27, May 2024
Sundaram Finance Ltd. – Audited standalone & consolidated financial results for the quarter and year ended March 31st, 2024
The Board of Directors of Sundaram Finance Ltd. (SFL) approved the audited standalone and consolidated financial results for the year ended March 31, 2024, at its meeting held on May 24, 2024, in Chennai.
“Team Sundaram has delivered a strong FY24 despite lower-than-expected economic activity in the quarter. Assets under management grew by 27% to a new high of Rs. 43,987 crores, net stage 3 assets closed at 0.63% and profit after tax recorded a 23% growth to Rs. 1,334 crores (excluding exceptional item) over the prior year period. Our Group companies in asset management, general insurance and home finance have continued their trajectory from FY23 and recorded strong results. We continue to rely on our time-tested approach of steady and sustainable growth with best-in-class asset quality and consistent profitability,” said Harsha Viji, Executive Vice Chairman.
Disbursements for FY24 recorded a growth of 25% over FY23 with all asset classes and geographies witnessing significant growth. Gross stage 3 assets improved substantially over the previous year. Gross stage 3 assets as on March 31, 2024, stood at 1.26% with provision cover of 50% as against 1.66% as on March 31, 2023, with provision cover of 49%. Profit after tax at Rs. 1,334 crores registered an increase of 23% (excluding exceptional item) in FY24 as against Rs. 1,088 crores in FY23. Return on assets at 3.18% as against 2.84% for FY23 and capital adequacy at 20.5% remains quite comfortable to support planned growth.
“Q4 witnessed sluggish demand in the automotive sector although pre-election impetus boosted infrastructure and construction activity. We improved market share and ensured best-in-class asset quality in a tough operating environment. Looking ahead, while medium term prospects for the Indian economy look promising, we expect FY25 to be a tale of two halves – H1 impacted by the general elections currently underway and normal monsoons forecasted and H2 witnessing a revival in demand and private investment. Team Sundaram will continue to take a through-cycle view and sharply focus on delivering the Sundaram experience to our customers, our people and all stakeholders,” said Rajiv Lochan, Managing Director.
STANDALONE PERFORMANCE HIGHLIGHTS FOR FY24
· Disbursements for FY24 recorded a growth of 25% to Rs. 26,163 crores as compared to Rs. 20,966 crores registered in FY23. Disbursements for Q4FY24 recorded a growth of 18% to Rs. 6,209 crores as compared to Rs. 5,259 crores in Q4FY23.
· The assets under management grew by 27% to Rs. 43,987 crores as on 31st March 2024 as against Rs.34,552 crores as on 31st March 2023.
· Net interest income rose 17% in FY24 as compared to FY23. For the quarter ending March 31, 2024, net interest income rose 21% over the corresponding quarter in FY23.
· The total restructured assets under Covid relief measures enabled by the Reserve Bank of India were at Rs. 260 crores, about 0.6% of loan outstanding, as on 31st March 2024.
· Gross stage 3 as on 31st March 2024 stood at 1.26% with 50% provision cover as against 1.66% with provision cover of 49% as on 31st March 2023. Net stage 3 as on 31st March 2024 closed at 0.63% as against 0.86% as on 31st March 2023.
· The Gross and Net NPA, as per RBI’s new asset classification norms for NBFCs, are 1.98% and 1.25% respectively as against 3.00% and 2.10% as of 31st March 2023.
· Cost to income ratio closed at 34.69% in FY24 as against 34.26% in FY23. The cost-to-income ratio for Q4FY24 closed at 33.46% as against 33.02% for Q4FY23.
· Profit after tax registered a 23% rise in FY24, with net profit at Rs. 1,334 crores (excluding exceptional item). The company had registered a net profit of Rs. 1,088 crores in FY23. Profit after tax registered a 22% increase in Q4FY24 (excluding exceptional item), with net profit at Rs. 386 crores as compared to Rs. 316 crores in Q4FY23.
· During the year, the Company transferred 79,73,529 equity shares of Rs. 5/- each held in Sundaram Finance Holdings Limited (SFHL), representing 3.59% stake, resulting in a profit of Rs. 134 crores. SFHL has ceased to be a subsidiary of the company. The Company has decided to recognize this investment at Fair Value through Other Comprehensive Income as per IND AS 109.
· Provision of Rs. 70 crores was made in respect of investments in Alternate Investment Funds (AIF) pursuant to RBI circular dated 27th March 2024.
· Return on assets (ROA) for FY24 closed at 3.18% as against 2.84% for FY23. Return on equity (ROE) was at 17.5% for FY24 as against 14.9% for FY23.
· Capital Adequacy Ratio stood at 20.5% (Tier I –16.8%) as of 31st March 2024 compared to 22.8% (Tier I – 17.7%) as of 31st March 2023.
· The Company has declared a final dividend of Rs. 16/- per share (160%).
CONSOLIDATED PERFORMANCE HIGHLIGHTS FOR FY24
The consolidated results of SFL include the results of its standalone subsidiaries Sundaram Home Finance, Sundaram Asset Management and joint venture company Royal Sundaram General Insurance.
· The assets under management (AUM) in our lending and general insurance businesses stood at Rs. 66,472 crores as on 31st March 2024 as against Rs. 53,406 crores as on 31st March 2023. The assets under management of our asset management business stood at Rs. 70,883 crores as on 31st March 2024 as against Rs. 54,719 crores as on 31st March 2023.
· Profit after tax for FY24 grew by 8% to Rs. 1,436 crores as compared to Rs. 1,328 crores in FY23.
GROUP COMPANY PERFORMANCE HIGHLIGHTS
Our group companies continued to perform well.
· The asset management business closed the year ended 31st March 2024 with assets under management of Rs. 70,883 crores (over 85% in equity) and consolidated profits from the asset management businesses was at Rs. 112 crores as against Rs. 85 crores in FY23.
· Royal Sundaram reported a Gross Written Premium (GWP) of Rs. 3,825 crores as compared to Rs. 3,517 crores in the previous year, representing a growth of 9%. The Company reported a profit after tax of Rs. 169 crores for FY24 as against a profit of Rs. 44 crores in FY23. Profit after tax during FY24 includes net gain of Rs. 71 crores on Fair Value of Equity investments as against net loss on Fair Value of Equity investments of Rs. 105 crores in FY23.
· Sundaram Home Finance continued to grow strongly with disbursements up by 29% to Rs.5,029 crores in FY24. The profit for FY24 was Rs. 236 crores, up by 9% as against Rs.215 crores in FY23.
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- By Rabindra
27, May 2024
Evolution Analytics Awarded Most Innovative Data & Analytics Consultancy by Acquisition International
Chicago, IL, May 27, 2024 –Evolution Analytics, a leading data and analytics consultancy, is proud to announce its recognition as the “Most Innovative Data & Analytics Consultancy” in Acquisition International’s 2024 Business Excellence Awards. This prestigious accolade highlights the firm’s commitment to pioneering solutions in the realm of data science and analytics.
Vince Belanger, a principal at Evolution Analytics, expressed his enthusiasm about the award: “We are truly honored to receive this recognition from Acquisition International. It is a testament to our team’s relentless pursuit of innovation and excellence. At Evolution Analytics, we strive not only to meet the evolving needs of our clients but to exceed them by delivering next-generation solutions that transform data into actionable insights.”
The Business Excellence Awards, hosted annually by Acquisition International, aim to spotlight companies and individuals who demonstrate exceptional performance and innovation within their sectors. Evolution Analytics stood out this year for its comprehensive approach to data and analytics consulting, which encompasses advanced analytics, artificial intelligence (AI), and custom data strategies and solutions tailored to each client’s unique needs.
This award underscores Evolution Analytics’ position as a leader in the industry, and the company remains dedicated to pushing the boundaries of what is possible in data, AI, and analytics.
27, May 2024
Leading PEO, INFINITI HR, Attending PrismHR LIVE 2024 in Nashville
Burtonsville, MD, May 27, 2024 — INFINITI HR, a leading provider of human resources and business process outsourcing solutions, is excited to announce its participation in PrismHR LIVE 2024, the premier event for HR professionals taking place June 2-4, 2024 in Nashville, Tennessee. INFINITI HR will have a prominent presence at the conference that is expected to draw more than 5,000 attendees this year.
Attending on behalf of INFINITI HR are Vice President of Benefits Dawn Cloin, Implementation Manager Jennifer Hardesty, Information Solutions Manager Kim Lathrop, System Analyst Maria Villan, and Senior Business Analyst, Risk Management Jerrica Enriquez. These successful female leaders and subject matter experts will represent the key facets of INFINITI HR’s business from HR, benefits, and recruiting to operations and technology.
The theme for PrismHR LIVE 2024 is “Driving HR Excellence Through Innovation,” which aligns perfectly with INFINITI HR’s commitment to leveraging the latest advancements in HR tech to drive transformation and growth. The INFINITI HR team will be onsite to showcase the company’s newest offerings, including advanced analytics capabilities and an integrated HRIS-payroll platform.
Peers and industry experts from HiringThing, Norton, Omega Benefit Strategies, ClearCo, Crimcheck, Guardian and Nettime Solutions will share how they solve some of today’s biggest challenges for PEOs and ASOs. The learning opportunities are huge and attendees will get access to all the materials and recordings of every single session; 50+ hours of education at their fingertips.
“This conference provides an invaluable opportunity to share our latest innovations and best practices as a leading PEO that help teams work smarter, access meaningful data, and drive greater impact for their organizations,” Cloin said.
27, May 2024
Cuebiq and Attain Partner to Deliver Unparalleled Campaign Insights with Combined Foot Traffic and Transactional Data
New York, NY, May 27, 2024 — Cuebiq, a leader in location intelligence, has partnered with Attain, the largest US provider of transactional commerce data, to enable brands and agencies a more comprehensive view of the customer journey.
“Cuebiq’s mission is to provide actionable insights about how consumers spend their time. For marketers, this means understanding where people go and how they spend their money. The ability to provide our partners with both location and transactional data measurement not only improves the value of campaign results but also enhances the strategic insights that brands need today. This ensures that every working ad dollar is wisely invested,” said Jon Friedman, Chief Revenue Officer at Cuebiq.
Benefits:
● Unmatched Accuracy: Leverage Cuebiq’s industry-leading foot traffic data for unrivaled precision.
● Actionable Insights: Capture granular, real-time insights into consumer behavior with the addition of Attain’s industry-leading transactional data.
● Powerful Measurement On-Demand: Track key metrics to optimize campaigns for success during flight without delay.
With Cuebiq and Attain, agencies can deliver the following to their brand clients:
● Data-driven decision-making: Optimize campaigns based on real-world outcomes.
● Improved campaign performance: In-flight optimization to drive sales and achieve marketing objectives with a holistic view of the customer journey.
● Maximized ROI: Allocate advertising budgets efficiently and ensure every dollar spent has a measurable impact.
Cuebiq and Attain are committed to empowering agencies with the most comprehensive suite of location intelligence and transactional data solutions available while also maintaining a strict, elevated standard of ethical data collection and privacy standard. This partnership unlocks a new era of marketing effectiveness, allowing advertisers to make smarter decisions and achieve measurable results.
27, May 2024
Launchware Unveils AI-Phone Agents to Transform Customer Service and Dispatch Operations
Martinsburg, WV, May 27, 2024 — Revolutionizing Customer Service and Phone Support Across Industries
Launchware, an industry leader in AI-powered customer service solutions, is excited to announce the launch of their AI Phone Agents and Dispatch AI. These innovative products are set to revolutionize customer support and dispatch processes across various industries, including healthcare, education, customer service call centers, tech support, sales, debt collection agencies, and public safety.
Launchware’s AI Phone Agents offer a seamless hybrid model that combines the efficiency of artificial intelligence with the empathy of human agents. By handling routine inquiries and tasks, AI Phone Agents enable human agents to focus on more complex issues, resulting in reduced wait times, increased efficiency, and improved customer satisfaction. This makes them an ideal solution for healthcare practices, educational institutions, customer service call centers, tech support, outbound and inbound sales teams, and debt collection agencies.
Key features and benefits of Launchware’s AI Phone Agents for Businesses:
24/7 availability, ensuring customers receive support at any time
Intelligent call routing and escalation to human agents when necessary
Customizable and scalable solutions to fit the unique needs of each industry and organization
Significant cost savings and increased ROI compared to traditional customer service models
Seamless integration with existing systems and infrastructures
Real-time data analysis and insights for continuous improvement and optimization
Lifelike and personable AI-powered conversations·
In addition to AI Phone Agents, Launchware is proud to introduce Dispatch AI, a cutting-edge AI-powered virtual agent designed specifically to handle administrative, non-emergency calls for 911 call centers and Public Safety Answering Points (PSAPs)
Key features and benefits of Launchware’s Dispatch AI:
· Streamlines administrative calls, allowing call centers to focus on emergency, life-saving calls
· Automates incoming admin line calls, meeting community expectations and minimizing multi-vendor complexities
· Seamlessly integrates with almost any emergency response program currently in use
· Customizable solutions to fit the unique needs of each 911 call center or PSAP
· Helps address industry-wide staffing challenges by freeing up limited staff resources
· Enhances community service by providing callers with the assistance they need in a self-service manner
· Continuously learns and improves over time to better serve the community
“We understand the critical role that 911 Call Centers and PSAPs play in ensuring public safety,” said Jonathan Workman, Founder of Launchware. “Our Dispatch AI is a game-changer for these organizations, helping them streamline their operations, reduce response times, and ultimately save lives.”
Launchware’s AI Phone Agents and Dispatch AI are now available to organizations in the aforementioned industries. For more information or to schedule a demo, please visit www.launchware.com or contact Jonathan Workman at jonathan@launchware.net.
New technology has unlocked unprecedented opportunities for entrepreneurs. Launchware is at the forefront of this revolution, creating cutting-edge AI products to help businesses seize the moment and thrive in today’s dynamic landscape. With a focus on innovation and customization, Launchware empowers organizations across various industries to revolutionize their customer interactions, optimize their operations, and drive growth through the power of artificial intelligence. As a leading provider of AI-powered customer service and dispatch solutions, Launchware is committed to helping businesses harness the full potential of AI to achieve their goals and stay ahead of the competition.
27, May 2024
Elkos Pens Participated in the School & Office Expo Kenya 2024
Nairobi, Kenya, May 27, 2024 — Elkos Pens, a leading manufacturer and supplier of writing instruments, proudly participated in the prestigious School & Office Expo Kenya from May 16 to May 18, 2024. This annual event serves as a platform for industry players to showcase their latest products and innovations in the field of stationery and office supplies.
Elkos Pens unveiled an exciting range of writing solutions tailored for students, educators, and professionals alike during the expo. Visitors to the Elkos Pens booth experienced firsthand the company’s commitment to quality, innovation, and functionality in each of its offerings.
One of the highlights of Elkos Pens’ showcase at the expo was the introduction of its latest series of gel pens, featuring vibrant colors, smooth ink flow, and ergonomic designs for effortless writing. The company also presented its eco-friendly line of pens, reflecting Elkos Pens’ dedication to sustainability and environmental responsibility.
“We are thrilled to have been a part of the School & Office Expo Kenya 2024,” said Mr. Vijay Singh, Assistant Manager- Marketing, Elkos Pens Ltd “This expo provided us with an excellent opportunity to connect with our customers and demonstrate our diverse range of writing instruments crafted to enhance the writing experience.”
In addition to pens, Elkos Pens displayed a selection of other stationery products, including markers, highlighters, and mechanical pencils, all designed with precision engineering and user comfort in mind.
The School & Office Expo Kenya serves as a vital platform for industry professionals, educators, and students to explore the latest trends and technologies in stationery and office supplies. Elkos Pens’ participation underscored its position as a market leader committed to continuous innovation and customer satisfaction.
“We received overwhelmingly positive feedback from visitors who appreciated the quality and versatility of our products,” added Mr. Vijay Singh, Assistant Manager- Marketing, Elkos Pens Ltd. “Their enthusiasm further motivates us to continue pushing the boundaries of writing instrument design and functionality.”
Elkos Pens’ presence at the expo not only facilitated networking opportunities with potential business partners but also reinforced the company’s brand presence in the East African market.
27, May 2024
Chetu Promotes Ashish Kumar to Assistant Vice President
Sunrise, FL, May 27, 2024 — Chetu, a global software solutions and support services provider, today announced the promotion of Ashish Kumar to Assistant Vice President of Operations.
“Ashish has consistently demonstrated an unwavering commitment to our clients’ success, consistently exceeding expectations and building strong relationships,” said Atal Bansal, Founder and CEO of Chetu. “His deep understanding of our business, coupled with his innovative thinking and leadership qualities, make him the ideal candidate to drive our operations forward.”
As Assistant Vice President of Operations at Chetu, Ashish Kumar leverages his 22 years of IT experience to oversee multiple portfolios, including Manufacturing, Retail, Energy, IT Service Management, and Supply Chain. He brings expertise in Artificial Intelligence/Machine Learning to these projects, ensuring Chetu remains at the forefront of technological innovation.
With nearly 15 years of service at Chetu, Ashish has consistently delivered complex MS Dynamics and SAP projects, demonstrating his technical proficiency and project management skills. He is a certified AWS Solution Architect, Project Management Professional, and Scrum Master, further solidifying his expertise in the field.
“I am incredibly honored and humbled to be promoted to Assistant Vice President of Operations at Chetu,” Kumar said. “I am excited to continue working alongside our talented team to drive growth, innovation, and operational excellence for our clients. I am deeply committed to Chetu’s mission of providing world-class software solutions and support services, and I look forward to contributing to our ongoing success in this new role.”
27, May 2024
Rise in IT jobs across tech hubs despite a national shift in job postings
India, 27th May 2024: Indeed, a global job matching and hiring platform, has released new data highlighting the state of Information Technology (IT) jobs from the period of April 2023 to April 2024.
According to data from Indeed, job postings in the IT sector have increased by 41.5% in Hyderabad and 24% in Bangalore, highlighting the growing prominence of these cities as top destinations for IT professionals. Interestingly, there has also been a significant increase in job clicks, with a 161% rise in job seeker interest in Hyderabad and an 80% increase in Bangalore.
Overall, there has been a decrease in IT job opportunities nationally, with job postings declining by 3.6%. This indicates that tech companies are being cautious in hiring due to the uncertain global economic climate.
Sashi Kumar, Head of Sales, Indeed India said, “Software and IT positions seem to be highly sought after, not just by those currently working in the field but also by individuals looking for new career opportunities. Despite the layoffs, the appeal of IT jobs has risen. This strong interest in IT could also be due to the extensive skill specialization, training, and experience typically necessary for these roles.
To navigate this job market, job seekers should focus on acquiring skills that will make them stand out in a competitive talent pool. The key skills in demand today are analysis and proficiency in agile methodologies.”
Top 5 IT Skills and % of Jobs:
Methodology:
This data is pooled from job postings and job clicks on Indeed’s platform between April 2023 to April 2024.
27, May 2024
Disney+ Hotstar Releases Trailer for The Legend of Hanuman Season 4
Mumbai, 27th May 2024: Sankat Te Hanuman Chhudavaye! Gear up for the clash of the mighty titans in an all-new season of The Legend of Hanuman on Disney+ Hotstar. Turning up the heat, the new season will showcase Kumbhkaran unleashing his monstrous power, Indrajeet’s deadly schemes, and Ahiravan’s dark plans, while Hanuman empowers his powerful vanar sena for a battle like never before. This thrilling new chapter, crafted by the creative genius of Graphic India’s Sharad Devarajan and Jeevan J. Kang, features the powerful voice of Sharad Kelkar as Ravan and Daman Singh as Hanuman amongst others. The epic saga will continue on Disney+ Hotstar streaming 5th June onwards with a new episode every week!
Sharad Devarajan, Co-Founder and CEO of Graphic India, and a Creator and Executive Producer of the much-awaited new season of The Legend of Hanuman, shared his thoughts, “Pushing the boundaries of original Indian animation is the passion and driving force behind Graphic India. With every season of The Legend of Hanuman, we strive not only to push the boundaries of animation but also to delve deeper into the spiritual truths that make this tale so timeless. This season, as Lord Hanuman faces off against the mighty warriors of Lanka, including the colossal Kumbhakaran, we explore the profound themes of duty, sacrifice, and the power of unwavering devotion. The visually earth-shattering battles serve as a backdrop for a powerful narrative that speaks to the very essence of the human condition. Through Hanuman’s journey, we are reminded that true strength lies not in physical power, but in the courage to stand firm in our convictions and the compassion to uplift those around us. We invite audiences across India and the world to embark on this next transformative chapter, to be inspired by Hanuman’s example, and to discover the divine wisdom that resonates within us all, exclusively on Disney+ Hotstar.”
Popular actor and the voice of Ravan in the new season of The Legend of Hanuman, Sharad Kelkar, said, “I am a huge fan of animation, and The Legend of Hanuman holds a special place in my heart. Voicing characters in animated series has always been a favorite of mine because it helps me grow as an artist. Ravan, in particular, is a legendary character, representing a rarely explored side of the spectrum on screen. In this season, Ravan’s battle is more challenging as he faces not only the vanar sena but also faces loss and sacrifice. Bringing that agony and pain to life in the voice required introspection and new preparation compared to previous seasons. Once the audience watches this season, they’ll not only see his emotions but also hear them. Sharad Devarajan, Disney+ Hotstar, and Graphic India have done an exceptional job portraying this iconic character. With the trailer now released, I can’t wait for audiences to experience this new chapter of Hanuman’s adventures on Disney+ Hotstar and witness a battle like never before!”
27, May 2024
Escape Velocity announces exclusive partnership with Flashtalking by Mediaocean in India
Escape Velocity, a digital media technology services company has announced an exclusive partnership with Flashtalking by Mediaocean, which is one of the world’s largest ad-serving platforms. Local marketers will have access to autonomous campaign management, dynamic creative optimization, creative personalization, and ad-serving through this relationship.
The strategic partnership with Flashtalking in India is a critical step in helping advertisers close the divide. With an emphasis on providing improved accessibility, clear insights, and increased media efficacy, the collaboration aims to improve the advertising environment for more than 900 advertisers in the area.
“We are thrilled to announce our exclusive partnership with Flashtalking in India. Our mission is to streamline media execution and deliver enhanced results for marketers in the areas of cross-device and cookieless measurement,” says Escape Velocity CEO Raghu Seelamsetty. Escape Velocity has been offering digital services to agencies and advertisers in regions throughout North America, Europe, Asia, the Middle East, and India for over 11 years. In the beginning, it catered to the Indian market as an Amazon Ad Server (formerly Sizmek By Amazon) distributor.
Flashtalking is the leading independent ad tech platform for creative personalization and intelligence across all marketing channels. It facilitates seamless communication among teams by enabling streamlined creative material development, versioning, and distribution with AI and automation. Their scalable and effective solutions are available for a wide range of channels, such as CTV, Video, Display, Social, Native, Audio, DOOH, and Retail Media. Georgia Brammer, Managing Director JAPAC at Flashtalking by Mediaocean, said, “We are excited to expand our network of local supporters in India through our partnership with Escape Velocity. We can guarantee that our clients receive the best possible service and knowledge, allowing them to optimize the effectiveness of their advertising campaigns, thanks to Escape Velocity’s in-depth market knowledge.”
Through this partnership, Escape Velocity clients will have access to Flashtalking’s tech platform services in India. This ensures that they will be supported by experienced professionals who understand the unique requirements and challenges of the Indian market.
