5, Feb 2024
What this budget meant for logistics Industry
Bengaluru February 5, 2024– Finance Minister of India Ms Nirmala Sitaraman presented her annual but interim budget (due to ensuing elections) very recently. It had slew of offerings for logistics industry. The logistics sector has received a major push in the Interim Budget 2024 as the government plans to set up three major economic railway corridors to reduce congestion and logistics costs in India. Industry stakeholders welcomed the government’s plans but have highlighted that certain areas still require attention. Industry stakeholders welcomed the government’s plans but have highlighted that certain areas still require attention.
The government said these projects have been identified under the PM Gati Shakti for enabling multi-modal connectivity. These commodity-specific economic rail corridors aim to address congestion issues in rail lines, particularly in the eastern region. These dedicated corridors will facilitate faster movement of freight and improve turnaround times, reducing logistics costs for India. Currently, logistics costs account for approximately 12% of India’s GDP, which hampers its competitiveness, particularly in the manufacturing sector, compared with competing countries. Industry stakeholders say that by reducing traffic on transportation routes and improving the efficiency of freight transportation, the county can increase its logistical competitiveness.
Giving his views on the budget Lobb Logistics Chief Executive Officer Venu Kondur said, “This will be an added boost to Tech led logistics businesses “All forms of infrastructure – digital, social, physical – are being built in record time”, he went on to say “the government must adopt economic policies that will sustain growth and contribute in powering investment and fulfil aspirations. The commitment of renewed assurance on logistics policy and connecting multi-model through technology is going to be key. Increasing road network for motorable roads is also an added fillip to us. The government will take up next generation reforms and build consensus with the states and stakeholders to ensure effective implementation, Policy priority to provide training for MSMEs to compete globally. The government promise to expand and strengthen the EV ecosystem by supporting manufacturing and charging infrastructure”.
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- By Rabindra
5, Feb 2024
VST Tillers Tractors Ltd Net profit surged by 65 Percent to Rs 86.39 Cr for the Nine months ended Dec 23
Bengaluru, February’ 2024: VST Tillers Tractors Limited (VST), India’s leading farm equipment manufacturer, announced their Quarter 3 and Nine-month results for the financial year 2023-24.
For Nine months, VST has achieved a turnover of Rs 694.61 Crore compared to Rs 683.82 Crore during the corresponding period of the previous financial year, an increase of 1.60%. Earnings before interest, taxes, depreciation & amortization (EBIDTA) rose by 45% to Rs 134.5 Cr compared to Rs 92.4 Cr during the same nine-month period of the previous year. Net profit stood at Rs 86.39 crore for YTD Dec 23 compared to Rs.52.22 crore YTD Dec 22 with a growth of 65%.
For the quarter, VST reported a turnover of Rs. 169.96 crores. The company’s earnings before interest, taxes, depreciation & amortization (EBITDA) stood at Rs 27.70 crore for Quarter 3, which is 14.7 % of total revenue. In the previous year Q3, the EBITDA margin was 14.6%.
The company has also registered growth of 38% in the export of tractors for nine months of FY24. The joint venture entity, VST Zetor Pvt Ltd., between the company and HTC Investments a.s (owner of the brand “Zetor”) commenced operations in the quarter.
4, Feb 2024
India MS Day Observed at Hotel Vivanta at Begumpet
Hyderabad, February 04, 2024……. India MS Day was observed in the city at Hotel Vivanta at Begumpet on Sunday. A book titled Unbreakable Spirit— Navigating Life with MS was launched to mark the occasion.
It is the first-ever book authored by non-MS professional Ms. Farida Raj, a remedial instructor turned author
The book was formally launched amidst the presence of 500 plus guests by Mr Durga Prasad, former DGP of CRPF and 9th head of the Asaf Jahi Dynasty of Nizams, Raunaq Yar Khan, Mrs Meena Gupta, Founder and Chairperson, Multiple Sclerosis Society of India and Dr Sudhir Kumar, Neurologist from Apollo Hospitals.
The objective of the book the author says is to make it known to the public that with the right diagnosis, timely treatment, care and support many people can lead long, active and healthy lives.
It is a book in English written for the benefit of a layman in an easy-to-read and follow format with the sole aim of creating awareness about the disease. It is priced at Rs 249/- and is available online on Amazon.
Farida Raj’s journey took an unexpected turn when she encountered individuals grappling with Multiple Sclerosis (MS). This encounter fuelled her passion for shedding light on this lesser-known disease. The book on MS, “UNBREAKABLE SPIRIT: NAVIGATING LIFE WITH MS,” Navigating Life with MS, stands as a testament to understanding the lives of those affected by the condition.
The book invites readers on an insightful journey into the world of living with Multiple Sclerosis. It delves into the intricacies of MS, from its fundamental aspects to its profound effects on different life stages and relationships. With chapters exploring the Basics of MS, its impact on youth, relationships, parenthood, and the challenges of Confronting fears, this book provides a holistic perspective on the physical, emotional, and psychological dimensions of MS.
Through heartfelt narratives and personal experiences, the author sheds light on the struggles and triumphs faced by those living with MS, as well as the crucial role of caregivers in this journey. As readers turn each page, they will uncover valuable insights, practical advice, and a sense of community that empowers individuals to navigate the challenges of MS. The book not only fosters understanding but also offers guidance on building a supportive and empathetic network that extends beyond the confines of the condition.
“UNBREAKABLE SPIRIT stands as a beacon of hope for individuals with MS, their loved ones, and anyone seeking a deeper comprehension of the human spirit’s resilience in the face of adversity. It is a testament to the power of knowledge, compassion, and unity in overcoming the challenges posed by a complex condition, ultimately illuminating a path towards a richer, more connected life.
Farida, the author, is a woman of many facets. She has silently done a lot of impactful work for society.
Farida serves as an executive committee member of the Multiple Sclerosis Society of India- Hyderabad chapter (MSSI). This non-profit organisation works for the welfare of people affected by Multiple Sclerosis and is affiliated with MSIF (Multiple Sclerosis International Federation).
Multiple sclerosis (MS) is a chronic neurological disorder that affects the Central Nervous System [CNS]. It is a potentially disabling disease that is creating havoc in the lives of many families, informed Dr. Sudhir participating in a panel discussion that was organised before the launch of the book. The panel discussion was moderated by Hari Mohan, a first-class cricketer, and former Ranji Cricket Player.
MS—Multiple Sclerosis patients no longer need to be called so, I call MS Patients Most Special patients, said Dr Sudhir Kumar, a renowned Neurologist currently working in Apollo Hospitals said. Speaking about the book, Dr Sudhir said, this book has so many things which many doctors are not aware of nor any neurological books talk about. The treatment goes beyond medication. And those things which go beyond treatment are found in this book he said.
Meena Gupta said MS patients are not covered under Insurance. So the theme for this year’s MS Day was #InsureMyMS. She sought support for MS patients in getting disability certificates from the government without much hassle.
A video film was screened to sensitise people about MS at the beginning of the program
Though its prevalence was higher in the West, now there is a rise in these cases in India. Eight to nine people per one lakh population is estimated to be suffering from MS. India has a disease burden of roughly 2.5 lakh. The number is estimated to be higher than stated, as not many people are diagnosed due to the lack of awareness. Manish Sisodia’s wife is a well-known case of multiple sclerosis currently. The Telugu states have around 200 MS patients registered with the MS Society of Hyderabad.
MS is an auto-immune disease. The awareness about this condition is inferior to the public. What many don’t know is that with the right diagnosis, timely treatment, care and support many people can lead long, active and healthy lives.
Farida Raj, a Mumbaikar relocated to Hyderabad (after marriage with Vijay Mohan Raj, a Ranji Cricketer and contemporary of Kapil Dev) and made Hyderabad her home for the past 41 years.
Farida has done a lot of work in the area of Specific Learning Difficulties (SLDs). In the past, she authored three insightful books, BREAKING THROUGH, UNDERSTANDING LEARNING DIFFICULTIES and STRUGGLING MINDS, on the subject, aiming to empower both teachers and parents in supporting their children’s learning journeys. She has contributed extensively to the B.Ed Special conducted by IGNOU and RCI.
Noticing a gap in information for women who primarily read Urdu, Farida turned her attention to the reproductive and mental health of women. She penned articles and authored three books in the Urdu language, HAMARI SEHAT KI ZAMIN, ZAVIYE ZINDAGI KE and IZTRAB- e- ZINDAGI, addressing crucial aspects of women’s well-being.
3, Feb 2024
City’s Creative Media School, IACG Multimedia College, bags global recognition — as the “Rookies Certified School”
Hyderabad, February 03, 2024…. IACG Multimedia College (International Academy of Computer Graphics), receives The Rookies Certified School Certification is a quality benchmark that identifies the schools that are best suited to prepare artists for a career in the Creative Industries.
The Certification shows that IACG Multimedia College is among the world’s finest, Rama Krishna Polina, Founder & Managing Director of IACG informed addressing a press conference on Saturday.
It is the only Indian Institute out of over 4000 education institutions and academies in Media and Entertainment space to have received Rookies Accreditation – informed Rama Krishna Polina, Founder & Managing Director of IACG Multimedia addressing a press conference at its posh 45000 sq. ft. campus in the heart of the city in Jubilee Hills.
With this coveted recognition IACG Multimedia College’s Visual Effects, 2D Animation, 3D Animation and Game Art & Design programs are acknowledged as a Rookies Certified School.
Based in Australia, The Rookies is a highly respected resource. Getting certified by The Rookies is a stamp of prestige for any school. It shows that the school is among the world’s finest in delivering quality education for its students.
This accreditation is awarded to the very best schools that provide the most up-to-date and relevant training and education for students aspiring to work in creative media industries.
IACG is the city’s 22 years pioneering Multimedia Institution and a name to reckon with for Gaming, Animation, VFX and Art & Design education as well as a production house that worked for many movies of great success and the director known the world over receives global recognition as
IACG is Asia’s first Academic Partner of UNREAL ENGINE, the world’s most advanced real-time 3D creation tool.
IACG’s students recently got the recognition of COMIC CON INDIA for the character Khonshu. COMIC CON INDIA for the character Khonshu as the Best Cosplay Artist in the MOVIES & TV Category and the INDIAN CHAMPIONSHIP of COSPLAY 2024 HYDERABAD in the VFX Category
IACG Multimedia College offers an array of comprehensive full-time graduation and postgraduate programs. These programs cater to various specializations including Gaming, Animation, VFX, and Art & Design
Recognizing the need for foundational education in multimedia and computer science, IACG has recently introduced Intermediate courses in CGA (Computer Graphics & Animation) and CS (Computer Science) for students who have completed their 10th standard. These programs are aimed at providing students with early exposure to career options in these fields, equipping them with the necessary knowledge and skills to pursue advanced studies in multimedia and computer science.
IACG expanded its educational offerings to include 1-year and 2-year Diploma courses.
The role of computer graphics in today’s life has become very important as computer graphics are viewed as the intersection of design and computer science, to delight and engage audiences.
Computer graphics today is a core technology in many areas such as digital photography, film, video games, digital art, mobile phones and computer displays, and many specialized applications.
We have seen the impact of Computer-generated imagery (CGI), in the success of many recent movies Avatar, Bahubali, RRR, Eega, and Hanu-Man, which opened doors to storytelling possibilities previously considered impossible. CGI effects enable filmmakers to create breathtaking fantasy worlds, fantastical creatures, and mind-bending visual effects. CGI has enriched cinematic experiences, expanded the boundaries of imagination and contributed to the box office success of many movies. Today movies without make-to-believe real-life CGI, films are not doing too well.
Computer Generated Images were prevalent in movies for many years. But, movies like Avatar, Baahubali, and RRR and their success made people recognize their importance. However, extensive use is reaching its peak now. Hence there is a lot of demand for trained professionals. And IACG stands as numerous uno and is among the best in the world.
3, Feb 2024
1200 government buildings in Maharashtra…
Pune, February 3: In an effort to promote inclusivity and empower the disabled students, the National Centre for Promotion of Employment for Disabled People (NCPEDP) partnered with Bajaj Finserv Limited in 2023 to introduce a scholarship program for disabled students in Maharashtra and Uttar Pradesh. As part of its endeavor to raise awareness on the Scholarship, NCPEDP in collaboration with Centre for Disability Studies and Inclusive Education, Savitribai Phule Pune University (SPPU) organized a capacity building workshop on Wednesday.
The program, providing scholarships of up to Rs 1 lakh, aims to support 100 disabled students across various education levels, including Secondary, Senior Secondary, and Higher Education.
The event, supported by Bajaj Finserv, provided a platform for experts from different fields to share insights on disability laws in India. It also aimed to foster comprehension of various skills essential for excelling in both academic studies and professional careers among students with disabilities. The Pune workshop featured informative sessions led by experts.
While reaffirming the organization’s commitment to providing quality education to disabled students, Arman Ali, the Executive Director of NCPEDP, shared insights on the necessity of infrastructural accessibility. He stated, “Unless we change the infrastructure, it is difficult to convert persons with disabilities into assets. Given the substantial number of people with disabilities in India, they should be recognized as an important segment with the capacity to contribute to the country’s economy, and this is not possible without education.”
Pravin Puri, IAS, Commissioner for Persons with Disabilities, Maharashtra, shared that the state has taken various steps to promote and implement the RPwD Act 2016, ensuring accessibility in public buildings.
Puri also mentioned that a comprehensive action plan has been prepared to make 1200 identified public buildings accessible. Additionally, concerned departments have been directed to allocate separate budgets within their respective domains. Since 2016, the department has issued an order to establish redressal cells in all government departments and agencies.
Highlighting the importance of seeking recourse through the disability court, Puri stated that the state has started adhering to the RPwD Act 2016 by identifying government employment posts and incorporating a redressal mechanism in future job advertisements to address the exclusion of persons with disabilities and uphold their rights. He also affirmed that in Maharashtra, local self-government has allocated a 5% budget for schemes and programs for persons with disabilities, underscoring the importance of public awareness regarding the implementation of these provisions.
Suresh Gosavi, Vice Chancellor of SPPU, shared that the institute is actively working to make the campus accessible and inclusive for all students. He also mentioned that the ideas and suggestions discussed in the workshop will contribute to the development of a white paper focusing on infrastructural and digital accessibility. While acknowledging existing drawbacks, Gosavi assured that efforts will be made to enhance campus accessibility.
The Pune workshop engaged over 100 participants, including students with disabilities, students without disabilities, teachers, and parents. The sessions offered valuable insights and facilitated knowledge-sharing, fostering a deeper understanding of disability rights and related issues.
The NCPEDP-Bajaj Finserv Scholarship program is a commitment to promote inclusivity and empower disabled students through education by providing them with all the necessary resources. It helps them be prepared to explore opportunities that come their way and excel in academics.
3, Feb 2024
After the massive response from the first look of ‘Hero Heeroine’, makers drop another glimpse & commence the shoot in Hyderabad
India, Hyderabad 03 February 2024: Divyah Khosla Kumar’s next Telugu Hindi film “Hero Heeroine” has been garnering all the attention since its first news and for all the right reasons to say so. Right from its announcement to the first look poster that came out a few days ago that gave us the vibes of a Heeroine that we are all waiting to see on the big screens soon. The anticipation has made us all wait for what is in the box when the two power houses join hands together. As the makers reveal the 2nd look poster of Divyah they have just begun shooting the first schedule of the film in Hyderabad.
Known for giving revolutionary films like ‘Toilet: Ek Prem Katha,’ ‘Padman,’ and ‘Pari,’ celebrated producer Prerna Arora is back with another banger, titled, ‘Hero Heeroine,’ a Telugu-Hindi cinematic saga of love and drama. Directed by Suresh Krrisna, the film explores the unscripted journey of on-screen romance turning into real-life love.
Renowned for her versatile contributions to Indian cinema, Divyah Khosla Kumar has left an indelible mark on the industry. From her Bollywood debut in “Ab Tumhare Hawale Watan Saathiyo” to her successful ventures like “Yaariyan” ,”Satyameva Jayate 2” and “Sanam Re”, Divyah has consistently showcased her prowess as an actor, director, and producer.
The excitement amongst fans and Industry was palpable as the first poster featuring the super glamorous Divyah Khosla Kumar was unveiled a few days back! The diva has had a super successful string of hits wherein her performance in the recently released ‘Yaariyan 2’ was highly appreciated. While Divyah’s first look gave us a chic and classy Diva like vibe the second poster is sure to take us back in the Meena Kumari and Vyjayanthimala Era with the sheer elegance, promising a visual treat that blends glamour seamlessly with the unfolding narrative. Divyah has been currently reigning the film industry with back to back hits.
Divyah Khosla Kumar on all the love she received, shares, “ It’s the most promising role I am playing so far and I can’t express how happy and thrilled I am to see so much love coming my way already with first look coming out. Stepping into the world of ‘Hero Heeroine’ is an experience that will be engraved in me forever. The script is a captivating blend of glamour and substance, and am thrilled to be part of a project that promises to be a visual and emotional spectacle. The second poster offers a sneak peek into the dual worlds of Priyadarshini and I am excited how this film holds many aspects that will blow your mind, can’t wait for audiences to join us on this cinematic journey”.
Prerna Arora, the creative force behind the cinematic spectacle, adds, “Thrilled with the response so far, it’s a film very close to my heart. It unravels a tapestry of emotions, where love takes unexpected turns. The posters give a sneak peak into what to expect from this cinematic journey, I promise the story will keep you on the edge of your seats. This film is a celebration of modern love, and we can’t wait to share the magic we’ve created. I hope this film will be accepted in the same way that my past films have, it’s the constant love and support from my fans that keeps me going and want to offer you the best, can’t wait to share more soon”.
‘Hero Heeroine,’ a modern whirlwind romance is all set to featuring the diva, Divyah Khosla Kumar, unveil a cinematic blend of love and glamour with Prerna Arora’s phenomenal guidance, and Suresh Krrisna’s impeccable direction.
3, Feb 2024
SFA Championships gears up to discover the “number one school in sports” inDelhi
New Delhi, February 3rd, 2024: Delhi witnessed an exhilarating Day 6 of the SFA Championships as Chess and Karate kicked off at the Indira Gandhi Sports Complex while Football matches culminated at Jawaharlal Nehru Stadium. Anticipation grew as Delhi awaits the announcement of the “number one school in sports” in the city, recognising the dedication, talent, and determination of its young athletes. Noida Educational Academy is currently leading with an impressive 115 points. Following closely behind, Manava Bhawna Public School, Nathupura, is in the second position with 111 points, while Pathways World School, Gurugram, is in the third position with 89 points.
The day saw incredible talent across sports where Jigyasa Negi, 14-year-old Karate player from Kendriya Vidyalaya who won a bronze medal at the national level and gold and silver medals at the state level, said, “I began my Karate journey at the age of six, and over the past seven years, I’ve received immense support from my friends, coach, and family. Participating in the Independence Cup at the international level provided a unique learning experience and taking these learnings forward, I look forward to competing in National tournaments as well as in the Delhi Olympics. With its well-organised structure, competing at the SFA Championships has been a great experience for me”.
SFA Championships also witnessed the brilliance of Kairavi Chauhan, U-11 Karate champion from RPS International School, who won silver and bronze medals at International tournaments, gold, silver and bronze medals at National tournaments, as well as a gold medal at state.
The day saw intense Chess matches, featuring skillful players in U-9 to U-19 Boys categories. Meanwhile, U-9 to U-19 Boys and Girls took to the mats, demonstrating their skill, discipline, and strength in Karate. Additionally, the Football matches reached their thrilling conclusion with the announcement of final results for the U-14 and U-16 Boys categories, showcasing the culmination of weeks of dedication and teamwork from participating teams.
Results for Day 6
Tomorrow marks the closing ceremony of the first-ever SFA Championships in Delhi, a grand event set to celebrate the pinnacle of sporting excellence by unveiling the “number one school in sports“ in the city. The ceremony will commend exceptional athletes and present the titles of Golden Girl and Golden Boy to those who have excelled across multi-sports disciplines. Additionally, schools will be recognised not only for producing outstanding individual performers but also for demonstrating overall dominance by leading the scoreboard in each respective sport.
| Sports | Category | Winner – Athlete & School | 1st Runners up | 2nd Runners up |
| Basketball | U-16 Girls | Manava Bhawna Public School, Nathupura | ||
| Tennis | U-18 Boys | Hansh Anand | Pragyan Bhati | Priyank Kaushik |
| Tennis | U-14 Boys | Vedaant Shukla | Aarav Chand | Abhir Yeole |
| Tennis | U-10 Boys | Vivaan Baniwal | Advik Negi | Akshit Shankar |
| Kho Kho | U-18 Boys | Noida Educational Academy | Manava Bhawna School Nathupura | Manava Bhawna School Nathupura |
| Basketball | U-18 Girls | Pathway School, Gurugram | Ramagya School, Noida | Bharti Public School |
| Basketball | U-16 Girls | Taksh- Shila Model School | Shiv Nadar, Noida | |
| Karate | U-9 Girls | Aira Sahai, RPSW International School, Sector 89 ,Gurugram | Kavya Negi, Scholar Pride School | Adaanya Chauhan, Gyaananda School, Sector109, Gurugram |
| Karate | U-11 Boys | Anhinav Mishra, Gyaananda School, Sector – 109, Gurugram | Vikramaditya Lalotra, Gyaananda School, Sector – 109, Gurugram | |
| Karate | U-11 Boys | Yuvaan Kumar, St. Anthony Secondary School, Fridabad | Sarthak Panday, Apollo Convent School, Siddarth Vihar | Alden Joe, M.V.N School, Sector-88, Faridabad |
| Karate | U-11 Boys | Aditya Rathore, Gyaananda School, Sector – 109, Gurugram | Yagya Manral, Shanti Gyan Niketan Junior Public School | Aarav Kakkar, Gyaananda School, Sector -109, Gurugram and Adityan Singh, Noida Educational Academy |
| Karate | U-11 Boys | Hridhaan Kumar, GD Goenka Public School, Model Town | Aarav Tyagi, Saraswati Shishu Mandir | Soham Yadav, Delhi Public School, Siddharth Vihar |
| Karate | U-11 Girls | Sukti Dimri, Indian Convent School | Aniya Singh, Noida Educational Academy | Arohi Banerjee, Gyaananda School, Sector – 109, Gurugram and Samyrah Ahluwalia, Gyaananda School, Sector – 109, Gurugram |
| Karate | U-11 Girls | Kairavi Chuahan, RPS International School, Sector89, Gurugram | Navya Bhandari, St. Margaret Senior Secondary School, Prashant Vihar, Rohini- 110085 | Hridya Chakravarty – Jaypee Public School, Noida and Mishika Vedi, Gyaananda School, Sector – 109, Gurugram |
| Karate | U-9 Male | Arjun Jaiswal, Kothari International School, Noida Sector 50 | Ojaswit Rai, Prudence School 16 B , Dwarka | Vivaan Kapoor, Kothari International School Noida Sector 50 and Ayaan Joshi, Kothari International School Noida Sector 50 |
3, Feb 2024
Sitaram Kandi announced as the new CHRO of Tata Motors
Bengaluru, February 3, 2024: Tata Motors, India’s leading automobile and mobility solutions company today announced that Mr. Sitaram Kandi is being appointed to the role of Chief Human Resources Officer (CHRO) of the company, effective 1st April 2024.
As CHRO, Mr. Kandi will also join the Tata Motors Executive Committee.
In his current role, Mr. Kandi heads Human Resources for Tata Motors’ Passenger Vehicle and Electric vehicle businesses and leads Employee Relations and Skill Building for Tata Motors.
Mr. Kandi will be taking over from Mr. Ravindra Kumar G.P, who has been serving as the CHRO of Tata Motors since 2018 and will be moving on to a new responsibility within the Tata Group.
A career HR professional with thirty years of experience and an alumnus of the Symbiosis Institute of Management Studies, Mr. Kandi has worked on diverse facets of HR and Industrial Relations with global companies including Bosch, Monsanto and General Electric, in India and overseas, prior to joining Tata Motors in 2019.
3, Feb 2024
Sundram Fasteners Limited reports increase in Consolidated Net Profits at Rs 129.44 crores
Bangalore, February 3, 2024: The Board of Directors of Sundram Fasteners Limited today announced the unaudited Financial Results for the third quarter ended December 31, 2023.
Highlights: Quarter ended December 31, 2023: FY 2023-2024
Standalone Financials
The revenue from operations was at Rs 1,180.62 crores for the quarter ended December 31, 2023 as against Rs 1,226.87 crores during the same period in the previous year.
The domestic sales for the quarter ended December 31, 2023 were at Rs 812.46 crores as against Rs 813.38 crores during the previous year.
The export sales for the quarter ended December 31, 2023 were at Rs 339.15 crores as against Rs 364.64 crores during the previous year.
The earnings before interest, depreciation and taxes (EBITDA) for the quarter ended December 31, 2023 was at Rs 201.19 crores as against Rs 188.20 crores during the same period in the previous year. The Company has improved its EBITDA margin at 16.80% as against 15.10% during the same period in the previous year. This has been due to stringent cost control measures and improvement in operational efficiency.
The finance cost for the quarter ended December 31, 2023, after accounting for exchange differences, was at Rs 3.41 crores, as against Rs 6.27 crores for the corresponding quarter in the previous year. The reduction in finance costs was due to a reduction in borrowings on account of efficient working capital management.
The Company continues to have an all-time low debt-equity ratio of 0.11.
The Profit before Tax (PBT) for the quarter ended December 31, 2023 was at Rs 155.58 crores as against Rs 142.05 crores during the previous year.
Despite the impact of the floods on the operations in the factories located in Chennai in December 2023, the Company has recorded a net profit of Rs. 116.19 crores for the quarter ended December 31, 2023 as against Rs 106.13 crores during the previous year.
Earnings per share for the quarter ended December 31, 2023 amounted to Rs 5.53 and was Rs 5.05 in the corresponding period last year.
Consolidated Financials
The Company’s consolidated revenue from operations posted for the quarter ended December 31, 2023 was at Rs 1,367.25 crores as against Rs 1,403.03 Crores during the same period in the previous year.
The consolidated net profit for the quarter ended December 31, 2023 was at Rs 129.44 crores as against Rs 118.07 crores during the previous year.
The consolidated earnings per share (EPS) for the quarter ended December 31, 2023 amounted to Rs. 6.12 and was Rs 5.57 in the corresponding period last year.
Highlights: Nine months ended December 31, 2023: FY 2023-2024
Standalone Financials
The revenue from operations was at Rs 3,630.58 crores for the nine months ended December 31, 2023 as against Rs 3,684.70 crores during the same period in the previous year. The net profit for the nine months ended December 31, 2023 was at Rs 346.65 crores as against net profit of Rs 347.99 Crores during the same period in the previous year.
Consolidated Financials
The Company’s consolidated revenue from operations posted for the nine months ended December 31, 2023 was at Rs 4,199.83 crores as against Rs 4,214.80 Crores during the same period in the previous year. The consolidated net profit for the nine months ended December 31, 2023 was at Rs 391.23 crores as against net profit of Rs. 372.88 Crores during the same period in the previous year.
Memorandum of Understanding with the Government of Tamil Nadu
The Company has entered into a Memorandum of Understanding (MOU) with the Government of Tamil Nadu for the proposed investment of Rs 1,411 crores in its factories in the State of Tamil Nadu. The planned investments span up to 2027-28 and will be used for capacity expansion of existing products, including components for electric vehicles.
Capital expenditure
The Company has incurred capital expenditure for the nine months ended December 31, 2023 in line with its planned capital expenditure of Rs 300 crores for the financial year 2023-24. In keeping with the large EV orders secured by the Company and the Memorandum of Understanding entered with the Government of Tamil Nadu, capital allocation and development of products are in accordance with the timelines planned by the Company.
3, Feb 2024
CL Educate announces Q3 FY24 results, Total Revenue & EBITDA up by 11%
Delhi, February 3rd, 2024: CL Educate Ltd. (BSE: 540403), (NSE: CLEDUCATE), has reported 11% growth in its Total Revenue & EBITDA on a Y-o-Y basis. The total revenue generated by the company has grown to ₹254.9 crore during the period ended 31 December 2023 from ₹229.2 crore for the same period in 2022.
The Profit After Tax generated from business (excluding exceptional items) stood at ₹12.8 crore for the period ended 31 December 2023 similar to the profit for the same period in 2022.
Review of consolidated financial performance for the Period ended 31 December 2023:
• Total Revenue grew to ₹254.9 crore for the period ended 31 December 2023 as compared to ₹229.2 crore for the same period in 2022.
• The company has witnessed enhancement in its MarTech business margins, leading to a 11% increase in EBITDA. For the period ended 31 December 2023, the EBITDA stood at ₹29.7 crore as compared to ₹26.7 crore for same period in 2022.
• The company has reported a PAT of ₹12.8 crores for the period ended 31 December 2023 similar to profit generated from business operations for same period in 2022..
Review of consolidated financial performance for the Quarter ended 30 September 2023:
· Total Revenue grew by 3% to ₹68.6 crore for the quarter ended 31 December 2023 as compared to ₹66.8 crore for the quarter ended 31 December 2022.
· As expected, the EBITDA was recorded at ₹6.9 crore for the quarter ended 31 December 2023 as compared to ₹8.1 crore for the quarter ended 31 December 2022, which was boosted by certain one-time write backs.
Commenting on the half yearly results, Mr. Arjun Wadhwa, CFO, CL Educate said: “As anticipated Q3 was a muted quarter in India due to the prolonged festive season whose impact was accentuated by the change in the law exam season. Our international businesses, both MarTech & EdTech, continue to exhibit excellent growth across all key markets including Singapore, the Middle East, the US and Indonesia. Overall, revenue and EBITDA are in line with our growth plans for FY24, with January also providing indications that we will end the fiscal year on a positive note.”
