The consolidated revenue from transaction charges for Q3FY25 was Rs 3,445 crores, a sequential decline of 4% QoQ due to a reduction in volumes across the cash market and derivatives segment. On a consolidated basis, total expenditure in Q3FY25 declined by 17% QoQ to Rs 1,084 crores.

On a consolidated basis, the operating EBITDA increased by 2% QoQ to Rs 3,398 crores. Net profit increased by 22% QoQ to Rs 3,834 crores in Q3FY25 from Rs 3,137 crores in Q2FY25. Earnings per share (non-annualized) increased to Rs 15.49 in Q3FY25 from Rs 12.68 in Q2FY25, after considering the issuance of bonus equity shares in the ratio of 4:1.

Excluding the gains from the sale of investment in subsidiaries/associates and the impact of expenses related to SEBI settlement fees as well as the reversal of provision for core SGF recorded in the previous quarter, the normalized consolidated profit before tax in Q3FY25 declined by 3% QoQ to Rs 3,770 crores.

For the nine months ended December 31, 2024, the consolidated total income grew by 30% YoY to Rs 14,780 crores and net profit for 9MFY25 was Rs 9,538 crores. Earnings per share (non-annualized) in 9MFY25 increased to Rs 38.54 from Rs 23.51 in 9MFY24, after considering the issuance of bonus equity shares in the ratio of 4:1.

On a standalone basis, NSE’s total income in Q3FY25 stood at Rs 4,289 crores as compared to Rs 5,297 crores in Q2FY25 and Rs 3,452 crores in the corresponding quarter of the last fiscal year. The revenue from operations in Q3FY25 stood at Rs 3,945 crores, a sequential decline of 2% QoQ, due to a reduction in trading volumes across the cash market and derivatives segment.

In Q3FY25, the cash market trading segment recorded an average daily traded volume (ADTVs) of Rs 1,04,115 crores (a decline of 19% QoQ). The ADTV for the equity futures segment in Q3FY25 stood at Rs 1,71,825 crores (decline of 15% QoQ); while the ADTV for equity options (premium value) stood at Rs 61,295 crores (decline of 7% QoQ). 

On a standalone basis, the operating EBITDA grew by 8% QoQ to Rs 2,807 crores in Q3FY25 due to a sequential reduction in expenditure. Net profit stood at Rs 2,291 crores in Q3FY25 as compared to Rs 2,954 crores in Q2FY25; net profit margin was 53% in Q3FY25.

For the 9MFY25 period, the standalone total income stood at Rs 13,964 crores of which operating revenue was Rs 12,038 crores. Operating EBITDA was Rs 7,799 crores and net profit was Rs 7,205 crores during the same period.

In the 9MFY25 period, NSE’s contribution to the exchequer was Rs 45,499 crores which comprised STT/CTT of Rs 37,271 crores, stamp duty of Rs 2,976 crores, SEBI fees of Rs 1,613 crores, income tax of Rs 2,173 crores and GST of Rs 1,466 crores. Out of the STT/CTT of Rs 37,271 crores, 61% is from the cash market segment and 39% is from the equity derivatives segment. 

The post NSE Achieves Rs 4,807 Crores in Total Income and 22% Profit Growth for Q3FY25 appeared first on NRI News.

CHENNAI: UltraTech Cement’s grinding unit, Arakkonam Cement Works, located in the Ranipet district of Tamil Nadu, has through its corporate social responsibility (CSR) initiative helped over 2,000 rural women from low-income families secure sustainable livelihoods and enhance their standard of living.

Arakkonam Cement Works unit adopted five villages namely, Kumpinipet, Melpakkam, Thandalam, Parithiputhur and Chitteri, located in the vicinity of the unit as part of its CSR initiative to help secure sustainable livelihoods for women from marginalized sections of the community. The women in these villages were dependent on unskilled labor, animal husbandry, and agriculture to earn their livelihoods. As the work was seasonal and erratic, the women remained financially dependent. Given the potential of tailoring and embroidery for self-employment as well as employment in the local textile units, the unit CSR team set up a training facility and commenced free tailoring and embroidery training for the women.

So far, 2,202 women from three villages of Chitteri, Thandalam, and Parithiputhur have been trained. After successful completion of the training, the women were awarded certificates. Training for women from the other two villages is currently underway. About 800 of the trained women have been gainfully employed in local textile companies such as Ammayapper Textiles. The other trained women have also been able to augment their income by providing tailoring services locally.

UltraTech undertakes its social initiatives under the aegis of The Aditya Birla Centre for Community Initiatives and Rural Development with Mrs. Rajashree Birla as its Chairperson. UltraTech’s CSR focus areas are education, healthcare, sustainable livelihoods, community infrastructure, and social causes. UltraTech reaches out to more than 1.6 million beneficiaries in over 500 villages in 16 states across India through its CSR programs.

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The initiative will be implemented in partnership with Apollo Agriculture Limited, a leading agriculture company in Kenya, to sell fertilizers through a part of its network. Most smallholder farmers in Kenya buy fertilizers through informal credit, microfinance institutions, and commercial channels. The project will support Apollo Agriculture Limited to sell fertilizer through a part of its network, thereby improving access to fertilizers for beneficiaries.

The project is expected to improve farming productivity by facilitating access to fertilizers for beneficiaries, thereby boosting farmer income and Kenya’s food security. The Fertilizer Financing for Sustainable Agriculture Management project will improve farming productivity by facilitating access to fertilizers for beneficiaries, thereby boosting farmer income and Kenya’s food security.

“The Fertilizer Financing for Sustainable Agriculture Management project will improve farming productivity by facilitating access to fertilizers for beneficiaries,” said Marie Claire Kalihangabo, Africa Fertilizer Financing Mechanism Coordinator. The project will stimulate the private sector’s fertilizer financing in Kenya, improving food production and the Bank’s Technologies for African Agricultural Transformation.

The fertilizer market’s leading players include importers, blenders, and the Kenyan government, which runs a fertilizer subsidy program. The project will support the distribution of over 7,000 tonnes of fertilizers to smallholder farmers in Kenya, who are the main beneficiaries of the fertilizer subsidy program. The project is expected to increase food production, income, and job creation for Kenyan farmers.

Benjamin Njenga, co-founder of Apollo Agriculture Limited, said: “Apollo Agriculture is pleased to establish a partnership with the Africa Fertilizer Financing Mechanism to support small-scale farmers, thereby boosting farmer income and Kenya’s food security.”

The Board of Directors of the African Development Bank approved the Fertilizer Financing for Sustainable Agriculture Management project because it will stimulate the private sector’s fertilizer financing in Kenya, improving food production and the Bank’s Technologies for African Agricultural Transformation. The project is expected to have a significant impact on the lives of smallholder farmers in Kenya, who are the backbone of the country’s agriculture sector.

In conclusion, the Africa Fertilizer Financing Mechanism’s commitment of over $2 million to support the distribution of fertilizers to smallholder farmers in Kenya is a significant step towards improving food production, income, and job creation for Kenyan farmers. The project, which will run between 2024 and 2026, is expected to have a significant impact on the lives of smallholder farmers in Kenya, who are the backbone of the country’s agriculture sector.

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Commenting on the Q2 FY 2024 results, R.V. Gumaste, Managing Director of KFIL, said, “This has been a challenging quarter, especially due to the pressure of high input commodity prices. All our planned shutdowns are done now, and we expect normalized production capacities for the second half of the year. Casting demand for commercial vehicles and off-highway vehicles continued strong, however, demand from the tractor industry was subdued. During the quarter, we completed the acquisition of Oliver Engineering, and we have taken management control as of September 29, 2023.“

KFIL’s standalone Q2 FY 2023-24 financial performance showed operating revenue at INR 879.8 crore, a 5% decrease Q-o-Q, while EBITDA was at INR 132.7 crore, a 5% increase Q-o-Q. The EBITDA margin was at 15% for Q2 FY24, compared to 14% for Q1 FY24. The company’s PBT was at INR 75.9 crore for Q2 FY24, a 7% increase Q-o-Q, while PAT was at INR 56.9 crore for Q2 FY24, a 6% increase Q-o-Q.

In terms of consolidated Q2 FY 2023-24 financial performance, KFIL reported operating revenue at INR 1,559.7 crore, a 4% increase Q-o-Q, while EBITDA was at INR 252.3 crore, a 22% increase Q-o-Q. The EBITDA margin was at 16% for Q2 FY24, compared to 14% for Q1 FY24. The company’s PBT (before exceptional item) was at INR 169.8 crore for Q2 FY24, a 25% increase Q-o-Q, while PAT was at INR 81.7 crore for Q2 FY24, a 12% decrease Q-o-Q.

KFIL, founded in 1991, caters to various industry sectors, such as tractors, automobiles, and diesel engines. The company’s manufacturing facilities at Koppal, Hiriyur, and Solapur have the unique capability of producing a range of products that include grey iron castings up to 300 kg pieces. The company also produces various grades of pig iron such as SG iron grade, basic steel grade, and foundry grade. KFIL is expanding its manufacturing capacities in pig iron and casting. The company supplies fully machined castings and has added a coke oven manufacturing facility with waste-heat recovery power.

KFIL’s Q2 FY 2024 financial results show a challenging quarter due to high input commodity prices. However, the company expects normalized production capacities for the second half of the year. The acquisition of Oliver Engineering has been completed, and the management control has been taken as of September 29, 2023. KFIL is expanding its manufacturing capacities in pig iron and casting, and the company supplies fully machined castings.

The post Kirloskar Ferrous Industries Limited Reports INR 882 Crore Total Income in Q2 FY 2024 appeared first on NRI News.

To be eligible for this increase, taxpayers must apply for and receive an allocation of capacity limitation with respect to their facility. The Department of the Treasury and the Internal Revenue Service have developed the Low-Income Communities Bonus Credit Program to allocate capacity limitations. The program is open to eligible solar and wind facilities that are placed in service in low-income communities or on Indian land, or that are part of either a qualified low-income residential building project or a qualified low-income economic benefit project.

The annual capacity limitation for each of the calendar years 2023 and 2024 is 1.8 gigawatts, divided across the facility categories. For 2023, 50% of the capacity limitation within each category is reserved for facilities meeting certain ownership and/or geographic selection criteria, known as additional selection criteria.

Facilities that receive an allocation must be placed in service within four years of the date of the allocation award. Facility owners will report to the Department of Energy that the facility has been placed in service through the same portal they used to apply.

Taxpayers who are eligible to claim the increase to the energy investment credit will calculate their energy investment credit and the increase by using Form 3468, Investment Credit. The credit increase will be calculated as the basis of eligible property in the solar or wind facility and the applicable increase of either 10 or 20 percentage points, based on the project category under which the facility was awarded an allocation.

The DOE and the Treasury Department hosted a virtual informational webinar for potential applicants on September 29, 2023. Additional information can be found on IRS.gov and the Department of Energy website.

Overall, this increase in the energy investment credit for solar and wind facilities benefitting low-income communities is a positive step towards promoting renewable energy and environmental justice.

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The income tax slabs and deductions in the Union Budget are often followed with curiosity and excitement by most employed individuals around the country. An individual’s tax planning depends heavily on the concessions and deductions offered by the government through regulations of the Income Tax Act 1961. With the FM’s announcement of making the new tax regime the default option from AY 2024-25, taxpayers must be well-acquainted with the salient features of the new regulations.

Changes in Basic Exemption Limits and Surcharges

Under the new regime, the basic tax exemption limit has exceeded Rs. 2.5 lakhs to Rs. 3 lakhs. In addition, a tax rebate has been introduced for income up to Rs. 7 lakhs (annually). The standard deduction of Rs. 50000 has also been extended in the new regime.

The highest surcharge rate of 37% has been reduced to 25%, which impacts taxpayers having an income of more than Rs. 5 crores. The implication is that the effective tax rate shall decrease to 39% from 42.74%.

Exemptions and deductions disallowed under the New Regime

However, a few tax planning tools that have been conventionally used to reduce tax liability under the old regime are no longer included in the new regulations. These tools include standard deduction under Section 80TTA/80TTB, Leave Travel Concession, House Rent Allowance, Children’s Education Allowance, Special Allowances under section 10(14) of the Act, and most importantly, Chapter VI-A deduction (Section 80C, 80D, 80E and so on, except Section 80CCD (2) and Section 80JJAA).

In addition, interest on housing loans on self-occupied or vacant property (Section 24) and any deductions on facilities and perquisites have been discontinued under the new regime.

Additional Exemptions and Deductions Available

A few additional exemptions and deductions were introduced under the new regime, which was not available in the older regulations. It includes transport allowance for specially-abled individuals, conveyance allowance, compensation on the cost of travel during transfer or tours, employer’s contribution to NPS account (Section 80CCD(2)), additional employee cost (Section 80JJA), and standard deduction (of Rs. 50000 discussed before).

Furthermore, the budget also introduced deductions under Section 57(iia) as expenses toward family pension income. The new regime also has made arrangements for deductions under Agniveer Corpus Fund under Section 80CCH(2).

Comparison between the two regimes

The two regimes differ, depending on the tax planning tools a taxpayer uses to choose between the two alternatives. It is critical to consider the total taxable income and whether the taxpayer has deductions under Section 80C, 80D, HRA exemptions/housing loan, where one would prefer the older regime. On the other hand, if the taxpayer does not have such investments and still wishes to reduce the tax liability, the new tax regime can be chosen as the maximum amount not chargeable to tax is higher than the old regime.

By choosing the new tax regime, the individual would find investments in traditional insurance policies or pension plans less attractive as the tax benefits would no longer be available. On the other hand, it would be possible to be self-reliant in terms of using savings and making investment decisions on one’s end.

Summing up A taxpayer must consider the expected income, investments, housing loans, and other deductions at the start of the financial year. Based on the assessments, either of the two regimes can be chosen. The new tax regime works well for individuals who do not want to invest money in low-yielding options such as life insurance and pension schemes. Taxpayers who manage their investments well through the stock market or other alternative investments can still reduce their total tax liability by choosing the new tax regime.

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MUMBAI: Aegon Life, Digital India’s life insurance company, has partnered with Sugmya Finance, an NBFC providing financial support to women entrepreneurs in India’s semi-urban and rural areas, to offer life insurance cover to all borrowers and co-borrowers. This partnership will empower entrepreneurs across nine regions, including Delhi, Madhya Pradesh, Uttar Pradesh, Bihar, Rajasthan, Haryana, Jharkhand, Uttarakhand, and Himachal Pradesh. The alliance is a significant step in Aegon Life’s vision to make every household financially secure by making insurance easy and accessible to all.

Aegon Life and Sugmya Finance will offer a life cover to all borrowers and co-borrowers of MSME Loans and Micro Loans. The loan can be applied for online, via an app, and also through physical branches of Sugmya.

Satishwar B., MD, and CEO of Aegon Life Insurance said, “We are glad to announce our strategic alliance with Sugmya Finance, which has paved the way for a self-reliant Bharat through women-led development initiatives. According to a NASSCOM report, the percentage of women-led startups in India has increased from 8 percent in 2014 to 13 percent in 2019¹. However, a large part of this population does not have an insurance safety net. These women in India contribute to the transformation of their communities and the lives of their families through entrepreneurship, but they are still a largely uninsured segment. This ‘loan+life insurance’ offering will protect these women and their families from any financial loss or instability in case of any unfortunate incident.“

“Aegon Life and Sugmya Finance use a common set of digital operations that enables a cashless and paperless approach that makes onboarding effortless for the customer,” he added.

Vikas Singh, Director & Co-Founder of Sugmya Finance Pvt Ltd, said, “At Sugmya, we empower women entrepreneurs. Most of our customers approach us with the goal of saving money for their children’s education, taking on more financial responsibility for their families, and developing a natural sense of achievement. This collaboration with Aegon Life will further strengthen our offerings. Aegon Life’s insurance plan included in our loans will empower women, making them self-sufficient. An Atmanirbhar Bharat for India cannot exist without Atmanirbhar women.“

Aegon Life is committed to tackling the insurance difficulties faced by underserved and underpenetrated consumer segments in India.

The post <strong>Aegon Life and Sugmya Finance to provide insurance access to rural & semi-urban low-income women entrepreneurs</strong> appeared first on NRI News.