled meet

TCS says confident of achieving double-digit revenue growth in FY23

TCS is confident of achieving a double-digit revenue growth in the current fiscal and will be targeting a similar performance in FY24 as well, a senior executive said on Tuesday. The largest IT services exporter's ability to achieve the number in FY24 will hinge on how the macroeconomic situation, including geopolitical tensions, commodity price pressures, inflation and financial tightening worries, play out, Chief Operating Officer N Ganapathy Subramaniam told PTI. "(For) this year (FY23), probably we are there (double-digit growth). What we need to do is that in the remaining quarters, we just have to maintain the run rate and we will be able to achieve that, not a problem. In FY24, it is too early to call. The target is to stay on the double-digit growth," Subramaniam said. For the first half of the fiscal, the Tata Group company's topline has jumped 17.1 per cent to Rs 1.08 lakh crore. In its commentary after announcing the second quarter results on Monday, the company flagged

India's core sector growth slows to 3.3% in Aug; lowest in 9 months

The previous low was in November 2021 at 3.2 per cent. It stood at 4.5 per cent in July

Fiscal deficit touches 32.6% of annual target till August this fiscal

As per the data released by the Controller General of Accounts (CGA), the government's total receipts, including taxes, stood at Rs 8.48 trn or 37.2 per cent of the Budget Estimates (BE)

Bank of India expects 10-12% growth in advances in current fiscal

State-owned Bank of India expects advances to grow by 10-12 per cent in the current fiscal year with corporate loans yet to pick-up, top official said in an analysts call. The bank's year-to-date (YTD) loan growth stood at about 5 per cent mainly driven by Retail sector advances, Agricultural and MSME loans (RAM). "Advances growth guidance will be in the range of 10 to 12 per cent for the full year. So far up to June, we had YTD growth of about 5 per cent, but that is mostly on the back of good RAM growth. Corporate is yet to pick up. We believe that from this quarter onwards, there could be some movement in the corporate book," A K Das, Managing Director & Chief Executive Officer (MD&CEO), told analysts in post Q1FY23 earnings conference call. The bank's gross advances (global and domestic) stood at Rs 4,77,746 crore at end-June 2022. In the first quarter ended in June of the current fiscal year, the lender registered a decline of 22 per cent in net profit at Rs 561 crore as .

India's inflation set to average at 9-year high of 6.9% in FY23: Ind-Ra

The average headline inflation is set to accelerate to a nine-year high at 6.9 per cent in FY23, and the Reserve Bank may go for more rate hikes during the fiscal, a domestic ratings agency said

Icra forecasts 12-13% growth in Q1FY23, sticks to 7.2% GDP for full fiscal

Citing the second highest business activity index reading in 13 months in April, rating agency Icra on Tuesday forecast the economy to grow 12-13 per cent in the first quarter of the current fiscal. However, Icra has maintained its annual GDP projection at 7.2 per cent for this fiscal citing worries over inflation and the resultant RBI tightening. "Our business activity monitor for April at 115.7 indicates that activity was roughly 16 per cent higher than the year ago (period) and pre-COVID levels in spite of the global headwinds," Icra Chief Economist Aditi Nayar told PTI. This high growth may persist in May, especially on an annualised basis, which should translate into a double-digit GDP expansion in Q1 at 12-13 per cent. However, this may not sustain and the annual growth in volume and activity may moderate, she said. According to her, higher input costs may dampen GVA growth to single-digits. "Therefore, we maintain our GDP growth forecast at 7.2 per cent for FY23". Citing .

Canara Bank eyes 8-10% loan growth; rise in corporate credit this fiscal

State-owned Canara Bank is expecting an 8-10 per cent growth in advances as well as a healthy double-digit rise in corporate loan portfolio in the current financial year,

Steel prices likely to fall to Rs 60,000/tonne by March: CRISIL report

Steel prices, which have been on a song for the past two years, are finally set to correct on weak seasonality, and may trade at around Rs 60,000/tonne by the end of the current fiscal year