25, Jan 2024
MakeMyTrip Quarter Results (Q3 FY24)
National, January 25, 2024 (NASDAQ: MMYT) — MakeMyTrip Limited, India’s leading travel service provider announced its unaudited financial and operating results for its fiscal third quarter ended December 31, 2023. Business & Financial Highlights | Q3 FY24
| Q3 FY24
($ Million) |
Q3 FY23
($ Million) |
YoY Change (Constant
Currency) |
|
| Gross Bookings | 2,088.3 | 1,738.2 | 21.7% |
| Revenue as per IFRS | 214.2 | 170.5 | 26.9% |
| Adjusted Margin | |||
| Air Ticketing | 79.2 | 70.2 | 14.2% |
| Hotels and Packages | 98.8 | 72.0 | 38.8% |
| Bus Ticketing | 26.9 | 20.3 | 33.8% |
| Others | 13.0 | 9.6 | 36.8% |
| EBITDA | 29.4 | 14.3 | |
| Results from Operating Activities | 22.6 | 7.5 | |
| Adjusted Operating Profit (Loss) (also
referred to as Adjusted EBIT) |
33.4 | 19.7 | |
| Profit / (Loss) for the period | 24.2 | 0.2 |
We delivered our highest-ever quarterly Gross Bookings, Revenue, and Profit on the back of strong travel demand during this seasonally strong
- Gross Bookings grew by 7% YoY in constant currency to $2,088.3 million in Q3 FY24 from $1,738.2 million in Q3 FY23.
- Revenue as per IFRS grew by 9% YoY in constant currency to $214.2 million in Q3 FY24 from $170.5 million in Q3 FY23.
- EBITDA grew by 6% YoY to $29.4 million in Q3 FY24 compared to $14.3 million in Q3 FY23.
- Adjusted Operating Profit registered growth of 5% YoY and reached $33.4 million in Q3 FY24 compared to $19.7 million in Q3 FY23.
Commenting on the results, Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said,
“During this seasonally strong quarter, we witnessed robust demand for leisure travel across all domestic and international destinations leading to the highest-ever quarterly gross bookings, revenue, and profit for the Group. We are excited about the opportunities that lie ahead of us, as the travel and tourism sector is a focus area for the Indian government and is expected to benefit from increased investments in travel infrastructure. Additionally, from a consumer perspective, the growing disposable incomes of the middle class in India are expected to continue driving India’s travel and hospitality growth in the coming years. We remain committed to excellence and innovation, aiming to meet and exceed the diverse travel aspirations of Indian consumers.”
- 0
- By Rabindra
25, Jan 2024
This Republic Day, unleash your Patriotism with the G-SHOCK GG-1000 Mudmaster Series
As we prepare to commemorate the 75th Republic Day, let’s not only commemorate the freedom we attained but also embrace the indomitable spirit of our resilient nation. Throughout the years, G-SHOCK has consistently pushed the limits of boldness and design, embodying rugged style and unwavering reliability—a fitting celebration of the strength and endurance that define our great Republic.
This Republic Day, let your patriotic spirit soar high as you make a bold statement with the iconic G-SHOCK GG-1000 Mudmaster series, a watch designed to withstand the harshest conditions. Renowned for its shock and mud-resistant technology, the G-SHOCK GG-1000 Mudmaster series is a perfect reflection of the strength and resilience of our beloved nation. With ‘Mud Resist’ construction, this timepiece ensures challenging conditions, keeping dirt out with multiple gaskets on buttons and shafts. The watch boasts a convenient World Time mode, allowing you to display the time of your current time zone on the digital display, while the hands show the time from your home time zone. Other features include a compass, timer, stopwatch, and alarm, easily accessible with a few taps of the Mode button on the watch.
Grab these watches at Casio India stores nationwide or online and make this Republic Day an unforgettable celebration! Wear your patriotism, wear your G-SHOCK!
25, Jan 2024
Samsung BKC Lifestyle Experience Store Opens Doors at Jio World Plaza, Mumbai
National, India, January 25, 2024 – Samsung, India’s largest consumer electronics company, today inaugurated its first Online-to-Offline (O2O) lifestyle store in India at Jio World Plaza Mall, the recently inaugurated ultra-luxury precinct for retail, leisure and dining in Mumbai, strengthening its commitment to India.
Samsung BKC, spread across 8,000 sq ft, in Jio World Plaza, is located strategically in Mumbai’s central business hub of Bandra Kurla Complex and will showcase Samsung’s top-of-the-line premium products through unique curated experiences and real-life scenarios. This new store showcases Samsung’s widest premium portfolio ranging from smartphones to televisions, refrigerators, washing machines and other products, leveraging the power of Samsung’s AI ecosystem.
Catering to premium consumers and technology enthusiasts, Samsung BKC offers Samsung’s latest AI experiences from ‘AI for All’ for consumer electronics products to ‘Galaxy AI’ for mobile devices – all under one roof.
As the first Samsung O2O store in the country, Samsung BKC will re-imagine the retail shopping experience and unlock new possibilities for our customers by bringing the best of both online and offline worlds. Through this retail innovation, Samsung BKC store extends the convenience of online by offering the widest selection of products with over 1,200 choices from an online digital catalogue while also enjoying assistance by in-store staff. Moreover, these products can be delivered not just in Mumbai but anywhere in the country.
In addition, customers in Mumbai also have the option to buy online from Samsung.com/in and take advantage of store proximity to pick up their products from Samsung BKC within two hours.
As it opens for customers, Samsung BKC will redefine flagship experience for customers with the latest Galaxy S24 series. The store will offer not only Galaxy S24 special edition colour options but also free first-of-its-kind gen AI enabled personalization of their latest Galaxy AI smartphone.
Consumers will be able to experience and pre-book the latest Galaxy S24 series at Samsung BKC, starting January 23.
“Today’s customers, especially Gen Z and millennials, are seeking premium products and unique experiences. They want to interact with the brand and its products, touch, feel and create. This is what Samsung BKC is all about. We have curated never-before-seen experiences in eight unique zones that include all our AI experiences to excite people across segments. Here, customers will get a feel of our expansive connected devices ecosystem and our cutting-edge technology,” said Mr. JB Park, President & CEO, Samsung Southwest Asia.
“Samsung BKC will also organize Learn @ Samsung workshops, bringing together Samsung’s innovations with people’s passions,” he said.
Samsung BKC is divided into eight unique lifestyle zones that showcase to customers how Samsung products, individually and as part of Samsung’s connected multi-device ecosystem (SmartThings), can offer convenience to them. These zones cater to different passion points, ranging from gaming and entertainment to art and yoga to cooking and laundry management.
The Eight Lifestyle Zones
Hobby Room – Customers can enjoy an exhilarating and immersive mobile gaming experience on an 85-inch 8K QLED TV and Samsung’s professional range of gaming monitors and laptops.
Home Office – This zone features a cutting-edge home office setup using big screens and smart monitors. Here one can connect the monitor to Galaxy Buds or make calls on the Smart Monitor with Google Meet, showcasing scenarios such as ‘distraction free work from home’ or ‘big screen conference call’. Customers can also experience next-level productivity by seamlessly working across multiple screens including our monitors, tablets, laptops and smartphones.
Home Atelier – Here, customers can experience how Samsung technology can essentially transform your home to an art gallery or even a yoga studio. It showcases our premium televisions, including 8K TVs and The Frame that turns the screen into a work of art. Customers can also check out the AI-enabled Smart Yoga mat that is connected to the television, giving users real time feedback on their yoga postures.
Home Café – In this zone, customers can take a look at our bespoke refrigerators and vacuum cleaners. The colour of the bespoke refrigerators can be tailored to match the home’s colour scheme.
Connected Kitchen – Here, a professional Chef operates the kitchen and cooks healthy food, real-time. The kitchen also has an AI-enabled refrigerator, which has multiple unique features like recipe recommendations and shopping lists based on what’s inside the refrigerator. In this zone, customers can learn how to use Samsung products to manage and prepare healthy food as well as effective visitor management.
Intelligent Closet – This zone showcases our top of the line AI-enabled washing machines and dryer, and how one can plan and select laundry settings using a smartphone. This zone also talks to customers about home energy management, giving them insights about their homes and the energy consumption level of each of their appliances, using SmartThings AI Energy Mode.
Private Cinema – This is another demonstration of the connected device experience that Samsung offers. Here, customers experience the amazing 110-inch MicroLED TV while the SmartThings app connects via a smartphone to control everything from the curtains, lights, sound bar to even the air conditioner to transform the room into a movie theatre.
Mobile Zone – This is centre of the store that will showcase Samsung’s flagship Galaxy devices – Galaxy Z series and Galaxy S series – including the latest Galaxy S24 series as well as our flagship tablets, laptops and wearables.
To bring together all the experiences across the eight zones, Samsung BKC will also host a various events and workshops around consumer passion points such as digital art, photography, videography, fitness, and baking, cooking, music, among others as part of its Learn @ Samsung programme.
This programme will run through the year with influencers, content creators and other experts who will help customers at the store learn more about Samsung products and its expansive connected devices ecosystem through great experiences and DIY opportunities around their passion points.
For Gen Z and millennial customers who love customizing their products, the store will offer unique personalization and customisation options for mobile as well as consumer electronics products. At the Creator’s Workshop, customers can customize their smartphone covers on their own. They will also be able to accessorize their purchases like adding one’s initials with crystals on their phone covers and adding fun charms to their Galaxy Watches. At the Home Café zone, customers can customize the door colour of their bespoke refrigerators to match the colour scheme in their homes.
The premium customers visiting the store will also have the opportunity to preview global products that are yet to be launched in India
To create a longstanding relationship with customers, the store also features an integrated service centre where they can take online and offline appointments & request pickup for service of their device. The store will also offer our customers same-day repair of Galaxy devices & remote assistance.
Samsung BKC customers, purchasing two or more SmartThings-enabled products will be offered a free SmartThings set-up along with product installation through our visiting service engineers.
Customers coming into the store will get assured gifts including up to 2% loyalty points on purchase of select Samsung products and up to 20% off on select models of television and monitors, up to 5% additional cashback on refrigerators and washing machines and Galaxy Buds FE at INR 2999 on purchase of select Galaxy devices. In addition to this, Samsung BKC will also offer special benefits for corporate customers.
24, Jan 2024
Lenskart Unveils Patriot Collection – A Heartfelt Tribute to Our Armed Forces
Lenskart, with its steadfast commitment towards reinvention, announces the launch of its latest collection – Patriot Collection. The collection features a blend of contemporary design and patriotic elements, embodying the essence of our nation’s pride. Glorious Tri-colour details on temples, mighty embossing of armed force logos, sharp and solid shapes inspired by military machinery, and a proud palette inspired by uniforms come together in this collection. It is an eyewear collection that salutes our armed forces and celebrates our love for the country.
24, Jan 2024
Republic Stays @Novotel Hyderabad Convention Centre
Join us for a special one-night stay at Novotel from January 25th to 26th, 2024, celebrating the essence of Republic Day. Embrace the patriotic vibes with a double occupancy room and a delightful buffet breakfast. Immerse yourself in the festive spirit with a special lunch, enjoying a 20% discount on food and soft beverages to enhance your culinary experience.
When: Stay- 25th-26th January 2024 (One night)
Lunch– 26th January,2024
For Bookings, Email– Syedabdul.sohail@accor.com,
24, Jan 2024
SMFG Grihashakti secures maiden INR 300 crore long-tenor funds from NHB
Bengaluru, 24 January 2024: SMFG Grihashakti, one of the leading players in the affordable housing finance space in India has successfully secured long-tenor funds amounting to INR 300 Crore from National Housing Bank (NHB). This maiden transaction signifies an important milestone for SMFG Grihashakti and opens up an additional avenue for long-term, low-cost funding. This fund raise will play a pivotal role in expanding SMFG Grihashakti’s base and facilitating quality home financing solutions to the underserved population of the country.
Mr. Deepak Patkar, MD & CEO, SMFG Grihashakti, said, “It is our endeavour to bring affordable housing finance solutions to the underserved population and to fulfill homeownership dreams across the country. This maiden fund raise of INR 300 cr is a strategic step towards achieving this objective and demonstrates NHB’s confidence in our business model and financial stability.”
As on Dec 31, 2023, SMFG Grihashakti’s AUM stands at INR 8028 cr, showing a 37% CAGR growth over last two years, coupled with a significant improvement in asset quality. The company has a well-diversified borrowing profile comprising of bank loans, capital market instruments such as bonds, sub-ordinated debt along with securitization and direct assignments.
SMFG Grihashakti provides a diverse range of financial products to its customers across the country, including loans for home improvements, home constructions, home extensions, loans against properties, and loans for purchasing commercial properties. Additionally, SMFG Grihashakti also offers project construction financing solutions to mid-tier developers by leveraging the company’s extensive industry experience, strong parental relationships, nationwide distribution network, and a robust risk management framework.
24, Jan 2024
The Hinduja Family Secures Entrepreneur of the Year Award
Bengaluru, 24th January 2024: The Hinduja family and Mr. Gopichand Hinduja, Chairman of The Hinduja Group, a 110-year-old multinational conglomerate with a multi-billion dollar turnover, have secured the Entrepreneur of the Year Award at Spear’s Awards 2023. The grand event, held in the opulent ballroom of Landmark London, brought together luminaries from the wealth management, private banking, and property sectors to honor outstanding achievements in the past year. This award to the Hinduja family underscores their entrepreneurial spirit, commitment to excellence, and the successful fusion of history and modern luxury in The OWO Residences.
Under Mr. G.P. Hinduja‘s visionary leadership, the Hinduja family has not only reshaped global industries with ventures in hospitality, automotive, finance, energy, and healthcare but also set unprecedented levels of success. Their strategic guidance has left a lasting impact on the global economy, redefining industry standards across diverse sectors.
Expressing her gratitude for this achievement, Ms. Shalini Hinduja, the daughter-in-law of Mr Gopichand Hinduja chairman of the Hinduja Group remarked, “We are deeply grateful and humbled to have secured the Entrepreneur of the Year Award. For me, an entrepreneur is someone who takes risks in business and is willing to go against the odds. The acquisition of the Old War Office was exactly that, in light of where things are in terms of the economy. ‘Our initial tagline was: “Honouring the history and forging the future.” We needed things to be functional and achieve some level of modernity while keeping that link with the history of the building.”
Ms. Shalini Hinduja has played a pivotal role in spearheading this ambitious venture, marking the family’s inaugural foray into the hospitality sector. After a meticulous six-year renovation project, The OWO, now home to the UK’s first Raffles Hotel, opened its doors to the public last summer. The property boasts 85 uniquely designed residences and nine restaurants, setting a new benchmark for opulence in the heart of London.
The Hinduja Family, in addition to their notable business achievements, is dedicated to philanthropic endeavors through the Hinduja Foundation. Focused on education, healthcare, and community development, the foundation has positively impacted countless lives.
The Spear’s Awards 2023 celebrated 18 distinguished winners across categories like School of the Year and HNW Wealth Manager of the Year. Among the outstanding honorees was Charlotte Bobroff, executive director at J.P. Morgan Private Bank, named UHNW Wealth Manager of the Year. J.P. Morgan Private Bank secured top honors as the Private Bank of the Year – International and Grand Prix winner for Private Client Firm of the Year.
24, Jan 2024
Pristyn Care’s co-founder Dr Garima Sawhney interacts with Honorable President Smt. Droupadi Murmu
Gurugram, January 24, 2024: Pristyn Care’s co-founder Dr Garima Sawhney interacted with President of India, Droupadi Murmu under the initiative of “The President of the People” at the Rashtrapati Bhavan. Many women founders and co-founders representing leading startups and unicorns also participated in the initiative, which aimed to establish a deeper connection with the citizens of the country and acknowledge their significant contributions to various fields.
Dr Garima Sawhney, co-founder at Pristyn Care, “I am honoured to be part of the initiative where I was invited by our Honourable President Smt Droupadi Murmu – 15th President of Republic of India, to interact and share my journey as a women entrepreneur. It’s a privilege to be recognized and given this platform to discuss the impact of startups such as Pristyn Care in empowering women in the entrepreneurial space. Heartfelt thanks to our President for this extraordinary opportunity. I am eager to contribute to the conversation on fostering growth and innovation and collectively inspire positive change. Let’s continue breaking barriers and creating a brighter future for women in entrepreneurship.”
During the interaction with women entrepreneurs, the President urged the women entrepreneurs to identify other enterprising women and think of new ways to support them in their journey of empowerment. She said that there are many women who dream of being financially independent, but they do not know what path they should take to achieve this goal. She said that their success should create a ripple effect so that we can hear such success stories from all parts of the country.
Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and startups in the country that will drive sustainable economic growth and generate large-scale employment opportunities
24, Jan 2024
CIO CHOICE 2024 Recognizes IceWarp India: Most Trusted Brand in Enterprise Email category
Mumbai, India – January 24, 2024 – IceWarp has been recognized with the CIO CHOICE 2024 Honor and Recognition as the most Trusted Brand by CIOs in the Enterprise Email category for the 6th time in a row.
Now in its 12th year, CIO CHOICE continues to be the most coveted recognition platform, recognizing ICT brands for their product/service excellence, innovative and customer-centric approaches as well as efficient delivery.
This prestigious recognition was presented at an exclusive felicitation ceremony, CIO CHOICE 2024 RED CARPET NIGHT, produced by CORE Media, KPMG as the Knowledge Partner.
This year, the CIO CHOICE 2024 Red Carpet Night brought together over 300+ CIOs and Digital Leaders from across the country.
CIO CHOICE is the “Seal of Trust” bestowed upon the ICT brands by the CIOs.
The winning brands of the CIO Choice Recognition are chosen based on a unique pan-India voting platform, wherein CIOs and Digital leaders nominate and vote for their most trusted and preferred brands, based on their own first-hand experience and top-of-the-mind recall. A distinguished Advisory Panel, comprising seasoned CIOs from across industry verticals, guides the entire process.
This year’s advisory panel consisted of 9 distinguished CIOS and Digital Technology leaders –
● Ayan De, Head – Enterprise Technology – HDFC Life.
● Kaustubh Dabral, Global CIO – Dabur India.
● Mahesh Ramamoorthy, CIO – Yes Bank.
● Narrottam Sharma, CIO – Jubilant FoodWorks.
● Saurabh Tiwari, CTO – PolicyBazaar
● Sumi Vivek, Chief Digital & Transformation Officer – Tata Electronics.
● Vinod Gopinathan, CIO – Ashok Leyland.
● Vipin Gupta, CTO – Starbucks India.
● VV Balaji, CTO – ICICI Bank.
Anoop Mathur, Founder of CORE Media said “Congratulations to IceWarp India for achieving the prestigious CIO CHOICE 2024 title. This accolade serves as a genuine testament to the brand’s dedication to delivering an elated experience to its enterprise customers. The significant trust bestowed up IceWarp India by India’s CIOs and Digital Leaders in the dynamic digital economy with evolving consumer trends is truly commendable. This accomplishment is particularly noteworthy in an era where technology is a driving force for business expansion, and we believe that the CIO Choice recognition rightfully spotlights them as a trailblazer.”
“It is an immensely proud moment for us at IceWarp as we get recognized by the CIO community again. Winning the CIO Choice Award for the sixth time in a row certainly gives us immerse confidence and motivation to work harder and create a benchmark in the Indian ICT industry” said Pramod Sharda, CEO, IceWarp India & Middle East. “This consistent recognition by a prestigious organization is attributed to our team’s persistence, dedication, relentless efforts, and sincere commitment to making IceWarp the preferred as well as a trusted brand for the CIOs across verticals. We are grateful and humbled by the award and look forward to a prosperous 2024” he added.
24, Jan 2024
Uday Startup Investment Program Fostering Entrepreneurship In Jammu & Kashmir
In a significant development, the Uday Startup Investment Program, organized by M/s SCHEAM India and FICCI FLO JK in association with Department of Commerce & Industry, Government of Jammu & Kashmir. The program is held at MIET, Jammu and has provided a platform for promoting startup culture and entrepreneurship in the Jammu & Kashmir region. The event featured an address by Dr. Jitendra Singh, Hon’ble MoS (Independent Charge) – Ministry of Science and Technology, and Minister of State for Prime Minister’s Office; Mr. Rajeev Rai Bhatnagar, Advisor to Hon’ble LG Jammu & Kashmir was the Chief Guest. The event received support from investment partner LetsVenture and other esteemed event partners.
Key Panel Discussion and Address
A panel discussion held during the event included several distinguished panelists, such as Mr. Punati Shridhar IFS, Chairman, Bamboo Society of India and External Monitor, Central Vigilance Commission, Govt. of India, Mr. Arun Kumar Manhas, Director, Department of Commerce & Industry, Mr. Khalid Jahangir, MD, JKTPO, Mr. G. Velladurai, Joint Director, Department of MSME, Govt. of India, Mr. Vikrant Dogra, Vikrant Dogra, Chairman,
Jammu & Kashmir Dairy cooperative federation limited (JKDCF) and Mr. Nikhil Gowda Kedambadi, who shared valuable insights into the startup ecosystem and entrepreneurship development in the region.
The virtual address by Dr. Jitendra Singh emphasized the government’s commitment to promoting the startup culture in J&K and the need for stakeholders and students to seize the funding opportunities available. Mr. Rajeev Rai Bhatnagar presented startup awards to four prominent tech startups with roots in J&K and commended the organizers for promoting grassroots innovation and entrepreneurship in the region.
Startup Ideation Competition
The event also featured a startup ideation competition for school and college students. The winners of the competition were felicitated with cash prizes and certificates by Mr. R.R. Bhatnagar, highlighting the focus on nurturing young entrepreneurial talent in the region.
“Scheam India is committed to investing in promising and dynamic regions within our country. The state of Jammu and Kashmir, with its wealth of talented individuals and entrepreneurial spirit, has captured our attention. Through our Uday Nayi Umeedon Ki shuraat program, we have had the opportunity to witness the emergence of innovative and potentially impactful start-up ideas. We firmly believe that our involvement will significantly contribute to the growth of the region’s start-up ecosystem. We are dedicated to being a catalyst in Jammu and Kashmir’s economic development and plan to organize further initiatives that will continue to nurture and support the region’s budding entrepreneurs. We are confident that our efforts, along with the incredible potential we have witnessed, will add significant value to the region’s start-up community. This is just the beginning of a long-term commitment to fostering economic growth and opportunity in Jammu and Kashmir. Scheam India is excited to be a part of this journey and looks forward to the positive impact we can create together.” Says Nikhil Gowda Kedambadi Director Scheam India
Investment Opportunities and Milestones
SCHEAM India, along with its investor partners, selected 5 startup ideas and provided investment contracts to them, in collaboration with LetsVenture, showcasing the growing investment opportunities for startups in J&K.
“Initiatives such as the entrepreneurial programmes organized by Scheam India and FICCI Flo are a welcome catalyst for sparking entrepreneurship in Tier II/III cities. This is especially crucial for students in Ladakh and Jammu & Kashmir, as it provides them with the opportunity to explore and develop their entrepreneurial skills. Additionally, the growing number of startups from smaller centres on LetsVenture, India’s largest Angel Fund AIF, is a testament to the increasing innovation and entrepreneurial spirit in these regions.
These startups are not only building novel companies but also successfully raising capital from a variety of sources, including angels, corporate venture funds, and mainline VCs. Overall, these initiatives and the growing presence of startups from smaller centres demonstrate the potential and untapped entrepreneurial talent in Tier II/III cities. It is essential to continue supporting and nurturing this talent to further drive economic growth and innovation in these regions. This is a great step towards creating a more inclusive and diverse entrepreneurial landscape in India, and one that should be celebrated and encouraged.” Says Suna Dehnugara, Lead Private Market Expansion , Lets venture / Trica
