Category business

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.

by Dr. Karishma Jaradi, Head Dental Surgeon at Dentzz Dental

It is rightly said, ‘You are what you eat’, and this is especially true when it comes to your teeth. Binging on junk edibles is your health’s worst enemy and overloading will just take a toll on your health but also can take bite out of your teeth. The edibles you eat and drink definitely have a powerful impact on your oral condition. Diets that are high on acids, contaminants, and toxins produced by bacterial intake, thrive on your enamels giving a clean entry for tooth decay. Your teeth, mouth, and gums are far more than just tools for eating. These play a vital role in helping you chew and swallow. The mouth being an initial point of contact, all the nutrients consumed are going to reflect on your dental condition. So, all that goes in your mouth impacts not only your overall health but also affects your oral state. In fact, more intake of foods poor in nutrition often has the tendency to show its adverse impacts in your mouth.

Junk foods harm the teeth in the most detrimental way, a major cause for decay of tooth and breakdown of tooth enamel. The major culprits here are sugar-based foods and toxic and non-nutritional junk foods. Throughout the day grazing over high sugary foods might make you fall prey to the sugar trap. Sugars contribute to providing bacteria that produce acids that get accumulated in your enamels, and will slowly progress towards disintegrating and waning your tooth enamels. Starches found in foods like breads, grains, cereals, and salad dressings contain added sugar which can accelerate your tooth decay process.

If you feel you are still unsure and unaware of how toxic foods adversely impact your happy teeth, it’s important you understand that it’s not only sugar which is the main reason causing damage but rather it is the chain of events that follow after you have fallen game to your sweet tooth. Toxic food ingestion can almost hijack your oral health. Due to the continuous tug-of-war that takes place in a mouth, you might often pay no heed to your constant warnings about the hazardous waves of toxic intake. Our mouth is often considered to be a powerhouse of bacteria that are both beneficial and harmful to the oral environment. Excess of toxic intake triggers the damaging bacteria to produce enamel devastating acids. These further make way for cavities and bacterial infections which when untreated can cause a hole in your enamels. These cavities have the ability to go way past the enamel, entering the deepest tooth layers causing discomfort and most likely a tooth loss. Being cautious and limiting your toxic intake is very essential if you wish to give your mouth a fighting chance to repair the mutilation.

Aerated drinks, caned and diet drinks filled with ample sugar and flavour-enhancing organic acid content greatly target your teeth. These sugar-loaded toxins contain acids like citric and phosphoric which can lead to tooth erosion. Health and sports drinks also contain a burst of toxins, artificial flavours, and are full of sugar. The acids present in them tend to stick between teeth causing toothaches and problems. Caramels, candies, lollipops, and gooey delights are the worst when it comes to oral hygiene. These stick stubbornly to the tooth surface. In case these are consumed make sure they are in your mouth only for a brief time. Dried foods like raisins and apricots are no less than caramels since they cling to your enamels. Due to drying up of water, these feature highly concentrated sugar levels. The non-soluble cellulose fiber present in them can trap sugars around the tooth worsening your condition. Starchy foods like potato chips, french fries, and pasta are a big no. Although not sweet in taste, the starch present in them converts to sugar. These easily lodge between tooth crevices.

If you wish to bathe your pearly whites in minerals, along with toxic cut-down, it’s recommended you also stimulate the flow of your saliva. Foods that counteract the acids and deliver ample of minerals and vitamins are your mouth’s best companion. Ways that help enhance and fuel up your salivation are chewing sugar-free gums and reloading your diet with fibrous fruits and vegetables. Consuming dairy products rich in calcium like cheese and yogurt helps fortify your teeth and is better than munching on sugary, starchy, and greasy treats. An efficient way to overpower harmful toxins is by consumption of green and organic teas. This will surely help maintain a healthy balance in your mouth. Along with providing your enamels with nutritious edibles, regular flossing and brushing (at least two times a day) are a must to enhance enamel health.

Tooth-damaging offenders are all around the corner, the end result being faded enamel, diminished tooth whiteness, cracking of crowns, and aging of mouth before time. So, if you aspire for a pleasant smile all through your life, bid adieu to the worst invaders from gate-crashing your teeth.

Publicis Worldwide India, part of Publicis Groupe India, has conceptualized an exciting ad film, ‘Seekh,’ for HDFC Mutual Fund. This film is an extension of the highly successful ‘Zindagi Ke Liye SIP’ campaign launched last year and highlights the ease of investing in mutual funds through a Systematic Investment Plan (SIP).

The film aims to forge a strong emotional connection with first-time investors, emphasizing that investing in mutual funds through SIP is as simple and familiar as our daily lives, contrary to how consumers perceive it.

“We, as a society, believe that starting something early is very important and a prerequisite for success.  It’s a principle that’s equally true for SIP. This observation forms the premise of our second film for the campaign ‘Zindagi Ke Liye SIP’. The film tells a simple yet poignant story of vulnerability and honesty. The film is authentic and relatable. And like always we have tried to keep the narrative honest,” added Srijan Shukla and Pratheeb Ravi, Executive Creative Directors at Publicis Worldwide India.

Bengaluru, February 13, 2024:  udaan Capital, one of India’s leading fintech players, today announced that it has facilitated disbursals of over INR 170 crores of working capital to the distribution network of Saint– Gobain Glass Business, a subsidiary of Saint–Gobain, one of the world’s premier glass manufacturers. The disbursals were enabled through a partnership with Saint–Gobain for their distributors and retailers via udaanCapital’s Channel Financing program for Micro, Small, and Medium Enterpises (MSMEs). As part of this collaboration, approximately 200+ distributors of Saint–Gobain have been successfully onboarded by udaanCapital over 20 months, spanning 122 cities and 23 states across India. 

Post Covid, brands have been keen to explore solutions that boost the liquidity in their MSME buyer base without building up receivables on their books or taking excessive credit exposure. Saint–Gobain’s core objective while evaluating a channel financing partner was to ensure widespread adoption of the program pan India and a technology enabled solution capable of leveraging their existing cash discount structures for the MSME buyers. udaanCapital emerged as a preferred partner to create a win-win proposition for the brand and their MSME buyers udaanCapital‘s app seamlessly onboards borrowers and facilitates immediate invoice payments to Saint–Gobain, this fosters cash flow management, boosts sales, and strengthens relationships with channel partners. The program allows access to inventory without upfront payment, facilitating a smooth flow of goods and contributing to business growth. 

As more distributors join the financing program, liquidity increases, enabling higher purchases from Saint–Gobain. udaanCapital‘s customized solution plays a key role in reducing Saint–Gobain‘s Days Sales Outstanding (DSO), providing buyers with an extended credit period. Additionally, buyers have flexible payment terms or incentives in form of cashback for early payments. The credit limits tied to purchases are reusable upon repayment, further contributing to the overall efficiency of the financial process. 

Anand Santhanam, Chief Sales and Marketing Officer, Saint–Gobain India Glass Business, said, “At Saint–Gobain, we believe in true partnership with our customers. One of the best demonstrations of partnership is business growth. Channel Financing and thereby effective working capital management is integral to the business growth of our partners and we believe that our partnership with udaanCapital will foster an environment that nurtures distributors while facilitating the smooth flow of goods throughout the distribution chain. udaanCapital was our preferred partner because they are known for their quick disbursal, fast turnaround time & low default rate. So far, our distributors across 100+ cities have been successfully onboarded to enjoy collateral-free loans, access inventory and sell products without upfront payment.”  

Chaitanya Adapa, Head, udaanCapital said, “At udaanCapital, we believe in forging strong partnerships to advance our goal of building next-gen working capital products for India’s trade. Our Saint–Gobain program is a testimony of how we’d want our ideal brand partnerships to look like – thanks to the clarity and commitment that the Saint–Gobain team had in supporting their channel partners. We are very glad to have partnered with them in that journey & are committed to deepening our engagement.” 

The introduction of udaanCapital‘s technology-driven behaviour shaping has accelerated sales for Saint–Gobain, especially among their trade partners. This collaboration aims to empower MSMEs across India by transforming the landscape of channel financing.

Mumbai, 13 February 2024: IBM (NYSE: IBM) and Mahindra & Mahindra Financial Services Limited (Mahindra Finance) today announced a strategic collaboration to build a super app that would serve as a single digital interface for consumers to access multiple businesses within Mahindra Finance.

This app will enable consumers from both metros and non-metros to have 24×7 digital access to avail and manage products & solutions in a secure, streamlined, and simple manner. This would be by housing Mahindra Finance’s various vehicle and non-vehicle lending businesses, including personal loans, enterprise loans, mortgage loans, leasing solutions, payments, fixed deposits, insurance solutions, and other investment & wealth management solutions under one roof. The app will further provide superior and immersive experiences to the customers of Mahindra Finance and strengthen the company’s position as the financial solutions partner of choice for emerging India.

Speaking on the development, Raul Rebello, MD & CEO-Designate, Mahindra Finance said, “We at Mahindra Finance are keen to accelerate delivery of our digital financial solutions to better serve our customers. The super app is a strategic lever that will expedite growth of key businesses in an operationally efficient manner that combines omnichannel capabilities. It will also empower us to create hyper-personalised solutions for emerging India”.

“Super apps have the potential to bring a paradigm shift in the financial services industry, enabling significantly superior customer engagement and unleashing new business models,” said Rishi Aurora, Managing Partner, IBM Consulting India & South Asia. “Having worked with multiple financial organizations that are in different stages of their growth journeys in India and across the world, we are happy to collaborate with Mahindra Finance in their endeavor to build a seamless digital journey. Leveraging future-ready hybrid cloud capabilities, the super app will help Mahindra Finance move up the value chain through unique differentiated customer experiences.”

IBM Consulting will leverage human-centred design methodology to enhance the super app experience, covering every stage of the customer journey. This approach will involve integrating deep understanding of Mahindra Finance’s customer needs with superior application UI design to offer an experience that creates customer value as well as unlocks business value for the company. At the foundation level, IBM Consulting will bring cloud transformation and cloud management expertise to help design a secure, scalable, and resilient digital platform architecture to be deployed on a hybrid multi-cloud environment that will enable easy integration of new technologies in future, including generative AI.

New Delhi 13 February 2024: vivo, the innovative global smartphone brand, announced the National Winners of its country-wide initiative – ‘vivo Ignite: Technology and Innovation Awards’, in collaboration with NCERT and iHub DivyaSampark, IIT Roorkee. The event was held on Feb 10th at The Grand, Vasant Kunj, New Delhi, in the presence of Chief Guest Shri Rajendra Prasad Singh, Chief Scientist and Head, Council of Scientific & Industrial Research, Ministry of Science and Technology, Govt. of India.

10 National Finalists presented the most scientifically innovative and socially relevant projects, out of which the Top 5 were declared National Winners.

vivo is committed to the idea that development of young minds is the bedrock for lifelong learning, and vivo Ignite: Technology and Innovation Awards stands as a testament to its dedication to offering bright minds a captivating opportunity. The initiative was open to all Indian students of grades 8 to 12 and was conducted in three stages between November 2023 to February 2024.

With more than 19,000 registrations and over 4,000 projects received countrywide, SMART STREET – Where innovation meets sustainability won the first prize worth INR 7 lakhs for presenting a prototype aimed at implementing smart streets for safer, greener, scenic roads.

Geetaj Channana, Head of Corporate Strategy, vivo India, expressed his heartfelt congratulations to all the students, stating, “It is a joy to embrace the spirit of innovation and creativity, with the vivo Ignite: Technology and Innovation Awards. We’re profoundly inspired by the ingenuity and creativity demonstrated by these young minds. Through our CSR initiatives like vivo Ignite, we aim to nurture and empower emerging talent, offering a platform for their sustainable and globally competitive ideas. With an overwhelming response of over 19,000 participants and 4000+ projects nationwide, we’re thrilled to witness the exponential growth and enthusiasm surrounding vivo Ignite, building upon the success of previous years.”

The runners-up were Multi-Functional Eco-Friendly Agro Machine, Automatic Machine For Ready To Grow Oyster Mushroom Bags, Optimization For Cyclists’ Posture Using Real-Time Embedded System And Data Analysis, and STEMLY, sharing cash prizes worth INR 14 lakhs. As a token of appreciation towards their dedication and commitment towards building innovative solutions for social good, the 6^th to 10^th National Finalists were rewarded with a cash prize worth INR 25,000 each.

“The vivo Ignite Awards serve as a testament to the remarkable creativity and problem-solving abilities of our youth. It’s truly inspiring to see young minds channel their energies towards finding solutions to pressing societal issues. The winning project, ‘Smart Street – Where Innovation Meets Sustainability,’ exemplifies the potential of innovative thinking to create safer, greener, and more efficient urban environments. We applaud vivo’s commitment to fostering innovation among Indian students and look forward to witnessing the continued impact of this collaborative effort.” said Prof (Dr.) Indu Kumar, Head, Department of ICT and Training Division, CIET – NCERT

Manish Anand, CEO, iHub DivyaSampark, IIT Roorkee, expressed his delight, stating, “The vivo Ignite Awards, in collaboration with iHub Divyasampark, IIT Roorkee, represent a celebration of innovation and entrepreneurship among India’s youth. The winning projects, including the top 10 most innovative business ideas, showcase the ingenuity and potential of young minds to address complex societal challenges through technology and innovation. As partners in this initiative, iHub is proud to actively support and recognize the efforts of these students in creating impactful solutions. The success of vivo Ignite underscores the importance of nurturing a culture of innovation and entrepreneurship in India, and we are excited to see the continued growth and impact of such initiatives in the future.”

Furthermore, certificates and exciting goodies will be awarded to all 10 National Finalists and 200 zonal winners. The Top 25 ideas, selected based on video submissions, are being evaluated and considered for research study/incubation/start-up by iHUB DivyaSampark – the innovation center of IIT Roorkee. (Refer to the next page to read more about the projects)

The jury comprised of academicians from prestigious institutes of the country and distinguished industry experts who closely evaluated all the projects based on criteria such as creativity, innovation, utilization of science and technology, scalability, cost effectiveness and potential societal impact. The initiative’s success underscores its alignment with the “Scientific Social Responsibility” agenda taken up by the Department of Science and Technology, GOI.

Last year, vivo Ignite, Science and Innovation Awards recognized ten National Winners from over 2000 entries for their impactful projects, awarded cash prizes totalling over INR 25 lakhs.

There’s something about the magical, pristine beauty of snow that makes you look at romance differently! This year, why not do something different with your loved one for Valentine’s Day? Plan a snow-date at Skyview By Empyrean, the 22-acre mountain harbour that does snow romance like a pro! At this stunning winter paradise, you can get on a gondola ride, dine in the most romantic setting and enjoy a room with a view of the majestic mountains.

So, swap the concrete jungles for a White Valentine in the refreshing mountains this year. From snow-kissed landscapes to blazing sunrises and sunsets, lose yourself to the beauty of Jammu.

The all-weather Skyview Gondola glides between Sanget and Patnitop through forests bathed in white in just 10-13 minutes saving you an hour’s drive through hilly terrain. On days when it’s not snowing, the gondola treats you to crystal clear  and panoramic views of lush green meadows and mountains.

A hot cup of Kahwa and a blazing fireplace will warm your soul and set the mood for deep conversation in Skyview by Empyrean’s cozy and luxurious rooms & suites that will brew your romance for years to come! Wake up and be mesmerized by the panoramic views of the majestic snow-capped Pir Panjal range. 

After a memorable day spent enjoying each other’s company in the snow, unwind under the starlit sky at the property. Indulge in a romantic candlelight meal with views of the snow-covered mountains as you relish in the gastronomic delights at their barbeque restaurant whilst you immerse yourself in the picturesque views of Patnitop and its untouched environs. Located at the Patnitop terminal of Skyview Gondola by Empyrean, Skyview Terrace is the perfect location for private celebrations and get-togethers

Breathe in pure mountain air and be swept off with views of clear blue skies and dazzling white snow as you sip your morning coffee or munch on a hot breakfast plate at the Banana Leaf Restaurant. Skyview’s highly decorated team ensures that you get the best service and F&B while you gaze away looking at the magnetic view.