Latest news with #Tier2
Politico
2 days ago
- Business
- Politico
Welch on transit, energy, da Bears
Presented by Good Wednesday morning, Illinois. I'm talking to young journalists today about why newsletters matter. TOP TALKER PLAYBOOK Q&A: Illinois House Speaker Emanuel 'Chris' Welch acknowledges some of the biggest legislative goals didn't make it over the finish line last week in the General Assembly because the bills just weren't ready. Three big bills that fizzled include legislation to fix the transit fiscal cliff, the state's over-tasked power grid and Tier 2 pensions, which affect public employees hired after Jan. 1, 2011. 'There's still a lot that has to get done. You have to take your time and get it right. You can't rush and get it wrong,' Welch told your Playbook host. 'I mean, we wanna make sure that when we put something on the board it's ready for prime time and produce the best results for everyone,' said Welch, who wrapped up his fifth year as House speaker. The next step is to address the transit cliff, an energy bill and pensions during a fall veto session in the fall, he said. Here's our interview, edited for length and clarity. How did you get to this place where big bills discussed for months didn't get done? We remain committed to continue to do the work. In my five years, there's a lot of things that were left undone in May that we got done at subsequent times and that's what we're committed to doing. The transit legislation has been discussed for months. What was the sticking point and what's next? First, I think the House leaders who were appointed to lead that effort — Eva-Dina Delgado and Kam Buckner — are truly passionate about transit. They are transit geeks, and I applaud them for their work. Their working group spent more than a year looking for reforms. We wanted to do that before talking about funding. We cannot ask taxpayers to put more money into a failing system. I know they're close with regard to agreement on funding and governance, but they're not there yet. We want taxpayers to know that we're demanding changes to a broken system before we throw money at the problem. Do you support the legislation sent to the House from the Senate that included a funding mechanism to add a $1.50 fee on retail deliveries? I do not. It was DOA before they sent it. There's some differences in the reform and governance piece. The House has not even talked about funding because we were focused on reforms first. I'm not gonna put something on the board that my caucus has not discussed. Transit officials have warned about a fiscal cliff in which Covid monies will run out by the end of the year and lead to layoffs. Have you talked to transit officials about that? They will do what they have to do, but from our standpoint, transit is funded through the end of the year. We know the challenges they face. But we want to make sure that reforms come before funding. We're going to keep doing the work here in the summer and in the fall. We're going to be back for a veto session in October. Legislation to address the state's power grid by adding wind and solar and battery storage also failed to win approval. What happened? Our energy conversations were very reminiscent of my first year as speaker in 2021 when we thought we were there and then worked through the summer to get something done in September, which turned out to be one of the most important pieces of energy I've ever seen. Conversations are going to continue, and we're going to get the best result that we possibly can. And what about the proposal to improve the pension system for government employees hired since 2011? That bill is projected to cost quite a bit of money. We heard a lot from the business community and we need to make sure that all stakeholders are part of the conversation. There's been a lot of hand wringing about if and whether to give state funding to the Chicago Bears and Chicago White Sox. Are those issues dead in the water? The Bears and the White Sox should take a look at the Chicago Fire, which is leading the way by building a stadium with private funding. It's going to be transformative. It's going to be great for the state. It's on par with the Ricketts family building in Wrigleyville for the Chicago Cubs. It's the right approach. I think the Bears in the White Sox should take note. Switching to politics — because we're POLITICO. Your name has popped up as possibly filling the lieutenant governor seat if Gov. JB Pritzker runs again. Or even running for governor if he doesn't. I'm so flattered that people put my name in those conversations, but I love the job that I currently have. I get to walk into that beautiful building and serve as the people's speaker. It's an honor of a lifetime and I'm going to continue to do that as long as the people will have me. RELATED Chicago Fire plan to build $650M soccer stadium at The 78 in South Loop: It would be privately financed, by the Tribune's Robert Channick Chicago Mayor Brandon Johnson urges state lawmakers to tax the 'ultra rich' to avert mass transit cuts, by the Sun-Times' Fran Spielman With electric prices going up, advocates tried — and failed — to reform the energy sector, by Capitol News' Andrew Adams Lawmakers again fail to act on hemp, while a new study highlights growing health concerns, by the Tribune's Robert McCoppin THE BUZZ ENDORSEMENT PRIDE: Former Chicago Mayor Lori Lightfoot and her wife, Amy Eshleman, have endorsed Congresswoman Robin Kelly in her bid for the U.S. Senate. The former mayor leads a list of LGBTQ+ leaders backing Kelly in her bid to replace retiring Sen. Dick Durbin. Also on the list are Chicago Alds. Bennett Lawson and Lamont Robinson, Kane County Commissioner Alex Arroyo and AIDS Foundation Chicago CEO John Peller. The full list is here. 'We stand behind Robin Kelly because she has always stood with us,' Robinson, chair of the council's LGBTQ caucus, said in a statement. 'I personally experienced her resolve when she stood with me to save Mercy Hospital and the vital role it plays in my community.' If you are Chicago Fire owner Joe Mansueto, Playbook would like to hear from you! Email: skapos@ WHERE'S JB No official public events WHERE's BRANDON At 1002 South Racine Avenue at 1 p.m. for the Roosevelt Square ribbon-cutting Where's Toni At Mount Olivet Cemetery at 1:30 p.m. with the Archdiocese of Chicago and Cook County officials for a committal service for indigent, unknown and unborn persons Have a tip, suggestion, birthday, new job or a (gasp!) complaint? Email skapos@ BUSINESS OF POLITICS — In IL-02: State Sen. Robert Peters has been endorsed by some Black Caucus members from the Chicago City Council and the Illinois General Assembly. Here's the list. — Patrick Hanley, who's running for state Senate, has been endorsed by MWRD Commissioner Precious Brady-Davis. Hanley is running for the 9th District seat now held by state Sen. Laura Fine, who's running for Congress. — Nick Uniejewski, who's running in the Democratic primary against state Sen. Sara Feigenholtz (6th District), talks about running his campaign like a dinner party, via H Kapp-Klote's blog. HIGHER-ED — University of Illinois — long home to thousands of foreign students — braces for visa revocations for Chinese: 'The school's flagship campus, which has the second largest number of international students of all public universities in the country, could be hit hard by Trump's plan to revoke Chinese student visas,' by the Sun-Times' Violet Miller, Pat Nabong and Kade Heather. THE STATEWIDES — MADIGAN: Seeking stiff sentence for Madigan, feds allege a secret effort to block rules on legislators practicing before state tax board: 'Prosecutors described an alleged episode of backroom political intrigue that was not presented to the jury at trial: the 2018 derailment of a proposal by then-Gov. Bruce Rauner that directly threatened to reduce profits at Madigan's law firm,' by the Tribune's Jason Meisner and Ray Long — Meta strikes deal with downstate nuclear plant to power AI, by the Sun-Times' Brett Chase — Federal government removes list that targeted Illinois cities, counties on immigration, by Peoria Journal Star's JJ Bullock — Report ranks Illinois among safest states for LGBTQ+ communities, citing laws and family support, by USA Today's Hannah Hudnall CHICAGO — Implement a Chicago grocery tax, Mayor Brandon Johnson tells aldermen: 'Failing to install the tax would blow an additional $80 million hole in Chicago's 2026 budget as the city already faces a budget gap of around $1 billion, Budget Director Annette Guzman said,' by the Tribune's Jake Sheridan. — 19 Council members sign letter calling out mayor for paying Ernst & Young $3.1 million to look at city financing, via Crain's Justin Laurence Their letter is here. — Aldermen, Mayor Brandon Johnson's administration officials argue over credit downgrade, by the Tribune's A.D. Quig — Chicago is sinking: Land under our feet is retreating more than most cities: 'Chicago is the fifth-fastest-sinking major city in the United States, according to a new study. While the city is only sinking by a few millimeters every year, experts say the shift could damage buildings and other infrastructure,' by the Block Club's Molly DeVore. Reader Digest We asked about the one exercise you try to do every day. Andrew Davis: 'I definitely stretch every day.' G. A. Finch: '100 pushups.' Cynthia Given: 'Walk for an hour on the trail in my city park (unless the temperature dips below my age).' Carlton Hull: 'Sit-ups.' Ed Mazur: 'A walk around my block at least once a day.' Marilynn Miller: 'I try to walk at least some every day. At my age (91), 'if you don't use it, you lose it.'' Timothy Powell: 'Bike 20-30 miles every day/year-round in rain, snow and hot weather. Hills, wind and dangerous vehicles are my enemies.' Timothy Thomas: 'At least 100 push-ups and sit-ups before going to bed for the evening.' NEXT QUESTION: What's your favorite ballpark food? KEEPING UP WITH THE DELEGATION — Mike Quigley takes a shot at House Democratic grandees: 'The nine-term Chicago Democrat criticized former party leaders who have since claimed gavels,' by POLITICO's Ben Jacobs and Nicholas Wu. THE NATIONAL TAKE — 'Disgusting abomination': Musk goes nuclear on Trump's 'big beautiful bill,' by POLITICO's Giselle Ruhiyyih Ewing — White House allies 'disappointed' at Musk's opposition to megabill, by POLITICO's Adam Wren, Adam Cancryn and Dasha Burns — Thune acts fast to cut deals and move Trump's megabill, by POLITICO's Jordain Carney Transitions — The Human Rights Campaign is adding Jonathan Lovitz as SVP of campaigns and comms and Amy Peña as SVP and general counsel. Lovitz most recently was a director of public affairs and senior adviser at the Biden Commerce Department. Peña was general counsel for the Chicago Community Trust. — Benjamin Berkman is now a senior attorney with Romanucci & Blandin's civil rights team in Chicago. Berkman was the chief assistant inspector general for legal counsel in the City of Chicago Office of Inspector General. — Joseph Mahoney and Erick Palmer have joined Honigman in its Chicago office as partners in the intellectual property litigation practice group. They both have joined from Mayer Brown. EVENTS — Today: State Reps. Lisa Davis and Michael Crawford will be feted at a fundraiser hosted by fellow Reps. Kam Buckner and Nick Smith. Details here — Saturday: State Rep. La Shawn Ford will lead 50+ bikers on a 50-mile 'Bike Across Chicago' from Cabrini-Green to Altgeld Gardens to raise money for the nonprofit By The Hand Club For Kids. Details here — Saturday: The Rose Fitzpatrick Legislative Breakfast & Awards is being held. The event is organized by the Bloomingdale Township Democratic Organization. Details here — June 26: Chicago Ald. William Hall is hosting a birthday party fundraiser. Details here TRIVIA TUESDAY's ANSWER: Congrats to Brendan O'Sullivan for correctly answering that Brian Doherty was the Golden Gloves champ who was elected alderman. TODAY's QUESTION: What two counties in Illinois are named after a governor of New York? Email skapos@ HAPPY BIRTHDAY Richland County Board Member and chair of the Richland County Democratic Central Committee Cynthia Given, Retired water commissioner Frank Avila, attorney Kevin Fanning, Good Realty Group President Sheldon Good and PR pro Lynda O'Connor -30-
Skift
3 days ago
- Business
- Skift
How India's Aviation Clout Is Growing on the Back of Its Aspiring Travelers
India's regional air connectivity is playing catch-up with the demand of its aspirational travelers. And this is set to drive growth in India's aviation industry over the next few years. This week, India was listed as the third-largest global aviation market by the International Air Transport Association (IATA). In his speech at the IATA annual general meeting on Monday, Indian Prime Minister Narendra Modi said aviation is poised to become the center of major transformation and innovation in the times ahead. He added that India is prepared for all of these possibilities as the country has an aspirational consumer market. According to IATA's report, India's 174 million passengers in 2024 accounted for 4.2% of global air traffic. This was significantly less than the United States' 18% share and China's 16.7%. However, India's passenger volume has more than doubled as compared to just over a decade ago. Due to Indian travelers' aspiration to explore, by late last year, international traffic from India was 20% higher than pre-Covid. Regional Connectivity: According to Modi, the regional connectivity scheme UDAN has been a 'golden chapter' in the civil aviation of India. The UDAN scheme, launched in October 2016, aimed to provide more affordable and accessible flying options to travelers across the country, especially in Tier-2 and 3 countries. Under the scheme, several new regional airlines such as Fly91 and Star Air have started operations in India and are flying on underserved routes which are incentivized by the Indian government. According to a ministry of civil aviation release in April, 625 routes across 90 airports have been operationalized under the scheme. The scheme's penetration into smaller markets has led to the number of airports across India to rise from 74 in 2014 to 162. However, despite this growth, the aviation sector in India continues to be underpenetrated. This highlights the potential of the Indian aviation industry to keep growing as demand continues to rise. Over the next five years, the country is planning to build 50 new airports, Civil Aviation Minister Rammohan Naidu Kinjarapu said in January. Leela Parent Has Lukewarm Debut on Bourses Luxury hotel chain The Leela's parent Schloss Bangalore listed on the Indian bourses on Monday 7% below the IPO price at INR 406 ($4.74) before rising to close at INR 435.55 ($5.08). The stock slightly declined on Tuesday to close at INR 435.10 ($5.08). However, the stock failed to hit upper limit on either of the days, indicating moderate investor sentiment. The mega $400 Million IPO of the luxury chain was highly anticipated in the months leading up to the IPO due to it being the largest IPO in the Indian hospitality industry. Last September, the company had filed for a $599 million (INR 50 billion) IPO with the stock exchange regulator, before reducing the size of the issue in the days leading up to the listing. Despite this, the IPO last week failed to garner the same enthusiasm as seen in recent IPOs in the travel spaces such as TBO Tek and Ixigo. The Leela's issue was subscribed 4.5 times the number of shares on offer during the 3-day window. Still, The Leela now has IPO money. It is planning to use this money to pay down its debts and fuel its hotel expansion. The hotel chain has no plans to deviate away from its luxury branding, but it is looking at niche segments such as wildlife, religious tourism, and heritage to grow its portfolio in smaller markets. Dubai's New Campaign Features Virat and Anushka Visit Dubai has unveiled a new campaign with Indian cricketer-actress couple Virat Kohli and Anushka Sharma. The campaign called "Dubai, Ready For a Surprise" is the pair's first-ever destination-focused partnership. As part of this, a campaign film has been released to showcase Dubai for travelers. Dubai has aimed to highlight its offerings beyond popular landmarks and experiences in order to invite first-time as well as repeat travelers. 'As we work towards the goal of further consolidating Dubai's position as a leading global city for business and leisure, this campaign underlines the diversity of Dubai's ever-evolving offering,' said Issam Kazim, CEO of Dubai corporation for tourism and commerce marketing. He added, 'India remains one of our most important source markets, and partnerships like these help us foster meaningful cultural connections.' Speaking at the Skift India Summit last year, Kazim had joked that Dubai is an Indian city. India has been one of the largest source markets for Dubai since 2015. 'The culture between India and the UAE is so strong. The historical relationship is so strong. It's natural for a lot of Emiratis to speak Hindi fluently," he said. The emirate has also routinely partnered with Bollywood celebrities to attract Indian travelers. In 2022, Dubai Tourism launched a global campaign with Bollywood legend Shah Rukh Khan to promote the emirate and its travel spots. According to Kazim, Bollywood stands as a huge travel generator for Dubai, serving as an "organic" way to drive interest. Air India Enhances Airline Partnerships Over the past two days, Air India has entered into partnerships with five airlines - airBaltic, Bulgaria Air, Cyprus Airways, Uzbekistan Airways, and Icelandair - and expanded its existing codeshare agreement with Air Mauritius. As part of its new partnerships, the Indian full-service carrier is aiming to grow its connectivity to Europe and Central Asia. Air India's interline partnerships with airBaltic, Bulgaria Air, Cyprus Airways, and Uzbekistan Airways will expand its network to 16 more destinations across 6 countries, including Latvia, Estonia, Lithuania, Bulgaria, Cyprus, and Uzbekistan. The codeshare agreement with Iceland's flag carrier Icelandair is expected to boost connectivity between the two countries across 15 routes to India and in Europe. Air India will add its flight code on Icelandair-operated flights between Reykjavik and London Heathrow, London Gatwick, Frankfurt, Paris, Amsterdam, Copenhagen, Milan, and Zurich. Conversely, Icelandair's flight code will be added to Air India-operated flights between Delhi and Amsterdam, Paris, Copenhagen, Frankfurt, London Heathrow, and from Mumbai to Frankfurt and London Heathrow. Air India's expanded codeshare agreement with Air Mauritius will now allow the two airlines to place their flight codes on a total of 17 routes between India, Mauritius, Réunion, South Africa, and Madagascar. IndiGo Enters Codeshare Partnership With Garuda Indonesia After a slew of announcements this week, IndiGo on Tuesday entered into a codeshare agreement with Indonesia's national carrier Garuda Indonesia. The bilateral partnership will allow customers between India and Indonesia to travel through Singapore, Bangkok, Jakarta and Bali on a single booking. Under the codeshare agreement, IndiGo's network will expand to 17 new destinations across Indonesia. Conversely, Garuda Indonesia will get access to seven destinations in India. Garuda Indonesia's Commercial Director Ade R Susardi said, 'India is one of the potential markets for Garuda Indonesia. Through this collaboration with IndiGo, it is hoped that it will be able to support the Government's efforts in optimizing tourist visits to Indonesia as well as expanding Garuda Indonesia's international flight network, especially in the South Asia region.' Agoda's New AI Vacation Planner Launched in India Online travel agency Agoda has unveiled its AI vacation planner for Indian tourists in its latest marketing campaign. The travel planner, which features Bollywood actor and Agoda brand ambassador Ayushmann Khurrana, has been launched for a limited time on a special campaign website, the company said in a statement. In the campaign, Khurrana is featured as the 'Chief Wellness Officer Mr. Vacaywala' in the AI travel planner-generated videos. The videos highlight budget-friendly hyperpersonalized travel options, providing travelers with tailor-made itineraries promptly along with additional discounts. Agoda is seemingly building an emotional connection with this campaign. In these videos, Khurrana addresses travelers by their first name using AI and then proceeds to share travel attractions suited to them based on their personal needs. MakeMyTrip's Newest Feature for Train Travelers Online travel company MakeMyTrip has launched a new 'seat availability forecast' feature for train travelers. The feature will provide a predictive view of when seats on a selected train are likely to sell out. For this, the company is using historical booking data with real-time demand signals, it said in a statement. The company said that according to its data, nearly 40% customers book train tickets across multiple sessions, often over several days. It added that while train ticket reservations open 60 days ahead of departure, most travelers finalize plans closer to travel date, leading to a significant number of travelers ending up with waitlisted tickets due to unavailability. MakeMyTrip has also launched a 'sold-out alerts' feature which prompts action as seat availability begins to drop. This feature notifies users when tickets on their selected train fall below a defined threshold so that they can book confirmed seats in time.
Yahoo
29-05-2025
- Business
- Yahoo
California Water Service Enters into Agreement to Acquire Casa Loma Water Company and Palm Mutual Water Company
SAN JOSE, Calif., May 29, 2025 (GLOBE NEWSWIRE) -- California Water Service (Cal Water), the largest subsidiary of California Water Service Group (NYSE: CWT), has signed agreements with Casa Loma Water Company (Casa Loma) and Palm Mutual Water Company (Palm Mutual) to acquire both systems' water utility assets. Casa Loma serves about 900 people through 237 residential and 11 commercial customer connections. The system is located three miles from Cal Water's Bakersfield Operations Center and is surrounded by Cal Water's existing service area. Because Cal Water has an existing intertie with Casa Loma, Cal Water will begin delivering water to these new customers after the acquisition is completed. Cal Water intends to install additional interconnections to help improve fire flow and system pressure, and plans to upgrade the infrastructure to Cal Water standards. Palm Mutual is located two miles from Cal Water's Northeast Bakersfield Treatment Plant and serves 63 residential customers. Cal Water currently serves Palm Mutual through a master meter interconnection, since Palm Mutual does not own nor operate its own sources of supply. Cal Water anticipates upgrading the system's infrastructure over time to facilitate consistent and high-quality operations. Both acquisitions are subject to satisfactory closing conditions and approval by the California Public Utilities Commission (CPUC). Cal Water intends to file a Tier 2 Advice Letter requesting the adoption of existing Cal Water rates for the new customers. 'We applaud Palm Mutual Water Company and Casa Loma Water Company for putting the health and safety of their customers first. We look forward to providing our new customers the high level of service we provide to our other Bakersfield customers,' said Martin A. Kropelnicki, Cal Water Chairman and Chief Executive Officer. About California Water Service California Water Service provides high-quality, reliable water utility services to more than 2.1 million people statewide through 499,400 service connections. Cal Water's purpose is to enhance the quality of life for customers and communities. To do so, it invests responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being. The company's 1,200 employees live by a set of strong core values and share a commitment to protecting the planet, caring for people, and operating with the utmost integrity. The utility has been named one of 'America's Most Responsible Companies' and one of the 'World's Most Trustworthy Companies' by Newsweek, a USA Top Workplace, and a Great Place to Work®. More information is available at This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (PSLRA). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections, and our management's beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks, commits or variations of these words or similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing the expected benefits resulting from the Casa Loma and Palm Mutual acquisitions, regulatory approvals and filings related to the acquisitions, and Cal Water's investment plans. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable but are subject to uncertainty and risks. Actual results or outcomes may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results or outcomes to be different than those expected or anticipated include, but are not limited to: ability to integrate the business and operate the Casa Loma and Palm Mutual systems in an effective and accretive manner; the outcome and timeliness of regulatory commissions' actions concerning rate relief and other matters, including with respect to the 2024 California GRC filing; changes in regulatory commissions' policies and procedures; our ability to invest or apply the proceeds from the issuance of common stock in an accretive manner; federal governmental and state regulatory commissions' decisions; consequences of eminent domain actions relating to our water systems; increased risk of inverse condemnation losses as a result of the impact of weather, climate change, and natural disasters; our ability to renew leases to operate water systems owned by others on beneficial terms; changes in California State Water Resources Control Board water quality standards; changes in environmental compliance and water quality requirements, such as the EPA's finalization of a National Primary Drinking Water Regulation in 2024; electric power interruptions; housing and customer growth; the impact of opposition to rate increases; our ability to recover costs; availability of water supplies; issues with the implementation, maintenance or security of our information technology systems; civil disturbances or terrorist threats or acts; the adequacy of our efforts to mitigate physical and cyber security risks and threats; the ability of our ERM processes to identify or address risks adequately; labor relations matters as we negotiate with the unions; changes in customer water use patterns and the effects on conservation, including as a result of drought conditions; our ability to complete, in a timely manner or at all, successfully integrate, and achieve anticipated benefits from acquisitions; the impact of weather, climate change, natural disasters, including wildfires and landslides, and actual or threatened public health emergencies on our operations, water quality, water availability, water sales, and operating results and the adequacy of our emergency preparedness; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt, or pay dividends; risks associated with expanding our business and operations geographically; the impact of stagnating or worsening business and economic conditions, including inflationary pressures, general economic slowdown, or a recession, changes in tariff policy and uncertainty regarding tariffs and other retaliatory trade measures, the interest rate environment, changes in monetary policy, adverse macroeconomic conditions as a result of geopolitical conflicts, and the prospect of a shutdown of the U.S. federal government; the impact of market conditions and volatility on unrealized gains or losses on our non-qualified benefit plan investments and our operating results; the impact of weather and timing of meter reads on our accrued unbilled revenue; the impact of evolving legal and regulatory requirements; the impact of the evolving U.S. political environment that has led to, in some cases, legal challenges and uncertainty around the funding, functioning, and policy priorities of U.S. federal regulatory agencies and the status of current and future regulations; and other risks and unforeseen events described in our most recent Annual Report on Form 10-K and our other SEC filings. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. We are not under any obligation, and we expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-05-2025
- Business
- Yahoo
TTK Prestige Ltd (BOM:517506) Q4 2025 Earnings Call Highlights: Navigating Growth Amidst Margin ...
Total Sales Growth: 4% including exports. Domestic Sales Growth: 3%. EBITDA: INR 72.5 crores for the quarter, down from INR 100 crores in the previous year. Annual Revenue Growth: 1.2% with INR 2,400 crores in domestic sales. Annual EBITDA: INR 339 crores, down from INR 386 crores last year. Annual Margins: 13.4% overall margin, 10.7% operating margin. Number of Stores: 667 stores. New SKUs Introduced: 44 in the quarter, 191 during the year. Cash Position: Comfortable, despite CapEx, dividends, and buyback expenses. Warning! GuruFocus has detected 4 Warning Signs with BOM:517506. Release Date: May 27, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. TTK Prestige Ltd (BOM:517506) reported a positive growth trajectory, with domestic sales growing by 3% and total sales, including exports, increasing by 4%. The company has introduced 191 new SKUs during the year, which has helped gain significant counter presence and growth in various channels. TTK Prestige Ltd (BOM:517506) is focusing on premiumization in urban markets and expanding into Tier 2 and Tier 3 towns, leveraging e-commerce channels for aggressive demand generation. The Judge brand has been repositioned and is growing well, contributing to the company's growth strategy, particularly in Tier 2 and Tier 3 towns. The company is investing in capacity and capability building, including renewable energy and automation, to strengthen its manufacturing capabilities and leverage future demand. TTK Prestige Ltd (BOM:517506) faced pressures on raw material pricing, which affected margins, with EBITDA declining to INR72.5 crores from INR100 crores in the previous year. The company is incurring significant soft operational expenses, which are expected to continue for the next 8 to 10 quarters, potentially diluting EBITDA margins. The MFI channel has been subdued due to structural and policy changes, impacting sales in this segment. CSD channel sales have also been subdued due to internal operational rationalizations, affecting overall growth. The company anticipates a period of diluted margins due to ongoing investments, with a focus on long-term growth rather than immediate profitability improvements. Q: With the growth in traditional channels and the impact on MFI channels, can we expect TTK Prestige's growth to move towards double digits in the next quarter? A: Venkatesh Vijayaraghavan, CEO, stated that while they don't provide specific guidance, the growth is expected to be positive as they are seeing positive trends quarter-on-quarter. Q: Can you explain the consultancy expenses and their impact on EBITDA? A: Saranyan R, CFO, explained that the one-off expenses for long-term growth impacted EBITDA by about 2% during the quarter. These expenses are expected to continue for the next 8 to 10 quarters as part of a planned INR 200 crore investment over three years. Q: What is driving the positive growth in the industry and for TTK Prestige? A: Venkatesh Vijayaraghavan, CEO, noted that all categories are seeing a revival, with appliances growing faster than kitchenware. Growth is driven by premiumization, especially in southern markets, and channels like quick commerce and e-commerce. Q: What is the strategy for the Judge brand, and how is it being repositioned? A: Venkatesh Vijayaraghavan, CEO, explained that the Judge brand targets a different audience than Prestige, focusing on Tier 2 and Tier 3 towns. The brand has been repositioned with a clear product portfolio and distribution strategy, showing good growth in cookware and cookers. Q: Can you provide details on the planned INR 300 crore CapEx over the next two years? A: Venkatesh Vijayaraghavan, CEO, stated that the CapEx will focus on core categories, including expanding capacities in aluminum and stainless steel tri-ply, as well as appliances. Investments will also be made in automation and renewable energy. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Al Bawaba
27-05-2025
- Business
- Al Bawaba
Investcorp Announces Sale of Citykart to TPG NewQuest and A91
Investcorp, a leading global alternative investment firm, today announced the sale of its entire stake in Citykart, one of India's fastest-growing value retailers focused on Tier-2 and Tier-3 towns, to TPG NewQuest and A91 Partners. It represents the fifth full exit from the firm's India Consumer Growth Portfolio (ICGP) and the sixth liquidity event for the India franchise in the past 32 operating scale-up has seen the store network expand dramatically from 37 to 137 stores. This leads to an estimated revenue of INR 8.8 billion (about US $102 million) for FY 2025. This growth is mirrored by a matching growth in EBITDA, with sustained industry leading margins. It has consistently delivered profitability while building core functions, strengthening governance, and attracting strong talent across leadership and mid-management Investcorp has been instrumental in fostering a strategic partnership with founder Sudhanshu Agarwal, focusing on building a professional second line, integrating the W-Mart acquisition, revitalising under-performing stores, and optimising sourcing and inventory Sharma, Partner & Head of India Investments at Investcorp, said: 'Citykart was the very first deal we executed after formally entering India in 2019, and it epitomizes our strategy of backing category-defining, founder-led businesses in high-growth segments. Today's outcome underscores our ability to generate attractive risk-adjusted returns while supporting India's consumption story.'Yusef al Yusef, Global Head of Distribution atInvestcorp, commented: "Partnering with the Citykart team to triple the store base, steer the business through the pandemic and still outperform our underwriting is immensely satisfying. We thank all stakeholders and are confident that TPG NewQuest and A91 will help Citykart accelerate its next growth phase.'Other recent realizations besides Citykart include the sale of its stake in luggage maker Safari Industries, a profitable exit from eyecare specialist ASG Eye Hospital, a planned IPO-led exit from health-benefits administrator Medi Assist Healthcare, and a partial exit from dialysis network NephroPlus. Investcorp's India private equity strategy targets asset-light opportunities across consumer & retail, healthcare, financial services, B2B and technology. Its active Indian holdings include Global Dental, Wakefit, Canpac, Xpressbees, Zolo, Freshtohome, Intergrow Brands, Unilog, V-Ensure, and the buy-out of NSE IT, rechristened NuSummit among others, demonstrating Investcorp's commitment to scaling high-growth businesses while realising timely liquidity for investors.
