Inaugural Edition of “What Matters” Held In The City

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  * An initiative to bring high achievers and aspiring leaders on a single platform to boost Innovation, Culture, and Collaboration in organizations.

'What Matters', a talk series of eminent personalities, held its first event on  today 2023. The initiative is built around Collaboration, Culture, and Innovation as the core values to brainstorm and include talks by eminent personalities who lead by example on what matters to us in the long run.

The first event included a talk by Mr. Phanindra Sama, founder of redBus. Mr. Sama addressed the gathering at SignDesk’s main office about how good leadership translates to uplifting both the individual and the organization. “One cannot say ‘I will flourish elsewhere’ while neglecting one’s everyday tasks at hand. You must be on top of the heap in everything you do, only then can you touch success in totality,” he said.

“In today’s world, the ability to distinguish between noise and signal matters the most.” says Krupesh Bhat, founder, SignDesk. “So we are creating a platform to learn from highly accomplished leaders through this initiative, which will be available for everyone.”

“Listening to Mr. Sama talk about what matters to him was an exciting and interesting experience. He examined numerous real-life examples of what it means to be a successful leader from his own time building redBus to present and historical personalities like Elon Musk and Mahatma Gandhi”, said Shashi Bhushan, an Associate Director at SignDesk. “All of us are looking forward to learning from the experiences of people who have already walked the talk.”

'What Matters' is curated by SignDesk, a leading global provider of document automation technology. This event is streamed live and can be accessed by anyone who wishes to engage.

For more on the event, see: www.signdesk.com/what-matters

Mphasis Ltd Weak Operating Performance; Deal Intake Remained Healthy

BUY

CMP: Rs2021  

Target Price: Rs2450

Mphasis delivered weaker-than-expected operating performance in Q3FY23. Gross revenue declined by 2.5% QoQ to USD429.4mn, reflecting continued weakness in the mortgage business and hi-tech and seasonal factors (furloughs and lesser working days) in Q3. Mphasis signed net new deals worth USD401mn (vs. USD302mn in Q2), of which ~70% is contributed by BFSI. Management indicated the deal pipeline grew by 6% QoQ/27% YoY and non-BFSI share in the pipeline increased to 44% (grew by 86% YoY) and will act as new engines of the company’s growth. Management suggested that weakness in mortgage, macro uncertainties weighing on the velocity of decision-making, and softness in select pockets are impacting the company’s growth trajectory in the near term, although it indicated that Q4 revenue growth would be better than that in Q3. We have cut our EPS estimates by 2.7-3.5% for FY23E-25E, factoring in the Q3 performance miss. Management failed to inspire confidence on sustained revenue growth acceleration, which would weigh on the stock’s performance in the near term. We maintain Buy with a TP of Rs2,450 (earlier Rs2,500), at 22x Dec-24E EPS.

Result summary: Mphasis reported a 2.5% QoQ decline in gross revenue to USD429.4mn in Q3 (-2.5% CC), below our expectations of USD440mn. In rupee terms, direct revenue was flat QoQ (-2.8% CC), while DXC revenue grew by 3.1% QoQ. EBIT margin was flat QoQ at 15.3% and was 40bps below our estimates. Net profit stood at Rs4.12bn, below our estimates of Rs4.32bn, on account of operating performance miss. Revenue growth was driven by logistics and transportation and others, which grew by 2.3% and 3.4% QoQ, respectively, in rupee terms. TMT, insurance, and BFS reported muted sequential growth in Q3. Geographically, growth was led by EMEA (2.9% QoQ) and India (4.1%), while growth in Americas was flat QoQ and RoW declined sequentially by 3.1%. Mphasis signed net new deals worth USD401mn, the second highest on record, of which 74% are in new-gen services. The company won five large deals in Q3, which is the highest ever on record to date. Mphasis has guided for EBITM to be at 15.25-17% in Q4. What we like: Robust deal intake (USD401mn); strong deal pipeline (up 6% QoQ, 27% YoY); and steady progress across client buckets. What we did not like: Operating performance miss; softness in BFS, insurance, and TMT; and weak cash conversion (OCF/EBITDA at ~60% in Q3 and ~65% in 9M).

Earnings call KTAs: 1) Mortgage business (Digital Risk) revenue contribution is ~8.8% of Q3 revenue. Within DR revenue mix, contribution of the most vulnerable segment, origination, declined to ~20% of DR’s revenue and is below 2% of the company’s overall revenue. 2) DXC’s contribution to the overall revenue is ~4.8% and, given the low and declining contribution of DXC to the revenue, the company’s overall growth is reflective of the direct business growth. 3) The company shared that most of its deal pipeline is tribe-driven and grew by 6% QoQ. 4) Management indicated that the largest deal signed in Q3 was from one of the top-10 customers. The company signed a large deal in the healthcare vertical, which was signed with a new customer. 5) Utilization (excluding trainees) was at 74% and management expects it to trend upwards and sees headroom for 300-400 bps improvement. 6) The company continues to invest in consolidating positions in select growth accounts and has witnessed continued share gains with key clients; Top-5 and Top-10 accounts grew by 20.6% and 19.8% YoY, respectively. 7) It added 4 new clients in Q3. NCA continues to lead growth in direct and grew 30% YoY. 8) Offshore mix improved by ~160bps QoQ to 44.8%.

Mission Meditation” From Brahma Kumaris Spiritual University Over 150 Centers In Bengaluru

The Brahma Kumaris World Spiritual University has announced “Mission Meditation” in Bengaluru that starts in January and will culminate into a larger conglomeration of people in the coming months. This will be the biggest meditation drive ever held in the country! Sister Leela (Head of the Bangalore Zone) stated that “Through this campaign we aim to teach people the unique method of ‘Just-A-Minute-Meditation’ that has proven to bust stress, improve efficiency, and stay focused while performing daily tasks”. The Brahma Kumaris World Spiritual University is the world’s biggest women-led spiritual movement spread across 137 countries and is famous for teaching Rajyoga Meditation.

Seeing what the world has gone through in the last three years it is imperative that every human being takes time out and rediscovers himself all over again to find inner peace. In today's turbulent times when emotional and mental stress is a common occurrence, the organization hopes to provide some sort of a practical relief to everyone through this meditation that they can perform even while doing daily tasks. While brushing your teeth, waiting for the kettle to boil, stuck in traffic, waiting for the computer to start, etc. The just-a-minute technique has proven successful in transforming ‘wasted time’ into ‘time for me’ that ultimately brings enjoyment even to the simplest of tasks.

The aim of ‘Mission Meditation’ is to make meditation easy and accessible for anyone to meditate anywhere in just a minute! About 150 Meditation Centers of the Brahma Kumaris spread across Bangalore will be participating in this life-changing altruistic mission.

Bangaloreans can go and experience this on their own without any financial burden.

Bengaluru centre head Sister Leela said, “I request every Bangalorean to come and be a part of this movement and find oneself through inner peace via meditation. There is no better way to find solace than reinventing the self”. 

Very recently, the Honourable President of India - Droupadi Murmu visited the Headquarters of the organization in Mount Abu and flagged off the RISE campaign (Rising India through Spiritual Empowerment). Even our beloved PM Shri Narendra Modi has highly appreciated the efforts of the entire team from Brahma Kumaris in uniting the youth towards meditation and also propagating cleanliness through the “Swachh Bharat” campaign.  

Brahma Kumaris was founded in 1937 by Dada Lekhraj Kripalani, a retired Indian businessman, in Hyderabad, a city now in Pakistan. His spiritual name is Prajapita Brahma and he is lovingly called Brahma Baba. After experiencing a series of visions in 1936, he was inspired to create a school where the principles and practices of a virtuous and meditative life could be taught. Last week the institution also celebrated the 54th death anniversary of Brahma Baba . The original name of the organisation was 'Om Mandali'. Back then it consisted of only a handful of men, women and children, many of whom decided to stay together as a community. However, now the Brahma Kumaris has spread to over 137 countries on all continents and has had an extensive impact in many sectors as an international NGO.

OCP Group And India Enter Strategic Partnership To Strengthen Food Security

* As the world leader in soil and plant nutrition solutions and the world's largest producer of phosphate, OCP Group is committed to supporting the major players in the fertilizer sector in India.

The objective of this partnership is to carry out joint Research & Development initiatives, to jointly promote innovative fertilization solutions, and to offer tailor-made fertilizers that meet the specific needs of Indian farmers, in close collaboration with the Indian agricultural ecosystem (public sector, agronomic institutes, agricultural federations, farmers, etc.)

Within this framework, OCP Group has signed Memoranda of Understanding (MoU's) with India's largest public and private sector fertilizer producers, paving the way for OCP to supply India with up to 1.7 million metric tons (MT) of phosphate fertilizers for the agricultural season over the next twelve months.

These memoranda were signed between OCP Group executives and Indian fertilizer manufacturers, in the presence of His Excellency Dr. Mansukh Mandaviya, Minister of Health, Chemicals and Fertilizers in India, His Excellency Shri Rajesh Vaishnaw, Ambassador of India to the Kingdom of Morocco and Mr. Mostafa Terrab, Chairman and CEO of OCP Group.

The agreements will provide for up to 700,000 MT of Triple Super Phosphate (TSP), a phosphate-based fertilizer that has the highest phosphate content found in nitrogen-free granular fertilizers and can be tailored to meet the specific needs of plants and soils in India. Customized fertilizers are known to be better for soil health, thus reducing waste. The MOUs also call for the delivery of 1,000,000 tons of diammonium phosphate (DAP) to Indian farmers.

Commenting on the occasion, Mr Soufiyane El Kassi, Chairman and CEO of OCP Nutricrops, the group’s subsidiary dedicated to soil health and plant fertilization solutions said: “We are pleased with India's interest in our customized solution (TSP) that significantly contributes to increasing yields, improving farmers' incomes and accelerating the implementation of sustainable agricultural practices”

About OCP Group

OCP Group plays an important role in feeding a growing global population by providing essential elements for soil fertility and plant growth. With a century of experience and revenues reaching US$ 9.4 billion in 2021, OCP Group is a leader in plant nutrition and the world’s largest producer of phosphate-based fertilizers. Headquartered in Morocco and present on five continents, with over 18 000 employees, OCP Group works in close partnership with more than 350 customers across the world.

The group recently launched a new Green Investment Strategy, devoted to raising fertilizer production and investing in renewable energy. The strategy provides for a global investment of about $13 billion over the 2023-2027 period, which will enable the group to use 100% renewable energy by 2027 and achieve full carbon neutrality by 2040. The strategy also aims to reach a water desalination capacity of 560 million m3 in 2026 and increase the production of green fertilizers.

The group is firmly convinced that leadership and profitability are necessarily synonymous with social responsibility and sustainable development.

Its strategic vision is rooted in the meeting of these two dimensions. Learn more: www.ocpgroup.ma

Nine In Ten Consumers In India Desire Simplicity In Entertainment Experiences: Accenture Report

“Reinvent for Growth” report highlights how media companies can improve user experiences and drive revenue with new entertainment ecosystems

More than nine in ten consumers in India (95%) want an all-in-one platform to simplify their entertainment experiences with video streaming, fantasy sports, social media, ecommerce and more, according to “Reinvent for growth,” a new report from Accenture (NYSE: ACN).

As part of its second annual global entertainment study, Accenture surveyed 6,000 consumers including more than 500 consumers in India to understand their preferences and behaviors regarding their online entertainment experiences. 72% consumers in India said they would pay for an all-in-one platform for their entertainment services. In addition, five in six (83%) want the ability to share their streaming profiles across platforms to allow for better personalization of content.

Saurabh Kumar Sahu, managing director and lead for Communications, Media and Technology industry group, Accenture in India said, “With growing focus on revenue over content and rising customer dissatisfaction with their media experiences, the streaming industry is at a critical stage of evolution. To stay relevant and profitable in an increasingly competitive media landscape, streaming service providers need to reimagine the entertainment ecosystem keeping in mind consumer needs for simplicity, customization and affordability.”

Other findings from the report further highlight the need for media organizations to reconsider their operational and content strategies:

41% of consumers in India unsubscribed from at least one of the top five streaming video-on-demand services in the last 12 months, and 42% said that they plan to cut one or more in the next 12 months.

More than six in 10 consumers (62%) in India reported frustration at finding something to watch. 

77% of consumers in India said they are overwhelmed by the number of streaming services to choose from, with 30% saying it can take them more than 10 minutes to settle on a streaming choice (up from 17% last year).

Accenture’s report also identifies three emerging roles for entertainment companies that are competing for consumers’ time, attention and money:

Audience aggregators are platform companies with a diversified business model that monetize attention and engagement directly and indirectly by tying multiple entertainment and other services together in one place.

Audience cultivators will create and efficiently monetize entertainment in one or multiple forms (e.g., video, music, gaming etc.) by knowing their core audience, focusing on content/cost efficiency, and ensuring that they’re included in audience aggregator platforms and bundles.

Content merchants will focus on making the best possible content without needing to monetize the engagement their content achieves.

“The shifts in consumer preferences and behavior point towards the need for aggregation. As value becomes the key determinant of success, media companies need to become more customer-centric using data and analytics. Prior to the pandemic, star presence was a big draw for video streaming content, however in the post pandemic economy story, treatment and performances have emerged as the real hero. With an evolved audience, media companies must also invest in better stories and put greater emphasis on co-creating stories,” said Neeraj Sharma, managing director – Communications, Media and Technology, Accenture in India.

NABH And HSSC Sign MOU For The Recognition And Skilling Initiatives Of Healthcare Professionals

Dr. Atul Kochhar, CEO of National Accreditation Board for Hospitals & Healthcare Providers (NABH) and Mr. Ashish Jain, CEO of Healthcare Sector Skill Council (HSSC) signed a Memorandum of Understanding today aimed at recognition of HSSC certification for NABH accreditation; develop training programs for Skilling, Reskilling and Upskilling required for healthcare professionals. The collaboration will help achieving the goal of enhancing healthcare quality in the country. The MoU was signed in the august presence of Dr. Selvakumar I.A.S, Secretary, Skill Development, Entrepreneurship and Livelihood, Government of Karnataka, Dr. Devi Shetty, Chairman, Healthcare Sector Skill Council.

Dr. Atul Kochhar, CEO, NABH added, ’Our partnership with HSSC will assist us in further strengthening the entire ecosystem of patient safety and healthcare delivery. Over the years, NABH standards have brought paradigm shift in delivering healthcare services and it has helped in sensitizing heath care workers about their responsibilities. However, a country as diverse as India, growing at an unprecedented rate, requires many professionals who are skilled, continuously reskilling and upskilling. Today, our overall medical professional count per 1000 patients is much below than WHO standards across doctors, patients and para medics category. This partnership will also help us in exploring solutions and addressing this gap.’

Mr. Ashish Jain, CEO HSSC, briefed that HSSC collaboration with NABH will facilitate better placement and apprenticeship opportunities for HSSC certified healthcare professionals across the country inline with vision of the Hon’ble Prime Minister and the objective of Skill India Mission under the Ministry of Skill Development & Entrepreneurship. HSSC works closely with industry and academia to create a skills eco-system in the healthcare sector, which helps in development of skilled and work ready professionals as required by the industry. 

Dr. Devi Shetty, Chairman, Healthcare Sector Skill Council in his message said, that Skills form the most important pillar of effective healthcare delivery system across the world. HSSC - NABH partnership sets the path for recognition of skills for enhancing healthcare quality and patient safety. I hope this collaboration between HSSC & NABH would lead to an inevitable and essential shift in terms of recognition of skills, practical oriented training, and enhanced placement opportunities for certified healthcare professionals.  This will have a major impact in better accessibility and early intervention in healthcare delivery in India.

Dr. Alexandar Thomas, President, AHPI and Chairman, HSSC Karnataka instrumental in bringing HSSC and NABH together for this significant pact, in his message, conveyed that the push for safety and quality of healthcare that AHPI is driving with get a big boost with the upskilling from HSSC receiving recognition from NABH.  The clinical outcomes are bound to improve and healthcare delivery better with skilled health workforce trained under HSSC filling the missing gaps in caregiving.

This landmark initiative is envisaged to provide impetus to quality training, skilling, creating placement opportunities for skilled healthcare workforce leading to enhanced quality of healthcare for patients

About HSSC

Healthcare Sector Skill Council (HSSC) is a National Council for Vocational Education and Training (NCVET) recognized awarding body working under the ambit of Ministry of Skill Development & Entrepreneurship (MSDE), GoI, constituted by CII, NSDC & key leading healthcare providers, pharmaceuticals, medical device industry, diagnostics, and associations from both public & private. The Council is aimed to develop Qualifications, learning Resources, training programs, assessment and certification mechanism for Skilling, Reskilling and Upskilling of professionals, facilitate placement and Apprenticeship opportunities.

About NABH

National Accreditation Board for Hospitals & Healthcare Providers (NABH) is a constituent board of Quality Council of India, set up to establish and operate accreditation program for healthcare organizations. The board is structured to cater to much desired needs of the consumers and to set benchmarks for progress of health industry. The board while being supported by all stakeholders including industry, consumers, government, have full functional autonomy in its operation.

Punjab And Sind Bank Records Net Profit of Rs.373 Cr Against Net Profit of Rs.278 Cr (Q-o-Q), Posting Growth of 34.17%.

~Financial Results for the Quarter and Nine Months Ended 31st December 2022~ 

Key Highlights (Q3 FY 2023) 

Net Profit stands at Rs.373 Cr against Net Profit of Rs.301 Cr for Dec’ 2021 and Rs.278 Cr for Sept’ 2022, a growth of 23.92% and 34.17% respectively.  

Operating Profit up by 8.18% (Q-o-Q) and 3.61% (Y-o-Y). 

Gross Non-Performing Assets (GNPA) ratio reduces by 608 bps on Y-o-Y basis to 8.36%. 

Net Non-Performing Assets (NNPA) ratio reduces by 99 bps on Y-o-Y basis to 2.02%.  

Capital Adequacy ratio (CRAR) at 15.57% with Common Equity Tier 1 (CET-1) ratio of 12.79% at the end of December 2022. 

Return on Assets (RoA) improves to 1.11%, improvement of 13 bps (Y-o-Y). 

Net Interest Income grows by 6.20% on Y-o-Y basis. 

Yield on Advances improves to 8.11%, improvement of 42 bps (Y-o-Y). 

CASA Deposit grows by 11.33% on Y-o-Y basis and its share in Total Deposit stands at 33.30%, improvement of 67 bps. 

RAM (Retail, Agriculture & MSME) Advances up by 19.07% (Y-o-Y).  

Retail advances up by 32.31% to Rs.14739 Cr (Y-o-Y).  

MSME advances up by 14.92% to Rs.13929 Cr (Y-o-Y). 

Agriculture advances up by 9.63% to Rs.11288 Cr (Y-o-Y). 

Credit – Deposit (CD) ratio improves to 71.00%, improvement of 452 bps (Y-o-Y). 

Slippage ratio improves to 0.36% for Q3 FY2023 from 0.58% for Q2 FY2023. 

Other Highlights: 

Total Business grows by 12.08% on Y-o-Y basis to Rs.187242 Cr as on Dec’ 2022.  

Total Deposit up by 9.11% on Y-o-Y basis to Rs.109497 Cr in Q3 FY2023. 

Gross Advances up by 16.54% on Y-o-Y basis to Rs.77745 Cr as on Dec’ 2022 against Rs.66710 Cr as on Dec’ 2021.  

RAM advances as a percentage of Gross Advances stands at 51.39%, improvement of 109 bps (Y-o-Y). 

Bank surpasses the targets in Priority Sector Advance at 52.54% and Agriculture Advance at 20.15% of ANBC, as on Sept’ 2022, against the target of 40% and 18% respectively. 

Credit to Small and Marginal farmers stands at 11.22% of ANBC, against the target of 9.50%. 

Credit to Weaker Sections stands at 13.41% of ANBC, against the target of 11.50%. 

Credit to Micro Enterprises stands at 13.25% of ANBC, against the target of 7.50%. 

Operating Profit shows a growth of 3.61% on Y-o-Y basis to Rs.344 Cr for Q3 FY2023 as against Rs.332 Cr for Q3 FY2022. The same was Rs.318 Cr for the quarter ended 30.09.2022. 

Cost to Income Ratio improves to 63.47% for Q3 FY2023 as against 64.20% for Q3 FY2022. The same was 65.30% for the quarter ended 30.09.2022. 

Provision Coverage Ratio (PCR) (including TWO) stands at 89.31% in Dec’ 2022 against 87.77% in Dec’ 2021. 

Financial Inclusion: 

Bank is having 18.42 lakh PMJDY accounts with a CASA Deposits of Rs.539 Cr as at Dec’ 2022.  

Distribution Network: 

As on 31st Dec’ 22, the Bank has 1528 number of branches, out of which 572 are Rural, 278 Semi-Urban, 356 Urban and 322 Metro along with 803 number of ATMs, 357 BCs. 

Awards & Accolades: 

Top Improver Bank in EASE Reforms Index 5.0 for Q2 FY 2022-23. 

3rd Top Performing Bank in Theme 4 i.e. Collaboratively and Development focused banking under EASE 5.0 as on 30.09.2022.