Fiscal Year Cycle

The Eastern Railway on Tuesday said it has earned a total revenue of Rs 10,501.99 crore in the 2022-23 financial year, registering a 21.17 per cent growth over Rs 8,667.12 crore mop-up in the previous fiscal. In passenger revenue, ER has earned Rs 3,272.67 crore in FY'23 as against Rs 2,130.57 crore in 2021-22, which is an increase of 53.61 per cent, the Kolkata-headquartered zonal railway said in a statement. Owing to the Covid-19 pandemic's second and third waves, movement of people was lesser in 2021-22. "Eastern Railway has earned a total revenue of Rs 10,501.99 crore during financial year 2022-23 as against Rs 8,667.12 crore earned during the financial year 2021-22, registering a growth of 21.17 per cent," it said. ER carried 1094.20 million passengers in the financial year ended on March 31, 2023, up by 54.29 per cent from 709.319 million carried in the previous fiscal, it said. From goods revenue, the zonal railway garnered Rs 6,514.63 crore in 2022-23 in comparison to Rs .

The foreign bank expects current account balance to slip into a deficit of 3% of gross domestic product this financial year from a surplus of 0.9% last year

Flipkart's operating loss or EBITDA (earnings before interest, taxes, depreciation, and amortisation) loss stood at Rs 3,925 crore, which was up from Rs 2,267 crore in the previous fiscal

The company, in its exchange filing last week, informed that the board of directors will consider a proposal for payment of interim dividend for the financial year 2022-2023, during its scheduled meet

TCS is confident of achieving a double-digit revenue growth in the current fiscal and will be targeting a similar performance in FY24 as well, a senior executive said on Tuesday. The largest IT services exporter's ability to achieve the number in FY24 will hinge on how the macroeconomic situation, including geopolitical tensions, commodity price pressures, inflation and financial tightening worries, play out, Chief Operating Officer N Ganapathy Subramaniam told PTI. "(For) this year (FY23), probably we are there (double-digit growth). What we need to do is that in the remaining quarters, we just have to maintain the run rate and we will be able to achieve that, not a problem. In FY24, it is too early to call. The target is to stay on the double-digit growth," Subramaniam said. For the first half of the fiscal, the Tata Group company's topline has jumped 17.1 per cent to Rs 1.08 lakh crore. In its commentary after announcing the second quarter results on Monday, the company flagged

The previous low was in November 2021 at 3.2 per cent. It stood at 4.5 per cent in July

As per the data released by the Controller General of Accounts (CGA), the government's total receipts, including taxes, stood at Rs 8.48 trn or 37.2 per cent of the Budget Estimates (BE)

State-owned Bank of India expects advances to grow by 10-12 per cent in the current fiscal year with corporate loans yet to pick-up, top official said in an analysts call. The bank's year-to-date (YTD) loan growth stood at about 5 per cent mainly driven by Retail sector advances, Agricultural and MSME loans (RAM). "Advances growth guidance will be in the range of 10 to 12 per cent for the full year. So far up to June, we had YTD growth of about 5 per cent, but that is mostly on the back of good RAM growth. Corporate is yet to pick up. We believe that from this quarter onwards, there could be some movement in the corporate book," A K Das, Managing Director & Chief Executive Officer (MD&CEO), told analysts in post Q1FY23 earnings conference call. The bank's gross advances (global and domestic) stood at Rs 4,77,746 crore at end-June 2022. In the first quarter ended in June of the current fiscal year, the lender registered a decline of 22 per cent in net profit at Rs 561 crore as .

The average headline inflation is set to accelerate to a nine-year high at 6.9 per cent in FY23, and the Reserve Bank may go for more rate hikes during the fiscal, a domestic ratings agency said

Citing the second highest business activity index reading in 13 months in April, rating agency Icra on Tuesday forecast the economy to grow 12-13 per cent in the first quarter of the current fiscal. However, Icra has maintained its annual GDP projection at 7.2 per cent for this fiscal citing worries over inflation and the resultant RBI tightening. "Our business activity monitor for April at 115.7 indicates that activity was roughly 16 per cent higher than the year ago (period) and pre-COVID levels in spite of the global headwinds," Icra Chief Economist Aditi Nayar told PTI. This high growth may persist in May, especially on an annualised basis, which should translate into a double-digit GDP expansion in Q1 at 12-13 per cent. However, this may not sustain and the annual growth in volume and activity may moderate, she said. According to her, higher input costs may dampen GVA growth to single-digits. "Therefore, we maintain our GDP growth forecast at 7.2 per cent for FY23". Citing .

State-owned Canara Bank is expecting an 8-10 per cent growth in advances as well as a healthy double-digit rise in corporate loan portfolio in the current financial year,

Steel prices, which have been on a song for the past two years, are finally set to correct on weak seasonality, and may trade at around Rs 60,000/tonne by the end of the current fiscal year

Income Tax refunds of over Rs 1.19 lakh crore have been issued to over 1.02 crore taxpayers between April 1 to November 15, the I-T department said on Thursday. This includes 67.99 lakh refunds of AY 2021-22, amounting to Rs 13,140.94 crore. "CBDT (Central Board of Direct Taxes) issues refunds of over Rs 1,19,093 crore to more than 1.02 crore taxpayers from 1st April 2021 to 15th November 2021. Income tax refunds of Rs 38,034 crore have been issued in 1,00,42,619 cases & corporate tax refunds of Rs 81,059 crore have been issued in 1,80,407 cases," the I-T department tweeted.

Customer demand should rebound strongly, possibly from the second quarter onwards, said Trent Chairman Noel N Tata, though he remained "cautiously optimistic" on the medium-term outlook. With growth drivers such as favourable demographics, increasing per capita and disposable income, and growing consumption, India is expected to return to a strong growth trajectory, despite uncertainty over near-term outlook, he added. Trent will continue to focus on building out differentiated brands and accelerating its reach through stores and digital platforms, said Tata in the latest annual report of Trent Ltd - the Tata Group's retail arm. "While we cannot predict how quickly we will see the back of this crisis, there is a reason to believe that we will see a transition out of this pandemic phase. And when it does abate, customer demand should rebound strongly, possibly starting in the second quarter," he said. Tata further said he is "confident" that the business has the "expertise and ...

Recovery in key export markets and pent-up demand are likely to arrest the decline in revenue of the country's diamond industry

The spillover of compliance requirements from FY20 to FY21 makes experts wary of the ripple effect on business financials

PTI erroneously reported that the new financial year will start from July 1

I am also for it, but don't hurry up. Take states' opinion: Moily