L&T Finance Holdings Declares Consolidated PAT of Rs. 1,459 cr. for FY18: YoY Growth of 40%

By Tricitynews

Chandigarh 07^th May:- L&T Finance Holdings Ltd. (LTFH) declared Consolidated PAT of Rs. 1,459 cr. for FY18 a growth of 40% from Rs. 1,042 cr. in FY17. For Q4FY18, LTFH declared Consolidated PAT of Rs. 406 cr a YoY growth of 28% over Rs. 316 cr. in Q4FY17.

RoE was 15.03% for FY18 as against 12.31% for FY17 – improvement of 272 bps. RoE for Q4FY18 stands at 15.06%. This RoE is achieved after infusion of Rs 3,000 Crs equity in March 2018 through Preferential Allotment to Larsen & Toubro Limited and QIP.

In its focus lending businesses, namely Rural Finance, Housing Finance and Wholesale Finance, LTFH recorded 68% YoY increase in disbursements and 28% YoY increase in assets in FY18. This growth was made possible through improving competitive position across products, using digital and data analytics as a differentiator and supported by a robust risk management framework.

LTFH also declared strong growth in its Investment & Wealth Management businesses. Average Assets under Management (AAUM) in Investment Management business increased to Rs. 65,932 cr in Q4FY18 from Rs. 39,300 cr. in Q4FY17 a growth of 68%. Average Assets under Service (AAUS) in Wealth Management business increased to Rs. 18,346 cr in Q4FY18 from Rs. 13,623 cr. in Q4FY17 – a growth of 35%.

Commenting on the results and financial performance, Dinanath Dubhashi, Managing Director & CEO, LTFH, said that we will continue improving competitive position across our products and will focus on increasing ‘retailisation’ of our portfolio. Robust growth, focus on fee income, improving productivity and significant improvement in asset quality have led to delivery of 15.03% RoE for FY18, even after injection of Rs. 3000 cr. capital during March, 2018.

Now Book an Ola Right from Your Mobikwik App

By Tricitynews

Chandigarh 07^th May:- In a bid to reiterate its commitment to the government’s push towards digital transactions in India, MobiKwik, one of India’s leading digital financial services platform, and Ola, India’s leading and one of the world’s largest ride-sharing companies, have announced first-of-its-kind of partnership that will enable Mobikwik users to book Ola cabs and autos across 110 cities in India from within the Mobikwik app. This path-breaking partnership offers symbiotic benefit for both MobiKwik and Ola.

With this partnership, Mobikwik users will have access to Ola’s multi-modal commuting offerings, from pocket-friendly options such as Ola Auto, Micro, and Mini to premium categories such as Ola Prime, Ola Prime Play, Ola Prime SUV, and Ola Lux.

It also aims to provide a more seamless experience as customers can directly book Ola ride through their Mobikwik app and pay up through the Mobikwik wallet, without having to shuffle between apps. As a part of the launch offer, MobiKwik is offering Rs. 50 SuperCash on first 5 rides. Alternatively, Mobikwik users can use 10% SuperCash to get discount upto Rs. 100 on every ride. Also, MobiKwik, will be offering a chance to earn 100% cashback for booking rides through their wallets between 4 PM and 7 PM and between 8 AM and 10 AM, to 1000 users daily.

Announcing the partnership, Daman Soni, Vice President-Marketing and Growth, Mobikwik said that we believe that cab booking is a promising category for digital payments. Over the past few months, we have received feedback from our customers requesting for a smart mobility enabler on our app. We have enabled a rich interface for ride bookings with Ola on our platform and are confident that this will be one of our top performing categories in the times to come. We are committed to make digital transactions simple and streamlined. Ola is a key partner in this endeavour.

Commenting on the partnership Saurabh Mishra, Head-Alliances at Ola said that strategic partnerships play a significant role in enriching customer experience. Integration of services empowers the customer, making their lives simpler and convenient. Through this partnership, Mobikwik users will be able to book a ride of their choice using a single app. We are confident that Mobikwik users will be delighted with the in-app Ola booking experience.

The Government of India has set a huge target of 30 billion transactions in the current fiscal year with mobile wallet companies expected to clock 6.3 billion transactions. Such alliances will help provide the necessary impetus for the growth of digital transactions in the country.

Ola cabs is available only for the Android users, on the latest version of the MobiKwik app.

Tata Power Consolidated Power Generation Increases to 53,556 MUs in FY18

By Tricitynews

Chandigarh 07^th May:- Tata Power, India's largest integrated power company, produced 53,556 million units of electricity in the financial year 2017-18 from all its units, ranging from thermal, hydel, wind and solar. It marks a rise of 1.98% in total electricity generated in the FY’18 as compared to 52,512 million units power generated in the previous fiscal.

Tata Power generated 14,255 million units of electricity in the fourth quarter of the financial year ended March 31, 2018. As per the data available on the Ministry of Power website, the country’s overall power generation stood at 1306.614 BU, which includes generation from grid connected renewable sources, as compared to 1241.689 BU produced in FY17. In comparison to India’s overall power generation capacity, Tata Power’s contribution stands at 4%, a significant percentage from an integrated power player.

Generation from primary stations for the quarter were as follows: Mundra reported generation of 26,686 MUs, while Maithon plant reported 7,406 MUs. Trombay Thermal Power Station generated 6,294 MUs, Jojobera Thermal Power Station generated 2,978 MUs and Haldia reported generation of 775 MUs Industrial Energy Limited reported generation of 2,592 MUs. TPREL generated 919 MUs through clean sources of energy (Solar & Wind) and WREL generated 1,688 MUs.

Praveer Sinha, CEO & MD, Tata Power said that our endeavor is to serve the nation and be the important pillar for India’s progress. Tata Power’s mission is to make the country power sufficient and contribute towards government’s initiatives and programmes, to make it a success. It is good that we ended the fiscal on a higher generation note. With a commitment to increase our generation output by 40-50% by 2025 through green and clean source of energy, we have developed a well charted growth strategy to fulfill it.

Tata Power, together with all its subsidiaries and jointly controlled entities, has an installed generation capacity of 10757 MW (as of May 2018) as compared to 10,613 MW in FY17 from various fuel sources, such as thermal (coal, gas and oil), hydroelectric power, renewable energy (wind and solar PV) and waste heat recovery.