9, Jan 2024
Master the Art of goal setting and create a great 2024 with India’s Foremost Coach, Gaurav Bhagat
Noida, 09th January 2024: The ITC Fortune Grazia in Noida witnessed an extraordinary convergence of sales enthusiasts, professionals, and students today for the much-awaited Rule 2024 Masterclass Workshop, presented by the Gaurav Bhagat Academy.
With an aim to empower one’s journey from tiny to 10X wins in the realm of not only sales but life, the workshop featured one of India’s leading Sales Coach and Trainer, Mr. Gaurav Bhagat. Renowned as the sole licensee of Grant Cardone’s Way of 10X in India, Bhagat is celebrated for his expertise in transforming individuals into dynamic professionals.
This edition of Rule 2024, a brainchild of Bhagat, unfolded as an enriching experience, delving into the intricacies of crafting a phenomenal 2024. All the participants began their journey with morning tea and networking, setting the tone for a day full of immersive learning and splendid conversations towards achieving the power of the 10X formula.
Speaking about the third edition of Rule 2024, Gaurav Bhagat, Leading Sales Coach, Trainer and Founder of The Gaurav Bhagat Academy, said, “The Rule series of workshops happen only once a year and is our most impactful for creating lasting change for our participants”.
Rule 2024 aimed to unlock the 10X mastery plan for a phenomenal year ahead. It was inspiring to witness individuals transform their vision and strategies for a successful 2024. The Rule 2024 workshop is not just an event; it’s a journey toward unlocking your ultimate success.
The workshop featured two in-depth sessions, each followed by engaging lunchtime conversations. Attendees had the unique opportunity to reflect on the strategies that did not work in 2023 and gained insights into charting a successful course for the upcoming year. The event provided ample opportunities for professionals to connect and share experiences during tea breaks and a dedicated networking session with Gaurav Bhagat himself.
The evening session was another high point, culminating in a third impactful session. As the day progressed, attendees witnessed a prize-giving ceremony, recognizing outstanding contributions and achievements. The day concluded with a photograph gala, capturing the camaraderie and shared commitment to achieving monumental success in 2024.
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- By Rabindra
9, Jan 2024
Wardwizard Foods and Beverages Limited Showcases Diverse Product Range
Vadodara, January 09, 2024: Wardwizard Foods and Beverages Limited is proud to announce its active participation in the ongoing Indus Food, 7th Edition, hosted at the India Exposition Mart, Greater Noida, NCR, from January 8th to 10th, 2024.
Indusfood, South Asia’s most prestigious F&B trade show is a premier F&B expo in India and boasts participation from over 1,200 world-class buyers representing 85 countries, engaging with more than 550 Indian exhibitors. The event offers countless opportunities—engaging interactions, networking prospects, and the chance to spotlight the Company’s distinctive approach to culinary innovation.
At the Indus Food, Wardwizard Foods and Beverages Limited is showcasing its comprehensive product lineup, prominently featuring QuikShef (Ready-to-Eat, Condiments & Sauces, Spices), Snack Buddy (Ready-to-Eat, Condiments, Sauces & Dressings, Seasonings, Frozen Products), and WOL Energy Drink, with a strategic focus on the Export Market, particularly emphasizing Horeca Frozen Food.
The company is showing its latest offerings and Clean Label Sauces, symbolizing a commitment to innovation and market responsiveness. Observing the overseas demand for Clean Label Products, the Company will display the exclusive Clean Label Range to a wide audience. Additionally, Wardwizard Foods and Beverages Limited takes pride in announcing that its revolutionary product, Clean Label Tomato Ketchup, has been shortlisted for display at the prestigious Indusfood Innovation Zone (IIZ). This Zone serves as a platform to showcase ground-breaking advancements and pioneering solutions. Wardwizard Foods and Beverages Limited believes that their Clean Label Tomato Ketchup perfectly embodies the innovation ethos championed by this platform.
Speaking about this event, Mrs. Sheetal Bhalerao, Chairperson, and Managing Director of Wardwizard Foods and Beverages Limited, stated, “We are happy to participate in Indus Food 7th Edition, which provides us with a platform to cater to the diverse global audience. Observing the increasing trend of Indian products overseas and our commitment to innovation & quality, we have tailored products that meet the dynamic preferences of global consumers. Additionally, our presence at the Indusfood Innovation Zone reinforces our pursuit of excellence. We look forward to amplifying global recognition and appreciation for the diverse flavors of Indian cuisine through our unique product offerings in both Retail and HORECA Segments.”
Wardwizard Foods and Beverages Limited cordially invites visitors, potential partners, and industry stakeholders to explore their diverse product portfolio at Hall No. 14, Booth No. T21, from 10:00 am to 6:00 pm. Experience first-hand the innovation that defines the company’s commitment to excellence.
9, Jan 2024
EdTech Leader PowerSchool makes substantial infrastructure investment in India
Mumbai, 9th January 2023: PowerSchool, a global leader of cloud-based software for K-12 education, is gearing up for strategic expansion in the Indian market. PowerSchool aims to expand the India-based employee base to 2,000 personnel within the next 3 to 5 years which represents an expansion of their current existing workforce of 1,300 in India. To accommodate this investment commitment, PowerSchool has augmented its Bengaluru headquarters by significantly expanding space for their cutting-edge Centre of Excellence (CoE) from the current 75,000 sq. ft. to 112,000 sq. ft. with an investment of nearly 40 crores. PowerSchool also plans to expand its Chennai office in 2024. This move is in alignment with PowerSchool’s robust growth strategy for the India-based education technology sector.
The CoE is aligned with PowerSchool’s commitment to empower educators to help every student learn in a way that’s right for them. The CoE will be focused on bringing the latest technology into PowerSchool’s edtech products to address different challenges faced by educators and improve student learning outcomes. Hiring is planned across all PowerSchool business units in India to elevate R&D, product innovation, customer service & success, marketing, and sales functions. Some of the key technology-focused positions to be added include Data Scientists and Artificial Intelligence / Machine Learning (AI/ML) experts. The future-focused positions will support PowerSchool’s plans to integrate AI functionality that enables educators to unlock the untapped potential of personalized education.
Earlier this year, PowerSchool acquired Jarulss Software Solutions Private Limited, also known as Neverskip, a Chennai-based enterprise resource planning (ERP) software company, to strengthen PowerSchool’s India business and expand its reach to more than 900 schools and 1.2 million students in India. PowerSchool also specializes in providing a leading learning management system (LMS), PowerSchool Schoology Learning, to some of the top schools in India.
Sharing his views on the development, Mr. Hardeep Gulati, Chief Executive Officer of PowerSchool, said, “India is a critical part of PowerSchool’s global strategy, and we envision a robust future in this region. Our strategic focus will be on leveraging local talent, fostering innovation, curating cutting-edge technology solutions, and contributing to the growth of the education technology landscape and student achievement overall. The expansion of our new Centre of Excellence in Bengaluru not only reflects our commitment to the Indian market but also serves as a strategic hub for our expansion plans in the Middle East, Africa, and South Asia. We will be responsibly growing the PowerSchool team in India in the coming years.”
Mr. Apoorav Nischal, Managing Director and Country Head, PowerSchool India, added, “Our hiring focus in India will be multifaceted, with 50% emphasis on bolstering our capabilities distributed across various functions. Looking ahead, we are committed to fostering AI/ML skills, which are integral to our product innovation strategy and will play a crucial role in shaping the future of education technology. We have invested in this new CoE which is thoughtfully designed keeping in mind PowerSchool’s collaborative work culture and evolving industry requirements, creating a symbiotic and sustainable working ecosystem for all. Additionally, we will also be looking into the expansion of Chennai office space in the near future.”
PowerSchool, recognized recently by Great Places to Work in India, currently serves over 50 million students across 90+ countries. Their intuitive LMS, Schoology Learning, is used today by millions of students globally. With a public markets valuation of over $4 billion, and revenues expected to reach approximately $700 million in 2023 and growing to $1 billion by 2026, PowerSchool has proven financial stability and a strong growth trajectory.
9, Jan 2024
IndiGrid executes definitive agreements to acquire 300 MW (AC) solar assets.
Key Highlights
· IndiGrid has executed share purchase agreement to acquire ReNew Solar Urja Private Limited from ReNew Solar Power Private Limited which operates 300 MW (AC) of solar project.
· IndiGrid’s portfolio will cross 1 GW peak capacity of operating solar assets with this acquisition.
· Acquisition to be done at an Enterprise Value (EV) of INR 1,550 crores; EV including net working capital and cash will be at ~INR 1,650 crores. The acquisition consummation is subject to requisite regulatory approvals.
Mumbai, Monday, 9th January 2024: IndiGrid [BSE: 540565 | NSE: INDIGRID], India’s first listed power sector infrastructure investment trust (InvIT), today announced that it has signed a share purchase agreement with ReNew Solar Power Private Limited (RSPPL) to acquire their asset ReNew Solar Urja Private Limited (RSUPL) at an enterprise valuation of INR 1,550 crores. The valuation, including net working capital and cash, will be ~INR 1,650 crore. Additionally, there will be an earn-out related to Change-In-Law (CIL) in Basic Customs Duty (BCD) & GST, to be paid to RSPPL as and when the first payment is realized. In line with the terms of the definitive agreements and the Power Purchase Agreement (PPA), along with the lock-in restrictions therein, IndiGrid will acquire 100% shareholding and management control of RSUPL, subject to requisite regulatory approvals.
Operational since December 2021, RSUPL is a 300 MW (AC) solar generation asset located in Jaisalmer, Rajasthan with a 25-year Purchase Power Agreement (PPA) with Solar Energy Corporation of India (SECI) to sell power generated at tariff of INR 2.71 per unit. The project has been operational and revenue generating for ~2 years and the balance term of PPA is ~23 years. It fits well with IndiGrid’s strategy of holding operational and revenue generating assets till maturity.
RSUPL is a strategic addition to IndiGrid’s portfolio as it would be the largest capacity project located at a single site for the company. With this acquisition, IndiGrid’s peak solar capacity will cross 1 GW of operating solar assets and the total Assets Under Management (AUM) of ~INR 285 billion.
Commenting on the acquisition, Harsh Shah, Chief Executive Officer, and Whole Time Director of IndiGrid, said, “India is witnessing a steep increase in its power demand to fuel its rapid economic growth. In view of India’s focus on energy transition, we are confident of the strategic value of renewable energy projects in the coming decades. RSUPL is a high-quality solar generation asset located in one of the highest irradiation regions of India with reasonable operating track record. In-line with our strategic focus, RSUPL will help us ensure sustainable growth of our portfolio and aid in long-term cash-flow addition.”
During the first 9 months of this fiscal, IndiGrid has done equity fund raising to the tune of ~INR 1,050 crore through preferential allotment and institutional placement. This has paved growth headroom for the company of ~INR 6,000 – 7,000 crores at a leverage threshold of 70% as per SEBI InvIT Regulations.
This acquisition will be funded through a combination of equity, internal accruals, and debt. The net debt/AUM will be ~62.5% post this acquisition, leaving adequate headroom for future growth.
9, Jan 2024
“Emerging Business Trends: Evaluating Prices, Frameworks, and Strategic Maneuvers in Startup Integrations”
Karan Gupta – Co-Founder and Director at KAPSO
In the dynamic landscape of startup integrations, 2024 is poised to be a year of transformative change, driven by evolving pricing strategies, innovative frameworks, and strategic maneuvers. This article delves into these emerging trends, drawing insights from recent studies and case examples.
1. The Rise of Fintech M&A and Roll-Ups
The fintech sector is witnessing a surge in mergers and acquisitions (M&A), as highlighted in a Forbes article. This trend is partly fueled by the need for startups to scale rapidly and acquire complementary technologies. However, the impending bankruptcy of Thrasio, a prominent player in the space, serves as a cautionary tale. It underscores the importance of a well-thought-out M&A strategy where the combined entity is greater than the sum of its parts.
2. Programmatic M&A: A Tech-Driven Evolution
As per insights from Spiceworks, programmatic M&A, characterized by making multiple acquisitions per year, is becoming a preferred growth strategy. This approach, powered by modern technology, enables companies to establish best practices and gain access to new markets without overextending resources. However, the high failure rate of M&A (60-70%) necessitates a cautious approach, emphasizing the need for robust due diligence and integration planning.
3. Pricing Strategies in M&A
Pricing remains a critical factor in the success of M&A. A fair price balances the value created against the value paid. As startups often base their M&A on the promise of “synergies” and operational efficiencies, it’s crucial to account for the uncertainties associated with these expectations. The transaction price should reflect potential risks and the time required for synergies to materialize.
4. Incentives and Deal Structures
The alignment of incentives is vital in M&A transactions. Sellers typically seek cash, while buyers aim to retain key talent and mitigate risks. Structuring a portion of the buyout as equity can keep sellers engaged post-acquisition. Additionally, earnouts can bridge valuation gaps, aligning expectations and outcomes.
5. Creating a Margin of Safety
Given the inherent risks in M&A, building a margin of safety is essential. This approach helps ensure that even if not all aspects of the deal go as planned, the overall outcome remains positive. For instance, Thrasio’s challenges with floating rate debt in a rising interest rate environment highlight the importance of considering financial risks in deal structuring.
6. Developing an M&A Playbook
A structured approach to M&A, encompassing ecosystem mapping, target prioritization, and diligent execution, is crucial. This playbook should not only focus on the acquisition process but also on deriving value from the integration. Effective inventory management and demand forecasting are key aspects of this phase.
7. Leveraging Modern Technology
The integration of SaaS tools in M&A processes has led to significant improvements. These tools facilitate better collaboration, comprehensive reporting, and enhanced security, thereby reducing risks and improving the quality of due diligence.
8. AI and the Future of M&A
Artificial Intelligence is set to revolutionize M&A strategies further. AI can assist in identifying potential targets, developing business cases, predicting risks, and generating best practice task lists. This technological advancement will likely streamline M&A processes, making them more efficient and effective.
Conclusion
The landscape of startup integrations in 2024 is marked by a blend of traditional strategies and innovative approaches. While the potential for growth and expansion through M&A is significant, it comes with its set of challenges. Companies must navigate these complexities with a balanced approach, leveraging technology and strategic planning to ensure successful integrations. As the sector continues to evolve, adaptability and foresight will be key to capitalizing on these emerging business trends.
About the Author
Karan Gupta – Co-Founder and Director at KAPSO with a vision to revolutionize the M&A landscape for SMEs in India. His journey from an engineer to a prominent figure in the business brokerage industry is marked by innovation, strategic leadership, and a deep understanding of the financial sector.
Since 2015, Karan has been pivotal in shaping KAPSO’s growth trajectory. Under his guidance, KAPSO has not only facilitated numerous successful M&A deals but also established itself as a trusted advisor in the SME sector.
8, Jan 2024
Revolutionizing Lead Generation: How AI-Powered Leadzen.ai is Transforming the Marketing Landscape
In the ever-evolving world of marketing, staying ahead of the curve is crucial. Lead generation, a critical aspect of any business’s growth strategy, is undergoing a transformative shift thanks to the advent of AI technology. At the forefront of this revolution is Leadzen.ai, a platform that is redefining the way businesses approach lead generation using cutting-edge AI tools. Here’s an in-depth look at how Leadzen.ai is changing the game and setting new standards in the industry.
1. AI-Driven Data Enhancement
The era of sifting through mountains of data manually is over. Leadzen.ai leverages AI to process and refine vast datasets, ensuring that businesses have access to the most accurate and relevant information about potential leads. This AI-driven data enhancement not only saves time but also significantly increases the precision of targeting, making marketing efforts more effective and efficient.
2. Advanced Geotargeting Capabilities
Understanding and reaching the right audience is key to successful marketing. Leadzen.ai’s sophisticated geotargeting tool allow businesses to pinpoint their audience with incredible accuracy. Whether it’s targeting a specific city, neighborhood, or even a particular demographic within an area, Leadzen.ai’s AI algorithms provide unparalleled insights, enabling highly targeted and personalized marketing campaigns.
3. Cutting-Edge Real-Time Analytics
In today’s fast-paced market, real-time data is invaluable. Leadzen.ai offers real-time analytics, giving businesses a significant edge by allowing them to respond swiftly to market trends and customer behaviors. This immediacy ensures that marketing strategies remain relevant and impactful, greatly enhancing the chances of converting leads into customers.
4. Efficient Email Discovery and Verification
Email marketing remains a powerful tool in lead generation. Leadzen.ai’s AI-powered email finder tool streamlines the process of building a robust email list. By efficiently identifying and verifying email addresses, businesses can ensure their messages reach the right people, reducing bounce rates and increasing the effectiveness of email marketing campaigns.
5. Customizable Smart Filtering
Every business has unique needs when it comes to lead generation. Leadzen.ai’s smart filtering system allows for highly customized searches, enabling businesses to narrow down their focus to the most relevant leads. Whether it’s filtering by industry, job title, education, or other criteria, Leadzen.ai ensures that businesses spend their resources targeting the leads that matter most to them.
The Future of Lead Generation
As we look to the future, it’s clear that AI and automation will continue to play a pivotal role in lead generation. With platforms like Leadzen.ai leading the charge, businesses can expect more innovative tools and strategies to emerge, further enhancing their ability to connect with potential customers in meaningful and effective ways.
Leadzen.ai is not just a tool; it’s a game-changer in the realm of lead generation. By harnessing the power of AI, it offers businesses a smarter, more efficient, and more effective way to identify and engage with potential customers. As the landscape of marketing continues to evolve, Leadzen.ai stands as a beacon of innovation, leading the way towards a more data-driven, targeted, and successful approach to lead generation.
8, Jan 2024
Historic performance by Ashok Leyland in CY2023
8th January, 2024 Bengaluru: Ashok Leyland, the Indian flagship of the Hinduja Group and the country’s leading commercial vehicle manufacturer, today announced that it has reached yet another milestone by clocking its highest-ever sales volume in a calendar year in the history of the company during the year 2023. Setting a new benchmark, the company achieved a total commercial vehicle (CV) volume of 198,113 units, surpassing its previous record established in the year 2018.
This record achievement underscores the company’s product versatility and strong market presence, solidifying its position as a leading force in the commercial vehicle industry both domestically and on the international stage.
Mr. Shenu Agarwal, Managing Director & CEO, Ashok Leyland said, “We are thrilled to have achieved this milestone, and it’s a reflection of our dedication to providing top-quality products and exceptional service. We extend our gratitude to our loyal customers who have contributed to our ongoing growth and are thankful for the hard work and dedication of our team. Looking ahead, we are poised for even greater success as we continue to invest in cutting-edge technologies, sustainable operating practices, and customer-centric market initiatives to drive the next phase of growth for Ashok Leyland. The momentum generated in 2023 sets a solid foundation for a future where we will continue to lead the way in the commercial vehicle industry.”
Ashok Leyland’s strong dealership network and comprehensive after-sales service infrastructure have facilitated reaching customers across India and ensuring superior round-the-clock after-sales service. The company’s customer-centric approach drives innovation, enabling the development of innovative solutions tailored to meet the ever-evolving demands of the transportation ecosystem.
Ashok Leyland’s outstanding performance in CY2023 reflects its commitment to excellence, innovation, and customer satisfaction. The company looks forward to building on this success and continuing to be at the forefront of the global commercial vehicle market.
8, Jan 2024
Whiteland Corporation appoints Pankaj Pal as Managing Director
Gurugram: Whiteland Corporation, a leading entity in the Indian Real Estate Sector, is pleased to announce the appointment of Pankaj Pal as its new Managing Director. In this pivotal role, Mr. Pal will spearhead the company’s strategic initiatives, bringing his wealth of experience to drive forward the Company’s ambitious business plans.
Pankaj Pal, an IIT Kharagpur alumnus, embarked on a remarkable real estate career in 1991 during India’s economic liberalization. Within the 33 years of experience, he has adorned senior leadership roles at Eros Group, Great Eastern (now Mahindra Realty), Vatika Group, Ireo, M3M, AIPL, and Landmark Group. His expertise spans product design, sales, marketing, corporate finance, and strategic management in key top-tier positions.
Commenting on the appointment, Navdeep Sardana, the Founder Chairman, Whiteland Corporation said, “I am delighted to extend a warm welcome to Pankaj as he joins the Company. With an impressive 33 years of extensive experience, Pankaj brings invaluable and strong leadership capabilities to our team. His management style aligns seamlessly with the values and culture of Whiteland Corporation which encompasses integrity, client-centric approach, sustainability, and the coexistence of all entities in a congenial ecosystem. Here’s to a harmonious and thriving partnership, where his leadership will be a beacon guiding us towards greater goals and unprecedented successes.”
“Whiteland Corporation is currently in an accelerated growth phase and Pankaj is the ideal person to further cement the brand legacy we aspire for and take the business to a new level.”
Looking forward to his association with Whiteland, Pankaj said, “I am profoundly optimistic and honoured by the prospect of joining Whiteland Corporation as a Managing Director. The opportunity to engage in collaboration with Mr. Navdeep Sardana, the Founder Chairman of the company, is especially compelling. His dynamic professionalism, underscored by an exemplary work ethic and unwavering integrity, has positioned him as a distinguished figure in the industry. I eagerly anticipate contributing to the ongoing success and growth trajectory of Whiteland Corporation under his esteemed leadership.”
8, Jan 2024
Steelbird Hi-Tech Limited launches SBA-20 Helmet
New Delhi, 8th January, 2024: Setting a new benchmark in road safety, Steelbird Hi-Tech Limited, Asia’s foremost helmet manufacturer, proudly introduces the SBA-20 – a revolutionary helmet designed to elevate rider protection and address the pressing issue of road accidents. The launch of the SBA-20 underscores Steelbird’s unwavering commitment to innovation, quality, and a safer riding experience for individuals across the country.
The SBA-20 boasts a host of cutting-edge features that make it stand out in the market. Crafted from high-impact thermoplastic material, the helmet ensures maximum protection with a durable and resilient shell. With BIS Certification (IS 4151:2015), the SBA-20 adheres to the highest safety standards mandated by the Bureau of Indian Standards. Its dynamic air flow ventilation system guarantees optimal airflow, keeping riders cool during their journeys, while the high-density EPS provides advanced shock absorption for enhanced safety.
Adding a touch of style and comfort, the SBA-20 features a replaceable and washable interior with a wind deflector. A reflective part around the neck area improves visibility during night rides, addressing a crucial aspect of road safety. The polycarbonate (PC) anti-scratch coated visor, available in Smoke and Chrome Finish, ensures clear vision and protection.
At the heart of this groundbreaking release is Mr. Rajeev Kapur, Managing Director of Steelbird Helmets, who shed light on the alarming statistics surrounding road fatalities in India. “Considering 300 thousand people are dying on the road in our country as per reports by WHO; but according to us over one million people die in road accidents because in many states and districts in our country, there is no traffic police, and many of the accidents are not reported. If we check the data with the insurance companies, the data is much more. Hence, this is the need of the hour, and we want to leave no stone unturned.”
The SBA-20 doesn’t compromise on convenience, incorporating a micrometric buckle for a secure and adjustable fit, a polycarbonate (PC) spoiler for a sporty look, an inner sun shield for added protection against glare, and a flip-up design for versatility. The aerodynamic design minimizes wind resistance, enhancing stability, and aggressive, sporty graphics add a unique and attractive aesthetic.
Available in sizes Medium (580mm), Large (600mm), and XL (620mm), the SBA-20 starts from Rs 1869 To Rs 2459. It can be purchased at all Steelbird outlets and online at steelbirdhelmet.com. Steelbird’s SBA-20 is not just a helmet; it is a commitment to safer roads and a stylish riding experience.
8, Jan 2024
Tata Steel: 3QFY2024 Production and Delivery Volumes (Provisional)
Bengaluru, January 08, 2024
| Items | 3QFY24
(Provisional) |
2QFY24
(Actual) |
3QFY23
(Actual) |
9MFY24 (Provisional) |
9MFY23 (Actual) |
| Production volume1: | |||||
| Tata Steel India2 | 5.32 | 5.02 | 5.00 | 15.35 | 14.72 |
| Tata Steel Netherlands | 1.17 | 1.19 | 1.52 | 3.30 | 4.79 |
| Tata Steel UK | 0.73 | 0.76 | 0.72 | 2.33 | 2.28 |
| Tata Steel Thailand | 0.27 | 0.28 | 0.27 | 0.81 | 0.89 |
| Delivery volumes3: | |||||
| Tata Steel India2 | 4.88 | 4.82 | 4.74 | 14.48 | 13.72 |
| Tata Steel Netherlands | 1.29 | 1.23 | 1.40 | 3.89 | 4.14 |
| Tata Steel UK | 0.63 | 0.73 | 0.66 | 2.11 | 2.19 |
| Tata Steel Thailand | 0.25 | 0.28 | 0.29 | 0.80 | 0.90 |
Notes: 1. Production Numbers: India – Crude Steel Production; UK and Netherlands – Liquid Steel Production; Tata Steel Thailand – Saleable Steel Production.
2. India includes Tata Steel Standalone and Neelachal Ispat Nigam Limited on proforma basis.
3. Deliveries are prior intercompany eliminations.
- In 3QFY24, Tata Steel India crude steel production stood at 5.32 million tons and was up 6% on QoQ as well as YoY basis. For the 9MFY24, crude steel production increased by 4% YoY.
- Tata Steel India deliveries stood at 4.88 million tons and were ‘best ever 3Q’ sales. The increase on QoQ and YoY basis was primarily driven by rise in domestic deliveries (+3% QoQ and +10% YoY) given continued strength in India steel demand. For 9MFY24, Tata Steel India registered best ever deliveries, which were higher by 6% on YoY basis.
- Key segment highlights of domestic deliveries for the quarter:
o ‘Automotive & Special Products’ segment deliveries increased by around 8% QoQ and 22% YoY. The QoQ increase was driven by best ever 3Q sales despite marginal decline in vehicle production. Tata Steel has received the “GreenPro Ecolabel” certification for its automotive flat steel products.
o ‘Branded Products & Retail’ segment deliveries were broadly stable QoQ but up 11% YoY. This was driven by best ever 3Q sales of well-established brands – Tata Tiscon, Tata Steelium and Tata Astrum. During the quarter, Tata Tiscon volumes grew by 10% QoQ and 18% YoY
o ‘Industrial Products & Projects’ segment deliveries increased by around 5% QoQ and 6% YoY. Among sub segments, engineering registered best ever quarterly sales.
o Revenues from Tata Steel Aashiyana, an e-commerce platform for Individual Home Builders, stood at Rs. 572 crores in 3QFY24 and were up 38% YoY driven by best ever 3Q sales. For the 9MFY24, revenues crossed Rs 1,600 crores and were up 13% YoY.
- Tata Steel Netherlands liquid steel production for the quarter stood at 1.17 mn tons and deliveries were at 1.29 mn tons, up 5% QoQ. On YoY basis, production and deliveries were lower due to the relining of one of the blast furnaces.
- Tata Steel UK liquid steel production for the quarter stood at 0.73 mn tons and was marginally lower on QoQ basis due to operational issues. Deliveries stood at 0.63 mn tons and were lower on QoQ and YoY basis due to subdued demand dynamics.
