17, Feb 2024
Quess Corp Announces a Three-way Demerger of Its Diversified Businesses
17th February 2024, Mumbai: The Board of Directors of Quess Corp Limited, in their meeting held today, approved a composite scheme of arrangement providing for the demerger of Quess Corp into three independent entities.
The demerger will ultimately result in three separate listed companies, namely:
1. Quess Corp Ltd: Workforce Management (Remaining Company)
2. Digitide Solutions Ltd: BPM solutions, Insurtech and HRO business (New Co.1)
3. Bluspring Enterprises Ltd: Facility Management, Industrial Services and Investments (New Co.2)
Over the last decade, Quess Corp Ltd. has emerged as India’s leading business services provider, extending its footprint to 9 countries, with a substantial workforce of over 550,000 associates across four distinct business platforms. These platforms deliver a superior customer experience, serving over 3,000 clients across diverse sectors. The platforms include Workforce Management, the largest staffing firm in India and among the top 5 globally, by headcount; Global Technology Solutions, among the leading domestic BPM and payroll services firms; Operating Asset Management, the largest facility management platform in India by the breadth of services offered; and Product-Led Businesses (found it, the second-largest talent acquisition platform in India). Overall, Quess has achieved scale in each platform and they are strategically, operationally, and financially positioned to become independent companies with a focus on growing in their chosen area.
The three entities are ideally placed to capitalize on India’s growth trajectory as the country marches towards a $5 trillion economy.
The rationale for the demerger:
· Simplified corporate structure by separation of scaled platforms into independent entities, each with a strong market positioning
· Enhanced strategic clarity and management focus to accelerate profitable growth
· Optimal capital allocation strategy for each entity to invest behind its strategic priorities
· Flexibility for each entity to pursue independent and differentiated strategies to drive value creation
· Ability for each entity to create a compelling investor proposition and attract investors
Upon effectiveness of the scheme, all shareholders will receive one additional share for each of the new companies, for every share held in Quess Corp Ltd. This process of demerger is expected to take between 12-15 months, to achieve regulatory clearances.
Commenting on the demerger, Chairman Quess Corp Ltd. Mr. Ajit Isaac said, “This is a landmark moment for Quess and is a transformational decision to create three separate entities. It helps the management to focus, develop capital allocation plans relevant to each business, and create value for our shareholders. The decentralized structure at Quess has enabled a pathway for the three demerged entities to continue a culture of entrepreneurship, an employee-friendly workplace with customer centricity being at the core of our purpose
.“We believe that the heavy lifting to create these entities has been done and it is now time to unlock value through this demerger.”
Commenting on the demerger, Chairman and CEO of Fairfax Financial Holdings Ltd., our largest shareholder, Mr. Prem Watsa said, “I am delighted with the decision of the Board of Quess Corp Ltd. to demerge into three separate entities. Each of these entities will be a market-leading player with the ability to leverage opportunities that come their way through its renewed focus. From the time we initially invested in Quess Corp Ltd., in 2013, the company has become one of the largest domestic employers in India and has the potential to develop as a significant business services player on a global scale.”
“We are confident that this strategic initiative will benefit all shareholders and ensure that the management team gets the support to achieve the set-out goals from the demerger.”
Further information on the three demerged entities:
Quess Corp Ltd: The largest workforce management entity in India, providing solutions to clients to hire and deploy staff, manage performance and outcomes, and measure and upskill employees. The entity currently has a workforce of 440k+, with 6k+ in the tech sector, and ~6k working outside India.
India being the fastest-growing major economy of 2024, has a labor force of approximately 563 million, undergoing a rapid formalization process. About 72 million new PF subscribers and 95 million new ESIC subscribers have been added in India since Sept 2017 and the proposed new labor codes aim to expedite formalization. The gig workforce is projected to expand to 23.5 million workers by 2029-30, marking a 3.5x increase by the end of the decade.
Our Workforce Management business stands to benefit significantly from these structural changes and aspires to become the largest globally by headcount in the next few years.
Digitize Solutions Ltd: This entity will provide a comprehensive suite of solutions, including BPM solutions, Insurtech, and HRO business. The core strategy involves harnessing technology to enhance client productivity and ensure optimal efficiency in their business processes.
The tech services entity is strategically positioned to capitalize on the ongoing global digitization journey. Globally, the Business Process Management (BPM) market is currently at over $200 billion whereas the Indian market is at $2 billion. Next-generation technologies like artificial intelligence (AI) are expected to open new avenues for value creation.
Digitize targets to achieve a revenue milestone of $1 billion which denotes a significant increase from its current revenues of $280 million+. Serving across 30 countries, with delivery centers in Manila and India, the company is well-positioned to take advantage of emerging BPM opportunities across diverse sectors.
Bluspring Enterprises Ltd:
The services under this entity will include Facility Management and Security Services (Man-guarding and tech-guarding), Telecom Infrastructure Maintenance, and Industrial Services. Additionally, Quess’ investment in foundit – a white-collar job portal and candidate services platform under Bluspring Enterprises Ltd., will experience a significant uptick, driven by its futuristic AI technology-driven platform.
All the services under Bluspring Enterprises will experience huge tailwinds as a result of the focus on India’s development story, Viksit Bharat @2047, and the 6G rollout plan in 2030. This will contribute considerably to the Facility Management industry growth and outsourcing levels which are likely to increase from 39% to 45% over the next 5 years, driven by new-age sectors.
All the businesses within the entity are now primed for expansion, with the goal of establishing themselves as an integrated Operating Asset Management and Investment company, characterized by both scale and valuation. Through the premiumization of its services, the company is poised to deliver a 20% YoY revenue growth.
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- By Rabindra
17, Feb 2024
Protecting Our Connected World 5 Cybersecurity Players in India 2024
As India’s digital world explodes, cybersecurity takes center stage. Enter 2024, and homegrown tech brands are rising to the challenge, offering protection against ever-evolving threats. Meet five cybersecurity champions making waves in India:
1. Noventiq: Transforming Security in India
It is a leading cybersecurity and digital transformation solutions provider currently present in over 50 countries. Noventiq’s services span the Aerospace and defense, Banking, Capital Markets, Communications and media, Health, and Oil and gas industries. The company connects 150,000+ organizations from all sectors with 6,000+ best-in-class IT vendors, along with its own services and solutions, to allow, facilitate, and accelerate digital transformation for the businesses of its customers.
2. Quick Heal: Defending the Digital Realm
Quick Heal continues to be a stalwart in the Indian cybersecurity market. Known for its robust antivirus solutions, Quick Heal has evolved to address sophisticated cyber threats. Its comprehensive cybersecurity suite caters to both individual users and businesses, offering a shield against evolving digital risks.
3. Seqrite: Empowering Enterprises
As the enterprise cybersecurity arm of Quick Heal, Seqrite is gaining prominence in India. Focused on providing advanced threat detection and response solutions, Seqrite aims to empower enterprises to safeguard their digital assets. Its adaptive security architecture is tailored to meet the evolving needs of businesses in the digital age.
4. K7 Computing: Securing the Connected World
K7 Computing has established itself as a trusted cybersecurity brand in India. With a comprehensive range of cybersecurity solutions, including antivirus and endpoint security, K7 Computing is dedicated to securing the connected world. Its proactive approach to threat intelligence and malware detection positions it as a key player in the Indian market.
5. Trend Micro: Navigating Digital Threats
Trend Micro is making strides in the Indian cybersecurity landscape with its advanced threat defense solutions. Specializing in cloud security and threat intelligence, Trend Micro is well- suited to tackle the evolving cybersecurity challenges faced by businesses and individuals in India. Its commitment to innovation and staying ahead of emerging threats marks it as a trending brand in the country.
India’s booming digital world brings new heights, but also new risks. These homegrown heroes are shaping a secure and thriving online future for India, safeguarding its digital journey every step of the way.
17, Feb 2024
Club Mahindra Launches Junior Rising Stars Platform to Reward Creativity in Kids
17th February Mumbai: Club Mahindra, the flagship brand of Mahindra Holidays & Resorts India Limited, presents “Junior Rising Stars”– a platform that encourages kids to display their skills, in a nationwide contest. It will encourage kids to unleash their creativity by recording videos under 60 seconds in categories such as Dancing, Acting, and Singing. The platform which is live now will continue until March 2024.
The contestants can participate in the contest by simply sharing their videos on their respective social media handles, tagging Club Mahindra, and providing the same link on the dedicated microsite.
Club Mahindra, renowned for its commitment to delivering magical family holiday experiences, places a special focus on children as an integral part of the families. Recognizing the importance of active family participation in boosting talent in children, the brand aims to create a platform where all the generations in the family bond while encouraging the development of diverse skills and interests in children.
Top of Form
This unique contest features multiple prizes, recognizing winners in categories such as Most Talented Dancer Kid of India, Most Talented Kid Singer of India, and Most Talented Actor Kid of India. The best entry from each category will receive a ‘Free’ family holiday in Dubai. The top three winners in each category will get an opportunity to display their talent in front of a celebrity judge. Whereas 25 winners across various categories will receive a ‘Free’ domestic holiday.
Pratik Mazumder, Chief Marketing Officer (CMO), of Mahindra Holidays & Resorts, shared his thoughts on this unique initiative saying, “The launch of ‘Junior Rising Stars’ underscores our commitment to nurturing the creative potential within each child and creating an immersive experience that strengthens family bonds and creates lasting memories. This campaign reflects our unwavering focus on children who remain at the core of the Club Mahindra brand. By encouraging fun interactions, fostering creativity, and emphasizing family connections, we aim to provide a holistic and enriching environment that goes beyond vacations – it’s about shaping the future and creating cherished moments that last a lifetime.”
Club Mahindra has also roped in Sunil Grover as the face of the campaign and has launched a video ad that will be released on TV and social media handles of the brand. Further, the brand has employed a solid amplification strategy to engage with the audience through mall activations, BTL collaterals, referral programs, and the creation of experiential zones at the resorts.
17, Feb 2024
Tata Motors launches its Ultra range of new-generation, smart trucks in South Africa
Bengaluru, 17th February, 2024: Tata Motors, India’s leading multinational automobile manufacturer, today along with its authorised distributor, Tata Africa Holdings Limited, announced the commercial launch of its successful range of multipurpose heavy-duty trucks – Ultra T.9 and Ultra T.14, in South Africa. Designed to fulfil the rising need for safer, smarter and greener cargo mobility, the Ultra is perfectly suited for a wide variety of conventional and specialist logistics applications including bakery, FMCG, white goods, agriculture and construction. The Ultra range is engineered to deliver high productivity with best-in-class power & torque and fuel efficiency with lower total cost of ownership (TCO).
Key features of Ultra
- Euro IV, turbocharged 3.3/5-litre engine with six speed transmission for best-in-class fuel efficiency
- Best-in-segment safety with Antilock Braking System
- Walk-through cabin with dashboard-mounted gear lever, and front parabolic suspension for comfortable ride and handling.
- 5 Year/500,000 km warranty
- Fleet Edge – Factory fitted telematics solution
- Driving modes – Power and Eco (Ultra T.9)
- Easy vehicle financing
The robustly built Ultra features a walk-through cabin, power steering, dashboard-mounted gear lever, booster assisted clutch and mechanically suspended seat for safe and fatigue-free driving. Powered by Tata Motors’ globally proven turbocharged diesel engines with best-in-class power and torque output, the Ultra T.9 (powered with a 3.3L engine) and Ultra T.14 (powered with a 5.0L engine) provide a reliable solution to comfortably carry heavy loads over long distances and rough terrains. The trucks come equipped parabolic suspension for rugged and uninterrupted operations. The trucks are offered with Tata Motors’ flagship connected vehicle system, the Fleet Edge, for efficient fleet management that helps further increase fleet productivity.
Launching the new Ultra range, Mr. Anurag Mehrotra, Head – International Business, Tata Motors Commercial Vehicles, said, “Over the last three decades, Tata commercial vehicles have earned a rich reputation with their exceptional functionality, high productivity, unmatched comfort, advanced connectivity and unparalleled performance. We have consistently set new benchmarks by introducing smarter and future-ready products across various vehicle segments. The launch of the latest Ultra range in South Africa marks a new landmark in freight transportation in the country. Built on the internationally recognised Ultra platform, these trucks are engineered to cater to a diverse set of applications, deliver higher performance, vehicle utilisation, uptime and more revenues. We are committed to enabling our customers in South Africa succeed and the launch of this Ultra range is a significant step forward in fulfilling this commitment.”
“Our products and services have been designed keeping the specific requirements of the discerning South African fleet operators who seek both, power and fuel efficiency. It also addresses the need for higher safety and comfort for the drivers. The new range has been extensively tested in South Africa to ensure it delivers to the expectations of our customers”, he added.
Expressing confidence in the all-new Ultra trucks, Mr. Len Brand, Managing Director, Tata Africa Holdings Limited, said, “We are thrilled to announce the launch of two new trucks to the Tata commercial vehicle lineup. This introduction aligns seamlessly with our commitment as a partner to Tata Motors and their vision for South Africa. The addition of these innovative products to the South African transport sector serves as a catalyst in our ongoing efforts to secure a more significant market share in South Africa. We are excited about the potential these new offerings bring and the positive impact they will have on our presence in the region.”
“With a robust network of 90 touchpoints, we’re focused on providing convenient and comprehensive support to our customers. Our dedication to delivering on our uptime promise remains strong. We assure our customers of complete satisfaction as we work to keep their businesses moving forward. In partnership with Tata Motors, we’re contributing to innovation and reliability in the South African commercial vehicle landscape.”
In an endeavour to offer holistic solutions to customers, Tata Motors offers an umbrella of vehicle lifecycle management solutions that include Annual Maintenance Contracts, Extended Warranty, Fleet Management Services and host of value-added services. These coupled with easy vehicle financing and curated repayment options, these solutions ensure complete peace of mind for customers, resulting in higher profitability.
Tata Africa Holdings Limited, subsidiary of Tata International, is responsible for the retail and after-sales service of Tata trucks and buses in South Africa. These vehicles are built on the basis of customer requirements with class-leading features, reliability, comfort and safety. The manufacturer offers a fully-built solutions, from 1-60 tonne trucks to 10-65 seater vans and buses. Tata Motors, offers the widest range of logistics solutions catering to diverse and evolving needs of the customers. With over seven decades of excellence in commercial vehicle manufacturing, Tata Motors is a market leader in its home country, India, and has rich presence in over 44 countries across ASEAN, SAARC, Middle East, Africa and Latin America.
17, Feb 2024
NTPC & NALCO sign MoU for supply of power
Mumbai, 17th February, 2024: NTPC Limited, India’s largest integrated power utility, today signed a non-binding MoU with National Aluminium Company Limited (NALCO), a Navaratna Company, engaged in Aluminium production, to explore various options e.g. Coal based Thermal, Solar PV, Wind, any other RE, Energy Storage or any combination of same, to supply about 1200 MW or more of round-the-clock uninterrupted power to cater to requirement of NALCO for its expansion of smelter plant capacity in Angul, Odisha.
The MoU was signed in the presence of Shri Dillip Kumar Patel, Director (HR), NTPC and Shri Jagdish Arora, Director (Project &Technical), NALCO at SCOPE Complex, New Delhi.
17, Feb 2024
Bring home the ultimate viewing experience during Amazon.in’s Fab TV Fest
Bengaluru, 17th February 2024: Dive into an unparalleled viewing journey with Amazon. in’s Fab TV Fest featuring a wide selection of televisions from top brands including Samsung, Sony, TCL, LG, Hisense and much more. Don’t miss out on this opportunity to save big with bigger screen TVs and shop hassle-free for your favorite televisions with options such as bank discounts and Amazon Pay later.
Here are some of the popular televisions on Amazon.in with great deals from sellers:
Redmi 108 cm (43 inches) F Series 4K Ultra HD Smart LED Fire TV- The Redmi 43 Fire TV comes with a chic, metal bezel free frame providing an immersive content viewing experience and 24W speakers to give crystal clear audio and deep bass. It is also embedded with Quad core CPU and built-in fire TV to provide customers with holistic entertainment and seamless multitasking.
Hisense 139 cm (55 inches) 4K Ultra HD Smart QLED TV- Experience billion+ shades of color with Hisense 4K ultra-HD smart TV. This smart TV comes with features such as Quantum dot color, Dolby vision HDR, Bluetooth connectivity and much more. Samsung 108 cm (43 Inches) Crystal Vision 4K Ultra HD Smart LED TV- Experience crystal vision with Samsung 108 cm Crystal Vision 4K Ultra HD Smart LED TV. It comes equipped with features such as crystal processor 4K, voice assistant, PurColor, slim fit camera, IoT sensor and more.
Sony Bravia 139 cm (55 inches) 4K Ultra HD Smart LED Google TV- This smart TV is the perfect blend of technology and comfort with smart features such as built-in Chromecast, Apple Airplay, HDR tone mapping, Dolby Audio and Clear Phase.
MI 138 cm (55 inches) X Series 4K Ultra HD Smart Android LED TV- Experience stunning picture with MI X series 4K ultra HD smart TV. This smart TV comes with features such as Vivid Picture Engine, bezel-less design, 30W cinema grade speakers, 300+ live channels and more. Get this on Amazon.in for INR 34,499* and avail 6 months no cost EMI options* along with bank offers on SBI, ICICI and HDFC EMI transactions
LG 108 cm (43 inches) 4K Ultra HD Smart LED TV- The LG 108cm 4K Ultra HD Smart LED TV comes with features such as 4K Ultra HD resolution, Apple Airplay 2 & HomeKit, unlimited OTT app support, and much more.
TCL 139 cm (55 inches) 4KUltra HD Smart QLED Google TV- Equipped with features such as QLED, HDR 10+, Game Master, google TV and more, TCL 4K Ultra HD smart TV is an all rounder with a bezel-less design.
Acer 109 cm (43 inches) V Series 4K Ultra HD Smart QLED Google TV- Dive into the true cinematic experience with a 43-inch smart LED featuring powerful Dolby Vision-Atmos along with features such as multiple connectivity, and Google TV.
Vu 139 cm (55 inches) The GloLED Series 4K Smart LED Google TV- Engineered with state-of-the-art technology, this smart TV features 400 Nits brightness Glo Panel, Dolby Atmos, 104-watt soundbar, ActiVoice remote control and more.
OnePlus 163 cm (65 inches) Q Series 4K Ultra HD QLED Smart Google TV– Immerse yourself in cinematic perfection with the OnePlus Q series. This smart TV also comes with features like 70W speakers, 120 Hz refresh rate, OxygenPlay 2.0 and much more. Get this on Amazon.in for INR 79,999* and avail bank offers on SBI and HDFC EMI transactions
iFFALCON 138.7 cm (55 inches) 4K Ultra HD Smart LED Google TV- iFFALCON offers a 4K Ultra HD Smart TV that delivers clear and crisp picture quality combined with 4K HDR, HDR 10, dynamic color enhancement and Dolby audio for an immersive audio experience.
Acer 178 cm (70 inches) XL Series 4K Ultra HD Smart LED Google TV- This power-packed smart TV by Acer features a 4K Ultra HD display, dual-band WiFi, high-fidelity speakers, and provides an exceptional audio experience with Dolby Audio. It is embedded with additional smart features such as Google TV, built-in Chromecast, a voice-enabled Smart Remote, and more.
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Hisense 108 cm (43 inches) 4K Ultra HD Smart QLED TV- This smart television is equipped with features such as Dolby vision, auto latency mode and is complete with bezel-less floating display design offering customers an immersive experience.
LG 80 cm (32 inches) HD Ready Smart LED TV- Bring home the visual magic of LG 80cm HD Ready Smart LED TV. It comes with smart TV features such as AI ThinQ, Apple Airplay 2 & Homekit, game optimizer and much more.
LG 139 cm (55 inches) 4K Ultra HD Smart LED TV- Experience vivid colors and remarkable details with LG 4K Ultra HD smart TV. It comes with smart features such as WebOS 23, quick card, AAA gaming and much more.
MI 108 cm (43 inches) X Series 4K Ultra HD Smart Google TV- Experience the stunning clarity and astounding picture with 4K resolution on Xiaomi X series. It comes with 96.9% borderless design on 3 sides providing it a balanced premium aesthetics along with Dolby vision and HDR 10.
Redmi 108 cm (43 inches) 4K Ultra HD Android Smart LED TV- This smart television offers 4K HDR display, Dolby vision and vivid picture engine to take one on a visual journey like no other. Additionally, it comes equipped with features such as Dolby Audio, PatchWall 4 with IMDb, 75+ free live channels, and Google Assistant.
Samsung 138 cm (55 inches) 4K Ultra HD Smart QLED TV- This sleek and slim QLED 4K HD smart TV delivers authentic colors with Quantum HDR, providing a wide range of contrast. The smart TV is also equipped with IoT sensors, adaptive sound, and solar cell technology for easier control.
Samsung 108 cm (43 inches) Crystal 4K Neo Series Ultra HD Smart LED TV- Experience one billion true colors with Samsung Crystal 4K Neo series ultra HD smart TV. Additionally, it comes equipped with features such as crystal processor 4K, Q symphony, auto game mode and Dolby digital plus.
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17, Feb 2024
Haier Recognized as World’s Most Admired Company by Fortune
National, 17th February 2024: Leading home appliance and electronics brand, Haier Smart Home has been recognized as one of the world’s most admired companies by Fortune Magazine for the 6th consecutive year. This new recognition comes in addition to Haier securing the World Fortune 500 ranking and Euromonitor’s ranking as the #1 Global Major Appliance brand in the world.
Fortune released the 26th edition of the World’s Most Admired Companies, acknowledging celebrated for their robust corporate reputations. Teaming up with Korn Ferry, Fortune annually evaluates and ranks companies from a pool of 645 global enterprises with the highest revenue in 27 countries and diverse industries. Executives, directors, and analysts actively engage in industry surveys, contributing to the selection process. These companies stand out for their excellence in innovation, people management, use of corporate assets, social responsibility, quality management, financial stability, long-term investment value, and global competitiveness.
Speaking on the accomplishment, Mr. NS Satish, President, of Haier Appliances India, said, “Being recognized by Fortune Magazine as one of the World’s Most Admired Companies instills a sense of pride and honor in each of us at Haier. This recognition is a testament of our commitment to creating innovative products inspired by what our customers need, and further helps us push the boundaries of innovation to make everyday life more convenient, safe, and comfortable for millions across the world.”
Haier remains steadfast in its dedication to customer-inspired innovation, placing a strong emphasis on improving the customer experience and striving to create new growth opportunities in the IoT era. Haier is committed to working with its world-class ecosystem partners to continuously build upscale brands, scenario brands, and ecosystem brands, and to set up IoT ecosystems in clothing, food, accommodation, travel, health, elderly care, biomedicine, and education, and to tailor personalized smart life for users around the globe.
17, Feb 2024
National Innovation Day | Binod Singh, CEO and Chairman | Cross Identity
Mr. Binod Singh, CEO and Founder, of Cross Identity: “Innovation isn’t just about creating something new; it’s about cultivating solutions that propel us towards a brighter future. Whether it’s revolutionizing industry practices or empowering individuals, our commitment to innovation remains unwavering. In a rapidly evolving landscape, embracing a culture of experimentation is paramount. By challenging the status quo and embracing new ideas, we unlock opportunities to drive meaningful change and shape the future.
On National Innovation Day, we honor the transformative power of ingenuity and progress. At Cross Identity, we recognize that innovation is the cornerstone of advancement, driving us to push boundaries and redefine possibilities. Together, let’s harness the power of innovation to drive impactful solutions and inspire progress.
17, Feb 2024
Re Sustainability Unveils New Waste to Energy Facility in Rewa
Bangalore, India February 17, 2024: Re Sustainability Limited(ReSL), Asia’s largest integrated waste management company, inaugurated its regional Integrated Solid Waste Management (ISWM) facility, addressing the waste management needs of the Rewa, Satna, and Sidhi districts, comprising a total of 28 Urban Local Bodies (ULBs).
The project’s scope includes the establishment of an Integrated Municipal Solid Waste (MSW) Management Facility, which elevates the waste management capabilities of the region, facilitating the door-to-door waste collection and transportation, processing, and disposal (including RDF, composting, recycling, and landfill operations). The project also includes a 6 MW Waste-to-Energy (WTE) plant. The project involves the participation of 28 ULBs, with 12 from the Rewa district, 12 from the Satna district, and 4 from the Sidhi district. The facility will help the district to efficiently process and manage 350 metric tons of waste each day.
Approximately 2,35,000 households are being served under the project, involving collection and transportation municipal solid waste. The waste to energy plant has a capacity of 6 MW, and the concessionaire tenure for the project is 21 years. The project is undertaken by Nagar Palika Nigam, a government corporation in Rewa.
Honorable Deputy Chief Minister of Madhya Pradesh, Shri Rajendra Shukla, said “The government’s commitment to supporting initiatives like the Integrated Municipal Solid Waste Management Facility underscores our dedication to environmental preservation and sustainable practices. Through this partnership with Re Sustainability Limited, we are addressing the pressing waste management challenges in our districts while also harnessing renewable energy resources for the benefit of our communities.”
“This Waste-to-Energy (WtE) plant brings the world’s best technology to solve the region’s municipal waste challenges, while simultaneously enabling a circular economy. It not only diverts waste from landfills and conserves precious land, but also generates clean energy, contributing to the state’s response to climate change. This is a monumental occasion for citizens of Madhya Pradesh and a testament to our commitment to building a cleaner and more sustainable future for all of India – from the mega-cities to the smaller towns and urban clusters” said, Mr. Masood Mallick, CEO, Re Sustainability Limited.
The nature of the project is build, own, operate (BOO), and the government is providing a capital grant of Rs. 87.27 crore. The total project cost, inclusive of collection and transportation and processing and disposal, amounts to over Rs. 220 crores. The boilers at the facility have a capacity of 32 tons per hour of steam generation. There are plans for expansion of the facility in the next five years, intending to increase the Waste to Energy capacity by another 6 MW in future.
er 85+ operating locations spread across India, Singapore, UAE, Qatar, Saudi Arabia, Kuwait, Oman, Tanzania and USA. With over 25 years of operational history, ReSL has a dominant presence across the entire waste value chain and has been a long-standing partner in the environmental solutions space to its customers.
17, Feb 2024
Schaeffler India Limited announces Q4 and full year results for the period ended December 31, 2023
India 17 February, 2024: Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER), the Motion Technology Company, today announced that the Board of Directors approved the results for the fourth quarter and full year ended December 31, 2023
September – December 2023 (Fourth Quarter Standalone Results)
· Revenue from operations (net) for the quarter (Q4 CY2023) was INR 18,551 million, higher by 3.4% than the corresponding quarter of 2022 and 0.4% higher than preceding quarter (Q3 CY2023)
· PBT (before exceptional items) for the quarter (Q4 CY2023) was INR 3,005 million, 2.9% lower than the corresponding quarter of 2022. PBT margin for the quarter stood at 16.2%, compared to 17.2% during the corresponding quarter of 2022
· Net Profit for the quarter was INR 2,174 million and net profit margin stood at 11.7%
compared to 12.9% during the corresponding quarter of 2022
January – December 2023 (Full Year Standalone Results)
· Revenue from operations (net) for the year was INR 72,261 million, higher by 5.2% than the corresponding period of 2022
· PBT (before exceptional items) for the year was INR 12,284 million, higher by 5.7% than the corresponding period of 2022. PBT margin for the year stood at 17.0%, compared to 16.9% during the corresponding period of 2022
· Net profit for the year was INR 9,090 million and net profit margin stood at 12.6% compared to 12.8% during the corresponding period of 2022
Commenting on the results, Mr. Harsha Kadam, Managing Director, said, “ Our balanced business portfolio, backed by conituned momentum in our key sectors helped sustain revenues for the quarter. Despite the adverse export mix, our annual performance was aided by our domestic businesses and trajectory of business wins across sectors. Our continued focus on efficient utlization of resources and productivity measures helped in sustaining the quality of earnings. Our robust cash generation and capex realization continues to remain in focus. Entering 2024 with an uptick from some of the market sectors, with committed efforts to leverage the market growth continues. Our consistent approach towards dividend payment reinforces our commitement to long term value creation. We wish to thank all our stakeholders for their confidence and continued support.Schaeffler Group – We pioneer motion”
The Schaeffler Group has been driving forward groundbreaking inventions and developments in the field of motion technology for over 75 years. With innovative technologies, products, and services for electric mobility, CO₂-efficient drives, chassis solutions, Industry 4.0, digitalization, and renewable energies, the company is a reliable partner for making motion more efficient, intelligent, and sustainable – over the entire life cycle. The motion technology company manufactures high-precision components and systems for drive train and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The Schaeffler Group generated sales of EUR 15.8 billion in 2022. With around 84,000 employees, the Schaeffler Group is one of the world’s largest family-owned companies. With more than 1,250 patent applications in 2022, Schaeffler is Germany’s fourth most innovative company according to the DPMA (German Patent and Trademark Office).
