Electoral donations for several companies multiple times their networth and profits

Financial data from FY19 to FY23 shows that several of the largest election donors made donations several times their net worth and cumulative earnings for FY19-23. The amount contributed by Bharti Airtel Services amounted to 736 per cent of the average net worth for FY19 and FY23, while contributions from Madanlal Ltd and MKJ Enterprises amounted to 264 per cent, respectively.

Regarding the accumulated profits of FY19-23, Madanlal Ltd topped the table by donating 1,321 percent of its accumulated profits, MKJ Enterprises contributed 888 percent and Future Gaming contributed 518 percent.

money control

Future gaming and hotel services (not listed)

Founded in 2001, Future Gaming and Hotel Services operates gaming facilities, including casinos, electronic gaming centers and other forms of gaming establishments. It is a subsidiary of the Martin Group of Companies. Santiago Martín, founder and chairman of the Martin Group of Companies, and his companies have faced legal scrutiny and controversies over the years over allegations of irregularities from multiple investigation agencies, including the Central Bureau of Investigation (CBI), the Enforcement Directorate (ED) and Income Tax Department in 2022 and 2023. Future Gaming and Hotel Services reported a PAT of Rs 264 crore, on revenue of Rs 67,581 crore for the period FY2020- fiscal year 2023. The company's net worth is Rs 1,562 crore.

Megha Engineering & Infrastructures Ltd (MEIL) (not listed; has stake in listed entity Olectra)

MEIL is promoted by Pitchi Reddy Pamireddy, Rama Reddy Pamireddy and other Hyderabad-based industrialists. This is a company that is reportedly under the lens of the Comptroller and Auditor General of India (CAG) in the Kaleshwaram Lift Irrigation Scheme (KLIS) scam. The company is executing projects in 20 states and two Union Territories in sectors such as irrigation, drinking water, roads and tunnels, ports, railways and power.

Also read: Electoral Bonds: IT companies Infosys, Cyient and Zensar Technologies mentioned among donors

Beyond irrigation and drinking water, the company has also diversified into transportation, manufacturing, energy and hydrocarbons. The group has also ventured into the mobility sector with companies such as Olectra Greentech, Evey Trans and Megha Gas. The group owns a 50% stake in publicly listed Olectra Greentech.

Along with other investors, MEIL's special purpose vehicle My Home Group also owns Associated Broadcasting Company Private Limited (ABCL), the company that brings together a portfolio of regional news channels under the TV9 brand.

MEIL reported a PAT of Rs 9,187 crore, on revenue of Rs 1,02,209 crore for the period from FY 2020 to FY 2023. The net worth of the company is Rs 22,558 crore.

Vedanta (list)

Vedanta, led by Anil Agarwal, is a multinational natural resources conglomerate whose operations primarily involve iron ore, gold and aluminum.

Vedanta Limited reported revenue of Rs 4,52,508 crore on a PAT of Rs 48,501 crore for the period from FY 2020 to FY 2023. The company's net worth in FY 2023 was 49,427 million of rupees.

In Q3FY24, Vedanta India posted an 18 per cent year-on-year drop in its net profit to Rs 2,013 crore. The company had reported a profit of Rs 2,464 crore in the same quarter of the previous year and a loss of Rs 1,783 crore in the previous fiscal year. Its revenue rose 3.8 percent to Rs 34,968 crore in Q3FY24.

Also Read: Megha Engineering: Electoral Bond Scheme Reveals Infrastructure Giant From Little-Known Entity

Haldia Energy (unlisted)

Haldia Energy Limited is a company of RP-Sanjiv Goenka group and has been involved in the development of a 2 x 300 MW thermal power plant at Haldia, West Bengal to meet the growing power demand in Kolkata and its suburbs. The company started commercial operations in January 2015 and provides power to CESC Limited.

Haldia Energy Limited reported a PAT of Rs 1,275 crore on revenue of Rs 8,593 crore for the period from FY 2020 to FY 2023. The company's net worth is Rs 3,548 crore.

Essel Mining & Industries (unlisted)

Essel Mining is part of the promoter group of the Aditya Birla group. According to the company website, Essel Mining & Industries Limited (EMIL), founded in 1950, is one of the largest iron ore mining companies in India and a producer of noble ferroalloys. In addition to iron ore, Essel Mining has also ventured into renewable energy through wind power. Essel Mining became part of the promoter group of Aditya Birla Capital Ltd (ABCL) in April 2023 by acquiring the entire 2.22% stake held by the promoter entity IGH Holdings Private Limited.

EMIL reported a PAT of Rs 3,610 crore on revenue of Rs 15,237 crore for the period between FY 2020 and FY 2023. The company's net worth is Rs 29,354 crore.

MKJ Enterprises Ltd and Madanlal (unlisted)

MKJ Enterprises sells stainless steel. According to the company website, it was incorporated on November 22, 1982 as Madanlal Agencies Limited. The company name was changed to MKJ Enterprises Limited in January 1990 and was listed on the Calcutta Stock Exchange and the UP Stock Exchange.

Madanlal Limited is a part of MKJ Group and Keventer Group companies. The company is dedicated to the purchase and sale of securities and real estate. Keventer Agro Ltd sells packaged foods and beverages, dairy products and branded bananas under the Keventer and Metro brands. Madanlal Limited is a listed company incorporated in 1983.

MKJ Enterprises reported a PAT of Rs 22 crore on revenue of Rs 425 crore for the period between FY 2020 and FY 2023. The company's net worth was Rs 168 crore. Madanlal Limited reported a PAT of Rs 14 crore, on revenue of Rs 320 crore, for the period from FY 2020 to FY 2023. Its net worth is Rs 31 crore.

Bharti Airtel Services (Not Listed)

This company, a Bharti group company, posted a consolidated net profit of Rs 2,442 crore for the October-December quarter, a growth of 54 per cent over the same quarter of the previous year.

Bharti Airtel reported a PAT of Rs 253 crore on revenue of Rs 3,500 crore for the period between FY 2020 and FY 2023. The company's net worth stood at Rs 60 crore in FY 2023. .

electoral bonds 1803242
money control

Utkal Alumina International (unlisted)

Utkal Alumina International Limited (UAIL), is a 100 per cent subsidiary of Hindalco Industries Limited. It operates an alumina refinery, captive Baphlimali bauxite mines, a captive cogeneration power plant and a solar power plant. UAIL became a 100 percent subsidiary of Hindalco in fiscal 2008.

UAIL reported a PAT of Rs 3,713 crore on revenue of Rs 15,911 crore for the period between FY 2020 and FY 2023. Its net worth stood at Rs 10,782 crore in FY 2023.

Jindal Steel and Power (listing)

Jindal Steel reported a third quarter net profit of Rs 1,928.32 crore in December 2023, up 271.78 percent from Rs 518.67 crore in December 2022. EBITDA stood at 2,877.64 crore in December 2023, up 20.17 percent from Rs 2,394.55 crore in December 2022. OP Jindal Group, the company operates in the steel, power, mining and infrastructure sectors. It has a market capitalization of 772 billion rupees.

Jindal Steel reported a PAT of Rs 14,607 crore on revenue of Rs 168,828 crore for the period between FY 2020 and FY 2023. Its net worth stood at Rs 39,019 crore in FY 2023.

Torrent power (list)

Torrent Power is an integrated electrical company with operations in power generation, transmission, distribution and manufacturing, as well as the supply of electrical cables. In Q3FY24, Torrent Power's net profit fell 47.44 percent year-on-year to Rs 359.83 crore.

Torrent Power reported a PAT of Rs 5,099 crore on revenue of Rs 65,766 crore for the period between FY 2020 and FY 2023. Its net worth stood at Rs 11,487 crore in FY 2023.

IFB Agro Industries (listed)

IFB Agro Industries reported a third-quarter net loss of Rs 5 crore in December 2023, down 155.99 percent from Rs 8.93 crore in December 2022. According to Bloomberg, IFB Agro Industries Ltd manufactures and sells different brands of liquor, and also sells fertilizers and livestock feed. The company also offers project and contract engineering services in the area of ​​chemicals.

IFB Agro Industries Ltd reported a PAT of Rs 176 crore on revenue of Rs 3,946 crore for the period from FY 2020 to FY 2023. Its net worth amounted to Rs 548 crore in FY 2023. Disclaimer Disclaimer: The opinions and investment advice expressed by the investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to consult with certified experts before making any investment decisions.

Leave a Comment

Comments

No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *