Garware Technical Fibres Net Profit After Tax Increased By 17% In Q2 FY23

Galware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, today announced its unaudited financial results for the quarter and half year ended Sep 30, 2022.

Consolidated: Q2 FY23 Highlights:

·         Net Sales increased by 26.3% to Rs. 355.9 Cr in Q2FY23 as compared to Rs. 281.8 Cr in Q2 FY22 https://mail.google.com/mail/u/0/#inbox/FMfcgzGqRGWSJLBrqmTvqGsKCxTWcGzm 

·         Profit before tax increased by 15.5% to Rs. 61.0 Cr in Q2FY23 as compared to Rs. 52.8 Cr in the same period last year

·         Net profit after tax has increased by 16.8% to Rs. 47.7 Cr in Q2 FY2'3 as against Rs. 40.8 Cr in the corresponding period of FY22.

·         EPS for Q2 FY23 is at Rs. 23.17 this is a growth of 16.8% over Q2 FY22

Consolidated: HI FY23 Highlights:

·         Net Sales increased by 25.8% to Rs. 660.4 Cr in H1FY23 as compared to Rs. 524.9 Cr in H1FY22 https://mail.google.com/mail/u/0/#inbox/FMfcgzGqRGWSJLBrqmTvqGsKCxTWcGzm 

·         Profit before tax increased by 4.2% to Rs. 98.2 Cr in H1FY23 as compared to Rs. 94.1 Cr in the same period last year

·         Net profit after tax has increased by 4.3% to Rs. 75.9 Cr in H1 FY23 as against Rs. 72.8 Cr in the corresponding period of FY22.

·         EPS for H1 FY23 is at Rs. 36.84 this is a growth of 4.3% over H1 FY22

Management Comments:

In a statement, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, "We were able to deliver a good operational performance in Q2FY23. With easing of the export supply chain challenges, revenue grew by 26% and operating EBITDA grew by 22% as compared to Q2FY22.

We were also able to get margins back to close to normal levels in Q2. PBT rose to 17.1% of sales in Q2 FY23 from 12.2% in Q1 FY23. This was despite higher inventory costs carried forwarded from the previous quarter as well as continued higher cost of export freights in Q2 FY23. The easing of raw material costs as well as freight rates from the last quarter's levels should be a positive in the second half of the year. "

About Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.): (BSE: 509557 L NSE: GARFIBRES)

Garware Technical Fibres Ltd. (formerly Garware-Wall Ropes Ltd.), an ISO 14001:2015 and ISO 9001:2015 certified company is a leading player in Technical Textiles specializing in providing customized solutions to its customers worldwide. Globally, the company is known for its applied innovation in the field of sports, fisheries, aquaculture, shipping, agriculture, coated fabrics and geo-synthetics. The company's products are manufactured in state-of-art facilities at Wai and Pune and marketed in more than 75 countries.

For more information, visit http:/,/m&tw.garwarefibres.com

Boeing Accelerates MRO Localization Ecosystem With Indian Partners

 ·       Continues to expand the Boeing India Repair Development and Sustainment (BIRDS) network

·       The company has added two new suppliers every month in the last year including for MRO as well as Make in India capabilities

Boeing [NYSE: BA] announced a significant expansion of its partnerships within the Indian MRO ecosystem over the last year, having concluded considerable work agreements and deliveries with diverse indigenous partners across the public as well as private sectors, including with AI Engineering Services Ltd., Horizon Aerospace, and Air Works Group. The localization of Maintenance, Repair and Overhaul (MRO) to support Indian customers promptly and efficiently, remains a top priority for the company.

In 2021, Boeing launched the Boeing India Repair Development and Sustainment (BIRDS) program in its effort to help develop India into a regional MRO hub, enabling engineering, maintenance, skilling, repair and sustainment services of defence and commercial aircraft right here in India, for India. Under the initiative, Boeing has strategically collaborated with:

·       Air Works, to recently complete Phase 32 heavy maintenance checks of six P-8I maritime patrol aircraft for the Indian Navy

·       AI Engineering Services Limited (AIESL), for MRO of the Boeing 777 VIP aircraft operated by the Indian Air Force, and the P-8I aircraft fleet operated by the Indian Navy. Additionally, the company is exploring collaboration in repair and overhaul of landing gear and other commercial common 737NG equipment fitted on the P-8I fleet

·       Horizon Aerospace, for MRO of the three key Boeing defence platforms in India, the P-8I operated by the Indian Navy (IN), and VIP 737 transport fleet operated by the Indian Air Force (IAF)

“Over a seven-decade presence in India, Boeing knows that a strong local aerospace and defence ecosystem is an imperative for the business as much as it is for the success and mission-readiness of its customers. We have continued to invest in building indigenous MRO capabilities over the years, and with the BIRDS hub launched in 2021, are building a network of Indian suppliers that can support engineering, maintenance, skilling, repair and sustainment services of defence and commercial aircraft comprehensively and competitively. An important aspect of the BIRDS hub is training programs that are helping develop sub-tier suppliers and medium, small and micro enterprises (MSMEs) to build high-quality MRO capabilities in India,” said Salil Gupte, president, Boeing India.

Boeing believes that the maturation and development of India’s local MRO ecosystem is a key imperative for success in the Indian market, and to enable faster turnaround times, and higher operability and mission-readiness critical for its Indian customers. The efforts and initiatives being undertaken by Boeing in India are aimed at building capability and capacity of indigenous organizations to gain prominence on a global scale.

“Our planned strategic collaboration with indigenous companies under the BIRDS hub program enables us to provide significant value-add to our customers locally by enabling faster turnaround, exceptional operational capability and mission readiness for the Indian armed forces. This also marks as an important step as part of our commitment to the Government of India’s Aatmanirbhar Bharat vision of making India a regional MRO hub” said Surendra Ahuja, managing director, Boeing Defence India.

Over the last one year, Boeing has continued to add two suppliers every month. Its network today includes over 300 supplier partners that are an integral part of its global supply base. Over a quarter of this number are Micro, Small and Medium Enterprises (MSMEs). These Indian companies are manufacturing and exporting systems and components for some of Boeing’s most advanced products from India to the world. Boeing’s investments with these partners span skilling, research & technology, and manufacturing. Its programs have skilled more than 3,700 frontline aerospace manufacturing workers and aircraft maintenance engineers.

About Boeing in India

Boeing’s advanced aircraft and services play an important role in the mission-readiness for the Indian Air Force and Indian Navy. Boeing has strengthened its supply chain with more than 300 local companies in India and a joint venture to manufacture fuselages for Apache helicopters. Annual sourcing from India stands at $1 billion. Boeing currently employs close to 4,000 people in India, and more than 7,000 people work with its supply chain partners. Boeing serves communities and citizenship programs to inspire change and make an impact on more than 500,000 lives in India.  For more information, visit www.boeing.co.in.

Sify Reports Consolidated Financial Results For Q2 FY 2022-23

* Revenues of INR 7938 Million. EBITDA of INR 1509 Million.

HIGHLIGHTS

Revenue was INR 7938 Million, an increase of 14% over the same quarter last year.

EBITDA was INR 1509 Million, an increase of 2% over the same quarter last year.

Profit before tax was INR 220 Million, a decrease of 52% over the same quarter last year.

Profit after tax was INR 112 Million, a decrease of 69% over the same quarter last year.

CAPEX during the quarter was INR 2234 Million.

MANAGEMENT COMMENTARY

Mr. Raju Vegesna, Chairman, said, “India has displayed remarkable insulation against the global recession sentiments. This is due to the country’s strong fiscal fundamentals and its attractiveness as a safe investment geography. The Government has ensured that the economic agenda stays the course and digital ambitions begin to deliver the intended social welfare gains.

The influx of MNCs is bringing both opportunities and technologies to our shores. Domestic Enterprises and Start-ups are banking on this positive sentiment to accelerate their Digital transformation journey. The future is full of promises and possibilities”. 

Mr. Kamal Nath, CEO, said, “Indian Enterprises have fast-tracked their digital initiatives based on their success navigating the pandemic and are now operationalizing pandemic-era innovations. Enterprise priorities are building businesses-aligned digital models, enhancing end user experience, deploying resilient business continuity models and mitigating security risks.

Our Data Center and Cloud services, Digital and Network services are all important building blocks to enable customers’ business priorities, and we expect each of the businesses to grow with the related investments”.

Mr. M P Vijay Kumar, CFO, said, “We are leveraging demand to aggressively build capacity across our Data Centers. Investment into Network and tools will be in accordance with this demand, without losing sight of fiscal discipline. 

With increase in capacity utilization, we should see our digital services find demand and further contribute to the revenue mix.

Cash balance at the end of the quarter was INR 2775 Million”.

BUSINESS HIGHLIGHTS 

The Revenue split between the businesses for the quarter was Data Center colocation services 32%, Digital services 25% and Network services 43%.

During the quarter, Sify has invested USD 772,000 in start-ups in the Silicon Valley area as part of our Corporate Venture Capital initiative. To date, the cumulative investments stand at USD 4.21 Millions.

Sify commissioned incremental capacity of 5MW at the Hyderabad data center in the quarter.

As on September 30, 2022, Sify provides services via 834 fiber nodes and 1880 wireless base stations across the country, a 10% and 2% increase respectively over the same quarter last year.

The network connectivity services has now deployed 5600 SDWAN service points across the country.

CUSTOMER ENGAGEMENTS

Among the most prominent new contracts during the quarter were the following:

Data Center Services

International players who signed up for Data Center space include a social media network, a credit rating agency and a cloud security company.

Migration from the competition to Sify DC included a nationalized bank and the government’s rural development authority.

The country’s premier hotel chain, a mobile engagement platform, a supply chain major and a regional broadband service provider contracted to migrate from their on-premise DC to Sify DC.

Digital services

Industry majors from Insurance, IT, Healthcare, retail and NBFC contracted to migrate from on-premise DC to our Cloud platform.

A cloud-based payroll processing player and a NBFC contracted for Greenfield cloud projects.

An Indian conglomerate signed up to build a Campus network and managed services.

A large Public Sector bank, a state government body, a private insurance major and a domestic agrochemical manufacturer renewed their managed services contract.

A national insurance information body, a private insurance player and an NBFC signed up for DC and Infra managed services.

Two state governments, a couple of insurance majors, a pan-India retail player, a software start-up and the cyber wing of a state government contracted for services such as DRaaS, PaaS and IaaS.

A large private bank contracted to expand their Data Center.

A State cooperative bank contracted for security infrastructure and managed services.

Network Services

An international Cloud security company, a global technology company and two Private banks contracted to have their networks built.

A large Public insurance company, an edutech unicorn and the housing division of a Public sector insurance player contracted for managed and secure SDWAN service.

One of the largest Private banks contracted for Cloud connectivity network.

A subsidiary of the Central bank responsible for payment infrastructure contracted to expand their WiFi footprint across their location.

A global consulting major and a cooperative bank contracted for collaboration services.

The business rolled out trials of its fully automated self-service portal, allowing customers to provision network-on-demand for more than 200 locations.

Sify received the gateway license for Kolkata, making it the third international gateway.

IndusInd Bank To Raise USD 150 Mn Loan From DFC To Support Women Entrepreneurs

·         To fund women in rural communities in the Indian states of Jharkhand, Uttar Pradesh, and Bihar

IndusInd Bank today announced that it has executed a commitment letter with the United States International Development Finance Corporation (DFC) for a loan worth USD 150 Mn. The Bank plans to use the proceeds of this loan to expand the Bank’s microfinance lending for the women borrowers in rural communities of Jharkhand, Uttar Pradesh, and Bihar.

Under this program, IndusInd Bank aims at boosting access to finance for women borrowers, as well as uplifting the livelihoods of these women and their families. This project advances DFC and the Bank’s commitment in economically empowering women customers.

Mr. Sumant Kathpalia, Managing Director and Chief Executive Officer of IndusInd Bank, said, “At IndusInd Bank, we are committed to the cause of fostering financial inclusion and making credit available in large swathes of unbanked and underbanked India. This program aligns with the Bank’s philosophy and focus to inculcate gender inclusion and empower the women entrepreneurs. This also marks a significant milestone for the Bank and shows the continued trust of the global investors in the Bank’s focus on sustainable growth.” 

IndusInd Bank, a leading private bank headquartered in Mumbai, India had acquired Bharat Financial Inclusion (BFIL) in 2019 embarking on its transformational journey in the microfinance business. These customers are an important segment of the Indian economy, but are often constrained by lack of access to capital. This DFC loan will support IndusInd Bank in increasing its reach and enhance lending to women in the targeted states.

About IndusInd Bank: 

IndusInd Bank Limited commenced its operations in 1994 catering to the needs of consumer and corporate customers. Since its inception, the Bank has redefined the banking experience for its customers including various government entities, PSUs and large corporations. As on September 30, 2022, IndusInd Bank has a customer base of approx. 33 million, with 2320 Branches/Banking Outlets and 2807 ATMs spread across geographical locations of the country and covering 1,33,000 villages. The Bank has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology that supports multi-channel delivery capabilities. It enjoys clearing bank status for both major stock exchanges BSE and NSE and settlement bank status for NCDEX. It is an also an empanelled banker for MCX. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.  

RATINGS  

Domestic Ratings:    

CRISIL AA + for Infrastructure Bonds program/Tier 2 Bonds  

CRISIL AA for Additional Tier 1 Bonds program  

CRISIL A1+ for certificate of deposit program / short term FD program   

IND AA+ for Senior bonds program/Tier 2 Bonds by India Ratings and Research  

IND AA for Additional Tier 1 Bonds program by India Ratings and Research  

IND A1+ for Short Term Debt Instruments by India Ratings and Research 

International Ratings:     

Ba1 for Senior Unsecured MTN programme by Moody’s Investors Service  

Poonawalla Fincorp Q2FY23 PAT Jumps 71% YoY To Rs 163 Crores

* AUM Up By 22% YoY To Rs 18,560 Crores; NNPA Down By 118 Bps YoY To 0.83%

The Board of Directors of Poonawalla Fincorp Limited, a non-deposit taking systemically important NBFC focusing on consumer and MSME finance, today announced its unaudited financial results for the quarter ended Sep 30, 2022.

Key Highlights - Q2FY23 (Consolidated):

•      Assets under management (AUM) at Rs 18,560 Crores, up by 22% YoY and 5% QoQ.

•      Disbursements grew to Rs 3,721 Crores, up by 44% YoY and 8% QoQ.

•      Highest ever PAT at Rs 163 Cr up 70.8% YoY and 15.8% QoQ.

•      Highest ever RoA at 3.6% up by 102 bps YoY and 24 bps QoQ.

•      NII at Rs 446 Crores up by 33% YoY and 12% QoQ.

•      NIM at 9.8% an improvement of 77 bps YoY and 35 bps QoQ.

•      Gross NPA at 1.52% down by 259 bps YoY and 67 bps QoQ while Net NPA at 0.83% down by 118 bps YoY and 13 bps QoQ despite alignment with revised NPA definition as per RBI circular. These are the best asset quality numbers in last 38 quarters.

•      The DDP (Direct Digital Program) mix increased to 47% in Q2 from 34% in Q1 and 17.5% in Q4FY22.

•       CARE upgraded the long-term rating to ‘AAA/Stable’.

•      Liquidity buffer stood at Rs 4,812 Crores as of 30th Sep 2022.

•      Standalone Capital Adequacy Ratio stood at 44.9% as of 30th Sep’22.

•      Given the strong ALM management, and diversification of liabilities, the impact of recent interest rate hikes on cost of borrowing will be gradual.

Commenting on Poonawalla Fincorp’s performance, CA Abhay Bhutada, Managing Director, said “Q2 has been an excellent quarter with differentiated strategy and execution excellence leading to all round performance across business growth, improved credit quality and profitability. It was a quarter marked by highest ever organic disbursement, customer acquisition, lowest GNPA & NNPA in 38 quarters, and highest ever PAT & RoA. This sets the momentum for an even exciting second half and beyond.”

About Poonawalla Fincorp

Poonawalla Fincorp Limited (Formerly, Magma Fincorp Limited) (“the Company”) is a Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company (ND-SI-NBFC), registered with the Reserve Bank of India (RBI). The Company started operations nearly three decades back and is listed on the BSE Limited (BSE) and the National Stock Exchange in India (NSE). Consequent to the capital raise of Rs 3,456 Crores in May-2021, the Company is now part of the Cyrus Poonawalla Group with majority stake owned by Rising Sun Holdings Private Limited, a company owned and controlled by Mr. Adar Poonawalla.

The Company’s new identity “P” stands for Passion, Principles, Purpose, People and Possibilities. The Company has a widespread coverage with 231 branches across 21 States. The Company along with its subsidiary has AUM of ?18,560 Crores and employs more than 4,000 people. The Company’s financial services offerings include pre-owned car finance, personal loans, loan to professionals, business loans, SME LAP, supply chain finance, medical equipment, consumer loans and affordable home loans.

Fun88’s Latest Advertising Campaign Showcases Darren Sammy In Three Interesting Avatars

Fast growing sports platform Fun88 continues to stay invested in growing its presence in the Indian market. In a bid to attract new users and become the go-to destination for all things sport, Fun88 continues to ride high on partnerships, sponsorships, advertising and brand campaigns.

Taking a step forward and strengthening its existing partnership with Darren Sammy, India’s favorite sports platform now launches its latest brand campaign with the central messaging of ‘Battles are meant to be fought on digital playgrounds and not on ground’. Fun88 had roped in Darren Sammy as its brand ambassador in July 2021.

Spread across three brand films, Fun88’s campaign showcases Darren in three distinct avatars where he is seen breaking up fights and urging people to fight it out on Fun88’s digital playground. Contrary to his regular jersey look, Darren is seen wearing a mukut or a crown in one film, while he dons an actors’ look in another. The third film is placed in the setting of the highly popular sport of rooster fighting.

Speaking on dialing-up Fun88’s marketing initiatives, Fun88 Spokesperson said, “India is a very important market for us where consumers live cricket and sports in general. Keeping this insight in mind, our campaigns are designed to establish a direct connect with our existing and potential users. All three brand films are interesting, unique and relatable. With Darren Sammy as the face we are certain that we will further Fun88’s brand position in the region.”

Fun88’s campaign will go live across digital including social media, VOD and OTT platforms.

Instagram: https://www.instagram.com/reel/CjpjyNJDciW/?utm_source=ig_web_copy_link

Facebook: https://fb.watch/g7CDVAtZVb/

IDBI Bank Introduces Festive Offer On Fixed Deposits Across India

IDBI Bank has introduced a Festive Offer on its “Amrit Mahotsav” deposits. The Bank has announced a peak rate of 6.90% for a special bucket of 555 days as a limited period offer. The Bank has also increased its interest rate offers on Term Deposits with effect from October 21, 2022 across various maturity buckets. The interest rate on 1 year deposit has been raised up to 6.75%, whereas the two year bucket is now offered with a peak rate of 6.85%.