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Business Standard
29-05-2025
- Automotive
- Business Standard
Varroc Engg gains on reporting turnaround PAT of Rs 21 crore in Q4
Varroc Engineering advanced 2.86% to Rs 519.95 after the company reported consolidated net profit of Rs 20.57 crore in Q4 FY25 as against net loss of Rs 47.43 crore posted in Q3 FY25. However, on a year-on-year (YoY) basis, consolidated net profit fell 63.82%, although revenue grew by 6.29% in Q4 FY25. Profit before exceptional items and tax stood at Rs 103.36 crore in Q4 FY25, up 3.55% from Rs 99.81 crore posted in the same quarter last year. The company reported exceptional items worth Rs 56.41 crore during the quarter. EBITDA stood at Rs 213.4 crore in Q4 FY25, registering a decline of 2.42% YoY. EBITDA margin reduced to 10.2% in Q4 FY25, compared to 11.1% reported in the corresponding quarter previous year. On segmental front, revenue from the automotive business was Rs 2,035.63 crore, registering a 5.84% YoY increase, while income from other segments came in at Rs 63.58 crore, up 23.09% YoY during the same period. Tarang Jain, CMD said, India has now become the 4th largest economy and the GDP had a steady growth of 6.2% in Q3 FY25. Softening of inflation in the last few quarters and interest rate reductions globally encouraged our central bank to reduce the repo rate by 50 basis points. Weak growth in consumption, on top of global & regional conflicts and an uncertain tariff regime, may impact discretionary spending, which can have an impact on the automotive industry. However, we remain confident about the medium- to long-term growth prospects of the automotive industry. During Q4 of FY25, all the segments registered moderate growth on a YoY basis: - 2W grew by 5.8%, PV grew by 5.2%, CV grew by 3.1% & 3W grew by 9.5%. On a QoQ basis also, almost all segments, other than 2W, reported strong growth, as normally Q4 is a strong quarter for the Indian automotive industry every year. 2W de-grew by 1.2%, 3W grew by 3.0%, PV grew by 20.4%, and only CV grew by 20.9%. Now coming to the operational performance, during Q4 FY25, the company registered consolidated revenue of Rs.21 bn with a growth of 11% YoY on like-to-like basis, with India operations growing at 13%. Our EBITDA for the quarter was around 10.2% on back of improvement in the gross margin and benefits of operating leverage. Our PBT before exceptional items and JV profits was over Rs. 1 billion or 4.9% of revenue in Q4 FY25. As you all know, we have been working on structural changes like merger of VEL and VPL and exiting from China JV. We had to recognize certain one-time exceptional items primarily relating to these initiatives, which will simplify our operations and also improve our financial performance going forward. We continue to strengthen our balance sheet and return ratios. The net debt of the company in FY25 reduced by 2,348 million, and as a result the net debt to equity reduced to below 0.5x at the end FY25 from 0.64X at the end of FY24. The absolute net debt figure was at 7,480 million. ROCE (before tax) for FY25 was 20.8% and free cash flow generation was also healthy at Rs 3,116 million, or 3.8% of revenue before growth capex in land. In FY25, we also achieved net new business wins with annualized peak revenues of Rs.11,734 million, with EV models constituting more than 55% of this. It is more heartening to see business wins in our overseas operations also, which will improve profitability from FY 27 onwards. Our continuing focus on revenue growth, improvement in gross margin, control on fixed cost and optimization of capex and working capital will enable us to generate healthy free cash flows in the future also. Meanwhile, the companys board has recommended a dividend of Rs 1 per equity share for the financial year 2024-25, subject to shareholder approval at the 37th Annual General Meeting (AGM). The company has fixed Friday, 8 August 2025, as the record date to determine shareholders entitlement to the dividend. If approved at the AGM, the dividend will be paid within 30 days from the date of the meeting. Further, the companys board has approved the re-appointment and payment of remuneration to Tarang Jain as chairman and managing director of the company, liable to retire by rotation, for a period of 3 years from 1 June 2025 to 31 May 2028, subject to approval of the members of the company. Furthermore, following the scheme of amalgamation of wholly owned subsidiary Varroc Polymers with Varroc Engineering, effective from 1 February 2025, the authorized share capital of the company increased from Rs 50.45 crore to Rs 55.94 crore. The board also approved the reclassification of Rs 5.49 crore of authorized share capital, converting 54.90 lakh equity shares of Rs 10 each to Re 1 each, subject to shareholder approval. Lastly, the board has resolved to seek shareholders approval via special resolution at the AGM to issue secured or unsecured redeemable non-convertible debentures (NCDs) amounting to not more than Rs 500 crore, in one or more tranches, either in Indian rupees or foreign currency, on a private placement basis. Varroc Engineering designs, manufactures, and supplies exterior lighting systems, plastic and polymer components, electrical-electronics components, and precision metallic components to passenger car, commercial vehicle, two-wheeler, three-wheeler and off-highway vehicle ("OHV") OEMs directly worldwide.
Time of India
19-05-2025
- Time of India
5 affordable holiday destinations in Europe, Asia as vacation alternatives to Turkey, Azerbaijan
If you're looking to make a change, here are five alternative international destinations that offer rich experiences within the same expenditure. As Indians drop Turkey and Azerbaijan from their holiday plans, we bring you five affordable and culturally rich alternatives across Europe and Asia. By Yasmin Hussain. Tired of too many ads? Remove Ads 7 Days in Georgia Tired of too many ads? Remove Ads 7 Days in Serbia Tired of too many ads? Remove Ads 7 Days in Greece 7 Days in Thailand 7 Days in Vietnam With public sentiment turning decisively against Turkey and Azerbaijan over their stance on the India-Pakistan tension, many Indian travellers are reconsidering their travel platforms such as MakeMyTrip, Cleartrip, and Ixigo have reported a significant spike in cancellations for trips booked to Turkey and Azerbaijan. To show solidarity with the national sentiment, travel aggregators have suspended bookings and removed promotional offers for both travellers are now making plans for nations perceived as more friendly and welcoming to Indians. A typical budget trip to Turkey or Azerbaijan costs Rs.1-1.5 lakh per person—including round flights, visa, accommodation, activities, food, and local transport. If you're looking to make a change, here are five alternative international destinations that offer rich experiences within the same for one personRs.30,000 round trip (Delhi/Mumbai to Tbilisi; off-peak, Mar-Apr)Rs.1,800Rs.1,000 per day per head (meals, coffee, snacks)Hotel Rs.2,000- 3,000 a night (Rs.21,000 a week)Car rental Rs.2,000 a day(Rs.10,000-12,000 for 4 days)Georgian Lari (GEL),Rs.1.0.032 GEL (as of May 2025)Rs.2,000Rs.9,000-11,000Tbilisi, Kakheti wine region, Gergeti Trinity, BatumRs.1.1-1.2 lakh for one personRs.60,000 round trip (Delhi/Mumbai to Belgrade; off-peak, Mar-Apr)Rs.2,700Rs.1,700 per day per head (meals, coffee, snacks)Hotel Rs.2,000-3,000 a night (Rs.19,000 a week)Rs.800-1,000 a daySerbian Dinar (RSD), Rs.1.1.22 RSD (as of May 2025)Rs.2,000Belgrade, Novi Sad, SuboticaRs.1.1-1.3 lakh per personRs.45,000 round trip (Delhi/Mumbai to Athens; shoulder season, Mar-Apr)Rs.10,000-12,000Rs.2,500 per day per headHotel Rs.3,000 a night (Rs.21,000 a week)Scooter rental Rs.2,800-3,000 a day, car rental Rs.3,800-5,000 a dayEuro,Rs.1.0.01 Euro (as of May 2025)Rs.2,000Rs.4,000Athens, Paros, Naxos, SantoriniRs.80,000- 1 lakh for one personRs.20,000 round trip (Delhi/Mumbai to Bangkok; off-peak, Apr-May/Jul-Sep)Rs.2,500; visa on arrivalRs.1,200-1,500 per day per headHostel Rs.700-800 a night, hotel Rs.1,500-2,000 a night (Rs.14,000 a week)Taxi Rs.1,500-2,000 a day, ferry Rs.160 a ride per head, internal flights Rs.2,500-4,000 per person (total Rs.13,000-15,000 for a week)Thai Baht (THB), Rs.1.0.39 THB (as of May 2025)Rs.2,000Rs.22,000-25,000Bangkok, Phi Phi Island, Pattaya, PhuketRs.70,000-80,000 for one personRs.20,000 round trip (Delhi/Mumbai to Hanoi/Ho Chi Minh City)Rs.2,100Rs.1,200-1,500 per day per headHotel Rs.1,500-2,000 a night (Rs.10,000-12,000 a week)Scooter rental Rs.500-600 a dayVietnamese dong (VND), Rs.1.302.58 (as of may 2025)Rs.2,000Rs.10,000-12,000Hanoi, Ba Na hills, Ho Chi Minh City
Time of India
01-05-2025
- Automotive
- Time of India
ATM fees, vehicle taxes set to rise from today
Starting Thursday, ATM transaction fees will rise to Rs.23 for withdrawals beyond the free limit, while commercial vehicles under Rs.10 lakh will incur a 5% lifetime tax, making both ATM usage and vehicle ownership more expensive. As per the Reserve Bank of India 's (RBI) directive, the fee for each additional withdrawal from ATMs will go up from Rs.21 to Rs.23. This move follows a request from ATM-operating companies, who cited higher operational and technical maintenance costs. The RBI approved the fee revision, which takes effect from May 1. Customers in metro cities will continue to have up to three free ATM withdrawals per month, while those in non-metro and rural areas can avail up to five. Once these limits are crossed, the Rs.23 charge will apply per transaction. The increase is expected to impact frequent cash users and those without easy access to digital banking tools, especially in rural regions where cash remains the primary mode of transaction. Taxi & small goods vehicle taxes In a separate development, the Karnataka government has revised its motor vehicle tax structure, which will significantly affect commercial vehicle owners. A 5% lifetime tax will be levied on commercial vehicles priced below Rs.10 lakh from Thursday too. This replaces the earlier system, where owners paid a quarterly tax of Rs.400 per seat. Electric commercial vehicles haven't been spared either. Those valued above Rs.25 lakh will now be subject to a 10% lifetime tax. This marks a shift in the state's taxation strategy, which was earlier seen as more favourable to EV adoption. The revised tax structure, approved through an amendment to the Karnataka Motor Vehicle Taxation Act and cleared by the Governor, aims to streamline vehicle tax policies. However, industry observers and vehicle owners have expressed concerns about the added financial burden, particularly for small business operators and taxi drivers.
Business Standard
25-04-2025
- Business
- Business Standard
SBI Life Insurance registers New Business Premium of Rs. 35,577 crores for the year ended on 31st March, 2025
PRNewswire Mumbai (Maharashtra) [India], April 25: SBI Life Insurance, one of the leading life insurers in the country registered a New Business Premium of Rs. 35,577 crores for the year ended on 31st March, 2025 vis-a-vis Rs. 38,238 crores for the year ended March 31, 2024. Regular premium has increased by 11% over previous year ended on 31st March, 2024. Establishing a clear focus on protection, SBI Life's protection new business premium stood at Rs. 4,095 crores for the year ended March 31, 2025. Protection Individual new business premium stands at Rs. 793 crores for the year ended March 31, 2025. Individual New Business Premium stands at Rs. 26,360 crores with 11% growth over previous year ended on 31st March, 2024. SBI Life's profit after tax stands at Rs. 2,413 crores for the year ended March 31, 2025 with a growth of 27% over previous year. The company's solvency ratio continues to remain robust at 1.96 as on March 31, 2025 as against the regulatory requirement of 1.50. SBI Life's AUM also continued to grow at 15% to Rs. 4,48,039 crores as on March 31, 2025 from Rs. 3,88,923 crores as on March 31, 2024, with the debt-equity mix of 61:39. 94% of the debt investments are in AAA and Sovereign instruments. The company has a diversified distribution network of 309,034 trained insurance professionals and wide presence with 1,110 offices across the country, comprising of strong bancassurance channel, agency channel and others comprising of corporate agents, brokers, Point of sale persons (POS), insurance marketing firms, web aggregators and direct business. Performance for the year ended March 31, 2025 * Private Market leadership in Individual Rated Premium of Rs.19,354 crores with 22.8% market share * Annualized Premium Equivalent (APE) stands at Rs.21,417 crores with growth of 9% * Individual New Business sum assured stands at Rs. 2,76,918 crores with 43% growth * Improvement in 13M & 61M persistency by 63 bps & 528 bps respectively * Value of New Business (VoNB) stands at Rs. 5,954 crores with a growth of 7%. * VoNB Margin stands at 27.8%. * Indian Embedded value (IEV) stands at Rs. 70,250 crores with 21% growth. * Profit After Tax (PAT) stands at Rs.2,413 crores with 27% growth * Operating Return on Embedded Value stands at 20.2% * Assets under Management stands at Rs.4,48,039 crores with 15% growth * Robust Solvency ratio of 1.96 Disclaimer Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'expected to', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. SBI Life Insurance Company Limited undertakes no obligation to update forward looking statements to reflect events or circumstances after the date thereof. This release does not constitute an offer of securities. About SBI Life Insurance SBI Life Insurance ('SBI Life' / 'The Company'), one of the most trusted life insurance companies in India, was incorporated in October 2000 and is registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001. Serving millions of families across India, SBI Life's diverse range of products caters to individuals as well as group customers through Protection, Pension, Savings and Health solutions. Driven by 'Customer-First' approach, SBI Life places great emphasis on maintaining world class operating efficiency and providing hassle-free claim settlement experience to its customers by following high ethical standards of service. Additionally, SBI Life is committed to enhance digital experiences for its customers, distributors and employees alike. SBI Life strives to make insurance accessible to all, with its extensive presence across the country through its 1,110 offices, 26,355 employees, a large and productive network of about 240,304 agents, 60 corporate agents and 13 bancassurance partners with more than 41,000 partner branches, 141 brokers and other insurance marketing firms. In addition to doing what's right for the customers, the company is also committed to provide a healthy and flexible work environment for its employees to excel personally and professionally. SBI Life strongly encourages a culture of giving back to the society and has made substantial contribution in the areas of child education, healthcare, disaster relief and environmental upgrade. In 2024-25, the Company touched over 50,000 direct beneficiaries through various CSR interventions. Listed on the Bombay Stock Exchange ('BSE') and the National Stock Exchange ('NSE'), the company has an authorized capital of Rs. 20.0 billion and a paid-up capital of Rs. 10.0 billion. The AuM is Rs.4,480.4 billion. For more information, please visit our website - and connect with us on Facebook, Twitter, YouTube, Instagram, and LinkedIn. (Numbers & data mentioned above are for the year ended March 31, 2025)
