Bike-Taxis Offer Sustainable, Affordable Last-Mile Connectivity, Help Create Jobs, Opine Experts

There was an urgent need for sustainable mobility solutions in India to combat the challenge of air pollution and bike-taxis could offer that said senior industry professionals and experts in the field, addressing a roundtable discussion on the ‘Role of Bike-Taxis in India’s Mobility Landscape’, presented by the Internet and Mobile Association of India (IAMAI), in partnership with Uber, on May 9, 2024.

“Electrification of the fleet is not going to reduce the number of vehicles plying on the road. To reduce the number of vehicles, Government shall adopt Travel Demand Management (TDM) measures, like congestion pricing, LEZ etc. Recently, the Transport Department of the Delhi Government notified the ‘Delhi Motor Vehicle Aggregator and Delivery Service Provider Scheme, 2023’, which mandates that bike taxis should be operational in electric mode only. Considering such policy-level interventions, E-Bike-taxis could be a perfect market fit, offering clean first and last-mile connectivity while complementing public transport usage by providing easy access to the transit stations,” said Mr. Sourav Dhar, Programme Lead of Mobility at Council on Energy, Environment, & Water (CEEW).

Ms. Aishwarya Raman, Executive Director, OMI Foundation, said, “There's a misconception that embracing digital mobility services will result in revenue loss from commercial vehicle registrations. However, revenue from GST paid by mobility platforms—covering not just taxi cabs but also auto-rickshaw and bike rides—far surpasses that generated solely from 10-year permit-based registrations for commercial vehicles. Exploring alternative revenue streams is imperative for sustainable growth.”

She added, “Bike-taxis offer crucial last-mile connectivity and accessibility, filling a gap in transportation infrastructure. They also serve as effective tools for road and night safety interventions, particularly for young women who prioritise safety and vigilance from platform providers. Recognising bike-taxis as legitimate entities and enhancing safety features are essential steps forward.”

The roundtable was addressed by industry captains, thinktanks, academia and various relevant stakeholders from the environment and sustainability verticals. It provided a platform for discussing the evolving landscape of urban mobility in India with strategic insights from industry experts. Among those who spoke at the roundtable were Dr. Niti Bhasin, Professor, Delhi School of Economics; Mr. Sharif Qamar, Associate Director, Transport and Urban Governance, The Energy and Resources Institute; Mr. Raghavan Viswanathan, Associate Partner – Deal Advisory, Klynveld Peat Marwick Goerdeler (KPMG); Mr. Sourav Dhar, Programme Lead of mobility, Council on Energy, Environment and Water (CEEW), and Dr. Dhanya MB, economist, VV Giri National Labour Institute.

KPMG was the Knowledge Partner of the roundtable. Mr. Raghavan Viswanathan, Associate Partner—Deal Advisory, KPMG, said, “Today, the primary concern for daily commuters revolves around navigating through traffic congestion. While public transport serves as a lifeline, the challenge lies in reaching bus stops or metro stations, causing additional stress. In such scenarios, bike-taxis emerge as crucial feeder services, playing a pivotal role in India's mobility landscape.”

“The key takeaways from the research done by KPMG are that bike taxis help generate jobs. India boasts nearly 1 million gig workers, with bike taxi drivers constituting nearly 50% of this workforce. Last year, the sector showed promise, with the potential to reach 2.3 million, but due to regulatory challenges, approximately 80% of these workers remain underutilised,” Mr. Viswanathan added.

The experts engaged in deliberations on topics such as the impact of bike taxis on urban mobility in India, income opportunities generated by them, their sustainability and environmental impact, as well as the regulatory standards to facilitate industry growth. The roundtable consultations aimed to ensure robust motorised connectivity, sustainability, low cost of travel, and employment for a gig economy.

Ms. Revathy Pradeep, Researcher, The International Council on Clean Transportation (ICCT), said, “While bike-taxis are seeing organic growth in parts of the country, the electrification of bike taxis along with the need for driver training to prevent road crashes and enhance safety are critical areas of focus. While bike-taxis significantly reduce the time needed for last-mile connectivity, we must be cautious about the vehicle models being used.”

Speaking about the regulatory framework, Dr Niti Bhasin, Professor, Delhi School of Economics, said, “An effective regulatory framework for bike taxis requires coordination between the Centre and the States. While bike taxis are contributing to employment and decongestion in the transportation ecosystem of India, the unique socio-cultural aspects related to this industry also merit attention. Further, it is also important to understand how bike taxis can serve as a viable alternative to e-rickshaws, particularly in the context of last -mile connectivity.”

About Internet and Mobile Association of India

Established in 2004, the Internet and Mobile Association of India (IAMAI) is a not-for-profit industry body representing the digital industry. With 580 members, including Indian and multinational corporations, as well as start-ups, IAMAI has been instrumental in shaping India’s digital economy. IAMAI advocates free and fair competition, and progressive and enabling laws for businesses as well as for consumers. The overarching objective of IAMAI is to ensure the progress of the internet and the digital economy. Its major areas of activities are public policy and advocacy, business to business conferences, research, promotion of start-ups and promotion of consumer trust and safety.

ITDC posts Unprecedented Financial Results In FY 2023-24- Profit Before Tax Surpasses Rs. 100 Crore

India Tourism Development Corporation (ITDC), a Public sector under the Ministry of Tourism, is thrilled to announce its exceptional financial performance for the fiscal year 2023-24, marking a significant milestone in its rich legacy and journey.

ITDC has soared to new heights, achieving its highest-ever turnover and profit figures. The corporation recorded a remarkable total turnover of Rs. 527 crores, reflecting an impressive 16% increase compared to the previous fiscal year. Additionally, the Profit Before Tax (PBT) surged to Rs. 110 crores, marking a 34% rise over the preceding period, with a Profit After Tax (PAT) of Rs. 72 crores.

Mr. M.R. Synrem, IAS, Managing Director of ITDC, expressed his pride & satisfaction, stating, "The fiscal year 2023-24 has been a testament to ITDC's resilience and commitment to excellence. Our record-breaking financial performance underscores our dedication to delivering unparalleled value to our customers and other stakeholders."

Across all major business verticals, ITDC has witnessed robust growth, demonstrating its unwavering dedication to providing world-class hospitality and tourism experiences. This success is a testament to ITDC's customer-centric approach and unwavering focus on quality and innovation.

ITDC remains committed to its mission of providing unparalleled customer experience, driven by a relentless pursuit of excellence and innovation. By consistently delivering superior quality, service, and amenities, ITDC has solidified its position as the preferred choice among travellers and business professionals alike.

About India Tourism Development Corporation:

ITDC was incorporated in 1966 with a mandate to develop and expand tourism infrastructure in the country. The Corporation has been moving ahead with consistent efforts on development, growth and world-class services and amenities to its guests. Apart from running Hotels, the ITDC has diversified into non-hotel sectors like Ticketing, Tours and Travels, Event Management, Duty-Free Shopping, Publicity & Printing Consultancy, Engineering Consultancy, mounting Sound & Light Shows, Hospitality education and skill development– all under one roof.

Waaree Renewable Technologies Limited Record Year of Strong Growth Record

* Record Year of Strong Growth Record

* Revenue growth of 149.73% YoY at Rs. 876.44 crores and Record PAT growth of 167.55% YoY at Rs. 148.04 crores

* Unexecuted Orderbook of 2,365 MWp to be executed in next 18 months.

Waaree Renewable Technologies Limited (BSE: 534618), the Solar EPC Company of Waaree Group, a solar developer that finances, constructs, owns and operates solar projects, has reported its Audited Financial Results for the Quarter and Year ended March 31, 2024.

KEY PERFORMANCE HIGHLIGHTS

FY24

• Revenue for FY24 stood at Rs. 876.44 crores representing a growth of 149.73% YoY as compared to Rs.350.96 crores in FY23

• EBITDA for FY24 stood at Rs. 207.18 crores as compared to Rs. 83.75 crores in FY23 representing a growth of 147.40% YoY

• PAT for FY24 stood at Rs. 148.04 crores as compared to Rs. 55.33 crores in FY23 representing a growth of 167.55% YoY

Q4FY24

• Revenue for Q4FY24 stood at Rs. 273.25 crores representing a growth of 344.40% YoY as compared to Rs. 61.49 crores in Q4FY23

• EBITDA for Q4FY24 stood at Rs. 75.30 crores as compared to Rs. 22.29 crores in Q4FY23 representing a growth of 237.83% YoY

• PAT for Q4FY24 stood at Rs. 54.18 crores as compared to Rs. 12.28 crores in Q4FY23 representing a growth of 341.41% YoY

• Order book Position:

o Unexecuted order book stands at 2,365 MWp

o Bidding pipeline remains robust

KEY UPDATES

• The Company has successfully completed the corporate action of a stock split, reducing the face value of its Equity shares in the ratio of 1:5 per share. The face value of shares now stands at Rs. 2/- per share

• Recent Order Wins

o 980 MWp Ground Mounted solar power project

o 412 MWp Ground Mounted solar power project

o 450 MWp Ground Mounted Solar power Project

o 4 MWp Ground Mounted solar power project

Commenting on the results Mr. Dilip Panjwani, CFO, Waaree Renewable Technologies Limited said: "As a company committed to driving sustainable solutions, we are excited to share our progress and the significant opportunities that lie ahead. India has set an ambitious target to reduce the carbon intensity of the nation’s economy by less than 45% by the end of the decade, achieve 50 percent cumulative electric power installed by 2030 from renewables, and achieve net-zero carbon emissions by 2070. The country aims for 500 GW of renewable energy installed capacity by 2030.

The country’s renewable energy market is on the rise, with a record 69GW of bids in FY2024, surpassing the government's target. Solar power, both grid-scale and rooftop, remains the primary contributor, accounting for 81% of the added capacity. The installed solar energy capacity has increased by 30 times in the last 9 years and stands at 81.81 GW as of March 2024.

Policy initiatives like the PM Surya Ghar: Muft Bijli Yojana aim to further boost solar installations, particularly in residential areas. With a strong balance sheet and disciplined financial management, the focus is on executing profitable projects with higher returns. This progress signifies not only environmental strides but also promising economic prospects in India's renewable energy landscape.

We are also pleased to inform you that the board of directors has recommended a dividend of Rs. 1/- for the face value of share of Rs. 2/- each. With a sound balance sheet and disciplined capital management, we are well-equipped for the next phase of growth. We also would like to extend our gratitude to stakeholders for their continued trust and support.”

Air India Appoints SIA Engineering Company As Strategic Partner To Develop Maintenance Facilities

Air India has appointed SIA Engineering Company Limited (SIAEC) as its strategic partner for the development of Air India’s Base Maintenance facilities at Bengaluru.

As part of the partnership, Air India will work closely with SIAEC on the planning, construction, development and operationalization of Air India’s Base Maintenance facilities in Bengaluru, India. Projected to be ready in 2026, the facilities will comprise both widebody and narrowbody hangars, including associated repair shops, to support the growing Maintenance, Repair and Overhaul (MRO) needs of the aircraft fleet in Air India Group.

Campbell Wilson, Chief Executive Officer & Managing Director, Air India, said: “The collaboration with SIA Engineering Company will not only help Air India become more self-reliant for the maintenance of its own fleet but it also reiterates our commitment to strengthen India’s aviation infrastructure by boosting the growth of the country’s MRO industry.”

Chin Yau Seng, Chief Executive Officer, SIAEC, said: “We are delighted to be able to play a small part in Air India’s amazing transformation journey and look forward to working closely with the Air India team to ensure the success of this project. This appointment marks another significant milestone in the development of the partnership between Air India and SIAEC. Going forward, we hope to have even more opportunities to collaborate with Air India in the MRO space in India.”

Air India had earlier announced setting up a state-of-the-art Maintenance, Repair, and Overhaul (MRO) facilities at Kempegowda International Airport Bengaluru (operated by Bangalore International Airport Ltd) starting with Airframe Maintenance through the development of widebody and narrowbody aircraft hangars for all checks.

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 built an extensive domestic network with non-stop flights to cities around the world, across the USA, Canada, UK, Europe, Far-East, South-East Asia, Australia, and the Gulf. After 69 years as a government-owned enterprise, Air India and Air India Express were welcomed back into the Tata group in January 2022.

Air India is navigating through a major five-year transformation roadmap under the aegis of Vihaan.AI, with an ambition to become a world class airline with an Indian heart. The first two phases of this transformation journey were recently concluded and focused on fixing the basics. These included bringing back to service many long grounded aircraft, addition of talent across flying and ground functions, rapid upgradation of technology and strengthening of customer care initiatives amongst others. A member of Star Alliance, the largest global airline consortium of leading international airlines, Air India offers seamless connectivity and facilities to passengers all over the world.

Tata Motors Announces Robust Consolidated Q4 FY24 Results

* Revenue Rs 120.0K Cr (+13.3%), EBITDA at Rs 17.9K Cr (+26.6%),  PBT (bei) Rs 9.5K Cr (+4.4K Cr),

* PAT Rs 17.5K(+12K Cr) Cr, Automotive Free Cash Flows Rs 14.1K Cr (+2.8K Cr) vs PY)

·  JLR Revenue £7.9b up 10.7%, EBITDA at 16.3% (+150 bps), EBIT at 9.2% (+270 bps)

·  Tata CV Revenue Rs 21.6K Cr, up 1.6%, EBITDA at 12.0% (+190 bps), EBIT at 9.6% (+100 bps)

·  Tata PV Revenue Rs 14.4K Cr, up 19.3%, EBITDA at 7.3% (flat yoy), EBIT at 2.9% (+150 bps)

Tata Motors Consolidated:

For FY24, TML reported record revenues of Rs 437.9K Cr, an all-time high EBITDA at Rs 62.8K Cr, highest ever PBT (bei) of Rs 28.9K Cr (+Rs 27.1K Cr over the previous year) and net profit of Rs 31.8K Cr (+Rs 29.1K Cr over the previous year). The strong performance has also helped to recognize a Deferred Tax Asset of Rs8.3K Cr at JLR and TML.

In Q4 FY24, TML delivered a strong performance with revenue of Rs 120.0K Cr (up 13.3%), EBITDA at Rs 17.9K Cr (up 26.6%) and EBIT of Rs 11.0K Cr (+?3.8K Cr) with all three auto businesses delivering a strong performance. PBT (bei) stood at Rs 9.5K Cr (+?4.4K Cr) and net profit was Rs 17.5K Cr (+Rs 12.0K Cr). Net automotive debt reduced further to Rs 16.0K Cr. 

Dividends:

The Board of Directors have recommended a final dividend of Rs 3/- per Ordinary Share and Rs 3.10 per A Ordinary Share and a special dividend of Rs 3/- per Ordinary Share and Rs 3.10 per A Ordinary Share subject to approval by the shareholders.

Looking Ahead:

We remain cautiously optimistic on domestic demand over the full year and expect H1 to be relatively weaker. The premium luxury segment demand is likely to remain resilient despite emerging concerns on overall demand. Despite this, we are confident of delivering a strong performance in FY25.

PB Balaji, Group Chief Financial Officer, Tata Motors said:

“It is pleasing to report the FY24 results during which Tata Motors Group delivered its highest ever revenues, profits, and free cash flows. The India business is now debt free, and we are on track to become net automotive debt free on a consolidated basis in FY25. The businesses are executing well on their distinct strategies and therefore, we are confident of sustaining this strong performance in the coming years.”

JAGUAR LAND ROVER (JLR) - 

Highlights

·       Record Q4 and FY24 revenue of £7.9 billion and £29.0 billion respectively.

·       PBT (bei) was £661 million in Q4; FY24 full year PBT (bei) was £2.2 billion, the highest since FY15.

·       EBIT margin in Q4 of 9.2%, FY24 EBIT margin of 8.5%.

·       Free cashflow was £892 million for Q4 and a record £2.3 billion for FY24. Net debt reduced to £0.7 billion.

·       Order book around 133,000 vehicles at end of FY24, 76% of which were for RR, RR Sport and Defender.

Reimagine Transformation continues.

Record Range Rover wholesale and retail sales for Q4 and FY24.

Range Rover Electric generating strong interest with over 28,700 sign ups to the waiting list

Range Rover SV demand more than doubles to 4,099 units in FY24, including sale of 20 Range Rover SV Bespoke Sadaf editions which sold out at around £330,000 each.

New Defender OCTA to be revealed on July 3, 2024 with prospective clients invited to one of seven exclusive events to experience the product.

Investment of £356m in Electric Propulsion Manufacturing Centre in Wolverhampton, UK, installing equipment to manufacture battery packs and electric drive units.

Launched three new JLR Insurance products to support UK clients, as part of JLR financial services offering.

New Range Rover Electric and new Jaguar prototypes currently undergoing cold weather testing.

Energy storage systems using second life Range Rover, Range Rover Sport PHEV and I-Pace batteries, developed.

Financials

JLR continued its strong financial performance trend in the financial year, with another record-breaking quarter in Q4 FY24. Revenue for the quarter was £7.9 billion, up 11% versus Q4 FY23 and up 6% versus Q3 FY24. Revenues for FY24 were £29.0 billion - JLR’s highest ever full year revenue and up 27% compared to the prior year.

PBT (bei) in Q4 was £661 million (+£293 million yoy) and EBIT margin was 9.2% in Q4, (+270bps yoy). The higher profitability yoy reflects increased volumes and reduced material costs, offset partially by increased marketing spend compared to a year ago. Profit after tax (“PAT”) in Q4 was £1.4 billion vs a profit of £259 million in the same quarter a year ago. PBT for FY24 was £2.2 billion – the highest since FY15; and PAT for FY24 was £2.6 billion. PAT also factors in the recognition of a deferred tax asset (DTA) of £1.0 billion due to a reassessment of future recoverability tax losses and allowances.

Free cash flow for the quarter was £892 million and £2.3 billion for the full year, the highest ever full year cash flow. The year ended with a cash balance was £4.2 billion and net debt £0.7 billion and a total liquidity was £5.7 billion, including the £1.5 billion undrawn revolving credit facility maturing April 1, 2026.  

TATA COMMERCIAL VEHICLES

Highlights

·     Q4 FY24 revenue at Rs 21.6K Cr (+1.6%), EBITDA 12.0% (+190 bps), EBIT 9.6% (+100 bps), PBT (bei) Rs 2.0K Cr.

·     FY24 revenue at Rs 78.8K Cr (+11.3%), EBITDA 10.8% (+340 bps), EBIT 8.2% (+300 bps), PBT (bei) Rs 6.1K Cr.

·     Domestic Vahan market share at 39.1% in FY24. HGV+HMV 48.8%, MGV 37.5%, LGV 34.3%, Passenger 35.0%. Truck market share continues to remain strong; SCV market share starting to improve.

·     Over 140 products and 700 variants introduced in FY24. BS VI Phase 2 vehicle portfolio equipped with smarter technologies to deliver even better performance and value. 

·     Introduced technologically advanced, highly fuel efficient and reliable Turbotronn 2.0 engine, for 19-42 tonne range.

·     Launched all-new Intra V70 pickup, Intra V20 Gold pickup and Ace HT. Introduced Tata Magic bi-fuel.

·     Fleet edge, the connected vehicle platform has now more than 600K vehicles.

Green transformation continues

·     Showcased India’s 10 most advanced, efficient and eco-friendly CV’s at Bharat Mobility Global Expo 2024, including Prima 5530.S LNG, industry first H2ICE truck, E-mobility concept tipper, Magna EV, Ace and Intra bi-fuel.

·     Delivered green-fuel powered CV’s to Tata Steel. The fleet includes Prima tractors, tippers and the Ultra EV bus, powered by LNG and battery electric technologies.

·     TCPL Green Energy Solutions inaugurated facility to produce Hydrogen based internal combustion engines.

·     Unveiled 2 state-of-the-art facilities for development of Hydrogen propulsion technologies.

·     Over 4300 ACE EV’s plying delivering 99% uptime resulting in repeat purchases. Higher payload variant launched.

·   2600+ EV buses are operational. TML e-bus fleet cumulatively crossed 140 million Kms with >95% uptime.

Financials

In Q4 FY24, domestic wholesale CV volumes were 104.6K units, lower 7% yoy on account of increased pre-buy in Q4 FY23 due to BS6 Phase II transition. Exports were at 4.5K units increasing 13% yoy.  However, revenues improved by 1.6% yoy to Rs 21.6K Cr on account of improved pricing and lower VME’s. EBITDA and EBIT margins of 12.0% (up 190 bps yoy) and 9.6% (up 100 bps yoy), respectively were delivered. For the full year, while overall volumes declined by 4%, HCV volumes increased by 5%.

Looking ahead

With promising GDP growth outlook, incentives from government to improve productivity in both manufacturing and agriculture sectors, and continuing focus on infra, demand for CV’s is expected to improve from H2 FY25. We remain cautiously optimistic about domestic demand while keeping a close watch on geopolitical developments, interest rates, fuel prices and inflation. We will continue to deliver strong EBITDA performance and focus on net cash will continue.

Girish Wagh, Executive Director Tata Motors Ltd said:

“The Indian CV industry grew by a modest 2% in volumes during FY24, impacted by a high base effect of FY23, elections held across 5 states and the announcement of general elections. At Tata Motors, we strengthened our portfolio with the introduction of new passenger and cargo mobility solutions, stepped-up the thrust on digitalization, enriched customer engagement and experience with stronger partnering and made holistic progress on our sustainability agenda. Our sharp focus on profitable growth resulted in the CV business recording its highest-ever revenues of Rs78.8K Cr and profits of Rs6.1K Cr in FY24. Going forward, we will intensify our efforts to grow market share, profitably and consistently, in every business segment by delivering more value to customers with innovative products, smarter services and holistic mobility solutions.”

TATA PASSENGER VEHICLES

Highlights

·     Q4 FY24 revenue at Rs 14.4K Cr (+19.3%), EBITDA 7.3% (flat yoy), EBIT 2.9% (+150 bps), PBT (bei) Rs 0.5 K Cr.

·     FY24 revenue at Rs 52.4K Cr, (+9.4%), EBITDA 6.5% (+10 bps), EBIT 2.0% (+100 bps), PBT (bei) Rs 1.4 K Cr.

·     VAHAN registration market share increased to 13.9% in FY24. #2 player in H2 FY24 with 14.3% market share.

·     Strong market leadership in EV at 73.1% despite increase in competition. EV penetration at 13%, CNG at 16% in FY24.

·     Introduced twin cylinder iCNG technology in Tiago, Tigor, Punch, and Altroz enabling no compromise on boot space.

·     Revolutionized the CNG segment in the country by introducing AMT in its CNG cars.

·     Strong response to facelifted Nexon, Harrier and Safari - significant design changes and several futuristic technologies.

·     New Nexon, Safari and Harrier receive GNCAP 5-star rating for both adult and child occupant protection. New Safari and Harrier secured highest score by an Indian Car in GNCAP and also became first recipients of BNCAP's 5-star rating.

·     Commenced production at its state-of-the-art new facility in Sanand, Gujarat.

Green transformation continues

·     Range of Nexon.ev extended to 465 kms. Strong response to Nexon.ev facelift.

·     TPEM introduced new brand identity “Tata.ev” for the EV business, embodying the core philosophy of "Move with Meaning," unifying the values of sustainability, community, and technology.

·     Announced platform-sharing partnership with JLR to accelerate development of ‘premium electric’ series ‘Avinya’.

·     Introduced advanced Pure EV architecture – acti.ev which will underpin future products from the TPEM portfolio.

·     Introduced first car “Punch.ev” on the acti.ev architecture.

·     Inaugurated exclusive TATA.ev stores in Gurugram, offering an immersive experience for the EV community.

·     Signed MOUs with charging point operators and OMC’s for setting up 22,000+ chargers in next 12-18 months.

Financials

In Q4, PV volumes were at 155.6K units (+14.8% yoy) supported by new SUV facelifts and multiple power trains. Nexon continued to be the highest selling SUV in FY24 and along with the Punch was amongst top 5 models sold in India. Revenues in Q4 were up 19% yoy at Rs 14.4K Cr, while EBIT margins improved by 150 bps yoy to 2.9% owing to operating leverage on improved volumes and savings in commodity costs. In Q4, PV (ICE) business delivered double digit EBITDA margins and EV business was EBITDA positive (before R&D spends) at 1.1%. On full year basis, the PV business delivered ~9% revenue growth and highest ever PBT (bei) at Rs 1.4K Cr (+Rs 0.7K Cr yoy).

Looking ahead

We expect the demand for passenger cars to remain strong, although the high base effect, coupled with extraneous factors elections, heat wave, etc. may keep the growth rate moderate. We will continue to focus on retails and deliver market beating growth to sustain double digit EBITDA margins and positive free cash flows for PV business. We will continue to proactively drive EV penetration through new product launches and ecosystem development and improve profitability.

Shailesh Chandra, Managing Director TMPV and TPEM said:

“Passenger vehicle sales in India set a record in FY24 with over 4.2 million units sold, driven by SUVs (50% of overall sales) and emission-friendly powertrains. Tata Motors recorded its third consecutive year of highest sales volumes with 6% growth in wholesales and 10% in retail sales over FY23. Our multi-powertrain approach and sharp focus on green technologies increased the penetration of CNG and electric vehicles to 29% in the overall portfolio. We sold 73.8K EVs during the year (up 48% vs FY23) and crossed milestone of 150,000 cumulative EV production. Overall, the business recorded its highest-ever turnover with annual volumes of 573.5K units, growing by 6.0% over FY23, and recorded highest ever profits of Rs 1.4K Cr.”

ADDITIONAL INFORMATION

Finance Costs

Finance costs reduced by Rs 239 Cr to Rs 9,986 Cr in FY24, due to reduction in gross debt during the period.

Joint ventures, Associates and Other income

For the year, net profit from joint ventures and associates amounted to Rs700 Cr compared with a net profit of Rs 336 Cr in FY23. Other income (excluding grants) was Rs 2,979 Cr in FY24 versus Rs 1,720 Cr in FY23.

Free Cash Flows                           

Free cash flow (automotive) for the year, was highest ever at Rs 26.9K Cr (as compared to Rs7.8K Cr in FY23) owing to significant improvement in cash profits and favourable working capital.

Odysse Electric's Dynamic Duo: SNAP High-Speed Scooter Zooms In With E2 Low-Speed Model For Eco-Friendly Commutes

Odysse Electric, a trailblazer in the electric two-wheeler industry, proudly unveils the launch of two cutting-edge models, the “SNAP High-Speed Scooter” and the “E2 Low-Speed Model”. These innovative additions to the Odysse Electric line-up represent a significant stride towards revolutionising India’s electric vehicle sector.

The SNAP high-speed scooter is designed to provide an exciting riding experience without compromising sustainability. With a peak motor output of 2000 watts and a top speed of 60 km/h, the SNAP provides unparalleled performance and agility. The SNAP, with a range of 105 km on a single charge and a charging time of less than 4 hours, guarantees easy and dependable urban transportation. Its innovative features include a  Waterproof IP67 motor, Robust Indian chassis as well as an AIS 156 certified smart battery (LFP) that is fireproof, long-lasting, and simple to maintain. In addition, the SNAP has a CAN-enabled display for exact battery level monitoring and distance-to-empty computation, as well as cruise control for enhanced convenience.

On the other hand, the E2 Low-Speed Model is engineered for urban commuters seeking reliability and sustainability. With a motor power of 250 watts and a maximum speed of 25 km/h, the E2 prioritizes safety and sustainability. Offering a range of either 70 km and a charging time of just 4 hours, the E2 ensures hassle-free urban commuting with minimal environmental impact.

Nemin Vora, CEO of Odysse Electric, stated, “At Odysse Electric, we strive to redefine the electric mobility landscape with sustainable and innovative solutions that empower consumers and contribute to a greener future. With the introduction of the SNAP high-speed scooter and the E2 low-speed model, we demonstrate our unwavering commitment to excellence, sustainability, and customer satisfaction. It is our belief that these new offerings will set new standards for electric two-wheelers in India and beyond.”

Since its establishment in 2020, Odysse Electric has been at the forefront of transforming India’s electric vehicle landscape. Renowned for its eco-friendly and technologically advanced offerings, Odysse Electric continues to receive international recognition for its unwavering dedication to excellence, innovation, and sustainability.

Bank of Baroda Announces Financial Results For The Quarter & Financial Year Ended 31st March 2024

Key Highlights

Global Business grew by 11.2% to reach INR 24,17,464 crore as of 31st March 2024.

Net Profit for Q4FY24 stands at INR 4,886 crore, growth of 2.3% YoY.

Return on Assets (ROA) increased by 14 bps YoY and stands at 1.17% for FY24.

Return on Equity (ROE) higher by 61 bps YoY at 18.95% for FY24.

The growth in profitability was supported by healthy Operating Income growth of 15.3% YoY in FY24.

Operating income growth was augmented by 44.6% YoY growth in Non-Interest Income to INR 14,495 crore in FY24.

Operating Profit registered a healthy growth of 15.3% YoY and stands at INR 30,965 crore in FY24.

Global Net Interest Margin (NIM) improves by 17 bps sequentially and stands at 3.27% in Q4FY24.

Net Interest Margin (NIM) for FY24 is 3.18%.

BOB has witnessed significant improvement in its Asset quality with reduction in GNPA by 87 bps YoY to 2.92% from 3.79% in Q4FY23.

Bank’s NNPA reduced by 21 bps YoY to 0.68% in Q4FY24 as against 0.89% in Q4FY23.

BOB’s balance sheet remains robust with healthy Provision Coverage Ratio (PCR) of 93.30% with TWO & at 77.34% without TWO.

Credit cost remains below 1% at 0.67% for FY24 & 0.57% for the quarter.

Healthy Liquidity Coverage Ratio (LCR) at 120.6% as on 31st March 2024.

BOB’s Global Advances registered a growth of 12.5% YoY in Q4FY24 led by robust retail loan book growth. Bank’s organic Retail Advances grew by 20.7%, driven by strong growth across segments such as Auto Loan (23.8%), Home Loan (14.1%), Personal Loan (51.6%), Mortgage Loan (11.4%), Education Loan (19.6%).

Profitability

BOB reported a standalone Net Profit of INR 4,886 crore in Q4FY24 as against a profit of INR 4,775 crore in Q4FY23. Net Profit for FY24 stands at INR 17,789 crore (+26.1% YoY) as against INR 14,110 crore in FY23.

Net Interest Income (NII) grew by 2.3% YoY to INR 11,793 crore in Q4FY24. NII for FY24 registered a growth of 8.1% and stands at INR 44,722 crore.

Non-Interest Income for the quarter grew by 20.9% YoY to INR 4,191 crore. Non-Interest Income for FY24 stands at INR 14,495 crore up by 44.6% YoY

Global NIM improves by 17 bps sequentially and stands at 3.27% in Q4FY24. Global NIM for FY24 stands at 3.18%.

Yield on Advances increased to 8.75% in Q4FY24 as against 8.47% in Q4FY23. 

Cost of Deposits increased to 5.06% in Q4FY24 as against 4.43% in Q4FY23.

Operating Income for Q4FY24 stands at INR 15,984 crore. Operating Income for FY24 stands at INR 59,217 crore registering a growth of 15.3%.

Operating Profit for Q4FY24 stands at INR 8,106 crore and Operating Profit for FY24 increased by 15.3% to INR 30,965 crore.

Cost to Income ratio stands at 49.29% for Q4FY24.

Return on Assets (annualised) sequentially improved by 5 bps and stands at 1.25% for Q4FY24. It stands at 1.17% for FY24 higher by 14 bps YoY.

Return on Equity (annualised) for Q4FY24 stands at 20.83%. RoE increased by 61 bps YoY to 18.95% for FY24

For the consolidated entity, Net Profit stood at INR 18,767 crore in FY24 as against INR 14,905 crore in FY23.

Asset Quality

The Gross NPA of the Bank reduced by 13.4% YoY to INR 31,834 crore in Q4FY24 and Gross NPA Ratio improved to 2.92% in Q4FY24 from 3.79% in Q4FY23.

The Net NPA Ratio of the Bank stands at 0.68% in Q4FY24 as compared with 0.89% in Q4FY23.

The Provision Coverage Ratio of the Bank stood at 93.30% including TWO and 77.34% excluding TWO in Q4FY24.

Slippage ratio declined to 0.99% for FY24 as against 1.07% in FY23. Slippage ratio for the quarter stands at 1.12%.

Credit cost stands at 0.57% for Q4FY24 and 0.67% for FY24.

Capital Adequacy

CRAR of the Bank stands at 16.31% in Mar’24. Tier-I stood at 14.07% (CET-1 at 12.54%, AT1 at 1.53%) and Tier-II stood at 2.24% as of Mar’24.

The CRAR and CET-1 of consolidated entity stands at 16.68% and 13.02% respectively

The Liquidity Coverage Ratio (LCR) consolidated stands at 120.6%.

Business Performance

Global Advances of the Bank increased to INR 10,90,506 crore, +12.5% YoY.

Domestic Advances of the Bank increased to INR 8,98,116 crore, +12.9% YoY.

Global Deposits increased by 10.2% YoY to INR 13,26,958 crore.

Domestic Deposits increased by 7.7% YoY to INR 11,28,514 crore in Mar’24.

Domestic CASA deposits registered a growth of 5.4% YoY and stands at INR 4,66,401 crore as of 31st March 2024.

International Deposits grew by 27% on a YoY basis to INR 1,98,444 crore in Mar’24.

Organic Retail Advances grew by 20.7%, led by strong growth across segments such as Auto Loan (23.8%), Home Loan (14.1%), Personal Loan (51.6%), Mortgage Loan (11.4%), Education Loan (19.6%) on a YoY basis.

Agriculture loan portfolio grew by 11.6% YoY to INR 1,38,640 crore.

Total Gold loan portfolio (including retail and agri.) stands at INR 47,472 crore, registering a growth of 24.1% on a YoY basis.

Organic MSME portfolio grew by 10.4% YoY to INR 1,19,415 crore.

Corporate advances registered a growth of 11.6% YoY and stands at INR 3,79,747 crore.

Renault India Has Announced "Nationwide Renault Summer Camp"

* A week-long initiative ‘Renault Summer Camp’ will be conducted across all Renault Service facilities across India from May 13th to May 20th, 2024

* Along with comprehensive vehicle inspections, special offers on parts and accessories as well as complimentary gifts, several customer interaction events are planned

With an objective to continue its commitment to enhance customer satisfaction, Renault India, has announced the commencement of a nationwide after-sales service initiative, 'Renault Summer Camp'. The service camp will be conducted across all Renault Service facilities across India from May 13 – May 20, 2024.

The optimal performance of the cars is the main goal of organizing the service camp. The vehicles would receive expert attention from trained and skilled technicians. According to the regulations set forth by Renault India, the Summer camp will provide rigorous car check-up, including a free car top wash, for Renault owners. Additionally, this will allow a close evaluation of all the car's critical components. Such routine inspections guarantee all required measures for improved vehicle performance and give customers a satisfying ownership experience.

As part of the Renault Summer Camp, Renault India customers can avail minimum 15% attractive discount offers on select parts & accessories, 10% discount on engine oil replacement ,15% on labor charges, Special offers on AC servicing. Renault India will also provide 10% discount on Extended Warranty and 10% discount on Road-Side Assistance Retail Program.

Currently, Renault India has a widespread presence of 400+ sales and 430+ service touchpoints across the country with benchmark sales and service quality.

In addition to the comprehensive car check-up facilities several fun-filled activities will be organized for customers with assured gifts, making it an exciting and cherishing experience for the customers. All these novel after-sales, initiatives of Renault are testimonies of providing utmost customer satisfaction.

Renault has undertaken many first-of-its-kind after-sales and customer centric initiatives to offer a seamless brand ownership experience to its customers. These include – Renault SECURE, Renault ASSIST, Renault EASY CARE, Workshop on Wheels (WoW), MY Renault App and regular customer service camps. In a decade of its presence in India, Renault has made significant progress which includes a state-of-the-art manufacturing facility, a world-class technology centre, logistics and design centre in India. This strong foundation backed by its unique product strategy and pioneering customer satisfaction initiatives have been instrumental for Renault’s successful journey in India.

RAK Ceramics Unveils Cutting-Edge, 8500-Square-feet Experience Centre In Bengaluru

RAK Ceramics, a global leader in ceramics, has unveiled its cutting-edge, spacious 8500-square-feet Experience Centre in Bengaluru, which makes it one of the biggest spaces in Karnataka. This unique space, inaugurated by Anil K Beejawat, CEO of RAK Ceramics India, is not just a showroom but a hub of innovation and inspiration. It redefines how customers interact with premium design solutions, offering a truly immersive experience.

The Experience Centre is a complete tile lifestyle center and a testament to RAK Ceramics' unwavering commitment to innovation and quality craftsmanship. It follows the aesthetic look and guidelines of international standards and proudly showcases RAK's flagship offering, Luce, a translucent tile masterpiece meticulously crafted using unique and high-quality clays and feldspars. Its exceptional features, including a pure white body and advanced ink development, set it apart in the market.

Spanning an impressive 8500 square feet, the Experience Centre in Bangalore's prime locality offers visitors proper parking facilities and a comprehensive journey through RAK Ceramics' extensive product range. The showroom showcases the brand's offerings, from Barefoot tiles to Sanitary ware, an extensive product range of SUT tiles (Super utility tiles), faucets, and kitchen sinks. It also features a display center for German-made KLUDI and UAE-made KLUDI RAK products, enhancing the customer experience with world-class fittings.

Speaking about this, Anil K Beejawat, CEO of RAK Ceramics India, said, “With this one-of-a-kind Experience Centre in Bengaluru, we are showcasing products and inviting customers into a world of innovation and inspiration. At RAK Ceramics, we believe in pushing boundaries, and this Centre is a testament to our commitment to revolutionizing interior design. We look forward to welcoming visitors and empowering them to realize their design dreams."

RAK Ceramics' rich legacy of excellence extends beyond its products to its involvement in prestigious projects across India and beyond. The brand’s recent endeavors include the Ayodhya project's pilgrim facility, further solidifying the brand's reputation for quality and reliability. From iconic landmarks like the Kashi Vishwanath temple complex to vital infrastructure such as airports and educational institutions, RAK Ceramics has been a trusted partner in shaping India's landscape.

With cutting-edge manufacturing facilities in Samalkot, Andhra Pradesh, and joint venture plants in Morbi, Gujarat, RAK Ceramics is poised for continued growth and innovation. The company's global footprint encompasses renowned projects such as Wembley Stadium, Atlantis—The Palm, and the Burj Khalifa, underscoring its status as one of the largest ceramic brands worldwide.

Looking ahead, RAK Ceramics remains steadfast in its commitment to delivering excellence and forging new partnerships that redefine interior design standards and architectural innovation. Our unwavering dedication to quality and innovation is what sets us apart in the industry.

IISc, In Partnership With Lam Research, Successfully Concludes Pilot To Upskill Engineers In Semiconductor Fabrication Technology

* Validates the use case for SemiverseTM Solutions as a viable tool to upskill Indian semiconductor manufacturing workforce ahead of national rollout.

The Indian Institute of Science (IISc) today announced the successful conclusion of its pilot to upskill engineers in semiconductor fabrication technology. Announced in partnership with Lam Research, during Prime Minister Narendra Modi’s state visit to Washington D.C. in July 2023, the pilot incorporated Lam’s Semiverse Solutions™ portfolio to train 32 MTech and PhD students at IISc’s Center for Nano Science and Engineering (CeNSE).

Three students from the cohort, run along with Lam Research, have been offered placements at leading global semiconductor manufacturing companies. Last year, IISc partnered with Lam Research to develop a customized course offering for Indian universities utilizing Lam’s Semiverse Solutions virtual fabrication software. After the successful pilot, IISc and Lam Research have signed an MoU with the India Semiconductor Mission to scale the program nationally. The plan is to upskill a targeted 60,000 engineers over the next 10 years via the broad rollout of Semiverse Solutions.

“With three of the pilot’s participants already placed in a global tier-1 semiconductor manufacturing companies, we are confident about the broad rollout of the course and its impact,” said Professor Srinivasan Raghavan, Chair of the Centre for Nano Science and Engineering at IISc.

As part of the pilot, students got a chance to train on SEMulator3D®, a powerful 3D semiconductor process and integration modelling software that is part of the Semiverse Solutions platform. The program is used by the world’s largest semiconductor companies, manufacturers, and foundries to model complete process flows and predict downstream ramifications of process changes that would otherwise require build-and-test cycles in the fab. Using SEMulator3D® helped students learn to develop process flows and perform automated virtual experiments not feasible in the actual fabs at significantly lower cost, and environmental impact.

"A successful pilot lays the foundation for further expansion of the Semiverse™ learning platform across the country. We believe in the democratization of specialized semiconductor knowledge and are excited to support the scaling of the semiconductor industry in India," stated Rangesh Raghavan, Corporate Vice President and General Manager at Lam Research India.

Lam India has been a part of CeNSE’s Industry Affiliate Program (IAP) since 2014 and is continuously engaging with the centre to collaborate on multiple innovative projects to advance the state of semiconductor technologies.

About CeNSE

The Centre for Nano Science and Engineering (CeNSE) focuses on interdisciplinary research and education in the broad area of nano-scale science and technology, covering topics such as nanoelectronics, devices, materials, micro- and nanoelectromechanical systems, bio- and nanophotonics, bio-electronic interfaces and integrated small-scale systems. In addition to the research programs of the core faculty, the Centre runs an interdisciplinary research and training program involving more than 50 faculty members from various departments of engineering and basic science at the Indian Institute of Science (IISc). The Centre has state-of-the-art nanofabrication and characterization facilities to enable the development of cutting-edge nanoscale technologies for various applications.

About The Indian Institute of Science

IISc, ranked No:1 in the National Institutional Ranking Framework (NIRF), was founded in 1909 as a result of the joint efforts of Jamsetji Nusserwanji Tata, the Government of India, and the Maharaja of Mysore. Over the 105 years since its establishment, IISc has become the premier institute for advanced scientific and technological research and education in India. Beginning with 2 departments and 21 students in 1911, today IISc has over 40 departments, units, or centres, 3500 students, and about 500 academic and scientific staff, supported by 600 administrative personnel. Out of this population of students, about 2200 are in various PhD programs, almost 900 are enrolled for various Masters degrees, whereas about 400 are registered in the newly established, research oriented, four-year Bachelor of Science (Research) programme, of which the first batch graduated in 2015.

About Lam Research

Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam's equipment and services allow customers to build smaller and better performing devices. In fact, today nearly every advanced chip is built with Lam technology. We combine superior systems engineering, technology leadership, and a strong values-based culture, with an unwavering commitment to our customers. Lam

Research (Nasdaq: LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe. Learn more at www.lamresearch.com.

IndiaSkills Competition: A Gateway For Promising Career For Karnataka Winner In New-Age Skills

Mustakkhan Bijapur, hailing from Karnataka, has always harbored a dream to revolutionize the way products are designed and manufactured. His zeal to make a tangible impact on technology industry led him to join a vocational training centre in 2019, where he undertook training in mechatronics after completing high school.

While pursuing the training, he learnt about IndiaSkills 2024 - a prestigious pan-India competition organized by National Skill Development Corporation (NSDC), under the aegis of Ministry of Skill Development and Entrepreneurship (MSDE). For him, it was the perfect opportunity to showcase the years of learning he had invested to his craft and represent India on a world stage. He registered for competition on the "Skill India Digital Hub" (SIDH) Portal.

Despite the scarcity of resources, Mustakkhan honed his craft with the tools at hand, a testament to his resourcefulness. These formative years became the loom upon which his character was woven. He possesses an extraordinary ability to extract brilliance from every opportunity that crosses his path.

Determined to prove his mettle, he started training harder for the competition. The training enriched his understanding of the technical competencies such as Node-RED programming, PLC programming, Festo MPS kit programming, networking, and OPC/UA software. He used to do regular training of 8 hours per day through boot camps that provided insights on how these technologies are used in real-world industrial applications.

Putting in all efforts, he bagged the first position in the Industry 4.0 competition at state level which opens the avenues for him to participate on national and international competitions.

The competition took place at Festo India pvt Ltd Bangalore from 4th to 6th March. Around 50 candidates have qualified for IndiaSkills from the state alone. Furthermore, the skills he acquired through the competition played a crucial role in securing a job at Tonbo Imaging India Pvt Ltd, Bangalore.

This year, the competition has seen a significant increase in participation, with representatives from 30 states and union territories competing across 61 skills. This is a notable increase from the previous year, where participants from 26 states and union territories competed across 54 skills in 2021. It indicates a boost in India’s ranking in WorldSkills, enhanced recognition of the country's talent pool on a global scale and improve employment prospects for youth.

Events like IndiaSkills play a pivotal role in shaping the careers of budding professionals, providing them a platform to exhibit their perfected skills. Moreover, these championships foster collaboration among governments, industries, and academia, bridging the skill gap and preparing youth for the dynamic job market.

Vision Of Information Technology Leaders' On National Technology Day

From the country that fed the world computing and managerial talents to becoming a self-contained fountainhead of digital transformation, Sify mirrors India in the second part of this evolution cycle. Having started life as evangelist and enabler of bringing Indians online, Sify has metamorphosed into a partner role. With its bedrock network and data center strengths and highly customizable digital portfolio, "Sify offers a single pane of convergence for the prospective CXO to pick and evaluate appropriately and cost effectively. All through these decades of growth, Sify generously benefitted from the quantum leaps that technology transitioned in the country while strengthening its own ranks with the best of talents from multiple domains," says Praveen Krishna, Head of Corporate Communications and Investor Relations at Sify Technologies.

As a country, we stand poised on becoming the fastest growing digital economy in the world. Looking back, Sify is proud to have kickstarted that evolution in our own way.

* Spokesperson: Narasimha Kamath, Executive Vice President, R&D, o9 Solutions

"Innovation lies at the heart of progress, driving companies forward and shaping the future of industries. At o9, an AI-powered planning and decision-making software company, staying at the forefront of innovation is not just a choice for us but a necessity to continuously deliver value to our customers. New Technology Day reminds us of innovation's pivotal role in our society, particularly for the youth.

Many initiatives, like our annual hackathon, stand as a testament to the power of innovation. It's a platform where bright minds converge, fueled by creativity and technology, to solve real-world challenges. Through this event, we witness the transformative potential of technology in the hands of young innovators. Seeing how their fresh perspectives and inventive solutions push the boundaries of what's possible is inspiring. Another example to showcase innovation is events like o9's Involve event, where academics, leaders of businesses, and practitioners come together to discuss the latest trends to drive future innovation and create sustainable impacts on the world. Events like that are essential to inspire and assimilate knowledge to apply in your day-to-day professional lives and meaningfully contribute to the advancement of technology. 

* Spokesperson: Raj Radhakrishan, CEO of Ciklum

The continued advancement of technology and the ongoing acceleration of innovation has propelled us firmly into the age of Experience Engineering: a time where the convergence of product engineering, customer experience, and artificial intelligence is transforming the way people work and live, like never before.

At Ciklum, we believe technology isn't simply a tool—it's a driving force revolutionizing business models, reshaping industries, and unlocking endless opportunities for innovation and growth. Technology enables us to optimize our business workflows, to enhance our employee experiences, to create greater efficiencies in our production, to unlock untapped creativity, and so much more.

In the Experience Engineering era, the winningest businesses will be the most people-centric ones.  Businesses that discover how to harness technology and proactively channel it to create more delightful environments for people to work, live and achieve.

As leaders in this industry, we share a responsibility for creating a culture that fosters our employees to dream big and think bigger.  To be the drivers of technology’s future.  To engineer experiences that extend human capability and capacity like never before.

To conceive innovative ideas that no one saw coming, but later wonder how they ever lived without.”

* Spokesperson: AJ Sunder, CIO & CPO, Responsive

“Innovation today is not just progressing; it's accelerating at an unprecedented pace, driven largely by young, agile minds in dynamic startups. These individuals are not just participants but are at the forefront, challenging entrenched industry norms and large organizations. With technology evolving daily and access to information more accessible than ever, coupled with breakthroughs in artificial intelligence, the new generation holds a remarkable power to advance society. Aspiring entrepreneurs have the opportunity to harness the raw potential of new ideas to transform industries and drive progress in ways we've only imagined. It's a pivotal time, where small teams with big ideas can truly change the course of history.”

* Spokesperson: Priyank Kapadia, Product and Technology Partner at Bounteous x Accolite.

“As we celebrate National Technology Day, we're right on the edge of a new frontier in tech. Think groundbreaking developments in AI, Internet of Things, cloud computing, and mobile tech that are setting the stage for tomorrow. It's more important than ever to spark a passion for innovation and entrepreneurship in our young folks. Getting them involved early with our ever-evolving tech scene helps them tap into its vast potential and come up with solid, innovative business ideas.

Across the board, educational institutions are linking arms with the tech industry through guest lectures and interactive tech sessions. We at Bounteous x Accolite, are scaling it bigger. Our Campus Connect initiative and collaborations with universities aren't just about exposure, they're about immersion. We're giving up-and-coming talent real-world problems to solve in our co-innovation labs, and believe me, they are just getting warmed up.

Think about it, today's kids have the advantage of being connected online through blazing-fast internet. With high exposure and potential, they just await the nudge to convert this into innovative tech supported solutions which have a high societal impact. That’s our cue to step in. We're here to throw open the doors to a playground of high-tech tools, use-cases from data science to the latest in AI. By challenging them with real-world problems and linking them up with industry pros who have been in the trenches, we're not just encouraging them to think differently, but also work collaboratively just as a start-up would, to ignite bold, unconventional thinking - daring them to develop solutions that reshape our world.

So, this National Technology Day, let's all lean in. Let's equip the next wave of innovators with the tech they need and let them run wild with it. The sooner they engage, the swifter their impact through innovative entrepreneurship that uplifts industries and communities. Together, we are not just watching the future happen, we're shaping it, and trust me, it's going to be mind-blowing.”

* Spokesperson: Chaitanya Chokkareddy, co-founder and chief technology officer at Ozonetel Communications

Empowering Young Minds: Ozonetel's Commitment to AI for Everyone Through Storytelling this National Technology Day

“National Technology Day celebrates the transformative power of technology. This year's theme, "From Schools to Startups," perfectly captures its role in igniting innovation within young minds. Integrating AI into education can empower students to transcend passive learning, fostering proactive problem-solving and critical thinking skills.

We at Ozonetel believe in 'AI for Everyone' through Storytelling. Ozonetel’s recent partnership with Swecha (NGO) engaged 10,000 students in digitizing Telugu folk tales, resulting in the first-ever Telugu language storytelling application. This project not only preserved cultural heritage but also provided students with valuable hands-on AI development experience. Building on this success, our "Summer of AI" internship program empowers 100,000 students to collaborate on building a comprehensive Telugu Language Model (LLM). This program fosters exploration of AI and development of Text-to-Speech models.

Engaging students in real-world projects equips them with the skills to become future-ready entrepreneurs and tech leaders who will contribute significantly to the AI-driven workforce. By embracing AI on National Technology Day, we empower young minds to become passionate innovators, shaping the future of technology itself.”

* Spokesperson: Srividhya Deshpande, Global Talent Lead, Egen

At Egen, fostering innovation among the next generation of tech leaders is at the core of our mission. A recent NASSCOM report estimates that, of the 3 million joining the IT workforce, only 25% of graduates with engineering background are employable. Therefore it becomes critical to address the gap between skills needed for high-quality technology jobs and work readiness of graduates. 

Our commitment to Igniting Young Minds to Innovate extends far beyond our own team. This is also exemplified through our recent endeavors. Collaborating with the Society for Cyberabad Security Council (SCSC), we have embarked on a journey to mentor 127 bright young minds from grades 9 to Intermediate 1st year. As panel members and mentors, we are guiding these students toward a future rich with technological innovation.

Furthermore, on International Women's Day, we partnered with the United Way of Hyderabad to empower women in technology at Telangana Mahila Viswavidyalayam. Engaging with 100 female students, our volunteers shared insights into technology projects, career pathways, and resume enhancement strategies, thereby paving the way for gender inclusivity in the tech industry.

Mother’s Day Becomes More Special With Samsung Fab Grab Fest; Choose The Best Tech Gift For Your Mother

This Mother’s Day let's celebrate the remarkable women who hold a special place in our hearts—our mothers. This day is most appropriate to express our deepest love and gratitude for the unshakable support, and the invaluable presence they extend into our lives. Selecting the perfect gift is an art, and we're here to make your quest for something special and unique for mothers easier. Whether you're seeking to streamline her daily routine or indulge her tech-savvy side, the Fab Grab Fest 2024 presents a multitude of options. Here's a guide to some of the top offerings:

Galaxy S24 Ultra devices in Titanium Blue, Titanium Green and Titanium Orange. S Pen leans against Galaxy S24 Ultra in Titanium Orange.Two Galaxy Z Flip5 devices are slightly unfolded and seen from the Flex Window. One shows a selfie. The second shows a Media controller with playback controls and a progress bar.

Smartphones:

In an age where staying connected is paramount, a smartphone becomes more than just a gadget; it's a lifeline to the ones we love. Whether it's capturing cherished moments, staying organized, or simply keeping in touch, smartphones form an integral part of our lives. Fab Grab offers Up to 64% off on various smartphone ranges.

·       Samsung Galaxy S24 Ultra: Delve into the realm of connectivity and innovation with the Samsung Galaxy S24 Ultra. it's a gateway to staying connected with loved ones and capturing precious moments effortlessly.

Link: https://www.samsung.com/in/smartphones/galaxy-s24-ultra/

·       Galaxy Z Flip5: For the trendsetting mom who appreciates elegance and functionality, the Galaxy Z Flip5 is a masterpiece of design and utility. Its sleek foldable display offers a unique blend of style and practicality, making it a standout choice.

Link: https://www.samsung.com/in/smartphones/galaxy-z-flip5/

Galaxy Tab S9, S9+ and S9 Ultra are lined up next to each other in Portrait mode with a colorful wave wallpaper on all screens. Splashes of water are surrounding the three devices and an S Pen is pointed at the screen of Galaxy Tab S9.Five Galaxy Watch6 can be seen in a diagonal line. All five are showing different watch faces with different watch bands attached.A pair of black earbuds

Wearables & Tabs:

Beyond the realm of smartphones, Fab Grab offers a range of wearables and tabs designed to complement your mother's lifestyle with up to 77% off.

Galaxy Tab S9 Series: Elevate her productivity and entertainment experience with this Series. These tablets redefine versatility, offering immersive visuals and seamless multitasking capabilities for both work and leisure.

Link: https://www.samsung.com/in/tablets/galaxy-tab-s/galaxy-tab-s9-plus-wi-fi-graphite-256gb-sm-x810nzaainu/

·       Galaxy Watch6 Series: Help her stay on top of her health and schedule with the Galaxy Watch Series. With its sophisticated design and advanced health tracking features, it's more than just a timepiece; it's a companion in her wellness journey.

Link: https://www.samsung.com/in/watches/galaxy-watch/galaxy-watch6-40mm-gold-bluetooth-sm-r930nzeains/

·       Galaxy Buds2 Pro: Give her an ultimate audio experience with the Galaxy Buds2 Pro. With crystal-clear sound and comfortable fit, these wireless earbuds are perfect for an enjoyable music experience.

Link: https://www.samsung.com/in/audio-sound/galaxy-buds/galaxy-buds2-pro-graphite-sm-r510nzaainu/

Digital Appliances:

Acknowledging the importance of culinary adventures, Fab Grab offers up to 48% off on digital appliances that redefine convenience and efficiency.

·       32L, Masala & SunDry™, and Convection Microwave Oven: Elevate her culinary experience with the 32L Convection Microwave Oven. Featuring Masala & SunDry™ technology, it's designed to cater to her diverse cooking needs while preserving the flavours of her signature dishes.

Link: https://www.samsung.com/in/microwave-ovens/convection/32l-slimfry-convection-microwave-oven-mc32k7056ch-tl/

·       8.0 kg EcoBubble™ Front loading Washing Machine: Transform her laundry routine with the 8.0 kg EcoBubble™ Front loading Washing Machine. Engineered for efficiency and gentleness on fabrics, it ensures her clothes emerge clean and fresh every time, making laundry fun and absolutely simplified.

Link: https://www.samsung.com/in/washers-and-dryers/washing-machines/ww5000t-front-loading-eco-bubble-hygiene-steam-dit-8kg-black-ww80ta046ab1tl/

These offerings are more than mere products; they are a gesture of appreciation and love, for someone who enriches our lives in ways more than one. Let your gift speak volumes, echoing the sentiment of gratitude and admiration for the remarkable woman who has shaped your world.

Quick Picks For Mother’s Day: Thoughtful Last-Minute Gift Ideas From Croma To Brighten Her Day!

Each year, on the second Sunday in May, Mother’s Day is observed globally, celebrating the immeasurable love, sacrifices, and dedication of our mothers. In 2024, Mother’s Day falls on Sunday, May 12th. If you haven’t finalized a gift for your mother yet, there's still time. It’s crucial to choose a gift that is both thoughtful and practical, particularly if time is short. As Mother’s Day approaches swiftly, consider some last-minute gift ideas from Croma to ensure your mother feels truly appreciated and cherished.

Croma Foot Massager (Shiatsu Massage Therapy, Warm Function, CRSH036MRA028201, Rubber Grey)_1Croma Foot Massager – INR 11,990

Treat your Mother to a luxurious spa experience right at home with the Croma Foot Massager. This innovative device offers three massage modes—scrapping, heating, and air pressure—to soothe tired feet, ankles, and calves simultaneously. Crafted from durable polycarbonate, it’s both reliable and stylish, with indicator lights for easy operation and an automatic 10-minute timer for added convenience.

Croma Full Body Mini Massager Gun (15 Mins Auto Off Timer, CRSH006MRA028201, Dark Blue)_1Croma Full Body Mini Massager Gun - INR 6,990

Give your mother the gift of relaxation with the Croma Full Body Mini Massager Gun. Designed to reduce inflammation and tension, this sleek device uses advanced technology to dissolve adhesions and promote muscle recovery. With indicator lights, automatic shut-off timer, and sturdy ABS construction, it’s a must-have for anyone seeking relief from everyday stress.

Croma CRAH0055 Rotary Massager 8 Rollers (W288, Brown)_1Croma Rotary Massager 8 Rollers- INR 7,999

Help your Mother unwind after a busy day with the Croma Rotary Massager. Featuring three pre-set programs and vibrating seat options, this massager targets specific areas of the back for maximum comfort and relaxation. The convenient remote control operation and 15-minute auto shut-off function ensure a hassle-free experience, while the durable, waterproof cover adds a touch of luxury.

Croma Velocity AM Smartwatch with Bluetooth Calling (45.2mm AMOLED Display, IP68 Water Resistant, Gold Strap)_1Croma Velocity Smartwatch with Bluetooth Calling- INR 2994

Elevate your mother’s style and connectivity with the Croma Velocity Smartwatch. Boasting a stunning AMOLED display and Bluetooth calling functionality, this sleek device keeps her connected and in control, whether she’s in a meeting or on the go. With its IP68 rating for water resistance, it’s the perfect accessory for the modern mom who values both fashion and function.

Croma Stride Smartwatch with Bluetooth Calling (48mm IPS Display, IP68 Sweat Resistant, Black Strap)_4Croma Stride Smartwatch with Bluetooth Calling- INR 1999

Keep your mother motivated and stylish with the Croma Stride Smartwatch. Featuring a large IPS display and comprehensive fitness tracking, this smartwatch is ideal for active moms who want to stay on top of their health goals. With Bluetooth calling and IP68 sweat resistance, it’s the perfect blend of practicality and sophistication.

Croma Polyurethane Leather Sling Bag for 14 Inch Laptop (Water Resistant, Blue)_1Croma Polyurethane Leather Sling Bag for 14-inch Laptop- INR 1399

Help your mother stay organized and chic with the Croma Sling Bag. Crafted from premium polyurethane leather, this stylish bag offers water-resistant protection for her 14-inch laptop, making it perfect for work or travel. With its elegant blue hue and functional design, it’s sure to become her go-to accessory for any occasion.

Croma Hair Dryer with 2 Heat Settings (Dual Voltage Knob, White)_1Croma Hair Dryer with 2 Heat Settings Dual Voltage- INR 799

Give your mother the gift of salon-worthy hair with the Croma Hair Dryer. Featuring two heat settings and dual voltage capabilities, this sleek dryer delivers powerful performance wherever she goes. Compact and chic, it’s the perfect addition to her beauty routine.

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National Sports Director Of Marriot International, Mr Ashutosh Ruia Joins Trinity Entertainment As Chief Business Officer

* Prior to joining Trinity Entertainment, Ashutosh served as the Director of Sports National Sales at Marriott International

Trinity Entertainment announces the appointment of Ashutosh Ruia as the Chief Business officer. Before joining Trinity Entertainment, Ashutosh served as the Director of Sports National Sales at Marriott International, where he played a pivotal role in managing and developing the sports portfolio for Marriott India hotels. His strategic partnerships with prominent entities like IPL, ICC World Cup 2023, ICC T20 World Cup 2024, Pro Kabaddi League, Pro Volleyball League, and various leagues contributed significantly to Marriott's success in the sports industry.

In his new role, Ashutosh will be responsible for leading strategic business initiatives, fostering partnerships, and driving growth opportunities for Trinity Entertainment. With an extensive background in sales, marketing, and business development, Ashutosh brings a wealth of experience and a proven track record of success to the organisation. He is also stepping into his new role to create a one-stop shop that encompasses services not just including best hotel deals but synergising them with Trinity's capabilities and establishing a concierge service that covers logistics, accommodation, travel arrangements local & internationally, and facilitates global team meets, trainings and engagement. This initiative aims to elevate hospitality and travel experiences, offering tailored solutions for businesses and individuals seeking seamless and personalised services. Additionally, he would also play a key role in expanding and strengthening Trinity’s various business verticals of Experiential, Sports & Content Production, and new formed Wedding vertical Eternity  

"We are delighted to welcome Ashutosh Ruia to our team as the Chief Business Officer," said Mr. Fahad, Managing Director of Trinity Entertainment. "His extensive experience and expertise in sales, marketing, and relationship building will be invaluable as we continue to expand our presence and offerings in the industry."

Ashutosh Ruia expressed his enthusiasm about joining Trinity Entertainment, stating, "I am thrilled to be a part of Trinity Entertainment and look forward to contributing to its continued growth and success. I am excited about the opportunities ahead and eager to collaborate with the talented team at Trinity."

Uncertain Macros Weighing Down On FY25 Outlook For The IT Sector: Prabhudas Lilladher

Prabhudas Lilladher (PL), one of India's most trusted financial services organisations in India, in its latest Information Technology (IT) report cited that the revenue growth outlook for FY25 has been discouraging with Tier-1 companies expected to report below mid-single digit growth on average, while Tier-2 companies are capping their revenue growth to high-single digits. Unlike in FY24, companies have become more conservative in FY25 projections, and are baking in anticipated delays in executions and project closure activities. However, if the spending recovery coexists with an anticipated macro recovery in the near-term, then we might see an upward revision to the estimates for the companies as they progress through the year.

The report states that FY24 ended with another quarter of weak performance within IT services. Although the revenue growth was largely in-line or a tad below consensus, the margin improvement or earnings growth was disappointing for selective names. Median revenue growth for the IT sector (Tier-I + Tier-II) came in at +0.7% QoQ CC, wherein Tier-2 companies continued to outpace Tier-1 names and have reported median CC growth of 2.1% QoQ, while Tier-1 revenue growth came in at -0.6% QoQ CC.

The volatility within key verticals (BFSI, Retail and Communications) continue to affect topline performance, although majority of the companies have reported either muted or positive USD growth within BFSI (median +1.9% QoQ), while Retail growth was weak (median –2.3% QoQ). The operating margin was flat QoQ for the sector at 19.7%. Margins for both Tier-1 and Tier-2 (ex-Persistent) companies stayed elevated at ~20.1% and ~15.4% despite weak topline growth, as the net headcount addition declined (~14k QoQ) for the sixth-straight quarter (majorly Tier-1) coupled with lower sub-contracting usage giving further strengths to margins. Providers are experiencing weaknesses in discretionary spending, deferrals of transformation projects, and heightened scrutiny, resulting in delays in execution and constraints on hiring.

The deal TCV for Tier-1+Tier-2 companies during the quarter was strong at ~USD27bn (up +33% QoQ), (ex-TCS, Coforge) and the growth at +10.4% QoQ. Tier-1 (ex-TCS) outperformed the Tier-2 (ex-Coforge) companies with 13.4% QoQ growth in deal TCV, while Tier-2 (ex-Coforge) reported a decline of ~16% QoQ. Median Book-to-Bill (BTB) remains elevated at 1.2x for the sector, however the revenue conversion remains a challenge. The spending reprioritization to core areas and broad-based cost-takeout theme continued through Q4, while project ramp-down or deal cancellations have been more pronounced for few companies at the onset of macro uncertainties.

Other Key Findings from The Report

Leaders and Laggards: Within Tier-1, TCS has relatively outperformed the peers and reported +1.1% QoQ CC revenue growth, while HCLT reported +0.3% QoQ CC (+4.0% CC QoQ for IT Services) over a high base in Q3 (+6.0% QoQ CC). On the other side, Infosys has been the outlier and reported another quarter of decline at 2.2% CC QoQ vs a decline of 1.0% CC reported in 3Q.

Companies doubling down on margins: The demand environment remains unchanged in 4Q with large global enterprises continue to stay cost-focused and reprioritize areas of investments that are critical to their core operations and that can drive immediate ROI

Views on Valuation: The report maintains Prabhudas Lilladher’s stance to remain selective on the Tier-1 names that are carrying diversified business mix, and having built strong ability to capture the current enterprise spends. Additionally, with median payout yield of 3.7%/4.1% YoY in FY25e/FY26e, makes Tier-1 even more attractive.

Herbochem Launches "+91 ASHWAGANDHA" - Extract Optimized For ‘Tech Nutrition’ And ‘Technology-Related Mental Wellness’

Herbochem, one of the oldest and most trusted manufacturers of phytochemicals with over 50 years of industry prowess, proudly introduces ‘+91 ASHWAGANDHA’, a revolutionary nutraceutical product that marks a groundbreaking advancement in the world of Ashwagandha extracts. Expertly developed through an innovative manufacturing process, +91 ASHWAGANDHA is designed to unlock the full potential of Ashwagandha, the world's first full-spectrum extract focused on managing technology-related mental illness. + 91 Ashwagandha® stands out from the rest with its unique extraction technique that not only captures the active compounds but also maximizes the natural macro-nutrients like Potassium and Magnesium offering a comprehensive solution for technology nutrition and mental wellness. With +91 ASHWAGANDHA®, Herbochem ushers in a new era of holistic well-being, empowering individuals to thrive in the face of modern-day stressors and embrace a balanced, resilient lifestyle.

"We take immense pride in offering this proprietary, branded product - +91 ASHWAGANDHA, meticulously standardized to 7% Withanolides through state-of-the-art HPLC analysis. Our extract is a masterful blend of Ashwagandha roots, leaves, and a water-extracted fraction, carefully combined in an optimized ratio that we fondly refer to as the 'golden ratio.' This unique formulation is engineered to address the growing challenges of technology-related mental illness, providing a natural solution for combating stress, anxiety, and depression exacerbated by our increasingly digital lifestyles," stated Mr. Karthik Kondepudi, Partner at Herbochem.

In a testament to Herbochem's unwavering commitment to quality and innovation, the company conducted rigorous clinical studies, comparing +91 ASHWAGANDHA® with leading brands in the market. The results were resoundingly positive, solidifying Herbochem's confidence in this groundbreaking product.

Ashwagandha, an adaptogenic herb revered in Ayurvedic traditions for centuries, is renowned for its ability to promote balanced mental and physical well-being. However, Herbochem recognized a gap in the market and a need for innovation and focus on optimizing Ashwagandha extracts for specific indications. Thus, +91 ASHWAGANDHA® was born, a result of tireless efforts to address the growing demand for natural solutions to manage mental health concerns. An imbalance in mental health can lead to stress, anxiety, depression, and insomnia. Research on Ashwagandha's root, leaves, and aqueous extract, which contains oligosaccharides, revealed beneficial effects on mental health. We created a full-spectrum Ashwagandha extract, combining the plant's root, leaves, and aqueous extract in an optimized ratio. This natural product aims to manage common mental health concerns effectively.

About Herbochem:

Established in 1973, Herbochem has evolved into a trusted family-owned organization dedicated to providing natural products, including plant extracts, herbal extracts, and nutraceutical ingredients. With a legacy spanning over five decades, Herbochem is a key player in the herbal industry, contributing to sectors such as nutraceuticals, health, and cosmetics. Herbochem is a forward-thinking organization with a rich history in the herbal industry. Combining traditional wisdom with modern scientific research, Herbochem is committed to promoting health and wellness through traditional remedies and botanical extracts. The company's dedication to research and development, quality, and innovation positions it as a reliable and innovative partner in the herbal and natural products sector.

India's Tech-Enabled Omnichannel Pet Care Brand Zigly Announces Vet Care Services In Bengaluru

Zigly, (Cosmo First Limited) India’s first tech-enabled omnichannel pet care brand is going to extend its services to vet care at the experience centers located in Koramangala, Whitefield, and HSR Layout in Bengaluru. This is in line with Zigly expanding its services across key metros in meeting the increasing demand for affordable as well as standard pet care facilities within India.

The number of pets in India has crossed 20 million because of rising acceptance of pets, changing family structures, evolving lifestyles, and increased awareness towards pet health and wellness. Nevertheless, over 70% of pets in India do not receive regular veterinary care and just 10% receive preventive healthcare. When a pet’s medical situation arises, a lack of emergency veterinary access can result in serious complications.

With its vision to deliver more for pet parents and take cognizance of the rising medical care requirement, Zigly will provide quality vet services across its experience centers and give pet parents much-needed veterinary support. The vet services will include consultations, preventative care, diagnostics, and surgery facilities.

Sharing her views on the launch of the vet care service, Dr. Anuradha, Veterinary, Zigly Koramangala Store said, "At Zigly, we aim to provide a 360-degree pet care ecosystem to ensure our furry friends are happy and healthy. We have now added veterinarian care at our Bengaluru experience centers that will allow pet owners access to quality treatment, preventive healthcare, surgical facilities, etc. all under one roof. We merge sophisticated research with a caring attitude towards pets so that we can give them the best attention possible.”

Emphasizing the importance of vet care services, Dr. Ravi Verma, Senior Veterinary, Zigly HSR Layout, said, “With our vet care service across our Zigly Experience Centres in Bengaluru, we are here to address this dilemma for every pet parent, especially the new pet parents who can benefit from our team of experts."

Zigly is targeting the veterinary sector intending to develop it as a supporting industry in India’s animal care market.

About Zigly:

Zigly is an omnichannel platform for pet care - food, products, healthcare, grooming, vet consultation, behaviour consultation, and more. With multiple experience centers across India (Delhi, Punjab, Karnataka, Uttar Pradesh, Madhya Pradesh, Uttarakhand, Haryana, Rajasthan), Zigly is planning to expand its physical presence by opening new stores in other major cities. It is a D2C pet care brand under the umbrella of Cosmo First. Recently, the company launched India’s first D2C pet care app  Zigly App.

www.zigly.com

About Cosmo First Limited:

Established in 1981 and founded by Mr. Ashok Jaipuria, Cosmo First is a global leader in specialty films and an emerging player in speciality chemicals (Masterbatches, Adhesive, & Coating), Cosmo Plastech and Cosmo Sunshield, along with a digital-first Omni channel Pet care business under the brand name ‘Zigly’. Cosmo First is into D2C, B2B2C and B2B businesses and has operations in India, Japan, Korea, Europe, and the Americas. Visit www.cosmofirst.com for more details. www.cosmofirst.com

Zomato Records Blistering Growth With Profitability As Blinkit Drives Upside

BUY

TARGET PRICE (Rs) : 230

We interacted with industry participants to get a better understanding of the Quick Commerce (QC) business. Key takeaways: a) QC companies have found good product market fit in metros and large cities. They are gradually expanding their coverage in these markets and testing adjacent markets in a calibrated manner. b) 3 major QC companies – Blinkit, Instamart, and Zepto — compete head on with each other and the market-share gap is not so wide. c) QC companies have seen limited success globally and key variables driving success in India are: i) population density, ii) high prevalence of unorganized retail/local kirana stores enables QC companies to exercise relative buying power with scale, and iii) cheap labor costs. We have increased our FY25/FY26E EPS by 41-52% (EBIT by 18-20%) factoring-in higher growth/margin assumptions for Blinkit and lower ETR. With better clarity on product-market fit and roadmap to profitability for Blinkit, we now value it on DCF, compared to 1x FY26E GOV earlier. We retain BUY with a TP of Rs230/share (earlier Rs170) on SOTP basis; increase in TP is largely driven by Blinkit.

Food delivery business to maintain momentum

Food delivery GOV grew 20.5% in 9MFY24 (27% in Q3) after being muted for the previous 3Qtrs (Q2-Q4FY23). We expect healthy growth momentum in the near term on the back of steady increase in MTUs and ordering frequency, benefits accruing in take rate from new restaurants addition (21.5% YoY; providing more choices to consumer base thereby driving better network effect; joining at better-than-blended rates), and reducing dispersion in commission rates and platform fees. Delivery take rate has reduced over the last few quarters to 3.8% of GOV in Q3FY24 vs 6.2% YoY (Exh. 4), partly due to growing orders by Zomato Gold customers (~20% of MTUs but accounted for ~40% of GOV in Q2FY24). Company has started charging platform fees on all orders and is piloting priority delivery feature for extra fees in some locations.

QC companies’ product market fit is well established by now

QC companies have struck a chord with Indian consumers, particularly the urban digitally native (GenZs and millennials), who started ordering everyday needs across product categories via app, which is delivered within minutes. This led to the category becoming one of the most transacted categories online in the country. Household grocery purchase can be broken into 3 types: monthly, weekly/daily, and unplanned. QC companies started by catering to the needs of third type, but then gradually moving to the first two types. These companies have gradually expanded TAM by entering into newer categories. This shift will drive frequencies, AOV, and contribution margin. Overall, the value proposition hinges on both convenience and value (better experience at cost, lower than alternatives, mainly convenience/kirana stores), which is driving more clicks and wallet share gain. Brands are therefore looking to build visibility with a highly engaged and fast-growing customer base with spending power. Growing customer base with increasing frequency per customer (repeat transactions) augur well for profitability. Blinkit has sustained industry-leading AOV on the back of higher SKU availability, order fulfilment rates, better customer insights, and superior execution, which also aided profitability.

Earnings revision and valuation

We increase our revenue estimates by 0-2% and profit/EPS estimates by 42-53% for FY25/26E, factoring-in better profitability in Quick Commerce and lower ETR. With better clarity on product-market fit and roadmap to profitability for Blinkit, we now value it on DCF basis, compared to 1x FY26E GOV earlier. We retain BUY with a TP of Rs230 (earlier Rs170) on SOTP basis; valuing the food delivery business at Rs121 (DCF basis), Blinkit at Rs90 (DCF basis), and cash and other investments at Rs18 (book value).