Leading Beauty Firm - Nykaa Brings its Beauty Bar To Bengaluru!

Nykaa, India’s most preferred beauty and lifestyle destination, has brought back its hugely successful Beauty Bars with an exciting event at Bengaluru’s Lulu Mall. Over 100 makeup enthusiasts were treated to a masterclass with renowned makeup artist Nikhita Anand, where they learned tips and tricks to create the perfect look for summer, using some of the biggest makeup brands PAC, BBlunt, Nykaa Cosmetics, RAS Luxury Oils, Ikonic Professionals & Kay Beauty. Featuring makeovers with essential makeup and skincare products, Nykaa ensured that every attendee enjoyed the session and left looking and feeling fabulous.

Bengaluru’s resident makeup artist Nikhita Anand created a signature dewy summer look that can be easily taken from day to night. She started by prepping the model’s skin with the PAC Total Cleansing Balm coupled with the RAS Luxury Oils Flaunt Anti-Pigmentation Serum and the Nykaa Cosmetics All Day Matte Foundation for a flawless base. In true summer style, she completed the look with a gel eyeliner and glossy lips using the Kay Beauty Lip Pencil in Vanity. To compliment the makeup look, Nikhita created beautiful curls with Ikonic Professionals Curling tong, sealed in place with the BBLUNT Hotshot Hold Spray Delivers Instant & Firm Hold.

Speaking about this much-loved consumer focused property, the Nykaa Spokesperson said, “Nykaa has remained committed to bringing the best brands, products, and trends from the world of beauty, closer to consumers in new and interesting formats. Our Beauty Bars have gained much popularity and love over the years, and we are thrilled with all the love Bengaluru has shown us. We will be hosting several such Beauty Bars throughout the year, across multiple cities, and look forward to creating memorable experiences for our consumers with some of the most sought after brands, experts and offers in beauty.”

An exciting and engaging concept by Nykaa, the Beauty Bars allow make-up enthusiasts to experience the latest trends, interact with some of the best brands and meet with experts from the world of beauty, in their home city. Follow the journey of Nykaa Beauty Bars at @MyNykaa on Instagram.

Head To Yas Island To Watch The Famous Musical 'Hamilton' Take Center Stage At Etihad Arena

Yas Island is excited to announce that the award-winning Broadway Musical ‘Hamilton’, will be coming to Etihad Arena! The musical is set to captivate audiences with its blend of hip-hop, R&B, Jazz and Broadway tunes, bringing the story of Alexander Hamilton, one of the founding father of the United States, to life in a brilliant and contemporary performance.

As the Tony®, Grammy®, Olivier and Pulitzer Award winning musical lights up Yas Island from January 17th, 2024, until February 4th, 2024, Hamilton buffs can look forward to ticket pre-sales going live on May 19th and general sales going up for grabs on May 22nd. Fans will be able to avail a daycation “Dine and Event” package starting at AED 870 and extend their stay on Yas Island with a staycation package launching a week after, starting at AED 1,200, covering a one-night stay at one of Yas Island’s glamorous hotels with complimentary breakfast included. Both offers are valid for booking on Yas Island’s website, subject to availability.

Hailed as a cultural phenomenon, Hamilton will have its first Middle East premiere right on the grounds of Yas Island. Guests are advised to book now for a chance to witness history coming live!

For more information and bookings, visit: https://www.yasisland.com/

GreenLine Partners With Nestle India For Sustainable Logistics Using LNG-Powered Fleet

* Revolutionises Maggi noodle transportation with first-of-its-kind 46 ft LNG-powered containers

GreenLine, India’s first and only LNG-fueled heavy trucking logistics company, today announced the deployment of its LNG-powered containers at Nestle’s Sanand facility. The partnership is in line with Nestlé India’s sustainability goals as it looks to reduce the carbon footprint of its logistics operations.

GreenLine has custom created the first-of-its-kind 46 feet long containers which will be deployed for transporting Maggi noodles from Nestlé’s factory at Sanand, Gujarat, to Bhiwandi, Maharashtra. GreenLine's LNG-powered fleet significantly reduces toxic emissions compared to diesel - Carbon Dioxide by upto 30%, Sulphur Oxides by upto 100%, Nitrogen Oxides by upto 59%, Carbon Monoxide by upto 70%, and Particulate Matter by upto 91%.

In line with Nestle's carbon emissions reduction goals, the adoption of GreenLine's larger 55MT, 46 feet containers replaces smaller diesel 20 MT vehicles, resulting in a substantial reduction in vehicle requirements. This, combined with the emissions reduction achieved by utilizing LNG-powered containers, contributes to Nestle's green mission and enhances its ESG performance.

Commenting on the occasion, Anand Mimani, CEO, GreenLine, said, "We are thrilled to announce our partnership with Nestlé India in their journey to reduce emissions through our innovative green mobility solutions. This collaboration marks a significant milestone, signaling the dawn of eco-friendly logistics for consumer goods companies in India. We eagerly anticipate the widespread adoption of our green mobility solutions by other industry leaders, empowering them to enhance their ESG performance, foster a cleaner environment, and pave the way for a sustainable future for generations to come."

Commenting on this initiative, Mr. Sanjay Khajuria, Director, Corporate Affairs and Sustainability, Nestlé India said, “We are accelerating our sustainability initiatives. We are committed towards net zero emissions and sustainable logistics is a step in that direction. With this aim we are deploying different modes of transportation using alternate fuel and using bigger vehicles to optimize vehicle capacity utilization. We are hopeful that the association with GreenLine would help us to achieve our objectives."

Building on its achievements in green logistics for cement and steel, GreenLine is now introducing the superior capabilities of LNG-powered containers to revolutionize transportation in consumer goods, pharmaceuticals, and express cargo sectors.

About GreenLine:

GreenLine is partnering in the carbon neutrality mission of conscious corporates by enabling them to decarbonize their heavy trucking through a switch to an LNG-powered heavy commercial vehicle fleet. GreenLine has exclusive collaborations & deep tech integrations for LNG refueling stations as well as for LNG trucks. This wired ecosystem enable GreenLine to deliver cleaner, effective, and efficient road logistics solutions to customers in any part of the country. Visit us at https://greenline.in/

Glenmark Pharma Reports Revenue Growth Of 11.7% YoY Q4; 5.6% For The Full Year FY 2022-23

Highlights for Q4 FY 2022?23

·  ROW Business grew by 25.1% YoY to Rs. 6,856 Mn

·  Europe Business grew by 22.3 % YoY to Rs. 6,078 Mn

·  North America Business recorded growth of 15.3% YoY to Rs. 8,507 Mn

·  India Business recorded decline[1] of 6.4% YoY to Rs. 8,284 Mn

·  EBITDA was at Rs. 6,050 Mn, with margin of 17.9%

Glenmark Pharmaceuticals Limited (Glenmark), an innovation-driven global pharmaceutical company, today announced its financial results for the fourth quarter ended March 31, 2023.

For the fourth quarter of FY 2022?23, Glenmark’s consolidated revenue was at Rs. 33,737 Mn as against Rs. 30,191 Mn recording an increase of 11.7% YoY.

EBITDA was Rs. 6,050 Mn in the quarter ended March 31, 2023, as compared to Rs. 4,634 Mn in the previous corresponding quarter, registering growth of 30.5%. EBITDA margin for Q4 FY 2022-23 was 17.9 %.

Reported net loss Rs. 4,031 Mn for the quarter ended March 31, 2023 on account of an exceptional loss of Rs. 7,997 Mn[2], primarily on account of settlement of the litigation related to generic Zetia® in the U.S.

For the year ended March 31, 2023, Glenmark’s consolidated revenue was at Rs. 1,29,901 Mn as against Rs. 123,049 Mn, recording an increase of 5.6 % over the previous corresponding period.

EBITDA for the fiscal year ended March 31, 2023 stood at Rs. 22,784 Mn as against Rs. 23,203 Mn in the previous corresponding period. EBITDA margin for FY 2022-23 was at 17.5%.

Net Profit (PAT)[3] was at Rs. 3,774 Mn for the year ended March 31, 2023, as against Rs. 9,936 Mn in the previous year. The PAT3 for FY 2022-23 was lower on account of exceptional loss of Rs. 7,659 Mn2 primarily on account of settlement of the litigation related to generic Zetia® in the U.S.

“We delivered yet another year of robust performance, despite the challenging global macro-economic environment. Our India business recorded double-digit growth in secondary sales. The North America business showed strong recovery, and the EU and RoW markets did phenomenally well. We continued to make headway in launching Ryaltris®, our first global branded specialty product. Additionally we initiated the Proof-of-Concept studies for four of our clinical oncology assets, which are part of the Glenmark/Ichnos pipeline,” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd. He further added, “We look forward to continue this momentum in the coming year with double-digit revenue growth and significant improvement in EBITDA margins.”

GLENMARK PHARMACEUTICALS LTD.

India

Sales from the India formulation business for the fourth quarter of FY 2022-23 were at Rs. 8,284 Mn as against Rs. 8,847 Mn in the previous corresponding quarter, recording decline of 6.4%.

North America

North America registered revenues of Rs. 8,507 Mn in Q4 FY2022-23; recording growth of 15.3%, as against revenue of Rs. 7,378 Mn for Q4 FY2021-22.

Asia, MEA, LATAM and RCIS Region (RoW)

For the fourth quarter of FY 2022-23, revenues from the RoW region were Rs. 6,856 Mn as against Rs. 5,479 Mn for the previous corresponding quarter, recording growth of 25.1%.

Europe

Glenmark Europe operations revenues for Q4 FY 2022-23 were at Rs. 6,078 Mn as against

Rs. 4,968 Mn, recording growth of 22.3%.

Respiratory – Creating a global scale

Ryaltris®

§  As of the end of the fourth quarter of FY 2022-23, marketing applications for Ryaltris® have been submitted in more than 70 countries across the world. The product has been commercialized in 27 markets, including major markets like the USA, Europe (the UK and multiple markets across the EU), Australia, Russia, South Africa, and South Korea.

Other key products

*  Clinical trial ongoing for generic Flovent pMDI; expect to file in FY24.

*  Plan to file at least one more generic respiratory pMDI in the U.S. in FY24 and continue filing momentum beyond FY24.

Innovative R&D Pipeline

GRC 54276

GRC 54276 (HPK1 Inhibitor) is being developed as a novel, orally administered immunotherapeutic agent for patients with solid tumors. Hematopoietic progenitor kinase 1 (HPK1) is a negative regulator of T and B cell receptor signaling, and an attractive therapeutic strategy for immuno-oncology based treatment in cancers. In pre-clinical studies, GRC 54276, when administered alone, has demonstrated substantial anti-tumor effects. These are further enhanced when administered in combination with currently available immunotherapy.

GRC 54276 is currently being evaluated in the First in Human (FIH) phase 1 clinical study (GRC 54276-101). Part 1a monotherapy phase of the study is ongoing in India since July 2022 and no dose-limiting toxicities have been observed during the DLT period to-date. U.S. FDA’s acceptance of the IND was received in Q4 FY 2022-23. Initiation of the Part1b of the study for GRC 54276 in combination with pembrolizumab and atezolizumab in India and the U.S. is planned for Q1 FY24.

GRC 39815

GRC 39815 (ROR?t inhibitor) is the company’s respiratory pipeline asset being developed as an inhaled therapy for treatment of mild-to-moderate Chronic Obstructive Pulmonary Disorder (COPD). It is currently under Phase 1 clinical development in the U.S.

GLENMARK LIFE SCIENCES LTD. (GLS)

Revenues from operations, including captive sales, were Rs. 6,213 Mn as against Rs. 5,141 Mn, recording a YoY growth of 21%. Generic API revenues in Q4 FY 2022-23 increased by 10.4% QoQ and increased by 15.5% YoY. The business witnessed steady growth momentum across regulated as well as emerging markets. CDMO revenues in Q4 FY 2022-23 doubled sequentially and grew by 30.4% YoY in Q4 FY 2022-23. DMF/CEPs filing continued across major markets in Q4 FY 2022-23; taking the total cumulative filings to 468 as on March 31, 2023. Multiple projects are completed / ongoing for capacity expansion across the Ankleshwar and Dahej facilities.

External sales for GLS in Q4 FY 2022-23 were at Rs. 3,831 Mn as against Rs. 3,283 Mn in Q4 FY 2021-22; recording a growth of 16.7% YoY.

For further updates on the organization, please log on to www.glenmarklifesciences.com.

ICHNOS Sciences (Ichnos)

For the fourth quarter of the current financial year, Glenmark invested Rs. 1,906 Mn as compared to Rs. 1,640 Mn in the previous corresponding quarter. For the twelve months of FY 2022-23, Glenmark has invested Rs. 6,833 Mn as compared to Rs. 6,627 Mn in the corresponding period of the previous financial year.

For further updates on Ichnos and its pipeline, log on to www.ichnossciences.com. The pipeline update for the fourth quarter of FY 2022-23 is published on the Ichnos website. 

SIA Fest By Tata Power And News18 Celebrates India’s Leadership Role In Green Energy Transition

The Sustainable Is Attainable Fest (SIA FEST) by Tata Power, one of India’s largest integrated power companies, and News18, which saw the convergence of leaders from diverse fields, made a decisive bid towards India’s global green leadership. It reinforced the call for mass collective awakening, and behavioural shift, to ensure that India, one of the fastest-growing economies of the world, sets new benchmarks in green energy transition.

Hon'ble Union Power Minister RK Singh hailed India as a global leader in energy transition, and a trailblazer. “Our per capita carbon emissions are one-third of global levels. In the 2015 Paris Summit we pledged that by 2030 we would have 40% of our total energy from non-fossil fuels; we’re already at 42.8% seven years ahead of the deadline. We have also emerged as the most attractive markets for renewables,” said Mr Singh at the Fest.

Hon’ble Union Environment Minister Shri Bhupender Yadav applauded the Sustainable Is Attainable initiative and said such actions galvanize community action. “One Earth, One Future is the right approach to development. We are working with the whole-of-government and whole-of-society approach to fight climate change. All arms of the government are working together to ensure Sustainable Is Attainable,” Mr. Yadav said.

The one-day SIA Fest, which was a culmination of a mass movement Sustainable is Attainable by India’s two leading corporate groups, not only celebrated India’s rapid march towards a clean energy future, but also listed priorities and set goals for the future.

"SIA Fest is a unique celebration of a mission which promises that sustainable is indeed attainable in our country. It has helped us to create a narrative around how a diverse set of stakeholders have to play a critical role to bring about lasting change. Sabka Prayas or active participation of all will ensure India's journey to energy transition. India is well poised to show the world how a growing economy can drive this transition to clean energy. The movement Sustainable Is Attainable aims to enable a better understanding of the conversation around sustainability and green transition,” said Dr Praveer Sinha, CEO & MD of Tata Power.

Applauding the initiatives of the Government of India, Dr. Sinha highlighted how various initiatives including solarisation of agriculture, electrification of rural areas, and enabling commercial and industrial establishments to adopt rooftop solutions are driving this change towards a greener future. The Fest also saw participation from corporate leaders, Ambassadors and delegates of foreign embassies in India.

“Both India and the European Union are making massive investments in the transition towards a greener energy mix. India and the European Union together can help shape the global agenda, and work together for the common global good. The fight against climate change is an important component of our strategic partnership. India has experience in terms of scale which is going to be instrumental for global solutions.” H.E. Ugo Astuto, Ambassador of the European Union to India and Bhutan said. “We just cannot park everything with the government, we have to take actions ourselves,” H.E. Freddy Svane, Ambassador of Denmark to India said, while reiterating the need for collective community action for sustainability.” Terming storage as the big hurdle in clean energy, H.E. Naor Gilon, Ambassador of Israel to India, Sri Lanka, and Bhutan highlighted how Israel is working on providing technological solutions for this, especially on storage. Uruguay has set a unique benchmark by getting a total of 98% of its energy requirements from renewables. H.E. Alberto A. Guani, Ambassador of the Republic of Uruguay said that the country embarked on a challenging journey in 2005-06 by bringing together private and public sectors through legislation and created an enabling environment which led to this transition.

The future of India lies firmly in the hands of the present, and it is important that everyone comes together to strive to build a vibrant, clean, green and sustainable tomorrow, said many participants.

Mr. Avinash Kaul, Chief Executive Officer, Network18 (Broadcast) & Managing Director A+E Networks, said, “Our partnership with Tata Power to drive the Green Energy Culture in India is fuelled by our commitment to build awareness and empower the Indian consumers with the knowledge that inspires them to adopt and demand cleaner energy. Over the past few months, we have engaged with our varied audiences across news channels and digital properties with compelling content showcasing how sustainability is attainable. The SIA Fest elevates the movement by instilling conversations amongst policy makers, key opinion leaders, and consumers to drive an attitudinal shift towards sustainable energy.”

The SIA Fest was a significant leap forward for the Sustainable Is Attainable Movement as it created a vibrant platform for fostering dialogue and promoting the adoption of green energy in India. By celebrating sustainability and garnering support from key leaders, the fest aimed to inspire millions of Indians to embrace and achieve sustainable lifestyles.

The Sustainable Is Attainable movement holds immense significance as India acknowledges the urgent need to shift towards renewable and sustainable energy sources, given the detrimental impact of fossil fuels. India aims at achieving Net Zero Emissions by 2070 and position itself as a key leader in the global green energy revolution.

"To foster the Green Energy culture in India through the Sustainable Is Attainable campaign, we have strived hard to raise awareness and empower Indian consumers with the knowledge necessary to embrace and demand cleaner energy solutions. The SIA Fest catapults this movement by bringing key policy makers, leaders, influencers, and change makers on a common platform, paving the way for a green and clean future for India," added Dr. Sinha.

The event also saw felicitations of Champions of Change which included Cochin International Airport, world’s first green airport, which is fully powered by solar energy to meet their electricity requirement; Ms Bhumi Pednekar, India’s first National Advocate for Sustainable Development Goals, appointed by the UNDP; Ms Prachi Shevgaonkar, the young climate innovator, who runs an app and the movement ‘Cool The Globe’ that helps individuals take small actions to reduce their carbon footprints; BluSmart Mobility, India’s first all-electric ride hailing mobility service with a mission to steer towards clean mobility; V-Shesh, which works towards training persons with disabilities to gain employment within the corporate sector; Mr Pradeep Sangwan, founder of Healing Himalayas and Ms Anshu Pragyan Das, Divisional Forest Officer, Hirakud Wildlife Division at Sambalpur & Bargarh districts, Odisha.

The Sustainable Is Attainable campaign's reverberations will be felt among the masses for a long time. The critical call to action of adopting green energy solutions resonates with people and bolsters public awareness.

Punjab National Bank “Financial Results For The Quarter Ended 31st March 2023”

Punjab National Bank announced their Annual Financial Results for the FY 2022-2023. Net profit for Q4 FY23 was at Rs 1159 Crore and grew by 473.6% on YoY basis. Operating Profit was at Rs 5866 Crore during Q4 FY23 grew by 11.4% on YoY basis. Net interest income increased by 30.05% YoY to Rs 9499 Crore in Q4 FY’23. Global NIM improved by 48 bps on YoY basis to 3.24% in Q4 FY23 from 2.76% in Q4 FY’22. GNPA ratio improved by 304 bps on YoY basis to 8.74% as on March’23 from 11.78% as on March’22. NNPA ratio improved by 208 bps on YoY basis to 2.72% as on March’23 from 4.80% as on March’22. Provision Coverage Ratio (including TWO) improved by 530 bps on YoY basis to 86.90% as on March’23 from 81.60% as on March’22. Credit Cost declined by 73 bps on YoY basis to 1.72% in Q4 FY’23. Global Business increased by Rs 234522 Crore (12.14%) on YoY basis to Rs 2165844 Crore as on March’23 as against Rs 1931322 Crore as on March’22. Global deposits grew by 11.77% on YoY basis to Rs 1281163 Crore as on March’23. Global Advances grew by 12.68% on YoY basis to Rs 884681 Crore as on March’23. RAM share improved by 408 bps on YoY basis to 55.31% as on March’23. 

Business Performance in Key Parameters (March’23) were good. Savings deposits increased to Rs 463987 Crore as on March’23 from Rs 451680 Crore as on   March’22. Current deposits were at Rs 74028 Crore as on March’23. CASA Share (Domestic) stands at 43.0% as on March’23. Core Retail Advances grew YoY by 15.21% to Rs 137335 Crore as on March’23. Within Core Retail Credit: Housing Loan increased by 10.92% on YoY basis to Rs 81863 Crore. Vehicle loan increased by 30.62% on YoY basis to Rs 16478 Crore. Personal Loan increased by 48.87% on YoY basis to Rs 18152 Crore. Agriculture Advances grew by 14.34% on YoY basis to Rs 142105 Crore in March’23. MSME Advances grew by 4.12% on YoY basis to Rs 130178 Crore in March’23 

Profitability witnessed a growth. Net interest income was at Rs 9499 Crore for Q4 FY’23 recording growth of 30.0% on YoY basis and Rs 34492 Crore for FY’23 recording growth of 20.2% on YoY basis. Total Income of the Bank for Q4 FY’23 was Rs 27269 Crore and Rs 97287 Crore for FY’23 recording growth of 29.3% and 11.6% respectively on YoY basis. Total Interest Income of the Bank for Q4 FY’23 was at Rs 23849 Crore and Rs 85144 Crore for FY’23 recording growth of 27.9% and 13.7% respectively on YoY basis. Non-interest income for Q4 FY’23 was at Rs 3420 Crore and it grew by 39.6% on YoY basis. Total Interest Expenses of the Bank for Q4 FY’23 was at Rs14350 Crore and Rs 50652 Crore for FY’23 recording growth of 26.5% and 9.7% respectively on YoY basis. Other Operating Expenses for Q4 FY’23 was at Rs 2482 Crore and it grew by 6.5% on YoY basis.  

Efficiency Ratio saw the Global Yield on Advances improved to 7.94% in Q4 FY’23 as compared to 6.64% in Q4 FY’22. Global Cost of Deposits increased to 4.54% in Q4 FY’23 as compared to 3.90% in Q4 FY’22. Business per employee improved to Rs 21.64 Crore in March’23 from Rs 19.41 Crore in March’22.. Business per branch improved to Rs 209.53 Crore in March’23 from Rs 187.73 Crore in March’22. Net profit per employee improved by 5.74 times to Rs 4.82 lakh in Q4 FY’23 from Rs 0.84 lakh in Q4 FY’22. Net profit per branch improved to Rs 46.64 lakh in Q4 FY23 from Rs 8.11 lakh in Q4 FY’22. 

Asset Quality 

Gross Non-Performing Assets (GNPA) were at Rs 77328 Crore as on March’23 as against Rs 92448 Crore as on March’22 declined by 16.36% on YoY basis. Net Non-Performing Assets (NNPA) were at Rs 22585 Crore as on March’23 as against Rs 34909 Crore as on March’22 declined by 35.30% YoY basis. Provision Coverage Ratio (PCR) Excluding TWO improved by 855 bps YoY to 70.79% in March’23. Slippage ratio improved to 2.10% in Q4 FY23 from 6.47% in Q4FY’22. 

Capital Adequacy (CRAR) improved from 14.50% as on March’22 to 15.50% as on March’23. Tier-I is at 12.69% (CET-1 was at 11.22%, AT1 was at 1.47%) and Tier-II is at 2.81% as at March’23.  

PNB Digitalization showed an upward progress last fiscal. Share of Transaction through Alternate Delivery Channels increased to 92% in March’23 from 79% in March’22. Share of Digital Transactions increased to 85% in March’23 from 69% in March’22. Number of UPI Transactions increased YoY by 81% to 362 Crore during FY’22-23. Internet Banking users recorded 15% YoY Growth during FY’22-23. 

PNB One App Adoption saw average daily downloads increased by 2.2 times from 14.6 thousand in March’22 to 32.2 thousand in March’23. Average daily active users increased from 3.3 Lakh in March’22 to 6.3 lakh in March’23. Daily login improved from 6 Lakh in March’22 to 12 Lakh in March’23. Daily Transactions improved from 76 thousand in March’22 to 135 thousand in March’23. 

Digital Journey of the bank started more than 40 digital initiatives during FY’2023 such as PAPL, e-OTS, eOD against FD, e-Mudra, Pre approved business loan, Fresh Digital KCC, Digital collection of EMI’s-UPI apps etc. Bank has disbursed ?4007 Crore through Pre Approved Personal Loan (PAPL).Turnaround time of personal loan has reduced to 4 clicks from 3 days due to introduction of   PAPL. 

As on March’23, the Bank has 10,076 number of Domestic branches, of which, 3895 (39%) are in Rural, 2454 (24%) in Semi-Urban, 1997 (20%) in Urban & 1730 (17%) in Metro. The bank has 2 branches at Dubai and Gift City, Gandhi Nagar for international business. In addition to the above, the bank has 12,898 ATMs and 24,227 Business Correspondents as part of banking outlets. 

Comprehensive HR transformation process started in the bank to improve employee productivity in following ways: 

Market-linked targets for each branch and Clarity of roles & expectations from each employees with well-defined, measurable Key Responsibility Areas (KRA). 

Comprehensive leadership development program to prepare future Bank leaders on functional and behavioral aspects. 

Personalized, role-based training interventions to upskill functional capabilities and Performance- linked rewards to acknowledge & motivate contributors. 

The bank won numerous awards & accolades last year such as MSME Banking Excellence Award 2022 by Chamber of Indian Micro, Small and Medium Enterprises (CIMSME) for Best MSME Friendly Bank, Govt. Schemes implementing Bank, Implementing COVID related scheme Bank. Punjab National Bank was felicitated with ET Best BFSI Brands. Best MSME Bank (Runner Up) at 9th MSME Excellence Awards and Summit by ASSOCHAM. Achievement award for "Excellent Guarantee Coverage (number)" FY’23 by “Ministry of MSME”. First prize for outstanding contribution under PMEGP in Uttar Pradesh. Bank was recognized in third NPS Reward Recognition Programme (Maximum number of fresh Subscriber Registration) for FY’2022-23. 

City Man Undergoes A Critical Bilateral Lung Transplant At MGM Healthcare In Chennai

MGM Healthcare, a multi-specialty quaternary care hospital located in the heart of Chennai, has recently achieved a significant milestone by successfully performing the BLT procedure on Mr. Madhusudhanan, a 61-year-old male diagnosed with Interstitial Lung Disease (ILD). The surgery was performed by a team of doctors including Dr. K. R. Balakrishnan, Dr. K.G. Suresh Rao and Dr. Apar Jindal.

The patient was suffering from Chronic Obstructive Pulmonary disease over a long period of time. The inflammation led to Interstitial Lung Disease (ILD) that caused subsequent scarring of the walls of the air sacs and reduced lung capacity and function. The patient was evaluated by experts at MGM Healthcare and was added to the transplant list. He was awaiting a suitable donor for two months and remained on oxygen support.

Speaking about the transplant, Dr. K R Balakrishnan, Director - Institute of Heart and Lung Transplant & Mechanical Circulatory Support, MGM Healthcare said, “The transplant was medically complex and required optimisation and careful planning. Organ transplant procedures require an expert team of surgeons, anesthetists, nurses, perfusionists, intensivists, transplant-specific physicians, and other multi-disciplinary team right from pre-operative to post-operative care. Right from diagnosis, deciding on the need and timing of the transplant, preparing the individual for the surgical procedure, during the procedure up to discharge from the hospital and long-term surveillance, represent a complex journey where every step needs meticulous care and expertise.”

Dr Suresh Rao KG, Co-Director, Institute of Heart and Lung Transplant & Mechanical Circulatory Support, MGM Healthcare, said, “The bilateral lung transplantation is a high-risk procedure. In heart and lung transplants, regardless of the blood group and tissue typing, sizing is very important. The donor's lungs should fit the size of the chest cavity of the recipient. Lungs tend to shrink. We often cannot use donor lungs because of size mismatch.

In this case too, they were a little over sized but we waited and allowed them to adjust to the recipient's cavity.”

Commenting on the procedure, Dr. Apar Jindal, Clinical Director & Consultant, Department of Lung Transplant & Interventional Pulmonology said, “The patient was presented with shortness of breath, fatigue, and weight loss. Detailed study and diagnosis revealed irreversible scarring of the lungs. ILD is an umbrella term used for a large group of diseases that cause scarring (fibrosis) of the lungs, leading to stiffness in the lungs which makes it difficult to breathe. Lung damage from ILDs is often irreversible and tends to worsen with time. Lung transplant was the best suitable option in this case and hence he underwent a bilateral lung transplant which has greatly improved his quality of life.”

Post the transplant, the patient’s hemodynamic gradually improved and the tracheostomy tube weaned off and he was able to breath normally in room temperature. The patient was discharged and is leading a normal life.

Air India Fast Tracks Tier Status Upgrade To Reward Loyalty Members

* Flying Returns transforming into India’s most rewarding airline loyalty programme

Air India, India’s leading airline and a Star Alliance member, has given wings to its Frequent Flyer Programme – ‘Flying Returns’ (FR) with a limited-time opportunity for members to fast-track their tier status upgrade or renewal with just 50 % of the usual required qualifying FR points.

This accelerated path to enjoying the benefits offered by Air India and other members of the 25-strong Star Alliance is in line with the airline’s mission to establish Flying Returns as amongst the most rewarding loyalty programmes globally.

Commenting on the promotion, Nipun Aggarwal, Chief Commercial Officer, said, “As we continue to transition to a global best aviation loyalty programme, we wanted to have many more of our members experience the benefits of India’s oldest and largest loyalty program, at a time when we have significantly improved the member experience and continue to make further improvements. We are committed to the needs and preferences of our passengers and will continue to deliver innovative programmes and products to enhance our members’ experience.”

The refreshed Flying Returns programme offers compelling benefits and rewards for every member.  These include:

Star Alliance Advantages: Flying Returns is the only airline programme in India that offers its members access to the global network connectivity provided by Star Alliance through its 25 other international member airlines. With Flying Returns, members have access to over 1 lakh redemption seats every month on Air India and Star Alliance partner airlines. Members can fly Air India or any other 25 global Star Alliance member airlines and earn points every time they travel.  Air India has recently refreshed its website and members can now easily use the Miles Calculator to track accrual rates on each route. Gold & Maharaja Club Members also enjoy access to a global lounge network across 200 countries.

No Blackout Date: Air India is one of the few airlines which has done away with blackout dates, so a redemption seat will be available for members even during peak season and festival periods.

Benefits Related to Travel: With easier access to premium tiers through the Fast Track promotion, more members will get access to an array of services such as Family Pooling plans, global lounge access via Star Alliance Network, best-in-class extra baggage allowance, and priority check-in and boarding for Tier Members. 

Benefits Related to Reservation: Members now also get access to a diverse range of benefits on booking, including a Welcome Bonus on first travel after enrolment as well as an additional bonus on booking through the Air India website and mobile app.

Extended Validity of FR Points: Air India has recently extended the validity of Flying Returns points and tier status till June 30, 2023. Points validity can be further extended to the end of the year if members undertake any accrual or redemption activity in their account from April 1st to June 30th 2023. 

Family Pooling: The Family Pooling facility allows two or more individual members, who are related to each other, to link their accounts and combine earned Flying Returns into a single account for easier redemption. Each member will still have a different account number, but they can use miles from the connected accounts when making a redemption.

Retro Claim Offer: Flying Returns now also allows members to claim points for past flights via the 'Retro Claim' option. Members can claim points for travel on Air India within the past one year, or six months on any Star Alliance partner airline.

Enhanced Customer Care: Air India’s website now provides a single point of contact for Flying Returns members, with premium call centre service for Tier Members to be launched soon.

The revamped website of Air India offers a refreshed loyalty experience for members, making it easier for them to check the status of their miles on the website while presenting all relevant information at a glance. 

The Flying Returns programme will continue to be enhanced. The entire range of offers and benefits of Flying Returns is just a click away at www.airindia.in/about-flying-returns-new.htm

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 2021-22, the revenue of Tata companies, taken together, was $128 billion (INR 9.6 trillion). These companies collectively employ over 935,000 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 $311 billion (INR 23.6 trillion) as on March 31, 2022.

Companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Indian Hotels, Tata Communications, Tata Digital, and Tata Electronics.

WRI India’s Latest Report Assesses The Viability Of Dual-Utility Autorickshaws For Commercial Deliveries

* Dual utilization of autorickshaws can raise driver incomes by about 15 percent, mitigate carbon dioxide emissions by nearly 51.5 percent per trip, paper indicates.

WRI India launched a research paper that examines the potential impact of using autorickshaws for the dual purpose of transporting passengers and goods. The paper titled Assessing the Viability of Using Autorickshaws for Urban Freight Delivery in India, indicates that dual utilization of autorickshaws can not only overcome supply gaps in the freight ecosystem but can also provide an additional source of income to autorickshaw drivers.

Daily commercial deliveries in India are expected to grow 40 percent annually by 2025 (GLG Insights 2021). As demand for urban freight delivery increases, a framework to ensure delivery of goods in every load range is pertinent. Currently, there is no vehicle category for transporting goods between 30 kg and 350 kg. The WRI India paper looks at the current Indian urban freight ecosystem and examines the market gap that can be filled by the dual utilization of autorickshaws. The versatility of autorickshaws on Indian roads, their lower environmental impact compared to un-optimized cargo vehicles, complementarity with passenger trips, and their potential to generate higher income, make them a viable option for dual use.

The working paper was launched in the presence of Dr. O.P Agarwal, Senior Advisor, WRI India, at the India Habitat Centre. A subsequent interactive panel discussion explored the viability of dual use autorickshaws and potential opportunities. The panel featured Dr. Pawan Kumar, Associate Town and Country Planner, Ministry of Housing and Urban Affairs; N Mohan, CEO, Delhi EV Cell (Transport), Government of Delhi; Shubhra Jain, Public Policy Manager, Amazon India and Pranav Goel, Chief Executive Officer, Porter.

WRI India conducted primary surveys in five cities — Bengaluru, Delhi, Hyderabad, Lucknow and Pune — with business owners, retailers, dealers, distributors and drivers, among others. The analysis suggests that dual utilization of autorickshaws can increase driver income by 15 percent and reduce the cost of logistics for Micro, Small & Medium Enterprises (MSMEs). 72 percent respondents said they already make dual trips. This held true across regions, with close to three-quarters of respondents adopting dual utility in Bengaluru, Hyderabad and Delhi. The research also indicates that optimum utilization of passenger autorickshaws for freight could potentially reduce CO2 emissions by 51.5 percent on every trip.

Rohan Rao, Program Manager, Electric Mobility, WRI India and the lead author of the paper, said “this working paper lays the groundwork to enhance awareness on the concept of dual use of three-wheeler autorickshaws for urban freight operations and provides initial solutions for its implementation. However, there is room for further study, especially regarding safety parameters, the design of autorickshaws, and exploring other micro mobility options to facilitate goods transportation.”

N Mohan, CEO, Delhi EV Cell, commented, “allowing passenger autorickshaws for goods transport needs regulations in place under the Central Motor Vehicles Rules. This report focuses on assessing viability for introducing such regulations through a framework to ensure safety, efficiency and scalability. This report is a good starting point, and the government will have to work with original equipment manufacturers (OEMs) to design dual utility vehicles. Consolidation of demand will also be a critical parameter to enable a practical application of this idea.”

Pranav Goel, Chief Executive Officer, Porter, said, “India has the capacity to save USD 3 billion annually by optimizing urban freight which directly aligns with the overarching vision of the National Logistics Policy of optimizing and reducing the current logistics cost in the country. Optimizing the usage of vehicles like three-wheeler autorickshaws, which are 50 percent emission efficient as compared to three/four-wheeler cargo vehicles, will enable the shift to low-carbon pathways - a critical element in helping India achieve the net zero target for 2070. In this light, the suggested dual utility of vehicles in urban context is encouraging, and we are ready to support the implementation of such initiatives.”

While current regulations of The Motor Vehicles Act 1988 prohibit transportation of goods in contract carriages like autorickshaws, recent amendments to the Act in 2019 provide discretionary powers to the Central Government to develop a National Transportation Policy in concurrence with state governments, exempting specific vehicle categories from older regulations. This can enable nurturing of innovative applications in mobility and pave the way for regularizing dual utility of autorickshaws.

Read the full report here: Assessing the Viability of Using Autorickshaws for Urban Freight Delivery in India | WRI INDIA (wri-india.org)

Wakefit.co Clocks INR 825 Crore In FY 2022-23 And Aims To Achieve ~INR 1100 Crore By FY 2023-24

* Plans to continue the growth trajectory to become a market leader in the home and sleep solutions space, with an eye on profitability in FY 2024

Wakefit.co, India’s largest D2C home and sleep solutions company, today announced that it has clocked in revenue of ~INR 825 crore in FY 2022-23 as per the provisional unaudited financials. The brand has put in focused efforts towards omnichannel expansion, scaling supply chain operations, and enhancing brand building initiatives. Having registered a 30% Y-o-Y growth in revenue compared to FY 2021-22, Wakefit.co continues its growth trajectory and moves towards becoming a one-stop-shop for everything home in India.

With an eye on profitability, Wakefit.co has set its sights on crossing the INR 1000 crore revenue mark in FY 2023-24. The company is pegging its next stage of growth on an ever-expanding portfolio and a wider geographic and demographic spread. Wakefit.co has serviced over 19,000 pin codes across the country, catering to over 2 million customers across seven years. The company aims to help Indians make the most of their homes by being a one stop home solutions partner during their different life stages over many years. 

Sharing his views on the company’s growth, Chaitanya Ramalingegowda, Director and Co-founder, Wakefit.co, said, “We are delighted to have served customers across the nation with our home and sleep solutions offerings. The 30% Y-o-Y growth in revenue is a testament to the immense satisfaction people have found in our products and we look forward to serving them even better this year. We are continuously working towards bringing premium-quality products at affordable prices and will continue to move towards achieving our vision of becoming India’s most loved home and sleep solutions brand.”

Ankit Garg, CEO and Co-founder, Wakefit.co, added, "We forayed into the home solutions market in 2020 and, since then, have witnessed rapid growth in those categories. FY 2023 further solidifies our position in the home and sleep solutions industry. This growth has been possible due to the continued support our customers have shown us. This year, our focus will be on pursuing our goal to become a market leader in the home and sleep solutions category.”

Omnichannel and Omnipresent

In FY 2023, Wakefit.co launched 22 physical stores across 15 cities in the country, which has helped in penetrating deeper pockets and being available closer to customer hubs in both metro and tier-2 cities. The offline stores have played a key role in clocking INR 825 crores in revenue in FY 2023 with stores steadily contributing a higher percentage of monthly revenue. The omnichannel push will continue to be a strategic growth driver in the next 3 years, with plans to open close to 100 stores across the country. 

Furniture for everyone

In 2022, Wakefit.co unveiled India’s largest furniture factory, with the capacity to furnish almost 1 lakh Indian homes every month. This significantly improves the company's manufacturing capabilities and positions it to become India's most loved home solutions brand. With a range of products such as sofa, wardrobes, dining sets, bedside tables, shoe racks, coffee tables, bed frames, soft furnishings etc. that are part of the furniture portfolio, the segment currently contributes to ~20-25% of Wakefit.co’s revenue. 

In FY 2022, the company clocked in a revenue of INR 636 Cr. In the past year, Wakefit.co has significantly ramped up its furniture portfolio and has also emerged as the most searched brand in the home and sleep solutions category. The company also emerged as the highest reviewed home and sleep brand having recorded over 6,00,000 reviews across online platforms.

About Wakefit.co

Wakefit.co is a research and innovation-driven sleep and home solutions company established in March 2016. It was founded by Ankit Garg and Chaitanya Ramalingegowda, with a vision to become India’s most loved home and sleep solutions brand. With a portfolio that previously included mattresses, pillows, bed frames, mattress protectors, comforters, neck pillows, and back cushions, Wakefit.co has now expanded to include home products such as sofas, dining sets, wardrobes, study tables, bookshelves, shoe racks, TV units, bedside tables, coffee tables, cushions, floor rugs, curtains, towels, and more. The company manufactures its products in-house at factories in Bengaluru, Jodhpur, and Delhi. It sells across the country through its own online portal, offline retail stores and through other popular online marketplaces. Wakefit.co prides itself on its customer experience, with over 2 million customers serviced over 7+ years. The company has raised 4 rounds of funding (Series A through D) from marquee investors such as Sequoia Capital India, Verlinvest, SIG and Investcorp. 

Making History, AirAsia India, Praj And IOCL Join Hands To Fly First Commercial Flight In India Powered By Sustainable Aviation Fuel

* Hardeep Singh Puri, Hon. Union Minister, MoPNG receives First Commercial Flight in India powered by Indigenous Sustainable Aviation Fuel, at New Delhi

In a significant development in the decarbonization of the aviation sector, India’s first commercial passenger flight using an indigenously produced Sustainable Aviation Fuel (SAF) blend was successfully flown earlier today. AirAsia India flight i5-767 departed from Pune to New Delhi using a blend of indigenous Sustainable Aviation Fuel (SAF) supplied by Indian Oil Corporation Ltd. (IOCL) in partnership with Praj Industries Ltd. (Praj). Hon. Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, received this special flight at the airport.

This flight is a significant milestone in the country's efforts towards sustainable aviation and demonstrates the commitment of the Air India group, IOCL, and Praj Industries, with the support and guidance of the Ministry of Civil Aviation and the Ministry of Petroleum and Natural Gas, to develop and propagate indigenous solutions to mitigate the environmental impact of aviation and pave the way for the widespread adoption of SAF in India. In keeping with the country’s Aatmanirbhar Bharat Abhiyan mission, the SAF was produced indigenously by Praj Industries using captive agricultural feedstock.

The SAF sourced for this initiative by Praj Industries, is in partnership with Gevo Inc., which has developed a breakthrough Alcohol-to-Jet (ATJ) technology for the production of SAF using bio-based feedstock. Praj produced SAF samples in its R&D facility, Praj Matrix, which underwent detailed testing at IOCL laboratories before it was blended for the special flight.

Describing the occasion as a significant milestone in the country's efforts towards Net Zero emissions by 2070, Mr. Puri said, “I am glad to witness this historic occasion and receive the first commercial flight fuelled by an indigenous SAF blended ATF. This would be the First domestic commercial passenger flight with SAF blending up to 1% as demonstration mode”. “By 2025, if we target to blend 1% SAF blending in Jet fuel, India would require around 14 crore litres of SAF/annum.  More ambitiously, if we target for 5% SAF blend, India requires around 70 crore litre of SAF/annum.”

Congratulating the home grown giants in their respective sectors, AirAsia India, IndianOil, and Praj Industries, Shri Puri reiterated the vision of the Hon’ble Prime Minister for an Atmanirbhar Bharat by developing indigenous solutions to mitigate the environmental impact of aviation and pave the way for the widespread adoption of SAF in India.

Speaking about the initiative, Mr. Aloke Singh, Managing Director, AirAsia India and Air India Express, said, "We are proud to announce that AirAsia India has successfully completed the first commercial flight using a blend of sustainable aviation fuel in collaboration with IOCL and Praj Industries. As part of the Tata group and a subsidiary of Air India, we are committed to innovation and collaboration in order to mitigate environmental impact. This flight marks a significant milestone in our ongoing efforts towards a more sustainable future for Indian aviation. We hope that this initiative will serve to further the adoption of indigenous, sustainable aviation fuel. Sustainability is deeply ingrained in our organisation's DNA, and we are determined to continue on the path towards more sustainable operations."

Speaking on this development, Dr. Pramod Chaudhari, Founder Chairman, Praj Industries, said, “Showcasing the capability to fly using locally produced SAF is a historic moment for India. This is another demonstration of the important role of the farming community, by way of Annadata to Urjadata, in India’s journey towards energy independence and green growth. We value our ongoing partnership with IOCL and are delighted that, on this occasion, AirAsia has joined us in the journey towards cleaner skies for tomorrow.“

Mr. Vaidya, Chairman, IndianOil, stated, “As the largest energy PSU in the country, IndianOil is committed to leading the change in the oil & gas sector and ushering in a greener tomorrow.” “Aligned with the vision of our Hon’ble Prime Minister, IndianOil has pledged for Net Zero Emissions by 2046. Under the aegis of MoPNG, we have begun this journey today, and I am confident that SAF will soon become the norm rather than an exception in the aviation industry. Mr. Vaidya added.

Global aviation is currently responsible for about 3% of total global GHG emissions. If the emission remains unchecked, it could be responsible for 22% of GHG emissions by 2050. The International Civil Aviation Organization (ICAO) has released Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) regulations that have defined a target of reducing CO2 emissions from the aviation sector by 50% by 2050. An alternative to the current use of fossil fuels is to use SAF that can result in high greenhouse gas (GHG) savings.

Tata Hitachi Announces Its First Edition of Annual Financiers’ Summit And Awards Show – Synergie 2023

Winners of First Edition of                 

Tata Hitachi’s Annual Financiers’ Summit and Awards Show – Synergie 2023

Category: Financial Partner of the Year 2022-23 - HDFC BANK LIMITED 

Category: NBFC Partner of the Year 2022-23 - HDB FINANCIAL SERVICES

Tata Hitachi, a leading provider of Construction and Mining Equipment, announced its First Edition of Annual Financiers’ Summit and Awards Show – Synergie 2023 at ITC Maratha, Mumbai.

Synergie 2023 – a Summit and Award Show for Financiers - gives Tata Hitachi a forum to thank Finance Partners and recognize their efforts by rewarding top performers.  It also provides a unique platform to engage and co-create better financial solutions for our esteemed customers.

Speaking on the occasion, Mr Sandeep Singh, Managing Director Tata Hitachi said, “It gives me great pleasure to host Synergie 2023 – the First of an Annual Summit to felicitate our Finance Partners. Financiers are an important stakeholder in our Construction Equipment ecosystem.

We believe that this summit will help further strengthen our relationship with our Finance Partners and help us to continue to grow and innovate.”

For any further details, visit our website www.tatahitachi.co.in

About Tata Hitachi: Tata Hitachi, one of India’s leading construction machinery companies and the largest Hydraulic Excavator manufacturing company, is a joint venture between Tata Motors and Hitachi Construction Machinery (HCM). The partnership with HCM commenced in 1984 and is today one of the longest-standing JVs in the industry. The company has a manufacturing presence in Dharwad and Kharagpur and over 275 customer-facing touchpoints spread across the country.

Set up in 1961 as the Construction Equipment Business Unit of Tata Engineering and Locomotive Company (TELCO), today, the company boasts a diverse portfolio of Mini Excavators, Construction Excavators, Mining Excavators, Backhoe Loaders, Wheel Loaders, and Dump Trucks, apart from a wide range of Attachments, Parts, and expert Service solutions.

Tata Hitachi is a leader in providing world-class construction equipment to address India’s Infrastructure and Mining needs.

Volkswagen India Enhances Its Flagship SUVW, Tiguan For Customers

Volkswagen Passenger Cars India today announced the introduction of the updated Tiguan for customers with enhanced feature offerings. The flagship SUVW by Volkswagen is now available to customers with new and fresh dual-tone Storm Grey interiors, along with the much in demand wireless mobile charging feature that allows the customer to charge their mobile phone on the move. The enhanced Tiguan is also now RDE norms compliant. The feature enhanced Tiguan is available for customers at an attractive price of INR 34.69 lakh (ex-showroom).

Aiding customers to park quickly and smartly in the tightest spaces, the updated Tiguan is equipped with Park Assist (Level 1 ADAS system). With Park Assist, it's like having a personal parking attendant.

Speaking at the introduction of the enhanced Volkswagen Tiguan, Mr Ashish Gupta, Brand Director, Volkswagen Passenger Cars India said, “Generation after generation, we have witnessed an increasing demand for our global best-seller, the Volkswagen Tiguan. With the updated  Tiguan, we are offering our customers an impeccable combination of style, performance, premium-ness, safety and class-leading features. The Tiguan commands a strong and robust presence owing to its immaculate German-engineering, build quality, safety and fun-to-drive experience. We are certain the enhanced Tiguan will attract many more Indian customers to the Volkswagen family enabling them to experience & enjoy our flagship model.”

At Volkswagen, we advocate zero compromise on safety and therefore in-line with the regulatory requirements, the Tiguan now comes with rear seat belt reminder, along-with innovative, safety technologies and assistance systems such as six airbags, anti-lock braking system (ABS), ESC, anti-slip regulation (ASR), EDL, EDTC - Engine Drag Torque Control, hill start assist, hill descent control, active TPMS, 3 head-rests at rear, 3-point seat belts, ISOFIX x2 and driver alert systems. These active and passive safety features keep the occupant and pedestrian in and around the vehicle secure.

The updated Tiguan will be available to customers across the Volkswagen India network of 157 sales and 124 service touchpoints across 115 cities in India. For more information on the product, customers can reach out to the nearest dealership or the Volkswagen India website.

Product information: Volkswagen Tiguan

Skip boring with the Volkswagen Tiguan that offers a progressive design language, enviable performance, premium features, safety and class-leading technology for customers in the segment. The feature rich Tiguan is based on the globally renowned MQB platform and is being offered in the ‘Elegance’ variant.

The all-rounder Tiguan commands a strong robust presence with its striking exteriors of a muscular designed bumper and piano black finish inserts, along with a broad radiator grille that proudly envelopes the Volkswagen logo right in the centre. Enhancing its appeal is the intelligent and adaptive IQ. Lights - LED matrix headlights. Light that has a more commanding on-road stance  and guides the driver through the different light conditions & driving modes across the varied terrains with greater visibility and comfort.

Complementing this is the dark LED combination tail lamps at the rear, with the new light signatures that emanates sophistication. The tail-light cluster includes a switch function for the LEDs when braking, the “click-clack” effect. The conspicuous switching between the tail-lights and brake lights warns tailing traffic more effectively.

The Tiguan is powered by the globally renowned TSI technology of Volkswagen. With a 2.0L TSI engine mated to a 7-speed DSG transmission with 4MOTION (all-wheel-drive)  technology that produces a class-leading peak power output of 190PS (140 kW) ranging from 4200-6000 rpm and a peak torque of 320 Nm right from 1500 rpm and flat up to 4100 rpm. The Tiguan guarantees superior acceleration and fast pick-up, ensuring an overall fun-to-drive experience. The Tiguan now offers a fuel efficiency of 13.54 kmpl (ARAI certified), an improvement by 7%.

Offering class-leading comfort & convenience for all journeys, the feature rich and well-appointed premium interiors of the Tiguan along with the panoramic sunroof that offers an experience of an expansive cabin space & flexibility, making every drive memorable. The Tiguan comprises of a 25.40cm customizable digital cockpit and 20.32cm touchscreen infotainment system with gesture control. For the ease of customers, the advanced reverse camera gives four different views for convenient parking. Making storing luggage more convenient is the easy open & close boot feature with a space of 615 litres.

The comprehensive and feature-rich Tiguan will be offered in five exterior colour options – Nightshade Blue, Oryx White with Pearl effect, Deep Black, Dolphin Grey, and Reflex Silver for customers to choose from.

Medtronic Bolsters Presence In India By Investing Approximately INR 3000Cr To Expand Medtronic Engineering & Innovation Center

* Investment to expand the R&D center and scale up to 1500+ employees in 5 years.

In a significant move towards the growth of the healthcare technology sector in India, Medtronic plc, the global leader in healthcare technology, announced an investment of  approximately INR 3000cr (more than $350M) to expand the Medtronic Engineering & Innovation Center (MEIC) in Hyderabad. MEIC is Medtronic’s largest research and development (R&D) center outside of the US. The investment is a part of Medtronic’s overall global R&D led innovation and growth strategy.  Medtronic supports the Govt. of Telangana’s efforts to position Hyderabad as a global hub for healthcare technology research and innovation.

Medtronic leaders Mike Marinaro, Executive Vice President & President, Surgical, Mani Prakash, Vice President, Enterprise R&D, and Divya Prakash Joshi, Vice President & MEIC Site Leader, met the Hon’ble Minister for IT, Industries, Municipal Administration and Urban Development, Govt. of Telangana, Shri KT Rama Rao in New York, USA to announce. Mr. Jayesh Ranjan IAS, Principal Secretary, Industries and Commerce Dept., and Mr. Shakthi M Nagappan, CEO, Telangana Lifesciences, Government of Telangana, were also present.

This investment builds on the initial investment of $160M in MEIC that was announced back in 2020 and expands the company’s footprint in India. MEIC currently employs 800+ people, primarily engineers, and is expected to grow to 1500+ over the next 5-year period with the investment announced today. With this expansion, MEIC aims to leverage the sizeable pool of diverse and skilled talent in India involving engineering, mobile apps, application and desktop software, cloud / web apps, data engineering, embedded software, product security, and cyber-product security. The investment will support in key healthcare technology areas like robotics, imaging and navigation, surgical technologies, and implantable technologies.

Mr. K.T Rama Rao said, “Telangana has been a front-runner in the field of life sciences and was also one of the first States in India to recognise medical devices as a high-potential and high growth sector. The expansion of MEIC in Hyderabad is a testament to the city's robust ecosystem and Hyderabad's growing prominence in the global med-tech sector. We are thrilled to continue our support for Medtronic's growth and look forward to their continued contributions to healthcare innovation in the state and country.”

Mike Marinaro, Executive Vice President & President, Surgical, Medtronic said, “India is known as a global hub for technology innovation, and we believe in India’s potential as a growing market for healthcare innovation. Hyderabad has proven to be a strategic location for Medtronic, and we are proud to be collaborating with the Government of Telangana on this major investment in the country. We are committed to investing in India's healthcare ecosystem and delivering innovative solutions that improve patient outcomes.”

Commenting on the announcement, Divya Prakash Joshi, VP & Site Leader of MEIC said, “Investment in R&D is the foundation for innovation and progress in the healthcare technology sector. It enables us to improve patient outcomes, enhance healthcare quality, and drive economic growth. Over the years, Govt. of Telangana’s efforts have positioned Hyderabad as an innovation hub and healthcare ecosystem enabler. That is why we are excited for the future as the investment will unlock greater potential for the center by fuelling innovation with activities contributing to the technology pipeline and creating more job opportunities.”

During the meeting, Mr. KT Rama Rao provided the Medtronic leadership team with an overview of various new developments and initiatives taken by the Telangana Government to promote the healthcare technology sector. The Minister reiterated Telangana Government's commitment to supporting the growth of the healthcare technology sector in the state and facilitating such expansion projects, which in turn would help save many lives in India.

FADA Advocates For A Much-Needed GST Rate Reduction On Two-Wheelers From 28% To 18% For A Timely Revitalization

The Federation of Automobile Dealers Associations (FADA), the leading body of Automobile Retail in India, has submitted a critical representation to the GST Council, urging an immediate reduction in the GST rate on two-wheelers from the current 28% to 18%. This timely and decisive intervention is aimed at making two-wheelers more affordable, reviving demand and reinvigorating an industry that has seen a significant slump in sales over the past few years. 

FADA President Mr. Manish Raj Singhania affirmed, "The two-wheeler industry is at a critical juncture, grappling with unprecedented challenges such as rising inflation, stringent emission norms and the post Covid-19 effects in Bharat of India. Now is the opportune moment for the GST Council to reduce the GST rate on two-wheelers, making them more accessible for the common man, thereby providing the much-needed boost to the industry, generating employment opportunities and fostering India's overall economic growth." 

FADA's compelling appeal has been forwarded to the Finance Minister, chair of the GST Council, all GST Council members, the Ministry of Heavy Industries, which supervises the automobile sector and the Ministry of Road Transport & Highways. This action underscores the urgency and significance of the issue. 

Over the past few years, the prices of various two-wheelers have risen significantly, impacting their affordability for consumers across India. This surge in prices can be attributed to multiple factors, including the rising cost of raw materials, stricter emission norms and higher taxes and levies. For instance, the price of the popular Honda Activa has escalated from Rs. 52,000 in 2016 to Rs. 88,000 in 2023. Similarly, the Bajaj Pulsar has witnessed a substantial increase from Rs. 72,000 in 2016 to Rs. 1,50,000 in 2023. The Hero Splendor and TVS Jupiter have also experienced considerable price hikes over the same period, with their prices soaring from Rs. 46,000 to Rs. 74,801 and Rs. 49,000 to Rs. 88,498, respectively. The continuous rise in two-wheeler prices has consequently led to a decline in sales, emphasizing the pressing need for intervention and GST rate reduction to restore the industry's growth trajectory. 

In 2016, two-wheelers accounted for 78% of the total automobile sales in India. However, due to continuous price increases since 2020, this contribution has fallen to 72% in FY23, underlining the impact of the steep price hike. 

FADA believes that a reduction in the GST rate will address several critical issues facing the industry, including rural distress, the transition from BS-4 to BS-6 emission norms and the sharp increase in two-wheeler prices. Lowering the GST rate will enhance the competitiveness of two-wheelers compared to other transportation modes, thereby increasing sales and revenue for the industry. 

Two-wheelers play a pivotal role in providing affordable mobility to a large segment of India's population, especially in rural areas where public transportation is sparse. FADA strongly asserts that two-wheelers, being essential for millions, should not be categorized as sin goods or luxury items for GST taxation purposes. 

Moreover, the reduction in GST on two-wheelers will also positively influence the environment, as they are more fuel-efficient and emit fewer pollutants compared to other transportation modes. This move will promote the use of two-wheelers and contribute to a cleaner environment. 

FADA anticipates that the GST Council and the concerned ministries will seriously consider their appeal and take the necessary steps to reduce the GST rate on two-wheelers. This measure will not only benefit the industry but also the common man, the environment, and the Indian economy at large. 

Toyota Kirloskar Motor Ramps-Up Production With Third Shift Operations

·       Enhanced operations highlight company's growing contribution to “Make in India” and “Skill India” commitment

·       Another step in fostering TKM's customer centric approach

·       Entire product line-up witnessing overwhelming response from customers

In line with its customer-centric approach and commitment to meeting the evolving market needs, Toyota Kirloskar Motor (TKM), has announced the commencement of three-shift operations at  its manufacturing facility in Bidadi from the month of May, 2023 backed by the rising demand for its existing portfolio of products and its new launches in 2022.

Three shift operations commencement is set to boost the plant’s production output by over 30% and strategically meet the strong booking numbers for its entire range of product portfolio in the country.  The announcement also means that the company will be generating additional employment of close to 25% including that of increased intake from Toyota Technical Training Institute (TTTI), which is the company’s existing skill technical education facility in its Bidadi plant, with a focus to scale-up students’ skill levels on advanced technology by Toyota’s globally certified expert trainers. Last year, TKM also undertook a major expansion of TTTI with capacity going up from 200 to 1,200 students (academically, batch-wise). TKM currently has a 6000-member strong team, including production and non-production staff.

Commenting on the company’s recent development, Mr. Sudeep Dalvi, SVP & Chief Communication Officer, Toyota Kirloskar Motor said “We are extremely thrilled to see the market responding very positively to our entire product line-up. As we remain optimistic about the market, our “customer first” philosophy will continue to manifest across all our business decisions – one of which is the start of the third shift operation which is a testimony to the overwhelming response received by our offerings thus enabling us to meet the delivery commitments to our customers.  Our Team Members are our biggest asset and we are happy that the third shift brings in new members in to the Toyota family, we have ensured that all our team members feel safe and comfortable in the added shift through a series of welfare measures for overall wellbeing. As we look forward, we remain steadfast in our mission to build ever better and greener cars, contributing to India's vision of 'Make in India' and sustainable mobility. Together, we strive to deliver Mass Happiness to All”.

Over the years, TKM has had strategic focus on maximizing plant efficiency and embracing cutting-edge technologies, exemplified by the newly established e-Drive manufacturing line at TKAP thus underscoring its contribution to India's pivotal objectives of "Make in India", "Skill India," and energy efficiency.

Furthermore, inspired by Toyota Environmental Challenge (TEC) 2050, sustainability continues to be fundamental to the company’s business. With this as the bedrock the TKM is deeply committed towards a greener future and a better world. Toyota adopted various environmental risk mitigating measures through TEC 2050, towards realizing the carbon neutrality targets. One of them is Plant Zero CO2 Emissions Challenge which aims to achieve zero CO2 emissions at our manufacturing facilities. Also, a significant step towards energy management has been the adoption of alternative renewable energy sources by utilizing green energy with significant progress over the years. The new shift operation will also be from 100% renewable energy.

Godrej Agrovet And The State Bank of India To Launch First-Of-Its-Kind Finance Offering For Indian Oil Palm Farmers

* To enable farmers, develop and maintain, their oil palm garden during gestation period of first 5 years

Godrej Agrovet’s Oil Palm Business today announced the launch of first-of-its-kind finance offering for oil palm farmers in partnership the State Bank of India (SBI). A product jointly developed by the company and country’s leading public sector bank will enable farmers avail loan for setting up micro irrigation facility, set up fencing arrangement to protect from cattle grazing and improvement of tube well at their oil palm farms. Introduced with an objective of aiding oil palm growth by improving Fresh Fruit Bunches (FFB) productivity, it will act as a catalyst to maintain juvenile gardens during the gestation period of first 5 years.

Sougata Niyogi, CEO, Oil Palm Business, Godrej Agrovet said, “The partnership with SBI is a testament of our company’s efforts to improve farmer’s confidence in sustainable oil palm farming. With no income visibility during the long gestation period, this partnership will aid bridge the gap for their finance needs during the initial years.”

“The implementation of National Mission on Edible Oils – Oil Palm (NMEO-OP) has generated a new sense of excitement and momentum in the oil palm industry since its launch in August 2021. Being a leading player, we will continue to provide solution for industry’s expansion and prosperity,” he further added.

Launched initially for the oil palm farmers of Telangana state, Godrej Agrovet farmers from the states of Tamil Nadu, Odisha, Assam, Manipur and Tripura can now easily avail loan with the ticket-size of INR 1 Lac to INR 50 Crore.

Commenting on first-of-its kind Horticulture Loan, K.V.L.N. Murthy, A.G.M. ABU Hyderabad, SBI, said, “We’re happy to partner with Godrej Agrovet in nation’s quest to reduce import of oil palm. With no security needed for a loan up to INR 1.6 Lacs, the product is ideal for farmers venturing into oil palm farming for the first time. With the entire process being facilitated by Godrej Agrovet, a farmer can easily understand product integrities and apply for the same at Samadhan centers of the company. We’re confident of extending this product to more oil palm farmers of our country in the coming months.”

Godrej Agrovet is the largest oil palm processor in India and works directly with the farmers for the entire lifecycle of their crop. With 65,000 hectares of palm oil under cultivation across the country, the company plans to increase cultivation by 1 Lac hectares by 2027. Through its Samadhan centres, a one stop solution centre, it provides a comprehensive package of knowledge, tools, services, and solutions to oil palm farmers. Each Samadhan centre 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. The partnership with the SBI is another step to boost income and productivity of oil palm farmers.

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, 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.

BLACK+DECKER And Indkal Technologies Enter A Licensing Partnership To Launch Large Appliances In India

* The licensing partnership will include air conditioners, laundry machines and refrigerators  

The BLACK+DECKER® brand, a global leader in power tools, home products and outdoor power equipment has announced a licensing partnership with Bangalore-based company, Indkal Technologies, a leading technology and innovation company, that will bring a premium range of large Appliances to consumers in India. 

“As a global leader in home products, we continue to prioritize our customers by expanding availability in the region,” said Amit Datta, Commercial Director Licensing, Stanley Black & Decker. We are committed to meeting consumer needs by enhancing the brand portfolio and making all home tasks easier to tackle with these new product offerings.” "We are delighted to be working with Stanley Black & Decker on this exciting venture. The BLACK+DECKER brand is known for its phenomenal products which are the perfect infusion of technology and design,” said Anand Dubey, CEO of Indkal Technologies. “The newly launched range of appliances is not only of an aesthetic and premium feel but infuse functionality and a host of intuitive features. We can’t wait for our customers to experience these products.” 

Washing Machines 

The BLACK+DECKER Washing Machine range consists of two Front Load models in 6kg and 8kg capacity, and one Top Load model in 7.5kg capacity. The flagship front-load machines are designed with category-defining features such as a superior BLDC motor with an advanced Tub on a Hex-Net Crystal Design and a Triple Velocity Jet system. The machines also feature a Built-in Heater, Fabric Specific Smart Wash Programs and Hygienic Drum Clean.  

Air Conditioners 

Bringing together both design and function, the 3 BLACK+DECKER air conditioner models include a 1.5 Ton and 2.0 Ton, with the 1.5 Ton model available in two variations. In addition to a simple, minimalistic design, top features include an Infinity Impeller, CAD Sensor, Quad-Convertible and R32 Eco Friendly Refrigerant.  

All BLACK+DECKER® Large Appliances come with an industry-leading warranty and service terms. All products will have 10 years warranty on Motors and Compressors for Washing Machines and  Air Conditioners respectively. The products will also come with a comprehensive warranty of 2 years and a warranty of 5 years on the main board to give all BLACK+DECKER® Large Appliances customers a promise of quality and peace of mind with all the great features

 and design. Indkal’s new collection of BLACK+DECKER® products will be available on amazon.in and flipkart.com, and in-store channels on June 3. The licensing partnership was coordinated by License Works, a leading Brand Licensing Agency in India, on behalf of Stanley Black & Decker. 

About INDKAL 

Indkal Technologies Private Limited is a Bengaluru-based company specializing in the development, distribution, and support of consumer electronics, large and small home appliances, and smart devices in India. The key focus area for the company is televisions and large appliances, in which the company is extensively working towards the development of products that are specifically targeted at the needs of the new-age Indian consumer. 

About BLACK+DECKER 

Since 1910, BLACK+DECKER, a Stanley Black & Decker brand, has been setting the standard for innovation and design. The inventor of the first portable electric drill with pistol grip and trigger switch, BLACK+DECKER has evolved from a small machine shop in Baltimore, Maryland to a global manufacturing powerhouse with a broad line of quality products used in and around the home. When homeowners have work to get done, they trust that BLACK+DECKER products

 will do the job efficiently and reliably. For more information on BLACK+DECKER products, visit www.blackanddecker.com or follow BLACK+DECKER on Facebook, Instagram and Twitter. 

About Stanley Black & Decker 

Headquartered in the USA, Stanley Black & Decker (NYSE: SWK) is a worldwide leader in tools and outdoor operating manufacturing facilities worldwide. Guided by its purpose – for those who make the world – the company's more than 50,000 diverse and high-performing employees produce innovative, award-winning power tools, hand tools, storage, digital tool solutions, lifestyle products, outdoor products, engineered fasteners and other industrial  equipment to support the world's makers, creators, tradespeople and builders. The company's iconic brands include DEWALT®, BLACK+DECKER®, CRAFTSMAN®, STANLEY®, CUB CADET®, HUSTLER®?and TROY-BILT®. Recognized for its leadership in environmental, social and  governance (ESG), Stanley Black & Decker strives to be a force for good in support of its communities, employees, customers and other stakeholders. To learn more visit:

www.stanleyblackanddecker.com 

About License Works 

License Works is the leading full-service Brand Licensing agency in India specialized in the strategic brand extension licensing of leading global brands and corporate trademarks. License  Works pioneered corporate brand licensing services in India and offers a holistic approach to branding, design, business development, licensing, and program management to brands that are looking to expand their business in India. For over 12 years, we have  helped our clients expand into new product categories and distribution channels, which in turn helps them build brand awareness as well as create new revenue streams.  

For more information, visit us at www.licenseworks.co  

Vitesco Technologies Q1 2023: Solid Quarter Despite Continuous Cost Increases

Highlights

Quarterly sales of around €2.31 billion (Q1 2022: €2.26 billion) 

Adjusted EBIT: €37.1 million (Q1 2022: €47.7 million) with an adjusted EBIT margin of 1.6 percent (Q1 2022: 2.1 percent) 

Order intake YTD: more than €4 billion for electrification components 

Vitesco Technologies confirms outlook for 2023 

Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility published its first quarter 2023 results. 

"E-mobility is a global megatrend. Sales of electric vehicles are growing enormous across all relevant markets," says CEO Andreas Wolf. "We recognized this trend early and continue to fully embrace it." The company's focus on the electrification business was again significantly strengthened as of January 1, 2023, when Vitesco Technologies reorganized its four business units into two new divisions: Powertrain Solutions and Electrification Solutions. This organizational adjustment allows Vitesco Technologies to sharpen its strategic focus on electrification to operate more effectively, efficiently, and flexibly in the market for sustainable drive technologies. 

Key figures for the first quarter 

Group sales in the first quarter came in at €2.31 billion (Q1 2022: €2.26 billion), which equates to an increase of 2.5 percent. When adjusted for changes in the scope of consolidation and exchange-rate effects, sales rose by 1.4 percent. Core business contributed €1.60 billion (Q1 2022: €1.49 billion) to total sales, while non-core business accounted for sales of €713.1 million (Q1 2022: €770.9 million). Adjusted EBIT of €37.1 million (Q1 2022: €47.7 million) was generated, which equates to an adjusted EBIT margin of 1.6 percent (Q1 2022: 2.1 percent). Net income amounted to a loss of €50.7 million (Q1 2022: loss of €11.3 million) and earnings per share to minus €1.27 (Q1 2022: minus €0.28) due to one-time effects. 

Given the market-driven build-up of inventories and the ongoing investments related to the order intakes from previous quarters, free cash flow stood at minus €41.1 million (Q1 2022: €48.2 million). Capital expenditures[1] on property, plant, and equipment and software amounted to €98.0 million (Q1 2022: €52.1 million). The ratio of capital expenditures to sales is therefore 4.2 percent(Q1 2022: 2.3 percent). 

As of March 31, 2023, Vitesco Technologies had a solid balance sheet with an equity ratio of 39.1 percent (March 31, 2022: 35.9 percent).  

"Overall, we can be satisfied with the first quarter of 2023. We are confident that our cost discipline and operational optimizations will help us to achieve our targets for the fiscal year", says CFO Werner Volz. 

In the first quarter of 2023, Vitesco Technologies' order intake came to €1.4 billion with electrification components accounting for €839 million. Until today, the total order intake from the electrification business adds up to more than €4 billion. 

The business activities of the two divisions 

The Division Powertrain Solutions generated sales of €1.61 billion in the first quarter of 2023 (Q1 2022: €1.64 billion). In the same period, the division's adjusted EBIT improved to €117.3 million (Q1 2022: €111.3 million), which equates to an adjusted EBIT margin of 7.3 percent (Q1 2022: 6.8 percent). The Division Powertrain Solutions experienced the effects of the shortage of semiconductors, especially due to higher material prices. The planned sales decrease in non-core business contributed to the reduction in sales. 

The Division Electrification Solutions grew its sales to €716.8 million in the first quarter of 2023 (Q1 2022: €634.3 million). This was driven by consistently high demand for high-voltage electric drives and equates to a sales increase of 13.0 percent. Due to the continued high ramp-up costs of the electrification products, adjusted operating profit amounted to a loss of €72.0 million (Q1 2022: loss of €61.3 million), corresponding to an adjusted EBIT margin of minus 10.0 percent (Q1 2022: minus 9.7 percent). 

Q2 and full-year outlook for 2023 

Vitesco Technologies expects the market environment to be challenging in the second quarter of 2023. Although a slight improvement is anticipated, supply bottlenecks may continue to cause lower production volumes. Anticipated improved material availability and the lifting of COVID-19 restrictions in China are fueling expectations of a considerable year-on-year improvement in global vehicle production in the second quarter of 2023. 

The market outlook and the Group's full year guidance for 2023 remain unchanged compared with the expectations published at the 2023 annual press conference. As with the assumptions for global vehicle production, all assumptions remain subject to a high degree of uncertainty.