Glenmark Pharmaceuticals Ltd Becomes A Part Of The Science Based Targets Initiative, Sets GHG Emission Targets For FY2035

Glenmark Pharmaceuticals Ltd. (Glenmark), an integrated, research?led, global pharmaceutical company, reaffirms its commitment to sustainability by joining the esteemed Science Based Targets initiative (SBTi) business ambition for well below 2°C.

The SBTi's has approved Glenmark’s commitment to reduce its absolute scope 1 and 2 GHG emissions by 35% (from a FY2021 base year) by FY2035. The target boundary includes biogenic land?related emissions and removals from bioenergy feedstock. The approval also extends to our pledge to reduce scope 3 GHG emissions from purchased goods and services, fuel and energy related activities, downstream transportation and distribution, and investments by 28% per ton of pharmaceutical products within the same timeframe.

Glenmark got certified following a rigorous 5?stage review, and is only the second Indian Pharmaceutical company to receive this approval.

Speaking on the occasion, Glenn Saldanha, Chairman & Managing Director, Glenmark Pharmaceuticals Ltd. said, “We are pleased to announce that the Science Based Targets initiative (SBTi) has validated our Green House Gas (GHG) emission targets. This certification gives us an impetus to further pursue our ESG goals, while also benchmarking us at a global scale. We are proud to be the second Indian Pharmaceuticals company to have our targets certified by the SBTi.”

The Science Based Targets initiative (SBTi) mobilizes companies to set science?based targets and boost their competitive advantage in the transition to the low?carbon economy. It is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).

About Glenmark Pharmaceuticals Ltd

Glenmark Pharmaceuticals Ltd. (BSE: 532296 | NSE: GLENMARK) is an integrated, research?led, global pharmaceutical company, with a presence across Branded, Generics, and OTC segments; with a focus on therapeutic areas of respiratory, dermatology and oncology. The company has 10 world-class manufacturing facilities spread across 4 continents, and operations in over 80 countries. In Vivo/Scrip 100 positions Glenmark amongst the Top 100 Companies Ranked by R&D and Pharmaceutical Sales, 2021; while Generics Bulletin/In Vivo places it in the Top 50 Generics and Biosimilars Companies Ranked by Sales, 2021. Glenmark has impacted over 2.9 million lives over the last decade through its CSR interventions. For more information, visit www.glenmarkpharma.com. You can follow us on LinkedIn (Glenmark Pharmaceuticals) and Instagram (glenmark_pharma).

TATA Realty And Tabreed Announce First Alliance For Cooling As A Service transaction In India

-Tata Realty’s Intellion Park, a 3.5 million square feet IT SEZ development in Gurugram, is the first project of this kind

-Tabreed will invest up to INR 100 crores in its first project to provide cooling services for a 30-year concession period

Tabreed, world’s leading global cooling utility player, today announced signing of an agreement with TATA Realty, a leading Real Estate Developer, to implement its first Cooling as a Service (CaaS) project in India. It’s an alliance to develop a sustainable and efficient cooling infrastructure. This marks Tabreed’s first Cooling as a Service (CaaS) transaction in India entails an investment of approximately INR 100 Cr in TATA Realty’s Intellion Park in Gurugram over a period of time. Tabreed will acquire Intellion Park’s existing cooling infrastructure and undertake Greenfield expansion to increase cooling capacity.

Moving away from the regular market practice wherein real estate developers own and operate their cooling assets through facility management arrangements, through this first of its kind transaction, Tabreed will provide long-term, SLA-based cooling services to Intellion Park with well-defined parameters to improve energy efficiency, asset longevity, system reliability and reduce life cycle costs of cooling for tenants. It is expected that the transaction will result in Tabreed serving as a provider of cooling services for TATA Realty, offering District Cooling or CaaS concessions across its commercial properties.

Sanjay Dutt, MD & CEO of Tata Realty said, “Tata Realty has been at the forefront of promoting sustainable real estate development in India. With numerous achievements, including the country's first net-zero certified commercial real estate campus, the company has set a high bar for the rest of the industry. In continuation of this trend, Tata Realty's engaged with Tabreed to launch the first Cooling as a Service (CaaS) project. Our endeavour is to enable the delivery of superior value to occupants, while promoting higher standards of ESG and wellness in commercial and mixed-use real estate developments.”

Khaled Abdulla Al Qubaisi, Chairman of Tabreed, expressed his enthusiasm for the engagement stating: “As the world’s most populous country and one of the fastest growing economies, India will be a key strategic market and important partner for Tabreed as we expand our international presence. We expect to see large-scale adoption of district cooling in India as demand for real estate and cooling grows at a rapid pace. Tabreed is delighted to partner with TATA Realty to develop leading innovative district cooling services which will support sustainable urban development across India. This will unlock value for our stakeholders, while benefitting communities and reducing carbon emissions.”

The India Cooling Action Plan (ICAP) announced by the Ozone Cell of the Ministry of Environment, Forest and Climate Change forecasted eight-fold increase in aggregated cooling demand for the country by 2037-38, with 45% of the country’s peak energy demand likely to be for cooling by 2050. In addition, ICAP identifies the immediate need for skill development of the country’s HVAC sector with at least 100,000 technicians to be trained in good servicing practices and the new alternative refrigerants as the cooling demand increases. 

Sudheer Perla, Country Manager of Tabreed India, said, “Long-term, green financing delivered through innovative and bespoke business models such as CaaS will play a crucial role in scaling up the transition to a greener economy, especially for the built environment. Currently, developers are allocating huge sums of capital on HVAC systems for new buildings as well as highly-inefficient existing buildings to achieve their net zero goals, all whilst competing with and balancing other demands on their capex. Through demonstrating the value of CaaS at Intellion Park, we hope to pave the way for more rapid adoption of district cooling in India, easing the burden of upfront costs for developers to inspire more sustainable cooling solutions for the Indian real estate sector, which is set to witness fastest global increase in cooling-related energy demand in the coming decades.”

About National Central Cooling Company PJSC (Tabreed):

Tabreed provides essential and sustainable district cooling services to iconic developments such as the Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World, Emirates Towers, Yas Island, Al Maryah Island, Dubai Mall, Dubai Opera, Dubai Metro, Bahrain Financial Harbor and the Jabal Omar Development in the Holy City of Makkah. The company owns and operates 86 plants in its portfolio across the GCC, including 75 in the United Arab Emirates, three in the Kingdom of Saudi Arabia, seven in Oman, one in the Kingdom of Bahrain, as well as others in the region.

Tabreed is a leading driver of progress for people, communities and environments around the world towards a more sustainable future. Founded in 1998 and publicly listed on the Dubai Financial Market, it is one of the UAE’s strongest growth companies. Through its extensive regional and international operations, industry-leading reliability and efficiency, R&D programmes and investment in AI technology, Tabreed further solidifies its position as the industry’s global leader. In addition to district cooling, Tabreed’s energy efficiency services extend the company’s sustainability impact, helping businesses and organisations to improve their overall energy consumption, in turn reducing CO2 emissions and assisting in the achievement of carbon neutrality objectives.

About Tabreed Asia:

Tabreed Asia is a JV owned by Tabreed UAE (75%) and IFC (25%) with headquarters in Singapore. Set-up as a holding company, Tabreed Asia, through wholly owned subsidiaries in India, invests, builds, owns and operates cooling assets through long-term partnerships with leading real estate developers to provide more cost effective and sustainable, environmentally friendly cooling services. 

About Tata Realty & Infrastructure Limited:

TATA Realty and Infrastructure Limited is a 100% subsidiary of Tata Sons and one of the leading real estate development companies in India with an extensive portfolio of over 50 projects across 15 cities. With an agenda of dispensing intelligent, collaborative, and dynamic projects, TATA Realty and Infrastructure Limited has developed ~16.8 mn. sq. ft. of commercial projects and has ~16.7 mn. sq. ft. of projects under development & planning.

Keeping with the Tata philosophy of leadership in sectors of national economic significance, TATA Realty and Infrastructure Limited was set up to identify the most promising opportunities for growth in the Indian real estate and infrastructure arena. TRIL is currently focused on long-term infrastructure projects of national significance, as well as mixed-use projects in the real estate sector.  As is with all Tata companies, the selection of projects is a specialized process, with the eventual selection list scoring high not only on business objectives but also on the guiding Tata values and policies. Tata is one of India's largest conglomerates, with annual revenue of over $100 billion, and 107 operating companies in seven business sectors, employing over 750,000 people worldwide. 

For More Info: https://www.tatarealty.in : www.intellion.in;  https://www.tabreed.ae 

To Meet Growing Consumer Demand For Rental Equipment, Godrej & Boyce Will Invest INR 100 Cr In Material Handling Business

~ Expands reach across sectors in response to the surging rental equipment market.

Godrej & Boyce, the flagship company of the Godrej Group, announced that its business Godrej RenTRUST, a leading player in the material handling rental industry, has planned to invest INR 100 crores in capital assets over the next three years. This strategic move comes as the company foresees a significant surge in material handling requirements across the country. In Q4 of FY23, Godrej RenTRUST secured orders deploying 100+ units of equipment to esteemed clients across multiple industries such as shipping, 3PL, e-commerce, FMCG, manufacturing, and F&B, demonstrating the company's commitment to long-term partnerships.

With a strong belief in the potential of the rental market, Godrej RenTRUST aims to cater to the evolving needs of industries including auto, engineering, chemicals and pharma, F&B, FMCG, logistics, 3PL, ecommerce and retail.

The Indian rental market, estimated at INR 2200 crores, has shown a remarkable growth trajectory, with the organized segment gaining ground year after year. By opting for equipment rentals, customers significantly reduce their involvement in servicing requirements. Industry studies indicate that in the entire lifecycle of equipment, service consumes approximately 20% of the cost and 15% of the time of consumers. Reducing either of these aspects empowers industry players to become more competitive in their respective sectors.

Renting equipment has become a preferred option for businesses seeking managed services and bypassing high upfront costs. Compared to purchasing equipment, rentals offer a cost-effective solution that allows companies to choose optimal equipment tailored to their specific requirements. By embracing rental solutions, businesses can eliminate hidden and obvious costs associated with equipment ownership, thereby increasing productivity, meeting compliance standards, and achieving overall cost savings.

Over the past five years, Godrej RenTRUST has achieved a CAGR of 20%, solidifying its position as a trusted and leading player in the material handling rental industry and growing further. In this highly unorganized industry, Godrej RenTRUST continues to provide marquee services to enable fully complaint and safe operations with certified operators and high-quality equipment, that can be digitally monitored in real time by the clients. Customers benefit from their extensive reach in India across 300+ sites, optimized space and cost of warehouses, safer material handling movements till 12.5 meters height with increased throughput, with 80% of fleet being electric powered.

Commenting on this, Mr Anil Lingayat, Executive VP and Business Head, Godrej Material Handling, says, "We are thrilled to announce our investment of INR 100 crores in capital assets for Godrej RenTRUST, reflecting our strong belief in the rising demand for material handling solutions across the country. At Godrej RenTRUST, our focus is on empowering businesses to thrive by providing flexible rental options that eliminate high upfront costs and offer optimal equipment tailored to their specific needs. By delivering transparent rental contracts, exceptional service, and hassle-free maintenance, we aim to enhance our customers' productivity, drive operational efficiencies, and enable them to stay ahead in today's competitive landscape. This strategic investment underscores our commitment to revolutionize the material handling rental industry and deliver exceptional value to our valued customers."

One of the key advantages of Godrej RenTRUST's rental contracts is the transparency it provides in operational expenses. Customers can benefit from a predetermined cost structure, enabling them to determine operational efficiencies needed for their core business. Additionally, rental contracts ensure that no unforeseen expenses arise during the operational cycle, minimizing surprises and providing peace of mind. Companies are increasingly transitioning from capital expenditures to rental solutions leveraging the flexibility it offers in meeting expansion needs, greenfield projects, and fleet replacements.

With a customer-centric approach, Godrej RenTRUST is poised to cater to the ever-growing demands of the Indian market and ensure seamless and efficient material handling for businesses across various sectors.

The First-Ever ‘Great 4x4 X-Pedition By Toyota’ In Southern Indian Region, Ends On A High Note!

Toyota Kirloskar Motor (TKM) today announced the successful completion of its first-ever ‘Great 4x4 X-pedition’, offering a fulfilling drive experience to the motoring enthusiasts in the Southern Region of India. The event, held during 26th-28th May 2023, covered the serene locations of Hassan and Sakleshpur, offering participants a chance to soak themselves in the scenic beauty and explore some historical places through the specially curated route. The first ‘Great 4x4 X-pedition by Toyota’ started with a zonal drive in South of India and is further set to be held in three other regions across the country, covering North, East and West, along with a ‘Grand National 4x4 X-pedition’ being planned towards the end of this year. Through this initiative, TKM aspires to connect participants with their sense of adventure and inspire them to push boundaries, explore new horizons, and thereby delivering ‘Mass Happiness’.

This inaugural event kickstarted TKM's series of 4x4 adventure-oriented drives, with a convoy of twenty-four 4x4 SUVs which included a line-up of the legendary Hilux, LC300, Fortuner and the Hyryder AWD (All Wheel Drive) from Toyota as well as participation of SUVs from other brands. While the drive was designed, providing a platform to the 4x4 SUV enthusiasts to experience the thrill of driving & off-roading adventures, the focus was also to engage these passionate 4x4 community in various sustainable initiatives such as clean-up drive & tree plantation, thereby encouraging their eco-driven contributions and enhance the sense of responsibility towards the environment.

The day-one of the X-pedition started with a flag-off of SUVs convoy in Bengaluru and covered a distance of 180 kms, with a stopover at a historical place – the Shettihalli Rosary Church. While the Church provided ample photo opportunities for the enthusiasts to capture their memorable moment, it also gave participants a chance to do their part for the environment. The participants actively engaged in the clean-up of the area through collection and disposal of wastes.

Day-two of the X-pedition brought in more excitement through a specially curated off-roading drive experience, located amid the Western Ghats, surrounded by evergreen forests with a high level of biological diversity at Sakleshpur. These uniquely designed 4WD tracks with varied obstacles like - articulation, side-inclines, steep hill ascends & descends, deep ditches, rocky beds, brought in all the thrill & excitement to the overall experiential drive, showcasing different strengths of the 4x4 SUVs, and creating awareness on how to safely manoeuvre such obstacles. This power-packed drive was conducted with utmost safety & proper supervision, providing an adrenaline-pumping adventure.

The last day of the event was marked by further contribution to the environment by handing over of the certificates to the participants for the trees that were planted on their behalf by an NGO, who will nurture such planted trees. The Toyota’s first ‘Great 4x4 X-pedition’ was much appreciated by the participants and has been a good opportunity to connect with as many 4x4 enthusiasts & fans to create a community in the future.

Expressing his enthusiasm, Mr. Atul Sood, Vice President – Sales and Strategic Marketing, Toyota Kirloskar Motor, stated, "We are delighted to have conducted our first-ever ‘Great 4x4 X-pedition’ in India, that was well-received by the 4x4 enthusiasts. It was enthralling to see their wholesome involvement in this adventurous journey with us. Toyota’s distinctive experiential drive has enabled a closer connect with the 4x4 fans who got to see the distinctive strengths of the 4x4 SUVs. We believe we have created exciting and fun moments for the discerning enthusiasts, through our ‘Great 4x4 X-pedition’. As we look forward to future adventures in the other zones, we remain committed to delivering 'Mass Happiness' by bringing unforgettable experiences to the passionate 4x4 community at large."

With the successful completion of the first zonal event, Toyota Kirloskar Motor is looking forward to creating a whole new driving experience for the motoring enthusiasts in the future. Stay tuned for upcoming announcements about other zone-wise 4x4 engagements including the grand national X-pedition planned for this year.

YES Bank Unveils Refreshed Brand Identity With 360-Degree Campaign

* Unveils its refreshed brand identity with an integrated 360-degree campaign - Life Ko Banao Rich - that encourages customers to live life to the fullest

YES BANK today unveiled its refreshed brand identity, a visual transformation relevant to the changing times. The Bank's dynamic new identity is designed to resonate with the evolving needs and aspirations of customers, while reflecting its intent of going beyond just ticking the boxes and enabling people to live each day to the fullest. This fresh narrative echoes the values of the YES BANK of today that resonates with the Bank’s commitment to empower customers to focus on their priorities while the Bank takes care of their financial needs.

As part of its refreshed identity, YES BANK has launched a vibrant new logo which carries forward the visual DNA of the Bank and builds on it. The design language is digital friendly and reflects a brand which believes in being fluid. It depicts the Bank's progressive spirit while staying true to its core values. The tick has been transformed into a soaring bird, which represents the Bank’s current position of ‘soaring’. Moreover, the smoothened out corners and fluid shapes have replaced the angular edges of the older identity, along with a more emphatic typography. The familiar blue and red colours that have been associated with YES BANK logo have got a makeover as well; the red and blue have an electric tone, representing high energy and innovation that the YES BANK of today stands for.

In line with its refreshed identity, the Bank is set to roll out an integrated campaign with the tagline – ‘Life Ko Banao Rich’ - which represents the Bank’s core focus of being a complete solution provider and taking ahead the baton of being recognized as a brand that walks the extra mile to cater to the needs of all its customers.

Commenting on the launch of the refreshed brand identity, Mr. Nipun Kaushal, Chief Marketing Officer and Head CSR, YES BANK, said, “Over the last three years, YES BANK has been through a transformational journey and has since then, progressed on several strategic objectives to position itself as a strong customer centric franchise. As brand custodians of the Bank, it was imperative to represent the extent of our transformation in the best possible manner. I am delighted to present to you a refreshed identity of YES BANK, which resonates the ethos and values we uphold, the emotional connection we have with our customers, and our motivation to provide them with a rewarding banking experience. Our campaign tagline ‘Life Ko Banao Rich’, reflects our objective to encourage customers to spend time and make memories with their loved ones, and leave their banking needs to us.”

The revitalized identity extends across all customer touchpoints, such as the Bank's headquarters, branches, products, digital platforms and communication materials. The campaign will underline the theme of ‘Life Ko Banao Rich’ and will be promoted across social and digital media, OTT networks and television.

·         Creative Agency: McCann Worldgroup

·         Production House: Conversation Films

·         Video: https://youtu.be/SvrdtEtEhU8

About YES BANK

YES BANK is a full service commercial bank providing a complete range of products, services and technology driven digital offerings, catering to retail, MSME as well as corporate clients. YES BANK operates its investment banking, merchant banking and brokerage businesses through YES SECURITIES, a wholly owned subsidiary of the Bank. Headquartered in Mumbai, it has a pan-India presence including an IBU at GIFT City, and a Representative Office in Abu Dhabi.

For more information, visit the Bank's website at http://www.yesbank.in/

HCL Foundation Organizes Pan India Symposiums For Ninth Edition Of HCLTech Grant, “Bengaluru Hosts Inaugural Event”

* Launches HCLTech Grant Edition IX with an annual commitment of Rs 16.5 crores 

* HCL Foundation has already invested ? 1137 crores in CSR in the last 12 years 

HCL Foundation (HCLF), the corporate social responsibility (CSR) arm of HCLTech, today organized the inaugural event, part of a series of pan India symposiums, for HCLTech Grant Edition IX in Bengaluru.  With India holding the G20 Presidency this year, the topic of the symposium focused on addressing Sustainable Development Goal 1 of ending poverty and what it means for civil society in the context of G20. 

The symposium witnessed several NGOs and civil society organizations from Karnataka and neighboring states engaging in discussion and dialogue on the role of CSR in contributing towards nation-building and aligned with the SDG of eliminating extreme poverty from the perspective of G20.  

The day-long symposium provided a platform to NGO representatives and civil society experts to collaborate, learn, and generate ideas to contribute towards nation-building. 

The event featured an insightful panel discussion with eminent speakers that included Jeya Chandran, State Project Head, United Nations Development Programme, Karnataka; Kalyani Pantangi, Director & Senior Consultant for Management & Business Services, Intelliace Solutions Private Limited; Veena M, ESG Consultant; and Dr. Usha Manjunath, Professor and Director, Indian Institute of Health Management Research, Bangalore along with Dr. Nidhi Pundhir, Vice President, Global CSR, HCL Foundation. The symposium also included a masterclass on CSR laws and its amendments by Bhomik Shah, Founder and CEO, CSRBOX, and Nikhil Pant, CSR Advisor and former Chief Programme Executive, National Foundation for CSR, Indian Institute of Corporate Affairs, Ministry of Corporate Affairs, Govt. of India. Ms. Archana Tripathi, CEO – SAAHAS, Ms. Jyoti Thyagarajan, Founder and Executive Trustee – Meghshala Trust, Mr. Murthy Naveen Kumar, National Archer, The Association of People with disability, Dr. Chethana Thirthahalli, Lead health – HCL Foundation were a part of the Grant Process and Experience sharing. This is the second successive year that HCL Foundation has organized a symposium in Bengaluru, following the overwhelming response received from NGOs last year. 

Besides Bengaluru, the HCLTech Grant Symposiums will be held in Thiruvananthapuram, Mumbai, Ahmedabad, Jaipur, Guwahati, Raipur, and New Delhi. 

Through these symposiums, HCL Foundation aims to educate NGOs about the HCLTech Grant, one of India’s most coveted institutionalized grants. The grant identifies NGOs that are undertaking groundbreaking work in rural development through an independent, robust, and democratic process. Grants are given to the three winners in the categories of education, health, and environment with a commitment of ?5 crores for a four-year project in each category. Additionally, a grant of ?25 lakh each is given to the other two finalists in each category for a one-year project. The total funding committed for the ninth edition is ?16.5 crores.  

To date, HCL Foundation has conducted numerous symposiums under the HCLTech Grant, out of which 22 e-symposiums and 44 symposiums were conducted in person.  

Three NGOs—Planatearth, Innovators in Health (IIH) India, and Meghshala Trust – were winners in the Environment, Health, and Education category of the HCLTech Grant 2022 and received ?5 crore (appx. $620,000) each for their projects. 

HCL Foundation has committed more than ?130 crores (appx. $16 million) to NGOs since the launch of the HCLTech Grant programme eight years ago, reaching over 1.8 million beneficiaries in more than 25,000 villages in remote districts across 22 states and two union territories of India. The partnership has been forged with 49 NGOs, of which 21 NGOs have been awarded grants of ? 5 crores each, and 28 NGOs have received ? 25 lahks each for their respective projects. 

HCLTech Grant has seen a significant increase in registrations. From 2016 onwards, 49,453+ Registrations and 8,634+ Applications were received under HCLTech Grant. The idea of the HCL Grant is not only to recognize the work of NGOs contributing to the nation’s growth and development but also to stay engaged with them to achieve the desired impact. 

The HCLTech Grant Compendium published each year features not just the winners but also the work of up to 30 shortlisted NGOs, ten from each category. It is a step toward re-establishing the value of strong governance in civil society and providing international visibility to Indian NGOs doing path-breaking work in the rural development sector. 

About HCL Foundation: HCL Foundation delivers the corporate social responsibility agenda of HCLTech through its flagship programmes and special initiatives. We concentrate on improving education, skill development, livelihoods, healthcare and the environment. Our HCL Samuday and HCL Grant focus on rural development; HCL Uday and Clean Noida focus on urban development; and HCL Harit focus on environmental action. Our Power of One initiative helps our people give back to society, Sports for Change transforms outcomes for young people, My E-Haat supports skill development and livelihoods and our HCL Foundation Academy is a shared learning platform. 

For more information, visit www.hclfoundation.org/hcl-grant. 

Quote of Dr. Nidhi Pundhir, Vice President, Global CSR, HCL Foundation:  

India's leadership role in the G20 signifies a momentous achievement on the global stage. It has bolstered our dedication to various Sustainable Development Goals (SDGs), already underway through collaborative efforts with stakeholders. As one of the world's fastest-growing economies, we acknowledge the challenges of advancing amidst the impacts of global warming. The symposium held today has garnered a remarkable response, reaffirming our commitment to supporting the commendable work of NGOs and fostering robust governance within civil society. 

We firmly believe that India's G20 presidency will guide us in establishing a resilient environment for growth, accelerating opportunities for livelihood, enhancing educational outcomes, and steadfastly pursuing the accelerated attainment of SDG1. We have full confidence that these symposiums will empower NGOs with cutting-edge practices and transformative ideas, contributing to the progress of a better India. 

Photo Captions; Mr. Nikhil Pant, Moderator; Mr. Jeya Chandran State Project Head, United Nations Development Programme (UNDP)-Karnataka; Dr. Nidhi Pundhir Vice President, Global CSR, HCL Foundation; Ms. Veena M ESG Consultant; SPSC Ambassador; National President of Handicraft Council - Women India Chamber of Commerce; Facilitator at CIC; Cofounder at Texellent Solutions Private Limited; Dr. Usha Manjunath Professor – Director - IIHMR (Bangalore); Ms. Kalyani Pantangi Director & Sr-Consultant for Management & Business Services; Patron of Sustainability & Change management; ESG Consultant, G100 India Country Chair; Volunteer @ UN & CIC.

OnMobile Reports Positive Fourth Quarter of Fiscal Year 2023 Results

* Challenges Arena: Growth momentum continued; revenue grew 22x since its launch and 66 cumulative customer agreements by Q4FY23

OnMobile Global Limited (“OnMobile”), the global leader in mobile entertainment, today announced the financial results for the Fourth quarter and Full year FY23 ended March 31, 2023.

Highlights:

Challenges Arena: Revenue increased by 178% on a YoY basis and grew 22x over the last 8 quarters

Challenges Arena: 66 cumulative customer confirmations and 42 customers live as on Q4FY23

Challenges Arena: 17.56 Mn gross subscribers as on Q4FY23

Challenges Arena: The Net active base remained stable at 3.1 Mn at the end of Q4FY23

ONMO B2B: 19 Customers confirmed (4 live). Revenue grew 2x QoQ

FY23 revenues at INR 5,490 Mn, up by 0.9%; Gross profit at INR 2,780 Mn, a growth of 6.3% YoY basis

Q4FY23 revenues at INR 1,345 Mn, up by 1.0%; Gross profit stood at INR 702 Mn, a growth of 10.9% YoY basis

In Q4FY23 Marketing cost grew by 8.5% QoQ and 45.3% YoY primarily due to investments in new launches

In Q4FY23 Manpower cost decreased by 3.7% QoQ

Commenting on Q4FY23 results, Sanjay Baweja, CEO & MD, OnMobile, said, “We recognize that this has not been a good quarter for us, having said that, we have optimized our resources and are scaling up our new products which will reflect in good revenue growth in the current year with much higher profitability. We have launched our first-ever SaaS-based gamification platform ‘Gamize’ to diversify our portfolio. Our focused execution and ongoing efforts to digitize our core B2B business positions us well to achieve the goal of developing cutting-edge mobile solutions.”

Asheesh Chatterjee, Global Group CFO, said, “Our Q4 FY23 revenues are up by 1% and gross profit is up by 10.9% on year-on-year basis. Overall profitability declined due to one-time severance cost which will contribute to higher profitability and efficiency in the coming months. Gaming vertical constitutes 12% of FY23 gross revenues. CA and ONMO are going as per plan and we are poised for further growth in the upcoming quarters.”