Saturday, May 21, 2022

Prataap Snacks Limited (Reports Robust Performance In FY22 Revenue Grows 19% On A YoY Basis


Prataap Snacks Ltd. (PSL), (BSE- 540724), (NSE- DIAMONDYD) a leading Indian snacks food company has announced its financial results for the quarter and full year ended 31st March 2022:

In Q4 FY22, PSL reported:

o   Revenue of Rs. 3,614.6 million, registering growth of 17% yoy

o   Operating EBITDA of Rs. 49.4 million, translating to a margin of 1.4%

o   PAT stood at Rs. (29.5) million

o   EPS (Diluted) stood at Rs. (1.26) per share

In FY22, PSL reported:

o   Revenue of Rs. 13,966.2 million, registering growth of 19% yoy

o   Operating EBITDA of Rs. 583.1 million, translating to a margin of 4.2%

o   PAT* stood at Rs. 169.1 million with margins at 1.2%

o   EPS* (Diluted) stood at Rs. 7.21 per share

o   The Board of Directors have recommended a dividend of Rs. 0.50 per share (face value of Rs. 5.00 per share)

* Excluding exceptional item due to loss by fire at Kolkata plant

Commenting on the Q4 & FY22 performance, Mr. Amit Kumat – MD, Prataap Snacks Limited said.

“We have delivered a robust performance in a challenging macro environment. Revenues during the quarter grew by 17%, significantly outgrowing the industry. This was led by an uptick in consumption and expansion in distribution network. The growth in volumes is sustainable as existing retail touchpoints are witnessing normalcy in demand even as we have added new retail outlets in our network.

During the quarter, a sharp rise in prices of palm oil and other commodities was witnessed across the landscape. We were able to partially mitigate the impact by our ongoing cost optimization initiatives, gradual implementation of the direct distribution model, grammage rationalization and higher price realisation. The initial benefit from these initiatives has accrued during the year and we anticipate further benefit in the quarters to come. Further, we have implemented our direct distribution model in all regions ahead of schedule. This, along with other structural changes, positions us towards an elevated margin profile, once the unusual rise in input prices normalizes.

Over the past few quarters, despite unfavourable market conditions and inflationary pressures, we continued undertaking initiatives to enhance our business model and transform our distribution network. The enhanced retail touchpoints have enabled higher sales volume growth and increased topline. We will look to build on this momentum through further expansion in the distribution network. With Covid restrictions being lifted and normalised activity across new and existing retail touchpoints, we are confident of accelerated growth going ahead.”

About Prataap Snacks Ltd

Prataap Snacks Limited (PSL) is a leading Indian Snacks Food Company. It offers multiple variants of products across categories of Potato Chips, Extruded Snacks, Namkeen (traditional Indian snacks) under the popular and vibrant Yellow Diamond and Avadh brands. It has recently launched a range of sweet snacks under the distinctive Rich Feast brand. PSL is focused on offering deep value to consumers through a variety of pack sizes at attractive price points. Its products are present across 27 states and 4 union territories in India, and it is one of the fastest growing companies in the organized snacks industry.

Headquartered in Indore, India; PSL operates 13 manufacturing facilities of which 6 facilities (Indore 1&2, Assam 1&2, Bengaluru and Rajkot) are owned and 7 facilities (Kolkata, Bengaluru (2), Kanpur, Karnal, Patna and Hissar) are on contract manufacturing basis. Its distribution network includes more than 1,500 super distributor and more than 3,700 sub-distributors allowing it extensive reach across the country. PSL has a wide presence that is equally spread in metro cities and urban clusters as well as in rural areas and Tier 2 and 3 cities and towns. Its products are available at independent grocers and small retail stores in the lanes and bylanes of its key markets and it is now building up its presence in supermarkets, hypermarkets and modern trade outlets.

Led by an able and experienced leadership and guided by an accomplished Board of Directors, PSL is a socially responsible corporate citizen with a strong focus on Corporate Governance and Internal controls. PSL is listed on the Bombay Stock Exchange (BSE:540724) and National Stock Exchange (NSE:DIAMONDYD) in India.

Dr. Shashi Tharoor Advises Canadian International School Students To Craft Bright Future At Graduation Ceremony


Canadian International School (CIS), Bangalore, celebrated the graduation ceremony of the class of 2022 and the achievements of its 66 graduating students in the presence of eminent guest speaker, Member of Parliament, Dr. Shashi Tharoor, who encouraged the graduates to follow their passions and take a career path even if it was different from the norm. The eloquent speaker inspired graduates to plan for their future and persevere beyond adversity to realize their dreams.

The event reflected academic excellence and hope for the future. The students of the 25th graduating Class were accepted to over 280 colleges and universities around the world and have been awarded over nearly 3 million USD in merit scholarships. Students were beaming with pride as they were congratulated by all who graced the occasion. Parents were also present to encourage their children and witness the grand event. The school presented various awards to the talented students in recognition of their consistent and exceptional academic achievement. Students also shared their experiences and paid tributes to their mentors.

Addressing the students, Dr. Shashi Tharoor, Member of Parliament, said: “You have the opportunity to effect change in the world and in India.  Together, we must all move toward a world where everyone has their basic needs met like food, shelter, and education.  You will have to face the complex challenges of the real world and there are no ready made templates for your answers.  I urge you to rely on your education and the wisdom of your teachers and parents.  I am hopeful that you will all play a critical role in the growth and advancement of others.  There will be roadblocks so remember your strengths and never be afraid of failure.  Experiment and you will succeed.  There is no truly successful person in this world who has not faced setbacks.  You are the masters in command of your own destiny and no one can be better at being you, than you.  Finally, be proud of what you have accomplished, and be optimistic about what you are about to achieve.”

Vishnu, Valedictorian of the graduating class of 2022, said: “I hope our dreams of being pioneers in our communities will continue to be nurtured, and pray we can keep the spark of hope continually in our hearts. The school has taught us how to be good citizens and given us a grip on knowledge that is far-reaching and that will enable us to overcome challenges we may face ahead. I thank all my mentors and the school for transforming me into a person with vision.”

“As CIS is a culturally rich mosaic, being in an international environment with teachers and friends from so many different cultures has taught me more life lessons and gave me more experiences than any book would have. Our performance and grades apart, we have been transformed into global citizens who have the opportunity to impact the world. Thanks to the immense support from all sections of the School, I am now confident to step into the future. I am going to miss the school and all the memories that I have created here,” said graduating student Nayonika.

Addressing the students, Shweta Sastri, Managing Director, Canadian International School, Bangalore, said: “It is important for students now to chart out their future and take strides to carry on the good work they have achieved at the school. The graduating moment is one of the most memorable and critical in a student’s life and it is our responsibility to build a solid foundation of learning for students to take on challenges as they move into the future. We are proud that our students have received admissions in the most prestigious colleges and universities. We wish them the very best in crafting a fulfilling life.”

Friday, May 20, 2022

Altimetrik Signs MoU With VIT To Deliver Master of Computer Applications (MCA) Course For 200 Students


* Allocates $1.25Million for FY2022-23 to train and employ students

* MoU signed to offer Online MCA program for Graduate Trainees

* Online classes to be held by VIT professors at Altimetrik offices

* All students to get on-the-job training; high performers to get onsite opportunities

Altimetrik a U.S.-based, digital business enablement company today announced that it has signed a MOU with Vellore Institute of Technology (VIT), Chennai to extend UGC & AICTE recognized Online Master of Computer Application (MCA) course to its Graduate Trainees at Altimetrik offices.

The MoU was inked by Mr. Raj Sundaresan, CEO, Altimetrik, and Dr. G Viswanathan, Founder-Chancellor of Vellore Institute of Technology at the Altimetrik office in Ascendas International Tech Park, in Chennai.

Speaking on the occasion, Mr. Raj Sundaresan, CEO of Altimetrik said, “VIT is one of the most reputed institutes in India providing quality higher education on par with international standards. We are very excited at this opportunity to nurture Indian talent and prepare them for the world of Digital Business. This association for Altimetrik’s LevelUp Program will bolster Industry - Academia link and will prove to be beneficial for both the institutions in terms of research and practical knowledge.

Dr. G Viswanathan, Founder-Chancellor of VIT, Vellore said, ”our country is growing very fast and any country’s economic advancement depends on its educational advancement. It is always necessary that the academia, industry and business should go together. I appreciate Altimetrik for its efforts to upgrade the qualification of talent and I am glad that we are also part of it. I am so happy to sign the MoU today that is going to be beneficial for VIT as well as Altimetrik.”

Deserving students who meet the eligibility criteria set forth in the program will be absorbed as Trainees in Altimetrik and will be sponsored to receive online training from VIT professors at Altimetrik premises. Trainees will get a stipend as well as have an opportunity to work on real time projects and thus gain experience. The first batch is expected to start in August 2022 at Chennai and Bengaluru offices while the second batch will begin in February 2023 at Pune and Hyderabad offices.

The program will comprise 4 semesters with a total of 80 Credits (52 Core Course Credits and 28 Elective Course Credits). The first semester will entail students attending the course and shadowing projects within Altimetrik. In the second semester the students will be assigned to billable projects. In the third year, they will be absorbed into the company at a particular role.

Talking about the strategic partnership, Mr. Ranga Kanapathy, Head of India Technology Center and APAC Business of Altimetrik, said, “LevelUp program is one of our focused programs to build the talent in India. It is Altimetrik’s objective to leverage the technical expertise of institutions such as VIT and be a strategic partner in programs that combine theory with practical experience. This approach of integrating industry training into technical pedagogy will create a strong foundation of future talent that will deepen our Practitioner-led-Engineering differentiation. This model is led by practitioners who understand the real-world business issues and collaborate with engineering team/s to customize digital solutions. The students, by undertaking this immersive program, will learn to build digital solutions that solve real-world business problems.”

The program will focus on skilling and training candidates in:

•                     Design-Led Engineering thinking: to acquire Design-Led Engineering mindset

•                     Advanced Technologies: to learn Advanced Technologies and apply them in mission critical applications

•                     Research & Innovation: to build Proof of Concepts and Minimum Viable Products

•                     Platforms & Solutions: to build Platforms and Solutions for specific functional areas.

Elaborating on the budgetary allocation, Mr. Kanapathy said, “we plan to allocate $1.25 Million approximately in FY 2022-23 to this program to benefit 200 students. From 2023-24 onwards we intend to increase it to $2.75 Million to benefit nearly 400 students. The budget will be utilized towards candidates’ stipend, course fees, administrative and incidental costs. The stipend will be increased over the years based on the candidate’s performance after appraisal.”

About Altimetrik

Altimetrik is a digital business enablement company. We deliver bite-size outcomes as organizations scale digitalization to accelerate revenue growth without disrupting ongoing business operations. With an end-to-end perspective, our practitioners and agile engineering teams create solutions that drive transformation and achieve business goals. In addition, our digital point solutions and products provide clients with the tools to fuel business growth and profitability. With offices across the globe and over 5500 energized practitioners, Altimetrik partners with Fortune 500 and mid-size companies alike to enhance their agility, empowerment, and success.

OnMobile Reports Fourth Quarter And Full Year Fiscal 2022 Results


* Challenges Arena: Revenue doubling every quarter and 26 cumulative customer agreements by March’22  

OnMobile Global Limited (“OnMobile”), the global leader in mobile entertainment, today announced the financial results for the fourth quarter and full year of FY22 ended March 31, 2022.

Highlights:

·       Challenges Arena: Revenue has been doubling every quarter; achieved a mark of over INR 3.5 crore monthly revenue in March’22

·       Challenges Arena: 26 cumulative customer agreements by March’22, up 24% QoQ

·       Challenges Arena: Now live with 16 Operators cumulative in Q4 FY’22 as compared to 8 in Q3 FY’22, reflecting a growth of 100% QoQ

·       Challenges Arena: 4.4 Mn cumulative gross additions of subscribers by March 2022

·       Challenges Arena: Net active base doubled every quarter in FY22 – Q4FY22 net active base increased to 1.33 Mn from 0.14 Mn in Q1FY22

·       ONMO: Launched B2C Cash battles in India

·       ONMO: Launched in Chingari beta and will ramp up to the entire user base soon

·       Chingari investments: valuation doubled as compared to  the initial investment

·       FY’22 revenue stood at INR 544.3 crore, a de-growth of 5.5% YoY primarily impacted by Euro depreciation and customer-driven policies in Spain, which have since been mitigated

·       Marketing cost grew by 50.9% YoY to INR 39.8 crore for FY’22 on account of investments in new launches resulting in lower EBITDA

·       EBITDA at INR 45.9 crore with a margin of 8.8% for FY’22

Commenting on FY22 results, Sanjay Baweja, CEO & MD, OnMobile, said, “We are happy with the year’s overall performance and the quarter gone by. We are on a transformational journey as we pivot our focus to mobile gaming. We have launched ONMO our social esports mobile gaming platform. Challenges Arena, our mobile quiz gaming app launched earlier, has shown huge growth during the year. We will continue to see significant demand for eSports and social gaming. Our vision is to build cutting-edge mobile gaming products while simultaneously working on digitizing our core B2B businesses.”

Asheesh Chatterjee, Global Group CFO, said, “We are pleased to report another quarter of consistent growth in our new endeavours while maintaining margins. Our revenue stood at INR 544 crores for FY22. Cost optimization efforts continued and we managed to sustain EBITDA margin at 8.8% for FY’22”

About OnMobile

 OnMobile [NSE India: ONMOBILE] [BSE Ltd: 532944], is a global leader in mobile entertainment. Headquartered in Bangalore, India and with a presence in many countries across the world, it is focused on building cutting-edge Mobile Gaming products while also offering a wide array of products such as Videos, Tones, & Contests. Based on current deployments, OnMobile has over 80 million monthly users across the globe.

Two Bengaluru Youth Vinod Kartavya And Anushya Kadiyala Bag “Champions of Change”- Young Achiever Awards 2021-22


 * Special Jury Award presented to Sikandar Meera Nayak from Gadag

Rotary Club of Bangalore Cantonment and Koncept Ambience, a leading real estate developer in Bengaluru, announced the winners of the “Champions of Change”- Young Achiever Awards 2021-22 at Hotel Chancery Pavillion in Bangalore. This year’s awards and the ceremony were sponsored by Koncept Ambience.

This year 169 applications were received from the youth of Karnataka in the age group of 25 to 40 years for their commendable work done in Karnataka. An eminent jury comprising of Mr. H N Shrinivas, former HR Group Head of the India Hotels and an advisor to Tata Trust,  Ms. Priya Menon, Chief Counsel & Legal Head of 3M , India and Ms. Kavita Chaturvedi, the COO of ITC Foods shortlisted the candidates and made the final selection.

Mr. Vinod Kartavya who excelled in community service by removing nails from trees, aiding transgenders, teaching children, and forming citizen groups to catalyze social action was the winner in the Male category. He was presented with a cheque of Rs 1 lakh along with a trophy and a citation by Mr Avinash Agarwal, Director and Mr Srinivasan S, Executive Director of Koncept Ambience.

Dr Anushya Kadiyala, a medical doctor working for the Government, who helps poor patients through awareness sessions, treatments and tackling heritage diseases beyond the call of her duty was the winner in the Female category. She was awarded the trophy, citation and a cheque of Rs 1 lakh by the Chief Guest, Dr Kavery Nambisan.

 A Special Jury Award was also presented to Mr. Sikandar Meera Nayak for the work done in the rural areas through rainwater harvesting and borewell recharging, touching the lives of many farmers in the drought-prone districts of the State. He was given a cheque of Rs 50,000 by Dr Hemant Kalyan, Chief of Orthopedics at Manipal Hospitals along with a citation from Rotary.

Dr. Kavery Nambisan in her Chief Guest’s address spoke of the need to revolutionize medical treatment in India through low-cost innovations so badly needed for the treatment of the poor and the need to look at alternate cures and materials to the expensive present-day protocols in many of the hospitals. She was effusive in her praise for those who come forward to serve society and create meaningful changes in the lives of our citizens.

About Rotary Club of Bangalore Cantonment:

Rotary Club of Bangalore Cantonment is part of the International Rotary Foundation and family. It was founded in 1984 in the Cantonment area of Bangalore and in the over 30 years of its existence been in the forefront of social, community and environmental projects in and around Karnataka serving and uplifting the downtrodden and marginalised sections of our society. It has also done outstanding work in climate change, deforestation, tribal welfare, vocational training, medical aid as well as in artificial limbs etc. Rotary Cantonment has received high accolades and many awards both at the national as well as at the international level.  

About Koncept Ambience:

In 38 years, Koncept Ambience has set a new paradigm in eco-conscious luxury living. With invigorated design and architecture, and spaces crafted around nature. Koncept Ambience has been creating a whole world of wellness and luxury living, since 1984.

7-Eleven Launches Its Global Solution Tech Center In Bengaluru


* Convenience store chain’s first tech center outside the US will focus on product development, IT services, information security

7-Eleven, Inc., the global convenience store chain, has launched the 7-Eleven Global Solution Center (GSC) in Bengaluru. This is the company’s first such center outside the U.S. The center will play a key role in 7-Eleven’s strategy by developing products that support business activities at the stores.

The GSC will accelerate digital strategy and expand internal IT capabilities in the areas of information security, networking and data science. The GSC's mission is to be a trusted resource for 7-Eleven, providing capability and dedicated expertise to deliver high-quality, innovative services.

Access to the right talent makes Bengaluru a strategic location for 7-Eleven to elevate digital innovations. Currently, the GSC has more than 150 employees and expects to double in the next year with growth across functions like IT, information security, finance and accounting roles.

Jennifer Goschke, Vice President and Country Leader, 7-Eleven Global Solution Center, said: “The GSC in Bengaluru is an important resource for our Dallas-based core technology team. Our India and U.S. offices complement each other and support innovation to enhance our services. Bengaluru was a natural choice for us, as it is India’s technology talent hub. Our aim is to deliver a seamless experience for our stakeholders and 7-Eleven customers while providing exciting career opportunities to emerging technology talent in the country.”

While the GSC will only service 7-Eleven®stores in the U.S., the first 7-Eleven store in India recently opened in October 2021 in Mumbai. 7-Eleven stores in India were opened by 7-India Convenience Retail Limited, a wholly owned subsidiary of Reliance Retail Ventures Limited and a master franchisee of 7-Eleven International LLC.

About 7-Eleven, Inc.

7-Eleven, Inc. is the premier name in the convenience-retailing industry. Based in Irving, Texas, 7-Eleven operates, franchises and/or licenses more than 13,000 stores in the U.S. and Canada. In addition to 7-Eleven stores, 7-Eleven, Inc. operates and franchises Speedway®, Stripes®, Laredo Taco Company® and Raise the Roost® Chicken and Biscuits locations. Known for its iconic brands such as Slurpee®, Big Bite® and Big Gulp®, 7-Eleven has expanded into high-quality sandwiches, salads, side dishes, cut fruit and protein boxes, as well as pizza, chicken wings and mini beef tacos. 7-Eleven offers customers industry-leading private brand products under the 7-Select™ brand including healthy options, decadent treats and everyday favorites at an outstanding value. Customers can earn and redeem points on various items in stores nationwide through its 7Rewards® loyalty program with more than 50 million members, place an order in the 7NOW® delivery app in over 2,000 cities, or rely on 7-Eleven for bill payment service, self-service lockers and other convenient services. Find out more online at www.7-Eleven.com.

About 7?Eleven International LLC

With offices in Dallas, Texas and Tokyo, Japan, 7–Eleven International LLC master franchises and/or licenses more than 41,000 stores in 14 countries and regions: Australia, Cambodia, China, India, Malaysia, Philippines, Singapore, South Korea, China (Taiwan), Thailand, Viet Nam, Denmark, Norway and Sweden. The iconic brand also operates corporate and/or franchise stores in the US, Canada, Mexico and Japan and will celebrate its 100th anniversary in 2027. Globally, the 7?Eleven trademark is represented in over 77,000 stores.

Indian Future Agriculture Leaders Program For Agri-Entrepreneurship Will Hold Its FALI 8 Convention On June 4- 5, 2022


The Future Agriculture Leaders of India Program will hold its FALI 8 Convention on June 4 and 5, 2022 on Jain Hills in Jalgaon.  In its eighth year, FALI has established itself as a unique, high impact program that makes agriculture attractive for the next generation by providing interactive learning, field visits, business plan contests, and exposure to cutting edge agriculture and agribusiness.  This last academic year, FALI provided its program to over 11, 000 eight and nine standard students in 135 government aided rural schools in Maharashtra and Gujarat.  The number of FALI alums totals 25,000, most pursuing higher education in science and agriculture and positioned to be future leaders of Indian agriculture. 

The Board of Directors met today and agreed on the expansion plans for FALI.  Over the next ten years, FALI is expected to increase the number of students and schools by 25% a year in Maharashtra and Gujarat, adding Madhya Pradesh, Karnataka and Andhra Pradesh.  At this rate, FALI would have backed the creation of over 250,000 future leaders of Indian agriculture.  The Directors also agreed on programs for FALI alums, internships, scholarships and seed funding for FALI alumni ventures. 

The Directors of FALI also reviewed the plans for the FALI 8 Convention to be held on June 1-2 and June 4-5 on Jain Hills in Jalgaon.  

Over its first eight years, FALI has received strong support from several leading agribusinesses of India: Godrej Agrovet, Jain Irrigation, UPL, Bayer and StarAgri.  At the FALI Convention on June 4 to 5, senior managers of these companies will participate along with leaders of about ten other agribusinesses and banks interested in supporting FALI 9 and beyond.  These companies see that the results of FALI has shifted attitudes of students and their parents, who before saw subsistence farming as an unattractive career for their children.  FALI students have taken home modern agriculture practices and with FALI, parents see modern, sustainable agriculture and agro-enterprise as a promising path for their children.

Commenting on the Board’s decision to expand the initiative’s reach, Nadir B Godrej, Chairman, Godrej Agrovet Limited, and Chair of the Association for FALI, said, “Despite registering impressive growth by the sector, agriculture in India is losing its sheen with the next generation. We need to overcome economic, social, and psychological barriers jointly. FALI’s efforts have steered over 11,000 students towards modern and sustainable agriculture in the last eight years. Today, as the Chair of the Association for FALI, I am delighted to announce our plans to expand the footprint of this innovative programme to three more states of India. It aligns with our commitment to promote sustainable agriculture and agro-entrepreneurship among the next generation.”

Rajju Shroff, Chair of UPL says:  Many FALI alums will lead the charge in modernizing Indian agriculture. Several FALI alumni have built small agri-enterprises in fruits and vegetables greenhouses, in small commercial livestock operations and in building small pieces of equipment geared to improve small farmer productivity. And these FALI alums have built their businesses while pursuing higher education.

Anil Jain, Vice Chair and CEO of Jain Irrigation says:  In FALI, students learn about the techniques of modern farming.  They also learn how to run an agri-business whether that business is a farm or a greenhouse with fruits and vegetables or a company making agricultural implements. They learn about costing and pricing. They learn about value chains from the farm through processing and packaging to the consumer’s table. They learn how to create something new and better for your village and for India. And FALI is not finished in the ninth standard.  FALI now is starting programs for alumni pursuing higher education in science and agriculture, internships, scholarships and seed funding for FALI ventures. 

FALI’s strong team, comprising agriculture educators and MSc/BSc graduates, introduces students in eight and nine standards to modern, sustainable agriculture and agro-enterprises using interactive methods and practical exposure. 

FALI has received positive evaluations from students and their parents. Many FALI students have improved their family farms, introduced higher value crops with irrigation, better livestock breeds, and accepted best practices such as soil and milk testing.

In evaluations of FALI, about 90% of FALI students judge that they have become better equipped to succeed in farming and agro-enterprise after completing the programme. Over 90% of FALI students plan to pursue higher education, and about 30% of FALI alums are working in agriculture as they pursue higher studies. Nearly 800 alums have begun their own profitable agro-enterprises.

Partners of FALI support the programme with internships, scholarships and seed funding of ventures, making FALI a life-long experience for many. 

At the FALI 8 Convention held in two parts on June 1 and 2 and on June 4 and 5, 2022 in Jain Hills in Jalgaon, over 800 of the top FALI students will participate in business plan and technology innovation contests which will be judged by senior managers of companies which do or plan to support FALI. 

Six or seven outstanding FALI alums who are pursuing their studies while building profitable agribusinesses or running impactful rural development programs will be participating in the FALI 8 Convention along with about 40 company and bank leaders who do or plan to support FALI 9 and beyond.

The Agriculture Educators, top MSc and BSc Agriculture graduates, who provide the interactive learning and exposure to best practice to FALI students will be participating in the Convention. 

FALI students will engage with progressive farmers who have moved from subsistence farming to commercial success through use of technology and sound business practices.

A video on FALI can be accessed at https://youtu.be/4IbrCqYfOHw. More detailed materials are available, including success stories on FALI alumni.

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