Experion Technologies To Invest INR 50 Cr For Global Expansion; To Onboard 1,500 IT Professionals

* Company plans to invest over $6M (INR 50 Cr) in the next 12 months to strengthen its presence in global markets, Japan & Nordics being key focus territories. 

* Additional 1,500 IT professionals, including 600 fresh IT graduates, to be onboarded within the next two years. 

Experion Technologies, a global product engineering services company enabling enterprises with future-ready digital solutions, has announced its strategic plan to expand its international operations and build capacity in Japan, Nordics, and other existing markets, namely the United States, Australia/New Zealand, the United Kingdom & Mainland Europe. The company has allocated INR 50 Cr. (US $6 million) towards global expansion for the next 12 months. It looks to strengthen its local presence by onboarding technical and senior sales & domain practice leaders in those markets.  

Key Points 

Experion to expand global operations – with a key focus on Japan & Nordic regions. 

To invest up to INR 50 Cr (US$ 6 million) over the next 12 months toward global expansion and building capacity 

Hiring 600 freshers from Kerala in 2023 to meet the robust project line and the demand for product engineering worldwide. 

Experion on course to reach a headcount of 3,000 employees by FY 2025-26 

In June, Experion will start operations in Japan. The company plans to bring advanced tech capabilities, product engineering process competence, and learnings gained from other markets, such as the US, UK, and Australia, to the Asian nation. Additionally, the company will invest in capacity building for engineering verticals comprising Automotive and Embedded Systems. 

Part of the expansion plan includes an increase in onsite hiring – Experion has begun hiring local engineers for their US & ANZ offices, adding to the investments made in the US by Indian companies and creating more jobs in the local market. Indian companies have invested over $40 billion in the US and created over 425,000 direct jobs, the Confederation of Indian Industries (CII) said in a report on the Indian industry’s footprint in the US. As per the report titled ‘Indian Roots, American Soil,’ 85% of surveyed companies plan to hire additional local employees in the next five years, with 83% planning future US investments. 

Additionally, from the total investment, Experion has allocated budgets to boost delivery capability in India. Experion plans to add 1,500 IT professionals, doubling its overall headcount to 3,000 by 2025-26. Around 600 recruits would be freshers, selected, trained, and deployed in Kerala, where the company is headquartered.   

To cater to the rising demand for product engineering from customers worldwide, Experion relies on its unique advantage of mining and upskilling homegrown IT talent available in South India, where its three delivery centers are located. This also aligns with the company’s goal of increasing its total employee base to 3,000 by 2025-26. 

Commenting on the expansion strategy, Mr. Binu Jacob, Managing Director, and CEO of Experion Technologies, said, “Product engineering within the digital domain is witnessing explosive demand across industries in the global markets where we operate. We see an exciting opportunity to be part of that journey in these new markets. Experion has already started providing immersive training in the local Japanese language and culture to many existing technical leads covering multiple technology portfolios. Our continued growth, portfolio, and market expansion amid the global slowdown can be credited to our sustainable business model and practices in digital product engineering, which benefit our customers.” 

Experion aims to leverage the highly skilled engineering talent nurtured by the top colleges in South India, particularly in Kerala, which frequently rank among the finest in the country. It has been at the forefront of tapping the immense lateral talent pool available in the state, particularly in the IT hubs of Technopark, Thiruvananthapuram, Infopark, Kochi, & also in Bangalore, which house Experion’s delivery operations. Kerala’s IT industry has been booming in recent years - while IT exports fetched a whooping Rs 17,536 crore in 2022, with the number of IT professionals in the state growing from 78,068 to 1,35,288 since 2016. It is fast becoming an alternative to customers looking for reliable, talent-rich IT hubs beyond Bengaluru.  

“We have always focused on identifying and nurturing local talent, par excellence. The secret to our consistent success can be credited to the potential we have managed to tap from the colleges across Kerala. We look forward to continuing our fruitful partnerships with these institutes,” Mr. Jacob added.  

SIA Group Posts Highest Net Profit In Its 76-Year-Old History

Highlights

Strong demand drives record revenue, operating profit and passenger load factor for the Group   

Robust near term forward passenger sales across all cabin classes 

Cargo revenue remained above pre-Covid levels despite softer demand 

Airline industry continues to navigate geopolitical and economic uncertainties, high cost inflation, and increasing global passenger capacity 

Commitment to best-in-class products and services, and continued investment in strategic initiatives, position the Group for future opportunities 

Proposed final dividend of 28 cents per share 

At the onset of the Covid-19 pandemic in 2020, the Group acted swiftly and decisively to shore up liquidity and build its financial resilience. This strong liquidity position, and the confidence it engendered, enabled the Group to take a long term view and make several strategic decisions ahead of the recovery in global air travel. SIA and Scoot retained most of their talented staff, who were ready to step up when called upon. A large proportion of the Group’s aircraft fleet were kept operational, albeit at low utilisation levels in the early phase of the recovery, ensuring that they were properly maintained and fully functional. The Group built up a strong base network in a deliberate and calibrated manner, ensuring that SIA and Scoot were in position to ramp up ahead of any return in passenger traffic.  

As a result, when the demand for air travel surged in FY2022/23 after Singapore fully reopened its borders in April 2022, and as restrictions on international air travel eased globally, SIA and Scoot could ramp up operations at short notice. Working collaboratively with key members of Singapore’s aviation ecosystem, both carriers were among the first to launch flights as borders reopened, and captured the pent-up demand as air travel returned.  

Group passenger capacity reached 79% of pre-Covid1 levels in March 2023, higher than the 58%2 level for international scheduled services of Asia-Pacific airlines. SIA and Scoot collectively carried 26.5 million passengers, up six-times from a year before. The passenger load factor (PLF) jumped 55.3 percentage points to 85.4%, the highest in the Group's history. SIA achieved a record PLF of 85.8%, while Scoot delivered a PLF of 83.9%.  

The cargo segment’s performance moderated year-on-year as the demand for air freight declined, and as supply chain disruptions brought about by the Covid-19 pandemic subsided. Macroeconomic headwinds dampened consumer demand, while high inventory levels led to a slowdown in new orders. Cargo yields fell year-on-year as industry bellyhold capacity increased with the progressive restoration of passenger flights. Nevertheless, cargo revenue remained 83% above the pre-Covid level recorded in calendar year 2019. 

Group revenue increased by $10,160 million (+133.4%) year-on-year to a record $17,775 million. Passenger flown revenue rose $10,560 million (+376.3%) to $13,366 million as traffic grew 449.9%, outpacing the capacity expansion of 94.0%. Revenue per available seat-kilometre (RASK) was 10.0 cents, the highest yearly RASK in the Group’s history. Cargo flown revenue fell $735 million (-16.9%) to $3,604 million as a result of lower cargo loads (-11.4%) and yields (-6.2%). Notwithstanding, this was the second-highest annual cargo revenue figure in the Group’s history.  

Expenditure grew by $6,858 million (+83.4%) year-on-year to $15,083 million. This comprised a $3,020 million increase (+138.0%) in net fuel costs, a $3,761 million increase (+61.5%) in non-fuel expenditure, and a $77 million increase from the year-on-year impact of the fair value changes on fuel derivatives. Net fuel cost rose to $5,209 million, mainly due to the 49.6% increase in fuel prices (+$1,942 million) and higher volumes uplifted (+$1,495 million), and this was partially offset by higher fuel hedging gains (-$530 million). The increase in non-fuel expenditure was well within the 94.0% increase in passenger capacity. 

Group operating profit came in at a record $2,692 million, reversing the $610 million loss in FY2021/22. Operating profit for SIA was a record $2,601 million, an increase of $2,713 million from the previous financial year. Scoot achieved a record operating profit of $148 million, up $602 million from FY2021/22. 

The Group posted a record net profit of $2,157 million for the year, versus a $962 million net loss in the previous year (+$3,119 million). This was mainly driven by better operating performance (+$3,302 million) and lower net finance charges (+$338 million), and partially offset by a tax expense versus a tax credit last year (-$615 million). 

The SIA Group’s record financial performance for FY2022/23 is a testament to its proactive strategic initiatives, pre-emptive preparation that was made when borders remained closed, and the hard work, dedication, and sacrifices of its employees.  

Second Half FY2022/23 – Profit and Loss 

The Group posted a record second half operating profit of $1,458 million, an improvement of $224 million (+18.2%) from the first half, as the strong demand for air travel continued into the second half of the financial year. 

Revenues rose $941 million (+11.2%) compared to the previous six months to $9,358 million, the highest half-year revenue for the SIA Group. Passenger flown revenue increased $1,408 million (+23.5%) on the back of a 24.8% growth in traffic, outpacing the 18.5% expansion in capacity. PLF rose 4.4 percentage points to a record 87.4%. RASK was 10.2 cents, the highest half-year RASK in the Group's history. Cargo flown revenue fell $594 million (-28.3%) due to a decline in loads (-5.2%) and yields           (-24.3%). 

Expenditure grew by $719 million (+10.0%) half-on-half to $7,901 million. This comprised a $900 million rise in non-fuel expenditure (+20.1%) that was partly offset by a $182 million decrease (-6.8%) in net fuel cost. Net fuel cost fell to $2,514 million, mainly due to a 17.2% drop in fuel prices (-$595 million). This was partly offset by higher volumes uplifted (+$343 million) and lower fuel hedging gain (+$85 million). The increase in non-fuel expenditure was in line with the increase in passenger and cargo capacity. 

The Group posted a second half net profit of $1,230 million, up $303 million (+32.7%) from the first half. This was mainly attributable to the better operating performance (+$224 million), net interest income in the second half versus net finance charges in the first half (+$203 million), and partially offset by a higher tax expense            (-$172 million). 

Balance Sheet  

The Group shareholders’ equity was $19.9 billion as of 31 March 2023, a reduction of $2.5 billion from 31 March 2022 following the redemption in December 2022 of the Mandatory Convertible Bonds that were issued in June 2020 (2020 MCBs). Total debt balances decreased by $0.4 billion to $15.3 billion, mainly due to the repayment of borrowings, partially offset by the increase in lease liabilities as a result of sale-and-leaseback activities. Consequently, the Group’s debt-equity ratio rose from 0.70 times to 0.77 times. 

Cash and bank balances saw an increase of $2.5 billion year-on-year to $16.3 billion. Net cash generated from operations, including proceeds from forward sales, contributed $9.1 billion, while the Group paid $3.9 billion for the redemption of the 2020 MCBs. In addition to the cash on hand, the Group continues to retain access to $2.2 billion of committed lines of credit, all of which remain undrawn. 

On 10 May 2023, as part of the ongoing recalibration of its Balance Sheet, the Group announced its intention to redeem 50% of the tranche of Mandatory Convertible Bonds that were issued in June 2021 (2021 MCBs), as part of the Rights Issue that was approved by shareholders in April 2020. The accreted principal amount payable, being 108.243% of the principal amount of the 2021 MCBs, will be approximately $3.4 billion. This redemption will be carried out on a pro-rata basis, with the redemption amount to be paid to eligible bondholders on 26 June 2023. 

FLEET DEVELOPMENT 

SIA took delivery of one Airbus A350-900 in March 2023, and one Boeing 787-10 in April 2023. These aircraft have since joined the operating fleet, alongside one 737-83 aircraft post the retrofit of its cabin.  

As of 31 March 2023, the Group had 195 aircraft in its operating fleet comprising 188 passenger aircraft and seven freighters. SIA’s operating fleet comprised 133 passenger aircraft4 and seven freighters, while Scoot had 55 passenger aircraft5. With an average age of six years and nine months, the Group fleet is one of the youngest and most fuel-efficient in the airline industry6. This allows it to pursue operating efficiencies and continue offering world-class products and services to its customers. This also supports the Group’s decarbonisation goals, as operating a young fleet of new generation aircraft is the most effective and direct way for an airline to materially lower carbon emissions in the near term.       

The Group recently reached an agreement with Boeing to adjust its aircraft order book. This includes swapping three 787-9s for three 787-10s, and cancelling eight 737-8s. These adjustments are in line with the Group’s long-term fleet renewal strategy, and support its projected operational requirements. Following these adjustments, the Group currently has 100 aircraft in its order book7. 

NETWORK DEVELOPMENT 

In the fourth quarter of FY2022/23, SIA reinstated services to Guangzhou, while Scoot resumed services to Balikpapan and Qingdao. As of 31 March 2023, the Group’s passenger network8 covered 109 destinations in 36 countries and territories. SIA served 74 destinations while Scoot served 58 destinations. The cargo network8 comprised 118 destinations in 38 countries and territories. 

For the Northern Summer operating season (26 March 2023 to 28 October 2023), the Group will expand its services to China with the resumption of Scoot’s flights to Haikou, Ningbo, and Xi’an (April 2023), Nanning and Shenyang (May 2023), Jinan (July 2023), and Nanchang (August 2023). Scoot has increased flight frequencies to Athens, Fuzhou, Guangzhou, Hangzhou, Langkawi, Makassar, Manado, Penang, Perth, Taipei-Hokkaido (Sapporo), Tianjin, and Zhengzhou. SIA will mount supplementary flights to Barcelona, Frankfurt, and Rome to meet the higher demand during the 2023 summer peak, and resume services to Busan in August 2023. To align capacity with demand projections, SIA will suspend services to Vancouver in October 2023 and Scoot will suspend operations to Gold Coast in July 2023.  

The SIA Group’s capacity is projected to reach an average of around 83% of pre-Covid1 levels in the first half of FY2023/24. 

FINAL DIVIDEND 

The Board of Directors recommends a final dividend of 28 cents per share for FY2022/23. 

Including the interim dividend of 10 cents per share paid on 22 December 2022, the total dividend for FY2022/23 will be 38 cents per share. Subject to shareholder approval at the Annual General Meeting on 27 July 2023, the final dividend (tax exempt, one-tier) will be paid on 18 August 2023 for shareholders as at 2 August 2023. 

OUTLOOK 

The demand for air travel remains robust in the first quarter of FY2023/24, underpinned by the recovery in air travel in East Asia. Forward sales remain healthy across all cabin classes, led by a strong pick up in bookings to China, Japan, and South Korea. The Group will monitor the demand for air travel, and adjust its capacity accordingly.  

Near term cargo demand is expected to remain soft as the industry navigates headwinds from the macroeconomic environment, and as inventory levels recalibrate to post-Covid conditions. Inflation and weak economic conditions will impact consumer demand and trade. Increased bellyhold capacity amid softer demand continues to exert downward pressure on cargo yields, particularly on key trade lanes.  

Geopolitical and macroeconomic uncertainties, as well as high cost inflation, could pose challenges for the airline industry in the months ahead. Even though fuel prices have moderated in recent months, they remain at elevated levels. As competition is expected to increase with more capacity being injected on international routes, the Group will monitor developments closely, and be agile and nimble in its response.  

The two chapters of the SIA Group’s Transformation programme, the first running from FY2017/18 to FY2019/20 and the second from FY2020/21 to FY2022/23, have strengthened its foundations to help the Group navigate future challenges. 

Despite the pandemic, the Group remained committed to its longstanding strategy of buying and operating new generation aircraft. This enables it to drive further operating efficiencies and support ongoing efforts to materially lower carbon emissions. The Group also continued investing in industry-leading products and services to strengthen its premium branding. This included the retrofit of its Airbus A380 and Boeing 737-8 aircraft, the revamp of its flagship lounges at Singapore Changi Airport Terminal 3, and an order for the all-new Airbus A350F freighters.  

To prepare for the future, several strategic initiatives were undertaken, including the continued expansion of its network through deeper collaboration with like-minded airlines, the proposed merger of Air India and Vistara to bolster SIA’s presence in the fast-growing Indian aviation market, as well as Scoot’s decision to lease nine Embraer E190-E2 aircraft and expand its footprint to secondary points in the region.  

The Group’s robust financial position, commitment to offering best-in-class products and services, agility and resilience, as well as its dedicated and talented staff members, will continue to strengthen its leadership position in the airline industry.  

The SIA Group is grateful to all customers, shareholders, partners, staff, and stakeholders for their continued support, which it does not take for granted.   

Bank of Baroda Announces Strong Financial Results For Quarter & Financial Year Ended 31st March 2023

Key Highlights 

Bank of Baroda (BOB) reported a ~2x growth in profits for FY23 and declared it’s highest ever quarterly and annual net profit of INR 4,775 crore (+168% YoY) and INR 14,110 crore (+94% YoY) respectively. 

As a result of this significant improvement in profitability the Bank’s Return on Assets (RoA) for FY23 improved by 43 bps YoY to 1.03% (FY23) ; RoA for Q4FY23 improves by 77 bps YoY to 1.34% 

Similarly, Bank’s Return on Equity (RoE) for FY23 increases by 648 bps YoY to 18.34%; RoE for Q4FY23 stands 24.82%, up by 1321 bps YoY  

This robust growth in profitability was supported by healthy Net Interest Income (NII) growth of 33.8% & 26.8% for Q4FY23 & FY23 respectively.  

Sustained NII growth is attributable to growth in advances of 18.5% (YoY) coupled with traction in Net Interest Margins (NIM), which grew 16 bps QoQ / 45 bps YoY to end the quarter at 3.53% and 28 bps YoY for the full year FY23.  

Strong growth in Income coupled with subdued increase in Opex has resulted in robust Operating profit growth of 43.3% YoY for Q4FY23 and 20% YoY for the financial year 2023.  

The Bank has been able to effect a reduction in the Cost to Income ratio by 152 bps and reported a Cost to Income ratio of 47.72% for FY23.  

BOB has witnessed significant improvement in its Asset quality with sharp reduction in GNPA by 282 bps YoY & 74 bps QoQ to 3.79%. Bank’s NNPA improved to 0.89% with a reduction of 83 bps YoY and 10 bps QoQ.  

BOB’s Provision Coverage Ratio (PCR) remained healthy at 92.43% with TWO & at 77.19% without TWO.  

This strong and sustainable improvement in asset quality has resulted in record low Credit Cost for the Bank at 0.14% for Q4FY23 & 0.53% for FY23.  

BOB’s Global Advances registered a strong YoY growth of 18.5% in Q4FY23 led by robust retail loan book growth. Bank’s organic Retail Advances grew by 26.8%, driven by growth in high focus areas such as Auto Loan (24.4%), Home Loan (19.5%), Personal Loan (101.5%), Mortgage Loan (18.0%), Education Loan (21.8%).  

Bank achieved a total business of INR 21,73,236 crore as of 31st March 2023, registering a growth of 16.6% YoY.  

The Board of the Bank has recommended to declare a dividend of INR 5.5 per share, subject to requisite approval 

Profitability 

BOB reported a standalone Net Profit of INR 4,775 crore in Q4FY23 as against a profit of INR 1,779 crore in Q4FY22. It grew by 94% YoY and stands at INR 14,110 crore for FY23. 

Net Interest Income (NII) grew by 33.8% YoY to INR 11,525 crore in Q4FY23. NII registered a growth of 26.8% YoY for FY23 and stands at INR 41,355 crore.   

Global NIM stands at 3.53% in Q4FY23, increase of 45 bps YoY. NIM for FY23 stands at 3.31% against 3.03% for FY22. 

Domestic NIM stands at 3.65% in Q4FY23, increase of 51 bps YoY. NIM for FY23 stands at 3.42% against 3.09% for FY22. 

Yield on Advances increased to 8.47% in Q4FY23 as against 6.81% in Q4FY22.   

Cost of Deposits stands at 4.43% in Q4FY23 as against 3.53% in Q4FY22. 

Operating Income for Q4FY23 stands at INR 14,991 crore, increase of 34.6% YoY. It registered a growth of 16.5% YoY for FY23 and stands at INR 51,381 crore. 

Operating Profit for Q4FY23 stands at INR 8,073 crore, increase of 43.3% on a YoY basis. Operating Profit for FY23 stands at INR 26,864 crore up by 20% YoY. 

Cost to Income ratio reduced to 46.15% for Q4FY23 as against 49.39% for Q4FY22. It declined by 152 bps YoY and stands at 47.72% for FY23. 

Return on Assets (annualised) improved to 1.34% in Q4FY23 from 0.57% in Q4FY22. Return on Assets for FY23 stands at 1.03% up by 43 bps YoY. 

Return on Equity (annualised) for FY23 increased by 648 bps YoY to 18.34%. 

For the consolidated entity, Net Profit stood at INR 14,905 crore in FY23 as against INR 7,850 crore in FY22. 

Asset Quality 

The Gross NPA of the Bank reduced by 32% YoY to INR 36,764 crore in Q4FY23 and Gross NPA Ratio improved to 3.79% in Q4FY23 from 6.61% in Q4FY22. 

The Net NPA Ratio of the Bank stands at a record low of 0.89% in Q4FY23 as compared with 1.72% in Q4FY22. 

The Provision Coverage Ratio of the Bank stood at 92.43% including TWO and 77.19% excluding TWO in Q4FY23. 

Slippage ratio declined to 1.02% for Q4FY23 as against 2.52% in Q4FY22. Slippage ratio for FY23 reduced by 54 bps and stands at 1.07%. 

Credit cost for the Q4FY23 stands at 0.14% and 0.53% for the full year. 

Capital Adequacy 

CRAR of the Bank stands at 16.24% in Mar’23. Tier-I stood at 13.99% (CET-1 at 12.24%, AT1 at 1.75%) and Tier-II stood at 2.25% as of Mar’23.  

The CRAR and CET-1 of consolidated entity stands at 16.73% and 12.83% respectively 

The Liquidity Coverage Ratio (LCR) consolidated stands at 135.4%. 

Business Performance 

Global Advances of the Bank increased to INR 9,69,548 crore, +18.5% YoY. 

Domestic Advances of the Bank increased to INR 7,95,560 crore, +16.3% YoY.  

International advances grew by 6.3% sequentially in Q4FY23 stands at INR 1,73,988 crore. 

Global Deposits increased by 15.1% YoY to INR 12,03,688 crore.  

Domestic Deposits increased by 13% YoY to INR 10,47,375 crore in Mar’23. 

International Deposits grew by 31.4% on a YoY basis to INR 1,56,313 crore in Mar’23.  

Domestic CASA deposits registered a growth of 7.9% YoY and stands at INR 4,42,511 crore. 

Domestic Saving deposits grew by 7.6% on a YoY basis in Mar’23 and Domestic Current deposits registered a growth of 9.2% YoY. 

Organic Retail Advances grew by 26.8%, led by growth in high focus areas such as Auto Loan (24.4%), Home Loan (19.5%), Personal Loan (101.5%), Mortgage Loan (18%), Education Loan (21.8%) on a YoY basis. 

Agriculture loan portfolio grew by 13.2% YoY to INR 1,24,247 crore. 

Total Gold loan portfolio (including retail and agri.) stands at INR 38,251 crore, registering a growth of 30.5% on a YoY basis. 

Organic MSME portfolio grew by 11.7% YoY to INR 1,08,196 crore.  

Large UK Companies Cite Tech Skills Shortage And Legacy IT Systems As Key Factors Delaying Digital Transformation: UST Survey

* Four in 10 large UK companies consider building resiliency, boosting profitability, and improving sustainability as key benefits of digital transformation

* Nearly half (45%) believe the government should provide more incentives for businesses to invest in R&D

New research commissioned by UST, a leading digital transformation solutions company, finds a third of large UK companies cite a lack of technical skills in-house (33%) and too many legacy IT systems in place (33%) as key factors delaying digital transformation. Another key factor raised by nearly a third of respondents was concern amongst their workforce about automation taking away jobs (31%).

While UK digital spending is projected to increase 5.2% year-over-year in 2023, the findings show UK businesses are unable to fully take advantage of technology advancements. The research surveyed 200 senior decision makers in large UK companies with an average turnover of over £9 billion.

Other key findings include:

Adopting the right technologies can help organisations build resiliency, reduce operating costs, and improve sustainability: In terms of the immediate benefits of investing in digital transformation, respondents rated building resilience to cope with future disruption highest (41%), followed by lowering of costs and increasing profitability (40%) and improving sustainability (39%).

Cloud computing is perceived as the most important technology for successful digital transformation: Large UK companies rated cloud computing (75%), artificial intelligence and machine learning (67%), augmented reality and Web 3.0 (58%) and robotics (54%) as crucial or very important technologies driving their digital transformation strategies.

The UK government has a crucial role to play in fostering innovation: Nearly half of respondents said the government should provide more incentives for businesses to invest in R&D (45%), support more STEM programmes in schools and higher education (44%) and support innovation hubs outside of current hotspots (40%). Respondents (40%) also said greater collaboration between public, private and educational sectors could help foster innovation.

In order to narrow the technical skills gap, attracting more diverse STEM candidates has become an increasing priority: More than half (53%) say they are partnering with schools and/or higher education to show what types of careers are available. Nearly half are advertising job vacancies in a wider range of places (49%), offering internships or summer placements (48%) and running apprenticeship programmes (42%).

“Our research highlights the need for companies to continue investing in digital transformation efforts; this will help build resilience and reduce costs over the long term. Investing in technology capabilities is also vital for improving sustainability which is particularly important given the pressure many companies are under to meet net zero targets.

In order to overcome the technical skills gap, the private sector must increase collaboration with the government and educational institutions to increase uptake in STEM subjects and digital upskilling. At UST, we are proud to work closely with schools and universities not just in the UK but across the world to develop and upskill the next generation of tech talent,” said Praveen Prabhakaran, Chief Delivery Officer and UK Managing Director, UST.

"For more than two decades, UST has been a trusted transformation partner for Global 2000 companies, engineering human-centered experiences and solutions. We understand that to thrive, our clients and their customers require an evolutionary approach to the ever-changing marketplace. This is why we established UST Evolve. We comprehend the intricacies of enterprise systems and the need for innovation to maintain competitiveness. We are a dedicated group of creative technologists, visionary strategists, and design thinkers who employ a fresh, simple, and nimble approach to transformation. By combining the technological and engineering prowess of UST with domain expertise that surpasses conventional transformation measures, we aim to generate tangible business impact for our clients," said Christopher Loughlin, Global Head of Transformation at UST.

UST Evolve, UST’s focused transformation group, co-creates creative solutions with clients that blend equal parts empathy, tenacity, and innovative technology. Together, we engineer and architect swift and sustainable transformation that helps our clients evolve, embedding innovation, agility, and resilience into the very foundation of their organization.

Coca-Cola India And Zepto Expand Collaboration To Recycle PET Bottles In India

* The 'Return and Recycle' initiative collected over 100kgs of plastic waste in a 2-month pilot by gathering PET bottles from customers at the back of Zepto’s robust last-mile network

Coca-Cola India and Zepto announced the expansion of their successful, first-of-its-kind collaboration in India to reinforce their commitment towards plastic circularity. The 'Return and Recycle' initiative was launched in November 2022 as a pilot project in select locations of Mumbai. The unique initiative established an organized process of collecting PET bottles with 100% traceability, to ensure effective plastic waste management. It received an overwhelming response from consumers with over 100kgs of PET bottles collected and recycled as a part of the 60-day pilot.

Zepto and Coca Cola's collaboration is driving the digitization of their collection strategy by leveraging e-commerce platforms. This move towards digitization not only makes the process more efficient, but also raises consumer awareness about sustainable collection models, making them a key stakeholder in the journey towards sustainability.

The initiative will now be scaled with collection bins deployed across hundreds of Zepto delivery hubs in Delhi NCR, Mumbai, Bangalore, Hyderabad, Chennai, Pune, and Kolkata.

Commenting on the expansion of the initiative, Abhishek Gupta, Chief Customer Officer Coca-Cola India and Southwest Asia, said, “The success of Coca-Cola’s partnership with Zepto has been characterized by strong synergies in sustainability and social responsibility. We are delighted to extend the partnership to other cities, continuing our efforts towards plastic circularity. With the ‘return and recycle’ initiative across India, we are furthering the company's global goal of creating a world without waste.” 

Coca-Cola India’s partnership with Zepto intends to create a circular economy for plastic by connecting all participants in the PET recycling value chain. Leveraging the Zepto two-wheeler distribution network, the “self-sustainable initiative” seeks to ‘collect’ empty PET bottles of any brand from consumers, which then goes to the recycler as a raw material The initiative also demonstrates Coca-Cola's commitment towards the Government of India’s Swachh Bharat Mission which promotes recycling as one of its core principles. It further aims to encourage its consumers to recycle PET by raising awareness on the importance of recycling and its positive impact on the environment.

Vinay Dhanani, Chief Operations Officer at Zepto, said, "This collaboration has been an exciting opportunity to demonstrate the potential of new-age e-commerce beyond business. We are proud to have built an agile and efficient last-mile network that seamlessly extends itself to innovative initiatives like this. Our aim is to constantly innovate and embed sustainable practices in all areas of operations at Zepto. Be it route optimization, EV or bicycle-led deliveries, sustainable packaging, or reducing waste, we are committed to reducing our footprint and sharing our vision with brands and the Government of India.”

Coca-Cola India and Zepto’s ‘Return and Recycle’ initiative aims to promote and build lasting sustainable behaviour and reduce the environmental impact of plastic waste through shared purpose. This programme further serves as a testimony of how joint brand collaborations can help in creating a culture of sustainability and responsible consumption.

About Coca-Cola India

Coca-Cola in India is one of the country's leading beverage companies, offering a range of high-quality and refreshing beverage options to consumers. The Company in line with its vision of 'Beverages For Life' offers a wide portfolio of products which includes hydration, sports, sparkling, coffee, tea, nutrition, juice, and dairy based products. In India it's beverage range includes Coca-Cola, Coca-Cola Zero Sugar, Diet Coke, Thums Up, Charged by Thums Up, Fanta, Limca, Sprite, Maaza, and Minute Maid range of juices. The Company also offers hydration beverages, including Limca Sports, Smartwater, Kinley, Dasani and Bonaqua packaged drinking water and Kinley Club Soda. Premium products constitute Schweppes and Smartwater. In addition, it offers a Costa Coffee range of tea and coffee. The Company is constantly transforming its portfolio, from reducing sugar in its drinks to bringing innovative new products to market.

The Company along with its owned bottling operations and franchise bottling partners has a strong network of close to 4 million retail outlets through which it refreshes millions of consumers across the country. It seeks to positively impact people's lives, communities and the planet through water replenishment, packaging recycling, sustainable agriculture initiatives and carbon emission reductions across its value chain.

Globally together with its bottling partners, The Coca-Cola Company employs more than 700,000 people, helping to bring economic opportunity to local communities worldwide. Learn more at www.cocacolacompany.com and follow us on Twitter, Instagram, Facebook and LinkedIn.

About Zepto:

Founded in 2021 by Stanford University dropouts, Aadit Palicha and Kaivalya Vohra, Zepto is India’s fastest growing e-grocery company valued at $900 Million following its recent Series-D fundraise of $200M from marquee global investors including Y Combinator Continuity, Kaiser Permanente, Nexus Venture Partners, Glade Brook Capital, and Lachy Groom. Headquartered in Mumbai, Zepto is present across 10 major cities in the country, is 1000+ employees strong, and delivering over 5,000 products, including fresh fruits and vegetables, daily cooking essentials, dairy, health-and-hygiene products, etc., to Indian homes within 10 minutes. Through its strong tech capabilities, an efficient business model, and a network of highly optimised delivery centres across its 10 locations, the company is revolutionising the Indian grocery segment currently pegged at $600 Billion, making it easier and convenient. Beyond grocery, Zepto has also introduced a cafe offering that allows customers to order Coffee, Chai, and other Café items, along with their groceries.

Vestian Released The Connect Quarterly Report Presents A Comprehensive Analysis Of The Office Market Performance In Q1 2023

The Vestian report ‘The Connect Q1 2023’ presents a comprehensive analysis of the office market performance of seven key cities of the country – Bengaluru, Mumbai, Hyderabad, Chennai, Kolkata, NCR and Pune showcasing market trends during Q1 2023 as well as the nine months of the year with YOY data, along with future perspectives for the industry.

The Indian economy experienced a decline in its GDP growth rate, reaching 4.4% in the third quarter of FY2023 compared to 5.2% in the same quarter the previous year. This can be attributed to the fading impact of the pandemic-induced base effect and the global economic slowdown, as reported in The Connect Quarterly Report Q1 2023 by Vestian. Furthermore, the Gross Value Added (GVA) growth rate continued to decline, reaching 4.6% during the third quarter of FY2023, compared to 4.7% in the same quarter of the preceding year and 5.6% in the previous quarter. The dip was mainly due to a contraction of 1.1% in the manufacturing sector during Q3 FY2023, driven by weakened consumer demand and exports.

To address these economic challenges, the Reserve Bank of India (RBI) increased the repo rate by 25 basis points to 6.50% between January and March 2023. As a result, the Consumer Price Index (CPI) decreased to 6.44% in February 2023 and further eased to 5.66% in March 2023. The Wholesale Price Index (WPI) also reached its lowest level in the past 29 months, standing at around 1.34% in March 2023. Foreign Direct Investment (FDI) inflows into India faced a decline, with a total inflow of USD 15.98 billion during Q3 FY2023, representing a quarterly decrease of 4%. Year-on-year, FDI inflows declined by 11% amid economic uncertainty prevailing worldwide.

Pan India Office Market Reflects Slender Slowdown in Demand

The Indian office market experienced a slight slowdown in demand, largely influenced by mass layoffs and the looming fear of a recession in the US economy. As a result, office space absorption witnessed a decline of 4% during Q1 2023 compared to the same quarter last year, according to the Vestian report. Despite the overall slowdown, the IT-ITeS sector continued to lead office space absorption, accounting for a 23% share during Q1 2023. However, this figure represents a decrease from the previous quarter's 31% share.

New completions in the top seven cities of India amounted to 8.60 million square feet during the first quarter of 2023, marking a decline for two consecutive quarters. This represents a year-on-year decrease of 29% and a quarterly decrease of 12%. Notably, office space absorption surpassed new completions during Q1 2023, leading to a correction in overall vacancy to 16.1% during this period, down from 16.8% in the previous quarter.

City-wise Office Market Highlights

Bengaluru accounted for approximately 28% of the total office space absorption during Q1 2023, representing the highest share among the top seven cities. However, the absorption rate was 6% lower compared to the previous quarter.

Kolkata reported the highest new completions of 0.40 million square feet during Q1 2023, the highest in the past five quarters. Nevertheless, the city accounted for a mere 5% of the total new completions pan India.

Bengaluru led in terms of new completions with a 31% share during Q1 2023, followed by the National Capital Region (NCR) at 20%.

While Bengaluru and Pune registered single-digit vacancy rates during Q1 2023, Kolkata reported the highest vacancy rate among the top seven cities in India.

About Vestian

Vestian is an occupier-focused workplace solutions firm specializing in commercial, industrial, retail and hospitality sectors. Headquartered in Chicago, Vestian has offices across US, India, China, Sri Lanka and the Middle East. Our core strength lies in providing customized innovative solutions that are aligned to the client's business objectives. Our service portfolio includes Investment & Consultancy Services, Transaction Advisory Services, Project Services, Retail Business Solutions and Integrated Facilities Management Services.  Vestian is the only global workplace solutions organization to be certified in quality management systems,  environmental health & safety standards such as ISO 9001, ISO 14001, ISO 45001 and ISO 37001. For further information on the company, you can visit us at www.vestian.com

TE Connectivity Launches Its First Start-Up Accelerator Program In Indian Market

-       The program, in association with BCIC Start-up Hub, is designed to promote and accelerate start-ups in energy, electrification, smart cities, IoT

TE Connectivity (TE), a world leader in connectivity and sensors, has collaborated with the Bangalore Chamber of Industry and Commerce (BCIC) Start-up Hub to launch its first accelerator program in India. The program is designed to promote and accelerate start-ups initially in the energy and electrification, smart cities and IoT domains, by providing them with mentorship support, access to resources and a global network.

The program was launched at a recent event conducted by TE and BCIC with the support of TiE Bangalore (Indus Ventures) on "Future of Mobility and Emerging Opportunities.” Attendees were addressed by Ralf Klädtke, vice president and chief technology officer at TE and Dr. S. Devarajan, Senior Vice President, BCIC, and Senior Vice President, TVS Motor Company Limited, and Ravikiran Annaswamy, CEO & co-founder of Numocity, who shared their insights on the future of mobility and best manufacturing practices.

Rahul Mathur, director at TE, said, “We look at India as an opportunity to not just innovate in India for India but also for the globe. We are excited to continue building our capabilities at our innovation hubs in Bangalore and Pune, where we currently have more than 1,200 product engineers, co-located at state-of-the-art labs and working on some of the most exciting technologies. We believe launching an accelerator in Bangalore’s entrepreneurial ecosystem will help develop capabilities and drive innovation. In collaboration with BCIC Start-up Hub, the program includes specific models to provide guidance and mentorship support for the start-ups and will also help them to discover possible support for global exposure through our network. We aim to share our experience and success with the start-ups, helping to fuel the next stage of their entrepreneur journey.”

“The future of mobility will create a completely new ecosystem of electrified mobility with autonomous shuttles/trucks, software-defined vehicles, autonomous safety, seamless vehicle to everything, V2X communication, mobility pods, electrified air taxis, micro-mobility and many others,” Klädtke said. “The speed of technological change is very high and electric vehicles were just the first of many technological disruptions. For one to thrive in this new normal, innovation and speed are essential. As a result, growing our collaboration with start-ups and developing win-win partnerships is a top focus for us at TE.”

“Mobility is life,” Devarajan said. “India is taking a multi-focus approach on net zero through the Panchamrit principle. A combined co-opted approach toward net zero by manufacturers, suppliers and start-ups that involves improving product and process technologies like light weighting will enable our next steps. We must draw out strategies and action plans for the coming years to ensure a better environment for our next generation.”

TE Connectivity India will offer innovative solutions to help start-ups to optimize designs, reduce costs, improve performance, and enhance the user experience. TE’s technical mentors will provide guidance to design new components to meet customer needs. BCIC Start-up Hub will foster collaboration between start-ups, subject-matter experts, technology firms and research institutions to overcome market challenges faced by entrepreneurs. They will be facilitating collaboration with research institutions to leverage innovative research in creating market-ready products.

If you are interested to participate in the accelerator program, connect with Rahul Mathur  at rkmathur@te.com or Ravi Challu at ravi@bulletproofyourstartup.com

ABOUT TE CONNECTIVITY  

TE Connectivity is a global industrial technology leader creating a safer, sustainable, productive, and connected future. Our broad range of connectivity and sensor solutions, proven in the harshest environments, enable advancements in transportation, industrial applications, medical technology, energy, data communications, and the home. With more than 85,000 employees, including over 8,000 engineers, working alongside customers in approximately 140 countries, TE ensures that EVERY CONNECTION COUNTS.

Learn more at www.te.com and on LinkedIn, Facebook, WeChat, and Twitter.

About BCIC – The Bangalore Chamber of Industry and Commerce (BCIC) is the apex Chamber of Industry and Commerce representing large and medium industry in the State of Karnataka. BCIC plays an active and important role in promoting trade and investment in the State and has an excellent domestic and international network with MoUs with the leading Chambers of Commerce across the globe. The Chamber represents all segments of industry which includes Manufacturing, Aerospace and Aviation, IT, Bio-tech, Pharma, Engineering, Hospitality, Travel and Tourism, Garments, Food Processing, Steel and Services (www.bcic.in).

Photo Caption: ( L to R ) Mr. Ralf Klädtke - Vice President and Chief Technology Officer (CTO) for TE Transportation Solutions, Mr. Rahul Mathur - General Manager, TE Connectivity, Dr. Devarajan - SVP, BCIC and SVP, TVS Motor Company Limited, Mr. Ravi Challu - Chairman, Start-Up Hub Expert Committee, BCIC and Founder & CEO, Bulletproof Your Startup, Mr. Sunil Telkar - Co-Chairman, Industry-Institute Interface and Edutech Expert Committee, BCIC and Managing Partner, Aspiro Consulting LLP and Mr. Vinod Keni -Co-Chairman, Start-Up Hub Expert Committee, BCIC and Lead - Venture Capital Investments, RoundGlass during the Lamp Lighting ceremony on the occasion of the Launch of the TE Connectivity Accelerator on May 12th, 2023.