Archives August 2024

Mumbai, 13 August 2024: On the occasion of World Youth Day, Rodic Consultants, a leading engineering and digital infrastructure consulting company, reaffirms its commitment to fostering the next generation of leaders, a strategic initiative aimed at upgrading the skills of youth over the next five years. The company has introduced a series of targeted training programmes, partnership with educational institutions, and internship opportunities aimed at enhancing the employability of young professionals in the infrastructure engineering consulting sector.

Emphasising the company’s vision, Ajay Srivastava, Chief Human Resources Officer, Rodic Consultants, said, “Our skill development programme is centred around cultivating an entrepreneurial mindset, risk-taking ability, and agility. We wish to create a young and sustainable organisation with a strong focus on tech literacy and an appetite for growth to push the bar upwards. We aim to align our employees’ potential with their career progression to create a strong culture of accountability and ownership. As we look to the future, Rodic Consultants remains dedicated to nurturing and empowering the next generation of leaders, ensuring that they are well-prepared to drive the organisation forward.”

Srivastava further highlighted the importance of talent retention as a cornerstone of Rodic Consultants’ organisational strategy. “We recognise that young professionals seek regular and meaningful interactions with their managers, not just for performance assessments but also for constructive feedback that helps them sharpen their skills. To address this, we have implemented a regular connect programme that provides young talent with meaningful assignments and opportunities for professional growth. This approach is key to ensuring longer retention and building a sustainable organisation.”

Rodic Consultants, in its endeavour to build a future-ready organisation, also plans to engage and upskill a significant number of young professionals, ensuring they are equipped to take on first-level people management roles within 2-3 years. Additionally, the company is committed to recruiting 10-15% of new professionals annually, with a focus on individuals under 28 years of age to inject fresh perspectives and complementary skillsets into the company’s talent pool, fostering a culture that values innovation and growth.

13th August 2024: In its latest Financial Stability Report, the Reserve Bank of India (RBI) affirmed its assessments of Indian macroeconomic and financial stability and resilience against global risks. The banking system has reported decadal lows in Gross Non-Performing Assets (GNPA) ratio (2.8%) and Net Non-Performing Assets (NNPA) Ratio (0.6%). India’s robust economic growth, lowering inflation (core CPI (Consumer Price Index) at multi-year low), government capex, strong external sector (low CAD (Current Account Deficit), high forex reserves, FDI (Foreign Direct Investment) and FPI (Foreign Portfolio Investor) inflows, moderation in external debt as a % of GDP) provide cushions against shocks. On the domestic front, key risks highlighted were higher delinquencies in the <₹50,000 personal loan bracket, and growth in lending at Non-Bank Financial Companies (NBFCs) with relatively low capital buffers. RBI also highlighted certain global macroeconomic risks such as elevated global public and private debt, stretched valuations, and geopolitical risks. Overall, India’s strong macroeconomic fundamentals and financial system soundness augur well for sustaining the growth momentum and withstanding global shocks.

Banking Sector Gross NPAs improved to a 20-year low of 2.8% from high in 2017/18. As per RBI’s estimates, this is expected to further drop to 2.5% by March 2025. Other asset quality metrics, such as Net NPAs, slippages also seem to be trending lower (improving). However, Private Banks witnessed rise in retail (ex- housing) slippages which formed ~40% of total slippages for them in FY24 (advances share of 21%). Stress in Unsecured Segment has started to wane, with GNPA ratio dropping to 1.5% compared to 1.6% a year ago. Higher weights for unsecured consumer lending (Refer our note dated November 21, 2023) have had an impact: the rate of growth in balances of consumer credit saw moderation vs the past year, even as inquiry volumes remained high. Due to higher risk weights, capital requirements increased at a higher rate for private banks, as they had higher share of these loans. This resulted in some drop in the Capital to Risk (Weighted) Assets Ratio (CRAR) as well. Personal Loans below ₹50,000 are posing a concern, with higher delinquencies (with NBFC-Fintech seeing delinquency levels of 6% plus), high vintage delinquencies (NPAs from loans issued in past 12 months) in personal loans at 8% plus and overleveraging in the segment (>50% of borrowers have 3 loans at origination).

Banking Sector is well capitalised: The Banking sector is well capitalised, with the overall CRAR and Common-Equity Tier 1 (CET-1) ratio remaining well above the regulatory minimum, despite higher risk weights during the year. In fact, as per RBI’s stress tests, system level CRAR in a ‘severe stress’ environment would still stay above the minimum capital requirement of 9% – in fact, no individual bank is expected to breach this either.

India is placed relatively comfortably in a volatile and uncertain world. High economic growth led by investments picking up across sectors bodes well for the economy. With corporate and bank balance sheets being resilient, India can continue to grow at a higher pace for a reasonably long period of time in Amrit Kaal.

The Banking sector in India has seen a recovery from the corporate asset quality issues seen in the past decade, and balance sheets both in the banking sector and the corporate sector today stand strong and resilient. Continuous deleveraging and higher profitability have contributed to this. Proactive measures to counter emerging sources of risk have the potential to lengthen the period of upcycle in the sector and the economy.

Disclaimer: Views expressed herein, involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied herein. Stocks/Sectors/Views referred are illustrative and should not be construed as an investment advice or a research report or a recommendation by HDFC Mutual Fund (“the Fund”) / HDFC Asset Management Company Limited (HDFC AMC) to buy or sell the stock or any other security. The Fund/ HDFC AMC is not indicating or guaranteeing returns on any investments. Past performance may or may not be sustained in the future and is not a guarantee of any future returns. Readers should seek professional advice before taking any investment related decisions.

13 August 2024 – Assotech Group, a pioneer in real estate innovation with over 38 years of excellence, proudly announces the appointment of Enakshi Priyam as its new Chief Operating Officer, effective July. Enakshi brings a wealth of experience and expertise in finance and operational leadership to her new role.

Armed with a Bachelor’s degree in Finance from Durham University, UK, Enakshi has been an integral part of Assotech for the past 7 years. Her tenure has been marked by transformative contributions, including the establishment and enhancement of Assotech’s legal department, and successful leadership of the NCR division over the last 4 years.

“Enakshi Priyam’s appointment as Chief Operating Officer underscores Assotech Group’s commitment to operational excellence and strategic growth,” said Mr. Sanjeev Srivastva, Chairman & Founder of Assotech Group. “Her demonstrated leadership, combined with her deep understanding of our business and industry, will further strengthen Assotech’s position as a leader in the real estate sector.”

Enakshi Priyam expressed her excitement about her new role, stating, “I am honored to take on the role of Chief Operating Officer at Assotech Group. I look forward to leveraging Assotech’s strong foundation and reputation for innovation to drive our mission of delivering superior quality and innovative real estate solutions. Together with our dedicated team, I am committed to advancing Assotech’s legacy of excellence and setting new benchmarks in the industry.”

Assotech Group continues to expand its portfolio with residential, commercial, and hospitality projects across multiple states. Enakshi Priyam’s leadership is poised to enhance Assotech’s reputation as a forward-thinking organization dedicated to sustainable growth and customer-centric innovation.

India, Aug 13, 2024: Onix, a leading provider of cloud, data, and AI IP-led services, today announced strategic initiatives designed to accelerate global expansion and solidify its position as a technology leader.

The company announced it has inaugurated new Google Cloud innovation and delivery hubs in Bengaluru, India, and San Francisco, USA, strategically expanding its footprint to key tech hubs. This move complements Onix’s existing presence in Pune, Hyderabad, Canada, the UK, and Singapore, demonstrating its commitment to delivering innovative solutions and services, enhanced by Google Cloud technology, on a global scale.

“Our investments in product and service innovation hubs in Bengaluru and San Francisco will help our global customers to rapidly deploy AI and data solutions,” said Sanjay Singh, CEO of Onix. “These strategic expansions are in line with our long term investment plans to accelerate outcomes and tap into the immense talent pool within these tech hubs to lead the charge in global innovation.”

“We’re pleased that Onix will bring Google Cloud’s advanced AI and cloud technology to more global customers through the launch of their new delivery hubs,” said Lee Moore, VP, Global Google Cloud Consulting, Google Cloud. “Google Cloud’s planet-scale infrastructure and comprehensive tools, complemented by our partner’s adaptive offers and services, can help accelerate our customers’ digital transformation journey.”

Onix completes integration of Datametica

Onix recently completed the integration of Datametica, the data modernization and migration company that it had acquired in Oct. 2023. With Datametica Birds, Onix has expanded its service offerings and unlocked new AI-powered, IP-backed products, further solidifying its position as a frontrunner in the cloud, data, and AI sectors.

Poised for Continued Growth in Reshaped Tech Landscape

Onix’s aggressive growth strategy, combined with its commitment to innovation and enhanced capabilities, positions the company for a prominent role with its unique IP based services approach in the reshaped global cloud and AI landscape. With its expanded geographical presence, cutting-edge solutions, and a leadership team brimming with experience, Onix is well-equipped to meet the evolving needs of its clients and ensure continued success for years to come.

Hyderabad, 13th August 2024: Badruka School of Management (BSM), one of Hyderabad’s top B-schools established by the Badruka Educational Society, is soon closing the admission window for its distinguished two-year, full-time residential Post Graduate Diploma in Management (PGDM) programme for the 2024-26 academic session. Aspiring candidates are encouraged to apply promptly as the deadline is fast approaching. BSM is also offering scholarships to candidates to ensure quality education reaches all.

BSM’s AICTE-approved PGDM programme is celebrated for its strong emphasis on Data, Technology, and Entrepreneurship. The innovative curriculum includes niche courses such as Sustainable Businesses and Design Thinking, equipping students to meet the evolving demands of todays and future’s workforce. The programme leverages advanced teaching methods, including case studies, a flipped classroom approach, and group discussions, creating a stimulating and interactive learning environment.

The hallmark of BSM’s PGDM programme is its commitment to experiential learning. Students engage in live industry projects, participate in a mandatory three-month internship, and benefit from a robust corporate mentorship initiative. These experiences, coupled with BSM’s legacy and extensive industry connections through the Badruka Educational Society, provide students with valuable internships and career advancement opportunities .

Dr. Prabhu Aggarwal, Director of BSM, stated, “At BSM, the PGDM programme not only educates but also gives the experience that would transform one into a leader tomorrow. Our curriculum gives equal emphasis to theoretical foundations and practical applications. We aim to arm our students with the wherewithal for success. This becomes, therefore, an invitation to the prospective students to enroll in the programme seeking excellence and innovation as the admission deadline draws near.”

Programme Highlights:

• Six trimesters over two years, featuring a unique two-week block teaching model.
• Year 1 comprises 18 core courses and 6 Essential Skills and Perspective (ESP) courses.
• Year 2 offers a variety of electives and specialisations, requiring students to complete at least one specialisation and 6 additional ESP courses.

Eligibility Criteria:

• Completion of Class X and XII from a recognised board.
• An undergraduate degree in any discipline from a recognised institution.

With the backing of the Badruka Educational Society, BSM ensures over 80 global companies participate in campus placements, providing students with excellent career opportunities. BSM’s industry experts provide one-on-one guidance and support, from resume building to job placement assistance, ensuring students are well-prepared for their career endeavors.

Apply now to secure your place in this prestigious programme with an exclusive scholarship.

13th August 2024 – Friends Adult Diapers, India’s No 1 Adult Diaper brand, is proud to announce the launch of their annual “Azadi Week celebrations” in conjunction with their Silver Jubilee anniversary. This year marks a significant milestone as the incontinence products category creator celebrates 25 years of commitment to providing comfort, protection, and freedom to its users in India and abroad. The brand has indeed come a long way from its founder being turned away by chemists on stocking visits in 1999 to now being available 1 lakh chemists and 2 lakh general stores across the country.

Friends is celebrating its silver jubilee anniversary with a mega MRP slash offer on its highest selling products. The campaign hopes to battle two of the biggest barriers to the usage of adult diapers—stigma against incontinence, and a common perception that adult diapers are very expensive. “Thus, to mark our 25th Year we are taking stigma head on by proudly wearing, showing, and talking about diapers, as always. And to make the product more accessible to several more millions, we have nearly halved the prices,” said Kartik Johari, Vice President of Marketing and Commerce at Friend’s parent company Nobel Hygiene.

Celebrations coincide with the brand’s 4th annual Azadi Week, a testament to their 25-year commitment to destigmatising adult diapers in India. During Azadi Week, alongside regular campaigns on mainstream media, Friends’ 800+ member, pan-India, sales team engages in a series of awareness and educational activities such as bike rallies, free diabetes-testing camps, hospital and old-age home visits, etc. Every member of the Friends Diaper sales team also wears the diaper themselves as they go about their day, pulling up the corner of their shirt to proudly reveal this product to customers and retailers. This year, the 100+ members of Friends’ head office also joined the celebrations, sporting diapers to work on Diaper Day, Aug 7.

According to the last official number, urinary incontinence, or the involuntary and uncontrolled leakage of urine, affects over 5 crore Indians due to conditions such as diabetes, prostate issues, menopause, ageing, neurological disorders, obesity, etc. In a conversation over call, the brand shared horror stories of elders who often stop going to work, or even leaving their homes out of fear of not being able to make it to the toilet on time.

As Friends Diapers celebrates 25 years of leadership in the market, the brand remains a seminal voice for elders and elder care in India, where the current senior population is set to double by 2050. “It is our hope that more citizens, and the government, will join us in making sure that every day is a day of azadi for those suffering from incontinence. It is only united effort that can bring change,” said Kamal Kumar Johari, Managing Director and Founder, Friends Adult Diapers.

Friends Diapers has a range of made-in-India pant-and-tape products for all sorts of incontinence, and are known for their superior quality, comfort, and protection.

Mumbai, 13th August 2024: Gensol Engineering Limited , a prominent player in the renewable energy sector specializing in solar engineering, procurement, and construction (EPC) services, along with electric mobility solutions, today announced its consolidated and standalone financial results for the quarter ended June 30th, 2024 (Q1 FY25).

In Q1FY25, Gensol’s standalone revenue grew by 87% YoY to reach ?275 Crore and PAT grew by 165% to reach ?33 Crore YoY (GEL standalone PAT margin is 11.8%)

At the Gensol consolidated level, PAT is ?15.1 Crore, reflective of the ?17.4 Crore impact of its subsidiaries in new segments of solar trackers and e-mobility, which have immense headroom for growth

Gensol remains committed to invest in its new business segments which are expected to increase multifold in the near future, contributing to overall profitability

Business Segment / Operational Highlights:

Solar:

• Recently awarded ?463 Crore solar plant project at Gujarat’s Khavda RE Power Park
• Won 116 MW (150 MWp) of solar projects in Gujarat (under KUSUM yojna). These projects will be
• distributed across 27 diverse locations, all under the purview of Paschim Gujarat Vij Co. Ltd.
• (PGVCL), the state electricity distribution company.
• Appointed Binaya Bhusan Panda as Chief Operating Officer (COO)

BESS:
Amongst India’s largest project developers for standalone BESS projects, with a total awarded capacity of 570MW / 1140MWh from Gujarat Urja Vikas Nigam Limited (GUVNL) which will generate a total revenue of over Rs 3100 Crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure

Commenting on the overall performance of the Company, Mr. Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering Ltd. said, “We’re pleased to share that our performance in Q1 FY25 has been exceptional. Gensol is dedicated to expanding its presence in current and new business segments like Solar, BESS & EV Leasing, which are poised for significant growth in the near future, boosting our overall profitability. The renewable energy space is experiencing rapid expansion, driven by increasing demand for sustainable solutions and supportive government policies. As we increase our investments in these emerging areas, we are confident in our ability to seize the opportunities in the renewable energy and eMobility sectors, playing a key role in advancing India’s energy transition goals.”

13th August 2024, New Delhi: As fitness becomes a buzzword in today’s world, the true meaning of fitness often gets lost in the noise of endless promotions. From dietary habits and gym routines to yoga, dance, sports, and high-tech workout regimes, the market is flooded with campaigns designed to influence our approach to fitness.

However, Anytime Fitness, a globally recognised world’s largest gym chain, has taken a refreshingly different stance with its latest campaign, “Be Fit Fest 3.0.” Just before Independence Day, the brand began circulating a series of intriguing posts on its social media platforms that have sparked curiosity and conversation.

While the full narrative of the campaign has yet to be revealed, the posts suggest an “anti-ads” approach to promoting fitness. The first post boldly states, “Energy drinks need ads to boost sales, but you don’t need an ad to boost your energy.” This message suggests that while products like energy drinks require promotions, fitness should be a natural part of our daily lives—something we don’t need reminders or advertisements for. Fitness, according to Anytime Fitness, should be as routine and essential as any daily activity, integrated seamlessly into our lives without the need for external prompting.

Subsequent posts continue to echo this sentiment, questioning the necessity of advertisements and promotional activities to encourage health and fitness.

In conversation with Amit Nair, Senior Marketing Manager, Anytime Fitness India revealed his excitement and said, “We will be flagging off Be Fit Fest 3.0 with a remarkable video on this 15th August, which will be beyond the expectations of our viewers, and I believe people will start looking forward towards fitness from a different lens. Stay Tuned.”

With “Be Fit Fest 3.0,” Anytime Fitness is not just promoting physical well-being but also challenging the traditional marketing approaches that dominate the fitness industry. By encouraging people to view fitness as a vital, everyday necessity rather than a trend driven by ads, Anytime Fitness is setting a new standard for what it means to be truly fit.

Gurugram, India – August 13, 2024: BBLUNT, the trailblazing hair care brand from the Honasa Consumer Ltd. portfolio known for bringing salon-like experiences to home announces a significant milestone, achieving an annual revenue rate of INR 100 crore and grows 4 times since its acquisition. This achievement underscores Honasa Consumer’s capabilities to nurture and scale new-age brands with strategic innovations, delivering exceptional haircare solutions to consumers across India.

Honasa Consumer has once again demonstrated the strength of its on-trend, data-based innovation strategy, taking BBlunt to achieve this milestone. The focus on leveraging data for product innovation and responding swiftly to emerging trends continues to be a cornerstone of the strategy. Building upon this legacy of innovation, BBlunt has uniquely addressed consumer needs and pioneered innovative hair care and styling products, establishing itself as a market leader in the online styling space.

BBlunt has created solutions tailored specifically to Indian hair types and conditions, focusing on hair colors, shampoos, conditioners, styling products, and hair appliances. The brand’s success stems from its unique product development process, which combines insights from stylists, consumer interactions, and rigorous salon testing. Honasa Consumer Ltd. has established itself as a leader in understanding millennial behaviour and successfully launching and scaling brands with strong millennial appeal. The brand has introduced unique, innovative products tailored to consumer needs, such as the Intense Moisture Heat Spa Mask, Intense Shine Hair Serum, Hot Shot Styling Range, and various hair appliances.

This growth is complemented by a sixfold rise in brand-related Google searches over the past two years, underscoring BBlunt’s dominant presence in the online styling space.

Commenting on this milestone, Varun Alagh, Co-Founder, Chairman & Chief Executive Officer of Honasa Consumer Limited, says, “We are extremely thrilled with BBlunt’s achievement of reaching an INR 100 crore annual run rate and growing the brand 4x since the acquisition. From the outset, we were confident in the brand’s potential and knew that our strategic playbooks could drive its expansion. These playbooks have enabled us to broaden the brand’s reach and scale it significantly. This milestone highlights our deep understanding of the Indian haircare market. We’ve developed products tailored to the specific needs of Indian consumers, tackling issues like hard water damage and pollution while delivering salon-quality experiences at home. Our success is rooted in a strategic approach that nurtures brands resonating with modern consumers who value both affordability and the freedom to experiment. As we continue to leverage data-driven insights and prioritize digital-first strategies, we remain committed to setting new benchmarks in the beauty and personal care industry.”

Beyond this stellar growth, BBlunt is dedicated to its mission of generating livelihood opportunities for women through BBlunt Shine Academy, which aims to empower women through vocational training in hair styling, promoting skill development and financial independence. The Shine Academy offers a fully sponsored program that has already trained and certified over 10,000 women across 11 states in the ‘Foundation Course for Hair Styling.’ This initiative is implemented through the Sambhav Foundation.

This achievement by BBlunt reaffirms Honasa Consumer’s commitment to nurturing and scaling brands with a focus on consumer-centric strategies, setting new benchmarks in the beauty and personal care sector.

New Delhi, 13th August 2024: Aayush Wellness Limited, formerly Aayush Food and Herbs Limited, has reported its best quarterly earnings in the quarter ended June 30, 2024. The company achieved an impressive 6300% y-o-y topline growth and 183.56% y-o-y bottom line growth. Company’s total revenue stood Rs. 1110.56 lakhs vis-à-vis Rs. 17.35 lakhs in June 2023 and profit after tax stood at Rs 25.49 lakhs, vis-a-vis Rs 8.98 lakhs in the same quarter last year.

The Earnings Per Share (EPS) has also risen to Rs 0.79 per share vis-a vis Rs. 0.28 per share, reflecting a substantial 184% y-o-y rise. This notable growth was fueled by the successful expansion and enhancement of its product portfolio, alongside strong performance across its core business segments in the Healthcare and wellness sector. In the June 2024 quarter, the company achieved a Profit After Tax (PAT) of ₹25.49 lakhs, representing a substantial increase of 51.30% compared to the PAT of ₹16.85 lakhs recorded in the previous quarter (March 2024).

The company achieved total revenue of Rs 1110.56 Lakhs, representing an impressive growth of 6300% compared to Rs 17.35 lakhs in Q1 FY24. This surge was driven by increased demand for the company’s products and existing services, coupled with the successful expansion into new markets.

Aayush Herbal Pan Masala has received an over whelming response from the market. Within a short span from its launch, the Company has been receiving orders for the herbal Pan Masala from all corners of India.

This Pan Masala, being a 100% natural and ayurvedic product, prioritizes consumer health and well-being by offering a gratifying taste experience. As a spit-free alternative this pan masala can play an important role in the “SWACCH BHARAT” mission.

Company is targeting the Gutka and Pan Masala Market which is valued at Rs. 44,973 Cr. The Gutka and Pan Masala Market is projected to grow at a compounded rate of 3.6% per annum. With increasing healthcare awareness and evolving customer preferences, Aayush Herbal Pan Masala offers a healthier alternative to traditional gutka and pan masala.

Given the significant size of the pan masala market in India, Aayush Herbal Pan Masala is well-positioned to seize a considerable portion of this market.

Mr. Kumar, Managing Director of Aayush Wellness Ltd, said, “Tobacco and supari-free herbal Pan Masala is growing very rapidly in the states where gutka & pan masala consumption is very high. We are selling this product through our website www.aayushwellness.com. Around 70-80% of the orders and inquiries are from Western, Central and Northern regions that account for 53% of India’s total pan masala consumption. Hence, we are now signing up distributors and other intermediaries in several cities to ensure that the product is available at local pan shops, as well as ayurvedic and general stores.

The success of the herbal pan masala has laid down the foundation for us to introduce more health enhancing products and services in the future.”

Aayush Wellness remains committed to delivering long-term value to its stakeholders and is confident that this strategic initiative will further strengthen its market position and enhance shareholder wealth.