Friday, July 22, 2022

Continental Inaugurates Water Conservation Infra, A Step Towards Building A Sustainable Water Future

 


·       The watershed development program included the construction of a mini-reservoir, four check dams, and 500 trenches that conserve about 28,000,000 liters of water

·       The check dam project is part of the larger integrated rural development program, which commenced in January 2020 at the Anekal Taluk

·       “Water conservation is at the core of sustainable development. Sustainability is a key driver of innovation at Continental, and we are committed to safeguarding water as a resource.” – Prashanth Doreswamy, President & CEO, Continental India

As part of its sustainability commitment, technology company Continental today launched the water conservation infrastructure – one reservoir and four check dams - at Pearl Valley, Anekal. This will potentially address the water scarcity in the region and benefit the community immensely. Estimated to conserve about 28,000,000 liters of water, the large-scale project covers a geographical area of 2200 hectares, with a catchment area of 10.5 sq. kilometers and a command area of 4046 hectares. UnitedWay of Bengaluru was the implementation partner for this project fully funded by Continental.

Among the dignitaries present were Shri Gopinath Reddy, MLC, Bangalore Urban District, Shri Sangappa IAS, CEO - Bangalore Rural; and Shri R Srinivas, President - Vanakanahalli Gram Panchayat.

Speaking at the inaugural event, Prashanth Doreswamy, President and CEO, Continental India, said, “Water is a finite resource, and water conservation is at the core of sustainable development. Sustainability is a key driver of innovation at Continental. We are committed to safeguarding water as a resource, be it in operations across our plants by reducing consumption, recycling, or by supporting community needs through projects such as this. Water conservation positively impacts critical topics like socio-economic development and the creation of healthy and sustainable ecosystems. The multiplier effect is tremendous. We are honored to launch this project for the community.”

The check dam project has seven primary objectives:

1.     Regulation of water runoff and mitigation against flooding

2.     Optimal capture of rainwater and ensuring above surface storage

3.     Support flora and fauna to access water and help their safer habitat

4.     Mitigate human-animal conflict by making water available for animals within their safer habitat and avoid them from wandering off

5.     Ensure groundwater recharge in the valley

6.     Enhancement of natural, indigenous vegetation and biodiversity

7.     Positive impact on the eco-system in the pearl valley where the human, animal, and vegetative life can thrive

Continental’s Sustainability Goals

Continental recently launched the Net|Zero|Now program which enables customers with ambitious sustainability goals to neutralize the remaining carbon backpack of their relevant business with Continental. Sustainability forms the key driver of innovation in the company’s corporate strategy. The company’s sustainability ambition comprises four focus areas: carbon neutrality along the organization’s entire value chain, emission-free mobility and industry, a circular economy, and responsible value chains. The company aims to achieve this by 2050.

Continental India undertakes social responsibility initiatives through its CSR arm CONSCIENCE. In 2020, Continental began working with the gram panchayat of Anekal Taluk, Bengaluru, to implement sustainability initiatives in villages. These include soil and water conservation, sustainable agricultural practices, rooftop rainwater harvesting, entrepreneurial opportunities, and women's livelihood support, aligned with the UN’s Sustainable Development Goals.

In its other initiatives within CONSCIENCE, the company planted 150,000 trees across India to mark its 150th anniversary. Another notable initiative is its flagship program Women for Manufacturing. The program aims to empower and support women from underprivileged backgrounds to take up a career in manufacturing through structured skill development and training course works.

Continental develops pioneering technologies and services for sustainable and connected mobility of people and their goods. Founded in 1871, the technology company offers safe, efficient, intelligent, and affordable solutions for vehicles, machines, traffic and transportation. In 2021, Continental generated sales of €33.8 billion and currently employs more than 190,000 people in 58 countries and markets. On October 8, 2021, the company celebrated its 150th anniversary.

Continental has been present in India for close to 50 years through technology partnerships (Continental Tires since 1974) and joint ventures for its various businesses. Today, the tier 1 automotive supplier, tire manufacturer, and industrial partner operate across India – with about 8000 employees across 13 locations, including seven plants that cater to the Indian market and a Technical Center that supports Continental's global R&D activities.

Indispensable To Educate The Masses About Ayurveda, Said Ayush Ministry


Acknowledging the efforts of Sadguru Sri Madhusudan Sai in encapsulating and expanding the knowledge of Ayurveda globally, Dr Manoj Nesari, Advisor, Ministry of Ayush, Government of India, at a Global Conference on Vedic Ideas for a Better Society organised by Sri Sathya Sai University for Human Excellence stated that it is indispensable to educate the masses about Ayurveda. The two-day conference aimed to assemble a panel of experts and academicians in the field of vedic sciences and research to discover those vedic thoughts that have gone unnoticed, and relating them to the contemporary needs of the society.

Delving into the transcendental secrets of the Universe and uncovering the profound truths underlying all that exists, the vedas are a treasure house of knowledge and wisdom, covering a vast array of subjects ranging from art and architecture to science, medicine, healthcare, and spirituality. Exploring the realms of vedic thought offers an insight into living a holistic lifestyle that takes care of our inner and outer sanctuaries of existence. Vedas are beneficial to the society in more than one way; be it their intonations, the words, the sound, the meaning, and its effect—it comes as a package of three aspects – the head of Shankara, the heart of Buddha, and the hands of Janaka. In other words, it is a compendium of wisdom and a treasure trove of compassion that translates into the magnanimity of service to all without any discrimination.

“?yurveda is the knowledge of life, and hence is more than just a science. Like the vedas, ?yurveda is also apaur???ya. Infact ?yurveda teaches that wellness is beyond health, and this wellness manifests in a happy being, who is practising truth, charity, equanimity, and forgiveness. In order to promote this kind of health and wellness, educating the masses about ?yurveda is indispensable. While the Government is working towards the upkeep of good health for all, individual participation, and support of organisations like these are paramount. I appreciate Sri Sathya Sai University for Human Excellence for conducting this conference on vedic ideas to build a better society”, Dr Manoj Nesari, Advisor, Ministry of Ayush, Government of India said in a statement.

The objective of this conference was to understand and consolidate vedic ideas on physical, mental, emotional, spiritual health and well-being, to learn about ?yurvedic healthcare practices for a healthier society and to gain insight into the vedic perspective of education, its principles, purpose and schooling system.

“To me, there is no other way to redeem the world, other than making vedic knowledge reach every person on earth…In order to spread goodness in the world, the knowledge of the vedas, which is nothing but the knowledge of our own higher Self has to reach every human being. As Indians, we are blessed to have with us this vedic knowledge that has come from saints and sages of yore, who have themselves experienced this knowledge. To practise the knowledge of the vedas in our day-to-day life is definitely the only way to solve all the problems of the world”, the Founder of the Varsity, Sadguru Sri Madhusudan Sai, said in a statement.

It is the need of the hour to not merely learn the truths of the vedas but to understand and interpret them correctly, apply them in our daily lives and thus make vedic knowledge relevant to modern society.

Cetaphil Celebrates Skin Awareness Month; Hosts Bloggers And Doctors Meet In Mumbai


* Cetaphil urges customers to know their skin to keep it healthy & beautiful

Cetaphil, the #1 doctor-recommended sensitive skincare brand, celebrated Skin Awareness month across May & June. It was Galderma India’s first initiative for Skin Awareness Month where they created awareness about the initiative with consumers and educated them to Know their Skin and what is needed to keep it healthy and beautiful.

For 75 years, Cetaphil has been dedicated to the advancement of skin science, formulating products for all types of sensitive skin and now Cetaphil is extending this commitment even further by actively educating its customers about skin issues like pigmentation and acne, including their causes and potential long-term effects.

The event was initiated by Galderma under the Cetaphil & Biluma flagship with top dermatologists, bloggers, and influencers from the beauty and lifestyle space in attendance. They started conversations with the doctors on their expert panel, who provided guidance on common skin issues. Additionally, they hosted discussions with the bloggers and influencers who talked about their personal experiences with different skin problems as well as the kinds of queries and worries that their followers had for them.

The panel discussion was led by renowned dermatologist experts like Dr. Kaleem Khan & Dr. Suraj Shetty along with beauty and skincare influencers Debasree Banerjee, Mandavi and Simmy Goraya. They collectively spoke about how one can understand their skin type and the need for a minimalist routine for sensitive skin.

They also spoke about the benefits of moisturization and shed light on Skin Circadian Rhythm and the benefits of wonder ingredients Niacinamide and what it does for the skin.

The brand’s distinction as the #1 Doctor Recommended Sensitive Skincare Brand continues with such initiatives. Cetaphil has also recently revamped its packaging and logo along with changed upgraded formulations that are clinically proven to improve sensitive skin's general resilience and guard against the five signs of skin sensitivity. The products are available on Nykaa, Amazon & its store www.cetaphil.in for purchase

About Cetaphil:

Cetaphil is a gentle skincare brand that has been recommended by dermatologists for over 75 years and is today used by millions of people with sensitive skin from all around the world. Invented in 1947 by a pioneering pharmacist in Texas, the first product - “Cetaphil Cleansing Lotion” - known today as Cetaphil Gentle Skin Cleanser – continues to be the flagship product. Quickly recognized for its gentle cleansing power, the Cetaphil range of products started to grow. Today Cetaphil is available in more than 75 countries worldwide and offers a wide range of everyday products from cleansers and moisturizers to baby products and solutions for sensitive skin conditions such as acne and eczema. Specifically formulated to provide effective skincare for a variety of skin types and conditions, Cetaphil has become one of the top skincare brands recommended by dermatologists and other healthcare professionals across the world.

About Galderma:

We are the world’s largest independent global dermatology company, created in 1981 and are now present in over 100 countries with an extensive product portfolio of prescription medicines, aesthetic solutions, and consumer care products. Galderma aims to enhance the quality of people’s lives by focusing on science-based solutions for skin health. Our products help protect, nourish, and enhance, and - when needed - treat, correct and restore skin health. This holistic view of skin health, addressing both healthy and compromised skin, is fundamental to our mission.

Happiest Minds Raises Revenue Guidance For FY23 To 25% And Target Compounded Annual Growth of 25% Over Next 5 Years.


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

Financial highlights for Q1FY23 ended June 30, 2022

·         Operating Revenues in US$ stood at $42.2 million (growth of 5.9 % q-o-q; 27.4% y-o-y)

·         Total Income of Rs 33,274 lakhs (growth of 7.2% q-o-q; 31.1% y-o-y)

·         EBITDA of Rs 8,775 lakhs, 26.4% of Total Income (growth of 7.6% q-o-q; 32.7% y-o-y)

·         PAT of Rs 5,634 lakhs (growth of 8.1% q-o-q; 57.7% y-o-y)

·         Free cash flows of Rs 8,639 lakhs

·         EPS (diluted) for the quarter of Rs 3.88 (growth of 8.4% q-o-q; 58.4% y-o-y)

Ashok Soota, Executive Chairman, “We have started fiscal FY23 showing industry leading performance.  Our 10-year vision statement is to be a billion-dollar Company by 2031. In line with this goal, based on the growth we are experiencing and continued demand for digital services, we are increasing our revenue guidance for FY 23 to 25% while targeting to grow at a CAGR of 25% over the next 5 years”

Venkatraman N, MD & CFO “I am very happy with our performance for the quarter. While we make changes to our revenue guidance reflecting our confidence on our ability to perform, we continue to hold onto our EBITDA margin guidance of 22% to 24%”

Joseph Anantharaju, Executive Vice Chairman, “Our performance continues to lead the industry with results that demonstrate the strategic relevance of our services and our trusted customer and ecosystem partnerships. The results were broad-based over delivery across all markets, services, and industries. The demand for our services remains strong as enterprises continue to tread the path of a multi-year technology upgrade cycle through cloud adoption & migration, data engineering, analytics, and intelligent automation”

Clients:

·         211 as of June 30, 2022

·         5 additions in the quarter

Our People - Happiest Minds:

·         4,188 Happiest Minds as of June 30, 2022 (net addition for the quarter 20)

·         Trailing 12 months attrition of 24.4%

·         Utilization of 79.1%, from 79.4% in last quarter

Key Project Wins:

·         For a large British based construction and Infrastructure company, Happiest Minds is chosen as a digital technology partner to build an IoT and Analytics platform to deliver data led insights for improved operational efficiency, sustained competitive advantage and customer experience

·         For a large bottling company in North America, Happiest Minds is chosen as a trusted advisor for their large-scale implementation of business intelligence transformation engagement to drive better business decisions

·         For a leading Semiconductor company, Happiest Minds is providing engineering services support for their network security product

·         For a reputed animal management solutions company in the ANZ region, Happiest Minds is providing engineering services to improve animal performance and drive better customer experience

·         For a global tech led mobility company, Happiest Minds is advising on running, managing and improving their third-party risk assessment program using next gen digital tools 

·         For a non-profit organization in the US, this consulting led engagement entails Happiest Minds to provide discovery, assessment and design services for their infrastructure migration to cloud

Awards:

Happiest Minds is ranked #29 in India’s Best Companies to Work For 2022 by Great Place To Work® Institute

Happiest Minds is recognized as a Finalist for Microsoft Partner of the Year Awards 2022 in Business Applications Power Automate Category

Ashok Soota is conferred with the prestigious CII Quality Ratna Award 2021

Priya Kanduri wins the ‘Women in AI’ award at Trescon World AI show, Dubai

Happiest Minds’ AI/Analytics CoE is a winner at the ET DataCon Awards 2022

Analyst Mentions:

Happiest Minds is recognized as an ‘Innovator’ in NelsonHall’s Digital Banking Services NEAT Report

Happiest Minds is recognized as a ‘Major Contender’ in Everest's Digital Product Engineering PEAK Matrix 

National Skill Development Corporation Partners With LawSikho To Provide Upskilling In Legal Courses


* The partnership aims to benefit more than 10,000 learners in three years and will focus on tier-2, tier-3 cities, small towns, and villages across India

* It will facilitate internships and freelancing opportunities in programs such as contract drafting, and diploma and degree courses for lawyers and law students

* NSDC and LawSikho will provide joint certification for various courses, and facilitate low-interest skill loans to the learners through NSDC’s network

National Skill Development Corporation (NSDC), a strategic implementation and knowledge partner for Skill India Mission, working under the Ministry of Skill Development and Entrepreneurship (MSDE), Government of India, has signed a Memorandum of Understanding (MoU) with LawSikho, a fast-growing legal education startup, to impart skill training to aspiring learners (from legal and non-legal backgrounds) and provide upskilling in legal programs.

The MoU was signed by Ved Mani Tiwari, Chief Operating Officer and Officiating CEO, NSDC and Ramanuj Mukherjee, CEO, LawSikho. The MoU signing ceremony was also attended by Abhyuday Agarwal and Siddhant Baid, who are both co-founders of LawSikho.

The partnership will facilitate internships and freelancing opportunities in programs such as contract drafting and, diploma and degree courses for lawyers and law students. It will also provide entry-level courses such as virtual assistant, paralegal, among others, for non-lawyers. NSDC will be able to leverage LawSikho’s model that facilitates remote working for high-paying legal and non-legal jobs.

The collaboration seeks to benefit more than 10,000 learners over a period of three years, focusing on tier-2, tier-3 cities, small towns, and villages across the country. The program will introduce the learners to cutting-edge digital skills, which can provide them with remote jobs, freelance, internships and other career opportunities. Moreover, after learning the relevant skills, the learners can benefit from talent arbitrage jobs where they can work with clients and employers overseas.

Under the partnership, NSDC and LawSikho will also provide joint certification for various courses. They will facilitate low-interest skill loans to the learners through NSDC’s network and strategic support will be extended to LawSikho. The collaboration will also enable skilling the youth of the country in line with international standards.

Commenting on the partnership, Ved Mani Tiwari, Chief Operating Officer and Officiating CEO, NSDC, said, “Our collaboration with LawSikho is a step towards fulfilling the need for a skilled workforce in India and narrowing the existing gap between the demand and supply of future skills. As NSDC, we constantly strive to make skilling and vocational education available for all. Skilling and upskilling are key tools in not only empowering the workforce but in creating new booming sectors in the economy. I am certain that this holds huge growth potential for both the organizations.”

Ramanuj Mukherjee, CEO, LawSikho, said, “LawSikho offers the most advanced legal courses learners can find anywhere, helping them acquire the right skills and knowledge. It is an online legal education platform that is focused on creating access to justice in India. Our partnership with NSDC will cater to the need of a skilled workforce in our country. Through this collaboration, NSDC and LawSikho will become great partners in driving meaningful skill development initiatives”. 

Largest Hybrid Learning Workshop For Heads of 10KAICTE Approved Institutes And Colleges, Conducted By Tech Avant-Garde


Prof. Anil Dattatraya Sahasrabudhe, Chairman,AICTE  as Chief Guest inauguratedthe Hybrid Learning Curtain Raiser mega event held on 21 July 2022 at the WelcomHotel by ITC Hotels. He was accompanied by the Guests of Honour Dr. Buddha Chandrashekhar, Chief Coordinating Officerand Prof. B. Thimme Gowda, Vice Chairman, Karnataka State Higher Education Council.

AICTE has advised allits approved colleges to adopt Hybrid Learning to make them robust and lockdown proof. Tech Avant-Garde (TAG)has been chosen to assist these colleges to transform into Hybrid Learning Spaces. Ali Sait, CEO, TAG, was also present.

As the first step towards Digital Transformation,TAG is conducting free certification program to train heads of Institutionsin Hybrid Learning.Tech Avant-Garde, the Global Partner of Microsoft, in association with Microsoft Education is conducting this training program for Education Leaders on new paradigms of learning – Hybrid Learning.

Speaking at the event,Ali Sait, CEO of Tech Avant-Garde, said, “In Hybrid Learning, education will be reimagined, teachers will find their potential, learning will be from anywhere, any place on any device and there will be only one degree of separation between Learning and Education”.

Hybrid Learning Training Program

Thisprogram will commence from 29 July 2022. Training will be conducted in three batches. The sessions will be conducted onlineover a period two days.The duration of training for each day will be for one hour and thirty minutes. The participants can select the batches during registration.

The training dates are as follows:

•               Batch 1: Friday 29th July 2022 - Saturday 20th July 2022

•               Batch 2: Friday 05 Aug 2022 - Saturday 06th Aug 2022

•               Batch 3: Friday 12th Aug 2022 - Saturday 13th Aug 2022

The registration link for training program is  -https://tagevent.in/aicte

Training Agenda:

This training program will cover the following topics:

•               Develop your vision and build a roadmap to get there

•               Prepare your Stakeholders

•               Develop model Colleges

•               Stay connected

•               Real time case studies

The Education Leaders who attend this program will get certified and the colleges will become eligible for two sessions of advisory on Hybrid Learning, to be availed  within 2 months of the program.

The program will be conducted on Knowledege L’avenir platform.

About Tech Avant-Garde:

Tech Avant-Garde (TAG) is India’s largest Solution Provider in the education segment, supporting all genre of institutes, ranging from K-12 schools to universities. TAG is a part of the Accelerator program of Microsoft and has been certified as a Global Trainer for Microsoft in Education. TAG won the award for the Best Worldwide Training Partner of Microsoft Asia region. TAG, as a co-sell partner and ISV of Microsoft, has implemented the Digital Transformation and Holistic Learning program to help educational institutions to navigate from physical classrooms to digital classrooms. Some of the products and solutions of Tech Avant-Garde include Lycee-Cyber Academe, an ERP Campus Management solution, Efeeonline, an Online Multimode Fee payment solution for educational institutions which is connected to the Bharat Bill Payment System developed by NPCI. TAG also works in knowledge enhancement of educators through Knowledge L’avenir, the largest social learning platform for teacher and Knowledge Key Foundation, to bring state-of-the-art technology and tools to aid institutions and teachers to enhance their digital teaching and learning skills.

ICICI Securities Q1 FY23 Results Show Revenue At Rs. 795 Crore, Up 6% YoY


 Q1 FY23 Performance Highlights:

·         Revenue at Rs 795 crore, up 6% YoY on back of healthy growth in retail allied and distribution income

·         PAT for the quarter stood at Rs 274 crore

·         The company saw improvement in market share across various segments:

o   Retail derivative market share registered growth for first time in 4 quarters as our market share improved from 3.3% in Q4FY22 to 3.5%

o   Recently launched commodity trading segment is performing well and continues to gain market share. It was 4.4% for Q1FY23.

o   Stable NSE Active market share of 8.4%

o   MF AUM market share increased to 1.7%, up from 1.6% YoY.

·         The company witnessed continued traction in product proposition:

o   Average MTF book grew 97% YoY; maintained leadership position with 22.4% market share.

o   More than a million customers have taken Prime membership. Prime and Prepaid customers together contribute 71 % of retail equities revenue.

o   ISEC Mutual Fund average AUM (exc. Direct) up 11% YoY; Equity AUM up 20%

o   SIP Equity AUM increased by 9% YoY to ~Rs 126 bn v/s industry growth of 8%

o   PMS book grew 10% QoQ; crossed INR 8 bn

o   Markets and Money app combined downloads have crossed 2 million mark and are rated ~4 on play store.

·         The company made several launches to further improve its product proposition:

o   LIFEY and Masters of the Street which resonates well with wealth customers.

o   On Experience and Analytical tools side for trading segment, the company rolled out new products like Smart Order Platform, Easy Options and Trading View

·         The company entered into exclusive partnership with HSBC Bank which is the first of its kind for them globally, to offer 3-in-1 broking services to their customers in India. This will provide us access to their HNI customer base.

Commenting on the results and financial performance, Mr. Vijay Chandok, Managing Director and CEO of ICICI Securities said: In this “quarter of moderation” for the industry, we focused on gaining market share, diversifying our revenue mix, containing costs and building product pipeline as we continued to make strategic investment in technology to be “Future Ready”. Our recently launched product proposition and digital properties continue to witness healthy traction which is a testimony to our execution capabilities. Our digital innovation helps us differentiate our product proposition and embrace a broader client universe as momentum continued in our broad-based and digital-led customer acquisition engine. As we continue our journey towards becoming a “digitally integrated financial marketplace”, our emphasis continues to be on diversification, operating leverage and strengthening product positioning by making strategic investments in technology to build a “future ready architecture” as well as on building a diversified talent pool. Through these strategic levers, we will offer highly customized solutions to partner our customers though their financial journey.

Business Highlights

ICICI Securities has a client base of ~80 lakhs, of which over 4.4 lakh customers were added during the quarter. Digital sourcing and open architecture approach continue to demonstrate strength with ~72% of new customers in the quarter coming from channels other than ICICI Bank. During the quarter, 62% of customers acquired are under 30 years of age (vs 60% YoY) and 85% are from tier II and below geographies (vs 78% YoY).

The company has over ~35 lakhs active clients (those who have transacted across any product categories in the last 12 months) and over 31 lakhs NSE active clients (those having traded on the NSE in the last 12 months), up 62% and 73% YoY respectively.

Total client assets stood at Rs 5.3 Lakh crore on 30th June, 2022, vs Rs 4.4 Lakh crore a year ago, up 20%.

In Q1FY23, Equities and Allied Business, which comprises retail equity, institutional equity, lending towards ESOP (Employee Stock Option Plans) & MTF (Margin Trade Funding), Prime & NEO subscription fees and other charges stood at Rs 524.6 crore. The Retail Equities and Allied Business reported revenues at Rs 475.9 crore, up 2% y-o-y, vs Rs 466.2 crore in Q1FY22. ESOP & MTF interest income rose 83% year-on-year to Rs 151.2 crore in Q1FY23 and the daily average funded book for the quarter for these businesses stood at ~ Rs 7,100 crore against Rs 3,630 crore in Q1FY23.

We continue to remain market leader in MTF with a 22.4% market share. The company continued to receive encouraging response to Prime plan that provides a package of privilege pricing, exclusive research, and higher eATM limits per day.

Our NPS score continued to increase this quarter as well as a result of improvements made in our customer journeys.

Institutional equities revenue during the quarter decreased by 17% y-o-y to Rs 48.6 crore, primarily due to slowdown in market volumes and decline in capital market deals.

Distribution business continues to scale well as revenue stood at Rs 152 crore in Q1FY23, up 28% y-o-y on the back of strong performance from Mutual Fund, Insurance and Other Products.

I-Sec is India’s leading MF distributor by revenue and assets and its MF revenues grew by 21% YoY to Rs 89.2 crore in Q1FY23. On the back of SIP count rising to ~ 10 lakhs in June 2022, from 8.5 lakhs in June 2021, the company’s market share in SIP flows stands at 3.4%. ICICI Securities’ MF AUM (excl direct) is up 11% YoY.

ICICI Securities is also a leading distributor of other financial products like loans, fixed income products, corporate bonds and deposits, insurance, bank Fixed Deposits (FD), Alternate Investment Funds (AIF), Portfolio Management Services (PMS), Sovereign Gold Bonds (SGB), and National Pension Scheme (NPS). Revenue from Life Insurance business grew 61% YoY to Rs 12.6 crore while revenue from other distribution products grew 34% on YoY basis. The company disbursed Rs 619 crore worth of loans during the quarter, against ~ Rs 318 crore in the same period last year. I-Sec’s Private Wealth Management (PWM) business reported Rs 2.3 billion of revenue in Q1FY23 up 26% y-o-y. The PWM business is a home-grown franchise serving ~70,000 High Networth and Ultra High Networth (HNI/U-HNI) clients (~1,600 clients added during the quarter), with an asset base of ?2.8 Lakh crore, up 38% year-on-year.

Our Issuer Services and Advisory business (Investment Banking) revenue stood at Rs 35 crore in Q1FY23. This business was impacted as this quarter was not deal conducive due to postponement of public market issues. ICICI Securities is ranked #1 in IPO/ FPO/ InvIT/ ReIT issuance with a 66% mobilization market-share. The company has a strong pipeline of 42 deals amounting over Rs 825 bn, and 23 deals where amount is yet to be decided

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