Page 19 - Icra

India jewellery industry up 60% from pre-Covid level in Q2FY23: Icra

On a year-on-year (YoY) basis, the demand for jewellery in India contracted 2 per cent

Hemmed in by interest rate hikes, HFCs see 19% dip in Q2 net profit

The uptick in operating income reflects robustness in the home loan portfolio and hike in lending rates

External commercial borrowing of India Inc may stay muted in FY23

Approvals may be $30-35 bn in FY23, says ICRA

Aftermath of Russia-Ukraine war dims the sheen on steel industry

But strong domestic demand and cooling raw material prices encourage manufacturers to stay the course on capex plans

PSBs' Q2 net profits zoom 50% YoY on steady rise in interest income

Strong loan growth, rising lending rates give the boost

Multiples Private Equity likely to sell stake in APAC Financial Services

Multiples Alternate Asset had acquired the stake for Rs 250 crore in 2018

Dairy industry revenue likely to witness 12-14% growth in FY23: Report

The strong revival of the hotels, restaurants and catering (HoReCa) segment and the increase in retail prices are likely to help the dairy industry achieve 12-14 per cent revenue growth this fiscal, according to a report. Indian dairy companies are estimated to achieve revenue growth of 12-14 per cent in FY23 on a year-on-year basis, backed by a strong revival in demand, especially the HoReCa segment and an increase in retail prices, Icra said in a report on Thursday. However, the operating profit margins are expected to contract by 120-160 bps on a year-on-year basis as the retail price hikes are expected to provide only partial support to the input cost pressures, it added. Icra expects the industry to maintain a stable credit profile, supported by a favourable demand outlook and moderate debt levels. Milk production yields in the first half (H1) of FY23 were hampered by the prevalence of Lumpy Skin Disease (LSD), notably among cows in the northern states. Although a successful

Growth of core sector output recovers to 3-month high in September

The Reserve Bank of India last month also revised its growth forecast for FY23 to 7 per cent from 7.2 per cent estimated earlier

Gold ETF flows shrink despite superior returns, shows Amfi data

Between October 2021 and September 2022, gold prices rose over 9.5 per cent even as ETF inflows shrunk to a half

CEOs of Indian companies get nearly 4% compensation hike in FY22

According to members of nomination and pay committees of several blue-chip corporations, there is a growing trend of linking CEO salaries to results and performance

13 states can incur capex worth Rs 7.4 trillion in FY23: ICRA report

Spending space available without pressure to their fiscal profile, says agency

13 major states have room for Rs 7.4 trn capital spending in FY23: Icra

As many as 13 major states, including West Bengal, Tamil Nadu and Gujarat, have a massive fiscal space of Rs 7.4 lakh crore for capital spending in the current fiscal, 81 per cent higher than the last fiscal, Icra said on Thursday. The 13 states, having nearly 85 per cent share in India's GDP in 2020-21, had made a capital expenditure of Rs 4.1 lakh crore last fiscal. Their Budget estimate for capex spending this fiscal is Rs 5.8 lakh crore, the rating agency added. The agency's analysis is based on 13 states -- Andhra Pradesh, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh and West Bengal. "Icra estimates that the 13 state governments have the fiscal space to incur capital spending of as much as Rs 7.4 trillion in FY2023, rivalling the size of the GoI's capex budgeted for this fiscal. While the availability of funds doesn't appear to be a constraint in FY2023, the actual outgo incurred by these state ...

Financial status of Indian airlines likely to remain under pressure: ICRA

The financial performance of Indian airlines is likely to remain under pressure in the near term, even as recovery in domestic passenger traffic has been healthy, said Corporate Rating firm ICRA

Brickwork impact: Charts favour Icra; CRISIL, CARE Ratings test key levels

ICRA and CRISIL have gained up to 22 per cent so far this year, while Care Ratings has been a underperformer, down 14 per cent.

Muthoot Finance to raise Rs 300 cr via secured NCDs, issue size at Rs 75 cr

Proposed NCDs have AA+ rating from ICRA denoting 'high degree of safety'

Credit ratios stay robust in H1FY23: Rating agencies CRISIL, ICRA

CRISIL said these sectors would see a moderation in cash flows vis-a-vis earlier expectations due to slowdown in demand from end-user markets

Credit quality of companies strengthens in first half of FY23: Report

Carrying on with the momentum since early FY22, credit quality of corporates has strengthened further in the first half of the current fiscal with rating upgrades being more than three times that of downgrades, says Icra Ratings. Upgrades saw an 18 per cent increase in the agency's portfolio entities in H1 on an annualised basis, which in FY22 was a notch higher at 19 per cent, making it a significant mark-up over the past five-year and 10-year average of 11 per cent, the agency said. The agency upgraded 94 companies in the first half of FY21, which went up to 303 in H1 FY22, but declined to 250 in H1 FY23. For the full fiscal of FY21 there were 282 upgrades which doubled to 561 in FY22. As against this, the numbers of downgrades were 200 in H1 FY21, 108 in H1 FY22 and 76 in H1 FY23 and at 316 in FY21 and 184 in FY22. The credit ratios stood at 0.5, 2.8, 3.3, 0.9 and 3 respectively. The agency, however, said the upgrades in the reporting period were concentrated in a few sectors.

ICRA revises outlook on Indian airport infra to stable from negative

Credit ratings agency ICRA on Thursday revised the outlook on Indian airport infrastructure to 'Stable' from 'Negative' amid expectations that passenger traffic will surpass pre-pandemic level between September this year to August next year. It also estimates that domestic passenger traffic will reach pre-COVID levels by the March quarter (Q4FY23 vs Q4FY2020) this fiscal year, while the international traffic is expected to see full recovery in the second quarter of fiscal year starting April 2023. The overall recovery in domestic traffic remained strong and is expected to recover to 97-98 per cent of pre-COVID levels in FY2023 itself, ICRA said. Driven by healthy momentum in domestic traffic as well as an uptick in international passenger traffic, overall passenger traffic is expected to witness a growth of 71-73 per cent year-on-year and reach 324-327 million (95-96 per cent of pre-COVID levels) in FY2023, according to the ratings agency. The overall passenger traffic may reach 9

Icra maintains 7.2% GDP forecast for FY23, sees pick-up in govt expenditure

Citing revival in contact-intensive services and a pick-up in government and private expenditure, rating agency Icra on Wednesday retained its previous growth forecast of 7.2 per cent for the current fiscal. Growth is expected to pick up to pre-Covid levels on the back of pent-up demand, even though on an annualised basis, the absolute numbers will be falling from Q1 (13.5 per cent) to a much lower level in Q2 and further down in the two remainder quarters due to the high base, the agency said. At 7.2 per cent, the number is marginally higher than most consensus forecast of 7 per cent and 10 bps lower than what S&P forecast earlier this week. The RBI is widely believed to again lower its growth forecast at its September 30 monetary policy review from the previous projection of 7.2 per cent. "We maintain our GDP forecast of 7.2 per cent for FY2023, aided by a revival in contact-intensive services owing to pent-up demand, and a back-ended pick-up in government and private capex. ...

NBFCs' recovery to be hit after RBI action against M&M Financial Services

Moreover, as lenders will not deploy their own staff for such activity, their operation costs may go up, said experts