Morning Buzz: I-T filings at record high; record passenger car sales in July, and more

Here are the top business headlines, this morning, to get your day started

By Salil Panchal Forbes India Staff

2 min read

Published: Aug 2, 2023 10:05:23 AM IST

Updated: Aug 2, 2023 10:12:14 AM IST

Full Bio

(File photo) Maruti Suzuki's Manesar plant. Image: Pradeep Gaur/Mint via Getty Images

India sees record July passenger vehicle dispatches

Sales of SUVs, led by Maruti Suzuki’s Brezza and Hyundai’s Creta, led to improved demand for passenger cars in the month of July, industry data showed. The numbers make up for a record passenger vehicles sale in July. But, as with previous months’ trends, where demand for entry-level cars continues to be subdued due to inflationary pressures and a lack of disposable income. 3.52 lakh passenger cars were dispatched to showrooms from factories in July, up 3.1 percent over the corresponding period last year.

(Economic Times, Moneycontrol)

Income-tax filings for AY24 at record high

Positive news is emerging for the ruling government in the form of record income tax filings for the financial year 2022-23 (Assessment Year 2023-24) exceeding 67.7 million. This indicates a 16.1 percent rise over the total tax returns filed during the previous AY, according to the revenue department announcement. The government has been aiming to improve tax compliance and widening of the tax net for years.

(Business Standard, Hindu Businessline)

MakeMyTrip Q1 results: Net profit soars to $18.6 million, revenue up 37 percent

Nasdaq-listed travel service provider MakeMyTrip reported strong earnings, with the rise in leisure and business travel resulting in gross bookings hitting a record 31.4 percent for the quarter ended June. Net profit for the company hit a record $18.6 million in the June-ended quarter.

(Moneycontrol, Times of India)

Merged PVR Inox reports consolidated Q1FY24 net loss

PVR INOX reported a consolidated net loss of Rs82 crore for Q1FY24. The company’s revenue from operations stood at Rs1,304.9 crore. These results announced are for the merged entity and hence not comparable with the corresponding period of the previous year. Average ticket price and spend per head on food and beverage increased by 3 percent and 9 percent. During the quarter, the company opened 31 new screens in five cinemas. The quality of content from both small and medium-budget Hindi cinema and larger regional movie releases will drive box-office growth, analysts say.

(Hindu Businessline, Economic Times, Moneycontrol)

Growth in India’s manufacturing activity eases in July

India’s manufacturing activity eased marginally in July for a second month to 57.7 from 57.8 in June. But the pace of expansion—being above the 50 mark—indicates optimism, data showed. Business conditions have now strengthened in each of the past 25 months, but higher inflationary pressures will emerge as a challenge.

(Mint, Reuters India, BQ Prime)