Airports Authority Of India Reports Profit For First Time Since Pandemic

Airports Authority of India (AAI) is back in the black, raking in a profit of Rs 3,400 crore in the fiscal ended March as surging domestic air traffic boosted its financial performance, according to a source.

AAI has reported a profit for the first time after the coronavirus pandemic that had significantly impacted air traffic and the aviation sector as a whole.

In the financial years -- 2021-22 and 2020-21 -- AAI had reported a loss.

While the loss was Rs 803.72 crore in the fiscal ended March 2022, the same stood at Rs 3,176.12 crore in the financial year ended March 2021.

These figures excluded exceptional and extraordinary items and tax.

The source in the know told PTI that AAI has recorded a profit of Rs 3,400 crore for the 2022-23 financial year.

This is a provisional figure and the final figure will be known after the audit of the financial results.

The source also said the good performance was mainly due to the high growth in domestic air traffic.

In 2022, domestic air passenger traffic surged 47.05 per cent to 12.32 crore compared to 8.38 crore in the year-ago period.

Further, the passenger numbers soared 51.70 per cent to 3.75 crore in the first three months of this year as against 2.47 crore in the same period a year ago, as per official data.

In 2021-22, AAI had a meagre profit of Rs 8.76 crore, including exceptional items and tax.

Meanwhile, in the fiscal ended March 2022, the government had waived compulsory dividend payment requirement. AAI had requested the waiver in lieu of waiving Air India's that was done prior to the sale of the loss-making carrier by the government to the Tata Group in January 2022.

AAI manages 137 airports, including 24 international and 80 domestic airports. It also provides Air Traffic Management Services (ATMS) over entire Indian airspace and adjoining oceanic areas.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Total Profit Of Public Sector Banks Crosses Rs 1 Lakh Crore In FY 2023

Public sector banks' cumulative profit crossed the Rs 1 lakh crore-mark in the financial year ended March 2023, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings.

From posting a total net loss of Rs 85,390 crore in 2017-18, the Public Sector Banks (PSBs) have come a long way as their profit touched Rs 1,04,649 crore in 2022-23, according to an analysis of their financial results.

These 12 PSBs witnessed 57 per cent increase in total profit compared to Rs 66,539.98 crore earned in 2021-22.

In percentage terms Pune-based Bank of Maharashtra (BoM) had the highest net profit growth with 126 per cent to Rs 2,602 crore, followed by UCO with 100 per cent rise to Rs 1,862 crore and Bank of Baroda with 94 per cent increase to Rs 14,110 crore.

However, in absolute term, SBI has reported an annual profit of Rs 50,232 crore in 2022-23, showing an increase of 59 per cent over the preceding financial year.

Except for the Punjab National Bank (PNB), other PSBs have reported impressive annual increases in their profit after tax.

Delhi-headquarter PNB posted a 27 per cent decline in annual net profit from Rs 3,457 crore in 2021-22 to Rs 2,507 crore in the year ended March 2023.

The PSBs which reported an annual profit in excess of Rs 10,000 crore are Bank of Baroda (Rs 14,110 crore) and Canara Bank (Rs 10,604 crore).

Other lenders like Punjab and Sind Bank posted an annual profit growth 26 per cent (Rs 1,313 crore), Central Bank of India 51 per cent (Rs 1,582 crore), Indian Overseas Bank 23 per cent (Rs 2,099 crore), Bank of India 18 per cent (Rs 4,023 crore), Indian Bank 34 per cent (Rs 5,282 crore) and Union Bank of India 61 per cent (Rs 8,433 crore).

PSB is a turnaround story from record losses to record profit. The doom-to-bloom story of the public sector banking industry can be attributed to the initiatives and spate of reforms undertaken by the government led by Prime Minister Narendra Modi, along with former finance minister Arun Jaitley and financial services secretary Rajiv Kumar and his sucessors.

The government has implemented a comprehensive 4R strategy: Recognising NPAs transparently, Resolution and recovery, Recapitalising PSBs, and Reforms in the financial ecosystem.

As part of the strategy, the government infused an unprecedented Rs 3,10,997 crore to recapitalise PSBs during the last five financial years -- from 2016-17 to 2020-21. The recapitalisation programme provided much-needed support to the PSBs and prevented the possibility of any default on their part.

The reforms undertaken by the government over the last eight years addressed credit discipline, ensured responsible lending and improved governance. Besides, there was adoption of technology, amalgamation of banks, and general confidence of bankers was maintained.

In the latest March quarter or the fourth quarter of 2022-23, the PSBs' profit cumulatively increased more than 95 per cent to Rs 34,483 crore. In the year-ago period, the same was at Rs 17,666 crore.

Analysts said that higher interest income and improvement in management of non-performing assets or bad loans are among the key reasons for the improved profitability of the banks. PTI NKD DP CS HVA
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Total Profit Of Public Sector Banks Crosses Rs 1 Lakh Crore In FY 2023

Public sector banks' cumulative profit crossed the Rs 1 lakh crore-mark in the financial year ended March 2023, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings.

From posting a total net loss of Rs 85,390 crore in 2017-18, the Public Sector Banks (PSBs) have come a long way as their profit touched Rs 1,04,649 crore in 2022-23, according to an analysis of their financial results.

These 12 PSBs witnessed 57 per cent increase in total profit compared to Rs 66,539.98 crore earned in 2021-22.

In percentage terms Pune-based Bank of Maharashtra (BoM) had the highest net profit growth with 126 per cent to Rs 2,602 crore, followed by UCO with 100 per cent rise to Rs 1,862 crore and Bank of Baroda with 94 per cent increase to Rs 14,110 crore.

However, in absolute term, SBI has reported an annual profit of Rs 50,232 crore in 2022-23, showing an increase of 59 per cent over the preceding financial year.

Except for the Punjab National Bank (PNB), other PSBs have reported impressive annual increases in their profit after tax.

Delhi-headquarter PNB posted a 27 per cent decline in annual net profit from Rs 3,457 crore in 2021-22 to Rs 2,507 crore in the year ended March 2023.

The PSBs which reported an annual profit in excess of Rs 10,000 crore are Bank of Baroda (Rs 14,110 crore) and Canara Bank (Rs 10,604 crore).

Other lenders like Punjab and Sind Bank posted an annual profit growth 26 per cent (Rs 1,313 crore), Central Bank of India 51 per cent (Rs 1,582 crore), Indian Overseas Bank 23 per cent (Rs 2,099 crore), Bank of India 18 per cent (Rs 4,023 crore), Indian Bank 34 per cent (Rs 5,282 crore) and Union Bank of India 61 per cent (Rs 8,433 crore).

PSB is a turnaround story from record losses to record profit. The doom-to-bloom story of the public sector banking industry can be attributed to the initiatives and spate of reforms undertaken by the government led by Prime Minister Narendra Modi, along with former finance minister Arun Jaitley and financial services secretary Rajiv Kumar and his sucessors.

The government has implemented a comprehensive 4R strategy: Recognising NPAs transparently, Resolution and recovery, Recapitalising PSBs, and Reforms in the financial ecosystem.

As part of the strategy, the government infused an unprecedented Rs 3,10,997 crore to recapitalise PSBs during the last five financial years -- from 2016-17 to 2020-21. The recapitalisation programme provided much-needed support to the PSBs and prevented the possibility of any default on their part.

The reforms undertaken by the government over the last eight years addressed credit discipline, ensured responsible lending and improved governance. Besides, there was adoption of technology, amalgamation of banks, and general confidence of bankers was maintained.

In the latest March quarter or the fourth quarter of 2022-23, the PSBs' profit cumulatively increased more than 95 per cent to Rs 34,483 crore. In the year-ago period, the same was at Rs 17,666 crore.

Analysts said that higher interest income and improvement in management of non-performing assets or bad loans are among the key reasons for the improved profitability of the banks. PTI NKD DP CS HVA
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Centre Planning To Develop This Chhattisgarh Coal Mine Into Asia's Largest

Gevra Mega project in Chhattisgarh of South Eastern Coalfields (SECL) recently became the first mine in the country to achieve 50 million tonne of coal production annually. The government is currently trying to expand its capacity to achieve 70 million tonne output annually which would make it the largest coal-producing mine in Asia.

Coal Secretary Amrit Lal Meena during his two-day visit to Chhattisgarh held a high-level review meeting with top officials of the Chhattisgarh government in Raipur.

The deliberations in the meeting were centred around issues related to SECL's operations including environmental clearances, forest clearances, land acquisition, cooperation from the state government for rehabilitation and resettlement especially in respect of SECL's mega projects such as Gevra, Dipka and Kusmunda, according to a statement from the ministry of coal released on Saturday.

During the meeting, coal secretary emphasised on time-bound completion of the projects with effective coordination with the state government and other stakeholders.

With officials of South East Central Railway (SECR) at SECL headquarters in Bilaspur, Mr Meena took review of Chhattisgarh East Railway (CERL) and Chhattisgarh East West Railway (CEWRL) rail projects.

The Secretary inaugurated 'Chhal' rail siding in SECL, Raigarh area, and also took stock of the progress of two rail corridors being developed on a Special Purpose Vehicle (SPV) model in the state.

The Coal Secretary also held a meeting with South East Central Railway (SECR) General Manager Alok Kumar in the presence of SECL CMD Prem Sagar Mishra at SECL headquarters.

The meeting was focused on evacuation of coal from Korba and Mand-Raigarh coalfields. Issues pertaining to SECL's coal dispatch, availability of railway rakes, rail projects of SECL, etc, were discussed in detail. Senior functionaries of SECR and SECL were also present during the discussions.

On the second day of Chhattisgarh tour, Mr Meena inaugurated the Chhal siding and flagged off the rail rakes. SECL CMD Prem Sagar Mishra and SECL functional directors were also present on the occasion.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Centre Planning To Develop This Chhattisgarh Coal Mine Into Asia's Largest

Gevra Mega project in Chhattisgarh of South Eastern Coalfields (SECL) recently became the first mine in the country to achieve 50 million tonne of coal production annually. The government is currently trying to expand its capacity to achieve 70 million tonne output annually which would make it the largest coal-producing mine in Asia.

Coal Secretary Amrit Lal Meena during his two-day visit to Chhattisgarh held a high-level review meeting with top officials of the Chhattisgarh government in Raipur.

The deliberations in the meeting were centred around issues related to SECL's operations including environmental clearances, forest clearances, land acquisition, cooperation from the state government for rehabilitation and resettlement especially in respect of SECL's mega projects such as Gevra, Dipka and Kusmunda, according to a statement from the ministry of coal released on Saturday.

During the meeting, coal secretary emphasised on time-bound completion of the projects with effective coordination with the state government and other stakeholders.

With officials of South East Central Railway (SECR) at SECL headquarters in Bilaspur, Mr Meena took review of Chhattisgarh East Railway (CERL) and Chhattisgarh East West Railway (CEWRL) rail projects.

The Secretary inaugurated 'Chhal' rail siding in SECL, Raigarh area, and also took stock of the progress of two rail corridors being developed on a Special Purpose Vehicle (SPV) model in the state.

The Coal Secretary also held a meeting with South East Central Railway (SECR) General Manager Alok Kumar in the presence of SECL CMD Prem Sagar Mishra at SECL headquarters.

The meeting was focused on evacuation of coal from Korba and Mand-Raigarh coalfields. Issues pertaining to SECL's coal dispatch, availability of railway rakes, rail projects of SECL, etc, were discussed in detail. Senior functionaries of SECR and SECL were also present during the discussions.

On the second day of Chhattisgarh tour, Mr Meena inaugurated the Chhal siding and flagged off the rail rakes. SECL CMD Prem Sagar Mishra and SECL functional directors were also present on the occasion.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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No Drive To Probe Past Tariff Plans For Predatory Pricing: Regulator TRAI

Regulatory body TRAI on Saturday clarified and denied news reports that it was undertaking a drive to probe all past tariff plans for predatory pricing.

"There is no special drive being undertaken by TRAI to probe all the past tariff plans filed by telecom companies except those specific plans under examination," the regulator said in a statement on Friday evening.

Recently, a media report had said that Telecom Regulatory Authority of India (TRAI) was probing all past tariff plans against all service providers for predatory pricing while offering unlimited 5G data.

One of the other important things that TRAI has also clarified over the draft regulations on metering and billing is that proposed regulations reduce the burden of service providers in terms of number of audits being conducted in a year.

The regulatory body added that instead of auditing each licensed service area (LSA) in each quarter, audit is proposed on a yearly basis which means each LSA is to be audited only once in a year (a reduction of 75 per cent efforts).

According to the statement from TRAI, emphasis has been given to the audit of centralised system rather than reaching to each LSA and duplicating audit of each plan. Now, LSA audit will be subjected to only those plans which are not subjected to the centralised audit.

If the corrective actions are taken in time by service providers, the regulatory body said no financial disincentives will be imposed.

According to TRAI, the audit methodology currently in practice does not represent all segments of pre-paid customers, which contribute almost 95 per cent of the total customer base. The regulatory body added plans selection process has been rationalised to get a proper representation of all types of plans.

In one of the clarifications, it said, "Any tariff may be subjected to fresh examination as per statutory mandate of the Authority on receipt of a complaint of non-compliance to regulatory principles, including the allegation of predatory nature of tariff by any stakeholder including TSP(s)."

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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No Drive To Probe Past Tariff Plans For Predatory Pricing: Regulator TRAI

Regulatory body TRAI on Saturday clarified and denied news reports that it was undertaking a drive to probe all past tariff plans for predatory pricing.

"There is no special drive being undertaken by TRAI to probe all the past tariff plans filed by telecom companies except those specific plans under examination," the regulator said in a statement on Friday evening.

Recently, a media report had said that Telecom Regulatory Authority of India (TRAI) was probing all past tariff plans against all service providers for predatory pricing while offering unlimited 5G data.

One of the other important things that TRAI has also clarified over the draft regulations on metering and billing is that proposed regulations reduce the burden of service providers in terms of number of audits being conducted in a year.

The regulatory body added that instead of auditing each licensed service area (LSA) in each quarter, audit is proposed on a yearly basis which means each LSA is to be audited only once in a year (a reduction of 75 per cent efforts).

According to the statement from TRAI, emphasis has been given to the audit of centralised system rather than reaching to each LSA and duplicating audit of each plan. Now, LSA audit will be subjected to only those plans which are not subjected to the centralised audit.

If the corrective actions are taken in time by service providers, the regulatory body said no financial disincentives will be imposed.

According to TRAI, the audit methodology currently in practice does not represent all segments of pre-paid customers, which contribute almost 95 per cent of the total customer base. The regulatory body added plans selection process has been rationalised to get a proper representation of all types of plans.

In one of the clarifications, it said, "Any tariff may be subjected to fresh examination as per statutory mandate of the Authority on receipt of a complaint of non-compliance to regulatory principles, including the allegation of predatory nature of tariff by any stakeholder including TSP(s)."

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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