Latest news with #SanjayAggarwal
The Print
26-05-2025
- Business
- The Print
Emerald Finance Reports 246% YoY Surge in Q4 FY25 Net Profit
Mumbai (Maharashtra) [India], May 24: Emerald Finance Limited (BSE: EMERALD), is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, announced its Audited Financial Results for Q4 FY25 and FY25. Q4 FY25 Standalone Financial Highlights – Total Income of Rs 4.60 Cr, YoY growth of 127.45% – EBITDA of Rs 3.60 Cr, YoY growth of 195.44% – Net Profit of Rs 2.16 Cr, YoY growth of 246.21% – Net Profit Margin (%) of 47.03%, YoY growth of 1,613 Bps – EPS of Rs 0.63, YoY growth of 202.42% FY25 Standalone Financial Highlights – Total Income of Rs 13.47 Cr, YoY growth of 81.44% – EBITDA of Rs 10.82 Cr, YoY growth of 113.08% – Net Profit of Rs 6.44 Cr, YoY growth of 114.36% – Net Profit Margin (%) of 47.83%, YoY growth of 735 Bps – EPS of Rs 1.87, YoY growth of 87.16% Q4 FY25 Consolidated Financial Highlights – Total Income of Rs 6.50 Cr, YoY growth of 66.44% – EBITDA of Rs 4.53 Cr, YoY growth of 117.02% – Net Profit of Rs 2.65 Cr, YoY growth of 132.99% – Net Profit Margin (%) of 40.80%, YoY growth of 1,165 Bps – EPS of Rs 0.77, YoY growth of 103.45% FY25 Consolidated Financial Highlights – Total Income of Rs 21.63 Cr, YoY growth of 61.94% – EBITDA of Rs 15.07 Cr, YoY growth of 114.56% – Net Profit of Rs 8.89 Cr, YoY growth of 114.83% – Net Profit Margin (%) of 41.09%, YoY growth of 1,012 Bps – EPS of Rs 2.57, YoY growth of 87.40% Comment on Financial Performance Mr. Sanjay Aggarwal, Managing Director of Emerald Finance Limited said, 'FY25 was a year of strong progress for Emerald Finance, marked by robust financial performance and strategic momentum. The year concluded with a solid Q4, as income grew across interest and fee-based streams, and margins improved on the back of operational efficiency and disciplined cost control. We maintained a Zero NPA throughout the year, underscoring the strength of our credit underwriting and risk management practices. Our EWA platform gained significant traction in Q4, with 62 corporate clients signed during the financial year and onboarded by year-end. This reinforces the increasing relevance of our salary advance solution in today's dynamic workforce environment. We are well-positioned amid India's fintech transformation, driven by rising credit demand, financial inclusion, and digital adoption. Our strategy focuses on retail and MSME lending, digital innovation, and strong partnerships. We aim to scale our EWA platform, expand SME and invoice discounting services, and grow across 200+ cities, targeting 250 corporate partners by March 2026 with our digital-first approach. Backed by experienced leadership and investors, we remain committed to delivering scalable, inclusive financial solutions that meet India's evolving needs.' Q4 FY25 Key Business Highlights of Emerald Finance Limited Fund Raise – Allotted 24 secured, unlisted, unrated, redeemable non-convertible debentures at Rs5,00,000 each, aggregating to Rs1.20 Cr, on a private placement basis. – Allotted 7,65,090 equity shares at Rs131 each (face value Rs10, premium Rs121), increasing fully paid-up equity share capital from Rs33.78 Cr to Rs34.54 Cr. Investors include promoters, Saint Capital Fund (Mauritius), Mr. Rajesh Jain (Founding Partner, KPMG in India & Africa), and Mr. Vishnu Sultania (Advisor to the UN, among India's top 100 CFOs), reinforcing confidence in the company's growth and digital lending strategy. Added New Clients for Early-Wage Access program – Onboarded 20 corporates in Q4 FY25 for Early Wage Access, a salary advance solution that enables employees to access a portion of their earned salary throughout the month, with recovery via salary deduction. (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same) This story is auto-generated from a syndicated feed. ThePrint holds no responsibility for its content.
Indian Express
30-04-2025
- Indian Express
Respite for Pakistan nationals waiting on long-term visas to be processed
A note dated April 28 issued by the Foreigners Regional Registration Office (FRRO), Jodhpur (City), has come as a relief to Pakistani nationals who have either applied for long-term visas (LTV) or have LTVs with expired validity. According to the note, the Home Ministry has issued guidelines regarding the order for Pakistani citizens residing in India. They are: Pakistani citizens who have come to India and are currently residing here on LTV are not required to leave the country. For Pakistani citizens residing in Jodhpur city on LTV, if the validity of their LTV has expired, they are required to get it extended. They can get it done by visiting the FRRO in Jodhpur city. Pakistani citizens who have applied for LTV and whose cases are pending are not being deported. Pakistani nationals who are eligible for LTV application and have not submitted it so far should submit it along with valid documents as soon as possible and get their registration done at FRRO, Jodhpur City. Pakistani citizens whose passports have expired and who have not yet registered themselves anywhere should also submit their documents to the FRO of their area so that necessary guidelines can be obtained from the state government and the Home Ministry in their regard. FRRO, Jodhpur City, has launched a special campaign for registration of Pakistani citizens and to receive LTV applications so that all such applications can be disposed of quickly and relief can be provided to them. In the last three days, LTV applications of 362 Pakistani citizens have been accepted and registered, and this process is continuing. Sanjay Aggarwal, DGP Intelligence, Rajasthan, said, 'Those who have applied for LTV are exempt as the process to approve LTV takes time due to various background checks.'
Mint
27-04-2025
- Business
- Mint
Fortum exits India renewables market with sale to I Squared's Hexa Climate
NEW DELHI : Finland's state-run energy utility Fortum Oyj is exiting India's renewable energy market by selling its platform Fortum India Pvt Ltd (FIPL) to New York-based I Squared Capital-backed Hexa Climate Solutions, in a deal that includes management company and carbon credits, two people aware of the development said. There were five bidders in the sales process run by EY, including Japan' Marubeni Corp, Dutch pension fund APG, and infrastructure fund manager AP Moller Capital. A total of 10 companies including steel and mining major ArcelorMittal had signed non-disclosure agreements (NDA) for the transaction termed as project Samsara. Mint couldn't ascertain the value of the deal that marks an important point in the third-largest Nordic utility Fortum' exit from India, a market that it entered in 2012. While the initial proposed deal was for diluting the majority stake in Fortum India Pvt Ltd, the management company, and investing around $300 million to build future projects, Hexa Climate Solutions has acquired 100% stake, along with its 40-member team. FIPL's portfolio includes a 206 mega watt (MW) commercial and industrial (C&I) solar-wind hybrid, and another 600 MW of ready to build projects. 'Hexa Climate Solutions has acquired Fortum India Pvt Ltd. An announcement will be made in the coming week," said the first of the two people cited earlier, both of whom spoke on the condition of anonymity. In line with its Nordic strategy, Fortum had earlier announced limiting its exposure in India and evaluating alternatives for its remaining operations, with Fortum India selling projects totaling 1.1 gigawatt (GW). Hexa Climate Solutions founder and executive chairman Sanjeev Aggarwal, Fortum India president Sanjay Aggarwal and EY declined to comment. A Fortum Corporation spokesperson in an emailed response said, 'As a stock listed company, we do not comment (on) any market rumours or speculations. In May 2024, when divesting the ownership in the 185-MW Indian solar portfolio, Fortum announced that in line with its Nordic strategy, Fortum is limiting its exposure in India and evaluating alternatives for the remaining operations and will not make any further commitments in India. There is no certainty whether the evaluation will result in any transactions and Fortum will inform the market, if and when appropriate." I Squared Capital on its part plans to invest around $500 million in Hexa Climate Solutions that has a focus on renewable energy, water and carbon offsets and has a 2.5 GW development pipeline. Queries emailed to the spokespersons of Marubeni Corp, APG, AP Moller Capital and ArcelorMittal on Saturday night weren't immediately answered till press time. Fortum's India exit comes in the backdrop of the war in Ukraine resulting in gas supply disruption and substantive losses to Fortum's majority-owned energy company Uniper, which was subsequently sold to the German government at a loss of around six billion Euros. In addition, the Russian Federation confiscated Fortum's Russian plants valued at around five billion Euros. These prompted Fortum to rewrite its playbook and pivot to the Nordic market by paring down its stakes in other geographies, including India. As part of Fortum Oyj's exit strategy from the Indian market, London-based Opus Corporate Finance Llp is also running a transaction termed Butterfly for diluting a majority stake in Fortum's electric vehicle charging network GLIDA, formerly known as Fortum Charge & Drive India that has around 850 charging points, as reported by Mint earlier. Fortum India has sold 700 MW to Actis Llp, another 230 MW to UK Climate Investments and Elite Alfred Berg; and 185 MW to Malaysia's state-run oil and gas company Petroliam Nasional Bhd or Petronas' unit Gentari. This present transaction comes in the backdrop of AM Green, set up by the founders of Greenko Group, Mahesh Kolli and Anil Kumar Chalamalasetty, acquiring Fortum Oyj and Chempolis Oy's 50% stake in their joint venture---Assam Bio Refinery Private Limited---and also the Oulu-headquartered biotechnology firm Chempolis Oy in which Fortum has a stake, as reported by Mint earlier. India's C&I segment has been attracting strong investor interest, with a number of deals in the works given the regulatory landscape being supportive of the space with rules allowing large power users to source energy from the open market rather than the costlier grid. C&I projects are also shielded from risks such as power procurement curtailment by state-run power distribution firms. Also, state electricity regulatory commissions' implementation of Time of Day (ToD) tariff for large C&I category consumers has helped sustain investor interest.
