WEDNESDAY, 9 AUGUST 2023

26 pages in 2 sections www.business-standard.com

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VOLUME XXX NUMBER 98

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SPARKS FLY AS DEBATE

ON NO-CONFIDENCE ‘Aiming for 20% of sales Tender process for large
MOTION BEGINS projects is broken: Naik
Sparks flew on the first day of the debate
on the no-trust motion moved by the
Congress in Parliament, with the Opposition
asserting it was forced to do so to break
PM Narendra Modi’s “maun vrat (vow of
to be EV-driven by 2031’
Maruti Suzuki India Ltd’s (MSIL’s) board on Tuesday approved domestic sales per annum. We will have at least six
DEV CHATTERJEE & AMRITHA PILLAY
Mumbai, 8 August

silence)” on Manipur and the Treasury
benches hitting back saying it was a no-
trust vote against a “poor person’s son” who
has worked for the welfare of the people. 7 >
Carlyle buys Quest Global
stake at $2 bn valuation
Carlyle will buy a “significant minority
stake” in Quest Global as part of a definitive
partnership agreement, which will lead to
the exit of existing investors Bain Capital
and Advent International. 2>
MFs step up buying
as FPI flows thin out
Mutual funds (MFs) have stepped up equity
purchases after staying on the fence for over
two months. Their net equity investments
reached a four-month high of ~7,700 crore
in July, rising for a fourth month straight. II,1 >
the issue of shares on a preferential basis to Suzuki Motor models and will start from the premium end, maybe The tendering process for awarding construction
Corporation (SMC) for the acquisition of the Gujarat plant with a sports utility vehicle. contracts by the government is broken and needs
from its Japanese parent for a better grip of to be fixed urgently to reduce cost overruns to the
production, including that of electric vehicles (EVs). So are you conceding the number one position tune of trillions of rupees, said Anil M Naik, outgoing
R C BHARGAVA, chairman, MSIL, in an interaction with in electric cars to the competition? chairman of Larsen & Toubro (L&T), India’s largest
Surajeet Das Gupta in New Delhi, talks about the Of course, because we are also going to construction and engineering conglomerate.
company’s EV plans, the need to acquire Suzuki Motor have hybrid cars, which, as far as I know, none In an exclusive interview here with
Gujarat (SMG), and reorganisation. Edited excerpts: of our competition is working on, and this Business Standard, 82-year-old Naik — who would
includes ethanol. For instance, there is no face L&T shareholders on Wednesday for the last
Following the move to acquire SMG, what country that has so much biogas potential (but India). time as chairman — expressed willingness to col-
does MSIL’s plan for EVs look like? The target for hybrid cars is separate. laborate with the government after retirement on
EV growth has been slow in India. What we are aiming September 30 to streamline the tendering system
for is that by 2030-31 around 15-20 per cent of our total You have said that reaching a 4 million annual or on any project of national interest as long as it MANY A TIME LESS
car sales comes from battery-powered electric vehicles. capacity (from 2.2 million now) will require “does not require travel to New Delhi”. QUALIFIED COMPANIES WIN
Translated into numbers, it will be around 0.5 reorganising the company substantially. “Saudi Arabia is giving contracts worth billions PROJECTS JUST BY QUOTING THE
million. It’s not a small number, but we will try our Are you planning any move like spinning of dollars to L&T. But in India, large-sized
best to reach it. We expect the electric car market off the EV vertical into a separate contracts are divided into separate packages and LOWEST FIGURE, BUT THEY FAIL TO
at that time to be 6 million-7 million in terms of company, as many have done? then the contracts are awarded to multiple COMPLETE THEM IN TIME. THIS
To climb from 2.2 million to 4 million companies. As a result, while we finish our con- NEEDS TO CHANGE...
capacity in eight years is a huge struction in time… other less experienced players ANIL M NAIK, CHAIRMAN, L&T
WHAT WE HAVE DONE (SMG’S exercise. But no, we won’t spin off are left behind, resulting in the entire project fall-
the electric business; it has to be part ing behind,” said Naik. Turn to Page 6 > INTERVIEW ON PAGE 2 >
ACQUISITION) WILL LEAD TO ONLY of the production system. We don’t
4% DILUTION IN EQUITY AND IN RETURN, want the electric team pushing only
WE WILL ACHIEVE AN INCREASE their products; we want the company to
IN OUR PRODUCTION CAPACITY grow overall. MoS IT MEETS LEADING PC AND LAPTOP MAKERS
Clearly, some aspects
BY 800,000 VEHICLES
PER ANNUM
of the company have
to be centralised, and
others decentralised.
‘Simple’ licensing norms in the works
R C BHARGAVA, We have to work ARYAMAN GUPTA & SHREYA NANDI of electronics majors over the proposed
CHAIRMAN, MARUTI SUZUKI this out. Turn to Page 6 > New Delhi, 8 August import restrictions on these products and
their components.
Minister of State for Electronics and “The government will make sure that there
Suzuki’s stake Maruti Suzuki India Ltd (MSIL) will issue equity shares HYUNDAI Information Technology Rajeev Chandrasekhar is no major paperwork. There will be a stipu-
to be higher in on a preferential basis to parent Suzuki Motor Corporation GLOBAL BOSS on Tuesday met with top laptop, tablet and per- lated time within which the entire process (of
(SMC) to acquire 100 per cent stake in the latter’s Gujarat PUSHES EV sonal computer (PC) makers and assured them getting the import licence) will be completed.
Maruti upon plant. This deal is expected to increase the share base of CREDENTIALS ON that the government would come up with an However, only time will tell how it will even-
MSIL by about 4 per cent. And consequently, it will raise import licensing procedure that would be “sim- tually work out,” a person aware of the devel-
Gujarat plant sale SMC’s shareholding in Maruti by 1.8 percentage points. 2 >
INDIA VISIT P13 ple and easy” to comply with. opments told Business Standard.
The meeting sought to allay concerns Turn to Page 6 >
2 COMPANIES NEW DELHI | WEDNESDAY, 9 AUGUST 2023
> Genus Power Infrastructures > Central Bank of India > HPL Electric & Power > Tata Power Co > GAIL India
STOCKS Wins order worth Enters strategic co- Inks agreement Q1FY24 net loss widens to Pune Commissioner
IN THE NEWS ~2,210 crore, hits lending partnership with WBSEDCL ~95 crore against loss of drops Customs duty
52-week high with CCSPL ~82 crore in Q1FY23 demand of ~934 cr
~191.6 CLOSE ~30.9 CLOSE ~216.1 CLOSE ~233.9 CLOSE ~116.4 CLOSE
p5.5% UP* p3.2% UP* p5.0% UP* p0.5% UP* p1.9% UP*
*OVER PREVIOUS CLOSE

>

‘I’m paranoid about producing best leaders for the company’

The annual general meeting at Larsen & Toubro (L&T) will be held on Wednesday, and in the whys and wherefores of the green from a hostile takeover a few decades back.
ANIL MANIBHAI NAIK will address shareholders for the last time as chairman. He plans to step down energy business. What is a turnaround story you see at L&T
next month. In an interview with Amritha Pillay & Dev Chatterjee in Mumbai, Naik says he will in the more recent years?
continue to head L&T’s employee trust, and focus on charity and philanthropy, along with national When you were moving to your non- L&T Finance will be a turnaround story you
interest projects. Naik also talks on L&T’s challenges and opportunities. Edited excerpts: executive role, you listed nuclear as a should watch out for. Its profit has doubled.
challenge for SNS. How do you see it now? We have changed the whole strategy by
Give us a glimpse of what keeps you busy in one to shed and which not to waste time on. Nuclear energy has not moved at all in the reducing the wholesale and realty
your non-executive role. This is being internally brainstormed. There country. It is not a challenge for SNS but it is businesses. In two years, 90 per cent
I spend time on charity and philanthropy. are two other businesses, which we have re- a challenge for the country and will be retail and 10 per cent wholesale. We
Also, I mentor new leaders. I’m paranoid structured and which should now become consequently he must face it. The challenge are done with major write-offs, and there
about producing the best leaders for the big in the next five years. is we are not getting the plants. We are giving may be 1-2 per cent. We are in the process of a
company. It is my passion to mentor new The platform for L&T is away those shops to green full turnaround.
leaders and that I will continue to do. ready. I have done that with the power.
So, five hours a day I am usually busy. Hazira facility. Through your interactions, what is your
And I will be busy till the end because I will In your own words, you are a view on the current generation of labour?
be chairman of the trust that owns L&T. Tell us more about the green man in a hurry and not haste. What I do not like is the current generation’s
energy bit. What is the focus of your hurry perspective on life. There is no lagaav
You have mentioned the need for At Hazira, I suggested not to right now? (attachment). They work for five years
simplifying L&T’s business structure. Are create new shops but use the ones for coal All national sectors are of interest to me. For and they think they have worked for long.
you happy with it or are there other changes (thermal power projects) shops for green. instance, if the Prime Minister asks me to The long service mark was at some point 20-
you propose? Internally, we found a new business leader work on nuclear energy, I am willing to do so. 30 years and above. Later because of the
SNS (SN Subrahmanyan) has been chief (Subramanian Sarma). We will keep young generation, we had to reduce it from
executive officer and managing director for watching the sector because big names are Your best turnaround story is of separating 20 to 15 years and from 15 to just 10 for
the past six years. I started the strategic plan in entering this segment. I have been involved and ring-fencing the engineering business information technology.
2000, and we later called it Lakshya. With the
kind of detailing that SNS and I have done
together, the company’s value system has
been fully grasped and it should do well. Do “L&T FINANCE WILL BE A TURNAROUND STORY YOU “WHAT I DO NOT LIKE IS THE CURRENT
we want to organise again? It is a constant SHOULD WATCH OUT FOR. ITS PROFIT HAS GENERATION’S PERSPECTIVE ON LIFE. THERE IS NO
process. For example, we plan to enter the
green energy segment and set up shop in
DOUBLED...IN TWO YEARS, 90 PER CENT WILL BE LAGAAV (ATTACHMENT). THEY WORK FOR FIVE YEARS Anil M Naik,
Hazira. I have shredded 16 businesses, small RETAIL (BUSINESS) AND 10 PER CENT WHOLESALE” AND THEY THINK THEY HAVE WORKED FOR LONG” Chairman, L&T
and non-core (in the past). I tell SNS which

GST impact: Carlyle buys Quest Global GUJARAT PLANT BUY

Maruti Suzuki to
MPL to fire stake at $2 bn valuation
350 staffers issue preferential
ADITYA KALRA
Bengaluru, 8 August
“Adjusting to a sudden
increase of this magnitude
Picks up significant minority stake at $500 mn; Bain Capital, Advent to exit
AYUSHMAN BARUAH
Bengaluru, 8 August
shares to parent
means we need to make some Ananya’s Svatantra Microfin to buy DEEPAK PATEL

U
Gaming app Mobile Premier very tough decisions ... We S private equity firm Carlyle New Delhi, 8 August
League (MPL) will lay off 350 must take steps to bring these
employees as it takes steps to expenses down in order to sur-
will acquire a “significant
minority stake” in Singapore-
Sachin Bansal’s Chaitanya India Fin Maruti Suzuki India (MSIL) will
“survive” a tax imposed by the vive and to ensure that the
Indian government on online business remains viable,"
headquartered product engineering
services company Quest Global as
Deal valued at ~1,479 cr; will make Svatantra issue equity shares on a prefer-
ential basis to parent Suzuki
gaming companies, according Srinivas said. part of a definitive partnership agree- one of the largest players in the sector Motor Corporation (SMC) to
to an internal memo seen by MPL did not immediately ment, which will lead to the exit of acquire 100 per cent stake in the
Reuters on Tuesday. respond to Reuters' request for existing investors Bain Capital and Ananya Birla’s Svatantra Microfin will Svatantra has entered into a latter’s Gujarat plant.
MSIL said that shareholders
The move comes comment. Half the Advent International. acquire Sachin Bansal-controlled definitive agreement to acquire This deal is expected to
would earn higher EPS under
on the back of the Half of the workforce employed Equity for this transaction will Chaitanya India Fin Credit Private Ltd Chaitanya, a wholly owned increase the share base of MSIL
the share-swap deal than
government's deci- workforce by the company come from funds managed and in a deal valued at ~1,479 crore. subsidiary of Navi Group. The by about 4 per cent. And con-
if it had paid in cash to
sion last month to employed by could be laid off, advised by entities affiliated with This transaction, one of the transaction is expected to be sequently, it will raise SMC’s
purchase the plant
impose a 28 per cent the firm may with the product Carlyle Asia Partners. Quest Global largest in the sector, is expected to completed by the end of 2023, subject shareholding in Maruti by
Goods and Services be laid off, team to be the most will repurchase its shares, and catapult Svatantra to become the to the receipt of regulatory approvals around 1.8 percentage point.
Tax on funds that said a source affected with more Chairman and Chief Executive Officer second-largest player among non- and customary closing adjustments, “Whether it is in terms of PAT
“VERY FEW COMPANIES HAVE
online gaming firms than 60 job cuts, a Ajit Prabhu will acquire an additional banking financial company- Svatantra said in a statement. (profit after tax) or earnings per
ANY SUBSTANTIAL CASH
collect from customers. The source familiar with the infor- stake in the company. microfinance institutions (NBFC- ABHIJIT LELE share (EPS) or dividend per share
RESERVES AND THAT IS ONE OF
new rule will increase the com- mation told Reuters. The The quantum of stake to be MFIs) in the country with (DPS) of MSIL, the share-swap THE REASONS WHY THE
pany's tax burden by 350-400 source could not be named as acquired by Carlyle and Prabhu combined assets under option will give shareholders a COMPANIES DON'T INVEST IN
Ananya Birla, Founder TECHNOLOGY DEVELOPMENT,
pre cent, MPL CEO Sai Srinivas they are not authorised to was not disclosed in the announce- management (AUM) of & Chairperson, better deal than any other option
said in the memo, adding that speak to the media. It is not ment, but sources said Carlyle Asia ~12,409 crore. such as cash payment,” MSIL ENGINEERING DEVELOPMENT,
Svatantra MODERNISATION, ETC... WE
the company is revisiting clear how many employees Partners would invest about $500 mil- Creditaccess chairman RC Bhargava told
expenses related to their server the firm currently has. lion to acquire a 28 per cent stake in Grameen is the
Sachin Bansal, reporters during a press confer- HAVE CASH BECAUSE WE
Chairman & CEO, Navi
and office infrastructure. REUTERS Quest Global at a valuation of largest player with ence. On July 31, MSIL had FOLLOW VERY FRUGAL
nearly $2 billion. AUM of ~21,031 announced that it would acquire MANUFACTURING PRACTICE”
“The partnership approach taken crore at the end 100 per cent share in Suzuki
for this transaction demonstrates of March 2023. Motor Gujarat Private Limited,
R C Bhargava, chairman, MSIL
IN BRIEF Quest Global’s commitment to the which owns the plant, from SMC.
long-term success of its business This will also enhance its produc- done by preferential issue of
strategy and its employees,” Quest tion efficiency. equity in favour of SMC,”
Tata Motors to remain focused on Global said on Tuesday.
Amit Jain, managing director and working closely with Quest Global’s accounting for about 10,000.
The Gujarat plant has been
manufacturing cars for MSIL
Bhargava noted. According to
MSIL’s estimates, the EPS and
profitability, growth: Chandra head of Carlyle India Advisors, said,
“Carlyle was the first early-stage private
management team while leveraging
Carlyle’s deep sector expertise and
“It was a great value-added partner-
ship with Carlyle the first time around,
under a contract manufacturing
agreement (CMA) signed
DPS till 2030-31 (FY31) for its
shareholders would be ~657 and
Tata Motors on Tuesday said it will continue to remain focused equity investor in Quest Global, and we global network to help the company and I look forward to working with between SMC and MSIL. ~263, respectively, under the
on executing its strategy to deliver growth, profitability and free are proud to partner again…Quest expand its global leadership in the Carlyle again, to propel us in the jour- “We will of course go and get share swap method. This is
cash flows consistently. Addressing virtually Tata Motors Global is well poised to benefit from ER&D space.” ney ahead. Together, I am minority shareholders’ approval mainly due to interest income
shareholders at the company's 78th AGM in Mumbai, chairman the growing focus on product innova- Driven by the demand for engineer- confident, we will deliver on our mutual for all the three transactions — earned on higher cash reserves.
N Chandrasekaran said that the domestic business is expected to tion, digital engineering, embedded ing services, Quest Global aims to dou- commitment to provide cutting-edge termination of the CMA, the If the Gujarat plant is purchased
achieve the 'zero debt' target by this fiscal while the subsidiary systems, increased outsourcing, and ble its India headcount to 20,000 in the engineering solutions to our clients decision to purchase (Gujarat using MSIL’s cash, the EPS and
company JLR will achieve it in the calendar year 2024. "Tata disruptive technology advancements next 3-5 years. Currently, it has about around the world while preserving our plant’s) shares from SMC, and DPS would be ~637 and ~255,
Motors will continue to remain focused on executing its strategy across industries. We look forward to 17,500 employees globally, with India entrepreneurial culture,” Prabhu said. that this purchase should be respectively, it stated.
to deliver growth, profitability and free cashflows consistently,"
Chandrasekaran told shareholders. PTI

Freshworks sees two top Hyundai global boss pushes EV credentials on India visit
level exits this month
Freshworks has reported the exit of two senior executives after co-
founder Shanmugam Krishnasamy quit the software as a service
SHINE JACOB
Chennai, 8 August
company in March. Suman Gopalan, chief human resource officer,
and Stacey Epstein, chief marketing officer, have moved out. “We
are grateful for their years of hard work, taking us through initial
Korean automaker Hyundai
Motor Group (HMG) is vigorously
aiming to establish a robust
public offering and life as a public firm, and the foundation
Suman and Stacey have established for the future success of
presence in India’s electric vehicle
(EV) segment through the
Freshworks,” the company said. SHINE JACOB introduction of new models and
the establishment of charging
stations under Hyundai Motor
Tata Power to invest ~13K cr for India (HMIL) and Kia India.
Euisun Chung, executive
2 pumped hydro storage units chairman of HMG, who is
currently visiting India, urged
Tata Power on Tuesday announced a ~13,000 crore investment for both companies to deliver
setting up two pumped hydro storage projects (PSPs) in products that not only meet but
Maharashtra. Without sharing a timeline for the investment, the exceed customer expectations on
firm said the two projects will have a combined capacity of 2,800 time, thus driving the
MW. The two PSPs will be set up at Shirawta, Pune and Bhivpuri, achievement of these
Raigad and generate employment for 6,000 people. PTI growth targets.
The group is strategically
working to elevate Kia’s market
Correction share from the current 6.7 per cent
to an impressive 10 per cent in
The headline to a report on Quest Global, published on August 8, India in the near future.
had an incorrect headcount projection. The correct headline Additionally, the group is focusing
should have been, ‘Quest Global plans to double India headcount on fortifying its sport utility
to 20,000 in 5 years’. The error is regretted. vehicle leadership and expanding
Hyundai Motor Group Executive Chair Euisun Chung (centre) at the
company’s Chennai unit on Tuesday during his India visit
its EV line-up within India.
In adherence to its long-term
strategy, HMG is set to unveil five
new EV models by 2032 while
concurrently expanding the
network of EV charging stations to
439 by 2027, capitalising on the
strength of its expansive sales
network. Conversely, Kia plans to
commence the production of
compact EVs, optimised for the
local market, beginning in 2025.
The company will progressively
introduce a variety of EV models
and purpose-built vehicles.
To invigorate this long-term
strategy, Chung toured Hyundai
Motor India Engineering located
in Hyderabad — the brand’s
research and development
(R&D) nucleus in India — as well
as the automobile plants in
Chennai on Monday.
During these visits, he
deliberated on mid- to long-term
growth strategies with local
employees. Subsequently, on
Tuesday, he held meetings with
Tamil Nadu Chief Minister M K
Stalin and Industries Minister
T R B Rajaa.
In May, HMIL, the second-
largest car manufacturer in India,
unveiled its intention to invest
~20,000 crore in Tamil Nadu
over the course of a decade, with
the aim of bolstering production
volumes and introducing new
EV models.
Kia is also formulating plans
for an EV charging infrastructure.
The ‘Kia 2.0 Strategy’ aims to
elevate the company’s market
share in India from the current 6.7
per cent in the first half of this year
to an ambitious 10 per cent in the
coming years.
Harley halts India
bookings after it
gets 25,500 orders
Hero MotoCorp stopped taking bookings for a new
Harley-Davidson Inc. motorcycle in India after
receiving more than 25,500 orders.
Hero said it had seen “overwhelming” demand
for the Harley-Davidson X440 in the month since
it started taking orders for the model, which it is
producing in partnership with the American
motorcycle icon.
Over 65 per cent of the 25,597 bookings are for
the highest-end X440, which is priced at ~269,000
($3,250), the company said on Tuesday.
Hero will start production of the motorcycle in
September and begin deliveries the following
month. The strong demand prompted the New
Delhi-based company to raise the starting price by
nearly 5 per cent earlier this month.
Motorcycle manufacturers are teaming
up with companies to lower production costs
and churn out cheaper models that appeal to
the local market. BLOOMBERG

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.
Indian startups add
$400 mn in gains to
SoftBank Vision Fund
PEERZADA ABRAR
Bengaluru, 8 August
J
apanese investment
firm SoftBank’s Indian
portfolio startups —
Zomato, Paytm, Delhivery,
and PB Fintech — collectively
contributed gains of over
$400 million to the SoftBank
Vision Fund (SVF) during the
quarter ended June 2023.
During the quarter, Paytm
boosted the Vision Fund’s
gains by $200 million, while
Zomato and Delhivery each
added $100 million to the
fund, as indicated in
SoftBank’s financial filings.
However, there were no gains
or losses recorded in the first
quarter (Q1) from SoftBank’s
investment in PB Fintech.
In the previous quarter,
which ended in March
2023, these four listed
startups within SoftBank’s
portfolio generated an
additional $100 million for
the Vision Fund.
In the meantime, as of
June 30, 2023, SoftBank’s
SVF1 reported gross gains of
$373 million from the parent
company of insurtech firm
PolicyBazaar, PB Fintech. The
gain from logistics firm
Delhivery reached $259 mil-
lion by the same date.
Continuing their contrib-
ution to the fund’s gross loss,
Zomato and Paytm accounted
for these losses. Zomato’s total
loss contribution stood at $46
million, while Paytm
contributed $335 million to
NQ1 RESULTS ROUND-UPN
Hindalco profit tumbles
over 40% to ~2,454 crore
PRESS TRUST OF INDIA
Mumbai, 8 August
Hindalco Industries Ltd on
Tuesday posted 40 per cent fall
in its net profit to ~2,454 crore
for the quarter ended June 30,
dragged by lower income.
It had clocked a net profit
of ~4,119 crore in the
April-June period of the pre-
ceding 2022-23 financial
year, according to an
exchange filing.
The company's total
income also declined to ~53,382
crore from ~58,229 crore in the
year-ago period. Expenses
were at ~50,055 crore as against
~52,185 crore a year ago.
In a separate statement,
Satish Pai, managing director
of Hindalco Industries, said,
“FY24 has started on a prom-
ising note. Our focus on
expanding our value-added
portfolio and operational effi-
ciencies has enabled us to
deliver sustained performance
in the face of continued mac-
roeconomic pressures.”
He further said that
despite significant market
headwinds, Novelis has con-
tinued to show sequential
improvement in adjusted
earnings before interest, taxes,
depreciation, and amortisa-
tion (Ebitda) at $421 million
and at $479 Ebitda per tonne,
backed by record sales of auto-
motive aluminium sheets.
Revenue of Novelis,
Hindalo’s Atlanta-based sub-
sidiary, stood at $4.1 billion.
MobiKwik reports first ever
consolidated PAT at ~3 crore
AJINKYA KAWALE
Mumbai, 8 August
Fintech platform MobiKwik
on Tuesday said it posted a
consolidated profit after tax
(PAT) for the first time ever at
~3 crore during the first
quarter of financial year 2023-
24 (Q1 FY24).
The firm, however, for the
second time in succession,
reported earnings before inter-
est, taxes, depreciation, and
amortisation (Ebitda) of ~13.6
crore in Q1. This is a rise of 181
per cent year-on-year (Y-o-Y).
The company’s revenue in
Q1 FY24 grew 68 per cent com-
pared to the corresponding
quarter in the last financial
year. It generated ~177 crore in
NEW DELHI | WEDNESDAY, 9 AUGUST 2023
COUNTING
THE
GAINS
SoftBank's Vision Fund 1 (SVB1) data for
quarter ended June 30, 2023 (in $ mn)
n Investment n Gross return to SVB1
n Gross gain (loss) to SVB1
397
373
656
259
572
199
PolicyBaaar Delhivery
Source: Softbank presentation
SVF1’s losses.
This represents an
improvement on a quarter-
on-quarter basis. Until March
31, 2023, Paytm’s overall loss
contribution to SVF1
amounted to $526 million,
and Zomato’s contribution
was $131 million.
This development coin-
cides with food aggregator
platform Zomato achieving
profitability for the first time
in (Q1) of 2023–24 (FY24). The
company reported a consoli-
dated profit after tax of ~2
crore for the quarter ended in
June 2023, compared to a loss
of ~186 crore in the same
period the previous year.
Revenue from operations
for the Gurugram-based food
Revenue of Novelis, Hindalo’s Atlanta-based subsidiary, stood
at $4.1 billion, impacted by lower average aluminium prices
Adani Ports net up
over 80% at ~2K cr
on higher volumes
Adani Ports and Special
Economic Zone, the
country’s largest private port
operator, reported an 82.6 per
cent surge in first-quarter
profit on Tuesday, helped by
a jump in cargo volumes and
as higher tariffs boost
margins. The company said
its consolidated net profit
rose to ~2,115 crore in the
April-June quarter, from
~1,158 crore a year ago.
Its revenue from
operations increased
23.5 per cent to ~6,248 crore,
boosted by a 12 per cent
growth in cargo volumes.
The company — which
operates the largest container
MobiKwik co-founder and
COO Upasana Taku said the
firm expected to maintain
the momentum throughout
the year PHOTO: TWITTER
revenue during Q1 FY24, and
its contribution margin rose by
108 per cent to ~73.9 crore.
During the fourth quarter
of financial year 2022-2023 (Q4
COMPANIES 3 <
RIL pushes back rollout
of battery pack till 2024
AMRITHA PILLAY
Mumbai, 8 August Exide to start Phase-I of
Reliance Industries (RIL) has
reset its battery pack produc-
tion timeline, shifting it from
2023 earlier to 2024, details
Li-ion plant by FY25 end
ISHITA AYAN DUTT
Kolkata, 8 August
and chief executive officer
(CEO), during the
Paytm shared in the oil-to-telecom company’s annual general
helped conglomerate’s latest annual Construction of Exide meeting (AGM) on Tuesday.
Vision report suggest. In the FY23 Industries’ greenfield The plant, with a
Fund gain annual report released on lithium-ion cell capacity of 12 gigawatt
Sunday, the company has manufacturing project in hours (GWh), would be
$200 mn
listed the start of battery pack Bengaluru is going on in full set up in phases.
during the
quarter
production in 2024. A year ago, swing and commercial The first phase of 6 GWh
at the company’s annual gen- production of the first would entail an investment
eral meeting (AGM), Mukesh phase is expected by the of about ~4,000 crore. The
Ambani, chairman and man- end of next financial year total project cost of ~6,000
-46
1,600
aging director of RIL, had said,
“We aim to start production of
(FY25). This was stated by
Subir Chakraborty,
crore would be met through
internal accruals as well as
Pepperfry co-founder Murty
1,260 battery packs by 2023 and scale
up to a fully integrated 5 GWh
managing director (MD) bridge loans.
dies of cardiac arrest in Leh
annual cell-to-pack manufac- Ambareesh Murty (pictured), more. Lost him yesterday night
turing facility by 2024.” latest statement, cannot con- wholly-owned subsidiary of the co-founder and CEO of to a cardiac arrest at Leh.
309
The timeline for the scale- tinue much longer. RIL installed its first sodium- Pepperfry, died of a Please pray for him
263
up to a fully integrated 5 GWh In December 2021, RIL ion battery in Australia in cardiac arrest in and for strength to
-335
-46
annual cell-to-pack manufac- announced the acquisition of December 2022. RIL plans to Leh, the online his family and near
turing facility remains 2024, a leading global sodium-ion look at energy storage solu- marketplace for ones,” Shah said in
Zomato Paytm
the latest annual report shows. battery technology company, tions, including powering furniture and home a post on X, formerly
An email query sent to the Faradion, for an enterprise green mobility, through its decor’s another co- known as Twitter.
company on Monday value of GBP 100 million with foray into battery manufactur- founder Ashish Murty was a bike
delivery company exhibited a remained unanswered. plans to use the latter’s state- ing. The sodium-ion battery Shah said. enthusiast and used
71 per cent year-on-year Battery manufacturing is of-the-art technology at its pro- technology globally is still at a Murty was 51. to go on motorcycle
increase, reaching ~2,416 crore part of RIL’s focus on the new posed fully integrated energy developing stage, with com- “Extremely devastated to trips from Mumbai to Leh.
in Q1FY24, up from ~1,414 energy business — a conscious storage gigafactory panies testing its commercial inform that my friend, mentor, He had posted photos and
crore during the correspon- shift from fossil fuels, which, in Jamnagar. According to usage for various applications brother, soulmate videos from his trip to Ladakh
ding period a year ago. according to Ambani in his Faradion’s website, the now including mobility. @AmbareeshMurty is no on Instagram. PTI
SoftBank has progressively
reduced its shares in Paytm,
Delhivery, and Zomato
through multiple rounds. The
investment firm recently
divested an additional 2 per
cent of its stake in One97
Communications, Paytm’s
parent company, for an esti-
mated $180-200 million.
This move resulted in
SoftBank’s total ownership in
the Indian financial technol-
ogy (fintech) firm falling
below 10 per cent for the first
time to 9.15 per cent.
Invest
Ethically
Returns
Will Follow.
handling port in India,
Mundra in Gujarat — kept its
full-year revenue outlook of
~24,000-25,000 crore,
implying year-over-growth of
15-20 per cent. Adani Ports
said results were helped by
Ebitda margins at its ports
business expanding by 150
basis points to 72 per cent,
mainly due to tariff hikes.
Cargo volume crossed 100
million metric tonnes in the
latest quarter, putting the
company on course for full-
year volume of 370-390 MMT,
said CEO Karan Adani, son of
billionaire Gautam Adani,
who controls the Adani group
of companies. REUTERS
Choose a Mutual Fund that follows
sustainable and ethical investing.
Always invest consciously. Because responsible investing methods inspire
companies to be eco-friendly and socio-conscious. What’s good for all, in the long
run, will turn out to be better for you too.
FY23), MobiKwik recorded a
revenue of ~160 crore. Strong processes and risk management help you achieve your goals steadily
Moreover, it recorded an
and sustainably.
adjusted Ebitda of ~3 crore dur-
ing the same period.
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ability in all the quarters. The
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Helpful Information for Mutual Fund Investors: All Mutual Fund investors have to go through a one-time KYC (know your Customer) process. Investors should deal only with registered
numbers are positive in all mutual funds, to be verified on SEBI website under ‘Intermediaries/Market Infrastructure Institutions’. For redressal of your complaints, you may please visit www.scores.gov.in.
parameters, be it adjusted For more info on KYC, change in various details and redressal of complaints, visit mf.nipponindiaim.com/InvestorEducation/what-to-know-when-investing
Ebitda, Ebitda or profit before
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growth for this financial year,”
said Bipin Preet Singh, co-
founder and chief executive
officer (CEO) at MobiKwik.
4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | WEDNESDAY, 9 AUGUST 2023 1

Govt to unveil ~4,126 cr ‘payment security fund’ for e-buses

Move to ensure companies get secure, timely payments under CESL has limited flexibility, preventing
SRTUs from selecting preferred working partners
NITIN KUMAR
New Delhi, 8 August
billion (~82,796 crore) National Electric Bus
Programme (NEBP). “Given that we have already GREEN TRACK and making them vulnerable to financial risks,
said Preetesh Singh, senior manager, Automotive

In a significant step towards promoting eco-

friendly and sustainable public transportation,
the Centre is poised to unveil a ~4,126 crore ‘pay-
ment security fund’ to streamline the procure-
ment of 38,000 electric buses (e-buses) across the
country.
The planned move is to ensure that manufac-
turers receive secure and timely payments for the
e-buses they supply to State Transport
Undertakings (STUs) and other government agen-
cies. This follows the underwhelming response
from participants in recent e-bus tenders.
The hesitation among bidders largely stems
from concerns about the low bankability of e-bus
leasing contracts and the existing financial chal-
lenges faced by STUs.
“A ~4,126 crore payment security fund is cur-
rently in development. Our plan is to introduce
this fund in the coming months,” Hanif Qureshi,
joint secretary, Ministry of Heavy Industries
(MHI), told Business Standard.
The primary purpose of this fund is to aid the
government in achieving its ambitious target of
deploying 50,000 e-buses by 2027 under the $10
sanctioned approximately 12,000 buses, this fund
will play a crucial role in supporting the remain-
ing target,” Qureshi added.
Significantly, the United States government is
collaborating with India on this initiative by con-
tributing $150 million (~1,241 crore) towards the
fund, with the Indian government committing
the remaining funds.
The absence of a payment security mechanism
not only deterred smaller original equipment
manufacturers (OEMs) with limited financial
resources but also Tata Motors, the country’s
largest bus manufacturer, from participating in
the last two tenders held by state-run
Convergence Energy Services Limited (CESL) for
6,465 and 4,675 e-buses.
During an interview in January, Girish Wagh,
executive director of Tata Motors, had empha-
sised the need for a payment security mechanism
to increase the model’s bankability.
He had stated that Tata Motors would only
consider participation if such a mechanism was
in place.
CESL is already considering cancelling a
dry lease tender for 4,675 e-buses, announced
on January 4, due to a tepid response from
OEMs. OEMs’ apprehensions are not without rea-
son. According to a Ministry of Road Transport
and Highways report in FY19, only eight of the 56
~4,126 crore
fund to help deployment
of 38,000 buses
~1,241 crore
to be provided by the US
government
~2,885 crore
to be invested by the
Indian government
State Road Transport Units (SRTUs) had made a
net profit. Delhi Transport Corporation (DTC)
alone had a loss of ~5,200 crore.
Furthermore, the current aggregated tender
Industry Consulting Group, NRI Consulting and
Solutions.
Financial institutions have been cautious
about supporting e-buses, given that the cost of
each e-bus exceeds ~1.2 crore — approximately
five times that of a diesel bus.
“This move will encourage greater participa-
tion in upcoming tendering processes and foster
improved penetration of e-buses in the country,”
Singh said.
Currently, STUs are required to maintain an
escrow account holding funds equivalent to an
estimated two months’ fees. In its January tender,
CESL had indicated that it submitted a proposal
to MoRTH for the creation of a payment security
mechanism.
The proposed fund, termed ‘payment reserve
for advancing public transport’ (PRAPT), was
under deliberation by MoRTH and other govern-
ment agencies, CESL had said.
While the new fund is being finalised in con-
sultation with MoRTH, its administration will fall
under the purview of the MHI, which also serves
as the nodal ministry for the promotion of electric
mobility in the country.

E-COM, TECH STARTUPS

TAKE LEAD AS FRESHER
HIRING IMPROVES IN H2
IDBI Bank financial CONSULTATION PAPER RELEASED

Trai wants to know

bids likely by Q3FY24 why channel tariffs
Procedural delays likely to hold up stake sale in the bank should be revised
SHRIMI CHOUDHARY The Department of Investment
Companies hired 3 per cent more fresh talent in the New Delhi, 8 August and Public Asset Management,
responsible for managing govern-
DTH players, cable operators had pushed
second half of 2023 (H2) compared to the first, led by e-
back on latest directions for the sector
T
he strategic sale of govern- ment equity, will check antecedents
commerce firms & tech startups, according to the ment and state-owned Life once it receives the green light from
TeamLease EdTech Career Outlook Report HY2, 2023. Insurance Corporation (LIC) the RBI, subsequently enabling the SUBHAYAN CHAKRABORTY per cent of declared NCF per addi-
Hiring intent for all categories increased to 73 per cent of India stakes in IDBI Bank might invitation of financial bids. New Delhi, 8 August tional TV. For such homes, Trai has
from 68 per cent in the same period, indicating an encounter procedural delays, poten- It’s important to highlight that asked whether pay television chan-
optimistic job market in the coming months. SHIVANI SHINDE tially pushing the timeline for expect- access to the bank’s data room will The Telecom Regulatory Authority of nels for each additional TV connec-
ed financial bids to the third quarter be granted to qualified bidders after India (Trai) on Tuesday issued a new tion should also be made available at
Overall hiring intent: 73% Cities with of the current financial year (2023- vetting by both the RBI and the home consultation paper for the broadcast- a discount.
(%) Experience highest intent 24, or FY24), according to sources ministry. ing sector, seeking to discuss cus- It has also proposed a model
familiar with the development. Industry experts maintain opti- tomer fees and whether Direct To whereby Trai may follow economic
to hire freshers Financial bids constitute the mism about the IDBI stake sale Home (DTH) operators should indices for revising the NCF on a peri-
65 62 47 65 (%) second significant step in the occurring this year. Once financial mandatorily provide odic basis.
2 3 61
47 disinvestment process, following bids are submitted, an estimated two free-to-air channels. Trai asked stake-
Fresher 1-5 6-10 11-15 15+ 43 41 expressions of interest (EoIs) from to three months will be required to The paper will also FRESH CALL holders if there is a
(0-1 yr) yrs yrs yrs yrs potential bidders. finalise the remaining processes, look at issues like tar- need to review the
In this phase, bidders are required WHAT’S AT STAKE including share transfers and the iff, interconnection n Trai will again ceiling on discounts
Industry-wise hiring to quote transactional fee as a per- Early this year, the Centre open offer from the winning bidder. and service quality, discuss tariff, given by DTH opera-
Top five (%) centage of the disinvestment pro- received multiple EoIs from “To mitigate delays during the such as revenue shar- interconnection & tors on the sum of the
E-com, tech startups 59 ceeds, which are then added to the domestic and foreign investors transaction stage, the government ing between multi- quality of services maximum retail price
government’s kitty after completion may consider conducting an initial system operators of a-la-carte channels
Telecom 53 for 60.72% stake in IDBI Bank n Paper seeks views
of the transaction. assessment of potential companies (MSO) and local cable in a bouquet.
Mumbai
Bengaluru

Chennai
Delhi
Hyderabad

Engg & infra 50 The offer comprises 30.48% on whether Network

The Reserve Bank of India (RBI),
IT 49 responsible for the “fit-and-proper
Health care & pharma 42 assessment” of shortlisted potential
bidders, has yet to grant its
approval. This delay is anticipated
to extend the time needed to invite
IN BRIEF financial bids.
“Initially, we had aimed to invite
Wheat prices at 6-mth high bids by September, but due to pro-
cedural delays, more time is needed,”
on demand, limited supply revealed an official with knowledge
of the process.
The cautious approach taken by
Indian wheat prices surged to a six-month high on Tuesday due to the banking regulator is understand-
limited supplies and robust demand ahead of the festive season, able, given the involvement of a
dealers said. The increasing prices may prompt New Delhi to bank, the official noted.
eliminate import duties on the cereal to bolster The IDBI stake sale holds
supplies and control prices ahead of key state significant importance for the gov-
polls and next year’s general election. Wheat ernment’s target to achieve ~51,000
prices at Indore in the central state of Madhya crore in FY24. The deal is projected
Pradesh rose by 1.5 per cent per cent on Tuesday to generate ~15,000–16,000 crore,
to ~25,446 per metric ton, the highest since factoring in the prevailing stock mar-
February 10. Prices have surged by nearly 18 per ket conditions.
cent over the past four months. “In all key producing The regulator is reported to be
states, farmer supplies have nearly come to a halt. Flour mills are examining various aspects, including
struggling to obtain sufficient supplies in the market,” said a New the bank’s capital adequacy, after-
Delhi-based trader. REUTERS acquisition concerns, the credibility
of potential bidders based on their
track record, their financial stability
from the government and
30.24% from LIC, the current
promoter
IDBI’s stake sale is crucial to
meeting the FY24 disinvestment
target of ~51,000 crore
RBI is undertaking a fit-and-
proper assessment of bidders,
assessing bidders’ conflicts of
interest and financial viability
The government intends to
complete the sale transaction
in financial year 2023-24
following additional capital infusion
in the bank, and particularly, any
potential conflicts of interest.
“Assessing certain aspects,
such as conflicts of interest, requires
substantial information from
multiple sources,” noted the official
cited above.
It was added that both the min-
istry and banks are working closely
to ensure all processes are concluded
within the designated timeline.
before adding them to the disinvest- operators (LCO). It asked if revenue
ment list. This assessment should These issues were not Capacity Fee of ~130 sharing between
encompass potential value drivers, covered under the should rise DTH and local cable
whether asset- or business-related, third amendment of n The regulator has operators should be
while safeguarding the entity’s rights the new tariff order recommended that reviewed and if there
over these value drivers. issued in November, should be a review of
the Centre creates
Additionally, all pertinent financial, said the regulator.
new permits for
the cap on carriage
legal, and other documentation nec- The new paper fee. The paper also
digital infrastructure
essary for potential due diligence
should be identified,” says Arindam
asks stakeholders if
the ~130 ceiling on service providers but
covers a review of
installation and acti-
Guha, an independent expert in pub-
lic policy and governance matters.
Network Capacity Fee
(NCF) — levied by
no licence fee is
imposed on the firms
vation charges and
financial disincen-
On January 7, the Centre received DTH operators on tel- tives to be levied in
numerous EoIs from both domestic evision (TV) sub- case a service
and foreign investors for the 60.72 scribers — should be raised. It also provider is found violating provisions
per cent stake in IDBI Bank. The suc- asks whether DTH operators should of tariff order.
cessful bidder will secure this stake be allowed to have variable The consultation paper was issued
alongside management control. The NCF for different channel plans in as DTH players and local cable oper-
offer comprises 30.48 per cent from states and cities. ators (LCOs) have raised issues with
the government and 30.24 per cent The regulator has recommended Trai’s earlier directions. Key among
from LIC, the current promoter. that the government creates new per- these was Trai’s decision to put a ceil-
Regulators have extended the mits for digital infrastructure service ing of ~19 per TV channel for inclu-
requisite regulatory forbearance to providers but no licence fee is sion in a bouquet among other pro-
sweeten the deal for potential bid- imposed on the companies. visions, up from ~12 earlier.
ders. Foreign banks, funds, and It has sought views on whether This had led to a face-off between
investment vehicles incorporated Trai should revise the current broadcasters and local cable opera-
outside India were granted permis- provision that NCF for a second TV tors, with the latter arguing they
sion to participate in the bid for connection or more in multi-TV would lose customers if they shift to
IDBI Bank. homes should not be more than 40 DTH or OTT due to the ceiling.

Irdai okays appointment of

Amit Jhingran as SBI Life chief
The Insurance Regulatory and Development Authority of India (Irdai)
How a WTO provision became a tool for nations to curb imports
has approved the appointment of Amit Jhingran as managing
director & chief executive officer (CEO) of the SBI Life. Jhingran joined ASIT RANJAN MISHRA
State Bank of India (SBI) as a probationary officer in 1991 in Lucknow New Delhi, 8 August
circle. In a career spanning over 30 years with SBI, he has held various
assignments across international banking, retail banking, and On June 12, 2020, India
branch management. Prior to the current role as CEO of SBI imposed restrictions on
Life, Jhingran was Chief General Manager, Hyderabad Circle. imports of pneumatic tyres
Earlier he was posted as CEO of SBI in Chicago. BS REPORTER used for cars, buses, lorries,
scooters, and motorcycles, in
accordance with the
Agreement on Import
ED summons Jharkhand CM Licensing Procedures under
the World Trade Organization
in money laundering case (WTO).
Three years later, India is
The Enforcement Directorate (ED) has issued a summons to once again utilising the same
Jharkhand Chief Minister Hemant Soren for questioning in a multilateral trade rules to limit
money laundering case, sources said on Tuesday. He has been imports, this time targeting
asked to depose on August 14 at ED’s office and record his personal computers, laptops,
statement under the Prevention of Money Laundering Act. The and tablets. The new
case in which he has been called was not known immediately. He regulations mandate
had been questioned in November 2022 in another money companies to obtain licences
laundering case linked to alleged illegal mining. PTI from the Directorate General
of Foreign Trade to import
these items.
While India has frequently
used this provision to curb
Inflationary pressures not imports to encourage
domestic manufacturing, it is
that strong, says Sanyal not alone.
Member of Economic Advisory Council to the Prime Minister Sanjeev ‘Trade-restrictive
Sanyal on Tuesday said that underlying inflationary pressures are not measures’
that strong, except for some occasional spike in vegetable prices. According to the 2023 WTO
Speaking at the Bharat Chamber of Commerce, Sanyal said that after Annual Report, the
2014 when the present government took over at the Centre, reforms Committee on Import
were undertaken for innovation-based economy. He said that the Licensing Procedures in 2022
economic growth will be between 6.5 to 7 per cent this fiscal. PTI received 56 notifications from
The objective of the Agreement on Import Licensing Procedures is ensuring such procedures
do not in themselves restrict trade. It aims to simplify obtaining licences
16 members on those or
changes in them.
The objective of the
Agreement on Import
Licensing Procedures is
ensuring such procedures do
not in themselves restrict
trade. It aims to simplify
obtaining licences.
However, WTO trade-
monitoring reports have
identified import licensing as
one of the main trade-
restricting measures
introduced by governments
with 13 WTO members not
submitting any notification on
this as of end-2022.
In 2022, the members
raised several new and
recurring specific trade
concerns regarding import
curbs. The European Union
(EU) and the United States
questioned Angola’s import-
licensing requirements,
Egypt’s import licensing for
certain agricultural and
processed products and
import of ceramics, and
Indonesia’s commodity-
balancing mechanism.
The EU also questioned
Thailand’s import procedures
on feed wheat. Japan and the
EU had issues on Indonesia’s
ILLUSTRATION: AJAY MOHANTY
compulsory registration by
importers of steel products, its
import licensing regime for
certain textiles products, and
its import restriction on air
conditioners. The United
States differed with China’s
changes to import licensing
for certain recoverable
materials. In India’s case,
Canada, the EU, and the
United States questioned
India’s import requirements
for certain varieties of pulses.
The EU, Indonesia, Japan,
Chinese Taipei, Thailand, and
the United States questioned
India’s import-licensing
regime for pneumatic tyres.
A trade expert said import
licensing for agricultural
products with strong
seasonality was earlier used as
a delaying tactic but was
increasingly used as a
protectionist measure for
industrial products. “It is not a
very efficient tool for
protecting domestic industry
because it increases
administrative burden,
encourages corruption
through discretionary power
and perpetuates
inefficiencies,” he added.
Bad in practice
During India’s latest Trade
Policy Review in 2020, South
Korea complained the import
licensing requirement for
pneumatic tyres was causing
“serious damage” to some
firms doing business in India.
Responding to queries on
its positions on the WTO
consistency of import
licensing measures, India said
the import of most of the items
was free. “Interventions are
required based on various
factors …,” it added.
The WTO reported in 2019-
20, 440 tariff lines of India (3.7
per cent of all) were subject to
import licensing.
Responding to criticism on
import curbs on pneumatic
tyres, Trade Minister Piyush
Goyal in August 2020 had
defended the move.
“How can it be that one
country does not allow tyres to
be exported to them but wants
free imports of tyres from that
country into India? If other
countries are desirous of the
1.3 billion Indian market
opportunity, they will also
have to give our country’s
businesses equal opportunity
to engage in their countries,”
he added. However, three
years since the import curbs,
India remains under the
scanner of trade partners on
various WTO committees.
More recently, during the
meeting of the Committee of
Import Licensing in December
2022, the EU expressed
frustration that no progress
had been made. Indonesia
alleged “discriminatory
treatment” in the application
of the policy by targeting
certain member countries
whose producers could
potentially compete with
India’s domestic producers.
More on business-standard.com
.
NEW DELHI | WEDNESDAY, 9 AUGUST 2023 5 <

Talbros Automotive Components Limited

CIN: L29199HR1956PLC033107
Regd. Office: 14/1, Delhi Mathura Road, Faridabad-121003 (Haryana)
Tel No.: 0129-2251482, Website: www.talbros.com, Email: seema_narang@talbros.com
EXTRACT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS
FOR THE QUARTER ENDED JUNE 30, 2023 (` in lacs)
Quarter ended Year ended
Particulars 30-Jun-2023 31-Mar-2023 30-Jun-2022 31-Mar-2023
Unaudited Audited Unaudited Audited
Total Income from Operations 18,531.27 17,686.94 15,467.90 65,338.27
Profit/(Loss) before exceptional Items and tax 2,208.49 2,142.03 1,513.83 7,028.77
Exceptional items – – – –
Profit/(Loss) before tax 2,208.49 2,142.03 1,513.83 7,028.77
Net Profit/(Loss) after tax 1,741.81 1,688.49 1,190.21 5,557.70
Total Comprehensive income/(loss) for the period 5,253.48 2,718.05 1,419.13 6,872.32
(Comprising profit after tax and other comprehensive
income after tax)
Paid-up equity share capital (face value of `10/- each) 1,234.56 1,234.56 1,234.56 1,234.56
Earning Per Share (of `10/- each)
(for the period - not annualised)
Basic (`) 14.11 13.68 9.64 45.02
Diluted (`) 14.11 13.68 9.64 45.02

EXTRACT OF UNAUDITED STANDALONE FINANCIAL RESULTS

FOR THE QUARTER ENDED JUNE 30, 2023 (` in lacs)
Quarter ended Year ended
Particulars 30-Jun-2023 31-Mar-2023 30-Jun-2022 31-Mar-2023
Unaudited Audited Unaudited Audited
Total Income from Operation 18,531.27 17,686.94 15,467.90 65,338.27
Profit/(Loss) before exceptional Items and tax 1,864.15 1,783.01 1,292.76 5,841.40
Profit/(Loss) before tax 1,864.15 1,783.01 1,292.76 5,841.40
Net Profit/(Loss) after tax 1,397.47 1,329.47 969.14 4,370.33

Notes:
1 The above is an extract of the detailed format of unaudited standalone/consolidated financial results for the quarter ended
June 30, 2023, filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015. The full format of the unaudited standalone and consolidated Financial Results for the
quarter ended June 30, 2023 and notes thereto are available on the Stock Exchange websites (www.nseindia.com and
www.bseindia.com) and on Company's website www.talbros.com.
2. The unaudited financial results were recommended by the Audit Committee and approved by the Board of Directors at
their respective meetings held on August 08, 2023 and have undergone "Limited Review" by the Statutory Auditors of the
Company. Mr. Anuj Talwar, JMD is duly authorised by Board to sign the financial results for submission to stock exchanges.
3. The comparative figures have been regrouped/reclassified, wherever necessary to make them comparable with current
period
for Talbros Automotive Components Limited
Sd/-
Anuj Talwar
Date : August 08, 2023 Joint Managing Director
Place : Gurugram DIN : 00628063
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | WEDNESDAY, 9 AUGUST 2023 1

FPIs keep debt mkt bets steady ‘AI can aid CAs, can’t
replace human mind’
despite falling bond yield gap The Institute of Chartered Accountants of India (ICAI) plans to operationalise norms for multidisciplinary
firms by October to make firms future-ready for financial and non-financial reporting. In an interview
with Ruchika Chitravanshi in New Delhi, ICAI President ANIKET SUNIL TALATI talks about upskilling CAs for
ANJALI KUMARI TRACKING THE SPREAD in Europe and interest rate tightening artificial intelligence (AI) and the need to improve the auditors’ perception. Edited excerpts:
Mumbai, 8 August Average yield gap (%) in advanced economies. The yield on
the 10-year government bonds has We have seen a lot of other. Prime Minister
7

D
espite the narrowing spread of
yields between the benchmark
10-year Indian government
bond and the 10-year US Treasury
bond, foreign portfolio investors (FPIs)
are continuing to invest in the domestic
debt market this year — a trend backed
by a stable currency and a less volatile
bond market.
FPIs have been net buyers in the
debt market in 2023 so far, marking
the first time since 2019. The yield
spread between the 10-year Indian
government bond and the 10-year US
Treasury note stood at 3.14 per cent on
Tuesday — the narrowest in over a
decade. Market participants said
investors were focusing on the absolute
return at the moment, rather than
the spread.
“Many overseas investors perceive
that while investment into the country
carries the currency risk, the rupee
depreciation may not be at a level that
returns may turn negative over a
period,” said Gopal Tripathi, president
& head of treasury at Jana Small
Finance Bank. “Investment by foreign
Coal India net
falls 10% on
staff benefits
PRESS TRUST OF INDIA
New Delhi, 8 August
State-owned Coal India Ltd
(CIL) on Tuesday posted a 10.1
per cent fall in its consolidated
net profit to ~7,941.40 crore for
the quarter ended on June 30
(Q1), dragged by higher
employee benefits and con-
tractual expenses. The coal
major had clocked a net profit
of ~8,834.22 crore in the April-
June period of 2022-23,
according to an exchange fil-
ing. The firm’s total income
was at ~37,521.03 crore, up 4 per
cent from ~36,086.68 crore in
the year-ago quarter. Expenses
rose to ~26,785.68 crore from
~23,985.31 crore, a rise of 11.67
per cent. Employee benefits
expenses rose to ~12,027.48
crore in April-June from
~10,072.68 crore a year ago.
Contractual expenses were
higher ~6,682,78 crore in the
quarter under review against
~5,565.65 crore a year ago.
Coal India in the filing
stated that the agreement for
salary and wages of non-
executive employees has been
ACCENT REGION
CHHATTISGARH
5 states raise ~5,250 cr via auction of govt paper
Five states on Tuesday raised ~5,250
crore through an auction for state
government securities, against ~19,500
crore raised by nine states last week.
This week, the scheduled auction
amount of state development loans
(SDLs) stood at ~5,250 crore against the
notified amount of ~11,000 crore,
according to the borrowing calendar.
investors in the debt market is happen-
ing now even when the yield differential
is low. But the scale of such investment
is small,” he added. The rupee was
Oil India profit
rises 4% as
petro products
revenue slides
In the first quarter of FY24, Oil
India Limited (OIL) saw its
consolidated net profit rise
by 3.7 per cent to ~1,613.4
crore, up from ~1,555.5 crore
in the corresponding period
of FY23. In the latest quarter,
the revenue from operations
of the national oil explo-
ration and production firm
dwindled by 22 per cent to
~4,644 crore, compared to
~5,964 crore in the same
quarter of the previous year.
However, a 26 per cent fall in
expenses helped the firm
register an overall rise in
profits. This is mainly attrib-
uted to lower earnings across
major sectors. BS REPORTER
implemented in June 2023
and salaries for June 2023
onwards are being paid at the
revised rate.
4.32
2008
Source NSDL/Bloomberg
Compiled by BS Research Bureau
The Reserve Bank of India data showed
that Telangana raised the highest
amount of ~2,000 crore through two
bonds. The state raised this amount
through two papers — ~1,000 crore via
a nine-year paper with a cut-off yield
of 7.47 per cent and ~1,000 crore via an
18-year paper with a cut-off yield of
7.43 per cent.
largely stable in 2023, depreciating 0.12
per cent so far, as compared to 2022
when the Indian currency weakened
more than 10 per cent following the war
Manipur police
files FIR against
Assam Rifles for
‘obstructing’
search ops
Manipur Police has regis-
tered an FIR accusing the
Assam Rifles of blocking
their vehicle after an alterca-
tion between the two groups
last week, while the state unit
of the BJP requested Prime
Minister Narendra Modi to
replace Assam Rifles “by any
other paramilitary force per-
manently” from the state.
Security sources,
however, described the FIR
as a “travesty of justice” and
said the Assam Rifles was
undertaking a task given by
the command headquarters
of ensuring sanctity of the
buffer zones between Kuki
and Meitiei areas.
The FIR, a copy of which
is with the PTI, was filed on
August 5 when police alleged
that the Assam Rifles blocked
police vehicles on the Kwakta
Gothol road in Bishnupur.
The FIR claimed Assam
Rifles stopped its personnel
from proceeding when “the
state police was on its way to
Pholjang Road along Kwakta
as follow up action to con-
duct search operations in an
arms act case in search of
Kuki militants”. PTI
declined 17 basis points (bps) in 2023.
Even though FPIs have been net
6
3.56 purchasers, they have scarcely utilised
5 the Reserve Bank of India’s established
thresholds for government and corpo-
4 rate bonds. Eligible FPIs had only made
3 use of 29.5 per cent of the specified ceil-
2023 YTD ing of ~2.68 trillion for central govern-
ment securities as of Tuesday.
Similarly, the utilisation of the upper
limit of ~6.68 trillion for corporate
bonds was even more minimal, stand-
ing at 15.34 per cent.
Some market participants believe
that the inflows might reduce going for-
ward. “Because the currency was stable,
the interest gap, which is at a low level,
was not being eaten into by the depre-
ciation of the currency. Now that the
currency has depreciated, these returns
will definitely be eaten into,” Indranil
ANJALI KUMARI Pan, chief economist at YES Bank, said.
“Overall, as far as macro stability is con-
cerned, there can be some fears that
inflation will be on the higher side. All
these factors might not lead to outflows,
but there will be a pause in the inflows
we are witnessing,” he added.
Reliance arm bags contract for
Meghalaya insurance scheme
Reliance General Insurance
Company on Tuesday said it
had been awarded the
emerged as the successful
bidder to implement a revised
MHIS 6 scheme in
contract for the convergence with PMJAY,
implementation of providing an insurance
Meghalaya’s health cover of ~5,30,000 for
insurance for all eligible
citizens. beneficiaries on a
The ICL will be family floater basis,”
implementing the ICL said in a
Megha Health statement.
Insurance Scheme and
the Ayushman Bharat
It stated that the state
government has decided to
Pradhan Mantri Jan Arogya
Yojana phase 6.
review the Health Benefits
Package and other terms in the
“The contract is awarded Insurance Contract of MHIS 6
after a competitive bidding and will cover over 7,00,000
process, in which ICL families in Meghalaya. PTI
> FROM PAGE 1
‘Will have to deal with 28 models by
2031. This requires reorganisation’
R C BHARGAVA, chairman, Maruti Suzuki India (MSIL), in an interaction with Surajeet Das Gupta in New Delhi, talks about the role
parent Suzuki Motor Corporation would play in India after giving up the Gujarat plant to MSIL. Edited excerpts:
Why did you choose the preferential many subsidiaries as it bought various
share route for acquiring SMG? brands. But product planning and
What we have done will lead to only 4 technology development have to be
per cent dilution in equity and in centralised, so does the personnel
return, we will achieve an increase in policy. But production units should be
our production capacity by 800,000 allowed as much autonomy as possible.
vehicles per annum.
Just to explain, currently issued Following SMG’s amalgamation with
shares of MSIL are about 310 million. MSIL, what will SMC in
We will issue nearly 13 million shares, India do?
which is about 4 per cent dilution. Total
shares will become 323 million. Suzuki
It will build a lithium-ion
battery plant with an
now has 175 million shares (56.4 per investment of ~7,300 crore
cent) and after the preferential issue, it
will have 188 million shares or 58.2 per
and own 100 per cent of it. R C BHARGAVA
We will have huge
startups facing Narendra Modi has said we
accounting lapses and must aim to have large
there are governance Indian firms. To that
issues. What is the ICAI’s effect, a lot of changes
role in ensuring there are have already been made at
enough checks and the institute. We have
balances in place? encouraged firms to
It is a little unfair to say that network and given them
there are a lot of issues the opportunity to do it
today. We have about easily. It is the council’s
90,000 startups in the agenda to relook at some of
country. And you’re now
building unicorns on an
the networking guidelines
as well as the
annual basis. There will multidisciplinary practice
always be certain issues (MDP), which is going to be
with regards to certain THE COUNCIL’S AGENDA the future. Today it is not
startups, which may not do
well because of business
IS TO RELOOK AT SOME OF THE just financial reporting,
but non-financial
reasons or otherwise. NETWORKING GUIDELINES AS reporting which is taking
There has to be some better WELL AS THE MULTIDISCIPLI- the centre stage.
corporate governance NARY PRACTICE, WHICH IS
mechanism. We have a
committee dedicated to
GOING TO BE THE FUTURE When will the MDP
guidelines be
MSME and startups. implemented?
The rollout of implementation is happening in
Since the ICAI is discussing its vision for the the next couple of months.
next 25 years, what role do you see AI playing
in your profession and how are you What is the progress on including a non-ICAI
preparing for it? member in your disciplinary committee?
AI is going to impact everything that we do, We are in the process of finalising the regul-
not just auditing and accounting. At the ations to give effect to this amendment to the
Institute, we’re very mindful of the fact that
this has been on the anvil for a
few years. Therefore, we started
talking about the new ABCD of
(CA) Act. Once we get the public comments,
we will share it with the
government and notify these
regulations.
technology, which is AI,
blockchain cybersecurity, and
data security. We have specific
You have said in the past that
there is a need to improve the
courses that we run on AI ANIKET SUNIL TALATI perception of auditors. Why do
training them on upskilling President, ICAI you think so?
themselves to use AI and also There is not a clear understanding
understand the perils of AI. It of what is an audit and what is a
can give you more red flags because it will be forensic audit. The difference between the two
looking at a more quantum of data than gets blurred. People have to understand that
humans can. It has a huge impact in terms of when I’m doing a forensic audit I’m going with
assisting chartered accountants. However, I’m the perspective of unearthing a fraud. When
extremely confident that it cannot ever I’m doing an audit, I’m issuing a reasonable
replace the human mind. Because there is a lot assurance and an opinion on the financial
of judgement involved. statements. The timelines and scope for both
are different and so are the terms of
What do you think of issues of the big four engagement.
versus the smaller firms?
We have never stacked one firm against the More on business-standard.com
manufacture any vehicle for us.
After battling out with minority money was in our cash reserves and
shareholders, MSIL signed a contract earning interest. We have earned in
manufacturing agreement with SMC’s eight years over ~5,800 crore-~6,000
100 per cent subsidiary — to buy cars. crore in interest, which is extra profit.
At that time, MSIL said that it wanted
to be like Apple — an asset-light Then why change?
company, concentrating The situation has changed. We have a
on design, marketing, strong marketing team of 4,000 service
and sales. Why has this
changed now?
and 3,000 sales outlets; plus, we have
now embarked on increasing capacity
Times have changed. At to 4 million per annum. Also, we have
Chairman, MSIL
that time, we needed to
substantially strengthen
to coordinate production between five
different technologies and will have to

Farm loan disbursement goal cent. So Suzuki’s holding will go up

only by 1.8 percentage points.
demand and we will buy
from it. SMC will also
undertake research and development
our sales and marketing
team because in 2011-12,
we were not doing well and had fallen
deal with 28 models, which we will have
by 2031. This task would require
reorganisation of the company, and it

nears 100% in election year Do you have any thoughts on

restructuring the company?
No, but we have to see. Globally there
in new technology areas and has

part of a JV with other Japanese

R KRISHNA DAS
Raipur, 8 August
As Chhattisgarh gears up for
the Assembly elections due in
the next four months, it has
nearly achieved its 100 per
cent target for disbursing
farm loans to the farmers in
the state.
The state had set a target of
disbursing farm loans worth
~6,100 crore to the farmers in
the current kharif marketing
season. These loans are pro-
vided to the farmers in the
form of seeds and fertilisers
through cooperative societies.
The repayment of the loan
amount is deducted when the
farmers sell their yield to the
society after harvest.
“As on August 5, short-term
agricultural loans worth
~6,067.28 crore have been pro-
vided to the farmers for far-
ming,” said a state government
RAJASTHAN
below 50 per cent market share. Suzuki
already set up a company for it. It is also thought it would put in money, take
responsibility for building a factory,
would have been impossible if Suzuki
continued to do one part of
manufacturing, which is one-fourth of
spokesperson. The loan thumping victory in the last are models like General Motors, which companies and is already making and give us more confidence in our total production. So we realised it
amount given to farmers elections. comprises a number of brands that sell batteries for hybrid cars. It will, spending money on marketing and was a must to amalgamate and that
accounts for 99.46 per cent of Chief Minister Bhupesh as separate entities. Volkswagen has however, from now on not sales. We saved ~18,000 crore. The strategic planning is done in one place.
the targeted ~6,100 crore for Baghel fulfilled his promise of
the year. The spokesperson waiving farmers' loans and > BS SUDOKU #4047
said more than 1.36 million issued the order soon after
farmers have bene- assuming office.
Naik... witnessed up to 20 per cent
surge in laptop sales during the
months to discuss the licensing
mandate and will allow the
fited from the inter- The state had Following the “Many a time less qualified weekend, Business Standard government to assess what the
est-free agriculture set a target of instruction, the state companies win projects just by has learnt. Tuesday’s meeting response is like for the PLI as
loans offered by the disbursing farm government waived quoting the lowest figure, but took place days after the well. If the government feels
state government. loans worth off short-term loans they fail to complete them in Directorate General of Foreign that most companies are on
According to political ~6,100 crore to amounting to ~6,230 time. This needs to change in Trade (DGFT) deferred the board for the PLI, it will most
analysts, the response farmers in the crore availed by the national interest,” he implementation of a man- likely extend the deadline,”
of the farmers to avail current kharif around 1.66 million stressed. For example, the datory licensing regime for said another person aware of
of the agriculture loan season farmers. The chief ~37,000-crore Mumbai Metro 3 import of these products, and the discussions.
is also connected to minister later stated project, which would connect announced a “transition “Concerns were also raised
the upcoming Assembly elec- categorically that the farm South Mumbai to the airport period” till October 31. about the process of obtaining
tions. "Since the Congress gov- loan waiver was a one-time and Aarey Colony, is nearly In a surprise move, the a licence, what is the turn-
ernment waived farm loans measure, and farmers should complete in the two packages DGFT had on August 3 put around time, etc. There were
after coming to power in not expect the same for the executed by L&T. However, restrictions on import of lap- also concerns about the import
December 2018, the farmers next season. In the last kharif several other parts of the proj- tops, tablets, PCs, and other quota and whether there will
are expecting the same in the season, the target was not met ect with other contractors are similar data-processing units, be a cap on the quantity of
2023 elections," said one of the even till mid-September. The not ready, leading to a delay in citing “security risks” to cit- devices that can be imported,”
analysts. The Congress had state government had set a tar- commissioning. izens, and said that sourcing of he added. On the rise in laptop
announced this move in its get of disbursing ~5,800 crore After retirement from L&T, such items would be allowed sales following the govern-
election manifesto and imple- as farm loans but could only Naik said he would stay busy only from “trusted partners” ment’s decision, Nilesh Gupta,
mented it after securing a distribute ~5,368 crore. with his role as chairman of through a licensing regime. director, Vijay Sales, said: “This
L&T-Mindtree until next year The transition period was weekend, we saw a 20 per cent
when he would hand over the announced a day later, follow- uptick in laptop sales against
SOLUTION TO #4046
baton to S N Subramanyan,
currently CEO and MD of L&T.
ing criticism and concerns
raised by the industry.
the previous weekend.”
Retailers have recorded

Respite for farmers hit by hailstorm Easy: Licensing...

During the meeting, discus-
sions also took place on the IT
abnormally high sales amid an
already increasing demand for

ANIL SHARMA
Jaipur, 8 August
Rajasthan Chief Minister
Ashok Gehlot has declared over
2,580 villages in 15 districts as
scarcity-hit in view of rainfall
and made the payment of input
subsidies to the farmers hit by
hailstorms.
“The state witnessed
untimely rains and hail in
February and March, promp-
ting the chief minister to direct
the assessment of damages
caused to rabi crops in various
districts immediately to pro-
vide relief to the farmers,” a
state government official said.
The report stated that the hail-
storm had caused damage to
crops of more than 33 per cent
in these districts. The official  These companies have urged
hardware production-linked
incentives (PLI) 2.0 scheme,
PCs. Regardless, PC sales dur-
ing the upcoming festival sea-
said the chief minister Solution tomorrow the government to prepare a which is expected to help boost son are expected to remain
approved giving agriculture draft licensing framework and domestic manufacturing. As unhindered by the import
input subsidies according to consult the industry before many as 44 electronics com- restrictions. “Festival season
the norms of the State Disaster HOW TO PLAY finalising it, the person cited panies have already applied for month normally accounts for
Response Fund. In March, Fill in the grid so that above said. More such meet- incentives under the scheme 20 per cent of the sales for con-
Chief Secretary Usha Sharma every row, every ings are expected to happen and two applications – one sumer electronics and is a very
held a virtual meeting with all column and every 3x3 over the next few months. from HP – have been crucial period for OEMs,” said
divisional commissioners to Meanwhile, offline retailers approved. “The extension has Tarun Pathak, research direc-
box contains
assess the damages caused to and e-commerce platforms given a window of two-three tor, Counterpoint Research.
the crops and ensure payment. the digits 1 to 9
>
NEW DELHI | WEDNESDAY, 9 AUGUST 2023
SPARKS FLY ON DAY 1 OF NO-TRUST DEBATE
Oppn questions PM’s silence
on Manipur, NDA hits back
ARCHIS MOHAN
New Delhi, 8 August
O
n the first day of the no-confidence
motion debate in the Lok Sabha on
Tuesday, Opposition members criti-
cised Prime Minister Narendra Modi’s pen-
chant for remaining silent when his govern-
ment faces challenges, as he has done on the
ethnic strife in Manipur and the failure to
check violence in Haryana’s Nuh and also
the Northeast state.
Several Opposition members demanded
President’s Rule in Manipur. The National
Democratic Alliance (NDA) members point-
ed at the contradictions within the Oppo-
sition alliance and their record of “scams”,
listed the government’s achievements and
implored the Opposition to support the PM
as he leads India to a brighter future.
Earlier in the day, addressing the BJP MPs
at a closed-door meeting of its parliamentary
party, the PM said the Opposition brought
the no-confidence motion against his gov-
ernment to test the confidence of its alliance
members in each other as the INDIA bloc is
marked by distrust among its constituents.
He described the Opposition alliance as
ghamandia (marked by arrogance).
According to those present at the meet-
ing, Modi referred to his 2018 speech in
which he had wryly wished the Opposition
to bring a no-confidence motion against his
government in 2023. Union Minister Arjun
Ram Meghwal told reporters that the PM
asked MPs to join the party’s programme on
August 9, the anniversary of the Quit India
Movement, to call for nepotism, corruption,
and appeasement to quit India.
In the Lok Sabha, the big guns from the
treasury and Opposition benches were miss-
ing in action on the first day of the debate –
the PM is to speak on Thursday. The
Congress opened the debate with Gaurav
Gogoi, and not Rahul Gandhi, prompting
Parliamentary Affairs Minister Pralhad Joshi
to question why the party withdrew its lead-
er’s name as lead speaker at the last minute.
Gogoi said the PM takes a “vow of silence”
at crucial junctures, such as the ethnic vio-
lence in Manipur, Chinese incursions, deaths
from Covid, farm Bills protest, Delhi riots,
protests by women wrestlers and when
Rahul Gandhi levelled allegations that a par-
ticular businessman benefited when he
accompanied him on a foreign visit.
While the BJP and Congress MPs jousted
over the performance of the Modi govern-
Credit card default rose to ~4,072 cr in FY23
Credit card default rose to ~4,072
crore or 1.94 per cent at the end of
March 2023, Parliament was informed
on Tuesday. “As per the inputs received
from RBI, in respect of defaults in
credit cards, the gross non-performing
assets (GNPAs) in credit cards was
~3,122 crore in March-2022 and ~4,072
crore in March-2023, while credit card
outstanding in March-2022 and March-
IIM Amendment Bill
cleared by Parliament
Parliament
Tuesday passed
on
a Bill that seeks
to entrust the
management
accountability of
the IIMs with the President, who
will be the Visitor to the premier B-
schools and have powers to audit
their functioning and remove or
appoint directors. The Rajya Sabha
cleared the Indian Institutes of
Management (Amendment) Bill,
2023, which aims to strengthen the
governance and oversight of the pres-
tigious institutions while preserving
their academic autonomy, by a voice
vote. Lok Sabha had cleared the bill
on August 4. PTI
HOUSE PANEL REPORT
Increase in premium led to fall
in pension scheme enrolment
SHIVA RAJORA
New Delhi, 8 August
Discontinuation of premium share from
the social security fund and the conse-
quent increase in contribution of state
governments and beneficiaries is the
‘primary’ reason for a decline in
enrolment of handloom workers
under the pension schemes
run by the textiles ministry, a
parliamentary standing com-
mittee on labour said in its lat-
est report released on Friday.
To provide universal and
affordable social security in case of nat-
ural or accidental death and total or partial
disability, the ministry runs three schemes
— Pradhan Mantri Jeevan Jyoti Bima
Yojana (PMJJBY), Pradhan Mantri
Suraksha Bima Yojana (PMSBY), and the
Converged Mahatma Gandhi Bunkar
Bima Yojana (MGBBY). The committee
noted that after the implementation of the
In his address to BJP MPs at the
parliamentary party meeting,
Prime Minister Narendra Modi
described the Opposition alliance
as ghamandia (marked by
arrogance) and congratulated
the party’s Rajya Sabha members
for the “semi-final” win in
voting on the Delhi services Bill
IT WAS OUR DEMAND THAT THE PM
SHOULD COME TO THE HOUSE AND
SPEAK ABOUT MANIPUR. HOWEVER,
HE KEPT A MAUN VRAT (VOW OF
SILENCE) THAT HE WILL NEITHER
SPEAK IN THE LOK SABHA NOR IN
THE RAJYA SABHA. THROUGH THE
NO-CONFIDENCE MOTION WE WANT
TO BREAK HIS VOW OF SILENCE”
CONGRESS MP GAURAV GOGOI,
WHILE MOVING THE NO-CONFIDENCE
MOTION IN PARLIAMENT
ment, those of smaller parties, such as the
MPs from the two factions of the Shiv Sena,
tried settling scores with each other. The
Sena MPs from the two factions accused the
other group of betraying and abandoning
the ideology of party founder Bal Thackeray.
BJP’s Nishikant Dubey asked the
Opposition bloc to not blame the current
government for facing heat from central
probe agencies but to turn their gaze
inwards.
2023 was ~1.64 lakh crore and ~2.10 lakh
crore, respectively,” Minister of State
for Finance Bhagwat Karad
said in a written reply in
Rajya Sabha. GNPAs in
credit cards stand at 1.94
per cent in March 2023
against the schedule com-
mercial banks’ GNPA of 3.87
per cent in March 2023, he said.
MONSOON
SESSION
IN THE
HOUSE
Govt lost ~1 trn in
taxes in FY21 due to
corporation tax cut
The government lost a little over ~1
trillion in 2020-21 on account of a cut
in corporate taxes, Minister of State for
Finance Pankaj Chaudhary said. In 2019,
the Centre cut base corporate tax for then
existing firms to 22 per cent from 30 per
cent; and for new manufacturing firms,
incorporated after October 1, 2019, to 15
per cent from 25 per cent. PTI
full premium payment regime in April
2020, there was ‘nil’ enrolment under the
PMSBY and PMJJBY in 2020-21.
Afterwards, the number of enrolments of
handloom workers under PMSBY and
PMJJBY picked up to 111,957 in 2021-22,
but came down to nearly half to 62,286
in 2022-23.
Manipur saw the steepest
decline, as the number of ben-
eficiaries fell to 27,488 in 2022-
23 from 107,565 in 2021-22.
Meanwhile, the MGBBY is yet
to see any enrolment since 2020-
21. “Despite taking up the matter
with the states several times, the states
have not been contributing their share. As
the outcome of the schemes is not up to
the desired level, the committee would
exhort the ministry to strengthen their
monitoring and coordination mecha-
nism,” the panel stated.
Earlier in April 2020, the finance min-
istry had issued a clarification that the
POLITICS & PUBLIC AFFAIRS 7
Derek O’Brien back in
Rajya Sabha after
suspension ‘flip-flop’
The Rajya Sabha on Tuesday saw high
drama over the suspension of TMC MP
Derek O'Brien with the Chairman first
announcing that he has to withdraw
from the House, but later said the
motion to suspend him was not put to
vote and hence he could continue to
attend the proceedings. O'Brien was
allowed to attend the proceedings
after Rajya Sabha Chairman Jagdeep
Dhankhar said he has taken a
“far-sighted” decision to not allow
voting on the motion to suspend him
which did not fructify. PTI
LS briefly disrupted
as Oppn protests
tickers on Sansad TV
Lok Sabha was briefly disrupted on
Tuesday during a discussion on the
no-confidence motion following
opposition members' loud protest
against tickers running on Sansad TV
that highlighted development works
of the government during the live
broadcast of the debate. PTI
Rahul gets back
Tughlaq Lane house
Congress leader Rahul Gandhi has
been re-allotted the 12, Tughlaq Lane
bungalow a day after his Lok Sabha
membership was restored following
the Supreme Court staying his
conviction in a defamation case,
officials said on Tuesday. PTI
Privilege notice moved
against Piyush Goyal
Several leaders of the Opposition
alliance INDIA have given a privilege
notice against leader of the house in
Rajya Sabha Piyush Goyal over his
certain remarks against some
opposition leaders. PTI
Replying to another question, Karad
said, the total number of frauds as
reported by the cooperative banks dur-
ing FY23 was 964 with amount
involved to the tune of ~791.40 crore.
During FY22, the total number of
fraud was 729 and the amount involved
was ~536.59 crore as against 438 frauds
involving ~1,985.79 crore in FY21,
he said. PTI
BCCI paid ~1,159 crore
income tax in 2021-22
The Board of Control for
Cricket in India (BCCI) has
paid ~1,159 crore income
tax in the 2021-22 financial
year, 37 per cent higher than the
previous year. In a written reply to a ques-
tion in the Rajya Sabha, Minister of State
for Finance Pankaj Chaudhary gave
details of the income tax paid by the BCCI
and its income and expenditures in the
last five years based on the returns filed.
In the financial year 2020-21, BCCI paid
~844.92 crore in income tax, lower than
~882.29 crore paid in 2019-20. In FY19, the
board paid ~815.08 crore as taxes, higher
than ~596.63 crore paid in 2017-18. In
FY22, BCCI had earned a revenue of
~7,606 crore, while its expenditure stood
at close to ~3,064 crore. PTI
schemes be implemented with full pre-
mium payment regime, which meant that
the social security share of ~100, which
was earlier borne by Life Insurance
Corporation, will be borne by state gov-
ernment or beneficiary. Later in June
2022, the government hiked the PMJJBY
premium rates from ~330 to ~436 and
PMSBY rated from ~12 to ~20.
Besides, the committee asked the min-
istry to expedite the procedure of issuing
the identity cards to the handloom
weavers/handicrafts artisans, which enti-
tle them to avail benefits of various
scheme, as only half of the eligible bene-
ficiaries (1.71 million) of 3.52 million hand-
loom workers have been issued. The situ-
ation is, however, better in the case of
handicraft artisans, as 2.67 million of 3
million identified artisans have been
issued Pahchan Cards.
The committee also pitched for explor-
ing the possibility of issuing a ‘credit card’
to the handicraft artisans.
8 WORLD
>
NEW DELHI | WEDNESDAY, 9 AUGUST 2023

It’s official: July America battles storms: 2 killed, thousands of

enters history flights cancelled, 1 million homes lose power
books as hottest ASSOCIATED PRESS
8 August
according to the Anderson County
Office of the Coroner.
In Florence, Alabama, police said
The storms were expected to
strike major population areas in late
afternoon and early evening, prompt-

month on record At least two people died, thousands

REUTERS
8 August
Last month was the hottest
July on record, with abnor-
mally high temperatures
recorded on both land and
sea, the European Union's
Copernicus climate change
panel said on Tuesday.
Scientists warned late last
month that it was on track to
become the world's hottest
month on record.
This year has been the
third-warmest year to date,
Copernicus deputy head
Samantha Burgess said.
“We just witnessed global
air temperatures and global
ocean surface temperatures
set new all-time records in
July,” she said.
“It shows the urgency for
ambitious efforts to reduce
global greenhouse gas emis-
sions, which are the main driv-
er behind these records."
June had also smashed
through the previous tempera-
ture record for that month,
according to Copernicus,
which bases its calculations on
a dataset going back to 1950.
Sweltering temperatures
have affected considerable
SoftBank posts surprise loss,
swathes of the planet, with
heat records registered from
Death Valley in California to a
northwest China township as
Canada and southern Europe
Vision Fund returns to profit
battle wildfires.
of US flights were cancelled or
delayed, and more than 1.1 million
homes and businesses lost power
Monday as severe storms, including
hail and lightning, moved through
the eastern US.
The National Weather Service
issued a tornado watch for the greater
DC area, lasting until 9 pm. A special
Weather Service statement warned,
“There is a significant threat for dam-
aging and locally destructive hurri-
cane-force winds, along with the
potential for large hail and tornadoes,
even strong tornadoes.” The storms'
spread was massive, with tornado
watches and warnings posted across
10 states from Tennessee to New
York. The National Weather Service
said more than 29.5 million people
were under a tornado watch Monday
afternoon.
In Anderson, South Carolina, a 15-
year-old boy who arrived at his
grandparent’s house during the
storm was struck and killed when a
tree fell on him as he got out of a car,
a 28-year-old man was struck by light-
ning and died, WAAY-TV reported.
By Monday night, more than
2,600 US flights had been cancelled
and nearly 7,900 delayed, according
to flight tracking service FlightAware.
Many cancellations were at
Hartsfield-Jackson Atlanta
International Airport, which was dig-
ging out from disruptions caused by
Sunday storms.
The Federal Aviation
Administration said it was rerouting
planes around storms heading to the
East Coast.
The White House pushed up by
90 minutes President Joe Biden’s
departure on a four-day trip that’s
taking him to Arizona, New Mexico
and Utah. The White House also can-
celled a back-to-school cybersecurity
event that was to feature first lady Jill
Biden, who is a teacher, Education
Secretary Miguel Cardona,
Homeland Security Secretary
Alejandro Mayorkas and school
administrators, educators and edu-
cation technology providers from
ing federal workers to be sent home
early so they wouldn't be in their cars
amid wind, hail and tornadoes.
Strong advised residents: “Have
yourself in a strong shelter. Be at
home or be at work.” The storms post-
poned a Major League Baseball game
between the Phillies and the
Washington Nationals in
Philadelphia, and in Maryland, the
National Weather Service issued a
flash flood warning into Tuesday
after 4 inches (10.2 centimeters) of
rain fell in a short amount of time.
By early evening, more than 1.1
million customers were without
power across Alabama, Georgia,
South Carolina, North Carolina,
Maryland, Delaware, New Jersey,
More than 2,600 US flights have been cancelled and nearly 7,900 delayed, Pennsylvania, Tennessee, West
according to flight-tracking service FlightAware PHOTO: TWITTER Virginia and Virginia — all states
along the storm system's path,
around the country. “This does look to be one of the according to poweroutage.us. The
The Office of Personnel most impactful severe weather events Knoxville Utilities Board tweeted that
Management announced Monday across the Mid-Atlantic that we have the damage across its service area in
that all non-emergency employees had in some time,” National Weather Tennessee was “widespread and
would have to depart before 3 pm, Service meteorologist Chris Strong extensive” and will likely take several
when all federal offices closed. said in a Facebook live briefing. days to repair.
Imran moves
HC appealing
his conviction

in graft case
IN BRIEF REUTERS
Pakistan’s jailed former pre-
mier Imran Khan on
8 August IN NUMBERS Tuesday challenged his con-
US trade deficit narrows as SoftBank Group Apple, Samsung viction in the Toshakhana

J
apan’s SoftBank Group posted a
imports at lowest since 2021 surprise loss but said it was dip-
ping its toes back into new invest-
The US trade deficit shrank in June as imports slid to the lowest ments after its Vision Fund unit
level since 2021, reflecting more moderate consumer demand returned to the black for the first time
for merchandise. The shortfall in goods and services trade in six quarters.
narrowed by $2.8 billion to a three-month low $65.5 billion, The Vision Fund unit booked an
according to the data released by the US Commerce investment gain of about 160 billion yen
Department on Tuesday. REUTERS ($1.1 billion) for the April-June period,
helped by an increased valuation for
Arm, the chip designer slated for an ini-
Japan’s defence networks tial public offering later this year.
Without the fillip from Arm, the pic-
hacked by China: Report ture was less rosy with the company’s
Vision Funds reporting a combined loss
Chinese military hackers gained access to a classified defence of 13 billion yen.
network in Japan beginning in 2020, accessing information The investment giant has been in
about the US ally's military capabilities, plans and assessments “defence mode” since May 2022 after
of shortcomings, the Washington Post reported on Monday, tech valuations crashed due to sharply
citing senior officials. REUTERS higher interest rates and jitters that hit
the global banking sector. But this June,
founder and CEO Masayoshi Son said
Wall Street to pay hundreds in he was planning to shift to “offence”
mode amid excitement over advances
millions in WhatsApp cases in artificial intelligence. That shift was
borne out in the first-quarter results,
Wells Fargo & Company and BNP Paribas SA are among firms that will
pay hundreds of millions of dollars total in penalties for employees
using unofficial communications like WhatsApp to conduct business
corruption case by a trial
In $ billion Q1 2023 Q4 2023 Q1 2024 to invest in court, saying the verdict by
a “biased” judge was a “slap
Revenue, adj
growth, YoY (%)
10.98 11.83 10.88
6.3 3.3 -0.9 Arm’s IPO in the face due process and
fair trial” and “a gross trav-
Gross profit, adj 6.17 5.23 5.81 Apple and Samsung Electronics will esty of justice”.
margin (%) 56.2 44.2 53.4 invest in SoftBank Group -owned Khan, 70, was arrested on
Ebitda, adj -15.48 8.53 -2.13 chip designer Arm at its initial Saturday shortly after an
margin (%) -141.0 72.1 -19.6 public offering (IPO), expected in Islamabad trial court found
September, Japan's Nikkei him guilty sentenced him
Net income, adj -21.46 1.89 -3.34 newspaper reported on Tuesday. to three years in jail. Khan is
Source: Bloomberg Reuters reported in June that Arm
was in talks with some ten
currently lodged in the
Attock Jail. Khan has
with Chief Financial Officer Yoshimitsu with high growth potential”. The unit
companies - including Apple,
Samsung and Intel - with the aim
appealed his conviction and
the three-year prison sen-
Goto telling reporters on Tuesday that divested around $890 million worth of of bringing on one or more anchor tence in the case by filing a
the company was “timidly” embarking holdings including full exits of three investors in the offering. plea through his lawyers at
on selective new investments. portfolio firms and partial exits of sev- Last month, Reuters and other the Islamabad High Court
SoftBank made investments total- eral public portfolio firms. media reported that Arm was in (IHC). He said that the trial
ling $1.8 billion in the quarter. That's Son has had to adopt a more prudent talks to bring in U.S. chip designer judge made the conclusions
after paring them right back to around stance to investing after several high- Nvidia as an anchor investor for the on the basis of a “predis-
$500 million for the previous three profile investment setbacks, most New York listing.Apple, Samsung, posed mind" instead of
quarters. “The bar for investment is very
high”, added Vision Fund finance chief
notably flexible workspace provider
WeWork, whose shares have fallen 98
Nvidia and Intel all plan to invest in
Arm as soon as it is listed on the
merit of the case because the
petitioner’s lawyer was not
Navneet Govil. “They have to be firms
that are focused on next-generation AI
per cent since listing publicly in
October 2021.
market, the Nikkei said. REUTERS given the right of presenting
arguments. PTI

Italy slaps windfall tax on banks, shares sink

—the latest salvo in US regulators’ crackdown on how Wall Street
keeps records. Wells Fargo units agreed to pay $125 million to the SEC,
the regulator said on Tuesday. REUTERS

REUTERS the year, but appeared to have money has ... doubled for ing, such as mortgage holders.
US to announce $200 mn of 8 August cooled on the plan.
A senior banking executive
households and businesses,
what current account holders Windfall for the treasury

new arms aid for Ukraine Italy dealt a surprise blow to its
banks and sent shockwaves
The US will announce $200 million of new weapons aid for Ukraine as across the sector in Europe by
soon as Tuesday, US officials told Reuters, as it begins to dole out $6.2 setting a one-off 40 per cent tax
billion of funds discovered after a Pentagon accounting error over- on profits reaped from higher
valued billions of Ukraine aid, two US officials said on Monday. In interest rates, after reprimand-
May, the Pentagon announced it had mistakenly assigned a higher- ing lenders for failing to reward
than-warranted value to the US weaponry shipped to Kyiv. REUTERS deposits.
Sharply higher official inter-
est rates have yielded record
Snapchat comes under lens profits for banks, as the cost of
loans soared while lenders held
in UK over underage users off paying more on deposits.
Countries such as Spain and
Britain's data regulator is gathering information on Snapchat to Hungary have already imposed
establish whether the US instant messaging app is doing enough to windfall taxes on the sector and
remove underage users from its platform, two people familiar with others may now follow suit.
the matter said. Reuters reported exclusively in March that Snapchat Italian Prime Minister
owner Snap Inc had only removed a few dozen children aged under- Giorgia Meloni's government
13 from its platform in Britain last year. REUTERS had floated the idea earlier in
told Reuters that lenders had
been ready for “the chopping
block, but then the axe didn't
come down”.
Since then, however,
bumper first-half results from
banks brought the issue back
into focus and prompted the
government to act on the eve
of the summer political shut-
down.
One government source
said the move came as a sur-
prise even to some ministers at
Monday night’s cabinet meet-
ing. A second source made
clear the government intended
“to punish banks’ unfair
behaviour”.
Lenders in Italy have passed
on to depositors on average 12
per cent of the rise in rates, ver-
sus 22 per cent in the euro area,
Jefferies calculated.
“One has only to look at
banks’ first-half profits ... to
realise that we are not talking
about a few millions, but ... of
billions,” Deputy Prime
Minister Matteo Salvini told a
news conference in Rome late
on Monday.
“If (it is true that) the burden
deriving from the cost of
receive has certainly not dou-
bled,” Salvini said.
Italy’s banking share index
had plunged 7.2 per cent by
1032 GMT on Tuesday, with
sector leader Intesa Sanpaolo
down 8 per cent and rival
UniCredit down 6.6 per cent.
Italian banks dragged the
European index down 2.8 per
cent, with a Moody’s down-
grade of some US banks
also weighing.
Italian banks are up 50 per
cent over the past year, outper-
forming a 20 per cent European
sector rise.
The government wants to
use the proceeds to help those
struggling with the cost of liv-
Citi analysts calculated the tax
could wipe nearly a fifth off
Italian banks’ 2023 net income.
Bank of America estimated
proceeds of between 2-3 billion
euros for the government.
Sources said the Treasury
expected to collect less than 3
billion euros ($3.3 billion) from
the measure. That would be
similar to the 2.8 billion euros
raised by this year’s windfall tax
on energy companies. Italy will
apply the tax only in 2023, with
banks paying the sums by June
30, 2024. The measure applies
to the net interest margin
(NIM), a measure of income
deriving from the gap between
lending and deposit rates.

China suffers new blow as exports see biggest drop in 3 yrs

BLOOMBERG
8 August
China’s exports fell for a third straight
month in July amid a slump in global
demand, while imports plunged as
domestic pressures also undermine the
economy’s recovery.
Overseas shipments dropped 14.5 per
cent in dollar terms last month from a year
earlier — the worst decline since February
2020 — while imports contracted 12.4 per
cent, the customs administration said
Tuesday. That left a trade surplus of $80.6
billion for the month. Economists polled
by Bloomberg had forecast that exports
would drop 13.2 per cent while imports
would shrink 5.6 per cent.
The deepened slump in imports “is a
reflection of weak domestic demand,”
said Zhang Zhiwei, chief economist at
Pinpoint Asset Management Ltd. “The
overall consumption and investment
growth probably both stayed quite weak
in China.”
Some economists also said the decline
in imports were driven by falling com-
modity prices.
Chinese stocks listed in Hong Kong
led losses in Asia on Tuesday. The Hang
Seng China Enterprises Index was down
1.6 per cent as of 11:39 a.m. local time. The
onshore CSI 300 Index was little changed
at the mid-day break. The yuan traded
offshore yuan didn’t move much, having
lost 0.3 per cent earlier in the morning to
sit at 7.2214 per dollar.
China’s economic recovery this year
was expected to be buoyed by strong con-
sumption, but momentum is waning as
confidence and domestic demand
remains weak — issues underlined by the
fifth consecutive month of falling
imports. Data due Wednesday is expected
to show consumer prices declined in July,
adding to evidence of that lack of
demand.
Asia was among the worst hit regions
from China’s falling demand, with
imports from South Korea, Japan, Taiwan
and Southeast Asian countries falling by
double digits. Imports from the US fell
11.2 per cent and were down 3 per cent
from the European Union.
Exports, meanwhile, have been wan-
ing because of slowing demand overseas
DOWNWARD TREND
China exports (y-o-y%)
Source: Bloomberg
— making it impossible to maintain the Japan, South Korea, Taiwan, Asean, the
record level of shipments seen in 2021 EU, Brazil and Australia all dropped by
and 2022 during the pandemic. double digit percentages, too.
Shipments to the US plummeted 23.1 With producer price deflation “at a
per cent in July, according to the customs trough in the past couple of months due
data. Exports to other markets including to commodity price drops,” imports also
pulled back, said Larry Hu, head of China
economics at Macquarie Group Ltd.
Beijing has been looking for ways to
stimulate growth this year, though the
scope of support so far has been targeted
and limited. Authorities have announced
some policies to boost demand for hous-
es, electric cars, and other products.
Last month, several departments out-
lined a plan to encourage more house-
hold spending on everything from elec-
tric appliances to furniture. Three
agencies later detailed measures to
increase manufacturing of small con-
sumer goods — or the so-called light
industry sector, which makes up more
than a quarter of China’s exports.
“The government policy so far has
changed but more on the property sector,
and not much on boosting demand,”
Zhang said. “So the economic situation is
still quite challenging.”
Macquarie’s Hu said policy loosening
on property and credit will help the econ-
omy in the second half.

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OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

Volume XXX Number 98 ILLUSTRATION: BINAY SINHA

NEW DELHI | WEDNESDAY, 9 AUGUST 2023

Wait and watch

Food prices can increase policy risks much better by reining in its revenue expenditure
and exceeding its capital expenditure target by a

T
he six-member Monetary Policy Committee (MPC) of the Reserve Bank good margin.
of India is reviewing the monetary policy this week amid the anticipation With tax collections rising at less than the opti-
that the Consumer Price Index-based inflation rate went above the upper mum rate of 10 per cent and expenditure growth
end of its tolerance band in July. The rate was 4.8 per cent in June. The surge in exceeding the budgeted target, there will be serious
consumer prices is being driven by those of food, particularly vegetables. While questions about the government’s ability to stay
vegetable prices are expected to come down as the seasonal factor subsides, the within the fiscal deficit target of 5.9 per cent of GDP
in 2023-24. The additional dividend and surplus
uneven distribution of rain and late sowing for the season in many parts of the
bonanza from public-sector enterprises, state-owned
country could put pressure on food production. The government is actively banks and the Reserve Bank of India will most likely
trying to contain food inflation. Although steps taken by the government, such be neutralised by the shortfall in its disinvestment
as the imposition of restrictions on exports and stockholding limits, are not in receipts. With the likely pressure on the government
the long-term interests of India’s food economy, they may contain prices in the to spend more in the coming months in view of the
immediate short run. Nevertheless, the near-term inflation outlook for India forthcoming elections, the Union finance ministry

States surge ahead

has worsened. will have its hands full to meet its deficit target this
It is likely that the MPC will revise its inflation projection for the current year. Any failure to meet that target this year would
not augur well for the country’s public finances.
financial year from 5.1 per cent. The extent of revision will be keenly followed by
But no assessment of the country’s public
financial markets because it will directly influence the rate decision. Nevertheless, finances can be complete without simultaneously
as things stand today, the MPC would be well advised to see through the spike in
the headline rate, primarily driven by food prices. However, it would need to While the Centre’s tax revenue growth has decelerated, the evaluating the revenue and expenditure situation
prevailing in the states. Official data for the first
carefully observe the progress of the monsoon and the potential durability of states have put up a better performance quarter of 2023-24 are available only for 22 states,
food price inflation. If the monsoon is weaker than expected, with potential which roughly account for 92 per cent of the total

C
implications for inflation outcomes, the MPC will need to be ready to act. There elebrations over continued robust growth in decline in corporation tax collections is disconcert- Budget size of all the states and Union Territories in
is always a risk of food price inflation getting generalised. The central bank will the Union government’s tax collections have ing as it comes during a period when a sample of the country. On the expenditure side, these states
need to contain this risk. However, given that core inflation has moderated and understandably died down. Importantly, such about 1,000 listed companies reported a 65 per cent broadly mirror the trend seen at the Centre. Their
a mood change has coincided with the emergence increase in their net profit. What does it say about revenue expenditure in the first quarter of 2023-24
is expected to remain well below the headline rate, the MPC will have the comfort
of quite a few puzzling trends in tax collections, India Inc’s profit forecast and its corporation tax has grown by only 7 per cent, while their capital
of postponing the rate action, if required. which perhaps indicate the likely trajectory of gov- contributions to the exchequer in the remaining expenditure has jumped by 75 per cent.
Global uncertainties also warrant caution. Although inflation conditions ernment finances during the remaining quarters of quarters of the year? Or are these a reflection of While reining in revenue expenditure is a cred-
have improved in advanced economies, the rate is still running above the target. the current financial year. In contrast, however, the more investments made by them and the rise of itable performance, the increase in capital expen-
The US Federal Reserve, for example, after a pause increased the policy interest states are showing continued buoy- new manufacturing companies, diture is a relief, coming as it does after a sharp
rate by 25 basis points in July and is expected to tighten it further. The European ancy in their tax revenues, and their which enjoy tax concessions and a decline in the growth rate in 2022-23 to just about 12
Central Bank too increased the policy rate in July. The cumulative rate hikes in expenditure mix also seems to have lower tax rate, respectively? per cent. Most likely, the Central support to the states
advanced economies and the resultant tightening in financial conditions will got better. Personal income tax collections for their capital expenditure has helped and its over-
affect economic activity, with implications for global demand and commodity But let us first assess the sharp during the first quarter of 2023-24 all positive impact on the economy can hardly be
decline in the Union government’s grew by 11 per cent, but this too ignored. Sustaining the capital expenditure growth
prices. However, the resilience in economic activities, particularly in the US,
tax growth rate. After the heady days meant a sharp deceleration from 41 by the states in the coming months will be as impor-
has surprised analysts. Some economists now expect the US to slip into only a of the Centre’s gross tax collections per cent seen in the April-June peri- tant as keeping a check on their revenue expendi-
mild recession later this year. Meanwhile, economic recovery in China seems to growing by about 34 per cent in 2021- od of 2022-23. But in a surprising ture, if the states’ overall fiscal deficit needs to be
be faltering, which prompted the Chinese central bank to ease monetary policy. 22, the highest seen in the last three development, Customs collections kept within the target of 3.5 per cent of GDP.
A slower than expected growth in China could exert downward pressure on decades, and their share in gross rose by a whopping 35 per cent in The states’ tax revenue collections in the first
global commodity prices. domestic product (GDP) reaching a April-June 2023, compared to a drop quarter of 2023-24, however, present a better picture
Given that global economic growth is projected to remain below trend, record level of 11.54 per cent, there is
now a deceleration that cannot be
RAISINA HILL of 12 per cent in the same period in
2022. This increase, in the normal
than that of the Centre. Against the Centre’s tax
collections growth of 3 per cent, the states have
excessive tightening could affect India’s prospects. Since the MPC has already
missed. In 2022-23, gross tax collec- A K BHATTACHARYA course, should have also meant a cor- clocked a tax revenue growth rate of 22 per cent. Of
raised the policy repo rate by 250 basis points in the current cycle, which is still
tions grew by about 13 per cent and responding rise in collections of GST course, this growth has been propped up by a gen-
working through the system, it makes sense to wait and observe at this stage. their share in GDP declined to 11.23 per cent. on imports. But GST collections on imports during erous increase in the sharing of Union taxes — by
Communication from the central bank, however, will be critical. It would need The decelerating trend continues even in the cur- April-June 2023 grew by just 2 per cent, compared 59 per cent. This increase could be a result of the
to clearly underscore that the MPC remain committed to the 4 per cent inflation rent year. The annual target for gross tax collections to a 25 per cent rise in the same period of 2022. This Centre’s generosity in proactively releasing the taxes
target and will not hesitate to act if there are hints of food inflation spilling over growth for 2023-24 was kept in the Budget at about is yet another puzzle. to be shared with the states. But even without such
to other parts of the consumption basket. 10 per cent, but the latest number for the first quarter On the expenditure side, the quality of the support from Central taxes, the states’ own tax rev-
of the current year puts the actual growth at just Centre’s overall spending pattern saw a significant enues grew by 12 per cent. This is highly reassuring.
about 3 per cent. While the goods and services tax improvement. As projected in the Budget, the gov- If the states can get their act together in mopping

Talking peace in Jeddah (GST) continues to grow in double digits (about 11 ernment’s revenue expenditure in the first quarter
per cent in the first quarter, although down from 34 of 2023-24 was almost flat, rising by 0.09 per cent
per cent in the same period a year ago), corporation only. In contrast, its capital expenditure rose by 59
up more tax revenues and record a growth rate that
is much higher than that of the Centre, the story of
India’s public finances would read much better and
India offers a new perspective tax collections in the April-June 2023-24 fell by 14 per cent. Remember that the Budget has projected more promising. If only some of them eschewed
per cent, and excise too fell by 15 per cent. an annual increase of 1.4 per cent for revenue expen- the fiscally problematic ideas like restoring the old

T
he peace summit at Jeddah, Saudi Arabia, attended by over 40 countries While the fall in excise collections is understand- diture and a much higher increase of 36 per cent for pension scheme, their economic journey could
over the weekend to explore a peaceful resolution to the Ukraine crisis rep- able in view of the softening crude oil prices, the capital expenditure. Clearly, the Centre has done become even smoother.
resents a small if significant shift in the axis of global power politics. The
two-day summit was part of a diplomatic initiative by Ukraine to build support for
its predicament beyond its traditional Western supporters of Europe and the US,
and their allies to the Global South, an indication, perhaps, of the growing influence
of this varied grouping in international politics. There was no breakthrough —
indeed, none was expected — but there were several diplomatic developments at
The green tinge of local manufacturing
this summit, which took place 18 months after Russia’s invasion of Ukraine in

L
ocalised supply chains — which most coun- response to a question in Parliament last week.
February last year. First, the fact that the summit was hosted by Saudi Arabia, tries are trying to incentivise — have a cost, There is a global race to house manufacturing
rather than a Western power, pointed to the recognition of the kingdom’s expanding but there is an environmental benefit too. “It for the more mature clean energy segments, such VENTURE CAPITAL/ PRIVATE
clout in the region, more so after its peace outreach, via China’s interventions, to
traditional regional enemy Iran. Second, senior representatives from the US and
is pretty impossible to hit decarbonisation targets as solar and wind, as well as that for emerging green
if you are shipping materials constantly across vast technologies — long duration energy storage, green
EQUITY INVESTMENT IN
China, with widely differing views on the war, chose to attend. And third, the distances,” Hilary Maxson, the chief financial officer hydrogen, carbon capture and storage, and sustain- CLIMATE-TECH COMPANIES
summit saw India offer a new perspective on the peace framework. of Schneider Electric, told BloombergNEF in a recent able aviation fuel, among others. The US reclaimed
FUNDING DEALS
The big message from the summit was the growing isolation of Russia President interview. The $37 billion energy management and the top spot as the world’s largest market for cli-
industrial automation solutions company has built mate-tech venture capital and private equity invest-
($ billion)
Vladimir Putin, whose invasion of Ukraine disrupted the global economy’s recovery 1Q 2022 13.5 291
regional supply chains over the years to meet sus- ment in the second quarter, with startups there
from the pandemic and threatens to expand into a nuclear confrontation. This tainability commitments made since 2005, which raising $3.5 billion in 87 deals, according to BNEF. 2Q 2022 12.9 266
much was clear from the Russia-Africa summit held late last month, which saw far have also improved its speed to market. For the first time, India was the second-largest mar-
lower participation from African heads of state than the 2019 summit, or the US- Every country is looking at local manufacturing ket by both funding ($1.8 billion) and deal count
3Q 2022 15.8 282
Africa summit held late last year. It is China’s newly nuanced position that attracted as the magic mantra. The alluring package of incen- (31). The number was heavily influenced by the 4Q 2022 16.4 253
attention. Its 12-point charter in March proposing a framework for a political set- tives offered by the US through its more than $1 billion raised by the 1Q 2023 12.6 253
tlement between Ukraine and Russia drew little response, being focused mostly Inflation Reduction Act has trig- diversified clean energy player
2Q 2023 10.2 294
on condemning the North Atlantic Treaty Organization and reiterating the issue gered billions of dollars of invest- Avaada Energy. Climate-tech
ment commitments to manufacture investments typically span energy, Source: BloombergNEF, PitchBook
of territorial integrity, the principal objective being Beijing’s claim on Taiwan.
locally, and Europe is attempting the transport, industry, buildings, agri-
Though newly reinstated Chinese Foreign Minister Wang Yi reassured his Russian same feat with its own set of policies. culture and carbon.
counterpart Sergey Lavrov that China would uphold an impartial position, a Companies like Enel’s 3Sun are, At the root of these strategic talks with car makers and battery manufacturers
ministry statement underlined that the Jeddah talks had helped “consolidate inter- therefore, setting up gigawatt-scale shifts in production are national for supply of the metal, Bloomberg News reported.
national consensus”, though the contours of such unanimity are unclear yet. The solar manufacturing plants in decarbonisation goals. Countries n Apple’s reliance on China-based suppliers could
message, therefore, is clear: That China proposes to play a key role in any settlement Europe and in the US. The UK is also responsible for 68 per cent of global persist. While the total number of Apple produc-
on Russia-Ukraine. working on its subsidies, though it greenhouse-gas emissions are tion sites went down from 745 in 2021 to 735 last
So far India has played an adroit diplomatic balancing act in the crisis, declining will never be able to match US VANDANA GOMBAR already covered by a net-zero tar- year, China’s share of production sites increased
to criticise Russia in serial UN resolutions but suggesting that dialogue rather than President Joe Biden’s enormous get, according to BNEF. This could from 35 per cent to 38 per cent, according to
package of green subsidies, UK business minister ratchet up to over 90 per cent, if all the plans under Bloomberg Intelligence. Japan’s site share
belligerence was a preferred option — values National Security Advisor Ajit Doval
Nusrat Ghani said in a Bloomberg interview. There discussion are finalised. That means there will be increased from 14 per cent to 17 per cent, the US
underlined at Jeddah — even as the country accessed cheaper Russian oil supplies is a strong case for collaboration between Europe more news of near-shoring, on-shoring and friend- was down from 11 per cent to 9 per cent, while
in the face of Western sanctions. As the current holder of the G20 presidency, India and the US by forging a “Green Transatlantic shoring of production. India remained at 2 per cent.
wields influence on the peace process. In this context, Mr Doval’s statement uphold- Marketplace,” according to Ann Mettler, who leads Some recent announcements of interest include: n The Lawrence Livermore National Laboratory
ing respect for sovereignty and territorial integrity by all states without exception Breakthrough Energy’s policy team in Europe, and n Tata group plans to build a $5.2 billion battery near San Francisco that last year reached a long-
could alter its dynamics. It has long been accepted that Ukraine would accept is pushing for a joint approach. plant in the UK to supply electric vehicles made sought milestone in nuclear fusion — a controlled
Russia’s claims on Crimea if Moscow vacated the eastern regions it occupied in India is in the same arena, with its production- by Jaguar Land Rover Automotive. JLR and Tata reaction that yielded more energy than it took to
2014. Mr Doval’s statement, no doubt aimed at Chinese encroachments on Indian linked incentive scheme for multiple sectors, Motors will be the anchor customers for the plant produce — has repeated the achievement after
including solar and batteries. These are intended that will begin supplying from 2026. A compelling months of near misses. That is a big step forward,
territory, comes at a time when Kyiv has upped its military aggression on the Black
to “strategically enter certain segments of global incentive package was offered by the UK to but a future powered by nuclear fusion remains
Sea. How far this point will play out in any future peace plan remains an open value chains, which is expected to transform India’s clinch the deal. Spain reportedly offered serious years off, if it happens at all.
question. But the well-attended summit at Jeddah could mark a small step before exports basket from traditional commodities to competition.
a great leap forward in the peace process. high value-added products,” Som Parkash, the min- n ExxonMobil, which has set a goal of extracting The writer is New York-based senior editor – global policy for
ister of state for commerce and industry, said in 100,000 metric tonnes of lithium per year, is in BloombergNEF, vgombar@bloomberg.net

Rahul’s ideas of India politics, there are many who have

Congress, and gratuitously from the
media) is so pervasive that it is easy to fall
into the trap of deciding that’s what
defines the essential Rahul Gandhi.
Of course, it doesn’t. You have to go by
what Rahul Gandhi says and believes. In
BOOK REVIEW the book, the author, on multiple
occasions, suggests that given the
ADITI PHADNIS circumstances on the ground, Rahul
should, maybe, have said something else
sanctioned violence, even perpetrated it,
but have never been its victims. The book
explores the way Rahul (and Priyanka)
dealt with loss, grief, rage, culpability and
reached forgiveness. It records poignantly
how the phone came to represent the hole
that blew Rahul Gandhi apart when a
friend of his father’s called him in the US
where he was studying, to inform him
that Rajiv Gandhi had been killed. We
know Priyanka met in a jail in Tamil
Nadu, those who were convicted of
conspiring to kill her father. But for the
party leading to a “show me the man and
I’ll show you the rule” kind of situation.
Then Rahul opted out of running the
party altogether, though he remained a
ubiquitous point of authority: At the
party’s Udaipur meeting, it was he who
flagged the unacceptability of Ashok
Gehlot remaining chief minister as he
contested party
presidentship.
Then, although
Mallikarjun Kharge
was appointed
party president, he
that from 2014, the Congress went on
losing elections. You could argue that
democratic politics has to, must, throw
up a mix of those who represent ideas
Rahul’s ideas on religion and
spirituality as explained by the author
are absorbing. He makes a claim on
organised Hinduism — we see him as a
and values as much as those who find Shiva bhakt, a janeudhari Hindu, a
favour with the masses. Ram Manohar worshipper of Shakti chanting Jai Mata
Lohia lost as many elections as he won Di and a respectful recipient of
and yet his ideas continue to shape blessings in orthodox temples in
politics. Mahatma Gujarat and Tamil Nadu. At the same
Gandhi and time, he is fascinated by Buddhism and
Strange Burdens:
The Politics and Jayaprakash asceticism. So, the contradiction is:
Predicaments of Narayan fought no Rahul seems to believe in plurality. But
elections at all. the Congress response to the Bharatiya
Rahul Gandhi
Author: Sugata Winning elections Janata Party’s charge of Rahul being an

L
et us be clear. This book is not a
biography of Rahul Gandhi. Nor is
it an uncritical hagiography
designed to serve a political agenda. It is
an interpretation of the politics of Rahul
Gandhi. And it navigates extremely haz-
ardous territory with literary erudition,
kindness and humanity.
The landscape is hard to traverse
because there is so little to go on. There is
no authorised biography of Rahul Gandhi
and although his party, family and friends
have tried to put his politics in perspective,
the onslaught of derision, ridicule and
political dumbing down (from opponents
both on the other side, from within the
more appropriate. This has the advantage
of hindsight. But the book is, nevertheless,
an exploration of Rahul Gandhi’s ideas —
on violence; his understanding of power
and his relationship with it; religion and
spirituality, both public and private; the
idea of a nation, democracy and the
Constitution; and the much-repeated
idea of India. The author analyses
Rahul’s speeches, public statements,
interviews (including two with the
author) in India’s broader cultural,
intellectual and political context.
Few others in politics have been
victims of as much violence as the Gandhi
children. And if you look around in
first time, the book reveals
correspondence between Sonia and
Nalini. Nalini refers to Sonia as “Dearest
Mother”. Forgiveness is a continuing
theme in Rahul’s politics.
Rahul’s understanding of power is a
problem. He did not choose the Congress
party — it was bequeathed to him. How
did he relate to the bequest? First, he tried
his own experiments, like the primaries
where the putative candidate would be
“elected” by the lowest rung of the party
and make his way up. But the traditional
control of families over the party led to
limited success. And there was the issue
of Sonia Gandhi continuing to lead the
continued to stay as
leader of the
Opposition in the
Rajya Sabha. The
party also dealt
unforgivingly and
not entirely
democratically with members of the
G23 ginger group. Confusing? Not being
able to quiz Rahul on all these – they
represented glaring contradictions to
external observers – is a limitation of the
book. The book suggests he
doesn’t want power and in fact, views it
with distaste. And yet. And yet.
Adding to the conundrum is the fact
Srinivasaraju is not the only “election Hindu” is to match it with
Publisher:Penguin currency of power. caste denomination. “A relatively
Random House But Rahul had the better response would be to seek refuge
Pages: 302 Congress party to in the undistinguished plebeian
Price: ~699 run. The book says: shrines of millions of (local) gods” the
“If Rahul Gandhi author says. For that’s what India is.
had to become the The only complaint with the book is
principal custodian of the Congress’s that it does not go into the grievances of
values, then he had to make an explicit those who left the Congress citing
statement that declared that he’ll never Rahul as the reason — from Ghulam Nabi
accept executive power, like Mahatma Azad to Himanta Biswa Sarma, from
Gandhi embraced the idea”. But he Sushmita Dev to Mamata Banerjee to
didn’t and he can’t — not the least Amrinder Singh and Kapil Sibal. We’ve
because of the pressure brought to bear heard their side of the story. Another
by others in the party who are interested book — equally beautifully written —
in power. will maybe tell us Rahul’s.
10
>
NEW DELHI | WEDNESDAY, 9 AUGUST 2023 1
RAILTEL CORPORATION OF INDIA LIMITED
(A Govt. of India Undertaking)
Registered Office : 6th Floor, IIIrd Block, Delhi Technology Park, Shastri Park, Delhi - 110053, CIN : U74900DL2014GOI1270322
CIN : L64202DL2000GOI107905
Website : www.relindia.in, E-mail : yudhveer@railtelindia.com

NIRLON LIMITED
Tel: + 91 11 22185933, Fax : + 91 11 22185978

Registered & Corporate Office : Plate - A, 6th Floor, Office Block Tower-2,
East Kidwai Nagar, New Delhi-110023, Website : www.railtelindia.com,
E-mail : cs@railtelindia.com Tel: +91 11 22900600 , Fax : + 91 11 22900699 (CIN L17120MH1958PLC011045)
NOTICE OF THE 23rd ANNUAL GENERAL MEETING AND E-VOTING Registered Office: Pahadi Village, off the Western Express Highway, Goregaon (East), Mumbai 400 063.
Notice is hereby given that the 23rd (Twenty-Third) Annual General Meeting (“AGM”) of the Members of Tele No.: + 91 (022) 4028 1919 / 2685 2257 / 58 / 59 Fax No.: + 91 (022) 4028 1940
the Company will be held on Thursday, 31st August, 2023 at 11:30 Hrs through Video Conferencing Email: info@nirlonltd.com, Website: www.nirlonltd.com
(“VC”)/Other Audio Visual Means (“OAVM”) in compliance with the applicable provisions of the Companies
Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2023
General Circular No. 20/2020 dated 05/05/2020 and subsequent circulars and the latest being, Circular No. (` in Lakhs)
10/2022 dated 28/12/2022 issued by the Ministry of Corporate Affairs (“MCA”) and Master Circular No.
SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated 11/07/2023 issued by the Securities Exchange Board of India Quarter ended Year ended
(“SEBI”). Sr. 30-Jun-2023 31-Mar-2023 30-Jun-2022 31-Mar-2023
In line with the aforesaid Circulars, the Notice of 23rd AGM and Annual Report of the Company for the Particulars
No. Unaudited "Audited Unaudited Audited
Financial Year 2022-23 have been sent through electronic mode on 07th August, 2023 to those members (Refer Note 3)"
whose e-mail ID(s) were registered with the Depository Participant (DP) or Registrar and Share Transfer
Agent (RTA) of the Company as on Friday, 28th July, 2023. The same is also hosted on the website(s) of 1 Income:
the Company (www.railtelindia.com), Stock Exchanges i.e. BSE Limited (www.bseindia.com), National (a) Revenue from operations 14,825.61 14,812.11 13,821.69 57,264.80
Stock Exchange of India Limited (www.nseindia.com) and NSDL (www.evoting.nsdl.com).
Pursuant to the Regulation 44 of the SEBI (LODR) Regulations, 2015, Section 108 of the Companies Act, (b) Other income 80.66 35.65 75.97 296.08
2013 read with the Companies (Management and Administration) Rules, 2014, the Company has engaged Total income 14,906.27 14,847.76 13,897.66 57,560.88
the services of Depository viz. NSDL to provide the remote e-voting facility. The company is providing 2 Expenses:
facility to cast vote(s) on the business as set forth in the Notice of AGM through remote e-voting as well as
e-voting during the AGM through VC/OAVM. (a) Employee benefits expense 139.90 110.25 126.66 502.11
Members are hereby informed that: (b) Finance costs (Refer Note 4) 3,014.80 2,932.74 4,776.96 12,568.10
(i) The remote e-voting period commences on Sunday, 27th August, 2023 (9:00 AM) (IST) and ends on (c) Depreciation and amortisation expenses 1,384.07 1,490.73 3,686.08 10,277.58
Wednesday, 30th August, 2023 (5:00 PM) (IST). The remote e-voting module shall be disabled by NSDL for
voting thereafter and shall not be allowed beyond said date and time. (Refer Note 5)
(ii) A person whose name is registered as member in the Register of Beneficial Owners maintained by the (d) Property Management Expenses 1,078.91 1,407.28 913.39 4,459.55
depositories as on the cut-off date i.e. Thursday, 24th August, 2023 shall only be entitled to avail the facility (e) Other expenses 2,000.63 1,634.24 2,091.24 6,499.86
of remote e-voting or for participation at the AGM or vote through e-Voting system during the AGM.
(iii) Any person who acquires shares of the Company and becomes a Member of the Company after the Total expenses 7,618.31 7,575.24 11,594.33 34,307.20
Notice has been sent electronically by the Company and holds shares as on cut-off date may obtain the
login id and password by sending request along with their shareholding details to evoting@nsdl.co.in 3 Profit before tax (1-2) 7,287.96 7,272.52 2,303.33 23,253.68
(iv) The members who have cast their vote by remote e-voting may also attend the AGM through 4 Tax expense
VC/OAVM but shall not be entitled to cast their vote again. Once a vote on a resolution is submitted by the
member through e –voting the member shall not be allowed to change it. The remote e-voting facility is -Tax expense 2,309.94 2,301.12 881.34 7,462.00
available at the link www.evoting.nsdl.com. Total tax expense 2,309.94 2,301.12 881.34 7,462.00
(v) Only those shareholders, who are present in the AGM through VC/OAVM facility and have not cast their
vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be 5 Profit after tax (3-4) 4,978.02 4,971.40 1,421.99 15,791.68
eligible to vote through e-voting system during the AGM.
Members are requested to refer to Instructions for remote e-voting forming part of AGM Notice. If you have 6 Other comprehensive income
any queries or issues regarding attending AGM & E-Voting from the e-Voting System, you may refer the Items that will not be reclassified to profit - 21.45 - 21.45
Frequently Asked Questions (FAQs) and e-voting user manual for Members available on the website and loss (net of tax)
www.evoting.nsdl.com under the ‘Downloads Section’. You can also contact NSDL at 022 - 4886 7000 and 7 Total comprehensive income (5+6) 4,978.02 4,992.85 1,421.99 15,813.13
022 - 2499 7000 or Ms. Pallavi Maharte, Sr. Manager, NSDL, at designated e-mail IDs:
(evoting@nsdl.co.in) who will address the grievances related to electronic voting. 8 Paid-up equity share capital 9,011.80 9,011.80 9,011.80 9,011.80
For RailTel Corporation of India Limited (Face value of ` 10/- per share)
Place: New Delhi Sd/- 9 Other Equity 31,168.15
Date: 08/08/2023 (J.S Marwah)
E-Mail: cs@railtelindia.com Company Secretary and Compliance Officer 10 Earnings per share (EPS) of ` 10/- each
Phone: +91 11 22900600 Fax: +91 11 22900699 (not annualised)
(a) Basic (`) 5.52 5.52 1.58 17.52
(b) Diluted (`) 5.52 5.52 1.58 17.52
See accompanying notes to the financial results
Notes :
1. The results of the quarter ended June 30, 2023 were reviewed by the Audit Committee and approved by the
Board of Directors of the Company at its meeting held on August 8, 2023.
2 The Company has determined “licensing of investment properties” as a reportable segment as evaluated by
the chief operating decision makers for allocation of resources and assessing the performance. There are no
other reportable segment as per Ind AS 108-Operating Segment. Accordingly, no segment information has
been disclosed.
3 The figures for quarter ended March 31, 2023 are the balancing figures between audited figures in respect of
full financial year and unaudited published year to date figures upto December 31, 2022 which were subject
to limited review.
4 During the quarter ended June 30, 2022, the Company has entered into a term loan agreement with the
Hongkong and Shanghai Banking Corporation Limited for an aggregate sum of up to ` 1,23,000.00 Lakhs.
The proceeds from the said loan has been used to repay the existing loan of ` 1,17,986.57 Lakhs availed by
the Company from HDFC Limited along with prepayment and other related charges amounting to ` 2,507.23
Lakhs which has been recognized as finance cost in the financial results.
5 The Company has changed its method of depreciation from written down value method to straight-line
method w. e. f. October 1, 2022. Accordingly, depreciation is lower and net profit before tax is higher by
` 2409.15 Lakhs and ` 4817.03 Lakhs for the quarter and year ended March 31, 2023 respectively.
For and on behalf of the Board of Directors
NIRLON LIMITED
sd/-
RAHUL V. SAGAR
Place : Mumbai Executive Director & CEO
Date : August 08, 2023 DIN : 388980
Rameshwar Media

RESONANCE SPECIALTIES LIMITED

(CIN No. L25209MH1989PLC051993)
REGD. OFFICE: 54-D, Kandivli Industrial Estate, Charkop, Kandivali (West) MUMBAI 67,
Website: www.resonancesl.com TEL: 022 6857 2827 GST No-27AAACA9590Q1ZW Email: company.secretary@resonancesl.com
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2023 (Rs. in Lakhs)
Quarter Ended Year Ended
Sr. 30-06-2023 31-03-2023 30-06-2022 31-03-2023
No.
Particulars
(Unaudited) (Audited)* (Unaudited) (Audited)
1 Total Income from operations 1,346.12 1,837.75 1,591.17 5,881.46
2 Net Profit / (Loss) for the period
(Before Tax, Exceptional and /or Extra ordinary items) 131.06 155.46 207.37 685.14
3 Net Profit / (Loss) for the period
(before Tax, after Excepetional and /or Extra ordinary items) 131.06 155.46 207.37 685.14
4 Net Profit / (Loss) for the period
(after Tax, after Excepetional and /or Extra ordinary items) 87.48 123.75 151.54 500.13
5 Compenhsive income for the period (Comprising profit & loss) for
the period( after tax) and other comprehensive income (after tax) 87.55 121.39 149.01 504.42
6 Equity Share Capital 1,154.40 1,154.40 1,154.40 1,154.40
7 Reserves ( Excluding Revaluation reserve as shown in the

GEECEE VENTURES LIMITED

Audited Balance sheet of the previous year 3,851.65
8 Earning per Shares (of Rs 10/-each)
(for continuing and discontinued operations)- (basic & Diluted) 0.76 1.05 1.29 4.37 CIN: L24249MH1984PLC032170
Notes: Regd. Office: 209-210, Arcadia Building, 2nd Floor, 195, Nariman point, Mumbai- 400 021.
1. The financial results of the Company have been prepared in accordance with the Companies (Indian Accounting Standard) Rules' Tel. No. 91-22-4019 8600. Fax No. 91-22-4019 8650; Email: geecee.investor@gcvl.in Website: www.geeceeventures.com
2015 (IND-AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies
to the extent applicable. EXTRACT OF STANDALONE AND CONSOLIDATED UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2023
2. The above results have been reviewed by the audit committee and thereafter approved by the Board of Directors in their meeting (Rs. In Lakhs, except per share data)
held on 8th August, 2023.
3. In accordance with Ind AS-108 “Operating Segments”, the company has only one reportable primary business segment i.e. Standalone Consolidated
“Chemical Manufacturing”. However, the company has secondary geographical segment which is disclosed in the financial Particulars Quarter ended Year ended Quarter ended Year ended
statement as per Ind AS- 108.
30.06.2023 30.06.2022 31.03.2023 30.06.2023 30.06.2022 31.03.2023
Information about secondary geographical segments as per financial statements (Rs. In Lakhs)
Total income from operations (net) 1,045.14 1,236.19 3,867.67 1,128.20 1,306.31 4,136.27
Particulars April to June 23 April to June 22
Segment Revenue Net Profit / (Loss) for the period (before tax, Exceptional and/or Extraordinary items) 625.76 622.25 1,213.16 694.56 680.35 1,434.66
- India 629.64 576.77 Net Profit / (Loss) for the period before tax (after Exceptional and/or Extraordinary items) 625.76 622.25 1,213.16 694.56 680.35 1,434.66
- Outside India 716.48 1,014.40 Net Profit / (Loss) for the period after tax(after Exceptional and/or Extraordinary items) 508.23 510.56 981.96 568.46 565.23 1,160.17
Total 1,346.12 1,591.17
Total Comprehensive Income for the period [Comprising Profit / (Loss) for the period 2,695.86 419.76 2,074.37 2,797.54 277.50 2,381.13
The segment asset and segment capital expenditure attributable to the segment "Outside India" is less than 10% of the respective (after tax) and Other Comprehensive Income (after tax)]
total assets and total capital expenditure and therefore not disclosed separately.
Equity Share Capital 2,091.17 2,091.17 2,091.17 2,091.17 2,091.17 2,091.17
4. *The figures for the quarter ended March 2023 are the balancing figures between the audited figures in respect of the full financial
year ended March 31, 2023 and unaudited year –to- date figures up to the third quarter ended December 31, 2022 which were Reserves (excluding Revaluation Reserve) - - 51,143.65 - - 54,015.79
subjected to limited review. as shown in the Audited Balance Sheet of the previous year
5. The figures for the previous financial period have been regrouped/rearranged wherever necessary. Earnings Per Share (of Rs. 10/- each)
By the order of the Board (for continuing and discontinued operations) -Before Extra- Ordinary items
For RESONANCE SPECIALTIES LIMITTED 1. Basic: 2.43 2.44 4.70 2.72 2.71 5.55
Charchit Jain 2. Diluted: 2.43 2.44 4.70 2.72 2.71 5.55
Place : Mumbai Whole Time Director
Notes:
Date: 8th August, 2023 DIN: 09344495
(a) The above unaudited financial results was reviewed by the Audit Committee at their meeting held on August 07, 2023 and the same has been approved by the Board of Directors
at its meeting held on August 07, 2023 .The above results have been subject to limited review by the Statutory Auditor of the Company.
(b) The above results are in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the
Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) (Amendment Rules), 2016.
(c) Since the nature of Real Estate & Financial Service Business of the Company is such that profit/(loss) does not necessarily accrue evenly over the period, the result of the quarter/
period may not be representative of the profit/(loss) for the quarter/period.
(d) Since there is Loss from Investments during the quarter ended 31st March, 2023 mainly on account of Marked to Market Loss on Equity Shares on Investments which are fair
valued through Profit & Loss Account (FVTPL) as per Ind AS, hence it is shown as an Item of Expenditure in the Results for the quarter ended 31st March, 2023.
(e) The previous period / year figures have been regrouped and reclassified, where necessary, to make them comparable with current period / year figures.
(f) The Renewable energy segment has been withdrawn pursuant to application of paragraph 11-Reportable Segments read with paragraph 13 of Indian Accouting Standard (Ind
AS) 108-Operating Segments.
(g) The above is an extract of the detailed format of Financial Results for Quarter ended June 30, 2023 filed with Stock Exchanges under Regulation 33 of the SEBI (Listing and
Other Disclosure Requirements) Regulations, 2015. The full format of Quarterly Financial Results are available on the Stock Exchanges BSE Limited (www.bseindia.com)or that
of National Stock Exchange of India Limited(www.nseindia.com) and also on Company’s Website (www.geeceeventures.com).
For GeeCee Ventures Limited
Sd/-
Mr. Sureshkumar Vasudevan Vazhathara Pillai
Place : Mumbai Whole Time Director
Date : August 07, 2023 (Din: 00053859)
.
NEW DELHI | WEDNESDAY, 9 AUGUST 2023 11
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12
>
NEW DELHI | WEDNESDAY, 9 AUGUST 2023 1

HINDALCO INDUSTRIES LIMITED

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EXTRACT OF STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS

FOR THE QUARTER ENDED JUNE 30, 2023
 in Crore, except otherwise stated)
Particulars Quarter Ended Year Ended
30/06/2023 31/03/2023 30/06/2022 31/03/2023
(Unaudited) (Refer Note 3) (Unaudited) (Audited)

Revenue from Operations 1%99 11?1; 1?0? %%4%0%


   
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 in Crore, except otherwise stated)
Particulars Quarter Ended Year Ended
30/06/2023 31/03/2023 30/06/2022 31/03/2023

(Unaudited) (Refer Note 3) (Unaudited) (Audited)

 
 
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 !!   &* +&" # www.nseindia.com 
www.bseindia.com    2(3 # www.hindalco.com.
4  "
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By and on behalf of the Board
!& $ 5 Satish Pai
. $ A" ? %0%4 Managing Director

An Aditya Birla Group Company

EPL LIMITED
Corporate Office: Top Floor, Times Tower, Kamala City, Senapati Bapat Marg,
Lower Parel, Mumbai 400013.
Tel: +91 22 2481 9000/9200. complianceofficer@eplglobal.com www.eplglobal.com
Regd. Office: P.O. Vasind, Taluka Shahapur, Thane 421604, Maharashtra
Tel: +91 9673333971 CIN: L74950MH1982PLC028947

GLOBAL OPERATIONS
EXTRACT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2023
(` in Million, except per share data)
Sr. Particulars Quarter Quarter Year
No. ended ended ended
30-Jun-2023 30-Jun-2022 31-Mar-2023
Unaudited Unaudited Audited
1 Total income 9,202 8,360 37,362
2 Profit before exceptional items and tax 662 502 2,691
3 Profit before tax for the period after exceptional items 662 491 2,680
4 Profit after tax for the period attributable to the owners of the Company 543 334 2,267
5 Total comprehensive income attributable to owners of the Company 402 256 2,653
6 Paid-up equity share capital (Face Value ` 2/- each) 636 632 636
7 Other equity (excluding Revaluation reserves) - - 19,256
8 Earnings Per Share (EPS) (in `) ^
Basic 1.71 1.06 7.15
Diluted 1.71 1.06 7.15
(^ Quarterly figures are not annualised)

INDIA STANDALONE
EXTRACT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2023
(` in Million, except per share data)
Sr. Particulars Quarter Quarter Year
No. ended ended ended
30-Jun-2023 30-Jun-2022 31-Mar-2023
Unaudited Unaudited Audited
1 Total income 3,055 3,086 13,311
2 Profit before exceptional items and tax 255 418 2,002
3 Profit / (loss) for the period after exceptional items 255 418 2,002
4 Net Profit / (loss) after tax for the period 274 347 2,059
5 Total comprehensive income / (loss) for the period 274 347 2,059
6 Paid-up equity share capital (Face Value ` 2/- each) 636 632 636
7 Other equity (excluding Revaluation reserves) 8,360
8 Net Worth 8,892 8,187 8,598
9 Outstanding Redeemable Preference Shares - - -
10 Debt Equity Ratio 0.16 0.24 0.20
11 Earnings Per Share (EPS) (in `) ^
Basic 0.86 1.09 6.47
Diluted 0.86 1.09 6.47
(^ Quarterly figures are not annualised)
12 Capital Redemption Reserve - - -
13 Debenture Redemption Reserve - - -
14 Debt Service Coverage Ratio (in times) 1.58 2.98 3.78
15 Interest Service Coverage Ratio (in times) 6.00 9.89 10.02
NOTES:
1 The above unaudited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held
on 8 August 2023.
2 The above is an extract of the detailed format of the standalone and consolidated unaudited financial results for the quarter ended 30 June 2023 filed
with stock exchange pursuant to Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (as amended).
3 The full format of the standalone and consolidated unaudited financial results for the quarter ended 30 June 2023 are available on the Stock Exchange
websites (www.bseindia.com and www.nseindia.com) and on the Company’s website (www.eplglobal.com).
4 For the other line items referred in regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, pertinent disclosures
have been made to the Stock Exchanges and are available on the Stock Exchange websites (www.bseindia.com and www.nseindia.com) and on the
Company’s website (www.eplglobal.com).
For EPL Limited
Place: Mumbai Anand Kripalu
Date : 8 August 2023 Managing Director and Chief Executive Officer
.
NEW DELHI | WEDNESDAY, 9 AUGUST 2023 13
<
14
>
NEW DELHI | WEDNESDAY, 9 AUGUST 2023 1
Shalimar Bagh Branch: 26/28,
D.D.A. MARKET, BQ BLOCK,
SHALIMAR BAGH-DELHI-110088
 
  
[RULE 8(1)] POSSESSION NOTICE (For Immovable Property)  
Whereas the undersigned being the authorized officer of Union Bank of India, Shalimar  !!"# $ %&''() *+) ,*-&'#.) -/$(/*01(&/ '23&4 /56)
Bagh Branch 26/28, D.D.A. MARKET, BQ BLOCK, SHALIMAR BAGH-DELHI-110088 127/" 89) $"/ 75"6 :::;6/"(:/<5#'2
under the Securitization and Reconstruction of Financial Assets and Enforcement Security = %
  >*>  % 
>

6?
Interest (Second) Act, 2002 (Act No. 54 of 2002)and in exercise of powers conferred under  %  @>    1$ 
Section 13(12) read with rule 3 of the Security Interest (Enforcement) Rules, 2002 issued a   
  
demand notice dated 15.04.2023 calling upon the borrower M/s. RMS Trading to repay the     
amount mentioned in the notice being Rs. 39,95,307.84 (in words Rupees Thirty Nine
  

Lakhs Ninety Five Thousand Three Hundred Seven and Eighty Five Paise) within 1-2-324-41 1,2-124-41 1-2-324-44 1,2-124-41
60 days from the date of receipt of the said notice. 5%

/% 5% /%
The borrower having failed to repay the amount, notice is hereby given to the borrower and ,2   
  
 

1=8-: ,=6:4 ,=1,- 6=647
the public in general that the undersigned has taken possession of the property described 42             
 6=-36 6=989 18=-,, ,--=4-3

herein below in exercise of powers conferred on him/her under Section 13(4) of the said Act
12                


6=-36 6=989 18=-,, ,--=4-3
read with rule 8 of the said rules on this August, 05th day of the year 2023.
The borrower in particular and the public in general is hereby cautioned not to deal with the 92               


6=-36 6=989 18=-,, ,--=4-3
property and any dealings with the property will be subject to the charge of the Union Bank 62  
   
     !
 "     6=-36 6=989 18=-,, ,--=4-3
of India for an amount Rs. 39,95,307.84 and interest thereon.         
   
  #

The borrower’s attention is invited to provisions of sub-section (8) of section 13of the Act, in 32  % 0%& )   *  +%  $% ,-.  

,,=13- ,,=13- ,,=13- ,,=13-
respect of time available to the borrower to redeem the secured assets.
72 $   %" $% $         %  %" &  ..... ..... ..... ,=734=-,-
Description of Immovable Property 

All that part of the property consisting of Plot No 15 Khewat No 25 min Murabba No :2 '  (% )  $% *  +%  $% ,-.   . '    


9293 92:9 19219 ::24,
88/18/2/2,23/1.92/3/1 min(north), Patti Gadar, Patel Nagar Shergarh Road Lekh Raj Marg 82 '  (% )  $% *  +%  $% ,-.   . /   
 9293 92:9 19219 ::24,

Kaithal Haryana owned by Smt Nirmla Devi W/o Vinod Kumar.
          %%   %   0%     " # #2 *  $%   
Bounded: ;  ) <  " % $"% 11   )'  " "  ( %  $0% 
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On the North by Furniture Workshop,   %%   %   0%   1- >% 4-41      ;   ) <  " $$$
On the South by Property of Ramesh Sharma,  $$$%


On the East by Rasta & Drain, *   %+ + " $,   
On the West by Street. -. /$
DATE: 05.08.2023 AUTHORISED OFFICER,  &%  01 +
PLACE: Delhi UNION BANK OF INDIA ' ( ) # #  &) /

CIRCLE SASTRA OFFICE: ALIGARH; Office Address: Sai Vihar Opposite Madan Palace
Village Talaspur Kalan, Ramghat Road, Aligarh-202001 Email: cs8183@pnb.co.in
FINAL NOTICE
Following locker holder or any other person who has interest in the content of the locker of Punjab National Bank,
respectively below mentioned branches are hereby informed to operate such lockers and repay dues,
by Date : 31.08.2023. There after bank will have no other option but to break open the locker for which locker holder
shall be responsible.
SN. Locker holder Name Branch Address as per bank record
1 RAJ KUMARI RATHI / MIRAMAHESHWARI 0314 CHATTABAZAR BOHRE KANAHIYA KI KOTHI DAMPIER NAGAR-
MATHURA
Date: 08.08.2023, Place: Aligarh Chief Manager, Punjab National Bank

PUBLIC NOTICE
Public is hereby informed that my client Smt.
Julekha Khatun is the owner of Second Floor
Upto Ceiling Level Of Property Bearing No. P-
107, Area Measuring 65 Sq. Yds. i.e. 54.34 Sq.
Mtrs, Alongwith Undivided Impartible,
Proportionate Ownership Rights In The Land,
Out Of Khasra No. 193, Situated In The Abadi Of
Gali No. 6, “Shankar Nagar Extn.”, In The Area
Of Village Ghondli, Illaqa Shahdara, Delhi-
110051. Vide Registered sale Deed Dated
24.10.2019 executed by Mr. Sheikh Muslim S/o Mr.
Sheikh Liyakat in favour of Smt. Julekha Khatun
W/o Mr. Sheikh Muslim in Respect of said property
(Reg. No. 8348, Book No. 1, Vol. No. 2057 on Page
No. 56-65, Dated 28.10.2019 at SR IVB, Vivek
Vihar, Delhi) and my client intends to mortgage the
same with Fedbank Financial Services Ltd.
Anyone having any objections to this Mortgage
may contact the undersigned with specific written
objections within 7 days(publication day inclusive)
otherwise it shall be deemed that there is no
objection to this mortgage.
VARUN PHOGAAT(ADVOCATE)
72/03, Street no.2, krishna Nagar,
Safdarjung Enclave, New Delhi-110029
(07982557892) (varunphogaat@gmail.com)

ADC India Communications Limited

CIN: L32209KA1988PLC009313
No.10C, 2nd Phase, 1st Main, P.B. No. 5812, Peenya Industrial Area, Bangalore 560 058
Tel: +91 80 2839 6102 | Website: www.adckcl.com
EXTRACT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2023
(Rs. in Lakhs except Earnings per share)

Quarter Ended Year Ended

Particulars 30-June-2023 31-March-2023 30-June-2022 31-March-2023
(Unaudited) (Audited) (Unaudited) (Audited)
Total Income from Operations 4,424.26 3,451.61 3,327.27 14,291.25
Net Profit / (Loss) for the period (before Tax,
Exceptional and Extraordinary items) (11.54) (106.61) 313.46 1,104.91
Net Profit / (Loss) for the period before tax
(after Exceptional and Extraordinary items) (11.54) (106.61) 313.46 1,104.91
Net Profit / (Loss) for the period after tax
(after Exceptional and Extraordinary items) (8.71) (83.74) 233.57 817.49
Total Comprehensive Income for the period
[Comprising Profit for the period (after tax)
and Other Comprehensive Income (after tax)] (7.92) (82.69) 235.88 817.83
Paid up Equity Share Capital 460.00 460.00 460.00 460.00
Other equity (excluding Revaluation Reserve) 4,729.78 4,737.70 4,799.76 4,737.70
Net worth 5,189.78 5,197.70 5,259.76 5,197.70
Earnings Per Share (of Rs. 10/- each)
Basic and diluted (in Rs.) (Not annualised
except for the year ended March 31, 2023) (0.19) (1.82) 5.08 17.77
Note: The above is an extract of the detailed format of Unaudited Financial Results filed with the Stock Exchanges under
Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the
Unaudited Financial Results are available on the Stock Exchange websites (www.bseindia.com) and Company's
website (www.adckcl.com)
By Order of the Board of Directors
Place : Bangalore
Date : August 8, 2023 Managing Director
.
NEW DELHI | WEDNESDAY, 9 AUGUST 2023 TAKE TWO 15 <

perhaps the first “You go deeper into a

instance of a well-
entrenched
information
technology (IT)
services company
STRIKE BACK
moving away from
verticals to a client-
focused model.
Globally, IT services
players work on a
vertical-focused
model, which allows
them to pursue large
geography irrespective
VERTICALS of verticals and get
more deals from a
geography,” Jain adds.
An industry veteran
Verticals and their explains that IT players
respective heads have focused on
creating domain
BSFI Americas specialists. However,
> SUSHEEL VASUDEVAN he says: “The
downside of the
BFSI UK, Europe vertical system is
and Australia that there is no

The importance deals and be close to

the client.
“Vertical focus is
the way to go as there
is no pure-tech sales
> SHANKAR N S

Communication, media
and information services
> AKHILESH TIWARI
cross-pollination or
cross-selling.”
Accenture, the
world’s largest IT
services company, has

of being Krithi
anymore. Sales is
consultative and
consulting-led. So,
one needs domain
knowledge. The latest
structural change at
In reverting to the old vertical structure, TCS is a step in this
direction aimed at
K Krithivasan shows glimpses of why adding the highest
value to the
TCS picked him as the CEO customers with
vertical domain
knowledge,” says
Abhisek Mukherjee,
partner, YCP Auctus,
a management
consulting firm.
Peter Bendor-
Samuel, CEO of
Everest Group, a
AYUSHMAN BARUAH & SHIVANI SHINDE Krithi, as the new CEO and “IT HAS BECOME INCREASINGLY EVIDENT THAT TCS COULD DELIVER research firm, added: NEW UNITS CREATED
Bengaluru/Mumbai, 8 August managing director is universally “I believe that TCS’s
known (even his profile on the TCS THE BEST VALUE TO OUR CUSTOMERS BY SYNERGISING OUR scale and
reorganised itself
Life sciences, healthcare, according to three
geographic markets —
energy, resources
North America,
and utilities Europe, and Growth
> DEBASHIS GHOSH Markets — instead of
Manufacturing operating groups.
TCS’ smaller rival,
> ANUPAM SINGHAL
Wipro, has an
operating model
Retail, CPG, travel,
transportation and anchored in both
sectors and markets.
hospitality Its four strategic
> KRISHNAN RAMANUJAM market units are:
Americas 1, Americas
Technology, software 2, Europe, and APMEA
and services (Asia Pacific and
> V RAJANNA Middle East). Americas
1 and Americas 2, the
largest markets for the
company, are still
structured by sectors.
Enterprise CBO Europe and APMEA
(cognitive business

A
n apocryphal story — it could
be true — says that during the
leadership transition at Tata
Consultancy Services (TCS)
this year, someone who truly matters
said the company had more than half a
dozen people who could take charge as
its chief executive officer (CEO).
This revealed three things — a
strong top team, a succession
plan, and the significance
of K Krithivasan’s
appointment to
the top job.
website refers to him this way), had
been heading the BFSI vertical — short
for banking, financial services, and
insurance — which brings in more than
a third of TCS’s revenues.
That would have counted. What
must have also counted is that Krithi,
who joined TCS in 1989, is the kind of
person one might look to when the
need is to calm things down and put
things back on track. He is known to
be measured, down to earth, and
someone who stands by his team.
Above all, he is seen to have strong
people skills.
Not surprisingly, his first email to
employees after assuming charge as
the CEO on June 1 said: “I have had the
opportunity to work with many of
you and built long-lasting
friendships which I
cherish the most.”
The surprise
came in an
internal email on
July 29 after he
completed nearly
two months as the
DOMAIN AND CONTEXTUAL KNOWLEDGE ACROSS UNITS”
K Krithivasan, CEO and MD, TCS, in an internal email
CEO. The email said the company
would have a new operating structure
based on verticals (see: Verticals
Strike Back). This meant reorganising
the structure Krithi’s predecessor,
Rajesh Gopinathan, had announced
in April 2022.
Gopinathan tried to move away
from the vertical focus. He announced
a new structure with three groups —
a relationship incubation group that
looked at small deals, an enterprise
growth group looking at mid-size deals,
and a business transformation group
that looked at large deals.
Curiously, Krithi, when asked if he
was going to make structural changes,
had earlier told journalists: “It is a
continuum. It’s not that as every CEO
changes, we come up with a new
strategy or new set of priorities.”
So, what really happened?
It seems the latest reorganisation
had been in the works for some time.
“The discussions were going on for
more than a year, as the macro-
environment had changed drastically.
Besides, a lot depended on customer
feedback, to whom the industry focus
matters,” says a senior TCS executive
who does not want to be named.
Other insiders say the target of
being a $50 billion company is
something that is very much a focus
and a target for TCS. In 2022-23, TCS
generated $27.9 billion in revenues with
more than 600,000 associates across
50 countries.
“Looking at the current macro,
there is no room to look at a strategy
that will disrupt the growth
opportunity. Getting back to the
industry focus is just the best thing
now,” says an insider.
The structure Gopinathan created
last year had raised eyebrows. This was
culture make a
focus on small practices) unit
clients
impractical.
There is plenty of
time and material
available in large
clients and TCS is
well positioned to
go after these. The
smaller client market
presents significant
obstacles for TCS and they should
focus where their strengths align.”
Still, not everyone thinks
Gopinathan’s strategy was off. It is just
that his timing may have been off.
“Had the global environment been
stable, the earlier rejig of TCS would
have worked as well. But, with the
current macros, the vertical-focused
structure works well,” says Pareekh
Jain, an IT outsourcing advisor.
However, Jain believes TCS might
need to move to a new structure sooner
or later. In a rising trend, multinational
corporations are moving to the
geography focus.
are structured by
countries, with focus
on identified sectors.
TCS AI Cloud At TCS, though,
(combines all Gopinathan’s
public cloud structure — though
units and Al people had begun to
initiatives) get used to it after
working with it for more
than a year — reportedly
made senior executives feel
that they were losing control.
Interestingly, Krithi’s BFSI vertical
was kept out of it.
Krithi, 58, is older than his three
predecessors were when they got
the top job: Gopinathan was 46 (he is
now 52), N Chandrasekaran was 45,
and S Ramadorai was 51. But, at a time
of change, one won’t mind looking
towards a few grey hairs to calm
things down.
Besides, when the time comes to
change, TCS will not have to “come up
with a new strategy or new set of
priorities”. It can just go back to the
Gopinathan model, which the
company insists has not been undone.
16
>
Green shoots in India’s
startup ecosystem
ARYAMAN GUPTA & AJINKYA KAWALE
New Delhi/Mumbai, 8 August
T
he funding winter
has dealt a blow to
startups across the
board, but Indian fin-
tech is a sector that has with-
stood the conditions.
While investors have
begun to hedge their bets,
companies have managed to
demonstrate a clear path to
profitability that has given the
sector an edge. Regulatory
certainty, increasing scale and
rising digital payments have
also allowed the space to
mature faster than others.
Despite a 67 per cent year-
on-year (Y-o-Y) funding decline
in fintech in the first half (H1)
of 2023 — in line with the over-
all startup ecosystem — invest-
ments on a sequential basis
have slipped merely 6 per cent.
The sector contributed over
84 per cent of the total funds
raised by Indian startups in H1
2023, shows data from market
intelligence platform Tracxn.
Moreover, India retained its
position as the third-highest
funded fintech industry, after
the US and UK, similar to the
previous year.
Of the 86,296 startups acti-
ve in India, 8,098 are in fintech.
These startups have almost do-
ubled in number from 4,198 in
2016. India has twice as many
fintech firms than China and
Canada, Tracxn data shows.
Fintech has been among
the five best performing sectors
in terms of funding since 2018,
with an exception in 2020
when it came sixth. Fintech
funding has increased from
just $666 million across 258
deals in 2016 to $5.83 billion
across 469 deals in 2022.
Fintech startups have raised
$1.4 billion in the first half of
this year alone, a period in
which seven rounds raised
$100 million-plus sums.
The increased investor inte-
rest in these startups can be at-
tributed to the higher adoption
rate of fintech solutions in Ind-
NEW DELHI | WEDNESDAY, 9 AUGUST 2023
SETTING A TREND
5.83
Fintech funding
n Amount ($ bn) n No. of rounds 9.52
3.58
3.09
1.93 1.86
1.52
0.67
258 315 330 404 383 590 469 78
2016 2017 2018 2019 2020 2021 2022 2023
Source: Tracxn
ia than globally. Multiple ini- (CEO), InsuranceDekho.
tiatives by the government, The Gurugram-based start-
such as the introduction of up raised the largest-ever series
Unified Payments Interface A funding of $150 million in
(UPI), ease of banking policies, insurtech earlier this year.
and the introduction of India’s Madhusudan Ekambaram,
digital rupee are accelerating co-founder and CEO of lending
growth in the segment, accord- platform KreditBee, is another
ing to Tracxn analysts. who managed to raise $120 mil-
Investors have become lion in a series D funding earlier
more selective with their bets. this year. “Now it’s very hard
But what has worked for bud- for any lending fintech to kind
ding fintechs is that many of of go and raise funds if they are
them, especially those associ- not profitable. (Today), lending
ated with lending operations, fintechs have put up positive
have been able to demonstrate results in their financials. They
a clear path to profitability. have become profitable.”
“Our core focus has always KreditBee reportedly beca-
been a focus on profitability. I me profitable in FY19. In Jan-
don’t think a company built uary this year, Ekambaram told
that way will ever face any con- an online platform that on a
cern. Our core businesses are group level the company was
profitable, and we are investing profitable by close to ~48 crore
in new initiatives,” says Ankit in FY19. In FY20, it rose to
Agrawal, chief executive officer about ~120 crore in profit after
1 — Advertorial
tax. The company incurred los-
ses in FY21, but managed to be
profitable by September 2021.
Likewise, Oxyzo, a tech-
enabled non-banking financial
company (NBFC), posted ~198
crore in profits for FY23.
Revenue at ~562 crore was up
79.5 per cent Y-o-Y.
“...lending as a core philos-
ophy needs to be profitable as
a business,” Ruchi Kalra, CEO,
Oxyzo, told Business Standard
in a previous interaction.
Akshay Mehrotra, CEO and
co-founder of lending platform
Fibe, says that efficiency in dig-
ital lending, reduced operating
costs, automated processes,
data-driven risk assessment
and quick customer onboard-
ing have allowed lending fin-
techs to generate revenue and
profits. “These factors enable
them to offer competitive rates,
attract borrowers, and mini-
mise default risks, contributing
to their financial success.”
Increasing internet and sm-
artphone penetration and favo-
urable government policies like
UPI have led to an increase in
digital transactions in India,
which has, in turn, also given a
fillip to the fintech sector.
Industry stakeholders also
say that the sector has matured
much faster than others.
“Technology is evolving at
a rapid pace. Earlier, compan-
ies took 80-100 years to register
$50 billion in profit. New-age
firms can do that in 5-10 years.
The cycle to growth is shorten-
ing down,” Agrawal says.
Vikram Chachra, founding
partner of fintech-focused ven-
ture capital firm 8i Ventures,
concurs. “Within our own port-
folio, we have witnessed the
companies we seeded in 2020-
21 scale their revenues 20-fold
to 30-fold during the pande-
mic. If all goes well, we expect
these pandemic winners to go
from seed to billion-dollar IPOs
within 5-6 years, as opposed to
8-10 years that is the norm for
successful venture outcomes.”
More on business-standard.com
Patni family’s initiative
Campden Family Connect
completes seven years in India
In conversation with Amit Patni on his vision for empowering India’s
business community through knowledge and networking
Amit Patni
Director, RAAY Global Investments &
Campden Family Connect
Following your exit from Patni Computers, how did
you come up with the idea of setting up Campden
Family Connect (CFC)? What was your inspiration
behind it?
With foresight, the Patni family established the family
office back in 2002, which helped the family in effectively
managing the substantial wealth created after the exit
from Patni Computers. We noticed that several other
wealthy families were also accumulating wealth without a
clear plan for management or establishing their family
offices. The concept of family offices was relatively
nascent in India back then. It struck me that we should
create a platform where these families could come
together and share their experiences and knowledge
about investing and wealth transition. During this time, we
got introduced to Campden Wealth, a UK-based
organization that had a similar platform for wealthy
families in Europe and the US. Impressed by their
approach, we engaged in discussions with Campden
Wealth's founders to bring a similar platform to India. This
collaboration led to the creation of Campden Family
Connect in 2016, a partnership between Campden
Wealth and RAAY Global (Amit Patni family office) and
Arihant Patni. Since then, CFC has provided a space for
families to network, exchange ideas, and create a vibrant
business community.
Looking back, how would you describe the journey of
CFC so far?
Since its inception in 2016, Campden Family Connect has
experienced remarkable growth in India's wealth creation
landscape. Over the last seven years, CFC has played a
crucial role in educating business families through
networking events.
knowledge forums and closed-door networkingevents.
We have conducted an impressive 90+ knowledge
formats across the country, ranging from small networking
events to large in-person conferences and virtual events.
As a result, our membership has grown significantly, with
numerous large business families joining the Campden
network.
What valuable takeaways have peer families garnered
from their involvement with CFC during their
journey?
The interactions within Campden Family Connect have
proven highly beneficial for participating families. Families
have gained valuable insights into succession planning,
safeguarding their wealth, governance, and resolving
conflicts within multi-generational families. Moreover,
CFC has played an important role in educating families to
establish a clear demarcation between professional
management and shareholders' roles. These
knowledge-sharing sessions have enabled families to
navigate complex family dynamics and preserve their
legacy.
Your upcoming Indian Family Alternative Investment
forum is focused on alternatives. How do you see
alternatives as an asset in your portfolio?
We understand the significance of prudent asset
allocation within family offices. Alternatives have emerged
as a crucial component in many family office portfolios,
including ours. As the Indian alternative investment
landscape continues to grow, families now have access to
a diverse array of alternative assets. Investing in these
alternatives allows families to achieve portfolio
diversification, a key factor in managing risk and returns.
We see alternatives as an essential asset class for
families looking to secure moderately good returns on an
annualized basis.
Membership | Events | Research| Education | IPI
A Patni Family & Campden alliance
21st August 2023
Pre Forum Reception, Mumbai
(Exclusive for Campden members)
22nd August 2023
The 5th Indian Family
Alternative Investment Forum, Mumbai
23rd August 2023
Co-Investment Workshop, Mumbai