Category Archives: Business

Planet Smart City set to reach INR 900+ Crore of sales in Pune flagship project

Pune, 30 November 2023: Planet Smart City, a leading global player in the affordable housing market integrating Proptech and ESG-compliant real estate solutions, has announced a near-total sell-out of its flagship ‘Universe’ project in the Life Republic Township in Hinjewadi, Pune, in partnership with Kolte-Patil Developers Limited (KPDL). As Planet Smart City’s first development in the country, this milestone signifies an extraordinary achievement, with more than 88% of residential units and 91% of commercial units being sold as of the end of September 2023.

 ‘Universe’, the first project launched by Planet Smart City in India in December 2020, boasts a total saleable area of 1.3+ million sq. ft. in residential units and 85,000 sq. ft. in commercial units. Despite the challenges posed by the pandemic’s second wave, ‘Universe’ is already poised to achieve a total of INR 900+ crores in sales. This exceptional achievement comes from the great dynamics of the residential housing market in Maharashtra and to the tremendous response from homebuyers who value the extensive facilities and innovative smart solutions implemented throughout the project by Planet Smart City.

 The project’s success has extended beyond the borders of India, as international investors in the GCC region are responding to its unique selling points and potential for property value appreciation.

 Mr. Marco Pilia, Managing Director India at Planet Smart City commented, “The successful sell-out of our first project in India is an incredible achievement for Planet Smart City globally. This performance is a great testimony to our business model and value proposition. Collaborating with best-in-class developers in India allows us to deliver high innovation in the residential market, remaining future-proofed and well within the right budget range for our customers.”

 Mr. Rahul Talele, Group CEO at Kolte-Patil Developers Ltd. added, “The strong customer acceptance of the Universe project is yet another validation of Kolte-Patil’s ability to bring innovative real estate solutions to the Indian market. Collaborating with brands of international repute in the real estate space enables us to create deep value for customers with a focus on sustainability and smart solutions.  Universe project has been created as an urban living paradigm that imbibes two prominent trends of our time: PropTech and ESG. Going forward, we remain confident that the success of this project will be replicated across a wider canvas in our portfolio.”

 The project’s sales momentum has been ably supported by the important strategic partnership with ANAROCK Property Consultants, who have significantly contributed to its commercial success.

 Aditi Watve, President of Residential Sales at ANAROCK Group, says, “It has been an absolute pleasure to work with Planet Smart City on their first project in India. For Life Republic, we have unleashed the full extent of our proprietary SaaS-driven Proptech real estate marketing solutions, with which we could precisely address the target clientele of buyers looking for superior residential lifestyle solutions.”

Flipkart Group Diverts Approximately 3000 tonnes of Waste from Landfills in One Year, Taking Further Strides Towards Sustainability Commitment

● Receives Total Resource Use and Efficiency (TRUE) Gold Certification for zero waste efforts across its facilities in Haryana, West Bengal, Karnataka and Maharashtra

 ● With a dedicated focus on minimizing environmental impact, Flipkart aims to achieve Zero Waste to landfill across all of its operations, emphasizing responsible waste management practices

 Bengaluru – November 30, 2023: Flipkart Group has taken strides towards addressing the alarming issue of the growing landfills in India. It has successfully managed to divert approximately 3000 tonnes of non-hazardous solid waste in one year, beginning with four of its facilities that achieved Total Resource Use and Efficiency (TRUE) Gold certification for their zero waste efforts. TRUE-certified projects must meet stringent resource management goals,
diverting at least 90% of a facility’s waste from landfills, incineration, and the environment. Flipkart’s TRUE-certified facilities are located in Farrukhnagar (Haryana), Uluberia (West Bengal), Malur (Karnataka) and Renaissance (Maharashtra) and account for an area of 1.8 million sq ft. Flipkart has demonstrated its commitment to promoting a circular economy and is embracing the Zero Waste policy, which entails responsible consumption, reuse, and recovery of products, packaging, and materials while avoiding incineration and landfill. In this endeavor, the organization has not only met but surpassed the certification’s requirements for diversion rates, achieving more than 97% waste diversion across all four sites.

 This certification puts Flipkart at the forefront of environmentally conscious organizations, showcasing the success of its Zero Waste initiatives and establishing the organization as a strategic and fiscally responsible entity. Flipkart continues to play an important role in enabling a circular economy for all the paper and plastic scrap generated within its own premises. For this, Flipkart deployed the ‘Clean Campus movement’ at its warehouses to foster employee education. Flipkart will also balance out the packaging consumption versus the scrap disposal equation and create a sustainable cycle by using the same scrap as raw material for fresh production. This initiative will further help reduce the use of natural resources and greenhouse gas emissions, ensuring that the generated waste does not end up in landfills. The Circular Economy approach has been activated across 13 sites, translating to approximately 50% of Flipkart’s total paper scrap generation.

 Speaking on its Zero Waste policy and subsequent TRUE Gold Certification, Hemant Badri, Senior Vice President and Head of Supply Chain, Customer Experience and eCommerce, Flipkart Group, “Our progress towards achieving our sustainability goals has been transformative, marked by relentless innovation, and a shared sense of responsibility. In this journey, our four TRUE Gold certifications for zero waste awarded by Green Business Certification Inc. is another important step as we continue to set a resolute benchmark for sustainable e-commerce that redefines the industry. By embracing resource efficiency and minimizing waste, we at Flipkart believe that e-commerce can be both environment-friendly and maximize value at the same time. These certifications validate our promise to continue pioneering eco-conscious commerce, impacting our business and the world we share.”

Sharing his views about this milestone, Rajneesh Kumar, Chief Corporate Affairs Officer, Flipkart Group said, “In today’s world, every organization must consciously work towards addressing the current climate crises and that can only happen when bold actions are taken towards it. Building a sustainable future for all and contributing to India’s commitment to Climate goals is a responsibility we take seriously at the Flipkart Group and the TRUE Gold certifications for our zero waste initiative stand testimony to our focus on this mission.”

 Peter Templeton, President and CEO of the U.S. Green Building Council (USGBC) and GBCI noted, “Businesses must go beyond our current wasteful practices and think critically about how to redesign processes so that less waste is produced in the first place. Implementing zero-waste business practices requires rethinking, retraining, new tools, and strong leadership to change current waste systems. With Flipkart’s leadership in this endeavor, they are making great strides for their employees, community, and consumers at large.”

 Flipkart’s proactive approach towards sustainability aligns with environmental concerns and resonates with a growing segment of consumers who are increasingly drawn to brands committed to responsible practices and work towards achieving good purpose. Aligned with its larger sustainability vision, Flipkart has also transitioned to 100% paper-based packaging at all its warehouses since 2021, thereby significantly reducing its plastic footprint as part of its larger sustainability initiatives. These include electrification of the logistics fleet, energy efficiency practices, and increased use of renewable energy, Green Building, Sustainable packaging, which all testify to its continuing efforts towards achieving sustainable operations.

● The Zero Waste program is one of the essential strategies to address the decarbonization pathway along with protecting the environment and enabling cost savings and social benefits.
● The policy is dedicated to setting benchmarks, monitoring performance, educating employees, and providing innovative solutions that move organizations closer to zero- waste.
● Key initiatives undertaken by Flipkart that have played a role in being awarded TRUE Gold certification include the following:
○ Implementation of sustainable waste management practices, such as localized signage, on-site waste storage, dedicated staff for waste sorting, and in-house data reporting using recommended templates
○ Enhanced waste collection efficiency achieved by transitioning from a single-bin system, conducting regular vendor due diligence, and ensuring data receipt from vendors in accordance with established templates
○ Careful sorting of waste into biodegradable, non-biodegradable, and residual solid categories, optimizing waste management
○ Prioritize data collection on low-value waste which lack recycling market value, to achieve higher diversion rates
○ Training all employees, and fostering zero-waste relationships with vendors, creating a holistic approach toward sustainability

The TRUE rating system for zero waste is a rigorous framework that enables facilities to define, pursue, and achieve their zero waste goals while reducing their carbon footprint.

The Chancellor of Arni University: Vivek Singh Reshaping Higher Learning in Himachal and Beyond

Himachal Pradesh , November 29, 2023: Vivek Singh, the dynamic and purpose-driven Chancellor of Arni University (AU) in Kangra, Himachal Pradesh, is spearheading a transformative journey in the higher education landscape. His relentless passion for reshaping the future of higher learning brought him to Himachal nearly a decade ago, where he emerged as a pioneer and change-maker. By blending innovative learning techniques, a focus on soft skills, and cutting-edge courses, he has turned Arni University into a magnet for students from across Northern India, leading to a remarkable increase in student enrollment from 200 to 2000 in just a few years.

Under Vivek Singh’s visionary leadership, Arni University has witnessed an astonishing surge in its student population. From a humble 200 students when it gained UGC accreditation in 2009, the institution’s enrollment has skyrocketed to 2000 in 2023, with steady growth in each academic session.

Vivek Singh’s commitment to innovation is evident in AU’s approach. The university offers a diverse array of programs, promotes interdisciplinary learning, and focuses on soft skills and personality development, setting it apart from its peers. AU offers a range of new-age courses that encompass emerging fields like artificial intelligence, data science, sustainable development, and more, equipping students to excel in the rapidly evolving job market.

This combination of factors has not only attracted students but also contributed to the growth of Himachal Pradesh’s higher education landscape. Arni University has become a vital part of the region’s educational fabric, empowering students to excel academically and prepare for successful careers. The university’s vision of “Skill Comprehensive Higher Education” underscores its forward-thinking approach, specifically focusing on building sustainable livelihoods in a challenging geographical region – Himachal Pradesh.

Vivek Singh’s vision extends beyond employability; he aims to ignite the spirit of entrepreneurship among students. Arni University serves as a holistic educational ecosystem, where students are equipped with the tools needed to excel in their chosen fields, contribute to society, and make a lasting impact on the world. The institution fosters versatility, promotes experiential learning, and encourages an interdisciplinary approach, enabling students to pursue their passions and achieve their dream careers.

In a recent groundbreaking initiative, Vivek Singh announced special provisions for students from defense families seeking admission to different courses. The university has been empaneled for the

Jammu and Kashmir Scholarship Scheme, offering admission to students recommended by the Indian Army’s Northern Command Headquarters. This initiative is a testament to AU’s commitment to serving those who have served the nation.

Vivek Singh’s visionary leadership has transformed Arni University into a hub of innovative learning and social responsibility. The institution’s meteoric growth in student population, its commitment to new-age courses, and its focus on nurturing socially sensitive individuals have not only impacted Himachal Pradesh but also extended the reach of quality higher education to Northern India. Under Vivek Singh’s guidance, Arni University is on its way to becoming a beacon of education and empowerment for the entire region.

By – B K Jha

CARE upgrades Vishnu Chemicals rating to ‘A-/ Stable’

As per the rating agency, the key rating drivers were:

· Improved operational and financial performance in FY23 and H1FY24

· Equity infusion in the form of Qualified Institutional Placement

· Comfortable financial risk profile

· Comfortable operating cycle

· Established position with experienced promoters and management team

· Wide geographical reach in the global market and long-term association with reputed clientele

Hyderabad, November 29, 2023: Vishnu Chemicals Limited, one of India’s leading specialty chemicals manufacturers and a leader in barium and chromium chemicals has announced that CARE Rating has revised its outlook to ‘CARE A-; Stable’ for the company’s long term bank facilities and ‘CARE A2+’ to the short term bank facilities.

As per the rating agency, the key rating drivers were:

Improved operational and financial performance in FY23 and H1FY24: On the Consolidated level, VCL has witnessed revenue growth by about 30.61% i.e., to Rs. 1400.74 crores in FY23 compared to Rs. 1072.48 crores in FY22 at back of increased selling prices of both chromium and barium products by 31.22%. Despite the slowdown in demand from the export market due to the recession in major global economies, VCL was able to maintain a sales volume similar to that of FY22. In line with an increase in TOI, PBILDT and PAT levels of the company increased by 50% and 68% i.e., to Rs. 241.67 crores (PY: 161.06 crores) and Rs. 136.5 crores respectively in FY23 led by improved sales realizations. Companies’ ability to pass on the rise in raw material costs to customers, flexible product mix coupled with cost reduction measures undertaken i.e., Co2 recovery plant for acidification process which acted as a backward integration helped the company in fetching better profitability. With higher sales realization, PBILDT margin of the company improved by 223 bps i.e., to 17.25% in FY23 (FY22: 15.02%). Also, PAT margin of the company improved by 216 bps i.e., to 9.75% in FY23.

During H1FY24, TOI of VCL (On a consolidated basis) reported was Rs. 613.84 crores which is marginally lower by 2.88% compared to the corresponding H1 of previous year on account of correction in selling prices in tandem with a decline in raw material prices. However, VCL was able to increase its sales volumes which enabled the company to maintain its revenue and profitability. It can be witnessed that, Q-o-Q, VCL’s sales volume increased by 10% on the back of improved sales from enhanced capacity and acceptance of VCL products in the market. Despite a reduction in selling prices, VCL was able to maintain the margins at similar levels with PBILDT and PAT margins stood at 16.66% and 8.57% respectively.

Equity infusion in the form of Qualified Institutional Placement: In July 2023, VCL raised funds in the form of Qualified Institutional Placement (QIP) amounting to Rs. 200 crores (net proceeds of Rs. 196.73 crores) which were utilized to repay loans and reduction in utilization of working capital limits both in VCL and its subsidiary VBPL. As of September 30, 2023, VCL has paid term loans and unsecured loans and reduced utilization of working capital for the amount of Rs. 173.44 crores and balance funds parked in fixed deposit as on September 30, 2023.

Comfortable financial risk profile: As of March 31, 2023, the debt profile of VCL consists of term loans availed for capex, ECLGS loan, unsecured loans from promoters, and working capital borrowings. Capital structure of the company marked by the overall gearing ratio improved and stood comfortable at 0.74x as of March 31, 2023 (PYE: 1.01x) led by healthy profitability levels accredited to net worth coupled with gradual repayment of term loans and reduction in average utilization working capital limits. The net worth of the company improved from Rs. 276.86 crores as of March 31, 2022, to Rs. 414.36 crores as of March 31, 2023. Other debt coverage indicators, Interest coverage ratio, and TD GCA improved to 6.98x and 1.81x in FY23 against 5.75x and 3.23x respectively in FY22. Considering the QIP funds raised in H1FY24, capital structure further improved and remained at 0.27x as on September 30, 2023.

Comfortable operating cycle: The company procures major raw material Chrome Ore from other countries like South Africa which contributes about 40 to 45% of total purchases and other products procured in the indigenous market. VCL either makes payments to creditors through LC with a cover period of 90 days or makes payments in advance. VCL provides a credit period of 60 to 90 days to its repetitive customers and receives advance payment of 100% at the time of shipment/dispatch of products to its customers. Since the company is into manufacturing, it maintains an adequate inventory of essential raw materials to alleviate financial risk and holds inventory for a period of 60 days. The operating cycle of the company improved and stood comfortable at 60 days in FY23 from 72 days in FY22 on account of a reduction in inventory days and an improved collection period. With an efficient working capital cycle, reliance on working capital borrowings reduced to 76% over the last 12 months ended August 2023.

Established position with experienced promoters and management team: Mr. Ch. Krishna Murthy, one of the key architects in envisioning the growth and expansion of Vishnu Chemicals Limited (VCL) have an experience of over 3 decades in the business of manufacturing, marketing, and exporting of chromium chemicals worldwide. Apart from Mr. Ch Krishna Murthy, Ms. Ch. Manjula (Wife of Mr. Ch Krishna Murthy) and Mr. Ch. Siddhartha (Son of Mr. Ch Krishna Murthy) are also the co-promoters of the company. Mr. Ch. Siddartha is a Joint Managing Director of Vishnu Chemicals Limited and Managing Director of Vishnu Barium Private Limited. He holds a master’s degree in biotechnology from Northumbria University, UK, and a MBA from Saginaw Valley State University, USA. He has shouldered multiple responsibilities and his experience in international marketing, sourcing, and building highly effective teams to serve customers in chemical industry has helped the company achieve scale and leadership position in global markets. VCL is serving more than 15 industries across 50+ countries globally.

Wide geographical reach in the global market and long-term association with reputed clientele: VCL has established presence in both domestic as well as international markets. VCL has presence in 50+ countries and sells majorly in the markets like Brazil, USA, Mexico, South Korea, Italy, Germany, Australia, Bangladesh, Argentina, and Egypt, etc., During FY23, Exports constituted about 48.26% of total TOI on a consolidated level against 50.45% in FY22. In terms of value, exports increased by almost 24.8% to Rs. 679.15 crores from Rs. 545.08 crore in FY23. Apart from export market, the company is also gaining increased share in the domestic market as can be witnessed from higher sales reported in FY23. The contribution to overall sales from the domestic market increased to about 52% and when compared to previous year, TOI from domestic sales increased by about 36% to Rs.728.02 crore. Further, VCL accepts the orders from export or domestic market based on demand and associated probability.

Repeated orders backed by long-standing association with reputed clientele: As on August 31, 2023, VCL (on standalone) has order book of Rs. 162.29 crores to be executed within 3 months. The company receives repeated orders from longstanding and reputed clientele like Solara Active Pharma Sciences Ltd, IOL Chemicals and Pharmaceuticals Ltd., Montana Quimica Ltd, etc. Contribution from top 10 customers for FY23 stood at 42.66%.