Category Archives: Business

FPSB India and Insurance Institute of India (III) to Advance Financial Planning Education in India; Fellows of III to directly qualify for CFP® Certification via Fast Track Pathway

Mumbai, India, 31st May 2024 – The Insurance Institute of India (III), the federation of Insurance Institutes formed to build academic and professional capacity for the insurance industry and FPSB India(Financial Planning Standards Board) entered a strategic collaboration and signed a Memorandum of Understanding (MoU) aimed at enhancing professional development within the insurance and financial planning sectors.

This strategic partnership will see FPSB India and the Insurance Institute of India working together on several key initiatives, including a Fast Track Pathway for the III Fellows aspiring for CFP certifications. Recognizing the expertise of Fellow members of III, this collaboration will provide them with exclusive entry to the Certified Financial Planner (CFP) through the Fast Track Pathway, enabling them to leverage their existing knowledge and skills for advanced certification.

Speaking at the MoU signing Krishan Mishra, CEO, of FPSB India, “Our partnership with the Insurance Institute of India marks a significant milestone in our efforts to elevate the standards of financial planning and insurance education in India. Together, we will create pathways for professionals to achieve new heights in their careers and better serve the needs of their clients.”

Shri S. N. Satpathy, Secretary General of the Insurance Institute of India, expressed his enthusiasm for the partnership, stating, “We are delighted to join hands with FPSB India. We are confident that the collaboration will bring significant benefits to our Fellow members and the industry at large. By combining our strengths, we can provide unparalleled opportunities for professional growth and development in the financial planning ecosystem of the country.”

FPSB India and III pledged to organize joint events, Management Development Programs (MDPs), and Executive Development Programs (EDPs). These initiatives aim to provide high-quality training and development opportunities for professionals in both sectors.

The two organizations will collaborate to co-create and launch joint certification courses on topics of mutual interest. These courses will address the evolving needs of the industry and equip professionals with the latest skills and knowledge.FPSB India and III will also work together on research projects, surveys, and questionnaires to generate valuable insights and contribute to the advancement of the insurance and financial planning community.

The MoU between FPSB India and the Insurance Institute of India signifies a commitment to excellence and innovation in the fields of insurance and financial planning. Both organizations look forward to a fruitful partnership that will drive the industry forward and benefit professionals and consumers alike.

MOU with Insurance Institute of India was signed at III Mumbai campus in the presence of Mr.S.N.Satpathy, Secretary General, III; Mr.P.Jaipuria, Director, III; Dr.Ramesh Satuluri, Assistant Professor(Research), III among other faculties and III officials.

Raj Comics Brings Super Commando Dhruva & Doga’ to Life with The Alliance: Project Metamorphosis

New Delhi, 31st  May 2024: – Raj Comics, the venerated publishing house that has long been synonymous with Indian comic book superheroes, announces the launch of the live-action short film series, “The Alliance: Project Metamorphosis Chapter 1.” Scheduled for release on May 31, 2024, this ambitious project reintroduces beloved characters such as Super Commando Dhruva and Doga, reigniting the enchantment of Indian comics for a new generation. The inaugural installment of the film will be available on the ‘Raj Comics By Sanjay Gupta’ YouTube channel, bringing the excitement directly to fans’ screens.

In the 1990s, Raj Comics captured the imaginations of millions with its diverse roster of superheroes, featuring the indomitable Nagraj, the courageous and resourceful Super Commando Dhruva, the fierce vigilante Doga, and countless others. These characters became household names, inspiring readers with their gripping adventures and unwavering spirit.

At the helm of Raj Comics stands Sanjay Gupta, a visionary dedicated to breathing life into these iconic characters. With steadfast determination and a mission to amplify the legacy of Indian superheroes, Gupta has surmounted numerous obstacles to transform this dream into reality. Despite facing constraints in resources for this self-production project, his fervent storytelling passion and commitment to Raj Comics’ heritage have propelled this project forward. Directed by the talented Wickki Koul and scripted by Saurabh Sharma and Wickki Koul, the film is elevated by Brijesh Birua’s captivating cinematography, while Vasu Gupta, the executive producer, has overseen the seamless execution of this ambitious endeavor. With a stellar cast led by Shubham Matta as Super Commando Dhruva and Kshitij Sharma as Blake, alongside Kushagra Nautiyal, Cherry Sin, and Vashu Jain in mystery roles, the film is poised to captivate audiences and inspire a new generation of fans.

“The Alliance: Project Metamorphosis Chapter 1” heralds a significant milestone in the resurgence of Indian comics. This live-action short film series underscores the enduring allure of Raj Comics’ characters and their relevance in today’s entertainment landscape. The film pledges to deliver a captivating narrative and breathtaking action sequences, breathing life into the heroes who dominate the fantasies of fans worldwide.

This film marks only the inception of a new era. The fervent reception to the trailer and the fervent anticipation for the movie’s premiere indicates that Indian superheroes are poised to make a resounding statement. With Sanjay Gupta and Vasu Gupta at the helm, Raj Comics is primed to once again captivate audiences’ hearts and inspire a new generation of aficionados. Do not miss the release on May 31, 2024, on the ‘Raj Comics By Sanjay Gupta’ YouTube channel.

Cashfree Payments Appoints Harsh Gupta as the Chief Revenue Officer

Bengaluru, 31st May 2024 : Cashfree Payments, India’s leading payments and API banking solutions company, announced the appointment of Harsh Gupta as its Chief Revenue Officer. In his new role, Harsh will spearhead the company’s growth initiatives along with expanding market presence in India. Harsh will lead the company’s go-to-market strategy across sales, revenue operations, and more, as Cashfree Payments enters its next stage of growth. He will be responsible for building and scaling strategic partnerships too.

Commenting on the appointment, Akash Sinha, Co-Founder & CEO, Cashfree Payments said, “I am excited to welcome Harsh. His wealth of experience and record of guiding companies through dynamic growth stages will be of great value to Cashfree Payments’ ambitious plans going forward.”

With over 15 years of experience, Harsh has a remarkable track record of scaling high growth businesses, driving product innovation and establishing strong strategic partnerships. An IIM-Lucknow post-graduate, Harsh’s strategic acumen has consistently resulted in improved operational efficiencies and enhanced market competitiveness for the organisations he has been part of. He has previously worked with leading digital payments firms, Ernst & Young, WNS Global Services, among others.

Harsh Gupta commented, “I am thrilled to be part of Cashfree Payments as it boldly progresses towards the next stage of growth and transformation. I look forward to helping shape the next phase of our journey, ensuring we meet our long-term goals.”

Arun Tikoo, the current Chief Business Officer and a seasoned executive at Cashfree Payments, will transition into a bigger strategic role, where he will spearhead international expansion of the company’s business across new markets by aligning it with the larger goal of servicing 10+ emerging geographies in next 3 years.

These appointments come at a pivotal moment for Cashfree Payments, which has made several strategic hires over the past year to support its growth ambitions and market expansion plans.

Cashfree Payments is a leading RBI licensed payment aggregator and a payment service provider in India processing transactions worth USD 80+ billion annually and is a trusted choice for over 6,00,000 businesses for digital payment solutions. Since receiving the PA license in December 2023, the company has onboarded thousands of large, medium and small scale merchants helping them seamlessly transact and grow. The company has been at the forefront of redefining the way businesses approach digital payments, verification and payouts through its wide range of tech-first offerings. Over the last few months it has introduced industry-first products like FlowWise, KYC Link, Risk Shield and more. Outside of India, Cashfree Payments is expanding its presence in the UAE region through its acquired partner, Telr.

Mattress giants Sleepwell & Kurlon Adopt Unicommerce

30 May 2024, Mumbai: Mattress titans Sleepwell and Kurlon sign up Unicommerce, one of India’s leading ecommerce enablement SaaS platforms, to power their e-commerce operations. The sign-up highlights the growing importance of online shopping for sleep category products like mattresses, bedding, pillows & cushions etc. In line with this, both Sleepwell and Kurlon have been focusing on augmenting their e-commerce operations.

The mattress industry across e-commerce has its own challenges including the management of custom sales orders, packaging issues with varying dimensions, lack of standardization, etc. Unicommerce’s SaaS platform will enable the brands to fulfill custom-sized orders of mattresses, centralize fulfillment from across multiple locations using item-level and SKU-level traceability, leading to error-free, more accurate and faster processing of orders. The system will also enable them to tackle their return orders, thereby improving the shopping experience for its end consumers. Currently, each of the brands process an average of 4,000 orders monthly using Unicommerce’s platform.

Sheela Foam, which is the parent company of Sleepwell, also recently acquired Kurlon. Both brands have deployed Unicommerce’s multichannel order management system to automate order processing across their brand website and multiple marketplaces. Additionally, Kurlon is using Unicommerce’s warehouse & inventory management system for all its warehouse operational workflows including picking, packing, and dispatch, allowing the brand to have a clear visibility of available inventory across different locations.

Emphasizing on the growing significance of e-commerce, Nilesh Mazumdar, CEO of Sheela Foam said, “E-commerce has become central for brands like Sleepwell and Kurlon. Our partnership with Unicommerce will enhance our e-commerce operations leading to improved efficiency of our e-commerce supply chain.”

Speaking about the partnership, Kapil Makhija, MD & CEO of Unicommerce said, “With experience in developing solutions for bespoke needs across emerging e-commerce sectors, we look forward to powering e-commerce operations for Sleepwell and Kurlon.

Unicommerce is India’s largest e-commerce enablement SaaS platform in the transaction processing layer, in terms of revenue for the financial year concluded March 2022. The company’s suite of SaaS solutions enables end-to-end management of e-commerce operations for brands, retailers, marketplaces and logistics service providers. The company has a consistently growing Annual Recurring Revenue (ARR) and Revenue. As of quarter ending September 2023, Unicommerce has achieved a 750 million+ Annual Transaction run-rate, serving over 3500 customers, managing 8000+ warehouses, and processing orders from 1900+ stores through its platform.

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“Unicommerce eSolutions Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with the Securities and Exchange Board of India. The DRHP is available on the websites of the Company at www.unicommerce.com, SEBI at www.sebi.gov.in as well as on the website of the book running lead managers, IIFL Securities Limited and CLSA India Private Limited at www.iiflcap.com and www.india.clsa.com, respectively. Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the DRHP, including the section titled “Risk Factors”.

Intellect unveils iCPX and iAPX platforms to transform Corporate Procurement and Accounts Payable Processes

Mumbai, India, 30th May 2024: Intellect Design Arena Ltd, a cloud-native, future-ready, multi-product FinTech company for the world’s leading banking and insurance clients, proudly announces the launch of two cutting-edge AI-powered platforms: iCPX (Corporate Procurement eXchange) and iAPX (Accounts Payable eXchange) using eMACH.ai, the largest, most comprehensive and innovative open finance platform. These revolutionary platforms apply ‘First Principles’ Thinking along with embedded GenAI from Intellect’s own Purple Fabric AI platform to extend Intellect’s presence in the Commerce ecosystem by transforming procurement and accounts payable operations for large and mid-sized enterprises.

iCPX is the first-ever purpose-driven and open API-based source-to-pay platform aimed at reimagining the corporate procurement ecosystem. Cost overruns, inefficiencies and non-compliances are the main challenges in procurement due to a) need for cognitive decision-making b) manual content

generation requirements and c) unavailability of insights at the right time for proactive process interventions. iCPX seamlessly embeds expert AI agents while fostering the API Economy, thus empowering businesses worldwide to achieve unparalleled efficiency, cost-effectiveness, and strategic agility. Apart from supporting both specifications driven procurement and catalog driven procurement, it has 100+ procurement mode variations built-in. With pre-built assets like 111 APIs and 17 microservices, iCPX drives significant value to clients by providing the ability to compose their own signature procurement solution quickly. iCPX is also enriched by Intellect’s experience of building and managing one of the largest procurement marketplaces in the world for more than 6 years.

Accounts Payable (AP) processing is the backbone of financial operations for all organizations to ensure efficiency in cash management function along with maintaining healthy supplier relationships. The foremost challenges in Accounts Payable encompass handling high volume of invoices in disparate

formats and ensuring timely payments to suppliers, while ensuring compliance to all statutory

requirements. iAPX, the world’s most comprehensive patented AI-led Accounts Payable Platform gives unprecedented accuracy and efficiency to clients in the accounts payable process. By leveraging CDG (Cognitive Data Graph) Technology and powered by 12 global patented algorithms and 7 expert agents, iAPX eliminate duplication and discrepancies of invoices by up to 98%. Through cognitive decision making, automating time-consuming repetitive tasks and content generation, iAPX, reduces time, cost and compliance concerns of enterprises.

Intellect will drive these products globally through its newly created business line Intellect Digital Technology for Commerce (iDTC).

Commenting on the launch, Debanjan Kumar, CEO of iDTC said, “iCPX and iAPX will spearhead a transformative shift in corporate procurement efficiency and financial processes with our groundbreaking technologies composed of eMACH.ai. Our steadfast commitment lies in seamlessly integrating cutting-edge AI technologies and empowering businesses globally to achieve unparalleled levels of productivity, cost-effectiveness, and strategic agility.”

Reliance General Insurance Launches Personal Accident 360Shield for Comprehensive Family Protection

New Delhi, May 30, 2024 – – Reliance General Insurance, one of India’s leading general insurance companies, is proud to announce the launch of its latest product, the Reliance Personal Accident 360Shield, a personal accident insurance policy designed to provide unparalleled protection for individuals and families. This special protection cover is designed to prevent you and your loved ones from not just the effects of a personal accident, but the overall impact arising as an aftershock of an accident.

This policy aims to provide a 360-degree protection within India & Worldwide, across all significant aspects of impact. This unique policy goes beyond traditional accidental disability or death coverage, addressing the aftermath and associated costs comprehensively. Accidents can turn lives upside down in mere moments, causing not only physical harm but also significant financial stress. From covering hospitalisation expenses to Out-Patient, to even personal & financial liabilities like home, vehicle & educational loan to arranging for legal assistance & more, this policy ensures holistic support to the insured & their family at the time of need. This comprehensive policy ensures you have all-in-one coverage for various accident-related contingencies. Additionally, it combines both benefits and indemnity features to provide extensive protection.

Speaking at the launch of the product, Rakesh Jain, CEO, Reliance General insurance, expressed his views saying, “We are committed to ensuring that all fellow Indians and their families are protected from unforeseen events. The Reliance Personal Accident 360Shield is designed to offer not only essential coverages but also comprehensive support during times of absolute need. This plan alleviates financial burdens with robust loan and EMI protection, allowing affected families to focus on their well-being rather than financial stress. Additionally, the policy offers worldwide travel care and ensures global coverage for personal accidents. By integrating benefits like trauma counselling, reconstructive surgery, and enhanced coverages for specific situations, we have created a policy that truly lives up to its promise of being a 360-degree shield.”

This plan lives up to its promise of being a 360-degree shield by offering valuable add-ons such as Adventure Sports coverage, Total and Partial Disablement benefits, and Unlimited Reinstatement of Accidental Hospitalisation Limit. Enhanced covers for specific situations, including coma, miscarriage, and air ambulance services, further bolster our commitment to comprehensive care. With coverage options ranging from ₹5 lakhs to ₹25 crore, one can find the perfect fit for their needs. Additionally, the plan provides coverage for trauma counselling (up to ₹10,000 per session) and reconstructive surgery (up to ₹10 lakhs), ensuring that policyholders are truly protected under this policy. Furthermore, maintaining a Personal Accident policy can help you retain your no-claim bonus on Health Insurance.

The Key Highlights of the policy include:

Permanent/Temporary Total Disablement (PTD/TTD/PPD): Permanent Disablement Coverage is based on Disability scale, maximum up to Base Sum Insured, providing significant financial support in the event of severe, life-altering injuries. In the case of Permanent Total Disablement (PTD), coverage extends to 2x the base sum insured, and for Permanent Partial Disablement (PPD), it offers coverage of 1x the base sum insured. Additionally, Temporary Total Disablement (TTD) coverage is provided up to ₹1 lakh, ensuring a steady income during recovery periods up to 104 weeks.
Accidental Hospitalisation: Comprehensive coverage including inpatient treatment, day care procedures, domestic road ambulance, and pre- and post-hospitalisation expenses, up to ₹20 lakhs over an above the PA sum insured.
Enhanced Hospitalisation Benefits: Unlimited reinstatement of accidental hospitalisation limit. Cumulative bonus for claim-free years, enhancing the overall coverage.
Extensive Optional Covers-Family Shield: Additional benefits for multi-member death or disability, parental care, educational grants, caregiver cover, and more.
Travel Care: Comprehensive overseas travel coverage, including up to ₹1 lakh for compassionate visits, and up to ₹25 thousand each for trip cancellation, event cancellation, and extended hotel stays.
Health and Well-being: Coverage for burns, fractures, head or spine injuries, coma, emergency evacuation, and more.
Adventure Sports Coverage: Covered up to 100% of base Sum Insured (SI), subject to a maximum of ₹1 crore plus earned cumulative bonus. Includes popular adventure activities such as bungee jumping, scuba diving, trekking and a total of 40 listed sports, all under professional supervision.

The Personal Accident 360Shield policy is designed to cover not just the policyholder but their family as well. This policy ensures that every aspect of an individual’s life is protected. Leveraging the latest in technological advancements, the 360Shield policy offers faster assistance and seamless service. Reliance General Insurance is committed to providing not just financial support, but also a compassionate and responsive customer experience.

A look into Wood Industry manufacturing techniques

The Indian wood industry is constantly enhancing with the technological advancements coming in. Through this, the industry has witnessed increased productivity, efficiency, and product quality across manufacturing processes. The integration of cutting-edge technologies and sustainable practices are transforming raw wood materials into high-performance, versatile products from Medium-Density Fiberboard (MDF), Prelaminated MDF to Plywood, Blockboards, Flush doors and wooden flooring.

Here, we delve into understanding these processes and gain insights into how innovation drives the industry’s growth:

1. Medium-Density Fiberboard (MDF) Manufacturing – Production starts with sustainable Eucalyptus hardwood fibres, undergoing processing and blending with a premium resin binder, then moulded in continuous press into panels under elevated temperature and pressure. After this, the panels undergo meticulous European technology, Chip wash, CTS, sanding, cutting, and comprehensive testing for density, strength, and consistency, resulting in enhanced quality and performance standards. We have a wide range of MDF boards, including HDWR, E1/E0.5/CARB P2 MDF, Exterior grade, and Interior grade.

2. Prelaminated MDF Manufacturing – In prelaminated MDF production, a paper laminate is affixed onto the surface of plain MDF panels, imitating the visual characteristics of wood grain or stone. It helps augment the product’s aesthetic allure and results in a smooth, flawless finish. We produce it with suede and matte textures, in an exquisite and classic design. All grades of MDF are covered under the range.

3. Wooden Flooring Manufacturing – There are multiple designs that come with HDF wooden floorings. These could include an aesthetic layer made out of paper, a balancing paper, and more. Such options and products help keep in mind both durability and aesthetic appeal. The floorings have a moisture-resistant wax and help facilitate effortless installation. Premium flooring is available in the Persona collection (AC4/AC5) and Prima collection (AC3/AC4).

4. Plywood Manufacturing – Plywood can be manufactured by stacking thin wood veneers at right angles to each other, bonding them together under controlled heat and pressure. One can buy plywood with consistent thickness, flatness, and structural soundness, which makes it suitable for a wide range of applications.
We are leaders in the production of boiling waterproof, termite and borer-proof plywood using Quadra Pro and VPT technology, which is used to create Structural, marine, and MR grades of plywood.

5. Blockboard Manufacturing: Blockboard is made by sandwiching a core of wooden strips between layers of veneer. The wooden strips are placed edge to edge and sandwiched between the double veneer layers using adhesive. This creates a strong and stable panel with a smooth surface. The manufacturing process involves selecting high-quality wood strips, applying adhesive, compressing the layers, and finishing the panel to desired specifications. Our selection of Blockboard BWP & MR grade is composed of pine filler, frame, and controlled kiln seasoned wood that has been treated with environmentally friendly preservatives for increased strength and longevity. The Blockboard is uniform in dimension, durable and resistance to warping.

6. Flush doors Manufacturing: Flush doors are manufactured by sandwiching a treated and kiln seasoned solid imported core between veneers. The core is typically made of blocks of wood for strength and durability. The veneers are glued to both sides of the core using high-pressure & temperature techniques. After assembly, the door is sanded, trimmed, and finished to achieve a smooth surface. Flush doors are versatile and commonly used in exterior and interior applications due to their clean, modern look and affordability. Our Flush doors are made from imported pine wood that has been kiln-seasoned and protected with a preservative to make them impervious to termites and borer infestation.

City of Varanasi from India along with Two Global Cities Chosen to Host Toyota Mobility Foundation’s $9m Sustainable Cities Challenge

Bengaluru, 30 May 2024: The Toyota Mobility Foundation (TMF) today announced that Varanasi along with two global cities, Detroit and Venice, have been selected to host innovation challenges as part of the Toyota Mobility Foundation’s Sustainable Cities Challenge. The goal of the $9 million global initiative is to help cities accelerate toward sustainable mobility, fostering healthier and safer urban environments while enhancing people’s ability to commute, work, study, and access services.

Over 150 cities from 46 countries entered the Sustainable Cities Challenge after the call to cities was first launched in June 2023. In November 2023 the shortlist of 10 cities were announced from which the top 3 were chosen as the finalists. Now, the three selected cities will launch their own City Challenges inviting global innovators to work with them with Varanasi launching its City Challenge on June 27, 2024. Innovators could be from anywhere around the world – residing both locally or anywhere else, but the solutions must be applicable and tailored to meet the mobility needs of the winning cities. In late 2024, solutions that best meet the needs of the cities will be selected and have access to a share of USD 3 million per city in innovation grants to demonstrate and pilot test. In 2026, winners of the challenge will be selected for further scaling and implementation.

As one of the most prominent heritage cities in India, Varanasi experiences huge influx of tourism, which, while vital to strengthening the city’s tapestry of faith and culture, brings with it concerns of safety and crowding. The Varanasi City Challenge creates an opportunity to address these issues by generating innovative, data-driven solutions incorporating elements of technology and design. Overall, the aim is to make the city, and particularly the crowded areas of Varanasi’s old city (Kashi), safer and more accessible to pilgrims, local residents and the vulnerable populace.

Akshat Verma, IAS, Municipal Commissioner/Chief Executive Officer, Varanasi Municipal Corporation/Varanasi Smart City said, “Participating in the Toyota Mobility Foundation’s Sustainable Cities Challenge presents an exciting prospect for Varanasi. This initiative offers us a valuable chance to explore technical and design related avenues for enhancing mobility within our city, benefiting both our residents and the growing tourism. By collaborating with innovative minds, we aim to bolster Varanasi’s reputation as a premier global tourist destination. We eagerly anticipate the opportunity to work closely with TMF, their partners, and experts to achieve this goal.”

Speaking about the initiative, Mr. Pras Ganesh, Executive Program Director, Toyota Mobility Foundation, said, “As the Toyota Mobility Foundation, we are passionate about the freedom of mobility, and the opportunities that such mobility can unlock for individuals and communities. With like-minded partners such as World Resources Institute and Challenge Works, we seek out innovative solutions to overcome the barriers that hinder these opportunities.

The Sustainable Cities Challenge, our global challenge that matches visionary cities and the most creative innovators, will now focus on the 3 incredibly dynamic cities of Varanasi, Venice, and Detroit. We will now seek out the most innovative ideas that solve these cities’ most pressing mobility issues, and ensure that identified ideas can be scaled, replicated, and amplified globally”.

Elated with Varanasi making to the final list, Mr. Vikram Gulati, Country Head and Executive Vice President for Corporate Affairs and Governance, Toyota Kirloskar Motor said, “We at TKM are thrilled that Varanasi has been chosen as one of the global cities in the Toyota Mobility Foundation’s Sustainable Cities Challenge. At Toyota, we are committed to redefining mobility—extending beyond traditional automotive solutions to encompass human-centric, sustainable urban transportation. The Challenge in Varanasi exemplifies our dedication to this vision by providing a platform that bridges innovative minds and local stakeholders. Also, closely aligned with our global commitment to producing “Happiness for All”, I am confident that this initiative will not only transform Varanasi but also contribute significantly to the global pursuit of creating more sustainable urban environments. The solutions could also act as a template that could be replicated not only in India but also globally providing potential solutions to city planners.”

Delivering Resilient Performance amidst Challenges in Q4FY24 and FY24

Pune, India, May 30, 2024: Deepak Fertilisers and Petrochemicals Corporation Limited, one of India’s leading producers of industrial chemicals and fertilisers (“DFPCL” or the “Company”), announces its results for the fourth quarter and fiscal year ended March 31, 2024.

• Mining Chemicals (Technical Grade Ammonium Nitrate):
• Technical Grade Ammonium Nitrate Business demand showed healthy growth trends with Coal production growing at 11% YoY and 23% QoQ and Cement production growing at 10% YoY and 16% QoQ.
• Technical Grade Ammonium Nitrate sales volume in Q4 grew by 26% YoY and 39% QoQ due to improved demand and coupled with low imports, particularly from Russia as it was short-term aberration.
• The Company continues to maintain a competitive pricing strategy across all segments, underscoring the company’s strategic positioning in the market.
• Post demerger of Technical Grade Ammonium Nitrate business into a separate legal entity, it will establish itself as a fully integrated, unique value chain offering mining solutions in India.
• Business Outlook: Growth in demand is expected to continue druing FY25 as the demand for coal mining, Power and Infrastructure spend is likely to remain high due to the strong demand for power and the Government’s spending on infrastructure projects..
• Pharma / Specialty Chemicals (Nitric Acid and IPA): 
• Nitric Acid volumes in Q4 degrew by 27% YoY and 25% QoQ due to extended plant shutdown at Dahej along with low demand from downstream industries due to imports from China.
• Our thrust for speciality Pharma-grade IPA continues on a positive journey, with volumes increasing by 26% quarter-on-quarter in Q4FY24, supported by higher prices.
• Steel grade Nitric acid has witnessed positive customer response since its commercial launch.
• Business Outlook:Nitric acid prices are expected to remain stable and improve over few quarters. Propylene based IPA would continue to perform better from demand and price perspective. Further, various trials at customers end are being conducted for Steel grade nitric acid and we expect  expansion of volumes.