Icici bank has revised the spend criteria for several coral and similar cards to 35k spend per quarter to be eligible for 1 lounge visit in next. The coral card is an entry level card and mostly free for all salary account holders. This is effective April 1 2024

Found this today – shocking → https://x.com/Jayraj29681352/status/1751826468576047298?s=20

Has anyone successfully migrated out of Zerodha?

Could you provide more insights from your conversation coz if avg lounge cost per person is around Rs1000, I do not see card companies giving it as freebie, as to recoup this amount on transaction pf lets say 60,000 and MDR around 1.5%, plus lounge facility is a small portion of the benefits offered to CCs, also with very few customers revolving credit card balance interest income will reduce and then banks have to focus on their overall product costs and devalue their cards.
If we look at SBI cards I think in its concall its income has dropped due to lesser revolvers, so product managers will have to cut costs.

Was interested by the numbers so went through the filings and annual report. Found some points which were a bit intriguing/strange. If anyone has any counter-points on the same; would be extremely helpful since the order book is growing at a rapid pace and it seems like a structurally growing business:

1. FY22 Gross block on which company did 150 cr and presentation claims utilization of ~15-20% was 10 cr. So on a 10 cr gross block, company can do 750 cr sales? And make double digit margin on the same? Seems too good to be true. What am i missing?
2. CFO salary was only 3 lakhs. Seems too low for a company that does 100 cr+ of sales
3. Hard to find any employees on LinkedIn/company page on LinkedIn.
4. Some of the costs for eg. manufacturing cost of only ~15 lakh for a 100 cr+ revenue company seems too low.
5. Value of RPTs with sister company Yamuna is quite high. Anyone have any insights on the corporate structure and the reason behind these being 2 separate entities?