Kochi: Hero Electric, India’s No.1 electric two-wheeler company, announces its association with Axis Bank, India’s third largest private sector bank to offer easy and hassle-free retail financing solutions for its entire product portfolio. The customer can opt for two-wheeler financing across Hero Electric’s wide network of over 750 dealers.
Through this partnership, Hero Electric customers can now avail numerous value-added financial benefits with minimal documentation, offering them an enhanced, hassle-free and seamless buying experience. As a financial partner, Axis Bank will additionally offer customized loan amounts and flexible tenure for both customers and dealers.
Mr. Sohinder Gill, CEO, Hero Electric, said, “Over the last few months, we have seen an uptick in the demand for EVs. At Hero, we are dedicated towards transforming mobility and elevating the EV two-wheeler ownership experience for our customers through our various endeavors. Further simplifying two-wheeler ownership, we are expanding personalized funding options, thus facilitating convenient purchase decisions. With the growing demand, we aim to take EVs to non-tier 1 cities and rural pockets to electrify Indian roads. This collaboration will drive forward our journey to strengthen green mobility across key markets.”
Speaking on the collaboration, Mr. Sumit Bali, Group Executive, Head - Retail Lending & Payments, Axis Bank, said, “We are delighted to partner with Hero Electric and offer best-in-class financial solutions to its customers and dealers. Our strong retail banking network across India will make the overall experience convenient and seamless for customers. This partnership reinforces our commitment towards supporting the Electric Vehicle industry in India. We believe that E-mobility will gain further prominence and play a significant role in sustaining ecological balance in India and globally.’’
With an increasing need to decarbonize the transport sector and make it more sustainable for the economy and environment, the customer focus is now shifting to electric mobility options. To deliver the best experience to its customers, Hero Electric furthers its green ambitions via multiple banks and NBFC partnerships to make EV purchases affordable.
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WESTLIFE DEVELOPMENT LIMITED - |
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|
Summarised Consolidated Statement of Profit & Loss for the Quarter ended December 31, 2021 - (Including IND AS 116 adjustments) |
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|
(₹ in millions) |
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|
Particulars |
For the Quarter ended December 31, 2021 |
For the Quarter ended December 31, 2020 |
Growth |
|
Amount |
Amount |
% |
|
|
REVENUES |
|||
|
Sales by company owned restaurants |
4,735.5 |
3,239.2 |
46.2% |
|
Other Operating Income – Restaurants |
31.8 |
10.5 |
202.4% |
|
Restaurant Operating Revenues (A) |
4,767.3 |
3,249.7 |
46.7% |
|
Net Gain on fair value changes in value of Investments |
1.0 |
0.8 |
19.0% |
|
TOTAL REVENUES (A) + (B) |
4,768.3 |
3,250.6 |
46.7% |
|
Operating Costs and Expenses |
|||
|
Restaurant Operating Cost and Expenses |
|||
|
Food & Paper |
1,603.4 |
1,114.8 |
43.8% |
|
Payroll and Employee Benefits |
398.5 |
333.5 |
19.5% |
|
Royalty |
216.4 |
149.1 |
45.1% |
|
Occupancy and Other Operating Expenses |
1,474.1 |
982.2 |
50.1% |
|
TOTAL RESTAURANT OPERATING COSTS AND EXPENSES |
3,692.4 |
2,579.6 |
43.1% |
|
Restaurant Operating Margin |
1,075.9 |
671.0 |
60.3% |
|
Other trading operating cost and expenses |
- |
- |
|
|
General & Administrative expenses |
241.4 |
170.4 |
41.6% |
|
Total Operating costs and expenses |
3,933.8 |
2,750.0 |
43.0% |
|
Operating EBIDTA |
834.5 |
500.6 |
66.7% |
|
Other (income)/expenses, (net) |
(42.3) |
(81.7) |
(48.3%) |
|
Assets written off for closure / rebuild of restaurants |
40.6 |
63.0 |
(35.6%) |
|
EBIDTA |
836.2 |
519.3 |
61.0% |
|
Net Financial Expense (Interest & Bank Charges) |
210.1 |
209.6 |
0.2% |
|
Depreciation |
347.5 |
350.1 |
(0.7%) |
|
Profit before Tax and Exceptional items |
278.6 |
(40.4) |
789.8% |
|
Exceptional Items |
- |
(41.9) |
100.0% |
|
Profit before Tax |
278.6 |
1.5 |
18731.2% |
|
Deferred Tax |
70.4 |
0.4 |
18824.3% |
|
Income tax |
- |
- |
|
|
Profit after Tax |
208.2 |
1.1 |
18699.9% |
|
Other Comprehensive Income |
|||
|
(a) Items that will not be reclassified to Profit or Loss |
6.5 |
1.0 |
568.3% |
|
(b) Income tax on items that will not be reclassified to Profit or Loss |
(1.6) |
(0.2) |
566.7% |
|
Other Comprehensive Income (A+B) |
4.8 |
0.7 |
568.8% |
|
Total Comprehensive Income for the period |
203.4 |
0.4 |
52996.0% |
|
Cash Profit / (Loss) |
620.2 |
345.8 |
79.3% |
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