Marriott International Celebrates Milestone on Journey Towards Net-Zero

India, April 25th, 2024 – Marriott International, Inc. (Nasdaq: MAR) has verified its near and long-term science-based emissions reduction targets with the Science Based Targets initiative (SBTi). SBTi is a global climate action organization that develops tools that allow businesses to set greenhouse gas (GHG) emissions reduction targets in line with data-driven methodology. Marriott is the largest global hospitality company to receive approval for both near-term and long-term science-based targets.

The company has committed to reduce absolute scope 1 and 2 GHG emissions 46.2% by 2030 from a 2019 base year. Marriott also commits to reduce absolute scope 3 GHG emissions from fuel and energy-related activities, waste generated in operations, employee commuting, and franchises 27.5% by 2030 from a 2019 base year, and that 22% of its suppliers by emissions covering purchased goods and services, capital goods, and upstream transportation and distribution will have science-based targets by 2028.

Marriott commits to reach net-zero greenhouse gas emissions across the value chain by 2050, reducing absolute scope 1 and 2 GHG emissions 90% by 2050 from a 2019 base year and reduce absolute scope 3 GHG emissions 90% by 2050 from a 2019 base year. The target boundary includes land-related emissions and removals from bioenergy feedstocks.

“For nearly a century, Marriott has been committed to our core value of serving our world as we strive to be a force for good wherever we do business,” said Anthony Capuano, President and CEO, Marriott International. “The impact of climate change is being seen and felt across the globe. As we continue to connect people through the power of travel, we are committed to driving meaningful improvements to the environment and are energized by reaching this significant milestone. The approval of our near-term and long-term targets is the result of the hard work and dedication of Marriott’s teams around the world who are committed to our climate action journey and creating the future of sustainable hospitality.”

“Marriott has been on a journey to reduce greenhouse gas emissions in our operations and supply chain. We believe it’s good business and good for the planet,” said Erika Alexander, Chief Global Operations Officer, Marriott International. “The decarbonization of the global electrical grid is a vital component of reducing GHG emissions. We are united with other leading companies in elevating efforts to help address the effects of climate change and hold ourselves accountable as we embed sustainability throughout our operations.”

To reach its net-zero target, Marriott is focusing its efforts in three distinct areas: energy reduction, sourcing more energy from renewables, and purchasing goods with lower carbon footprints across its portfolio of over 8,800 properties in 139 countries and territories.

The company’s recent sustainability highlights include:

Launching the Climate Action Program (CAP), the company’s approach to charting a growth-focused future through building climate fluency, addressing climate risk, and reducing greenhouse gas emissions across the organization.
Delivering property-specific carbon and energy reduction targets to every managed and franchised hotel globally.
Enhancing the Marriott Environment Sustainability Hub (MESH), a global platform for properties to log monthly power, water and waste metrics. With these enhancements, properties can now easily access customized, property-specific information for reducing energy and carbon.
Introducing the Energy Optimization Program to help properties manage rising energy costs. The program assists properties in conducting an energy audit to identify ways to become more energy efficient.
Engaging with suppliers as they work to understand and reduce their emissions.
Sharing sustainability information, including individual hotel carbon footprint data, on Marriott.com.

Marriott’s sustainability strategy is focused on a wide range of tactics including designing resource-efficient hotels, implementing technologies to track and reduce energy and water consumption, as well as waste and food waste, increasing the use of renewable energy, managing water-related risks, focusing on third-party sustainability certifications at the hotel-level, supporting innovative ecosystem restoration initiatives, implementing and responsible and local sourcing. In support of the United Nations Sustainable Development Goals (SDGs), Marriott created its sustainability and social impact platform, Serve 360: Doing Good in Every Direction, which guides the company’s efforts to make a positive and sustainable impact on the world’s most pressing social, environmental, and economic issues wherever it does business. More details about Serve 360 can be found at Marriott.com/Serve360.

Equitas Small Finance Bank Limited

Chennai, April 25, 2024: The Board of Directors of Equitas Small Finance Bank Limited at its meeting held today, approved the audited financial results for quarter and full year ended March 31, 2024.

Highest PAT of Rs. 799 Cr in FY24 vs Rs. 574 Cr in FY23, growth of 39% YoY

Highest Quarterly PAT of Rs. 208 Cr in Q4FY24 vs Rs. 190 Cr in Q4FY23

Gross Advances as of Q4FY24 was at Rs. 34,337 Cr, growth of 23% YoY

Total Deposit as of Q4FY24 was Rs 36,129 Cr, growth of 43% YoY

GNPA down to 2.52% in Q4FY24 from 2.60% in Q4FY23

RoA and RoE for FY24 at 2.00% and 14.43% respectively

1. Key Highlights for Q4FY24:

Q4FY24 was a strong quarter across key performance indicators delivering sustainable loan and deposit growth and stable margins

· Yield on disbursements improved by 135 bps to 18.74% in Q4FY24 over previous year

· Robust TD growth of 68% YoY supported by 65% YoY growth in retail TD

· During Q4FY24, Bank has securitized/assigned advances worth Rs. 584 Cr pertaining Vehicle Finance and Housing Finance. Total securitized portfolio now stands at Rs. 1732 Crs​

· CD ratio improves to 86.98% in March’24 as compared to 103.40% in March’23

2. Business Highlights:

· Used Car Advances Crossed Rs. 1200 Crs during Q4FY24

· Merchant OD grew 213% YoY, from Rs. 317 Cr in Q4FY23 to Rs. 992 Cr in Q4FY24, crossed 35000 Customers.

· ASBA services pick up momentum, 20k+ Customers availed ASBA services as on Q4FY24, with 12,000 registrations recorded in FY24 alone.​

· “Banker on Wheels” – Introduced Equitas Express App during Feb’24, a customer interface app through Phygital mode for doorstep banking to Senior Citizens and Elite Customer segment​

· CASA ratio stood at 32%; Term Deposits grew 68% YoY to Rs. 24,577 Crs

· Retail Term Deposits grew 65% YoY to Rs. 14,670 Crs

Key Ratios:

· NIM is at 8.17% for Q4FY24

· Cost to Income stood at 62.83% in Q4FY24 as compared to 62.88% in Q3FY24 and 62.87% in Q4FY23.

· RoA and RoE for Q4FY24 at 1.91% and 14.22%

Capital:

· Networth of the Bank stands at Rs. 5,969 Crs

· As of Mar 31, 2024, Total CRAR at 21.70% | Tier I at 20.71% and Tier II at 0.99%

Treasury & Liquidity:

· The Bank’s issuer rating has been rated AA-/Stable by India Rating & CareEdge Ratings

· Liquidity Coverage Ratio (LCR) as on 31.03.2024 is 176%

· Profit on sale of Investments for the quarter is Rs. 25.64 Crs

3. Profit & Loss:

· Net Income, Opex and PAT grew by 22% , 26%, 39% for full year FY24 respectively

· PAT stood at Rs. 208 Crs for Q4FY24, growth of 9% YoY and around 3% QoQ

4. Asset Quality & Provisions:

· Annualized gross slippages stable at 3.87% for Q4FY24 as compared to 3.06% in Q4FY23

· GNPA improved by 8 bps YoY to 2.52% in Q4FY24 as compared to 2.60% in Q4FY23

· NNPA improved by 2 bps YoY to 1.12 % in Q4FY24 as compared to 1.14% in Q4FY23

· Provision Coverage ratio at 56.06%. Bank continues to follow stringent provision norms across product segments

Tata Passenger Electric Mobility signs an MOU with Vertelo to accelerate e-mobility in India

Bengaluru, 25th April 2024: Tata Passenger Electric Mobility Ltd. (TPEM), a subsidiary of Tata Motors Ltd., known for pioneering India’s electric vehicle (EV) revolution, has signed a non-binding Memorandum of Understanding with Vertelo, a Macquarie managed integrated fleet electrification platform, for the delivery of 2,000 XPRES-T EVs. This partnership aims to bolster the plans to accelerate India’s transition to sustainable e-mobility. The company will begin deliveries of the cars to Vertelo in a phased manner.

Speaking on the partnership, Mr. Vivek Srivatsa, Chief Commercial Officer, Tata Passenger Electric Mobility Ltd. said, “As market leaders of passenger EVs in India, we are committed to the uptake of sustainable mobility in the country. We are delighted to partner with Vertelo in their effort to increase EV adoption in India. With over 89% market share in FY 24, the fleet segment has seen a rapid adoption by Corporates and Institutions. The XPRES-T EV has proven to be an attractive option for both customers and operators in the commercial fleet segment. Such collaborations in the industry will further help strengthen our market position amidst India’s EV revolution.”

Commenting on the partnership, Sandeep Gambhir, Chief Executive Officer, Vertelo stated that “We are really excited to partner with Tata Motors on this long-term strategic partnership to buy up to 2,000 electric cars. This partnership aims to bring together two business that are at the forefront of fleet electrification and decarbonisation in India. We hope that this partnership will help with accelerating the shift towards a more sustainable India by making bespoke leasing options available to fleet operators that help them onboard EVs in larger numbers.”

In July 2021, Tata Motors launched the ‘XPRES’ brand exclusively for fleet customers, and the XPRES-T EV is the first vehicle under this brand. The new XPRES-T electric sedan comes with 2 range options – 315km and 277km (ARAI certified range under test conditions). It packs a high energy density battery of 26 kWh and 25.5 kWh and be charged from 0- 80% in 59 mins and 110 mins respectively, using fast charging or can also be normally charged from any 15 A plug point, which is easily available and convenient. It comes with zero tail-pipe emission, single speed automatic transmission, dual airbags, and ABS with EBD as standard across variants. The premium interiors with standard automatic climate control and Electric Blue accents across its interior and exterior will give it a differentiated presence from other Tata cars.

Vertelo is a new platform providing end-to-end solutions in fleet electrification in India. The company aims to accelerate the transition of fleets to electric vehicles and build a robust EV ecosystem by offering bespoke solutions to customers including leasing and financing, charging infrastructure and energy solutions, fleet management services, and end of vehicle life management. The new platform has been established by Macquarie Asset Management and has received anchor investment from the Green Climate Fund which has committed to invest up to $US200 million. Overall, Vertelo plans to invest $US1.5 billion over 10 years with the aim to achieve a potential greenhouse gas emissions reduction.

Rapido partners with BBMP and Election Commission of India to revolutionize voter transport

Bengaluru, 25 April, 2024: In a resolute commitment to fortify the nation’s democratic fabric, Rapido, India’s foremost commute app, assumes a pivotal role in national duty with the launch of the “SawaariZimmedariKi” initiative. In collaboration with the Election Commission of India (ECI) and Bruhat Bengaluru Mahanagara Palike (BBMP), Rapido sets forth to champion civic engagement during the Indian General Elections 2024 by extending free auto and cab rides to differently abled and senior citizen voters in Bengaluru. As part of this historic endeavor, Rapido pledges to provide free rides to voters in Bengaluru on 26th April, 2024.

On election day, voters can avail free rides on the Rapido app using the code ‘VOTENOW’ and exercise their democratic right. The initiative aims to facilitate residents’ voting rights and ensure a more inclusive electoral process. This concerted effort aligns with Rapido’s nationwide campaign, deploying over 10 lakh captains across more than 100 cities to provide free rides on election-day. With the support of the ECI, Rapido will be offering free bike taxi rides to voters in Karnataka across the cities of Bengaluru, Mysuru, and Mangaluru on election day.

Rapido’s partnership with the ECI reflects its commitment to being a brand that drives positive change for a better society. Rapido’s Co-founder Pavan Guntupalli said, “We are undertaking this initiative to ensure that every voter in Bengaluru, Mysuru, and Mangaluru can successfully fulfill their civic duty by casting their votes in the Indian General Election 2024. We have deployed all available resources to us in order to ensure that voters in Bengaluru can participate in the electoral process. We want to specifically ensure that differently abled, and senior citizen voters have equitable access to exercise their democratic right. By extending free auto and cab rides to them, we are redoubling our commitment to inclusivity and social responsibility.”

He further added, “By offering these free rides, we are facilitating democracy in action. Our Rapido captains in Bengaluru are more than just drivers; they are ambassadors of civic engagement, enabling greater voter turnout and promoting a more representative electoral system in the world’s largest democracy.”

Rapido’s partnership with the Election Commission of India underscores its commitment to being a brand that drives change for a better society. Through initiatives like this, Rapido continues to demonstrate its dedication to making a meaningful difference in the lives of people across the country. This initiative emphasizes Rapido’s dedication to empower and encourage the voter population of Karnataka to exercise their democratic right by casting their vote.

Kulfi Collective expands Board with Divya Karani, as Chairperson

Mumbai, India – Kulfi Collective, a leading creative network in India that functions at the intersection of content, community and culture, has announced the appointment of Divya Karani as Chairperson and Executive Director of its Board. Divya’s three-decade journey has shaped her into a pivotal figure in steering some of the largest advertising and media groups across India, South Asia, the UK and Asia Pacific. Most recently, Divya was the CEO of Dentsu Media, South Asia, where she led the agency for over 12 years to become one of the dominant media agency networks in the region.

Kulfi Collective, through its three divisions, Supari Studios, Post Office & Keeda Media, has partnered with the world’s leading brands and platforms such as Spotify, Red Bull, Netflix, Lego, Flipkart and Zomato to deliver content, experiences & IPs that shape culture. The addition of Divya to the board brings strategic insights into the fusion of creativity, technology, and data that is at the core of Kulfi’s unique approach of bringing brands closer to consumers and culture through content, community and commerce.

Divya expressed her excitement about contributing to Kulfi’s vision, “I am honoured to join Kulfi Collective at such a transformative time. Together, we aim to redefine the creative network model, with an emphasis on agility, authenticity and purpose that resonates with a connected generation.”

“Divya joining the board will help us build the right governance frameworks as we scale globally. Further, her deep expertise will help us build upstream capabilities to bring brands closer to communities and subcultures in music, sports, gaming, entertainment and lifestyle.” said Advait Gupt, Co-Founder & CEO of Kulfi Collective.

Earlier this year, Kulfi was the first Indian member to join the prestigious Society of Digital Agencies, a network of the world’s most innovative and celebrated digital agencies. Divya’s appointment, coupled with Kulfi’s roster of award-winning work, further cements the collective’s position as a leading creative network in the country and select global markets in the coming years.