Brands
Honda Cars India records Rs 1430 crore profit in FY’23
Mumbai: Honda Cars India has recorded Rs 1430 crore profit after tax and has posted a 521 per cent jump in FY’23. The automobile brand had recorded Rs 230 crore profit after tax in FY’22, having remained in losses since 2020.
Honda Cars India posted a 14 per cent increase in revenues for FY ’23 at Rs 14,439.71 crore, which was fuelled by increased exports and improved volumes in the domestic market. The highest-ever export volume of 22,764 units during the year 2022-23, registered a growth of approximately 17 per cent since last year.
The directors’ report stated that 2022-23 has been a year of consolidation, post-Covid. Although the year started again with supply chain disruption triggered due to geo-political factors, a mix of improved chip supplies, higher incomes and pent-up demand, especially for SUVs supported sales of vehicle manufacturers.
The financial report stated that the passenger vehicle segment posted the highest-ever domestic sales of 3.9 million units, surpassing the previous peak in 2018-19, and an annual growth of 27 per cent. Buying ahead of implementation of new RDE emission norms, and strong demand during the festival season also drove sales of passenger vehicles.
The report further stated that the Amaze’s sales grew by 33 per cent since last financial year and are one of the most preferred family sedans in India. The company had registered annual domestic sales of 91,418 units during FY ’23 recording a growth of seven per cent over 85,609 units sold in the last financial year.
Brands
UK’s OnlyFans seeks US investor at $3bn valuation after owner’s death
The adult video platform is seeking stability after the death of its billionaire owner
LONDON: OnlyFans is looking for a new partner. The London-based adult video platform is in advanced talks to sell a minority stake of less than 20 per cent to Architect Capital, a San Francisco-based investment firm, in a deal that would value the business at more than $3bn (£2.2bn).
The move is driven by an urgent need for stability. Leonid Radvinsky, the Ukrainian-American billionaire who owned OnlyFans, died of cancer last month at the age of 43, leaving the future of one of Britain’s most profitable privately held businesses suddenly uncertain.
The choice of Architect Capital is not arbitrary. The firm has deep expertise in financial services, which aligns neatly with OnlyFans’ ambitions to offer banking products to its creators, many of whom have long struggled to access basic financial services because of the nature of their work.
The numbers behind OnlyFans are, by any measure, staggering. The platform posted revenues of $1.4bn in the year to 30th November 2024, with a pre-tax profit of $684m, up four per cent on the prior year. Payments to creators totalled $7.2bn over the same period, a rise of nearly ten per cent. Radvinsky personally collected $701m in dividends from the business in 2024 alone, on top of more than $1bn in such payments he had already received. The platform, run through its parent company Felix International, hosts 4.6m creator accounts, with performers keeping 80 per cent of subscription proceeds and the platform pocketing the remaining 20 per cent. It has 377m fan accounts in total.
The current minority stake talks represent a notable scaling back of ambitions. In January, OnlyFans was reported to be in discussions with Architect about selling a majority stake of 60 per cent. Before that, the company had explored a sale to a consortium led by Forest Road Company, a Los Angeles-based investment firm. Neither deal materialised.
OnlyFans has built an enormously lucrative business on content that mainstream finance has long refused to touch. Now, with its owner gone and a $3bn valuation on the table, it is looking for the kind of respectable institutional backing that might finally persuade the banks to take its calls.
