JK Lakshmi Cement Reports Robust Q4 and FY 2023-24 Result, Net Profit jumps 28percent to Rs.424.32 Crores in FY24

New Delhi, Delhi, India JK Lakshmi Cement Limited (JKLC) today announced its financial results for the fourth quarter (January-March) of the fiscal year 2023-24, along with full financial year 2023-24, demonstrating robust operational performance and a steadfast commitment to sustainability.

KEY HIGHLIGHTS

• The Standalone Net Sales increased by 4% in FY’24.
• The Standalone Sales Volume increased by 1% in FY’24.
• The Company achieved a Capacity Utilization of 89% in Q4FY24 Vs 79% in Q3FY24.

Commenting on the company’s results, Smt. Vinita Singhania, Chairperson & Managing Director, JK Lakshmi Cement Ltd., stated, “We witnessed robust performance in the fourth quarter. The Profitability of the Company improved on the account of higher volume, better product & sales mix and reduction in fuel cost. At JK Lakshmi Cement, our commitment to sustainability and innovation continues to drive our strategic initiatives. The promising forecast for housing real estate sales, along with the government’s sustained focus on enhancing logistics infrastructure, presents tremendous opportunities for us. These developments allow us to contribute to national advancement while continuing to lead in sustainable cement production.”

The company’s vision on Sustainability and increasing capacity is manifesting in key initiatives and achievements this year.

SUSTAINABILITY

• The Company is implementing a Project for enhancing its TSR from 4% to 16% in a phased manner at its Sirohi Cement Plant as a part of its Green Initiatives.
• The Company is also enhancing its WHR Capacity by 3.5 MW at Sirohi, which will come into stream in First Quarter of FY’25.
• The Company has tied-up under the Captive Route, sourcing of Solar Power of 40 MW for its Integrated Cement Plant at Durg in Chhattisgarh. With this Sourcing, the Share of Renewable Power at Durg Cement Plant has increased from 36% to 80% from October 2023.

CAPEX

• The Company’s Subsidiary, Udaipur Cement Works Ltd. (UCWL) had successfully commissioned its second Clinker Line of 1.50 Million Tonnes Per Annum in October 2023, whereby its Clinker Capacity has doubled to 3 Million Tonnes Per Annum. The Cement Grinding Capacity of 2.5 Million Tonnes Per Annum was commissioned in March 2024.
• The Company is in the process of expanding its Cement Grinding capacity at its Surat Grinding Unit from 1.35 Million Tonnes to 2.7 Million Tonnes. The Project is likely to cost Rs.225 Crores to be funded through Term Loans from Bank of Rs. 150 Crore & balance through Internal Accruals.
• The Company is expanding the Clinker Capacity at its integrated Cement Plant at Durg in Chhattisgarh by putting up an Additional Clinker Line of 2.3 Million Tonnes Per Annum & Four Cement Grinding Units aggregating to 4.6 Million Tonnes Per Annum at Durg in Chhattisgarh and also Three Split Location Cement Grinding Units with aggregate Cement Grinding Capacity of 3.4 Million Tonnes Per Annum at Prayagraj in Uttar Pradesh, Madhubani in Bihar & Patratu in Jharkhand. The Project is likely to cost Rs.2500 Crores & is proposed to be funded through Term Loans from Banks of Rs.1750 Crores & balance through Internal Accruals.
• The Company is also putting up a Railway Siding at its Durg Cement Plant at a Cost of Rs.325 Crores to be funded through a Debt of Rs. 225 Crores & Balance from Internal Accruals.

ACQUISITION

• During the Quarter, the Company acquired 85% stake in M/s. Agrani Cement Private Limited at a total Purchase Consideration of Rs.325.11 Crores. Consequent to this Acquisition, M/s. Trivikram Cement Private Limited, M/s. Mahabal Cement Private Limited & M/s. Avichal Cement Private Limited, wholly owned subsidiaries (WOS) of M/s. Agrani Cement Private Limited have become the step-down subsidiaries of the Company. These step-down subsidiaries together with M/s. Agrani Cement Private Limited (jointly called as “Trivikram Consortium”) have been jointly granted Mining Rights having Limestone Reserves of approx. 335 Million Tonnes.

OUTLOOK

The cement industry in India has experienced a robust growth trajectory, underscored by the government’s intensified focus on infrastructure development and the revitalization of the real estate sector. Anticipated to sustain its vigour, the demand for cement is poised to remain robust, propelled by governmental initiatives aimed at significant infrastructure projects, including the construction of highways, railways, and affordable housing.

The Government of India continues to champion infrastructure development as a pivotal catalyst for economic growth. In the recent Union Budget for 2024-25, substantial allocations have been directed towards pivotal infrastructure endeavors:

• Rs. 2.5 trillion designated for the construction of highways and expressways.
• Rs. 1.5 trillion allocated for the enhancement of the railway infrastructure, including the expansion of the metro rail network.
• Rs. 1 trillion earmarked for the construction of affordable housing units under the Pradhan Mantri Awas Yojana (PMAY).

FINANCIAL HIGHLIGHTS

Standalone

Consolidated Financial Results for the Quarter & Twelve Months ended 31^st March 2024.

Shriram Life Posts 62percent Surge in New Business Premium

Hyderabad, Telangana, India Driven by focused selling and pan India partnerships, Shriram Life Insurance Company reported impressive earnings for the year ending March 31, 2024, with total new business premium growing by 62% at Rs. 1,871 crore compared to Rs. 1,152 crore last fiscal. Individual new business premiums grew 39% to close the year at Rs. 938 crore from Rs. 675 crore in FY23.

In the fourth quarter from January to March 2024, the company posted a total new business income of Rs. 596 crore, up 50% from Rs. 397 crore YoY. The total premium for Q4FY24 stood at Rs. 1,205 crore as against Rs. 912 crore in Q4FY23. The number of policies also increased 2x in Q4FY24 to 1,76,701 from 88,355 in Q4FY23.

Shriram Life’s individual new business premium growth was significantly higher than the private life insurance sector, which grew at only 7% in FY24, making Shriram Life one of the fastest-growing life insurers in the country.

In FY24, group premium income rose 95% to reach Rs 932 crore from the previous fiscal’s Rs. 477 crore. Renewal premium stood at Rs. 1,637 crore as against Rs. 1,394 crore YoY. The insurer posted a total premium income of Rs. 3,508 crore, a 38% rise from Rs. 2,546 crore in FY23. The number of individual policies rose to 4,46,730 from 2,88,222 during FY24 at 55%.

The company earned a Profit After Tax (PAT) of Rs. 158 crore this fiscal compared to Rs. 156 crore YoY. Its Assets Under Management (AUM) in FY24 rose to Rs. 11,282 crore, a 25% increase from Rs. 9,012 crore in the year-ago period.

Casparus J H Kromhout, MD & CEO, Shriram Life Insurance said, “Shriram Life’s commitment to driving life insurance for the rural and urban middle class is led by a combination of innovative strategies and technology. These results aptly reflect the work we started a year ago by bolstering sales and aggressively expanding across rural India. By closing the gap between the need for coverage and the availability of affordable plans, we will continue to increase reach and become the most trusted insurance provider for our customer segments.”

During FY24, the company supported 58,800 claims in both individual and group policies compared with 48,528 claims settled last fiscal. The company reported a claim settlement ratio of 98% for individual policies while its solvency ratio stood at 2.06%. The company ensures prompt claims settlement for customers with 93% of all non-investigated claims settled within 12 hours of last document received.

Shriram Life is expanding its business across geographies with an initial focus on 15 states. In these target states, the company will focus on customer segments where the need for life cover is the highest yet has been financially underserved. The insurer embarked on sales diversification by developing in-house sales capacity as well as partnerships with banks and other institutions.

Shriram Life has also amplified its tech capabilities to meet its growing customer base. Initiatives such as the issuance of the Shriram Smart Suraksha Card (its policy bond in a ‘pocket’), ShriMithra app, chatbot ShriA, and WhatsApp service channels provide enhanced customer service in the language of choice. Shriram Life is licensed to use Aadhaar eKYC with facial recognition for hassle-free and paperless customer onboarding. This service along with the ShriMithra app has enabled approx. 90% paperless proposals across channels.

The company was appointed as the lead life insurer for Telangana by IRDAI, helping to increase awareness and participation in remote areas. With Term plans starting at Rs. 100 per month and Endowment plans starting at Rs. 500 per month, Shriram Life aims to provide its customers with cost-effective and innovative financial solutions that offer coverage as well as savings options. Shriram Life’s empanelment as an Annuity Service Provider with PFRDA has also been a crucial step towards providing holistic solutions to the customer.

M3M Group Announces Rs 1200-Cr Premium Project M3M Altitude on Golf Course Extension Road

Gurgaon, Haryana, India ​The country’s most prominent luxury real estate leader, M3M Group, has launched the most premium product of the Golf Course Road Extension, “M3M Altitude”. Projecting an impressive revenue potential of 4000 crores, the project’s allure is magnified by its proximity to the esteemed Trump Towers and a meticulously designed 9-hole Golf Course. This 4-acre project is part of the 60-acre exclusive community “M3M Golf Estate”. The project is being designed by globally renowned architects from London, Uptown Hansen Architects (UHA). The development cost of the project is 1200 crores. There will be 350 homes, with prices ranging from 10 crores to 30 crores and the total saleable area is 10 lakh Sq ft. It will be delivered by 2031.

The Golf Course Extension Road (GCRE) has become the dream investment destination in the country. It has also solidified its position as the country’s premier housing and retail destination.

“In recent years, GCRE has emerged as Gurgaon’s ultimate destination for luxury residences, catalyzing a surge in demand and substantial annual price appreciation of up to 40%. With average prices reaching a plus of 20,000 PSF in 2023 and projections indicating further escalation to more than 50,000 PSF over the next 3 years, the growth trajectory is remarkable. M3M is unveiling its latest masterpiece, reaffirming its pioneering status in the luxury real estate industry,” Sudeep Bhatt, President, M3M India.

M3M Altitude Landscape is being designed by the Oracle Landscape. The apartments will have a composition of 4 BHK (plus a servant room) and penthouses ranging from 3780 sq. ft. to 8000 sq. ft. The project features the tallest sky club in Gurgaon, measuring a staggering area of Approx 2 million sq. ft. which will have all amenities for the residents and will be connected with the residential units through a unique glass-air bridge, which will be the largest interconnected glass bridge in Gurgaon.

Buy Latest Gadgets on EMI with the Bajaj Finserv Insta EMI Card on Bajaj Markets

Pune, Maharashtra, India Bajaj Markets, a subsidiary of Bajaj Finserv, presents the Bajaj Finserv Insta EMI Card that lets users convert costs of purchases into easy, no-cost EMIs. In today’s digital age, staying updated with the latest gadgets and technology is a necessity. Buying on EMI allows individuals to purchase their desired gadgets without feeling the pinch of the upfront cost.

This EMI Card is designed to provide individuals with the flexibility to purchase a wide range of products on EMI without the need for immediate payment. It offers a range of benefits, including:

• High Loan Limit
  ​With a high loan limit extended to Rs. 3 Lakhs, users can shop for a range of products
• No Cost EMI
  ​Individuals can enjoy no-cost EMI on their purchases, eliminating the burden of additional interest charges
• Flexible Tenor
  ​The card offers a flexible repayment tenor, ranging from 1 to 60 months, allowing individuals to choose a plan that suits their financial needs
• Wide Acceptance
  ​The Insta EMI Card enables individuals to buy gadgets on EMI from over 1.5 lakh partner stores, offering the convenience to shop at preferred outlets
• Instant Approval
  The card comes with instant approval, ensuring that individuals can start shopping immediately

How to Buy on EMI with the Bajaj Finserv Insta EMI Card

The process of buying gadgets on EMI with the Bajaj Finserv Insta EMI Card is straightforward and hassle-free. Here’s how it works:

1. Apply for the Card: Individuals can apply on Bajaj Markets

2. Choose the Gadget: Once the card is approved, individuals can visit any of the partner stores and select their desired gadget

3. Swipe the Card: Users can opt for the card to make the purchase and choose a repayment tenor that suits their financial needs

4. Repay in EMIs: The individual can repay the amount in easy EMIs, without incurring any additional interest charges

Apart from a vast selection of gadgets, users can also buy home appliances, equipment, furniture, and more, on EMI. Whether it’s a new smartphone or home decor, the Insta EMI Card makes it possible to shop without any financial burden.

Closing Soon: Bajaj Finserv Multi Asset Allocation Fund NFO Ends on May 27

3rd Ju ly 2024 Pune, Maharashtra, India  Bajaj Finserv Asset Management Ltd. launched a new investment scheme – The Bajaj Finserv Multi Asset Allocation Fund. This fund, open-ended in nature, offers investors a chance to diversify their portfolios across various asset classes, including equity, debt, and commodities. To provide growth and dividend income, the Bajaj Finserv Multi Asset Allocation Fund follows a strategy focused on dividend-yield investing, seeking to optimize returns over the long term. The New Fund Offer (NFO) of this scheme runs until May 27th, and investors can purchase units of the fund at a face value of Rs. 10 each.

This scheme aims to provide growth through dividend payouts. Dividend-yield investing involves selecting stocks or securities that pay higher dividends compared to the Nifty 50 index. This approach targets companies with stable business models and a history of sustainable growth. Dividend yield, a measure of how much a company pays out in dividends relative to its stock price, is a key metric in this strategy. By reinvesting these dividends, investors can potentially enhance their returns through compounding growth over time.

In addition to its dividend-yield investing strategy, the Bajaj Finserv Multi Asset Allocation Fund employs a multi-cap, multi-sectoral, and multi-theme approach to its equity investments. This diversification across different market segments helps optimize return potential while mitigating the risk of over-concentration in any one area. Furthermore, the fund managers aim to maintain relatively low volatility in the portfolio by selecting companies with a history of sustainable growth.

Another key benefit of the Bajaj Finserv Multi Asset Allocation Fund is its ability to simplify the process of diversification for investors. Instead of individually selecting securities across various asset classes, investors can allocate their funds to this professionally managed fund, which automatically diversifies across a broad range of assets. This not only saves time and effort but also ensures a level of expertise in asset allocation that may be challenging for individual investors to achieve on their own.

Whether you’re a seasoned investor or just starting out, a SIP investment in Bajaj Finserv Multi Asset Allocation Fund can take you a step closer to long-term financial success. With the closure of the Bajaj Finserv Multi Asset Allocation Fund NFO on May 27th, now is the opportune moment to seize potential returns and diversify portfolios. Act swiftly, benefit from on this limited window, and embark on a journey toward long-term wealth accumulation. Make informed decisions today for a brighter tomorrow.

Type of scheme: An open-ended scheme investing in equity and equity-related instruments, debt & debt derivatives and money market instruments, Gold ETFs, Silver ETFs, exchange-traded commodity derivatives, and in units of REITs and InvITs.

Minimum application amount:

During NFO
Minimum application amount (lumpsum) – Rs. 500 and in multiples of Re. 1.
Systematic Investment Plan (SIP):
Rs. 500 and above: minimum 6 instalments.

During ongoing offer:
Fresh subscription – Rs. 500/- and in multiples of Re. 1/-
Minimum additional application amount – Rs. 100/- and in multiples of Re. 1/-
Systematic Investment Plan (SIP):
Rs. 500 and above: minimum 6 instalments.
Minimum amount for switch-in – Rs. 500 and in multiples of Re. 1.

Plan
Bajaj Finserv Multi Asset Allocation Fund – Direct Plan
Bajaj Finserv Multi Asset Allocation Fund – Regular Plan

Recognizing Excellence: Chitkara University Bestows Honorary Doctorate on Dr. Arvind Lal for Healthcare Innovation

Chandigarh, India  In a momentous convocation ceremony held at its Punjab campus, Chitkara University conferred the prestigious title of Doctor of Literature (Honoris Causa) upon (Hony) Brig Dr. Arvind Lal, Padma Shri, in recognition of his exceptional contributions to healthcare innovation, public health advancement, and philanthropy. Dr. Lal, a visionary leader and trailblazer in laboratory services in India, epitomizes excellence in the healthcare sector.

The special convocation was a celebration of Dr. Arvind Lal’s extraordinary achievements. As the Executive Chairman of Dr. Lal PathLabs Ltd., Dr. Lal’s visionary leadership has elevated the organization to one of the most esteemed laboratories in Asia. His distinguished career is adorned with numerous accolades, including the Padma Shri in 2009, Business Standard Star SME of the Year in 2021, and the EY Entrepreneur of the Year Award in Healthcare in 2019, highlighting his significant impact on the healthcare industry.

“At Chitkara University, we are inspired by Dr. Arvind Lal’s commitment to innovation and philanthropy,” remarked Dr. Ashok Chitkara, Chancellor of Chitkara University. “His visionary leadership in healthcare has not only transformed the industry but has also left a lasting mark on society. We are proud to award Dr. Lal the Honorary Degree of Doctor of Literature (Honoris Causa), acknowledging his remarkable contributions to healthcare and his enduring influence on India’s future.”

Dr. Lal’s influence extends beyond his organization. As the Chairman of FICCI’s Swasth Bharat (Public Health) Task Force, he plays a pivotal role in shaping national healthcare policies. His involvement with FICCI, NATHEALTH, and PHD Chambers further cements his status as a visionary in the healthcare domain.

An alumnus of the Armed Forces Medical College Pune, Dr. Lal’s career is characterized by an unwavering dedication to enhancing healthcare and societal well-being. His philanthropic initiatives, including the ALVL Foundation, reflect his compassionate approach to pioneering primary healthcare interventions and fostering spiritual growth.

In recognition of his remarkable achievements and commitment to advancing healthcare and societal well-being, Chitkara University proudly bestows upon (Hony) Brig Dr. Arvind Lal, Padma Shri, the Honorary Degree of Doctor of Literature (Honoris Causa), celebrating his enduring legacy and profound impact on the future of healthcare in India.

Bengaluru’s APIC – Alternative Proteins Innovation Center and GFI India Unite to Transform India’s Smart Protein Landscape

Bengaluru, Karnataka, India The Alternative Proteins Innovation Center (APIC), an integrated facility focused on alternative protein ingredients and product development, was launched today in collaboration with the Good Food Institute India, the central expert organization, thought leader, and convening body in the Indian alternative protein or smart protein sector. This partnership aims to accelerate research and development, innovation, technology transfer, and commercialization of smart protein technology in India.

The Alternative Proteins Innovation Center (APIC) has been established as a center of excellence that provides research and manufacturing services for the development of alternative proteins and ingredients. Currently, the center also includes facilities for creating finished plant-based products, such as plant-based milk. Located near Bengaluru and equipped with in-house R&D experts, APIC offers an optimal environment for transforming concepts into commercial products. It is the first facility to offer comprehensive services in the alternative protein industry, encompassing everything from lab-scale to pilot-scale development.

The launch event was marked by the signing of a Memorandum of Understanding (MoU) between GFI India and APIC. Through this partnership, GFI India and APIC aim to foster a collaborative environment that encourages the research, development, and scale-up of alternative protein technologies and products. The MoU outlines specific areas of collaboration, including joint research projects, knowledge sharing, and capacity-building programs like workshops and events. By combining their expertise and resources, GFI India and APIC seek to unlock new opportunities and propel advancements in the smart protein sector towards a sustainable and secure future of food in India.

During the MoU signing, Sneha Singh, Acting Managing Director, GFI India, said, “We are excited about this collaboration with APIC, which marks a significant milestone in our efforts to drive innovation and growth in the smart protein sector. This strategic partnership represents a convergence of shared values, expertise, and an unwavering commitment to revolutionising the future of food. Here at GFI India, we firmly believe that this synergy will not only accelerate scientific knowledge building and sharing but also pave the way for innovative solutions that can be readily commercialised, benefiting entrepreneurs, startups, and ultimately, consumers.”

The collaboration between GFI India and APIC will focus on undertaking exploratory research projects that address specific challenges faced by startups and entrepreneurs in the smart protein sector. The two organizations will organize workshops and information dissemination events, disseminate open-access knowledge materials, and conduct training programs aimed at enhancing the skills, knowledge, and capabilities of stakeholders within the smart protein sector.

Speaking at the event, Dr. Pranesh Sridharan, Chief Innovation Officer, APIC, said, “Together with GFI India, we envisaged the establishment of a one stop solution for those entering the smart protein sector, and I’m thrilled to be standing here today at the launch of APIC as a centre of excellence. We have an impressive team of experts with the knowhow of plant protein extraction, isolation, application development in plant based, fermented, and cultivated proteins, and a combined industry experience of over 125 years. We look forward to curating and developing sector-building programs that can address current gaps in infrastructure access and knowledge transfer in smart protein processing and R&D.”

The launch event included a panel discussion on innovation and investment pathways in smart protein that saw participation from esteemed speakers including Jinesh Shah, Founder, AltX Ventures, Dr. Gurmeet Singh, Head of Center at the Transdisciplinary University, Stéphanie Joseph, Director Global Growth – Alternative Proteins, Pall Corporation Narayanan Suresh, Chief Operating Officer at Association of Biotechnology-Led Enterprises (ABLE), and Abhay Rangan, Co-founder of Nourish You India. The insightful session was hosted by Amy Aela, co-founder of Meat Less Meet More.

Meat Less Meet More, a luxury plant-based networking company that was present at the launch, has joined hands with APIC to build awareness and dialogue on sustainability through podcasts, panel discussions, and other digital channels. APIC and AltX Ventures, India’s pioneering climate-tech venture house, announced their intention to sign an MoU to support alternative protein startups. Expressing his enthusiasm for this upcoming partnership, Jinesh Shah, Founder of AltX Ventures, said, “As a part of our climate-tech ecosystem building efforts, AltX Ventures is proud to partner with APIC to support smart protein and foodtech startups in areas such as R&D, fundraising, strategy, partnerships, global reach, and more. We believe such collaborations are vital for India to secure a substantial role in the global future of the food economy.”

With an increasing global population, there is an ever-growing demand for protein, with the plant-based meat industry alone expected to fulfill a minimum of 25 million metric tonnes in annual global market demand for plant-based meat by 2030. This accelerating demand for protein will require innovation and scale. The Alternative Proteins Innovation Center together with partners like GFI India, is enabling the availability of technology, infrastructure, and ecosystem support to make India’s leadership in the smart protein industry a reality.

SLB and TotalEnergies Announce 10-Year Partnership to Collaborate on Next-Generation Digital Solutions

July 3, 2024, London, United Kingdom : SLB (NYSE: SLB) and TotalEnergies (NYSE: TTE) today announced a 10-year partnership to co-develop scalable digital solutions for enabling access to energy resources, with improved performance and efficiency. The partnership establishes a flexible framework for the companies to work together on addressing key challenges across the energy value chain, including carbon capture, utilization, and sequestration (CCUS).

The companies will integrate advanced digital capabilities, including artificial intelligence (AI), with new and existing applications on SLB’s extensible Delfi™ digital platform, adhering to the Open Group’s OSDU® Technical Standard. SLB and TotalEnergies will combine digital and domain expertise to accelerate the development and deployment of digital solutions at scale. The co-development will benefit TotalEnergies’ global operations and SLB’s worldwide customer base.

“Collaboration and knowledge sharing are key for our industry to continuously develop more effective ways of unlocking energy access,” said Rakesh Jaggi, President of SLB’s Digital & Integration business. “With this visionary partnership, we’re combining the know-how and expertise of both companies to accelerate the delivery of new digital capabilities that will benefit the whole industry.”

The partnership will initially focus on subsurface digital solutions for reservoir engineering and geoscience modeling and interpretation, leveraging Delfi™ on-demand reservoir simulation (ODRS). These processes will be accelerated and automated using AI and real-world learnings from both companies.

“Through this digital partnership we will develop cutting-edge next-generation software, digital applications and new algorithms applied to geoscience. Thanks to these innovative modeling technologies, we will not only be better able to utilize the analyses of geological reservoirs and basins in the Oil & Gas sector to reduce emissions but also to make further progress in geological carbon storage,” said Namita Shah, President, OneTech at TotalEnergies.