6, Feb 2024
Gulf Oil continues positive momentum to power 29% growth
National, February 06, 2024: Gulf Oil Lubricants India Limited, a Hinduja Group Company, has today reported its Unaudited financial results (Standalone) for the Quarter & nine-month ended December 31, 2023. Key highlights are as under
During the Quarter ended December 31, 2023, the Company achieved revenue from operations of Rs. 817.26 crores against Rs. 781.10 crores, growth of 4.63% and PAT of Rs. 80.74 crores against Rs. 62.65 crores, growth of 28.86% compared to the Quarter ended December 31, 2022. During nine-month ended December 31, 2023, the Company has achieved revenue from operations of Rs. 2,431.28 crores against Rs. 2,207.05 crores, growth of 10.16% and PAT of Rs. 222.66 crores against Rs. 170.13 crores, growth of 30.88% compared to the nine-month ended December 31, 2022.
Strong momentum was maintained during the quarter with good uptick in volume majorly driven by growth in Agri and PCMO rebounding strongly. EBITDA exhibited consistent sequential growth hitting the century again touching Rs 111.06 crores mark during the quarter. EBITDA Margin marked a sequential improvement of 107 bps reaching 13.59%, tracking higher end of the guided band of 12-14%. Across all business segments, Infra and B2B recorded impressive double-digit volume growth. OEM workshop business showed good growth driven by many targeted initiatives, while OEM factory fill business saw a slowdown tracking lower sales of new vehicles by few key OEMs.
Commenting on the performance, Mr. Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India Ltd., said, “I am quite excited by the new milestones being achieved by the team with another remarkable performance delivered for December quarter and nine-month period, reinforcing our dedication to continuous growth and operational excellence. Our success spanned various categories, capitalizing on robust distribution and brand initiatives. Our key focus remains on strategic, sustainable, and profitable growth across our portfolio. This quarter witnessed a significant elevation in brand investments with activations such as IBW, CII’s Excon exhibition, new TVCs, and campaigns with brand ambassadors that amplify brand awareness levels and increase market share in our targeted segments. Our strategic partnership with India Bike Week (IBW), targeting premium bike owners with Gulf Syntrac engine oil, has taken root across Indian cities, catering to both metros and Tier 2 cities. The introduction of “Ride With Gulf” social media page enhances our engagement with the passionate motorcycle riding community nationwide. In a series of Sustainability Initiatives, we will enhance our solar power capacity at both the plants by June/July’24 and also looking at various sustainable packaging solutions. We participated in CII’s Excon exhibition where we showcased our innovative products, including Adblue, bio[1]degradable hydraulic oils, and EV charging solutions via Tirex DC chargers and Electreefi, a SaaS provider, gaining significant attention.
We maintain a positive outlook, anticipating market demand to keep growing in coming years due to strong GDPgrowth, significant infrastructural impetus, and increased vehicle penetration.
Manish Gangwal, CFO, Gulf Oil Lubricants India Ltd commented “Benefiting from a stable input cost environment and ongoing efforts to enhance our product mix across categories, our material margins have improved by over 5% on a YoY basis. This has translated into a highest ever quarterly EBITDA of Rs. 111 crores, firmly positioning us at 13.59% EBITDA to Revenue. Consequently, our earnings have witnessed substantial growth, marking a 29% and 31% increase for the quarter and nine-month period, respectively, compared to last year. Drawing a lot of confidence from the performance, the Board has declared an Interim Dividend of Rs 16.00 per equity share, amounting to 800% on the Face Value of Rs. 2 per Share. . Going forward, our strategic focus remains twofold: achieving revenue growth surpassing market trends by 2-3x, coupled with improving margin trajectories. Furthermore, we are committed to leveraging our investments in the e-Mobility space, capitalizing on synergies for sustained and impactful future growth.”
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- By Rabindra
6, Feb 2024
Dr Rennie Joyy’s Contribution Acknowledged at the Embassy of Myanmar
Known for her noteworthy dedication to constructing an equitable and inclusive future for all, Dr. Rennie Joyy, the founder of the Aalekh Foundation, Corporate Lawyer, and a former banker, was recently bestowed with the Women Prestige Award 2024 in an exclusive ceremony held at the Embassy of Myanmar on February 4, 2024.
HE Mr. Moe Kyaw Aung, the distinguished ambassador of Myanmar, was the chief guest of the Women Prestige Awards, which were hosted by Lions Club Delhi Veg in conjunction with the Indo Myanmar Friendship Association and the Nari Shakti – Ek Nayi Pahal Foundation. His involvement served as an expression of how vital it is to honor women’s accomplishments on a worldwide scale.
The award was designed to in recognition women who push the envelope and demonstrate not only their outstanding achievement but also their dedication to uplifting others and making meaningful contributions to society.
“I am truly humbled to receive the Women Prestige Award 2024,” she added. This accolade reflects the synergy of women aiming to have a constructive impact on the world, rather than just being a personal accomplishment. I value being appreciated and pledge to keep up my inspirational and empowering journey.”
6, Feb 2024
51st Annual National Conference of Indian Association of Preventive and Social Medicine…
Mangalore; 06/02/2024: Dr Rekha T, Head of the Department of Community Medicine and the organizing chairperson informed that the Department of Community Medicine at Kasturba Medical College, Mangalore will be organizing the 51st Annual National Conference of the Indian Association of Preventive and Social Medicine (IAPSMCON-2024) from 8th February 2024 to 10th February 2024 at Dr T M A Pai International Convention Center, Mangalore, with 2 days of pre-conference workshops on 6th and 7th February 2024.
This is the first time Mangalore is hosting this prestigious conference.
Dean of Kasturba Medical College, Mangalore, Dr. B Unnikrishnan shared the importance of the conference theme “Transformations for achieving SDGs: Innovate, Integrate, implement”. Dr B Unnikrishnan mentioned that Sustainable Development Goals (SDGs) are a set of 17 global goals established by the United Nations in 2015, with the aim of addressing various social, economic, and environmental challenges by the year 2030. However, the progress towards achieving these Sustainable Development Goals (SDGs) has been uneven, and various challenges have contributed to the slow pace of advancement. The theme encapsulates a strategic approach to accelerate progress towards the Sustainable Development Goals (SDGs) by emphasizing three key elements: innovation, integration, and implementation. This threefold approach emphasizes the need for continuous innovation, integration of sustainable practices into various aspects of society, and effective implementation of strategies to realize the SDGs. By adopting this transformative mindset, stakeholders can work collaboratively to overcome challenges, capitalize on opportunities, and make meaningful progress towards a more sustainable and equitable future by 2030. He also announced that this conference is organized to commemorate the 125th Birth Anniversary of Dr.T.M.A Pai.
Dr B Unnikrishnan informed that Dr R Balasubramaniam, Member – Human Resources, Capacity Building Commission of India, Government of India, will be the chief guest for the inaugural ceremony, which is scheduled on 8th February 2024, at 5:30 PM. He will also deliver the prestigious Dr. T.M.A. Pai oration during the conference.
Dr Ramesh Holla, organizing secretary stated that the conference will be attended by over 1200 delegates from across the country and abroad, and feature keynote presentations, panel discussions, and workshops from prominent National and International Organizations including ICMR, WHO, and UNICEF. Dr Holla stated that the conference will feature over 700 scientific presentations, 75+ plenary sessions, and a dynamic pre-conference program comprising 20 + workshops and 70+ facilitators.
In a bid to promote a healthy and drug-free lifestyle, a walkathon under the theme, ” Say Hi to Life, No to Drugs” has been organized as a special event, in the 51st Annual National Conference of Indian Association of Preventive and Social Medicine (IAPSMCON 2024) on 9th February at 6:30 AM. The walkathon will commence from KMC Hospital, Ambedkar Circle and conclude at Dr T M A Pai International Convention Center. Nearly 400 registered delegates will be participating in this event.
6, Feb 2024
Mumbai Surgeon Successfully Removes Five Brain Tumors in single surgery
Mumbai, 6th February 2024 – Preeti, a courageous 40-year-old woman, has defied the odds and embraced hope in the face of recurrent brain tumors. Her remarkable story of resilience unfolded during a recent medical intervention led by Dr. Mazda Turel, a renowned neurosurgeon at Wockhardt Hospitals, Mumbai Central.
In 2006, Preeti underwent her first surgery for a benign meningioma, only to find it return a year later. Undeterred, she faced a second surgery in 2007 and, after two years of respite, another recurrence. Despite the challenges, Preeti’s positive spirit prevailed as she underwent a third operation and radiation therapy in 2009. Over the next decade, she built a family, but in 2019, a new and complex challenge emerged.
Her fourth surgery became imperative, marking the beginning of an arduous journey compounded by the global pandemic, which disrupted regular medical check-ups. Preeti’s unwavering determination led her to Dr. Mazda Turel, seeking a fresh perspective after her previous surgeon retired.
Upon examination, Dr. Mazda Turel discovered not one but five tumors in various locations across the left hemisphere of Preeti’s brain. The largest, a 6 cm mass, pressed against the motor strip, causing debilitating weakness in her limbs. Dr. Mazda Turel decided on an unprecedented approach – the removal of all five tumors, followed by genetic studies and a personalized treatment plan.
In a groundbreaking surgical procedure, Dr. Mazda Turel skillfully removed the tumors, showcasing surgical prowess and dedication. Preeti’s recovery was initially promising, with renewed strength evident immediately after the surgery.
Dr Mazda Turel, Brain and Spine Surgeon at Wockhardt Hospitals, Mumbai Central– “This challenging case exemplifies the resilience of the human spirit in the face of adversity. The successful removal of five brain tumors in a single surgery at Wockhardt Hospitals underscores our commitment to pushing the boundaries of neurosurgical care. We remain dedicated to understanding the complexities of such cases, utilizing cutting-edge techniques, and providing personalized treatments to enhance our patients’ quality of life.”
Despite the setback, Preeti remains resilient, embodying strength and hope. Dr. Mazda Turel is determined to explore further treatment options, leveraging genetic studies and innovative therapies to address the root cause of the recurrent tumors.
Preeti’s journey is a testament to the challenges faced by patients dealing with complex medical conditions. The medical team, guided by Dr. Mazda Turel, remains committed to supporting Preeti on her path to recovery and contributing to advancements in neurosurgical care.
6, Feb 2024
AISATS Expands Air Cargo Handling Footprint to Ranchi Airport
Ranchi, 06 February 2024: Air India SATS Airport Services Pvt Ltd (AISATS) announced that it has started domestic cargo handling services at Birsa Munda Airport, Ranchi as the airport’s official Operator & Management (O&M) service provider. Partnering with AAI Cargo Logistics and Allied Services Company Ltd. (AAICLAS), AISATS Ranchi Cargo Services Private Limited will provide world-class domestic cargo handling services to ensure that Ranchi Airport’s cargo throughput is ready to take off to new heights of service excellence.
With its expertise in air cargo handling and logistics, AISATS is focused on levelling up the infrastructure at Ranchi Airport to enable faster freight movements and improve air cargo connectivity for the state of Jharkhand. As the official Regulated Agent (RA) at Ranchi Airport, AISATS will ensure that all cargo is robustly screened, labelled and dispatched as per global best practices. AISATS is committed towards providing efficient and seamless solutions to airlines for all their cargo handling, processing, and warehousing needs at Ranchi. This includes the capability to handle various types of cargo be it pharmaceuticals, perishables or machinery.
Commenting on the start of services at Ranchi Airport, Sanjay Gupta, CEO of AISATS, said, “We are excited to bring our unparalleled air cargo services to Jharkhand and our team at Ranchi is committed to make the city a lucrative focal point for the region’s air cargo needs. AISATS is delighted to partner with AAICLAS as its trusted O&M service provider at Ranchi Airport for this service. We believe that Ranchi Airport is going to play a significant role in transporting India’s cargo from regional industrial clusters and their distribution points to domestic and international marketing across the world, and AISATS is thrilled to be part of that journey.”
“India has become one of the world’s fastest-growing express delivery sectors, with air transport playing a substantial role. The Indian air freight market is expected to reach $17.22 billion by 2028, boasting a 5.65% CAGR. To keep up with the growth and serve the rising demand of express delivery sector, AISATS is expanding its operations to key regional locations as well” he added.
AISATS has been India’s premier ground and cargo handling company since its inception in 2010. It is on track to build India’s first Multi-Modal Cargo Hub (MMCH) at the upcoming Noida International Airport in Jewar, Uttar Pradesh. The MMCH is expected to go live in the third quarter of 2024. AISATS is also building a Cargo Logistics Park at Kempegowda International Airport, Bengaluru. As a 50:50 joint venture between Air India and Singapore-based SATS Ltd., AISATS has consistently demonstrated exceptional cargo handling capabilities at its 6 stations by introducing innovative and tech-driven cargo solutions that provide speed, traceability and certainty to its customers across its network.
6, Feb 2024
Lakshyam and FICCI Present Fashion for a Cause 2024: An Evening to Transform Lives
Renowned NGO Lakshyam, committed to fostering social change and the betterment of underprivileged communities, is honored to announce its yearly fundraising initiative, ” Fashion for A Cause 12th year 2024.” The event, which is scheduled for February 11, 2024, at the National Craft Museum, Pragati Maidan, New Delhi, serves as a platform for designers, celebrities, and influencers from a variety of domains to come together and support the cause by raising funds for the education of underprivileged children.
The women’s wing of FICCI, the Young FICCI Ladies Organization (YFLO), has teamed up for the event, further advancing the cause. With 12,000 professional women members throughout India, YFLO is unwavering in its mission to uplift women all throughout the country.
Fashion for a Cause 2024, an impeccable combination of fashion and philanthropy, is an unparalleled spectacle in India that brings together celebrities from the fashion industry with underprivileged children on a platform that is both uniquely uplifting and inspiring. It acts as a catalyst for constructive change and a ray of hope for those pursuing a safe and brighter tomorrow. This year’s celebration supports the worthy cause of improving Kirby Place, a central Delhi slum where 10,000 people have lived for the past 30 years, mostly as street vendors selling toys and beggars, without access to electricity.
“It is not just a runway show but a transformative opportunity to provide a promising future to our beneficiaries’ children.” Founder of Lakshyam, Raashi Anand, said, “Together, we hope to create a ripple effect of empowerment and upliftment.”
“Our efforts to encourage good change harmonizes with the event’s purpose to support and elevate communities, resulting in a harmonious fusion of change and empathy. With our joint efforts with Lakshyam, we want to support and create a more promising and just future for everyone,” YFLO Delhi President Divya Jain stated.
The event will feature Lakshyam’s kids walking hand-in- hand with the most prestigious fashion icons of our country dressed in unique silhouettes and creativity of acclaimed designers Rohit Bal, Varun Bahl and Shantnu & Nikhil.
Event Date: 11th February 2024
Time: 02pm – 05pm
Venue: National Craft Museum, Pragati Maidan New Delhi
6, Feb 2024
Generative AI is the Pride of Cybercrime Services
Highlights:
- Generative AI as a Cybercrime Tool: Cybercriminals are increasingly using generative AI for sophisticated cybercrimes, including social media impersonation, spam campaigns, AI-based deepfake services and KYC verification services.
- AI-Powered Black-Hat Platforms: The rise of AI-driven platforms for creating and managing fake social media accounts, offering services to automate content generation and account activity for illicit purposes.
- Evolution of Spam, AI-based deep fake voice and face services and KYC Frauds: The integration of AI in spam services to bypass security controls, ability of AI-based deep fake voice, face and lip services and in KYC verification services for creating fake identification documents, signifying a new level of sophistication in cybercrimes.
Over the past year, generative AI and ChatGPT have continued to gain prominence in the ongoing struggle between attackers and defenders.
While many industries continue to explore the promise of AI to augment their capabilities, cybercriminals have also seen the powerful potential of AI in exploiting vulnerabilities and creating new attack vectors.
At the beginning of 2023, we exposed the initial hints of cybercriminals showing interest in using ChatGPT to create malware, encryption tools, and other attack vectors that leverage Generative AI. In addition, Russian cybercriminals immediately started to discuss how to bypass any restrictions to begin using ChatGPT for illicit purposes.
One year after the launch of ChatGPT, we observe that the use of generative AI has become the new normal for many cybercrime services, especially in the area of impersonation and social engineering. Some of them have realized the potential of generative AI as a differentiator to increase the effectiveness of their services and are even bragging about it.
In this blog, we provide examples of 4 Russian underground AI-powered services that utilize generative AI built-in as part of their illicit tools and platforms:
Black-Hat Platform for Social Media Impersonation on large scale
Deepfakes Service
Malicious Spam Tool
KYC Verification Services
Case 1: AI-powered Black-Hat Platform for Social Media Impersonation
Fake social media accounts pose a significant cybersecurity threat due to their potential for malicious activities, brand impersonation, spreading disinformation, and much more.
In December 2023, an experienced threat actor, with official status of a seller in a “reputable” Russian underground forum offered for sale a ready-to-go platform that uses AI as a core module to generate content for social media platforms such as Instagram, Facebook, Twitter, and Telegram. This can be used to almost fully automate maintenance of fake accounts on social media.
In one case study provided as an example, the threat actor shows generated content for female models. In another use case, the actor generated a series of fake profiles that mimic those of successful financial traders.
The threat actor explained that he only realized just how powerful these tools are while working on his platform and he now offers two business models:
Fake social media accounts management as a service – The threat actor and his team create all the necessary accounts on Instagram, Facebook, Telegram, and Twitter. They then automatically generate the content and promote the accounts to give them visibility and a sense of authenticity by joining relevant groups, “liking” similar topic accounts, etc.
As proof of concept, the actor shows an example of 20 accounts of female models that were created and run using AI.
The platform can simultaneously create content for over 200 accounts and generate daily posts, reels, etc. The AI-managed accounts attract followers and the traffic from all the accounts can be used for any malicious purposes.
This managed service costs $50 for a single Instagram account per month and a bundle of connected fake social media accounts in 4 networks is $70. The minimum required order is for 10 accounts.
A stand-alone platform – The platform is sold “as is” and the buyer handles the management of all AI-driven accounts by himself. One of the core features of platform ownership is the ability to upload content and enrich it using AI.
The price of the platform is $5,000.
Case 2: AI-Powered Deepfakes Service
On December 31st, the New Year’s Eve, another impersonation service was introduced in a major Russian underground forum.
This service is focused on providing AI-based deepfake services in three areas:
1. Lip Sync – for 100$ per 30 seconds of the content.
2. Deepfakes which include lip sync and face replacement – for 150$ per 30 seconds.
3. Voice Acting – for $30 per 1 minute.
Using services described in cases 1 and 2, separately, or combined can create possible impact in two significant areas avenues:
Creation of fake profiles army in social media to promote certain political agendas or products.
Impersonation of celebrities or corporate executives which can lead to severe brand reputation damage or initiation of cyber-attacks.
Case 3: AI-Powered Malicious Spam Tools and Services
Malicious spam is one of the oldest illicit services found on underground cybercrime forums. Spam is the most common initial vector for various attack scenario objectives such as phishing and credential harvesting, malware distribution, scams/fraud, etc.
One spam service was launched in November 2023 by a reputable threat actor who claims over 15 years of criminal experience. After receiving positive feedback on his service, he proceeded to make his spam services AI-powered, specifically by ChatGPT.
Using ChatGPT helped randomize the spam text and created a higher rate of success that the spam email would reach the victim’s inbox.
As one customer of this service said, the AI-driven spam service helped him bypass anti-spam and anti-phishing controls of popular webmail services and achieved a 70% successful delivery rate to the targeted email address.
Do you want to know how much the average hacker needs to invest to successfully deliver 70,000 malicious emails? The 100,000 package of spam email costs $1,250 (which can be paid in Bitcoin, Monero or USDT).
On the demand side of spam tools, currently, cybercriminals looking for new spam tools are requesting that the tools must include ChatGPT-powered randomization function as part of their technical specifications. This automatically creates unique text for each spam email, which helps it to easily bypass anti-spam filters.
Case 4: KYC Verification Services
Know Your Customer (KYC) procedures have become standard practice for companies providing financial services due to the need for enhanced security, risk mitigation, and regulatory compliance.
KYC also plays a crucial role in retrieving access to an account in case the legitimate owner is unable to use traditional methods like password reset. The company usually requires customers to undergo a KYC process to confirm their identity and ensure that they are legitimate account holders. This typically involves providing valid identification documents, such as a government-issued ID, passport, or driver’s license, along with additional verification steps like a photo with a document.
A whole underground market exists with shady services such as creating images of fake documents for verification. Previously, this kind of cybercrime job was done mostly by manually manipulating relevant images.
Now, however, one of the KYC Darkweb services vendors said that with the advent of artificial intelligence, he had recently integrated AI technology that significantly sped up the process of creating fake verification documents without sacrificing quality.
6, Feb 2024
MSME Sampark bi-annual report on the latest in MSME lending ecosystem
Mumbai, February 6, 2024: India’s Micro, Small and Medium Enterprises (MSME) ecosystem plays a vital role in shaping and growing the country’s economy. Post the COVID-19 pandemic, that is, from FY21 to FY22, the contribution of MSMEs to India’s Gross Value Added (GVA) has grown significantly. A joint report by U GRO Capital and Dun & Bradstreet, titled ‘MSME Sampark Bi-annual report on the latest in MSME lending ecosystem’, takes a close look at where the Indian MSME segment is positioned now after having stepped out of the COVID-19 pandemic, the credit scenario in the segment, the formalisation of credit in the segment and the increasing ticket size of loans, among others. The report also signals optimism for domestic demand and profitability and is highly optimistic of the increasing capex and hiring by MSMEs which bodes well for the overall growth momentum.
Shachindra Nath, Founder and Managing Director, U GRO Capital, said: “This report highlights the critical role that MSMEs play in shaping the destiny of the Indian economy. It takes a deep dive into the nuances of the MSME sector, shedding light on its resilience, innovation, and the pivotal role it plays in fostering economic growth and employment.”
Avinash Gupta, MD & CEO – India, Dun & Bradstreet, said “India aims to be a US$30 trillion economy by 2047, roughly 8x increase in two decades. MSMEs contribute nearly a third of India’s GDP. It is imperative that MSMEs scale up significantly and quickly, necessitating estimated US$11.5 trillion financing requirement in fixed assets. The MSME Sampark report jointly produced by Dun and Bradstreet and UGRO Capital aims to track MSMEs performance, credit behaviour and financial environment on a bi-annual basis. We have observed that businesses optimism of MSMEs has soared to the highest level since 2022, indicating improvement in performance even in the face of difficult external environment. Moderate delinquency rates and low sector risks have also improved MSMEs borrowing prospects. The Government’s continued thrust on formalization is furthering the formal credit penetration in the sector”.
The MSME Segment: Where It Stands Now:
Post-pandemic, India is one of the fastest growing major economies. India’s real gross domestic product (GDP) at constant prices (2011-12) grew by a faster-than-expected 7.6% in the July-September quarter of 2023. For the full financial year, the economy is expected to register 7.3% growth, compared to 7.2% a year ago.
In this background, the report says that post-pandemic, good recovery was seen in smaller entities, though at a slower pace than the larger ones: over 50% of entities with turnovers less than Rs 10 crore witnessed Year-on-Year (YoY) growth of over 10%, compared to ~60% for higher turnover entities. Over a three-year period, 25,000+ MSMEs were studied to prepare this report. The study showed a dip in business and sales activity in the year of the pandemic, followed by a massive 77% of customers showing resumption of activity in the first year after the pandemic, and over 68% of customers showing over 10% Y-o-Y sales growth in the second year after the pandemic. As a result, risk levels have fallen and delinquency rates have improved in the MSME segment which, in turn, is improving the prospects of borrowings by MSMEs.
This is resulting in increased credit growth and the share of credit disbursed to MSMEs by Scheduled Commercial Banks (SCBs) and non-banking finance companies (NBFCs).
MSME’s Credit Standing
According to the report, MSMEs are increasingly realising that to grow, getting formal recognition is vital, which will help them receive credit from formal institutions (banks and NBFCs) and the various benefits offered by ongoing and future schemes from the government. This is seen from the fact that since the inception of UDYAM in 2020, MSME registrations on the platform have increased 2.4 times, while they have generated 1.6 times more employment opportunities by FY23.
A study done across 10,000+ micro-sized MSMEs shows rising credit penetration in the sector reflecting the lenders’ positive view on their resilience and recovery.
Formalisation of Credit
Formal credit penetration to MSMEs is expected to increase as the government acts proactively towards the formalization of MSMEs.
India’s credit penetration of 52% is the lowest among its Asian peers: China stands at 185%, South Korea at 175%, and Vietnam at 126%. The Bank credit to Gross State Domestic Product (GSDP) ratio for the majority of states is below the national average; only Maharashtra, Telangana, Tamil Nadu and Delhi have credit to GSDP ratio penetration above the national average. Now, as the MSMEs get formalised through the various direct and indirect incentives that the government (Central and State) undertakes, formal credit penetration to MSMEs is expected to increase. Also, thanks to the various policy interventions taken by the government to increase the productivity and competitiveness of MSMEs, skill development, technology upgradation and market access, MSMEs are likely to grow which is crucial in sustaining the current momentum.
Increasing Ticket Size of Credit
Ticket size of loans by lenders to MSMEs has increased post-COVID-19, while approval rates have fallen indicating cautiousness after the removal of pandemic relief measures.
Healthy penetration of credit is seen across sectors and geographical footprints across the studied universe of business entities. Interestingly, smaller entities are seen borrowing more relative to their scale of business to meet capital needs during a growing phase. Maharashtra, Gujarat, and New Delhi top the list in the distribution of debt, while Light Engineering, Hospitality, and Healthcare are the sectors that attracted the most debt.
Key Highlights of the report
- Global growth slowed markedly in 2023, and we expect growth to remain subdued in 2024. With a growth rate of 7.3% in FY23, India is poised for a strong growth in FY24.
- We understand that a robust MSME activity will be pivotal to India’s growth story.
- MSME sector in India continued to demonstrate resilience and growth. Since its inception in 2020, MSME registrations on UDYAM have increased by 2.4 times by FY23, while they have generated 1.6 times more employment opportunities.
- Despite the ongoing global economic slowdown, the optimism level among small businesses persists reaching a peak in Q4 2023, the highest since 2022.
- Dun & Bradstreet’s proprietary risk rating score of MSMEs indicate that risk to MSMEs moderated in 2022 compared to 2019.
- Low risk in the MSME sector and declining delinquency rates are enhancing the borrowing prospects for MSMEs. Both SCBs and NBFCs share of credit to micro and small firms has increased in FY23 compared to the pre-pandemic period.
- Post pandemic, ticket size of loans by lenders to MSMEs has increased while approval rates have fallen indicating cautiousness after the removal of pandemic relief measures.
- The drop in the approval rate is greater in PSUs for both the medium risk and high-risk firms while NBFCs remain the most cautious for the high-risk firms.
Highlights of the sectors covered in the report:
Light Engineering
Among MSMEs, enterprises in the iron, steel and other metal works have the highest market size and it is also the most efficient sub-sector in terms of debt to total turnover across various sizes of entities. While enterprises in this sector are seen across India, Maharashtra is the dominant market with subsector hubs such as Gujarat for plastic/ glass/ ceramic products.
Food Processing
Animal or vegetable fats/oils and waxes, edible preparations, fruits, nuts, and cereals are the major contributors to the food processing sector in the MSME segment. Cash dealings are the highest in this sub-segment compared to other sectors. While there is a presence across India, the dominant markets are Maharashtra, Gujarat and Rajasthan.
Electrical Equipment
Miscellaneous equipment and appliances, heavy equipment/office machines, electrical circuit components, and electronics equipment in communications are the other dominant sub-industries. It has a pan-India presence, with Maharashtra being the dominant market, and Gujarat and New Delhi being sub-sector hubs.
Chemical Industry
Half of the turnover in this sub-sector is accounted for by organic chemicals, inorganic chemicals, and fertilisers. It has a pan-India footprint.
Healthcare
Healthcare delivery and service (dealers, distributors, hospitals, diagnostic centres) account for the lion’s share of the market and recipients of a majority share of credit to the sector. As in other sectors, smaller entities (dental clinics, eye clinics and pharmacies) require growth capital, which can be met through various business loan and equipment financing solutions.
Auto Component
Vehicle and vehicle parts contribute to a major part of the Auto component industry, whereas Hotel, Food, Transport and Manpower services form a majority of the market and are recipients of a larger share of credit.
Methodology of the Report
The report leverages various public and Dun & Bradstreet’s data cloud to analyse overall MSME segment’s health and credit requirements. Detailed financial analysis of sample MSMEs firms in eight sectors are undertaken to understand and risk dynamics. The report includes insights derived from niche study of 25,000+ MSME’s financial and repayment performance over 3-year timeframe. These MSMEs have a turnover of less than 100 crores and operate in UGRO focussed sectors.
6, Feb 2024
TOI Presents the 6th Edition of the Times of India Sports Awards
Lucknow, Uttar Pradesh, February 6, 2024: Recognizing the unwavering commitment and outstanding achievements of Indian athletes, The Times of India announces the return of the 6th edition of its prestigious event, the TOI Sports Awards (TOISA). Set against the regal backdrop of Lucknow, the City of Nawabs, the awards ceremony will take place on February 23, 2024, in the presence of esteemed personalities from the realms of Indian sports.
In collaboration with the Uttar Pradesh government, TOI unveiled this edition, reinforcing its dedication to honoring sporting excellence. Themed #MoreSweatMoreGlory for the second consecutive year, TOISA pays homage to the relentless spirit of athletes and para-athletes who illuminated the sports landscape in 2023. Beyond recognising the standout figures of Indian sports, TOISA remains committed to nurturing the future generation of athletes, inspiring countless youngsters to pursue their dreams.
Speaking about the significance of TOISA 2023, Prasad Sanyal, Business Head, Times Internet, stated, “Since its inception, TOISA has been steadfast in acknowledging the remarkable talent of both emerging and seasoned athletes. This year, we are excited to present another edition of the awards, featuring diverse categories and an esteemed jury panel. Our aim is to celebrate the pinnacle of Indian sports and para-sports at this year’s TOISA.”
With over 20 award categories, last year’s nominees included a mix of rising and established stars in Indian and para-sports. A distinguished jury of legendary Indian sports personalities decided the winners, including Paralympic champion and Padma Shri Awardee Deepa Malik, Olympic-winning weightlifter Karnam Malleswari, and hockey star Zafar Iqbal. They were joined by prominent figures such as long jump star and Vice-President of the Athletics Federation of India, Anju Bobby George, badminton coach and two-time Padma Awardee Pullela Gopichand, Olympic-winning wrestler Yogeshwar Dutt, and Vice-President of the IOA & Olympic-winning shooter Gagan Narang. The jury was chaired by Adille Sumariwalla, President of the Athletics Federation of India and Vice-President of the IAAF.
The jury meeting, held in Delhi last week, marked a rigorous selection process considering various parameters to determine the winners. The awards will be presented during a grand ceremony scheduled later this month in Lucknow, promising an evening that celebrates the zenith of sporting achievements.
6, Feb 2024
Seth M. R. Jaipuria Schools plan Bihar expansion with 10+ Schools
Patna, BIHAR, February 06, 2024: Seth M. R. Jaipuria Schools, India’s most respected education brand, renowned for its exceptional K-12 educational approach, has announced plans for further impetus of expansion in the State of Bihar. This expansion aims to provide a unique educational experience, blending modern perspectives with traditional values to at least 20,000 more students in the state. At present, the group operates 56 Schools in 6 States of India, providing education to at least 45,000 students and generating employment for 2,500 individuals. The legacy of the group has been for nearly 8 decades in education. The group already operates Schools in PATNA, MOTIHARI and DUMRAON
Mr. Shreevats Jaipuria, Vice Chairperson of Jaipuria Group, emphasized the family’s historical commitment to elevating the quality of education in India. “The establishment of educational institutions reflects this dedication”. He expressed delight with the family planning aggressive growth in the land that is considered the birthplace of education and culture in India. “For four generations, we have been operating quality educational institutes in the country. Our K-12 Schools and Management Institutes have found success and gained trust of the country. I am confident that our focus on Bihar will help us learn from the land and also enable us to offer to the State with our learning and success across the country over years. We are exceptionally proud of our Patna School. Since launch, there’s phenomenal response to Motihari and Dumraon, too. We are confident that we would be able to help establish at least 10 schools in coming three years in Bihar. We envision that our growth focus will facilitate investment of at least INR 200 Crores in Bihar in the coming few years, creating employment for hundreds of individuals who will benefit directly and indirectly through the Schools”
Mr. Jaipuria emphasized the significance of focusing on social skills alongside academic excellence. He stressed that “holistic development rests upon a foundation of curricular and co-curricular learning, grooming students to be not only accomplished professionals but also compassionate human beings. The best-in-class educational pedagogies, training and facilities will make this a School of Choice in the region. Our experience of working with 45,000+ students and 2,500+ educators shall pave way for excellence in Bihar as well”. He further explained “cities and towns grow around quality schools; we have seen this pan-India. We believe bulk of the growth will come from Tier 2/ Tier 3 cities where aspiration level is high, requirement of education is huge and thereby scope of impact is greater”.
The Schools operated by Jaipuria are in collaboration with entrepreneurs at local levels. This enables maximising Jaipuria’s expertise at national level whilst leveraging local know-how of promoters at ground level. Additionally, the holistic support of Jaipuria, including for project planning and execution, branding, admissions, recruitment, training, curriculum support, audit, events and activities makes the support best-in-class. Jaipuria also has alliances with many academic services experts, including and not limited to Torrins Music (venture of Ehsaan Noorani), Edunext/EduTinker ERP systems, Formula 1 in Schools, Times of Sports, Persona Education UK, XQ Video Labs, Heritage Laboratories, and many more. There’s scope of 40+ activities at Jaipuria.
Mr. Sanjay Ranjan, Chairman of the Jaipuria School, PATNA outlined the school’s progressive, co-educational vision. “With support from the Jaipuria Group, the school has provided a robust educational foundation, centred on activity-based learning, holistic development, and a child-centric approach. The School features top-tier
facilities, interactive digital classrooms, well-equipped laboratories, library, and a global curriculum. The school offers 40+ activities, including sports, arts, and more” said the proud educator. “Kudos to Jaipuria Group for envisioning processes. Already our School at Patna has acclaim from Education World, Brainfeed, Scoo News, Times Group and more”.
Addressing the gathering, Chairman of the Motihari School, Mr. Shambhu Prasad said “We are delighted with focus of Jaipuria Group on Bihar. Our Motihari school shall function with focus on educational expertise, and with the constant supervision of the Jaipuria Group Corporate Office from New Delhi, we would be able to provide for the foundation of building blocks for the future. Jaipuria will enhance the quality of education in the region with interventions in line with NEP 2020 and NCF, and guidance as per the CBSE Board in details. Great processes and futuristic vision sets us apart”.
Mr. Ajay Pandey- Chairman of the Dumraon School said, “The response from parents and students has been overwhelming since news of the school spread. This has reaffirmed our faith. We believe the child should be at the centre of the teaching-learning process, we believe in activity based learning, we believe there should be a good mix of academic and co-curricular activities for overall development of the child, and at Jaipuria, we will provide each and every child with such opportunities. Wings of Jaipuria in Bihar will ensure flight of quality education for all”.
Explaining the process of expansion, Mr. Vijay Shukla, GM-Business Expansions said “We are probably the only K-12 School offering conversational Sanskrit curriculum – Devabhasha – from pre-primary levels. Music labs, video labs, coding and all will happen, but we are mostly committed to holistic development of students along with values enhancement. The access to inter-Jaipuria events such as Crescendo and Pinnacle make the School even more exciting for the students, whilst the focus on continuous professional development of teachers makes all the difference as well. University of Berkley in California, USA calls us School for greater good in the world; various media has consistently recognized Jaipuria as India’s number one school chain; over decades, we’ve had 99% first divisioners in Board exams. Our students get access to sports, cultural and activities to enhance their 21st century skills. Our students have done exceptionally well with college and university admissions by getting favourable seats in Delhi University, Ashoka, Jindal Law School, Calcutta University and some have even gone the Universities such as New South Wales, Warwick, London Met and more”.
Adding on, Mr. Jaipuria said “In fact, many of our Alumni have gone on to work at organizations such as TCS, Facebook, Unilever, Microsoft, Times Media and more; it’s a testament to our entrepreneurial spirit that recently one Jaipuria Alumni raised substantial funding at the famed Shark Tank whilst many have created jobs for many. One of our other Alumni got a job for INR 1.5 Crores at Google! “My vision for the Bihar is one of eminence and global impact. We believe Jaipurians don’t merely read history, but create history, and I am sure that students of Bihar are destined for greatness and creating history”!
Mr. Kanak Gupta, Mr. Varun Chaturvedi and Mr. Adnan Arif from Jaipuria Group Corporate Office in New Delhi were also part of the press conference.
