Archives February 2025

Chandigarh, 07 February 2025: Mahindra Manulife Mutual Fund, a joint venture between Mahindra & Mahindra Financial Services Limited (“Mahindra Finance”) and Manulife Investment Management (Singapore) Pte. Ltd., has introduced the Mahindra Manulife Value Fund, an open-ended equity scheme designed for investors seeking long-term growth through a value investing approach. The fund aims to identify and invest in fundamentally strong yet undervalued companies, unlocking their potential for sustainable returns.

The Mahindra Manulife Value Fund aims to generate long-term capital appreciation by investing in a diversified portfolio of equity and equity-related instruments of fundamentally strong yet undervalued companies. The fund follows an active investment strategy, identifying stocks trading below their intrinsic value with high turnaround potential. Capitalizing on potential stock re-rating and earnings growth, it offers investors a compelling opportunity to build wealth over time.

Anthony Heredia, MD & CEO of Mahindra Manulife Mutual Fund, emphasized the relevance of this offering, stating, “Value investing has long been a time-tested strategy for sustainable wealth creation. With this fund, we aim to identify fundamentally strong businesses available at attractive valuations, providing investors with a structured approach to unlocking long-term growth potential. This offering is well-suited for those looking to build a resilient core portfolio while capitalizing on market opportunities.”

Mahindra Manulife Value Fund will be managed by Krishna Sanghavi, Chief Investment Officer – Equity, who brings over 30 years of experience in the Indian equity markets, along with Vishal Jajoo, Fund Manager – Equity.

Krishna Sanghavi outlined the fund’s core objective: “Our approach integrates fundamental research with valuation-based stock selection. The goal is to build a well-diversified portfolio by identifying undervalued businesses with strong financials, sustainable competitive advantages, and robust growth potential. The fund follows a disciplined investment framework to maximize risk-adjusted returns over the long term.”

The investment approach of the Mahindra Manulife Value Fund combines bottom-up stock selection with a focus on companies trading below their historical valuation multiples. The fund will actively manage portfolio allocation across market capitalizations, leveraging fundamental analysis to uncover quality businesses with strong cash flows and management efficiency. By following a structured value investment process, the fund aims to unlock potential in sectors and companies poised for long-term growth.

The Mahindra Manulife Value Fund is ideal for investors seeking to invest in fundamentally sound yet undervalued stocks. The New Fund Offer (NFO) opens on 7th February 2025, with the subscription window closing on 21st February 2025. The fund will subsequently reopen for continuous sale and repurchase from 5th March 2025.

** The product labelling /risk level assigned for the Scheme during the New Fund Offer is based on internal assessment of the Scheme’s characteristics or model portfolio and the same may vary post New Fund Offer when the actual investments are made.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Disclaimer:

The views expressed here in this document are for general information and reading purpose only and do not constitute any guidelines and recommendations on any course of action to be followed by the user. No representation or warranty is made as to the accuracy, completeness or fairness of the information and opinions contained herein. The views are not meant to serve as a professional guide / investment advice / intended to be an offer or solicitation for the purchase or sale of any financial product or instrument or mutual fund units for the user. This note has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. While utmost care has been exercised while preparing this presentation, Mahindra Manulife Investment Management Private Limited (MMIMPL) does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information. The data/statistics, wherever provided, are given to explain general market trends in the securities market, it should not be construed as any research report/research recommendation. Users of this presentation should rely on information / data arising out of their own investigations and advised to seek independent professional advice and arrive at an informed decision before making any investments. Neither Mahindra Manulife Mutual Fund, MMIMPL nor Mahindra Manulife Trustee Private Limited, its directors or associates shall be liable for any damages that may arise from the use of the information contained herein.

New Delhi, 7th February 2025:- With an objective to strengthen India-UK cooperation on hydrogen standardization through Green Hydrogen Production & Regulations, Bureau of Indian (BIS), in collaboration with BSI (British Standards Institution) and the UK Government’s Foreign, Commonwealth & Development Office (FCDO), hosted a two-day India-UK Standards Partnership Workshop on Green Hydrogen in New Delhi.

The India-UK Standards Partnership Workshop on Green Hydrogen marks a milestone in fostering international cooperation for achieving clean energy transitions. It serves as a testament to the importance of knowledge exchange, standardization, and innovation in building a sustainable hydrogen market, said Ms. Abbey Dorian, Energy Sector Lead at BSI during the workshop.

She said, “India and the UK have a shared ambition to become leaders in green hydrogen, supporting the goal of a net zero future.”

The event is a part of a schedule of wider activity, through the UK Government’s Standards Partnership programme which aims to increase the use of international standards in India to accelerate growth, attract investment and enhance trade. The event emphasises on safe, scalable & globally harmonized Regulations, Codes and Standards (RCS). The event was also focused at adoption of fast-track PAS (Publicly Available Specification) standards & global hydrogen certification.

The programme also strengthens BIS’s efforts under the National Green Hydrogen Mission. It helped identify gaps in standards, explore new areas, and connect with experts. Insights from global best practices will enhance India’s certification, testing, and standardization, supporting a sustainable and competitive green hydrogen economy.

The event witnessed insightful deliberations by policymakers, technical experts, and industry leaders from India and the United Kingdom. The workshop was inaugurated by Mr. Rajiv Sharma, Deputy Director General (Standardization-I), BIS, Ms. Laura Aylett, Head of Climate and Energy (British High Commission) and Ms. Abbey Dorian, Energy Sector Lead, BSI, underscoring the shared vision of India and UK to foster innovation and sustainability in the green hydrogen sector.

Chandigarh February 07, 2025: SBI General Insurance, one of India’s leading General Insurance companies, is delighted to join hands with the Ministry of Agriculture & Farmer Welfare, Government of India for the forthcoming ‘Meri Policy Mere Haath’ campaign, a doorstep policy distribution drive under the Pradhan Mantri Fasal Bima Yojana (PMFBY) scheduled to run from 1st February to 15th March 2025, this campaign aims to provide physical policy documents to the farmers at their doorsteps to ensure awareness among farmers about the benefits of crop insurance & seamless crop insurance experience.

The aim of the “Meri Policy Mere Haath” campaign initiative is to empower farmers by ensuring transparency, accessibility & awareness in terms of central Toll-free no. 14447, National Crop insurance portal to lodge intimations in case of losses. The initiative focuses on delivering crop insurance policy documents directly to farmers, promoting awareness about the scheme’s benefits, and strengthening trust in the process. It helps farmers stay informed about their crop coverage, claims, and enrolment process under the PMFBY Scheme. During the campaign, SBI General will be conducting awareness workshops such as Fasal Bima Pathshala, Women centric workshops etc. in 8 states namely Madhya Pradesh, Uttar Pradesh, Uttarakhand, Odisha, Assam, Tamil Nadu, Maharashtra & Andhra Pradesh to sensitize farmers about the PMFBY Scheme and its benefits. The campaign will also leverage social media campaigns with dedicated hashtags like #MeriPolicyMereHaath, #PMFBY, #FasalBimaKarao, and #AtmanirbharKisan to amplify awareness and participation.

Speaking of the event, Mr. Naveen Chandra Jha, MD and CEO of SBI General Insurance, said “At SBI General Insurance, we are deeply committed to empowering India’s farming community by ensuring they have easy access to the benefits of crop insurance under PMFBY. The PMFBY scheme is bridging the risk needs of farmers by providing them a security net, offering them financial security and peace of mind. The ‘Meri Policy Mere Haath’ campaign reflects our dedication and commitment wherein we work closely with local administrations, stakeholders, and the farming community, we aim to make the policy distribution process seamless, efficient, and impactful”

New Delhi, 7 February 2025 – Today, Adidas and the Mercedes-AMG PETRONAS F1 Team unveil their first collection, marking the beginning of an exciting new era for motorsport. Designed around shared principles of performance and excellence, the debut collections for athletes and fans offer a fresh aesthetic to the paddock, born from sport and built for culture.

The launch sees adidas bring the best of its 75-year obsession of understanding athletes to the lanes of motorsport. Reimagining the design codes of sports and sports lifestyle, the new team wear has been carefully crafted with specific cuts, performance technologies and functionalities to optimally support each member of the team during race weekends, while unifying them – and their fans – with a central design story of black, white and shades of the iconic Mercedes-AMG PETRONAS F1 Team teal.

Blending lifestyle aesthetics and performance functionality across apparel, footwear, and accessories, the range features a comprehensive line-up for one of the leading teams in motorsport, including: –

Driver wear: Pinnacle to the collection, is the paddock wear created for Mercedes-AMG PETRONAS F1 Team drivers, George Russell and Kimi Antonelli – which bring sport-first, performance cuts to the paddock. Recoding drivers as the athletes that they are, this product launches in a lightweight fabric made with AEROREADY technology, to support athletes to stay calm and focused in moments of pressure.

 Mechanics: Recognizing the physicality of the role, adidas and the Mercedes-AMG PETRONAS F1 Team aimed to create products that offer durability when working on machinery, flexibility when maneuvering at pace and the ability to keep the athletes cool under pressure in a range of climates. This is reflected in the details of the mechanics tops, with a cut tailored to provide mobility, a lightweight fabric, and the addition of reflective details to the front and back.

 Engineers: For the role which can make or break wins in key moments, the range fuses lifestyle cues and performance technologies with traditional cuts synonymous with these team architects. A hero piece crafted for the engineers is the lightweight, technical polo top, created with breathable materials to replace the classic white shirt.

 Fanwear: To unite the motorsport community with the Mercedes-AMG PETRONAS F1 Team, additional fanwear and driver fanwear collections are unveiled, providing this passionate fanbase with a multitude of ways to style their support for the team. Fusing influences of streetwear with motorsport culture, the collection includes loungewear, hoodies, tops and t-shirts, with additional driver-specific fanwear coming later this year.

The range features a holistic offer of special edition performance and lifestyle trainers to complete the collection. Iconic running silhouettes, Ultraboost 5 and Supernova, provide added comfort and performance in the paddock, whilst iconic adidas sneakers further allow fans to pledge their support from the sidelines and beyond. The collection is completed with a selection of technical and lifestyle caps so fans can identify themselves with their favourite team, bringing them closer together.

BIANCA MAST, PRODUCT LEAD AT ADIDAS SAID: “The collection is the culmination of hard work and dedication from our creation teams to deliver a collection that supports the sporting performance of the whole team in everything they do and is also one that fans can proudly wear both on the streets and in the stands at races. We believe sport is for everyone, at every level, and motorsport is no different. Together with the Mercedes-AMG PETRONAS F1 Team, the prospect of bringing the pinnacle of motorsports to a new audience is a one that truly excites us – and we can’t wait to see the famous three stripes in the paddock this season.”

GEORGE RUSSELL, DRIVER AT THE MERCEDES-AMG PETRONAS F1 TEAM SAID: “It’s incredible for us as a team to work with a brand like adidas that truly understands what it is like to operate at the highest levels in sport. Their knowledge, expertise and attention to detail is something that is only going to benefit us as a team and hopefully give us an advantage as we set out to fight for race wins and championships, both this season and beyond.”

KIMI ANTONELLI, DRIVER AT THE MERCEDES-AMG PETRONAS F1 TEAM SAID: “We’re hugely excited to work with adidas as a team, and personally, as I look forward to my first season in F1, it feels even more special and I’m so glad to be working with a partner who truly understands the athlete’s mindset. The first time I wore the new kit with my teammates is a moment I will remember forever, and I can’t wait to look out into the stands and see the fans wearing it too.”

India | February 07, 2025: Inventurus Knowledge Solutions Limited (NSE: IKS), a technology-enabled healthcare solutions provider that offers a care enablement platform assisting physician enterprises in the US, Canada, and Australia, with a focus on the US markets today announced its financial results for the quarter ended December 31, 2024, demonstrating strong revenue growth and profitability expansion.

“We continue our journey of improving profitability by transforming legacy AQuity’s operating model through technology and global human capital. EBITDA margins have crossed 30% this quarter, a significant improvement from the 24% proforma margin of FY2024. With revenue from our top five customers growing 19% and new client acquisitions ramping up, we are optimistic about sustained growth heading into the final quarter and the next financial year” as stated by Sachin K. Gupta, Founder and Chief Executive Officer at IKS Health

“We are steadily regaining our legacy IKS EBITDA margins. PAT growth has outpaced EBITDA growth due to lower finance costs as we continue to repay our debt. Adjusted PAT, excluding non-cash amortization of acquired intangibles, has improved by 31%. We will maintain our investments in technology and AI to drive superior outcomes and enhance customer satisfaction” adds Nithya Balasubramanian, Chief Financial Officer at IKS Health

Key Financial Highlights: Quarter ended December 31, 2024

•  Revenue at ₹6,572 million (15.9% YoY / + 2.2% QoQ growth)
•  EBITDA at ₹2,006 million at 30.5% of revenue (24.3% YoY / +5.7% QoQ growth)
•  PAT at ₹1,297 million at 19.7% of revenue (27.7% YoY / 14.8% QoQ growth)
•  Adjusted PAT at ₹1,455 million at 22.1% of revenue (30.6% YoY / 12.8% QoQ growth)

Business Highlights: Quarter ended December 31, 2024 Client Wins

•  Palomar Health & Palomar Health Medical Group chose IKS Health in October 2024 to transform their ambulatory services through cutting-edge healthcare technology and services.
•  Radiology Partners chose IKS Health in October 2024 to enhance their radiology services with the Care Enablement Platform.
•  Western Washington Medical Group chose IKS Health in December 2024 to strengthen the revenue cycle operations and patient access.

New Launches

•  IKS Health introduced a fully AI-driven version of its Scribble product, enhancing clinical documentation through AI-generated clinical notes, natural language processing for precise capture of medical terminology, end-to-end automation from audio capture to documentation as well as HIPAA-compliant encryption ensuring data security.
•  The product will enable improved patient access and satisfaction, reduced clinical burden as well as rapid turnaround time for clients.

Industry Recognition & Awards

•  IKS Health recognized as Best in KLAS (February 2025) for Medical Transcription Services for the 7th consecutive year
•  IKS Health recognized by Black Book Market Surveys in August 2024 as Top-ranked for Clinical Documentation & Medical Coding Services
•  IKS Health’s acquisition of AQuity Solutions recognized as the Healthcare/Life Sciences Deal of the Year (>100MM) by M&A Advisor International Awards

Safe Harbour
Certain statements in this release concerning our future growth prospects may be seen as forward-looking statements, which involve a number of risks and uncertainties that could cause the actuals to differ materially from such statements. It is not possible to undertake to update any such statement that may have been made from time to time.

This theme emphasizes the importance of innovation and strong leadership in advancing sustainable growth in India. It seeks to highlight how organizations and individuals can proactively leverage cutting-edge ideas and practices while ensuring ecological, economic, and social responsibility.

Objectives

• Recognizing Achievement: The summit will honor outstanding individuals and organizations for their contributions to various sectors, including business, sustainable development, healthcare, and education.
• Facilitating Dialogue: This summit will facilitate discussions on best practices, strategies, and innovative solutions that contribute to a sustainable and robust Indian economy.
• Showcasing Leaders: It will serve as a platform to showcase visionary leaders who inspire future generations through their work in their respective fields.
• Media Engagement: With extensive promotion through ET Now and more than 100 digital and print news portals, the summit aims to reach a wide audience, enhancing visibility and engagement.

Event Highlights

• Keynote Addresses: Thought-provoking speeches from renowned leaders and experts
• Panel Discussions: Engaging discussions featuring industry leaders from various sectors
• Awards Ceremony: The celebration of the “Pride of India Awards” recognizing individuals and organizations.
• Networking Opportunities: Facilitated networking sessions between industry leaders.

Please find attached the event presentation and a document containing links of past editions.

Brands and Leaders can participate under the following categories :

Brand Award Categories:

•  India’s Leading Brand
•  Most Admirable Brand
•  Most Trusted Brand of the Nation
•  India’s Iconic Brand
•  Rising Star of India

India’s Greatest Workplace: Honoring the brands having the best workplace for their employees.

Social Impact Award: Honoring the brands who have created an impact through their CSR initiatives.

Leader Award Categories :

•  India’s Top Mind: Honoring India’s Marketing Masterminds.
•  Most Inspirational Leader: Whose stories of success in adversity or unique thinking have made a lasting global and historical impact.
•  Her Power: Honoring Top Women Achievers of the Nation.
•  Young Leader Award: Honoring young business leaders under 40 years of age.
•  Leader of Hope: Honoring the leaders who are making a change through CSR initiatives.

Deliverables:

Award and Certificate to brand/leader.

• Televised Event on ET NOW.
• Exclusive rights to use the raw footage of the onsite media bytes for all the marketing collaterals / promotional activities by the brand.
• Digital Press Coverage featuring a list of all the award winners in Hindustan Times.
• 1 Exclusive digital interview/article of 800-900 words on prominent media platforms like Outlook India / Business World / Zee Business / Midday
• List of award winners on 100-150 digital press releases on various news portals(The Print, Lokmat Times, Business standard, Daily Hunt, Zee5 etc).
• Online feature of the Brand/Leader on the Brand Story Portal.
• Logo Communication Rights for 1 year.
• Special invitation to attend the grand award ceremony to be held in Goa.
• 2-page feature in the Collector’s Edition Coffee Table Book.
• Brand Logo presence across all media collaterals.

Scheduled Event Date: Pride of India Awards and Leadership Summit will be held on 28th February 2025 in Hyatt Centric Candolim Goa

7th February 2025, Mumbai – IDFC FIRST Bank has unveiled an exclusive and specialised range of banking products and services specifically curated to address the unique financial requirements of the elderly members of the society.

These offerings, include the Senior Citizen Savings Account and Senior Citizen Fixed Deposits, reaffirming the bank’s commitment to provide superior, secured and customised financial solutions for this important customer segment.

Under this program, the Bank has introduced a dedicated feature on its Mobile Banking App called ‘Senior Citizen Specials’. This feature offers to senior citizens

a. Safe, secure, and customised investment solutions as applicable to senior citizens’ needs based on their life-stage.
b. Additional 0.5% interest rate on fixed deposit
c. No penalty on pre-mature closure of the FDs
d. Cyber Insurance Coverage of ₹2 lakhs to protect our senior citizens from rising cyber threats,
e. Complimentary one-year MediBuddy health membership with unlimited complimentary doctor video consultations for up to 4 family members
f. Up to 15% discount in network pharmacies, a full body health checkup covering 50+ parameters, and a ₹500 wallet balance to avail.
g. The mobile banking app also provides access to a simplified mutual fund investment experience which is backed by innovation and research. The MF offers are conservative, and can be modified by the senior citizen based on their own risk-reward appetite.

 Commenting on the Bank’s offerings for Senior Citizens, Mr. Chinmay Dhoble, Country Head – Retail Liabilities & Branch Banking said, “We want to treat our Senior Citizens special and we are happy to announce specialised and innovative offerings for Senior Citizens. Our Senior Citizen Savings Account eliminates over 30 charges that are typically levied on savings accounts. In addition, we have put together a very special package for our esteemed senior citizens, with no premature breakage penalty on fixed deposits, health benefits, cyber insurance and a special app customised for seniors. We hope this is liked by our seniors and this will be a tribute for their contribution to us.”

Bengaluru, February 7, 2025

HERO MOTOCORP REPORTS REVENUE OF Rs. 10,211 Cr. IN Q3 FY’25 – PAT AT Rs.1,203 Cr GROWS BY 12%

REGISTERS HIGHEST EVER REVENUE AND PROFIT FOR FIRST NINE MONTHS OF FISCAL YEAR

DECLARES INTERIM DIVIDEND OF RS. 100 PER SHARE (5000%)

Highlights for Q3 FY’25 (Oct‐Dec’24)
Highlights for YTD FY’25 (April‐Dec’24)

• Volume – 14.64 lakh units of motorcycles and scooters sold in Q3 FY’25 (vs 14.60 lakh units Q3 FY’24)
• Revenue from operations – Rs.10,211 Crore (vs Rs. 9,724 Crore), reflecting a growth of 5%. over the corresponding quarter in the previous fiscal
•  Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) for Q3 FY’25 stands at Rs. 1,476 Crore, a growth of 8%
•  Net Profit After Tax (PAT) ‐ at Rs. 1,203 Crore a growth of 12%.
• Volume – 45.19 lakh units of motorcycles and scooters sold in nine months FY’25
•  Revenue from operations – Rs. 30,818 Crore (vs Rs.27,936 Crore), reflecting a growth of 10%. over the corresponding period of previous fiscal
•  Earnings Before Interest, Tax, Depreciation, & Amortization (EBITDA) for the nine months stood at Rs. 4,452 Crore, growth of 14 %
•  Net Profit After Tax (PAT) – Rs. 3,529 Crore, growth of 20 %

Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, today, reported its financial performance for the third quarter (October-December 2024) of FY’25.

The company’s Revenue from Operations for the quarter stood at Rs. 10,211 Crore, this is the third consecutive quarter when the Company has reported revenue above Rs.10,000 Crore. Furthermore, the EBITDA margin expanded over the previous year and stood at 14.5%. Profit After Tax (PAT) stood at Rs.1,203 Crore, a growth of 12% over the previous year.

The consolidated Revenue and PAT for the quarter were Rs.10,260 Crore and Rs.1,108 Crore, respectively.

The company declared an interim dividend of Rs. 100 per share i.e. 5000%.

Hero MotoCorp gained market share in the 100cc segment through Splendor and in the 125cc segment through Xtreme 125R and Super Splendor. It also reported the highest-ever quarterly retail sales, led by the highest-ever festive retail.

Hero MotoCorp’s growth was also led by robust performance in both the EV and global businesses. VIDA reported highest-ever monthly retails and gained market share during the quarter. The company also gained momentum in global business, growing ahead of the industry; Bangladesh and Colombia leading the way.

The company recently launched four products at the Bharat Mobility 2025, bolstering presence in premium and scooter segment. The deliveries of the new products will commence in March 2025.

Vivek Anand, Chief Financial Officer (CFO), Hero MotoCorp, said, “The performance in this quarter and fiscal year, reflects the successful execution of our strategic priorities. Demonstrating strong year-to-date results in both top-line and bottom-line growth, we have achieved the highest-ever nine-month revenue and profits.

“As we move into the next fiscal year, the products launched at Bharat Mobility will further strengthen our presence in the premium and scooter segments.

“The Union Budget 2025’s emphasis on tax relief for the middle class, along with continued investment in infrastructure and support for the agricultural sector, is expected to boost consumer confidence and drive demand growth in the auto industry.”

Delhi (India), February 07, 2025: PG Electroplast Ltd. (PGEL), one of the pioneers and leaders in the Electronic Manufacturing Services and Plastic Molding, announced its results for the quarter ended Dec. 31 st, 2024, as approved by its Board of Directors.

 “The Product business is demonstrating impeccable execution, propelling the company forward with remarkable momentum. Growth leadership in focus area of RACs and washing machines, remains strong, and the company is actively investing in new capabilities to enhance its strategic edge. The Capability and Capacity matrix is expected to reach new highs due to ongoing innovations, new product developments, and the commissioning of additional capacity across various product categories. The company has established itself as a preferred partner for Room AC and washing machine solutions in India, serving major brands as its clients. The successful completion of the fundraising in the previous quarter has bolstered the company’s balance sheet, positioning it favorably within the sector to seize emerging opportunities. The management expresses confidence and dedication to achieving industry-leading growth alongside superior return ratios in the years ahead.” said Mr. Anurag Gupta, Chairman.

 Key Financial Highlights:
Quarter ended Sept. 31 st Dec., FY2025
• Operating Revenues for the quarter were INR 967.69 crores – a growth of 81.9% YoY.
• Quarterly EBITDA stood at INR 92.37 crores versus Rs 47.00 crores in 3QFY2024 – a growth of 96.5%.
• Quarterly Net profit stood at INR 40.14 crores versus INR 19.24 crores in 3QFY2024 – a growth of 108.7%.

 Nine-month ended Dec. 31, FY2025.
• Net Sales for the period were INR 2959.67 crores – growth of 77.2% YoY.
• EBITDA stood at INR 287.44 crores versus INR 154.96 crores in 9MFY2024 – a growth of 85.5%.
• Net Profits stood at INR 144.53 crores versus INR 65.43 crores in 9MFY2024 – growth of 120.9%.

 Other Highlights
3QFY2025 was a robust quarter for PG Electroplast with all business segments growing rapidly:
• Consolidated Revenues at INR 968 crores was boosted by with Product business sales of INR 663 Crores. PGEL’s 100% subsidiary, PG Technoplast clocked INR 620 crores in revenue in 3QFY2025.
• The company maintained good momentum in RAC due to channel filling in anticipation of strong summer season and clocked industry leading growth of 179.5% for 3QFY2025.
• The Washing Machine business also posted industry leading growth at 64.5% during the quarter. The company is in the process of further Investment in developing new platforms for Room ACs & Washing Machines. During the year, the company is further enhancing capacity across Room AC, Washing Machines, and Coolers.
• The Product business contributed 68.5% of the total revenues in 3QFY2025. The Product business grew 140.7% YoY for the quarter. The order book and visibility for all product businesses remain robust and the company is on track to scale the business significantly in FY2025.
• Electronics ex-TV business in PG Electroplast contributed 7.0% of the total revenues and grew by 15.6X in 3QFY2025.
• The Sales of TV business in Goodworth in 9MFY2025 stood at INR 436.56 crores as compared to INR 253.63 crores in PGEL in 9MFY2024, a growth of 72.1%.
• Capital efficiency of business is robust and the company’s RoCE was 23.5% and RoE was 11.9% for the Trailing 12 months, ending Dec. 2024. Net fixed Asset turns for the company stood at 5.34x.
• The company plans to further invest in enhancing capacities and building capabilities for future growth.

 Future Outlook
Management sees increased opportunities in the existing and new clients based on the current business environment. With new capacities and capabilities, the company is uniquely positioned in the consumer durables & plastics space in India. In coming years, the company aspires:

 • To have Industry-leading growth in Revenues.
• Gradual improvement in margins due to operational efficiencies and operating leverage.
• Best-in-class capital efficiency resulting from improved cash flows & balance sheet optimization.

 Specific guidance for FY2025
• PGEL Revenues guidance is now revised upwards to INR 4,550 crores, which will be a growth of 65.7% over FY2024 consolidated Revenues (despite the shift of TV business to Goodworth Electronics). Net profit guidance is also revised upwards and now stands at INR 280 crores which will be a growth of 104.5% over the FY2024 Net profit of INR 137.0 crores.
• The Revenue guidance for Goodworth Electronics is Rs 550 crores in FY2025, Implying Group Revenues of INR 5100 crores.
• The growth in product business i.e., Washing Machines, Room Air Conditioners, and Air Coolers is expected to be ~98% to INR 3,300 crores from INR 1668 crores in FY2024.
• Capex for FY2025 stands INR 370-380 crores and the Company is commissioning 2 new green field facilities in North India and further expanding Supa facilities.

by Mr Ashok Mittal, Director, FynX Capital.

“We expect the RBI to cut benchmark rates by 20-30 BPS (basis points or say by 0.20%-0.30%) in its upcoming monetary policy, driven by easing inflation and a well-balanced budget. A rate cut would boost demand, enhance liquidity, and accelerate economic growth, especially benefiting MSMEs and key industries”.