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It’s the season of love, and Amazon Music just knows exactly how to kickstart Valentine’s month. Being one of India’s leading music streaming services, Amazon Music is all set to share a few Shades of Love with its listeners. From old-school Bollywood to contemporary Hip-Hop, Amazon Music’s Valentine’s playlists cover all moods and genres that you could ask for with the following playlists.

Ultimate Love Songs Playlists

For all the die-hard romantics and the hopelessly new-in-love, this playlist is a perfect mix of all things you loved in the past and now. From your favorite International Pop hits to regional duets, this playlist is being offered in a variety of languages including Hindi, Tamil, Telugu, Malayalam, Punjabi, Kannada, Marathi and Bengali.

100 Greatest Love Songs

Enjoy the finest love songs ever created with this perfectly crafted Valentine’s playlist featuring the top 100 romance tracks in Hindi, Tamil, Telugu, Kannada and Malayalam.

Indie Love

This one is for all the indie lovers. You can now groove to your favorite love tunes from Independent artists you love, follow or discovered, with this Valentine’s special edition of the Indie Love playlist, featuring some of the best romance music from Independent artists across regions .

Senti Wala Pyaar

The Senti Wala Pyaar playlist makes for the perfect pick for all the emotional ones there who like to feel those intense emotions through music. Snuggle up with your partner or unwind with your headphones and embark on this emotional journey of love.

New in Love

The New in Love playlist, available in Hindi, Tamil, and Telugu, features the newest love tunes that you can groove to, listen to on a date night or unwind with, this Valentine’s month.

You can listen to these playlists with your bae/ loved one this Valentine’s day here.

Here are 10 chart-topping romantic songs recommended by Amazon Music Experts that you can listen to with your loved one this Valentine’s Day.

1. Chaleya – Jawan
2. Heeriye – Arijit Singh/Jasleen Royal
3. O Maahi – Dunki
4. Tum Kya Mile – Rocky aur Rani ki Prem Kahani
5. Satranga – Animal
6. Lover (Remix) – Taylor Swift and Shawn Mendes
7. Standing Next to You – Jung Kook
8. Apa Fer Milaange – Savi Kalhon
9. Kinni Kinni – Diljit Dosanjh
10. Anbenum – Leo

As the calendar turned its pages to January, the Majestic Pride completed 15 glorious years of entertainment, glamour, and unforgettable moments. The month was nothing short of a star-studded extravaganza, featuring renowned personalities from various fields each week. From Bollywood divas to cricketers, singers to stand-up comedians, the celebration was a testament to the diverse and vibrant spirit that has defined the Majestic Pride for over a decade.

The first week of January saw the enchanting Mouni Roy grace the stage, captivating the audience with her mesmerizing presence, Mouni set the tone for a month filled with entertainment and excitement.

In the second week, the glamour quotient soared higher with the presence of the ever-stunning Malaika Arora and the sensational Neha Kakkar. Their electrifying performances added a touch of glamour and musical enchantment, leaving the audience in awe.

The third week had the charismatic Shikhar Dhawan taking center stage. The renowned cricketer showcased his off-field talents & stole the audience’s hearts.

The fourth week continued the star-studded line-up with celebrities like Neil Nitin Mukesh, the dynamic rapper Badshah, the vivacious Anasuya Bharadwaj, and the soulful singer Mangli. The stage was set on fire with their performances, creating memories that will be cherished by the audience for years to come.

Adding to the entertainment were stand-up comedians Gaurav Gupta and Sahil Horane, who brought laughter and joy to the celebration. Their witty and humorous acts left the audience in splits. Throughout the month, attendees enjoyed awe-inspiring aerial acts, a delightful kids’ mela, an elegant ladies’ night, an exciting Tambola-Fortune Night, and mesmerizing magic shows. The celebration catered to every age group, ensuring something for everyone.

Weekend food festivals showcased diverse culinary traditions from Punjab, Gujarat, Goa, Bengal, Uttar Pradesh, Andhra Pradesh, and more, offering a gastronomic journey for all.

In addition to the remarkable event, the Directors shared their sentiments, Mr. Ravi Kesar – “The 15-year celebration of Majestic Pride in January was an extraordinary event that surpassed our expectations. It reflected the essence of our vision for providing unparalleled entertainment, and we are proud to have created a memorable experience for our patrons.

Mr. Rahul Khetrapal (Director) – “This milestone event marked not only the completion of 15 successful years but also emphasized our commitment to staying at the forefront of the industry.”

This is what Mr. Srinivas Nayak (Director) had to say “The heartening response from our audience during the 15th-anniversary celebration reaffirms our belief that Majestic Pride has become an integral part of their lives. We are grateful for the continuous support and enthusiasm that has fueled our journey for the past 15 years.”

Daily power-packed live performances and gaming tournaments, including Roulette, Baccarat, slots, flush, and Andar Bahar, featured luxurious prizes such as a Kia Seltos car, gold, iPhones, and high-end phones. Apart from exciting games, there were contests like the daily lucky draw and Scratch & Win, where guests could try their luck and win exciting prizes every day. The Anniversary Jackpot Dhamaka added a rewarding touch to the visual spectacle, making the celebration unforgettable with lucky winners winning up to 2 crores.

“This event was not just a reflection of our past achievements but also a glimpse into the exciting future that lies ahead for Majestic Pride. We look forward to many more years of setting new benchmarks in the entertainment industry and providing unparalleled experiences to our valued patrons.” words by Mr. Ashok Khetrapal (Chairman of Majestic Group).

In conclusion, the 15-year celebration of Majestic Pride, Goa in January not only marked a milestone but exemplified a legacy of excellence, diversity, and unwavering commitment to providing unparalleled entertainment. As we bid farewell to this extraordinary month, we echo the sentiments of the directors and chairman, anticipating with excitement the many more years that lie ahead – setting new benchmarks and creating unforgettable experiences in the dynamic world of Majestic Pride. Here’s to the past, present, and the exciting future that awaits, celebrating the magic that is Majestic Pride.

14th February 2024 India: The Global Cybersecurity Association (GCA), a dedicated non-profit body, today announced the launch of ‘The GCA Index’ at a conference in New Delhi titled “Empowering Cybersecurity: Bringing youth, industry citizen & government on a common platform”. This first-of-its-kind Index will serve as a go-to reliable resource, offering insights into various use cases and highlighting products, services, and solutions available in the market.

The GCA aims to become India’s premier cybersecurity advocate by providing reliable resources to individuals and organizations on all aspects of cybersecurity threats, and its protection through various tools. It also hopes to empower individuals and organizations to help navigate this dynamic and critical aspect of digital security with confidence. * After all, 76 crore citizens and an average of 40 crore average e-transactions are happening on a daily basis. (Source: MeitY Annual Report 2022-23)

Speaking at the launch of ‘GCA Index’ event, Dr. Gulshan Rai, Former National Cybersecurity Coordinator and Former DG, CERT-In said, “India has been successfully ranked at the 10th position since 2021, however, with the Global Cybersecurity Association (GCA) coming into place, we further expect to better our rank. To do this, we need to address the critical issue of managing the interface of IT and OT in the near future. If we do not act now, we will not be able to manage the ever-burgeoning cyber threats. This is a collective responsibility and GCA will be the guiding light for the government and citizens together making India cybersecure. The launch of ‘GCA Index’ marks the first step towards us becoming cybersecure.”

Furthermore, Mr. Rajeev Bhadauria, Advisor, Reliance ADA Group added, “Humans still have paleolithic emotions, the institutions are stuck in medieval times, and we have to face God-like technology. Therefore, GCA comes in at the right time because it has to fight this God-like technology with love, wisdom, and prudence. Cybersecurity is not something new, and we have had plenty of developments, currently we are looking at the advent of Gen-AI, the threat has become bigger”.

On the occasion of the announcement, Manoj Bhale, President, Global Cybersecurity Association said “Building a secure digital India demands collective experience and action. Through accessible resources, collaborative forums, and the GCA Index, we strive to equip stakeholders with the tools and knowledge needed to combat cyber threats head-on.”

Roopali Mehra, Member of Governing Council, Global Cybersecurity Association emphasized “India’s digital journey brings immense opportunities, along with vulnerabilities. The GCA stands as a sentinel, fostering awareness and enabling informed cybersecurity decisions for all. We are the bridge between knowledge and action, empowering Digital Naagriks and Experts to become the active defenders of our digital borders.”

The GCA Index provides a centralized platform for individuals and organizations to identify relevant and reliable cybersecurity solutions. It further empowers informed decision-making and encourages proactive implementation of cybersecurity measures.

Applications for the GCA Index are now open, with the first listing set to be announced in August 2024. We invite cybersecurity products, solutions, and service organizations to apply and become part of this groundbreaking initiative.

GCA Index for Individuals my help reduce cybercrime in India. CERT-In handled 13,91,457 incidents* in 2022 in India and the type of incidents handled included: Website Intrusion & Malware Propagation, Malicious Code, Phishing, Distributed Denial of Service Attacks, Website Defacements, Unauthorized Network Scanning/Probing Activities, Ransomware Attacks, Data Breach, and others. *(Source: CERT-In Annual Report 2022)

Over the next three years, the GCA envisions itself to become the national hub for credible cybersecurity information and best practices. Also, a catalyst for knowledge sharing and collaboration within the Indian cybersecurity community. Furthermore, it aims to be the trusted advisor empowering individuals and organizations to build robust defenses and an advocate for shaping effective cybersecurity policies aligned with India’s digital vision.

Join the GCA on its mission to secure India’s digital future. Visit the website at https://globalcybersecurityassociation.com to learn more and become a part of the movement.

Kolkata, 13, February, 2024: The Council of the Institute of Chartered Accountants of India (ICAI) on February 12, 2024 elected its new President & Vice-President for the term 2024–25.

CA. Ranjeet Kumar Agarwal has been elected as the President, ICAI and CA. Charanjot Singh Nanda has been elected as the Vice-President, ICAI w.e.f. February 12, 2024.

Profile: CA. Ranjeet Kumar Agarwal, President, ICAI (2024-25)

A seasoned professional with strong organizational skills, having a penchant for excellenceandan academic acumen, CA. Ranjeet Kumar Agarwal ascends to the esteemed position of the 72nd President of The Institute of Chartered Accountants of India for the year 2024-25.His longstanding affiliation with the institute spans epochs, having been chosen for the 23rd, 24th, and 25th Central Councils in a row preceded by 6year term in Regional Council. Demonstrating enthusiasm and commitment to keeping pace with technological advancements, he actively engages in the integration of artificial intelligence and automation, to build futuristic workplace and workforce by emphasizing on continuous training, upskilling, and reskilling. CA. Ranjeet Kumar Agarwal’s proactive work approach and unwavering commitment to embracing innovative concepts, exemplified by his fervent utilization of modern technologies, establish him as a guiding force and a source of inspiration for all.

While serving as the Central Council Member since 2016 and then as Vice President in 2023-24, he has led the profession from front and shown his unwavering commitment to the profession. During his Chairmanship, EIRC has received the coveted award for being the Best Regional Council. His approach and guiding principle are to keep the Nation First and profession first in all his endeavors. In all his stints he has led initiatives to build trust, confidence and leadership. As the erstwhile Chairman of the Professional Development Committee, he played a pivotal role in the successful implementation of initiatives such as UDIN and Bank Branch Audit Software, marking significant milestones for the Institute. Furthermore, his instrumental role in extending UDIN implementation to SAARC countries underscores his global impact. Mr. Agarwal’s tenure asthe Chairman of the Ethical Standards Board saw the formulation of a new code of Ethics after a decade, a testament to his expertise and commitment to upholding ethical standards within the profession.

With a view to propel India ahead, heinitiated the CA Business Leaders 40 under 40 campaign to build leaders for tomorrow, recognizing and celebrating the achievements of 40 young CA professionals under the age of 40, highlighting his commitment to fostering excellence and innovation within the industry.

Envisioning a future with tremendous prospects, the growth of the profession’s infrastructure is being strengthened across the country. During his tenure as the Vice-President of the Institute, the Policy of Centre of Excellence has been approved, planning 9 more COEs across India taking total to 11 and aimed to maximize the utilization of COEs.

As President of ICAI, CA. Ranjeet Kumar Agarwal is now by the virtue of his post the Chairman of all the Standing Committees, i.e., Executive, Finance, Disciplinary and Examination Committees, as well as ex-officio members of all Non-standing Committees and Editor of ICAI Journal, The Chartered Accountant. He also Chairs the ICAI research wing Accounting Research Foundation (ICAI ARF), Extensible Business Reporting Language (XBRL) India. He is also the Director on the Board of the Indian Institute of Insolvency Professionals of ICAI (IIIPI).

Continuing to advance the role of the Institute of Chartered Accountants of India as a partner in the nation’s development, while serving as President ICAI, CA. Ranjeet Kumar Agarwal is supporting the Government and Regulators as a Member of the Government Accounting Standards Advisory Board (GASAB) and Audit Advisory Board both formed by the C&AG of India, Insurance Advisory Committee and Board of Insurance Regulatory and Government Authority of India (IRDAI) and SEBI’s Primary Market Advisory Committee.

1. Ranjeet Kumar Agarwal has been passionately representing India and the profession on international forums at several global meetings and conferences, striving to position India as a Global Accounting Hub. Currently, he is the Technical Advisor to the ICAI’s Nominee on the IFAC Board, and International Panel on Accountancy Education (IPAE) Group of IFAC, besides being a Board member of SAFA (South Asian Federation of Accountants). Also, he represents ICAI on the Integrated Reporting and Connectivity Council (IRCC) and Board meetings of the Pan African Federation of Accountants (PAFA) and ASEAN Federation of Accountants (AFA).
2. Ranjeet Kumar Agarwal,a graduate from Calcutta University, has attained exceptional heights through his remarkable actions. He now strides forward, assuming the charge of President ofICAI, adorned with his accomplishments and propelled by the vision of manifesting the aspirations encapsulated in India@2047. In this pursuit, he endeavors to further elevate India’s stature on the global stage, envisaging its ascent to becoming an eminent economy, thereby illuminating the world with its brilliance. 

Profile:

1. Charanjot Singh Nanda, Vice-President, ICAI(2024-25)
2. Charanjot Singh Nanda, FCA, NewDelhi has been elected as Vice-President, The Institute of Chartered Accountants of India (ICAI), the apex body of the profession of Chartered Accountants in India for the year 2024-25.Academically brilliant, he passed B. Com from M.L.N. College in 1987 and was placed in Kurukshetra University Merit List during all three years. He was also a rank holder in CA Inter Examination and completed his Chartered Accountancy in 1991.

A Fellow Member of ICAI with more than three decades of standing, CA. Charanjot Singh Nandawas elected to the Central Council of ICAI for the first time in 2004 for three consecutive terms and thereafter in 2019.

As Central Council Member of ICAI, he had been the Chairman of the following Committees of the Institute of Chartered Accountants of India.

• Internal Audit Standards Board
• Committee on Management Accounting
• Committee on Internal Audit
• Committee for Members in Industry
• Women Members Empowerment Committee
• Committee for Co-operatives & NPO Sectors
• Committee on Banking, Insurance and Pensions
• Committee on Financial Markets & Investors Protection
• Continuing Professional Education Committee
• Public Relations Committee
• Research Committee

He was also the Chairman of Northern India Regional Council of ICAI for the year 2002-2003.

Being the Central Council member of the ICAI, he has represented the Institute as:

• Member of Quality Review Board, set up by The Government of India.
• Member of SEBI Advisory Committee on Primary Market (2007-2010) & Committee on Mutual Funds (2007-2010) and represented ICAI on SEBI Committee on Disclosures and Accounting Standards (SCODA).
• Member of Expert Committee of SEBI for facilitating ease of doing business and harmonization of the provisions of ICDR and LODR Regulations.
• Convener of the Expert Group Constituted by the Ministry of Corporate Affairs, Government of India on Investor Protection.
• Chairman, Committee on Information Technology of South Asian Federation of Accountants (SAFA)
• Member of the Southern Asian Federation of Accountants (SAFA) on Committee on Professional Accountants in Business (PAIB) and Committee on Improvements in Transparency, Accountability & Governance.
• Member, Associated Chambers of Commerce and Industry of India (ASSOCHAM) National Council on Capital Market

An avid writer and prolific speaker, he has addressed various programmes on matters of professional interest organized by the Institute, Regional Councils, Branches and the Study Circles.

Joanne Weng, Director of the International Business Department at Synology

In today’s digital age, information security is a critical issue that enterprises can no longer ignore. With the increasing number of ransomware attacks, the challenges of managing cross-border data flows, and geopolitical factors, businesses are faced with more and more challenges when it comes to data management and protection. These phenomena have also accelerated the creation of corresponding laws and regulations by governments and relevant organizations worldwide.

For instance, companies around the globe are establishing information security management systems and adopt appropriate technologies and measures. Many companies also need to obtain the ISO 27001 certification, which just last year added more control measures. Moreover, if businesses fail to meet regulatory requirements, they may face restrictions, penalties, or even exclusion from the supply chain in various industries. This makes compliance no longer an option but a necessity.

Since this is closely tied to a company’s reputation and relationships, Synology expects that information security compliance will become an increasingly important factor in corporate operations.

Lack of clear implementation methods in most regulations leads to confusion for businesses

When helping our clients plan their compliance strategy, we’ve found that a common struggle is the initial compliance implementation assessment. While the goal of protecting data is clear, most regulations only offer basic directions and require companies to demonstrate compliance without providing specific recommendations.

Here are some common examples of how compliance clauses are usually stated:

1. Sarbanes-Oxley Act (SOX): A regulation that mainly regulates U.S. listed companies, requiring the protection of financial data and reports and the development of disaster recovery plans for sensitive information.
2. Health Insurance Portability and Accountability Act (HIPAA): A U.S. regulation for the healthcare industry ensures patient medical data confidentiality, specifies how long patient data can be retained, and requires backup and disaster recovery plans for data protection.
3. General Data Protection Regulation (GDPR): An E.U. regulation that requires companies to protect personal data, allows individuals to request data deletion, and requires backup plans to comply with individual rights.

When faced with numerous complex laws and regulations without clear guidance on how to implement them, it can be difficult for company compliance units to know where to start.

Start with ISO 27001 to meet many security standards at once

To address these challenges, Synology recommends starting with the implementation of the ISO 27001 system. ISO 27001 is an international standard that helps organizations establish Information Security Management Systems (ISMS). Since its security requirements overlap significantly with other standards, such as HIPAA and GDPR, it’s one a good way to address several compliance regulations at once.

The following diagram shows one example of ISO 27001’s similarities with other standards by highlighting the similarities with HIPAA.

This means that by meeting ISO 27001, most of the other information security requirements of other regulations can be met at the same time. Only specific industry requirements need to be fine-tuned or customized to ensure your organization’s compliance with relative standards.

Six audit checkpoints to meet data protection measures

Synology aims to make data protection compliance easy for organizations of all sizes. To achieve this, we have outlined the following six audit checkpoints. If an organization can answer “yes” to the following questions, it meets the basic data protection requirements for most regulations:

1. Complete backups: Can data be efficiently and regularly backed up, ensuring restoration to specific versions?
2. Backup verification: Are backup data truly secure, and are they proven to be recoverable?
3. Data immutability: Do you have a copy of the data that cannot be tampered with or deleted at will?
4. Restoration drills: Do you regularly simulate response strategies and procedures for unexpected events?
5. Offsite secondary backups: Are backup data stored in different locations and media?
6. Instant restorations: Can data be restored and services restarted within an acceptable time frame?

If it is not currently possible to achieve all of these points, don’t worry. By using a modern solution like Synology’s Active Backup Suite, these audit checkpoints can automatically be met. This backup suite helps IT personnel easily create a complete data protection strategy by deploying multi-version and multi-destination data backups. Not only does this help you meet the six major audit checkpoints, but there are no license fees, making it a cost-effective option to achieve compliance with information security regulations.

We’ve outlined how Synology products do this in the following table, where the regulation requirements for ISO 27001: Control 8.13 are used:

Deploy Active Backup Suite today to comply with data protection standards

Compliance with data protection laws is crucial for business operations, and failure to comply can have direct negative consequences. Take HIPAA for example: If healthcare institutions or related organizations fail to comply with HIPAA requirements, such as failing to protect patient medical information or failing to take the appropriate security measures, fines for each violation can reach up to $1.5 million USD. Not only that, but it can also severely damage a company’s reputation.

According to Synology’s survey, over 80% of companies are aware of data protection compliance laws but lack a comprehensive and adaptable data security solution. The Synology Active Backup Suite helps IT personnel turn ideas into actionable plans to ensure the security and recoverability of company data while fulfilling data protection compliance

Chennai February 13, 2024: Orion Innovation (“Orion”), a leading digital transformation and product development services firm, announced it was named in Everest Group’s prestigious PEAK Matrix® Assessment for 2023. Orion is recognized as a Major Contender in the Data and Analytics (D&A) Services for Mid-market Enterprises PEAK Matrix® 2023.

The Data and Analytics (D&A) Services recognition is a testament to Orion’s strong history of delivering comprehensive and broad D&A solutions. In the report, Everest Group highlights Orion’s extensive D&A capabilities, including its expertise in data management and engineering, business intelligence and visualization, and advanced analytics and AI/ML. It also highlights Orion’s global footprint, which offers a balanced mix of onshore, nearshore, and offshore resources.

“Being recognized as a Major Contender by Everest Group reflects our strong and growing capabilities in the data and analytics space,” said Rajul Rana, Orion’s Chief Technology Officer. “We work with our clients to deliver modern data platforms based on leading platforms like Microsoft Azure, AWS, Databricks, Snowflake, etc. This recognition motivates our team to continuously innovate and deliver exceptional value to our clients.”

“Orion Innovation’s client centricity and breadth and depth of its data and analytics portfolio has helped it establish itself as a reliable partner to its clients,” said Vishal Gupta, Vice President, Everest Group. “Another key differentiator for Orion Innovation is its focus on talent development and L&D investments for the latest technologies such as generative AI. Collectively, this has helped Orion Innovation emerge as a Major Contender in Everest Group’s Data & Analytics (D&A) Services for Mid-market Enterprises PEAK Matrix® Assessment 2023.”

The PEAK matrix provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global service markets. The Everest Group uses a proprietary framework for assessing the relative market success and overall capability of tech and tech service providers based on performance, experiences, ability, and knowledge.

13, February 2024: The fourth season of the prestigious Super Mom Crown 2024 event, presented by SoneriPahat and hosted at Vanamati Auditorium, celebrated the extraordinary accomplishments of women, showcasing their diverse talents and abilities. The event was graced by esteemed dignitaries Advocate PrayaniJaiswal, ReenaJaiswal, and Dr. Prakash Tata, who lent their support to the occasion.

With 24 spirited participants, the event was a testament to the empowerment of women from various backgrounds. A panel of esteemed examiners, including Sohail Sheikh, Dr. Rashmi Tirpude, Prajakta Burdkar, Nausheen Khan, Dr. Sonal Wankhede, and Anuritha Dholakia, diligently evaluated the performances.

In recognition of their outstanding contributions, Sohail Sheikh, PratimaBonde, and KetakiRaut were felicitated during the ceremony. The highly coveted title of Super Mom was awarded to the exemplary Doctor Ritu Chaudhary, with Swati ShringPawar of Chandrapur securing the first runner-up position.

The program also recognized the exceptional talents of Sonali Khobragade, Priyanka Rai of Pune, Poonam Ashtankar, and Doctor Kanchan Sakura of Bhandara, who clinched the second, third, fourth, and fifth runner-up positions, respectively.

Initiated by Rekha Bhongade, the director of Soneri Pahat, the Super Mom program aims to unleash the hidden potential of women, providing them with a platform to shine. The event was meticulously coordinated by Shital Nagarle Monalisa, with invaluable support from dedicated individuals including Sohail Sheikh, KalpanaParate, Manish Padole, Shilpa Meshram, Sarika Khadse, Reema Uike, Kavita Bobde, Ujwala Shahare, and Sapna Gaikwad.

Hyderabad, 13 February 2024: Ice Make Refrigeration Limited (NSE: ICEMAKE), a leading provider of innovative cooling solutions and a prominent manufacturer of over 50 refrigeration equipment in India, announced a significant 23.50% increase in its consolidated revenue for Q3FY24, reaching Rs 82.52 crore compared to Rs 66.81 crore in the same period last fiscal year. Standalone revenue also saw a substantial rise, increasing by 28% to Rs 81.75 crore.

However, despite the impressive revenue growth, the company witnessed a decline in quarterly consolidated net profit for Q3FY24, primarily due to change in sales mix; some big project and low margin vertical contribution in top line are substantial in Q3FY24, which stood at Rs 2.01 crore compared to Rs 4.43 crore in the corresponding period of the previous fiscal year. Standalone profit for the quarter was reported at Rs 2.21 crore compared to Rs 4.45 crore in FY23.

Consolidated Financial Performance: 9MFY24

During the first nine months of fiscal 2024, Ice Make achieved robust growth with total income reaching Rs 238.86 crore, marking a 20% year-on-year increase from Rs 199.04 crore in the same period of fiscal 2023.

Efficient cost management strategies resulted in an EBITDA of Rs 20.46 crore during the first nine months of fiscal 2024. However, raw material consumed as a percentage of revenue slightly increased to 74.03% compared to 68.79% in the corresponding quarter last year.

Despite increased costs, Ice Make maintained strong profitability with an EBITDA margin of 8.57% during the first nine months of fiscal 2024. The company posted net profit of Rs 11.87 crore in the same period, compared to Rs 12.17 crore in FY23.

Management Comments

Mr. Chandrakant Patel, the CMD of Ice Make Refrigeration Limited, stated, “The company has achieved impressive growth in our topline, driven by the strong performance of the domestic economy and consumption. We continue to capitalize on this growth momentum with timely launches of innovative products and capacity expansions.  Stable raw material prices and increased overall demand for cold room, ammonia, transport, industrial, and commercial refrigeration verticals have contributed significantly to our growth this quarter.

This quarter, there has been a shift in our business product mix, notably marked by the expansion of our ammonia-based project ventures. While this expansion presents growth opportunities, it’s important to note that these projects typically yield lower margins compared to our flagship products such as cold room and commercial refrigeration units. Moreover, with the uptick in our ammonia-based projects, there’s been a corresponding rise in installation costs, which are now reflected in our other expenses.

With a robust demand for cooling and cold chain storage solutions, both domestically and internationally, Ice Make is well-positioned to seize these opportunities. We remain optimistic about ending this fiscal year on a strong note.” he said

Hyderabad/Pune, February 13, 2024: Finolex Cables Ltd., (FCL) at the meeting of its Board of Directors held today approved results for the third quarter of the financial year 2023-24.

Revenues for the quarter ended December 2023 were Rs. 1221.7 Cr as against Rs.1150.3 Cr for the corresponding period in year 2022-23, representing a 6% growth in value terms. Volumes of Electrical Cables segment improved by 8% – with visible improvement in construction activity, it is expected that volumes will improve in the coming quarters. Within Communication Cables segment, volume of Optic Fiber Cable decreased – the tender for the Govt sponsored Bharatnet project has been delayed and is now expected to be floated toward end Feb24 with possible decisions two to three months post tender floatation; further procurement by private telecom operators has also been slow as they seem to be concentrating on operationalizing the initial phase of their 5G rollouts as well delay in procurement process. Volume growth in new products within the Appliance/FMEG (except Fans) sector was higher than 20%, but pricing was under pressure.

Revenues for the nine-month period ended December 2023 were Rs.3613.4 Cr as against Rs.3256.8 Cr for the corresponding period of 2022-23, representing an 11% growth in value terms. In volume terms, Electrical Cable segment improved by 14%, while within Communication Cables segment, volume of metal-based products improved by 4% while Optic Fiber Cable volumes were lower than previous year due to reasons mentioned above.

Profit for the quarter, before taxes, was Rs. 166.9 Cr, as compared to Rs.163.0 Cr in the previous year. Profit, before taxes, for the nine months ended December 2023 was Rs.556.7 Cr as against Rs.472.5 Cr in the corresponding period of 2022-23, higher by 18%.

The Capex program announced earlier is progressing well- the first of the E-Beam equipment is expected by end Feb 24 and is expected to be operational by April 24. As regards the Preform project, factory construction is expected to be completed by April/May 24 after which equipment installation will take place – as earlier advised, equipment is expected to be operationalized in Q3/04 of 2024-25.

New Delhi, February 13, 2024: Magicbricks, India’s leading real estate platform, released its flagship Rental Update (October- December 2023), revealing a robust 17.4% YoY surge in rents across 13 major Indian cities with Gurugram (31.3% YoY), Greater Noida (30.4% YoY) and Bengaluru (23.1% YoY) taking a lead. The report also sighted that rents increased 1.6% QoQ, following an increase of 4.6% QoQ between July and September 2023.

Based on the preference of over 2 crore customers on Magicbricks platform, the report further observed that the rental demand increased modestly by 1.6% YoY. Greater Noida (6.9% YoY), Ahmedabad (6.6% YoY) and Chennai (4.1% YoY) observed the highest growth in rental demand. Concurrently, rental supply reduced considerably by 16.9% YoY with outliers like Noida (19.6% YoY), Hyderabad (3.2% YoY) and Greater Noida (2.7% YoY) demonstrating an increase in rental supply.

Explaining the dynamics, Abhishek Bhadra, Head of Research, Magicbricks, elaborated, “In 2023, the economic expansion, thriving job markets, rising disposable incomes, and a migration influx to Tier 1 cities increased rental demand substantially. Simultaneously, rental supply reduced, possibly as interest rates surpassed rental yields, deterring investors and property owners to participate in the rental housing market”

He further added “Between October and December 2023, we have observed a cyclical dip in the rental demand. However, we anticipate a rebound in the short to medium term, underscoring the dynamism of the rental market.”

The report concluded that millennials (age 18-34) constituted 67% of rental demand and 2 BHK units dominated the market, commanding 41% of the rental demand in these cities.

Other findings of the report

• 64% of tenants were males
• 76.7% of the demand and 66.8% of the total supply lies within the range of Rs 10,000 to Rs 30,000 per month, making it the most preferred range in the Indian rental market.