Garware Technical Fibres Net Profit After Tax Increased By 17% In Q2 FY23

Galware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, today announced its unaudited financial results for the quarter and half year ended Sep 30, 2022.

Consolidated: Q2 FY23 Highlights:

·         Net Sales increased by 26.3% to Rs. 355.9 Cr in Q2FY23 as compared to Rs. 281.8 Cr in Q2 FY22 https://mail.google.com/mail/u/0/#inbox/FMfcgzGqRGWSJLBrqmTvqGsKCxTWcGzm 

·         Profit before tax increased by 15.5% to Rs. 61.0 Cr in Q2FY23 as compared to Rs. 52.8 Cr in the same period last year

·         Net profit after tax has increased by 16.8% to Rs. 47.7 Cr in Q2 FY2'3 as against Rs. 40.8 Cr in the corresponding period of FY22.

·         EPS for Q2 FY23 is at Rs. 23.17 this is a growth of 16.8% over Q2 FY22

Consolidated: HI FY23 Highlights:

·         Net Sales increased by 25.8% to Rs. 660.4 Cr in H1FY23 as compared to Rs. 524.9 Cr in H1FY22 https://mail.google.com/mail/u/0/#inbox/FMfcgzGqRGWSJLBrqmTvqGsKCxTWcGzm 

·         Profit before tax increased by 4.2% to Rs. 98.2 Cr in H1FY23 as compared to Rs. 94.1 Cr in the same period last year

·         Net profit after tax has increased by 4.3% to Rs. 75.9 Cr in H1 FY23 as against Rs. 72.8 Cr in the corresponding period of FY22.

·         EPS for H1 FY23 is at Rs. 36.84 this is a growth of 4.3% over H1 FY22

Management Comments:

In a statement, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, "We were able to deliver a good operational performance in Q2FY23. With easing of the export supply chain challenges, revenue grew by 26% and operating EBITDA grew by 22% as compared to Q2FY22.

We were also able to get margins back to close to normal levels in Q2. PBT rose to 17.1% of sales in Q2 FY23 from 12.2% in Q1 FY23. This was despite higher inventory costs carried forwarded from the previous quarter as well as continued higher cost of export freights in Q2 FY23. The easing of raw material costs as well as freight rates from the last quarter's levels should be a positive in the second half of the year. "

About Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.): (BSE: 509557 L NSE: GARFIBRES)

Garware Technical Fibres Ltd. (formerly Garware-Wall Ropes Ltd.), an ISO 14001:2015 and ISO 9001:2015 certified company is a leading player in Technical Textiles specializing in providing customized solutions to its customers worldwide. Globally, the company is known for its applied innovation in the field of sports, fisheries, aquaculture, shipping, agriculture, coated fabrics and geo-synthetics. The company's products are manufactured in state-of-art facilities at Wai and Pune and marketed in more than 75 countries.

For more information, visit http:/,/m&tw.garwarefibres.com

Boeing Accelerates MRO Localization Ecosystem With Indian Partners

 ·       Continues to expand the Boeing India Repair Development and Sustainment (BIRDS) network

·       The company has added two new suppliers every month in the last year including for MRO as well as Make in India capabilities

Boeing [NYSE: BA] announced a significant expansion of its partnerships within the Indian MRO ecosystem over the last year, having concluded considerable work agreements and deliveries with diverse indigenous partners across the public as well as private sectors, including with AI Engineering Services Ltd., Horizon Aerospace, and Air Works Group. The localization of Maintenance, Repair and Overhaul (MRO) to support Indian customers promptly and efficiently, remains a top priority for the company.

In 2021, Boeing launched the Boeing India Repair Development and Sustainment (BIRDS) program in its effort to help develop India into a regional MRO hub, enabling engineering, maintenance, skilling, repair and sustainment services of defence and commercial aircraft right here in India, for India. Under the initiative, Boeing has strategically collaborated with:

·       Air Works, to recently complete Phase 32 heavy maintenance checks of six P-8I maritime patrol aircraft for the Indian Navy

·       AI Engineering Services Limited (AIESL), for MRO of the Boeing 777 VIP aircraft operated by the Indian Air Force, and the P-8I aircraft fleet operated by the Indian Navy. Additionally, the company is exploring collaboration in repair and overhaul of landing gear and other commercial common 737NG equipment fitted on the P-8I fleet

·       Horizon Aerospace, for MRO of the three key Boeing defence platforms in India, the P-8I operated by the Indian Navy (IN), and VIP 737 transport fleet operated by the Indian Air Force (IAF)

“Over a seven-decade presence in India, Boeing knows that a strong local aerospace and defence ecosystem is an imperative for the business as much as it is for the success and mission-readiness of its customers. We have continued to invest in building indigenous MRO capabilities over the years, and with the BIRDS hub launched in 2021, are building a network of Indian suppliers that can support engineering, maintenance, skilling, repair and sustainment services of defence and commercial aircraft comprehensively and competitively. An important aspect of the BIRDS hub is training programs that are helping develop sub-tier suppliers and medium, small and micro enterprises (MSMEs) to build high-quality MRO capabilities in India,” said Salil Gupte, president, Boeing India.

Boeing believes that the maturation and development of India’s local MRO ecosystem is a key imperative for success in the Indian market, and to enable faster turnaround times, and higher operability and mission-readiness critical for its Indian customers. The efforts and initiatives being undertaken by Boeing in India are aimed at building capability and capacity of indigenous organizations to gain prominence on a global scale.

“Our planned strategic collaboration with indigenous companies under the BIRDS hub program enables us to provide significant value-add to our customers locally by enabling faster turnaround, exceptional operational capability and mission readiness for the Indian armed forces. This also marks as an important step as part of our commitment to the Government of India’s Aatmanirbhar Bharat vision of making India a regional MRO hub” said Surendra Ahuja, managing director, Boeing Defence India.

Over the last one year, Boeing has continued to add two suppliers every month. Its network today includes over 300 supplier partners that are an integral part of its global supply base. Over a quarter of this number are Micro, Small and Medium Enterprises (MSMEs). These Indian companies are manufacturing and exporting systems and components for some of Boeing’s most advanced products from India to the world. Boeing’s investments with these partners span skilling, research & technology, and manufacturing. Its programs have skilled more than 3,700 frontline aerospace manufacturing workers and aircraft maintenance engineers.

About Boeing in India

Boeing’s advanced aircraft and services play an important role in the mission-readiness for the Indian Air Force and Indian Navy. Boeing has strengthened its supply chain with more than 300 local companies in India and a joint venture to manufacture fuselages for Apache helicopters. Annual sourcing from India stands at $1 billion. Boeing currently employs close to 4,000 people in India, and more than 7,000 people work with its supply chain partners. Boeing serves communities and citizenship programs to inspire change and make an impact on more than 500,000 lives in India.  For more information, visit www.boeing.co.in.

Sify Reports Consolidated Financial Results For Q2 FY 2022-23

* Revenues of INR 7938 Million. EBITDA of INR 1509 Million.

HIGHLIGHTS

Revenue was INR 7938 Million, an increase of 14% over the same quarter last year.

EBITDA was INR 1509 Million, an increase of 2% over the same quarter last year.

Profit before tax was INR 220 Million, a decrease of 52% over the same quarter last year.

Profit after tax was INR 112 Million, a decrease of 69% over the same quarter last year.

CAPEX during the quarter was INR 2234 Million.

MANAGEMENT COMMENTARY

Mr. Raju Vegesna, Chairman, said, “India has displayed remarkable insulation against the global recession sentiments. This is due to the country’s strong fiscal fundamentals and its attractiveness as a safe investment geography. The Government has ensured that the economic agenda stays the course and digital ambitions begin to deliver the intended social welfare gains.

The influx of MNCs is bringing both opportunities and technologies to our shores. Domestic Enterprises and Start-ups are banking on this positive sentiment to accelerate their Digital transformation journey. The future is full of promises and possibilities”. 

Mr. Kamal Nath, CEO, said, “Indian Enterprises have fast-tracked their digital initiatives based on their success navigating the pandemic and are now operationalizing pandemic-era innovations. Enterprise priorities are building businesses-aligned digital models, enhancing end user experience, deploying resilient business continuity models and mitigating security risks.

Our Data Center and Cloud services, Digital and Network services are all important building blocks to enable customers’ business priorities, and we expect each of the businesses to grow with the related investments”.

Mr. M P Vijay Kumar, CFO, said, “We are leveraging demand to aggressively build capacity across our Data Centers. Investment into Network and tools will be in accordance with this demand, without losing sight of fiscal discipline. 

With increase in capacity utilization, we should see our digital services find demand and further contribute to the revenue mix.

Cash balance at the end of the quarter was INR 2775 Million”.

BUSINESS HIGHLIGHTS 

The Revenue split between the businesses for the quarter was Data Center colocation services 32%, Digital services 25% and Network services 43%.

During the quarter, Sify has invested USD 772,000 in start-ups in the Silicon Valley area as part of our Corporate Venture Capital initiative. To date, the cumulative investments stand at USD 4.21 Millions.

Sify commissioned incremental capacity of 5MW at the Hyderabad data center in the quarter.

As on September 30, 2022, Sify provides services via 834 fiber nodes and 1880 wireless base stations across the country, a 10% and 2% increase respectively over the same quarter last year.

The network connectivity services has now deployed 5600 SDWAN service points across the country.

CUSTOMER ENGAGEMENTS

Among the most prominent new contracts during the quarter were the following:

Data Center Services

International players who signed up for Data Center space include a social media network, a credit rating agency and a cloud security company.

Migration from the competition to Sify DC included a nationalized bank and the government’s rural development authority.

The country’s premier hotel chain, a mobile engagement platform, a supply chain major and a regional broadband service provider contracted to migrate from their on-premise DC to Sify DC.

Digital services

Industry majors from Insurance, IT, Healthcare, retail and NBFC contracted to migrate from on-premise DC to our Cloud platform.

A cloud-based payroll processing player and a NBFC contracted for Greenfield cloud projects.

An Indian conglomerate signed up to build a Campus network and managed services.

A large Public Sector bank, a state government body, a private insurance major and a domestic agrochemical manufacturer renewed their managed services contract.

A national insurance information body, a private insurance player and an NBFC signed up for DC and Infra managed services.

Two state governments, a couple of insurance majors, a pan-India retail player, a software start-up and the cyber wing of a state government contracted for services such as DRaaS, PaaS and IaaS.

A large private bank contracted to expand their Data Center.

A State cooperative bank contracted for security infrastructure and managed services.

Network Services

An international Cloud security company, a global technology company and two Private banks contracted to have their networks built.

A large Public insurance company, an edutech unicorn and the housing division of a Public sector insurance player contracted for managed and secure SDWAN service.

One of the largest Private banks contracted for Cloud connectivity network.

A subsidiary of the Central bank responsible for payment infrastructure contracted to expand their WiFi footprint across their location.

A global consulting major and a cooperative bank contracted for collaboration services.

The business rolled out trials of its fully automated self-service portal, allowing customers to provision network-on-demand for more than 200 locations.

Sify received the gateway license for Kolkata, making it the third international gateway.

IndusInd Bank To Raise USD 150 Mn Loan From DFC To Support Women Entrepreneurs

·         To fund women in rural communities in the Indian states of Jharkhand, Uttar Pradesh, and Bihar

IndusInd Bank today announced that it has executed a commitment letter with the United States International Development Finance Corporation (DFC) for a loan worth USD 150 Mn. The Bank plans to use the proceeds of this loan to expand the Bank’s microfinance lending for the women borrowers in rural communities of Jharkhand, Uttar Pradesh, and Bihar.

Under this program, IndusInd Bank aims at boosting access to finance for women borrowers, as well as uplifting the livelihoods of these women and their families. This project advances DFC and the Bank’s commitment in economically empowering women customers.

Mr. Sumant Kathpalia, Managing Director and Chief Executive Officer of IndusInd Bank, said, “At IndusInd Bank, we are committed to the cause of fostering financial inclusion and making credit available in large swathes of unbanked and underbanked India. This program aligns with the Bank’s philosophy and focus to inculcate gender inclusion and empower the women entrepreneurs. This also marks a significant milestone for the Bank and shows the continued trust of the global investors in the Bank’s focus on sustainable growth.” 

IndusInd Bank, a leading private bank headquartered in Mumbai, India had acquired Bharat Financial Inclusion (BFIL) in 2019 embarking on its transformational journey in the microfinance business. These customers are an important segment of the Indian economy, but are often constrained by lack of access to capital. This DFC loan will support IndusInd Bank in increasing its reach and enhance lending to women in the targeted states.

About IndusInd Bank: 

IndusInd Bank Limited commenced its operations in 1994 catering to the needs of consumer and corporate customers. Since its inception, the Bank has redefined the banking experience for its customers including various government entities, PSUs and large corporations. As on September 30, 2022, IndusInd Bank has a customer base of approx. 33 million, with 2320 Branches/Banking Outlets and 2807 ATMs spread across geographical locations of the country and covering 1,33,000 villages. The Bank has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology that supports multi-channel delivery capabilities. It enjoys clearing bank status for both major stock exchanges BSE and NSE and settlement bank status for NCDEX. It is an also an empanelled banker for MCX. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.  

RATINGS  

Domestic Ratings:    

CRISIL AA + for Infrastructure Bonds program/Tier 2 Bonds  

CRISIL AA for Additional Tier 1 Bonds program  

CRISIL A1+ for certificate of deposit program / short term FD program   

IND AA+ for Senior bonds program/Tier 2 Bonds by India Ratings and Research  

IND AA for Additional Tier 1 Bonds program by India Ratings and Research  

IND A1+ for Short Term Debt Instruments by India Ratings and Research 

International Ratings:     

Ba1 for Senior Unsecured MTN programme by Moody’s Investors Service  

Poonawalla Fincorp Q2FY23 PAT Jumps 71% YoY To Rs 163 Crores

* AUM Up By 22% YoY To Rs 18,560 Crores; NNPA Down By 118 Bps YoY To 0.83%

The Board of Directors of Poonawalla Fincorp Limited, a non-deposit taking systemically important NBFC focusing on consumer and MSME finance, today announced its unaudited financial results for the quarter ended Sep 30, 2022.

Key Highlights - Q2FY23 (Consolidated):

•      Assets under management (AUM) at Rs 18,560 Crores, up by 22% YoY and 5% QoQ.

•      Disbursements grew to Rs 3,721 Crores, up by 44% YoY and 8% QoQ.

•      Highest ever PAT at Rs 163 Cr up 70.8% YoY and 15.8% QoQ.

•      Highest ever RoA at 3.6% up by 102 bps YoY and 24 bps QoQ.

•      NII at Rs 446 Crores up by 33% YoY and 12% QoQ.

•      NIM at 9.8% an improvement of 77 bps YoY and 35 bps QoQ.

•      Gross NPA at 1.52% down by 259 bps YoY and 67 bps QoQ while Net NPA at 0.83% down by 118 bps YoY and 13 bps QoQ despite alignment with revised NPA definition as per RBI circular. These are the best asset quality numbers in last 38 quarters.

•      The DDP (Direct Digital Program) mix increased to 47% in Q2 from 34% in Q1 and 17.5% in Q4FY22.

•       CARE upgraded the long-term rating to ‘AAA/Stable’.

•      Liquidity buffer stood at Rs 4,812 Crores as of 30th Sep 2022.

•      Standalone Capital Adequacy Ratio stood at 44.9% as of 30th Sep’22.

•      Given the strong ALM management, and diversification of liabilities, the impact of recent interest rate hikes on cost of borrowing will be gradual.

Commenting on Poonawalla Fincorp’s performance, CA Abhay Bhutada, Managing Director, said “Q2 has been an excellent quarter with differentiated strategy and execution excellence leading to all round performance across business growth, improved credit quality and profitability. It was a quarter marked by highest ever organic disbursement, customer acquisition, lowest GNPA & NNPA in 38 quarters, and highest ever PAT & RoA. This sets the momentum for an even exciting second half and beyond.”

About Poonawalla Fincorp

Poonawalla Fincorp Limited (Formerly, Magma Fincorp Limited) (“the Company”) is a Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company (ND-SI-NBFC), registered with the Reserve Bank of India (RBI). The Company started operations nearly three decades back and is listed on the BSE Limited (BSE) and the National Stock Exchange in India (NSE). Consequent to the capital raise of Rs 3,456 Crores in May-2021, the Company is now part of the Cyrus Poonawalla Group with majority stake owned by Rising Sun Holdings Private Limited, a company owned and controlled by Mr. Adar Poonawalla.

The Company’s new identity “P” stands for Passion, Principles, Purpose, People and Possibilities. The Company has a widespread coverage with 231 branches across 21 States. The Company along with its subsidiary has AUM of ?18,560 Crores and employs more than 4,000 people. The Company’s financial services offerings include pre-owned car finance, personal loans, loan to professionals, business loans, SME LAP, supply chain finance, medical equipment, consumer loans and affordable home loans.

Fun88’s Latest Advertising Campaign Showcases Darren Sammy In Three Interesting Avatars

Fast growing sports platform Fun88 continues to stay invested in growing its presence in the Indian market. In a bid to attract new users and become the go-to destination for all things sport, Fun88 continues to ride high on partnerships, sponsorships, advertising and brand campaigns.

Taking a step forward and strengthening its existing partnership with Darren Sammy, India’s favorite sports platform now launches its latest brand campaign with the central messaging of ‘Battles are meant to be fought on digital playgrounds and not on ground’. Fun88 had roped in Darren Sammy as its brand ambassador in July 2021.

Spread across three brand films, Fun88’s campaign showcases Darren in three distinct avatars where he is seen breaking up fights and urging people to fight it out on Fun88’s digital playground. Contrary to his regular jersey look, Darren is seen wearing a mukut or a crown in one film, while he dons an actors’ look in another. The third film is placed in the setting of the highly popular sport of rooster fighting.

Speaking on dialing-up Fun88’s marketing initiatives, Fun88 Spokesperson said, “India is a very important market for us where consumers live cricket and sports in general. Keeping this insight in mind, our campaigns are designed to establish a direct connect with our existing and potential users. All three brand films are interesting, unique and relatable. With Darren Sammy as the face we are certain that we will further Fun88’s brand position in the region.”

Fun88’s campaign will go live across digital including social media, VOD and OTT platforms.

Instagram: https://www.instagram.com/reel/CjpjyNJDciW/?utm_source=ig_web_copy_link

Facebook: https://fb.watch/g7CDVAtZVb/

IDBI Bank Introduces Festive Offer On Fixed Deposits Across India

IDBI Bank has introduced a Festive Offer on its “Amrit Mahotsav” deposits. The Bank has announced a peak rate of 6.90% for a special bucket of 555 days as a limited period offer. The Bank has also increased its interest rate offers on Term Deposits with effect from October 21, 2022 across various maturity buckets. The interest rate on 1 year deposit has been raised up to 6.75%, whereas the two year bucket is now offered with a peak rate of 6.85%.

Coforge: Reports Robust In-Line Operating Performance In Q2, 2022

HOLD

CMP: Rs3858  |  Target Price: Rs3550

For Q2FY23, Coforge’s operating performance was broadly in line with our estimates; however, lower ETR led to beat on the profit front. BFS grew in double digits sequentially in constant currency (CC) terms for the second quarter in a row, reflecting strong deal momentum and resilient demand. Management remains watchful of evolving macro situations and is cautiously optimistic on the growth outlook. Management expects usual furloughs in Q3FY23. The company has retained at least 20% CC YoY revenue growth guidance for FY23, considering healthy deal intake, NTM order book (USD802mn, 16.6% YoY), and a strong deal pipeline. Management has also retained its adjusted EBITDAM (ex-ESOP and acquisition costs) guidance of 18.5-19% for FY23. Management is confident that it will attain ~USD1bn revenue run-rate in FY23 and has its eyes set on achieving USD2bn revenue run-rate in the next five years. We have raised our EPS estimates by 3.6-4.3% over FY23E-25E, factoring in Q2 performance. We retain Hold with a TP of Rs3,550 (Rs3,400 earlier), at 21x Sep-24E EPS, considering limited upside risks and the overhang of further stake sale by Baring.

Result summary: For Q2FY23, Coforge reported revenue growth of 3.3% QoQ (6.2% CC) to USD247.1mn, in line with our estimate of USD247mn. Adjusted EBITDAM (excl. ESOP costs and acquisition-related expenses) expanded by 190bps QoQ to 18.4% due to currency movement (+10bps), lower SG&A (+20bps), and continued offshoring expansion, utilisation uptick, increased contribution from higher-margin businesses, and employee pyramid optimization (+160bps). EBITM increased by 190bps QoQ to 14.4%, 20bps above our estimate of 14.2%. Net profit was up ~34% QoQ to Rs2.01bn, above our expectations of Rs1.84bn, due to lower ETR and non-controlling interests. Revenue growth was led by BFS, which registered QoQ CC growth of 14%, Insurance (5.5% growth), and Travel (4.9% growth), while Others (incl. manufacturing, retail, healthcare, Hi-tech, and public sector sub-verticals) declined by 0.9%. Among geographies, growth was led by EMEA (12.9% CC QoQ) and Americas (4.5%). RoW reported a 7.3% QoQ drop in CC, largely due to weakness in India. Order bookings were robust, with total fresh order intake of USD304mn (Americas: USD141mn, EMEA: USD134mn, and RoW: USD29mn), having two large deals with over USD30mn TCV signed in Q2FY23. The top-5 clients grew by 4.4% QoQ and the top-10 clients grew by 4.2% in USD terms. What we liked: Steady revenue performance, margin trajectory, healthy deal intake, and executable order book. What we did not like: Weak cash conversion (~17% OCF/EBITDA in H1).

Earnings call KTAs: 1) Despite macro uncertainties, BFS and travel continue to show robust demand. 2) EMEA business is centered around select banking and travel clients. 3) The company added 249 employees in Q2. Headcount addition remains strong in the IT segment (464 in Q2), while headcount decline continued in BPS for the third quarter in a row. 4) Utilization (including trainee) inched up by 110bps QoQ to 77.3%. 5) LTM attrition moderated to 16.4% vs. 18% in Q1. 6) Offshoring mix improved to 49.8% in Q2FY23 from 36% in Q2FY21, which is a structural and sustainable improvement and augurs well for margins. 7) Revenue growth-led operating leverage, continued increase in offshoring mix, utilization uptick, and deployment of freshers remain key margin levers. 8) It added 11 new logos during the quarter. 9) Capex stood at USD5mn for Q2. 10) Weak cash conversion in H1, but management expects it to recover in H2. OCF/EBITDA is expected to remain at 65-70%. 11) The Board recommended an interim dividend of Rs13/share. 12) Given the adverse market conditions, Coforge delayed its ADR listing but remains committed to it.

Persistent Systems Ltd: Strong Operating Performance, Despite Top-Client Weakness

BUY

CMP: Rs3707  |  Target Price: Rs3950

PSYS reported better-than-expected operating performance in Q2. Revenue growth was broad-based across Software, Hi-tech & Emerging industries (8.3% QoQ; ex-top client 18.3%), BFSI (3.0%), and Healthcare & Life Sciences (4.7%). Management highlighted that client-focus has shifted towards cost optimization projects, given the prevailing uncertain macro conditions; this augurs well for large-deal opportunities. The company has not seen any material delay in decision-making so far, but remains watchful of the next quarter, given it being a short quarter. Order booking remained strong, with TCV of USD368mn (1.4x book-to-bill). The Services business has posted a 9.5% CQGR in the last eight quarters, and Management remains confident about sustaining the growth momentum on the back of continued strong demand, robust deal intake, healthy deal pipeline, new logo additions, and steady progress in client mining. IP revenue grew strongly in Q2 and partly explains the margin beat. We raise our EPS by 3.9%-5.1% for FY23E-25E, factoring-in the Q2 beat. We retain BUY with TP of Rs3,950 at 25x Sep-24E EPS (earlier Rs3,800), considering the strong execution, favorable industry tailwinds, and strong earnings trajectory (24.4% EPS CAGR over FY22-25E).

Result summary: Revenue grew 5.8% QoQ to USD255.6mn (CC 6.6%; organic 4.8%), above our expectations of USD251.9mn, driven by consistent growth in the Services business and strong rebound in IP revenue. Services revenue grew by 4.9% QoQ, aided by 4.4% growth in volume and 0.5% growth in blended realization. IP-led revenue sharply rebounded, growing 17.9% QoQ due to uptick in Accelerite revenue. EBITM expanded by 30bps sequentially, on account of operational efficiencies (+100bps), currency movement (+90bps), uptick in IP-led revenue (+80bps), and lower visa costs (+50bps), which were somewhat offset by wage hikes (-230bps), increase in doubtful debts provisions, higher amortisation charges and other expenses (-60bps). Net profit stood at Rs2.2bn, above our estimate, due to better operating performance. Revenue growth was led by Software, Hi-tech & Emerging industries (8.3% QoQ), Healthcare & Lifesciences (4.7% QoQ) and BFSI (3% QoQ). The top-client declined 21.3% QoQ. PSYS has seen steady improvement across client buckets. Order booking was at USD368mn (1.4x book-to-bill) in TCV, including USD228.3mn of new business TCV. Management is confident of expanding EBITM in FY23 compared with FY22, considering the H1 performance and benefits accruing from better utilisation, revenue growth-led operating leverage, optimization in subcontracting costs, flattening employee pyramid, and favorable currency. What we liked: Broad-based revenue growth momentum in Services; strong rebound in IP revenue; EBITM beat, despite salary hikes; and moderation in attrition (23.7% vs 24.8% QoQ); What we did not like: Weakness in the top client.

Earnings-call KTAs: 1) The integration of recent acquisitions is on track and smooth; Management expects cross-selling and upselling to play out in coming quarters. 2) Demand environment remains healthy, but seeing increased focus on cost optimization programs. 3) Management expects the usual furloughs in Q3 as of now, although better clarity will emerge by early-December. 4) The company has not witnessed any material delay in decision-making so far, but remains watchful of the evolving macro situation in Q3, particularly given it being a short quarter. 5) LTM attrition for the quarter stood at 23.7% vs 24.8% in Q1; Management expects it to further moderate in H2. 6) Offshore realization rates steadily increased over the last 3 quarters, driven by better execution on fixed-price projects and enforcement of COLA clauses. 7) The company has hedges of USD195mn as of end-Q2, at an average exchange rate of Rs79.95/USD.

Happiest Minds Delivers Growth of 34.4% Reporting Revenues of Rs 356 Cr And EBITDA At 26.3%

* Net Profit at Rs 59 Crores grows 33.7% Y-o-Y and 5.4% Q-o-Q

Happiest Minds Technologies Limited (NSE:HAPPSTMNDS), a ‘Born Digital. Born Agile’, digital transformation and IT solutions company, today announced its consolidated results for the second quarter ended September 30, 2022 as approved by its Board of Directors.

Financial highlights

Quarter ended September 30, 2022

·         Operating Revenues in US$ stood at $44.3 million (growth of 5.0 % q-o-q: 23.8% y-o-y)

·         Total Income of Rs 35,933 lakhs (growth of 8.9% q-o-q; 31.1% y-o-y)

·         EBITDA of Rs 9,434 lakhs, 26.3% of Total Income (growth of 7.5% q-o-q; 34.1% y-o-y)

·         PAT of Rs 5,941 lakhs (growth of 5.4% q-o-q; 33.7% y-o-y)

·         Free cash flows of Rs 8,580 lacs

·         EPS (diluted) for the quarter of Rs 4.09 (growth of 5.4% q-o-q; 33.7% y-o-y)

Half year ended September 30, 2022

·         Operating Revenues in US$ stood at $86.6 million (growth of 25.5% y-o-y)

·         Total Income of Rs 68,929 lakhs (growth of 30.5% y-o-y)

·         EBITDA of Rs 18,209 lakhs, 26.5% of Total Income (growth of 33.6% y-o-y)

·         PAT of Rs 11,575 lakhs (growth of 44.4% y-o-y)

·         Free cash flows of Rs 17,219 lacs

·         EPS (diluted) for half year of Rs 7.99 (growth of 44.2% y-o-y)

Ashok Soota, Executive Chairman, “We have yet again delivered on our promise of delivering industry leading growth with profitability.  Our results reflect the 360-degree value we create for our customers with our breadth and depth of offerings”.

Venkatraman N, MD & CFO, “I am extremely happy with our financial performance and I believe its testimony to the good work we doing for our customers. This will be 10th quarter in succession where we have delivered EBITDA margins of more than 25%.  Separately, being awarded the prestigious Golden Peacock Award for Excellence in Corporate Governance makes me very proud as it’s a validation of our efforts to build an institution on a strong, ethical and moral foundation”.

Joseph Anantharaju, Executive Vice Chairman, “The results reflect the relevance of our digital offerings to our clients and our ability to navigate an uncertain environment based on our value proposition of revenue enhancement and resilience. We ensure that our customers remain committed to their digital strategy and sustain their investment across various initiatives. This provides opportunities to continue expanding our presence and add value to these initiatives.”

Clients:

·         226 as of September 30, 2022

·         16 additions in the quarter

Our People - Happiest Minds:

·         4,581 Happiest Minds as of September 30, 2022 (net addition for the quarter 393)

·         Trailing 12 months attrition of 23.5%

·         Utilization of 80.6%, from 79.1% in last quarter

Q2 FY23 Key Project Wins:

·         For a global energy company, Happiest Minds was chosen to provide digital transformation services across its multiple lines of businesses

·         For a Fortune 100 pharmaceutical corporation, Happiest Minds is working with its IT organization on cloud and data projects

·         For a US-based food retailer, Happiest Minds is helping them in launching their e-commerce initiatives

·         For a leading US energy company, Happiest Minds was chosen to build a platform for their last mile delivery services

·         For a global communications company, Happiest Minds was chosen to design and implement one of their analytics products

·         For a European digital housing marketplace, Happiest Minds is enhancing and maintaining its digital platform

·         For an ANZ-based leading fashion clothing and accessory brand, Happiest Minds is building its new data platform and also implementing cybersecurity solutions

·         For the Asia Pacific subsidiary of a beverages major, Happiest Minds is automating two of its key business processes using the Microsoft Power Platform

Recognitions and CSR :

·         Happiest Minds wins the prestigious ‘Golden Peacock Award for excellence in Corporate Governance 2022’

·         Happiest Minds is recognized among ‘Top 50 Best Workplaces for WomenTM 2022’ by Great Place To Work® Institute

·         Happiest Minds is ranked #68 among ‘Best Workplaces in AsiaTM 2022’ by Great Place To Work® Institute

·         Happiest Minds achieves Select Tier Partner Status with Snowflake

·         A molecular testing laboratory was inaugurated at Jayadeva Institute of Cardiovascular Sciences and Research in Bengaluru as part of Happiest Minds contribution of rupees one crore to establish a testing lab and 3 ICU Ventilator Beds

·         On World Ozone Day 16th September, Happiest Minds Commissioned 183kWp Solar Power Plant at its corporate headquarters in Bengaluru in-line with its vision to achieve carbon neutrality in its operations by 2030

Expansion

·         Happiest Minds expands into the east Indian city of Bhubaneshwar in Odisha, operations to begin by December 2022. Project plan including request for allotment of land to build campus has been favorably heard by the Government of Odisha.

·         Happiest Minds Strengthens its Bengaluru presence with purchase of office space of 2.4 Lakhs square feet in Electronics City and expands its capacity in its existing development center at Noida

Analyst Mentions

·         Happiest Minds is a ‘Major Contender’ in Everest Industry 4.0 PEAK Matrix® 2022

·         Happiest Minds is an ‘Aspirant’ in Everest IT Security Services PEAK Matrix® 2022 – North America

Announcements:

·         The Board of Directors of the Company at their meeting held on October 20, 2022 has declared an interim dividend of ? 2 per equity share of face value ? 2/- for the financial year 2022-23. Record date for the purpose of interim dividend has been fixed on November 3, 2022 and the dividend will be paid on and after November 15, 2022

Piramal Pharma Introduces Nixit, Its Smoking Cessation Brand With A New campaign #QuititwithNixit In Karnataka

·         Makes an entry in the smoking cessation category with nicotine lozenges format

·         Nixit aims at helping people quit smoking in 3 months by controlling their withdrawal symptoms

Piramal Pharma Limited’s Consumer Products Division (CPD) introduced Nixit, its smoking cessation brand in the Nicotine Lozenges format. The brand unveiled its high decibel TV, Digital and Print campaign, #QuititwithNixit in Karnataka to help consumers overcome smoking through Nicotine Replacement Therapy by controlling their withdrawal symptoms.

The campaign is premised on telling smokers that Nixit will help them combat their withdrawal symptoms and ease their quitting journey. Nixit lozenges releases nicotine in a controlled manner without the need to chew, helping consumers to quit smoking in 3 months. It comes in a refreshing frost mint flavour with 2mg and 4mg strengths.

Nitish Bajaj, CEO, Piramal Consumer Products Division said, “Smokers in the age group of 25-44 are in the phase of life with increasing responsibilities and tend to have more reasons and triggers to quit. Nixit helps relieve smokers with withdrawal symptoms. Through this campaign, we wish to reach out to smokers who want to quit and make the journey easier for them. With Nixit Lozenges, we are aiming to help consumers achieve a healthier lifestyle.”

Nixit was acquired by Piramal Pharma Ltd. from Strides Pharma Science Ltd. in 2022 and was first launched in FY2018. It is a smoking cessation brand that helps consumers overcome smoking through Nicotine Replacement Therapy. Prior to the acquisition, Nixit was available on e-commerce and in chemist stores across India.

Link to the campaign: https://www.youtube.com/watch?v=ftjreLhQsNA&ab_channel=NixitIndia

Tata Hitachi Announces Orange Utsav Across The Indian Market

he festive season is in full swing in India, and the country is all geared up to celebrate post the long hiatus caused by Covid. To sweeten the deal for the Customers during this festival season, Tata Hitachi has announced a nationwide 3-day event called ‘ORANGE UTSAV’. ORANGE resonates with Tata Hitachi’s brand color, which is unique in the industry and UTSAV resonates with the festive period. This event will be held on the 18th, 19th, and 20th of October at all of Tata Hitachi’s Dealerships to promote the products and after-sales support offerings to the customers. The event will host an exhibition where Tata Hitachi machines, parts, and attachments will be on display. The Orange Utsav will also usher in prosperity to customers with assured gold with every purchase of a machine or an attachment. The scheme benefit value will differ as per the order value.

Mr. BKR Prasad, Head – Marketing & Product Development said “Tata Hitachi has launched the ‘Orange Utsav’ nationwide for the first time. This marketing initiative aims to prep the customers for what’s ahead during this festive season. This is a major buying season and Tata Hitachi is ready with the ‘Orange Utsav’ which will make buying more joyful for the customers. We hope this will be a rewarding experience for both our customers and us.”

Capital Market Day 2022: Vitesco Technologies Presents Its Expected Business Development For Electrification

Projected organic growth in electrification sales: to a total of €5 billion in 2026, to a total of €10 to €12 billion by 2030 

E-mobility: orders worth approximately €10 billion received within one year (HY2/2021 and HY1/2022) 

      New order intake: major order for thermal management worth more than €1 billion received 

      Expectation for 2030: electric vehicles will account for more than 70 percent of passenger car production 

Vitesco Technologies, a leading international developer and manufacturer of state-of-the-art powertrain technologies for sustainable mobility, presented its current strategy and projected business performance through 2030 to prospective investors and analysts at today’s Capital Market Day 2022. The company has been listed on the Frankfurt Stock Exchange since September 2021. 

By 2030, electric vehicles will make up more than 70 percent of global passenger car production, with battery-electric vehicles (BEVs) accounting for the lion’s share.[1] “In the years to come, we will see an ever-growing range of electric vehicles,” says CEO Andreas Wolf. “The majority will have Vitesco Technologies components on board: e-axles, battery management systems, inverters and numerous other products”.

In the last two six-month periods alone, Vitesco Technologies recorded orders worth around €10 billion in electrification business. And it goes on: Vitesco Technologies recently booked a large order in the field of thermal management system from a global customer with a total volume of more than €1 billion. The thermal management system is used to regulate the optimum temperature range for high-voltage components in battery electric vehicles. 

Company targeting strong e-mobility market 

Vitesco Technologies revealed its expectations for 2026 at the Capital Market Day. The company expects to see its electrification business generate sales of around €5 billion in four years – set to rise to between €10 and €12 billion by 2030. “We are talking about strong organic growth in electrification, meaning an annual average increase of 40 percent up to 2026,” says CFO Werner Volz. Vitesco Technologies is also expecting the Group’s adjusted EBIT margin to range between 7 and 9 percent in 2026 and free cash flow to reach more than €400 million. 

“We aim to achieve these financial targets in the medium term with a double-digit EBIT margin in the future 'Powertrain Solutions' business area and increased profitability in the future 'Electrification Solutions' business area,” continued Volz. The electrification business is expected to break even in 2024. It is planned to make an initial dividend payment for the 2023 fiscal year. 

Suppliers will remain key for electrical components 

Experts believe battery-electric vehicles will continue to depend on parts from suppliers, particularly in powertrain technology, with fewer but higher quality components being supplied. Battery management systems and inverters, in particular, will be provided much more frequently from suppliers such as Vitesco Technologies in the coming years. According to company estimates, it is anticipated that the share of production contributed by suppliers for battery management systems will grow by around 10 percentage points to roughly 65 percent in 2030, with the share for inverters rising from 50 percent to roughly 70 percent in that time. For electric motors, the expectation is that even in 2030, around 40 percent will continue to be manufactured by suppliers. 

The road to sustainability with strategic partnerships 

With the help of strategic partnerships, Vitesco Technologies aims to bring even more efficient e-mobility solutions to market while also improving its access to raw materials. In terms of suppliers, Vitesco Technologies has enlisted a new partner, Infineon, in May to complement its existing collaboration with ROHM Semiconductor. This partnership gives Vitesco Technologies access to more than 50 percent of the global capacity for silicon carbide wafers, which are essential for the production of semiconductors. In terms of customers, Vitesco Technologies has gained a close strategic partner in the shape of its long-standing key account, Renault Group, in July. Going forward, the two companies will jointly develop highly integrated and compact power electronics.  

Vitesco Technologies is not just dedicated to finding solutions for emission-free mobility. Achieving the highest standards of sustainability lies at the core of its mission. Vitesco Technologies has set itself ambitious targets, aiming for its production to be fully carbon neutral by 2030 followed by its entire value chain by no later than 2040. The company also helps its customers to achieve their own sustainability goals using electrification solutions from Vitesco Technologies. “Regardless of the decision at hand, we always ask ourselves what the next generation would say,” explains Wolf. 

Manipal Academy of Higher Education Researchers Are Among The Top 2 Percentile Rank of Scientists Worldwide: Stanford University

Manipal Academy of Higher Education is proud to announce the most recent achievement of its researchers being recognized in the top 2 percentile rank of scientists worldwide. In a recent study by researcher from Stanford University, Prof. John P. A. Lonannidis listed a total of thirteen researchers from the Manipal Academy of Higher Education based on their publications indexed in Scopus.

The scientists who have been recognised in the top 2 percentile are, Dr Bhaskaran Unnikrishnan and Dr. Prasanna  Mithra from Kasturba Medical College, Mangalore, Dr Chiranjay Mukhopadhyay from Kasturba Medical College, Manipal, Dr Shashidhar Acharya from Manipal College of Dental Sciences, Manipal, Dr.Sharma Chandra P. and Dr. Srinivas Mutalik from Manipal College of Pharmaceutical Sciences, Dr Raja Selvaraj, Dr Raghavendra U,  Dr Tanweer Ali and Dr Shiva Kumar from Manipal Institute of Technology, as well as Dr. Deepak Mathur Adjunct Professor of Manipal Acadmey of Higher Education.

Further to this achievement, Lt. Gen. (Dr.) M. D. Venkatesh, Vice-Chancellor, Manipal Academy of Higher Education, said, “Being recognised in the top 2 percentile rank of scientists worldwide is an extraordinary achievement indeed. Our heartiest congratulations to all the researchers who have been featured in this list. We at MAHE have always strived to create a vibrant atmosphere for research and developmental activities and nurtured interdisciplinary research culture”.

The exhaustive list includes the top 2 percentile scientists of the world from different fields on the basis of standardized citation indicators like number of citations, H -Index, co-authorship and a composite indicators. This version (4) is based on the Sept 1, 2022 snapshot from Scopus, updated to end of citation year 2021. Career-long data are updated to end-of-2021 and single recent year data pertain to citations received during calendar year 2021. The complete details of these researchers can be obtained from the following link https://elsevier.digitalcommonsdata.com/datasets/btchxktzyw/4

Great Learning Launches The Third Edition of The Diwali Campaign Called #NewBeginning

Great Learning, one of the leading global edtech companies for higher education and professional training today announced the launch of the 3rd edition of its flagship Diwali campaign #NewBeginning. Through this campaign, the company aims to offer free career counseling to fresh graduates and working professionals through one-on-one sessions with leading domain experts. These sessions will provide insights to the mentees on the latest trends in the industry, a suggested career roadmap and ways to address their career roadblocks.

The job market in India is in the doldrums and there's an imminent recession across the globe. Navigating one's career path through such a scenario can be daunting, especially for inexperienced working professionals.

The #NewBeginning campaign by Great Learning aims to provide the right platform to help such individuals make better and more informed career decisions. People can register themselves through this link https://program.greatlearning.in/newbeginning_2022/  for a counseling session between 19th-24th October. 30+ renowned domain experts will provide counseling for careers in the fields of Software Engineering, Data Science, Product Management, Digital Marketing, Artificial Intelligence, Machine Learning, Cloud computing, Cybersecurity and Management. These mentors working at renowned companies have an average 12 years of experience and will offer 300+ counseling sessions as a part of this campaign.  

Speaking about the initiative Aparna Mahesh, Chief Marketing Officer, Great Learning said “ Getting good guidance early on in one's career can be invaluable. Fresh graduates and young professionals face a lot of ambiguity while choosing a career path that's right for them. A lot of professionals also get stuck in jobs that don't fit their skills and interests. Our goal with these 1:1 free counseling sessions is to celebrate the spirit of Diwali and enable people to make a #NewBeginning in their careers with guidance from top domain experts in the country.”

Lauding this unique initiative, Sonu Kansal, a counseling session mentee from the previous edition of the campaign, said “After completing my Bachelor's in Technology in Mechanical Engineering, I worked as an Operations Analyst for 3 years. I registered for the counseling session to understand how to transition from an operations role to a product management role. Getting an opportunity to speak with an expert provided clarity to me on what my next steps should be. I really appreciate that the team at Great Learning came up with such an initiative to address the queries of individuals like me.”

Till date, Great Learning has helped 420+ individuals in navigating their career paths during the pandemic through the previous editions of the campaign.

About Great Learning

Great Learning is a part of BYJU'S group and a leading global ed-tech company for professional training and higher education. It offers comprehensive, industry-relevant, hands-on learning programs across various business, technology and interdisciplinary domains driving the digital economy. These programs are developed and offered in collaboration with the world's foremost academic institutions like Stanford Graduate School of Business, MIT Professional Education, The University of Texas at Austin, National University of Singapore, The University of Arizona, Deakin University, IIT Madras, IIT Bombay, IIT Roorkee, IIIT-Delhi and Great Lakes Institute of Management. Great Learning is able to leverage the highly qualified, world-class faculty at these universities together with its vast network of 5300+ industry expert mentors to deliver an unmatched learning experience for over 6 million learners from over 170+ countries around the world.

Indium Software Expands India Footprint To Support Accelerated Digital Transformation of Global Enterprises

* Sets up its largest global delivery center in Chennai’s Olympia Tech Park, on the heels of expanding in Hyderabad and Bengaluru in the past couple of months

Indium Software, a fast-growing Digital Engineering company, today announced the inauguration of its newest delivery centre in Chennai’s Olympia Tech Park, its largest in India. This new centre can accommodate up to 500 professionals. This expansion comes on the heels of its expansion in Bengaluru and Hyderabad in the past two months in two notable locations—Bagmane Tech Park and Madhapur Hitech City.

Harnessing the opportunities thrown up by digital transformation, Indium has seen rapid growth in recent years in digital engineering solutions across application engineering, data and analytics, cloud engineering, low code, digital assurance, and gaming solutions. In 2021-22, Indium’s revenues grew by 78 percent adding over 1,000 employees during this period. In 2022-23, Indium expects to grow revenue by over 50 percent.

“This new delivery centre is Indium’s commitment to expand into world-class infrastructure, providing our employees a differentiated experience and meet our high-performance work culture,” said Ram Sukumar, Co-founder and CEO, Indium Software. “With the pandemic accelerating the digital transformation of enterprises, we are seeing our Fortune 1000 and global clients embrace newer models of digital engineering including cloud, low code and pod-based delivery, thereby driving agility and innovation into our solutions.”

“To meet the demands of our accelerated growth and align with an evolving hybrid work culture, Indium has strengthened its operational backbone—platforms, processes, people and partnerships—and upskilled and reskilled over 500 employees through Indium Academy,” said Ramesh Krishnamurthy, COO. “Indium has also enhanced its ability to bring in talent at scale and Indiumize them—by reimagining our talent supply chain across educational partners and technology partners to provide superior and differentiated solutions to our clients, leveraging our intellectual property and frameworks in key areas.”

About Indium Software

Indium Software is a leading provider of Digital Engineering solutions with deep expertise in Application Engineering, Cloud Engineering, Data and Analytics, Low-code Development, Digital Assurance and Gaming. Over the past decade, Indium has built strong relationships with over 100 clients—spanning ISVs, Global 2000 as well as born-digital companies—across North America, India, Europe and the Asia-Pacific region as well as with ecosystem partners such as AWS, Mendix and Striim. With over 2,500 associates spread across multiple delivery locations in Chennai, Bengaluru and Hyderabad and at client sites globally, Indium makes technology work for clients, driving measurable business value.

India To Benefit As Centum Joins Hands With Indra Sistemas For Manufacturing Space Radar Systems

Centum Electronics Limited, India, and Indra Sistemas, S.A Spain, have signed an MoU to exclusively collaborate in high-end futuristic Radar systems and technologies for the Government of India. The MoU envisages manufacturing and commissioning of the radar for space applications.

Long-range radar is intended to detect, track and analyse objects and debris in space at a distance of thousands of kilometres. 

The MoU was exchanged between Mr. Nikhil Mallavarapu, Executive Director, Centum Electronics Limited, and Mr. Jaime Manuel Temes Giménez, International Director for Defence, Indra Sistemas S.A at Gandhinagar on 20th Oct 2022 during “Bandhan” event in Def Expo 2022.

During the event Mr. Nikhil Mallavarapu said, “The country would benefit by filling a key technology gap that exists. This exclusive cooperation would also serve the Hon’ble Prime Minister’s vision of Atma Nirbhar Bharat by manufacturing most of the high-end microwave, digital and power electronics hardware within the country”. Mr. Jaime Manuel Temes Giménez, International Director for Defence, Indra Sistemas S.A, indicated that Indra is aligned with the Make in India vision and is pleased to collaborate with CENTUM. 

Mr. Vinod Chippalkatti, President & Cdr Subhash Ahlawat IN Retd, Director from Centum Electronics were also present in addition to other senior officials.  

This MoU will enhance Centum’s indigenous Radar technology capabilities in addition to generating additional revenues in the coming years.

Centum has a strong R&D/ indigenization policy for developing, qualifying, and delivering Military grade electronic systems and subsystems for Radars, EW systems, Missiles, and Aerospace/Space platforms. 

About Centum

Centum was founded in 1994 in Bangalore, India. Since then, Centum has rapidly grown into a diversified electronics system design & manufacturing company with more than 2000 employees operating in North America, EMEA and Asia. The company offers a broad range of products and services across high reliability segments of defence, space, aerospace, transport, industrial and medical. It has continuously invested in strengthening its design & product development capabilities while developing deep domain knowledge in the segments it operates in. Centum has also established truly world-class manufacturing facilities with cutting-edge infrastructure as well as a global supply chain capable of delivering products with high quality and reliability.

Motherhood Hospitals Expands Its Footprints To Mysuru

“A comprehensive women and children’s hospital network in the country”

Motherhood Hospitals- country’s fastest growing chain of women and children’s hospitals, launched its 19th hospital in the city of Mysuru today. The Hospital was inaugurated by His Highness Shri Yaduveer Krishnadatta Chamaraja Wadiyar, Maharaja of Mysore in the presence of Mr. Vijayarathna Venkatraman, CEO, Motherhood Hospitals, and the team of doctors. This would be the first Motherhood Hospital in the state which is located outside Bangalore where the chain already has a dominant presence of 7 hospitals.

Located in the heart of the city, Motherhood Hospitals Mysuru offers a comprehensive array of services that caters to women health care from puberty to menopause, specialised care of newborn care & pediatrics. The hospital has a team of well experienced gynaecologists, pediatricians, and neonatologists and equipped with advanced technology and infrastructure

Shri Yaduveer Krishnadatta Chamaraja Wadiyar, Maharaja of Mysore Congratulating on the launch said “I am delighted to be present here on this wonderful occasion of the launch of Motherhood Hospitals in our very own city of Mysuru. Women are the crucial pillars of our society and the cornerstone of every family’s health. They should have access to healthcare services that are inclusive, dynamic, and non-judgmental. I am gladly welcome Motherhood Hospitals in our city with their expertise in women and child health and I wish them all the very best.”

Addressing the gathering, Mr. Vijayarathna Venkatraman, CEO, Motherhood Hospitals said “Our aim at Motherhood Hospitals has always been to deliver exceptional healthcare experience to our patients and their families. Women and children need compassionate and efficient service in a homely and comfortable environment, no matter where they reside. With the launch of our Mysore Centre, we hope to bridge the gap between healthcare services in Tier 1 and Tier 2 cities. By foraying into this part of Karnataka, we are hoping to cater to patients not just from the city but also the peripheral areas like Kodagu, Chamrajanagara, Hanur, Mandya, Nanjangud, Hassan among the others.

He further elaborated, “Motherhood Hospitals offers a full stack of women’s healthcare services along with a strong NICU level 3 facility which is one of the strongest pillars of the Hospital. This making it a high-quality birthing institution.  We are backed by highly experienced and dedicated experts in pregnancy care, gynecology, laparoscopic surgery, fertility, paediatrics, neonatology, and fetal medicine who would be forthcoming in providing a seamless & quality healthcare service to the people of Mysore and adjoining regions.”

Motherhood Hospitals has a legacy of over a decade in the women and children’s space. It has one of the strongest neonatal programs in the state which provides optimum state-of-the-art care for critically ill, as well as recovering, neonates, and infants. The Neonatal Care Unit (NICU) at Motherhood is a level III unit and the same facility is available at the Mysore Centre as well. So far, the NICU of Motherhood has successfully treated more than 14,000 new-born / prematurely born babies. 40% of these babies are retrieved from remote areas of Karnataka (like Koppal, Hubbali, Chikkamangaluru, Anantpur, Chitradurga, Bellary, Hassan, Kadapa and Gadag to name a few) through their Neonatal Transport – ‘NICU on Wheels’.

“Children need accurate diagnosis and treatment right from their fetal stage to their adolescence and young adulthood. Similarly, women health needs specialised care for their reproductive health right from puberty through womanhood and old age. Regular assessments and timely checkups are crucial when it comes to health issues. Unfortunately, women tend to ignore their reproductive health and only visit the doctors when necessary. At the Mysore Centre we will aim to create awareness amongst women of the region on the importance of preventative gynae health checks for early diagnosis and treatment” added Mr. Vijayarathna V, CEO, Motherhood Hospitals.

About Motherhood Hospitals:

Motherhood Women & Children’s Hospital network is India’s fastest growing single specialty hospital network with 19 hospitals and 1000+ leading gynecologists, pediatricians & neonatologists across the country. Recognized for their best-in-class clinical expertise and range of comprehensive women and childcare services, the leading healthcare chain has pioneered managing high risk pregnancies, complex gynae surgeries such as fertility enhancement or uro-gynae surgeries, management of newborns with critical conditions and extreme low birth weight babies. With the largest network of over 300 Neonatal Intensive Care Unit (NICU) beds in the country, Motherhood Hospitals are acclaimed as India’s best referral centre for handling the most complex preterm births.

Canara Bank Announces Robust Growth During Quarter 2, 2022

FINANCIAL RESULTS FOR THE PERIOD/QUARTER ENDED 30th SEPTEMBER 2022

Net Profit up by 89.42% YoY.

Operating Profit up by 23.22% YoY

Global Business surpassed 19,58,000 crore

Key Highlights (September 2021 V/s  September 2022)

Net Profit stood at Rs.2525 cr against Net profit of Rs. 1333 cr for September 2021.

Operating Profit stood at Rs. 6905 cr grew by 23.22%.

Non-Interest Income grew by 13.05%.

Net-Interest Income grew by 18.51%

Fee based income grew by 17.98%.

Cost to Income Ratio down by 316 bps.

Global Business grew by 13.89%.

Gross Advances grew by 20.00%.

RAM Credit grew by 16.40%, it constitutes 55% of Total Advances.

Retail Credit grew by 12.52% with Housing loan at 17.01%.

Gold Loan grew by 32.86% with Portfolio amount of Rs.1,08,794 cr.

Gross NPA Ratio stood at 6.37% down by 205 bps.

Net NPA Ratio stood at 2.19% down by 102 bps.

Provision Coverage Ratio (PCR) at 85.36% improved by 292 bps.

CRAR stood at 16.51% as at Sep 2022.  Out of which CET1 is 11.14%.

Return on Equity stood at 18.86% improved by 664 bps.

Bank has shifted to new tax regime. The reduction in Deferred Tax is Rs. 2,451.60 cr.

Key Summary of Business Performance (as on 30.09.2022)

Business

Global Business increased by 13.89% (y.o.y) to Rs 1958111 cr as at Sep 2022 with Global Deposits at Rs 1133964 cr 9.82% (y.o.y) and Global Advance (gross) at Rs 824147 cr 20.00% (y.o.y)

Domestic Deposit of the Bank stood at Rs 1056519 Cr as at Sep 2022 with growth of 7.77% (y.o.y)

Domestic Advances (gross) of the Bank stood at Rs 780049 Cr as at Sep 2022 grew by 17.66% (y.o.y)

Retail lending Portfolio increased 12.52% (y.o.y) to Rs 134051 Cr as at Sep 2022

Housing Loan Portfolio increased 17.01% y.o.y to Rs 78852 Cr

Advances to Agriculture grew by 21.62% (y.o.y) to Rs 196576 Cr as at Sep 2022

Asset Quality

Gross Non-Performing Assets (GNPA) ratio reduced to 6.37% as at Sep 2022 down from 6.98% as at June 2022, 7.51% as at March 2022.

Net Non-Performing Assets (NNPA) ratio reduced to 2.19% as at Sep 2022 down from 2.48% as at June 2022, 2.65% as at March 2022.

Provision Coverage Ratio (PCR) stood at 85.36% as at Sep 2022 against 84.51% as at June 2022.

Capital Adequacy

CRAR stood at 16.51% as at Sep 2022 (14.91% as at June 2022). Out of which Tier-I is 13.40%

(12.13% as at June 2022), CET1 is 11.14% (10.49% as at June 2022) and Tier-II is 3.11% (2.78% as at June 2022)

Bank successfully raised capital during FY23 through:

AT-1 Bonds     : Rs.4000 Cr

Tier II Bonds   : Rs.2000 Cr

The Capital Raising Plan for FY-23:

AT-1 Bonds     : Rs.5500 Cr

Tier II Bonds   : Rs.3500 Cr

Priority Sector & Financial Inclusion

The Bank has achieved Targets in Priority Sector at 52.12% and Agricultural Credit at 23.35% of ANBC as at Sep 2022, as against the norm of 40% and 18% respectively.

Credit to small and marginal farmers stood at 16.96% of ANBC, against the norm of 9.50%.

Credit to Weaker Sections stood at 24.46% of ANBC, against the norm of 11.50%.

Credit to Micro Enterprises stood at 11.14% of ANBC, against the norm of 7.50%.

Credit to Non Corporate Farmers stood at 18.66% of ANBC, against the norm of 13.78%. 

Network

As on 30.09.2022, the Bank has 9722 Number of Branches, out of which 3040 are Rural, 2748 Semi- Urban, 2002 Urban & 1932 Metro along with 10759 ATMs. Bank is also having 3 overseas branches in London, Dubai and New York.

Air India Receives Unprecedented Response To Its Talent Augmentation Programme

* Talent being inducted across the business to support Vihaan.AI vision

Air India, India's leading airline, revealed an unprecedented level of interest in its talent augmentation programme, which forms a key pillar of its five-year transformation roadmap, Vihaan.AI.

The airline, which had not recruited in non-operations areas for more than 15 years, is quickly adding talent in all spheres of its business, ranging from Commercial functions like revenue management, sales, distribution, network planning and marketing; Business Support Services including HR, finance, IT and analytics; as well as Operations, spanning inflight product design, ground, engineering & airport services, rostering and operations control.

The airline’s aggressive expansion plan, which has already seen 17 long-grounded aircraft return to the skies with 12 more to follow, and the lease-in of 30 narrow- and wide-body aircraft over the next 12 months, also necessitates a significant expansion in flying crew.

The first phase of this initiative to augment talent has received an overwhelming response Over 1,752 applications for pilots and 72,000 applications for cabin crew have been received in the last two months, which are in the process of assessment. 

Interest from management post-graduates with three years’ experience to fill ground based business roles has been similarly strong, with over 25,000 applications received in little more than one week.  On appointment, those selected will be placed in various functions in Air India including airport operations, commercial, engineering and human resources among others, and will form an important part of Air India’s internal talent and future leadership pipeline.  

With Vihaan.AI placing high priority on becoming a world leader in information technology, Air India has received more than 2,000 applications for a New Tech centre at Kochi, Kerala, including developers, architects, cyber security professionals, programme managers and UX/ visual designers among others.  

Commenting on the focus on next-gen talent acquisition, Mr. Suresh Dutt Tripathi, Chiief Human Resources Officer, Air India, said, “An entire generation of workforce has missed the opportunity to work for Air India due to limited recruitment over the years. We are seeking to make up for this organisational gap as we work to make Air India the world’s leading airline with customer focus at the heart of its operations. Our talent acquisition initiative is focused on identifying and recruiting the right talent in order to ensure that our human resource capabilities keep pace with the growth momentum and evolving needs of the organisation. The induction of new generation talent is also essential to bring about cultural change that will make Air India an employer of choice. The initial response to our various job postings has been tremendous and we are committed to meeting the aspirations of those seeking a fulfilling career with Air India.” 

Attracting the industry’s best talent is one of the five identified pillars of Vihaan.AI, Air India’s transformational roadmap. The other pillars of Vihaan.AI include exceptional customer experience, robust operations industry leadership, and commercial efficiency and profitability. Air India is committed to invest in further strengthening its HR base with industry-best talent in different spheres of its functioning as part of its well-defined transformation agenda.

For more information, please visit www.airindia.in 

About Air India:

Founded by the legendary JRD Tata, Air India pioneered India’s aviation sector. Since its first flight on October 15, 1932, Air India has an extensive domestic network and has spread its wings beyond to become a major international airline with a network across USA, Canada, UK, Europe, Far-East, South-East Asia, Australia and the Gulf. Air India is a member of Star Alliance, the largest global airline consortium. After 69 years as a Government-owned enterprise, Air India and Air India Express were welcomed back into the Tata group in January 2022. The present management at Air India is driving the five year transformation roadmap under the aegis of Vihaan.AI to establish itself as a world-class global airline with an Indian heart.

Vihaan.AI is Air India’s transformational roadmap over five years with clear milestones.  It will be focussing on dramatically growing both its network and fleet, developing a completely revamped customer proposition, improving reliability and on-time performance. The airline will also be taking a leadership position in technology, sustainability, and innovation, while aggressively investing in the best industry talent. Vihaan.AI is aimed at putting Air India on a path to sustained growth, profitability and market leadership.

About the Tata Group:

Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals. The group operates in more than 100 countries across six continents, with a mission 'To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’.

Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation, and art and culture. In 2020-21, the revenue of Tata companies, taken together, was $103 billion (INR 7.7 trillion). These companies collectively employ over 800,000 people. Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 29 publicly-listed Tata enterprises with a combined market capitalisation of $314 billion (INR 23.4 trillion) as on December 31, 2021. Companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Tata Communications, Indian Hotels, Tata Digital and Tata Electronics.

Club Mahindra Launches Its Second Resort In Le Vintuna, Gangtok

~ Located in Gangtok, East Sikkim it’s nestled amidst plunging verdant valleys ~

Club Mahindra, the flagship brand of Mahindra Holidays & Resorts India Limited, launched its second resort – Le Vintuna in Gangtok, East Sikkim. With this launch, the brand offers one of the largest inventories of 150+ rooms in Northeast across the three destinations including Club Mahindra Gangtok and Club Mahindra Baiguney.

Le Vintuna, the newest entry in Northeast, offers picturesque, natural beauty with exemplary amenities and services. In addition to breathtaking natural splendor, the property offers spacious rooms and tasteful décor emphasizing on local motifs design. The resort offers distinctive Happy Hub experiences to be able to make ‘Every Moment Magical’ for its member families.

The new property boasts 97 spacious rooms, surrounded by nature offering a relaxing escape from city life. The facility also has a gift store, an indoor games area, a multicuisine restaurant with exotic local cuisines, a spa, a well-equipped gym, along with freshwater swimming pool.

Through this resort, the brand promises a tranquil heaven surrounded by lush greenery with major tourist spots – Tendong Lho Rum Faat, one of the oldest local celebrations; Phang Lasbol, a unique festival honoring Mt. Kanchenjunga as the protector deity; and Bhaduria Purnima, which takes place on a full moon day in August. Rumtek Monastery, Kanchendzonga, National Park, Nathula Pass, Tashi Viewpoint, and Namgyal Institute of Technology are also some places to visit.

The Tourism and Civil Aviation Department, Government, awarded Club Mahindra Baiguney the Best Resort Award in Sikkim 2022 of Sikkim. Kindly visit www.clubmahindra.com to book and enjoy a safe, hassle-free holiday.

Bharatgas Consumers To Get Upto 100% Cashback On Payments Made Through MobiKwik App On LPG Refills Booking

* More than 8 Crore Bharatgas consumers can avail of the festive offer and get upto 100% cashback on their LPG refills.

Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and a Fortune Global 500 Company, has partnered with MobiKwik, the second largest mobile wallet in India, for digital payment of refilling LPG cylinders through the MobiKwik app. 

During the festival season, booking of LPG cylinder through MobiKwik, will give Bharatgas customers upto 100% cashback. This offer is valid till 31st December 2022. 

Bharatgas offers several digital payment solutions to its customers and partnering with MobiKwik gives another option to its nationwide customer base. 

“Adding to the festivities for Bharatgas customers, we have launched this country-wide partnership with MobiKwik. We are confident that a lot of our customers will benefit from this offer,” said Mona Srivastava, Dy. General Manager, Digital Payments, BPCL. 

To avail the cashback, Bharatgas customers can either book their cylinder refills from the MobiKwik mobile application or by calling the designated booking phone number 771-801-2345, where they will receive an SMS with a link to pay via the MobiKwik mobile application, once the booking is made. 

Bharat Petroleum is the second largest Indian oil marketing company and has more than 8 crore nationwide LPG consumer base. 

“Currently, more than 40% Bharatgas customers pay digitally. The partnership with MobiKwik adds one more digital payment option to large our large customer base”, Nikhil Singh, CGM Sales & LPG Marketing Strategy, HQ, BPCL, added.

“Our mission at MobiKwik is to digitise how India pays, saves and invests. And this tie-up with Bharatgas from BPCL is a big step in our journey, given their penetration and scale across the country and the recurring nature of gas purchases. Hoping to make this festive season sweeter for all Bharat gas customers with this small endeavour,” said Chandan Joshi, Co-Founder & CEO of Consumer Payments, MobiKwik.

With 127 million registered users, MobiKwik is the largest digital credit player and the second-largest mobile wallet in India. The company commenced operations as a mobile wallet to make digital payments convenient for Indians. Their use cases have since expanded to include bill payments, eCommerce shopping, food delivery, petrol pumps, large retail chains, pharmacies, Kirana stores, etc. The platform also enables peer-to-peer payments via a unified payment interface (“UPI”). The fintech company recently expanded its suite of financial products for consumers and merchants, from payments to digital credit and investments.

Rushil’s World-Class, Automated, Make In India MDF Plant To Boost Climate Protection In The Region

* Automated, intelligent, integrated, and innovative plant represents a strong commitment to steward resources well and contribute to a better future for the local communities, the nation, and the planet

Rushil Décor (NSE: RUSHIL), a global leader in smarter living solutions, transforming contemporary residential and commercial spaces expanded its global operations with the setting up of a first-of-a-kind, world-class, state-of-the-art, agroforestry-based, sustainable, environment-friendly future boards (medium density fiberboard or MDF) making plant in Achutapuram, Andhra Pradesh, India.

Driven by smart manufacturing, and fully-automated robotic production, the technologically advanced plant is strategically located close to raw material sourcing agroforestry-plantations, creating sustainable livelihood, reducing the transportation impact, and lower emissions.

The investment in the fully-integrated plant is significant and amounts to over Rs.500 crores. The investment illustrates Rushil Décor's long-term vision to boost indigenous production capacity and operational efficiency, expanding the range of value-added solutions and strengthening its commitment to sustainability of the business and the planet.

Krupesh G Thakkar, CMD, Rushil Décor Ltd, India, says “Rushil Décor’s automated, intelligent, integrated, and innovative plant represents a drive to steward resources well and contribute to a better future for the local communities, the nation, and the planet. Strategically located to deliver faster deliveries to global markets, RDL’s world-class, make-in-India plant will further boost the nation's existing capacity to produce MDF, reduce costly imports, and save the country’s foreign exchange reserves – shaping a better planet.”

This automated plant with an annual full capacity of about 2,40,000 CBM is amongst the largest, most sophisticated, safest and smartest manufacturing plants in the world entailing substantial investment in the industry of engineered fiberboards. With the help of this plant RDL has the potential to generate a revenue of Rs. 1000 crore topline in MDF segment on full capacity utilization.

According to industry insights, growing consumer awareness and a wide range of application is driving increased adoption and consumption of MDF in India, as the industry is expected to grow at a CAGR of 15%-20% from an estimated Rs. 3,000 crore in 2021 to Rs. 6,000 crore by 2026.

India is a significant player of MDF, being used as a leading interior infrastructure materials. Discerning consumers and modern offices who look for responsible products that reduces carbon footprint, rapid urbanization, rebound in realty and rising nuclear families will boost MDF growth. Driving this growth will be Indian work from home (WFH) furniture market which is expected to be US$ 3.49 billion by FY2026. About 60% of the consumption of MDF is for commercial use, though the residential segment is gaining momentum. Compared to 70 % market share in developed nations, MDF has just 30% market share in India reflecting high potential for MDF.

MDF is an engineered product made of wood fibers bonded under high pressure using thermosetting resins and wax, forming beautiful panels by applying high temperature and pressure, for strength. Many MDF qualities make it an ideal replacement for wood, plywood and particle boards.

About Rushil Décor:

Founded in 1993, Rushil Décor Ltd. (NSE: RUSHIL), a globally leading company in modern interior infrastructure, and eco-friendly, composite wood panels is committed to shaping a better planet. Leveraging modern technology, inspiring designs, next-generation innovations, and a people-first, purposeful approach, RUSHIL is passionate about setting new industry standards and superior experiences, ensuring high productivity. The company has five state-of-the-art manufacturing plants with an annual capacity of 3,30,000 CBM MDF and 3.49 million Laminates, which caters to its customers in 47 countries across the world.

With a strong network of branches, distributors, thousands of dealers, and a rich talent pool of experts, RUSHIL is focused on redefining the future of wood. What makes RUSHIL special is its unmatched quality, design, customer centricity, value-led DIY green engineered products from agroforestry, and a wide range of high-performance surface engineering solutions. Driven by automated plants, world-class German technologies and global standards, RUSHIL relentlessly creates smarter spaces.

RUSHIL’s product portfolio includes VIR Laminates, VIR MDF boards, VIR MAXPR0 (HDFWR) boards / VIR Pre-laminated Decorative MDF / HDFWR boards, VIR PVC and VIR WPC boards / doors. Optimal supply chain efficiencies, utilization of resources, and strategic local plantations offer cost advantage in raw material sourcing, and manufacturing excellence, enabling high output to cover global market demand.