Adani Green Energy posted 4-fold jump in consolidated net profit at Rs507 crore for Q4FY23. Top line revenues were also higher by 88% at Rs2,988 crore in the quarter. If you look at FY23 overall, the sale of energy increased by 58% to 14,880 million units on the back of capacity addition and improved plant availability. In FY23 alone, Adani Green added 2,676 MW of renewable capacity, with principal addition in Rajasthan. Solar portfolio CUF improved 90 bps to 24.7%. AGEL leads the renewable energy sweepstakes.
The Comprehensive Economic Partnership Agreement (CEPA) trade deal signed by India with the UAE is likely to propel exports to UAE to $50 billion annually by FY27. In the last one year, the trade between India and UAE has grown substantial since the CEPA was signed. In FY23, India had exported goods worth $31.3 billion to the UAE, which is nearly 5% of India’s total merchandise exports. The principal exports to UAE include gems & jewellery, machinery, and automobiles. Imports of oil in FY23 stood at $27.7 billion.
For the month of April 2023, the goods and services tax (GST) collection stood at a record level of Rs1.87 trillion. April GST collections pertains to the economic activity of March and much of the boost came from year-end sales as well as data analytics ensuring better compliance. This beats the previous record inflow of Rs1.68 crore in April 2022. Out of the total flows, CGST was Rs38,440 crore, SGST Rs47,412 crore, IGST Rs89,158 crore and cess Rs12,025 crore. Most of the key states reported yoy growth in GST of over 20%.
MobiKwik, one of India’s foremost fintech platforms, has turned profitable in Q4FY23. MobiKwik also doubled its revenues in the March quarter to Rs1,000 crore. The company has reduced its cash burn by nearly 40%. It got more than half of its revenues from distribution of digital credit products and the rest from payments. Last year, the company had withdrawn its public offer after the stock of Paytm crashed hard after listing. However, MobiKwik has underlined that IPO plans are on, but first focus is on profits.
There is a REITS IPO opening on 09th May and it pertains to Blackstone-backed Nexus Select Trust REIT. The Rs3,200 crore IPO will comprise of a fresh issue of units of Rs1,400 crore and an OFS of Rs1,800 crore. While 75% of the offer will be reserved for institutional investors, the balance will be for the others. The anchor portion could be as high as 60% of the QIB portion. The IPO closes for subscription on 11th May. The company is yet to announced the price band. Nexus has a portfolio of 17 malls across 14 Indian cities.
Finance Ministry has asked state-owned lenders to increase the recovery rate from written-off accounts to 40%, at least. At present, the recovery ratio from such written off accounts is less than 15% and that is something that has been worrying the RBI and the Finance Ministry. Incidentally, Indian banks have taken a hit of Rs11.17 trillion as write-offs, of which PSU banks accounted for 73% while the private banks made up the balance 27%. Government wants the banks to recover larger amounts when backed by security.
Brookfield, the global realty investment giant, closed a deal to buy 51% in 4 commercial properties owned by Bharti Enterprises. The enterprise value of the deal is Rs5,000 crore. The total portfolio comprises of 3.3 million SFT of commercial properties located in Delhi-NCR region. Bharti Enterprises will hold balance 49%. Bharti Enterprises has a presence in telecom, real estate, insurance, hospitality, and food businesses. It has developed more than 5 million SFT Grade-A commercial real estate with a diversified product mix.
India factory activity or PMI Manufacturing for April 2023 expanded at its quickest pace in 4 months to 57.2 level in April 2023. The surge was triggered by growth in new orders and output. Normally, 50 is the cut-off for PMI and above 50 indicates an expansion in manufacturing. Manufacturing PME was at 56.4 levels in March 2023. A sharp improvement in international sales and improving supply-chain conditions also helped PMI manufacturing number. However, input costs rose at a faster pace but was passed on.