United Breweries Ltd reported a more than five-fold increase in net profit for the January-March period. Revenue from operations rose by 17%. The total income for the fiscal year also showed growth. The company recommended a final dividend. United Breweries shares closed higher. The company highlighted volume growth and performance in the premium segment.
India’s net direct tax collections for the fiscal year ended March 2024 surged to ₹19.58 lakh crore, exceeding the revised estimates. The increase in direct tax collections provides the government with the means to meet its fiscal deficit targets. Both corporate and personal income tax witnessed significant growth. The rise in tax collections reflects a positive macroeconomic outlook and is expected to support the government’s future policy reforms.
Oberoi Realty recorded a decline of 53% in sales and bookings during the fiscal year 2023-24. The company sold 705 units for ₹4,007 crore, reflecting a significant drop compared to the previous year’s performance. This decline can be attributed to the high base set in the previous fiscal year. Read more to find out the details.
Luxury carmaker Audi India recorded a 33% increase in retail sales at 7,027 units for the fiscal year ended March 31, 2024. Despite supply challenges, the company remains optimistic about the industry’s potential to surpass 50,000 cars in 2024. Audi India’s pre-owned car business vertical also achieved a 50% growth in FY 23-24.
Wine imports have witnessed a significant increase in the current fiscal year, indicating a growing demand for wine in the market. This surge in imports highlights the changing preferences of consumers and their willingness to explore different alcoholic beverages. Find out more about this trend in the Economic Times article.
The revised estimate for net tax revenue receipt in the current fiscal year, after devolution to states, will be at about the same level as the budget estimate, considering the likely shortfall in excise duty collections.
Motorcycle and scooter sales in India are likely to regain their pre-pandemic peak in the next two years as strong premium-segment demand offsets the drag from weaker entry-level volumes, Diego Graffi, managing director of Italian automaker Piaggio, said. The domestic two-wheeler industry posted a year-on-year double-digit growth in 2022-23 after three consecutive years of decline. We also expect the ongoing festive season to drive great numbers for the industry. We believe the industry will regain pre-Covid volumes by 2025.
