NABH And HSSC Sign MOU For The Recognition And Skilling Initiatives Of Healthcare Professionals

Dr. Atul Kochhar, CEO of National Accreditation Board for Hospitals & Healthcare Providers (NABH) and Mr. Ashish Jain, CEO of Healthcare Sector Skill Council (HSSC) signed a Memorandum of Understanding today aimed at recognition of HSSC certification for NABH accreditation; develop training programs for Skilling, Reskilling and Upskilling required for healthcare professionals. The collaboration will help achieving the goal of enhancing healthcare quality in the country. The MoU was signed in the august presence of Dr. Selvakumar I.A.S, Secretary, Skill Development, Entrepreneurship and Livelihood, Government of Karnataka, Dr. Devi Shetty, Chairman, Healthcare Sector Skill Council.

Dr. Atul Kochhar, CEO, NABH added, ’Our partnership with HSSC will assist us in further strengthening the entire ecosystem of patient safety and healthcare delivery. Over the years, NABH standards have brought paradigm shift in delivering healthcare services and it has helped in sensitizing heath care workers about their responsibilities. However, a country as diverse as India, growing at an unprecedented rate, requires many professionals who are skilled, continuously reskilling and upskilling. Today, our overall medical professional count per 1000 patients is much below than WHO standards across doctors, patients and para medics category. This partnership will also help us in exploring solutions and addressing this gap.’

Mr. Ashish Jain, CEO HSSC, briefed that HSSC collaboration with NABH will facilitate better placement and apprenticeship opportunities for HSSC certified healthcare professionals across the country inline with vision of the Hon’ble Prime Minister and the objective of Skill India Mission under the Ministry of Skill Development & Entrepreneurship. HSSC works closely with industry and academia to create a skills eco-system in the healthcare sector, which helps in development of skilled and work ready professionals as required by the industry. 

Dr. Devi Shetty, Chairman, Healthcare Sector Skill Council in his message said, that Skills form the most important pillar of effective healthcare delivery system across the world. HSSC - NABH partnership sets the path for recognition of skills for enhancing healthcare quality and patient safety. I hope this collaboration between HSSC & NABH would lead to an inevitable and essential shift in terms of recognition of skills, practical oriented training, and enhanced placement opportunities for certified healthcare professionals.  This will have a major impact in better accessibility and early intervention in healthcare delivery in India.

Dr. Alexandar Thomas, President, AHPI and Chairman, HSSC Karnataka instrumental in bringing HSSC and NABH together for this significant pact, in his message, conveyed that the push for safety and quality of healthcare that AHPI is driving with get a big boost with the upskilling from HSSC receiving recognition from NABH.  The clinical outcomes are bound to improve and healthcare delivery better with skilled health workforce trained under HSSC filling the missing gaps in caregiving.

This landmark initiative is envisaged to provide impetus to quality training, skilling, creating placement opportunities for skilled healthcare workforce leading to enhanced quality of healthcare for patients

About HSSC

Healthcare Sector Skill Council (HSSC) is a National Council for Vocational Education and Training (NCVET) recognized awarding body working under the ambit of Ministry of Skill Development & Entrepreneurship (MSDE), GoI, constituted by CII, NSDC & key leading healthcare providers, pharmaceuticals, medical device industry, diagnostics, and associations from both public & private. The Council is aimed to develop Qualifications, learning Resources, training programs, assessment and certification mechanism for Skilling, Reskilling and Upskilling of professionals, facilitate placement and Apprenticeship opportunities.

About NABH

National Accreditation Board for Hospitals & Healthcare Providers (NABH) is a constituent board of Quality Council of India, set up to establish and operate accreditation program for healthcare organizations. The board is structured to cater to much desired needs of the consumers and to set benchmarks for progress of health industry. The board while being supported by all stakeholders including industry, consumers, government, have full functional autonomy in its operation.

Punjab And Sind Bank Records Net Profit of Rs.373 Cr Against Net Profit of Rs.278 Cr (Q-o-Q), Posting Growth of 34.17%.

~Financial Results for the Quarter and Nine Months Ended 31st December 2022~ 

Key Highlights (Q3 FY 2023) 

Net Profit stands at Rs.373 Cr against Net Profit of Rs.301 Cr for Dec’ 2021 and Rs.278 Cr for Sept’ 2022, a growth of 23.92% and 34.17% respectively.  

Operating Profit up by 8.18% (Q-o-Q) and 3.61% (Y-o-Y). 

Gross Non-Performing Assets (GNPA) ratio reduces by 608 bps on Y-o-Y basis to 8.36%. 

Net Non-Performing Assets (NNPA) ratio reduces by 99 bps on Y-o-Y basis to 2.02%.  

Capital Adequacy ratio (CRAR) at 15.57% with Common Equity Tier 1 (CET-1) ratio of 12.79% at the end of December 2022. 

Return on Assets (RoA) improves to 1.11%, improvement of 13 bps (Y-o-Y). 

Net Interest Income grows by 6.20% on Y-o-Y basis. 

Yield on Advances improves to 8.11%, improvement of 42 bps (Y-o-Y). 

CASA Deposit grows by 11.33% on Y-o-Y basis and its share in Total Deposit stands at 33.30%, improvement of 67 bps. 

RAM (Retail, Agriculture & MSME) Advances up by 19.07% (Y-o-Y).  

Retail advances up by 32.31% to Rs.14739 Cr (Y-o-Y).  

MSME advances up by 14.92% to Rs.13929 Cr (Y-o-Y). 

Agriculture advances up by 9.63% to Rs.11288 Cr (Y-o-Y). 

Credit – Deposit (CD) ratio improves to 71.00%, improvement of 452 bps (Y-o-Y). 

Slippage ratio improves to 0.36% for Q3 FY2023 from 0.58% for Q2 FY2023. 

Other Highlights: 

Total Business grows by 12.08% on Y-o-Y basis to Rs.187242 Cr as on Dec’ 2022.  

Total Deposit up by 9.11% on Y-o-Y basis to Rs.109497 Cr in Q3 FY2023. 

Gross Advances up by 16.54% on Y-o-Y basis to Rs.77745 Cr as on Dec’ 2022 against Rs.66710 Cr as on Dec’ 2021.  

RAM advances as a percentage of Gross Advances stands at 51.39%, improvement of 109 bps (Y-o-Y). 

Bank surpasses the targets in Priority Sector Advance at 52.54% and Agriculture Advance at 20.15% of ANBC, as on Sept’ 2022, against the target of 40% and 18% respectively. 

Credit to Small and Marginal farmers stands at 11.22% of ANBC, against the target of 9.50%. 

Credit to Weaker Sections stands at 13.41% of ANBC, against the target of 11.50%. 

Credit to Micro Enterprises stands at 13.25% of ANBC, against the target of 7.50%. 

Operating Profit shows a growth of 3.61% on Y-o-Y basis to Rs.344 Cr for Q3 FY2023 as against Rs.332 Cr for Q3 FY2022. The same was Rs.318 Cr for the quarter ended 30.09.2022. 

Cost to Income Ratio improves to 63.47% for Q3 FY2023 as against 64.20% for Q3 FY2022. The same was 65.30% for the quarter ended 30.09.2022. 

Provision Coverage Ratio (PCR) (including TWO) stands at 89.31% in Dec’ 2022 against 87.77% in Dec’ 2021. 

Financial Inclusion: 

Bank is having 18.42 lakh PMJDY accounts with a CASA Deposits of Rs.539 Cr as at Dec’ 2022.  

Distribution Network: 

As on 31st Dec’ 22, the Bank has 1528 number of branches, out of which 572 are Rural, 278 Semi-Urban, 356 Urban and 322 Metro along with 803 number of ATMs, 357 BCs. 

Awards & Accolades: 

Top Improver Bank in EASE Reforms Index 5.0 for Q2 FY 2022-23. 

3rd Top Performing Bank in Theme 4 i.e. Collaboratively and Development focused banking under EASE 5.0 as on 30.09.2022. 

Kotak Mahindra Bank Announces Robust Results In Q3, 2023

Kotak Mahindra Bank Standalone PAT for Q3FY23  Rs 2,792 crore, up 31% YoY, 8% QoQ

Consolidated PAT for Q3FY23 Rs 3,995 crore, up 17% YoY, 11% QoQ

The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the standalone and consolidated results for Q3FY23, at the Board meeting held in Mumbai, today.

Kotak Mahindra Bank standalone results

The Bank’s PAT for Q3FY23 stood at Rs 2,792 crore, up 31% from Rs 2,131 crore in Q3FY22 (Rs 2,581 in Q2FY23).

Net Interest Income (NII) for Q3FY23 increased to Rs 5,653 crore, from Rs 4,334 crore in Q3FY22, up 30% YoY. Net Interest Margin (NIM) was 5.47% for Q3FY23.

Fees and services for Q3FY23 was Rs 1,847 crore, up 23% YoY.

Operating profit for Q3FY23 was Rs 3,850 crore, up 43% YoY (Q3FY22: Rs 2701 crore).

Customers as at December 31, 2022 were 39.0 mn (30.7 mn as at December 31, 2021).

Customer Assets, which comprise Advances and Credit substitutes, increased by 24% to Rs 3,39,313 crore as at December 31, 2022 from Rs 2,74,569 crore as at December 31, 2021 (Rs 3,21,324 crore as at September 30, 2022). Advances increased by over 23% to Rs 3,10,734 crore as at December 31, 2022 from Rs 2,52,935 crore as at December 31, 2021 (Rs 2,94,023 crore as at September 30, 2022).

CASA ratio as at December 31, 2022 stood at 53.3%.

As at December 31, 2022, COVID related provisions stood at Rs 400 crore. In accordance with COVID Resolution Framework announced by RBI, the Bank has standard restructured fund-based outstanding of Rs  281crore (0.09% of Advances). Under the MSME Resolution Framework, the Bank has standard restructured fund-based outstanding of Rs 484 crore (0.16% of Advances) as at December 31, 2022.

As at December 31, 2022, GNPA was 1.90% & NNPA was 0.43%. Credit cost on advances for Q3FY23 was  27 bps (annualised) (including standard provisioning; excluding reversal of COVID & restructuring). The provision coverage ratio stood at 77.6% .

Capital Adequacy Ratio of the Bank, as per Basel III, as at December 31, 2022 was 21.7% and CET I ratio of 20.7% (including unaudited profits)

Consolidated results at a glance

Consolidated PAT for Q3FY23 was Rs 3,995 crore, up 17% from Rs 3,403 crore in Q3FY22 (Rs 3,608 crore for Q2FY23).

 At the consolidated level, the Return on Assets (ROA) (annualized) was 2.76% for Q3FY23 (2.60% for Q3FY22) and the Return on Equity (ROE) (annualized) was 15.04% for Q3FY23 (14.81% for Q3FY22)

Consolidated Capital Adequacy Ratio as per Basel III as at December 31, 2022 was 23.2% and CET I ratio was 22.3%. (including unaudited profits)

Consolidated Capital and Reserves & Surplus as at December 31, 2022 was Rs 1,07,670 crore (Rs 93,141 crore as at December 31, 2021). The Book Value per Share was Rs 540.

Consolidated Customer Assets grew by 22% from Rs 3,09,042 crore as at December 31, 2021 to Rs 3,77,400 crore as at December 31, 2022.

Total assets managed / advised by the Group as at December 31, 2022 were Rs 4,05,269 crore up 5% over Rs 3,86,465 crore as at December 31, 2021.

The financial statements of Indian subsidiaries (excluding insurance companies) and associates are prepared as per Indian Accounting Standards in accordance with the Companies (Indian Accounting Standards) Rules, 2015. The financial statements of subsidiaries located outside India are prepared in accordance with accounting principles generally accepted in their respective countries. However, for the purpose of preparation of the consolidated financial results, the results of subsidiaries and associates are in accordance with Generally Accepted Accounting Principles in India (‘GAAP’) specified under Section 133 and relevant provision of Companies Act, 2013.

About Kotak Mahindra Group

Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd (KMBL).

Kotak Mahindra Group (the Group) offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life and general insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The premise of Kotak Mahindra Group’s business model is concentrated India, diversified financial services. The bold vision that underscores the Group’s growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked.

Kotak Mahindra Group has a global presence through its subsidiaries in UK, USA, Gulf Region, Singapore and Mauritius with offices in London, New York, Dubai, Abu Dhabi, Singapore and Mauritius respectively. As on 31st December, 2022, Kotak Mahindra Bank Ltd has a national footprint of 1,752 branches and 2,814 ATMs, and branches in GIFT City and DIFC (Dubai).

For more information, is it the company’s website at https://www.kotak.com

Teach For India Conducts Panel Discussion On “Education For Equity” Attended By-Narayana Murthy At InspireED Conclave In Bengaluru

Teach For India organised its second annual InspirED Conclave at a government school at Mahadevapura, Bengaluru. The highlight of the event was a panel discussion on the topic of ‘Education for Equity’ to address the gaps in educational equality in India. The panels saw the likes of Mr. Narayana Murthy, Founder and Chairman, Infosys, Ms. Vigya Jain from Snehadhara, Mr. Shekar Hariharan, founder and CEO of Shifting Orbits Foundation, Mr. Mangal Pandey, co-founder and CEO of Key Education Foundation, Mr. Vikram Bhat, who has worked as a consultant to Office of the Deputy Chief Minister, Delhi Government, Ms. Arpitha and Ms. Fareya, a grade 8 Student from St. Saras High School in Koramangala and Ms. Sitara Chandran from Christel House. Students on the panel spoke about the need for learning to be inclusive, joyful and fun, and for teachers to focus on building strong relationships with their students and their families. 

Speaking on the panel, Mr Narayana Murthy, Founder and Chairman, Infosys said, “I am of the firm belief that there is no role more important than of a teacher in shaping young minds and there is no doubt that education is the most important gift that we can give to a child. Today, there is a need to focus on teacher training so that all Government teachers can also use innovative teaching methods to make learning relevant and engaging. Government schools should take support from civic society organizations like ‘Teach For India’ so that children can have equal opportunities.” 

Speaking about the conclave, Ms. Tulika Verma, City Director, Teach For India Bengaluru, said, “The aim of this conclave is to spark a conversation on what an excellent education can look like and what it can do. There is an urgent need for all of us to see, experience and believe that a learning environment that is safe, joyful and at the same time outcome-oriented is possible. When we are able to create learning in a way that involves children as equal partners, we create outcomes that are more rigorous and more holistic. The only way to bring about change in the country is by transforming our classrooms into microcosms of India we wish to see. The problem of education is complex and requires the Government, private players and civic society to come together along with students and solve challenges. We hope this space provides the inspiration and the path to be able to do that.” 

Through the day, participants stepped into the shoes of a child, experienced a difficult class and a joyful class, saw a range of solutions and participated in conversation and problem solving on how to create education that leads to equity. The event saw participation from multiple NGOs in the region, many of which are staffed by alumni of the Teach For India Fellowship. The participating organisations included Mantra 4 Change,  Key Education Foundation, Dream School Foundation, Shifting orbits, Udhyam Learning Foundation,  Involve Learning, Augmented Understanding,  Durga Schools,  RGH School, Snehadhara Foundation, Sukrupa Schools, Project Defy,  Sneha Charitable Trust among others. Each of these organizations showcased their work alongside Teach For India Student and Fellow projects.  

The day ended with a closing synthesis where participants shared their own commitment of what they would do in their own capacity to bring about educational equity in the state. 

About Teach For India:  

Teach For India places outstanding working professionals and college graduates as Fellows - who work full-time as teachers for two years in low-income and under-resourced schools. With operations in Mumbai, Delhi, Hyderabad, Chennai, Pune, Ahmedabad, and Bengaluru. Teach For India has over 970 Fellows impacting more than 32,000 children across the country. After the Fellowship, they join a growing movement of over 4000+ Alumni working at all levels of the education sector. A part of a global Teach For All network of 60 countries, with a shared vision of an excellent education for all children, Teach For India’s mission is to end educational inequity in India by creating a strong pipeline of driven, skilled talent within the educational ecosystem. 

Photo Caption: Mr. Narayana Murthy, Founder and Chairman, Infosys interacting with students at the InspireED Conclave in Bengaluru today.

Greenwood High Students Celebrate Their ‘Graduation Day’ In style

* The chief guest for the occasion was Shri Biswa Bhusan Harichandan, Honorable Governor of Andhra Pradesh

The end of one journey and the beginning of another – such was the scenario during the graduation ceremony of 87 students of Grade X and XII from Greenwood High Bannerghatta campus. The chief guest for the occasion was Shri Biswa Bhusan Harichandan, Honorable Governor of Andhra Pradesh. The students were excited as the turning point in their life had arrived and greeted each other with lot of smiles and laughter.

Gracing the joyous occasion with his august presence, Shri Biswa Bhusan Harichandan, Honorable Governor of Andhra Pradesh, said: “It is endearing to see that Greenwood High has left no stone unturned in ensuring that a strong foundation is laid for these young minds. I take this opportunity to congratulate the school fraternity on acquiring a national reputation for delivering globally benchmarked pedagogies, supplemented with rigorous sports and co-curricular education. It is a great privilege to watch the students grow in confidence, knowledge and faith and seeing you today is a testament to the love and support you have received over the years from the staff, parents and the wider school community. Each of you have grown in a way that you should be so very proud of yourselves and you are now ready to transition to the next exciting chapter in your lives”.

Speaking on the occasion, Louis Dias, Principal, Greenwood High, Bannerghatta, said: “We have to work towards success in this world and at the same time reflect on our thoughts and actions. Knowledge and education are things that have to be a window to your soul. In today’s world there is no room for mediocrity. If students have to chart out a path for themselves, they need to believe in themselves and hence students must be allowed to do what they are doing in order to be confident and have the world believe in them. It is crucial that students have a big vision ahead of them to fulfil their goals and to get into productive higher educational courses.”

Ms. Niru Agarwal, Managing Trustee, Greenwood High International School said: “It is a great joy to see the graduating class beaming with confidence. It is not only the end of an exciting journey, but also the commencement of an entirely new chapter that will be exciting. We are completely certain that our students will be at the top in whatever educational choices they make. This exemplifies the rigorous standards that are practised at our institution and our students are getting an education that is second to none. She also emphasized on the Values, Dedication & Discipline which lacks in the current generation & made students think to choose between “Online or Lifeline” by providing a great example.”

Greenwood High School, Bannerghatta has made a significant mark in the educational scene and promises a variety of opportunities to tap into one’s true potential during the formative years.  It offers remarkable state-of-the-art infrastructure, designed to provide the best opportunities to students. The school is committed to educate young people to develop as well-rounded, responsible citizens, rooted in the culture of India, who are ready to face the world of tomorrow with confidence.

Air India Offers Sale: Attractive Discounts On Domestic Destinations

Air India, India’s leading airline and a Star Alliance member, has launched an attractive initiative - offering discounts on its flight tickets across the airline's domestic network in the run-up to the celebrations of India’s 74th Republic Day.

The offer, which has been rolled out this morning, will be valid till 23rd January 2023 and will be available for sale on all Air India booking platforms, including through the airline’s authorised travel agents. These discounted tickets will be available in Economy Class and applicable for travel across the domestic network in India from 1st February to 30th September 2023.

Starting from an incredibly low one-way fare of Rs 1705/-, the discounts will be available on over 49 domestic destinations. Whether it’s the dream holiday tour with family or any business visit, one can grab these heavily discounted tickets on Air India’s wide domestic network.

For further details log onto our website www.airindia.in or contact our call centre at 1860 233 1407

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.

Manipal Academy Of Higher Education Works With Denmark Technical University On Genomic Analysis Of Sewage

Manipal Academy of Higher Education in collaboration with their research partners Denmark Technical University, Denmark, have successfully made it to the top journals in the world Nature Communications, December issue. Out of 101 participating countries around the world, only 2 centers from India had the honour of working with the team from which MAHE was one of them. One of the students from MAHE has got an opportunity to visit their lab in Denmark for a month.

Dr. Mamatha Ballal, Prof of Microbiology, KMC, MAHE, Manipal along with her team was associated with this global project that started from 2016 till 2022. During the COVID-19 pandemic, the entire world became aware of the value of using sewage analysis to monitor disease development in those areas. However, Denmark Technical university, at National Food Institute, Denmark, where a group of researchers started sewage monitoring throughout the world since 2016 as an effective and inexpensive tool for monitoring infectious diseases and their antimicrobial resistance.

Speaking about the achievement, Vice-Chancellor, Lt. Gen (Dr.) M.D. Venkatesh of Manipal Academy of Higher Education, Manipal said, “MAHE has a legacy of collaborating with foreign universities in all fields of study. We have partnerships with over 250 Universities across the globe, such collaborations help in deepening the knowledge and development skills of both our students and faculty. We were always highly optimistic about this partnership, Kudos for the achievement team, can’t wait to celebrate more achievements like these.

Dr. Mamatha Ballal, Prof of Microbiology, KMC, MAHE, Manipal said, “We are thrilled to have made it this far and I feel elated and honoured to be a part of this prestigious project with my students we  have worked hard to achieve this feat. It was a nice experience to work with a fabulous team for Genomic Analysis of Sewage. Once again, we managed to keep MAHE’s flag flying high. I must say the collaboration with Denmark university undoubtedly resulted in fruitful outcome.

Denmark Technical University, Denmark analysed 757 sewage samples from 243 cities across 101 countries from 2016 to 2019.  The researchers have now mapped where in the world the occurrence of resistance genes is highest and how the genes are located and in which type of bacteria they are found. Globally more than 2 billion people lack clean water with feces or sewage being the most common contaminant. The sewage reservoirs are missed by hospital surveillance highlighting the usefulness of sewage surveillance. There are many examples where antimicrobial resistance genes would have emerged clinically, (for instance, New Delhi metallo beta lactamase gene), and then swept globally through environment and human and animal populations.

The results from this new metagenomics study which has been published in Nature communications (December 2022) has surprised the scientists. In fact, the study shows that the genes have appeared in many different genetic contexts and bacterial types indicating greater transmission than expected. We have found similar resistance genes in highly different bacterial types. MAHE finds it worrying when genes can pass from a very broad group of bacteria to a completely different group with which there is no resemblance. As it is often found rare for these gene transmissions to occur in such long distances.

Genomic analysis of waste water is fast and fairly inexpensive, relative to cover many people. It is a representation of different sources like hospital, community, and the environment. It is aiding that Genomic monitoring should not be reserved for acute pandemics only and should be applied continuously to endemic infections and silent epidemics like Antimicrobial Resistance which grows progressively and by some is predicted to result in an annual death rate of 10 million by 2050.  

A recent study found that bacterial AMR caused an additional 1.27 million deaths in 2019 in the world. Frank Aarestrup, the chief investigator of this global sewage project says a total of 1625 different AMR genes were detected in samples and their abundance varied across countries and continents. India, Brazil, and Vietnam had the highest diversity of AMR genes. Resistance to Macrolides, tetracyclines, aminoglycosides, beta lactams and sulphonamides were most abundant.

Poor sanitation and health are linked to AMR levels, variables being life expectancy, childhood mortality and levels of investment in water and sanitation. The findings from this big global study suggest that improving sanitation and health as part of the UN’s sustainable developmental goals enables an effective way to help limit the global impact of antimicrobial resistance (AMR).

Union Bank of India Announces Financial Results For Quarter Ended Dec 31, 2022

The Board of Directors of Union Bank of India approved the accounts of the Bank for the Quarter ended December 31, 2022. 

Key Highlights in Q3FY23 

1.    Strong Financial Performance:  

Net Profit of the Bank increased by 106.81% on YoY basis during Q3FY23. Net interest income of Bank grew by 20.26% on YoY basis during Q3FY23. 

2.    Bank continues to demonstrate a strong liability franchise  

The CASA deposits have increased by 8.43% YoY. Bank now have a total deposits base at Rs.10,65,027 Crores as at the end of Q3FY23. 

3.    Business growth gaining momentum 

Total Business of the Bank increased by 16.31% YoY, wherein Gross Advances increased by 20.09 % YoY & Total Deposit grew by 13.61% YoY. Bank now have a total Business at Rs.18,69,042 Crores as on December 31, 2022. 

4.    Credit in Retail, Agri and MSME (RAM) segments  

RAM Segment of the bank increased by 17.76 % YoY, where 16.55 % growth in Retail, 17.56% growth in Agriculture and 19.55 % growth in MSME advances achieved YoY basis. RAM advances as a per cent of Domestic Advances stood at 54.72%. 

5.    Reduction in NPA: - 

Gross NPA (%) reduced by 369 bps on YoY basis to 7.93% and Net NPA(%) reduced by 195 bps on YoY basis to 2.14% as on 31.12.2022. 

6.    Improved capital ratios 

CRAR improved from 13.92 % as on 31.12.2021 to 14.45% as on 31.12.2022. CET1 ratio improved to 10.71% as on 31.12.2022 from 10.18% as on 31.12.2021. 

GreenCell Mobility Appoints- Mr. Devndra Chawla As New CEO

* Devndra Chawla has held leadership positions with Spencer’s Retail, Walmart India, Future Group, Coca Cola and Asian Paints 

* Has over 26 years of experience and is a gold medalist engineer, University rank holder, holds an MBA and alumnus of Harvard Business School AMP program 

GreenCell Mobility (GreenCell), a leading pan-India shared electric mobility player, has announced that Devndra Chawla has been appointed as the new CEO of the company. Mr. Chawla will lead the company’s objective of being the prime mover in building a sustainable growth momentum in the shared e-mobility space. He will report to the board of GreenCell.  

Devndra Chawla, who has a rich and varied experience of 26+ years, was until recently the MD & CEO of Spencer's Retail and Nature’s Basket. Prior to that, he was associated with Walmart India as EVP & COO and was CEO of the Future Consumer Limited (FCL) and Group President - Food, FMCG, Brands Future Group. He also served as the CEO - Food and Business Head for private brands (Future Group). Previously with Coca Cola, he led various roles including Area Operations Director, Director - Customer Service / Route to Market. He has also had a stint at Asian Paints as Regional - Branch Manager. 

Commenting on the appointment, Mr Dhanpal Jhaveri, Vice Chairman - Everstone Group and CEO - Eversource Capital said, “We are excited to welcome Devndra to the GreenCell team, having successfully led many customer centric businesses to grow GreenCell into India’s leading green surface transport company.”   

Mr Devndra Chawla, CEO, GreenCell Mobility said, “I am extremely thrilled with the opportunity to lead GreenCell that is revolutionizing the future of e-mobility in India. I feel privileged to scale the company’s growth to next phase which has established its base in business and is now ready to accelerate its businesses in green surface transport.” 

Devndra Chawla did his Bachelor of Engineering in Production from Pune University. He holds an MBA degree from Symbiosis Institute of Business Management, Pune, and is an alumnus of the Harvard Business School via its Advance Management Program. He has been a mentor to many start-ups and a keen observer of consumer behavior. He has been a part of different committees of CII & FICCI for many years. He takes keen interest in the development of start-up ecosystem and in his spare time also teaches at Management Institutes. 

GreenCell Mobility is India's leading e-Mobility company backed by Eversource, the investment manager to India’s largest climate fund Green Growth Equity Fund (GGEF). GreenCell is implementing ~1,500 e-buses in the states of Maharashtra, Gujarat, Uttar Pradesh, Karnataka, Rajasthan, Uttarakhand, New Delhi, and Madhya Pradesh of which more than 700 E-buses are operational across 23 cities. 

About GreenCell Mobility Pvt. Ltd: 

GreenCell Mobility (GreenCell), promoted by Eversource Capital, the investment manager of India’s pioneering climate impact fun, has been set up to become a leading pan-India shared electric mobility player by leveraging proven global experience, developments in e-mobility technology, and the Government of India’s strong push for electrification of transportation in India. 

Eversource Capital is an equal joint venture between Everstone Group, one of Asia’s premier investment groups with assets in excess of US$7 billion across private equity, real estate, credit, climate impact investments and green infrastructure and venture capital; and Lightsource bp, a global leader in development and management of solar energy projects. 

GreenCell is building a platform to provide Electric Mobility-as-a-Service (eMaaS), initially using electric buses and delivering the core value proposition of cheaper non-polluting on-demand shared transportation, charging infrastructure, and enabling products for the e-mobility value chain. For more information, visit www.greencellmobility.com  

Continuing The Expansion Drive, “V-Trans Opens New Offices Across The South Region”

* V-Trans Boosts Its Growth By Launching 10 New Branches In South Zone  

V-Trans (India) Ltd, a preferred single window logistics solution provider accelerates its growth by announcing eight new branches in South India with a deeper penetration in business verticals. Out of the 10 new launches 6 are in Telangana, which are in Piduguralia, Bodupal, IDA Cherllapally, Jadcherla, Kattedan, and in Secunderabad. The remaining new branches are in Coimbatore – Pathanamthitta, Karnataka – Peenya-2, Dabaspeth – Bengaluru, and Malur- Bengaluru. The new branches are launched considering the unserved geographies and the increase in demand for logistics solutions.  

With this expansion, the south region now has a total number of close to 200 branches and 8 transhipment centers for V-Trans. With the opening of these new branches, the company will be able to augment its services further to the southern region of India. V-Trans is enabled with best-in-the-business infrastructure and has a presence across the nation with more than 850 branches, 50 Transhipment centers, and a fleet strength of over 1500 advanced trucks with a track and trace facility.  

V-Trans is serving varied industry-based manufacturing clients for over six decades. The company enables manufacturing by providing a logistics edge to its clients of different sizes - small, medium, or big, with customized solutions. V-Trans Group services are available round the clock at all branches for ensuring fast-paced delivery with accuracy. The new advanced ERP system provides connectivity to all locations and enhances visibility, clubbed with well-trained staff to oversee the cargo throughout the journey.  

The expansive network across the country, technology integration in processes, and customized solutions for specific requirements of clients of different natures and industries, all these factors, make V-Trans a preferred single window logistics solution provider of the nation and in SAARC countries.  

Commenting on this, Mr. Mahendra Shah, Chairman, and Managing Director, V-Trans (India) Ltd, “The South region is an important market for V-Trans to grow its network and business. V-Trans has a strong business demand in this part of the country. We are expanding our new offices in all the important states of the South region. V-Trans maintains a good presence in all the states like Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, and Kerala. We have a successful secondary distribution model in the Karnataka market and aim to build a similar dense penetrated network in other states of this region as well.” Further, he said, “With the growing manufacturing and increased consumption, there are good opportunities for us to expand our market in this region.” 

LTIMindtree Reports Strong Performance In Quarter 3 FY2023

* Constant Currency Revenue up 16.3% YoY; Order Inflow at USD 1.25 billion 

LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced its consolidated results today for the third quarter ended December 31, 2022, as approved by its Board of directors.

“We are pleased to report a strong Q3 FY23, our first as LTIMindtree,” said Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree. “The combined entity has started out with a USD 1 billion quarterly revenue run rate, a top-quartile constant currency year-over-year revenue growth of 16.3%, and a robust order inflow of USD 1.25 billion. Our performance speaks to our steadfast client focus through the merger and our resilient client and solutions portfolio. Clients across sectors are evincing keen interest in our unique value proposition spanning core to experience to edge. The client imperative to dial up technology-led innovation for future-readiness holds significant long-term upside for our full-stack offerings and cross-industry exposure, boosting our endeavour to deliver industry-leading revenue growth in the future as well.”

Key financial highlights:

Quarter ended December 31, 2022

In USD:

-          Revenue at $1,046.7 million (growth of 2.4% q-o-q / 14.0% y-o-y)

-          Net profit at $121.5 million (decline of 17.7% q-o-q / 13.3% y-o-y)

In INR:

-          Revenue at Rs 86,200 million (growth of 4.8% q-o-q / 25.3% y-o-y)

-          Net profit at Rs 10,007 million (decline of 15.8% q-o-q / 4.7% y-o-y)

Other highlights:

Clients:

-          723 active clients as of December 31, 2022

-          $1 million+ clients increased by 13, total 374

-          $5 million+ clients increased by 7, total 144

-          $10 million+ clients increased by 4, total 81

People:

-          86,462 professionals as of December 31, 2022

-          Trailing 12 months attrition was 22.3%

Deal Wins

·         A leading digital marketplace offering end-to-end solutions for the automotive industry signed a multiyear deal with LTIMindtree as its anchor digital transformation partner to consolidate all digital initiatives for enhancing efficiencies and accelerating time-to-market.

·         A leading public utility company based in North America chose LTIMindtree as a long-term strategic partner for an infrastructure and cloud managed services deal.

·         An energy and utilities company selected LTIMindtree to enable its digital transformation journey towards green energy.

·         A North American energy company signed a managed services deal with LTIMindtree for a data, cloud-enablement, and infrastructure program.

·         A leading global provider of transportation solutions selected LTIMindtree to modernize its core operations leveraging a cloud-based business applications platform.

·         A North American P&C insurer selected LTIMindtree as a strategic partner for driving the transition from Quality Assurance to Quality Engineering. As part of this deal, LTIMindtree will drive an automation-first mindset to deliver efficiency and productivity improvements.

·         A leading hospitality company awarded LTIMindtree a multiyear contract to provide agile-based product development, testing, and support services.

·         A Canada-based automobile manufacturer signed a multiyear Application Management Services deal with LTIMindtree.

·         A leading semiconductor manufacturer and technology provider selected LTIMindtree for a multiyear contract to provide platform-led, end-user services globally.

Recognitions

·         LTIMindtree Syncordis recognised as Temenos Global Delivery Partner.

·         Honoured as Global Collaboration Partner of the Year by Amazon Web Services (AWS).

·         Recognised as the 2023 ServiceNow Americas Emerging Service Provider Partner of the Year.

·         Recognised in the 2022 Gartner®* Market Guide for Augmented Analytics for its Lumin by Fosfor product.

·         Named a Leader and Star Performer in Everest Group’s Application and Digital Services in P&C Insurance PEAK Matrix® Assessment 2023.

·         Named a Major Contender and Star Performer in Everest Group’s Risk & Compliance in BFS IT Services PEAK Matrix® Assessment 2023.

·         Named a Major Contender and Star Performer in Everest Group’s Guidewire Services PEAK Matrix® Assessment 2023.

·         Named a Major Contender in Everest Group’s Healthcare Provider Digital Services PEAK Matrix® Assessment 2023.

*GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Announcements

The Board of Directors has recommended an interim dividend of ?20 per equity share of par value Rs 1 each.

About LTIMindtree

LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world. Powered by nearly 90,000 talented and entrepreneurial professionals across more than 30 countries, LTIMindtree — a Larsen & Toubro Group company — combines the industry-acclaimed strengths of erstwhile Larsen and Toubro Infotech and Mindtree in solving the most complex business challenges and delivering transformation at scale. For more information,  visit www.ltimindtree.com.  

Happiest Health Launches Health And Wellness Lifestyle Print Magazine & Plans For Health Summit In B'lore

* From print magazines to experiencing stories in virtual space, the health and wellness platform unveils health and wellness universe.

Health and wellness knowledge enterprise, Happiest Health is set to release India’s first Health and Wellness Lifestyle Print Magazine, which will offer credible knowledge on health and wellness-related topics.

The second offering being launched today is a mobile app that will be one-of-a-kind in producing knowledge on early diagnosis, gentler therapies, the latest developments from the intersection of health and technology… and much more! Happiest Health is also introducing an array of wellness programmes, to enhance physical, emotional, spiritual, and mental wellness. Finally, there is also a Metaverse Platform that will help users experience health and wellness knowledge in virtual space.

Talking of the new services, Ashok Soota, Chairman, Happiest Health said, “These complement our digital offering and will make Happiest Health a unique health & wellness enterprise.” Ashok Soota added that Happiest Health had built the nation’s strongest team for content creation in the health & wellness space. “The print magazine will help us to leverage this capability to address an even wider audience. Our first issue’s theme is Women’s Health. The issue has inspiring and uplifting stories for women of all ages. It includes stories on people who have battled health issues and are leading better and healthier lives,” he further said.

To keep up with the rapid pace of growth in digital services, Happiest Health has introduced a more immersive and engaging experience by launching a metaverse platform that enables users to access health and wellness knowledge in the virtual space. Chief Executive Officer & President, Anindya Chowdhury said, “We are starting our metaverse journey with knowledge of diabetes. It will explain how blood sugar spikes affect our brain when we consume different kinds of food. You can keep track of your blood sugar levels, find information and management support, to name a few utilities. Our ultimate aim is to build a repository of virtual reality experiences that cover a range of topics such as understanding of the human anatomy, interactive mental health sessions with experts, and much more. We want to create a thriving community where users can connect with each other, experts, and healthcare providers in a virtual space.”

Happiest Health also launched different wellness programmes, which will help people cope with everyday stress better and to make healthier lifestyle choices. The programmes include Mindfulness,  Tai Chi, Laughter Yoga, Dance Fitness, Yoga, and Karate. All these are delivered by renowned global experts in their fields. 

About Happiest Health

Happiest Health is a global health & wellness knowledge enterprise promoted by Ashok Soota. Happiest Health provides credible and trustworthy health and wellness knowledge with views from globally renowned experts and doctors. The primary knowledge platforms are the daily newsletter, knowledge website, and newly launched monthly print magazine, and knowledge app.

Happiest Health embraces scientific knowledge with a keen focus on medical breakthroughs providing kinder, gentler therapies including cell-based treatments. It also has deep coverage of integrated medicine including Ayurveda, homeopathy and naturopathy. Happiest Health’s focus on wellness is holistic and energizing. They live by their Mission Statement: “Better Knowledge. Better Health.” and convey its benefits to all.

Persistent Systems Ltd Strong Operating Performance; Margin Outlook Ahead Of Expectations

BUY

CMP: Rs4258  

Target Price: Rs4500

PSYS reported better-than-expected operating performance in Q3. Revenue grew 3.4% QoQ, despite impact of the higher-than-usual furloughs (150bps), lesser working days (50-100bps) and weakness in select clients. Management expects furloughs to extend into the next quarter and impact revenue growth by 50-75bps in Q4. Revenue growth was broad-based across Software, Hi-tech & Emerging industries (4.1% QoQ; ex-top client: 7.7%), Healthcare & Lifesciences (2.9%), and BFSI (2.8%). The services business has posted 9.2% CQGR in the last eight quarters, and Management remains confident (albeit watchful of macro uncertainties) about sustaining the growth momentum on the back of continued demand, robust deal intake (USD440mn in Q3; 1.7x book-to-bill), healthy deal pipeline, new logo additions, and steady progress in client mining. Management expects EBITM to expand by 200-300bps over the next 2-3 years, ahead of our expectations, on the back of revenue growth, flattening pyramid, SG&A leverage with progress on client mining, and large deals traction. We raise our EPS by 1%-8% for FY23E-25E, factoring-in the Q3 performance and higher margin assumptions. We retain BUY with TP of Rs4,500/share at 25x Dec-24E EPS (earlier Rs4,125).

Result summary: Revenue grew 3.4% QoQ to USD264.4mn (3.5% CC QoQ), above our expectations of 3% CC QoQ, driven by steady growth in the Services business and continued momentum in IP. Services revenue grew by 3% QoQ, aided by 4.9% growth in volume, while blended realization declined by 1.8%. EBITM expanded by 80bps QoQ, on account of higher lateral utilization, flattening employee pyramid, revenue growth, IP-led revenue growth, and currency movement (+60bps). Reported net profit grew 8% QoQ to Rs2.4bn. Adjusted for the exceptional item pertaining to provision for forego of export incentives (~Rs296mn), net profit stood at Rs2.7bn. The top client declined ~12% QoQ on account of planned ramp down, which started last quarter. Management believes that top-client revenue has bottomed out and expects a sharp reversal in a few quarters. Revenue from the top-50 (ex-Top 2) clients grew 7.7% QoQ. PSYS has seen steady improvement across client buckets. Order booking was at a record high, at USD440mn (1.7x book-to-bill) of TCV, including USD239mn of new business TCV. What we liked: Broad-based revenue growth momentum; revenue & margin beat; record-high order book; moderation in attrition (21.6% vs 23.7% QoQ). What we did not like: Increase in DSO to 67 days (7 days QoQ), weakness in top client (fell ~12% QoQ).

Earnings-call KTAs: 1) Revenue growth momentum moderated in North America (1.5% QoQ) due to weakness in the top-2 clients and higher than usual furloughs. 2) Growth in Europe (12.2% QoQ) was on the back of deal wins, although Management remains watchful of the macro conditions. 3) Company aspires to outgrow the industry, irrespective of the macro outcomes. 4) LTM attrition for the quarter stood at 21.6% vs 23.7% in Q2, and Management expects it to continue trailing downward. 5) The company has hedges of USD214mn as of end-Q3, at an average exchange rate of Rs81.55/USD. 6) Company declared an interim dividend of Rs28 per share. 7) The billing rate was impacted due to higher furloughs and lower number of working days. 8) DSO for the quarter stood at 67 days and was impacted by the spillover of collections (2.5-day impact), deferred credit given to some clients in the IP business (3.5 days), and clients with a December year-end seeing some shift from unbilled DSO to billed DSO. Mgmt expects billed DSO to stabilize at ~65 days. 9) Company added over 3,000 freshers in H1FY23 and has made an offer to 1,200 freshers, who are expected to join in the next few quarters. 10) Utilization (ex-fresher) improved 340bps QoQ to 83.3%. 

Godrej Agrovet Launches Samadhan, A One-Stop Solution Center For Oil Palm Farmers

~ The Ministry of Agriculture and Farmer Welfare has set a goal to cultivate 1,000,000 hectares of oil palm by 2027 under the NMEO-OP scheme

~Godrej Agrovet has set a goal to add 60,000 hectares of new oil palm plantations in the next five years

~Plans to open 50 more centers by 2027

Godrej Agrovet’s Oil Palm business has introduced a ground-breaking initiative called Samadhan, a one stop solution centre that would provide a comprehensive package of knowledge, tools, services and solutions to oil palm farmers. ‘Samadhan’ aims to be a critical enabler in Palm Oil industry and assist oil palm farmers in optimising their yields by adopting latest agricultural techniques and boosting their productivity. With the focus to provide knowledge and access to contemporary technologies, ’Samadhan’ will enable famers to make informed decisions about venturing into oil palm cultivation thereby enabling sustained growth in their income.

Since the launch of National Mission on Edible Oil - Oil Palm (NMEO-OP), in August 2021, Godrej Agrovet Ltd., a diversified agri-business company and a pioneer in the Oil Palm sector in India, had established a goal to add 60,000 hectares of additional oil palm plantations over the course of the next five years to support the long-term sustainable development of oil palm in India. The company has developed Samadhan in order to achieve this goal.

Each Samadhan center intends to support the planting of ~2,000 hectares of oil palm and help farmers achieve a sustained productivity in mature gardens through the use of modern agricultural technologies and expert advice. Through this initiative, Godrej Agrovet Ltd. plans to share global best practices with the Indian oil palm farmers, and help the farmers to adopt these practices across geographies. It will also help to support farmers to avail developmental finance, Government subsidies/schemes & other benefits.

Speaking about the initiative Mr. Balram Singh Yadav, Managing Director, Godrej Agrovet Limited said, “With more than thirty years of experience in the oil palm business, we have been working with and educating farmers on sustainable palm oil plantation processes. With the help of Samadhan, we hope to provide solution for industry's expansion and prosperity. We are aiming to provide a variety of resources, services, professional guidance and latest technologies to these palm oil farmers. We have recently opened two centers each in Telangana and Andhra Pradesh, and by March 2023, we intend to expand it. By 2027, we plan to establish 50 more centers similar to these.

The National Mission on Edible Oil - Oil Palm (NMEO-OP) has generated a new sense of excitement and momentum in the oil palm industry since its launch in August 2021. The program is a landmark initiative from the Indian government that aims to promote the long-term sustainable development of oil palm and provide additional support to new farmers, particularly in the Northeast region, to help them overcome the challenges of starting a new farm. The Ministry of Agriculture and Farmer Welfare has set a goal to cultivate 1,000,000 hectares of oil palm by 2027 under the NMEO-OP scheme. The program's introduction of the Viability Gap Payment (VGP) for long term sustainable development and increased incentives for new farmers are two key features that make it unique and supportive of the industry.

About Godrej Agrovet:

Godrej Agrovet Limited (GAVL) is a diversified, Research & Development focused food and agri-business conglomerate, dedicated to improving the productivity of Indian farmers by innovating products and services that sustainably increase crop and livestock yields. GAVL holds leading market positions in the different businesses it operates - Animal Feed, Crop Protection, Oil Palm, Dairy, Poultry and Processed Foods. GAVL has a pan India presence with sales of over a million tons annually of high-quality animal feed. Our teams have worked closely with Indian farmers to develop large Oil Palm Plantations which is helping in bridging the demand and supply gap of edible oil in India. In the crop protection segment, the Company has strong presence in the B2B segment through its subsidiary Astec Lifesciences and through its extensive distribution network pan-India delivers innovative agrochemical offerings catering to the entire crop life-cycles. In Dairy and Poultry and Processed Foods, the company operates through its subsidiaries Creamline Dairy Products Limited and Godrej Tyson Foods Limited. Apart from this, GAVL also has a joint venture with the ACI group of Bangladesh for animal feed business in Bangladesh.

For more information on the Company, log on to www.godrejagrovet.com.

Godrej Interio Partners With Mumbai Metropolitan Region Development Authority For Metro Line 2A

~ Seeks to grow by 45% in Turnkey Projects business by FY25 ~

Godrej & Boyce, the flagship company of the Godrej Group announced that its business Godrej Interio, India’s leading furniture solutions brand, in home and institutional segments, has completed the external façade of nine metro stations between Dahisar to DN Nagar on the newly inaugurated Mumbai Metro Line 2A. The new metro line was inaugurated on 19th January 2023 by the Hon. Prime Minister Narendra Modi along with Eknath Shinde, Chief Minister of Maharashtra and Devendra Fadnavis, Deputy Chief Minister of Maharashtra.

Godrej Interio has successfully completed the Façade works that utilized approximately 1800 tonnes of MS steel for fabrication, 480 Metric tonnes of plaster, and installed more than four lakh Sq. feet of façade louvers. The project commenced during the pandemic and was completed well before the stipulated deadline given by the Mumbai Metropolitan Region Development (MMRDA).

Swapneel Nagarkar, Sr. Vice President & Business Head, Godrej Interio said, “The infrastructure sector is a significant driver of the Indian economy. Infrastructure development is essential for India to achieve its goal of having a $5 trillion economy by 2025[1]. In line with the Make in India mission, Godrej Interio has always been at the forefront of contributing towards building the nation. We are delighted that the project was completed before the given timeline as this metro projects will provide speedy and convenient transport to nearly 10 Lakh commuters by 2031. We have been working closely with the MMRDA and metro rail corporations to provide an excellent commuter experience by leveraging our expertise in delivering turnkey solutions and contributing to India's vision of building a strong public transportation network across the country. Currently, our Turnkey Projects business contributes 22% of our turnover from the B2B segment and is poised to grow at a CAGR of 20% until FY25.”

Godrej Interio has already partnered on various metro rail projects across the country including Bengaluru, Kochi and Kolkata. As metro stations in many parts of the world reflect the culture of the city, Godrej Interio on customer request has also helped in depicting the same via artwork and installations at various city metro projects. They have already secured infrastructure finishing projects of over 500 Crore since 2020.

The infrastructure finishing projects' broad scope of work includes interiors, art forms, architectural finishes, civil finishes, cladding, block works, and facade glazing. Godrej Interio is committed to strengthening its market position through the infrastructure line of business by offering comprehensive end-to-end solutions from conception to completion. The team’s skilled architects, interior designers, and project managers work closely with the contracting party to provide a seamless experience. The company’s offerings also include general contracting, design, and execution of everything from interior design to MEP to security and surveillance to AV systems.

About Godrej Interio:

Godrej Interio is India’s leading premium furniture brand in both home and institutional segments with a strong commitment to sustainability and centres of excellence in design, manufacturing and retail.

Led by the largest in-house design team in the country in the furniture category and awarded with 34 India Design Mark Awards till date, GODREJ INTERIO aims to transform spaces with its thoughtfully designed furniture to create brighter homes and offices with products that have the highest design quotient in aesthetics, functionality and technology. With consistent pursuit of excellence and a special focus on health and ergonomics, GODREJ INTERIO’s product portfolio comprises of a wide range of solutions

Today, we design and manufacture furniture for office spaces, homes, educational institutes, healthcare facilities, laboratories and more. Along with furniture we offer Audio Visual and 360 Degree Turnkey solutions. Each of our product range revolves around comfort and aesthetics while delivering well-designed, long lasting and functional furniture solutions. In short, Godrej Interio helps the consumers to make every space the perfect setting for their myriad moods and moments.

Currently present in over 450 cities with 450 exclusive showrooms and 520 dealer outlets, is one of the largest divisions of Godrej & Boyce Mfg. Co. Ltd., part of the Godrej Group, one of India's largest engineering and customer product groups.

Godrej Interio has 7 manufacturing facilities situated at Mumbai, Khalapur, Haridwar, Shirwal, and Bhagwanpur. GODREJ INTERIO’s Shirwal Plant is Green Co Platinum Certified, and Mumbai Plants are Green Co Gold Certified. GODREJ INTERIO is widely known for its comprehensive sustainability certifications for its products in furniture category.

GODREJ INTERIO commitment to the environment has resulted in manufacturing products with lesser environment footprint. Our pioneering efforts include designing less environment burdening products, usage of eco-friendly materials and setting up less polluting and consuming processes, ensuring eco-friendly packaging and transportation and finally the extended responsibility of recycling/reuse of used furniture and scrap, thus ensuring a lifecycle approach to green. GODREJ INTERIO has the widest range of green choices for our customers which not only includes products but also services such as green interiors and recycling.

The brand boasts of noteworthy awards received so far- CII Exim Bank Award for Business Excellence 2016, Superbrands 2017-18, Reader’s Digest Most Trusted Brand 2018 Gold (Home Furniture and Modular Kitchen), TRA’s India’s Most Consumer focused brand 2019, GreenCo Star Performer Award 2019, National Energy Leader Award at CII National Award for Excellence in Energy Management 2018.

L&T Technology Services Reports 21% Growth And Crosses The Rs 300 Crore Mark In Net Profit In Q3FY23

Q3 Revenue of Rs 2,049 crore, up 21% YoY

Q3 Net profit of Rs 304 crore, up 22% YoY

L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, announced its results for the third quarter ended December 31, 2022.

Highlights for Q3FY23 include:

·         Revenue at Rs  20,486 million; growth of 21% YoY

·         USD Revenue at $248 million; growth of 14% YoY in constant currency

·         EBIT margin at 18.7%

·         Net profit at Rs 3,036 million; growth of 22% YoY

During the quarter, LTTS won five USD 10 million plus TCV deals and a significant empanelment with Airbus in digital manufacturing.

“Our double-digit revenue growth momentum continued in the third quarter led by Transportation and Industrial Products. Three of the five USD 10 million plus deal wins in Q3 were from Industrial Products on the back of our differentiated capabilities such as digital twin and sustainability driven product development.

We reported a record high EBIT margin of 18.7% in Q3 which helped us cross the milestone of INR 300 crore in quarterly profits. This demonstrates our continuing endeavor for shareholder value creation. We also crossed 1,000 patent filings, reflecting the engineering and technology talent driving growth for the company.

Towards meeting our aspiration of a USD 1.5 Bn run-rate by FY25, we are making strategic investments. In Q3, we opened a new center in Toronto for Digital Engineering and expanded our operations in Peoria to offer digital manufacturing and next-gen electrification solutions. Recently we announced the acquisition of Smart World and Communication (SWC) which is a progression of our 6 Big Bets strategy in the areas of 5G, Sustainability and Digital Products & AI. We are confident these investments will help differentiate our offerings and expand our addressable market”, said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.

Awards & Recognitions:

·         LTTS was awarded the Best Industry-Academia collaborations of the year by CII Industrial Innovation Awards 2022.

·         LTTS won the Golden Peacock Innovation Management Award – 2022 by Institute of Directors (IOD)

·         LTTS’ Global Engineering Academy was declared the winner of the organization award category at the Future of Learning and Development Summit & Awards 2022 by the UBS Forum.

·         LTTS has been rated as leaders in the Zinnov Zones ER&D Services 2022 across verticals including Aerospace, Automotive, Industrial, Semiconductor, Telehealth, Telecommunication and technologies such as Electrification, Digital Engineering, Data & AI Engineering, Experience Engineering Services, and Industry 4.0.

·         ISG rated LTTS as the leader and the only pure-play ESP in Manufacturing Industry Services in the US and Europe

Patents

At the end of Q3FY23, the patents portfolio of L&T Technology Services stood at 1,033, out of which 695 are co-authored with its customers and the rest are filed by LTTS.

Human Resources

At the end of Q3FY23, LTTS’ employee strength stood at 21,649.

About L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 57 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 21,600 employees spread across 22 global design centers, 28 global sales offices and 91 innovation labs as of December 31, 2022. For more information,  visit https://www.LTTS.com/

PN RAO - Bengaluru’s Legendary Fashion Brand Is Eyeingre-Entry Into Women’s Business Wear Segment In Its Centenary Year

The legendary 100-year old fashion brand P N RAO, which was born in 1923 is celebrating its centenary year. With 5branches in the city and 2 in Chennai, the brand enjoys a rich legacy and has been known for dressing up the who’s who of the city who have an eye for bespoke tailoring and fine clothing. As a big tribute to this milestone, the brand is eyeing its re-entry into the women’s business wear segment.

Speaking at a press conference MachenderPishe, ChandramohanPishe, Naveen Pishe and Ketan Pishe – Partners of P N RAOsaid, “P N RAOhas contributed immensely to the Indian retail industry and built a unique reputation of its own as an iconic made in India brand”.

KetanPishe, Partner,P N RAO,said “From a humble beginning, the brand has grown along with the city and holds a very special place in the hearts of Bengalureans and Chennaiites. Celebrating 100 years is a big milestone for us which speaks volumes about our brand and our vision and mission. While we are committed to offering the finest apparels to our customers and understand our client’s psyche, we are constantly evaluating ways and means to raise the bar and expand our customer base”.

It will be interesting to know that P N RAOstarted as a ladies tailoring brand which took immense pride in dressing up the British ladies in the pre-Independence days. Post-Independence, the founder’s eldest son Mr. P N Panduranga Rao learnt the art of gentspattern making which led to the brand branching off into men’s wear and has till date remained committed to offering the best in men’s wear.

“P N RAOhas built one of the largest bespoke tailoringunits on the outskirts of Bengaluru which is completely solar powered which demonstrates our commitment to the environment and clean and safe and hygienic manufacturing of our apparels”, added Naveen Pishe, Partner, P N RAO.

With its intention of re-entry into the women’s wear business clothing, the brand will round up into a holistic fashion wear brand for both men and women. P N RAOhas always made sure that the brand remained relevant and updated in fashion wear in these 100 years and hence has been a name to reckon with, since its inception. Today with this announcement the history of glorious craftsmanship and service is going to repeat itself in women’s wear industry.    

On this special occasion the brand has announced their future strategies of further expansion and specializations. The brand also felicitated top 100 names of Persons / Brands / Institutions of Bengaluru city, who have been instrumental in contributing to the city and hence creating a name for the city. Alongside they also launched the brand’s coffee table book which coversnot just the brand journey, but also the city journey.

To pay respect to this great lineage the bust of late Shri PisheNarayan Rao was also unveiled.

About P N RAO:

P N RAOstarted their journey back in 1923, pioneered by Pishe Narayan Rao. In the earlydays British officers and ladies of high rank counted on the stylised, customized perfection attuned by PN RAO. The empire expanded over the years with their characteristic suave and grace blending tradition and contemporary innovation. Over the decades, they defined men’s beau monde across the nation. The brand has become synonymous with class and quality. P N RAO has been the choice of men’s wear with their seven stores, spread across Bengaluru and Chennai. Constant upgrade and superior quality have buttoned up their suit of success. In the post-independence era this brand has revolutionized men's tailoring under P N Panduranga Rao and starred as a trend setter in ‘ready to wear’ clothing. P N RAO is having one of the largest bespoke tailoring facilities in the country with solar powered units in Hoskote industrial belt.

OneWeb And Marsh’s Mission Critical Collaboration Continues; Remaining Gen1 Launches Insured

* Following an insurance agreement in October 2021, Marsh has completed the placement of insurance for OneWeb’s remaining Gen1 constellation launches

OneWeb, the low Earth orbit (LEO) satellite communications company, and Marsh, the world’s leading insurance broker and risk advisor, today announced that their relationship will continue through in 2023, covering launches from the U.S. and India.

OneWeb signed an agreement for an aggregate insured value of more than $1 billion through Marsh in September 2021 and now that relationship will cover the remaining satellite launches for OneWeb to complete its Gen1 constellation. The insurance programme has continued to underpin the development of OneWeb’s communications capabilities in established and new markets.

This month, OneWeb completed its 16th launch to-date, on a Falcon 9 rocket from SpaceX in Florida, to bring its total constellation to 542 satellites – more than 80% of its Gen1 constellation. This milestone followed the resumption of the business’ satellite deployments, with OneWeb’s successful 14th launch on a LVM-3 rocket from NewSpace India Limited at Sriharikota, India, in October 2022 and a SpaceX launch in December on another Falcon 9. OneWeb remains on track to initiate global coverage in 2023, while its connectivity solutions are already live in the wider Arctic region including Canada, Alaska, the UK and beyond.

Srikanth Balachandran, OneWeb’s Chief Financial Officer, said: “Marsh has been pivotal in supporting OneWeb’s mission since 2021 and we are proud to collaborate with an insurance broker that shares our global ambitions. As we continue to progress towards activating our coverage across the world in 2023, we will benefit from the security of the insurance programme through Marsh, and the expertise of their teams across UK and India.”

Chris Lay, Chief Executive, UK & Ireland, Marsh, said: “OneWeb has made tremendous progress in building its Gen1 constellation. The next series of launches will enable the business to activate its coverage solutions globally, and are strategically important to OneWeb’s success. The continuation of our highly innovative insurance programme, and the guidance of Marsh’s global colleagues, demonstrates that Marsh and OneWeb remain committed to creating a more connected future for all.”

Sanjay Kedia, Chief Executive, Marsh India, added: “The recent launch at Sriharikota and the enthusiastic participation of several Indian insurance players are positive and significant contributions to the global space sector. We are proud of our work with OneWeb, and we are delighted to see how our teams work collectively to deliver satellite launches in a safe, secure and responsible manner.”

About OneWeb

OneWeb is a global communications network powered from space, headquartered in London, enabling connectivity for governments, businesses, and communities. It is implementing a constellation of Low Earth Orbit satellites with a network of global gateway stations and a range of user terminals to provide an affordable, fast, high-bandwidth and low-latency communications service, connected to the IoT future and a pathway to 5G for everyone, everywhere. Find out more at http://www.oneweb.world

About Marsh

Marsh is the world’s leading insurance broker and risk advisor. With over 45,000 colleagues operating in 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue over $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit mmc.com, follow us on LinkedIn and Twitter or subscribe to BRINK.

Happiest Minds Reports Revenue Growth In Constant Currency Of 26% And EBITDA Of 26.3%, Well Above Guidance

* Reported numbers on revenue growth and profitability continue to be industry leading

Happiest Minds Technologies Limited (NSE:HAPPSTMNDS), a ‘Born Digital. Born Agile’, digital transformation and IT solutions company, today announced its consolidated results for the third quarter ended December 31, 2022 as approved by its Board of Directors.

Financial highlights

Quarter ended December 31, 2022

·         Revenue in constant currency grew by 2.8% q-o-q and 22.6% y-o-y

·         Operating Revenues in US$ stood at $45.3 million (growth of 2.1 % q-o-q: 19.8% y-o-y)

·         Total Income of Rs 37,468 lakhs (growth of 4.3% q-o-q; 28.2% y-o-y)

·         EBITDA of Rs 9,726 lakhs, 26.0% of Total Income (growth of 3.1% q-o-q; 26.5% y-o-y)

·         PAT of Rs 5,758 lakhs (decline of 3.1% q-o-q; growth of 17.7% y-o-y)

·         Free cash flows of Rs 9,315 lakhs

·         EPS (diluted) for the quarter of Rs 3.98

Nine months ended December 31, 2022

·         Revenue in constant currency grew by 26.0%

·         Operating Revenues in US$ stood at $131.9 million (growth of 23.5% y-o-y)

·         Total Income of Rs 106,397 lakhs (growth of 29.7% y-o-y)

·         EBITDA of Rs 27,935 lakhs, 26.3% of Total Income (growth of 31.4% y-o-y)

·         PAT of Rs 17,333 lakhs (growth of 34.3% y-o-y)

·         Free cash flows of Rs 26,534 lakhs

·         EPS (diluted) for half year of Rs 12.01

Ashok Soota, Executive Chairman, said “We have delivered yet another quarter of excellent performance on all fronts. On revenue growth + EBITDA, a metric that we closely track, we are at 55.2%, which reflects our ability to drive consistent profitable growth. We are delighted with the recognitions received by Happiest Minds on corporate governance. The ICSI award in this quarter was preceded by the Golden Peacock award for corporate governance in the previous quarter. Happiest Minds stands for excellent corporate governance and these awards represent a dual confirmation on our disclosure, transparency and governance practices.“

Venkatraman N, MD & CFO, said “Happiest Minds’ year-to-date revenue growth of 26% in constant currency and EBITDA of 26.3% continue to be industry-leading and well above the guidance we have given for the year. Accolades that we received for our governance and disclosure practices coupled with our results make the quarter results that much more pleasant”

Joseph Anantharaju, Executive Vice Chairman, said “Our clients are investing heavily in cloud, experience and analytics as part of their strategic Digital initiatives. They continue to see us as a strategic and differentiated partner, given our positioning as a ‘Born Digital . Born Agile’ company and our technology depth. This has resulted in a strong pipeline of large deals, many of them with Fortune 500 companies.”

Clients:

·         230 as of December 31, 2022

·         9 additions in the quarter

Our People - Happiest Minds:

·         4,611 Happiest Minds as of December 31, 2022 (net addition for the quarter 30)

·         Trailing 12 months attrition of 20.9%

·         Utilization of 80.1%, from 80.6% in last quarter

Q3 FY23 Key Project Wins:

·         For one of the largest bottlers of beverage brands in America, Happiest Minds was chosen to establish Microsoft Power Platform COE for them.

·         For a US-based workforce development company, Happiest Minds was selected to build their next-generation mentorship platform.

·         For a global leader in the design and manufacturing of advanced analytical, test and measurement instrumentation, Happiest Minds was selected as a partner for front-end development and automation.

·         For a leading US labor and employment law firm, Happiest Minds is helping them automate their processes with Microsoft Power Platform 

·         For a large consulting company in the US, Happiest Minds is providing managed database services

·         For a Danish bank, Happiest Minds is digitally transforming their trading platform using Low-Code No-Code (LCNC) platform.

·         For a major telecom operator in the Middle East, Happiest Minds is providing Security Assessment services.

·         For a multi-national BPO and consultancy company headquartered in Europe, Happiest Minds is providing cloud, security and network management services.

Recognitions and CSR:

·         Happiest Minds has won GOLD for its 2022 Integrated Annual Report at the League of American Communication Professionals (LACP) Spotlight Awards 2022

·         Happiest Minds is recognized among ‘India’s Top 25 Best Workplaces™ in IT & IT-BPM 2022’ by Great Place To Work® Institute

·         Happiest Minds has won CULT.fit ‘India’s Fittest Disruptors 2022 Award’

·         Happiest Minds wins multiple awards at the ICSI National Awards 2022

·         ‘Best Governed Company’ in Medium Category

·         CS Praveen Kumar Darshankar presented the ‘Governance Professional of the Year’

·         Ashok Soota conferred ‘ICSI Lifetime Achievement Award for Excellence in Corporate Governance’

·         Priya Kanduri conferred ‘Outstanding Leadership Award’ at Internet 2.0 Conference, Dubai

·         Sushilkumar Nahar recognized as a ‘Game Changer’ at the CIO100 Awards 2022 

Analyst Mentions

·         Happiest Minds is a ‘Leader in Enterprise Software’ – Zinnov Zones

·         Happiest Minds is a ‘Leader in Software Platform Engineering’ – Zinnov Zones

·         Happiest Minds is a ‘Leader among SMSPs for ER&D Services’ – Zinnov Zones

·         Happiest Minds is a ‘Leader among SMSPs in Data & AI Engineering’ – Zinnov Zones

·         Happiest Minds is a ‘Major Contender in Everest Managed Detection & Response (MDR) Services PEAK Matrix’  - Everest

Godrej & Boyce Adopts Global Technology To Optimize Customer Experience In The Intralogistics Sector

~The Material Handling arm of the company plans to increase its spends on technology by 100% with a focus on the retail and manufacturing sectors

Godrej & Boyce, the flagship company of the Godrej Group, has recently announced that its Material Handling business, plans to significantly boost investment in IoT-based technology and data, to enhance customer experience, global footprint and increase market share.

The overall intralogistics businesses of Godrej & Boyce include Material Handling solutions, Storage solutions, and intralogistics solutions through a joint venture with Koerber (Godrej Koerber). They have a total turnover of 1800cr, growing at a consistent 12% CAGR.

The Material Handling division has recently established strategic alliances with tech giants to launch disruptive solutions that are expected to increase customer efficiency. The pilot project has shown an increase of 12-15% in customer efficiency through better utilisation of their assets, monitoring the movement of the assets and monitoring of key performance parameters such as productivity, energy consumption, vehicle performance etc.

Mr Anil Lingayat, Business Head- Godrej Material Handling, Godrej & Boyce said, “The advancement of technology has become a necessity for the intralogistics sector to connect, automate, and analyze the success of operations. Material Handling business has been continuously focusing on digitization and connecting across the value chain. With new connected products, it is going to enhance the customer experience by leveraging the power of IoT, cloud, and analytics”.

While this business has a strong presence across sectors, it plans to strengthen its presence in Pharma, F&B and cold storage applications.

Godrej Material Handling has planned to double its investments in technology at multiple stages of operations including manufacturing, sales, and sustainability across its value chain. Since the implementation of Salesforce CRM, Godrej Material Handling has witnessed a 10% increase in user experience efficiency due to technological advancement. The business is expanding its capacity by 4x as it believes demand growth from the industry.