Latest news with #ESOP
Time of India
a day ago
- Business
- Time of India
Gadchiroli steel hub will blunt Chinese competition with high quality ore: Fadnavis
1 2 Konsari (Gadchiroli): Chief minister Devendra Fadnavis on Tuesday, laid the foundation of Maharashtra's first mega integrated steel plant at Konsari in Gadchiroli, which will be built by Lloyds Metals and Energy Limited (LMEL) and is expected to roll out in 30 months and create 20,000 jobs. The chain of industrial developments will catapult Gadchiroli to Maharashtra's top 10 districts in per capita income within five years. With massive iron ore deposits in Gadchiroli, the emerging steel industry in the once Maoist-wracked district will stand as a competition to China, said Fadnavis. Currently, Gadchiroli is one of the two districts with lowest GDP and per capita income. The govt has also identified land for JSW Group's integrated steel plant in Gadchiroli, which is slated to be the largest in the world. Talking to TOI on the sidelines of the event, LMEL's managing director B Prabhakaran said China depends on high-grade coal and average quality iron ore. "The ore in China contains around 60% to 67% iron, whereas in Gadchiroli, the average realisation itself is at 67%. This gives a huge advantage to the domestic steel industry. With increasing use of gas instead of coal as fuel, the cost of production is expected to dip compared to the Chinese industry," he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Storage running out on your Mac? Space Lens will show you why MacPaw Read More Undo The steel plant at Gadchiroli has its logistical advantages as it can easily cater to southern states. "There is a major gap between steel production and iron ore availability. Gadchiroli has a massive potential for iron ore exploitation and what LMEL has is just the tip of the iceberg. The mines with a 25 MTPA capacity are spread over 300 hectares. As much as 5,000 hectares in the district is expected to have iron ore underground. The 300 hectare mine itself attracts an investment of Rs 40,000 crore," said Prabhakaran. LMEL also issued fresh appointment letters to 1,400 persons in its existing unit, which includes a direct reduced iron (DRI) plant, mines, and a pellet-making plant. LMEL currently employs 11,000 people and this would increase to 13,000 in coming months. This is over and above the 20,000 jobs to be created by the integrated steel plant. It has set aside 10% of the promoters' share to be offered under the employee stock options programme (ESOP), which was announced on January 1. Shares worth Rs 1,400 were offered at a nominal price of Rs 4 each. Any fresh employee is eligible for ESOP after a certain period. So far, 10,600 workers have availed of ESOP, says the company, dubbing this to be a unique model in the sector. Fadnavis also inaugurated a 4 MTPA pellet plant, a slurry pipeline with a 10 MTPA capacity, and an iron ore grinding unit of 5MPPA at Hedri, 85km off the steel plant site. Majority of the employees are locals. A woman who joined as a housekeeping staff with a Rs 12,000 pay, underwent skill training and earns Rs 55,000 a month.
The Print
a day ago
- Business
- The Print
Paytm posts first-ever profit of Rs 122.5 crore in Q1 FY26
'EBITDA and PAT turned profitable at Rs 72 crore and Rs 123 crore respectively, demonstrating AI-led operating leverage, disciplined cost structure and higher other income,' Paytm said in a statement. Paytm had posted a net loss of Rs 840 crore in the year-ago period. New Delhi, Jul 22 (PTI) Fintech firm One97 Communications, which owns the Paytm brand, reported its first-ever consolidated net profit at Rs 122.5 crore in the quarter ended June 2025, mainly on account of cost optimisation and an increase in payment revenue. The company slashed marketing and promotional expenses by more than half to Rs 99.8 crore during the reported quarter from Rs 221.4 crore a year ago and Rs 142.7 crore in the March 2025 quarter. Paytm reduced employee benefits by about Rs 300 crore or one-third to about Rs 643 crore from Rs 952.5 crore on a year-over-year basis. While the company increased sales employee cost by 19 per cent on a YoY basis to Rs 266 crore, it recorded a reduction in non-sales employee cost by 28 per cent YoY to Rs 346 crore due to the use of artificial intelligence in various processes across its business. Paytm's average number of sales employees increased by 23 per cent YoY basis to 38,945. The consolidated revenue from operations in the reporting quarter increased by about 28 per cent to Rs 1,917.5 crore from Rs 1,501.6 crore in the June 2024 quarter mainly on account of an increase in payment processing margins. 'In the first quarter of FY'25, payment services revenue (including other operating revenue) was up 23 per cent YoY at Rs 1,110 crore. Net payment revenue was up 38 per cent YoY at Rs 529 crore due to an increase in payment processing margin and device,' the company said. Paytm reported 27 per cent YoY increase in gross merchandise value to Rs 5.39 lakh crore in the reported quarter. The company said that merchant subscriptions were at an all-time high of 1.3 crore, an increase of 21 lakh YoY, on the back of high-quality devices and superior service network as of June 2025. 'To further strengthen tier-1 market position and expand in tier-2 and tier-3 cities, we are investing in expanding our sales network (sales people costs are up 19 per cent YoY),' the statement said. During the reported quarter, Paytm said that average monthly transacting users (MTU) base reached 7.4 crore. The company said that distribution of financial services revenue grew 100 per cent YoY to Rs 561 crore, driven by continued expansion in merchant loans, trail revenue from Default Loss Guarantee (DLG) portfolio, and improvement in asset quality. Paytm reported an 88 per cent decline in ESOP (employee stock ownership plan) costs to Rs 30 crore from Rs 169 crore in the March quarter and Rs 247 crore a year ago. The company had made ESOP cost related adjustments in the March quarter when its CEO Vijay Shekhar Sharma voluntarily surrendered his ESOPs. PTI PRS PRS MR MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
India.com
a day ago
- Business
- India.com
Good news for Vijay Shekhar Sharma, Paytm's strong comeback, earns Rs 1220000000 in…, how did it achieve this?
Fintech firm One97 Communications, the parent company of Paytm, posted its first-ever consolidated net profit of Rs 122.5 crore for the quarter ended June 2025, driven by cost optimisation measures and higher payment revenue. In comparison, the company had reported a net loss of Rs 840 crore in the same quarter last year. How Paytm Turned Profitable? 'EBITDA and PAT turned profitable at Rs 72 crore and Rs 123 crore respectively, demonstrating AI-led operating leverage, disciplined cost structure and higher other income,' Paytm said in a statement. The company slashed marketing and promotional expenses by more than half to Rs 99.8 crore during the reported quarter from Rs 221.4 crore a year ago and Rs 142.7 crore in the March 2025 quarter. Paytm reduced employee benefits by about Rs 300 crore or one-third to about Rs 643 crore from Rs 952.5 crore on a year-over-year basis. While the company increased sales employee cost by 19 per cent on a YoY basis to Rs 266 crore, it recorded a reduction in non-sales employee cost by 28 per cent YoY to Rs 346 crore due to the use of artificial intelligence in various processes across its business. Paytm's average number of sales employees increased by 23 per cent YoY basis to 38,945. Paytm Q1 Results: Revenue The consolidated revenue from operations in the reporting quarter increased by about 28 per cent to Rs 1,917.5 crore from Rs 1,501.6 crore in the June 2024 quarter mainly on account of an increase in payment processing margins. 'In the first quarter of FY'25, payment services revenue (including other operating revenue) was up 23 per cent YoY at Rs 1,110 crore. Net payment revenue was up 38 per cent YoY at Rs 529 crore due to an increase in payment processing margin and device,' the company said. Paytm reported 27 per cent YoY increase in gross merchandise value to Rs 5.39 lakh crore in the reported quarter. The company said that merchant subscriptions were at an all-time high of 1.3 crore, an increase of 21 lakh YoY, on the back of high-quality devices and superior service network as of June 2025. 'To further strengthen tier-1 market position and expand in tier-2 and tier-3 cities, we are investing in expanding our sales network (sales people costs are up 19 per cent YoY),' the statement said. The company said that distribution of financial services revenue grew 100 per cent YoY to Rs 561 crore, driven by continued expansion in merchant loans, trail revenue from Default Loss Guarantee (DLG) portfolio, and improvement in asset quality. Paytm reported an 88 per cent decline in ESOP (employee stock ownership plan) costs to Rs 30 crore from Rs 169 crore in the March quarter and Rs 247 crore a year ago. The company had made ESOP cost related adjustments in the March quarter when its CEO Vijay Shekhar Sharma voluntarily surrendered his ESOPs. (With Inputs From PTI)
Time of India
a day ago
- Business
- Time of India
Paytm parent One 97 Communications reports significant impairment provisions, ESOP cancellation in Q1
One 97 Communications , the parent of fintech company of Paytm, announced its Q1 FY26 results on July 22. During the quarter under review, Paytm made a net gain of Rs 122.5 crore. In the comparable period a year ago, the company had incurred a loss of Rs 839 crore. The revenue came in at Rs 1,917 crore, a rise of 28% over the Rs 1,502 crore earned in the same quarter a year earlier. In its financial disclosures, the company has reported notable impairment provisions and changes regarding its Employee Stock Option Plan (ESOP). For the quarter ending June 30, 2025, the company recognised an impairment provision of Rs 26.1 crore for investments in subsidiaries and Rs 5.3 crore for investments in associates. Explore courses from Top Institutes in Please select course: Select a Course Category Digital Marketing Project Management MBA Leadership Public Policy Cybersecurity Degree Healthcare Product Management Management Technology Others Data Analytics Operations Management PGDM Data Science Finance Data Science healthcare others Design Thinking MCA CXO Skills you'll gain: Digital Marketing Strategies Customer Journey Mapping Paid Advertising Campaign Management Emerging Technologies in Digital Marketing Duration: 12 Weeks Indian School of Business Digital Marketing and Analytics Starts on May 14, 2024 Get Details Skills you'll gain: Digital Marketing Strategy Search Engine Optimization (SEO) & Content Marketing Social Media Marketing & Advertising Data Analytics & Measurement Duration: 24 Weeks Indian School of Business Professional Certificate Programme in Digital Marketing Starts on Jun 26, 2024 Get Details Additionally, an impairment provision of Rs 11.4 crore was recorded for optionally convertible debentures. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villa Prices in Dubai Might Be Lower Than You Think! Villa for sale in Dubai | Search Ads Learn More Undo In comparison, for the previous quarter and the year ending March 31, 2025, the company acknowledged an impairment of Rs 17.7 million for investments in subsidiaries and Rs 19.6 million for optionally convertible debentures. In a related development, during the financial year ending March 31, 2022, the company granted 21 million ESOPs to its Managing Director and CEO, contingent on the achievement of specific milestones. Live Events The accounting for these ESOPs has been in line with the requirements of Ind AS 102, which governs share-based payments. However, during the financial year 2023-24, the company received a Show Cause Notice (SCN) from the Securities and Exchange Board of India (SEBI). The SCN raised compliance concerns regarding the ESOPs under SEBI's SBEB Regulations. To address these concerns, the company opted to file a settlement application with SEBI, which was under discussion as of March 31, 2025. On April 16, 2025, the MD & CEO voluntarily chose to forego the granted ESOPs, a decision that was acknowledged by the Nomination and Remuneration Committee (NRC) of the company. Consequently, the NRC classified these ESOPs as cancelled, leading to an accelerated charge of Rs 492.4 crore, which was classified as an exceptional item in the Statement of Profit and Loss. Moreover, the cumulative cost associated with these ESOPs, amounting to Rs 4,092 crore, was transferred from the ESOP Reserve to Retained Earnings as of March 31, 2025. This adjustment reflects the company's ongoing commitment to adhere to applicable accounting standards. The cancelled options have since been returned to the company's ESOP pool under the One 97 Employees Stock Option Scheme, 2019, the company said in its statement.
Business Wire
2 days ago
- Business
- Business Wire
MidOcean Partners Closes Credit Investment in The Carpenter Health Network
NEW YORK--(BUSINESS WIRE)--MidOcean Partners ('MidOcean'), a premier New York-based alternative asset manager specializing in middle-market private equity, alternative credit, and structured equity, today announced it has led a term loan investment in The Carpenter Health Network ('Carpenter' or the 'Company'), a founder-owned, leading provider of home health, hospice, and other restorative services based in Baton Rouge, LA. MidOcean was the lead arranger of a new first lien term loan to finance the purchase of a portion of the business by a newly created Employee Stock Ownership Plan (ESOP). Terms of the transaction were not disclosed. MidOcean's investment in Carpenter is emblematic of its bespoke capital solutions for middle market companies. Carpenter is a market leader within an attractive sector of the healthcare space that has strong secular growth characteristics. The Company operates in a segment in which MidOcean has deep expertise and dedicated coverage. Founded in 2002, Carpenter has provided hospice, home health, and restorative services to communities across Louisiana and neighboring states for over two decades. The Company's leading brands include St. Joseph Hospice, STAT Home Health, AIM Palliative, SAGE Rehabilitation Hospital and Outpatient Services, Homedica House Calls, Phoenix Pharmacy and others in post-acute care. 'Since 2002, Carpenter Health Network has delivered compassionate, high-quality care to the communities it serves,' said Robert Sullivan, Managing Director and Co-Head of Opportunistic Credit at MidOcean. 'We are proud to support Carpenter in this important transaction, as the Company continues to expand its mission-driven services and deepen its impact to patients across the healthcare landscape.' Patrick Mitchell, Carpenter's Chief Executive Officer, added, 'We are thrilled to partner with MidOcean on this important transaction. Their investment and structuring expertise will play an integral role in Carpenter's continued growth and underscores their confidence in our mission and long-term growth objectives. This partnership not only strengthens our financial foundation but also empowers our employees—our most valuable asset. ' Gibson Dunn & Crutcher LLP acted as legal advisor to the lenders. CSG Partners acted as financial advisor to the Company, while Hunton Andrews Kurth LLP acted as legal advisor. About Carpenter Health Network Originally founded in 2002 as St. Joseph Hospice, The Carpenter Health Network has grown into a multi-state healthcare company with service areas in Louisiana, Texas, Arkansas, Mississippi, Alabama and Florida. Our mission is to joyfully provide optimal patient care seamlessly across service lines to ensure spiritual, emotional and physical healing wherever possible while always respecting life, fostering dignity and preserving quality of life. About MidOcean Partners MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity, alternative credit, and structured equity. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.
