Rural India Takes Driving Seat In India’s Internet Usage Growth: IAMAI KANTAR Report

The recently released IAMAI KANTAR report titled ‘Internet in India’, based on ICUBE 2021 study, reflects a remarkable surge in internet users in rural India. According to the report, at present there are 692 million active internet users in India, and much of the growth continues to be driven by rural India (351 Mn users with 37% penetration), as urban India seems to have hit a plateau (341 Mn users with 69% penetration). The report also estimates that there will be 900 million internet users in India by 2025 led by rural growth. In terms of states, Goa has the maximum internet penetration while Bihar has the lowest.

More importantly for internet businesses in India, around 346 million Indians are engaged in actual online transactions such as e-commerce and digital payments, a number which is greater than the total US population estimated at 331 million. The global pandemic witnessed a record 51% increase in digital transactions in just two years from 230 Mn in 2019 in India.

In terms of gender break-up, there are more male internet users in India than female users, with almost similar gender ratios across both urban and rural users.

In terms of user cases, Entertainment, Communications and Social media are the top three activities engaged in by internet users across India. While Communications using text and e-mail is the most popular usage, the survey suggests that Voice and Indic languages usage will be the key drivers of growth in the future with two out of five rural internet users having done voice-based activities on their phones. The penetration of OTT services in rural India is at par with that in urban India, however, the penetration of other digital services such as online gaming, digital commerce and digital payments is still skewed in favour of urban users. This reflects a large head room for growth of such services among the rural population.

At present around 762 Mn Indians have not adopted internet yet, out of which 63% are rural Indians. ‘Difficulty to understand the Internet’, continues to be primary deterrent along with lack of awareness, especially in rural India.

About ‘Internet in India’ report

‘Internet in India’ report based on the ICUBE 2021 study, covering over 77,000+ households across all states and Union Territories of India (barring Lakshadweep), is an annual report which is the oldest and most comprehensive survey of internet usage in the country. The report is jointly prepared by Internet and Mobile Association of India (IAMAI) and KANTAR, the world’s leading marketing data and analytics company.

About Internet and Mobile Association of India

Established in 2004, the Internet and Mobile Association of India (IAMAI) is a not-for-profit industry body and the country's only organization representing the digital services industry with over 400 Indian and multinational corporations as its members, which include established companies in diverse sectors of the digital ecosystem as well as start-ups. Its mandate is to expand and enhance the online and mobile value-added services sectors. It is dedicated to presenting a unified voice of the businesses it represents to the government, investors, consumers and other stakeholders. IAMAI represents varied sectors such as digital advertising, digital entertainment, TravelTech, online gaming, digital payments, Fintech, digital commerce, Edtech, Healthtech, Agritech, blockchain, Big data, ML, AI & IoT, AR/ VR, LogisticsTech and so on.

About Kantar

Kantar is the world’s leading marketing data and analytics company. We have a complete, unique and rounded understanding of how people think, feel and act; globally and locally in over 90 markets. By combining the deep expertise of our people, our data resources and benchmarks and our innovative analytics and technology, we help our clients understand people and inspire growth.

Tata Motors, Axis Bank Join Hands To Offers Exclusive Electric Vehicle Dealer Financing Program For Authorized Passenger EV Dealers

Key Highlights:

* First-of-its kind exclusive Electric Vehicle Inventory Financing program for Tata Motors’ dealers

* Limits extended towards EVs will be over and above regular dealer finance limits for Internal Combustion Engines (ICE)

* Attractive special pricing linked to REPO rates

* Additional limit to cater in peak seasons, can be extended 3 times in a year

In a bid to make this festive season special, Tata Motors, India’s leading automotive manufacturer has joined hands with Axis Bank, India’s third largest private sector bank, to offer an exclusive Electric Vehicle Dealer Financing solution to its authorized passenger EV dealers. Under this scheme, dealers can avail inventory funding over and above their ICE finance limit with attractive pricing linked to Repo Linked Lending Rate (RLLR). The repayment tenure will range from 60 to 75 days. Furthermore, the bank will also offer additional limit to cater to high demand phases, which will be available to dealers 3 times in a year.

The MoU for this partnership was signed by Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicle Ltd. and Tata Passenger Electric Mobility Ltd and Mr. Sumit Bali, Group Executive and Head – Retail Lending and Payments, Axis Bank in the presence of other senior executives from both companies.

Commenting on the rollout of this finance scheme offer, Mr. Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles Ltd said, “We are extremely elated to associate with Axis Bank for this exclusive financing program for our authorized electric passenger vehicle dealers. Our dealers have been lock-step with us in our journey to enabling widespread EV adoption in the country. We are positive that this initiative will further support our vision to achieve the goal of green mobility and bolster sustainability in mobility sector in the country.”

Speaking of this partnership, Mr. Sumit Bali, Group Executive and Head – Retail Lending and Payments, Axis Bank said, “We at Axis Bank are deeply committed towards the objective of driving Green Mobility financing solutions. We are delighted to have associated with Tata Motors to offer a financing program exclusively for their passenger electric vehicles dealers. This industry first solution will help the bank to expand its base into newer consumer segments and address their financial requirements. We believe that the EV market will grow exponentially, and this partnership will go a long way in significantly contributing to this growth.  

Tata Motors has been revolutionizing the Indian automotive market with its pioneering efforts and is leading the e-mobility wave in India with a commanding market share of 87% in FY’22 and over 30,000 Tata EVs on road till date in personal and fleet segments.

About Tata Motors

Part of the USD 128 billion Tata group, Tata Motors Limited (NYSE: TTM; BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 37 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering 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 amongst the top three in the passenger vehicles market.

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

With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors’ vehicles are marketed in Africa, Middle East, South & South East Asia, Australia, South America, Russia and other CIS countries. As of March 31, 2022, Tata Motors’ operations include 86 consolidated subsidiaries, two joint operations, four joint ventures and 10 equity-accounted associates, including their subsidiaries, in respect of which the company exercises significant influence.

About Axis Bank:   

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,759 domestic branches (including extension counters) and 10,161 ATMs across the country as on 30th June 2022, the network of Axis Bank spreads across 2,702 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.

For further information on Axis Bank, refer to the website: https://www.axisbank.com

Arun Nanda Retires From Mahindra Lifespaces After Three-Decade Association With Mahindra Group’s Real Estate Business

Mahindra Lifespace Developers Ltd., announced Arun Nanda’s retirement from the Board and as its long-standing Chairman. He will be succeeded by Ameet Hariani, who has been an Independent Director on the Board since 2017.

Arun Nanda joined the Mahindra Group in 1973 and has held several important positions within the Group over the years. He was inducted to the Board of Mahindra & Mahindra Ltd. (M&M) in August 1992 and resigned as Executive Director in March 2010 to focus on the social sector and create a favourable ecosystem for senior citizens. He continued as a non-executive director of M&M from April 2010 till August 2014. Arun Nanda served as a Director of the National Skill Development Corporation, Chairman of CII Western Region Council, Chairman of CII’s National Committee on Skill Development & Livelihood, and Member of the Governing Body of Helpage India. Arun Nanda is also Chairman Emeritus of the Indo-French Chamber of Commerce.  He is recipient of the highest honour, “Chevalier de la Legion d’Honneur” (Knight of the National Order of the Legion of Honour), by the President of the French Republic Mr. Nicolas Sarkozy in 2008, and several lifetime achievement awards from various industry bodies and media. 

Arun will always be remembered for his pioneering work in setting up the country’s first SEZ under the PPP model in Chennai and later in Jaipur. He will continue as the Chairman of Mahindra Holidays & Resorts (I) Ltd and Holiday Club Resorts Oy., Finland and as a Director of Mahindra Holdings Ltd. 

Speaking about the announcement, Anand Mahindra, Chairman, Mahindra Group, stated, “Arun has been an invaluable part of the Mahindra Group and been instrumental in its growth and expansion, especially in the services business. He spearheaded the Group’s foray into real estate and hospitality and set up Mahindra Holidays and Mahindra Lifespaces. His leadership and guidance over the decades, enabled these businesses to flourish and become key contributors to the diversity of the Group. He has been a mentor to several other businesses within the Group and his work in the social sector, particularly for senior citizens is laudable. Arun remains a trusted advisor and a friend and I wish him all the best as he continues his work within the Group and with the industry.”

Commenting on the announcement, Arun Nanda, stated, “I feel blessed to have been associated with the Mahindra Group in various capacities for nearly 50 years.  It gave me the opportunity to transition from a Chartered Accountant and Company Secretary to an Intrapreneur.  All this was possible because of the empowerment and trust Mr. Keshub Mahindra and Anand had in me.  As I get closer to 75, I want to spend more time with my Foundations working with senior citizens and skilling of youth, particularly in the tribal areas.  Mahindra Lifespaces holds a special place in my heart since I have been associated with the business since its inception.  I feel gratified that I am stepping down when the Company is on a very sound footing and growth path led by a strong Management. I wish the Company continued growth and success.”

Anish Shah, Managing Director and CEO, Mahindra Group, commented, “Arun is an exceptional leader who has had a deep impact on the Mahindra Group. He has played a crucial role in building the foundation for the Group over nearly half a century, which included setting up our real estate and hospitality sectors. We truly appreciate his contribution to the Mahindra Group, and his pioneering work in setting up the Mahindra World Cities. His contribution to critical industry areas such as skill development is significant. He remains an integral part of the Mahindra Group and continues to support the next generation of leaders. I am also very happy to welcome Ameet Hariani as the Chairman of the Board of Mahindra Lifespaces and am confident that the company will embark on the next chapter of growth under his guidance.”

Ameet Hariani is one of the country’s leading advocates with over 35 years of experience advising clients on corporate and commercial law, mergers and acquisitions, real estate and real estate finance transactions. He is the Founder and Managing Partner of Hariani & Co. Ameet has now transitioned to advisory practice as a senior legal counsel and acting as an arbitrator. He is a speaker at many events; and also writes frequently. He has authored a book on “Real Estate Laws”. Ameet is a Trustee of Healing Touch, an organization for assisting children with health issues. Ameet is also an Independent Director on the board of Mahindra Logistics Limited.

About Mahindra Lifespace Developers Ltd.

Established in 1994, Mahindra Lifespace Developers Ltd. (‘Mahindra Lifespaces’) brings the Mahindra Group’s philosophy of ‘Rise’ to India’s real estate and infrastructure industry through thriving residential communities and enabling business ecosystems.  The Company’s development footprint spans 32.14 million sq. ft. of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5000 acres of ongoing and forthcoming projects under development / management at its integrated developments / industrial clusters across four locations.

Mahindra Lifespaces’ development portfolio comprises premium residential projects; value homes under the ‘Mahindra Happinest®’ brand; and integrated cities and industrial clusters under the ‘Mahindra World City’ and ‘Origins by Mahindra’ brands respectively.  The Company leverages innovation, thoughtful design, and a deep commitment to sustainability to craft quality life and business growth.

The first real estate company in India to have committed to the global Science Based Targets initiative (SBTi), all Mahindra Lifespaces’ projects are certified environment friendly. With a 100% Green portfolio since 2013, the Company is working towards carbon neutrality by 2040 and actively supports research on green buildings tailored to climatic conditions in India.  Mahindra Lifespaces® is the recipient of over 80 awards for its projects and ESG initiatives.

Learn more about Mahindra Lifespaces® at  www.mahindralifespaces.com

Aditya Birla Health Insurance & Policybazaar.com Announce Launch of OPD Add-On Cover With Zero Waiting Period

o    Cover Offers unlimited physical outpatient consultation to address customer’s health and wellness, with premiums starting at ?599 per insured

o   Cover available from Day 1, Waiting Period not applicable.

Aditya Birla Health Insurance Co. Limited. (ABHICL), the health insurance subsidiary of Aditya Birla Capital Limited (ABCL), a significant non-bank financial services conglomerate, has launched ‘OPD Add-on’ for customers to address their health & wellness needs. This product can be added to the existing indemnity plans to provide unlimited medical consultation at an affordable price.

The OPD Add-on cover aims at solving customer problems by providing hassle-free physical and virtual consultation, which leads to a quicker treatment.  It also offers a range of special consultations such as Gynaecology, Orthopaedic, Paediatric, Ophthalmologist, Physiotherapist and Nutritionist, referred or prescribed by a General Practitioner, in relation to any illness or injury.

Mayank Bathwal, Chief Executive Officer, Aditya Birla Health Insurance said, “New-Age Insurance is all about being proactive, taking preventive measures and being there for our customer. Hence, we came up with an OPD Add-on cover with both physical and tele-consultation which can be easily accessible for policyholders. This cover will help them consult doctors virtually as well, irrespective of their location. We are excited to launch this product with Policybazaar and provide a comprehensive Health & Wellness ecosystem to customers, to enable them to live a healthier life. This partnership with Policybazaar will help us reach out to their large customer base, through their platform.”

Sarbvir Singh, CEO, Policybazaar.com commented, “Health insurance with OPD coverage is an urgent need for the country as 60% of all healthcare expenses are OPD, and these are currently paid out of pocket. This product solves a large unmet need. We have always had customers coming and asking for OPD plans and this should really help address that market gap. This completely aligns with our vision of making financial security accessible to every Indian household when they truly need it.”

Types of OPD Add-on Cover

·         Option (1) ?599 per insured (excluding tax)

o   Unlimited Physical Outpatient consultations by a General Medical Practitioner

·         Option (2) ?799 per insured (excluding tax)

o   Unlimited Physical & Virtual Outpatient consultations by a General Medical Practitioner

·          Option (3) ?999 per insured (excluding tax)

o   Unlimited Physical & Virtual Outpatient consultations by a General Medical Practitioner

o   2 Physical specialist consultations (Gynaecology, Orthopaedic, Paediatrics, Ophthalmologist, Physiotherapist, Nutritionist) referred/prescribed by General Practitioner

There is no waiting period in OPD Add-on cover which avails the cover from Day 1 and covers 32000+ doctor networks in 70+ cities. Selection of OPD Add-on will be applied at policy level. Hence, all the insured will receive benefit on an individual basis by default. The minimum and maximum age at entry will be as per the base policy.

Wabtec And Foundation For Excellence Expands Scholarship Program In India

* Students in need can apply for the scholorship by visiting the website - https://ffe.org/ffe-wabtec-scholarship-program/

Wabtec Corporation (NYSE: WAB) is expanding its collaboration with Foundation for Excellence (FFE) to provide 240 economically challenged and academically bright students with Engineering Education Scholarships. The program “Accelerating Careers” builds upon the success of a previous partnership involving students in need studying at more than 100 colleges across India.

“Success in business starts with people and cultivating the next generation of thinkers, doers, and innovators,” said Sujatha Narayan, Senior Vice President and Region Leader, Wabtec India. “This partnership provides bright, economically challenged students the financial support to reach their full potential and position themselves for successful careers.”

This initiative falls under Wabtec’s Caring for our Communities program, which is committed to making a meaningful, sustainable impact in the communities where employees live and work. In addition to the scholarships, the program will provide students opportunities to learn, develop and grow through internship programs, projects, and Corporate Social Responsibility activities and facility tours. “The transportation industry is vast and innovating rapidly. This program allows FFE scholars to get hands on experience and contribute to the industry on projects that matter,” added Sudha Kidao, Managing Trustee, Foundation For Excellence India Trust.

“Wabtec, through the Caring for Communities program, has been working with various partners near our factory locations and in states we operate for several years,” said Narayan “This program has successfully contributed to the professional development of students from 21 states at engineering colleges across India for over three years.”

About Wabtec

Wabtec Corporation (NYSE: WAB) is focused on creating transportation solutions that move and improve the world. The company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 150 years and has a vision to achieve a zero-emission rail system in the U.S. and worldwide. Visit Wabtec’s website at www.wabteccorp.com

About FFE

The Foundation for Excellence (FFE) was founded with the mission to award college scholarships to students who, although financially constrained, showed great promise in the Engineering, Medical, BPharm and law programs, these being some of the most expensive higher education programs in India. Apart from FFE’s alumni, who support future scholars like themselves, donations come from all around the world from individual donors, corporations and foundations.

Latest SonicWall Threat Report Uncovers Seismic Shift In Cyber Arms Race Due To Geopolitical Unrest As Cyberattacks Climb

* 2.8 billion malware attacks (+11%) recorded in the first half of 2022 — first escalation of global malware volume in more than three years

* While ransomware volume shrunk 23% worldwide, Europe saw 63% increase

* Even in decline, year-to-date ransomware volume exceeded full-year totals of 2017, 2018 and 2019

* Financial sector saw cyberattacks climb drastically: malware up 100%, a 243% spike in ransomware, and a 269% increase in cryptojacking attempts

* 45% increase in ‘never-before-seen’ malware variants, up 21x since SonicWall began tracking in 2018

* Encrypted threats, IoT malware increased 132% and 77% year-over-year, respectively

SonicWall, publisher of the world’s most quoted ransomware threat intelligence, today released the mid-year update to the 2022 SonicWall Cyber Threat Report. The newest report, researched and compiled by SonicWall Capture Labs, unveils an 11% increase in global malware, a 77% spike in IoT malware, a 132% rise in encrypted threats and a geographically-driven shift in ransomware volume as geopolitical strife impacts cybercriminal activity.

“In the cyber arms race, cybersecurity and geopolitics have always been inseparably linked, and in the last six months we have seen that play out across the cyber landscape,” said SonicWall President and CEO Bill Conner. “The cyber warfare battlefront has shifted, as our data indicates a 63% rise in ransomware in Europe and a concerted effort to target financial sector companies, while ransomware volume dropped in other regions. With major increases in encrypted threats, IoT malware, cryptojacking and new unknown variants, it’s critical that cybersecurity leaders have all the required tools and technology to proactively detect and remediate against increasingly sophisticated and targeted threats to their business.”

Ransomware Attacks in Europe Swell as Threat Landscape Shifts

After a record-breaking 2021, overall ransomware attacks have trended down in the first half of 2022, decreasing globally for the fourth consecutive quarter. Government sanctions, supply chain deficiencies, dropping cryptocurrency prices and limited availability of needed infrastructure are all making it more difficult for cybercriminals. Proprietary SonicWall threat intelligence reinforces that analysis, as June 2022 saw the lowest monthly ransomware volume in two years, which helped drive down overall global volume.

“As bad actors diversify their tactics, and look to expand their attack vectors, we expect global ransomware volume to climb — not only in the next six months, but in the years to come,” said Conner. “With so much turmoil in the geopolitical landscape, cybercrime is increasingly becoming more sophisticated and varying in the threats, tools, targets and locations.”

While global ransomware dipped to start the year, Europe saw significant increases in malware attacks (+29% year-over-year) and ransomware attempts (+63%). In terms of volume, seven of the top 11 countries targeted by ransomware were in Europe (United Kingdom, Italy, Germany, Netherlands, Norway, Poland and Ukraine), suggesting a cyber threat climate shift for the region.

Malware Rebounds with 11% Global Spike

In 2021, malware volume was slightly down, marking a third-straight year of decrease as well as a seven-year low. However, as predicted in the 2022 SonicWall Cyber Threat Report, a rebound was anticipated, due to a significant uptick in attacks during the second half of 2021. That rebound was felt as more than 2.8 billion malware attacks occurred within the first six months of 2022. In North America, encrypted threats were up an astounding 284% and IoT malware soared 228% within that same time frame.

Similar to shifting ransomware numbers, malware volume was level or dropped in typical hot spots like the United States (-1%), United Kingdom (-9%) and Germany (-13%), while rising collectively in Europe (29%) and Asia (32%).

“The international threat landscape is now seeing an active migration that is profoundly changing the challenges not only in Europe, but the United States as well,” said SonicWall expert on emerging threats- Immanuel Chavoya. “Cybercriminals are working harder than ever to be ahead of the cybersecurity industry, and unlike many of the businesses they target, threat actors often have no shortage of skills, motivation, expertise and funding within their organizations.” 

The financial sector combatted a 100% increase in malware attacks, a 243% hike in ransomware attempts and a staggering 269% in cryptojacking attempts.

Debasish Mukherjee: Vice President, Regional Sales APJ, SonicWall added “IT environments have shifted dramatically in the past two years than in any other time in history. With remote and hybrid work arrangements becoming more common, security perimeters are more complex than ever before.

India’s Malware hits are up 34% YoY, which are 2nd highest globally after the U.S. Organizations are increasingly becoming the targets of sophisticated threats which often outsmart even the most robust security defenses. This report demonstrates that despite growing threat landscapes, SonicWall’s team is committed to providing organizations with the very best threat intelligence technology.”

Record Number of ‘Never-before-seen’ Malware Variants Discovered

SonicWall’s patented Real-Time Deep Memory InspectionTM (RTDMI) technology identified 270,228 never-before-seen malware variants during the first half of 2022 — a 45% increase year-to-date. The first quarter of 2022 marked a record-high in never-before-seen malware discoveries (147,851), with March 2022 being the most ever on record (59,259).

Since the introduction of RTDMI in early 2018, new variants discovered have skyrocketed 21x through June 2022. These are new and previously unknown cyberattacks that are going undetected by traditional sandbox approaches.

About SonicWall Capture Labs

SonicWall Capture Labs threat researchers gather, analyze and vet cross-vector threat information from the SonicWall Capture Threat network, consisting of global devices and resources, including more than 1 million security sensors in nearly 215 countries and territories. SonicWall Capture Labs, which pioneered the use of artificial intelligence for threat research and protection over a decade ago, performs rigorous testing and evaluation on this data, establishes reputation scores for email senders and content, and identifies new threats in real-time.

About SonicWall

SonicWall delivers Boundless Cybersecurity for the hyper-distributed era in a work reality where everyone is remote, mobile and unsecure. SonicWall safeguards organizations mobilizing for their new business normal with seamless protection that stops the most evasive cyberattacks across boundless exposure points and increasingly remote, mobile and cloud-enabled workforces. By knowing the unknown, providing real-time visibility and enabling breakthrough economics, SonicWall closes the cybersecurity business gap for enterprises, governments and SMBs worldwide. For more information, visit www.sonicwall.com or follow us on Twitter, LinkedIn, Facebook and Instagram.

Quick Facts: India Nos.

Malware Attacks are up 32% YoY in APJ – one of the most accelerated regions

India Malware volume is up 34% YoY

India is 2nd in the world with total Malware hits (105,586) only behind the U.S.

Vietnam and Sri Lanka are in the top 10 riskiest countries for Malware spread

No APJ countries in top 10 most dangerous for ransomware

Blue Dart Continues To Achieve High Revenue & Profit Growth, Reports Strong Q1 Results

* Profit rises 299% YOY to 1,172 Mn Revenues grow by 49.6% 

* The company posted sales at Rs 12,933 Mn and RsRs 1,172 Mn profit after tax for the Quarter  

* To enhance its distribution capacity Company plans to add Two Boeing 737 Aircraft during the year 

Blue Dart Express Limited, South Asia's premier express air and integrated transportation & distribution company, declared its financial results for the quarter ended June 30 2022, at its Board Meeting held in Mumbai today. 

The company posted Rs 1,172 Mn profit after tax (previous year Rs 294 Mn) for the quarter ended June 30, 2022. Revenue from operations for the quarter ended June 30, 2022 stood at Rs 12,933 Mn with a growth of 49.6% over the corresponding quarter of the previous year. EBITDA for the quarter is Rs 2,010 Mn, a growth of 125% over the corresponding quarter of the previous year. EBITDA margin stood at 15.5%.

The company has been consistently delivering strong performance both on topline and bottomline. Topline grew by 49.6%. Continuing Geo Political conditions, during the quarter resulted in volatility in crude prices. The company has a well established fuel surcharge mechanism for over two decades which helps in minimising impact of fuel price fluctuations. The topline growth during the quarter also has lower base effect due to the wave II of pandemic during previous year.  

Standalone EBITDA for the quarter is Rs 2,010 Mn, a growth of 125% over previous year. EBITDA margin also improved to 15.54% as compared to previous year at 10.31%. Consolidated EBITDA for the quarter is Rs 2,740 Mn, a growth of 65% over the previous year. EBITDA margin also improved to 21% as compared to previous year at 19%.  

Healthy top-line growth together with its journey of automation and digitalization to improve speed, transparency and efficiency helped the company to improve its margin during the quarter. With improved cash flows due to better receivable management, the company continues to remain debt free. 

Government’s focus on improving infrastructure through PM Gati Shakti- National Master Plan for Multi modal connectivity, dedicated freight corridors, logistics parks, economic zones, dedicated rail corridors, waterways is expected to smoothen movement of goods. Further, schemes like ‘Make in India’ ‘AatmaNirbhar Bharat’ extension of PLI scheme to various sectors is likely to give boost to economic activities. All these initiatives are expected to boost overall economic scenario in the country.  

To encash the growth opportunities and demand for higher capacities, the company has initiated plans to expand its network. To cater to increased demand for air capacity, the company proposes to add two Boeing 737-800 freighter aircraft during the financial year. Going forward, the company would continue to add more freighters by expanding its network into Tier II cities based on load factors. Similarly, the company is expanding its ground hub and network to handle expected growth in volumes.  

On the back of superior customer experience led by best in class service quality, the company witnessed healthy volume growth during the quarter and carried 77.08 million shipments (last year 51.22 million shipments) comprising of 278,393 tonnes (last year 184,431 tonnes). 

Balfour Manuel, Managing Director, Blue Dart said, “Blue Dart continues its stride in delivering strong performance and the results are indicative of our efforts towards remaining a Provider of Choice, an Employer of Choice and an Investment of Choice to all our stakeholders. Our unwavering focus on customer centricity and delivering excellence reinforced by our technological expertise, accelerated pace in adopting digitisation and a task force of a dedicated workforce continues to drive our growth and achievement at all levels. While we continue to maintain a positive outlook we are also cautiously optimistic about what the future holds. We will continue our succinct focus on keeping a People First and Safety First approach while providing a best in class service to our stakeholders.” 

Blue Dart has constantly remained Reliable, Responsive, and Resilient by valuing agility and adaptability in a highly VUCA environment. The brand’s passion for innovation and technology to prioritize future-ready services, remarkable service quality and providing customers a one-stop, hassle-free solution for all their logistics requirements continue to aid the organization in retaining its position as a market leader. 

Commenting on the way forward Mr. Manuel mentioned, “Our fleet expansion will enhance our geographical reach and widen our capacity to service current and potential demand across industries. Moreover, our key growth levers for the upcoming year will revolve around leveraging the power of technology & digitalisation to provide sustainable logistic solutions with a deep focus on carbon sequestration.” 

Blue Dart continues to work towards its commitment to be a ‘Great Company to Work for All’ and a ‘Highly Trusted Company’ with a strong focus on Diversity & Inclusion. The organisation has constantly fostered an environment that encourages equality through diversity, a strong code of conduct and provides equal employment opportunities to all. 

Blue Dart has launched many initiatives to aid the world in its battle against climate change and global warming. Recently, Blue Dart signed the ‘Climate Neutral Now’ (CNN) pledge by the United Nations Framework Convention on Climate Change (UNFCCC) which highlights the organisation’s commitment to ambitious CO2 reduction targets. Blue Dart is aligned to the Sustainable Development Goals (SDGs) with the Group’s Sustainability Roadmap that calls for Clean Operations for Climate Protection, a Great Company to Work for all as well as building a Highly Trusted Company.  

Under the Mission 2050 initiative, since 2017, Blue Dart has contributed to over 10% of the Deutsche Post DHL Group’s global target of planting 1 million trees every year. Blue Dart has achieved a 34% CO2 efficiency in 2021 and aims to operate all the facilities at Net Zero Carbon by 2025, drive increased efficiency and use cleaner fuels for its fleet of 6 Boeing 757-200 aircraft, support customers with sustainable and optimized packaging solutions, design greener products and services through comprehensive solutions.