10, Nov 2023
Vistara Awarded As 2024 Best Overall Airline In Central/Southern Asia At Apex Awards
Mumbai, 10, November 2023: Vistara, India’s leading full-service airline and a joint venture between Tata Sons and Singapore Airlines, today, won two recognitions at the prestigious APEX Awards 2024. Vistara has been awarded as the ‘2024 Best Overall Airline in Central/Southern Asia’ and rated as a ‘2024 Five-Star Major Airline’ at the award ceremony held at the FTE APEX Asia EXPO taking place in Singapore.
The APEX ‘Best In Airline’ Awards are based on neutral, third-party passenger feedback and insights gathered through APEX’s partnership with TripIt® from Concur®, the world’s highest-rated travel-organizing app. For the 2024 Awards, nearly one million flights were rated by passengers across more than 600 airlines from around the world using a five-star scale. The APEX ‘Best In Airline’ Awards are independently certified by a professional external auditing company.
Delighted with the achievement, Vinod Kannan, Chief Executive Officer, Vistara, said, “We are humbled to have been named the Best Overall Airline in Central/Southern Asia and rated as a Five Star Major Airline at APEX by our customers once again. This award is a strong endorsement of our intuitively thoughtful approach to customer service. It is also a testament to Vistara setting benchmarks for excellence in operations and service delivery in India and markets across the globe.
Warm hospitality and thoughtfulness are integral to the customer-first culture at Vistara, and each of our employees strive to deliver it consistently. This award is a tribute to all the employees on the frontline, as well as at the backend, who ensure our customers enjoy the finest experience every time they travel with us. We thank our customers for their constant support and would also like to thank APEX for these accolades that motivate us to continuously raise the bar.”
The APEX Five Star (and APEX Four Star) Airline Awards, formally the APEX Official Airline Ratings™, are the first airline rating program based solely on certified passenger feedback. The industry’s most anticipated honour is based on neutral, third-party passenger feedback and insights gathered through APEX’s partnership with TripIt® from Concur®, the world’s highest-rated travel-organizing app.
Vistara is India’s highest-rated airline on Skytrax and TripAdvisor, and it has been the winner of several ‘Best Airline’ awards, besides being lauded for world-class cabin cleanliness and upholding high safety standards. The only Indian carrier to feature amongst World’s Top 20 Airlines, Vistara has been named ‘16th Best Airline’ globally while also being recognized as the ‘Best Airline in India and South Asia’ for the third time in a row, ‘Best Airline Staff in India and South Asia’ for the fifth consecutive year, ‘Best Cabin Crew in India and South Asia’ for the third time in a row and ‘Best Business Class Airline in India and South Asia’ for the second time in a row at the coveted World Airline Awards 2023 by Skytrax. Vistara also received the ch-aviation Asia’s Third Youngest Airline Fleet award for the second consecutive year. The airline has been awarded with multiple recognitions at APEX Awards including five-star ratings and awards for the ‘Best Airline – Central/South Asia’ consistently since 2019.
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- By Rabindra
10, Nov 2023
Deepfake Dilemma: Decoding the Dark Art of Digital Duplication
By Jaspreet Bindra, Founder & MD, The Tech Whisperer Ltd, UK
Mumbai, 9th November 2023: The amount of deepfake content online is growing at a rapid rate. At the beginning of 2019, there were 7,964 deepfake videos online, according to a report from start-up Deeptrace; just nine months later, that figure had jumped to 14,678. It has no doubt continued to balloon since then. 96% of deepfakes are porn.
With the use of GenerativeAI (GenAI), the world of ‘fake news’ and ‘true lies’ just got murkier. Last week, President Joe Biden’s ‘fake’ video resulted in his Administration issuing an Executive Order related to the governance of AI frameworks. The fake video of Rashmika Mandanna earlier this week took Bollywood by storm, with senior members of the fraternity calling for legal action. Deep Fake Love is a Spanish reality TV dating show on Netflix that uses deepfake technology to blur the lines between reality and fabrication.
Deepfakes, using Generative Adversarial Networks (GANs), have been around for many years. However, with the emergence of GenAI, they have become more lifelike and much easier to produce at scale. Invariably, fake videos would be of celebrities and politicians. With several elections round the corner in India, politicians and political parties could be both creators, as well as at the receiving end of such fake videos. These would be used to spread misinformation, put political opponents on the spot, or even build an entire campaign to sway voters.
The aam junta – people like you and me – could also be victims. It could be someone wanting to embarrass us professionally, or a jilted lover wanting revenge on their ex. It could even be an inconsequential prank by ‘friends’ wanting to make fun of us on social media. The possibilities, unfortunately, are endless.
It is extremely important for regulators to sit up and take notice – this is the time to put in place stringent regulation with exemplary punishment to offenders. It should be mandated that anyone using an AI model to produce an image or information must disclose it. People must be made aware of Classifiers – software which can detect AI-generated content – and widespread use of the same, much like antivirus. There is an entire ethical and moral conversation that must gain traction to create awareness of how GenAI must be utilised.
10, Nov 2023
GIC Re announces Financial Performance for the Half Year ended 30.09.2023
Mumbai, November 10th, 2023: GIC Re announced financial performance for the half year ended 30th September 2023 at the Board Meeting of the company held in Mumbai.
We give below the details of our financial performance for the half year ended 30.09.2023:
Gross Premium Income of the company was ₹ 19,679.85 crore for the half year ended 30.09.2023 as compared to ₹ 19,122.45 crore for the half year ended 30.09.2022.
Underwriting Loss is ₹ 3,029.04 crore for the half year ended 30.09.2023 as compared to ₹1,696.07 crore for the half year ended 30.09.2022.
Investment Income is ₹ 5,555.91 crore for half year ended 30.09.2023 as compared to ₹ 5,096.75 crore for the half year ended 30.09.2022.
Solvency Ratio is 2.82 as on 30.09.2023 as compared to 2.25 as on 30.09.2022.
The company recorded Profit Before Tax of ₹ 2,782.78 crore for the half year ended 30.09.2023 as compared to Profit Before Tax of ₹ 3,450.08 crore for the half year ended 30.09.2022.
Profit After Tax for the half year ended 30.09.2023 recorded as ₹ 2,336.87 crore as compared to Profit After Tax of ₹ 2,549.65 crore for the half year ended 30.09.2022.
Total Assets are ₹ 1,67,640.89 crore as on 30.09.2023 as compared to ₹ 1,53,384.76 crore as on 30.09.2022.
Net Worth of the company (without fair value change account) recorded at ₹33,266.61 crore on 30.09.2023 as against ₹ 28,006.66 crore as on 30.09.2022.
Net Worth of the company (including fair value change account) recorded as ₹ 71,376.53 crore on 30.09.2023 as against ₹ 60,585.14 crore as on 30.09.2022.
Combined Ratio is 116.98 % for the half year ended 30.09.2023 as against 113.92 % for the half year ended 30.09.2022.
Adjusted Combined Ratio is 95.11 % for the half year ended 30.09.2023 as against 92.07% for the half year ended 30.09.2022.
Summary of Revenue and Profit and Loss Account
(₹’ crore)
| Particulars | Quarter ended | Half Year ended | Year ended | |||
| 30.09.23 | 30.06.23 | 30.09.22 | 30.09.23 | 30.09.22 | 31.03.23 | |
| Gross Premium | 10,762.14 | 8,917.71 | 8,100.62 | 19,679.85 | 19,122.45 | 36,591.59 |
| Net Premium | 9,966.81 | 8,231.17 | 7,355.04 | 18,197.98 | 17,848.72 | 33,644.43 |
| Earned Premium | 9,958.11 | 8,632.56 | 8,763.98 | 18,590.67 | 19,500.14 | 35,808.01 |
| Incurred Claims | 9,795.04 | 8,205.39 | 8,543.35 | 18,000.43 | 18,712.26 | 32,739.38 |
| % of Earned Premium | 98.4% | 95.1% | 97.5% | 96.8% | 96.0% | 91.4% |
| Net Commission | 1,653.69 | 1,840.94 | 1,425.41 | 3,494.63 | 3,080.96 | 5,610.51 |
| % of Net Premium | 16.6% | 22.4% | 19.4% | 19.2% | 17.3% | 16.7% |
| Expenses of Management | 87.33 | 86.28 | 75.51 | 173.61 | 125.31 | 404.44 |
| % of Net Premium | 0.9% | 1.0% | 1.0% | 1.0% | 0.7% | 1.2% |
| Profit/(Loss) on Exchange | 115.81 | (59.13) | 352.10 | 56.68 | 702.93 | 596.40 |
| Premium Deficiency | 9.46 | (1.74) | (8.41) | 7.72 | (19.40) | (8.54) |
| Underwriting Profit/(Loss) | (1,471.61) | (1,557.44) | (919.79) | (3,029.04) | (1,696.07) | (2,341.37) |
| Investment Income (Net of exp) | 3,100.97 | 2,454.94 | 3,206.32 | 5,555.91 | 5,096.75 | 10,594.00 |
| Transfer to Catastrophe Reserve | (512.55) | |||||
| Other income less outgoings | 218.23 | 37.68 | 174.83 | 255.91 | 49.40 | 9.37 |
| Profit/ (Loss) Before Tax | 1,847.60 | 935.18 | 2,461.36 | 2,782.78 | 3,450.08 | 7,749.44 |
| Tax | 242.51 | 203.40 | 601.44 | 445.91 | 900.43 | 1,436.94 |
| Profit/ (Loss) After Tax | 1,605.09 | 731.79 | 1,859.92 | 2,336.87 | 2,549.65 | 6,312.50 |
| Combined Ratio | 115.83% | 118.47% | 117.89% | 116.98% | 113.92% | 109.31% |
International and Domestic Business Composition
(₹’ crore)
| Gross Premium | Half year ended 30.09.2023 | Share | Half year ended 30.09.2022 | Share | Growth |
| Domestic | 13,087.98 | 67% | 13,422.96 | 70% | -2% |
| International | 6,591.86 | 33% | 5,699.49 | 30% | 16% |
| Total | 19,679.85 | 100% | 19,122.45 | 100% | 3% |
Breakup of Gross Premium
(₹’ crore)
| Gross Premium | Half year ended 30.09.2023 | Half year ended 30.09.2022 | Growth | ||
| A) Fire | 6,505.75 | 6,827.90 | -4.7% | ||
| B) Miscellaneous – Total | 11,424.83 | 10,908.99 | 4.7% | ||
| Misc – Motor | 4,426.08 | 3,302.82 | 34.0% | ||
| Misc – Health | 2,164.31 | 1,951.62 | 10.9% | ||
| Misc – Agriculture | 2,543.51 | 2,980.16 | -14.7% | ||
| Misc – Other LOBs | 2,290.93 | 2,674.39 | -14.3% | ||
| C) Marine | 1,035.63 | 674.90 | 53.4% | ||
| Marine – Cargo | 773.76 | 350.53 | 120.7% | ||
| Marine – Hull | 261.87 | 324.37 | -19.3% | ||
| D) Life | 713.63 | 710.65 | 0.4% | ||
| Total – A+B+C+D | 19,679.85 | 19,122.45 | 2.9% |
| Incurred Claim and Combined Ratio | ||||
| Particulars | Incurred Claims (₹ crore) | Combined Ratio (%) | ||
| Half Year ended | ||||
| 30.09.2023 | 30.09.2022 | 30.09.2023 | 30.09.2022 | |
| Domestic | 11,458.55 | 12,194.53 | 106.17% | 105.40% |
| International | 6,541.88 | 6,517.73 | 139.44% | 133.34% |
| Total | 18,000.43 | 18,712.26 | 116.98% | 113.92% |
| Particulars | Fire | Motor | Health | Agri | Cargo | Hull | Life |
| Incurred Claims (₹ crore) | |||||||
| Domestic | 2,939.55 | 1,936.71 | 1,655.76 | 2,954.94 | 214.95 | 115.16 | 518.31 |
| International | 2,134.36 | 1,883.87 | 15.17 | 8.68 | 1,543.84 | 392.61 | 67.06 |
| Total | 5,073.91 | 3,820.58 | 1,670.93 | 2,963.62 | 1,758.79 | 507.77 | 585.37 |
| Combined Ratio | |||||||
| Domestic | 108.16 | 111.17 | 112.63 | 104.22 | 99.59 | 110.64 | 78.63 |
| International | 100.54 | 130.56 | 315.38 | 44.59 | 592.48 | 255.33 | 194.89 |
| Total | 104.65 | 121.01 | 113.16 | 103.61 | 367.88 | 196.23 | 84.48 |
Note:
Combined Ratio = (Net incurred claims/ Net earned premium) + (Management expenses + Commission on reinsurance)/ Net written premium
Net Commission = Commission paid on reinsurance accepted – Commission on reinsurance ceded.
Consolidated Financials of GIC Re
GIC Re’s group includes subsidiary companies namely, GIC Re South Africa, GIC Re Corporate Member, London, and GIC Perestrakhovanie LLC, Moscow. The group also includes three associate companies namely GIC Re Bhutan, India International Insurance Pte Ltd, Singapore and Agriculture Insurance Company of India Ltd. The group performance highlights based on Consolidated Financial Statements for the half year ended 30.09.2023 are given below:
· Consolidated Gross Premium Income of the company was ₹ 19,962.02 crore for the half year ended 30.09.2023 as compared to ₹ 19,367.00 crore for the half year ended 30.09.2022.
· Investment Income of the group was ₹5,590.37 crore for the half year ended 30.09.2023 as compared to ₹ 5,111.19 crore for the half year ended 30.09.2022.
· Consolidated Profit Before Tax for the half year ended 30.09.2023 was ₹ 3,008.94 crore as compared to Profit Before Tax of ₹3,701.64 crore for the half year ended 30.09.2022.
· Consolidated Profit After Tax for half year ended 30.09.2023 was ₹ 2,666.60 crore as compared to Profit After Tax of ₹ 2,945.89 crore for the half year ended 30.09.2022.
· Incurred claims Ratio is 95.72 % for the half year ended 30.09.2023 as compared to 95.01 % for the half year ended 30.09.2022.
· Group’s net worth (without fair value change account) for the half year ended 30.09.2023 is ₹36,498.86 crores as compared to ₹ 31,091.00 crore for the half year ended 30.09.2022.
Summary of Revenue and Profit and Loss Account of Consolidated Financials
(₹’ crore)
| S No | Particulars | Half Year ended | |
| 30.09.2023 | 30.09.2022 | ||
| 1 | Gross Premium | 19,962 | 19,367 |
| 2 | Net Premium | 18,293 | 17,904 |
| 3 | Earned Premium | 18,651 | 19,596 |
| 4 | Incurred Claims | 17,853 | 18,617 |
| 5 | Incurred Claims Ratio (on earned premium) | 95.72% | 95.01% |
| 6 | Net Commission | 3,515 | 3,109 |
| 7 | Net Commission Percentage (on Net Premium) | 19.22% | 17.37% |
| 8 | Expenses of Management | 186 | 143 |
| 9 | Expenses of Management Ratio (on net premium) | 1.02% | 0.80% |
| 10 | Profit/(Loss) on Exchange | 59 | 717 |
| 11 | Premium Deficiency | 8 | (19) |
| 12 | Underwriting Profit/(Loss) | (2,853) | (1,537) |
| 13 | Investment Income net of expenses | 5,590 | 5,111 |
| 14 | Other Income less Outgoings | 271 | 128 |
| 15 | Profit/(Loss) Before Tax | 3,009 | 3,702 |
| 16 | Taxation | 447 | 931 |
| 17 | Share of Profit in Associate Companies | 105 | 175 |
| 18 | Profit/(Loss) After Tax | 2,667 | 2,946 |
10, Nov 2023
Neeti Sharma, Co-Founder of TeamLease EdTech, unveils the benefits and challenges in workplace evolution in conversation with WION
It’s a new shift in the world of work. Indian tech companies like Infosys and Tata Consultancy Services (TCS) are leading the charge, mandating in-office work for their employees. This marks a significant departure from the remote working era that dominated during the pandemic. WION recently delved into this transition, engaging in a conversation with Neeti Sharma, Co-Founder and President of TeamLease EdTech, to explore the benefits and challenges inherent in this workplace evolution.
Some of the interesting key insights to note from WION’s interview with Neeti Sharma are as follows:
· Benefits of In-Office Work:
Neeti Sharma emphasized on the multifaceted advantages of in-office work, ranging from the revival of social skills to enhanced collaboration and improved communication. These elements are deemed crucial for fostering a productive and innovative work environment. The move back to the office seeks to address the potential erosion of these vital components in the virtual work landscape.
· Challenges of the Transition:
The return to the office is not without its challenges. Employees, accustomed to months of remote work, may experience inertia in adapting to a hybrid way of working. Employers face the task of ensuring a smooth transition and providing the necessary support to employees as they navigate this shift.
· The 4-Day Workweek and Work-Hour Flexibility:
A recent Randstad survey sheds light on a fascinating shift in employee preferences. A significant percentage of respondents express openness to working in the office daily if a 4-day workweek were implemented. Neeti Sharma underscores the importance of flexibility in work-hour arrangements. A 4-day workweek, often incorporating remote work on Fridays, is seen as a solution that combines the structure of an in-office environment with the comfort of remote work. This approach aims to optimize productivity by reducing stress and cutting down on travel time, contributing to a more balanced and efficient work culture.
· Insights and the Path Forward:
Analysis of these insights paints a clear picture: flexibility is the key to productivity in the current era. Companies that recognize the significance of balancing in-office and remote work are poised to benefit from an engaged and motivated workforce. This shift in work dynamics reflects global trends in the post-pandemic world, where the boundaries between work and life are increasingly blurred.
As the tech industry adapts to this evolving work landscape, the focus is not only on where work takes place but also on how it takes place. The amalgamation of in-office work, remote work, and a 4-day workweek offers a glimpse into the future of the workplace—one that prioritizes employee well-being, innovation, and productivity. This transformation underscores the adaptability of the tech sector, showcasing that innovation extends beyond technology to redefine the very fabric of work in the modern era.
10, Nov 2023
Green Portfolio launches Samvat 2080 to gear up for Diwali
New Delhi, 10th November: Green Portfolio, one of the top smallcase managers and PMS providers is happy to announce the launch of their Diwali special Samvat 2080 Smallcases. The Samvat small cases are baskets of stocks with shares from varying companies and sectors. Green Portfolio’s Samvat small, first launched two years ago for the Hindu calendar year 2078, are designed to give beginner investors confidence in the markets. Since then, the company has been introducing a new smallcase at the beginning of each Samvat year making the first step towards a beginner’s investment journey easy. This year is the third edition of Samvat Portfolios.
As investment products, Samvat portfolios are really simple to understand and start with. The company has two Samvat portfolios that invest in the small and Midcap space. Samvat 2080: Small-cap Picks is the portfolio with 7 stocks across 6 different sectors and Samvat 2080 – Midcap Picks invests in 8 companies across 7 sectors. Their aim here is to make sure that the portfolios have the perfect ratio of focus to diversification. The PE ratio ranges from 8 to 15 and the market cap is from 1300 Cr to 9000 Cr. All these are the factors that make this portfolio ideal for beginner investors.
Small and Midcap companies are the areas of focus for the company and with these portfolios, it is giving investors a small glance at its services. The portfolios are very consolidated with just seven or eight stocks since their approach with the Samvat portfolios is pretty straightforward – keeping it simple and easy for beginner investors.
Commenting on the launch, Divam Sharma, Co-founder, of Green Portfolio, said “My co-founder Anuj and I started Green Portfolio five years ago with the idea of helping retail investors create wealth in the stock markets. We always see investors having doubts and struggling while starting their investment journey thus our thought process with Samvat smallcases is simply to give investors a starting point in the markets. We are hand-holding small investors and helping them begin. In India, we already have a culture of making new purchases on Diwali which makes it easier for us to make new investments during the festive season. Investors are confused out there trying to start in the markets and we’re here to help them with expertly managed portfolios.”
In 2020, Green introduced smallcases to reach small investors and has been offering many different portfolios successfully since. Managing over 750 crore, the company is currently offering six smallcases and five PMS funds with their key focus being on the retail segment to make quality research available to small individual investors. Curated for small retail investors, Samvat portfolios were launched to encourage individual investors towards a financially healthy future.
10, Nov 2023
Virtusa Supports Restoration of Iconic B.J.P.C Institution, Preserving Mumbai’s Cultural Legacy
MUMBAI, 10th November 2023 – Virtusa Corporation, a leading provider of digital engineering, and technology services through its philanthropic arm, Virtusa Foundation, is pleased to announce the successful completion of the Byramjee Jeejeebhoy Parsee Charitable Institution (B.J.P.C.I) Heritage School Restoration Project. The restoration of this iconic institution not only preserves a vital piece of history but also underscores Virtusa’s commitment to fostering education, empowering future generations, and contributing to a sustainable environment.
Furthermore, Swwapnil Joshi, renowned actor and an esteemed alumnus of the B.J.P.C.I, graced the event with his presence. In addition, Santosh Thomas, Chief Executive Officer and Executive Director, Virtusa Corporation, Amit Bajoria, Chief Finance Officer, Virtusa Corporation, Ram Meenakshisundaram, Chief Technology Officer, Virtusa Corporation, and the B.J.P.C.I trustees together unveiled the captivating Coffee Table Book – “Unwrapping The Story of a Landmark Restoration,” making the event a truly exceptional and meaningful occasion.
At the event, Santosh Thomas, Chief Executive Officer and Executive Director of Virtusa Corporation, emphasized, “It has been a great privilege for Virtusa to collaborate with the Byramjee Jeejeebhoy Parsee Charitable Institution (B.J.P.C.I) in the restoration of this historic structure. As a company that believes strongly in social responsibility, this project aligns with our corporate sustainability ethos.”
He continued, “The Virtusa Foundation has built a comprehensive program to foster access to education for over 15 years. These initiatives have benefitted over 20,000 students. Today, with the restoration of this 132-year-old beautiful structure, we are able to mark another milestone in this mission that will benefit students and society for generations. The opportunity to support the restoration of this iconic building and preserve a piece of history that will provide opportunity to young minds will always be cherished. It has been an honour to help the B.J.P.C.I safeguard this mission so that the dreams of countless students can be fostered for years to come.”
Founded in 1891, the B.J.P.C.I holds an esteemed position in the annals of Mumbai’s cultural and educational history. Nestled at 33, M. Karve Marg, this architectural masterpiece stands as a cornerstone of the city’s rich heritage. The B.J.P.C.I is recognized as a heritage structure in Mumbai and was the recipient of The Urban Heritage Award in 1993 for being the “Best Preserved Monumental Building”.
Key highlights of the B.J.P.C Institution and the restoration project include:
Historical Significance: With a legacy spanning 132 years, the B.J.P.C.I stands as one of Mumbai’s oldest educational institutions, making significant contributions to the city’s academic landscape.
Architectural Marvel: The institution’s heritage building, designed by Master Architect Khan Bahadur Muncherji C. Murzban follows the Gothic Revival style and boasts unique teakwood screens and coloured glass elements.
Academic Excellence: The B.J.P.C.I offers a comprehensive educational program spanning from kindergarten to senior classes, serving over 1400 students. The institution consistently maintains an impressive 100% success rate in board exams, which stands as a testament to its steadfast commitment to academic excellence.
Amit Bajoria, Chief Finance Officer, Virtusa Corporation, echoed this sentiment, said, “Revitalizing a heritage school like the Byramjee Jeejeebhoy Parsee Charitable Institution (B.J.P.C.I) not only preserves its rich legacy but also empowers future generations.”
He further added, “Our participation in this initiative has brought us great satisfaction, and the accomplishment strongly aligns with the core pillars of the Virtusa Foundation: enhancing access to education, preserving our environment, and empowering society.”
Rustom N.B, Trustee of The B.J.P.C institution, expressed gratitude, said, “Virtusa, our collaborators, have generously financed the restoration and renovation of the building. Their patience and timely input of funds made the difference between the old and the freshly renovated appearance of our building. This building is a rarity in our city, and we are happy and honoured to say it will be sent as an entry for the UNESCO Heritage award by our architect. A resounding thanks to Virtusa Corporation from the trustees, staff, and students of The B.J.P.C.I.”
Through strategic partnerships and active community engagement, the Virtusa Foundation is dedicated to addressing societal challenges while paving the way for a brighter future. Virtusa employs an “Engineering First” approach to creative problem-solving, which empowers individuals and communities to enhance social outcomes for all. This approach is what Virtusa refers to as “Engineering with Purpose.”
10, Nov 2023
Ice Make H1FY24 PAT grows by 27 Percent to Rs 9.81 CR
| Performance Highlights | Q2 FY24 | Q1 FY24 | Q2 FY23 | H1 FY24 | H1 FY23 |
| Revenue | 77.02 | 79.31 | 67.31 | 156.33 | 132.22 |
| EBITDA | 7.71 | 8.35 | 7.53 | 16.05 | 12.89 |
| PAT | 4.47 | 5.34 | 4.63 | 9.81 | 7.72 |
| EPS | 2.85 | 3.40 | 2.94 | 6.24 | 4.91 |
Hyderabad, November 10, 2023:
Ice Make Refrigeration Limited (NSE: ICEMAKE), a pioneering leader in innovative cooling solutions and a distinguished manufacturer of over 50 refrigeration equipment in India has reported an impressive 27.07% increase in its H1FY24 consolidated net profit, reaching Rs 9.81 crore, compared to Rs 7.72 crore in the second half of the previous fiscal year.
The H1FY24 consolidated revenue experienced stable growth, rose by 18.23% to Rs 156.33 crore from Rs 132.22 crore in the corresponding H1 of the last fiscal year.
Operating profits significantly improved, owing to effective cost control and an enhanced product mix. During H1FY24, the company recorded an EBITDA of Rs 16.05 crore, representing a strong increase of 24.51%. EBITDA margins for H1FY24 stood at a healthy growth rate of 10.27%.
The quarterly consolidated revenue for Q2FY24 rose by 14.42% to Rs 77.02 crore, while net profit experienced a slight dip of 3.45% to Rs 4.47 crore. The Q2FY24 EBITDA improved by 2.34% to Rs 7.71 crore, with EBITDA margins reaching 10.01% in Q2FY24.
Notably, the earnings per share (EPS) for H1 improved to Rs 6.24, marking a significant increase from Rs 4.91 in the corresponding H1 of the previous fiscal year.
At the midpoint of the year, the operating cash flow stands at a negative Rs 10 crores, primarily driven by the company’s deliberate strategic move to increase inventory of select finished goods, which are anticipated to be quickly converted into cash. Additionally, the allocation of capital advances for machinery orders related to our new capital expenditure project has further impacted operating cash flow, reducing it by Rs 5.33 crores. It is important to note that these measures are part of our long-term growth strategy.
The company remains confident that these initiatives will lead to a robust year-end cash flow position.
Management Comments
Mr. Chandrakant Patel, the CMD of Ice Make Refrigeration Limited, shared his insights on the Company’s success, stating, “Considering the recent spike in input costs, patchy monsoon, and persistent global uncertainties, our second-quarter earnings have remained stable. Given the strong long-term growth opportunities, including increased attention on the manufacturing sector in India, the outlook for our business moving forward is promising. We currently have a robust order book and leads totalling Rs 135 CR, positioning us to sustain an annual growth rate of 30% or higher.”
Mr. Patel further added, “This year we have embarked on our most ambitious growth plan to date. By implementing a Rs. 200 crore Capex plan over the next three years, we aim to substantially augment our production capacity, enabling us to surpass our long-term revenue target of Rs. 1500 crore. Our immediate goal is to exceed the turnover target of Rs. 500 crore by FY 2024-25, and we aspire to achieve a revenue of Rs. 1000 crore by FY 2027-28.”
Mr. Patel concluded by highlighting the Company’s comprehensive presence in all refrigeration segments, including Cold Room Storage, Ammonia Refrigeration, Industrial Refrigeration, Commercial Refrigeration, and Transport Refrigeration. He stated, “With a robust demand for innovative cooling and cold chain storage solutions, both in India and various overseas markets, Ice Make is strategically positioned to capitalize on these opportunities.”
10, Nov 2023
Universal Music India and leading Indian talent management company REPRESENT announce strategic partnership to amplify Independent artist talent
Mumbai, November 10, 2023 – Universal Music Group India (UMGI), a division of Universal Music Group (UMG), the world leader in music-based entertainment and REPRESENT, a pioneering Indian independent talent management company, have announced a strategic partnership to accelerate the opportunities available for its artists. Under the leadership of Founder and CEO, Aayushman Sinha and its energetic team, REPRESENT has quickly earned a reputation for shaping the future of Indian pop culture, while nurturing independent artists to achieve global recognition.
Through the strategic collaboration, REPRESENT’s talented roster will gain access to UMG’s global footprint across distribution, publishing, brands and more, directly facilitating the growth and reach of their artists worldwide, empowering REPRESENT’s artists to create more music and an expanded ecosystem to foster their creativity. Some of the REPRESENT artists who will be distributed and supported under this strategic partnership include Anuv Jain, MC Stan, Zaeden, Lost Stories, Yashraj, Hanita Bhambri, Akanksha Bhandari, Kamakshi Khanna, Saahel, Savera, Kayan, OAFF and Jai Dhir.
The companies will work together on artist development, fan engagement and more. The alliance leverages the creative synergies, united in their commitment to push boundaries and support established, as well as emerging talent and help introduce new Indian music culture to a global audience.
This partnership between UMGI and REPRESENT, symbolizes another major milestone for the growth of Indian artists, combining REPRESENT’s blueprint for talent development with UMG’s expertise to develop artistry and elevate the independent music scene in India.
In making the announcement, Devraj Sanyal, Chairman and CEO of Universal Music India & South Asia said, “We are delighted to announce this new strategic partnership with REPRESENT. Our combined efforts will empower their artists and fuel their creativity, help inspire audiences worldwide, and elevate Indian music to new heights. With REPRESENT’s visionary approach and UMG’s global network and support, we are confident this collaboration will help shine a spotlight on some of India’s most exciting young talent.”
Aayushman Sinha, Founder and CEO, REPRESENT enthuses his thoughts on the partnership, “Having worked with Universal Music Group across quite a few of our artists’ releases in the past and have been fortunate to be aligned in our thoughts to elevate the overall music industry and provide a platform for Indian artists to take their music global. This partnership is a step closer to achieving that. We bring some of our ace independent artists to the table as part of this deal and UMG brings its extensive resources and expertise – together driving the future of music. So excited to start this new chapter and I can’t wait to see where we go from here on.”
Sanujeet Bhujabal, EVP & Head of Content, Universal Music Group India, “This partnership signifies another milestone for the Indian music community. With REPRESENT’s impressive roster of artists and UMG’s vast expertise, we are poised to create new opportunities for their artists to resonate with millions of music fans worldwide. Together, we will push the boundaries of innovation and help foster a thriving ecosystem for artists in India.”
In recent years, UMGI has led the Indian music market in reflecting the diversity of genres and languages of music within the country. This strategic partnership with REPRESENT, alongside previously announced partnerships with Desi Melodies & TM Ventures, and the success achieved by UMG’s own VYRL labels, has transformed and kickstarted a new wave of original artist content that is captivating India’s music fans and charts, and further underscores UMG India’s ambition to help shape the artist ecosystem, whilst supporting the independent music scene and vibrant music culture in India.
10, Nov 2023
Representatives From 70 Countries Participating in Jagriti G20 Startup 20 Yatra
New Delhi, 10th November: The Jagriti G20 Startup 20 Yatra has reached the capital city of Delhi, a pivotal point in its transformative journey. In Delhi, the Yatra navigated through various sessions and engaging conversations with esteemed ministries and bureaucrats. The guidance and expertise of the think tank will shape and steer the Yatra’s trajectory during this phase. The ceremony was enriched with captivating cultural performances by various talented troupes.
This transformative Yatra, organized in collaboration with Jagriti Sewa Sansthan, Startup 20, and G20, has left an indelible mark on the entrepreneurial landscape. With 450 participants, including representatives from 70 countries, the Yatra is fostering a truly global association of entrepreneurs. It is a remarkable platform for exchanging ideas, sharing experiences, and forging meaningful connections.
Talking about the Jagriti G20 Startup 20 Yatra Mr.Abhay Thakur, Special Secretary, Ministry of External Affairs said“It is my proud privilege to be associated with Jagriti G20 Startup 20 Yatra platform that is not only highlighting major global challenges be it energy transitions, climate change, human right development but is also the forum that is bringing world leaders together to exchange ideas, thought processes and share important messages at the leader’s level. Going forward from this brilliant platform I would like to see an increased focus on Multilateral Development Bank Reforms. Currently, Climate Finance has about $800bn of funds for the development of the countries out of which only one-eighth of it actually goes to these developing countries. Through this platform, we need to focus on such issues.”
From Delhi, the Yatra will proceed to Ahmedabad, continuing its path towards the final destination of Mumbai on November 10th. This leg of the journey holds immense significance as Delhi, being the capital of the country, serves as a strategic bottleneck, bringing together key stakeholders and decision-makers.
“The Jagriti Yatra, in its 16th edition, has reached a crucial juncture in Delhi, marking a significant milestone in this extraordinary adventure. As we continue our transformative journey towards the final destinations of Ahmedabad and Mumbai, we reflect with immense pride on showcasing inclusive enterprises from across the country and carrying the key messages of the G20 Delhi Declaration. At this point of the journey, we engage in vital discussions with the think tank, ministers, and those in small towns and districts, further shaping our path forward. It has been a momentous occasion as we fostered meaningful associations with participants from 70 countries. As we bid farewell to Delhi, we carry the baton, cherishing the memories created and eagerly anticipating future endeavors, including the planned Ganga to Amazon effort.” said Shashank Mani, Founder Jagriti Yatra and Jagriti Enterprise Center – Purvanchal,”
In Delhi, participants had the opportunity to delve deeper into discussions, exchange ideas, and gain valuable insights from ministries and bureaucrats. These interactions provided a unique platform to address pertinent issues, explore collaborative opportunities, and align the Yatra’s mission with the vision and policies of the government.
As the Yatra progresses from Delhi to Ahmedabad and ultimately concludes in Mumbai, it will carry forward the spirit of entrepreneurship, inclusivity, and global collaboration. The sessions in Delhi will set the tone for the remaining leg of the journey, infusing it with renewed inspiration and purpose.
The Jagriti G20 Startup 20 Yatra stands as a testament to the power of collective action and collaboration, fostering meaningful connections between entrepreneurs, policymakers, and thought leaders. It continues to pave the way for transformative change, driving inclusive growth and sustainable development across borders and industries.
10, Nov 2023
Veranda Learning Solutions Reports a Strong Performance in Q2 & H1 FY24
CHENNAI, 10th November 2023: Veranda Learning Solutions Limited, a public listed Education company (BSE: 543514, NSE: VERANDA) and a pioneer in the industry offering end-to-end Education services solutions, announced its financial results for the second quarter and the half year ended September 30, 2023. The company has reported a robust Revenue of Rs. 100.27 crores for the quarter compared to Rs. 38.77 crores in the same period last year. Veranda continues to focus on delivering high-quality, result-oriented preparatory courses for aspirants in India.
The company announced an EBITDA of Rs. 22.39 crores for H1FY24 marking a substantial recovery from the operating loss of Rs. 28.41 crores in the corresponding period of the previous Financial year. This was possible on the back of a remarkable revenue surge, arising out of a year-on-year operating revenue growth of 157.06 %. Their total revenue for H1FY24 stood at Rs. 170.75 crores, a significant increase compared to the Rs. 67.40 crores recorded in H1FY23.
The total number of students trained by the Veranda Group for H1FY24 stood at 4,21,327 with 2,00,574 students trained this quarter.
Consolidated Financial Highlights:
|
Particulars (Rs. Crores) |
Q2FY24 |
Q2FY23 |
Y-o-Y |
Q1FY24 |
Q-o-Q |
H1FY24 |
H1FY23 |
Y-o-Y |
|
Revenue from Operations |
98.37 |
36.88 |
166.70% |
68.90 |
42.77% |
167.27 |
65.07 |
157.06% |
|
Other Income |
1.90 |
1.89 |
1.58 |
3.48 |
2.33 |
|||
|
Total Revenue |
100.27 |
38.77 |
158.63% |
70.48 |
42.26% |
170.75 |
67.40 |
153.34% |
|
Gross Profit |
60.18 |
15.06 |
299.53% |
38.38 |
56.80% |
98.57 |
26.96 |
265.57% |
|
Gross Profit Margin (%) |
61.18% |
40.84% |
55.71% |
58.92% |
41.43% |
|||
|
Operating Expenses |
||||||||
|
Advt & Business Promotion |
14.46 |
10.69 |
35.31% |
10.27 |
40.77% |
24.74 |
19.16 |
29.11% |
|
Corporate Costs |
4.53 |
5.36 |
-15.47% |
5.58 |
-18.88% |
10.11 |
10.29 |
-1.71% |
|
Non-Operating Expenses |
– |
– |
– |
– |
– |
|||
|
ESOPs/RSU |
1.10 |
3.36 |
-67.17% |
1.53 |
-27.96% |
2.64 |
5.44 |
-51.49% |
|
Growth Investment |
– |
4.99 |
– |
– |
6.37 |
|||
|
EBITDA |
16.75 |
-15.00 |
5.64 |
196.99% |
22.39 |
-28.41 |
||
|
Finance Cost |
10.31 |
1.07 |
862.00% |
8.45 |
22.03% |
18.76 |
2.79 |
572.15% |
|
Depreciation |
6.17 |
6.47 |
-4.72% |
18.96 |
-67.47% |
25.12 |
12.61 |
99.27% |
|
Tax Expenses |
1.80 |
-1.42 |
-2.44 |
-0.63 |
-2.61 |
|||
|
PAT |
-1.53 |
-21.13 |
-19.33 |
-20.86 |
-41.19 |
Key Consolidated Financial Highlights:
-
Total Operating Revenue stood at Rs. 98.37 crores in Q2FY24 compared to Rs. 36.88 crores in Q2FY23 a growth of 166.7% YoY; Total Operating Revenue for H1FY24 stood at Rs. 167.27 crores compared to Rs. 65.07 crores in H1FY23 witnessing a growth of 157.06% YoY.
-
The Total Revenue stood at Rs. 100.27 crores in Q2FY24 compared to Rs. 38.77 crores in Q2FY23 a growth of 158.6% YoY; Total Revenue for H1FY24 stood at Rs. 170.75 crores compared to Rs. 67.40 crores in H1FY23 witnessing a growth of 153.34% YoY .
-
The Gross Profit stood at Rs. 60.18 crores with a Gross Profit margin of 61.18% in Q2FY24 compared to Rs. 15.06 crores and Gross Profit margin of 40.84% in Q2FY23; In H1FY24 the Gross Profit stood at Rs. 98.57 crores with a Gross Profit margin of 58.92% in H1FY24 compared to Rs. 26.96 crores and Gross Profit margin of 41.43% in H1FY23.
-
Advertising and business promotion expenses for Q2FY24 & H1FY24 stood at Rs. 14.46 crores and Rs. 24.74 crores respectively
-
The Company reported an EBITDA of Rs. 16.75 crores in Q2FY24 compared to loss of Rs. 15.00 crores in Q2FY23. The EBITDA for H1FY24 stands at Rs. 22.39 crores as compared to a loss of Rs. 28.41 crores in H1FY23; The adjusted recurring EBITDA for the quarter Q2 FY24 stood at Rs 17.85 crores and Rs 25.02 crores for H1FY24.
Speaking on the strong financial performance, Mr. Suresh Kalpathi, Executive Director and Chairman, Veranda Learning Solutions said, “I am thrilled to share with you the outstanding performance of our company during Q2FY24 and H1FY24. The numbers speak for themselves – our revenue has surged by an impressive 167% in Q2FY24. This is a clear testament to the hard work and dedication of our teams, as well as validation of our strategic decisions. The improvement in EBITDA margin shows the strength and resilience of our business operations and the acquisitions.
After a challenging period of assimilating assets in the education ecosystem over the past two years, we can proudly say that we are now reaping the rewards. We have successfully stitched a fabric through strategic acquisitions, further enhancing our competitive advantage in the market. We are close to achieving the dream of being present across the entire education value chain.
We are confident that this momentum will persist, as we continue to drive growth from both our existing and newly acquired businesses. The future looks promising, and we remain committed to delivering exceptional results and value for our stakeholders.”
BUSINESS VERTICAL PERFORMANCE UPDATES:
Veranda RACE
Veranda RACE is a premier competitive exam test‑prep institute, preparing students and providing courses in the areas of Tamil Nadu Public Services Commission (TNPSC), Banking, and Kerala Public Service Commission (PSC), Railway Recruitment Board (RRB) and insurance examination for over 10 years. During Q2FY24 the Revenue for the vertical stood at Rs. 29.41 crores compared to Rs. 16.77 crores in Q2FY23 a strong growth of 75.29%. Reported an Adjusted EBITDA of Rs. 7.17 crores compared to Rs. 1.61 crores in Q2FY23. The enrolment during the quarter stood at 17,924 compared to 12,859 in Q2FY23 a growth of 39.39%
Edureka (Brain4ce)
Edureka is a platform for imparting the latest tech skills for technology professionals through curated courses to bridge the gap between industry demand and talent supply. During Q2FY24 the Revenue stood at Rs. 23.27 crores compared to Rs. 19.94 crores in Q2FY23 a robust growth of 16.76% YoY. The reported Adjusted EBITDA of Rs. 2.92 crores in Q2FY24 compared to loss of Rs. 3.41 crores in Q2FY23. The enrolments for Q2FY24 were at 8,032 vs 9,196 in Q2FY23.
JK Shah Classes
JK Shah Classes, a pioneer in coaching CA, CS, and CMA aspirants for the last 39 years collaborated with Veranda Learning Solutions Limited in October 2022. The unparalleled legacy and leadership position in the Chartered Accountancy Test prep course and other Commerce courses JK Shah classes has built a platform for sustained growth. The Revenue for Q2FY24 stood at Rs. 33.84 crores compared to Rs. 27.42 crore in Q1FY24 a growth of 23.4% QoQ. The Adjusted EBITDA was at Rs. 13.73 crore in Q2FY24 compared to Rs. 11.18 crore in Q1FY24 a growth of 22.82% QoQ. The enrolments for Q2FY24 were at 20,618 vs 16,153 in Q1FY24.
Veranda Higher Education Business
Veranda Higher Education offers long-term degrees and certification programs in collaboration with prestigious institutions such as IIM Raipur, IIM Shillong, XLRI, IIT – Guwahati, Goa Institute of Management, and Sastra University, as well as tie-ups with international universities to offer long term degree and certification programs. The Revenue for Q2FY24 stood at Rs. 2.93 crores compared to Rs. 0.29 crore in Q1FY24. The enrolments for Q2FY24 were at 764 vs 480 in Q1FY24 and bookings grew to Rs 15.40 crores in Q2FY24 as against Rs 8.85 crores in Q1 FY24.
New Acquisitions Performance
This quarter we also consolidated results from the new acquisitions which was completed in Aug 23 in wholly-owned subsidiary Veranda Administrative Learning Solutions Pvt Ltd (VALS). These businesses which included Educare Infra, Six Phrase, Phire, Neyyar Academy, Neyyar Education, and Bassure reported Revenue of Rs. 8.44 crores and Adjusted EBITDA of Rs. 3.37 crores. In addition, the Company announced investment in SmartBridge Educational Services Private Limited this quarter whose acquisition is expected to be completed by 31st Jan 2024. It also entered into a Business Transfer Arrangement with Sreedhar’s College of Competitive Exams (CCE), a prominent test-prep institute in Andhra Pradesh and Telangana during the quarter.
