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Business Standard
an hour ago
- Business
- Business Standard
IATA calls for greater clarity on India's complex aviation tax system
India is one of the world's fastest growing civil aviation markets and airlines are expanding their fleets and networks to meet the rising demand Press Trust of India New Delhi Global airlines' grouping IATA on Tuesday said there needs to be greater certainty in India's taxation system, which is very complex. India is one of the world's fastest growing civil aviation markets and airlines are expanding their fleets and networks to meet the rising demand. IATA Director General Willie Walsh said the rate of growth in the Indian aviation market will be higher than China. Against the backdrop of foreign airlines getting tax notices in recent times, Walsh said the taxation system in India is complex and there needs to be "greater uncertainty". The International Air Transport Association (IATA) represents over 350 airlines globally.
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Business Standard
4 hours ago
- Business
- Business Standard
Emerging diversified construction firms set for stable FY26 growth: Crisil
Healthy order books, driven by the timely execution of projects, supporting their credentials, have resulted in the continued scale-up of operations, it said Press Trust of India New Delhi Emerging diversified construction firms are expected to witness stable growth in 2025-26, with revenues projected to rise by 9-11 per cent, Crisil Ratings said on Tuesday. Healthy order books, driven by the timely execution of projects, supporting their credentials, have resulted in the continued scale-up of operations, it said. "Emerging diversified construction companies will continue to see steady growth this fiscal, with revenues growing 9-11 per cent compared with a 15 per cent compounded annual growth rate in the five fiscals through 2025," it said in a statement. However, limited ability to pass on the impact of sharp commodity price fluctuations and stronger competition will limit the operating margins to 10-11 per cent. While the working capital requirements of emerging construction companies will be higher on-year, it will be funded mainly by better cash flows and risk management practices, thus limiting fund-based working capital bank borrowings. Timely execution of a sizeable order book will also entail debt-funded capex for equipment purchases. Nevertheless, strong cash flows will ensure leverage levels are under control, thereby supporting the credit profiles of companies. An analysis of 200 emerging diversified construction companies, with estimated aggregate revenue of Rs 1 lakh crore last fiscal-about a tenth of the country's total infrastructure spend-indicates as much. "The government's thrust on infrastructure and better access to funding continue to support the growth of emerging corporates in the diversified construction industry. Diversity in the order book should enable these players to log another year of steady revenue growth. However, profitability will remain flat on-year as competition within the segment intensifies and subcontracting charges remain in check," Crisil Ratings Senior Director Rahul Guha said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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Business Standard
2 days ago
- Business
- Business Standard
IndiGo places firm order for another 30 wide-body A350 planes with Airbus
In April last year, the airline placed a firm order for 30 A350 aircraft and there was an option to order 70 more such planes Press Trust of India New Delhi IndiGo on Sunday announced placing a firm order for another 30 wide-body A350 planes with Airbus, taking the total number of such aircraft to 60. In April last year, the airline placed a firm order for 30 A350 aircraft and there was an option to order 70 more such planes. At a briefing in the national capital, IndiGo CEO Pieter Elbers said that out of the option for 70 planes, it is now placing a firm order of 30 aircraft. The airline has over 900 planes on order that are to be delivered in the coming years. The country's largest airline is expanding its international network and is set to operate flights to 10 new overseas cities with leased Boeing 787 planes in the current fiscal year ending March 2026.
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Business Standard
2 days ago
- Business
- Business Standard
Prestige Group to launch housing projects worth Rs 42,000 cr in FY26
These projects are lined up in Bengaluru, Chennai, Hyderabad, Mumbai, Delhi-NCR and Goa Press Trust of India New Delhi Realty firm Prestige Estates Projects Ltd will launch multiple housing projects across major cities this fiscal year with an estimated revenue of more than Rs 42,000 crore, as it looks to expand business to capitalize on strong consumer demand. According to its latest investors presentation, Bengaluru-based Prestige Estates plans to launch as many as 25 residential projects having 44.80 million sq ft of developable area, with an estimated gross development value of Rs 42,120 crore, in this financial year. These projects are lined up in Bengaluru, Chennai, Hyderabad, Mumbai, Delhi-NCR and Goa. During the 2024-25 financial year, the company launched a lesser number of projects due to delays in regulatory approvals. Prestige Estates launched 26.28 million square feet during the last fiscal year, with a combined gross development value of Rs 26,222.8 crore. Last year, the company's sales bookings or pre-sales were affected. Prestige Estates sales bookings during the 2024-25 fiscal declined 19 per cent to Rs 17,023.1 crore, "reflecting the impact of deferred launches amid approval delays", the company had said in April. The company was not able to achieve the targeted sales bookings of Rs 24,000 crore last fiscal. Sales volume for 2024-25 stood at 12.58 million square feet, down 38 per cent Y-o-Y (year-on-year). Total units sold stood at 5,919 last fiscal. The average realisation for apartments, villas, and commercial products rose to Rs 14,113 per square feet, an impressive 36 per cent increase Y-o-Y. Plot sale realisation increased to Rs 7,167 per square foot, registering a 50 per cent Y-o-Y growth. On the financial performance front, during 2024-25 fiscal, Prestige Estates net profit fell sharply to Rs 467.5 crore, from Rs 1,374.1 crore in the preceding year. Total income too declined to Rs 7,735.5 crore in the last fiscal year, from Rs 9,425.3 crore in the 2023-24 fiscal. Prestige Group has developed more than 300 projects so far and is constructing a large number of properties across major states.
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Business Standard
2 days ago
- Business
- Business Standard
Gross GST collections rise 16.4% to over Rs 2.01 trn in May: Govt data
This comes after a record high Goods and Services Tax (GST) collection in April, when the revenues touched an all-time high of Rs 2.37 trillion Press Trust of India New Delhi Gross GST collections rose 16.4 per cent to over Rs 2.01 trillion in May, as per government data released on Sunday. This comes after a record high Goods and Services Tax (GST) collection in April, when the revenues touched an all-time high of Rs 2.37 trillion. In May, gross revenues from domestic transactions rose 13.7 per cent to about Rs 1.50 trillion, while GST revenue from imports grew 25.2 per cent to Rs 51,266 crore. In May, the gross Central GST revenues stood at Rs 35,434 crore, State GST revenues at Rs 43,902 crore and Integrated GST at about Rs 1.09 trillion. Revenues from Cess was at Rs 12,879 crore. In May, 2024, the mop up was Rs 1,72,739 crore. Meanwhile, total refunds during the month fell 4 per cent to Rs 27,210 crore. Net GST mop-up stood at about Rs 1.74 trillion, a 20.4 per cent year-on-year growth. Deloitte India Partner M S Mani said the wide variations in the growth of GST collections across states require a thorough analysis across the sectors that are important in each state. While large states like Maharashtra, West Bengal, Karnataka and Tamil Nadu have reported collection increases of 17 per cent to 25 per cent, similar large states like Gujarat, Andhra Pradesh and Telangana have shown increases of up to 6 per cent. Some states like Madhya Pradesh, Haryana, Punjab and Rajasthan have shown median increases of 10 per cent. "Hence, the average growth across the country does not appear to be uniformly reflected across states possibly due to sectoral or seasonal factors which require a deeper data based analysis," Mani said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
