Author: Rabindra

MAS Financial Reports 24% Growth in AUM & 26percent in PAT in Q1FY25; Consolidated AUM Crosses Rs. 11,000 Crores

25th July 2024  Ahmedabad, Gujarat, India  The Board of Directors of MAS Financial Services Limited (MAS Financial) (BSE: 540749, NSE: MASFIN), which specializes in MSME financing, announced today the unaudited financial results for the quarter ended 30th June 2024.

117 Quarters of Consistent Financial Performance is the testimony of the strong fundamentals of the company, which has been followed over more than two and half decades. We witnessed a healthy growth in business activities across the segments we serve, during the quarter. The consolidated disbursement was Rs. 2774.91 Crores during the quarter ended 30th June 2024.

During the quarter, the Company raised Rs. 500 Crores in equity through Qualified Institutional Placement (QIP). The issue garnered a strong response from a diverse group of marquee institutional investors reflecting broad-based interest. This QIP marked the first equity raise by the Company since its IPO in 2017 and witnessed an overwhelming response resulting in demand of multiple times over the issue size.

Performance Highlights – (Consolidated)

MAS Financial Services Limited on a consolidated basis reports Assets under Management (AUM) of Rs. 11006.72 Crores and Profit after Tax (PAT) of Rs. 72.56 Crores for the quarter ended 30th June 2024 from Rs. 8867.94 Crores and Rs. 57.56 Crores respectively for the quarter ended 30th June 2023.

A Growth of 24.12 % in AUM and 26.06 % in PAT over the corresponding period of the previous year.

Performance Highlights – MAS Financial Services Limited (Standalone)

MAS Financial Services Limited reports Assets under Management (AUM) of Rs. 10383.59 Crores and Profit after Tax (PAT) of Rs. 70.43 Crores for the quarter ended 30th June 2024 from Rs. 8417.85 Crores and Rs. 57.25 Crores respectively for the quarter ended 30th June 2023. The AUM as on 31st March 2024 was Rs. 10125.61 Crores.

A Growth of 23.35% in AUM and 23.02% in PAT over the corresponding period of the previous year.

Capital Adequacy Ratio (including Tier II capital) as of 30th June 2024 stood at 28.59%. The Tier-I capital stood at 25.39%.

The portfolio quality remained stable and strong at 2.29% gross stage 3 assets and 1.52% net stage 3 assets of AUM as compared to 2.25% gross stage 3 assets and 1.51% net stage 3 assets of AUM as on 31st March 2024.

The company continues to carry a management overlay of Rs. 17.60 Crores as on 30th June 2024, 0.22% of the on-book assets.

` in Crores)

(` in Crores)

*Represents underlying assets in each of the categories. As on 30th June 2024, 34.20% of the total underlying assets are through various NBFCs.

The MSME segment contributed ~62% in the YoY AUM growth of the company while other products also contributed meaningfully.

Performance Highlights – MAS Rural Housing and Mortgage Finance Limited (Standalone)

MAS Rural Housing and Mortgage Finance Limited reports Assets under Management of Rs. 623.13 Crores and Profit after Tax of Rs. 2.17 Crores for the quarter ended 30^th June 2024 from Rs. 450.10 Crores and Rs. 1.59 Crores respectively for the quarter ended 30^th June 2023.

• A very strong growth of 38.44% in AUM and 36.41% in PAT over the corresponding period of the previous year.
• Capital Adequacy Ratio (including Tier II capital) as on 30th June 2024 stood at 35.96%. The Tier-I capital stood at 29.05%.
• The portfolio quality remained stable and strong at 0.90% gross stage 3 assets and 0.65% net stage 3 assets of AUM as compared to 0.90% gross stage 3 assets and 0.66% net stage 3 assets of AUM as on 31st March 2024.
• The company continues to carry a management overlay of Rs. 3.00 Crores as on 30th June 2024, 0.63% of the on-book assets.

 (` in Crores)

Commenting on the performance, Mr. Kamlesh Gandhi – Founder, Chairman & Managing Director, MAS Financial said,“As we usher in to the next phase, post reaching an important milestone of Rs. 10,000 Crores in AUM, we are confident to maintain a fundamentally strong growth momentum. Adequate capitalization, strong asset quality and a track record of more than 25 years to navigate across various cycles will ensure the same thus creating value on a large scale for all its stakeholders.“

The Government’s Commitment to Skill Development is a Welcome Move, Says Vikram Vuppala, Founder & Group CEO, NephroPlus

25th July 2024  Mumbai, Maharashtra, India  The 2024-25 Union Budget has emphasized a comprehensive roadmap towards achieving ‘Viksit Bharat’ by focusing on critical sectors like agriculture, employment, skilling, and MSMEs. Key initiatives include promoting vegetable production through cooperatives and start-ups, and releasing new high-yield crop varieties. Employment schemes aim to increase workforce participation, particularly among women, with incentives for new hires and skilling programs for youth. The budget also enhances credit support for MSMEs and allocates Rs. 11,11,111 crore for infrastructure, emphasizing energy security and innovation to foster inclusive and sustainable growth. This budget reflects a strategic approach to inclusive growth and sustainable development.

Vikram Vuppala, Founder & Group CEO, NephroPlus – Asia’s Largest Dialysis Centre Network said, “We were hoping that the healthcare sector would be granted infrastructure status in this budget along with an increase in healthcare expenditure which is less than 2.5% of GDP. But we welcome the government’s commitment to skill development, with a promise to upskill 20 lakh youth over the next five years and a month’s wage for new hires. This initiative will significantly boost employability and address the skill gap in various sectors.”

NephroPlus operates 400+ dialysis clinics in more than 230+ cities across 4 countries and is known for its quality focus and patient-centricity. The company was established 14 years back with a vision to enable people on dialysis across the world to lead long, happy, and productive lives. The company treats ~28,000 patients per month.

Antis Roofing Celebrates 35 Years in Business with a Roof Give Contest

Irvine, CA, July 25, 2024 — The great people running thousands of nonprofits throughout Southern California shouldn’t have to worry about roof leaks. That’s why Antis is donating a roof to one of them in honor of its 35th anniversary.

Starting on August 1, 2024, nominations will be accepted on Antis’ website. Anyone can submit a nomination until October 1, 2024 for a Southern California-based 501c3 nonprofit in need of a new roof. Submissions will be evaluated by a panel of judges from the roofing industry, as well as the Antis Executive team. A winner will be chosen and announced on November 4, 2024.

Criteria include the following: Candidate must be a nonprofit with 501c3 status, and must be located in Orange, Los Angeles, San Diego, Riverside, or San Bernardino counties. More criteria are available on the contest website.

“We’ve spent 35 years keeping families safe and dry, just like all of these nonprofits that are providing food and shelter,” says Founder and CEO Charles Antis. “We salute them, and like them we want to do whatever is needed to build bridges in the community.”

Since its beginning, Antis has operated as a leader in corporate philanthropy, contributing more than $1 million in roof repairs and installations for communities in need. The award-winning company works closely with Habitat for Humanity, Ronald McDonald House Charities, Boys & Girls Clubs of Central Orange Coast, and many other organizations.

Digital Engineering Awards Launched by L&T Technology Services, ISG and CNBC TV18

July 24, 2024,Dallas, United States & Bengaluru, Karnataka, India : L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a leading global digital engineering and R&D company, today announced the launch of the third annual Digital Engineering Awards, in association with Information Services Group (ISG), a leading global technology research and advisory firm, and business news channel CNBC TV18 in India.

The Digital Engineering Awards recognize and celebrate global engineering excellence and innovation. Nominations are open to all product companies, manufacturers, and OEMs worldwide.

Enterprises and their service providers are invited to submit nominations through September 23, 2024. Winners will be announced during a gala awards celebration on December 7, 2024, in Dallas, Texas, U.S.A.

The latest edition of the Digital Engineering Awards aims to build on the success of the program to date, including that of the 2023 program, which attracted 200-plus nominations from more than 100 leading organizations from around the world. Winners over the last two years include such blue-chip names as AT&T, BMW Group, Caterpillar Inc., Chevron, Delta Airlines, ExxonMobil, GE Healthcare, Honeywell and Microsoft, among others.

For the 2024 program, enterprise award winners will be selected by a global panel of industry experts—including representatives from ISG—in 11 categories, comprising six team awards and five individual awards.

This year’s awards are divided into two segments—Engineering The Change and Engineer At Heart—and spread across the 11 categories. Reflecting the recent dynamic shifts in technology and AI adoption, two new awards have been created: AI Champion (Innovator) of the Year and AI Impact of the Year.

The Awards will be presented at the December 7 gala ceremony in the following categories:

Engineering the Change Team Awards

Digital Transformation of the Year
Top Sustainability Initiative
Digital Engineering Project/Program of the Year
Engineering Product of the Year
Excellence in Value Realization
AI Impact of the Year

Engineer at Heart Individual Awards

The Distinguished Digital Engineering Leader
The Digital Engineer of the Year
The Woman Engineer of the Year
The Innovator of the Year
AI Innovator of the Year

Alipay+ Expands to Serve 90 Million Global Merchants in 2024 Summer Campaign Following UEFA EURO Craze

July 24, 2024,Singapore : Over 30% increase in tourists paying with their preferred home payment app in Europe via Alipay+ during UEFA EURO 2024
Alipay+ continues to work with global merchants to welcome cross-border travelers with a series of promotions, tax refund services
Alipay+ global merchant coverage has grown to 90 million, connecting them to users of more than 30 Alipay+ payment partners, enabling more businesses to benefit from travel peaks as tourism regains pre-pandemic levels

Alipay+, the cross-border mobile payment and digitalization solutions operated by Ant International, continued its global summer campaign, which was kicked off by UEFA EURO 2024, in preparation for the travel industry’s full rebound by the end of 20241.

Alipay+ is the Official Payment Partner of the UEFA EURO 2024™, and connects leading e-wallets and bank apps, including European partners like Bluecode and Tinaba, to 400,000 merchants across Europe. During EURO 2024 from 14 June to 14 July:

Alipay+ merchants in Europe saw a year-on-year increase of 27% in terms of transactions made from its partner e-wallets, many of which are mobile payment leaders in Asia. The number of tourists who paid with their preferred home payment app via Alipay+ rose by over 30% during the championship period.
Mobile-savvy travelers from the Chinese Mainland, Hong Kong SAR, Europe, Malaysia and South Korea lead the European travel craze in terms of the number of transactions and total spending.
While retail remains the most popular activity, travelers also pay with their home payment apps via Alipay+ at pharmacies and attractions, as Alipay+ increases its coverage in essential travel scenarios.
Cross-border consumption rose with varied user and merchant campaigns across UEFA EURO host cities like Berlin and Munich. In Germany, Alipay+ transactions increased by more than 73%, with a 40% increase in the number of merchants accepting an Alipay+ transaction, compared to the year before.

“The surge in Alipay+ transactions during UEFA EURO 2024 shows the power of sports and major events to unite people and drive cross-border tourism,” said Douglas Feagin, President of Ant International. “European merchants and partners embraced new digital payment trends with remarkable openness and agility. At Ant International, we will continue to expand merchant coverage for consumers and bring more international businesses to the doors of global SMEs.”

Alipay+ turns the heat up with global summer campaign

This summer, tourists will be able to pay with their preferred payment apps via Alipay+ at more than 90 million global merchants in 66 markets as Alipay+ merchant coverage continues to grow, connecting them to users of more than 30 payment partners.

With Europe expected to be one of the top destinations during summer, Alipay+ will continue its momentum from its UEFA EURO 2024 drive, with more joint campaigns with partners to promote usage of their home payment apps in Europe, and offering exclusive promotions at leading merchants, particularly in key destinations like the UK, France, Italy, Spain and Germany.

Besides retailers, Alipay+ is also working with local partners to ensure more local businesses can benefit. For example, tourists can enjoy special deals at many small shops in Chinatown in Milan, with more small businesses across Europe to be progressively onboarded. Alipay+ is also adding more digital conveniences for tourists through its recent integration with the taxi app FREENOW, available in 7 European countries, and partnerships for digital tax refunds. The latter allows Chinese tourists to receive instant tax refunds on their Alipay app in-store.

In Japan, where more than 2 million merchants accept Alipay+, tourists from the Chinese mainland, Hong Kong SAR, the Philippines, South Korea, Malaysia, and Thailand can enjoy special discounts at 300,000 merchants across the country, including airport shops, department stores, premium shopping malls, convenience store chains, electronics and appliances retailers, and health and beauty shops.

In South Korea, Alipay+ is rolling out summer promotions with leading retailers, theme parks, traditional market and transportation providers, including duty-free stores and department stores operated by Hyundai, Shilla, Shinsegae, Lotte World, ZeroPay Jeju market and Olive Young, for users of AlipayHK, GCash, Touch ‘n Go eWallet and TrueMoney.

Alipay+ expanded its acceptance for transportation in South Korea, making it easier for tourists to travel around. In Jeju, users of Alipay+ partners, including Alipay, AlipayHK, GCash, Touch ’n Go eWallet and TrueMoney, can simply use their own payment apps to pay for bus rides. The convenience extends beyond local transportation. Chinese tourists can book train tickets to travel across the country through a dedicated mini-program operated by Korail within the Alipay app.

Through its collaboration with ZeroPay, South Korea’s national QR standard, Alipay+ is accepted by more than 1.9 million merchants.

Alipay+ and its partners continue to make travel more seamless in the Chinese mainland, including the recent expansion of the International Consumer-Friendly Zone Program to Chengdu and Chongqing, as well as Beijing, Guangzhou, and Shanghai. Tourists visiting the Chinese mainland can pay across more than 80 million merchants by linking their international credit cards to the Alipay app or via 12 other Alipay+ partner payment methods.

In Southeast Asia (SEA), where Alipay+ is widely accepted, users of AlipayHK, Touch ’n Go eWallet, GCash and TrueMoney can purchase discounted travel packs for use at all Alipay+ merchants in the region. Through its partnership with national QRs in Singapore and Malaysia, Alipay+ merchants in the region include many micro and small merchants like hawker stalls in Singapore, that will allow tourists to truly ‘travel like a local’.

With SEA being a popular destination for Chinese tourists, Alipay+ is introducing more innovation and campaigns via Alipay, one of its payment partners, including exclusive campaigns with more than 30 of the most popular retailers – including Central Retail, The Mall Group and King Power in Thailand, Pavilion and Sunway Velocity in Malaysia, and Jewel, Resorts Word Sentosa and Mandai in Singapore.

Additionally, in Thailand, the top SEA destination for Chinese tourists, Alipay+ is enhancing its Alipay+ D-hub and Amazing Thailand e-card – a joint digital travel innovation with the Tourism Authority of Thailand – within the Alipay app, to promote more cities, more merchants and offer more discounts.

People, Passion, Planet: Mary Kay Releases 2024 Sustainability Report

July 24, 2024,Dallas, United States : Mary Kay Inc., a global leader in corporate sustainability and advocacy, today released its 2024 Sustainability Report. The report—which is organized by environmental, social, and economic impact—underscores the company’s commitment to creating and nurturing a business model that enriches women’s lives and supports communities while protecting our planet.

“Sustainability has deep roots in the Mary Kay story,” said Deborah Gibbins, Chief Operating Officer at Mary Kay Inc. “We like to say we did it before it was ‘cool.’ Our iconic founder, Mary Kay Ash, was passionate about not only changing the world, but protecting it. I’m proud of the work we’ve accomplished this year—and every year—in realizing her dream. I think she would be proud, too.”

In a world that is rapidly evolving, Mary Kay stands at the forefront of change, championing the cause of women while recognizing the immense power they hold in shaping our global economy and driving meaningful change.

The 2024 report highlights Mary Kay’s promise to make decisions that are right for our planet and its people:

Environmental Sustainability

Water Stewardship: Partnering with The Nature Conservancy for over 36 years, Mary Kay supports the “Super Reefs” initiative to protect resilient coral reefs.
Resource Conservation: Through a 16-year partnership with the Arbor Day Foundation, Mary Kay has supported the planting of over 1.4 million trees in reforestation projects across nine countries.
Sustainable Sourcing: Joining the Global Shea Alliance, Mary Kay promotes economic well-being for the 16 million women Shea collectors in West Africa.

Social Sustainability

Pink Changing Lives: Through this program, funded by designated product sales, Mary Kay has donated over $18 million to initiatives enriching women’s lives worldwide since 2008.
Women’s Empowerment: On International Women’s Day, Mary Kay joined the Women’s Empowerment Principles (WEPs), a set of Principles offering guidance to businesses on how to advance gender equality and women’s empowerment in the workplace, marketplace, and community. More than 600,000 women have benefitted from the trainings, events, and programs offered by the Women’s Entrepreneurship Accelerator, launched by Mary Kay in partnership with six United Nations agencies in 2019.
Fostering Women in STEM: Committed to the development of the next generation of women STEM leaders, Mary Kay has awarded 29 grants totaling nearly $195,000 since 2020.

Economic Sustainability

Celebrating 60 years: Mary Kay Ash’s vision of enriching women’s lives continues. Mary Kay, still family-owned and -led, has blossomed into a global brand with nearly 4,000 employees and millions of Mary Kay Independent Beauty Consultants in more than 35 markets. For more than 60 years, Mary Kay has provided an unparalleled entrepreneurship opportunity for women around the world. The company was named the #1 Direct Selling brand of Skin Care and Color Cosmetics in the World by Euromonitor International1.
Digital Innovation: Mary Kay enhances the capabilities of Independent Beauty Consultants through digital tools, including augmented reality apps and the Interactive Catalog, allowing them to excel in their businesses and realize their dreams.
Advocacy for Gender Equality in AI: Partnering with the Equal Rights Trust, Mary Kay pioneered research to eliminate gender bias in AI technologies.