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XX, NO. 4 ELONWHO MISSED BEING ‘NICE’ KOLKATA SUNDAY, SEPTEMBER 17, 2023, 12 Pages, `12 (NE States & Andaman `13) F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , THE 2.38 « 23.6 « 10 14 Q2 FY23 Q1 Q1 FY23 FY24 Q2 FY24 Direct tax collections as of Sept 16, 6, FY24 (` trn) Chg (%, y-o-y) « Direct tax 8.64 23.4 collections^ Corporate 4.16 13 tax Income 4.48 36 tax « « « Some food textures may be all about providing comfort to the palate but chefs are on a never-ending quest to excite diners by adding a layer of complexity and contrast to a dish 1.94 1.17 « Taste in transition 33 « ■ LEISURE, P7 Growth (%, y-o-y) ADVANCE direct tax receipts for the second quarter of the current fiscal from companies, LLPs and individuals rose by a robust 24%onyearto`2.38trillionas perthe data till Saturday,aided by a sharp increase in income tax receipts and a rebound in corporate tax collections. Highercorporate profitabilityinQ2amidaneasingofinput costs led to buoyancy in the quarterlyadvance tax mop-up. The advance tax receipts had grown by 14% on year in Q1FY24andby10%onyearin Q2FY23.Aided by advance tax and taxes deducted at source (TDS/ TCS), direct tax collections (post-refunds) came in at `8.64 trillion at last count, up 23.4% on year. This is much higher than the 9.4% growth projected for the whole fiscal andindicatestheannualtarget may be reached comfortably. How hydrogen is going to power big machines both on the road and off-road to a zero-carbon world K O C H I , 10 Refund 1.22 ^After refund Direct tax receipts so far account for47.4% of the FY24 target of `18.23 trillion. Earlier, a 10% decline in corporate tax collections in April-July period and a similar fall in excise mop-up had raised concerns about the pace of overall tax revenue growth. In April-July,the gross tax revenue (post-refunds mop-up before devolution to states) stood at `8.94 trillion, just 2.8% higher than the corresponding period of last year, and against a little over10.1% growth required to to meet the Budget Estimate. However, speaking with FE in Mumbai earlier this week, economic affairs secretary Ajay Seth had expressed confidence that the annual tax revenue target would be met. Till September 16, direct tax collections comprised corporation tax of `4.16 trillion compared with `3.68 trillion till September 17 of FY23, an annual increase of 13%. The turnaround in corporate tax receipts indicates that corporate profitability in Q2FY24 remained positive with raw material prices continuing the downward trajectory.The lowerbase from ayear ago will also support profit growth in the Q2FY24, CareEdgesaidinanoterecently. Continued on Page 2 K O L K A T A , L U C K N O W , M U M B A I , N E W D E L H I , FPI equity AUC ● Tata or Reliance, value retail proving to be irresistible KUNAL DOLEY New Delhi, September 16 INABID tocompetewithZudio, Yousta recentlyopened its first store in Hyderabad’s Sarath City Mall. Both Yousta and Zudio are tapping into the growing trend of affordable fashion and lifestyle products. But ask any consumer about theirownership,andnot many would be able to answer that their parent companies are Reliance Retail and Tata Group,respectively. Zudiowaslaunchedin2016 but it has been making waves onlyin the past couple ofyears, thanks to its aggressive expansionanduniquepricingmodel. The brand is cashing in on a space called value retail,which reflectsthechangingconsumer landscape in the country.With more consumers —especially youthandthoseintierIIandIII cities—looking for affordable yetstylishoptions,thedemand forvalue retail is on the rise. At the FY23 annual general meeting,Trent (theTata Group company that operates Zudio) said it would open 200 Zudio MASS APPEAL $280 bn Expected size of value retail market in India by 2025, as per Technopak 80% Market share of unorganised players in value retail in India, as per NielsenIQ stores in FY24, much higher than analyst estimates. In FY 23, it opened 117 stores, taking the store count to 352, including store in stores. The average price of Zudio’s products is `500. Similarly, most consumers would be aware of Pantaloons, but they may not know that Aditya Birla Fashion and Retail (ABFRL), the company that retails the fashion brand,runs another chain of fashion stores —StyleUp. Brands tapping into value retail ■ Zudio (Trent, Tata Group) ■ Yousta (Reliance Retail) ■ StyleUp (Aditya Birla Fashion and Retail) ■ InTune (Shoppers Stop) ■ Max Fashion (Landmark Group) Average prices of items `500-`1,000 StyleUp typically operates large-format stores, sized between 6,000 sq ft and 8,000 sq ft, selling western and ethnic apparel and accessories in the price range of `500-`600. Let’s look at some figures to support the growing trend. According to a report by Technopak, the value retail market in India is expected to grow at a CAGR of 15% to reach $280 billion by 2025. Continued on Page 2 FPI buyers ($ bn) 563.1 534.7 542.3 571.1 590.2 626.3 647.4 644.5 March-August 2023, $ bn Financial services Capital goods Automobile and auto components Power Jan Aug 2023 1.48 5.68 ($ bn) Fast moving consumer goods March-August 2023, $ bn Information -1.30 technology Oil, gas & -0.21 consumable fuels Media, publication -0.13 & entertainment Metals & mining Jan 2023 5.91 3.21 2.84 2.46 1.19 FPI sellers FPI net equity investment 5.34 5.74 Assets under custody of foreign portfolio investors (FPIs) surged 20% in six months, rising from $535 billion in February to about $645 billion at the end of August. FPIs pumped in a net $20.6 billion in these six months.While they were net sellers in the first two months of the calendar year, they were net buyers from March toAugust. Financials remain the favoured bet for FPIs, with close to $6 billion in net investment during the period, followed by capital goods. However, the IT sector continues to see the exit of foreign investors. Compiled by Siddhant Mishra & Kishor Kadam Aug Textiles -0.11 -0.05 Source: NSDL In Yashobhoomi, India gets one of world’s largest MICE centres today MUKESH JAGOTA New Delhi, September 16 WEEKS AFTER THE grand ‘Bharat Mandapam’ debuted as the venue for G20, Prime Minister Narendra Modi is all set to unveil anotherimposing conference and exhibition centre—Yashobhoomi—in the national capital on Sunday. The India International ConventionandExpoCentreat Dwarka Phase 1 has been built at a cost of `5,400 crore. Along with the exhibition centre, the PM will also inaugurate the extension of the Delhi Airport Metro Express line from Dwarka Sector 21 to a new metro station—Yashobhoomi Dwarka Sector 25. The exhibition centre is spread over a land area of 221 acres amid the business district of Gurugram and Delhi International Airport, while the land size of Bharat Mandapam is 123 acres. The first Ph-I cost Area (acres) `5,400 cr 221 Convention centre can host 11,000 Exhibition halls 5 The India International Convention and Expo Centre in New Delhi will be inaugurated by PM Narendra Modi phase of Bharat Mandapam had cost `2,700 crore. The project area of phase 1 is 8,97,000 sq m, with a total built-up area of 1,80,000 lakh sq m. Built-up area includes exhibition area, convention PTI centres and arena. Area covered by the convention centre is 73,195 sq m. In the first phase,two exhibition halls with covered area of 1,07,000 sq m will also be inaugurated. In total, the con- P U N E Budget-conscious the new buzzword in retail Assets under custody of FPIs surge 20% -3.52 -0.65 0.97 1.42 Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi Mital urged stakeholders for suggestions that can be incorporated to help reduce delays, reports PTI in Mumbai. ■ PAGE 3 CENTRE’S (` trn) « Fuelling the future ADVANCE TAX COLLECTION 1.03 PRASANTA SAHU New Delhi, September 16 ■ SPOTLIGHT, P5 IBBI open to innovative suggestions H Y D E R A B A D , Q2 advance tax receipts jump 24% ● Overall direct tax revenues up 23% on year till Sept 16 Ola Cabs has restarted its bike taxi services in Bengaluru, after suspending them amid legal ambiguity around the use of non-electric bikes for commercial taxi purposes. The company will be using its Ola Electric S1 scooters, reports Anees Hussain in Bengaluru. ■ PAGE 3 READ TO LEAD FY24 BUDGET ESTIMATES SEEM WITHIN REACH WHAT'S INSIDE IN THE NEWS Ola restarts bike taxis in Bengaluru, goes all electric C H E N N A I , « P U B L I S H E D FINANCIAL EXPRESS ON SUNDAY Making sense of a billionaire through delightful anecdotes & behind-the-scenes reportage Page 4 vention and expo centre will have five exhibition halls. The remaining three will come up in the second phase. The convention centre has the space to host over 11,000 participants and will be one of the largest covered spaces created in India. The facility will also have an auditoriumwith a seatingcapacityof 6,000 anda ballroom with a capacity of 2,500.The first phasewill have 13 other conference rooms withthecapacityrangingfrom 68 to 822 people. Apart from its proximity to the business district of Gurugram and Delhi International Airport, a dedicated access to Delhi Airport Express Metro Line has been provided which ispartofthephase1cost.From the road it will have access from Dwarka expressway and connectivity to the upcoming Delhi-Mumbai expressway. Continued on Page 2 Kolkata