Altron People Solutions Acquisition Drives SA Business Growth For iSON Xperiences

Following its acquisition of the Business Process Outsourcing (BPO) and Customer Experience Technology (CXTech) businesses of Altron People Solutions in October last year, global customer experience management firm iSON Xperiences has significantly strengthened its presence in the South African market to meet growing corporate demand for specialist onshoring services.

“We were looking to gain a foothold in the country and makemore jobs available to South Africans in ways that made the most strategic sense for us. At the end of 2018, iSON Xperiences secured the Mutichoice business to deliver customer experience services. Within six months, we were made their exclusive partners for providing inbound customer services and focused on strengthening the three call centre facilities we developed for them. At the time we had 1 200 agents serving Multichoice customers,” says Pravin Kumar, Global CEO of iSON Xperiences.

But to build on this, the company realised it needed to focus on more than just organic growth. In conjunction with the international intellectual propertyit would bring to South Africa, iSON Xperiences wanted to ensure that a foundation was in place to harness local talent.This was critical, as many of the large multinationals operating out of South Africa have been focused on outsourcing services to other countries instead of developing the potential of the market here.

“The timing of the Altron deal could not have been better for us. It presented iSON Xperiences with the ideal way to build its base in South Africa,especially in the telecommunications space,with Vodacom being an anchor client of Altron People Solutions. The country presents us with significant opportunities in this segment to build on the 75% pan-African market share we have in telecoms. Discussions with our global partner Vodafone gave us further impetus to pursue the acquisition,” says Kumar.

“We took over the Altron People Solutions businesses knowing they had a well-established employee base who understands the market extremely well. Our close engagements with their management teams meant that there were no challenges following the acquisition of the business and the integration of their South African staff into our operations, while also providing the opportunity to create even more local positions.We are now well positioned to increase our presence not only in South Africa but on the rest of the continent as well. Ultimately, iSON Xperiences has a vision of becoming one of the largest BPO and business process management organisations in South Africa and a significant player globally. With Altron People Solutions bringing a team of more than 1100 experienced people, we will deliver the best possible customer experiences for all the local onshoring needs of our customers with over 2300 agent strength in SA,” concludes Kumar.

About iSON Xperiences

iSON Xperiences is a subsidiary of the iSON Group and is a global leader in Customer Experience Management and Business Process Outsourcing. With a presence in 18 countries across Africa, Middle East and ASEAN, through 36 delivery centres worldwide, it has been managing customer interactions for some of the world’s most renowned brands and redefining the way people connect with enterprises.  iSON Xperiences’ talented and dedicated workforce of over 18000 employees, combine human efforts with technology to delivery exceptional customer services by developing intelligent operations, for digitally powered business process management and data solutions to enable business agility, increased productivity, and leading returns for their clients.

Persistent Systems: Acquisition To Strengthen Microsoft Azure Competencies Globally

BUY

CMP: Rs4413  

Target Price: Rs5000

* PSYS has entered into an agreement to acquire assets of Data Glove Inc (DGI), its Indian subsidiary and affiliate entities based out of Australia, UK, Canada and Singapore. Additionally, Persistent Systems Germany GmbH will acquire Data Glove's subsidiary in Costa Rica. The total purchase consideration is USD90.5mn (~1.95x EV/S on adj. CY21 sales), payable in cash.

* Deal rationale: Through this acquisition, PSYS will enhance its partnership with Microsoft, strengthen expertise in Azure-based digital transformation and other offerings in the Microsoft stack, as well as expand its geographic footprint (near-shore delivery center in Costa Rica and presence in US and India) and talent pool. Building on Microsoft Azure's impressive growth, these expanded capabilities will bolster the company's existing partnership and serve as the foundation for a new dedicated Microsoft business unit at PSYS. In addition to client sales and service delivery, this newly formed unit will focus on Microsoft training and certifications, working closely with community colleges and regional universities to foster new talent.

* Deal details: PSYS will pay an aggregate consideration of USD90.5mn, which includes  1) an upfront payment of USD50.69mn, subject to customary adjustments for working capital, debt and cash on closing; 2) maximum earn-outs of USD34.88mn to the founders of DGI over the next two years, contingent on the achievement of certain performance thresholds; and 3) a retention and performance-based payment of USD4.93mn to key employees of DGI over the next three years, depending on employment continuity and business performance. The transaction does not require any government or regulatory approvals and is expected to close within 4-5 weeks.

* Call highlights: 1) PSYS expects Microsoft Azure relationship to scale to ~USD75mn post the transaction (existing ~USD25mn Azure practice and ~USD50mn from DGI). IBM and Salesforce practices are already USD100mn+ on a run-rate basis. 2) Gross margin profile of DGI is slightly lower than that of PSYS, but due to lower SG&A costs, DGI has a similar EBITDA margin profile as PSYS. 3) PSYS expects ~75bps of impact on EBITM in FY23 due to the impact of employee retention payments and amortization charges, which the company expects to be absorbed by synergy benefits over a period. 4) DGI derives around 75-80% of revenues through the Microsoft channel (billed to Microsoft or catering needs of clients referred by Microsoft). 5) The company plans to draw USD35mn debt to fund the transaction. 6) PSYS plans to amortize the acquired intangibles over a period of seven years. 7) PSYS suggested that recurring revenue was ~USD46mn in CY21 as the balance revenue may not continue post the transaction and ownership change. 8) The earn-outs are based on DGI delivering 22.5% YoY growth. 9) The company indicated that the top client revenue run rate is in the range of USD8-10mn+, while revenues from the top 5-7 customers are in the range of USD2-4mn+ for DGI.

* Our view: The acquisition accelerates and deepens PSYS's Azure competencies, and bolsters vertical capabilities within the Microsoft ecosystem. DGI will also add a near-shore delivery center for PSYS in Costa Rica and expand its presence in the US and India to meet rising talent needs. The deal will enable PSYS to capture market share by taking advantage of growing Azure and Microsoft-led opportunities. The transaction is expected to add ~5% revenue in FY23 but to be low single-digit dilutive to EPS due to a 75bps EBITM impact (employee retention payment, amortization charges) and lower other income. We have yet not factored in the transaction in our estimates, pending its closure. We have a Buy rating on PSYS with a TP of Rs5,000 at 40x Dec'23E EPS.

21K School Launches ‘Junior Ideathon’ Series To Help Students Gain Entrepreneurial Prowess

21k School, India’s online-only school, has rolled out its 'Junior Ideathon' series, a platform where young student entrepreneurs can present their ideas, within a 15-minute timeframe virtually to a panel of distinguished entrepreneurs and businessmen. The ‘Junior Ideathon’ series has been created to help develop students hone their curiosity and innovativeness, and therefore develop an affinity to build their entrepreneurial skills at a very young age.

'Junior Ideathon' hosted by 21K School is based on the popular ‘Shark Tank’ format where entrepreneurs pitch their ideas to a panel of investors or "sharks," and persuade them to invest in their idea. The 21K School ‘Junior Ideathon’ saw 145 young students present their ideas across 15 breakout rooms to ‘sharks’. The students were scored on their originality, presentation skills as well as their in-depth knowledge on the subject matter. Students developed highly innovative ideas like dog waste composting, hydraulic ceiling fan, an allergy identifying machine, a self-walking dog collar, temperature controlled smart jacket and many more!

Gagan Mathur, parent of a 21K School student, said, “It’s great to see that our children are provided a platform like ‘Junior Ideathon’ by 21K School. This will definitely help inspire and encourage young entrepreneurs.”

Entrepreneurs like Sagar Daryani, who serves as CEO and Co-Founder of Wow! Momo Foods Pvt. Ltd and Ajeet Khurana, India’s Cryptocurrency Maverick have also been a part of the ‘Junior Ideathon’ series to share their journey and career learnings with the budding entrepreneurs.

Speaking about how the ‘Junior Ideathon’ will help students, Santosh Kumar, Co-founder & CEO, 21K School said, “Students are naturally curious and creative. At 21K School, we want to provide our students with an enabling environment where they can use their innate skills to identify problems and develop solutions. The Junior Ideathon series will definitely help students increase their knowledge of business, as well as, learn problem solving techniques and develop their passion for learning, experimenting and taking risks.”

21K School’s ‘Junior Ideathon’ series was kickstarted in February 2022. 21K School will be funding the top 5 student start-up ideas and will help nurture them into a start-up product to amplify the ideas presented by the children.

About 21K School:

Founded in 2020, 21k School is the first online-only school in India. Co-founded by Santosh Kumar, Joshi Kumar, Dinesh Kumar and Yeshwanth Raj Parasmal, the school’s objective is to make world-class education accessible to all children irrespective of their geographical location and fluid lives. The school is known for its intellectual rigor, application-based learning, flexible options, trained faculty, and an environment of collective learning in a community that grows together instead of competing with each other. The school has 3,500 plus happy students from over 35 countries and is well poised for global expansion. Mr. Ronnie Screwvala has recently invested in 21k School’s vision to expand the reach of quality International Education.

Cult.fit Partners With International Fitness Chain Gold’s Gym; Acquires India Business To House Multiple Fitness Brands For Expansion

* Cult.fit strengthens its position as a house of brands with multiple fitness options for the customers adding to portfolio brands: Cult and Fitness First

* Cult.fit will focus on independently growing the Gold’s Gym brand, scaling revenues of existing Gold’s Gym centres, and enabling further expansion using the franchise model

* Cult.fit currently operates 350+ owned and partnered centres in 25+ cities in India; this strategic partnership with Gold’s Gym will significantly expand its footprint and offering across India and further strengthen its leadership position

Cult.fit, India’s largest health and wellness platform, has picked up a majority stake in F2 Fun & Fitness India Pvt Ltd, thereby becoming the master franchise partner for Gold’s Gym in India. This investment by Cult.fit will be instrumental in reinforcing the company’s strong commitment to building the largest fitness & wellness ecosystem in India.

Going into 2022, Cult.fit endeavours to continue scaling its business nationally, across non-metro cities and towns, as well as house brands like Gold’s Gym into its network to further propel their growth in the coming years.

The second largest player in fitness with 140+ outlets in 90+ cities, Gold’s Gym, like Cult.fit, is an immensely popular fitness chain enjoying high brand recall. It also has proven success across metros, as well as Tier 1, 2 and 3 markets, along with multiple long-term franchise partnerships. As part of this strategic partnership, Cult.fit will be investing in scaling the revenue of existing Gold’s Gym centres through top-of-the-line marketing endeavours, and facilitating centre expansion via franchisees in coming years. Cult.fit will also be enabling all the Gold’s Gym centres with its industry leading centre-tech suite and customer app.

Cult.fit with this partnership will also look to expand the Gold’s Gym brand across key geographies such as Sri Lanka, Bangladesh, Maldives, Nepal & Bhutan.

This investment will additionally help augment cult’s single access pass – cultpass – further making access to premium fitness services easier and affordable.

Commenting on the partnership, Naresh Krishnaswamy, Growth and Marketing Head, Cult.fit, said: “Cult.fit has been at the forefront of innovation in fitness with our expertise now spanning multiple offerings both online and offline. Partnering with Gold’s Gym, we will be able to strengthen our network further and offer the best of everything in fitness in one place. Gold’s Gym’s significant experience and sizeable footprint via multiple franchise partnerships paired with our deep-tech expertise and process innovation creates a winning formula for our customers and potential franchise partners. Together, we aim to build immense value into the fitness ecosystem generating top-notch tech advancement, great business opportunities, and better returns for our partners in the long run.”

Nikhil Kakkar, Chief Operating Officer, Gold’s Gym, said: “We are super excited to join hands with Cult.fit to fuel the next phase of growth for Gold’s Gym in India. We have a mission to touch 200 clubs in 24 months. Over the last 19 years, we have been privileged to work with the best partners in the fitness industry to successfully build the Gold’s Gym brand in India. With this partnership, we can now leverage Cult.fit’s strong technology, operations and demand generation capabilities to further empower and enable our high-quality supply to scale. We see this partnership as a great win-win for our passionate franchise partners, enabling faster recovery out of the pandemic and being their partner in growth for the long run. This also allows us to give our loyal customers access to the best of fitness services across the country.”

Bishnu Hazari, Chief Financial Officer at Cult.fit, said: “Our transaction with Gold’s Gym in India comes at a critical juncture for the fitness ecosystem which is just gearing up for recovery following the pandemic. This acquisition greatly reinforces Cult.fit's leadership position in the Indian fitness space. It also provides stronger impetus to our growth going into 2023, and enables us to seriously think about going public.”

Cult.fit is the biggest fitness services provider in India focusing on high-quality and differentiated customer experiences in fitness and wellness. It is also the largest at-home fitness equipment player and has recently acquired RPM fitness, Fitkit, Onefitplus, and Urban Terrain. Cult.fit also recently completed a USD 150 Mn Series F fundraise and entered the coveted ‘unicorn club’.

About Cult.fit

Cult.fit is a health and fitness platform by Cure.fit Healthcare Pvt Ltd and is headquartered in Bangalore, India. Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit caters to living a healthy life through its critical dimensions — physical fitness & wellness. The platform provides fitness-related services through a mix of online and offline channels. These include offline group workouts at Cult.fit centres and other gym- or equipment-based workouts at partner gyms and fitness centres across the country. Cult.fit also offers online personal training, group workouts, and live fitness classes across various formats.

Cult.fit is an app-based service provider and is available on Android and iOS.

For more information on Cult.fit: www.cult.fit

Garware Technical Fibres Net Profit After Tax Increases By 5.4% In 9 Months Of FY22

Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, today announced its financial unaudited results for the quarter and nine months ended Dee 31, 2021.

Consolidated: 9M FY22 Highlights:

• Net Sales increased by 19.2% to Rs. 833.1 Cr in 9M FY22 as compared to Rs. 699.1 Cr in 9M FY21

• Profit before tax increased by 4.2% to Rs. 145.1 Cr in 9M FY22 as compared to Rs. 139.3 Cr in the same period last year

• Net profit after tax has increased by 5-4% to Rs. 110.9 Cr in 9M FY22 as against Rs. 105.2 Cr in the corresponding period cf FY21

• EPS for 9M FY22 is at Rs. 53.78 this is a growth of 9.3% over 9M FY21

Consolidated: 03 FY22 Highlights:

• Net Sales increased by 0.7% to Rs. 308.1 Cr in Q3 FY22 as compared to Rs. 278.4 Cr in Q3 FY21

• Profit before tax decreased by 13.7% to Rs. 50.9 Cr in Q3 FY22 as compared to Rs. 59.0 Cr in the same quarter last year

• Net profit after tax has decreased by 11.8% to Rs. 38.1 Cr in the quarter as against Rs. 43.2 Cr in the corresponding period 0' FY21.

• EPS for Q3 FY22 is at Rs. 18-46 this is a decline of 8.6% over Q3 FY21

Management Comments:

In a statement, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, "This quarter we were able to post a good revenue of Rs.308.1 Cr with a Net profit of Rs.38.1 Cr. This is post a negative mark to market impact in Income from Investments which impacted the profit for the quarter.

The continued steep inflation in Q3 in raw materials and other commodities affected the margins. We have passed on a majority of the raw material and commodity inflationary costs of Q2 in Q3. However, particularly for international business orders booked earlier, there has been some impact. We will continue to pass on further Q3 cost increases with a couple of months lag.

Challenges of the global supply chain disruption as well as unprecedented increase in freight costs are continuing, and it could continue for another quarter as well. This has impacted dispatches and therefore extended the order to cash cycle times with customers. In Q3 we have been able to improve the situation from the Q2 levels, however there is still some order back log to be delivered. The team is working hard towards ensuring this happens in Q4 and we are able to meet all customer commitments.

As stated earlier, we are confident that we should be able to deliver strong results in Q4. We have a strong International business order pipeline with a higher proportion of Value Added Products to support this expectation. "

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

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

For more information, visit http://www.garwarefibres.com

Harley-Davidson Sportster S Completes The Ulimate 4 Hours Endurance Test

Defined by extraordinary power and performance, the Harley-Davidson® Sportster™ S becomes the first motorcycle in the country to successfully achieve a record of covering 3141 kms in a 24-hours endurance test.

A team of five riders - including National Racers Anushriya Gulati and Vijay Singh along with Vlogger Shubhabrata Marmar joined Malo Le Masson and Vijay Thomas from Hero MotoCorp - to achieve this feat at the world-class test tracks at Hero’s Global Centre for Innovation and Technology (CIT), located in Jaipur in the northern Indian state of Rajasthan.

Supervised by two leading members of Hero’s team at CIT, David Lopez Cordoba - Head of Chassis Functional Development & National Racing Program, and Alex Busquets – Head of Vehicle Validation, the Harley-Davidson® Sportster™ S was put through the test for 24 hours. Both David and Alex bring years of experience in endurance racing all over the world and this proved invaluable in the preparations leading up to achieving this feat.

Starting off the 24-hour clock at 1500 hrs on Saturday, February 5, 2022, the team went through 31 pit stops, which included fuel refill, rider change and fresh tyre changes after every 1000 KM. Every rider completed six runs of an average of 100 km on each run, which was roughly one-full tank of fuel. The team averaged 130.9 km/hr over 24 hours to achieve this feat.

The 1.74 kilometer-long oval high-speed track was specifically chosen to attempt the run to test the limits of both human and motorcycle endurance.

Speaking about the experience Ravi Avalur, Head - Harley-Davidson Business Unit at Hero MotoCorp said, “We recently took the Harley-Davidson® Pan America™ to the highest unpaved motorable road in the world and that inspired us to do something uniquely different with the new Harley-Davidson® Sportster™ S. The team at CIT and Hero MotoSports Team Rally stepped in with all their experience and helped us complete this extremely challenging attempt. It is a strong testament to the quality of this H-D motorcycle to have successfully endured the test and gone further than any other motorcycle in the country in 24 hours.”

Defined by Power, Performance, Technology and Style

At the mechanical heart of the Harley-Davidson® Sportster S is a 121-horsepower Revolution® Max 1250T V-Twin engine that puts the Sportster™ S rider in command of unrelenting, on-demand torque. This new version of the latest Harley-Davidson® liquid-cooled V-Twin engine is tuned to make tremendous torque at low RPM, with a torque curve that stays flat through the powerband – engine performance designed to deliver strong acceleration from a start with robust power through the mid-range.

On styling, every visual design element of the Sportster™ S model is an expression of the motorcycle’s raw power. In profile Sportster™ S model appears crouched and powerful, coupled with subtle yet purposeful details on texture, colors and finishes to give it the look of a custom show bike. The fuel tank and tail section frame the engine as the predominant centerpiece of the motorcycle, while the massive front tire recalls the fender-less front end of a classic bobber.

Finally, the tail section, high-mount exhaust, and slim solo seat draw inspiration from the Harley-Davidson XR750 flat tracker. Celebrating self-expression, riders can choose from an array of Sportster S model accessories and paint colors - Vivid Black; Stone Washed White Pearl; Midnight Crimson.

More than an eye-catching ride, the Sportster™ S model is equipped with a host of technologies designed to enhance the riding experience. Three pre-programmed, selectable Ride Modes (Sport, Road and Rain) electronically control the performance characteristics of the motorcycle, and the level of technology intervention. Two Custom modes may be used by the rider to create a set of performance characteristics to meet personal preference or for special situations. Cornering Rider Safety Enhancements by Harley-Davidson®, a collection of technologies intended to enhance rider confidence during unexpected situations or adverse road conditions, are designed to match motorcycle performance to available traction during acceleration, deceleration, and braking, in a straight line or while in a turn.

More information on Harley-Davidson® Sportster™ S model can be viewed at www.harley-davidson.com. 

About Harley-Davidson         

Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Since 1903, Harley-Davidson has defined motorcycle culture with an expanding range of leading-edge, distinctive and customizable motorcycles in addition to riding experiences and exceptional motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get Harley-Davidson riders on the road. Learn more at www.harley-davidson.com. 

About Hero MotoCorp Ltd.

The New Delhi (India) headquartered Hero MotoCorp Ltd. is the world’s largest manufacturer of motorcycles and scooters, in terms of unit volumes sold by a single company in a year — the coveted position it has held for the past 20 consecutive years. The Company has sold over 100 million motorcycles and scooters in cumulative sales since its inception. Hero MotoCorp currently sells its products in more than 43 countries across Asia, Africa, Middle East, and Latin America. Hero MotoCorp has eight state-of-the-art manufacturing facilities, including six in India, and one each in Colombia and Bangladesh. It has two world-class, state-of-the-art R&D facilities — the Centre of Innovation and Technology (CIT) in India and Tech Centre Germany (TCG) near Munich. Hero MotoCorp is the exclusive distributor of Harley-Davidson in India. Hero MotoCorp is one of the largest corporate promoters of multiple disciplines of sports, including, Golf, Football, Field Hockey, Cricket and Motorsports. Fifteen-time Major winner Tiger Woods is Hero’s Global Corporate Partner.

Capri Global Reports Highest Ever Consolidated PAT Of Rs 649mn In Q3 FY’22

AUM - INR 57,736 Mn - 42.2% YoY / 9.5% QoQ

Disbursements - INR 9,064 Mn - 169.6% YoY / 54.9% QoQ

Consolidated PAT INR 649 Mn - 32.0% YoY / 23.7% QoQ

The Board of Directors of Capri Global Capital Ltd. (CGCL), a non-deposit taking and systemically important NBFC (NBFC-ND-SI) announced the un-audited financial results for the quarter ended December 31, 2021.

Earnings

CGCL reported a Consolidated Profit after Tax of Rs 649mn, up 32% YoY. This is the highest ever consolidated PAT surpassing the previous high of Rs 608mn reported in Q2FY21. This was supported by a 45% YoY growth in net income to Rs1,716mn. Net interest margin for Q3FY22 was 10.3%. Expanding branch and people cost was reflected in the 63% YoY growth in operating expenses. However, the cost-income ratio softened on a sequential basis to 38.4%. Despite higher operating expenses, the operating profit growth was noted at a strong 35% YoY, reflecting the strength in core earnings. The annualized RoE touched 14.1% while RoA crossed 4% level after a year to touch 4.2%. The company maintains its +15% RoE guidance for medium term.

Balance Sheet

Disbursals increased 2.7x YoY to touch Rs 9,064mn while the AUM increased 42% YoY touching Rs 57,693mn. The AUM growth was balanced, driven by MSME, Affordable Housing, and Construction Finance segments. The company commenced co-lending arrangement with State Bank of India and Union Bank of India during Dec’21 and expects to generate strong growth through both these channels in the next six months.

Liability Management

Outstanding borrowings increased 25% YoY to touch Rs 41,694mn. Borrowings were long term and well-diversified across 17 lending institutions. The cost of funds was 8.2%, lower 80bps YoY and unchanged QoQ. CGCL is well-funded and maintains a well-matched asset liability profile.   

Asset Quality

Gross Stage 3 ratio was 3%, up 95bps YoY but lower 27bps QoQ. The Gross Stage 3 assets increased marginally over Q2FY22 to Rs 1,724mn. 

Strong Capital Adequacy

Both CGCL and its housing finance subsidiary CGHFL are well capitalized with overall capital adequacy ratio at 35.2% and 30.0% respectively as of Q3FY22.

Founder & Managing Director Mr. Rajesh Sharma Announces CGCL’s Foray Into Gold Loans

“Secured retail lending has been a focus area for Capri Global and the company is pleased to announce expansion of its retail offering by foraying into the gold loan business. Gold loans offer a vast growth potential for organized players. Capri Global, with its expanding reach in Tier 2 and 3 markets in West and North India is well placed to tap into this potential. The company shall be targeting 1,500 branch locations and a gold loan book size of Rs 8,000 crores over the next five years.

CGCL’s Q3FY22 results are once again a testimony to its capability in driving sustainable growth and delivering value to its stakeholders. New products further enhance our growth outlook and put us firmly on path to deliver an overall AUM CAGR of +22% and a RoE of +15% over the medium term.”