Honda Cars India Registers Total Sales Of 10,867 Units In April 2024

Honda Cars India Ltd. (HCIL), leading manufacturer of premium cars in India, registered total sales of 10,867 units in April 2024 as compared to 7,676 units in the same month last year. The company registered 4,351 units in domestic sales and 6,516 units in exports in the month of April’24.

Sharing thoughts on April’24 sales performance, Mr. Kunal Behl, Vice President, Marketing & Sales, Honda Cars India Ltd. said, “Our planned production volumes in April were lower due to switchover of Elevate and City production to six-airbag standard variants and the dispatches were aligned accordingly. On the other hand, export of Elevate continues to significantly boost HCIL export volume which grew by 175% over same period last year.”

The company had registered 5,313 units in domestic sales and exported 2,363 units in April’ 23.

About Honda Cars India Ltd.

Honda Cars India Ltd. (HCIL), a leading manufacturer of premium cars in India, was established in December 1995 with a commitment to provide Honda’s passenger car models and technologies, to the Indian customers. HCIL’s corporate office is based in Greater Noida, UP and its state-of-the-art manufacturing facility is located at Tapukara, District. Alwar, Rajasthan. 

Honda’s models are strongly associated with advanced design and technology, apart from their established qualities of durability, reliability, safety, and fuel-efficiency. The company has a strong sales and distribution network spread across the country. 

Besides the new car business, Honda offers one stop solution for buying and selling pre-owned cars through its business function Honda Auto Terrace. The Honda Certified Pre-owned cars come with an assurance of quality and peace of mind that caters to the diverse and burgeoning needs of pre-owned car buyers across the country.

Dalmia Bharat Foundation And Karur Vysya Bank Join Hands To Empower Youth Through Skill Development

~DBF to train 400 rural youth through its DIKSHa centres in South India ~

Dalmia Bharat Foundation (DBF), the corporate social responsibility arm of Dalmia Bharat Ltd. (DBL) and Karur Vysya Bank (KVB) signed a Memorandum of Understanding (MoU), aimed at empowering rural youth through skill development. This collaboration will focus on enhancing employability skills and sustainable livelihood opportunities for 400 rural youth across the Southern states of Tamil Nadu, Andhra Pradesh, and Karnataka. Under the terms of the MoU, Karur Vysya Bank, as part of its CSR initiatives, will extend financial support for two financial years till FY25. This support will enable Dalmia Bharat Foundation to implement a comprehensive skill development program through its DIKSHa centres located in Belgaum, Kadapa and Dalmiapuram in the Southern states of its operation. The program will focus on providing short-term skill training courses in areas such as apparel manufacturing, construction, healthcare, IT-enabled services, beauty & wellness, among others. Through this initiative, the aim is to equip individuals with the necessary skills to secure gainful employment opportunities and contribute to the economic growth of their communities.

Speaking on the occasion, Shri Ashok Gupta, CEO, Dalmia Bharat Foundation stated, "At, Dalmia Bharat we are committed to enabling social transformation and creating sustainable livelihoods for the nation's youth. We are pleased to collaborate with Karur Vysya Bank in our shared commitment to youth empowerment and community development. By imparting skills and creating opportunities, we aspire to empower young individuals in the region to achieve self-reliance and contribute to India's sustainable future.”

DIKSHa, the flagship project from Dalmia Bharat Foundation provides placement-linked, short-term skill training to youth and women, adding them to skilled workforce for enhanced income. There are 19 centres spread across 10 states of their operation. Till date, DIKSHa has trained 15709 individuals successfully with more than 11435 individuals placed in gainful employment, earning monthly wages ranging from INR 8,000 to INR 20,000. DBF has further expanded partnerships to include the State Skill Development Missions of Odisha and Karnataka, as well as collaborations with organizations like NABARD, NBCFDC, OSDA, BOSCH, Schneider Electric, etc.

About Dalmia Bharat Foundation:

Dalmia Bharat Foundation focuses on building Sustainable Livelihoods and ensure Rural Development in its programme areas. These programmes combine in-depth, long-term plans and strategies along with medium- and short-term initiatives and campaigns. Owing to the great differences across locations, DBF has adopted a flexible, multi-intervention approach that allows programmes and people to grow together and sustain each other. The two focus areas have been derived from the felt needs of the community and issues material to the business. Visit us at?http://www.dalmiafoundation.org. 

Nutanix Study Finds Public Sector IT Investment Focused On AI, Ransomware Protection, And Operational Efficiency

* Hybrid multicloud deployments expected to increase fourfold over the next three years to help unlock efficiency, security, and innovation.

Nutanix (NASDAQ: NTNX), a leader in hybrid multicloud computing, announced the findings of its sixth annual global Public Sector Enterprise Cloud Index (ECI) survey and research report, which measures enterprise progress with cloud adoption in the industry. The research showed that Public Sector IT leaders expect substantial near-term adoption of multiple IT operating models (87%), yet current usage (57%) is slightly behind the average compared to other industries (60%).

This year’s Public Sector ECI report revealed that the use of hybrid multicloud models in the industry is forecasted to quadruple over the next one to three years as IT decision-makers at public sector organizations look to modernize data centers into private clouds and preserve choice in public cloud deployments. Primary drivers for IT infrastructure investments in the next year include ransomware prevention, IT modernization, and AI strategy support to gain flexibility and access new capabilities to improve operations and enable mission success.

The public sector is faced with regulatory and compliance mandates regarding where and how end user data can be stored, which creates complexity as organizations work to modernize their IT infrastructure. Hybrid multicloud solutions provide key benefits to public sector organizations including simplifying operations, improving data privacy and security, optimizing where apps and data live, and preparing for technologies like AI. The Public Sector ECI report found the adoption of hybrid multicloud varied significantly from across sub sectors, with public education leading the way, while federal and state governments lagged.

“Much like other industries, public sector organizations are eager to modernize their IT infrastructure and lay the foundation to adopt new technologies to deliver better services and experiences for constituents,” said Greg O’Connell, Sr. Director Sales, Public Sector at Nutanix. “In fact, 80% of the public sector said they expect to increase their investments in AI technology in the next year.”

Public sector survey respondents were asked about their current cloud challenges, how they’re running business and mission critical applications today, and where they plan to run them in the future. Key findings from this year’s report include:

Hybrid multicloud deployments lag behind other industries. The vast majority of both public sector organizations (85%) and all sectors (90%) agreed that their organizations now embrace cloud-smart IT deployment strategies. However, just 8% of global public sector organizations reported using a hybrid multicloud approach.

When public sector organizations are investing in IT infrastructure, protection from ransomware is the primary driver. Respondents in the public sector most often chose the infrastructure’s ability to protect against ransomware and other malware as their single top priority (17%). This factor was followed by the infrastructure’s performance/response time potential (15%) and its ability to allow IT to flexibly move workloads across private and public cloud platforms (14%).

Security and compliance are the biggest drivers of application relocation and the top priority for CIO/CTOs, as public sector organizations recover from high rates of ransomware attacks. The vast majority of ECI respondents—92% in the public sector group and 95% globally—said they had moved one or more applications to a different IT environment in the past 12 months. The ramp-up of moving workloads to best support each application’s requirements is creating the need for simple and flexible inter-cloud portability. Shifting security-related requirements, in particular, are largely fueling the movement of applications.

AI use is ramping up, though issues concerning data privacy and best practices persist. Though AI support ranked fairly low on public sector infrastructure purchasing criteria, respondents expressed high levels of interest in the technology elsewhere. 80% of the public sector said they expect to increase their investments in AI technology in the next year. About a third (32%) said that those investment increases would be “significant.” A third (33%) also said integrating with cloud-native services, such as AI, was a reason that they moved one or more application(s) to a different infrastructure during the past year.

Top challenges involve multi-environment storage, operations, security, and sustainability. Managing multiple IT environments creates operational challenges often related to interoperability and data management across infrastructures with dissimilar underlying technologies. When asked to name their number one data management challenge today, the greatest percentage in the public sector identified complying with data storage/usage guidelines (19%) as the top factor. Increasingly, data storage strategies are driven by privacy regulations about where end user data can be stored, such as data sovereignty requirements.

For the sixth consecutive year, Vanson Bourne conducted research on behalf of Nutanix, surveying 1,500 IT and DevOps/Platform Engineering decision-makers around the world in December 2023. The respondent base spanned multiple industries, business sizes, and geographies, including North and South America; Europe, the Middle East and Africa (EMEA); and Asia-Pacific-Japan (APJ) region.

About Nutanix

Nutanix is a global leader in cloud software, offering organizations a single platform for running apps and data across clouds. With Nutanix, companies can reduce complexity and simplify operations, freeing them to focus on their business outcomes. Building on its legacy as the pioneer of hyperconverged infrastructure, Nutanix is trusted by companies worldwide to power hybrid multicloud environments consistently, simply, and cost-effectively. Learn more at www.nutanix.com or follow us on social media @nutanix.

Manipal Academy of Higher Education Celebrates Founder's Day To Mark The 126th Birth Anniversary of Dr T.M.A Pai

Manipal Academy of Higher Education (MAHE), Manipal, celebrated the 126th birth anniversary of its founder Dr T.M.A Pai on Tuesday, 30 April 2024. Shri K. V. Kamath, Chairman, National Bank for Financing Infrastructure and Development (NaBFID) & Chairman, Jio Financial Services Ltd. was the Chief Guest of the event. The celebration was also attended by dignitaries from the Manipal Group like Mrs Vasanti R Pai, Trustee, MAHE Trust, Dr Ranjan R Pai, President, MAHE Trust, Registrar, AGE & Chairman, MEMG, Bengaluru, Mr T Ashok Pai, President, Dr TMA Pai Foundation, Manipal, Mr T Satish U Pai, Executive Chairman, Manipal Media Network Ltd., & Vice President, Academy of General Education, Dr H S Ballal, Pro Chancellor, MAHE & President, AGE, Manipal, Lt Gen (Dr) M D Venkatesh VSM (Retd.), Vice Chancellor, MAHE, Manipal. The event was also graced by several senior officials from the Manipal Group, making it a memorable celebration of Dr. T.M.A Pai's legacy.

Each year Manipal Group of Institutions observes Founder’s Day on April 30th to honour and remember the legacy of Dr T.M.A Pai, the visionary founder of the Manipal Group, who transformed the once barren hilltop of Manipal into a globally renowned educational hub. This year’s celebration was marked by several programs, which began with a heartfelt floral tribute to Dr T.M.A Pai by all the distinguished guests and dignitaries.

Welcoming the audience, Dr H. S. Ballal, President, Academy of General Education & Pro Chancellor, MAHE, Manipal, said, “On behalf of MAHE, I extend a warm welcome to everyone. As we gather here today to celebrate and remember the legacy of Dr T.M.A Pai this annual occasion holds great significance in our institution's history as it commemorates the vision, dedication, and pioneering spirit of our esteemed founder”.

Remembering the journey of Dr Pai, Dr Ballal further added, “Dr T.M.A Pai was a visionary for two reasons, he started an institute of general education to provide skill training for those who didn’t do academically well in their high school. His focus was to train them so they could become employable. Additionally, in 1952 he started one of its kind self-financing medical college in the private sector with the government.

Reflecting on the 126th birth anniversary of Dr Pai fills me with a profound sense of admiration. His pioneering spirit in education continues to guide the Academy of General Education (AGE) as we aim to nurture future leaders. Having witnessed MAHE’s incredible growth from a medical college to a premier university, I am proud to contribute as Pro-Chancellor. Today, let us all pay tribute to Dr Pai’s exceptional journey by dedicating ourselves to excellence in education and shaping responsible global citizens.”

The Chief Guest, Shri K. V. Kamath, Chairman, National Bank for Financing Infrastructure and Development (NaBFID) & Chairman, Jio Financial Services Ltd., addressed the audience present and spoke about the remarkable vision of Dr T.M.A Pai and his profound efforts in revolutionising the Indian Education System. He said, “It is an honour to be here at Manipal Academy of Higher Education, celebrating the 126th birth anniversary of its founder, Dr T.M.A Pai. Dr Pai's vision and dedication to education serves as a beacon of inspiration for us all and his legacy lives on in the success of MAHE, a true pioneer in Indian education that stands as a powerhouse of knowledge and innovation. I remember him for his pioneering efforts and ability to think through the challenges which existed at the time when there was limited conversations and awareness around the need of providing education. As we celebrate Dr Pai's remarkable journey, let us all pledge to rededicate ourselves to the pursuit of knowledge and excellence to ensure a brighter future for generations to come.”

Addressing the audience, Lt Gen (Dr) M.D. Venkatesh, VSM (Retd.), Vice Chancellor of MAHE, said, “On this momentous occasion of the 126th birth anniversary of Dr T.M.A Pai, we celebrate a legacy of education and societal upliftment. Dr Pai’s vision not only transformed Manipal into an academic hub, but also instilled a deep appreciation for our regional heritage. We at MAHE rededicate ourselves to follow integrity, quality, execution, transparency, passion, human touch and team work in our relentless journey towards the excellence. Through our initiatives, we strive to keep his legacy alive by empowering underprivileged communities and fostering a culture of innovation and service”.

He further added that, “Dr Pai’s life was not just a journey of his individual achievements but a testament to the power to transform the lives of countless individuals. He firmly believed that the education should not be a privilege for a few but a fundamental right regardless of their background”.

The event also included several presentations, including the "Kundapur Mohan and Latha Bhandarkars’ Merit-cum-Means Scholarships", the "Smt. Sharada M Pai - Dr Padma Rao Memorial Award" for the Best Nursing and Anganwadi Service, the "Smt. Sharada M Pai - Dr Padma Rao A- MMS Diamond Jubilee Award" for the Best Female Warden/Caretaker (Non-Teaching Staff), and the "Smt. Geetha K Nayak Memorial Award" for the Senior Nurses of Kasturba Hospital.

Dr NN Sharma, Pro Vice Chancellor - Strategy & Planning, MAHE, delivered the vote of thanks.

About Manipal Academy of Higher Education:

Manipal Academy of Higher Education (MAHE), Manipal an Institution of Eminence, Deemed to be University, is a self-financing Higher Educational institution which started its operations in 1953 by establishing the first self-financing medical college, KMC Manipal, as Public Private collaboration model. Over the years various institutions have been added and finally in 1993 June, these group of institutions have been declared as a Deemed to be University by the Govt. of India. The excellent track record in academics, infrastructure and research contributions and its standing in the national and international rankings, culminated in it being declared as an Institution of Eminence Deemed to be University (IoE) by the Ministry of Education, Govt. of India, in October 2020. Presently MAHE Manipal offers 300+ programmes in 30+ streams which includes undergraduate, postgraduate and doctoral levels at its four campuses in India and one overseas campus. It has about 35000 students on its rolls. MAHE Manipal, as an IoE, is committed to provide quality higher education at affordable cost and contribute in increasing the gross enrolment rate ratio in higher education. 

Kotak Announces Departure of KVS Manian, Joint Managing Director From The Group

Kotak Mahindra Bank (‘the Bank’) today informed the exchanges that KVS Manian, Whole Time Director designated as Joint Managing Director has stepped down from his position to pursue other opportunities in the Financial Services sector. The Board has accepted his resignation with immediate effect.

Leveraging its strong leadership strength, the Bank announced a new reporting structure to drive a sharper focus and leadership oversight to its business.

The Wholesale, Commercial and Private Bank will now report directly to Ashok Vaswani, Managing Director & CEO, while the Asset Reconstruction Division will report into Shanti Ekambaram, Deputy Managing Director. Shanti will also oversee the Investment Banking and Institutional Equities businesses.

Commenting on the development, Ashok Vaswani, MD & CEO, Kotak Mahindra Bank said “Manian has spent over 29 years at Kotak and we are thankful to him for his association and we wish him well in his future endeavours. We are confident of the strong leadership talent at Kotak and our ability to scale our businesses to the next level in times to come.”

About Kotak Mahindra Bank Limited

Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Limited.

The Bank has four Strategic Business Units – Consumer Banking, Corporate Banking, Commercial Banking, and Treasury, which cater to retail and corporate customers across urban and rural India. The premise of Kotak Mahindra Group’s business model is concentrated India, diversified financial services. The bold vision that underscores the Group’s growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked. As on 31st December 2023, Kotak Mahindra Bank Ltd has a national footprint of 1,869 branches and 3,239 ATMs, and branches in GIFT City and DIFC (Dubai). For more information, please visit the company’s website at https://www.kotak.com/.

For more information, please visit the company’s website at https://www.kotak.com/

Bajaj Allianz General Insurance Unveils Privé - A Program That Provides Unparalleled Coverage And Service Excellence

* Privé is an exclusive customer experience program crafted for a special segment of policyholders

* Privé provides access to elevated and unmatched customer service at every touchpoint

* To become a part of Privé, customers can opt for eligible products under Health, Motor, or Home, with a certain sum insured range, thereby fulfilling the requisite eligibility criteria

Bajaj Allianz General Insurance, one of the leading private general insurers in India, today announced the launch of Privé, an exclusive customer experience program offering access to elevated and unmatched customer service excellence. Traditionally, in India, the thrive to increase insurance penetration over the last few years has largely been focused on tapping the customer base across the tier 2/tier 3 locations and rural markets, predominantly covering middle, upper middle class, and rural customers. Bajaj Allianz General Insurance, in addition to its strong focus on increasing insurance penetration across all the above-mentioned customer segments, will now also cater to a special segment of customers typically requiring insurance solutions with enhanced coverage limits.  Recognizing the multifaceted requirements and comprehensive protection that align with such discerning customers’ financial and lifestyle preferences, Privé goes beyond the traditional insurance offerings. By being part of Privé, the customers gain access to an array of exclusive and prioritized insurance services, ensuring their requirements are met with precision.

To become a part of Privé, the customers have the flexibility to select from a range of products across health, home, motor, personal accident, and cyber, insurance as per their specific needs. Insurance products currently include the My Health Care Plan, offering customizable health insurance coverage, with a minimum sum insured of INR 1 crore as the eligibility criteria; the Global Health Care offers coverage like overseas medical treatment, and planned and emergency treatments both international and domestic, and the customers can choose any of the sum insured options for eligibility. In addition, a motor product along with V-Pay add-on cover will be offered. This add-on cover consolidates the benefits of an array of fragmented motor insurance add-ons under one offering, requiring a minimum Insured Declared Value (IDV) of INR 25 lakhs or more for a motor vehicle. The My Home Insurance All Risk Policy ensures comprehensive insurance coverage for both home structure and valuable contents in the home. The eligibility criteria here would be a minimum sum insured of INR 3 crores for structure, INR 30 lakhs for non-portable contents, and INR 6 lakhs for portable items. Moreover, in conjunction with the above products, customers can also opt for a higher range of sum insured for advanced products like the Global Personal Guard Policy that extends worldwide personal accident coverage with a range of additional add-ons, and the Cyber Care plan, to protect against losses resulting from cyber-attacks owing to the ever-evolving digital space.

Privé is committed to elevating the service experience through experts focused on expediting claims processing and assistance. Such customers would also have access to ‘Privé Connect’, a dedicated team available to swiftly address all insurance queries and requirements for catering to any service request or claims. In case of health claims, additional services like hassle-free discharge and pre-policy check-ups at home by professionals are also provided. Furthermore, the service is complemented by ‘Care Angels’, who are trained professionals offering personalized assistance and support throughout the hospitalization journey. For the motor insurance add-on product V-Pay, the claim process is streamlined to provide rapid responses, including surveyor deployment on a priority basis. Non-motor insurance claims, such as home insurance claims, will be similarly handled efficiently, with a claim handler reaching out to the customers within turnaround times, which is amongst the best in the market today. Privé offers a seamless claim experience that will enhance the entire lifecycle of the insurance journey, setting a new standard in customer service excellence.

Privé, being a unique first-of-its-kind program, was launched in Pune. Mr. Sanjiv Bajaj, Chairman and Managing Director, Bajaj Finserv Ltd., also graced the event. At the launch event, renowned Indian music composer duo Vishal Shekar enthralled the attendees with an electrifying musical performance. Fashion designer Rocky S also added glamour to the event by showcasing his unique collection. A few select partners and employees also graced the ramp. The event also saw the launch of the Privé logo unveiled by Mr. Sanjiv Bajaj, Chairman and Managing Director, Bajaj Finserv Ltd., Mr. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, Rocky Star, Indian Fashion Designer, and Mr. Vikram Bhayana, Head – Marketing, Bajaj Allianz General Insurance.

Speaking on the launch, Mr. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said, “At our core, we're dedicated to pioneering insurance solutions that cater to the diverse needs of every individual across our nation. With Privé, we're reaffirming our commitment to continuously innovate and address the unique requirements of discerning individuals. We understand that their sophisticated asset portfolios, astute financial planning, and distinct lifestyles demand insurance offerings that transcend conventional norms. Privé stands out with its best-in-class products and services tailored to the discerning preferences of this exclusive clientele, accessible at their fingertips for unmatched convenience.

What truly distinguishes Privé is our unwavering dedication to service excellence at every touchpoint. Privé ensures an elevated and seamless service experience from dedicated teams to swift claims resolutions and much more. Our customers can expect unparalleled support and assistance throughout their insurance journey. Privé isn’t just another insurance program – it’s a commitment to delivering unmatched service and protection.

We recognize that individuals of this strata expect nothing but the absolute best in products and services. With Privé, we aspire to be the go-to insurer, consistently surpassing customer's expectations.”

Privé represents another pioneering initiative by Bajaj Allianz General Insurance to create a segmented category for niche customers that addresses their unique needs with a curated selection of personalized insurance offerings, empowering them to safeguard their lifestyle.

About Bajaj Allianz General Insurance

Bajaj Allianz General Insurance stands as India's premier private general insurance company. It is a collaborative effort between Bajaj Finserv Limited, India's most diversified non-bank financial institution, and Allianz SE, the world's leading insurer and largest asset manager. Bajaj Allianz General Insurance provides a wide range of general insurance products, including motor insurance, home insurance, and health insurance, along with distinctive insurance offerings like coverage for pet insurance, weddings, events, cybersecurity, and the film industry. The company commenced its operations in 2001 and has consistently expanded its reach to be in close proximity to its customers. Presently, it maintains a presence in nearly 1,500 towns and cities across India. Notably, Bajaj Allianz General Insurance holds the issuer rating of [ICRA]AAA from ICRA Limited, signifying the highest level of assurance regarding the punctual fulfilment of financial commitments.

Shopper Stop Reports Q4 Revenue of Rs 1000 Cr, Growth of 9% YoY And EBITDA of Rs 199 Cr, Up 11%

Annual Revenue of Rs 4213 Cr, + 5% and EBITDA Rs 767 Cr, +2% (GAAP)

Sales Rs 1,000, +9%

Beauty outperformed +7%, led by Fragrance +24%; Overall Mix at 18%

Strategically continue to expand in key markets as follows:

7 Department stores in Q4, 15 in FY24 aggregating to 112 Departmental Stores as at FY24

Launched Largest Premium Beauty store (9000 sq. ft.) at Quest Mall, Kolkata; opened 3 Beauty Stores in Q4 and 16 for FY24, aggregating to 87 as at FY24.

12 INTUNE stores opened during the Quarter, with 22 Stores in FY24

Premiumization continue to increase with Average Transaction Value (ATV) +8%

Capex investments of Rs 84 Crs in the quarter and Rs 246 Crs for the year

Shoppers Stop Ltd. a leading department store with premier fashion and beauty brands, has declared its results for the quarter ended 31st March 2024.

Management Comments:

Commenting on the Q4FY24 results, Mr. Kavindra Mishra, Managing Director and CEO, Shoppers Stop Ltd, said, “Shopper Stop delivered consistent performance despite continued softness in demand.  We remain focused on driving operational excellence and our long-term goal is to increase the overall margins. I am happy to say that we have made concerted efforts to further improve and sustain our excellence in customer journey, which is evident with our Loyal Customers contributing 78% of our total sales.  With rising affluence, our focus on premiumization continues to drive ATV by 8%. Beauty category sustained the Strong Momentum in Q4. We launched largest beauty store in the country at Quest mall, Kolkata.

During the quarter the sales grew by 9% and EBITDA at Rs.199 Crs. Our EBITDA was impacted by onetime investments in Beauty and write off of inventory aggregating to Rs.14 Crs during the quarter.  In this quarter, we opened 7 Department, 3 Beauty and 12 Intune stores.  Our investments in opening new stores continues and we have opened 55 stores, including our “New Business”  Intune wherein we opened 22 stores during FY24.

I am confident of the medium to long-term potential of Retail Growth, with key thrust on “Growing our Core” through impeccable customer journey, Premiumization and have our portfolio to high growth spaces.

Performance of strategic pillars in Q4FY24:

First Citizen – Our First Citizen Members contributed 78% sales, of which 65% were repeat and 13% new members. Our Premium Black Card contributed 12%. During the quarter we added 180K members and total base at the quarter end is 9.9Mn. The customer engagement continues to be strong. We launched Playbook for Regional Festivals, Used Online Gamification as content driver for Valentine’s Day and SS’24 season launch, Micro-personalization Videos and Campaigns for Women’s Day leading to 2X response rate etc. and many other campaigns

Private Brands – Private Brands sales were at Rs 145 Crs. The challenges continue to remain in Private Brand with weak demand in Women Western and Men’s category. However, our Inventory reduced by Rs 56 Crs (25% YoY)

Beauty – Beauty Sales at Rs 218 Crs grew by +7%, continued to outperform other categories contributing 18% to the overall sales. During the quarter, we opened largest Beauty Store of the country sprawling 9000 sq ft at the Quest Mall, Kolkata. We Created a GUINNESS WORLD RECORD for completing the Most Makeovers in 1 Hour on the Store launch day. We had 220K makeovers this quarter. We also launched 2 EBOs during the quarter

INTUNE – Our “Fashion for all” format, INTUNE has been one of the promising and fast-growing segments. We have added 12 new stores during the quarter and entered 3 new cities. At the end of FY24 we have  22 Stores in 9 cities. The initial success in INTUNE has been encouraging

Beauty Distribution – Beauty distribution business recorded Rs 42 Crs sales during the quarter. Distribution network expanded to over 436 doors from earlier 334 doors. Launched ‘NARS’ brand boutique Store at Select City Mall, New Delhi. With addition of fragrance brand ‘Maison Margiela’ and Makeup brand ‘Note Cosmetics,’ total brand portfolio expanded to 20

Store Expansion – The company launched 22 stores during the quarter (7 Department, 12 INTUNE and 3 Beauty). The company has made a capex investment of Rs 84 Crores during the quarter and Rs 246 Crs during FY24.