3, Feb 2024
Sitaram Kandi announced as the new CHRO of Tata Motors
Bengaluru, February 3, 2024: Tata Motors, India’s leading automobile and mobility solutions company today announced that Mr. Sitaram Kandi is being appointed to the role of Chief Human Resources Officer (CHRO) of the company, effective 1st April 2024.
As CHRO, Mr. Kandi will also join the Tata Motors Executive Committee.
In his current role, Mr. Kandi heads Human Resources for Tata Motors’ Passenger Vehicle and Electric vehicle businesses and leads Employee Relations and Skill Building for Tata Motors.
Mr. Kandi will be taking over from Mr. Ravindra Kumar G.P, who has been serving as the CHRO of Tata Motors since 2018 and will be moving on to a new responsibility within the Tata Group.
A career HR professional with thirty years of experience and an alumnus of the Symbiosis Institute of Management Studies, Mr. Kandi has worked on diverse facets of HR and Industrial Relations with global companies including Bosch, Monsanto and General Electric, in India and overseas, prior to joining Tata Motors in 2019.
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- By Rabindra
3, Feb 2024
Sundram Fasteners Limited reports increase in Consolidated Net Profits at Rs 129.44 crores
Bangalore, February 3, 2024: The Board of Directors of Sundram Fasteners Limited today announced the unaudited Financial Results for the third quarter ended December 31, 2023.
Highlights: Quarter ended December 31, 2023: FY 2023-2024
Standalone Financials
The revenue from operations was at Rs 1,180.62 crores for the quarter ended December 31, 2023 as against Rs 1,226.87 crores during the same period in the previous year.
The domestic sales for the quarter ended December 31, 2023 were at Rs 812.46 crores as against Rs 813.38 crores during the previous year.
The export sales for the quarter ended December 31, 2023 were at Rs 339.15 crores as against Rs 364.64 crores during the previous year.
The earnings before interest, depreciation and taxes (EBITDA) for the quarter ended December 31, 2023 was at Rs 201.19 crores as against Rs 188.20 crores during the same period in the previous year. The Company has improved its EBITDA margin at 16.80% as against 15.10% during the same period in the previous year. This has been due to stringent cost control measures and improvement in operational efficiency.
The finance cost for the quarter ended December 31, 2023, after accounting for exchange differences, was at Rs 3.41 crores, as against Rs 6.27 crores for the corresponding quarter in the previous year. The reduction in finance costs was due to a reduction in borrowings on account of efficient working capital management.
The Company continues to have an all-time low debt-equity ratio of 0.11.
The Profit before Tax (PBT) for the quarter ended December 31, 2023 was at Rs 155.58 crores as against Rs 142.05 crores during the previous year.
Despite the impact of the floods on the operations in the factories located in Chennai in December 2023, the Company has recorded a net profit of Rs. 116.19 crores for the quarter ended December 31, 2023 as against Rs 106.13 crores during the previous year.
Earnings per share for the quarter ended December 31, 2023 amounted to Rs 5.53 and was Rs 5.05 in the corresponding period last year.
Consolidated Financials
The Company’s consolidated revenue from operations posted for the quarter ended December 31, 2023 was at Rs 1,367.25 crores as against Rs 1,403.03 Crores during the same period in the previous year.
The consolidated net profit for the quarter ended December 31, 2023 was at Rs 129.44 crores as against Rs 118.07 crores during the previous year.
The consolidated earnings per share (EPS) for the quarter ended December 31, 2023 amounted to Rs. 6.12 and was Rs 5.57 in the corresponding period last year.
Highlights: Nine months ended December 31, 2023: FY 2023-2024
Standalone Financials
The revenue from operations was at Rs 3,630.58 crores for the nine months ended December 31, 2023 as against Rs 3,684.70 crores during the same period in the previous year. The net profit for the nine months ended December 31, 2023 was at Rs 346.65 crores as against net profit of Rs 347.99 Crores during the same period in the previous year.
Consolidated Financials
The Company’s consolidated revenue from operations posted for the nine months ended December 31, 2023 was at Rs 4,199.83 crores as against Rs 4,214.80 Crores during the same period in the previous year. The consolidated net profit for the nine months ended December 31, 2023 was at Rs 391.23 crores as against net profit of Rs. 372.88 Crores during the same period in the previous year.
Memorandum of Understanding with the Government of Tamil Nadu
The Company has entered into a Memorandum of Understanding (MOU) with the Government of Tamil Nadu for the proposed investment of Rs 1,411 crores in its factories in the State of Tamil Nadu. The planned investments span up to 2027-28 and will be used for capacity expansion of existing products, including components for electric vehicles.
Capital expenditure
The Company has incurred capital expenditure for the nine months ended December 31, 2023 in line with its planned capital expenditure of Rs 300 crores for the financial year 2023-24. In keeping with the large EV orders secured by the Company and the Memorandum of Understanding entered with the Government of Tamil Nadu, capital allocation and development of products are in accordance with the timelines planned by the Company.
3, Feb 2024
CL Educate announces Q3 FY24 results, Total Revenue & EBITDA up by 11%
Delhi, February 3rd, 2024: CL Educate Ltd. (BSE: 540403), (NSE: CLEDUCATE), has reported 11% growth in its Total Revenue & EBITDA on a Y-o-Y basis. The total revenue generated by the company has grown to ₹254.9 crore during the period ended 31 December 2023 from ₹229.2 crore for the same period in 2022.
The Profit After Tax generated from business (excluding exceptional items) stood at ₹12.8 crore for the period ended 31 December 2023 similar to the profit for the same period in 2022.
Review of consolidated financial performance for the Period ended 31 December 2023:
• Total Revenue grew to ₹254.9 crore for the period ended 31 December 2023 as compared to ₹229.2 crore for the same period in 2022.
• The company has witnessed enhancement in its MarTech business margins, leading to a 11% increase in EBITDA. For the period ended 31 December 2023, the EBITDA stood at ₹29.7 crore as compared to ₹26.7 crore for same period in 2022.
• The company has reported a PAT of ₹12.8 crores for the period ended 31 December 2023 similar to profit generated from business operations for same period in 2022..
Review of consolidated financial performance for the Quarter ended 30 September 2023:
· Total Revenue grew by 3% to ₹68.6 crore for the quarter ended 31 December 2023 as compared to ₹66.8 crore for the quarter ended 31 December 2022.
· As expected, the EBITDA was recorded at ₹6.9 crore for the quarter ended 31 December 2023 as compared to ₹8.1 crore for the quarter ended 31 December 2022, which was boosted by certain one-time write backs.
Commenting on the half yearly results, Mr. Arjun Wadhwa, CFO, CL Educate said: “As anticipated Q3 was a muted quarter in India due to the prolonged festive season whose impact was accentuated by the change in the law exam season. Our international businesses, both MarTech & EdTech, continue to exhibit excellent growth across all key markets including Singapore, the Middle East, the US and Indonesia. Overall, revenue and EBITDA are in line with our growth plans for FY24, with January also providing indications that we will end the fiscal year on a positive note.”
3, Feb 2024
T-Hub and Bala Vikasa Partners to Propel Rural, Social, and Frugal Innovation
Hyderabad, 3rd Feb 2024 – T-Hub, India’s leading startup incubator has today announced partnership with Bala Vikasa, a trailblazing community development innovator. This collaboration aims to foster innovation, address grassroots challenges, and drive large-scale social impact. The Memorandum of Understanding (MoU) was signed at the Social Start-up Expo organized by the Bala Vikasa Center in the esteemed presence of Duddilla Sridhar Babu, Minister for IT & EC, Industry and Commerce, Telangana Government.
This strategic collaboration aligns with the imminent plans of the Telangana state government, poised to unveil a new Micro, Small, and Medium Enterprises (MSMEs) policy. With a deliberate emphasis on intertwining social entrepreneurship within this policy framework, the government aims to fortify Telangana’s position as a central hub for social innovation and entrepreneurial growth in the foreseeable future. The partnership between Bala Vikasa and T-Hub will be instrumental in realizing this vision, focusing on Social Innovation, Frugal Innovation, and Rural Innovation, with the shared goal of transcending urban boundaries and making a substantial impact in rural spaces.
Under this partnership, T-Hub is set to provide robust support to startups, offering specialized capacity-building programs in collaboration with Bala Vikasa to elevate skills and knowledge. Additionally, the collaboration formalizes Bala Vikasa as a valued Program Partner, signifies a strategic commitment to mentorship and knowledge exchange initiatives aligned with shared objectives. T-Hub will further facilitate Market Access Support by Bala Vikasa, empowering startups within T-Hub programs, streamlining market access, and creating pivotal opportunities for pilot projects. The collaboration also envisions the Cross Utilization of Infrastructure, marking a shared commitment to maximizing operational efficiency and fostering innovation in India’s dynamic startup ecosystem.
Anthony Anish, Chief Operating Officer, T-Hub, expressed enthusiasm about the collaboration, stating, “As T-Hub embarks on this transformative partnership with Bala Vikasa, we are dedicated to fostering startups that make a tangible impact. Our commitment is to build a new vertical with a strong focus on rural, social, and frugal innovation. We aim to support promising innovations that cater to untapped rural markets and address critical social issues through accessible and affordable solutions. Together, we strive to empower startups, drive innovation, and create meaningful change in the startup ecosystem.”
Shoury Reddy Singareddy, Executive Director of Bala Vikasa, emphasized, “While we will be working on multiple activities in the realm of capacity building, mentoring, knowledge development, and ecosystem-strengthening in the coming days, we will be supporting the social business accelerator program by T-Hub immediately.”
Till now, T-Hub has nurtured nearly 110 social impact startups. Among these success stories are Banyan Nation, a pioneer in plastic recycling with a unique circular economy approach; Donatekart, revolutionizing crowdfunding with a focus on transparency; Financepeer, providing crucial support for education payments during the pandemic; and Kisanwala, a digital agri marketplace empowering farmers. T-Hub continues to be a catalyst for transformative ventures, fostering innovation and social change.
3, Feb 2024
Embassy REIT Achieves Full Year Leasing Guidance of 6.5 Million Square Feet in 9 Months
Bengaluru, India, February 3, 2024
Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, reported results today for the third quarter ended December 31, 2023.
Aravind Maiya, Chief Executive Officer of Embassy REIT, said,
“It’s been a remarkable quarter for Embassy REIT. We’re pleased to announce that we’ve achieved our annual leasing guidance in just 9 months. As our 2.2 msf of pre-leasing to three renowned global companies demonstrates, India continues to be a thriving business hub for GCCs. As more and more multinationals set up their centres in India, their need for premium office spaces to house their talent will grow exponentially in the coming years. Our refinance of ₹2,600 crores through a combination of instruments provides us increased flexibility in managing our debt portfolio. Lastly, the strength of our business is reflected by the excellent response of equity investors to the recent sponsor stake sale, which has resulted in an increase of our public float to 92% and a truly diversified blue-chip unitholder base.”
The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy REIT, at its Board Meeting held earlier today, declared a distribution of ₹493 crores or ₹5.2 per unit for Q3 FY2024. The record date for the Q3 FY2024 distribution is February 12, 2024, and the distribution will be paid on or before February 17, 2024.
Business Highlights
· Record leasing of 3.5 msf across 22 deals, including 1.1 msf of new leases and three large pre-lease deals of 2.2 msf in Bengaluru with leading multinationals
· Global Captive Centres (GCCs) in primarily BFSI, retail, and tech sectors accounted for over 78% of total leasing
· 90%+ occupancy levels across 50% of Embassy REIT’s properties Financial Highlights
· Revenue from Operations grew by 8% YoY to ₹936 crores
· Delivered distributions of ₹493 crores or ₹5.2 per unit
· Refinanced ₹2,600 crores at an average rate of 8.25% including first-time commercial paper issuance of ₹1,000 crores; strong balance sheet with an industry-leading in-place debt cost at 7.8% and dual AAA/Stable credit ratings Operational & Development Highlights
· Development pipeline of 6.9 msf of which 90% is in Bengaluru at highly attractive yields of over 20%
· Hotel portfolio continued to perform strongly with 55% occupancy, 19% YoY ADR growth and an EBITDA of ₹50 crores
· Included in the 2023 Dow Jones Sustainability Indices making Embassy REIT the first Indian REIT to be recognized for its sustainability initiatives by this leading global benchmark
Investor Materials and Quarterly Investor Call Details
Embassy REIT has released a package of information on the quarterly results and performance, that includes (i) condensed standalone and condensed consolidated financial statements for the quarter and nine months ended December 31, 2023 (ii) an earnings presentation covering Q3 FY2024 results, and (iii) supplemental operating and financial data book that is in-line with leading reporting practices across global REITs.
Embassy REIT will host a conference call on February 5, 2024 at 17:00 hours Indian Standard Time to discuss the Q3 FY2024 results.
3, Feb 2024
Lions Clubs Intl President to grace Seminar on Cancer …
Hyderabad, February 3, 2024: FTCCI in association with Lions Clubs and Telangana and Andhra Plastics Manufacturers Association (TAAPMA) is organizing a Seminar 3rd February, Saturday at FTCCI hall, Red Hills, Hyderabad on the eve of World Cancer Day which is observed on February 4th. The Seminar is organised to bring awareness about Cancer and it’s treatments among the people.
Lions International President Dr Patti Hill is joining the seminar as Chief Guest to address the participants of all sections of the community. One of the Global causes of Lions International is cancer. Lions International Director Dr Babu Rao, President FTCCI Mr Meela Jayadev and President TAAPMA A Dayakar and R Sunil Kumar Past International Directors will also be participating.
Dr Pavan Kumar B, Dr Harish NL, Dr Kalyan and Dr Pranneth from different hospitals will speak on different topics with more focus on Palliative Care i.e. how to provide a dignified life at the end stage of life. The seminar is organised with the slogan is “Let’s Conquer Cancer”
As all we know the deadly disease of Cancer and its incidence is increasing day by day.
As per the LANCET Journal every year seventy percent of Cancer victims are dying. To fight it people should know what is and how to identify the early symptoms of it to go to the doctors. Diagnosis at early stages is always curable. And people should know what types of treatments are available throughout the world and how Robotic treatments will help in curing the different types of cancers.
3, Feb 2024
Air India Announces the Appointment of Ravindra Kumar G.P. as Chief Human Resources Officer
Bangalore, 03 February 2024: Air India today announced the appointment of Ravindra Kumar G.P. as Chief Human Resources Officer, reporting to CEO & MD Campbell Wilson.
Ravi will formally assume the role on 1 April 2024, succeeding Dr Suresh Dutt Tripathi who is retiring.
Following a long career with General Electric Company, the last four years of which as CHRO for South Asia, Ravi joins from Tata Motors Limited where he has held the role of President & CHRO since 2018.
Announcing the transition, Campbell Wilson, CEO & MD of Air India, said: “We are delighted to have Ravi join the Air India team, and we look forward to his contribution to the next phase of our transformation journey. At the same time as welcoming Ravi, we acknowledge the outstanding contribution of Suresh who, upon Air India’s privatization, answered the call and has played a vital role over the last two years. We wish him well in his well-deserved and well-earned retirement.”
2, Feb 2024
78th National Garment Fair by CMAI Sets tone for Apparel Industry Outlook in FY25
Mumbai, February 2, 2024: The National Garment Fair (NGF 2024) Spring-Summer Edit, organised by the Clothing Manufacturers Association of India (CMAI) in Mumbai, unfolded over three days from January 29 to 31, 2024. The event drew an impressive crowd of close to 18,000 visitors including national and regional retailers, distributors, and wholesalers. The robust business activities and bookings recorded during NGF 2024 clearly mirror the positive momentum in retail sales anticipated for the upcoming Spring-Summer season.
Encompassing an expansive 700,000 sq. ft. across seven halls, the Spring-Summer Edit of the National Garment Fair 2024 (NGF 2024) took place at the Bombay Exhibition NESCO Complex in Goregaon East. With over 1025 participants showcasing more than 1,120 brands across Women’s wear, Men’s wear, Kids wear, and Accessories.
Speaking about the domestic garment industry, Mr. Rajesh Masand, President, Clothing Manufacturers Association of India (CMAI), said, “The revival of the apparel industry post-pandemic has been less than robust, with retailers contending with a substantial backlog of inventory. The predominant driver of retail sales growth of apparels in the past year has been the result of both stores and network expansions. Although it is difficult to estimate the business conducted during the Fair, our interaction with the Exhibitors indicated most of them were more than satisfied with the enquires/orders received, serving as a positive indicator of the industry’s gradual progress towards normalisation in H1FY2025.”
Speaking about the NGF 2023, Mr. Rohit Munjal, Vice President and Chairman of the Fair Committee, Clothing Manufacturers Association of India (CMAI) said, “The success of the 78th National Garment Fair stands as a promising indication of its significance. Distinguished retailers and distributors from across the country graced NGF 2024. The sustained vitality of NGF can be credited to the steadfast support and proactive engagement of both brands and retailers. Their persistent involvement has played a pivotal role in elevating the fair’s influence and ensuring its ongoing success.”
Speaking about the present outlook of the domestic garment industry, Mr. Rahul Mehta, Chief Mentor, Clothing Manufacturers Association of India (CMAI), said, “The notable expansion of major retailers and brands into Tier 2 and 3 markets in the past year has played a substantial role in driving the retail sales growth within the apparel segment. Anticipating a shift from the initial trend of consumer “revenge-shopping” immediately post-pandemic, we saw a transition to a restrained shopping behavior last year. This year, there is an anticipation of consumers refreshing their wardrobes, signaling a return to normalcy in shopping patterns.”
Furthermore, the prestigious CMAI Apparel magazine was relaunched during NGF 2024 with a far Special edition. The Apparel magazine is not only resuming publication but is undergoing a significant upgrade as a quarterly edition, which will provide more exclusive content, in-depth features, and exciting apparel trends. The new avatar of the magazine boasts of careful curation and enhancement of content, promising a better reading experience with fresh perspectives from industry experts, insightful interviews, and stunning visuals. This transition aims to celebrate the world of apparel with captivating stories.
Recognised as the largest and most awaited bi-annual trade fair of the Indian Apparel Industry, the National Garment Fair by CMAI serves as a vital platform for connecting National and Regional Brands, Manufacturers, Designers, and Fashion Accessories manufacturers with Retailers, Agents, Distributors, and E-commerce Companies. This biannual event holds significant prestige in the industry and is widely regarded as India’s foremost trade fair, offering a comprehensive sourcing platform that maximizes both time and cost efficiency for all stakeholders involved.
2, Feb 2024
Reaction to Interim Budget 2024-25 from Kamal Khetan, Chairman & Managing Director, Sunteck Realty Ltd
“The interim budget announcement envisions India’s long term growth story. The emphasis of the PMAY-Gramin on rural India will further the objective of Housing for all. Furthermore, we are looking forward to housing scheme for the urban middle class, which is anticipated to enhance housing and give a boost to the sector.
The sustained momentum in capital expenditure spending in expansion of the infrastructure development plan highlights the intent to continuously enhance housing infrastructure, entrepreneurship, and employment opportunities for the youth possessing technical skills.
The persistent emphasis on maintaining a capital expenditure outlay of approximately 3.4% of the GDP is likely to stimulate economic activity and align with the long-term vision of Viksit Bharat. We remain optimistic about the continued progress of the Indian economy under the prudent fiscal measures outlined in the Interim Union Budget.”
2, Feb 2024
CMAI Welcomes Continuation Of RoSCTL Scheme
CMAI welcomed the decision by the Union Cabinet to extend the Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) for export of Apparel/Garments and Made ups upto 31st March 2026.
CMAI President, Rajesh Masand, thanked the Government and in particular, the Ministry Of Textiles saying that the “Continuation of Scheme for proposed duration of two (2) years will provide predictability and stability which is essential for long term trade planning, more so in the textiles sector where orders can be placed in advance for long term delivery.”
“The RoSCTL Scheme is in line with the universally accepted principle of International Trade that taxes and duties should not be exported, to enable a level playing field in the international market for exports” he added.
