Honda Cars India Registers 5,313 Units Sales In April 2023

Honda Cars India Ltd. (HCIL), leading manufacturer of premium cars in India, registered monthly domestic sales of 5,313 units in April 2023. The export numbers for HCIL stood at 2,363 units for the month.  

Sharing his thoughts on the sales performance for the month, Mr. Yuichi Murata, Director, Marketing and Sales, Honda Cars India Ltd said, “Our sales results for the month of April’23 are in line with our plan. The strong safety package of the New City with inclusion of Advanced Driver Assist System - Honda Sensing in almost all variants of the model have been appreciated by the customers. We are pleased to start the new financial year with a positive consumer sentiment and healthy market demand.” 

The company had registered 7,874 units in domestic sales and exported 2,042 units in April’22. 

McAfee Report Reveals India Stands At Almost Double The Global Average Of 25%

* 69% of Indians do not know how to differentiate between fake and real voices

* Scammers send fake voice messages of friends and family members pretending to be in distress

* 70% of Indian adults’ trust in social media has been negatively impacted due to the rise in deepfake technology

Today, McAfee Corp., a global leader in online protection, published a report, The Artificial Imposter, on how artificial intelligence (AI) technology is fueling a rise in online voice scams, with just three seconds of audio required to clone a person’s voice. The survey was conducted with 7,054 people from seven countries, including India.

The survey reveals that more than half (69%) of Indians think they don’t know or cannot tell the difference between an AI voice and real voice. About half (47%) of Indian adults have experienced or know someone who has experienced some kind of AI voice scam, which is almost double the global average (25%). 83% of Indian victims said they had a loss of money- with 48% losing over INR 50,000.

“Artificial Intelligence brings incredible opportunities, but with any technology there is always the potential for it to be used maliciously in the wrong hands. This is what we’re seeing today with the access and ease of use of AI tools helping cybercriminals to scale their efforts in increasingly convincing ways,” said Steve Grobman, McAfee CTO.

In addition, McAfee Labs security researchers have revealed their insights and analysis from an in-depth study of AI voice-cloning technology and cybercriminal use.

Artificial Intelligence Voice Cloning Scams

Everybody’s voice is unique, the spoken equivalent of a biometric fingerprint, which is why hearing somebody speak is such a widely accepted way of establishing trust. But with 86% of Indian adults sharing their voice data online or in recorded notes at least once a week (via social media, voice notes and more.), cloning how somebody sounds is now a powerful tool in the arsenal of a cybercriminal.

With the rise in popularity and adoption of artificial intelligence tools, it is easier than ever to manipulate images, videos, and perhaps most disturbingly, the voices of friends and family members. McAfee’s research reveals scammers are using AI technology to clone voices and then send a fake voicemail or voice note or even call directly the victim’s contacts pretending to be in distress – and with 69% of Indian adults not confident that they could identify the cloned version from the real thing, it’s no surprise that this technique is gaining momentum.

More than half (66%) of the Indian respondents said they would reply to a voicemail or voice note purporting to be from a friend or loved one in need of money. Particularly if they thought the request had come from their parent (46%), partner or spouse (34%), or child (12%). Messages most likely to elicit a response were those claiming that the sender had been robbed (70%), was involved in a car incident (69%), lost their phone or wallet (65%) or needed help while traveling abroad (62%).  But the cost of falling for an AI voice scam can be significant, 48% of Indians who’d lost money saying it had cost them over INR 50,000.

The survey also found that the rise of deepfakes and disinformation has led to people being more wary of what they see online, with 27% of Indian adults saying they’re now less trusting of social media than ever before and 43% being concerned over the rise of misinformation or disinformation.

McAfee Labs Research Reveals Voice Cloning Requires Limited Expertise and Just Seconds of Audio

As part of McAfee’s review and assessment of this new trend, McAfee researchers spent three weeks investigating the accessibility, ease of use, and efficacy of AI voice-cloning tools, with the team finding more than a dozen freely available on the internet. 

Both free and paid tools are available, with many requiring only a basic level of experience and expertise to use. In one instance, just three seconds of audio was enough to produce an 85% match*, but with more investment and effort it’s possible to increase the accuracy. By training the data models, McAfee researchers were able to achieve a 95% voice match based on just a small number of video files.

The more accurate the clone, the better chance a cybercriminal has of duping somebody into handing over their money, and with these hoaxes based on exploiting the emotional vulnerabilities inherent in close relationships, a scammer could net thousands of dollars in just a few hours.  

“Advanced artificial intelligence tools are changing the game for cybercriminals. Now, with very little effort, they can clone a person’s voice and deceive a close contact into sending money,” said Grobman. “It’s important to remain vigilant and to take proactive steps to keep you and your loved ones safe. Should you receive a call from your spouse or a family member in distress and asking for money, verify the caller – use a codeword, or ask a question only they would know. Identity and privacy protection services will also help limit the digital footprint of personal information that a criminal can use to develop a compelling narrative when creating a voice clone.”

Using the cloning tools they found, McAfee’s researchers discovered that they had no trouble replicating accents from around the world, whether they were from the US, UK, India or Australia, but more distinctive voices were more challenging to copy. For example, the voice of a person who speaks with an unusual pace, rhythm or style requires more effort to clone accurately and they are less likely to be targeted as a result.

The overriding feeling among the research team, though, was that artificial intelligence has already changed the game for cybercriminals. The barrier to entry has never been lower, which means it has never been easier to commit cybercrime.

How to Protect Yourself from AI Voice Cloning

Set a verbal ‘codeword’ with kids, family members or trusted close friends that only they could know. Make a plan to always ask for it if they call, text or email to ask for help, particularly if they’re older or more vulnerable. 

Always question the source – If it’s a call, text or email from an unknown sender, or even if it’s from a number you recognize, stop, pause and think. Does that really sound like them? Hang up and call the person directly or try to verify the information before responding and certainly before sending money. 

Think before you click and share – Who is in your social media network? Do you really know and trust them? Be thoughtful about the friends and connections you have online. The wider your connections and the more you share, the more risk you may be opening yourself up to that your identity may be cloned for malicious purposes. 

Identity theft protection services can help make sure your personally identifiable information is not accessible or notify you if it makes its way to the Dark Web. Take control of your personal data to avoid a cybercriminal being able to pose as you.

Survey Methodology 

The artificial intelligence survey was conducted by MSI Research via an online questionnaire between April 13 and April 19, 2023 among a sample of 7,054 adults aged 18 and over from seven countries. The sample size and date the survey was completed per country is as follows: 1,009 respondents in the US; 1,009 respondents in the UK; 1,007 respondents in France; 1,007 respondents in Germany; 1,004 respondents in Japan; 1,008 respondents in Australia; 1,010 respondents in India. 

About McAfee

McAfee Corp. is a global leader in online protection for consumers. Focused on protecting people, not just devices, McAfee’s consumer solutions adapt to users’ needs in an always online world, empowering them to live securely through integrated, intuitive solutions that protect their families and communities with the right security at the right moment. For more information, visit https://www.mcafee.com.

Toyota Kirloskar Motor Sells 15,510 Units In April 2023

~ Clocks domestic sales of 14,162 units while exports stands at 1348 units ~

~ Witnesses good demand consistently across portfolio ~

~ Posts growth of 26% in the first four months of CY 2023 over the same period last year ~

~ April sees scheduled maintenance shutdown of production from April 24-28, 2023 ~

Toyota Kirloskar Motor (TKM) registered sales of 14,162 domestic units in the month of April, 2023. The company also exported 1,348 units of The Urban Cruiser Hyryder this month, thus clocking a total of 15, 510 units. While there were no exports in the corresponding period last year, TKM had registered domestic sales of 15,086 units in April 2022. The company undertook a week long maintenance shutdown from April 24-28, 2023 for the upkeep of machinery and equipment to sustain operational efficiencies, productivity and safety.

TKM posted a healthy domestic growth of 26% in the first four months of Calendar Year 2023, by selling 61,005 units in the same period last year, where 48,278 units were sold, domestically.

With the Made-in-India Urban Cruiser Hyryder, TKM restarted its export operations from the Indian market to South Africa and Middle East from the month of December 2022. This development strongly embodies the company’s commitment towards ‘Mass electrification’ with ‘Make in India’, not only for the country but also for exports which underpins India’s emergence as a global manufacturing hub for cleaner and greener vehicles. Besides initiating export of vehicles, Toyota Group has also been exporting e-Drives which is a critical electric powertrain component that is being locally manufactured by Toyota Kirloskar Auto Parts (TKAP) in Bidadi near Bengaluru.

Speaking on sales numbers Mr. Atul Sood, Vice President, Sales and Strategic Marketing said, “TKM is continuing to witness high demand as well as good enquires, and needless to say we are extremely thrilled to see the market responding very positively. This reflects the customer acceptance of our world-class product line-up and advanced clean technology solutions, as we continue to strongly serve our customer base in India. The Toyota Hilux, Innova Hycross and the New Innova Crysta continue their phenomenal run, as the a strong demand continues, which indicates customers growing trust in Toyota for their family’s mobility needs. Our SUV segment share also continues to be buoyant owing to the success of the Urban Cruiser Hyryder along with segment leadership of the Fortuner and the Legender, which are consistently leading with over 82% market share in Q1 of CY 2023. The Vellfire and the Camry Hybrid are also steadily contributing to our sales.

Our focus on “customer first” philosophy also continues to manifest while we prioritise taking care of our customers.  Earlier this month, we launched ‘Wheels on Web’ (WOW), an Online Retail Sales platform for the Bangalore region. This new platform offers customers, a seamless virtual experience by enabling them to book, purchase and get delivery of their favourite Toyota models like like HyCross (gasoline), Hilux, Legender, Camry, Fortuner, and Innova Crysta (GX) at the comfort of their homes. Through such innovative services, our objective is to provide value-addition to our esteemed customers, to enable convenient process for purchase of Toyota vehicles, facilitating end-to-end transactions, including secured online payments for providing a one-stop-shop solution.

As we continue to focus on offering customers a choice of vehicle that fits their lifestyle and needs, we would like to thank our suppliers and dealer partners  for  working extra hard to meet the robust market demand and preparing to meet the evolving market needs in a dynamic manner.”

eMudhra Limited Reports Strong Full Year Results With Healthy Revenue Growth At 38.3% y?o?y

eMudhra Limited (BSE: 543533, NSE: EMUDHRA), a digital trust, digital security and paperless transformation solution provider, today announced its financial results for Q4 FY23 and full Year FY23 ended on March 31, 2023, as approved by its Board of Directors.

Commenting on the full year results, V. Srinivasan, Executive Chairman, eMudhra Limited said, “We are pleased to report another quarter of consistent performance and a strong full year result with revenue growth of 38.3% y?o?y, EBITDA growth of 34.6 % y?o?y and PAT growth of 48.8% y?o?y. 

As a solution provider focussed on securing enterprise transition to zero trust and going paperless, the importance of cryptographic identities cannot be overstated. These identities provide a secure and tamper?proof method of verifying the identity of users and devices as part of digital data and document exchange, allowing for greater control and traceability within an organization’s security architecture. 

Both the cybersecurity and paperless office segments of our solutions business over time will represent large addressable markets globally as they are sector agnostic. Given the relatively early stage at which the industry is, we anticipate demand for these lines of business to continue, driven by levers such as strong customer experience, cost savings and enabling stronger cyber security posture for enterprises. 

Our Enterprise solutions saw healthy growth both in India and International markets driven by adoption of both our eSignature workflow platform for “Paperless Office” and our cybersecurity suite of offerings including emCA and emAS. Over the past year, our solutions have been deployed across a range of mission critical use cases from paperless transformation of various industries such as BFSI, Pharma, Manufacturing, eGovernment, etc. to enhancing cybersecurity for use cases in Government and Defence, Card Payments, ePassport implementation, and for securing Connected Vehicles, Smart Grids and Blockchains. 

Our products have matured over the last several years as a result of significant R&D and implementations for several large?scale marquee customers, positioning eMudhra as a one stop shop in the Identity, Authentication and eSignature space; providing us an edge when we go to global markets. As we continue to make investments into expanding the range of our solutions and the depth for specific industries such as BFSI and Pharma, we also continue to hire leaders and work with global IT research companies to expand our reach and coverage to address growth opportunities in key markets such as North America,  Middle East and Africa and Asia Pacific. 

On trust services, we enjoy a strong brand in India resulting in healthy growth and stickiness for our retail and direct to consumer sale of digital signature certificates. During Q4 FY23, to address the pricing pressure from master partners, we also broad based our sale of digital signature certificates to a much larger set of sub partners thereby broad basing our revenue and also improving its quality. 

We also saw significant uptick in revenue for our new products such as eSign and SSL/TLS certificates which present significant growth opportunities going forward. As many emerging markets continue to look at the model built as part of Digital India to drive digital transformation, we continue to evaluate setting up trust services in other geographies to offer models similar to eSign which can be plugged into a digital identity framework for signing. 

To summarize, we feel confident that our mature products, marquee reference customers and focus on R&D and strong leadership team has helped build a unique positioning in this space to tap opportunities as enterprises and governments embark on their transition to zero trust”.

Financial Highlights

·         Revenue for the year was INR 2,540.54 million, an increase of 38.3% from the previous year.

·         Gross profit for the year was INR 1,941.35 million, representing a gross margin of 76.4%.

·         EBITDA for the year was INR 926.09 million, with an EBITDA margin of 36.5%.

·         EBIT for the year was INR 767.64million, with an EBIT margin of 30.2%.

·         PAT for the year was INR 611.98 million, with a net margin of 24.1%.

·         Adjusted PAT (adjusted for ESOP benefit expenses) for the year was INR 643.62 million

·         Earnings per equity share (of face value Rs. 5) for the year was INR 8.35, an increase of 41.5% from the previous year.

·         The company had cash and cash equivalents (including deposit and liquid investments) of INR 1,193.25 million at the end of the year and is debt free.

·         Dividend recommended by the Board, 25% of face value.

Key Metrics

·         Enterprise Revenue split between India and International is 48.6% and 51.4% respectively.

·         Enterprise Revenue split between Partner and Direct is 25% and 75% respectively.

·         Enterprise Revenue split between Cyber Security and Paperless segments is 62% and 38%    respectively.

·         Trust Service Revenue split between Retail, Channel and New Products (eSign/SSL) is 35.3%, 48.2% and 16.5% respectively.

·         # of DSCs issued in FY 2023 is 2.9 million, representing a growth of 21.0%

·         # of Retail Customers in FY 2023 is 249,000, representing a growth of 30.4%

·         Employee headcount at 763, with a total R&D staff of 271

·         Operating Cash Flow at 67.9% of PBT. 

Key Project Wins

·         Rollout of eSignature workflow (emSigner) along with document vault capabilities for a mid? market electronic/appliance retailer in US as a replacement to their existing eSignature platform. emSigner will be used as an integrated offering to manage both document signature and document movement for securitization journey resulting in improved customer experience as well as operational efficiency.

·         Rollout of our Certificate Discovery product for a very large public sector Bank in India that will enable key and certificate lifecycle management across users, devices, etc. allowing the bank to secure their infrastructure using PKI technology.

·         Rollout of emAS identity and access management solution along with MFA and SSO for the defence forces. They are using the SSO and MFA capability to securely login into more than 300+ internal applications. PKI infrastructure is being leveraged to validate user credentials at scale. 

·         Defence forces provided with end?to?end encryption of large data loads being communicated between the stations. Provided hybrid encryption approach of generating keys centrally in the HSM and made the same available for users through secure key exchange protocols. 

·         emSigner workflow platform deployed for a large customer that is the primary electricity generation, transmission, and distribution company in one of the biggest kingdoms in the middle East. Integrated with ERP system, they are leveraging the solution to digitally sign invoices at scale among other workflows that have been digitized using emSigner. 

·         Acquisition of a significant customer (a large State?owned entity that is a Trust Service and eStamping provider) in the Indonesian market for driving eSignature and eStamping use cases with introduction of Mobile based digital signatures in the Indonesian market.

·         Deployed emSigner banking instance for a large bank in the middle east to drive paperless operations in both customer facing and internal banking workflows. Solution integrated with core banking application to digitize many departments including retail banking, loans, credit card,  corporate and investment banking, etc. Issuing organization certificates to digitally sign documents across the workflows for compliance and legal non?repudiation. 

·         Issuing Digital Certificates using emCA for Smart meters deployment in the Eastern Europe for a gas distribution company. This deployment showcases eMudhra’s reach and presence in the European market and demonstrates its capability to deploy PKI for high volume connected devices. 

·         Expansion into the African market by setting up a root Certificate Authority (CA) in Kenya. This strategic move aims to bolster the digital landscape of the region by providing reliable, secure, and compliant digital identity solutions.

·         Implementation of CA solution (emCA) for payments and security for a Central Bank in the Middle East. This is helping the Central Bank establish a secure card payment infrastructure using PKI as the backbone and be compliant with global payment security standards.

Research and Innovation

·         Launched emDiscovery  ?  a Certificate Lifecycle Management Platform providing a centralized dashboard for discovering, renewing and provisioning different types of digital certificates that organizations use. This product effectively strengthens eMudhra’s positioning as a one stop shop player in the space.

·         Continued focus on R&D of products across IoT certificate management as the awareness and need for cybersecurity increases in the context of identifying and securing devices, which are extensively used in Smart Cities, Smart Electric Vehicles, etc.

·         Launch of several new features in emSigner including unique capabilities for the Banking industry to manage complex eSignature workflows for corporate banking and integrations into systems such as Core Banking, Trade Finance, etc.

·         Integrations with leading ERP, CRM and HRMS systems allowing enterprises to quickly kickstart their journey of paperless transformation using digital signatures for cost reduction.

·         emAS has been significantly strengthened to offer strong user provisioning, and identity and access management capabilities allowing acquisition of customers in Defence, Smart Cities, Banking and eGovernance.

·         emCA’s capabilities have been enhanced to allow issuance of certificates to credit/debit cards for securing payments as part of POS terminal authentication and ePassports including modules for enhanced identity management with demographics, terminal authentication and acceptance of other country passports.

Other Business Highlights and Recognitions

·         IDC ranks eMudhra #1 in Digital Identity and Trust category ? India in 2022

·         Recognized as a vendor for eSignatures in the Gartner ‘Market Guide for Electronic Signature’

Also recognized as a vendor for PKI and Certificate Management in the Gartner Report Titled ‘How to Select DevSecOps Tools for Secure Software Delivery’ & mentioned as a Strong Performer in Gartner® Peer Insights™/Voice of Customer: Electronic Signature Report for the Asia/Pacific Regio eMudhra Certified as a ‘Great Place to Work’ for FY 2023

·         Launch of trust services in Kenya and UAE with focus on driving adoption of digital signatures in initial set of use cases in eGovernance and BFSI

·         Expansion of Sales teams including leadership hires in North American market and on?ground teams in Saudi Arabia, Qatar, Kenya and Indonesia.

·         eMudhra continues the Chairmanship of Asia PKI Consortium and actively engages in the advancements of PKI adoption and awareness. During the year, various MoUs have been signed with global organizations including African Alliance for e?Commerce (Africa), Arab Information and Technologies Organization (AICTO, The League of Arab States) and European Telecommunication Standards institute (ETSI, Europe).

·         eMudhra continues its Board Member position in the European Cloud Signature Consortium. In March 2023, our nomination to the CSC Technical Committee was approved. The committee is in charge of taking strategic decisions for the technical work and takes the lead for specific topics aimed towards the advancement of Online Signature Specifications through CSC APIs.

·         eMudhra was elected to chair and convene the panel on Digital Signature Certificates in the Bureau of Indian Standards (BIS), in Oct 2022.

About eMudhra

eMudhra is a global organization aimed at empowering secure digital transformation by offering trust services and developing solutions around identity, authentication and digital signatures. eMudhra is a global trust service provider and largest certifying authority in India having managed over 50mn digital identities. eMudhra is a Board Member of the Cloud Signature Consortium, Chair of the Asia PKI Consortium and is a principal member of the CA/Browser Forum.  eMudhra has a strong marquee client list including Fortune 100 clients, and over 800+ large enterprises who use its products and solutions for their secure digital transformation initiatives. eMudhra has about

763 employees in offices across 7 countries serving customers in over 20 countries.

9 In 10 SMB Marketers In India Are Investing In AI And Automation To Stay Resilient In Challenging Economy

* Nearly one in three (32%) SMBs say they have shifted their marketing spends towards more digital solutions over the past five years. 

* Marketing investment remains strong, currently sitting at over one quarter (26.1%) of annual business revenue.

* To help SMBs build their brand with simplified marketing solutions, LinkedIn has launched the Quick Mode tool within Campaign Manager.

New research into small and medium sized businesses (SMBs) conducted by LinkedIn, the world’s largest professional network, has revealed that despite the economic upheaval, Indian SMBs remain optimistic about the value of marketing. 

With the average yearly marketing investment in Indian SMBs currently sitting at slightly more than one quarter (26.1%) of annual business revenue, only a small 3% of SMBs plan to reduce their marketing budgets in the next 12 months. This reflects the overall confidence among SMBs in India, who view marketing as a crucial tool for business growth and are willing to maintain or even increase their marketing budgets to drive revenue and remain competitive in the market.

Looking ahead in 2023, some of the top priorities of businesses are to expand their customer base (44%), increase business revenue and market share (43%), and build brand loyalty (36). To achieve this, many businesses (90%) have started and/ or will continue to invest in new technologies such as AI as part of their marketing strategy. 

SMBs tapping into creative opportunities to build brand equity and awareness 

Despite dynamic economic conditions, many SMBs are optimistic and looking to innovate and automate within their businesses. However a large cohort (91%) say they face challenges when it comes to creative marketing solutions. Top challenges include finding a balance with solutions for existing audiences and new audiences (41%), remaining creative with rapidly evolving tools (39%), a lack of creative talent and knowledge within their businesses (30%), and uncertainty about deploying long term creativity (28%). 

As four in ten (41%) SMBs are implementing new creative solutions or technology in their marketing strategy moving forward due to the economic downturn/changing budgets, it’s clear that there is an appetite to explore new ways to connect with customers. 

Considering the broader benefits of creativity, Ashutosh Gupta, India Country Manager, LinkedIn, adds: “Building memorable brands and harnessing creativity is critical for small business marketers, particularly in these challenging conditions. With India’s SMB sector expanding rapidly, small businesses must effectively balance short-term activations with long-term brand building solutions to differentiate themselves from competitors and achieve sustainable growth. Business owners who smartly leverage creativity, AI, and automation will be able to do more with less budgets and create true value for their customers.”

Despite business challenges, SMBs firmly believe in brand building and connecting with customers through marketing, indicating that they're playing the long game. In fact, the majority (94%) are confident their business has successfully built brand awareness through their marketing and referrals. SMBs are smartly leveraging technology and timely innovations in generative AI to get ahead and weather the economic uncertainty. 

To ensure they come out of this moment positively, more than a third (35%) believe that leaning into marketing is smart, as they feel companies that recover faster following periods of economic uncertainty are the ones that maintained or increased their spends during a downturn. 

Indian SMBs bank on AI technologies to advance business priorities 

The research found that most SMBs are looking at ways to innovate for the future, particularly through the use of marketing-tech tools. More specifically, nine in ten (90%) are investing in areas such as marketing automation, AI and online communities as part of their budget, with over nine in ten (93%) agreeing that ChatGPT could help their business with marketing.

However, some SMBs are found not investing in marketing-tech tools likely due to unfamiliarity with ChatGPT/AI, 42% of whom said they need to learn more about the product.

Discussing the rise in SMBs using marketing automation, Gupta said, “Time is a precious resource for SMBs. Small business staff often has to juggle multiple demands, which leaves little time for strategic tasks and thinking. With AI and automation tools, businesses can free up staff time for higher-level work, deploy creative marketing strategies, optimise ROIs, and meet business objectives effectively."

Helping SMBs build their brands with Quick Mode for Campaign Manager

SMB marketers are expected to take on more responsibilities with fewer resources and spread their expertise across broad workstreams. With limited time, learning new tools can be a challenge. To make it easier for new SMB advertisers to easily create and launch their first advertising campaigns on LinkedIn, the platform has introduced Quick Mode, a simplified way to build campaigns within Campaign Manager. 

The feature makes it easier than ever for new users to create and run advertising campaigns on LinkedIn, reducing the barrier to entry and enabling them to focus on higher value work like reaching the right audiences and building their brands. 

Instead of needing to figure things out for themselves, SMBs can use Quick Mode to achieve their brand building goals more efficiently and with more confidence. This means that they can spend more time on other areas of the business. 

Toyota Kirloskar Auto Parts Thanks Government of India For Issuing SOPs Relating To PLI Scheme For The Auto Sector

Toyota Kirloskar Auto Parts (TKAP), welcomes the important announcement by the Ministry of Heavy Industries (MoHI) towards Standard Operating Procedures (SOPs) for the Auto Sector Production Linked Incentive (PLI) scheme. With this, companies can now submit applications for testing and certification of Advanced Automotive Technology (AAT) products enabling them to be considered for incentives under the PLI Auto scheme.

Toyota Kirloskar Auto Parts Private Limited (TKAP), established in 2002, is engaged in the manufacture and sale of automotive rear axles, propeller shafts, and transmission units. Recently, the company set up an advanced manufacturing facility to produce e-Drives which is a key part of electrified powertrain for supply to Toyota Kirloskar Motor Private Limited and for export to Japan and other Asian countries. Over the years, TKAP has grown rapidly to emerge as a significant manufacturer of Drive Train parts and assemblies (x-Ev Transmission) in the Toyota group.

Aligned with Toyota’s commitment towards achieving ‘Mass electrification’ with ‘Make in India’ not only for India but also exports, the group recently invested INR 4,100 crores involving Toyota Kirloskar Motor (TKM) and Toyota Kirloskar Auto Parts (TKAP) which includes investment towards setting up of the new e-Drive (electrified component) manufacturing line in Bidadi near Bengaluru. The new facility, first in Asia outside of Japan, has an annual installed capacity of 135,000 units making it the best-case point of India’s emergence as a global manufacturing hub which is of strategic importance.

Acknowledging Government’s dynamic approach in promoting localization through well-thought out PLI schemes, K N Prasad, Managing Director, Toyota Kirloskar Auto Parts, said, "We thank the Government of India for the announcement of SOPs for the Auto Sector PLI scheme. The SOPs released from MOHI, consist of simplified procedures with minimum paperwork as a standing testimony from MOHI to realize “Ease of doing business”. This definitely reduces the burden on the applicant and helps to speed up the overall process of application and approval process.

At present, most of the advanced automotive technology components are being imported because of non-existent supply chain base. One of the key factors to get incentives under this PLI scheme is minimum domestic value addition criteria, and this will encourage more localisation and will boost domestic manufacturing sector and reduce dependence on imports, thereby creating more job opportunities. It would also contribute to the overall economic growth of the nation and enhanced export capabilities.

TKAP is extremely proud to contribute to the localization of advanced technology in the Indian Automotive Sector. Our recent investments in TKAP have helped in creating job opportunities and contributing to the development of the local community.”

Commenting on making India a global hub for electrification, Mr. Vikram Gulati, Country Head and Executive Vice President of Toyota Kirloskar Motor, said, “We strongly believe that India is well positioned to play an important role in contributing to the growing global shift towards electrification. Given the capability of Indian auto industry and the strong continued Government support, we are well on the way to make visible progress in establishing India as a critical manufacturing hub of advance, clean, green and efficient vehicles along their parts, at competitive prices. Schemes like the Production Linked Incentive (PLI) is playing a vital role in attracting investments in advanced and greener technologies.”

SBI Card FY23 PAT Grows By 40 Percent YoY To 2,258 Crore

The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the Q4 FY23 and financial year ended March 31, 2023. 

Performance Highlights Q4 FY23 

Total Revenue increased by 30% YoY at ?3,917 Cr in Q4 FY23 vs ?3,016 Cr in Q4 FY22 

PAT increased by 3% YoY at ?596 Cr in Q4 FY23 vs ?581 Cr in Q4 FY22 

ROAA at 5.4% in Q4 FY23 vs 7.0% in Q4 FY22 

ROAE at 24.6% in Q4 FY23 vs 30.4% in Q4 FY22 

Capital Adequacy Ratio at 23.1%; Tier 1 at 20.4% 

Business Highlights 

New accounts volume at 1,371K accounts in Q4 FY23 up by 37% vs 1,002K accounts in Q4 FY22 

Card-in-force grew by 22% YoY at 1.68 Cr as of Q4 FY23 vs 1.38 Cr as of Q4 FY22 

Spends grew by 32% YoY at ?71,686 Cr in Q4 FY23 vs ?54,134 Cr in Q4 FY22 

Receivables grew by 30% YoY at ?40,722 Cr in Q4 FY23 vs ?31,281 Cr in Q4 FY22 

Market share - #2 for both, Cards-in-force and Spends, in industry; for FY23 Card-in-force is at 19.7% (FY22: 18.7%), Spends is at 18.2% (FY22: 19.2%)  

Profit & Loss Account for the Quarter ended March 31, 2023 

Total income increased by 30% at ?3,917 Cr in Q4 FY23 vs ?3,016 Cr in Q4 FY22. This movement was a result of the following key factors: 

Interest income increased by 32% at ?1,672 Cr in Q4 FY23 vs ?1,266 Cr in Q4 FY22 

Fees and commission income increased by 25% at ?1,786 Cr in Q4 FY23 vs ? 1,427 Cr in Q4 FY22 

Finance costs increased by 90% at ?507 Cr in Q4 FY23 vs ?267 Cr in Q4 FY22. 

Total Operating cost increased by 26% at ?1,980 Cr in Q4 FY23 from ?1,577 Cr in Q4 FY22.  

Earnings before credit costs increased by 22% at ?1,429 Cr in Q4 FY23 vs ?1,172 Cr in Q4 FY22 

Impairment losses & bad debts expenses increased by 60% at ?630 Cr in Q4 FY23 vs ?393 Cr in Q4 FY22 

Profit after tax increased by 3% at ?596 Cr in Q4 FY23 vs ?581 Cr in Q4 FY22.  

Profit & Loss Account for the financial year ended March 31, 2023  

Total income increased by 26% at ? 14,286 Cr in FY23 vs ? 11,302 Cr in FY22.  

Finance costs increased by 60% at ? 1,648 Cr in FY23 vs ? 1,027 Cr in FY22.  

Total Operating cost increased by 27% at ? 7,448 Cr in FY23 vs ? 5,844 Cr in FY22, increase         is driven by higher business growth.  

Earnings before credit cost increased by 17% at ? 5,190 Cr in FY23 vs ? 4,430 Cr in FY22.  

Impairment losses & bad debts expenses decreased by 4% at ? 2,159 Cr in FY23 vs ? 2,258 Cr in FY22.  

Profit after tax increased by 40% at ? 2,258 Cr in FY23 vs ? 1,616 Cr in FY22. 

Balance Sheet as of March 31, 2023 

Total Balance Sheet size as of March 31, 2023 was ?45,546 Cr as against ?34,648 Cr as of March 31, 2022. 

Total Gross Advances (Credit card receivables) as of March 31, 2023 were ?40,722 Cr, as against ?31,281 Cr as of March 31, 2022.  

Net worth as of March 31, 2023 was ?9,902 Cr as against ?7,824 Cr as of March 31, 2022. 

Asset Quality 

The Gross non-performing assets were at 2.35% of gross advances as of March 31, 2023 as against 2.22% as of March 31, 2022. Net non-performing assets were at 0.87% as of March 31, 2023 as against 0.78% as of March 31, 2022.  

Capital Adequacy 

As per the capital adequacy norms issued by the RBI, Company’s capital to risk ratio consisting of tier I and tier II capital should not be less than 15% of its aggregate risk weighted assets on - balance sheet and of risk adjusted value of off-balance sheet items. As of March 31, 2023, Company’s CRAR was 23.1% compared to 23.8% as of March 31, 2022. 

The tier I capital in respect of an NBFC-ND-SI, at any point of time, can’t be less than 10%. Company’s Tier I capital was 20.4% as of March 31, 2023 compared to 21.0% as of March 31, 2022.