11, Nov 2023
Karnataka aims to attract Rs 40,000 crore investment in KHIR City
Mumbai, 11 November: The Karnataka government today deliberated on the conceptualization of the development of Knowledge, Healthcare, Innovation and Research (KHIR) City on the outskirts of Bengaluru. The government aims to attract Rs 40,000 crore investment in the areas of healthcare, innovation, and knowledge sectors besides creating 80,000 jobs in the proposed KHIR City.
The new investment region will be spread over 2,000 acres within 60 km from Bengaluru and developed in a phased manner.
Addressing the Ideation Session for setting up KHIR City, Shri M B Patil, honourable minister for large and medium industries and infrastructure development said, “We are embarking on a transformative journey to build a city that goes beyond conventional boundaries — a Knowledge, Healthcare, Innovation & Research City (KHIR City).”
He further said, “Today, we have a diverse and influential group gathered here — from the Government, Medical Institutes, Private Companies, Research Centers, and Academia, to the Strategic Investment Committee of Karnataka. It’s a convergence of minds that holds tremendous potential and I believe, collectively, we possess the potential to create not just a city but a hub of excellence.”
Apart from ensuring job creation and attracting investments from leading global and Indian hospitals and research centres, universities and private companies, the initiative has the potential to contribute towards the state’s Gross Domestic Product (GDP) due to increased economic activity. “Besides attracting investments, it is aimed at contributing at least Rs 1 lakh crore to the state GDP,” Shri Patil said.
The captains of the Indian industry drawn from healthcare, medical education, real estate, financial services, and insurance sectors attended the ideation session and shared their suggestions.
The industry representatives such as Shri Kris Gopalakrishnan, Dr Devi Prasad Shetty, Dr C N Manjunath, Smt Gitanjali Kirloskar, Shri Prashant Prakash, Shri Nitin Kamath, Dr Deepak Venugopalan, Dr Sharan Prakash Patil, and Dr L S Shashidhar among others participated in the session.
The proposed KHIR City is being developed to attract investments from leading global and national hospitals, research institutions, universities, private companies, etc. This will help in strengthening Bengaluru’s position as a hub of medical tourism, providing employment to local people, and also help in attracting skill sets from across the globe.
“Bengaluru has the largest skilled talent pool in India and is best suited for development of KHIR City. Karnataka has a strong innovation ecosystem with many global companies’ R&D units set up here. Leading healthcare players are already present in the state. About 60% of India’s biotech companies are in Karnataka,” said Shri Patil.
With Karnataka being home to 60 per cent of India’s biotech companies and over 350 medical devices and supplies manufacturers across categories, the development of KHIR near Bengaluru, the fastest-growing innovation cluster globally, augurs as an ideal location.
KHIR City is poised to redefine the city’s global position by fostering the growth of cutting-edge knowledge institutions, healthcare facilities, innovation hubs, and research centres.
Karnataka is already among the top five states in India in terms of economic value and contributes about 8.7 percent to the National GDP. Such initiatives further strengthen the state’s position in the country.
Speaking on the occasion, Shri Priyank Kharge, honourable minister for IT/BT, and S&T said KHIR City will be the first such centre of knowledge which will have innovators from healthcare, knowledge and global research centres coming together in one place. “Bengaluru will transform from being a call centre of the world to a global centre of research and innovation,” he said.
The government is planning to come out with a separate policy to promote the medical tourism in the state, said Shri Kharge. The state is home to 350 medical device and suppliers across categories and multiple institutes of excellence are present providing collaboration opportunity, he added.
Speaking on the occasion, Kris Gopalkrishnan, Co-founder of Infosys and Chairman of Axilor Ventures said, “The implementation speed is important for the development of KHIR City. We need to first develop a metro station before the KHIR City takes shape. Also, we want to generate IPs owned by India or Karnataka so that jobs and wealth is created here. We need to have an institute which trains scientists and researchers on how to move from lab to market.”
The establishment of KHIR City has a strong global reference point with the Government of Karnataka aiming to bring this research city in line with Singapore’s Biopolis Cluster or Japan’s Kobe Biomedical Innovation Cluster.
For this, the Government of Karnataka is agile in terms of participation of private companies offering them formats via land lease model, special-project-vehicle, and fully private models.
The collaboration effort for KHIR City would involve a comprehensive plan and a clear objective from the interested entity along with timelines. The establishment of subgroups for strategic approach is also part of the collaboration along with commercial viability to ensure balanced private and government participation.
“We can also think of miniaturising this model in revenue division and whole objective is to promote job, talent, and knowledge in regions like Mysuru etc. There is a need to build neurology institute and genetics here as it is expensive to send it to other states and countries,” said Dr C N Manjunath, Director of Jayadeva Institute of Cardiac Sciences.
The industry representatives also suggested that the government to look at improving the skills of workers in the state that will be required for the setting up of a knowledge city. They also suggested focusing on life sciences and looking at holding a roadshow to attract capital into this sector.
“We should focus on IP-based research in this City. Transitioning Karnataka from a services economy to a higher-value IP-based economy is very important. We need to incentivize job creation. We should focus on giving incentives to people who create IP and this will differentiate Karnataka from other states in the country,” said Prashanth Prakash, Partner at Accel Partners.
“It is very important that hospital groups are partners in this city. Today largest investment is in healthcare startups but they do not understand how hospitals work. Once this city supports them, then the product that comes out in the market will bring startups and end user together,” said Dr Devi Prasad Shetty, Founder and Chairman of Narayana Health.
“There is the shortage of 50-70 million healthcare workers in the country. A Paramedical university is an urgent need. We want to set that up in the country because it is the nurses and other staff that takes care of the patient and not the doctors,” Dr Shetty added.
Dr S Selvakumar, Principal Secretary to the Government, Department of Commerce and Industries, Smt Ekroop Caur, Secretary, ITBT and S&T, Smt Gunjan Krishna, Commissioner, Department of Commerce and Industries, Government of Karnataka, and other officials of the government were present on the occasion.
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- By Rabindra
10, Nov 2023
People in India are exposed to nearly 12 fake messages daily, reveals McAfee’s Scam Message Study
INDIA, November 10, 2023– McAfee Corp., a global leader in online protection, today released its first-ever Global Scam Message Study. The study surveyed more than 7,000 adults in seven countries, including India, to understand how scam messages, and the increased scam sophistication brought about by artificial intelligence (AI), have impacted the lives of consumers worldwide.
AI is a scammer’s favorite tool, helping cybercriminals increase the scale and sophistication of scam messages. The speed of phishing and text message scams is on the rise – a new phishing site is created every 11 seconds. This spotlights the increasing need for solutions that turn the tables on AI scammers; there has never been a more critical time for the country’s 900 million internet users to protect themselves online.
This study reveals that Indians receive nearly 12 fake messages or scams each day via email, text or social media daily. An average Indian consumer spends 1.8 hours a week reviewing, verifying or deciding whether a message sent through text, email, or social media is real or fake. 82% of Indians have clicked on or fallen for fake messages. 49% of Indians said that scam messages no longer have typos or errors, making them more believable and harder to identify. Amongst the most common forms of sophisticated trickery, most Indian consumers fall for fake job notifications or offers (64%) and bank alert messages (52%).
“It’s truly a sign of the times that most Indian consumers would rather subject themselves to the pain and distress of a root canal than be subjected to scam texts and messages throughout the year,” said Roma Majumder, SVP of Product at McAfee. “And it’s not just the speed and volume, but the sophistication. Thanks to AI it can be incredibly difficult to know if that delivery text message or bank alert notification is real or not. So much so that 73% of Indians believe they have a better shot at solving the Rubik’s cube than identifying a scam message.”
“This onslaught of scam messages is a drain on people’s time, energy, and finances. And it’s why we all need AI to beat AI. Unfortunately, seeing is no longer believing and we need to be equipped with advanced AI technology that can stop and block scam messages in real time. I’m proud that McAfee offers solutions to protect people’s privacy, identity, and personal information and helps make the online world more enjoyable for everyone,” said Majumder.
The 2023 McAfee Scam Message Study
McAfee’s research revealed four key insights about online scams. It highlights the increased stress people are facing due to the AI-driven increase in the number and sophistication of scam messages. Hence, the a need for a robust AI-driven defense solution to beat AI scams. The survey results are detailed below.
Today’s scam messages are cleverly camouflaged
60% of Indian respondents think it has become harder to identify scam messages, attributing this trend to hackers using AI to make their scams more believable. Further, 49% of people said that scam messages no longer have typos or errors, and are very believable as a result, and that scam messages are harder to identify because they are often very personal.
This sophisticated trickery takes five common forms:
“You’ve won a prize!” – 72%
Fake job notifications or offers – 64%
Bank alert message– 52%
Information about a purchase the recipient didn’t make – 37%
Netflix (or similar) subscription updates – 35%
Fake missed delivery, or delivery problem, notification – 29%
Amazon security alert, or notification messages regarding account updates – 27%
People are drowning in scam message sea
An average Indian spends 105 minutes each week reviewing, verifying, or deciding whether a message sent through text, email, social media is real or fake. This amounts to more than two full work weeks each year, spent on scam-spotting. About 90% of Indians surveyed indicate that they receive fake messages or scams via email and text on a daily basis, and 84% say the same about social media.
To click, or not to click, is a potentially complicated question
With the increased volume and more advanced appearance of scam messages, 82% of Indians have clicked on or fallen for fake messages. The most believed messages are:
“You’ve won a prize!” – 41%
Fake missed delivery, or delivery problem, notification – 23%
Information about a purchase the recipient didn’t make – 24%
Sign-in and location verification messages – 24%
An AI ally is needed as scam stakes rise and online trust sinks
As the number of AI-powered scams continues to rise, 37% of India survey respondents say their trust in digital communications has decreased. This trend is largely due to a lack of depth of digital defense knowledge. Most Indians say they don’t know if they are doing the right things to protect themselves. People manage this knowledge gap in different ways:
28% of people ignore an email when they receive an email or text that they think might be a scam
28% block the sender when they receive this type of message
31% report suspected scam messages
However, people do believe in new, AI-driven tools and resources to fight fraudsters: 88% of Indians say they’d trust a solution or feature that uses AI to detect online scams, and 59% believe we need AI to beat AI.
How to Protect Yourself from Scam Messages
Think before you click. Cybercriminals use phishing emails or fake sites to lure people into clicking links that could lead to malware. If you receive an email asking you to click on a link, even if it’s a great-sounding deal or indicates it’ll provide useful information, it’s best to avoid interacting with the message altogether. Always go directly to the source and interact with reputable companies.
Remember that if it seems too good to be true, it probably is. Many scams are effective because the scammer creates a false sense of urgency or preys on a heightened emotional state. Pause before you rush to interact with any message that is threatening or urgent, especially if it is from an unknown or unlikely sender.
Use AI to beat AI. From blocking dangerous links that appear on text messages, social media, or web browsers, customers across all platforms can take advantage of the AI-driven technology behind McAfee Scam Protection to engage with text messages, read emails, and browse the web peacefully and securely.
10, Nov 2023
Infusing Holiday Cheer: Cake Mixing at Sayaji Hotel Kolhapur
Sayaji Hotel Kolhapur, a prominent destination in South Maharashtra, recently hosted a grand cake-mixing ceremony, a beloved tradition that marks the beginning of the festive Christmas season. The picturesque Skygreen at Sayaji Hotel Kolhapur served as the backdrop for this enchanting event, which took place on November 4, 2023.
Hon. Shri. Prithviraj Patil, Trustee of the D. Y. Patil Group, graced the occasion as the chief guest, emphasizing the hotel’s commitment to spreading joy and preserving the Christmas spirit in the community.
Mr. Amitabh Sharma, General Manager of Sayaji Hotel Kolhapur, expressed his excitement for the event, highlighting the significance of the Christmas cake in their festive celebrations. He stated, “Christmas is right around the corner, and the traditional Christmas cake is an essential part of our festivities. To mark this special occasion, we were thrilled to host the cake-mixing event, uniting our esteemed guests, dedicated team, and people from diverse backgrounds in embracing the spirit of the season.”
The cake-mixing ceremony saw a delightful blend of cultures as participants gathered to marinate an assortment of dry fruits, including almonds, cashews, and pistachios. These ingredients were lovingly soaked in an array of spirits to infuse the cakes with rich flavors and warm holiday cheer. Guests had the opportunity to witness the aromatic transformation of these ingredients, as they became an integral part of the cherished Christmas cake recipe at Sayaji Hotel Kolhapur.
This age-old English tradition, which harks back to the origins of the Christmas cake as plum porridge, gave rise to the delectable confections characterized by an assortment of ingredients. Moist Zante currants, sultanas (golden raisins), and raisins, all soaked in spirits such as brandy, rum, whisky, wine, and sherry, are the heart of these cakes. They are lovingly adorned with layers of marzipan and icing, often featuring decorative elements like plaid ribbon bands and Christmas-themed models, including snowmen and fir trees.
Guests enjoyed a delightful evening filled with soothing music and delectable high tea snacks, creating the perfect ambiance for the occasion. The event spread the warmth and joy of the festive season, bringing together the community in a celebration of shared traditions and merriment.
Sayaji Hotel Kolhapur is renowned for its luxurious accommodations and world-class amenities, making it a landmark destination in South Maharashtra. The hotel’s opulent rooms, exquisite fine-dining restaurants, and grand banquet facilities make it the preferred choice for discerning guests seeking the ultimate in hospitality.
10, Nov 2023
Deepfake Dilemma: Decoding the Dark Art of Digital Duplication
By Jaspreet Bindra, Founder & MD, The Tech Whisperer Ltd, UK
Mumbai, 9th November 2023: The amount of deepfake content online is growing at a rapid rate. At the beginning of 2019, there were 7,964 deepfake videos online, according to a report from start-up Deeptrace; just nine months later, that figure had jumped to 14,678. It has no doubt continued to balloon since then. 96% of deepfakes are porn.
With the use of GenerativeAI (GenAI), the world of ‘fake news’ and ‘true lies’ just got murkier. Last week, President Joe Biden’s ‘fake’ video resulted in his Administration issuing an Executive Order related to the governance of AI frameworks. The fake video of Rashmika Mandanna earlier this week took Bollywood by storm, with senior members of the fraternity calling for legal action. Deep Fake Love is a Spanish reality TV dating show on Netflix that uses deepfake technology to blur the lines between reality and fabrication.
Deepfakes, using Generative Adversarial Networks (GANs), have been around for many years. However, with the emergence of GenAI, they have become more lifelike and much easier to produce at scale. Invariably, fake videos would be of celebrities and politicians. With several elections round the corner in India, politicians and political parties could be both creators, as well as at the receiving end of such fake videos. These would be used to spread misinformation, put political opponents on the spot, or even build an entire campaign to sway voters.
The aam junta – people like you and me – could also be victims. It could be someone wanting to embarrass us professionally, or a jilted lover wanting revenge on their ex. It could even be an inconsequential prank by ‘friends’ wanting to make fun of us on social media. The possibilities, unfortunately, are endless.
It is extremely important for regulators to sit up and take notice – this is the time to put in place stringent regulation with exemplary punishment to offenders. It should be mandated that anyone using an AI model to produce an image or information must disclose it. People must be made aware of Classifiers – software which can detect AI-generated content – and widespread use of the same, much like antivirus. There is an entire ethical and moral conversation that must gain traction to create awareness of how GenAI must be utilised.
10, Nov 2023
GIC Re announces Financial Performance for the Half Year ended 30.09.2023
Mumbai, November 10th, 2023: GIC Re announced financial performance for the half year ended 30th September 2023 at the Board Meeting of the company held in Mumbai.
We give below the details of our financial performance for the half year ended 30.09.2023:
Gross Premium Income of the company was ₹ 19,679.85 crore for the half year ended 30.09.2023 as compared to ₹ 19,122.45 crore for the half year ended 30.09.2022.
Underwriting Loss is ₹ 3,029.04 crore for the half year ended 30.09.2023 as compared to ₹1,696.07 crore for the half year ended 30.09.2022.
Investment Income is ₹ 5,555.91 crore for half year ended 30.09.2023 as compared to ₹ 5,096.75 crore for the half year ended 30.09.2022.
Solvency Ratio is 2.82 as on 30.09.2023 as compared to 2.25 as on 30.09.2022.
The company recorded Profit Before Tax of ₹ 2,782.78 crore for the half year ended 30.09.2023 as compared to Profit Before Tax of ₹ 3,450.08 crore for the half year ended 30.09.2022.
Profit After Tax for the half year ended 30.09.2023 recorded as ₹ 2,336.87 crore as compared to Profit After Tax of ₹ 2,549.65 crore for the half year ended 30.09.2022.
Total Assets are ₹ 1,67,640.89 crore as on 30.09.2023 as compared to ₹ 1,53,384.76 crore as on 30.09.2022.
Net Worth of the company (without fair value change account) recorded at ₹33,266.61 crore on 30.09.2023 as against ₹ 28,006.66 crore as on 30.09.2022.
Net Worth of the company (including fair value change account) recorded as ₹ 71,376.53 crore on 30.09.2023 as against ₹ 60,585.14 crore as on 30.09.2022.
Combined Ratio is 116.98 % for the half year ended 30.09.2023 as against 113.92 % for the half year ended 30.09.2022.
Adjusted Combined Ratio is 95.11 % for the half year ended 30.09.2023 as against 92.07% for the half year ended 30.09.2022.
Summary of Revenue and Profit and Loss Account
(₹’ crore)
| Particulars | Quarter ended | Half Year ended | Year ended | |||
| 30.09.23 | 30.06.23 | 30.09.22 | 30.09.23 | 30.09.22 | 31.03.23 | |
| Gross Premium | 10,762.14 | 8,917.71 | 8,100.62 | 19,679.85 | 19,122.45 | 36,591.59 |
| Net Premium | 9,966.81 | 8,231.17 | 7,355.04 | 18,197.98 | 17,848.72 | 33,644.43 |
| Earned Premium | 9,958.11 | 8,632.56 | 8,763.98 | 18,590.67 | 19,500.14 | 35,808.01 |
| Incurred Claims | 9,795.04 | 8,205.39 | 8,543.35 | 18,000.43 | 18,712.26 | 32,739.38 |
| % of Earned Premium | 98.4% | 95.1% | 97.5% | 96.8% | 96.0% | 91.4% |
| Net Commission | 1,653.69 | 1,840.94 | 1,425.41 | 3,494.63 | 3,080.96 | 5,610.51 |
| % of Net Premium | 16.6% | 22.4% | 19.4% | 19.2% | 17.3% | 16.7% |
| Expenses of Management | 87.33 | 86.28 | 75.51 | 173.61 | 125.31 | 404.44 |
| % of Net Premium | 0.9% | 1.0% | 1.0% | 1.0% | 0.7% | 1.2% |
| Profit/(Loss) on Exchange | 115.81 | (59.13) | 352.10 | 56.68 | 702.93 | 596.40 |
| Premium Deficiency | 9.46 | (1.74) | (8.41) | 7.72 | (19.40) | (8.54) |
| Underwriting Profit/(Loss) | (1,471.61) | (1,557.44) | (919.79) | (3,029.04) | (1,696.07) | (2,341.37) |
| Investment Income (Net of exp) | 3,100.97 | 2,454.94 | 3,206.32 | 5,555.91 | 5,096.75 | 10,594.00 |
| Transfer to Catastrophe Reserve | (512.55) | |||||
| Other income less outgoings | 218.23 | 37.68 | 174.83 | 255.91 | 49.40 | 9.37 |
| Profit/ (Loss) Before Tax | 1,847.60 | 935.18 | 2,461.36 | 2,782.78 | 3,450.08 | 7,749.44 |
| Tax | 242.51 | 203.40 | 601.44 | 445.91 | 900.43 | 1,436.94 |
| Profit/ (Loss) After Tax | 1,605.09 | 731.79 | 1,859.92 | 2,336.87 | 2,549.65 | 6,312.50 |
| Combined Ratio | 115.83% | 118.47% | 117.89% | 116.98% | 113.92% | 109.31% |
International and Domestic Business Composition
(₹’ crore)
| Gross Premium | Half year ended 30.09.2023 | Share | Half year ended 30.09.2022 | Share | Growth |
| Domestic | 13,087.98 | 67% | 13,422.96 | 70% | -2% |
| International | 6,591.86 | 33% | 5,699.49 | 30% | 16% |
| Total | 19,679.85 | 100% | 19,122.45 | 100% | 3% |
Breakup of Gross Premium
(₹’ crore)
| Gross Premium | Half year ended 30.09.2023 | Half year ended 30.09.2022 | Growth | ||
| A) Fire | 6,505.75 | 6,827.90 | -4.7% | ||
| B) Miscellaneous – Total | 11,424.83 | 10,908.99 | 4.7% | ||
| Misc – Motor | 4,426.08 | 3,302.82 | 34.0% | ||
| Misc – Health | 2,164.31 | 1,951.62 | 10.9% | ||
| Misc – Agriculture | 2,543.51 | 2,980.16 | -14.7% | ||
| Misc – Other LOBs | 2,290.93 | 2,674.39 | -14.3% | ||
| C) Marine | 1,035.63 | 674.90 | 53.4% | ||
| Marine – Cargo | 773.76 | 350.53 | 120.7% | ||
| Marine – Hull | 261.87 | 324.37 | -19.3% | ||
| D) Life | 713.63 | 710.65 | 0.4% | ||
| Total – A+B+C+D | 19,679.85 | 19,122.45 | 2.9% |
| Incurred Claim and Combined Ratio | ||||
| Particulars | Incurred Claims (₹ crore) | Combined Ratio (%) | ||
| Half Year ended | ||||
| 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 | |
| Domestic | 11,458.55 | 12,194.53 | 106.17% | 105.40% |
| International | 6,541.88 | 6,517.73 | 139.44% | 133.34% |
| Total | 18,000.43 | 18,712.26 | 116.98% | 113.92% |
| Particulars | Fire | Motor | Health | Agri | Cargo | Hull | Life |
| Incurred Claims (₹ crore) | |||||||
| Domestic | 2,939.55 | 1,936.71 | 1,655.76 | 2,954.94 | 214.95 | 115.16 | 518.31 |
| International | 2,134.36 | 1,883.87 | 15.17 | 8.68 | 1,543.84 | 392.61 | 67.06 |
| Total | 5,073.91 | 3,820.58 | 1,670.93 | 2,963.62 | 1,758.79 | 507.77 | 585.37 |
| Combined Ratio | |||||||
| Domestic | 108.16 | 111.17 | 112.63 | 104.22 | 99.59 | 110.64 | 78.63 |
| International | 100.54 | 130.56 | 315.38 | 44.59 | 592.48 | 255.33 | 194.89 |
| Total | 104.65 | 121.01 | 113.16 | 103.61 | 367.88 | 196.23 | 84.48 |
Note:
Combined Ratio = (Net incurred claims/ Net earned premium) + (Management expenses + Commission on reinsurance)/ Net written premium
Net Commission = Commission paid on reinsurance accepted – Commission on reinsurance ceded.
Consolidated Financials of GIC Re
GIC Re’s group includes subsidiary companies namely, GIC Re South Africa, GIC Re Corporate Member, London, and GIC Perestrakhovanie LLC, Moscow. The group also includes three associate companies namely GIC Re Bhutan, India International Insurance Pte Ltd, Singapore and Agriculture Insurance Company of India Ltd. The group performance highlights based on Consolidated Financial Statements for the half year ended 30.09.2023 are given below:
· Consolidated Gross Premium Income of the company was ₹ 19,962.02 crore for the half year ended 30.09.2023 as compared to ₹ 19,367.00 crore for the half year ended 30.09.2022.
· Investment Income of the group was ₹5,590.37 crore for the half year ended 30.09.2023 as compared to ₹ 5,111.19 crore for the half year ended 30.09.2022.
· Consolidated Profit Before Tax for the half year ended 30.09.2023 was ₹ 3,008.94 crore as compared to Profit Before Tax of ₹3,701.64 crore for the half year ended 30.09.2022.
· Consolidated Profit After Tax for half year ended 30.09.2023 was ₹ 2,666.60 crore as compared to Profit After Tax of ₹ 2,945.89 crore for the half year ended 30.09.2022.
· Incurred claims Ratio is 95.72 % for the half year ended 30.09.2023 as compared to 95.01 % for the half year ended 30.09.2022.
· Group’s net worth (without fair value change account) for the half year ended 30.09.2023 is ₹36,498.86 crores as compared to ₹ 31,091.00 crore for the half year ended 30.09.2022.
Summary of Revenue and Profit and Loss Account of Consolidated Financials
(₹’ crore)
| S No | Particulars | Half Year ended | |
| 30.09.2023 | 30.09.2022 | ||
| 1 | Gross Premium | 19,962 | 19,367 |
| 2 | Net Premium | 18,293 | 17,904 |
| 3 | Earned Premium | 18,651 | 19,596 |
| 4 | Incurred Claims | 17,853 | 18,617 |
| 5 | Incurred Claims Ratio (on earned premium) | 95.72% | 95.01% |
| 6 | Net Commission | 3,515 | 3,109 |
| 7 | Net Commission Percentage (on Net Premium) | 19.22% | 17.37% |
| 8 | Expenses of Management | 186 | 143 |
| 9 | Expenses of Management Ratio (on net premium) | 1.02% | 0.80% |
| 10 | Profit/(Loss) on Exchange | 59 | 717 |
| 11 | Premium Deficiency | 8 | (19) |
| 12 | Underwriting Profit/(Loss) | (2,853) | (1,537) |
| 13 | Investment Income net of expenses | 5,590 | 5,111 |
| 14 | Other Income less Outgoings | 271 | 128 |
| 15 | Profit/(Loss) Before Tax | 3,009 | 3,702 |
| 16 | Taxation | 447 | 931 |
| 17 | Share of Profit in Associate Companies | 105 | 175 |
| 18 | Profit/(Loss) After Tax | 2,667 | 2,946 |
10, Nov 2023
Neeti Sharma, Co-Founder of TeamLease EdTech, unveils the benefits and challenges in workplace evolution in conversation with WION
It’s a new shift in the world of work. Indian tech companies like Infosys and Tata Consultancy Services (TCS) are leading the charge, mandating in-office work for their employees. This marks a significant departure from the remote working era that dominated during the pandemic. WION recently delved into this transition, engaging in a conversation with Neeti Sharma, Co-Founder and President of TeamLease EdTech, to explore the benefits and challenges inherent in this workplace evolution.
Some of the interesting key insights to note from WION’s interview with Neeti Sharma are as follows:
· Benefits of In-Office Work:
Neeti Sharma emphasized on the multifaceted advantages of in-office work, ranging from the revival of social skills to enhanced collaboration and improved communication. These elements are deemed crucial for fostering a productive and innovative work environment. The move back to the office seeks to address the potential erosion of these vital components in the virtual work landscape.
· Challenges of the Transition:
The return to the office is not without its challenges. Employees, accustomed to months of remote work, may experience inertia in adapting to a hybrid way of working. Employers face the task of ensuring a smooth transition and providing the necessary support to employees as they navigate this shift.
· The 4-Day Workweek and Work-Hour Flexibility:
A recent Randstad survey sheds light on a fascinating shift in employee preferences. A significant percentage of respondents express openness to working in the office daily if a 4-day workweek were implemented. Neeti Sharma underscores the importance of flexibility in work-hour arrangements. A 4-day workweek, often incorporating remote work on Fridays, is seen as a solution that combines the structure of an in-office environment with the comfort of remote work. This approach aims to optimize productivity by reducing stress and cutting down on travel time, contributing to a more balanced and efficient work culture.
· Insights and the Path Forward:
Analysis of these insights paints a clear picture: flexibility is the key to productivity in the current era. Companies that recognize the significance of balancing in-office and remote work are poised to benefit from an engaged and motivated workforce. This shift in work dynamics reflects global trends in the post-pandemic world, where the boundaries between work and life are increasingly blurred.
As the tech industry adapts to this evolving work landscape, the focus is not only on where work takes place but also on how it takes place. The amalgamation of in-office work, remote work, and a 4-day workweek offers a glimpse into the future of the workplace—one that prioritizes employee well-being, innovation, and productivity. This transformation underscores the adaptability of the tech sector, showcasing that innovation extends beyond technology to redefine the very fabric of work in the modern era.
10, Nov 2023
Green Portfolio launches Samvat 2080 to gear up for Diwali
New Delhi, 10th November: Green Portfolio, one of the top smallcase managers and PMS providers is happy to announce the launch of their Diwali special Samvat 2080 Smallcases. The Samvat small cases are baskets of stocks with shares from varying companies and sectors. Green Portfolio’s Samvat small, first launched two years ago for the Hindu calendar year 2078, are designed to give beginner investors confidence in the markets. Since then, the company has been introducing a new smallcase at the beginning of each Samvat year making the first step towards a beginner’s investment journey easy. This year is the third edition of Samvat Portfolios.
As investment products, Samvat portfolios are really simple to understand and start with. The company has two Samvat portfolios that invest in the small and Midcap space. Samvat 2080: Small-cap Picks is the portfolio with 7 stocks across 6 different sectors and Samvat 2080 – Midcap Picks invests in 8 companies across 7 sectors. Their aim here is to make sure that the portfolios have the perfect ratio of focus to diversification. The PE ratio ranges from 8 to 15 and the market cap is from 1300 Cr to 9000 Cr. All these are the factors that make this portfolio ideal for beginner investors.
Small and Midcap companies are the areas of focus for the company and with these portfolios, it is giving investors a small glance at its services. The portfolios are very consolidated with just seven or eight stocks since their approach with the Samvat portfolios is pretty straightforward – keeping it simple and easy for beginner investors.
Commenting on the launch, Divam Sharma, Co-founder, of Green Portfolio, said “My co-founder Anuj and I started Green Portfolio five years ago with the idea of helping retail investors create wealth in the stock markets. We always see investors having doubts and struggling while starting their investment journey thus our thought process with Samvat smallcases is simply to give investors a starting point in the markets. We are hand-holding small investors and helping them begin. In India, we already have a culture of making new purchases on Diwali which makes it easier for us to make new investments during the festive season. Investors are confused out there trying to start in the markets and we’re here to help them with expertly managed portfolios.”
In 2020, Green introduced smallcases to reach small investors and has been offering many different portfolios successfully since. Managing over 750 crore, the company is currently offering six smallcases and five PMS funds with their key focus being on the retail segment to make quality research available to small individual investors. Curated for small retail investors, Samvat portfolios were launched to encourage individual investors towards a financially healthy future.
10, Nov 2023
Ice Make H1FY24 PAT grows by 27 Percent to Rs 9.81 CR
| Performance Highlights | Q2 FY24 | Q1 FY24 | Q2 FY23 | H1 FY24 | H1 FY23 |
| Revenue | 77.02 | 79.31 | 67.31 | 156.33 | 132.22 |
| EBITDA | 7.71 | 8.35 | 7.53 | 16.05 | 12.89 |
| PAT | 4.47 | 5.34 | 4.63 | 9.81 | 7.72 |
| EPS | 2.85 | 3.40 | 2.94 | 6.24 | 4.91 |
Hyderabad, November 10, 2023:
Ice Make Refrigeration Limited (NSE: ICEMAKE), a pioneering leader in innovative cooling solutions and a distinguished manufacturer of over 50 refrigeration equipment in India has reported an impressive 27.07% increase in its H1FY24 consolidated net profit, reaching Rs 9.81 crore, compared to Rs 7.72 crore in the second half of the previous fiscal year.
The H1FY24 consolidated revenue experienced stable growth, rose by 18.23% to Rs 156.33 crore from Rs 132.22 crore in the corresponding H1 of the last fiscal year.
Operating profits significantly improved, owing to effective cost control and an enhanced product mix. During H1FY24, the company recorded an EBITDA of Rs 16.05 crore, representing a strong increase of 24.51%. EBITDA margins for H1FY24 stood at a healthy growth rate of 10.27%.
The quarterly consolidated revenue for Q2FY24 rose by 14.42% to Rs 77.02 crore, while net profit experienced a slight dip of 3.45% to Rs 4.47 crore. The Q2FY24 EBITDA improved by 2.34% to Rs 7.71 crore, with EBITDA margins reaching 10.01% in Q2FY24.
Notably, the earnings per share (EPS) for H1 improved to Rs 6.24, marking a significant increase from Rs 4.91 in the corresponding H1 of the previous fiscal year.
At the midpoint of the year, the operating cash flow stands at a negative Rs 10 crores, primarily driven by the company’s deliberate strategic move to increase inventory of select finished goods, which are anticipated to be quickly converted into cash. Additionally, the allocation of capital advances for machinery orders related to our new capital expenditure project has further impacted operating cash flow, reducing it by Rs 5.33 crores. It is important to note that these measures are part of our long-term growth strategy.
The company remains confident that these initiatives will lead to a robust year-end cash flow position.
Management Comments
Mr. Chandrakant Patel, the CMD of Ice Make Refrigeration Limited, shared his insights on the Company’s success, stating, “Considering the recent spike in input costs, patchy monsoon, and persistent global uncertainties, our second-quarter earnings have remained stable. Given the strong long-term growth opportunities, including increased attention on the manufacturing sector in India, the outlook for our business moving forward is promising. We currently have a robust order book and leads totalling Rs 135 CR, positioning us to sustain an annual growth rate of 30% or higher.”
Mr. Patel further added, “This year we have embarked on our most ambitious growth plan to date. By implementing a Rs. 200 crore Capex plan over the next three years, we aim to substantially augment our production capacity, enabling us to surpass our long-term revenue target of Rs. 1500 crore. Our immediate goal is to exceed the turnover target of Rs. 500 crore by FY 2024-25, and we aspire to achieve a revenue of Rs. 1000 crore by FY 2027-28.”
Mr. Patel concluded by highlighting the Company’s comprehensive presence in all refrigeration segments, including Cold Room Storage, Ammonia Refrigeration, Industrial Refrigeration, Commercial Refrigeration, and Transport Refrigeration. He stated, “With a robust demand for innovative cooling and cold chain storage solutions, both in India and various overseas markets, Ice Make is strategically positioned to capitalize on these opportunities.”
10, Nov 2023
Representatives From 70 Countries Participating in Jagriti G20 Startup 20 Yatra
New Delhi, 10th November: The Jagriti G20 Startup 20 Yatra has reached the capital city of Delhi, a pivotal point in its transformative journey. In Delhi, the Yatra navigated through various sessions and engaging conversations with esteemed ministries and bureaucrats. The guidance and expertise of the think tank will shape and steer the Yatra’s trajectory during this phase. The ceremony was enriched with captivating cultural performances by various talented troupes.
This transformative Yatra, organized in collaboration with Jagriti Sewa Sansthan, Startup 20, and G20, has left an indelible mark on the entrepreneurial landscape. With 450 participants, including representatives from 70 countries, the Yatra is fostering a truly global association of entrepreneurs. It is a remarkable platform for exchanging ideas, sharing experiences, and forging meaningful connections.
Talking about the Jagriti G20 Startup 20 Yatra Mr.Abhay Thakur, Special Secretary, Ministry of External Affairs said“It is my proud privilege to be associated with Jagriti G20 Startup 20 Yatra platform that is not only highlighting major global challenges be it energy transitions, climate change, human right development but is also the forum that is bringing world leaders together to exchange ideas, thought processes and share important messages at the leader’s level. Going forward from this brilliant platform I would like to see an increased focus on Multilateral Development Bank Reforms. Currently, Climate Finance has about $800bn of funds for the development of the countries out of which only one-eighth of it actually goes to these developing countries. Through this platform, we need to focus on such issues.”
From Delhi, the Yatra will proceed to Ahmedabad, continuing its path towards the final destination of Mumbai on November 10th. This leg of the journey holds immense significance as Delhi, being the capital of the country, serves as a strategic bottleneck, bringing together key stakeholders and decision-makers.
“The Jagriti Yatra, in its 16th edition, has reached a crucial juncture in Delhi, marking a significant milestone in this extraordinary adventure. As we continue our transformative journey towards the final destinations of Ahmedabad and Mumbai, we reflect with immense pride on showcasing inclusive enterprises from across the country and carrying the key messages of the G20 Delhi Declaration. At this point of the journey, we engage in vital discussions with the think tank, ministers, and those in small towns and districts, further shaping our path forward. It has been a momentous occasion as we fostered meaningful associations with participants from 70 countries. As we bid farewell to Delhi, we carry the baton, cherishing the memories created and eagerly anticipating future endeavors, including the planned Ganga to Amazon effort.” said Shashank Mani, Founder Jagriti Yatra and Jagriti Enterprise Center – Purvanchal,”
In Delhi, participants had the opportunity to delve deeper into discussions, exchange ideas, and gain valuable insights from ministries and bureaucrats. These interactions provided a unique platform to address pertinent issues, explore collaborative opportunities, and align the Yatra’s mission with the vision and policies of the government.
As the Yatra progresses from Delhi to Ahmedabad and ultimately concludes in Mumbai, it will carry forward the spirit of entrepreneurship, inclusivity, and global collaboration. The sessions in Delhi will set the tone for the remaining leg of the journey, infusing it with renewed inspiration and purpose.
The Jagriti G20 Startup 20 Yatra stands as a testament to the power of collective action and collaboration, fostering meaningful connections between entrepreneurs, policymakers, and thought leaders. It continues to pave the way for transformative change, driving inclusive growth and sustainable development across borders and industries.
10, Nov 2023
Veranda Learning Solutions Reports a Strong Performance in Q2 & H1 FY24
CHENNAI, 10th November 2023: Veranda Learning Solutions Limited, a public listed Education company (BSE: 543514, NSE: VERANDA) and a pioneer in the industry offering end-to-end Education services solutions, announced its financial results for the second quarter and the half year ended September 30, 2023. The company has reported a robust Revenue of Rs. 100.27 crores for the quarter compared to Rs. 38.77 crores in the same period last year. Veranda continues to focus on delivering high-quality, result-oriented preparatory courses for aspirants in India.
The company announced an EBITDA of Rs. 22.39 crores for H1FY24 marking a substantial recovery from the operating loss of Rs. 28.41 crores in the corresponding period of the previous Financial year. This was possible on the back of a remarkable revenue surge, arising out of a year-on-year operating revenue growth of 157.06 %. Their total revenue for H1FY24 stood at Rs. 170.75 crores, a significant increase compared to the Rs. 67.40 crores recorded in H1FY23.
The total number of students trained by the Veranda Group for H1FY24 stood at 4,21,327 with 2,00,574 students trained this quarter.
Consolidated Financial Highlights:
|
Particulars (Rs. Crores) |
Q2FY24 |
Q2FY23 |
Y-o-Y |
Q1FY24 |
Q-o-Q |
H1FY24 |
H1FY23 |
Y-o-Y |
|
Revenue from Operations |
98.37 |
36.88 |
166.70% |
68.90 |
42.77% |
167.27 |
65.07 |
157.06% |
|
Other Income |
1.90 |
1.89 |
1.58 |
3.48 |
2.33 |
|||
|
Total Revenue |
100.27 |
38.77 |
158.63% |
70.48 |
42.26% |
170.75 |
67.40 |
153.34% |
|
Gross Profit |
60.18 |
15.06 |
299.53% |
38.38 |
56.80% |
98.57 |
26.96 |
265.57% |
|
Gross Profit Margin (%) |
61.18% |
40.84% |
55.71% |
58.92% |
41.43% |
|||
|
Operating Expenses |
||||||||
|
Advt & Business Promotion |
14.46 |
10.69 |
35.31% |
10.27 |
40.77% |
24.74 |
19.16 |
29.11% |
|
Corporate Costs |
4.53 |
5.36 |
-15.47% |
5.58 |
-18.88% |
10.11 |
10.29 |
-1.71% |
|
Non-Operating Expenses |
– |
– |
– |
– |
– |
|||
|
ESOPs/RSU |
1.10 |
3.36 |
-67.17% |
1.53 |
-27.96% |
2.64 |
5.44 |
-51.49% |
|
Growth Investment |
– |
4.99 |
– |
– |
6.37 |
|||
|
EBITDA |
16.75 |
-15.00 |
5.64 |
196.99% |
22.39 |
-28.41 |
||
|
Finance Cost |
10.31 |
1.07 |
862.00% |
8.45 |
22.03% |
18.76 |
2.79 |
572.15% |
|
Depreciation |
6.17 |
6.47 |
-4.72% |
18.96 |
-67.47% |
25.12 |
12.61 |
99.27% |
|
Tax Expenses |
1.80 |
-1.42 |
-2.44 |
-0.63 |
-2.61 |
|||
|
PAT |
-1.53 |
-21.13 |
-19.33 |
-20.86 |
-41.19 |
Key Consolidated Financial Highlights:
-
Total Operating Revenue stood at Rs. 98.37 crores in Q2FY24 compared to Rs. 36.88 crores in Q2FY23 a growth of 166.7% YoY; Total Operating Revenue for H1FY24 stood at Rs. 167.27 crores compared to Rs. 65.07 crores in H1FY23 witnessing a growth of 157.06% YoY.
-
The Total Revenue stood at Rs. 100.27 crores in Q2FY24 compared to Rs. 38.77 crores in Q2FY23 a growth of 158.6% YoY; Total Revenue for H1FY24 stood at Rs. 170.75 crores compared to Rs. 67.40 crores in H1FY23 witnessing a growth of 153.34% YoY .
-
The Gross Profit stood at Rs. 60.18 crores with a Gross Profit margin of 61.18% in Q2FY24 compared to Rs. 15.06 crores and Gross Profit margin of 40.84% in Q2FY23; In H1FY24 the Gross Profit stood at Rs. 98.57 crores with a Gross Profit margin of 58.92% in H1FY24 compared to Rs. 26.96 crores and Gross Profit margin of 41.43% in H1FY23.
-
Advertising and business promotion expenses for Q2FY24 & H1FY24 stood at Rs. 14.46 crores and Rs. 24.74 crores respectively
-
The Company reported an EBITDA of Rs. 16.75 crores in Q2FY24 compared to loss of Rs. 15.00 crores in Q2FY23. The EBITDA for H1FY24 stands at Rs. 22.39 crores as compared to a loss of Rs. 28.41 crores in H1FY23; The adjusted recurring EBITDA for the quarter Q2 FY24 stood at Rs 17.85 crores and Rs 25.02 crores for H1FY24.
Speaking on the strong financial performance, Mr. Suresh Kalpathi, Executive Director and Chairman, Veranda Learning Solutions said, “I am thrilled to share with you the outstanding performance of our company during Q2FY24 and H1FY24. The numbers speak for themselves – our revenue has surged by an impressive 167% in Q2FY24. This is a clear testament to the hard work and dedication of our teams, as well as validation of our strategic decisions. The improvement in EBITDA margin shows the strength and resilience of our business operations and the acquisitions.
After a challenging period of assimilating assets in the education ecosystem over the past two years, we can proudly say that we are now reaping the rewards. We have successfully stitched a fabric through strategic acquisitions, further enhancing our competitive advantage in the market. We are close to achieving the dream of being present across the entire education value chain.
We are confident that this momentum will persist, as we continue to drive growth from both our existing and newly acquired businesses. The future looks promising, and we remain committed to delivering exceptional results and value for our stakeholders.”
BUSINESS VERTICAL PERFORMANCE UPDATES:
Veranda RACE
Veranda RACE is a premier competitive exam test‑prep institute, preparing students and providing courses in the areas of Tamil Nadu Public Services Commission (TNPSC), Banking, and Kerala Public Service Commission (PSC), Railway Recruitment Board (RRB) and insurance examination for over 10 years. During Q2FY24 the Revenue for the vertical stood at Rs. 29.41 crores compared to Rs. 16.77 crores in Q2FY23 a strong growth of 75.29%. Reported an Adjusted EBITDA of Rs. 7.17 crores compared to Rs. 1.61 crores in Q2FY23. The enrolment during the quarter stood at 17,924 compared to 12,859 in Q2FY23 a growth of 39.39%
Edureka (Brain4ce)
Edureka is a platform for imparting the latest tech skills for technology professionals through curated courses to bridge the gap between industry demand and talent supply. During Q2FY24 the Revenue stood at Rs. 23.27 crores compared to Rs. 19.94 crores in Q2FY23 a robust growth of 16.76% YoY. The reported Adjusted EBITDA of Rs. 2.92 crores in Q2FY24 compared to loss of Rs. 3.41 crores in Q2FY23. The enrolments for Q2FY24 were at 8,032 vs 9,196 in Q2FY23.
JK Shah Classes
JK Shah Classes, a pioneer in coaching CA, CS, and CMA aspirants for the last 39 years collaborated with Veranda Learning Solutions Limited in October 2022. The unparalleled legacy and leadership position in the Chartered Accountancy Test prep course and other Commerce courses JK Shah classes has built a platform for sustained growth. The Revenue for Q2FY24 stood at Rs. 33.84 crores compared to Rs. 27.42 crore in Q1FY24 a growth of 23.4% QoQ. The Adjusted EBITDA was at Rs. 13.73 crore in Q2FY24 compared to Rs. 11.18 crore in Q1FY24 a growth of 22.82% QoQ. The enrolments for Q2FY24 were at 20,618 vs 16,153 in Q1FY24.
Veranda Higher Education Business
Veranda Higher Education offers long-term degrees and certification programs in collaboration with prestigious institutions such as IIM Raipur, IIM Shillong, XLRI, IIT – Guwahati, Goa Institute of Management, and Sastra University, as well as tie-ups with international universities to offer long term degree and certification programs. The Revenue for Q2FY24 stood at Rs. 2.93 crores compared to Rs. 0.29 crore in Q1FY24. The enrolments for Q2FY24 were at 764 vs 480 in Q1FY24 and bookings grew to Rs 15.40 crores in Q2FY24 as against Rs 8.85 crores in Q1 FY24.
New Acquisitions Performance
This quarter we also consolidated results from the new acquisitions which was completed in Aug 23 in wholly-owned subsidiary Veranda Administrative Learning Solutions Pvt Ltd (VALS). These businesses which included Educare Infra, Six Phrase, Phire, Neyyar Academy, Neyyar Education, and Bassure reported Revenue of Rs. 8.44 crores and Adjusted EBITDA of Rs. 3.37 crores. In addition, the Company announced investment in SmartBridge Educational Services Private Limited this quarter whose acquisition is expected to be completed by 31st Jan 2024. It also entered into a Business Transfer Arrangement with Sreedhar’s College of Competitive Exams (CCE), a prominent test-prep institute in Andhra Pradesh and Telangana during the quarter.
