Archives November 2023

Cybersecurity Start-Up Securewave raises INR 2.8 crore in seed round LED By IANse

Delhi, 14th November 203 — SecurWeave, an innovative cybersecurity start-up at the forefront of developing cutting-edge solutions against advanced malware attacks, announced today the successful closure of its seed funding round, securing an impressive INR 2.8 crores. The round was led by Indian Angel Network (IAN), with prominent investors including Romesh Sobti, Uday Chatterjee, Nagendra P Bandaru, and Prakash actively participating.

SecurWeave has distinguished itself by focusing on building cybersecurity platforms that go beyond conventional solutions, effectively addressing the growing challenges posed by advanced malware attacks. The company has already demonstrated its capabilities in both private and defense sectors in India and is now poised for global expansion.

The start-up operates from prestigious workspaces, including the IITMIC, IITM Pravartak Technology Innovation Hub and NCoE, DSCI, Noida, NCR, reflecting its commitment to pioneering cybersecurity development. SecurWeave is the first to introduce technology capable of detecting advanced malware, offering a dual-use solution applicable to both civil and military applications.

Padmaja Ruparel, co-founder at Indian Angel Network (IAN), commended SecurWeave’s innovative cybersecurity technology, stating, “SecurWeave’s inventive cybersecurity technology brings critical risk mitigation to one of the world’s highest risks, i.e., Cyber risks. The founding team brings excellent focus on advanced digital security solutions. SecurWeave’s strategy and team are well poised to build a substantial business within the cybersecurity sector, and IAN is looking forward to handholding and guiding this excellent young team.”

Dr. Prem Chand, CEO, and Co-Founder of SecurWeave, added, “At SecurWeave, we are dedicated to revolutionizing cybersecurity. This funding marks a crucial step in our journey to create robust solutions against advanced cyber threats. We are grateful for the support from IAN and our investors, enabling us to fortify our position as leaders in the global cybersecurity landscape. Our commitment extends beyond the conventional, and with this strategic backing, we are empowered to continue pushing the boundaries of cybersecurity innovation. Together, with the invaluable support of our partners, we are shaping a future where digital security is not just a priority but a standard of resilience against the ever-evolving threat landscape.”

IAN Group, the largest platform for seed and early-stage investment, played a pivotal role in this funding round. The platform, comprising IAN Angel Group, BioAngels, and IAN Fund I, has empowered entrepreneurs across 19 sectors in India and 7 other countries, fostering global innovation and market access.

SecurWeave’s successful seed round sets the stage for the company to further develop and deploy its groundbreaking cybersecurity solutions, reinforcing its commitment to fortifying critical infrastructure and national security globally.

First elimination hits hard on MTV Hustle 03 REPRESENT; leaves Rap Supremo Badshah in tears

In the last episode, Rap Supremo Badshah warns that a storm of eliminations would gather over the hustlers. The Squad Bosses advised their team members to not think about eliminations but to deliver their absolute best.

Squad Boss Dee MC set the mood for the evening with his electrifying performance. Badshah called in the first hustler to perform i.e. 100 RBH, who delivered a compelling rap celebrating India’s great history, earning himself the first Radio Hit of the episode. Badshah, full of emotions after his performance said, “Maza aa gaya. Bahut hi sahi.. kya likha hai yaar matlab kya pate ki baat kahi hain ‘Historic Don’. Yeh toh textbook hona chahiye, yeh toh syllabus mein hona chahiye, So proud of you!”

Next up, we witnessed UDAY; the youngest rapper on the show who paid tribute to his hearing-impaired Bua through a unique performance using the Indian sign language. Everyone was moved by his earnest performance and left Rap Supremo Badshah in tears, Ikka hugged him!

Badshah was overwhelmed and teared up while saying, “Mujhe aisa lagta hai tera music dimag mein nahi dil mein aata hai. Mein roh pada hoon tumhara talent dekh ke, tumhari likhai dekh ke.. I think aaj officially we have crossed the level of hustle 2!” Squad Boss Ikka, impressed by his act, added, “Sabse jyada stunned mein yeh dekh ke hua ki 18 saal mai hum kya kar rahe the aur tu kya ka raha hai yaar.. UDAY; uday rahega tu!”

Mrunal Thakur followed up with a power-packed performance, Ikka referred to her as ‘Lady Singham’. Squad Boss DeeMC, thrilled with joy said, “Mrunal, you are living up to the pin that is on your chest.” Rap ID delivered a performance centered around the concept of ‘Soch mein Milawat’. Badshah, impressed, gave him a standing ovation, a warm hug, dropped the mic, and awarded him a Radio Hit for the exceptional use of lyrics in his rap. Squad Boss Dino commended his mature thoughts, acknowledging the lyrics like ‘Hum baithe samundar par jiske na koi kinaare, yeh kaise ishaare!’

Poet Shaf, with his soulful voice, rapped on his college days memories, reminiscing whilst staying in the hotel with fellow hustlers. Badshah couldn’t agree more with him and said, “Mujhe toh aa gaye din college ke yaad.. Best line jo standout hua – Socha na kal ka bola kal se, tujh ko dekh liya!” Ikka amazed by his melodious voice complimented saying, “Kitna sundar gaya yaar … tere meh na jaadu hai, tere paas melodies hai aur melodies kisi kisi ke paas hoti hain… meko euphoria ki yaad aati hai tujhe dekh ke.”

While others gave bang-on performances, Hustlers – Burrah and Shady Mellow’s performance failed to resonate with the audience. UDAY rightfully earned Performer of this Week, received the golden crown while Dee MC Dynamite triumphed as Squad of the Week. As the eliminations unfolded, a Ground Shunya battle pitted Poet Shaf against Badal, with both of them at risk. Poet Shaf’s groundbreaking performance stunned the entire audience to which Badshah stated, “We were not ready for Poet Shaf!”

Unfortunately, Safidon ka Chorra aka Badal lost the battle and had to exit the competition. In the end, Rap Supremo Badshah summed it up aptly saying that the first Ground Shunya of MTV Hustle 03 REPRESENT had elevated the standards of Hip Hop – everyone must raise the bar even higher!

One Point One Solutions Ltd. – FINANCIAL RESULTS – Q2&H1FY24

 

Mumbai, 14th November 2023: One Point One Solutions, leader in next-generation BPM services, has declared its financial results for the Quarter and Half Year ended September 30, 2023.

Particulars Q2FY24 Q2FY23 YoY (%) H1FY24 H1FY23 YOY (%)
Total Income 41.01 34.92 17.45 79.75 69.97 13.97
EBITDA 14.83 8.65 71.49 26.15 17.28 51.31
EBITDA Margin (%) 36.17 24.77 1140 bps 32.79 24.69 809 bps
PAT 5.93 1.91 209.92 8.75 3.70 136.53
PAT Margin (%) 14.45 5.48 898 bps 10.98 5.29 568 bps

 Q2FY24 – Financial Highlights 

  • Total Income was at ₹ 41.01 crore, as compared to ₹ 34.92 crore in Q2FY23, registered a growth of 17.45%
  • EBITDA was at ₹ 14.83 crore, as compared to ₹ 8.65 crore in Q2FY23, registered a growth of 71.49%
  • EBITDA Margin was at 36.17%, increased from 24.77% in Q2FY23, grown by 1140 bps
  • Net Profit was at ₹ 5.93 crore, as compared to ₹ 1.91 crore in Q2FY23, grown by

3.10 times

H1FY24 – Financial Highlights

  • Total Income was at ₹ 79.75 crore, as compared to ₹ 69.97 crore in H1FY23, registered a growth of 13.97%
  • EBITDA was at ₹ 26.15 crore, as compared to ₹ 17.28 crore in H1FY23, registered a growth of 51.31%
  • EBITDA Margin was at 32.79%, increased from 24.69% in H1FY23, grown by 809 bps
  • Net Profit was at ₹ 8.75 crore, as compared to ₹ 3.70 crore in H1FY23, grown by 2.37 times

Operational Highlights

  • During the quarter the company has added new-age clients like Tata Digital and are expecting a higher volume from the client
  • Quarter has also experienced ramp up of business for two client’s Razorpay and Jubilant FoodWorks Ltd.
  • Company has added more clients during the quarter and the processes are expected to go live in Q3FY24
  • The average seat realisation for current quarter has improved by 5% as compared to previous quarter
  • Strengthens sales team by appointing two new leaders who have a strong sales leadership experience in BPO Industry. Their expertise in this regard will be crucial in positioning our organisation for success in a rapidly evolving marketplace.
  • During the quarter company has raised Rs.106.20 Crore by issuing warrants
  • US Business Update: Experienced a notable surge in market traction, driven by strategic initiatives in Account-Based Marketing (ABM) programs, robust digital marketing campaigns, and leveraging the expansive network of company’s dedicated sales teams. The digital marketing programs, have effectively amplified our brand visibility and engagement

Mr. Akshay Chhabra

Quote from the Management

Commenting on the Results, Mr. Akshay Chhabra, Managing Director said, “Delighted to declare peak performance during the quarter and this acts as a catalyst to maintain the pace for the entire year.

Happy to share that during the quarter we have added reputed corporates and leaders in their respective segments as a clients. This has really helped us to strengthen our fast growing segments like BFSI and Consumer segments.

The growth in the overall profits of the company would further improve as we expand in to international markets and start signing clients during the current year.

Our Account-Based Marketing programs have proven instrumental in targeting key accounts with personalized and impactful strategies, fostering meaningful connections with potential clients. The digital marketing programs, have effectively amplified our brand visibility and engagement. The combination of these efforts position One Point One for success in transitioning prospects from the early stage of suspicion to the crucial phase of qualifying prospects.

We are pleased with the positive movement we have witnessed in the market. We are confident in our ability to navigate this journey, moving our sales funnel towards a robust and qualified prospect base.”

CarDekho’s CEO, Mr. Amit Jain, Shines a Spotlight on Local Artisans This Diwali

New Delhi, 14th November 2023– As the festive season comes alive Mr. Amit Jain, the CEO and Co-founder of CarDekho celebrated Diwali in a meaningful way this year. Known for his leadership Amit Jain deviated from the world to immerse himself in the diverse array of local art and culture.

Traditionally Diwali shopping had been a ritual, for Amit’s mother. However, this year brought about a change from the routine. Together Amit and his mother ventured into the streets of Jaipur to explore the realm of handcrafted creations and pay homage to the workmanship of local artisans.

Their journey took them through bustling markets where they interacted with artisans admired their craftsmanship and extended support towards their endeavours. From designed Diya’s to paper rangolis this shopping expedition exemplified the vivacious spirit inherent in local artistic expressions.

Amit Jains’ reputation extends beyond his leadership in business; he is also recognized for his dedication towards responsibility. He expressed joy in being able to uplift and empower Jaipur’s artisans. Moreover, he emphasized the significance of acknowledging and safeguarding our heritage embedded within these crafts that are deeply rooted in our communities.

Reflecting on Diwali’s essence and as a symbol of light, happiness and unity, Amit Jain enhanced the celebrations by showing his support for the passion and talent of Jaipur’s artisans.

Muthoot Finance recognised as Best NBFC by FICCI Kerala State Council at the 2nd edition of Made in Kerala Awards

Muthoot Finance

India,14th November 2023: Muthoot Finance, India’s largest gold loan NBFC company, has added another feather to its cap by being felicitated with the Best NBFC award by FICCI Kerala State Council (Federation of Indian Chambers of Commerce & Industry) at their 2nd edition of Made in Kerala awards. The award was presented to Mr. George Muthoot George, Deputy Managing Director, Muthoot Finance by the esteemed dignitaries including Wg. Cdr. Ragashree Nair, Co-Chair & Group CEO, Medicaid Ethos, Dr. Shashi Tharoor, Member of Lok Sabha, Shri Siddharth Suryanaraynan, Cine Artist, and Smt. Nikii Galrani, Pinisetty, Cine Artist.

The theme for this year’s FICCI Kerala State Council was “Pioneering Growth – Transforming Kerala” reflecting upon strategies and opportunities that can foster robust economic growth and development in the state of Kerala. Muthoot Finance’s exceptional achievements in the realm of financial inclusion and positive contribution towards the state economy were recognized in the ‘Best NBFC’ category. This award reflects The Muthoot Finance’s commitment to staying at the forefront of catering to last-mile financial needs and offering superior value to its customers.

Given that Kerala is a land of immense potential and a thriving economy, Muthoot Finance has always considered it as an attractive investment destination. The company has continued with ongoing thrust on growth of both Indian and Kerala economies by offering employment opportunities to over 26000 people across the country. The company has also undertaken several CSR initiatives in education, health and environment segment for the betterment and development of the state.

Speaking on the achievement, Mr. George Muthoot George, Deputy Managing Director, Muthoot Finance said, “As the leading Kerala-based gold loan NBFC, we are humbled to be placed in the esteemed 2nd edition of FICCI Kerala State Council. We are extremely delighted to receive this award in the Best NBFC category. From the past several decades, we are working towards improving and innovating the way the world accesses financial services. In alignment with the ‘Make in Kerala’ initiative, we are honoured and grateful that Muthoot Finance has been recognized for its efforts. We shall strive to build a legacy for financial inclusion in the country while positively contributing towards Kerala’s economy.”

EaseMyTrip another Quarter of Strong Performance

EaseMyTrip

Mumbai, 14th November 2023: Easy Trip Planners (BSE: 543272 | NSE: EASEMYTRIP), announced its Q2 FY24 results. The company presents an extensive spectrum of travel-centric services, adeptly meeting the demands of passengers globally. Offering an array of tools and services, they enable customers to efficiently research, plan, and avail travel-related services, both within India and Internationally.

Q2 FY24 Performance Highlights

  • Air segment bookings rose by 2.3% YoY to 29.0 Lacs
  • Hotel nights bookings surged to 1,24,862, marking a 60.2% YoY increase
  • Bookings in the Others segment increased by 98.5% YoY to 2,72,600
  • Gross Booking Revenue reached INR 20,255.8 million, up 2.4% YoY from INR 19,776.9 million
  • EBITDA registered a 68.1% growth, at INR 676.5 million
  • PAT was INR 471.8 million, up by 67.2% YoY

H1 FY24 Performance Highlights

  • Air segment bookings increased by 20.4% YoY to 61.1 Lacs
  • Hotel nights bookings increased to 2.9 Lacs, marking a 90.5% YoY increase
  • Bookings in the Trains, Buses & Others segment grew by 66.8% YoY to 5.0 Lacs
  • Gross Booking Revenue was INR 43,965.4 million, a 20.8% YoY increase from INR 36,407.5 million
  • EBITDA was INR 1,051.5, registering a 22.7% growth YoY
  • PAT amounted to INR 732.0 million, reporting a 19.3% YoY growth

Announcing the results, Nishant Pitti, Co-founder & CEO of Easy Trip Planners, commented:

I am delighted to report that our Q2FY24 Profit After Tax surged to Rs. 471.8 million, a 67.2% increase compared to the same quarter in the previous year. With a similar trajectory, our H1FY24 Profit After Tax reached Rs. 732.0 million, a substantial 19.3% growth year-on-year.

Despite the lean period in the travel industry during Q2FY24, Easy Trip Planners delivered a strong performance where we recorded Gross Booking Revenue of Rs. 20,255.8 million. Furthermore, Revenue from Operations rose to Rs. 1,416.9 million, a robust 30.6% year-on-year growth and a 14.2% increase from the previous quarter.

Strategic acquisitions of Guideline Travel, TripShope Travel and Dook Travels shall boost growth for EaseMyTrip by offering niche services to a vast customer base. These companies are well known and have expertise in different sectors of the travel industry. Additionally, collaboration was with DuDigital Global Limited will help in administrative services, visa, passport, and identity management. Additionally, the company has joined forces with BluSmart, India’s premier all- electric ride-hailing service and EV charging superhub operator. This eco-conscious alliance is geared towards providing sustainable travel solutions, representing an achievement in promoting environmentally friendly mobility.

Q2 FY24 Consolidated Performance Highlights

 

Consolidated Q2 Y-o-Y Q1 Q-o-Q H1 Y-o-Y
(Rs. Mn) FY24 FY23 FY24 FY24 FY23
Revenue from Operations 1,416.9 1,085.0 30.6% 1,240.5 14.2% 2,657.5 1,960.8 35.5%
Total Income 1,445.7 1,120.7 29.0% 1,266.4 14.2% 2,712.1 2,035.3 33.3%
EBITDA 676.5 402.4 68.1% 375.0 80.4% 1,051.5 856.9 22.7%
EBITDA Margin% 46.8% 35.9%   29.6%   38.8% 42.1%  
PBT 646.5 388.1 66.6% 350.8 84.3% 997.3 832.4 19.8%
PBT Margin% 44.7% 34.6%   27.7%   36.8% 40.9%  
PAT 471.8 282.2 67.2% 260.2 81.3% 732.0 613.5 19.3%
PAT Margin% 32.6% 25.2%   20.5%   27.0% 30.1%  

This Diwali, Godrej L’Affaire celebrates Bhai Dooj with the heartwarming message – ‘Aap rishte nibhao, Riwaaz toh saath aa hi jaenge

14th November 2023; Bangalore: Godrej L’Affaire, the experiential-owned media lifestyle platform by Godrej Industries Limited and Associate Companies (GILAC), in its latest endeavor, extends its heartfelt celebration of sibling love with the launch of a groundbreaking inclusive digital campaign #CelebratingAcceptance, on the occasion of Bhai Dooj. In a heartwarming film, the campaign aims to capture the pivotal notion surrounding a regular sibling bond and promote inclusivity and celebrate diverse forms of love, while also challenging stereotypes.

Conceptualized by the Godrej Corporate Brand & Communications team along with AGENCY09, the film aims to showcase the true meaning of the sibling bond by portraying the emotional journey of a transgender woman and her brother, therefore initiating conversations about acceptance and support. In a world where stereotypes and prejudices continue to persist, Godrej L’Affaire seeks to challenge these biases through a compelling brand film. The brand film focuses on the sibling bond of a transgender woman, and her brother celebrating their first Bhaidooj. The film begins with the trans woman’s mother waking up the family in excitement for the first Bhaidooj celebration in their household. The trans woman reveals her true identity in beautiful traditional attire, leaving everybody in awe of her beautiful transformation, when asked by her neighbor “Kaisi ho beti?” (how are you daughter?), she replies “Finally myself” contently. The film concludes with the neighbors and her family accepting her true identity and continuing their celebrations.

Featuring Pranit Hatte (Ganga)(she/her) from the trans community, the brand film beautifully delivers a powerful message about love, acceptance and the importance of understanding and nurturing inclusive relationships. Godrej L’Affaire, with this campaign, aims to emphasize the importance of relationships over traditions, highlighting that, ‘Riwaazo se Rishte nahi Bante’ (Relationships aren’t built on traditions), but instead ‘Hum rishton se Riwaaz banate hai’ (We create traditions through relationships). The film encourages consumers to prioritize relationships over customs and celebrate acceptance, underscoring the message with the tagline “Aap rishte nibhao, Riwaaz toh saath aa hi jaenge!”. (Nurture relationships, traditions will follow). The campaign also encourages everyone to start the journey of acceptance regardless of previous orientations or however long it takes someone to understand and educate themselves, highlighting “Kuch cheeze samajhne mein der lag jati hai, der se hi sahi, aaj hum apni pehli Bhai Dooj mana rahe hai!” (Some things take time to understand, but better late than never, today we are celebrating our first Bhai Dooj!), thus aiming to reshape societal attitudes and promote acceptance.

Speaking on the campaign, Sujit Patil(he/him), Vice President & Head – Corporate Brand and Communications, Godrej Industries Limited and Associate Companies (GILAC), said, “Godrej L’Affaire strives to work towards engaging followers with socially relevant conversations. With this video, we aim to capture the transformative journey of acceptance and love, showing that simple facets like this enriches our lives and makes our bonds stronger than ever. We hope this film encourages everyone to break free from preconceived notions and embrace a culture of acceptance across relationships.”

Further adding to this, Parmesh Shahani(he/him), Head – Godrej DEI Lab, said, “At Godrej Industries, it has always been our attempt to promote inclusivity and diversity across all that we do. This initiative underscores our efforts to celebrate love – across all genders. Through this campaign, we hope to encourage the netizens of India to value relationships alongside customs and love their family members in all their beautiful diversity. This video beautifully captures how allies need to walk hand-in-hand with their family members and friends from the LGBTQIA community to truly make every milestone in their lives into a celebration of inclusion.”

Aadie Sawant (He/Him), Senior Content Creator – AGENCY09, the Ideator & Screenplay writer for this campaign added, “Representation in today’s day and age is of the essence. Moreover, sharing the good side of things is pivotal to steer inclusion in the right direction. Being a queer individual myself, I felt very honoured to be in a position to conceptualize a narrative that celebrates acceptance such as this one.”

This Bhai Dooj, join Godrej L’Affaire in embracing a significant step towards fostering a society where love knows no bounds and where all relationships are cherished. For more information, please visit: https://www.instagram.com/godrejlaffaire/

Asort Gears Up to Commemorate Its 12th Founder’s Day

Celebrating 12 Years of Innovation, Community Empowerment, and Sustainability

New Delhi, 13th November 2023: Asort, India’s pioneering co-Commerce direct-selling company in the fashion domain, is excited to announce its 12th Founder’s Day celebration, which is scheduled to take place on November 11, 2023. The company, founded in 2011, has embarked on a remarkable journey of innovation and community building to shape the future of direct sales.

Established in Mohali, India, Asort set out with a vision to revolutionize the fashion industry through a unique direct-selling model. Co-founders Roshan Singh Bisht & Nathasha Kumar and both first-generation entrepreneurs recognized the immense potential of this innovative concept and dedicated themselves to establishing Asort as India’s first co-commerce direct-selling company.

“Asort has been an inspiration of innovation and empowerment in the direct selling industry, providing entrepreneurs with opportunities and fostering a sense of community. Our journey from a single city to a pan-India presence is a testament to our commitment to redefine the game in fashion,” stated Roshan Singh Bisht, Co-Founder & CEO of Asort.

Over the past 12 years, Asort has achieved remarkable growth. From its modest beginnings in a single city, the company now operates across India, offering a wide range of products in over 13 lifestyle categories, with more than 5000 product options. In 2016, Asort successfully transitioned from an offline to a purely online platform, embracing the digital age and expanding its reach to a broader audience.

One of Asort’s most notable achievements is its support for nearly 3 lakh community partners, providing them with entrepreneurial opportunities and financial independence. These individuals have not only found a dependable source of income but have also become integral parts of the Asort community, contributing to the company’s success. Roshan expressed his deep appreciation for the unwavering support from the Asort community and the broader business ecosystem. His vision extends beyond mere business success; he aspires for Asort to emerge as the best direct-selling company in India. As Founder’s Day approaches, this celebration serves as a moment to reflect on the journey thus far and anticipate a brighter future.

“Asort’s Founder’s Day is an opportunity to express gratitude to the Asort community and the broader business ecosystem for their unwavering support. Our vision is to become the best direct-selling company in India, and our commitment to innovation and sustainability drives us forward,” emphasized Ambrish Ranjan, Executive director, Asort To mark the occasion of its 12th Founder’s Day, Asort has organized a special recognition event in Panchkula. The event will honor the top achievers among its community partners and is expected to draw 2000 attendees, including industry dignitaries and community members. It promises to be a day filled with inspiration, recognition, and a profound sense of belonging for the Asort community.

12th Founder's Day

In a significant step toward a more sustainable future, Asort has introduced an initiative to transform its packaging into an eco-friendly solution. Recognizing the environmental impact of packaging in the fashion industry, Asort is committed to addressing this issue through sustainable packaging.

The fashion industry has long contributed to non-biodegradable plastic waste, leading to issues of plastic pollution and carbon emissions. Asort is determined to be a part of the solution. Their sustainable packaging initiative represents a commitment to changing the way we experience fashion while respecting our planet. Each package is now made from plant-based recycled paper, ensuring our clothing arrives at your doorstep in style while respecting nature’s balance.

As Asort celebrates its 12th Founder’s Day, the company embraces a vision of innovation, community empowerment, sustainability, and a brighter, more future-ready path for direct sales. The celebration marks a significant milestone in Asort’s journey, a journey characterized by resilience, growth, and a steadfast commitment to building a better future for all. Asort is poised to continue making history in the direct-selling industry and shaping the future of fashion commerce.

BLS continues to witness growth momentum

BLS continues

Mumbai, 13th November 2023: BLS International Services Ltd, a trusted global tech-enabled services partner for governments and citizens, announced its unaudited consolidated financial results for the quarter and six month period ended 30th September, 2023.

Management Discussion & Analysis of Results

  • · Company continues to witness strong operating results. For the quarter ended September 30, 2023, company’s consolidated revenue rose 14.3% YoY to Rs. 407.7 Cr, while operating EBITDA witnessed a growth of 52.7% to Rs. 86.7 Cr.
  • · The company’s operating EBITDA margins continue to be in excess of 20%; primarily driven by an improved business mix, specifically in the Visa and consular services segment.
  • · Management is focused on improving profitability and cash generation as key business performance metrics; Company continues to be a debt-free company with cash on books at ~ Rs. 687 Cr.
  • · Given the asset-light nature of the business, the company has been able to generate significant returns for its shareholders; ROCE at 35.5% & ROE at 34.6% (based on H1FY24 annualized financials).
  • · The company continues to be one of the World’s Top 3 Visa & Consular Services companies. Amongst several others, the Company processes Visa applications for Spain, Italy, Portugal, Germany, Thailand, Hungary, Morocco, India, Vietnam, Malaysia and Slovakia.
  • · BLS endeavors to bid for several contracts & tenders for visa services across the world, and expects continuous growth through new contracts

Growth Drivers:

  • · Opening up of key geographies for travel & tourism
  • · Winning new contracts as well as tenders which are in the pipeline
  • · Increasing demand for value-added services
  • · Potential Inorganic opportunities in both Visa & Consular and Digital Services segments
Consolidated (Rs Cr) Q2 FY24 Q2 FY23 % Change H1 FY24 H1 FY23 % Change
Operational Revenue 407.74 356.84 14.26% 791.22 629.66 25.66%
EBITDA 86.74 56.80 52.71% 166.79 88.30 88.90%
EBITDA % 21.27% 15.92% 535 bps 21.08% 14.02% 706 bps
PBT 87.18 56.22 55.07% 167.62 88.63 89.11%
PAT 82.00 50.99 60.81% 152.99 81.69 87.28%

 

Q2FY24 versus Q2FY23:

  • Operational Revenue stood at ₹ 407.74 crores in Q2 FY24, up by 14.26% from ₹ 356.84 crores in Q2 FY23, driven by growth in both Visa & Consular services and the digital business
  • The company reported highest ever EBITDA in Q2FY24 which stood at ₹ 86.74 crores, witnessing a growth of 52.71%. EBITDA Margins stood at 21.27% for the quarter compared to 15.92% in Q2FY23
  • A favorable business mix along with operational efficiencies resulted in an expansion of EBITDA margins
  • PBT stood at ₹ 87.18 crores in Q2 FY24 compared to ₹ 56.22 crores in Q2 FY23, growth of 55.07%
  • Profit after Tax (PAT) for the quarter was at ₹ 82.00 crores, 60.81% YoY higher compared to ₹ 50.99 crores in the same period of last financial year

H1FY24 versus H1FY23:

  • Operational Revenue stood at ₹ 791.22 crores in H1 FY24, a growth of 25.66% from ₹ 629.66 crores in H1 FY23
  • EBITDA stood at ₹ 166.79 crores in H1 FY24, up 88.90% from ₹ 88.30 crores in H1 FY23.
  • PBT stood at ₹ 167.62 crores in H1 FY24 compared to ₹ 88.63 crores in H1 FY23, a growth of 89.11%
  • Profit after Tax (PAT) for the half year was ₹ 152.99 crores, 87.28% YoY higher compared to ₹ 81.69 crores in H1 FY23.

 

Recent Major Updates:

Ø  BLS International Wins another Schengen Global Visa Outsourcing Contract for Slovakia: BLS International Services Ltd, has signed an exclusive global visa outsourcing contract for Slovakia in 18 countries with more than 54 offices. With this new contract, BLS International will be entrusted with the responsibility of not only offering Tourist visa services and Business visa services but also national visa services, all with the aim of facilitating seamless travel and immigration procedures.

 

Ø  BLS E-Services and Kotak Mahindra Bank Join Forces to Revolutionize Indian Banking: BLS E-Services, a subsidiary of BLS International has entered into a Master Business Correspondent Agreement with Kotak Mahindra Bank, one of India’s premier banking institutions.

The primary objective is to bring accessible and affordable banking services to the underserved and unbanked segments of the population across 1000+ locations in Punjab, Haryana, Gujarat, Maharashtra and Karnataka.

 

  • Ø  BLS E-Services Limited Integrates UMANG to Offer Government Services through BLS Sewa Kendras: BLS E-Services Limited, a subsidiary of BLS International Services Limited announced the successful integration of UMANG (Unified Mobile Application for New-age Governance) Services into its digital platform, offering convenient access to over 500 e-governance services.
  • Ø  In addition, during the quarter, BLS International rolled out its Visa outsourcing services for Hungary Mission in Bangladesh, Uzbekistan and Qatar and Italy Mission in Senegal, Cameron and Abu Dhabi.

Commenting on the company’s performance, Mr. Shikhar Aggarwal, Joint Managing Director, BLS International Services Ltd., said,

 “I am happy to share that we have continued our growth momentum into the second quarter of this fiscal. The Company’s performance has been in line with expectations.

 Despite revenue growth of 14.3% year-on-year in the quarter, our EBITDA and PAT witnessed robust growth of 52.7% and 60.8% year-on-year, respectively. A favorable business mix resulted in the expansion of EBITDA margins, which sustained above the 20% mark this quarter. As key markets are opening up, we expect an increase in number of visa applications.

 During the quarter, we signed up with the Government of Slovakia to offer outsourced visa services. Slovakia is becoming a hot spot for tourists and we expect good volumes from the region. In addition, we rolled out Visa outsourcing centers for Hungary and Italy in various countries. On the Digital Services front, we tied up with Kotak Mahindra Bank to offer banking correspondence services, in line with our strategy to grow this line of business.

 Overall, we aim to continue focusing on spreading our reach far and wide with prudent emphasis on organic as well as inorganic growth, while striving to maintain our internal rate of return threshold”.

 

Dabur Unveils Enchanting “Abghyangan Snan” TVC Celebrating Maharashtrian Diwali Angol Tradition, Featuring Dabur Almond Oil

Dabur Unveils Enchanting

Mumbai: Dabur, a trusted name in the world of healthcare and wellness, proudly presents its latest cinematic masterpiece, the “Abghyangan Snan” TVC, meticulously crafted to captivate the hearts of viewers in the Maharashtra region. This extraordinary creation breathes life into the time-honored tradition of “Abghyangan Snan,” a deeply cherished part of Diwali celebrations.

This captivating TVC was born from the creative minds at The Filmsters, a renowned creative boutique based in the vibrant city of Mumbai. With their artistic vision and storytelling finesse, The Filmstars have brought this project to life, promising an unforgettable visual and emotional experience.

“As we illuminate the spirit of Maharashtrian Diwali Angol tradition, Dabur Almond Oil takes center stage in our ‘Abhyangan Snan’ TVC, symbolizing the beauty of ritual and the nourishment it brings.

Through this heart-warming ad, we aim to capture the essence of tradition and to mark the new beginnings with purity and fragrance, all which Dabur Almond Oil truly represents.Join us in this luminous journey, where tradition meets modern indulgence, and Let the brilliance of Dabur Almond Oil shine in your celebrations, elevating the spirit of new beginnings and the richness of Maharashtrian heritage.” Mr. Ankur Kumar, Marketing Head– Hair Care, Dabur India Ltd. Said.

The stellar cast of the TVC includes two exceptional talents – the young sensation, Myra Vakil, and the talented actress, Akshaya Gurav. Their exceptional performances promise to resonate deeply with audiences, making this TVC a must-watch during the festive season. Adding to the star power, the TVC also features a special cameo by the ever-popular Akshay.

But what truly makes this TVC special is the inclusion of Dabur Almond Oil, a trusted name in the world of hair care and wellness. Dabur Almond Oil plays a pivotal role in the celebration of the “Abghyangan Snan” tradition, underlining the importance of natural, nourishing care for beautiful and lustrous hair and nourished skin.

The director of this cinematic masterpiece, and founder of The Filmsters Ranjeet S Kumar, shared his enthusiasm, stating, “It has been a privilege to bring this beautiful tradition to life on screen. We’ve meticulously captured the essence of togetherness and festivity, making it a delightful visual experience.”

Sohini Mitra, the producer, added, “We are proud to have been a part of this incredible project, which beautifully highlights the importance of preserving our cultural traditions. The collaboration between the cast and crew has resulted in something truly magical.”

The TVC boasts exceptional cinematography by Bharatwaaj Subbu, hair styling by Ritesh Chudasama, and a mesmerizing musical score by Aniket, contributing to the enchanting experience of the “Abghyangan Snan” TVC.