Tag: automobile

  • Mahindra stories Q1 consolidated PAT at Rs 2,360.70 crore

    Mahindra & Mahindra Ltd on Friday reported a consolidated revenue after tax of Rs 2,360.70 crore within the first quarter ended June 30, pushed by sturdy efficiency of its automotive and farm sector segments.

    The firm had posted a consolidated loss after tax of Rs 331.74 crore within the year-ago interval, M&M stated in a regulatory submitting.

    Revenue from operations elevated to Rs 28,412.38 crore within the first quarter this fiscal, as in comparison with Rs 19,171.91 crore within the corresponding interval a 12 months in the past, it added.

    Total bills in the course of the quarter had been increased at Rs 26,195.01 crore, as in opposition to Rs 20,286.24 crore in the identical interval a 12 months in the past, the corporate stated.

    The automotive phase clocked income of Rs 12,740.94 crore within the quarter, up from Rs 6,316.79 crore in the identical interval final fiscal.

    In quantity phrases, the corporate stated it offered 1,49,803 automobiles within the quarter underneath overview, as in comparison with 85,858 automobiles within the year-ago interval, a progress of 74 per cent.

    The farm tools vertical had a income of Rs 8,427.66 crore, as in comparison with Rs 7,188.74 crore within the year-ago quarter, the corporate stated.

    Tractor gross sales had been at 1,17,413 items within the quarter underneath overview, as in comparison with 99,127 items in the identical interval a 12 months in the past, up 18 per cent.

    “We saw good momentum across all our group companies, led by the strong results of the auto and farm sector,” M&M Ltd Managing Director & CEO Anish Shah stated.

    The monetary providers phase registered Rs 2,876.61 crore income within the first quarter, up from Rs 2,530.15 crore in the identical interval a 12 months in the past, whereas the hospitality vertical clocked income Rs 613.19 crore, up from Rs 393.76 crore in the identical interval final fiscal, it added.

    Real property vertical, nonetheless, clocked decrease income at Rs 94.82 crore as in comparison with Rs 149.51 crore in the identical interval final fiscal.

  • Consumer corporations unlikely to hike costs for now

    Automobile and FMCG corporations dealing with the prospect of escalating enter costs within the aftermath of the Ukraine disaster are more likely to placed on maintain any value hike, a minimum of until the primary quarter of FY23, to gauge how the geopolitical scenario pans out. Even air carriers, who’re reeling below excessive aviation turbine gas costs however have lately witnessed an uptick in visitors, are unlikely to boost fares anytime quickly.

    Industry executives mentioned that FMCG firms have already hiked product charges in current instances as a consequence of elevated commodity costs to the extent doable with out risking demand and are lined a minimum of for the subsequent three months as a consequence of long-term contracts.

    Similarly, most auto corporations within the passenger car (PV) class raised costs in January itself, and subsequently, the earliest they’re more likely to take inventory for one more spherical of hike could be in April. “There’s no clarity at the moment as to how the Ukraine crisis will pan out, so we will have to wait and watch,” RC Bhargava, chairman, Maruti Suzuki India, instructed FE.

    So far throughout the present fiscal, Maruti Suzuki and most different PV producers have already hiked costs 4 instances. Normally, they accomplish that twice a yr.

    Analysts mentioned that the present geopolitical disaster as a consequence of tensions between Russia and Ukraine is predicted to lead to additional inflation in commodity costs, which have remained excessive over the previous few quarters as a consequence of world provide chain disruptions. However, with demand returning with the Covid-led restrictions being eased, the businesses wish to tread cautiously.

    Inflationary pressures impacted rural demand of HUL throughout the third quarter as 30 per cent of its enterprise comes from price-sensitive packs. fe

  • Electric automobiles are cool; what about insuring them?

    Experts imagine that inner combustion engine automobiles are very important contributors to environmental air pollution, resulting in the rising want and demand for EVs.

    “Electric automobiles have come as a clear vitality initiative, as they provide low or zero emissions and have turn out to be an important a part of OEM (authentic tools producer) enterprise methods. Along with the expansion within the EV section within the nation, there will probably be an enormous demand for motor insurance coverage for electrical automobiles,” mentioned Indraneel Chatterjee, co-founder, RenewBuy, a web based insurance coverage aggregator.

    In March 2020, the Insurance Regulatory and Development Authority of India (Irdai) introduced that insurers would provide a 15% low cost on third-party motor premiums for electrical automobiles to incentivize their use.

    “The authorities of India can be charging GST at 5% for electrical automobiles, which is approach decrease than the interior combustion-powered automobiles. The impetus for the manufacture of electrical automobiles has begun, and the federal government is transferring in the direction of a promising future,” mentioned Chatterjee.

    Authorities have additionally offered ₹1.5 lakh tax profit underSection 80 EEB for curiosity paid underneath EV automotive mortgage.

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    Ankit Agrawal, chief government officer and co-founder, InsuranceDekho.com, mentioned, “These e-vehicles could also be barely costly in comparison with different motor automobiles, however they’ve their very own set of benefits. These embody low operational price, trigger minimal air pollution to the atmosphere, and most significantly, save on petrol and diesel.”

    However, with the upper value of the automobile, it turns into essential to maintain it insured to remain financially protected in case of an unlucky occasion.

    To provide help to make the very best determination for purchasing an EV insurance coverage coverage, listed below are some elements that you could take into account.

    Coverage: The most essential factor to think about when shopping for EV insurance coverage is to examine the protection options supplied underneath it. As the elements of an electrical automobile are comparatively costly, you could buy ample insurance coverage cowl for them. If you purchase a complete insurance coverage coverage, it’s going to usually shield you in opposition to third-party liabilities and different personal damages (OD) cowl. OD protection may help you keep away from costly restore payments in case of accidents, pure calamities, riots, fireplace, in addition to losses because of theft, and many others.

    Also, with a private accident cowl, you might be financially secured in case of any misfortune. It contains bodily accidents, partial or whole disabilities because of accidents and uncertainties reminiscent of unintended dying.

    Insured declared worth: IDV is the quantity that you may be eligible to obtain from the insurance coverage firm in case of a complete lack of the electrical automobile. A decrease IDV means a decrease premium and vice versa. It is an important issue to think about when shopping for EV insurance coverage so that you’re not supplied a lesser quantity in case a declare for whole loss arises sooner or later. Also, since an electrical automobile prices rather a lot, this issue turns into extra vital to think about.

    Premium: The different most essential factor to think about when shopping for EV insurance coverage is premium. This is the quantity that you may be required to pay to the insurance coverage firm as a way to avail of protection advantages underneath an insurance coverage coverage supplied by them. As the premium is to be paid periodically, you could select a coverage that comes at an reasonably priced premium. However, you shouldn’t compromise the protection advantages as a way to save on insurance coverage premiums.

    Claim settlement ratio: CSR of an insurance coverage firm is a crucial issue to think about because it talks in regards to the efficiency and the way good an insurer is in dealing with claims. It is advisable to decide on an insurance coverage firm that gives a easy declare settlement course of in order that you’ll be able to take advantage of your coverage in case of a declare.

    Add-ons: These are extra advantages that may be added on the time of EV insurance coverage coverage buy by paying an additional premium to reinforce protection. You can embody the add-on covers as per your price range and necessities underneath a complete insurance coverage coverage.

    You can embody zero depreciation cowl to your electrical automobile insurance coverage coverage with which the declare quantity made because of depreciation is waived off and the entire quantity of injury is paid. The premium for these add-ons might differ from one insurer to a different.

    “It is usually recommended that customers take add-on covers for e-vehicles as battery prices and specialised parts might be expensive for these automobiles. Risks of battery charging injury, battery leakage, injury to charging connectors, automobile towing and offering on-site assist, needs to be examined as add-on covers,” mentioned Chatterjee.

    While electrical automobiles are at a nascent stage within the Indian market, they’re quick rising and can quickly seize a superb pie of the personal automobile market share. It is one section that can equally profit shoppers in addition to the atmosphere.

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