Get Leccoed: Transform Your Living Spaces With Affordable Combos At Lecco Cucina's New Experience Centre In Sahakar Nagar, Bengaluru

Lecco Cucina is excited to announce the grand opening of our latest Experience Centre in Sahakar Nagar, Bengaluru. Step into our world and reimagine the ambiance of your home with our exclusive combo offers, meticulously designed to elevate your living experience. Unveiled on April 21st, 2024, our Experience Centre promises an unparalleled blend of beauty and sophistication. Notably, this marks our 4th Experience Centre in the city and our 7th overall, showcasing our commitment to bringing exceptional design to more communities.

The inauguration ceremony was honored by the esteemed presence of Chief Guests Mr. Ashok Kheny, Managing Director of Nandi Infrastructure Corridor Enterprises Ltd., and Mr. Krishna Byre Gowda, Revenue Minister & MLA, representing the State Government of Karnataka.

Spanning an expansive 2000 square feet, our showroom located on the 1st Floor, No 5, Kodigehalli Main Road, Sahakar Nagar, Bengaluru - 560 092, showcases a meticulously curated array of designs, customized to complement diverse aesthetic sensibilities.

At Lecco Cucina, we transcend being just a brand, we embody a vision of making aspirational designs accessible to every Indian homeowner. What sets us apart is our unwavering commitment to innovation. Our designs not only exude style but also pioneer ground-breaking solutions, offering a large number of options tailored to individual aesthetics and spatial needs.

Founded on the aspiration of bringing the essence of artistic design to Indian households, our mission is resolute and to emerge as the foremost chain of modular kitchens and wardrobes in India. We endeavour to democratize access to the most promising designs without compromising on quality or affordability.

Our designs seamlessly blend visual appeal with practicality, hoisting your living spaces into timeless masterpieces. Backed by top-notch engineering, our offerings are crafted to perfection, ensuring unmatched quality with every piece, and come with a 10-year warranty.

Upgrade your living experience with our carefully arranged combos customised for 3BHK, 2BHK & 1BHK homes. From fully equipped kitchens to spacious wardrobes, comfortable beds, TV units, and convenient shoe racks - discover everything you need to turn your dream home into reality, all under one roof.

Dhanuka Introduces Powerful Insecticide 'LaNevo' Alongside A Bio-fertilizer

Leading agrochemical company Dhanuka Agritech Limited unveiled two groundbreaking products -- the powerful insecticide ' LaNevo',  and the bio-fertilizer 'MYCORe Super', designed to revolutionize crop protection and yield enhancement in agriculture.

'LaNevo' marks a strategic collaboration with Nissan Chemical Corporation, Japan, further strengthening Dhanuka's insecticide portfolio. LaNevo offers dual benefits with a unique mode of action for enhanced crop protection against sucking and chewing pests. It is designed to minimize resistance development and, promoting healthier crops and higher yields.

Mr. Rahul Dhanuka, Joint Managing Director, Dhanuka Agritech Limited, along with senior officials from Nissan Chemicals Corporation, addressed a large gathering of retailers, major dealers from Karnataka outlining the specifications and benefits of the new products.

Mr. Dhanuka said, this launch signifies Dhanuka's commitment to providing innovative solutions for sustainable agriculture.

“We are introducing a new insecticide, LaNevo, specifically designed to help vegetable farmers. This powerful broad-spectrum insecticide effectively controls a wide range of pests, including Jassid, Thrips, Whiteflies, and Leaf Miners. By targeting both sucking and chewing pests, LaNevo offers farmers better control over crop damage,” he said.

Mr Y Fukagawa San, General Manager and Head of International Sales Nissan Chemical Japan, said ‘LaNevo’ is tough for insect-pest resistance development, and effectively controls leaf's lower surface hiding insect-pest.  This powerful insecticide is easy to apply, promoting healthier crops and higher yields," he said.

Dr. R.K. Yadav, Managing Director, Nissan Agro Tech India Pvt. Ltd., said farmers can trust in LaNevo’s dual power, reliability and quick action to protect their crops and ensure a bountiful harvest.

“For best results, apply Lanevo at the initial appearance of pests in your chilli, tomato, brinjal crops,” he advised the farmers attending the event.

Introducing the bio-fertilizer 'MYCORe Super', Mr. Manoj Varshney, National Marketing Head of Dhanuka Agritech, highlighted its effectiveness in high-value crops to increase output and quality.

"Harnessing the power of natural biological processes, our product offers the most advanced solution to farmers seeking to optimize their agricultural outputs while minimising their environmental impact," Varshney added.

The company launched these products in Tirupati yesterday and will be launching them in other geographies in coming days.

Dhanuka Agritech remains committed to driving innovation in agriculture, ensuring farmers have access to cutting-edge solutions that optimize productivity and sustainability.

About Dhanuka Group: Dhanuka Group is one of India’s leading plant protection companies, listed on BSE and NSE. With 4 manufacturing units across Gujarat, Rajasthan, and J&K, Dhanuka operates through 41 warehouses and a network of 6,500 distributors and around 80,000 retailers. The company's international collaborations with leading agrochemical companies introduce cutting-edge technology to Indian farmlands. Backed by a workforce of over 1,000 techno-commercial staff and supported by a robust R&D division and distribution network, Dhanuka serves approximately 10 million Indian farmers with its products and services.

AU Small Finance Bank Launches International Fund Transfers, Cross-Border Trade Finance & Forex Services On Its 7th Banking Anniversary

-          India’s largest SFB commemorates its 29th Foundation Year and 7th banking anniversary by introducing ‘AU Remit’ & ‘AU DigiTrade’

-          AU Remit enables Non-Resident Indian (NRI) customers to effortlessly transfer funds digitally from their AU NRE Savings Account to their overseas accounts in foreign currency.

-          Digital Trade Portal ‘AU DigiTrade’ will enable MSME customers to initiate trade transactions from anywhere/anytime, track the transaction status and access reports online

AU Small Finance Bank, India’s largest SFB, commemorates its 29th Foundation Year and 7th banking anniversary by introducing ‘AU Remit’, a platform to initiate international fund transfers under the Liberalized Remittance Scheme (LRS), designed to meet the diverse needs of its retail customers. The bank has also launched ‘AU DigiTrade’ platform for its MSME customers and a host of Trade Finance and Forex services for exporters and importers. The unveiling of both these services marks a significant milestone in AU Small Finance Bank's journey towards enhancing customer-centric financial solutions.

Notably, AU Small Finance Bank had obtained the Authorized Dealer Category 1 (AD 1) license from the Reserve Bank of India (RBI) in April 2023, empowering the bank to conduct a wide array of foreign exchange transactions. Leveraging this authorization, AU Remit sets a new standard in international fund transfers for retail customers while the ‘AU DigiTrade’ will benefit MSME exporters and importers.

AU Remit enables Non-Resident Indian (NRI) customers to effortlessly transfer funds digitally from their AU NRE Savings Account to their overseas accounts in foreign currency. Besides, it also extends its services to residential individuals and proprietorship firms, enabling them to send money abroad for purposes listed by the RBI under the LRS scheme through the Web Portal and AU Small Finance Bank branches. AU Remit streamlines the transfer process, eliminating cumbersome documentation requirements and elevating the overall customer experience.

Highlights of AU Remit include:

-          Multiple Currency Options: Currently available in 4 major currencies for existing AU SFB customers, with plans for expansion to New-To-Bank (NTB) customers in phase 2.

-          High Transaction Limit: Customers can remit funds online up to USD 25,000 equivalent per transaction for purposes including education, family maintenance, gifts, health services, and NRE repatriation.

-          User-Friendly Interface: Intuitive digital platform with fast payment processing, 24*7 remittance services, real-time tracking, and transparent fee structure.

-          Accessibility: Accessible through the online portal using mobile number authentication or in-person at AU SFB branches.

The Trade Finance and Forex services will facilitate cross- border trade of its customers by providing financing, document handling and cross-border remittance solutions along with support in regulatory compliances. The bank has also launched a Digital Trade Portal ‘AU DigiTrade’ that will enable MSME customers to initiate trade transactions from anywhere/anytime, track the transaction status online and access reports online.

Highlights of Trade Finance Services for MSME customers include:

-          Multiple Currency Options - AU SFB would handle export and import transactions in four major currencies viz, USD, EUR, GBP and AED for exporters and importers.

-          Wide Spectrum of Trade Finance & Forex products – AU SFB would offer products like Export Finance, Import Letter of Credit, Foreign Bank Guarantee, Forward Covers, Forex rates and all services for export and import collections.

-          Special purpose Foreign Currency Accounts – AU SFB would open ‘Exchange Earners Foreign Currency (EEFC)’ accounts and ‘Diamond Dollar Account (DDA)’ for its export customers.

-          Customized Current Accounts- AU SFB has launched current accounts - “AU Royale Trade” and “AU Trade Platinum” which have customized features and preferential pricing.

Speaking on the launch, Mr. Sanjay Agarwal, Founder, MD & CEO of AU Small Finance Bank, said, "I express my deep gratitude towards the bank's 1.1 Crore customers, 46,000 employees, 2 lac domestic and international shareholders, regulatory bodies, the Government, and all other stakeholders for their wholehearted support during the first seven years of our banking journey. Today, as AU Small Finance Bank celebrates its 29th Foundation Year and 7th Banking Anniversary, we stand at the threshold of a new era, enriched by our recent expansion in Southern India post completing amalgamation with Fincare Small Finance Bank. This milestone not only signifies our journey of growth and expansion but also reinforces our unwavering commitment to innovation and customer-centricity."

Mr. Agarwal further said, “With the operationalization of our Authorised Dealer Category I (AD – Cat I) license within one year of procuring the license, the Bank has completed its product offerings and will now have a chance to work with our venerated exporter-importer community base. Our latest offering- AU Remit, AU DigiTrade and various other Trade Finance & Forex products and services will enable our NRI customers and EXIM customers to seamlessly undertake various international remittance transactions such as fee payments, medical treatments, family maintenance, trade payments as well as various export and import credit facilities from the Bank.”

About AU Small Finance Bank

AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank and has established itself as the largest SFB in India since starting its banking journey in April 2017. Established in 1996 by Mr. Sanjay Agarwal, a first-generation entrepreneur, AU SFB boasts a 29 years-legacy with deep understanding of the rural and semi-urban markets and customer segments. The Bank operates a sustainable business model that facilitates credit to the unserved and underserved retail and MSME customer segments while providing complete banking solutions to its deposit and branch banking customers. As a tech-led Bank, AU has a strong digital presence with innovative products and services like 24X7 video banking, credit cards, personal loans, UPI QRs, payments, merchant lending, WhatsApp Banking, Chatbots etc. and its digital bank application AU0101 remains among the higher rated banking apps in India.

Post the amalgamation of Fincare Small Finance Bank into the Bank, AU SFB now operates from 2,382 physical banking touchpoints across 21 States & 4 Union Territories serving 1.1 Crore customers with an employee base of 46,000 plus employees. As on 31st March 2024, on a merged basis, the Bank has deposit base of ?97,704 Crore, Loan AUM of ?96,490 Crore and a Balance sheet size of ~?1.2 Lacs Crore. AU SFB enjoys the trust of marquee investors and is listed at both NSE and BSE. The Bank has consistently maintained high external credit Rating and is presently rated ‘AA/Stable’ by CRISIL, CARE Ratings and India Ratings, while the Bank’s FD is rated ‘AA+/Stable’ from CRISIL Ratings.

IIIT-Bangalore Introduces Post Graduate Diploma In Digital Product Design And Management For 2024-25 Academic Year

International Institute of Information Technology Bangalore (IIIT-Bangalore) announced a new one-year Post-Graduate Diploma programme in Digital Product Design and Management (PGD-DPDM) for the academic year 2024-25. The programme is tailored to equip students with comprehensive skills in digital product design and management, blending engineering and social sciences disciplines.

According to Prof. Debabrata Das, Director, IIIT-Bangalore, "We are excited to introduce the PGD-DPDM programme, building upon IIIT-Bangalore's legacy of delivering interdisciplinary excellence. This initiative aims to nurture a profound understanding of the evolving landscape of digital technologies and their impact on society."

Prof. Amit Prakash, who is currently coordinating PGD-DPDM at IIIT-Bangalore, stated, “PGD-DPDM offers a rigorous curriculum involving theoretical knowledge with practical insights, preparing students for diverse roles in the digital product ecosystem. We believe this programme will empower the next generation of innovators and leaders in digital product design and management.”

The programme, commencing in July 2024, spans 12 months and is designed for full-time on-campus engagement. Candidates with a bachelor's degree from any recognized university, in any discipline, including arts, science, commerce, design, management, law, or engineering, are eligible to apply.

The curriculum encompasses two semesters, featuring core courses such as Data Analysis and Visualization, Information Economics and Product Finance, Innovation and Design Thinking, Software Models and Design Patterns, Software Product Management, User Research and User Experience.

The PGD-DPDM programme at IIIT-Bangalore will provide promising placement avenues in various sectors, including product teams within start-ups, social enterprises, or large corporations focusing on initiatives like Tech4Good to reach the next billion users. Additionally, opportunities may exist in public and social sector consulting teams.

The programme begins with a four-week Programme Orientation in July 2024 focusing on enhancing comprehension, writing, and communication skills, along with readiness for the curriculum's demands and pedagogical approaches.

Emphasis will be placed on digital accessibility tools and techniques, particularly for individuals with disabilities, as well as on fostering inclusivity within teams.

Upon completion of the PG Diploma programme, students are eligible for consideration of direct admissions to the Master of Science (by Research) in the Digital Society research domain at IIIT-Bangalore. Their suitability for admission to Master of Science (by Research) will be ascertained by an internal committee based on performance in the PG Diploma.

In line with IIIT-Bangalore’s commitment to inclusivity, appropriate measures will be taken to ensure required accessibility and accommodations for persons with disability to go through the programme.

Key Dates:

- March 12, 2024: Application portal opens.

- April 30, 2024: Deadline for submitting online applications.

- May 11th/12th, 2024: Online written test and personal interviews; candidates have the option to attend in person at IIIT-Bangalore campus.

- May 20, 2024: First list of selected candidates released.

- May 27, 2024: Confirmation deposit payment due for candidates on the first list.

- May 28, 2024: Second list of selected candidates released, if necessary.

- June 4, 2024: Confirmation deposit payment due for candidates on the second list.

- July 1, 2024: Registrations for the new batch at IIIT-Bangalore begin, and classes commence.

For online application form and comprehensive guidelines, please visit: https://www.iiitb.ac.in/courses/post-graduate-diploma-in-digital-product-design-and-management

About IIIT-Bangalore

IIIT-Bangalore is a premier institute dedicated to undergraduate and postgraduate programs specializing in Computer Science and Engineering (CSE), Electronics and Communication Engineering (ECE), IT for Society, and broader fields of IT and research. Situated in the heart of Electronic City, Bangalore, it holds a prominent position in the academic landscape. IIIT-Bangalore is graded A+ by National Assessment and Accreditation Council (NAAC). In the National Institutional Ranking Framework (NIRF) for 2022, IIIT-B has secured 74th ranking. The institute was ranked number 1 among India's Best Technical Universities (Private) by India Today. IIIT-Bangalore contains state-of-the-art infrastructure, eminently qualified faculty, a vibrant alumni community, cutting-edge research facilities, and close industry collaborations.

The institute’s specially designed courses make the students’ cognizant of the current technologies. Experiential learning and practices followed in the institute equip them with the tools and knowledge to solve contemporary real problems. IIIT-Bangalore has consistently achieved excellent placement records every year since its establishment in 1998, thanks to the unwavering support of the industry and the expanding pool of highly skilled alumni.

For more details, log onto https://www.iiitb.ac.in

MG Motor India Joins Forces With Epsilon Group To Enhance EV Ecosystem In India

* MoU signed with Epsilon Group’s subsidiaries- Power EV for charging solutions and LICO for battery life management

MG Motor India has announced its partnership with the Epsilon Group, reinforcing its commitment to the EV charging infrastructure and ecosystem in India. As part of the strategic collaboration, carmaker signed an MoU with two Epsilon Group subsidiaries - Power EV, for charging solutions and LICO, for battery recycling and second-life expertise. The unified framework of this alliance underscores the commitment to developing an efficient charging infrastructure and battery lifecycle management that will underpin MG Motor India's EV stance.

Power EV offers a diverse array of AC and DC Chargers, which accommodates charging speeds from 22kW to 120kW with Power Panel Management Software, that empowers usage of charging stations with unprecedented ease and efficiency. As per the agreement, Power EV will provide Custom Charging technology to develop AC and DC charging solutions for charging solutions for MG’s EVs, thereby enhancing the end-user experience. Through active involvement in the MG Charge initiative – deploying 1000 charging points in 1000 days within residential communities and apartments across India – Power EV aims to bolster the existing public charging network by expanding the availability of AC chargers and introducing high-capacity DC charging options. Additionally, this partnership will capitalise on Power EV's expertise to innovate efficient, smart, robust and state-of-art charging technologies tailored for MG Motor India's forthcoming EV models.

LICO contributes to battery circularity through end-of-life battery recycling and refurbishing, to recover critical materials like lithium, cobalt, manganese, and nickel for reuse, fostering sustainability. LICO and MG Motor India will together implement strategies for battery repurposing in line with circular economy, focusing on renewable energy storage and ensuring compliance with end-of-life battery recycling regulations. LICO will assist MG Motor India in its Extended Producer Responsibility (EPR) obligations by providing comprehensive battery recycling and certification services. Through R&D collaboration, they shall develop a sustainable package to optimise recycling efficiency and repurposing capabilities to derive maximum potential from EV battery recycling. The partnership emphasises the implementation of essential safety standards and traceability in Reverse Logistics for end-of-life battery packs.

Commenting on the partnership, Gaurav Gupta, Chief Growth Officer, MG Motor India, said, “MG Motor India has consistently advocated sustainability ever since it started operations in India, and has driven the development of a robust EV ecosystem in India. Our collaboration with the Epsilon Group signifies a strategic alliance aimed at realizing this vision through an efficient charging infrastructure which aids and complements a circular economy by way of second-life and end-of-life solutions for batteries. By combining our expertise and resources, we are helping pave the way for an efficient, accelerated adoption of EVs and aiming for a greener tomorrow.

Vikram Handa, Managing Director, Epsilon Group, said, “The MoU with MG Motor India marks a significant milestone in our journey towards promoting faster adoption for green mobility energy and circular economy principles. By providing custom charging technology and implementing innovative battery repurposing strategies, we are contributing towards building a greener, more sustainable tomorrow.

“This synergy will revolutionize the EV charging landscape, making electric mobility a viable and a truly sustainable option for all,” said Benny Parihar, CEO, Power EV. He further added that “Our innovation expertise driven by the opportunity of impacting India’s e-mobility in future will define the green story & shall support MG Motor to achieve their ambitious goals for enriching ease of Home Charging & Public Charging solutions for EV users in future.

Highlighting the significant impact of this partnership, Gaurav Dolwani, CEO, LICO Materials Pvt. Ltd. said, “Through our partnership with MG Motor India, we aim to set new standards for circular economy principles in the automotive sector; by providing comprehensive battery recycling and repurposing solutions to take lead in this sector. Technical experts from both sides will collaborate in working towards second life applications from used lithium-ion batteries from MGs EVs.

As an early mover in the EV space, MG Motor India has focused on developing both the EV ecosystem and the product offering. The carmaker has installed over 15,000 charging touchpoints nationwide, including public and home chargers. Under MG Charge, the company has already installed 500 charging points in 500 days and aims to install 1000 charging points soon. MG Motor India has been unlocking multiple possibilities with its partnerships with industrial players to increase accessibility and provide a seamless customer experience.

About MG Motor India

Founded in the UK in 1924, Morris Garages vehicles were world-famous for their sports cars, roadsters, and cabriolet series. MG vehicles were much sought after by celebrities, including British Prime Ministers and even the British Royal Family, for their styling, elegance, and spirited performance. The MG Car Club, set up in 1930 at Abingdon in the UK, has thousands of loyal fans, making it one of the world’s largest clubs for a car brand. MG has evolved into a modern, futuristic, and innovative brand over the last 100 years. MG Motor India’s state-of-the-art manufacturing facility in Halol, Gujarat, has an annual production capacity of 1,00,000+ vehicles and 6,000 direct and indirect employees. Driven by its vision of CASE (Connected, Autonomous, Shared, and Electric) mobility, the innovative automaker has augmented across-the-board ‘experiences’ within the automobile segment today. It has introduced several ‘firsts’ in India, including India’s first Internet SUV – MG Hector, India’s first Pure Electric Internet SUV – MG ZS EV, India’s first Autonomous (Level 1) Premium SUV – MG Gloster, the Astor- India’s first SUV with personal AI assistant and Autonomous (Level 2) technology, and MG Comet – The Smart Electric Vehicle.

Website: www.mgmotor.co.in

Facebook: https://www.facebook.com/MGMotorIN | Instagram: https://instagram.com/MGMotorIN 

Twitter: https://twitter.com/MGMotorIn/ | LinkedIn: https://in.linkedin.com/company/mgmotorindialtd

About Epsilon Group

Established in 2010, Epsilon Group is a leading industrial conglomerate driving the global carbon black and battery materials industry with a vision to decarbonize economies and support cleaner technologies. Through its subsidiaries, Epsilon Carbon and Epsilon Advanced Materials, the group has carved a niche for itself. Epsilon Carbon operates India's first fully integrated carbon facility in Bellary, Karnataka, specializing in carbon black and specialized carbon derivatives with an annual capacity of 115,000 metric tons and 320,000 TPA, respectively, and poised for expansion with its Carbon Black phase-2 facility. Meanwhile, Epsilon Advanced Materials Pvt. Ltd. established in 2018, is dedicated to sustainable and high-performance anode & cathode battery materials, pioneering India's first graphite anode material plant and making strategic global investments, including in North Carolina and Finland. With a recent foray into lithium-ion phosphate (LFP) based Cathode Active Material business, all aimed at supporting the global battery industry and contributing to sustainable development, truly exemplifying its motto to Energize the World.

Website: www.epsiloncarbon.com / www.epsilonam.com

LinkedIn: https://www.linkedin.com/company/epsiloncarbon / https://www.linkedin.com/company/epsilonadvancedmaterials

Twitter: https://twitter.com/EpsilonCarbon1/ https://twitter.com/EpsilonGraphite/

About LICO Materials

LICO Materials founded in 2021 plays a crucial role in battery circularity by engaging in end-of-life battery recycling and refurbishing. The company focuses on recovering critical materials such as lithium, cobalt, manganese, and nickel to be supplied back to battery manufacturers, contributing significantly to a sustainable future. The company has a state-of-the-art end of life Lithium-Ion Battery Recycling and Refurbishing plant in Navi Mumbai, Maharashtra and an upcoming facility at Bengaluru, Karnataka with a combined capacity of 4 GWh per annum.

Website: www.licomat.com/

LinkedIn: https://www.linkedin.com/company/licomat/

About Power EV

Headquartered in Wrocaw, Poland, Power EV stands as a beacon in the electric vehicle (EV) charging sector, boasting over three decades of expertise in electronic component manufacturing. The company focuses on crafting state-of-the-art EV chargers and software solutions that redefine the standards of the industry. Power EV core values embrace Innovation, Quality & Sustainability. The service offer includes a diverse array of products, including the wide range of AC & DC Chargers, which accommodate charging speeds from 22kW to 120kW. These products are complemented by our Power Panel Management Software, which empowers usage of charging stations with unprecedented ease and efficiency. Power EV embarks its journey with upcoming manufacturing facility by end of 2024 fostering local innovation & production – “Make in India” For more insights into Power EV's strategic initiatives and how we're driving change in the EV charging landscape, please contact us at:: info@dopower.eu

Website: www.dopower.eu

LinkedIn: https://www.linkedin.com/company/power-ev-international/

Air India New A350 Aircraft To Debut On Delhi-Dubai Route From May 1

Air India announced that it will deploy its brand-new A350 aircraft on the busy Delhi-Dubai route this summer, marking the aircraft’s debut on short-haul international flights.

Starting 1 May 2024, Air India guests flying between Delhi and Dubai can experience the A350 in its bold new livery. Operating as AI995/996, the aircraft is scheduled to depart Delhi daily at 20:45hrs, arriving at 22:45hrs in Dubai. The return flight departs Dubai next day at 00:15hrs and arrives in Delhi at 04:55hrs. All timings local.

With this, Air India becomes the only carrier to operate the A350 between India and Dubai.

The A350 seats on the Delhi-Dubai route are available for reservation on Air India’s website and mobile app or via travel agents.

Air India’s A350 aircraft feature 28 private suites with full-flat beds in Business, 24 seats in a dedicated Premium Economy cabin offering extra legroom and other enhancements, and 264 spacious seats in Economy. All seats on the A350 come with the latest-generation Panasonic eX3 in-flight entertainment system and HD screens that offer more than 2,200 hours of entertainment content from around the world.

Air India started inducting the A350s earlier this year, which have since operated flights within India for crew familiarisation and regulatory compliance purposes.

Air India currently operates a total of 72 flights a week to Dubai from five Indian cities, of which 32 flights are from Delhi.

Infosys Records Disappointing Quarter In April 2024; Muted FY25 Guidance

BUY

TARGET PRICE (Rs) : 1,750

Infosys reported a disappointing operating performance in Q4. Revenue declined 2.2% QoQ in cc terms, falling short of our expectations. Weakness was on account of persistent muted discretionary spending, along with a one-time impact of ~100bps due to re-scoping & re-negotiation with a large BFSI client. EBITM declined by 40bps QoQ to 20.1%, while adjusted for one-off impact from rescoping of a large BFSI contract, EBITM at ~21.1% fell slightly below our estimate of 21.4%. Large-deal TCV in Q4 was healthy at USD4.45bn, of which 44% is net new. Company has guided for revenue growth of 1-3% cc in FY25 (implying CQGR of 1.1-1.9%), with EBITM of 20-22%. Mgmt suggested that discretionary spending remains weak, as seen in H2FY24. Even after lowering revenue growth guidance through FY24, Infosys missed its implied Q4 guidance which raises concerns on growth predictability. We cut FY25-26E EPS by 6-6.5%, building in the Q4 miss, lower guidance, and higher ETR. Continual performance miss is likely to weigh on the stock, but valuation is not demanding (~5% FCF yield). We retain BUY with TP now at Rs1,750, on 25x Mar-26E EPS.

Results Summary

Infosys’s revenue declined 2.1% QoQ (down 2.2% in cc terms) to USD4.56bn, coming in below our estimate of USD4.64bn and missing Company’s implied guidance. If not for the one-time impact from re-scoping of a large contract, Company would have delivered growth within its guided range. Reported EBITM declined by 40bps QoQ to 20.1%, logging below our estimate of 21.4%. Both, revenue and margin, saw a 100bps impact due to renegotiation and rescoping of a large contract with a BFSI client. Margins were also negatively impacted, by 80bps, due to wage hikes implemented in Nov-23, higher brand building, and visa expenses offset by tailwinds from lower provision for client receivables (60bps), benefits of project Maximus (40bps) and lower impact from the cyber security incident (40bps). Among verticals, BFSI (-7.1% QoQ), Retail (-4.1%), Manufacturing (-3.4%), and Life Sciences (-6%) saw a decline, while Communications (5.6%), Hi-Tech (10.6%), and ERU (0.1%) saw growth. All geographies witnessed a decline on sequential basis, with North America and Europe down 1.1% and 0.7%, respectively. Deal-win TCV was healthy at USD4.45bn. Total headcount declined 1.7% QoQ to 317,240. Company has declared a final dividend of Rs20, along with a special dividend of Rs8 per share. What we liked: Healthy deal intake, cash conversion (FY24 OCF/EBITDA: 71.6%), further reduction in LTM attrition (12.6% vs 12.9% in Q3). What we did not like: Operating performance miss; lower revenue guidance for FY25.

Earnings Call KTAs

i) In Q4, Company had re-scoping and renegotiation of one of the large contracts in the BFSI segment, leading to a one-time impact of ~100bps in Q4. Nearly 85% of the scope of the contract continues as-is. Management indicated this to be an isolated incident. ii) Company continues to witness macroeconomic effects (high inflation and interest rates) in BFSI, in turn leading to cautious spending by clients. iii) Management expects the normal seasonality to play out in FY25 per its guidance, i.e. H1 to be stronger than H2. iv) Communication clients maintain a cautious approach amid growth concerns and challenges. Growth in coming quarters will be led by ramp-ups of previously won deals. v) Micro-concerns in Hi-tech persist, leading to delay in deal closures, decision-making, and clients' repurposing spend. Discretionary programs have been kept on hold. vi) Company expects FY25 growth to accelerate from FY24 levels in Financial Services and Telecom, due to large-deal wins. Manufacturing, while still showing healthy growth, will see lower growth vs FY24. Hi-tech is expected to remain soft. vii) Effective FY25, Company expects to continue its capital allocation policy of returning ~85% of FCFs cumulatively over a 5-year period (FY25-29). viii) It acquired in-tech, a leading ER&D services provider focused on the German automotive industry, for a cash consideration of EUR450mn (EV/S 2.6x). The acquisition is expected to close during H1FY25.