Cash flow

Synopsis SBI’s exposure includes $200 million from its overseas units, the person said, asking not to be identified discussing private information. Dinesh Kumar Khara, chairman of SBI, said earlier on Thursday the Adani Group companies were servicing the loans and he doesn’t see an “immediate challenge” to whatever the bank has lent so far. State Bank of India , the country’s largest financier, has given loans of as much as $2.6 billion to companies in the Adani conglomerate, or about half of what is allowed under the rules, according to a person familiar with the matter. SBI’s exposure includes $200 million from its overseas units, the person said, asking not to be identified discussing private information. Dinesh Kumar Khara, chairman of SBI , said earlier on Thursday the Adani Group companies were servicing the loans and he doesn’t see an “immediate challenge” to whatever the bank has lent so far. The Reserve Bank of India , the nation’s banking regulator, … [Read more...] about India’s largest bank SBI has $2.6 billion of loans to Adani Group companies

Synopsis “The industry did well on leisure and leisure was really the one that drove the revival in the industry but the prosperity can only come when it is a combination of business and leisure or ‘bleisure’. That is going to come. Save for any Black Swan event, I am very convinced that these are positive days for the sector.” Related Indian Hotels cash flows positive for first time; H2 will be better: Puneet Chhatwal Indian Hotels trying to dilute volatility by getting into businesses that deliver higher margins: Puneet Chhatwal Hotels get a makeover as demand picks up Fundamental Radar: 4 factors that can take IHCL to record highs in 2023 “The self reliance or the confidence of Indians to live, spend, enjoy and become more experiential is very evident and has not been to this extent before as what we are witnessing now. Some people call it YOLO, some people call it kal ho na ho, and some people call it pent-up demand. But now we are in the month … [Read more...] about Indian Hotels remains open to opportunities but still closer to asset light model: Puneet Chhatwal

Synopsis IHCL reached a milestone of over 250 hotels and is in line with its vision of being a 300 hotel portfolio by 2025. In this financial year alone, 30 plus hotels have been added to the pipeline and 14 hotels have opened besides strong growth in ama Stays & Trails with 108 homestays and Qmin with over 25 outlets," he said. Tata Group backed Indian Hotels Company ( IHCL ) has reported a profit of Rs 404 crore for quarter three of this fiscal year, up by 321% year on year. The hospitality chain reported revenue from operations of Rs 1,686 crore, an increase of 52% year on year. IHCL had reported a profit of Rs 130 crore for quarter two of this fiscal. Revenue from operations was at Rs 1233 crore in quarter two of this financial year. The chain said the quarter three saw the best ever EBITDA of Rs 655 crore, up 90% year on year. It also stated it had achieved a free cash flow of Rs 766 crore for nine months ended December 31. IHCL MD and CEO Puneet Chhatwal … [Read more...] about IHCL registers 321% jump in Q3 profit at Rs 404 crore

Once the market stabilises, we will review our capital market strategy, says the embattled Gautam Adani. Gautam Adani addresses investors after the withdrawal of the fully subscribed FPO. Embattled billionaire Gautam Adani on Thursday spoke publicly for the first time since his ports-to-energy conglomerate publicly battled a short seller's accusation of stock manipulation and accounting fraud, saying the abrupt move to withdraw a fully-subscribed share sale at his flagship firm was due to market volatility. His group continued to lose on the stock market, with the cumulative rout now nearing $108 billion in a week -- one of the biggest wipeouts in India's history. "After a fully subscribed follow-on public offering (of Adani Enterprises Ltd), yesterday's decision of its withdrawal would have surprised many. "But considering the volatility of the market seen yesterday, the board strongly felt that it would not be morally correct to proceed with the FPO," Adani said in a … [Read more...] about Adani speaks: Interest of my investors is paramount

Raymond Ltd on Wednesday reported a decline of 4.42 per cent in its December quarter net profit at Rs 96.60 crore, mainly on account of a one-time tax hit. The company had posted a net profit of Rs 101.07 crore during the October-December period of the previous fiscal, Raymond said in a regulatory filing . Its revenue from operations rose 17.61 per cent to Rs 2,168.16 crore during the quarter under review, as against Rs 1,843.39 crore in the year-ago period. According to Raymond, it has recorded the "highest-ever revenues in a quarter". Total expenses were at Rs 1,977.28 crore, up 17.34 per cent from Rs 1,685.03 crore earlier. Raymond has exercised the option of lower corporate tax rate which has resulted in one-time net impact of Rs 73.5 crore in the profit and loss account, the company said in its earning statement. Its EBITDA (pre-tax profit) was at Rs 351 crore in the third quarter of FY23. The company's Chairman and Managing Director Gautam Hari Singhania … [Read more...] about Raymond Q3 profit down 4.4% to Rs 97 cr; income up 17.6% to Rs 2,168 cr

Synopsis Currently, the rating agency has assigned ratings to 23 infrastructure and financial sector-linked entities of the Adani Group Taking note of the massive report issued by US-based whistleblower Hindenburg Research on the Adani Group and the consequent crash in stock prices, CRISIL Ratings said that it is keeping all its outstanding ratings on the group entities under “continuous surveillance”. “Any adverse regulatory/government action in the wake of the research report, emerging issues around corporate governance, or a decline in the group’s resource raising capabilities from banks or capital markets because of a continuing slide in share prices will be key monitorable,” the rating agency said. Currently, the rating agency has assigned ratings to 23 infrastructure and financial sector-linked entities of the Adani Group. These include Mumbai International Airport, ACC , Ambuja Cements , Adani Green Energy , Adani Power , Adani Airport Holdings, … [Read more...] about Ratings on all Adani Group entities under ‘continuous surveillance’: CRISIL