Saturday, July 23, 2022

Customs Duty Collection Arrangement Launched By South Indian Bank


Mr Murali Ramakrishnan, MD & CEO, South Indian Bank, officially launched the Customs Duty Collection Arrangement facility in the presence of Smt. Dr. Shankari Murali (ICAS), the Principal CCA (Chief Controller of Accounts) of CBIC (Central Board of Indirect Taxes & Customs), on July 8, 2022. The day also witnessed the inauguration of the Bank’s e-FPB (Electronic Focal Point Branch) at Delhi by Mr. Ramakrishnan. The launch of the facility enables South Indian Bank’s digital channels to collect direct and indirect taxes from taxpayers.

Mumbai: South Indian Bank’s corporate and retail customers will now be able to pay customs duty through the bank’s internet banking platform ‘SIBerNet’. The facility allows customers to make online payments by selecting South Indian Bank from the list of banks on CBIC’s portal.

The facility was kicked-off with the inauguration of the Bank’s e-FPB. The e-FPB will be attached to the Bank’s Corporate branch in Delhi. Consequently, the bank will collect customs duty on behalf of the CBIC, under authorization from the RBI.

Mr. Murali Ramakrishnan, MD and CEO of South Indian Bank applauded the achievement by saying, “This milestone achievement opens up a wide spectrum of opportunities for us. The accreditation allows us to enhance customer convenience for retail customers, small and medium enterprises and large corporations for their government-related banking transactions, taxes and other revenue payment facilities.”

Friday, July 22, 2022

An International Icon BMW Celebrates Its 50th Birthday; The BMW Headquarters Is Designed By Karl Schwanzer


Between 1970 and 1972, a timeless icon with global appeal was created in Munich in just 26 months. 3.5 million working hours on the construction site. 500 builders and 200 architects, engineers, and draftsmen. Over 3,000 façade elements manufactured for the first time in Europe using the Japanese cast aluminum process. At the time, employees from twelve nations built the BMW landmark. Today, colleagues from over 104 countries work side by side there and in the neighboring plant.

The BMW Group celebrated its corporate headquarters as a world-famous architectural icon today with over 200 international guests in attendance, from business, culture, politics and society. The keynote speech by architect and Pritzker Prize winner Francis Kéré as well as the appearance by Nihal Saad, Chief of Cabinet of the United Nations Alliance of Civilizations, made the ceremony a special event. Especially for this occasion, illustrator Christoph Niemann created an impressive artwork inspired by the BMW tower as an edition. In addition to the performance by star tenor Jonas Kaufmann as well as a speech by Dr Markus Söder, Minister President of Bavaria, the festivities concluded with a special highlight: With twelve vertical dancers, the US dance company BANDALOOP spectacularly transformed the BMW Headquarters into a 100-meter-high stage in its German premiere. Based on the impressive choreography by Melecio Estrella, the ensemble created a weightless synthesis for an interplay of architecture and dance. Along with specially composed music by Ben Juodvalkis, the façade dancers around Thomas Cavanagh presented "Momentum Curve", an exclusive performance as a tribute to the unique architecture.

To this day, the BMW Group Headquarters, with its suspended construction, is one of the most innovative engineering buildings of the post-war period – because the four cylinders are suspended from a cruciform steel beam construction on the roof. In the process, the building did not grow from the bottom up, as was generally the case, but rather the upper floors were first manufactured time-effectively on the ground, then moved upwards hydraulically on the massive "tower shaft" made of reinforced concrete and completed in several segments. In August 1972, opposite the renowned Olympic site designed by Behnisch & Partner with Frei Otto, the BMW Group Headquarters was completed. Designed by Austrian architect Professor Karl Schwanzer, the administrative building has since become a timeless icon with global appeal for Munich and the company. With its impressive façade, visionary construction and spatial concept, the "suspended tower" uniquely combines visual conciseness with a constructive and functional logic. The innovative power of Schwanzer's design stands for the BMW Group then as now, making the company headquarters a beacon of sustainable mobility for tomorrow. Celebrated in the media as the "most impressive and coolest corporate headquarters in the world", it is not only a symbol of economic success but also stands for international exchange, peace and interculturalism. Today, the "built communication" implemented by Schwanzer points the way to a new era of electrification, digitalization, and circularity.

Francis Kéré, architect and Pritzker Prize winner:

"Architecture and the automotive industry have been and continue to be some of the most important catalysts for innovation, economic development and the prosperity of nations. Both industries are society-changing, forward-looking, and trigger global trends that have a complex impact on the economy and the environment. Today, people, nature and industry are under enormous pressure to find solutions that require an honest examination of our actions. As a result, actors from architecture to business need to pull together more than ever, recognizing our symbioses and responsibilities in order to adapt our respective creations to focus on a sustainable future." 

Caroline Schwanzer, granddaughter of Professor Karl Schwanzer:

"When I was in Munich with my father for the first time, we visited the BMW building. He told me that Karl Schwanzer built the BMW Headquarters from the top down, meaning that the four cylinders hang from a structure on the roof. That fascinated me. I enjoyed it that my grandfather thought differently and that this 'thinking differently' was also appreciated. As a professor and teacher, he helped a generation of phenomenal architects come into being. He encouraged and challenged, but most of all, he inspired. That has always inspired me to reach for the stars!"

Dr-Ing. Dr-Ing. E.h. Norbert Reithofer, Chairman of the Supervisory Board of BMW AG:

"The BMW tower has left its mark on the BMW Group. It is an icon of architecture that is brimming with a pioneering spirit. It represents BMW's awareness and self-confidence that progress comes through innovation. This building is so spectacular because it leaves no one untouched. Every generation at BMW is responsible for leading the company into the future. Karl Schwanzer's headquarters has provided the BMW Group with a sense of identification on its way to becoming a global player."

Oliver Zipse, Chairman of the Board of Management of BMW AG:

"Talking about visions also means thinking beyond the spirit of the times and developing a sense of what will endure in the future. The BMW Headquarters has thought this out far ahead and even today it is hard to beat in terms of modernity. This building is always an incentive to leap further ahead than one would normally expect. We strive to make the next hundred years as successful as the last hundred years."

Melecio Estrella, Artistic Director and Choreographer BANDALOOP:

"We have been taking inspiration from the curvature of this building, recognizing that the human body expresses in curves and spirals. When we consider the acceleration that BMW well represents, we reflect on the momentum of the human heart, driving us toward a livable world for future generations."

Professor Karl Schwanzer (1918-1975):

"If you have decided to be an architect, you must have the courage to want to fulfill visions. Architecture is an art of communication, a means of communicating across centuries. Perseverance is creative. Accuracy, punctuality, continuity and modesty are the best of companions. Creating is not an agonizing drudgery but a means for joy. To work joyfully makes life meaningful."

"In the design, clearly readable forms were chosen that convey precision, technical perfection and beauty of form as an expression of and association with the image of an automobile factory."

Commissioning and film set

In 1968, BMW AG announced an architectural competition to design a new BMW administration building. To convince the BMW Board of Management, Supervisory Board and significant shareholders, Schwanzer had a 1:1 model of a complete cloverleaf-shaped floor built at the studios of Bavaria Film. In December of the same year, BMW's management awarded him the contract to build the new headquarters. Schwanzer's set and the pitch film shot also involved Rolf Zehetbauer, who won an Academy Award in 1973 for Art Direction of "Cabaret". Two years later, the Hollywood film "Rollerball" was released – with the BMW tower as the architectural protagonist. Whether "Suspiria" (1977), "Bloodline" (1979), "Zwei Nasen tanken Super" (1984) or "Vaterfreuden" (2014): the BMW headquarters celebrated its very own success on the big screen.

Described by artist Peter Blake as a "unique piece of realized pop architecture," its striking architecture remains a symbol of visionary corporate decisions for a successful future.

The large-format monochrome paintings "Red," "Yellow", and "Blue," commissioned from Gerhard Richter in 1972 and created especially for the foyer, are at the very beginning of BMW Group's half-century commitment to its cultural engagement with hundreds of initiatives worldwide. They will be restored as part of the anniversary celebrations and then re-presented as initially intended by the artist.

Architecture at BMW

The BMW Group can reflect on a decades-long tradition of working together with renowned architects. As early as Karl Schwanzer's construction of the headquarters, the company consciously opted for a dynamic type of architecture which was later to continue with trend-setting buildings by Zaha Hadid with her BMW Group Plant Leipzig (2005), BMW Welt in Munich by Coop Himmelb(l)au (2007) and Sir Nicholas Grimshaw's Rolls-Royce plant in Goodwood (2003). In 2022, Rem Koolhaas' Rotterdam-based OMA office and the Danish architects of 3XN were commissioned by BMW to transform its Munich main plant and jointly shape urban production for the future. (Press release).

A new film about Karl Schwanzer

"He Flew Ahead" is the title of a feature film about Karl Schwanzer with actor Nicholas Ofczarek in the role of the architect. Director Max Gruber created the movie on behalf of Martin Schwanzer, the late son of Karl Schwanzer and his granddaughter Caroline. As the subtitle "Architect's Poem" suggests, it is an unconventional approach to an extraordinary personality who understood architecture as materialized poetry. In addition to Karl Schwanzer himself, important contemporary witnesses and companions also have their say in the film, which will celebrate its official premiere in the fall of 2023.

Special anniversary exhibition at the BMW Museum

The BMW Group Headquarters and the BMW Museum, popularly known as the "bowl," are two of Munich's most distinctive buildings and are cherished as icons of German post-war architecture. From the beginning, the BMW Museum was integral to Karl Schwanzer's vision for the company's headquarters. A special exhibition about the ensemble, which has been a listed building since 1999, conveys the history of the headquarters area in the museum's foyer and presents architectural models from the time of its construction. The exhibition will be on display until October 3, 2022. Admission is free.

In Munich, the Olympic year 1972 will be celebrated with the exhibitions "The Olympic City of Munich. Retrospect and Outlook" at the Architekturmuseum Munich, "Visions and Reality. Art for the 1972 Olympic Games in Munich" in the City Hall Gallery as well as "The Olympic Games 72 in images – Photographs from the collections of the Bayerische Staatsbibliothek".

Sify Reports Revenue of INR 7709 Million; EBITDA of INR 1525 Million For Q1 FY 2022-23


HIGHLIGHTS

Revenue was INR 7709 Million, an increase of 20% over the same quarter last year.

EBITDA was INR 1525 Million, an increase of 5% over the same quarter last year.

Profit before tax was INR 395 Million, a decrease of 10% over the same quarter last year.

Profit after tax was INR 271 Million, a decrease of 18% over the same quarter last year.

CAPEX during the quarter was INR 2241 Million.

MANAGEMENT COMMENTARY

Mr. Raju Vegesna, Chairman, said, “The last couple months has seen shifting winds in the macroeconomics of the world. Right through, India has retained a strong outlook for investments and growth. This is in large part due to the consistent economic policies of the government and its stated ambition to pursue digital methods to deliver social benefits.

The technology landscape has been the biggest beneficiary of these policies, and this is reflected in the growing number of incoming requests for Digital Transformation. We see Indian enterprises using this opportunity to adopt the best practices from around the world”. 

Mr. Kamal Nath, CEO, said, “Enterprises are displaying a growing comfort in digital adoption across all levels. They are leveraging digital transformation to spark innovation across the enterprise, and this is resulting in an increasing number of new initiatives delivered on a digital-only platform.

While earlier, our mandate was to accelerate our clients’ transformation goals, our cloud-focused Digital initiatives are now called upon to create new business processes, customer experiences and greater cost-effectiveness. Enterprises’ increasing interest in outcome-based initiatives, incoming policies around data and the government’s aggressive adoption around all-things-digital should act as tailwinds for our Data Center, Network and Digital services”.

Mr. M P Vijay Kumar, CFO, said, “We remain committed to expanding our data center and network footprint and are gradually scaling up the adoption of renewable energy in our data centers. Investment into people and tools will be complimentary to this growth, without losing sight of our fiscal roadmap.

As we scale, our focus would be on ensuring that costs are optimized and revenues are improved across our service mix.

Cash balance at the end of the quarter was INR 3794 Million”.

BUSINESS HIGHLIGHTS 

The Revenue split between the businesses for the quarter was Data Center colocation services 34%, Digital services 26% and Network services 40%.

During the quarter, Sify has invested USD 150,000 in startups in the Silicon Valley area as part of our Corporate Venture Capital initiative. To date, the cumulative investments stand at USD 3.44 Millions.

Sify commissioned incremental capacity of 4MW across Noida and Hyderabad data center facilities in the quarter.

As on June 30, 2022, Sify provides services via 824 fiber nodes and 1910 wireless base stations across the country, a 11% and 5% increase respectively over the same quarter last year.

The network connectivity services crossed a critical milestone of deploying more than 5000 SDWAN service points across the country.

CUSTOMER ENGAGEMENTS

Among the most prominent new contracts during the quarter were the following:

Data Center Services

International players who colocated in Sify Data Center included a cloud security company, multiple cloud contact center software providers and an application security and multi-cloud management player.

Among those who opted to migrate from on-premise DC to Sify DC were an international digital studio, a private bank and a co-operative society.

A domestic banking major expanded their DC and DR infrastructure with hosting in Sify DC.

Digital services

One of the country’s premier steel major contracted to refresh and augment their network managed services.

Industry majors from Steel, Life Insurance, eCommerce and infrastructure contracted to migrate from on-premise DC to our Cloud platform.

A MNC steel player and a private health care provider contracted for Greenfield cloud projects.

An apex body for insurance information contracted to augment and refresh of their infrastructure managed services.

A power regulatory authority contracted to set up a Security Operations Center and for managed services.

Contracts for services such as DRaaS, PaaS and IaaS included major players from the hosiery, IT, Renewable energy, health care and banking sectors.

The regulatory body for insurance, a consumer durables manufacturer, an insurance player and a logistics major contracted for managed services.

A home-grown chemical major csigned a multiyear managed security services contract.

Multiple players from Insurance, one of the country’s premier stock exchanges, a shipping major, one of the the largest public sector banks and an investigation agency contracted for Hardware Security modules for data protection.

Network Services

A subsidiary of the Central bank responsible for payment infrastructure contracted for Data Center Interconnect, network for storage replication and DC Traffic.

One of the oldest international names in the financial media industry, a multinational investment bank and an international car major contracted for an independent network.

One of the oldest supply chain management players contracted  for a full refresh of their network connectivity.

AMS-IX India, a carrier-neutral, open Internet Exchange, is now operational at Kolkata and Hyderabad.

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 

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