Delivering Resilient Performance amidst Challenges in Q4FY24 and FY24

Pune, India, May 30, 2024: Deepak Fertilisers and Petrochemicals Corporation Limited, one of India’s leading producers of industrial chemicals and fertilisers (“DFPCL” or the “Company”), announces its results for the fourth quarter and fiscal year ended March 31, 2024.

• Mining Chemicals (Technical Grade Ammonium Nitrate):
• Technical Grade Ammonium Nitrate Business demand showed healthy growth trends with Coal production growing at 11% YoY and 23% QoQ and Cement production growing at 10% YoY and 16% QoQ.
• Technical Grade Ammonium Nitrate sales volume in Q4 grew by 26% YoY and 39% QoQ due to improved demand and coupled with low imports, particularly from Russia as it was short-term aberration.
• The Company continues to maintain a competitive pricing strategy across all segments, underscoring the company’s strategic positioning in the market.
• Post demerger of Technical Grade Ammonium Nitrate business into a separate legal entity, it will establish itself as a fully integrated, unique value chain offering mining solutions in India.
• Business Outlook: Growth in demand is expected to continue druing FY25 as the demand for coal mining, Power and Infrastructure spend is likely to remain high due to the strong demand for power and the Government’s spending on infrastructure projects..
• Pharma / Specialty Chemicals (Nitric Acid and IPA): 
• Nitric Acid volumes in Q4 degrew by 27% YoY and 25% QoQ due to extended plant shutdown at Dahej along with low demand from downstream industries due to imports from China.
• Our thrust for speciality Pharma-grade IPA continues on a positive journey, with volumes increasing by 26% quarter-on-quarter in Q4FY24, supported by higher prices.
• Steel grade Nitric acid has witnessed positive customer response since its commercial launch.
• Business Outlook:Nitric acid prices are expected to remain stable and improve over few quarters. Propylene based IPA would continue to perform better from demand and price perspective. Further, various trials at customers end are being conducted for Steel grade nitric acid and we expect  expansion of volumes.

Shree Cement appoints Mr Vinod Chaturvedi as Chief Human Resources Officer

Mumbai, 30 May, 2024: Shree Cement is pleased to announce the appointment of Mr Vinod Chaturvedi as the Chief Human Resources Officer, effective May 29, 2024. Mr. Chaturvedi brings a wealth of experience and a proven track record in Human Resources and Employee Relations, spanning over 33 years.

In his new role, Mr Chaturvedi will be instrumental in developing Human Resource strategies, promoting organizational growth and supporting the teams to propel Shree Cement on its growth trajectory. His broad experience across various industries, including Manufacturing, Telecom, Stainless Steel, VFY, SFD, and Sponge Iron, along with his proficiency in strategic, tactical, and operational HR roles, makes him a valuable asset to our leadership team.

Commenting on the appointment, Mr Neeraj Akhoury, Managing Director, Shree Cement, said, “We are delighted to welcome Mr. Vinod Chaturvedi on board. His extensive experience and proven expertise in diverse industries and HR roles will be invaluable as we continue to drive Shree Cement’s growth and foster a supportive and dynamic organizational culture. His leadership will help us nurture talent, promote innovation, and enhance employee engagement across all levels of the organization. With Vinod’s guidance, we look forward to creating a workplace where our employees can thrive and contribute to our shared success.”

On his appointment, Mr Vinod Chaturvedi, Chief Human Resources Officer, Shree Cement, said “I’m excited to join Shree Cement, eager to contribute to its continued growth and success. With a focus on nurturing talent, fostering a positive work environment, and promoting sustainable growth, I look forward to working closely with the team to support professional development and uphold the values that make Shree Cement a great place to work.”

Mr Chaturvedi holds a Post Graduate degree in Business Administration & Industrial Relations, an LLB, and a Post Graduate degree in Psychology. His distinguished career includes significant contributions in areas such as Employee Relations, Change Management, Merger & Acquisition, Organizational Redesign and Cultural Integration.

Prior to joining Shree Cement, Mr Chaturvedi served as the Chief Human Resources Officer at Century Group within the Aditya Birla Group (ABG). He also held the position of Group Employee Relations Head for ABG for five years. In addition to his HR expertise, Mr. Chaturvedi has also successfully led business operations as Head of the Noble Ferro Alloys Business, showcasing his versatility and business acumen.

Bata India announces Q4 results

Mumbai, May 30, 2024: Footwear major Bata India Limited today announced results for the quarter ended 31st March 2024. Revenue from operations for the quarter stood at Rs. 7976.74 million vs. Rs. 7785.85 million for Q4FY23. The Operating Profit stood at Rs. 582.65 million. The results for the quarter are a factor of resilience despite sluggish demand conditions to drive growth in a sustainable manner with strong margin performance.

Continued expansion with a network of 1329 COCO and Franchise stores. On digital sales front, e-commerce performance was encouraging. Bata achieved significant growth in e-commerce sales for previous year.

The portfolio casualisation strategy continued to work well, with Sneaker category led by Power. Sneaker Studios expanded to 698 Stores. Floatz achieved highest ever quarterly turnover, enhanced by 11 Floatz Kiosk. Bata also launched its 1st Power EBO launched in Noida. Another 5 to be opened shortly.

To enhance customer experience, Bata continued to renovate stores. 67 stores were renovated during the quarter with significant thrust towards portfolio newness with style & technology propositions.

Major campaigns were launched building style & fashion forward Imagery through Marketing Campaigns – 10/10 Campaign and Engaging Youth with Always-On Influencers.

Bata continued to leverage its fixed cost across the value chain. ERP has gone live as per plan.

Revenue from operations for the year stood at Rs. 34,784.13 million vs. Rs. 34,515.68 million for FY23. The Operating Profit stood at Rs. 3,280.59 million for the year vs. Rs. 3,882.79 million for FY23. With a positive outlook and to accelerate growth, significant investments behind Brand and technology are continued.

Speaking on the Q4FY24 performance, Gunjan Shah, MD and CEO – Bata India Limited, stated:

“Bata India navigated well through the unforeseen sluggishness in the market driving towards sustainable growth led by brands backed by significant investments in marketing and technology. Our strategies helped us defending margins.

With cautious control on costs and focus on efficiency and productivity, we were able to defend our margin growth across channels and maintain our standing in premium segments across brands like Red Label, Comfit, Power. We added 24 Franchise Stores in the quarter, primarily in Tier 3 – 5 towns to cater the demand for branded products and achieve better returns on capital.

We are further bolstering our offering with international tie-ups, such as Hush Puppies and Nine West which saw a significant higher ASP driving premiumization. We are optimistic of demand revival going forward.”

Recyclekaro becomes one of the 4 Lithium-ion Battery Recyclers Registered on India’s EPR Portal

Mumbai, 30th May 2024: Recyclekaro, a leading e-waste and lithium-ion battery recycling company, is proud to announce its registration on the government’s Extended Producer Responsibility (EPR) portal for e-waste recycling. As a lithium-ion battery recycling industry leader, Recyclekaro joins Lohum Cleantech, Attero, and LICO Materials as one of the four registered lithium-ion battery recyclers, reinforcing its commitment to sustainable e-waste management. Based on its existing recycling capacity, Recyclekaro will help lithium-ion battery and electronics product manufacturers, producers, and importers in India meet their EPR targets. These targets include 4,200 MT for lithium-ion battery recycling and 15,000 MT for e-waste recycling, ensuring comprehensive support for sustainability goals.

India is the third-largest e-waste producer globally, generating 1.71 million metric tons annually, with only approximately 40% of e-waste recycled in the last financial year. To address this challenge, the EPR portal, an initiative by the Central Pollution Control Board (CPCB), provides a transparent and accountable framework for electronic waste management in India. It centralizes the tracking of e-waste from production to disposal, connecting manufacturers with registered recyclers like Recyclekaro and streamlining collection and recycling processes. The system offers financial incentives through EPR credits, making recycling economically viable and supporting companies in meeting sustainability targets. Additionally, the platform ensures regulatory compliance, improves data collection and reporting, and encourages innovation in recycling technologies, fostering a more sustainable approach to e-waste management in India.

The Battery Waste Management (BWM) Rules, 2022, notified by the Ministry of Environment, Forest and Climate Change, apply to all types of batteries. These rules mandate that producers (manufacturers, importers) meet collection and recycling targets to fulfil Extended Producer Responsibility (EPR) obligations. Producers, recyclers, and refurbishers must register through the online portal developed by the CPCB, which enhances accountability, traceability, and transparency in meeting EPR obligations.

Rajesh Gupta, Founder & Director of Recyclekaro, commented, “Registering on the government’s EPR portal not only allows us to connect directly with manufacturers, fulfilling their waste management responsibilities, but also significantly enhances our business opportunities. Being among the four registered recyclers for lithium-ion battery end to end recycling is a major milestone and a recognition that showcases our credibility. This registration strengthens our position in the industry and supports our mission to promote sustainable and responsible recycling practices.”

Recyclekaro has established a strong presence in the Indian recycling industry, achieving 90% metal extraction efficiency with purity levels exceeding 99% from scrap batteries. The company plans to double its recycling capacity by the second quarter of FY 2024-25.

India Inc. Champions EV Innovation for a Sustainable Future

World Environment Day is a vital occasion to spotlight the critical environmental challenges facing our planet and to celebrate the progress being made towards sustainability. In India, businesses are at the forefront of this movement, with India Inc. playing a pivotal role in driving eco-friendly initiatives. Companies across various sectors are implementing green technologies, reducing carbon footprints, and championing renewable energy solutions. From electric vehicle innovation to sustainable manufacturing practices, India Inc.’s commitment to environmental stewardship is helping to create a greener, healthier future. This collective effort not only addresses climate change but also inspires global action towards a more sustainable world.

Attributed to: Ms. Manjula Girish, Business Head-EV Charging and Photovoltaic Inverter Division, Delta Electronics India

Electric Vehicles (EVs) are a transformative force in the fight against climate change. By significantly reducing greenhouse gas emissions compared to traditional combustion engines, EVs play a critical role in mitigating global warming. At Delta Electronics India, we are committed to advancing EV technology and infrastructure, contributing to a cleaner, more sustainable future. Our innovations in EV charging solutions are designed to support the widespread adoption of electric mobility, further reducing our carbon footprint and fostering a healthier planet.

World Environment Day serves as a critical platform for the EV industry to showcase its commitment to a sustainable future. As the mission of the EV industry synchronizes with the mission of World Environment Day attributing to sustainability, emission reduction and climate change It’s a day to celebrate the progress we have made in electrifying transportation and highlight the positive impact EVs can have on our planet. At Delta Electronics India, we see World Environment Day as an opportunity to raise awareness, inspire action, and accelerate the transition towards cleaner Transportation solutions.

Attributed to Mr. Hyder Khan, CEO, Godawari Electric Motors

The transition to electric vehicles (EVs) plays a pivotal role in mitigating climate change. EVs produce zero tailpipe emissions, drastically reducing air pollutants compared to traditional internal combustion engine vehicles. This shift is crucial in decreasing the levels of greenhouse gases, primarily carbon dioxide, which are major contributors to global warming. Additionally, EVs align with renewable energy sources, further amplifying their positive environmental impact. When powered by electricity from renewable sources like wind, solar, and hydro, EVs can achieve near-zero emissions throughout their lifecycle. This integration supports global efforts to transition towards a more sustainable energy ecosystem. At Godawari Electric Motors, we are committed to driving this transformation by producing efficient and affordable electric 2-wheelers and 3-wheelers. Our goal is to provide eco-friendly transportation options that contribute to cleaner air and a healthier planet, while also addressing the mobility needs of a growing population. Together, we can pave the way for a greener, more sustainable future.

World Environment Day holds significant importance for the electric vehicle (EV) industry. It serves as a global platform to highlight the urgent need for sustainable practices and environmental stewardship, aligning perfectly with the core values and mission of the EV industry. This day emphasizes EVs’ critical role in reducing greenhouse gas emissions, combating air pollution, and mitigating climate change.

For companies like us (Godawari Electric Motors), World Environment Day is an opportunity to showcase our commitment to creating a greener future through innovative electric mobility solutions. It allows us to engage with consumers, policymakers, and stakeholders to raise awareness about the environmental benefits of EVs, such as reduced carbon footprints and decreased reliance on fossil fuels. Moreover, this day provides a platform to discuss advancements in EV technology, share success stories, and promote the adoption of electric Vehicles. By highlighting our efforts and the positive impact of EVs on the environment, we can inspire collective action towards a more sustainable and eco-friendly transportation landscape.

Attributed to Mr. Akash Gupta, Co-Founder and CEO, Zypp Electric

Electric Vehicles (EVs) have a transformative impact on climate change, and Zypp Electric is leading this charge in India. As the country’s premier tech-enabled EV-as-a-Service platform, we are committed to achieving zero emissions and creating a carbon-free India. Our ecosystem of IoT and AI-enabled electric scooters, combined with strategically placed battery swapping stations, ensures efficient, low-maintenance, and high-performance last-mile delivery. This sustainable model not only lowers delivery costs but also significantly reduces urban pollution. With over 20,000 EVs and delivery pilots, we deliver packages in a manner that is both eco-friendly and cost-effective. By replacing traditional fuel-based vehicles, we are cutting down on greenhouse gas emissions and making cities cleaner and healthier. Through our innovative solutions, Zypp Electric is playing a crucial role in mitigating climate change and driving a greener future.

At Zypp Electric, World Environment Day isn’t just a celebration – it’s a call to action for the EV industry. Transportation is a major source of pollution, and EVs are the key to a cleaner future. This day highlights the urgency of tackling climate change. For the EV industry, it’s a chance to showcase the transformative power of electric mobility. We can raise awareness about the environmental benefits of EVs – reduced emissions, cleaner air, and quieter cities. World Environment Day also unites stakeholders – policymakers, businesses, and citizens. It’s an opportunity to collaborate on building a robust EV ecosystem – from charging infrastructure to battery recycling. We are proud to be at the forefront of this revolution. Our sustainable last-mile delivery solutions demonstrate the positive impact EVs can have. On World Environment Day, let’s reiterate our commitment to a greener future, one electric mile at a time.

Apex Restaurant & Market Solutions Celebrates First Anniversary

Missouri-based company grows by 14% since its merger, expands into Colorado and Iowa markets

(St. Louis, Mo., May 30, 2024) – Apex Restaurant & Market Solutions recently celebrated its one-year anniversary, marking the merger of St. Louis-based Elite Cuisine and Kansas City’s Superior Vend-All. During the past 16 months, Apex has grown by a combined 14% across all its business operations.

Apex Restaurant & Market Solutions is the largest independently owned corporate food service company based in Missouri with headquarters in St. Louis and Kansas City, Mo. The organization expanded its reach by opening offices in Columbia, Mo., Des Moines, Iowa and Denver, Colo.

Apex is also the largest independently owned commissary in the Midwest. The more than 200-person company has added 17 employees to its growing team, as well as opened 16 new micro markets in the past year.

Founding partners Jim Schweppe and brothers Brian and Greg Porembski continue to own and operate the company with Schweppe serving as CFO, Brian as CEO, and Greg as COO. Apex retained the name Elite Cuisine for its corporate dining and catering services.

“This has been an outstanding year filled with incredible growth, exciting opportunities, and a renewed commitment to serving our customers across the country,” said Apex Restaurant & Market Solutions CFO and Founding Partner Jim Schweppe. “We have broadened our footprint into new regions and strengthened our foundation, and we look forward to even greater success in the years to come.”

Godrej Infinity, in partnership with SolarSquare, Unveils Pune’s Largest Housing Society Rooftop Solar Project

30th May 2024: Infinity Cooperative Housing Society, in partnership with SolarSquare, recently inaugurated its 400 kW Rooftop Solar System, Pune’s largest housing society solar project getting commissioned in a single go under PM Surya Ghar scheme. This project is also the largest-ever solar power plant for a cooperative housing society in SolarSquare’s portfolio.

This project, the first of its kind at such a scale, is set to receive a substantial central subsidy of Rs. 70 Lacs under the PM Surya Ghar scheme initiated by the Ministry of New and Renewable Energy. The groundbreaking solar project spans across the 8 towers of Infinity, utilizing cutting-edge technology including Premier’s Mono-PERC half-cut bifacial 540 Wp solar panels and SolarEdge’s power optimizer-based inverter technology. It also features SolarSquare’s Intelligent WindPro Mount™ cyclone-proof structures.

“With the flip of a switch at Infinity CHS, SolarSquare is illuminating the path to a cleaner, brighter future. Today, we unveil more than just a solar project; we empower the community at large with energy independence and environmental stewardship. The project is set to bring Infinity an annual electricity bill savings of over Rs. 1 Cr and help reduce over 10000 tonnes of carbon emissions over the lifetime,” said Nikhil Nahar, the Co-founder of SolarSquare.

The ceremony was graced by esteemed dignitaries and key stakeholders.

• Chief Guest: Sh. Chetan Tupe, MLA, Hadapsar Assembly
• Mrs. Ruchi Puri, Chairperson, ICHS Ltd.
• Mr. Pankaj Kumar, Secretary, ICHS Ltd.
• Akash Sontakke, ICHS Solar Committee Lead
• Nikhil Nahar, Co-Founder & Director of SolarSquare

Upon surveying the new solar plant project, Sh. Chetan Tupe, MLA, Hadapsar Assembly congratulated the society and expressed his admiration for the efforts of all the people involved. “This groundbreaking solar project sets a benchmark for other societies in Pune to go sustainable. Global warming was once an alien term, but today it is at our doorstep, causing drastic weather conditions. If we don’t act now, our future generations will have no future. The 400kW solar system installed by SolarSquare, with the aid of a Rs. 70 Lacs subsidy under PM Suryaghar Muft Bijli Yojana, is a commendable step towards a sustainable future. I personally laud the efforts of the committee at Infinity Society and hope that other societies follow their lead.”

Mr. Pankaj Kumar, Secretary of ICHS Ltd., highlighted, “Our decision to adopt solar was driven by our constantly escalating electricity bills for common areas and our desire to contribute to the nation’s sustainability. With the country’s demand for power rising and natural resources depleting daily, it was imperative to take action.”

Mr. Pankaj Saxena, a Committee Member of ICHS Ltd., added, “By making each consumer self-reliant and opting for sustainable solutions, we maximise the use of renewable energy, which will help preserve our natural resources for future generations. We do not inherit the Earth from our ancestors; we borrow it from our children.”

Following the inauguration, India’s top rooftop solar company, SolarSquare, conducted an enlightening session to discuss the seamless process and various advantages of harnessing solar power within housing societies.

The program ended with a vote of thanks from Mr. Vikas from Infinity CHS. SolarSquare further applauded the efforts of Infinity CHS by recognizing them with the climate hero memento.