The Cellular Operators Association of India (COAI), the leading telecom industry body, has urged the government to either abolish or significantly reduce the Adjusted Gross Revenue (AGR) dues for telecom companies. In addition, COAI has advocated for lowering the license fee to 0.5-1% of the gross revenue.
The COAI highlighted that the justification for charging AGR dues has diminished since the allocation of spectrum has been separated from the license process, and spectrum is now auctioned at market prices. The telecom body emphasized that this reform would help the struggling sector and boost its financial sustainability, encouraging further investments in infrastructure and technology.
IndusInd Bank Posts 40% Decline in Q2 Profit
IndusInd Bank witnessed a sharp decline of 40% in net profit for the second quarter of the current financial year. The bank’s net profit dropped to ₹1,331 crore as compared to the same period last year. However, the bank’s total income saw a steady rise from ₹13,530 crore to ₹14,871 crore.
One area of concern is the bank’s gross Non-Performing Assets (NPA), which increased to 2.11%, up from 1.93% a year ago. This rise in NPAs reflects the challenging economic environment and suggests the need for stricter management of asset quality in the upcoming quarters.
Indian Energy Exchange (IEX) Reports 25% Surge in Q2 Profit
The Indian Energy Exchange (IEX) reported an impressive 25% growth in net profit for the second quarter of the fiscal year. The company’s net profit reached ₹108.32 crore, compared to ₹86.46 crore in the corresponding period last year.
The company’s total income also grew significantly to ₹167.76 crore. This robust performance is a result of increased energy trading volumes on the platform, as well as improvements in operational efficiency.
Adani Total Gas Registers 6% Profit Growth in Q2
Adani Total Gas reported a 6% increase in net profit for the second quarter of FY 2024-25. The company’s net profit rose to ₹178 crore, while its revenue from operations climbed by 12% to ₹1,315 crore.
The growth in profit was driven by an expansion in the company’s customer base and a rise in the demand for natural gas. The company’s continued efforts to expand its gas distribution network and enhance operational efficiencies have contributed to its steady growth.
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