Tag: PK Gupta

Gateway Distripark net profit jumps 84%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Gateway Distri” isinid=”INE079J01017″ bseid=”543489″ nseid=”GATEWAY” sector=”Miscellaneous” exchange=”nse”]

Integrated inter-modal logistics services provider Gateway Distriparks Limited (GDL) on Tuesday reported an 84.40 percent year-on-year growth in profit after tax (PAT) at Rs 85.53 crore for the quarter ended March 2022. The company had posted a profit of Rs 46.38 crore in the March quarter of FY21, it said in a statement.

Total income rose 6.80 percent to Rs 377.04 crore in the quarter under review, compared to Rs 353.11 crore in Q4 FY21. EBIDTA grew 15 percent to Rs 112.88 crore, from Rs 98.14 crore in the year-ago period.

The company handled 4.20 percent more container cargo at 177,382 TEUs in the March quarter of FY 22, as against 170,623 TEUs earlier. For the full fiscal, PAT stood at Rs 224.41 crore as against Rs 94.71 crore in FY21, registering a year-on-on year growth of 136.90 percent.

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“The company has shown strong results in FY 2021-22, and we believe that now as a merged entity we will see further growth as there are still operational synergies and efficiencies to be achieved at multiple levels of business in our operations pan India,” said Prem Kishan Gupta, chairman and managing director of the firm.

“In terms of expansion, we have now embarked upon our earlier mentioned plans to add satellite rail terminals in the northern region which will feed into our existing network of rail terminals that are aligned with the Western Dedicated Freight Corridor (DFC). Our company stands to gain directly from the DFC since we had taken an early position on ICDs that are connected to it,” he added.

“We will increase capex this year. Cash flows of the company – we are adding Rs 20 crore every month. We are very confident that we will be able to service the debt. These are term loans, so these will be paid on due dates and company will expand from its cash flows,” he said.

These ICDs have been handling double stacked containers since 2011, and as each section of the corridor becomes operational, the turnaround time of the company’s trains improves further, he noted. GDL also said its net debt as on March 31, 2022 stood at Rs 298.12 crore, as against Rs 373.87 crore on December 31, 2021.

For full interview, watch the accompanying video

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(With inputs from PTI)

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Most people prefer MCLR-linked home loans over repo rate-linked products, says SBI

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PK Gupta, managing director, State Bank of India, in an interview with CNBC-TV18, said that people opted for MCLR-linked home loans over repo-linked products.

In a bid to ease the transmission of its rate cuts, the RBI has made it mandatory for banks to link retail loans like housing and automobile loans to an external benchmark. The regulation will take effect on October 1, 2019.

The central bank has provided lenders with four options to choose from —RBI’s repo rate, the 3-month Treasury Bill (91 day T-Bill) yield, the 6 month Treasury Bill yield, or any other benchmark market interest rate that is published by Financial Benchmarks India Pvt Ltd (FBIL).

“The bank has already linked the home loan product to the repo rates and our CC/OD was also linked. Particularly on the home loans, the bank was currently offering a choice to the customers between repo-linked rates and MCLR-linked rate but now going by the circular that option may no longer be there and it will be linked to an external benchmark,” said Gupta. “We have noticed that people were opting for MCLR-linked home loans over repo-linked products.”

“The existing loans will continue but loans with the facility to prepay can shift to benchmark-linked products,” he added.

When asked if banks have the space to lower deposit rates, Gupta said, “The whole market will have to do it. Another important change will also have to be on the small savings rates.”

“The whole ecosystem has to dwell on the liability side so that the transmission becomes easier on the asset side for the banks,” he added.

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External benchmark important for transmission to work well, says G Padmanabhan of BoI

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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External benchmark is required for transmission to work reasonably well, said G Padmanabhan, non-executive chairman of Bank of India.

“You need to have an external benchmark which is outside the control of an individual or a set of banks,” he said in an interview with CNBC-TV18.

Banks are in focus as Reserve Bank of India governor Shaktikanta Das on Monday said that the central bank will take steps to formalise linking new loan rates to external benchmarks.

Padmanabhan said the RBI has been grappling with external benchmarking of rates for a long time.

Talking about issues as far as the Indian banking system is concerned, Padmanabhan said, “If I have to price my assets – that pricing will be based on what I am able to source by way of my liabilities. If the liabilities are based on certain norms which are completely different from what I am able to offer on the asset side then I will have my own problems as how I exactly price my assets.”

Speaking about savings deposit, PV Bharathi, MD & CEO of Corporation Bank,  said, “20 percent of our deposits will be above Rs 1 lakh, but cutting the rate – we will have to see as people are very sentimental about the rate of interest.”

“We cannot cut high-value deposit rates and at the same time if we cut CASA, which we are looking forward to, especially in our bank when the CASA level is only around 28-30 percent and we are looking forward to improving it to 30 percent. Therefore, cutting the rate at this point in time for the high value of savings account would be a real challenge for us,” she added.

PK Gupta, MD of State Bank of India, said they have linked deposits and home loan interest rates to repo rate.

“We need a market mechanism for every banker to reduce rates,” he added.

When asked about the impact on deposits, Gupta said, “I do not think we have had too much of an impact but over a longer-term, if we continue to be the only bank, there could be an impact.”

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Former Sebi chief UK Sinha to head RBI’s expert committee on MSMEs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Reserve Bank of India (RBI) on Wednesday set up an expert committee, headed by former Sebi chairman UK Sinha to propose long-term solutions for the economic and financial sustainability of the MSME sector.

The committee will review the current institutional framework in place to support the MSME sector and study the impact of the recent economic reforms on the sector and identify the structural problems affecting its growth.

It will also examine the factors affecting the timely and adequate availability of finance to the sector, and study the global best practices with respect to MSMEs and recommend its adoption in India.

The committee will have Ram Mohan Mishra, additional secretary, Development Commissioner, MSME; Pankaj Jain, joint secretary, Department of Financial Services, Ministry of Finance; PK Gupta, managing director, SBI; Anup Bagchi, executive director, ICICI Bank; Abhiman Das, professor, IIM-Ahmedabad; Sharad Sharma, co-founder, iSPIRT Foundation and Bindu Ananth Chair, Dvara Trust.

The report of the panel will be submitted by the end of June 2019.

Micro, Small and Medium Enterprises (MSMEs) contribute significantly to employment, entrepreneurship and growth in the economy.

Yesterday, the RBI issued norms for restructuring loans defaulted by MSMEs. The RBI permitted a one-time restructuring of existing loans to MSMEs that are in default but ‘standard” as on January 1, 2019, the central bank said in a statement.

To be eligible for the scheme, the aggregate exposure, including non-fund based facilities of banks and NBFCs, to a borrower should not exceed Rs 25 crore as on January 1, 2019. The restructuring has to be implemented by March 31, 2020.

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About 20,000 MSME loan applications approved under ’59 minutes’ scheme: SBI

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PK Gupta, MD of State Bank of India, spoke to CNBC-TV18 about the ’59 minutes loan scheme’ for micro, small and medium enterprises (MSMEs).

Gupta said that 20,000 out of 35,000 applications made on the loan portal are sanctioned.

Talking about the loan rejections, he said, “When we analyzed the reasons for rejection, there are quite a few people who applied on the portal to see how this portal works.”

“The direct sanctioned happened on the portal are about 5,500 and we have sanctioned 2,600 application out of that. There are other applications which are relating to renewals which are getting sanctioned and within next two weeks most of those sanctions will happen,” he added.

Gupta said that, “The portal is meant for existing small and medium enterprise (SME) companies and do not have means to get funds by banks.”

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SBI expects domestic loan growth at 14-15% going forward

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PK Gupta, MD of State Bank of India, spoke to CNBC-TV18 about the lender’s provisioning and growth outlook.

“The fresh slippages are lower so most of the provisioning that we are seeing right now is on account of ageing provisioning,” Gupta said on Friday.

Talking about the business, Gupta said, “Credit growth which was tepid in the last two-three years, somewhere in 5-6 percent range is already in double digit and it is expected to go up even further.”

On the loan growth front, he said, “We see no reason why we cannot operate at a level of 14-15 percent growth going forward.”

Have you signed up for Primo, our daily newsletter? It has all the stories and data on the market, business, economy and tech that you need to know. 

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3 Mins Read

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow