Category Archives: News

CRISIL Ratings: Fee income of educational institutes to grow 12-14% this fiscal

Schools and colleges will report 12-14% revenue growth this fiscal, riding on higher enrolments, which allows for upward fee revisions, and students scouting for new course offerings. The growth will be despite the high base following three consecutive years of high-teen growth.

Improved enrolments and better utilisation of assets should cover increasing salary costs for faculty and other ancillary expenses for new courses and, thereby, aid in maintaining the operating margin at around 28%.

Additionally, as existing courses and seats remain highly utilised, educational institutes will continue to make capital expenditure (capex) to improve infrastructure and enhance intake capacities. However, strong cash flow (from higher revenue and timely realisation of fees) limits reliance on debt for capex and supports the credit risk profile.

An analysis of 96 educational institutes rated by CRISIL Ratings, accounting for almost Rs 20,000 crore fee income, indicates as much.

Enrolments for the educational institutes in the K-12 segment, largely schools, will continue to rise due to two reasons – rising demand for high-quality education and improved affordability as income levels rise.

The government aims to increase the gross enrolment ratio1 for higher education to 50% by 2035, from under 30% currently, by promoting new institutions while expanding and improving current institutions and increasing penetration among the addressable population. Even as intake capacity increases, utilisation rates for schools and higher-education institutes may improve to 86-87% by this fiscal from 85% last fiscal.

Says Himank Sharma, Director, CRISIL Ratings, “Occupancies in Computer Science courses in engineering colleges remained healthy in fiscal 2024 despite subdued placements. Moreover, new courses on Artificial Intelligence, Data Science and Machine Learning were in high demand. Occupancies in these courses will be further boosted by better hiring signals for fiscal 2025. Medical colleges and schools, too, continue to register high enrolments, driving fee income growth. Hence, educational institutes have the flexibility to undertake periodic fee revisions, which will result in fee income being higher by 12-14% in the current fiscal.”

Despite the increase in fee base, working capital requirement will remain minimal as fee receivables have been controlled at 45-50 days over the past few fiscals. Further, gearing and interest coverage ratio will improve to around 0.41 time and 7.0 times, respectively, this fiscal, as against 0.46 time and 6.2 times last fiscal (refer Chart 1 in Annexure).

Says Nagarjun Alaparthi, Associate Director, CRISIL Ratings, “Strong cash generation by educational institutions led to capex spends increasing by 18-20% of existing gross blocks, reaching an all-time high in fiscal 2024. Even in the current fiscal, schools and colleges will continue to expand their capacities by investing heavily in land and infrastructure, around 14-16% of existing gross blocks, while adding various new courses to their portfolio. Yet, credit profiles of education institutes will remain stable as leverage continues to be low.”

Lighting Up Diwali Safely: Tips to Stay Cybersafe and Protect Your Festive Celebrations Online

As the Diwali season approaches, the festival of lights is also casting a glow on increased cyber risks. Historically, cyber attacks spike during the holiday season, with cyber criminals taking advantage of reduced vigilance and the festive focus on celebrations, during a time for gifting and sharing. Cyber criminals leverage holiday themes in phishing attacks, disguising malicious emails as festive greetings or enticing offers designed to lure individuals into clicking harmful links. Such emails can lead to financially motivated cyber crimes or the theft of sensitive personal information. Financially motivated crimes comprised 85% of the 7,000 daily cybercrime complaints in May 2024 according to the Indian Cyber Crime Coordination Centre (I4C).

Swapna Bapat, Vice President Product Management, Palo Alto Networks says “As we approach the festive season, it is important for individuals to remain vigilant about online safety. Cyber criminals become most active at such times as most of them try to dupe people who would be distracted by the fun and excitement of celebrations. Financially motivated cyber attacks like phishing, malware or identity theft are some of the severe cyber threats that prevail during festivities in the digital world. However, many of these can be easily avoided by practicing smart online safety habits. With a bit of awareness and caution, we can enjoy the celebrations without falling victim to cyber crime.”

For a safer shopping experience, here’s Palo Alto Network’s guide to circumnavigating the digital world during the Diwali season and offers:

1. Take a Moment Before You Click: Trust but verify any link before clicking on it or responding to messages about Diwali deals. Take a moment to stop and think. Scammers often create a sense of urgency to push you into quick action. By pausing and carefully checking, you can protect yourself from falling for their tricks and keep your personal information safe while you shop.
2. Check for Spelling and Accuracy: Thanks to Gen AI – phishing emails seldom have spelling errors, poor grammar, or strange punctuation. Therefore, be extra vigilant in checking the sender’s email address for domain validity.
3. Approach Social Media Ads with Caution: Ads you come across on platforms like Instagram and Facebook may lead to fake websites pretending to offer Diwali deals. Always verify the legitimacy of the website before making any purchases.
4. Verify the Sender’s Domain: Ensure that any emails you receive come from official domains, such as addresses ending with the company’s official website. Scammers often use fake email addresses that look similar to legitimate ones to deceive shoppers and malicious websites are also used to hold on to an individual’s session tokens/login details.
5. Protect Your Personal Information: Avoid sharing sensitive details like your date of birth or Aadhaar/PAN card number in response to unsolicited messages. Legitimate businesses will not request this information without a valid reason. Make sure your parents, aunts, and uncles know the dangers of sharing personal information when shopping online.
6. Be Wary of Suspicious Messages: Phishing emails may resemble authentic order confirmations or shipping notices. Instead of clicking links within these emails, visit the retailer’s website directly by typing the address into your browser. This allows you to safely check your orders and account details.
7. Check Account Status Messages: If you receive a message claiming there’s an issue with your account, go directly to the company’s website to review your account status. This way, you can verify any problems without clicking on potentially harmful links.
8. Add multi-factor authentication (MFA): Turn on multi-factor authentication (MFA) on all services that allow it, including your email, for extra security. This helps protect your accounts even if someone gets your password.

New Ronald McDonald Family Room Opens in Chhatrapati Sambhajinagar for Pediatric Cancer Support

Chhatrapati Sambhajinagar (Aurangabad) – October 8, 2024: Ronald McDonald House Charities (RMHC) India proudly announces the opening of its second Family Room at the Government Cancer Hospital, Chhatrapati Sambhajinagar (Aurangabad), Maharashtra. Building on the success of its first Family Room at Bai Jerbai Wadia Hospital for Children in Mumbai, which has been serving thousands of families with kids suffering from cancer for over 8 years, this new facility advances RMHC India’s mission of providing a compassionate and supportive environment for families of paediatric cancer patients.

RMHC India is the Indian chapter of RMHC Global that has been working for 50 years to positively impact the health and well-being of children and their families. Operating in 62 countries and regions, RMHC supports more than 1,000 programs worldwide, with over 270 such Family Rooms globally, benefiting millions of families every year.

The new Family Room, located on the first floor of the paediatric department at the Government Cancer Hospital, will offer a peaceful place for families while their children receive treatment, ensuring they can stay close to their loved ones in a comforting space. Equipped with a comfortable waiting area, rest zones, and clean and hygienic child-friendly play areas, the Family Room is designed to ease the emotional and physical burdens of long hospital stays. This space allows families to recharge, rest, and prepare themselves to remain strong for their child’s recovery journey.

This expansion, made possible through a collaboration with the Government Cancer Hospital, strengthens RMHC India’s presence and outreach in the country. This facility will make a significant difference in the lives of paediatric cancer patients and their loved ones who visit this hospital for critical care.

Smita Jatia, Chairwoman, RMHC India said, “Our expansion to the Government Cancer Hospital in Chhatrapati Sambhajinagar is a key milestone in our commitment to provide critical support to families in need. By establishing this Family Room, we can extend care and resources to even more children and their families, especially in Tier 2 towns and hinterlands of Maharashtra and neighbouring regions. This initiative reinforces our mission to ensure that care is not just limited to medical treatment but extends to the emotional well-being of both patients and their families.”

The Government Cancer Hospital, which serves over 9,000 patients annually from regions such as Marathwada, Vidarbha, and North Maharashtra, as well as border districts of Andhra Pradesh and Karnataka, plays a pivotal role in providing specialized care. Its Paediatric Oncology department caters to approximately 500 children every year.

Dr. Shivaji Sukre, Dean – Government Cancer Hospital, emphasized the importance of this partnership and added, “The collaboration with RMHC India is a crucial step in enhancing the care we provide to paediatric cancer patients and their families. The Family Room is a much-needed space where families can find comfort and take a break during difficult times. By creating a playful and cheerful environment, this space will not only ease the stress families face but also contribute positively to the healing process for the children as they undergo treatment.”

RMHC India’s first Family Room at Bai Jerbai Wadia Hospital in Mumbai has been a beacon of hope for families since its establishment in 2016. Inspired by the success of this initiative, RMHC India is now committed to further extending its support to hospitals in more cities across the country, ensuring that more families benefit from the same level of care and compassion. Over the next three years, RMHC Family Rooms will serve thousands of children suffering from cancer and their family members, by offering a nurturing environment during their hospital visits. This new facility stands as a testament to RMHC India’s dedication to expanding its footprint and positively impacting more lives across India.

Citi Launches India Chapter of Armed Forces Veterans’ Network

Citi announced the launch of the Citi Salutes India Chapter, the 18th in the global Citi Salutes network and the first such network outside of the US and the UK. The Citi Salutes network seeks to create career opportunities for Armed Forces Veterans who have voluntarily retired from service and are seeking a transition into the corporate sector.

The launch of the India chapter was presided over by Rear Admiral Sundeep K. Verma, Naosena Medal, and Major General Ajay Singh Chauhan Shaurya Chakra, Sena Medal (Retd), Ashu Khullar, Citi India CEO and India and Indian Subcontinent & Banking Head, and Aditya Mittal Head-HR, Indian Subcontinent, and India Chief HR Officer.

Over the last few years, the HR and talent acquisition teams have made concerted efforts towards increasing the representation of veterans at Citi India, offering them a range of careers that go beyond conventional roles in operations and administration. In 2022, Citi and the Indian Naval Placement Agency (INPA) signed an MoU to explore opportunities for the recruitment of naval ex-servicemen at CSIPL. As on date, Citi has over 60 Armed Forces Veterans across its India employee base.

Veterans’ inclusion is an integral part of Citi’s Diversity Equity and Inclusion (DEI) mandate. Apart from the Citi Salutes India Network, Citi India has dedicated networks focused on ensuring inclusion and equity for women.

In a joint statement released to commemorate the launch of the India Citi Salutes Network, the Co-Leads of Citi’s Diversity Inclusion Network Steering Committee Edward Skyler, who is also Global Head of Enterprise Services and Public Affairs at Citi, and Michael Steinbach, who is Global Head of GCB Fraud Prevention, said: “With the launch of this new chapter, we are not only growing our Salutes membership worldwide, but also creating opportunities for robust engagement with our Veteran colleagues in India. It will provide valuable support for the retention and long-term growth of Armed Forces Veterans in the country.”

Commenting on the occasion, Ashu Khullar said: “We truly value the skills and expertise that Armed Forces Veterans can contribute when they take on a corporate role. These skills have been garnered and honed during their stints with the Indian Armed Forces, which is an institution widely respected for its unwavering commitment to excellence. We will do everything necessary to ensure that more of them are able to join our ranks in the coming years.”

Fabindia to Partner with ITC Sunfeast Baked Creations in Select Cities

Bengaluru| 8th October 2024: Fabindia, a homegrown lifestyle brand, and ITC Sunfeast Baked Creations have announced a partnership to establish dine-in cafes at select stores across India. Fabindia, founded in 1960, is one of India’s largest and most respected apparel and homeware retailer with 358 stores in 129 locations across the country, 11 international outlets and a long-standing, proven commitment to sustainability-based business practices.

ITC Sunfeast Baked Creations allows Indian consumers to indulge in their love for quality baked products while innovating on taste and textures suited for the Indian palate. Baked goods are synonymous with cakes and patisseries and ITC marries their top-notch expertise with convenience, especially in the food-delivery space, leaving customers to not miss out on experiences that the world of baking has to offer.

Some of the highlights of this dine-in café include a diverse and eclectic menu that includes pull-apart bagels, croissants and gourmet breads, and a wide selection of beverages. Besides, customers can enjoy Birthday celebration, Bulk Ordering, Diwali Gifting & Kitty parties opportunities at ITC Sunfeast Baked Creations Café.

According to a Fabindia spokesperson, “We are super excited to partner with ITC Sunfeast Baked Creations. When you step into a Fabindia Experience Centre, it’s about more than just retail, it’s about the total experience. Our joint commitment to quality and freshness is in step with similar values both shares. Health, nutrition and quality are of equal importance and Fabindia has always been about maintaining a balance between taste, ethically sourced ingredients and our customer’s choices.”

According to an ITC spokesperson: “We are thrilled to partner with Fabindia, a pioneer in not just the retail space, but in the craft space as well. Offering the best food, prepared with the finest ingredients has always been our ethos. ITC Sunfeast Baked Creations is privileged to be working with Fabindia and has a chance to reach out and touch more customers in many more places across the length and breadth of India.”

Top reasons why the study abroad trend will skyrocket in the coming years-Insight by Prodigy Finance

Studying abroad has become a trend among the new generation. More and more Gen Z students are opting to study overseas. According to data from Yocket, a record-breaking number of Indian students, approximately 750,000, left the country to pursue higher education overseas in 2022. The top destinations for these students during this period were Australia, Canada, and the United States of America.

Studying abroad offers numerous benefits, from receiving a top-notch education to gaining a deeper understanding of various cultures. It provides opportunities for students from different countries to come together, and develop the skills they need to cope with living far from home – like becoming fully independent and managing daily tasks like preparing meals, whether through takeout or by learning to cook with roommates.

Sonal Kapoor, Global Chief Commercial Officer at Prodigy Finance, said, “With the rise in students studying abroad, education loans are becoming a survival kit for these students. Not only does it help them to fund their dreams, but it also builds a sense of confidence in students when they get the loan, especially on their own, with no collateral or cosigner.

These students see the benefits later in their lives. They are more independent and manage to land their ideal job successfully or start their own start-up. One notable example from Prodigy is our student, Sagar Vasnani, who completed an MS in Engineering at Indiana University. He stated, “I come from a culture that emphasises collectivism. Pursuing my master’s degree in an individualistic country allowed me to discover my identity. I was able to change my career trajectory and grow my startup to be the #1 meditation app on Google Play Store”

There are many young entrepreneurs today. It’s not like in the past when many people were content with finishing their degrees, finding work, and settling down. This generation wants more. They want more out of life, whether it’s a high-quality education, landing their dream job, or starting their own business ventures. This new generation wants nothing but the best for themselves. They don’t just dream about it; they work hard to obtain international degrees, secure ideal jobs, or launch their businesses.

The ambition of the new generation is a testament to the changing landscape of success. We see many young, bright minds leading successful careers, and the big lesson we learn from them is that nothing is impossible. Anyone can transform their life and achieve anything they want; they just need to have a little courage to do it.

MAHE Manipal Hosts Inaugural International cGMP Conference and 2nd National cGMP Day on October 9-10, 2024

Manipal, 08th October 2024 — The Centre for cGMP at Manipal College of Pharmaceutical Sciences (MCOPS), Manipal Academy of Higher Education (MAHE), is excited to announce the first-ever ‘International Conference on cGMP – ICONcGMP 2024” and celebration of 2nd “National cGMP Day”, which is scheduled to be held on 9th and 10th, October 2024 respectively.

On the momentous occasion of the “NATIONAL cGMP DAY” 10th October 2024, the Centre for cGMP, MAHE, Manipal, in association with IDMA, Pharmexcil and FOPE, proudly announces the launch of the “First International Conference on cGMP” on 9 October and celebration of “NATIONAL cGMP DAY” on 10 October 2024. ICONcGMP 2024 is the first ever International Conference on cGMP being hosted by MCOPS, which will witness the presence of dignitaries & luminaries from Industry, Academia and Regulatory bodies.

According to Dr Girish Pai Kulyadi, Associate Professor, Department of Pharmaceutics, Co-ordinator, Centre for cGMP, MCOPS, the failure of firms to comply with GMP regulations can result in serious consequences including recall, seizing of medicines and fines for violation. To enhance awareness and accountability, MCOPS, MAHE took the initiative to establish the Centre for cGMP, a Centre of Excellence that no other pharmaceutical institute in India has undertaken so far. There is a huge industry-academia gap with respect to GMP concepts in the academia curriculum and actual industry practice. Therefore, academia has a major role in inculcating a strong GMP foundation in young minds. ICONcGMP 2024 with the theme “THINK cGMP – cGMP IS QUALITY”, is the right platform to deliberate on the significance of cGMP and quality systems, said Dr Girish Pai.

The president of the Pharmacy Council of India (PCI), Dr Montukumar M Patel, Chairman, Finances committee (PCI), Dr Vibhu Sahani, National president of FOPE, Mr Harish K Jain, Secretary General of IDMA, Mr Daara B Patel, General Secretary of IDMA & promoter and managing director of Encube ethical Pvt ltd, Mr Mehul shah, several other industry leaders and luminaries will attend both the events to be held in Manipal. There will be plenary sessions, poster presentations, and interactive industry-academic sessions featuring industry experts. Topics to be covered during the plenary sessions include manufacturing assurance, cGMP & analytical assurance, global regulatory landscape – challenges & strategies for pharma, strategies for handling deviations, quality risk management in excipients manufacturing, and cGMP in management of expired pharmaceutical products.

Lt. Gen (Dr) M.D. Venkatesh, Vice-Chancellor, MAHE, Dr Sharath Rao, Pro-Vice-Chancellor (Health Sciences), MAHE, will grace the occasion with Dr Giridhar P Kini, Registrar of MAHE. More than 300 academicians, industry representatives, regulators, consultants, and students from various institutions across the country will be participating in this historic event and will be witnesses to the celebration of the first-ever ICONcGMP 2024 and 2nd National cGMP Day.

The highlights of the event include NATIONAL cGMP DAY 2024 award and release of Centre for cGMP’s newsletter ‘cGMP CONNECT’. This year’s prestigious NATIONAL cGMP DAY AWARD is presented to honourable Mr S M Mudda in recognition of his immense contribution and services to the Pharmaceutical Industry, said Dr Girish Pai. The Centre for cGMP invites pharmaceutical professionals from industry and academia to actively participate in this important initiative to promote and uphold the highest quality standards in pharmaceutical manufacturing.

Medanta Doctors Recognised in Stanford University’s Global Rankings of Top 2% Scientists

Gurugram, October 8, 2024: Four distinguished doctors from Medanta – The Medicity, Gurugram, have been recognised in the prestigious Stanford University rankings of the top 2% of scientists in the world. The rankings, compiled by Stanford University in collaboration with leading scientific publisher Elsevier BV, evaluate researchers based on standardised citation metrics, identifying the most impactful contributors across various scientific fields. The doctors who have been included in the 2024 Stanford-Elsevier ranking are:

• Dr. Yatin Mehta, Chairman, Institute of Critical Care and Anaesthesiology

• Dr. Arvinder Soin, Chairman and Chief Surgeon, Institute of Liver Transplantation and Hepatobiliary Sciences

• Dr. Manish Bansal, Senior Director, Clinical and Preventive Cardiology, Institute of Cardiac Care

• Dr. Prashant Vilas Bhangui, Director, Institute of Liver Transplantation and Hepatobiliary Sciences

Research has always been a focal point at Medanta, positioning it at the forefront of medical innovations and enabling its doctors to offer the most advanced treatments. This recognition highlights Medanta’s ongoing commitment to medical innovation and underscores its leadership in medical scientific inquiry.

Dr. Naresh Trehan, Chairman and Managing Director, Medanta, said, “We are proud of all the doctors for their recognition on this esteemed list. Their dedication to advancing medical science and delivering high-quality patient care embodies Medanta’s mission. Their achievement reinforces our status as not just a top-tier hospital but also a centre where cutting-edge medicine is practiced. Our focus remains on integrating cutting-edge technology and pioneering therapies to improve patient outcomes and healthcare experiences.”

Jointly expressing their gratitude, Dr. Yatin Mehta, Dr. Arvinder S. Soin, Dr. Manish Bansal and Dr. Prashant Bhangui said, “We are honoured to be recognised in the Stanford University’s prestigious ranking of global scientists. This acknowledgment reflects not just our individual efforts, but also the collective commitment of Medanta to foster a culture of research, innovation, and excellence in healthcare. As doctors, our primary focus remains delivering the best possible care to patients. It is immensely gratifying to see our work in advancing medical science recognised on a global stage. We share this achievement with the entire Medanta community, who continually inspire and support us in pushing the boundaries of medical knowledge.”

Safex Chemicals Group ropes in Praveen Dubey as Senior Vice President – Strategic Alliances & Commercial

New Delhi, 8th October 2024: Safex Chemicals Group, a leading player in the global chemical industry, is pleased to announce the appointment of Praveen Dubey as Senior Vice President – Strategic Alliances & Commercial. With an extensive career in institutional business and strategic sourcing, Praveen brings a wealth of industry experience that aligns with Safex’ mission to strengthen its global presence.

Mr. Dubey has joined Safex Chemicals Group following his most recent position as Sr. GM & Head of Institutional Business & Strategic Sourcing at NACL Industries Limited. His career spans over two decades with significant roles at ADAMA Ltd., Coromandel International Limited, where he developed an in-depth understanding of the agrochemical and chemical industries.

“We are excited to welcome Praveen Dubey to the Safex’ leadership team,” said S. K. Chaudhary, Founder Director, Safex Chemicals Group. “Praveen’s extensive experience in the industry and his proven track record in forging strong institutional partnerships will be instrumental in driving our commercial strategies forward. His leadership will contribute to Safex’s vision of expanding our global footprint and strengthening our alliances.”

Commenting on his appointment, Mr. Dubey said, “The company has demonstrated tremendous success in recent years, and I look forward to working with the talented team to build strategic alliances and enhance commercial value for our stakeholders globally.”

The group has recently announced the appointment of Chandrashekhar Shukla as President – Sales & Marketing and Kamal Gupta as Global CFO. Safex Chemicals Group operates seven manufacturing units across India and the UK, reflecting the company’s strong production capabilities. The appointment of Praveen Dubey reinforces the company’s commitment to strengthening its leadership and positioning itself as a global player in the chemical industry.