Business
Industry Applauds Budget 2025
The budget introduces a range of initiatives aimed at supporting various demographics, including the poor (Garib), youth, farmers (Annadata), and women (Nari), benefiting both the common man and the wider industry.
The Institute of Chartered Accountants of India (ICAI) welcomed the Union Budget, stating that it prioritizes ease of doing business, boosts domestic manufacturing, and positions India as a more competitive force in global trade, thereby enhancing economic resilience and growth.
ICAI President Ranjeet Kumar Agarwal remarked, “Our pre-budget suggestions regarding the finance bill 2025, including the gradual phase-out of the alternative tax regime, rationalization of TDS and TCS regulations, exemptions for withdrawals from NSS, and taxation of business trusts, have been acknowledged.” He also commended the decision to deem the annual value of self-occupied properties as nil for two homes instead of just one.
The PHD Chamber of Commerce and Industry (PHDCCI) praised the budget as a transformative initiative towards achieving the vision of ‘Viksit Bharat,’ with a strong emphasis on the middle class, MSMEs, private investments, and job creation.
Hemant Jain, President of PHDCCI, stated, “The emphasis on the middle class and MSMEs is set to bolster consumption and production, invigorate private investments, and generate job opportunities.” He further noted that key focus areas—such as taxation, power, urban development, mining, the financial sector, and regulatory reforms—will significantly contribute to growth, infrastructure enhancement, and sustainable development across multiple sectors.
The Confederation of Indian Industry (CII) highlighted the budget’s potential in fostering economic activity and employment, particularly within agriculture, MSMEs, and export-oriented industries.
CII President Sanjiv Puri commented, “The budget outlines clear investments in critical growth areas, including human capital development, urban infrastructure, and future-oriented technologies.” He lauded the government’s pledge towards climate transition, particularly regarding nuclear energy, innovation, and facilitating ease of doing business. Puri also acknowledged the importance of collaboration with states for sectoral initiatives and incentivization for reforms, asserting that this budget lays the groundwork for future reforms at the state level.
Joyshree Das Verma, National President of FICCI FLO, appreciated the government’s commitment to empowering marginalized communities, especially women. She highlighted the initiative to provide term loans for 500,000 women from SC/ST communities, which represents a significant step towards financial inclusion and entrepreneurship support. Verma also recognized the Saksham Anganwadi and Poshan 2.0 programs for their contributions to improving nutrition for vulnerable children, mothers, and adolescent girls.
Business
Adani Group Achieves EBITDA of ₹89,806 Crore Boosted by Growth in Core Infrastructure Sectors
EBITDA saw an increase of 8.2% compared to the ₹82,976 crore reported by the group’s listed companies in FY24, according to Adani’s statement.
Notably, Adani’s core infrastructure businesses accounted for 82% of total EBITDA. Within the utility segment, Adani Green Energy enhanced its operational capacity by 30% year-on-year, while Adani Power experienced a 20% boost in electricity generation.
The conglomerate reached a capital expenditure peak of ₹1.26 trillion and plans to invest $100 billion over the next six years. “These investments will underscore the group’s commitment to developing long-term infrastructure assets, including renewable energy projects, transmission networks, ports, and a new copper smelter facility,” the company stated.
Jugeshinder ‘Robbie’ Singh, CFO of Adani Group, remarked, “A significant highlight of FY25 is our continued industry-leading Return on Assets of 16.5%, one of the highest in the global infrastructure sector. This demonstrates our strong asset base and the execution capabilities of the Adani portfolio in delivering high-quality assets across various subsectors.”
He also noted, “We have implemented various governance and ESG initiatives, including a Tax Transparency report released by all portfolio companies, alongside other measures taken over recent years, resulting in industry-leading ESG scores as recognized by international rating agencies.”
Adani’s net debt-to-EBITDA ratio improved to 2.6x, down from 3.8x in FY19. The group maintains healthy liquidity, with a reported cash balance of ₹53,843 crore ($6.3 billion), equating to approximately 18.5% of gross debt.
The RBI’s May 2025 monthly bulletin noted, “The decline in FY25 indicates a mature market where foreign investors can easily enter and exit, positively reflecting on the Indian economy.”
Despite the drop in net FDI, gross FDI showed resilience, growing 13.7% year-over-year to reach $81 billion in FY25, compared to $71.3 billion in FY24 and $71.4 billion in FY23, as per RBI data.
The report highlighted India’s emerging role as a “connector country,” positioned to be a vital intermediary in sectors like technology, digital services, and pharmaceuticals. “Amid global trade reconfigurations and shifts in industrial policy, India is increasingly set to play a significant role,” it stated.
“Looking ahead, despite the formidable challenges on the horizon, India is well-prepared to navigate ongoing global headwinds, ready to seize emerging opportunities and strengthen its position as a key driver of global growth,” the report concluded. It also mentioned ongoing trade tensions, increased policy uncertainty, and subdued consumer sentiment as persistent challenges to global growth.
However, in the January–March quarter (Q4 FY25), IndiGo saw a remarkable 61.89% year-on-year increase in consolidated net profit, reaching ₹3,067.5 crore, up from ₹1,894.8 crore in Q4 FY24. Excluding foreign exchange effects, net profit grew by 44.7% to ₹2,981.1 crore compared to ₹2,060 crore in the same quarter last year.
In Q4, revenue from operations climbed by 24.3% to ₹22,151.9 crore, compared to ₹17,825.3 crore in the previous year. The airline’s EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent) surged by 57.5% to ₹6,948.2 crore during this period, with an EBITDAR margin improving to 31.4% from 24.8% in the same quarter last year.
IndiGo also experienced a 21% increase in capacity and a 19.6% rise in passenger numbers, serving 3.19 crore travelers. The load factor inched up to 87.4%, compared to 86.3% in Q4 FY24.
CEO Pieter Elbers commented on the airline’s performance, stating it was a “healthy financial result” for both the fourth quarter and the full year, driven by record passenger volumes, operational efficiencies, and the dedicated efforts of IndiGo’s employees. However, he acknowledged challenges, particularly the impact of Pakistan’s airspace closure and the shutdown of 32 airports in May, affecting around 170 daily flights, 11 of which were operated by IndiGo.
While April started on a positive note, Elbers noted that May might be weaker, but there are expectations of traffic recovery beginning in June. He also announced a recommended dividend of ₹10 per share for IndiGo’s shareholders. Furthermore, a prominent international credit rating agency has assigned IndiGo an investment-grade rating, reflecting its robust balance sheet and consistent performance.
Looking forward, the airline intends to maintain its focus on cost leadership and expand its international operations, including launching services in Europe.
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