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Time of India
2 days ago
- Automotive
- Time of India
FASTag annual pass is not a magic bullet: With limited validity, non refundable deposit and other limitations, it is not meant for everyone
What is the FASTag Annual Pass? FASTAg annual pass cannot use it under these conditions Academy Empower your mind, elevate your skills The FASTag Annual Pass offers convenience and cost savings for frequent travelers on national highways, but it also comes with several limitations that users should be aware of before opting in. From restrictions on vehicle types and limited geographic coverage to non-transferability and strict usage terms, the Annual Pass may not suit every road user. Understanding these drawbacks is essential to determine whether the pass truly offers value based on an individual's travel patterns and needs. The Annual Pass will be effective from August 15, 2025. If you are planning to buy one ET Wealth tells you what are the factors you must check before you Pass activated on the FASTag allows free passage of private car/jeep/van at designated National Highway (NH) and National Expressway (NE) fee plazas for one year or 200 trips (whichever is earlier), without per-trip user fee Annual Pass can be activated on your existing FASTag, provided it meets the eligibility read: FASTag annual pass: How to activate it in your existing FASTag account? Check how to purchase, validity and more The Annual Pass is only available for private, non-commercial cars/jeeps/ pass costs Rs 3,000 upfront, regardless of how many trips you make. If you end up taking fewer than 200 trips in a year, you lose the unused value, and there will not be any refunds. Once activated, the pass is non-transferable. It is tied to a specific FASTag and annual pass is valid only on National Highway (NH) and National Expressway (NE) toll plazas. So, if you are a frequent traveler on state highway tolls, Expressways run by state or local authorities, this pass is not the pass to be activated, the FASTag must be properly affixed to the vehicle's windshield and linked to a valid Vehicle Registration Number (VRN), not blacklisted can be confusion in counting the number of trips if users are not aware of the rules. For point-based fee plazas, each crossing counts as one trip, so a round trip (to and fro) counts as two trips. For closed tolling fee plazas, one complete entry and exit pair is counted as a single check the finer details you may also refer to following FAQ on Annual Pass facility for FASTag UsersIt is valid only at National Highway (NH) and National Expressway (NE) fee plazas. At fee plazas on Expressways, State Highways (SH), etc. managed by State Governments or local bodies, parkings etc. the FASTag will operate as a regular FASTag, and applicable user fee charges may Annual Pass is valid for one year from the date of activation or 200 transactions (trips), whichever comes first. Once the Annual Pass completes either 200 trips or one year from the date of activation, it will automatically revert to a regular FASTag. To continue using the Annual Pass benefits, the user will need to re-activate the Annual Pass to get 200 trips / 1 year The Annual Pass is applicable only for private non-commercial car/jeep/van after checking through VAHAN database. Use in any commercial vehicle will result in immediate deactivation without The pass is non-transferable and is valid only for the vehicle on which the FASTag is affixed and registered. Using it on another vehicle will lead to The Annual Pass will be activated only on FASTags properly affixed to the windshield of the registered The Annual Pass cannot be issued on FASTags registered only with a chassis number. You must update the Vehicle Registration Number (VRN) to activate the Annual point-based fee plazas: Each crossing of fee plaza counts as one trip. A round trip (to and fro) counts as two Closed Tolling fee plazas: One pair of entry and exit counts as one trip.
Time of India
5 days ago
- Business
- Time of India
ITR filing due date extended but deadline to pay final tax without penalty is July 31 or Sept 15 now for FY 2024-25?
Will penal interest be applicable if self-assessment tax is deposited after July 31, 2025? Academy Empower your mind, elevate your skills Penal interest will be applicable on advance tax What is penal interest on delay in payment of self-assessment tax? The income tax department has extended the due date to file an income tax return for FY 2024-25 (AY 2025-26) from July 31, 2025, to September 15, 2025. The last date to file the ITR has been extended beyond July 31 for taxpayers whose accounts are not required to be audited, such as salaried taxpayers, NRIs, and July 31 is also the due date for taxpayers to deposit their self-assessment tax . It is the amount of tax that a taxpayer is liable to pay after deducting the TDS, TCS and advance tax payments. If a belated ITR is filed (i.e., the income tax return is filed after the due date) and the self-assessment tax is also paid after the due date, then the taxpayer has to pay penal interest under Section 234A on the self-assessment tax deadline to file ITR has been extended, but does this mean taxpayers can deposit their self-assessment tax without penalty till September 15, 2025, i.e., has the due date for payment of self-assessment tax for FY 2024-2025 (AY 2025-26) also been extended? ET Wealth online asks experts for their opinions:Also Read: What are the changes in the Form 16 this year? Tarun Garg, Director, Deloitte India, says, "Interest under Section 234A of the Income Tax Act, 1961 is applicable when the ITR is filed after the due date as specified under Section 139(1), and the self-assessment tax remains unpaid as of that due date. With the ITR filing due date for FY 2024-25 (AY 2025-26) being extended to 15 September 2025, this revised date will be considered as the "due date" for the purposes of Section 234A. Accordingly, interest under Section 234A of the Act will not be levied provided the due amount of tax is paid on or before the extended timeline of 15 September 2025. This position is supported by the Supreme Court's ruling in CIT vs. Prannoy Roy [309 ITR 231 (2009)], and CBDT Circular No. 2/2015, which accepted the Court's decision."Also Read: Income tax slabs for ITR filing FY 2024-25 are different Tarun Kumar Madaan, Practising Chartered Accountant, says, "In the present case, since the due date under Section 139(1) has been extended to 15th September 2025, interest under Section 234A should not be applicable if the ITR is filed, and the entire self-assessment tax is paid, on or before this extended date. In several past instances where the due date for filing the return was extended, the CBDT had expressly clarified that such extension would not apply for the purposes of Section 234A, and interest would still be computed from the original due date. However, Circular No. 6/2025 contains no such caveat. Given that the extension has been granted due to reasons beyond the taxpayer's control (such as non-availability of return filing utilities), it is reasonable to interpret that no interest under Section 234A should be charged if the return is filed by 15th September 2025."Shubham Jain, Associate Director, Nangia Andersen India, says, "Interest under section 234A is chargeable at the rate of 1% on unpaid tax if the ITR is filed beyond the due date specified in Section 139(1). The CBDT circular announcing the due date extension specifies that the due date itself, as provided under Section 139(1), has been extended from July 31, 2025, to September 15, 2025. Thus, interest under Section 234A should technically not be levied in cases where the ITR is filed after 31 July but before 15 September. Further, considering that the ITR due date extension has been announced much before the release of the ITR utility, one would hope that the date extension would be natively built into the ITR utility, as otherwise the ITR utility would automatically levy the interest under Section 234A if the return is filed after 31 July 2025."It is important to note that taxpayers will have to pay penal interest for the non-payment/shortfall of advance tax payments for FY 2024-25 (AY 2025-26), as is the norm. Penal interest under Section 234B is applicable if the taxpayer has not paid advance tax in full by the due dates. Penal interest under Section 234C is levied if the taxpayer has paid advance tax less than the prescribed though the due date is extended, the penal interest on non-payment/shortfall of advance tax will says, "Although the ITR filing deadline has been extended, interest under Sections 234B and 234C of the Act will continue to be applicable."Madaan says, "The penal interest under Section 234B and Section 234C is independent of the tax return filing due date and continues to apply where advance tax provisions are not complied with. The extension of the tax return filing due date does not affect the computation or applicability of interest under Section 234B and Section 234C."Penal interest at 1% per month is applicable for both Section 234B and self-assessment tax is paid after the extended due date for ITR filing, i.e., September 15, 2025, then penal interest at 1% per month will be applicable.
Time of India
16-06-2025
- Business
- Time of India
Want to retire early? Here are 7 steps to become financially independent, retire early smoothly
Academy Empower your mind, elevate your skills Low income, high goals Keep expenses in check What youngsters can do to achieve FIRE smoothly By mid-2025 when equity markets were on a high, many young investors, especially those who hadn't seen a full market cycle ( started to dream an early retirement . Blame it on long working hours they weren't accustomed to, or a raging equity market which lulled them into believing it could never go down or numerous media reports at the time that romanticised FIRE (a popular acronym: Financial Independence, Retire Early). Forty was the new 60. Financial planning was conveniently forgotten; youngsters started hanging their boots. Or simply chose to look the other to the recent Grand Thornton survey on the Indian Pension Landscape, 43% of young Indians—particularly those aged 25 or below—aspire to retire between the ages of 45 and 55% of the respondents expect a monthly pension of more than Rs.1 lakh. While that's not impossible, it's a tough goal. Retiring in your 40s or early 50s means funding 3-4 decades without income, assuming a life expectancy of around 80. That calls for a massive corpus. If you aspire to FIRE your life, the question is: are you doing enough to make it happen?ET Wealth spoke to three individuals who wish to retire early. And then asked three financial planners to tell us if these youngsters can afford to retire analyst & fashion influencerRs.50,000/monthRs.40,000–45,000;go into EMIs, brother's education, and content creationRetire at 45–50 with Rs.1 lakh/month passive income, own a home and carHer FIRE goal is unrealistic, given her low savings rate and multiple financial obligations. There is need to first address liabilities, secure insurance, and start building wealth systematically before aiming for early retirement Meet Delhi-based Ruby Ojha, 24, an accounting analyst and a fashion influencer. She has a salary of around Rs.50,000 a month, and wants to retire by the time she is 50. But being a fashion influencer, she wants to build her own brand and make money out of it. Her vision? Earn a passive income of close to Rs.1 to 1.5 lakh a month after 50, travel frequently, own a car and a house. She has savings of close to Rs.1.95 lakh spread across a Public Provident Fund, a savings account, and two mutual fund SIPs of Rs.2,500 a month has responsibilities on her head. Nearly 90% of her income or close to Rs.45,000 goes into paying Equated Monthly Instalments (EMI) for loans taken to buy a car and house. Add groceries, supporting her younger brother's high school education and maintaining content on her fashion blog and social media profiles, she manages to save a bare minimum through the two MF attendantRs.50,000-1.2 lakh/monthRetire at 45-50 with Rs.1.5 lakh/month as per 50:30:20 rule; grooming is a key expenseIt's too early to actively plan for retirement. Instead, Katoch should focus on building a strong financial base through short-term goals, personal insurance, and consistently increasing her investment N. Ashar, a Sebi (Securities and Exchange Board of India)- registered investment adviser and founder of Full Circle Financial Planners and Advisors, says that if we account for a 6% inflation, Ojha's expenses at age 50 would be approximately Rs.2 lakh. If she wishes to retire then and assuming she'd live till 80, she will need a corpus of Rs.3.55 crore at age 50 to sustain her expenses through gap in Ojha's retirement plan, Ashar notes, is the presence of other financial goals such as buying a house and a car. Apart from the goals that Ojha mentioned, there are others—like marriage and children's higher education—that haven't been factored in and could arise at any stage in life. Ashar says that the Rs.3.55 crore corpus goal for her to accumulate by age 50 to fulfil her FIRE dream is 'highly unrealistic.' 'Monthly investments are on a very low end since she has ongoing EMIs for her car loan and home loan,' says final recommendation: Before Ojha thinks of FIRE, she must 'first keep her emergency fund in place, pay off her liabilities as soon as possible, get her insurance portfolio in place i.e., acquire the correct policies, increase her investments and focus on wealth creation for the long term.'A big part to achieving your FIRE dreams is to keep your expenses in check in your formative years. Gurugram-based Taimun Katoch, 23, is a flight attendant. Looking good and well-groomed is part of her spends around 50% of her earnings every month. Another 30% gets spent for shopping, dining out, and lifestyle-related purchases. About 20% of her income goes into savings—Rs.5,000 monthly in MFs through SIPs, Rs.10,000 in a gold-saving scheme with a gold jewellery store. Aside from these, she has around Rs.30,000 in an emergency fund and Rs.50,000 in a fixed aims to retire at around 40 or 50, after setting up her Airbnb business. Her goal is to set up multiple properties to generate passive income and maintain her current lifestyle. She envisions her retirement as a peaceful vacation—one where she can travel occasionally and continue to afford the comforts she enjoys Navlakhi, Managing Director and Chief Executive Officer, International Money Matters, says that Katoch is still too young to think about retirement. He recommends an emergency fund of up to 3 months' worth of expenses and a personal health insurance policy, even if she has an office-provided health more importantly, Navlakhi recommends a cut back in spending. He suggests savings of up to 30-40% of her income, instead of 20%. Given her variable income (depending upon flying hours, or layovers), Navlakhi says that if she earns Rs.50,000 per month, she should invest Rs.15,000. At Rs.1.2 lakh income, the investment should rise to Rs.50,000. 'Any extra income should see 50% routed to savings,' Navlakhi adds. Additionally, he recommends a reduction in her spending from 50% on needs, to 40-45% by tracking expenses, as spending habits lakhRetire at 40 with Rs.2.5 lakh/month Thar upkeep, trips, and dining outRs.20,000Rs.16 lakhWith unstable income and low SIPs, retirement at 40 is not feasible. He should focus on income growth, setting up an emergency fund and buying health insurance. A delayed retirement goal would be more has high ambitions. She says she wishes to earn an income of Rs.1 lakh (in today's value) a month in retirement. Navlakhi points out that to get this amount, she'd need a corpus of Rs.1.8 crore, if life expectancy is 20 years after retirement, but she would need Rs.4-6.5 crore if she lives another 60 years. 'Also, Rs.50,000 of her current expenses will inflate to Rs.1.6 lakh in 20 years at 6% inflation. Her lifestyle spends may also increase, then the corpus needed will increase even more,' says Navlakhi. Are you saving enough?Haris Mirza, 25, is an entrepreneur. He says that he wishes to retire by 40. He wants a monthly income of at least Rs.2.50 lakh, as per today's value. He is a travel buff and wishes to continue travelling in his retirement years. Can he afford it?His monthly income at present is Rs.90,000, but that varies as he is an entrepreneur and doesn't get a fixed salary. His monthly investment in MF SIPs are Rs.20,000. But he comes armed with a saving of Rs.16 lakh. His monthly spends: around Rs.56, at 40 with a monthly income of Rs.2.5 lakh requires exceptional financial discipline, consistent high returns, and aggressive income growth, says Shilpa Bhaskar Gole, Founder, Nerdybird Financial Wellness, who checked out his case. To sustain this lifestyle for 50 years, Mirza would need a corpus of Rs.16 crore by 40 (assuming 6% inflation and 10% return during retirement). With Rs.16 lakh invested and SIPs of Rs.20,000 per month, there's a large gap. He'd need SIPs of Rs.1.9 lakh per month, stepped up 10% annually. That is currently out of his reach with his unstable Rs.90,000 income, as per Gole's suggests that his immediate focus should be building an emergency fund of Rs.3.4 lakh (6 months' essentials) and getting health insurance. These create a financial safety net so he can focus on growing his business, the only viable path to increasing income enough to support his aggressive wealth Mirza can rethink his timeline. Retiring at 60 is far more achievable, needing SIPs of just Rs.21,000 per month with a 10% annual step-up, possible with small spending tweaks. Either way, Mirza must start tracking his expenses and stay intentional. His dream is achievable—but only with clarity, commitment, and conscious trade-offs,' says out your expenses first and then inflate them till the time you wish to retire. Assume a life span and then calculate how much money you need to meet the your spending. Try to keep lifestyle expenses within around 40% of your income so that you can consistently invest 50-60%.Use different investment accounts for different goals. Don't dip into retirement funds for travel or gadgets. Keep retirement as your primary an emergency fund worth 6 months' of expenses. Get health and term insurance to avoid financial your 20s, allocate 80-90% of long-term investments to equity for higher returns. Shift towards debt instruments closer to raise should boost investments. Entrepreneurs must grow income through more gigs. Higher income = higher savings because you earn more doesn't mean you need to spend more. Increase your savings rate as your income grows.
Time of India
09-06-2025
- Business
- Time of India
ITR Filing FY 2024-25: Have you got an Income Tax notice? Don't ignore it! Top types of tax notices & actions required
ITR filing. A proper understanding and appropriate response to these notices can help you avoid penalties, conserve time and remain stress-free. (AI image) ITR filing FY 2024-25: As the Income Tax Return filing season for FY 2024-25 (AY 2025-26) begins, it's important to understand that merely filing your ITR does not end your responsibility. In some cases, the Income Tax Department might issue notices even after you have submitted and verified your returns. Whilst this can be concerning, most notices are standard procedures that can be handled systematically. A proper understanding and appropriate response to these notices can help you avoid penalties, conserve time and remain stress-free. Consider these essential guidelines if you receive a notice, as listed by Sudhir Kaushik, Founder & CEO of in a column in ET Wealth: * Never Ignore: Every notice has a deadline; missing it can result in penalties. * Importance of 26AS & AIS: These will help you to verify and reconcile your income and TDS data. * Accuracy: Mismatches can lead to additional scrutiny or tax demands. * Prompt action: Even minor notices can lead to complications if unaddressed. * Expert help: For complex notices, consult a chartered accountant or a tax professional immediately. Also Read | Big cheer! Home loan rates head below 8% - how much will 1% RBI repo rate cut reduce your EMI or tenure? Check calculations Here is a straightforward guide regarding common income tax notices and their appropriate handling procedures provided by Sudhir Kaushik: Section 245: Adjustment against Previous Dues When you qualify for a tax refund whilst having outstanding tax liabilities from earlier assessment years, the tax authorities retain the right to offset it. Required Actions: * Review the notification available in your account under 'e-Proceedings'. * Within 15 days, you must either accept or contest the stated grounds. * Should you fail to respond, your refund will be automatically adjusted against the dues. Section 142(1): Initial Assessment Investigation This represents a preliminary verification process initiated when tax returns remain unfiled or additional information is required by the tax authorities. Required Actions: * Submit your pending tax return. * Provide all requested documentation within the specified time frame. * Non-compliance may result in financial penalties or detailed examination. Also Read | ITR e-filing FY 2024-25: ITR-1 and ITR 4 forms enabled online for return filing on income tax e-filing portal; check details Section 143(1): Assessment Notice Post Return Processing This notice is commonly issued by the tax department to verify your submitted return against their database. The Income Tax department sends this when they detect discrepancies in TDS, mathematical errors, claims for deductions that appear incorrect, or when returns are submitted late. Required Actions: * Access your account on the income tax website to examine the notice * No response required if the assessment is accurate * Clear any tax dues within 30 days if applicable * Submit a correction request with supporting evidence if the assessment contains errors Section 139(9): Defective return When a tax return contains errors or lacks required information, the tax authorities classify it as defective. The primary concerns typically involve incomplete income information and inaccurate entries related to deductions. Required Actions: * A period of 15 days is provided to make corrections and submit again. * Access your account, locate the notice in the 'e-Proceedings' section, and submit your response. * Non-compliance within the stipulated time frame could result in invalidation of your return. Section 133(6): Information Request for Financial Details This formal notice requires explanation regarding specific financial activities, including substantial cash deposits and real estate acquisitions. Required Actions: * Provide supporting documentation, including banking records and contractual papers. * Ensure timely submission to prevent additional investigation. Also Read | ITR filing FY 2024-25: Income tax payers take note! These 7 mistakes in income tax return filing this year can cost you big HRA and TDS Discrepancy Notifications These notifications are issued when discrepancies are detected between your claimed house rent allowance (HRA) or TDS information and the tax department's database. Required Actions: * Verify that TDS requirements are met for monthly rent payments above Rs. 50,000 * Maintain proper documentation including rent receipts and landlord's PAN details * Should the discrepancy be confirmed, submit a revised return and safeguard all supporting documents for future reference Section 143(2) Detailed Review Notice under Section 143(2): This notification indicates that your tax return requires comprehensive verification through detailed scrutiny. Required Actions: * Submit all supporting documentation to validate your income, claimed deductions and expenses * If summoned, attend the scheduled hearings or provide responses via the online portal * Failure to respond could result in estimated tax assessments being made by authorities Section 148: Assessment of Undisclosed Income This notice is issued when tax authorities have reason to believe that certain income was not disclosed in previously filed returns. Required Actions: * Submit an updated return or provide clarification as requested in the notice. * Present evidence to validate the income source and attach supporting documentation. * Non-compliance may result in reassessment of previous years and monetary penalties. Section 271AAC(1): Penalty for Undisclosed Income When substantial unexplained deposits are discovered during assessment proceedings, authorities may issue this notification. Required Actions: * Submit supporting documents that establish the origin of funds. * Failure to justify the income source can result in penalties amounting to 60% of the undisclosed amount. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
09-06-2025
- Business
- Time of India
Stock picking: Improving operating profit could signal long-term market outperformance
How do you pick winners when global equity markets are rocked by trade uncertainties and there is persistent weakness in domestic demand? One effective way is to closely check your company's EBITDA ( earnings before interest, taxes, depreciation, and amortisation) margins. In a nutshell, these are fundamentally sound companies that effectively minimise value erosion amid periods of high market volatility. Why EBITDA is a winner EBITDA is calculated by subtracting operating expenses (excluding depreciation) from the sales revenue. On the other hand, EBITDA margin is calculated by dividing EBITDA by the sales revenue. For example, a company with an EBITDA margin of 10% means that the company is generating Rs.10 as operating profit on every Rs.100 worth of sales. A study conducted by ET Wealth shows that the companies that have consistently improved EBITDA margins over the last four quarters have significantly outperformed the market benchmark in the last one year whereas the companies with consistent deterioration in EBITDA margins significantly underperformed the market benchmark. An analysis of 1,508 companies (excluding those in banking, finance, and insurance) reveals that 29 companies have maintained positive EBITDA margins and consistently improved them over the last four quarters. In contrast, 28 companies have shown a steady decline in EBITDA margins during the same period. The latest data pertains to the March 2025 quarter and has been sourced from the Reuters-Refinitiv database. In the last one year, the group of 29 companies (with positive EBITDA margins) has generated an equal-weighted average return of 30.3%, whereas the group of 28 companies (with negative EBITDA margins) has generated -9.8% returns. The Nifty 500 equal-weighted index delivered 7.8% returns in the last one year. The returns are based on 30 May 2025 closing prices. Experts agree. 'Improving EBITDA margins increases the RoE of the business, which in turn improves the growth and profitability of the business and the stock price of the company,' says Saurabh Joshi, Head of Research, Marwadi Shares and Finance Limited (MSFL). Significance of EBITDA margins EBITDA provides an accurate picture of the company's competitive strengths as it excludes the effect of non-cash charges (or depreciation), varying capital structures and taxes. 'EBITDA is the preferred metric for investors who want to know how a company performs at its core before financing decisions and accounting treatments cloud the picture,' says Om Ghawalkar, Market Analyst, a stock brokerage firm. A strong EBITDA indicates efficiency and the company's ability to generate value. Analysts suggest that investors should consider EBITDA margins over a period of time to spot good quality companies with sustainable business models and sound financial health. Corporate India performance Corporate India saw a modest improvement in both revenue and EBITDA in the March 2025 quarter compared to the December 2024 quarter. Based on a sample size of 1,508 non-BFSI companies. Growth is year-on-year. 'Consistent improvement in EBITDA margins signals superior execution, pricing power, cost control, and positive operating leverage. It reflects a company's ability to increase profits faster than expenses,' says Sonam Srivastava, Founder and Fund Manager at Wright Research PMS.'. EBITDA in a soft quarter The recent quarter performance of corporate India indicates ongoing growth challenges. Despite muted revenue growth, the operating profit growth improved relative to the December 2024 quarter, helped by cost control initiatives, operational efficiencies and input cost benefits in certain segments (see graphic). EBITDA climbers favoured by analysts Going forward, analysts expect demand to improve, aided by rural revival, steady urban consumption, normal monsoons and increased government spending. However, input costs present a mixed picture. Ghawalkar says the softer crude oil prices and the strong coal supply may ease costs for sectors like aviation and chemicals, but other sectors are likely to face pressures. While cotton MSP hikes will hit input costs in the textiles segment, rising logistics costs may squeeze margins in cement. Additionally, wage inflation in IT and healthcare is likely to keep operating costs elevated in these sectors. Here are the five companies from the group of 29 with rising EBITDA margins that have a strong analyst coverage: Orient Electric The electrical equipment manufacturer specialises in home appliances, including fans, lighting and switchgears. The company has reported strong March 2025 quarter: revenue up 9% year-on-year (y-o-y), net profit up 144%. Growth was driven by the lighting and switchgears segment, on the back of distribution expansion, new products, and premium category demand. EBITDA margin expanded 390 bps y-oy, supported by cost optimisation and Project Sanchay. The fans segment is poised for market share gains via improved DTM strategy and Hyderabad plant scale-up. Centrum Broking cites DTM, premiumisation, alternate channels, and Hyderabad plant as key growth and margin drivers. Affle 3i The global technology company specialises in mobile advertising, digital consulting, and software development. In the March 2025 quarter, revenue was up 19% y-o-y, net profit up 17.8%. Growth was led by developed markets (+27.3% y-o-y); India grew nearly 15.9%. EBITDA margin up 290 bps y-o-y, driven by lower employee costs and operational gains. Management targets 20% revenue growth in 2025-26 with gradual margin improvement. Ambit Capital sees tailwinds from integrated platform, stronger processes, sales push, premiumisation, and exposure to high-growth markets and segments. Brigade Enterprises The Bangalore based real estate developer has a diversified portfolio, including residential, commercial, hospitality and retail projects. The March 2025 quarter pre-sales was up 9% y-o-y, driven by strong new launches. EBITDA was down 4% y-o-y, but margin expanded 307 bps on cost control and premium property sales. Robust launch pipeline in residential and commercial segments underpins 2025-26 growth visibility. It expects 15-20% pre-sales growth in 2025-26. Antique Stock Broking highlights geographic expansion beyond Bengaluru, strong launch pipeline, and rising rental asset occupancy as the key positives. Jupiter Life Line Hospitals The multispeciality healthcare provider offers tertiary and quaternary care across various medical specialties. In the March 2025 quarter, revenue was up 12.5% y-o-y, EBITDA up 25.7%, driven by better case mix and higher ARPOB. EBITDA margin expanded 260 bps yo-y due to cost control and operational efficiency. It is on track to reach 2,500 beds across 6 hospitals in Western India in 3-4 years. Exploring growth via acquisitions and greenfield projects. Prabhudas Lilladher expects sustained growth from expansion, rising occupancy, margin gains, and strategic moves in high-density western markets. National Aluminium The PSU company is engaged in in mining, alumina refining and aluminium smelting. In March 2025 quarter, revenue was up 47% y-o-y, EBITDA up 149%, driven by strong alumina and aluminium performance. EBITDA margin surged 2133 bps y-o-y, supported by lower costs and higher alumina realisations. Targeting 36-37% EBITDA margin in 2025-26 via volume growth and cost efficiencies. Axis Securities flags near-term EBITDA risk from falling alumina prices, but sees partial offset from strong cost control and higher alumina sales guidance.
