Vitesco Technologies Published Its Results For The Second Quarter And First Half Of 2024

* Q2 2024 financial figures: Vitesco Technologies improves profitability in a challenging environment

* Quarterly sales amounted to €2.02 billion (Q2 2023: €2.44 billion); €4.02 billion in the first half of 2024 (H1 2023: €4.76 billion)

* Sales in Electrification came in at €347.8 million in the second quarter (Q2 2023: €354.3 million)

* Adjusted EBIT improved to €81.7 million in Q2 2024 (Q2 2023: €66.6 million) with an adjusted EBIT margin of 4.0 percent (Q2 2023: 2.9 percent); adjusted EBIT for H1 2024: €114.7 million (H1 2023: €97.4 million) with an adjusted EBIT margin of 2.9 percent (H1 2023: 2.1 percent)

* Order intake in Q2 2024 totaling to €3.2 billion, with electrification order intake accounting for €1.3 billion

* Vitesco Technologies strengthens its product portfolio in China and starts battery management production

 Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, published its results for the second quarter and first half of 2024.

“The key financial figures for the second quarter of 2024 illustrate the slow recovery of the market environment in the automotive sector,” explains Andreas Wolf, CEO of Vitesco Technologies. “Despite these challenging conditions, we achieved a further increase in the profitability of Vitesco Technologies.”

The current decrease in call-offs from vehicle manufacturers and the planned ramp down of non-core business meant that Vitesco Technologies generated consolidated sales of €2.02 billion in the second quarter of 2024 (Q2 2023: €2.44 billion). This included sales in electrification products of €347.8 million (Q2 2023: €354.3 million). Adjusted for changes in the scope of consolidation and exchange-rate effects, consolidated sales were thus down by 11.5 percent.

Strict cost discipline in a volatile environment enabled growth in adjusted EBIT to €81.7 million (Q2 2023: €66.6 million). This equates to an adjusted EBIT margin of 4.0 percent (Q2 2023: 2.9 percent).

Compared to the first six months of the previous year, the Group’s sales decreased to €4.02 billion (H1 2023: €4.76 billion). Adjusted for changes in the scope of consolidation and exchange-rate effects, the decline amounted to 9.5 percent. The expected reduction in contract manufacturing for Continental and the divestures of business segments particularly impacted sales. Vitesco Technologies’ adjusted EBIT improved to €114.7 million (H1 2023: €97.4 million), which corresponds to an adjusted EBIT margin of 2.9 percent (H1 2023: 2.1 percent).

Free cash flow declined to -€387.5 million in the second quarter (Q2 2023: -€20.6 million) due mainly to planned negative non-recurring items in connection with contract manufacturing for Continental. For the first half of 2024, free cash flow came in at -€478.1 million (H1 2023: -€61.7 million). Capital expenditure on property, plant, and equipment and software amounted to €120.4 million (Q2 2023: €92.8 million). The capex ratio was therefore at 5.9 percent (Q2 2023: 3.8 percent). Vitesco Technologies showed a solid balance sheet as of June 30, 2024, with an equity ratio of 39.4 percent (June 30, 2023: 38.9 percent).

In the second quarter of 2024, Vitesco Technologies’ order intake came in at around €3.2 billion, with electrification components accounting for €1.3 billion.

Vitesco Technologies also increased its activities in the growth market of China and further expanded its market presence with the recent launch of battery management production.

“Our increased commitment in China is bearing fruit and shows that we are on the right track with our strategy. The new battery management production facility enables us to meet the growing demand in China even better,” says Andreas Wolf.

Divisional results for Vitesco Technologies

The Powertrain Solutions division generated sales of €1.25 billion in the second quarter of 2024 (Q2 2023: €1.63 billion), which equates to organic growth of -16.3 percent. The planned phase-out of contract manufacturing for Continental and the divestures of business segments contributed to the decrease in sales. In the same period, adjusted EBIT increased to €118.1 million (Q2 2023: €100.7 million). The division’s adjusted EBIT margin therefore stood at 9.4 percent (Q2 2023: 6.6 percent), with the core business contributing an adjusted EBIT margin of 13.0 percent.

“The Powertrain Solutions division’s core business once again achieved a double-digit adjusted EBIT margin. That speaks for itself,” says CFO Sabine Nitzsche.

Electrification sales declined slightly year on year because deliveries of battery-powered electric vehicles are fairly stagnant in the European market. Sales generated by the Electrification Solutions division amounted to €786.9 million in the second quarter of 2024 (Q2 2023: €825.2 million). This equates to negative organic growth of 2.7 percent. The division’s adjusted EBIT stood at -€30.9 million (Q2 2023: -€31.0 million), with an adjusted EBIT margin of -3.9 percent (Q2 2023: -3.8 percent).

Sabine Nitzsche adds: “In the field of electrification, we had a rather slow start in the first quarter, gained momentum in the second quarter and will be profitable from the third quarter onwards.”

Outlook for fiscal year 2024

A further year on year decline in global vehicle production is expected in the second half of 2024. Vitesco Technologies therefore continues to anticipate a challenging market environment for 2024. The company forecasts sales of €8.1 billion in fiscal year 2024 (+/-€150 million). Vitesco Technologies is also predicting an adjusted EBIT margin for 2024 of around 4.0 percent (+/-0.2 percent) and free cash flow for 2024 of approximately -€400 million (excluding integration costs in connection with the merger with Schaeffler AG).

AESL Felicitates “Champions Of Aakash’, Future Nation-Builders And Top Rank Holders In NEET & JEE 2024

* Grants Cash Prizes to Exceptional Students for Outstanding Achievements

* The ‘Champions of Aakash’ event featured a captivating conversation with Srikanth Bolla, Founder Chairman of Bollant Industries, as well as an inspiring talk by Mr. Deepak Mehrotra, MD and CEO of Aakash Educational Services Limited (AESL)

Aakash Educational Services Limited (AESL), the national leader in test preparatory services, hosted a grand ceremony, “Champions of Aakas”’ to honour its students who achieved remarkable results and ranked among the Top 500 in the NEET and JEE (Mains and Advanced) Examinations 2024. The event celebrated the extraordinary achievements of All-India rank holders enrolled in one, two-year and four-year programs from across the country.

A record-breaking 1,15,484 students from Aakash qualified for the prestigious NEET UG 2024, setting a new standard for excellence. Notably, Aakashians dominated the top ranks, including 8 students achieving a perfect score of 720/720 and securing AIR 01, making them the highest NEET scorers. Additionally, 37 students secured ranks in the Top 100, and a staggering 339 students were in the Top 1000 in the General Category. Top NEET scorers who secured AIR 01 included Mridul Manya Anand, Ayush Naugraiya, Gunmay Garg, Arghyadeep Dutta, Shubhan Sengupta, Aryan Yadav, Palansha Agarwal, and Iram Quazi.

In addition to the exceptional NEET performance, Aakash Institute students also excelled in the JEE Advanced examination. A total of 3,081 students from Aakash demonstrated their commendable abilities by securing impressive ranks, with eight students achieving ranks under AIR 100. Notable achievers included Rishi Shekhar Shukla (JEE Advanced 2024 AIR 25), Krishna Sai Shishir (JEE Advanced 2024 AIR 67) and Abhishek Jain (JEE Advanced 2024 AIR 78).

The ‘Champions of Aakash’ felicitation event was attended by Aakash’s top management, faculty from across the country, and meritorious students along with their parents. The event featured a captivating conversation with Mr Srikanth Bolla, Founder Chairman of Bollant Industries, as well as an inspiring talk by Mr. Deepak Mehrotra, MD and CEO of Aakash Educational Services Limited (AESL).

Addressing the guests, Mr. Mehrotra congratulated the rank holders on their outstanding achievements. He expressed, “We are truly honored to have Mr. Srikanth Bolla with us today, a pioneer who has transformed perspectives on abilities, inspiring us all. Today, we celebrate the success of our students, whose dedication and hard work have brought them to this stage. I also extend my gratitude to our teachers for their crucial role in shaping these achievements.”

He further added, “This event marks 35 years of Aakash’s visionary contributions across India, producing future nation-builders like J.C. Bose, Abdul Kalam, and Homi Bhabha. As we embrace AI and technology, we continue to create environments where every child can thrive and succeed."

During the conversation, Mr. Srikanth Bolla, Founder Chairman of Bollant Industries, congratulated the rank holders on their remarkable achievements, commending their hard work, dedication, and discipline. He said, "It’s an honor to be here, celebrating Aakash’s champions. Sight is for the eyes, but vision is for the mind, and your achievements reflect that vision. My life has been guided by 'I can' and 'I will.' Challenges are inevitable but overcoming them leads to success. Your accomplishments prove that big dreams can be realized through perseverance. I salute the parents for their unwavering support. As future leaders, remember that compassion and resilience will take you far. Keep dreaming big and moving forward."

Aakash Institute aims to help students in their quest to achieve academic success. It has a centralized in-house process for curriculum and content development and faculty training and monitoring, led by its National Academic Team. Over the years, students from AESL have shown proven selection track record in various Medical & Engineering entrance exams and competitive exams such as NTSE and Olympiads.

Torque Pharma Honoured With “MY FM Excellence Award” For Most Trusted Corporate brand “Torque Pharma” In The pharma Category

Torque Pharma, one of the leading pharmaceutical companies, has announced that it has been honoured with the prestigious “MYFM Excellence Award” for the Most Trusted Corporate brand “Torque Pharma” in the pharmaceutical category.

This esteemed recognition was presented by renowned Bollywood celebrity Chitrangda Singh in Chandigarh.

The MY FM Excellence Awards, held annually in Chandigarh, celebrates the exemplary contributions of businessmen and service providers across various fields.

A.I.S Bedi, Managing Director of Torque Pharma said, “We are immensely honoured to receive the MY FM Excellence Award for the Most Trusted Corporate brand in the pharmaceutical category. This recognition highlights our dedication to quality, innovation, and integrity. At Torque, we aim to provide the best healthcare solutions to our customers, and this award drives us to keep pursuing excellence in this field.”

Mandeep Singh, Executive Director of Torque Pharma said, “This accolade not only highlights our dedication to excellence but also reinforces the trust our customers place in us. We are thankful to MYFM Excellence Awards for recognizing our efforts and to our amazing team, whose hard work makes these achievements possible.”

 Torque Pharmaceuticals has consistently demonstrated its dedication to enhancing healthcare through stringent quality standards.

Department of Commerce, MAHE Hosts Insightful Talk With Suresh Prabhu On Sustainable Development And Economic Policies

The Department of Commerce at Manipal Academy of Higher Education (MAHE) hosted an enlightening interactive session today featuring Hon. Shri Suresh Prabhu, a respected leader and thought influencer in sustainable development and economic policies. Shri Prabhu, who currently serves as the Founding Chancellor of Rishihood University and Guest Professor at the London School of Economics, has an impressive legacy as a former Union Minister with ten portfolios and six terms as a Member of Parliament.

The talk drew enthusiastic participation from students and faculty of the Department of Commerce, as well as attendees from TAPMI and other MAHE institutions. Shri Prabhu delivered a powerful address on key global issues, focusing on sustainable development, climate change mitigation, and transformative economic policies in emerging markets. His insights, shaped by years of experience in both national and international policy arenas, provided attendees with a deeper understanding of these critical topics.

The event was further distinguished by the presence of Lt. Gen. (Dr.) M. D. Venkatesh, VSM (Retd), Vice Chancellor, Manipal Academy of Higher Education, who offered his support and encouragement for the academic discourse. Dr. Everil, who served as the Master of Ceremonies, skillfully guided the event, ensuring a smooth and engaging experience for all attendees. The session concluded with a vote of thanks from Dr. Sandeep S. Shenoy, Head of the Department of Commerce, who expressed his sincere appreciation to Shri Suresh Prabhu for sharing his expertise and inspiring the audience.

This interactive talk offered a rare opportunity for students and faculty to engage with one of the most influential figures in sustainable development and economic policy, deepening their understanding of the challenges and opportunities facing emerging markets today.

PNB Launches “PNB ANTAH DRISHTI Braille Debit Card” For Visually Impaired Customers

~ Enhanced debit card design facilitates easier use for visually impaired customers~

Punjab National Bank (PNB), the nation’s leading public sector bank, has launched the “PNB ANTAH DRISHTI” () Braille Debit Card, a new debit card specifically designed for visually impaired customers. This contactless NCMC (National Common Mobility Card) Debit Card is available on RuPay network. The introduction of the PNB ANTAH DRISHTI Braille Debit Card reflects the bank’s commitment to inclusivity and financial accessibility. This initiative also aims to enhance financial independence and convenience for visually impaired individuals, empowering them to manage their finances with greater ease and confidence.

Innovatively designed, this new debit card features:

Raised Braille Dots (PNB in Braille) - The brand name “PNB” is prominently embossed on this debit card, making it easy for visually impaired customers to differentiate between PNB and other Banks’ Cards. Additionally, the welcome letter that accompanies the debit card will also be in Braille dots.

Rounded Notch – This debit card has a rounded notch on the opposite side of the chip. This facilitates the card holder to know about the direction of the card while dipping the same in ATM / POS.

Glossy Spot UV lamination effect – This debit card has a glossy spot UV lamination effect with raised texture on the Bank’s logo and silk screen rough spot UV on the contactless symbol. This helps visually impaired customers to locate the bank’s logo easily and read the card’s contactless symbol, making it easy for them to use the debit card.

Contrasting colours – This debit card is easily distinguishable due to its contrasting colours which makes it easier for the visually impaired customers to read the card details.

NueGo Celebrates 2 Years Of Sustainable Growth With Over 45 Million Emission Free Kms

NueGo, India's leading intercity electric bus brand by GreenCell Mobility promoted by EverSource Capital, is celebrating its second anniversary marking significant achievements and laying an ambitious roadmap for the years ahead. NueGo has accomplished close to 50 million emission free kilometers within two years of its launch and has revolutionized the mass mobility industry, offering reliable, safe and comfortable travel experience to all its guests. NueGo has become the first intercity electric bus brand to achieve this milestone within 2 years of launch.

Indians are not only travelling more often, they also want to travel better. Two years ago, NueGo embarked on a mission to transform intercity travel experience. With a steadfast commitment to customer experience and sustainability, NueGo started with 80 buses during inception and is now featured amongst India's leading intercity electric bus brand with a fleet size of over 250 electric ac buses and over 500 daily schedules.

NueGo has driven over 5 million guests in 110+ cities across the country since 2022. Saving more than 10 million litres of diesel and with zero tail pipe emissions, it has avoided over 30 million kgs of CO2 emissions.

Devndra Chawla, MD and CEO, GreenCell Mobility said, "Two years ago, we embarked on a mission to redefine intercity mass mobility in India. Indians want to travel better, and NueGo was born out of a vision to deliver reliability, safety and comfort to our guests and contribute to a healthier planet. The milestones achieved by NueGo not only underscore the brand’s rapid growth but also highlight its dedication in reducing environmental impact. As we celebrate the brand’s 2-year anniversary, I want to extend heartfelt gratitude to all our stakeholders, especially our incredible customers. Their loyalty and trust have been the cornerstone of brand’s success & its future, filled with endless possibilities.”

NueGo has been a frontrunner in championing Women’s Safety in India’s intercity electric bus service sector. It is the first brand to launch a dedicated 24x7 helpline number for women travelers, introduce Pink Seat feature while ticket booking, providing clean and hygienic mid-points and buses equipped with advanced cutting-edge security measures such as CCTV Surveillance, GPS Live Tracking, Driver’s Breath Analyzer Tests, Speed lock at 80 km/hr and more.

NueGo has strategically enhanced its operational efficiency with the establishment of over 50 mid-points nationwide, equipped with cutting-edge charging infrastructure to ensure a smooth travel experience for all passengers.

Going forward, NueGo is set to launch innovative offerings designed to further enhance passenger comfort and convenience. The introduction of hybrid buses combining sleeper and seater configurations, is already underway in all operational states. NueGo is also launching the 'Green Miles' loyalty program to increase customer engagement, reward frequent travelers, as well as providing ‘Snack on the Go’ on its select routes.

AGS Transact Technologies' Digital Payments Platform ‘Ongo’ To Empower Chennai Metro Commuters

AGS Transact Technologies Limited (BSE: 543451 & NSE: AGSTRA), one of the leading providers of integrated omni-channel payment solutions in India, today announced that its digital payment platform and a non-bank PPI ‘Ongo’ will commence issuance of instant National Common Mobility Cards (NCMC) to provide an enhanced commuting experience at Chennai Metro Rail Corporation (CMRL). These cards do not require full KYC, as per the updated RBI guidelines, for making transit payments, promising a more efficient commuting experience.

Ongo’s instant card issuance process is an industry-first, wherein unique card dispensers are installed across select Chennai metro stations to facilitate instant issuance of these ready-to-use NCMC cards. This streamlined process offers a quicker onboarding experience, encouraging the rapid adoption of NCMCs across India. The Company will earn revenue through issuance fee, interchange fee on each transaction, and float income. Furthermore, the company plans to extend the issuance of these ready-to-use NCMC cards to additional metro stations in Chennai and other cities in due course. This aligns with AGS Transact Technologies’ strategic business growth outlook, to expand its digital payments business and strengthen its card issuance business.

The daily ridership across metro systems in India is about 10 million and it is expected to reach about 12.5 million in near future. Chennai Metro, which is one of the 12 NCMC enabled metro systems in the country, achieved a peak monthly ridership of over 95 lakhs and more than 35 lakh closed-loop metro card users in July 2024. National Common Mobility Card (NCMC) provides commuter a unified payment solution that seamlessly integrates various transportation modes such as metros, buses & water ferries, as well as at parking and toll booths. With the instant issuance of NCMC cards, AGS Transact Technologies aims to bring millions of commuters under the NCMC ecosystem while expanding its growing user base.

Commuters can purchase the instant NCMC cards for Rs 100 from these card dispensers in three easy steps: Select Card - Pay via UPI – Collect ready-to-use Ongo NCMC card. Each card comes preloaded with a balance of Rs 50. Commuters can conveniently top up their instant NCMC cards with a maximum fund limit of Rs 3,000 at ticket counters across all Chennai metro stations. Additionally, commuters have the option to upgrade their cards by completing full KYC, enabling them to enjoy all the benefits of an NCMC, including in-store and online payments.

Ongo had previously launched open-loop cobranded RuPay prepaid cards enabled with NCMC for customers of a leading FMCG conglomerate. Additionally, AGS Transact Technologies, in partnership with RBL Bank, is issuing NCMCs for Bangalore Metro Rail Corporation.

About AGS Transact Technologies Limited (AGSTTL)

Established in 2002, AGS Transact Technologies Limited (BSE: 543451| NSE: AGSTRA) is one of the largest integrated omni-channel payment solutions providers in India in terms of providing digital and cash-based solutions to banks and corporate clients. AGS Transact provides customised products and services comprising ATM and CRM outsourcing, cash management and digital payment solutions including merchant solutions, transaction processing services and mobile wallets. The company operates in three broad business segments, namely, Payment Solutions; Banking Automation Solutions; and Other Automation Solutions.

Ongo is a fast-growing omnichannel digital payment platform by AGS Transact Technologies, which offers convenient payment solutions. Launched in 2015, Ongo offers merchant Acquiring and Prepaid Issuance services. Ongo is a non-bank prepaid payment instrument and offers dedicated open-loop prepaid solutions for consumers across segments.

AGS Transact Technologies serves diverse industries such as banking, retail, petroleum, toll and transit, cash management and fintech in India and other select countries in Asia. As of June 30, 2024, the company has deployed 2,48,834 payment terminals and was one of the largest deployers of PoS terminals at petroleum retail outlets in India, having rolled out 41,777 terminals at various petroleum retail outlets. For more information, please visit www.agsindia.com.