FY23

Games 24x7 posts 70% rise in FY23 operating revenue, trims loss

Games24x7's operating revenue grew by over 70% to Rs 1,988 crore in FY23. The firm's loss narrowed by nearly 30% to Rs 199 crore. It runs platforms like RummyCircle and My11Circle.

Home loan borrowers may have repaid higher amounts

In FY23, for instance, the combined outstanding home loan portfolio of public sector and private banks and housing finance companies, which account for a big majority of the home loan market in the country was, Rs 3.62 lakh crore. But disbursements were much higher - at Rs 8.08 lakh crore. In terms of growth, while the outstanding portfolio grew 16%, the disbursements expanded 20%, according to the data released by the National Housing Bank.

Compensation gap between private & public sector widens in FY23

Total compensation of employees working with private corporations increased to 13.5% of the GDP in FY23 from 12.8% in the previous year while households, which largely represent the informal sector, saw their wages rise to the highest level in nine years to 8.5% of the GDP in FY23 from 8.4% in FY22.

Minda Corp Q4 Results: Net profit jumps 27% to Rs 71 crore

Auto components maker Minda Corporation on Wednesday said its profit after tax increased 27 per cent to Rs 71 crore in the fourth quarter ended March 2024. The company had reported a profit after tax (PAT) of Rs 56 crore in the year-ago period.

RBI's investment in IIFC UK subsidiary fell by a fifth in FY23-24

The central bank is mandated to invest small portion of its foreign exchange reserves- $ 5 billion in the company following demands from the government in the past to fund infrastructure.

Household savings at five-decade low: A look at key numbers

Households' net financial savings decreased to the lowest level in five decades, amounting to 5.3% of GDP in FY23, down from 7.3% in the previous fiscal year, as reported by the national accounts statistics released on Monday. Economists had identified the increase in household borrowings as the cause for the decline when the initial data was published in September 2023.

Share of consumer spend on health, transport, eduction up by record 26.9%

India's private consumption patterns have seen a shift in the last fiscal year, with transport, health, and education contributing to 26.9% of total expenditure. This is the highest level since the new series in FY12. Vehicle purchases reached an 11-year high in FY23, with transport accounting for 17.3% of private consumption. Services have been accounting for a larger share of consumption as the country moves to higher per capita income.

Private sector's investment share declined to the lowest level in four years in FY23

Public non-financial corporations or public sector companies were the worst performers as their share in investment declined to 9.4%, the lowest level in 12 years. The share of households in investment also declined to 40.5% in FY23 from 41.4% in FY22.

CSR spends by NSE-listed cos hit Rs 15,524 crore in FY23

Ten companies, including these three, accounted for 33% of the total spends on CSR in FY23, according to data shared exclusively with ET by primeinfobase.com, an initiative of Prime Database Group.

Ecom Express posts 20% rise in FY23 revenue to Rs 2,548 crore, loss widens

Ecom Express's FY23 revenue rose 20% to Rs 2,548 crore, but with a widened loss at Rs 375 crore due to increased total expenses. Courier services revenue exceeded Rs 2,300 crore.

Lenskart revenue jumps to Rs 3,788 crore in FY23; trims losses to Rs 102 crore

On a standalone basis, Lenskart has been profitable, and reported a net profit of Rs 138 crore in FY23, a 25-fold jump from the previous fiscal. Standalone operating revenue stood at Rs 2,375 crore.

Hero MotoCorp gets tax and interest notice from I-T Dept totalling Rs 605 cr for six AYs

Hero MotoCorp faces a tax demand notice of Rs 308.65 crore plus interest from the Income Tax Department for six assessment years. The company plans to appeal against the orders, stating the demand is unsustainable. Despite this, its total sales rose 5.5% in FY24, with motorcycle and scooter sales showing growth.

Fundamental Radar: ICICI Pru Life can see 6% CAGR in VNB over 3 years, here’s why

Top companies score on sustainability, cut water consumption by 16% in FY23

The top five listed corporate consumers of water - NTPC, Vedanta, Tata Steel, Reliance Industries and IOCL - together consumed 1.9 billion kl in FY23 - 2.6% higher than the previous year. However, three of these companies - Vedanta, Reliance Ind and IOCL - have reduced their y-o-y consumption by 6%, 0.9% and 3%, respectively.

Tax-saving ideas: How to restructure your salary to reduce income tax outgo by more than Rs 1 lakh

Taxpayers can reduce their tax significantly by reformatting their salary. If companies restructure their compensation packages by replacing taxable emoluments with some tax-free perks, they can lower the tax liability of their employees. There are several such tax-exempt allowances, including food coupons and reimbursement of expenses on fuel and travel, newspapers and periodicals, phone and Internet. The taxable portions of the salary, such as the special allowance, can be reduced to make place for the tax-exempt allowance. Find out how to go about it.

Fundamental Radar I Godrej Consumer poised for 11% revenue CAGR over FY24-26: Kruttika Mishra

Tax planning for FY 2023-24: Last date is March 31, don’t make these mistakes

The tax-saving investments of an individual should be part of his overall financial plan. Poor financial habits and biased advice push taxpayers to make sub-optimal investment decisions. Here are some mistakes they must avoid in the rush to beat the 31 March deadline.

Income tax saving ideas: With 8.2% interest, Senior Citizen Savings Scheme (SCSS) is a better bet to save tax than tax-saver FDs

Tax saving for FY 23-24: Senior Citizen Savings Scheme vs tax-saving fixed deposits: Fixed deposits (FDs) have long been a popular choice for senior citizens seeking secure investments with fixed returns and saving tax. But this year, the Senior Citizen Savings Scheme (SCSS) is offering an attractive interest rate, making it a potentially better option for retirees. While both SCSS and tax-saving FDs offer benefits, understanding their key features can help seniors make an informed decision in this tax-saving season.

Utkarsh Small Finance Bank may have to pay Rs 52 crore more as income tax

Utkasrh had been claiming taxation under the concessional tax rate regime since assessment year 2020-21 and it had been granted the said benefit in accordance with the provisions of Income Tax Act for earlier assessment years, it said.

RK Swamy makes a lackluster debut on exchanges. What should investors do?

Analysts said the muted pre-listing GMP and negative listing indicate a cautious investor approach, possibly due to volatile market conditions or concerns about competition and working capital requirements.

Scaler Academy posts five-fold rise in FY23 revenue to Rs 317 crore

Scaler Academy said its operational revenue rose to Rs 316.7 crore in the financial year ended March 2023, from Rs 65.6 crore a year earlier. Total expenses at the firm went up to Rs 654.6 crore, significantly pushed up by employee expenses of Rs 322.07 crore and other expenses of Rs 316.93 crore.

Razorpay’s payments entity reports flat profit of Rs 7.3 crore in FY23

Razorpay Software Pvt Ltd saw its revenue from operations grow 54% in FY23 to Rs 2,279 crore from Rs 1,481 crore in FY22. Employee benefits and salaries were one of the biggest cost centres for the startup, comprising 28% of the total expenses.

Gaming app Hike posts almost 8-fold surge in FY23 revenue, losses up by 24%

Hike's overall expenses surged to Rs 299 crore in FY23, up 114% on year from Rs 140.45 crore in the previous fiscal. This increase was mainly driven by higher employee salaries, server costs and marketing expenses.