Toyota Kirloskar Motor Reports Its Best Ever Monthly Wholesales By selling 21,911 Units In July 2023

·       Posts Y-o-Y growth of 11% compared to July 2022.

·       First seven months of CY 2023 witnesses an impressive growth of 31% over the same period in 2022.

·       First four months of FY 2023 records a significant growth of 26% compared to the corresponding period in FY 2022

Toyota Kirloskar Motor (TKM) today reported its strongest cumulative sale ever by selling 21,911 units in July 2023. While the overall domestic sales stood at 20,759 units, exports accounted for 1152 units.  This represents a steady growth of 10% compared to July 2022, where sales stood at 19,693 units. In June 2023, the company had sold 19,608 units thereby presenting month-to-month growth of 12%.

The company previously posted its best monthly wholesales in May’2023 by selling 20,410 units.

During the first seven months of CY 2023, TKM sold 1,24,282 units, reflecting a substantial increase of 31% compared to the same period in CY 2022, where sales stood at 94,710 units. The first four months of FY 2023 have witnessed a surge as well with sales of 77,439 units, marking a growth rate of 26% when compared to corresponding period of FY 2022, which saw 61,506 units sold.

Mr. Atul Sood, Vice President of Sales, and Strategic Marketing at Toyota Kirloskar Motor, said, “The month of July has been tremendous for the company, we are thrilled to have recorded our highest wholesales ever by selling 21,911 units. We are witnessing an overwhelming response to our entire product range including Urban Cruiser Hyryder, Innova Hycross, Fortuner, Legender, New Innova Crysta Camry and a special mention goes to the versatile Hilux thus reflecting the utmost trust our valued customers place in us. The Cool New Glanza also continues woo a fresher set of customer base for Toyota. Given the mid-year sales trend and the favourable demand sentiments, coupled with our increase in production by adding a third shift operation, we are confident of recording one of our strongest years in the country. We are also keenly looking forward to a good festive season and gearing up to meet the further surge in demand.

As a company, that aspires to create mobility for all with a deep rooted commitment to quality, innovation and respect for the planet, we strive to exceed customer expectations by setting new industry benchmarks. July was extra special to us, as we are honoured to have delivered the first-ever fleet of Hilux to the Indian Army, marking a momentous milestone for TKM. Being a customer focussed organization, we rolled-out the ‘Monsoon Campaign” in the month of July, to offer a wide range of exclusive benefits and maintenance offers to ensure safety and seamless driving season while elevating hassle-free ownership experience this monsoon season.”

Applied Materials Announces Engagement With Industry Stakeholders For Its Planned Collaborative Center In India

* Planned center to bring together global and domestic suppliers and academic institutions to accelerate the development and commercialization of technology for semiconductor manufacturing equipment, enabling India’s readiness for a high-volume manufacturing ecosystem

Applied Materials, Inc. today announced the company’s engagement with more than 40 suppliers and academic institutions as part of the company’s planned collaborative engineering center in Bengaluru. Participating at SemiconIndia 2023, the company is focusing on close collaboration among the country's top engineers, academia, and suppliers to accelerate innovation in semiconductor manufacturing equipment technologies and build a robust domestic semiconductor ecosystem. The planned center aims to harness the collective expertise of the industry stakeholders and spearhead breakthrough ideas related to India’s domestic semiconductor supply chain and talent development. 

Applied aims to reduce the time to commercialization and develop a sustainable semiconductor ecosystem in India. Through its engagement with leading global semiconductor supplier organizations, the center will be designed to provide access to advanced equipment and processes for suppliers to test and validate their solutions, while also creating opportunities to co-innovate, develop, and test equipment subsystems and components to accelerate cycles of learning and speed up the adoption of new concepts. Supporting the objective, Applied is also partnering with top-tier universities and institutions both for innovation and to help develop a capable workforce to support the domestic semiconductor ecosystem. 

“This is a pivotal moment for India to position itself as a key player in the global semiconductor landscape,” said Prabu Raja, President of the Semiconductor Products Group at Applied Materials. “The establishment of Applied’s collaborative engineering center will be a significant milestone in our commitment to fostering innovation and collaboration in the semiconductor ecosystem in India. The center will promote synergy among industry stakeholders and cultivate a culture of technical research, skill development, and knowledge sharing.”

"We have embarked on a transformative journey to power India's semiconductor mission,” said Srinivas Satya, Country President of Applied Materials India. “Our objective is to change the way we engage with chipmakers, universities, and other partners to enhance time to market, reduce R&D costs and increase the overall success rate of new technologies. Simultaneously, the center will provide guidance and technical expertise to semiconductor companies, assisting them in developing high-quality, cost-effective semiconductor products that cater to global and domestic markets while generating employment opportunities across various skill levels.”

Applied’s planned center is an integral part of the company’s global innovation approach and is designed to fundamentally change the way chips are made. The benefits of establishing the center in India will extend beyond the country’s domestic semiconductor ecosystem and contribute actively to the global semiconductor industry. With its rich pool of skilled engineers, strong academic foundation, and strategic supply chain partners, India is well-positioned to drive innovation in the global market. In its first five years of operation, the center is expected to create at least 500 new advanced engineering jobs along with potentially another 2,500 jobs in the manufacturing ecosystem.

About Applied Materials

Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.

NTPC Group Wins GW Scale RE Orders In TBCB Mode In Q1-2023

NTPC Renewable Energy Limited (NTPC REL) received the Letter of Award for 550 MW Solar Project at a tariff of ?2.56/kWh, won in RECPDCL's 1250 MW ISTS-Connected solar tender published in Dec-2022. This power will be utilized under the GoI’s Aug’2022 scheme for flexibility in Generation and scheduling of Thermal Power stations through bundling with RE capacity. The project is to be executed within a period of 18 months and will require capital investment of ?2800 Cr.

With allotment of this 550 MW capacity, NTPC REL will have to execute more than 2 GW RE capacity to fulfill the capacity won in TBCB mode in Q1-2023 alone.

As on date, NTPC group has 3.3 GW RE operational capacity, 6 GW is under different stages of implementation, another 12 GW under tendering including 4 GW Energy Storage System and a major hydrogen based energy storage cum microgid system.

NTPC is committed to achieve 60 GW of Renewable Energy Capacity by year 2032 and be a major player in Green hydrogen technology and Energy storage domain.

Toyota Kirloskar Motor Receives Prestigious State Export Excellence Award For Outstanding Performance In Auto & Components Exports

Toyota Kirloskar Motor (TKM), has been honoured with the prestigious 'State Export Excellence Award' in the 'Auto & Components' category by The Visvesvaraya Trade Promotion Centre (VTPC). The award was presented to TKM by Hon'ble Chief Minister of Karnataka, Shri. Siddaramaiah, during the event held in Bangalore recently, recognizing its outstanding export performance.

Established in 1965 under the Karnataka Societies Act, VTPC is a designated agency responsible for fostering trade and promoting exports from the State of Karnataka, operating under the purview of the Department of Industries and Commerce, Government of Karnataka. Since 1992-93, the Government of Karnataka has instituted these State Awards to commend outstanding performance in exports, recognizing the relentless efforts of exporters in driving economic growth through international trade.

The consistent excellence in exports of engineering products has earned TKM, the coveted ‘State Export Excellence Award’ in the 'Auto & Components Exporter' category for three consecutive years - 2017-18, 2018-19, and 2019-20. This achievement highlights the company's role in contributing to both the national and state economy through the global export of high-tech automotive parts and vehicles. TKM, as a manufacturer exporter, exports CBU (Completely Built Unit) vehicles and Auto Parts to Malaysia, Brazil, Thailand, Vietnam, Indonesia, Philippines, Brunei, and South Africa.

Mr. Swapnesh R Maru, Executive Vice President & Chief Compliance Officer at Toyota Kirloskar Motor, expressed his gratitude and shared his vision for the company's continued growth, stating “At Toyota Kirloskar Motor, we align ourselves with progressive policies of the center and state governments by continuously developing globally competitive automotive technologies and processes at our state-of-the-art facility at Bidadi, Karnataka. Our focus on 'Mass electrification' with 'Make in India' is driving us towards becoming a critical manufacturing hub for advanced, clean, and efficient vehicles at competitive prices.”

Furthermore, in line with Toyota's commitment to 'Mass electrification' and 'Make in India,' Toyota Kirloskar Auto Parts Private Limited (TKAP), established in 2002, has been instrumental in manufacturing and selling automotive parts, emphasizing India's role as Toyota's Asia's Electrification Hub. TKAP has recently set up an advanced manufacturing facility for e-Drives, a crucial component of electrified powertrains, supplying them to Toyota Kirloskar Motor Private Limited and exporting them to Japan and other Asian countries.

In addition to catering to the domestic market, TKAP's E-Drives are also being exported to Japan, showcasing India's capability as a leading exporter of advanced automotive technologies. The collaboration between TKM and TKAP, supported by initiatives like the Production Linked Incentive (PLI), demonstrates the Indian auto industry's growing potential to contribute to the worldwide transition towards green and clean mobility.

TKM’s consistent pursuit of excellence in engineering products and its dedication to sustainable manufacturing have positioned it as a frontrunner in India's automotive industry and has enabled the company to make positive and meaningful contribution to the economy and society at large.

Exponent Energy’s Proprietary Energy Stack To Make EVs 30% More Affordable;

* Showcases patented ‘water-based’ off-board thermal management system that makes 15-minute rapid charging an on-road reality

*  Exponent to deploy 3,500 EVs powered by Exponent and 100 e-pumps (15-minute charging station) in Bengaluru next year.

* EVs powered by Exponent have covered 10,00,000+ kms, completed 25,000+ rapid charging sessions, and managed to reduce EV charging cost by 33%.

* Company plans to expand operations to five new cities by the end of FY '24 and is targeting to deploy 1,000 e^pumps and 25,000 EVs powered by Exponent, by 2025.

* Exponent to deploy 3,500 EVs powered by Exponent and 100 e-pumps (15-minute charging station) in Bengaluru next year.

Exponent Energy, an energy-tech startup unveiled the tech behind its 15-minute rapid charging solution for the EV industry. Exponent showcased its proprietary energy stack - battery pack (e^pack), charging station (e^pump) and charging connector (e^plug) that together unlock a 15-minute rapid charge, and long battery life (3000 cycle life warranty, 3 times the industry standard) – all done on regular LFP cells for the first time in history.

Rapid charging kills range anxiety and the need for expensive, oversized battery packs. With this unique two-sided approach, EVs powered by exponent will be 30% more affordable, made possible by an optimised battery capacity (30% smaller), and 5 year financing (powered by 3000 cycle life warranty). Additionally, 15-minute rapid charging reduces EV charging cost by 33%.

Exponent’s energy stack addresses two key problems that, for decades, prevented rapid charging on LFP cells – Lithium plating and Extreme heat.

Tackling Lithium plating to prevent significant cell degradation

When charging a cell, Li-ions flow from the cathode to the anode and get absorbed. The faster you charge, the more ions flow, leading to crowding around the anode. If left unchecked, this crowding leads to lithium plating, resulting in significant cell degradation. Exponent solves this through a combination of their Battery Management System (10 times more accurate than industry standard), Virtual Cell Model and Dynamic Charging Algorithms. This allows them to proactively sense Lithium crowding in real-time and ensure each cell is rapid charged without significant degradation.

This approach was validated by an independent testing laboratory - TUV India (TUV Nord Group, Germany) that found only 13% degradation after 3000 charging cycles of 15-minute rapid charging.

Off-board thermal management for rapid charging in any ambient temperature

15-minute rapid charging generates a ton of heat. 256 times more than the industry average of 4 hour charging. If this heat isn’t extracted, the battery pack would overheat and switch off. Furthermore, in India, the ambient temperature is 40°C or higher and Li-ion cells have a far lower thermal sweet spot of 25-35°C. To solve this, we need advanced HVAC systems, which are both bulky & expensive. Additionally, this level of heat is generated only when one rapid charges an EV and not driving it.

Therefore, Exponent has built an advanced HVAC system that’s “off-boarded” from the vehicle to its e^pump. While charging, the e^pump transfers refrigerated water through the e^plug to cool every Li-ion cell in the e^pack. This ensures the e^pack’s temperature doesn’t exceed 35°C in any ambient temperature condition. Furthermore, with the expensive system “off-boarded”, EVs powered by Exponent are both affordable and lightweight.

Speaking on the occasion, Arun Vinayak, CEO and Co-founder, Exponent Energy said, “At Exponent, we’re building the future of energy that combines cutting-edge engineering with real world economics, and our off-board thermal management system is a testament to that belief. For everyone to go electric, consumers need EVs that charge faster, last longer, and cost lesser. Our unique two-sided approach to 15-minute rapid charging makes EVs last 3 times longer and cost 30% less than conventional EVs. We’re excited to scale this across India starting with Delhi-NCR, Mumbai, Hyderabad, Chennai and Ahmedabad!”

In the last 3 months, Exponent has completed over 25,000 rapid charging sessions, covered over 10,00,000 kms with 200+ EVs powered by exponent on road in Bengaluru.

Exponent’s 15-minute rapid charging also unlocks higher energy throughput enabling the company to build the most profitable and scalable EV charging network. Their e^pump in Mahadevapura, Bengaluru did a whooping 41 charging sessions in a single day setting a new benchmark in the EV industry.

The company is looking to expand its operations in five more cities - Delhi NCR, Mumbai, Hyderabad, Chennai and Ahmedabad by the end of FY '24 and is targeting to deploy 1,000 e^pumps and 25,000 EVs powered by Exponent, by 2025.

In the past year, Exponent partnered with Altigreen, resulting in the successful launch of the first EV powered by exponent – the neEV Tez. Looking ahead, Exponent aims to deepen their presence in the 3 wheeler cargo and passenger vehicle market and also explore new vehicle categories. The startup is backed by key investors like Lightspeed India, YourNest VC, 3one4 Capital, AdvantEdge VC, Pawan Munjal’s family office, Motherson Group and has raised $18mn till date.

About Exponent Energy:

Led by Arun Vinayak & Sanjay Byalal, Exponent Energy aims to simplify energy for EVs. The company has built a battery pack named e^pack; charging station called e^pump; and charging connector e^plug that together unlock a 0 to 100% charge in 15 minutes for EVs with any number of wheels & provide a 3000-cycle life warranty – all while using regular Li-ion cells to make rapid charging truly affordable and scalable.

To know more, visit the official Exponent Energy website: www.exponent.energy

Twitter: @ExponentEnergy

LinkedIn: Exponent Energy

UPL Q1 FY24 Revenue At Rs 8,963 Crore And EBITDA At Rs 1,593 Crore

* Q1 FY24 Revenue at Rs 8,963 crore and EBITDA at Rs 1,593 crore

* Net Debt at $3.19 billion as of June 2023, down by $160 million vs June 2022

UPL Ltd. (NSE: UPL & BSE: 512070, LSE: UPLL), today reported financial results for the first quarter of FY24 (Apr-June 2023)

Revenue and EBITDA for Q1 impacted by the industry-wide slow down.

·         Differentiated and Sustainable portfolio delivered resilient performance growing by 7% YoY - revenue share rose significantly to 37% (from 27% in Q1FY23) supporting contribution margins.

·         Seeds business delivered robust performance as revenue grew by 26% YoY and EBITDA increased by 54% YoY.

·         Net Debt stood lower by $160 million vs LY at $3,193 million as of 30 June 2023 despite lower factoring ($890 million on 30 June 2023 vs 1,140 million on 30 June 2022). Adjusted for the lower factoring quantum, net debt would have stood at $2,943 million (lower by $410 million YoY)

Commenting on the performance, Mr. Mike Frank, CEO – UPL Corporation Ltd., said “The global agrochemical industry has been going through a challenging phase over the last two quarters as distributors prioritized destocking and focused on tactical purchases amid high channel inventories. Additionally, the market is witnessing pricing pressure given the high base of previous year and aggressive price competition we have seen from the Chinese post patent exporters.

Given this backdrop, our revenue and profitability were also impacted by these headwinds in line with the rest of the industry. Having said that our differentiated and sustainable portfolio performed resiliently (+7% YoY); with revenue share increasing significantly to 37% versus 27% last year. Favorable portfolio and regional mix coupled with better margins at Advanta helped improve contribution margins by ~198 bps YoY in Q1.

One of our key focus areas has been to improve cash flows and strengthen our balance sheet. In-line with this, we have reduced our net debt by ~$160 million versus June 2022 despite much lower factoring (down by ~$250 million YoY). 

Further, we are undertaking a cost reduction initiative of $100 million over the period of next 24 months; 50% of which we expect to be realized in FY24. Going forward, while we anticipate demand to remain subdued in Q2 FY24 as well, our performance should be sequentially better. We are optimistic of demand recovery in H2 FY24 as the channel inventory approaches a new normalized level. Overall, led by improved demand and cost optimization efforts, we expect our Revenue and EBITDA growth to turn positive in H2 FY24, with full year Revenue growth to now be in the range of 1-5% with EBITDA growth at 3-7%.”               

Other Developments for the Quarter

During the quarter, our Specialty Chemicals Business (including AI manufacturing) was proposed to be transferred to a wholly-owned subsidiary ‘UPL Speciality Chemicals Ltd.’ (USCL) for a consideration of Rs 3,572 crore. The proposed transfer has been approved at the shareholder meeting on 20th July 2023 and the transaction is expected to be completed in the next few months.

About UPL

UPL Ltd. (NSE: UPL & BSE: 512070) is a global provider of sustainable agriculture products & solutions, with annual revenue exceeding $6 billion. We are a purpose-led company. Through OpenAg, UPL is focused on facilitating progress for the entire agricultural value chain. We are building a network that redefines the way an entire industry thinks and works – open to fresh ideas, innovative ways, and new answers as we strive towards our mission to make every single food product more sustainable. As one of the largest agriculture solutions companies worldwide, our robust portfolio consists of biologicals and traditional crop protection solutions with more than 14,000 registrations. We are present in more than 138 countries, represented by more than 13,000 colleagues globally. For more information about our integrated portfolio of solutions across the food value chain including seeds, post-harvest, as well as physical and digital services, visit upl-ltd.com.

Blue Dart Announces Q1 Financial Results With Sales Clocking In At Rs 1,238 Crores

Blue Dart Express Limited, South Asia's premier express air and integrated transportation & distribution logistics Company, declared its financial results for the quarter ended June 30, 2023 at its Board Meeting . 

The company posted Rs 59.74 crores profit after tax for the quarter ended June 30, 2023; Revenue from operations for the quarter ended June 30, 2023, stood at Rs 1,238 crores. The company, known for its extensive network with a reach of 55,000+ locations, cutting-edge technology and unwavering commitment to customer satisfaction continued to deliver a good performance. The Company carried 839 lakh shipments (last year 771 lakh shipments) weighing 285,625 tons (last year 278,393 tons) during the quarter. 

Commenting on the company's performance, Balfour Manuel, Managing Director of Blue Dart Express Ltd., stated, " A significant driver of our consistent performance has been our focus on delivering high-quality services to our customers. By prioritizing service excellence, we have gained a substantial market share across various service offerings. Our commitment to understanding and exceeding our customers' expectations has set us apart from the competition, earning us their trust and loyalty.”  

Speaking about the business outlook, he says, “Our strategic investments during this quarter, have paved the way for a promising future. We have prioritized capacity creation through the induction of the two new aircrafts, embraced automation and digitalization to enhance our infrastructure, and expanded our market reach through retail expansion. With these initiatives, we are well-positioned for sustained growth and remain committed to leveraging technology and exploring new opportunities.”  

Elaborating further, Balfour Manuel says, “As we progress through the year, we are excited about the potential that lies ahead. We will continue to focus on strategic investments and sustainable growth, ensuring that we remain at the forefront of the industry.”  

Under its credo, "Connecting People, Improving Lives," the organization has set in motion a number of technological initiatives that will drive green logistics and ESG, which are integral parts of its Strategy 2025. The organization has set a precedent well within its first quarter of the financial year 2023-24 by continuing to be a Provider of Choice, an Employer of Choice, and an Investment of Choice for all its stakeholders. The company won notable accolades during the first quarter, including 'Great Company to Work For' for the 13th time in a row. Additionally, Balfour Manuel, the Managing Director, was honoured as the Most Trusted Leader at the CEO Conclave organized by the Great Place to Work Institute.