Asia Press Agency

Tag: financial performance

  • Chairman of SBI Dinesh Khara’s Tenure Extended

    Chairman of SBI Dinesh Khara’s Tenure Extended

    Dinesh Khara, the Chairman of the State Bank of India (SBI), has received an extension of his tenure until August 2024, according to government sources cited by news agency Reuters on October 5. Khara’s original tenure was set to conclude on October 7, but he has been asked to continue in his role until he reaches the age of 63 in August next year.

     

    While an official order from the government was pending at the time of the preliminary reports, the norms governing the chairman of SBI’s position allow for an extension until the age of 63. The formal notification confirming Khara’s extended tenure is expected to be issued shortly.

     

    Dinesh Khara assumed the role of Chairman of the country’s largest public sector lender, SBI, for a three-year term starting on October 7, 2020. Under his leadership, the bank has reported robust financial results. In the entire fiscal year 2022-23, SBI recorded a net profit of ₹50,232 crore, marking an impressive year-on-year growth of 58.5 percent. This marked the first time that an Indian bank reported an annual profit exceeding ₹50,000 crore.

     

    In the first quarter of the fiscal year 2023-24, SBI reported substantial growth in its operating profit, which surged by 98.37 percent to ₹25,297 crore, compared to ₹12,753 crore in the same period the previous year. The bank also reported a 24.71 percent year-on-year increase in its net interest income, reaching ₹38,905 crore.

     

    In the trading session on October 5, SBI’s stock settled at ₹591.60 per share on the BSE, representing a 0.96 percent increase compared to the previous day’s closing price. On the NSE, the shares closed 1.01 percent higher at ₹592.15.

     

    Dinesh Khara’s tenure extension at SBI reflects the government’s confidence in his leadership and the bank’s strong financial performance during his tenure. As one of India’s most prominent financial institutions, SBI plays a crucial role in the country’s banking sector, and its continued stability and growth are of paramount importance to the Indian economy.

  • Apple CEO Tim Cook Nets $41.5 Million in Largest Share Sale

    Apple CEO Tim Cook Nets $41.5 Million in Largest Share Sale

    In a recent filing with the US Securities and Exchange Commission, it was revealed that Tim Cook, the Chief Executive Officer (CEO) of tech giant Apple Inc, has cashed in on his largest share sale in two years. After accounting for taxes, Cook pocketed a hefty $41.5 million by selling 5.11 lakh shares of Apple stock. These shares were originally valued at approximately $87.8 million before tax deductions.

     

    This sale comes on the heels of a notable stock transaction in August 2021 when Tim Cook raked in a substantial $355 million. Despite these transactions, Cook remains a substantial shareholder, with approximately 3.3 million Apple shares in his portfolio, valued at around $565 million.

     

    Notably, Apple’s stock has experienced a 13% decline from its peak value of $198.23 in July, which could have influenced Cook’s decision to sell some of his shares.

     

    Cook’s share sale follows his salary cut of about 40% for 2023, reducing his annual income to $49 million. However, his stock awards linked to Apple’s performance are set to rise from 50% to 75% this year, reflecting changes in his compensation package.

     

    Cook isn’t the only Apple executive making headlines with share sales. Senior Vice Presidents Deirdre O’Brien and Katherine Adams have each sold $11.3 million worth of shares. These transactions highlight the ongoing activity among Apple’s top leadership.

     

    In terms of product releases, Apple recently unveiled its new iPhone 15 lineup. The iPhone 15 series includes the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max. These devices introduce features such as the dynamic island display, first seen on the iPhone 14 Pro and Pro Max, as well as USB-C type charging.

     

    The iPhone 15 also boasts an OLED Super Retina display, capable of supporting Dolby Vision content with a remarkable brightness of 1,600 nits. Apple’s continued innovation in its product offerings aims to maintain its competitive edge in the fiercely contested smartphone market.

     

    On the financial front, Apple reported a 2.3% increase in profit, reaching $19.9 billion for the fiscal third quarter. This growth was attributed to a robust performance in the services segment, which helped offset a slight dip in iPhone sales. Despite a 2.4% decline in iPhone sales, which constitute a significant portion of the company’s revenue, Apple managed to maintain healthy profitability.

     

    Tim Cook’s recent share sale, Apple’s product launches, and its resilient financial performance underscore the company’s ongoing evolution and commitment to delivering innovative products to its global customer base. With a renewed focus on services and continued product innovation, Apple remains a prominent player in the tech industry.

  • Paytm Expected Improvement: Revenue Growth in Q1 FY24

    Paytm Expected Improvement: Revenue Growth in Q1 FY24

    Paytm is expected to substantially reduce its losses in the first quarter of FY24, driven by improvements in operating leverage. According to analysts, the parent company of Paytm, One 97 Communications, is likely to report a loss of ₹310 crore, marking a 51% decline from the loss of ₹640 crore recorded in the same quarter last year. However, in the Jan-March quarter, the company reported a lower net loss of ₹168 crore.

     

    During Q1FY24, its revenue from operations is anticipated to grow by approximately 43% YoY to ₹2,410 crore. Sequentially, the revenue is expected to remain flat. The EBITDA loss during the quarter is projected to be around ₹275 crore. In the quarter ended June 2023, Paytm’s Merchant Payment Volumes (GMV) reached ₹4.05 lakh crore, exhibiting a YoY growth of 37%.

     

    Paytm continued to expand its loan distribution business during the quarter, with disbursements amounting to ₹14,845 crore, marking a 167% YoY growth, and 1.28 crore loans, representing a 51% YoY growth. The company has been utilizing its offline network of point-of-sale devices to enhance business growth and retention. It aims to strengthen its sales team to deploy more POS machines in tier-2 and 3 cities.

     

    Motilal Oswal Financial Services, a brokerage firm, expects Paytm’s operating profitability to improve, supported by enhancements in contribution margin and operating leverage. The firm foresees steady growth in loan disbursements, GMV, and the number of subscription payment devices, sustaining the current growth trajectory.

     

    Yes Securities also anticipates healthy sequential revenue growth for Paytm, with steady loan disbursements and new device additions. The firm predicts an overall growth in revenue from operations of 14% QoQ. However, it forecasts Payment Processing Charges (PPC) as a proportion of Payments Revenue to be at 62%, compared to 54.0% in 4QFY23 due to UPI incentives.

     

    Paytm’s management commentary on operational performance, achieving positive free-cash flow (FCF), and becoming EBITDA positive will be closely monitored going forward.

    As of 1:25 pm, Paytm’s shares were trading 1.30% lower at ₹840.00 apiece on the BSE.