Flipkart grew strong, PhonePe 150% in March quarter: Walmart
Flipkart continued its strong growth in the March quarter while PhonePe grew more than 150 per cent, Walmart said in its quarterly update. However, considering the surge in Covid cases and localised restrictions in India, Walmart refrained from giving a fresh guidance on its sales for the second half of the year.
"In India, for the first quarter, Flipkart and PhonePe continued to experience strong growth, as annualised total payment value run rate at PhonePe grew by more than 150 per cent versus last year. At Flipkart, monthly active customers and users are key metrics, and we're performing well," C. Douglas McMillon, president, chief executive officer and director of Walmart in the company's earnings call.
"Our recent announcement of our intent to acquire Cleartrip, a leading online travel company, underscores our commitment to transform the customer experience through digital commerce. Our growing base of customers means we need to continue to add new capabilities, including areas such as logistics and data storage. The recently announced partnership with Adani Group will help us do just that," he added.
Walmart's international operating income was strong, up more than 21 per cent in the quarter as better sales mix and fewer markdowns in certain markets benefited margins in addition to continued focus on expenses. In a constant currency, international sales growth was strong, increasing more than 5 per cent with
India was among the few countries that hich performed well in terms of trade in the March quarter against the lockdown hit corresponding quarter of 2020. India improved its export performance while bringing down export volatility, found a UN body.
"China, India, and South Africa have fared relatively better than other major economies during Q1 2021," Unctad said in its global trade update.
When compared to lockdown hit March quarter of 2020, India's merchandise exports grew 26 per cent and imports 45 per cent. Services exports grew 2 per cent and imports 14 per cent. Against the same strength in India, Canada and China.
However, it acknowledged that certain international markets, including India, are negatively affected by a surge in Covid cases and hence the company was not issuing fresh guidance for the second half of the year.
"Certain international markets continue to be negatively affected by the resurgence in Covid cases and related government restrictions and operations, particularly in India and Canada. Given continued uncertainty, we're maintaining our original guidance for the back half of the year, and we'll update you as we gain clarity on key external variables related to the health crisis and their potential impact on our business and the global economy," said McMillon.
Walmart also said it will support India in its fight against Covid. "As it relates to Covid-19, the past several weeks have been more challenging in some countries. India, Canada, Chile and South Africa are priorities at the moment,” it said. quarter of 2019, merchandise exports grew 7 per cent and imports 10 per cent. In case of services, exports declined 3 per cent while imports grew 2 per cent.
In Unctad’s last global trade update, India's imports had declined during all the months between January and September 2020, except February. Exports had grown only in February and September.
India improved both in terms of export performance and volatility in the December quarter compared to the June quarter of last year.
New Delhi, May 19: Tata Consultancy Services CEO and MD Rajesh Gopinathan took home a pay package of about Rs 20.36 crore in 2020-21, according to the company's annual report.
In 2019-20, Gopinathan had received a total remuneration of Rs 13.3 crore.
According to TCS' annual report for 2020-21, Gopinathan received Rs 1.27 crore in salary, Rs 2.09 crore in benefits, perquisites and allow-ances, and Rs 17 crore in commission.
TCS chief operating officer N, Ganapathy Subramaniam drew a pay package of about Rs 16.1 crore in the last financial year. This includes Rs 1.21 crore in salary, Rs 1.88 crore in benefits, perquisites and allowances, and Rs 13 crore in commission.
The increase in the managerial remuneration for the year was 55.22 per cent, the report said.
"Increase in the managerial remuneration for FY2021 is not comparable with FY2020 owing to decrease in remuneration of 15 per cent in FY2020 in view of the economic conditions impacted by the Covid-19 pandemic wherein the directors had decided to moderate the executive remuneration for FY2020 to express solidarity and conserve resources," it added.
The average annual increase in salaries was 5.2 per cent in India. However, during the course of the year, the total increase is approximately 6.4 per cent, after accounting for promotions and other eventbased compensation revisions. Employees outside India received a wage increase varying from 2 to 6 per cent, the report said.