8, Nov 2023
Key Highlights from Franklin Templeton’sAPAC nvestor Forum 2023
Experts discuss opportunities and risks for investors navigating
a complex investment landscape
Franklin Templeton hosted its flagship APAC Investor Forum 2023, a hybrid event in Hong Kong that brings together a panel of investment experts, including our CIOs and Portfolio Managers from our collection of Specialist Investment Management teams, to discuss the evolving investment landscape marked by geopolitical shifts, technological innovation, and changing demographics, and their investment perspectives for the new environment.
Commenting on recession risk and opportunities in 2024, Stephen Dover, Chief Market Strategist and Head of the Franklin Templeton Institute said: “While the likelihood of a least a mild of recession in the U.S. remains high, emerging markets, in particular Asia, may be more resilient. A weakening US dollar should support emerging markets, particularly those that will benefit from shifting supply chain dynamics. Lower debt levels, inflation, interest rates, and solid fiscal policy puts many Asian countries in a more favorable position. We see the greatest opportunities in Japan which is seeing a reversal of multi decade trends that are now showing positive momentum. We also see opportunities in Southern Asia. From an asset class perspective, fixed income globally is attractive as interest rates are at 10-year highs and are likely near peak levels in most regions. In terms of equities, we do not think U.S. earnings expectations are priced for an earnings slowdown. We prefer equity markets outside of the US.”
Commenting on inflation and rates outlook, Dr. Sonal Desai, Chief Investment Officer, Franklin Templeton Fixed Income, said: “I think we are getting closer to peak rates and the markets are starting to internalize what the Federal Reserve intends to do over the coming quarters; however, they are still overestimating the likelihood of rate cuts next year. We believe it is very possible that the Federal Reserve will not start easing at least until the end of 2024. There are a few factors behind this: 1) Supply issues (expected massive US fiscal deficits over the next several years); 2) Demand issues (Japan and China – two major holders of US treasuries – are likely to show less interest in US debt going forward); 3) Fundamental factors (inflation is likely stickier than markets expect as getting back to 2% inflation is challenging). All of this, combined with the market pricing in the return of a healthier level of term premia and a real rate closer to pre-global financial crisis averages is pushing long-term rates higher. This process, supported by the short-end rates rallying, has helped steepen the US yield curve which is what we have been positioned for.
As the financial market adjustment to the ‘’old normal’’ of higher rates takes time and brings about more volatility, we encourage investors to look for investment opportunities in fixed income which delivers attractive income while acting as a reliable diversifier to equities again. Our preference is to position in higher quality sectors while slowly moving further out the curve. Investment grade credit bonds with their all-in yield at 6%+, high-quality mortgages, and select opportunities in the high yield all look attractive.’’
Speaking on the sidelines of the Forum, Ed Perks, Chief Investment Officer, Franklin Income Investors, said: “The impact of higher-for-longer rates is now filtering down into the US economy, as small and medium-sized businesses are starting to feel the effects of not just the Fed’s tightening policy, but also the much more magnified and pronounced rise in longer-term interest rates. This has implications for both fixed-income and equity markets, and we are starting to see cracks in corporate earnings, there will be additional pressure if rates stay high in the long term. For income investors, higher interest rates are widening the fixed income opportunity set for achieving yield, and investment-grade corporate bonds stand out to us in the current environment as they offer attractive income, total return, and risk management potential. Looking ahead, if we do see the US economy start to decelerate and the Fed progresses closer to its inflation target and gains comfort with lowering rates in the second half of 2024 into 2025, that would provide a nice tailwind for total returns in fixed-income.”
Commenting on the outlook for developed market equities, Jonathan Curtis, incoming Chief Investment Officer, Franklin Equity Group, said: “Developed markets, and the US economy in particular, are showing signs of relative resilience and growth, thus making them attractive in this period of increasing macro and geopolitical uncertainty. We also see supportive valuations down the market cap spectrum in companies with exposure to the key themes we like including digital transformation, healthcare innovation, and energy transformation. This valuation disconnect creates an opportunity for investors to diversify their portfolios beyond the handful of large-cap growth businesses that have dominated the market for the past decade. We believe that mid-cap investments in the current environment.
First, we believe mid-cap and small-cap growth businesses are generally undervalued at the moment compared to their large growth counterparts. The price-to-earnings multiple on the market cap-weighted S&P500 hasn’t been this elevated vs the S&P500 equal-weighted index for at least the past 13 years. Second, mid-cap and small-cap businesses tend to be more sensitive to the economic cycle and may benefit from still resilient consumer spending and business activity. That said, investors should be wary of signs that less affluent consumers are starting to bear the pressures of higher interest rates. Finally, mid-cap and small-cap businesses offer more potential for innovation and disruption than large-cap businesses, as they are often nimbler and more adaptable to changing customer preferences, innovative technologies, and competitive pressures. They may also have more opportunities to expand into new markets, acquire other businesses, or become acquisition targets themselves.”
Commenting on the outlook for global and emerging market equities, Manraj Sekhon, Chief Investment Officer, Templeton Global Investments, said: “The current environment for global equity investors is unique. It offers a balance of near-term uncertainties and attractive long-term growth drivers. The short-term risks to the global economy include slower growth due to high-interest rates and elevated geopolitical challenges. This contrasts with the longer-term potential of breakthroughs in technology and healthcare alongside other secular trends. This environment provides fertile opportunities for long-term bottom-up investors, including Franklin Templeton.”
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- By Rabindra
8, Nov 2023
Renewable Energy to Drive Cost Competitiveness for Industrial Consumers
Bengaluru: November 08, 2023: The Federation of Indian Chambers of Commerce and Industry (FICCI), jointly with Hero Futures Energies organized a Closed-Door Interaction on Renewable Energy Adoption by Industrial Consumers in Bengaluru. The key objective of the interaction was to showcase renewable energy solutions and technologies available for Indian industrial consumers, supporting their transition towards decarbonization and the net-zero journey.
Addressing the participants, Ms. Aparna Pavate, Additional Secretary, Energy Department, Government of Karnataka stated “Karnataka is taking pioneering steps to revolutionize the energy landscape. Karnataka Renewable Energy Policy 2022-2027 stands as a beacon of the state’s commitment to a greener future targeting to strengthen power sub-stations for evacuation, develop RE ecosystem, and augment distribution networks.” She also highlighted on the state initiative of developing hybrid parks which will produce a total of 5,000 MW of green energy. She further mentioned that India has made commendable progress in the renewable energy landscape, with more than 42% of current capacity built from of non-fossil energy sources.
Mr. Amarnath N, Chief Executive Officer, Karnataka Solar Power Development Corporation Ltd, Government of Karnataka mentioned that Karnataka is the pioneering state in the development of renewable energy with the policy initiative starting way back in 2009. He highlighted on the key initiatives taken in State RE Policies of 2009-14, 2014-21, and 2022-27 and stated that “appx 62% of the current power consumption in the state is from renewable sources.” He further invited industry to be a part of a proposed 5GW hybrid park, comprising of wind and solar resources.
Representing the industry, Mr. Harmit Singh Sethi, Co-Chair, of the FICCI Cement Committee and Executive Director and group Head, of Corporate Affairs and incubation, Dalmia Bharat Group highlighted that while cement (and sectors like steel) are hard-to-abate sectors, but these are the key industrial sectors to drive the renewable energy adoption in the nation. He further mentioned that “with the Government’s increased focus on infrastructure development and urbanization to increase from 33% to 40% by 2030, there is going to be increased demand for cement and hence an increased chance of GHG emissions.
Presenting the Renewable Energy Solutions for Industrial Consumers, Mr. Animesh Sharma, Head of Business Development – India C&I, Hero Future Energies highlighted on the huge potential for Renewable Energy in the Karnataka State, focussing on solar and wind sources, robust grid mechanism, and conducive policy framework. He further mentioned on the encouraging policies of Karnataka in terms of single window clearance, 60-days approval timeline, and adoption of open access rules, among others.
Mr. Chandan Dixit, Associate Director, Deloitte India presented on the renewable energy adoption trends and developments by industrial consumers. Mr. Ramesh Chandra Lahoti, President, of Karnataka Chambers of Commerce & Industry added on the plans and initiatives of the state industrial sector for decarbonization and adoption of renewable energy.
The discussions acknowledged that many corporates and industries have already committed to adopt green energy and are looking for solutions best suited to their operations. Such FICCI platforms facilitate this interaction among the two sectors of renewable energy and industrial consumers.
8, Nov 2023
Kolkata Gets Ready to Celebrate Festivities with Amazon Xperience Arena
Kolkata, 8th November 2023: Amazon.in has reported growth in double digits across West Bengal and Kolkata with the city becoming the top 10 high-performing regions in the Consumer Electronics and Personal Computing category during the Amazon Great Indian Festival 2023. Fueled by financial schemes such as no cost EMI, customers in Kolkata continue to opt for premium products and upgrade to the latest appliances during the festive season. The growth for the Consumer Electronics and Personal Computing category is driven by the encouraging demand from Tier 2 and 3 regions across the state of West Bengal.
Customers in Kolkata also got a glimpse of Amazon Great Indian Festival 2023 at The Oberoi Grand, Kolkata with the ‘Amazon Xperience Arena’ (AXA) culminating on 7th November,2023. This one-of-a-kind showcase gave media, influencers, and customers a chance to experience their favorite brands and products while participating in fun engagements. Across the seven interactive zones at the event, customers competed to win exciting rewards and a chance to interact with their top brands across categories.
Commenting on the occasion, Nishant Sardana, Director, Consumer Electronics, Personal Computing and Large Appliances, Amazon India said, “We’re thrilled to conclude the Amazon Xperience Arena in Kolkata, which is amongst the top 10 performing cities for the Consumer Electronics and Personal Computing category, driven by upgrades and preference for premium products. During the Amazon Great Indian Festival 2023, we have also experienced a remarkable surge of more than 80% year-on-year growth in the appliances category across the region. As Kolkata’s festive season shopping continues to thrive on India’s most preferred marketplace, we are excited to share continued growth in this region”.
Here are some trends across Consumer Electronics and Personal computing along with the Large Appliances category observed on Amazon.in across Kolkata:
Consumer Electronics and Personal Computing
High-Growth Categories- Tablets, Laptops, Soundbars & Speakers: Tablets, laptops, soundbars, and speakers are the prominent categories exhibiting significant year-over-year (YoY) growth with an increase of almost 50%.
Shift towards premiumization: The premium category, featuring products priced above 50,000, witnessed 2x growth compared to last year
Better storage is preferred by customers: To ensure a lag-free experience, the gaming community in the region is opting for more storage capacity and high-performance computing devices. This trend has resulted in close to 70% year-on-year growth for 16GB RAM and 1 TB storage, and a remarkable 90% year-on-year growth for high-end processors ((i5/7/9, Apple M1, AMD Ryzen 5). The presence of multiple affordability options has also stimulated demand for high-performance devices
Smartwatches purchase is on the rise: This product category has experienced positive year-on-year growth of almost 80%, with customers preferring AMOLED displays
Most sold products during Amazon Great Indian Festival 2023: Smartwatches- Fire-Boltt Ninja Call Pro Plus, beatXP Marv Neo, Noise Pulse 2 Max; Headphones- boAT Bassheads, boAT Airdopes 141; Laptops: Apple Macbook Air, Acer Aspire lite, HP laptop 15S and Tablets: Samsung Galaxy S6 Lite, Xiaomi Pad 6, iPad Air 22 are most preferred amongst customers.
Brand preference:
○ Top PC gaming brands are HP, Acer, Dell and HyperX
○ Top 10 brands are Apple, boAt, HP, ASUS, Acer, Samsung, Lenovo, Fireboltt, Dell & Sony
○ Brands with the highest YoY growth are Govo, One plus, Redmi, Tribit, Gigabyte, Amazon Basics, CP plus, Apple, Marshall & MSI
Large Appliances:
Affordable levers are driving growth in Kolkata: Kolkata has experienced an impressive 80%+ year-on-year growth in the home appliances category, with the surge predominantly fueled by premium products during the Amazon Great Indian Festival 2023. Notably, 70% of consumers in these regions have availed affordability options (no cost EMI and more) to make their appliance purchases
Preferred categories: Among subcategories, the most significant growth was observed for Air-Conditioners, with a year-on-year growth of more than almost 2x, closely followed by Refrigerators
Brands Preferred: Consumers in Kolkata preferred Samsung, LG, Daikin, and many more while upgrading their home during Amazon Great Indian Festival 2023
West Bengal is a key region and has played a vital role in Amazon’s growth in India. Over the years, Amazon has invested in creating a robust physical infrastructure across India. Today, Amazon has more than 55,000 sellers from West Bengal selling everything from apparel, sports goods, hosiery items, consumables, and a lot more on Amazon.in. There are several programs and tools that have been rolled out in the state to help hundreds and thousands of small sellers embrace e-commerce. (Local Shops, Karigar, Saheli, Launchpad etc.)
To serve the needs of customers and sellers from the region, Amazon India has 3 large fulfilment centres in Kolkata with a total storage space of more than 3 million cubic feet. The region also has 3 sort centers with more than 1 million sq. ft. of processing area. These fulfilment and sort centers help serve sellers and customers in addition to helping in creating thousands of employment opportunities for local residents.
Amazon also has close to 90 Amazon-owned and Partner Delivery Stations, as well as more than 1300 ‘I Have Space’ stores in the state. Furthermore, Amazon India has created more than 100,000 seasonal job opportunities across its operations network for the Indian festive season. These opportunities include direct and indirect jobs across India in cities such as Mumbai, Delhi, Pune, Bangalore, Hyderabad, Kolkata, Lucknow and Chennai.
8, Nov 2023
Cygnet Infotech unveils Cygnet Digital: A bolder brand and intuitive website transformation
Mumbai, 2023: Cygnet, a prominent provider of enterprise transformation platforms and services, has rebranded itself. The company’s new logo and website reflect the digital landscape of enterprise evolution. Cygnet Infotech has now become Cygnet Digital, marking a strategic shift towards offering customer-centric digital services, simplified tax solutions, and finance digitalization.
Speaking about this major milestone, Sanjeev Thakkar – Global Head of Marketing, at Cygnet Digital, said, ” With the reorganizing of our capabilities around Business, Intelligence, and Experience, we wanted to reflect this bold promise through our bolder logo and business challenges-centric website navigation. The Swan represents our commitment to a smooth transformation journey ahead. In addition to helping Cygnet differentiate itself from its competitors, creating more intuitive website navigation and capabilities helps users find what they are looking for more easily.”
The new Cygnet website, features a modern, user-friendly interface, allowing visitors to effortlessly explore Cygnet’s wide range of products, services, and resources. Prioritizing a user-centric design, the new website boasts simple and intuitive navigation cues and improved search functions. This significant transformation reflects Cygnet’s commitment to providing focused solutions and an optimized user experience. Cygnet has enhanced user experience on the new website, which embodies a new distinct brand identity and signals an exciting, possibility-filled future, to our customers, people, and partners.
It symbolizes the intangible values of Cygnet that are rooted in Indian civilizational knowledge systems and represents the company’s commitment to innovation and transformation, while the new tagline, Living the Trust, aims to make a promise to our clients, cygnetians, and communities’ aspirations a reality. The new logo and tagline reflect Cygnet’s commitment to creating positive transformation in people’s lives. They aim to build a sustainable future based on trust, integrity, and mutual respect. The company is now focused on creating a positive legacy for future generations.
Going ahead, Cygnet Digital will be redefining its go-to-market strategy while maintaining its leadership in tax and finance transformations, digital engineering, quality engineering, enterprise applications, data analytics, AI, hyper-automation, and digital commerce and experience. Cygnet Digital’s goal now is to make technology more accessible by collaborating with businesses to co-innovate.
8, Nov 2023
MamyPoko Pants onboards actress Saumya Tandon as their new face in Uttar Pradesh
The brand aims to strengthen its presence in the UP market with this association
8th November 2023: MamyPoko Pants, one of India’s leading brands in baby diapers, from Unicharm India, ropes in actress Saumya Tandon as the face of the brand for the Uttar Pradesh market. MamyPoko Pants is one of the market leaders in the diapers category and the inventor of India’s first pant-style diapers.
Saumya Tandon is quite known for her role in a popular Hindi sitcom that amassed cult fandom in India, especially in Uttar Pradesh. The actress has a very positive onscreen appeal and perfectly captures the brand’s tonality and larger messaging. Through this, she will communicate to the consumer base as an extension of the brand’s personality.
In order to maximize its market penetration, the brand aims to employ a comprehensive set of online and offline platforms by leveraging the new brand ambassador. Toward the same goal, the brand plans to implement both ATL and BTL advertising.
Saumya Tandon expressed her thoughts saying, “I’m thrilled to be partnering with MamyPoko Pants. More so because being a mother myself, I strongly resonate with their dual vision of ensuring the baby’s comfort & happiness and enhancing the experience of motherhood. I have immensely enjoyed my previous collaborations with the brand, but this extended partnership allows the brand and me, more room to grow, and I’m looking forward to that.”
Commenting on the partnership, Mr. Vijay Chaudhary, Managing Director, of Unicharm India said, “Considering that Uttar Pradesh is one of the most important markets for MamyPoko Pants, we wanted to ramp up our efforts to communicate the brand’s benefits and values to the consumers of the state. The ace actress, Saumya Tandon, has a quite positive appeal among this audience and has built a unique connection with them over the years, both through her famous character and her personality. That is why we are elated to have her come on board as the face of our brand. We are confident that the move will help us strengthen our brand communication and in turn our market position.”
This is not the first time that the brand has associated with the actress. Earlier this year, Saumya Tandon was featured in MamyPoko Pants’ video campaign promoting their diapers. The new long-term partnership aims to amplify and further build on the positive sentiments generated by that activation.
8, Nov 2023
Alembic Pharmaceuticals Ltd revenue up by 8 Percent to Rs. 1595 crores in Q-2 FY24
Mumbai, November 7th, 2023: Alembic Pharmaceuticals Limited reported its consolidated financial results for the second quarter and half year ended 30th September 2023.
Financial Highlights
- Net Sales grew 8% to Rs.1595 crores for the quarter.
- Net Profit for the quarter at Rs.137 crores.
- Net Sales grew 13% to Rs.3081 crores for the H-1.
- Net Profit for H-1 at Rs.257 crores.
Mr. Shaunak Amin, Managing Director, Alembic Pharmaceuticals Limited said “Despite the challenges of a muted demand in the Antibiotic and respiratory market, it was a satisfactory quarter, backed with a strong performance by our specialty and animal healthcare portfolio. We are confident of returning to an industry-beating growth moving forward”.
Operational Highlights
India Branded Business
- India Branded Business at INR 577 crores witnessed growth of 5% in Q2FY24 against IPM growth of 7%.
- Specialty therapies recorded growth of 10%* vis a vis industry growth of 9%*.
- Performed relatively better than the market in the Antibiotic and Respiratory segments. Underlying factors remain strong despite muted demand in the acute market for the quarter due to the weak season.
- Animal Health business recorded growth of 32% over PY Q2.
*IQVIA Qtr September’ 23
Mr. Pranav Amin, Managing Director, Alembic Pharmaceuticals Limited said “It was a satisfactory quarter led by growth in all the verticals of the company, in particular, Ex-US which grew by 17% and the API business outperformed with a 10% growth during the quarter”
Operational Highlights
International Business
- US Generics at Rs. 444 crores up by 6% on a YoY basis and by 14% on a QoQ basis
- Ex-US International Formulations grew 17% to Rs. 252 Crores in the quarter.
- We have regular exports now from both general injectable and oncology plants.
- 6 ANDA approvals were received during the quarter; 190 Cumulative ANDA approvals.
- 2 ANDA filings during the quarter; Cumulative ANDA filings at 252.
API Business
- API business grew 10% at Rs. 322 crores in the quarter.
- 132 cumulative DMF Filings.
The summary of Total Revenue is as under: (Rs in Crores)
| Particulars | Q2 FY24 | Q2 FY23 | % Change | H-1 FY24 | H-1 FY23 | % Change |
| Formulation | ||||||
| India | 577 | 549 | 5% | 1101 | 1029 | 7% |
| USA
Ex- US |
444
252 |
418
215 |
6%
17% |
834
518 |
785
396 |
6%
31% |
| API | 322 | 294 | 10% | 628 | 527 | 19% |
| Total | 1595 | 1475 | 8% | 3081 | 2737 |
13% |
7, Nov 2023
Balancing Actions: How an Entrepreneur Should Prioritize Their Professional and Personal Goals
By – Dr. Vivek Bindra, Founder & CEO of Bada Business Pvt Ltd, Renowned Youtuber, entrepreneur, educator, international motivational speaker, leadership consultant, and startup guru.
The life of an entrepreneur is a constant juggling act, with numerous responsibilities and goals to manage. From building a successful business to nurturing personal relationships and pursuing individual dreams, the entrepreneur’s path can be overwhelming. However, mastering the art of prioritizing between professional and personal goals is essential for long-term success and well-being.
In this article, we’ll explore the challenges entrepreneurs face in balancing their professional and personal lives, and provide insights on how to effectively prioritize these two vital aspects of life.
The Entrepreneur’s Dilemma
Entrepreneurs are known for their dedication and tireless pursuit of their business ambitions. They often find themselves caught in a relentless cycle of working long hours, making personal sacrifices, and facing high levels of stress. While dedication to one’s professional goals is admirable, neglecting personal well-being and relationships can lead to burnout and a sense of emptiness in life.
On the flip side, focusing solely on personal life and neglecting professional responsibilities can hinder business growth and financial stability. Striking the right balance is a challenging task, but it is essential for both personal fulfillment and business success.
Prioritizing Professional Goals
Set Clear Business Objectives: Start by defining your business objectives and goals. What do you want to achieve in your professional life, and what is the timeline for reaching these milestones? Maintaining a well-defined plan will enable you to remain dedicated to your entrepreneurial pursuits.
Time Management: Well-organised time management is essential for entrepreneur. Prioritize tasks, delegate responsibilities where possible, and minimize time-wasting activities. Time spent on your business should be purposeful and productive.
Seek Professional Development: Continuously invest in your professional development. Stay updated with industry trends, attend workshops, and network with like-minded individuals. Gaining new skills and knowledge will not only enhance your business but also boost your confidence.
Delegate and Automate: Acquire the skill of entrusting responsibilities that do not demand your direct involvement. Automate routine processes to save time and reduce your workload. This will free up more of your valuable time for strategic decision-making.
Prioritizing Personal Goals
Define Personal Values: Take time to understand your personal values and what truly matters to you outside of work. Are your relationships, health, or personal passions a priority? Knowing your values will help you allocate time accordingly.
Self-Care: Prioritizing your health and well-being is non-negotiable. Make exercise, healthy eating, and adequate rest part of your routine. A healthy entrepreneur is a more productive entrepreneur.
Maintain Relationships: Your personal relationships are a source of support and happiness. Dedicate time to nurture them. Schedule regular quality time with family and friends, and make an effort to be fully present during these moments.
Pursue Hobbies and Passions: Don’t let your professional life consume all your time. Engage in hobbies, interests, and passions that bring you joy and fulfillment. These activities can be a source of relaxation and inspiration.
Finding Balance
Balancing professional and personal goals is not about allocating equal time to each but rather about managing your time and energy effectively. This balance will evolve over time, depending on your business’s growth and your personal life circumstances. Here are some tips for achieving equilibrium:
Regularly Re-evaluate: Periodically evaluate your priorities and adjust them as necessary. Life is dynamic, and your priorities may shift with time.
Learn to Say No: Avoid overcommitting yourself to professional or personal obligations. It’s okay to decline certain opportunities to protect your well-being.
Seek Support: Don’t hesitate to seek help or advice from mentors, peers, or professionals who can provide guidance on maintaining balance.
As an entrepreneur, the journey toward achieving professional and personal goals can be challenging, but it is undoubtedly rewarding. The key is to be intentional about how you allocate your time and energy. Striking a balance between these two critical aspects of life is essential for long-term success, happiness, and well-being. By setting clear priorities and consistently reassessing them, you can navigate the entrepreneurial path while nurturing your personal life and passions. Remember, it’s not about choosing between one or the other; it’s about harmonizing them to create a fulfilling and prosperous life.
7, Nov 2023
Krafton achieves 3Q23 sales of KRW450.3B
New Delhi, 7th November 2023: KRAFTON, Inc. (CEO CH Kim) announced its 3Q23 preliminary earnings on November 7.
KRAFTON recorded its 3Q23 sales at KRW450.3B, OP at KRW189.3B, and NP at KRW211.6B in accordance with the Korean International Financial Reporting Standards (K-IFRS). Sales and OP both climbed 16% QoQ and 44% QoQ, respectively, which would translate into 4% YoY and 31% YoY, respectively. KRAFTON posted its 3Q23 cumulative sales at KRW1,376B and OP at KRW603.7B, claiming the highest OPM among the listed game companies in Korea.
The achievement in sales and OP is largely attributed to the stable revenue generated across all platforms by PUBG: BATTLEGROUNDS IP. On PC/Console, PUBG: BATTLEGROUNDS updated its classic maps Miramar and Erangel, and introduced a new weapon, Dragunov, offering new gameplay experiences to users in 3Q23. As the company has engaged in direct communication with users and actively gathered their feedback through the PUBG: BATTLEGROUNDS Director Live Talk since August, it achieved sales of KRW133.3B on PC/Console.
As for Mobile, sales picked up 26% QoQ and 9% YoY to KRW309.1B driven by PUBG MOBILE’s Dragon Ball Super collaboration and the resumption of BATTLEGROUNDS MOBILE INDIA (BGMI) services. In India, hosting large-scale Esports competitions and providing localized content helped sales and traffic return to the previous levels while the game has further solidified its position as the most popular game in the Indian market with a steady inflow of new users.
With its strategic direction of “Scale-Up the Creative” since early 2023, KRAFTON has been enhancing its publishing capabilities and focusing on new IP acquisitions, thereby gaining a foothold to take another leap forward. This year, up until the third quarter, KRAFTON has made equity investments in a total of 13 global studios, focusing on strengthening publishing capabilities and acquiring new IPs. As such, the number of global studios in which KRAFTON has invested since going public has increased to 21.
KRAFTON’s self-developed new titles are set to connect with fans, starting from 2024. Among these, ‘Dark and Darker Mobile,’ an extraction RPG independently developed by Bluehole Studio, and ‘inZOI,’ a life simulation game featuring realistic graphics, will be the first to meet the fans. Furthermore, the company is poised to bolster its earnings with a lineup of forthcoming releases, including an extraction shooter genre game, ‘Project Black Budget,’ currently being developed by PUBG STUDIOS and scheduled for launch in 2H24.
Dongkeun Bae, CFO of KRAFTON, stated, “KRAFTON is growing steadily based on the ongoing potential of the PUBG: BATTLEGROUNDS IP,” and added, “Moving forward, KRAFTON aims to become a company known for launching major new titles and highly anticipated games every year, by expanding our pipeline aggressively with our own game development and second-party publishing.”
| Earnings
(3Q23) |
Earnings
(2Q23) |
% chg (QoQ) | Earnings
(3Q22) |
% chg (YoY) | |||||||
| Sales | 4,503 | 3,871 | 16.3% | 4,337 | 3.8% | ||||||
| OP | 1,893 | 1,315 | 44.0% | 1,446 | 30.9% |
Table: KRAFTON’s 3Q23 (preliminary) earnings on a consolidated basis (unit: KRW100M)
7, Nov 2023
Startup Odisha Launches Millet Innovation Challenge
Bhubaneswar, 7th November 2023: Millets in Odisha hold a storied legacy of safeguarding food security and bolstering climate resilience for tribal communities. To further empower this sector, there is an increasing need for Startups and innovation to promote millet cultivation, encourage their consumption, and create economic opportunities within this sustainable agricultural domain.
In light of this Startup Odisha has launched the Millet Innovation Challenge on the sidelines of the International Millets Convention. This challenge serves as a platform for recognized startups operating within the millet industry to pitch their transformative solutions and ideas. By participating, the startups have the opportunity to win monetary prizes, receive promotional support, and even gain an exclusive opportunity to pilot their solutions with the Odisha Millet Mission.
Startups with expertise in diverse Millet industry sectors such as Branding and Packaging, Logistics and Supply Chain Management, Quality Assurance and Safety, and Financial and Legal Mechanisms Management are encouraged to participate in this distinctive challenge.
Dr. Omkar Rai, Executive Chairman, Startup Odisha said, ‘The Millet Innovation Challenge is a crucial step towards fostering innovation in the millet industry. It marks the beginning of a transformative journey where millets will play a central role in ensuring food security, empowering local communities, and driving economic growth. Through this challenge, we aim to catalyze a wave of innovative solutions that will shape a sustainable and prosperous future for Odisha.”
Dr. Arabinda Kumar Padhee, IAS, Principal Secretary, Department of Agriculture & Farmers’ Empowerment, Government of Odisha said, “Unlocking the immense potential of millets is at the core of the Millet Innovation Challenge, driven by Startup Odisha. The primary goal of the Millet Innovation Challenge is to support startups in creating innovative solutions that enhance millet processing, improve value addition, and expand the market for millet-based products. This challenge is a significant leap towards a more resilient Odisha, guided by the spirit of innovation.”
The application deadline was set for November 5, 2023, followed by the 1st Round Pitch Presentations on November 7, 2023. The winners of the 1st round will be announced on November 8, 2023, with the final pitching event taking place at the International Millets Convention on November 10, 2023. The challenge will culminate with the announcement of the top 3 winners on the same day, November 10, 2023. The top 3 Startups, distinguished for their innovation and dedication, will receive monetary awards of 3 lakhs, 2 lakhs, and 1 lakh, respectively.
In the heart of Odisha, the Millet Innovation Challenge promises to be a transformative force, a testament to the resilience and potential of millets in shaping a sustainable and prosperous future. With the spirit of innovation, entrepreneurship, and a shared vision of a thriving millets industry, this challenge stands poised to make a lasting impact on the state’s agriculture and economy. As these startups rise to the occasion, Odisha’s journey towards a healthier, more prosperous, and sustainable tomorrow begins.
7, Nov 2023
L&T Technology Services to partner with Google Cloud to develop state-of-the-art DevX platform
India, November 07, 2023: L&T Technology Services (BSE: 540115, NSE: LTTS), a leading global digital engineering and R&D services company, today announced an innovative collaboration with Google Cloud to harness the power of its generative AI (gen AI) technology and tools for the development of its LTTS Developer Experience Platform, known as DevX. LTTS DevX is a groundbreaking platform for engineering services, serving as a comprehensive, unified destination for API-enabled solutions across major industries, from LTTS and its ecosystem partners.
The collaboration underscores LTTS’ commitment in achieving transformative AI-driven objectives in collaboration with Google Cloud. It will facilitate the creation of an expansive API catalogue and experience, redefining how customers interact with LTTS’ digital offerings. Both organizations will work in tandem to shape LTTS’ DevX framework, and seamlessly integrate Google Cloud’s gen AI components into the overall architecture.
LTTS has multiple objectives for the alliance. Firstly, it aims to expand the mindshare among developers globally, positioning DevX as a go-to platform for engineering solutions. Secondly, it seeks to enhance consumption by streamlining the discovery and implementation of LTTS’ solutions and services for end-users, ultimately resulting in higher customer satisfaction. The collaboration also aims to deepen developer engagement with content by creating a “developer playground” experience and extending it with API discovery and accelerators.
The rollout will unfold in two distinct phases: In the initial phase, LTTS will combine its expertise with Google Cloud for the development of DevX, focusing on select use cases, including automating the process of generating test cases from requirement documents thus streamlining the development workflow; expediting the unit test case generation process by integrating gen AI into the development code; and automating code generation, thereby significantly reducing manual efforts and boosting development efficiency.
Building on the success of this phase, LTTS and Google Cloud will take the next leap by creating a custom-gen AI platform seamlessly integrated into the overarching LTTS DevX ecosystem. This advanced platform will empower developers with even more sophisticated AI-driven capabilities.
LTTS has a track record of breakthroughs in AI, with popular AI solutions like Chest-rAiTM and AiKno®, for the medical, industrial, and transportation sectors, positioning it as a partner of choice for AI-enabled digital transformation initiatives. Cognitive Meta Data extraction modules from its AiKno® platform automates the tedious task of digitalizing physical data, thereby greatly improving efficiencies and significantly reducing the time taken for manual digitalization. The LTTS API Hub, developed using Google Cloud’s offerings, including Vertex AI, will help enhance operational efficiencies and capabilities for end customers worldwide. Vertex AI combines data engineering, data science, and ML engineering workflows, enabling global engineering teams to collaborate using a common toolset and scale myriad applications using the benefits of Google Cloud.
The collaboration aims to address complex challenges, such as generating test cases from unstructured data sources.
“We are excited to join forces with Google Cloud to unlock new dimensions of AI-led innovation,” stated Abhishek Sinha, Chief Operating Officer and Member of the Board at L&T Technology Services. “This partnership not only propels us closer to our gen AI goals but also cements our commitment to revolutionizing engineering and digital solutions for the benefit of multiple industries. As LTTS and Google Cloud embark on this transformative journey, the engineering landscape stands on the cusp of a new era. With the power of AI-driven innovation at the forefront, the future promises unparalleled possibilities for industries worldwide.”
“Google Cloud is committed to providing the industry’s most open cloud and helping customers accelerate their digital transformations,” said Chandra Sankholkar, Director of Partnerships, Google Cloud. “Through this new partnership, L&T Technology Services will use Google Cloud’s infrastructure to power new capabilities that can improve operations and create real-world value for businesses.”
