Spandana Reports Highest Ever PAT of Rs 501 Cr For FY24

* YoY AUM up by 41%, NII up 59%;

* GNPA down to 1.50%, NNPA at 0.3%

Spandana Sphoorty Financial Limited (NSE: SPANDANA, BSE: 542759) (“Spandana”) announced its audited financial results for the quarter and year ended March 31, 2024.

Highlights for FY24:

AUM                                                  - Rs 11,973 Cr; +41% over FY23 (Rs 8,511 Cr)

New Customer Acquisition               – 13.9 Lacs vs 8.8 Lacs in FY23, growth of 59%

Disbursement                                    - Rs 10,688 Cr; +32% over FY23 (Rs 8,125 Cr)

GNPA & NNPA                                 – 1.50% & 0.30%

Income                                             - Rs 2,534 Cr; +72% over FY23 (Rs 1,477 Cr)

Net Interest Income                          - Rs 1,289 Cr; +59% over FY23 (Rs 810 Cr)

PAT                                                 – Rs 501 Cr; +?488 Cr over FY23 (Rs 12 Cr)

Mr. Shalabh Saxena, CEO and Managing Director, while announcing the results stated, “FY24 was second of the three-year Vision 2025 laid out by the management team of Spandana in 2022. Our Customer Acquisition led growth strategy has resulted in a 41% AUM growth with the company delivering highest ever PAT of ?501 Cr, GNPA & NNPA improved to 1.50% and 0.30% respectively in FY24. The growth was driven by customer acquisition of 13.9 Lacs in FY24 taking the active customer base of the company to over 3.3 million.

The team has demonstrated strong capabilities in managing multiple priorities of the organization like branch expansion, improvement in portfolio quality, strengthening processes, governance, and start of new business lines.

While we will continue to sustain the momentum in FY25, we are particularly focused on improving efficiencies and productivity of the distribution. With the progress made thus far and the support of all the stakeholders we are confident of reaching the milestones set for ourselves.”

Highlights for the quarter Q4FY24 and FY2024 are:

AUM – Rs 11,973 Cr a 15% QoQ growth (Rs 10,404 Cr - Q3FY24) and a 41% YoY growth (Rs 8,511 Cr - FY23).

Disbursement & Member Acquisition – Customer acquisition continues to drive growth at Spandana.

13.9 Lac new customers were acquired during FY24 - a growth of 59%. New customer addition during the quarter was 4.4 Lacs registering a QoQ growth of 30%

Disbursement for the year was Rs 10,688 Cr in FY24 vs. Rs 8,125 Cr in FY23, growth of 32%

Q4 FY24 Disbursement of Rs 3,970 Cr QoQ growth 56% and YoY growth of 30%

Asset Quality – Asset book continues to improve.

GNPA – 1.50% (31-Dec-23 – 1.61%); v/s 2.07% as on 31-Mar-23

NNPA – 0.30% (31-Dec-23 – 0.48%); v/s 0.64% as on 31-Mar-23

PCR – Provision Coverage Ratio has been increased to 79.95% (Q3 FY24 – 70.45%);

Collection Efficiency-

Gross Collection Efficiency was at 99.3% for Q4FY24 (99.9% in Q3FY24).

Net collection efficiency for the quarter Q4FY24 was 96.5% (97.2% in Q3FY24)

Borrowings- The year witnessed strong momentum in fund raising.

Rs10,441 Cr was mobilized during the year – up 81% over Rs 5,775 Cr in FY23.

Rs 3,428 Cr funds mobilized in Q4 FY24 a QoQ growth of 50%.

Financial Performance -

Total Income:

Rs 2,534 Cr for FY24 vs. Rs1,477 Cr for FY23 – growth of 72%

Rs 710 Cr in Q4FY24 growth of 8% QoQ & 33% YoY

Net Interest Income:

Rs 1,289 Cr for FY24 vs. Rs 810 Cr for FY23 – growth of 59%

Rs 378 Cr in Q4FY24 QoQ growth of 23% & YoY growth of 41%

Yield:

24.2% for FY24 vs. 20.4% for FY23 – improvement of 383 bps

24.2% (24.1% in Q3FY24) – improvement of 11 bps & 106 bps YoY

Cost of borrowings:

12.2% for FY24 vs. 11.7% in FY23 – increase of 58 bps

11.7% in Q4FY24 decrease of 53 bps QoQ & decrease of 67 bps YoY

Pre-Provision Operating Profit (PPOP):

Rs 953 Cr for FY24 vs. Rs 562 Cr for FY23 – growth of 70% 

Rs 266 Cr for Q4FY24 growth of 11% QoQ and 2% YoY

Profit after tax:

PAT for FY24 was Rs 501 Cr vs. Rs 12 Cr reported for FY23 – an increase of Rs 488 Cr.

PAT for the quarter was Rs 129 Cr vs. Rs 127 Cr in Q3FY24. Q4FY24 PAT was higher by 22% YoY compared to Rs 106 Cr reported in Q4FY23.

 About Spandana Sphoorty:

Spandana Sphoorty Financial Ltd. is a rural-focused non-banking financial company and a microfinance lender (NBFC-MFI) with a geographically diversified presence in India. The company offers income generating loans under the joint liability group (JLG) model, predominantly to women from low-income households in rural areas. Spandana was started as an NGO in 1998 in Guntur, which later converted to an NBFC in 2004. In 2015, it became an NBFC-MFI, licensed by the Reserve Bank of India.

Union Bank of India Ranks 2nd In EASE 5.0 Reforms Index For FY 2022-23

Union bank of India, one of India’s leading public sector bank, has been declared as 2nd best bank in EASE 5.0 Reforms Index for FY 2022-23. Further, the Bank has been declared as winner in the following three themes of EASE 5.0 reforms agenda.

Digitally enabled customer offerings

Modern Technology capabilities

Employee development and Governance

Dr. Vivek Joshi, Hon’ble Secretary, Department of Financial Services, Ministry of Finance, felicitated the Bank at the citation ceremony organised by the Indian Banks’ Association (IBA) in Mumbai on 25.04.2024.

Enhanced Access & Service Excellence (EASE) is an initiative by the Department of Financial Services, Ministry of Finance, Government of India as part of the PSB Reforms Agenda. The key priorities for EASE 5.0 were Digitally enabled customer offerings, Big data and analytics, Modern technology capabilities, Collaborative and development-focused banking, and Employee development and governance.

Union Bank of India has been consistently ranked amongst the top performers in EASE Reform Index over the years for effectively implementing the reforms measures and initiatives.

Photo Caption: Mr. Nitesh Ranjan & Mr. Sanjay Rudra, Executive Directors, Union Bank of India receiving the Award from the benign hands of Dr. Vivek Joshi Hon’ble Secretary, Department of Financial Services, Ministry of Finance. Mr. Praveen Sharma, CGM and Mr. Avinash Prabhu, CFO.

50% Tobacco Related Deaths Can Be Circumvented With Lesser Harm Alternatives

* India is the 2nd largest tobacco using population in the world with 27% adult users; reveals the Report.

A recent report by KPMG Assurance and Consulting Services LLP, in collaboration with ET Edge titled, ‘Human-centric approach to tobacco control’, revealed that India ranks the 2nd largest tobacco using population in the world with 27% of Indian adults engaged in tobacco consumption. The report states that it is imperative and critical to have a holistic roadmap towards tobacco control that is entwined to reduce tobacco induced harm. Offering tobacco users a diverse array of less harmful alternatives will aid in an individual’s journey towards quitting tobacco, leading to a 50% estimated reduction of annual deaths globally due to tobacco related diseases by 2060.

Key Survey Findings

·         66% respondents started consuming tobacco between 20 -25 years of age

·         45% of respondents can’t quit tobacco

use due to lack of alternatives

·         Only 8% of tobacco consumed are legally produced cigarettes,

·         92% of the remaining consumption is in the form of cheaper tobacco products

India’s tobacco landscape

The report reveals that there were 7+ million tobacco related deaths globally in 2019 & 1.35 Mn deaths in India alone. According to the report, 66% of the respondents started consuming tobacco between 20-25 years of age. 45% of the respondents can’t quit smoking or chewing tobacco, due to lack of alternatives. It further claims that only 8% of the overall tobacco consumed is from legally produced cigarettes, while the remaining 92% of the consumption is in the form of cheaper tobacco products such as bidis, chewing tobacco, khaini, among others. The survey revealed psychological factors, such as stress, anxiety, and emotional distress are the key motivating factors for tobacco use in tier I cities.

The persistence of tobacco consumption underscores the necessity for India-specific policies which are based on regulations and science. Helping a large

economically weak tobacco using population, while trying to enforce globally prescribed tobacco control measures in India is a predicament that the Indian policy makers consistently face. India faces a dual challenge with both, smoking and oral tobacco use rampant according to this report.

Tobacco’s impact on health and economy

Health and economy are intricately interrelated when it comes to the impact of tobacco consumption. As per the report, 25% of the male population surveyed in tier II and III cities faced

health issues of which 29% were severe cases; while 50% male respondents in tier I cities mentioned health issues of which 44% were serious cases.

Yet, 81% of the male respondents in tier I cities with serious health issues refrained from quitting tobacco, primarily due to lack of awareness and unavailability of alternatives. The report states that by the year 2030 more than 80% of tobacco-related deaths are likely to be among the low and middle-income countries (LMICs). On a macroeconomic level, it highlights that India loses 1% of its GDP every year due to diseases and early deaths from tobacco use. To safeguard from this, India may look at adopting an effective tobacco control policy that will help reduce harm & disease burden & support cessation.

India’s strategies for tobacco control

India has been actively implementing stringent regulations aimed at controlling tobacco consumption and safeguarding public health. The country enacted tobacco control laws to align with the provisions of the WHO prescribed laws aiming to regulate the production, sale, and consumption of tobacco products as well as protect non-smokers from exposure to passive smoking. To deal with the challenges of tobacco consumption, India has taken several steps to test tobacco products for toxicants and constituents.

While nation-wide regulations play a crucial role, state-level regulations in India have also emerged as a vital aspect of the country’s comprehensive tobacco control framework. The introduction of Nicotine Replacement Therapy (NRT) in the National List of Essential Medicines (NLEM) by the Union Ministry of Health and Family Welfare was a welcome move that offered harm restriction to the tobacco users. The act of using NRT products, such as chewing nicotine gum or using inhalers, replicates the behavioral rituals associated with smoking, helping individuals break the habit and reduce the psychological dependence on cigarettes.

Global Policies

Global policies and programs designed towards controlling the tobacco usage have scaled up owing to the interventions undertaken by countries. While many countries have complied with the WHO Framework Convention on Tobacco Control (FCTC), some have adopted a tailored approach.

The report revealed that the fall in smoking rate is higher with a high access to less harmful alternatives with countries like Japan, UK, New Zealand & Sweden as compared to countries with a limited access to less harmful alternatives like India, Australia & Singapore.

Key recommendations- What more can be done

The report advocates for a shift in approach, referred to as ‘Tobacco Control 3.0’ to achieve a healthier India, investing in science-based solutions for tobacco control is crucial.

According to the report, individuals who are unwilling to quit smoking, should be encouraged to switch to less hazardous alternatives, minimising their overall health risks.

Enhanced focus on making Nicotine Replacement Therapy (NRT) affordable and accessible can further support these individuals to quit.

The report suggests enforcement authorities to develop & maintain an exhaustive database of listed & unlisted manufacturers and retailers of tobacco products. Additionally, focus on investing in technology such like blockchain to track illicit trade of cigarettes, gutka & other banned tobacco products.

The report further recommends investment in an innovation fund to support research, data collection and impact monitoring. An increase in investment for a nationwide mass media campaign, supported by targeted regional media, to educate smokers, dispelling myths about tobacco use and encouraging their support for cessation will also play an important role.

On the policy front, the report emphasizes on evaluation of less harmful alternatives that align with the government’s goal of reducing tobacco-related harm and encourage smoking cessation. Hence, consumers, industry players and the government should together come forward to facilitate realistic & scientific tobacco control policies for a healthy future.

About ET Edge

ET Edge an Initiative of The Times Group is India's largest conference and thought leadership company. Since its inception in 2015, ET Edge has been at the forefront of creating unique thought leadership initiatives with the objective to empower multiple sectors, industries, and segments by dispersing critical business knowledge through strategically developed specialized conferences and summits.

Toyota Kirloskar Motor Introduces New Grade Of The Toyota Rumion

•         The New Grade G-AT is priced starting Rs. 13,00,000 Ex-showroom.

•         Powered by the 1.5-litre K series petrol engine mated with 6-speed Automatic Transmission, featuring the Neo Drive (Integrated Starter Generator-ISG) technology ensuring responsive performance.

•         Bookings to commence for New Grade G-AT from 29th April at a token amount of Rs. 11,000/. Additionally, bookings for E-CNG also reopens.

Toyota Kirloskar Motor (TKM), today, officially announced the opening of bookings and the price of New Grade G-AT of the Toyota Rumion along with reopening of E-CNG bookings. The newly launched G-AT variant is expected to further boost the market acceptance of the Rumion with its unmatched space and comfort, excellent fuel efficiency, stylish and premium exterior design.

The latest offering by TKM will be available at an attractive ex-showroom price of Rs. 13,00,000 with deliveries expected to commence from 5thMay onwards. Customers can book the vehicle at any of the authorized dealerships or online with a booking fee of Rs 11,000/-.

Toyota Rumion G-AT variant is powered by the 1.5-litre K series petrol engine with 6-speed Automatic Transmission, featuring the Neo Drive (ISG) technology ensuring responsive performance. While the petrol grade has a power output of 75.8 kw @6000 rpm and torque of 136.8 Nm @4400 rpm for, the CNG grade boosts of 64.6 kw output @5500 rpm and torque of 121.5 Nm@4200 rpm. The Toyota Rumion is now available in seven variants of Neo drive MT: S, G and V grade. Neo Drive AT: S, G and V grade.  E-CNG: S grade offering a wide range of options for customers.

The G-AT variant is enhanced with advanced technology including a 17.78 cm Smartplay Cast Touchscreen audio system with wireless Android Auto and Apple CarPlay. Equipped with Toyota i-Connect, it offers remote control for climate, lock/unlock, hazard lights and many more connected features. The Toyota Rumion also prioritizes safety for its owners with advanced safety features like dual front airbags, ABS with EBD, Hill Hold, Electronic Stability Program (ESP) and more.

Making the announcement, Mr. Sabari Manohar, Vice President - Sales and Strategic Marketing, TKM said, “We are excited to announce the addition of the new grade to the Toyota Rumion lineup thus offering a wider choice and more options to customers based on their mobility needs and requirements. Bookings for the G-AT variant is now open. Since its launch in August '23, the Toyota Rumion has generated much excitement among customers, leading to strong inquiries and healthy bookings. We deeply appreciate the love and trust shown by our valued customers.

In line with Toyota’s customer centric approach, we have continued to deepen our focus towards catering to the evolving customer demands by introducing new products and variants at regular intervals with a focus on delivering them ever-better cars. We believe that with its unmatched space, advanced features, and exceptional performance, backed by Toyota’s value-added proposition and excellent after sales service, the Toyota Rumion will become a preferred choice for the discerning families looking for awesome ownership experience, ensuring every drive is filled with comfort, joy, and peace of mind.”

The Rumion brings in a stylish and premium exterior design for a tough appearance with robust characteristics like Toyota MPV signature front grille, Front Bumper with chrome finish, LED tail lamps with back door chrome garnish and machined two tone alloy wheels that exude style and sophistication. The luxurious interior offers premium dual-tone with wooden finish dashboard and door trims, premium dual-tone interiors, and a range of convenient amenities.

Toyota Rumion also beholds the highest safety standards. It comes with Dual front airbags, ABS with EBD and Brake Assist, Engine immobilizer, ESP, Hill Hold assist, and ISO Fix Child seat anchorages further enhance the safety quotient. Its features also include front seat belts with pretensioners and force limiters, seat belt reminder for all seats, and a high-speed alert system.

The Toyota Rumion is packed with the legacy of Toyota service offerings with a host of customized finance schemes and unmatched value additions to enhance the customer ownership experience. The offers include – finance options for Value Added Services like Extended Warranty & Toyota Genuine Accessories, focusing on affordability and flexibility that will be beneficial to the customers. Other options include upto 8-year finance schemes, low EMI with increased affordability, pre-approved funding for value added services and Toyota Smart finance [ Balloon Finance] to support aspirational buying and present customers with a wide variety of choices.

Other value benefit services include Toyota’s newly introduced 5-year complimentary Roadside assistance, warranty – standard warranty of 3 years/1,00,000 km, which can be extended to 5 years/2,20,000 km at a nominal cost.

In addition, the company also recently launched an industry-first “Awesome New Car Delivery Solution” that extends vehicle logistic services till delivery touchpoints by eliminating possible drive down of new cars by the dealer staff to the delivery location. As an industry first, the new initiative will enable Toyota dealers to transport new vehicles from dealer stockyards to their sales outlets on a flat-bed truck. 

Hershey India Bolsters Its Chocolate Portfolio With The Launch Of HERSHEY’S Choco Delights

~A unique sensorial treat, HERSHEY’S Choco Delights is a melt-in-mouth milk chocolate with crunchies, at an affordable price point of Rs. 10~

Hershey India Pvt. Ltd., a subsidiary of The Hershey Company, a leading global Snacking and Confectionery Company and the largest producer of quality chocolates in North America, has launched HERSHEY’S Choco Delights – a melt-in-mouth milk chocolate bar with crunchies. HERSHEY’S Choco Delights launch strengthens Hershey’s chocolate portfolio in India and marks the company’s foray into the Value Molded Chocolate Sub-Segment, one of the largest within the chocolates category in India.

HERSHEY’S Choco Delights caters to the growing demand for unique snacking experiences at a reasonable price point among Indian consumers, particularly Gen Z, Millennials, and value-conscious consumers.

Commenting on the launch, Luigi Mirri, General Manager, Hershey India and APAC stated, "HESHEY’S Choco Delights stands out distinctly with its combination of melt-in-mouth chocolates and crunchies that delivers Hershey’s classic ‘chocolatey’ experience at an accessible price point. It is a testament to our commitment to strengthen our chocolate portfolio in India and innovate in our pursuit of engaging a diverse consumer base. With this launch we aim to become a significant player in the prominent chocolate segment, catering to key consumption occasions for chocolate enthusiasts.”

The launch is a significant milestone for the company, as it expands its presence in the chocolate segment in the country, after the successful launch of HERSHEY’S KISSES, HERSHEY’S Exotic Dark, HERSHEY’S Bars and HERSHEY’S Choco Tubes.

Delivering Hershey’s classic experience at an affordable price point, this new addition will significantly expand Hershey’s audience in the confectionery market, specifically targeting the metro markets which encompass 1 million plus towns.

HERSHEY’S Choco Delights is available across retail stores in top cities at INR 10/-.

About The Hershey Company

The Hershey Company is an industry-leading snacks company known for making more moments of goodness through its iconic brands, remarkable people and enduring commitment to doing the right thing for its people, planet, and communities. Hershey has more than 20,000 employees in the U.S. and worldwide who work daily to deliver delicious, high-quality products. The company has more than 90 brand names in approximately 80 countries that drive more than $11.2 billion in annual revenues, including Hershey's, Reese's, Kisses, Kit Kat®, Jolly Rancher, Twizzlers and Ice Breakers, and salty snacks including SkinnyPop, Pirate's Booty and Dot's Homestyle Pretzels. 

For over 130 years, Hershey has been committed to operating fairly, ethically and sustainably. The candy and snack maker's founder, Milton Hershey, created Milton Hershey School in 1909, and since then, the company has focused on helping children succeed through equitable access to education.

To learn more visit www.thehersheycompany.com. 

Tata Motors Signs MoU With South Indian Bank For Seamless Commercial Vehicle Financing

Tata Motors, India's largest commercial vehicle manufacturer, has signed a Memorandum of Understanding (MoU) with South Indian Bank to offer convenient financing solutions to its commercial vehicle customers and dealerships. South Indian Bank will offer financing across the entire commercial vehicle portfolio, and customers will benefit from the bank's wide network and specially curated easy repayment plans. The alliance represents a significant stride towards providing enhanced support to dealerships, fostering growth, minimising collateral requirements, lowering rate of interest and streamlining credit processing.

Speaking on the development, Mr. P R Seshadri, MD & CEO, South Indian Bank, "At South Indian Bank, we are dedicated to fostering a secure, agile, and dynamic banking environment tailored to the needs of fleet owners and dealerships. Our collaboration with Tata Motors enables us to deliver seamless vehicle financing solutions to commercial vehicle dealers and customers. We are confident that our partnership with Tata Motors will result in best-in-class financing solutions, setting a new industry benchmark for excellence."

Commenting on this partnership, Mr. Rajesh Kaul, Vice President & Business Head – Trucks, Tata Motors Commercial Vehicles, said, "We are delighted to announce our partnership with the reputed South Indian Bank, which understands the needs of our customers. For our customers, easy access to financing solutions for their commercial vehicles is one of the key priorities for their operations. Our alliance aims to empower fleet owners and dealerships to achieve their business goals. We look forward to providing greater convenience and support to our valued customers and partners."

Tata Motors offers extensive range of sub 1-tonne to 55-tonne cargo vehicles and 10-seater to 51-seater mass mobility solutions, ranging in small commercial vehicles and pickups, trucks and buses segments to address the evolving needs of logistics and mass mobility segments. The company ensures unparalleled quality and service commitment through its extensive network of 2500+ touchpoints, manned by trained specialists and backed by easy access to Tata Genuine Parts.

South Indian Bank excels in dealer finance by providing unmatched financial solutions to dealers nationwide. Leveraging on its extensive branch network and deep understanding of the industry, the Bank offers flexible, competitive financing to dealership needs. The Bank supports dealers in their growth with attractive interest rates, flexible terms, and efficient processing, making it the preferred choice for dealers seeking reliable financial support.

About South Indian Bank:

South Indian Bank is a Kerala-based private-sector bank with a nationwide presence. The Bank’s shares are listed on The Stock Exchange Mumbai (BSE) and The National Stock Exchange of India Ltd., Mumbai (NSE). South Indian Bank has 955 branches, 3 Ultra Small Branches, 3 Satellite Branches, 1188 ATMs, and 133 CRMs across India and a representative office in Dubai, UAE. For more information, please log on to www.southindianbank.com. 

About Tata Motors

Part of the USD 150 billion Tata group, Tata Motors Limited (BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 42 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks, and buses, offering an extensive range of integrated, smart, and e-mobility solutions. With ‘Connecting Aspirations’ at the core of its brand promise, Tata Motors is India’s market leader in commercial vehicles and ranks among the top three in the passenger vehicles market.

Tata Motors strives to bring new products that captivate the imagination of GenNext customers, fuelled by state-of-the-art design and R&D centres located in India, the UK, the US, Italy, and South Korea. By focusing on engineering and tech- enabled automotive solutions catering to the future of mobility, the company’s innovation efforts are focused on developing pioneering technologies that are both sustainable and suited to the evolving market and customer aspirations. The company is pioneering India's Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by developing a tailored product strategy, leveraging the synergy between Group companies and playing an active role in liaising with the Government of India in developing the policy framework.

With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors markets its vehicles in Africa, the Middle East, Latin America, Southeast Asia, and the SAARC countries. As of March 31, 2023, Tata Motors’ operations include 88 consolidated subsidiaries, two joint operations, three joint ventures, and numerous equity-accounted associates, including their subsidiaries, over which the company exercises significant influence. 

ASICS Athlete Peter Mwaniki Leads Victory At TCS World 10K Bengaluru

ASICS, a global Japanese sportswear brand celebrates the 16th edition of TCS World 10K Bengaluru 2024. The 10K distance is widely regarded as the first milestone in long-distance running where athletes participate to give their personal best performance and others for running experience. The continued association of ASICS India with Procam International as the Official Sports Goods partner for TCS World 10K Bengaluru has been a remarkable journey with an astounding registration number of over 30,000 and dynamic competition amongst the runners across levels. ASICS athlete Peter Mwaniki with a remarkable timing 28:15 minutes emerged as a winner showcasing his phenomenal performance and implacable commitment.

The event marked a significant milestone for ASICS as the official sporting goods partner, exhibiting the brand's commitment to provide the best technology enabled shoes and apparels that includes the limited-edition NOVABLAST 4 with FF BLAST™ PLUS and FF BLAST™ PLUS ECO cushioning to create the perfect bounce effect concurrently encouraging softer landings, made with 20% recycled bio content, in addition with superior apparel collection for both men and women to elevate the overall running experience.

ASICS has experienced substantial growth in the running space across regions, solidifying its position as a preferred choice amongst athletes and fitness enthusiasts worldwide. This wave of movement has built strong running communities across India year-on-year and will continue to inspire more people to experience the uplifting benefits of movement.

Mr. Rajat Khurana, Managing Director, ASICS India and South ASIA said, “We are committed to support and inspire individuals to achieve their fitness goals, and embrace a healthier, more active lifestyle through the power of running. With this continued association our focus remains to inculcate the runners about the power of movement to balance their physical and mental well-being. Witnessing 30,000 runners participate in this event is truly inspiring. This record-breaking turnout not only illustrates the growing passion for running in India but also solidifies ASICS’ role in nurturing this vibrant community. With 12 stores in the city and 25 stores in the region, South India remains a priority market for us.”

Speaking of the collaboration Mr. Vivek Singh, Jt, Managing Director, Procam International, "It has been an exciting journey to have ASICS as our Official Sports Goods partner for the TCS World 10K Bengaluru 2024. Every year, the brand has set new benchmarks with top-of-the-line event merchandise that is highly sought after by our participants. Together, we are committed to promoting sportsmanship and fitness across the nation."

ASICS is leading the Running Movement in India, this phenomenal participation at the TCS World 10K Bengaluru reinforces ASICS' position as a preferred choice for athletes and fitness enthusiasts in India. In addition to the technology and innovation leading products, ASICS represents brand’s commitment to nurture the running community by giving them access to ASICS Running Club. Through this initiative, ASICS emphasizes on the holistic benefits of movement – not just empowers the physical fitness, but also mental well-being that is widely talked about in ASICS global 'Move Your Mind with ASICS' campaign.

About ASICS:

Anima Sana In Corpore Sano, meaning ‘A Sound Mind in a Sound Body’ is an old Latin phrase from which ASICS is derived and the fundamental platform on which the brand still stands. The company was founded in 1949, more than 70 years ago by Kihachiro Onitsuka and is now a leading designer and manufacturer of running shoes, as well as athletic and SportStyle-inspired footwear, apparel, and accessories.

ASICS currently has 104 stores across India. More details can be found at www.asics.com/in/en-in/store-locator.