Archives May 2024

The Board of Directors of Sundaram Finance Ltd. (SFL) approved the audited standalone and consolidated financial results for the year ended March 31, 2024, at its meeting held on May 24, 2024, in Chennai.

“Team Sundaram has delivered a strong FY24 despite lower-than-expected economic activity in the quarter. Assets under management grew by 27% to a new high of Rs. 43,987 crores, net stage 3 assets closed at 0.63% and profit after tax recorded a 23% growth to Rs. 1,334 crores (excluding exceptional item) over the prior year period. Our Group companies in asset management, general insurance and home finance have continued their trajectory from FY23 and recorded strong results. We continue to rely on our time-tested approach of steady and sustainable growth with best-in-class asset quality and consistent profitability,” said Harsha Viji, Executive Vice Chairman.

Disbursements for FY24 recorded a growth of 25% over FY23 with all asset classes and geographies witnessing significant growth. Gross stage 3 assets improved substantially over the previous year. Gross stage 3 assets as on March 31, 2024, stood at 1.26% with provision cover of 50% as against 1.66% as on March 31, 2023, with provision cover of 49%. Profit after tax at Rs. 1,334 crores registered an increase of 23% (excluding exceptional item) in FY24 as against Rs. 1,088 crores in FY23. Return on assets at 3.18% as against 2.84% for FY23 and capital adequacy at 20.5% remains quite comfortable to support planned growth.

“Q4 witnessed sluggish demand in the automotive sector although pre-election impetus boosted infrastructure and construction activity. We improved market share and ensured best-in-class asset quality in a tough operating environment. Looking ahead, while medium term prospects for the Indian economy look promising, we expect FY25 to be a tale of two halves – H1 impacted by the general elections currently underway and normal monsoons forecasted and H2 witnessing a revival in demand and private investment. Team Sundaram will continue to take a through-cycle view and sharply focus on delivering the Sundaram experience to our customers, our people and all stakeholders,” said Rajiv Lochan, Managing Director.

STANDALONE PERFORMANCE HIGHLIGHTS FOR FY24

· Disbursements for FY24 recorded a growth of 25% to Rs. 26,163 crores as compared to Rs. 20,966 crores registered in FY23. Disbursements for Q4FY24 recorded a growth of 18% to Rs. 6,209 crores as compared to Rs. 5,259 crores in Q4FY23.

· The assets under management grew by 27% to Rs. 43,987 crores as on 31st March 2024 as against Rs.34,552 crores as on 31st March 2023.

· Net interest income rose 17% in FY24 as compared to FY23. For the quarter ending March 31, 2024, net interest income rose 21% over the corresponding quarter in FY23.

· The total restructured assets under Covid relief measures enabled by the Reserve Bank of India were at Rs. 260 crores, about 0.6% of loan outstanding, as on 31st March 2024.

· Gross stage 3 as on 31st March 2024 stood at 1.26% with 50% provision cover as against 1.66% with provision cover of 49% as on 31st March 2023. Net stage 3 as on 31st March 2024 closed at 0.63% as against 0.86% as on 31st March 2023.

· The Gross and Net NPA, as per RBI’s new asset classification norms for NBFCs, are 1.98% and 1.25% respectively as against 3.00% and 2.10% as of 31st March 2023.

· Cost to income ratio closed at 34.69% in FY24 as against 34.26% in FY23. The cost-to-income ratio for Q4FY24 closed at 33.46% as against 33.02% for Q4FY23.

· Profit after tax registered a 23% rise in FY24, with net profit at Rs. 1,334 crores (excluding exceptional item). The company had registered a net profit of Rs. 1,088 crores in FY23. Profit after tax registered a 22% increase in Q4FY24 (excluding exceptional item), with net profit at Rs. 386 crores as compared to Rs. 316 crores in Q4FY23.

· During the year, the Company transferred 79,73,529 equity shares of Rs. 5/- each held in Sundaram Finance Holdings Limited (SFHL), representing 3.59% stake, resulting in a profit of Rs. 134 crores. SFHL has ceased to be a subsidiary of the company. The Company has decided to recognize this investment at Fair Value through Other Comprehensive Income as per IND AS 109.

· Provision of Rs. 70 crores was made in respect of investments in Alternate Investment Funds (AIF) pursuant to RBI circular dated 27th March 2024.

· Return on assets (ROA) for FY24 closed at 3.18% as against 2.84% for FY23. Return on equity (ROE) was at 17.5% for FY24 as against 14.9% for FY23.

· Capital Adequacy Ratio stood at 20.5% (Tier I –16.8%) as of 31st March 2024 compared to 22.8% (Tier I – 17.7%) as of 31st March 2023.

· The Company has declared a final dividend of Rs. 16/- per share (160%).

CONSOLIDATED PERFORMANCE HIGHLIGHTS FOR FY24

The consolidated results of SFL include the results of its standalone subsidiaries Sundaram Home Finance, Sundaram Asset Management and joint venture company Royal Sundaram General Insurance.

· The assets under management (AUM) in our lending and general insurance businesses stood at Rs. 66,472 crores as on 31st March 2024 as against Rs. 53,406 crores as on 31st March 2023. The assets under management of our asset management business stood at Rs. 70,883 crores as on 31st March 2024 as against Rs. 54,719 crores as on 31st March 2023.

· Profit after tax for FY24 grew by 8% to Rs. 1,436 crores as compared to Rs. 1,328 crores in FY23.

GROUP COMPANY PERFORMANCE HIGHLIGHTS

Our group companies continued to perform well.

· The asset management business closed the year ended 31st March 2024 with assets under management of Rs. 70,883 crores (over 85% in equity) and consolidated profits from the asset management businesses was at Rs. 112 crores as against Rs. 85 crores in FY23.

· Royal Sundaram reported a Gross Written Premium (GWP) of Rs. 3,825 crores as compared to Rs. 3,517 crores in the previous year, representing a growth of 9%. The Company reported a profit after tax of Rs. 169 crores for FY24 as against a profit of Rs. 44 crores in FY23. Profit after tax during FY24 includes net gain of Rs. 71 crores on Fair Value of Equity investments as against net loss on Fair Value of Equity investments of Rs. 105 crores in FY23.

· Sundaram Home Finance continued to grow strongly with disbursements up by 29% to Rs.5,029 crores in FY24. The profit for FY24 was Rs. 236 crores, up by 9% as against Rs.215 crores in FY23.

India, 27th May 2024: Indeed, a global job matching and hiring platform, has released new data highlighting the state of Information Technology (IT) jobs from the period of April 2023 to April 2024.

According to data from Indeed, job postings in the IT sector have increased by 41.5% in Hyderabad and 24% in Bangalore, highlighting the growing prominence of these cities as top destinations for IT professionals. Interestingly, there has also been a significant increase in job clicks, with a 161% rise in job seeker interest in Hyderabad and an 80% increase in Bangalore.

Overall, there has been a decrease in IT job opportunities nationally, with job postings declining by 3.6%. This indicates that tech companies are being cautious in hiring due to the uncertain global economic climate.

Sashi Kumar, Head of Sales, Indeed India said, “Software and IT positions seem to be highly sought after, not just by those currently working in the field but also by individuals looking for new career opportunities. Despite the layoffs, the appeal of IT jobs has risen. This strong interest in IT could also be due to the extensive skill specialization, training, and experience typically necessary for these roles.

To navigate this job market, job seekers should focus on acquiring skills that will make them stand out in a competitive talent pool. The key skills in demand today are analysis and proficiency in agile methodologies.”

Top 5 IT Skills and % of Jobs:

Methodology:

This data is pooled from job postings and job clicks on Indeed’s platform between April 2023 to April 2024.

Mumbai, 27th May 2024: Sankat Te Hanuman Chhudavaye! Gear up for the clash of the mighty titans in an all-new season of The Legend of Hanuman on Disney+ Hotstar. Turning up the heat, the new season will showcase Kumbhkaran unleashing his monstrous power, Indrajeet’s deadly schemes, and Ahiravan’s dark plans, while Hanuman empowers his powerful vanar sena for a battle like never before. This thrilling new chapter, crafted by the creative genius of Graphic India’s Sharad Devarajan and Jeevan J. Kang, features the powerful voice of Sharad Kelkar as Ravan and Daman Singh as Hanuman amongst others. The epic saga will continue on Disney+ Hotstar streaming 5th June onwards with a new episode every week!

Sharad Devarajan, Co-Founder and CEO of Graphic India, and a Creator and Executive Producer of the much-awaited new season of The Legend of Hanuman, shared his thoughts, “Pushing the boundaries of original Indian animation is the passion and driving force behind Graphic India. With every season of The Legend of Hanuman, we strive not only to push the boundaries of animation but also to delve deeper into the spiritual truths that make this tale so timeless. This season, as Lord Hanuman faces off against the mighty warriors of Lanka, including the colossal Kumbhakaran, we explore the profound themes of duty, sacrifice, and the power of unwavering devotion. The visually earth-shattering battles serve as a backdrop for a powerful narrative that speaks to the very essence of the human condition. Through Hanuman’s journey, we are reminded that true strength lies not in physical power, but in the courage to stand firm in our convictions and the compassion to uplift those around us. We invite audiences across India and the world to embark on this next transformative chapter, to be inspired by Hanuman’s example, and to discover the divine wisdom that resonates within us all, exclusively on Disney+ Hotstar.”

Popular actor and the voice of Ravan in the new season of The Legend of Hanuman, Sharad Kelkar, said, “I am a huge fan of animation, and The Legend of Hanuman holds a special place in my heart. Voicing characters in animated series has always been a favorite of mine because it helps me grow as an artist. Ravan, in particular, is a legendary character, representing a rarely explored side of the spectrum on screen. In this season, Ravan’s battle is more challenging as he faces not only the vanar sena but also faces loss and sacrifice. Bringing that agony and pain to life in the voice required introspection and new preparation compared to previous seasons. Once the audience watches this season, they’ll not only see his emotions but also hear them. Sharad Devarajan, Disney+ Hotstar, and Graphic India have done an exceptional job portraying this iconic character. With the trailer now released, I can’t wait for audiences to experience this new chapter of Hanuman’s adventures on Disney+ Hotstar and witness a battle like never before!”

Hyderabad, 27th May 2024: VisionIAS, a leading institute in educational research and teaching, proudly announces the organization of the UPSC Abhyaas Prelims at A.V. College of Arts, Science & Commerce (Offline center in Hyderabad) and in over 100 cities across India. With more than 1,000 students registered in Hyderabad and over 28,000 participants nationwide, this significant event is scheduled for May 26, 2024. The examination will be held at various centers in cities including Hyderabad, Bengaluru, Ahmedabad, Bhopal, Chandigarh, Delhi, Guwahati, Jaipur, Jodhpur, Lucknow, Prayagraj, Pune, and Ranchi.

The UPSC Prelims Examination marks the beginning of the UPSC Civil Services examination journey. Recognizing its importance, VisionIAS is conducting the Abhyaas Prelims to aid aspirants in analyzing and enhancing their objective thinking and reasoning skills crucial for this examination.

Mr. Harekrishna Singh, Branch Head, VisionIAS, Hyderabad says ‘It’s an exciting day for UPSC aspirants! Vision IAS is opening its doors to candidates appearing in the ABHYAAS Prelims Mock Test 3 at over 100 test centers nationwide. Students from different regions are arriving at designated centres, immersed in an environment designed to simulate the real UPSC Prelims experience. This provides a critical evaluation of their preparation and a comparative analysis on a national scale.

The series has been instrumental in guiding aspirants through rigorous practice, helping them identify their strengths and areas for improvement. Since its inception, ABHYAAS has been a nationwide phenomenon, bringing together aspirants from diverse backgrounds, all united by their goal to excel in the UPSC Civil Services Examination.'”

Abhyaas Prelims Features:

-Smart Revision: Targeted review sessions to consolidate knowledge.

-Intelligent Time Management:Techniques to optimize performance within the exam duration.

-Analyzing PYQ & Practice Tests: In-depth analysis of Previous Year Questions and practice tests.

-Managing Stress & Anxiety: Strategies to maintain composure and focus during the exam.

What is Abhyaas Prelims?

The Abhyaas Prelims is an initiative designed to provide aspirants with a realistic experience of the UPSC Prelims Examination. By participating in this test, aspirants gain insights into the competitive landscape and receive constructive feedback to refine their strategies and improve their objective thinking and reasoning skills.

Why Abhyaas Prelims?

National-level competitive exams require thorough preparation. The Abhyaas Prelims helps aspirants gauge the competition and tailor their preparation strategies effectively. It instills confidence and provides a comprehensive understanding of the examination environment, crucial for success in the UPSC Prelims.

Examination Format:

The UPSC Prelims examination comprises two papers: Paper I (GS) and Paper II (CSAT). The Abhyaas Prelims will mirror this format, with both papers being conducted on May 26 across the respective examination centers in 100+ cities. Participants will be ranked on an All-India basis.

VisionIAS Post-Test Analysis:

• – Attempted by every 1 in 3 selected candidates in the top 50.
• – Comprehensive coverage of the UPSC Prelims syllabus.
• – Available in both English and Hindi.

Live Test Discussion:

• – Examination Date (May 26th, 2024) & Time Slots:
• – Paper I (GS): 9:30 AM – 11:30 AM
• – Paper II (CSAT): 2:30 PM – 4:30 PM

Escape Velocity, a digital media technology services company has announced an exclusive partnership with Flashtalking by Mediaocean, which is one of the world’s largest ad-serving platforms. Local marketers will have access to autonomous campaign management, dynamic creative optimization, creative personalization, and ad-serving through this relationship.

The strategic partnership with Flashtalking in India is a critical step in helping advertisers close the divide. With an emphasis on providing improved accessibility, clear insights, and increased media efficacy, the collaboration aims to improve the advertising environment for more than 900 advertisers in the area.

“We are thrilled to announce our exclusive partnership with Flashtalking in India. Our mission is to streamline media execution and deliver enhanced results for marketers in the areas of cross-device and cookieless measurement,” says Escape Velocity CEO Raghu Seelamsetty. Escape Velocity has been offering digital services to agencies and advertisers in regions throughout North America, Europe, Asia, the Middle East, and India for over 11 years. In the beginning, it catered to the Indian market as an Amazon Ad Server (formerly Sizmek By Amazon) distributor.

Flashtalking is the leading independent ad tech platform for creative personalization and intelligence across all marketing channels. It facilitates seamless communication among teams by enabling streamlined creative material development, versioning, and distribution with AI and automation. Their scalable and effective solutions are available for a wide range of channels, such as CTV, Video, Display, Social, Native, Audio, DOOH, and Retail Media. Georgia Brammer, Managing Director JAPAC at Flashtalking by Mediaocean, said, “We are excited to expand our network of local supporters in India through our partnership with Escape Velocity. We can guarantee that our clients receive the best possible service and knowledge, allowing them to optimize the effectiveness of their advertising campaigns, thanks to Escape Velocity’s in-depth market knowledge.”

Through this partnership, Escape Velocity clients will have access to Flashtalking’s tech platform services in India. This ensures that they will be supported by experienced professionals who understand the unique requirements and challenges of the Indian market.

Mumbai, 27th May 2024 – Intuitive, a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery today announced the findings of India’s largest collaborative and multi-institutional study on robotic-assisted partial nephrectomy (RAPN) using the da Vinci surgical system. In collaboration with 14 government and private centers across India, the study supports the use of robotic-assisted partial nephrectomy (RAPN) in surgery for renal masses. This retrospective study utilized data from 800 patient cases spanning the last 12 years, marking a significant milestone in India’s landscape for urological care.

The aim of this study, the first of its kind in India, was to validate the value and benefits of using the da Vinci surgical system in RAPN in India, providing comprehensive insights into the procedure’s efficacy and safety across diverse patient demographics and tumor complexities.

“In India, there has been a need for robust and high-quality data on robotic-assisted partial nephrectomy outcomes tailored to our population,” said Dr. Sudhir Rawal, Director, and Head of the Department of Genito Uro Oncology Services, at Rajiv Gandhi Cancer Institute and Research Centre.

“Our study results help fill this gap by providing insights into the efficacy and safety of robotic-assisted partial nephrectomy across diverse patient demographics and tumor complexities. This will help provide trained surgeons the confidence in choosing robotic-assisted surgery for renal masses, for better clinical outcomes, said Dr Rawal.”

“The results of this study are significant,” said Swati Gupta, Marketing Director at Intuitive India. “The data demonstrates the potential of the da Vinci system in improving patient outcomes for robotic-assisted partial nephrectomy in India and lays the groundwork for further advancements in robotic surgery nationwide. Collaboration with leading Indian institutions and surgeons has provided valuable insights specific to the Indian patient population. Going forward, this knowledge will be crucial in refining surgical techniques and expanding access to minimally invasive robotic surgery for more patients. We are proud to have contributed to this important research and look forward to its positive impact on patient care in India,” she added.

Key findings from the study include:

• · Perioperative Outcomes: RAPN using da Vinci demonstrated favorable perioperative outcomes, with a median operative time of 180 minutes and a median estimated blood loss of 100 ml. The mean warm ischemia time (WIT) was 22.7 minutes, with a low conversion rate to open surgery (0.4%) and a manageable complication rate where the majority of complications were minor grade.
• · Functional Outcomes: RAPN using da Vinci showed promising functional outcomes, with mean serum creatinine and estimated glomerular filtration rate (eGFR) levels stabilizing postoperatively. Trifecta and perfecta outcomes were achieved in 61.4% and 60% of patients, respectively, highlighting the procedure’s efficacy in preserving renal function.
• · Comparative Analysis: The study compared favorably with international benchmarks, demonstrating comparable outcomes to previous multicentric analyses while reflecting the real-world scenario with centers of varying volumes and surgeon expertise.

“While partial nephrectomy has emerged as the preferred treatment approach for renal masses, our study supports the efficacy of using the da Vinci system in India for these procedures,” said Dr Rawal. “By establishing a comprehensive database of clinical outcomes, we aim to pave the way for further advancements in this area tailored to our population.”

The results presented in this study demonstrate strong support for an advanced technology, RAPN, establishing its safety and efficacy. This study showcases and reinforces the value and benefits of RAPN to the healthcare community at large.

New Delhi, 27th May 2024 – Caprese, India’s leading women’s fashion handbag brand synonymous with chic elegance and contemporary style, is thrilled to announce its new brand ambassador, the stunning Kiara Advani! To celebrate this exciting collaboration Caprese launched its new spring-summer 2024 collection as a part of the ‘The Kiara Collection’. This collaboration epitomizes Caprese’s vision to empower women to express their unique sense of style.

Established in 2012, Caprese offers women’s handbags, which are a symbol of international fashion inspired by the isle of Capri. The brand caters to modern women seeking to elevate their everyday style with timeless elegance and a touch of chic.

Kiara’s impeccable fashion sense, which blends modern trends with timeless elegance, resonates perfectly with the Caprese’s brand identity. From beach days to nights out with friends, ‘The Kiara Collection’ has something for every occasion from Totes to Satchels, Laptop Bags, Slings, and Fashion Backpacks – you name it, they’ve got it all.

“The Kiara Collection” consists of curated stunning handbags that blend style and versatility

1. Totes and Satchels: With their classic silhouette and impeccable craftsmanship makes it the perfect accessory for any occasion, effortlessly enhancing your ensemble with grace and style.

2. Slings: Sleek, stylish, and practical, they are your go-to companion for conquering tasks with confidence while exuding an aura of sophistication.

3. Fashion Backpacks: Their chic design and roomy compartments make it a staple for fashion-forward urban explorers, effortlessly marrying style with functionality.

These stunning pieces can be found on Caprese’s website, in nearby retail stores, and through e-commerce platforms like Myntra and Nykaa. The Kiara Collection offers a selection of handbags with

Marketing Head of Caprese stated that “The Kiara Collection is a dazzling blend of Bollywood glamour and timeless elegance, redefining contemporary fashion. We’re thrilled to offer a collection that not only embraces sophistication but also empowers women, transforming everyday moments into a stylish adventure. Kiara’s association with Caprese will further solidify our position at the forefront of the fashion brand league.”

With Kiara Advani as its Brand Ambassador, Caprese invites you to explore a future filled with exciting collections, campaigns, and collaborations that celebrate fashion as a medium to empower and inspire.

Mumbai, India, 27th  May 2024 – Torque Pharma, a prominent player in the pharmaceutical sector, has unveiled its “Kesh 999 Ayurvedic Hair Oil” as part of Torque Ayurveda.

This hair oil taps into the power of natural ingredients and helps to boost hair growth. Packed with Amla, Brahmi, Bhringraj, and Shikakai, it helps to fight hair fall and fortifies follicles. Its special formula locks in moisture tames frizz, and fosters lush, healthy hair. Enriched with Kola patta and Kalonji for scalp stimulation and helps improve blood flow, Methi helps nourish follicles and helps enhance circulation.

Prayagraj, Uttar Pradesh,27th May 2024 – Noida International University successfully hosted the Education Global Summit at Hotel KGF Villa Medical Square, Prayagraj. The event witnessed participation from over 130 principals and managers from schools across Prayagraj, Sultanpur, Phulpur, Mirzapur, and Kaushambi. The educational summit aimed to foster growth and development in the field of education and reward the intellectual minds dedicated to contributing their services in the field of education.

Mr. K.P. Singh, former IG of Uttar Pradesh, Dr. Piyush Prasad, Regional Director of NIOS, Mr. Pushparaj, Executive Director of NIOS, and Mr. Satyanand, Director of Vision Point of Institution were the distinguished guests for today’s brainstorming summit. The guests were honored with mementos and shawls by Mr. Bhanu Pratap Singh and Mr. Ankur Sharma from Noida International University and were invited to visit the university.

Mr. Akash Sharma, Director of Admissions at Noida International University stated that the university is committed to providing high-quality education and ensuring 100% employment through self-reliance and vocational education. It’s our responsibility to educate people and make the change that we need to see in the future.

The meeting was conducted by Mr. Amar Singh, who highlighted the university’s unique position as an educational hub attracting students from 60 countries, in addition to those from India. The event was coordinated by Mr. Ratish Gupta, who extended his gratitude to all attendees. Among the numerous school managers present were Dr. Mukesh Mishra, Ajay Shankar Pandey, Dr. Manu Bhatt, and Mrs. Poonam Gothi.

Pune, India – DoubleTree by Hilton a leading business hotel committed to environmental responsibility, has recently implemented the usage of wooden key cards. This initiative not only ensures the provision of a safe check-in experience but also emphasizes the hotel’s commitment to sustainability by addressing concerns associated with single-use plastic.

“It’s time we eliminated the use of single-use plastic from our hotels and switch to more environment-friendly options. The hospitality industry continues to evolve and prioritize sustainability and opting for wooden hotel key cards is the way forward” said Vinay Nair, General Manager. He further added that “Hilton’s global environmental, social and governance strategy is to Travel with Purpose. Through this, the brand seeks to create positive environmental and social impact across its operations, supply chain and communities”

Although it’s a small step towards sustainability, this will have a significant environmental impact when combined with the other measures taken by the hotel towards green initiatives. In the past the hotel has taken up several other initiatives to reduce the dependency on single-use plastic – the hotel has switched to glass bottles as a part of in-room amenities, and plastic straws have been substituted with biodegradable materials. Last year, the hotel also built its own Christmas tree using recyclable wood. Small steps like these go a long way in reducing the ecological footprint.

The hotel strongly believes that as an industry, we must continue to strive to reduce our impact on the environment and implement eco-friendly alternatives for guest service items where possible