Category business

February 01st  2024: Fino Payments Bank Limited (‘Fino’ or ‘Bank’) released its results for the quarter ended December 2023 (Q3’24 & 9M’24). The Bank’s focus on digital and enhanced customer engagement paved the way for strong financial growth during this period. As each quarter unfolds, the company steadily strengthens its sustainability and is strategically poised to seize emerging growth opportunities.

Financial Highlights for 9M’24

• 9M’24 revenue increased 19% YoY to ₹ 1,077.1 crs.
• EBITDA expanded by 47% YoY to ₹ 137.2 crs and PAT grew by 42% YoY to ₹ 61.0 crs.
• PAT margins in 9M’24 at 5.7% up from 4.7% in 9M’23.
• Throughput increased by 37% and digital impetus leads to digital contributing 35%.

Financial Highlights for Q3’24

• Throughput increased by 42% and digital throughput increased 184% YoY.
• In Q3’24, revenue increased 18% YoY to ₹ 370.2 crs.
• EBITDA and PAT expanded by 30% and 19% YoY to ₹ 50.5 crs and ₹ 22.8 crs, respectively.
• PAT margins increased to 6.2% in Q3’24 from 6.1% in Q3’23.

Throughput and Transaction Highlights for 9M’24 and Q3’24

• Overall throughput value grew by 42% YoY to ₹ 93,323 crs in Q3’24; 9M’24 throughput grew 37% YoY to ₹ 2,55,698 crs.
• Total throughput has surpassed ₹2.5 lakh crs in 9M’24, first time ever across any nine-month period.
• Digital throughput grew 184% YoY to ₹ 38,187 crs in Q3’24 and 169% YoY to ₹ 89,661 crs in 9M’24.
• Digital throughput is 41% of overall throughput in Q3’24, up from 20% in Q3’23.
• ~43 cr UPI transactions in Q3’24; Contributed 1.23% to overall UPI ecosystem volume.

Operational Highlights for 9M’24 and Q3’24

• Distribution network: The number of registered merchants climbed by 30.3% YoY to 16.9+ lakhs, substantially deepening penetration and Fino’s distribution reach.

• Customer ownership: 23 lakh+ bank accounts were opened during 9M’24, up 8% YoY laying the groundwork for a significant cross and up-selling opportunity. Total number of CASA accounts ending 9M’24 stood at 101.3 lakhs.
• Product Mix substantially improved in favour of High Margin Products: Revenue from CASA and CMS is 30% of total revenue in Q3’24 (26% in Q3’23).Our annuity business experienced exponential growth as a result of CASA renewal income which grew 68% YoY in Q3’24 to ₹ 31.4 crs and 85% YoY in 9M’24 to 87.9 crs.
• Average deposits grew 42% YoY from ₹ 955 crs in Q3’23 to ₹ 1,358 crs in Q3’24.
• CMS transaction value increased 30% YoY to ₹17,272 crs in Q3’24 and 45% YoY to
  ₹47,625 crs in 9M’24, riding on increased client base, which stands at 200 as on December 31, 2023.

Rishi Gupta, CEO & Managing Director said, “Q3 FY24 has been an exceptional quarter with sustained profitability. Our diligent efforts in executing the TAM strategy resulted in significant customer base expansion, crossing the 1 crore CASA customer mark. Furthermore, in line with our future growth plans, I am delighted to announce that we have applied for a Small Finance Bank license and our strategy is to continue being a differentiated Bank leveraging our network and digital capabilities. We are confident that our strategic investments in human capital, network expansion, technology and digital initiatives will keep us in good stead as we prepare for transition. Importantly, we will be ahead of the curve in our zeal to further evolve new initiatives on payments and liability products in the mid-term and a strategic sustainable model of asset light bank in the long run”.

Ketan Merchant, Chief Financial Officer said, “This quarter’s performance validates our successful progression through the acquisition phase, solidifying the foundation for the upcoming monetization phase. Our strategic focus on digital excellence, particularly through UPI, has substantially strengthened our online presence and continues to expand our customer base. Notably, our digital throughput now constitutes 41% of our total throughput. Progress in digital also brings along improvement in our PAT margins that had increased by 100 bps in this fiscal’s nine month period. Looking ahead, we remain steadfast in our commitment to delivering value to our stakeholders and sustaining this positive and profitable trajectory”.

Hyderabad, 01st February 2024: DASOS Cabinets, the latest venture by the Mahi Group, a renowned Manufacturer & exporter of Granites and Quartz Surfaces, launches its Home Interiors service in Hyderabad. DASOS Cabinets is set to redefine standards in design, functionality, and craftsmanship, offering a seamless blend of aesthetics and practicality for contemporary living spaces. The company has also set up a state-of-the-art experience centre its Corporate office in Hyderabad, to help customers understand product superiority and excellence.

DASOS Cabinets will offer comprehensive solutions for all modular and Customised furniture needs for Kitchen and living spaces. The company takes pride in its meticulous process, from design inception to flawless finishing. They have set up a manufacturing unit in Hyderabad at Toopran with an investment of Rs 40 Cr to cater to the growing demands of homeowners in and around Hyderabad. The unit is equipped with state-of-the-art German Technology, Software, Equipment and machinery to provide modular furniture solutions.  Using cutting-edge technology DASOS Cabinets crafts factory-made woodwork that effortlessly merges aesthetics with functionality, heralding a substantial revolution in home furnishing.

Anticipating a robust growth rate of over 20% in the interior industry market from 2024 to 2034, DASOS Cabinets stands at the forefront of this transformative journey, ready to meet evolving Home Owner needs. With an unwavering commitment to elevated standards, DASOS Cabinets aligns seamlessly with the expected growth in the interior design market, positioning the brand as a trailblazer reshaping the landscape of home furnishings.

Speaking on the occasion Naga Chaitanya, Brand Ambassador of DASOS Cabinets said, “I am extremely excited to be part of DASOS Group as a brand ambassador. I had the privilege to understand their business model and visit their amazing facility in Hyderabad during the shoots. The facility is a true reflection of their sound understanding and global exposure in the interiors space. I am particularly impressed with DASOS systematic approach to design, use of state-of-the-art German technology to execute and deliver modular furniture for kitchen and living spaces to customers in a completely transparent and time bound manner. I am sure they will make a significant impact in the interiors space.”

Adding to the this, Manoj Kasyap, Executive Director of DASOS, said, “We have over 3 decades of experience and a global understanding of the interiors space due to our close association with architects and interior designers across the globe as a leading Manufacturer and exporter of Granites and Quartz Surfaces. In India the Custom Built and Modular Furniture Industry category is still largely dominated by unorganized players. DASOS Cabinets is our foray into the home interiors furnishing space to bring a transparent, process driven approach to project design and execution. Our vast experience in this space equips us with a sound understanding of the global best practices and latest technologies to streamline the process. At DASOS Cabinets we would like to give our customers a perfect blend of contemporary aesthetics blended with modern design. We will execute it in our state-of-the-art facility at Toopran Hyderabad, with the highest standard of innovation, excellence and transparency in home interiors. Our commitment to quality and customer satisfaction is reflected in every piece crafted by DASOS. We are confident that DASOS Cabinets will not only meet but exceed the expectations of our valued customers.”

DASOS Cabinets invites customers to explore this revolution in home interiors at its new store at its Corporate office at Madhapur, Hyderabad, where they can experience the perfect blend of design, functionality, and craftsmanship that defines the DASOS Cabinets ethos.

Komaki, a leading name in India’s electric two-wheeler industry, announces the launch of its revolutionary e-loader, XGT CAT 3.0. This innovative addition to Komaki’s product line sets new standards for e-loading, combining cutting-edge technology with unmatched safety and comfort for the rider.

The Komaki XGT CAT 3.0 redefines the concept of commercial two-wheeled loaders. The user-friendly design ensures safe and easy drives for differently abled people as well. This e-loader is designed to address safety concerns and prioritize rider comfort, making it an ideal choice for various applications.

The e-loader boasts a robust iron body, ensuring durability and stability even under challenging conditions. The comfortable seat, wide foot space, and impressive loading capacity of up to 500 kg make it an advanced substitute for traditional two-wheeled loaders for various commercial and industrial needs.

Equipped with a 12-inch three-wheel configuration, the CAT 3.0 ensures stability and manoeuvrability. The triple-disc system with special brake levers enhances braking performance, offering unprecedented control for the rider. Additionally, the vehicle incorporates a fire-resistant graphene battery, underlining Komaki’s commitment to safety and reliability.

Besides, this new e-loader is equipped with KOMAKI’S İQ System (intelligent dash), elevating the user experience to new heights. This intelligent system integrates with the vehicle, providing real-time riding information through a colourful smart dash. Riders can now stay informed about their vehicle’s performance, enhancing efficiency and overall safety on the road.

Gunjan Malhotra, Director of Komaki Electric Division, expressed her excitement about the launch, stating, “The Komaki XGT CAT 3.0 represents a significant leap forward in the e-loading segment. We have meticulously designed this vehicle to meet the evolving needs of our customers, focusing on safety, comfort, and performance. Moreover, the inclusion of KOMAKI’S İQ System further reinforces our commitment to providing intelligent solutions for a sustainable future.”

XGT CAT 3.0 is a solution for businesses and individuals looking for efficient, sustainable, and cost-effective transportation. With its easy-to-load design, fast performance, and reliable supply capabilities, it is set to become the go-to choice for various e-loading applications.

Mumbai, February 01, 2024: Mphasis (BSE: 526299; NSE: MPHASIS), an information technology (IT) solutions provider specializing in cloud and cognitive services, has received the 2023 ISG Star of Excellence^TM Award in the “Emerging Tech” segment for “Artificial Intelligence (AI). The award recognizes Mphasis for consistently upholding the highest standards of customer service excellence throughout the past year, as reflected in the feedback provided by enterprise customers.

As per the report, Mphasis was recognized for its dedication to client-centricity and service excellence following a recent success story with a leading U.S.-based home healthcare equipment and services provider. Faced with intricate technology challenges, the client sought Mphasis’ expertise, resulting in an astounding 49.5% reduction in manual issue remediation through the implementation of an automation and AIOps platform and collaborative approach. This success highlighted Mphasis’ ability to address complex challenges in the U.S. healthcare technology landscape, showcasing innovation and client satisfaction.

Mphasis’ solution approach involved integrating operations, bringing in automation, introducing analytics-led proactive management, enhancing end-user experience, and providing a holistic business services view. It leveraged its InfraGenie^TM platform, built on ServiceNow for automation-led service management.

Mphasis excelled in security threat monitoring, earning the highest CX score of 87.3 for AI-technology services in 2023, surpassing the 77.6 average. Mphasis.ai consolidates AI initiatives comprehensively, backed by Next Labs and AI Engineering Squads pioneering innovative solutions. Categorized into archetypes, Mphasis maintains its forefront position in diverse AI service offerings. Recognized with the highest enterprise CX score in 2023 from clients, Mphasis continues to lead in managed services leveraging AI technology, as highlighted in the ISG Star of Excellence^TM 2023 Voice of Customer survey, based on feedback from 33 client responses.

“We are honored to receive the 2023 ISG Star of Excellence™ Award. This award stands as a testament to our dedication in delivering exceptional client experience. It not only highlights our commitment to innovation and client-centric solutions but also reaffirms our position as a global technology leader. Our focus remains on delivering outstanding value and service to clients worldwide, reinforcing our commitment to excellence in every aspect of our operations,” said Srikumar Ramanathan, Chief Solutions Officer, Mphasis. 

“Mphasis received the highest CX scores in the ISG Star of ExcellenceTM program in 2023 for AI technology services. Clients have rated Mphasis very highly for defining handoffs and milestones with its clients. Mphasis also received a high CX score for its ability to demonstrate new methods or techniques,” said Heiko Henkes, Program Director, ISG Star of Excellence^TM

Mphasis’ success story aligns with ISG Star of Excellence^TM 2023 findings, receiving the highest enterprise CX score for managed services leveraging AI technology. Collaboration and transparency emerged as critical pillars, with Mphasis demonstrating exceptional performance in both areas. The healthcare industry, often rating providers lowest for collaboration, witnessed a paradigm shift with Mphasis’ proactive and collaborative approach.

Mumbai 01st February 2024: Motherson Sumi Wiring India Limited (MSWIL) today announced its financial results for the fiscal 2023-24 third quarter, which ended on 31st December 2023.

Mr. Vivek Chaand Sehgal, Chairman Motherson Sumi Wiring India Ltd., said, 

“These strong quarterly numbers are the result of customer trust and our operational efficiencies. We remain focused on delivering high-quality products and solutions to our customers and supporting them in their plans. We will continue to invest in capacities to meet the future demand. I want to thank and congratulate our teams for their efforts and commitment, which have contributed to this stellar performance.”

Key Highlights 

• Highest ever Quarterly Revenue & EBITDA
• Maintained status of a debt-free company
• Proudly supplying wiring harness solutions to leading automotive OEMs in India.
• New-age innovative capabilities are in place, serving all powertrain requirements (ICE, Electric, Hybrid, etc.)
• Expanding capacities to support customer expansion plans.

Financial Performance 

Motherson Sumi Wiring India Limited (MSWIL) 

Motherson Sumi Wiring India Limited (MSWIL) is a leading and fast-growing full-system solutions provider to OEMs in the wiring harness segment in India. Motherson Sumi Wiring India is a joint venture between Samvardhana Motherson International Limited (SAMIL) [Formerly Motherson Sumi Systems Limited] and Sumitomo Wiring Systems, Ltd. (SWS). The company is prepared to meet the customer needs at every stage of the supply chain, from initial product design and validation to tool design and manufacturing, finishing, processing, assembly, and finally, production of integrated cutting-edge Electrical and electronic Distribution Systems for the power supply or data transfer across vehicles. Motherson Sumi Wiring India Limited has a product profile that benefits from favourable industry trends of premiumisation, which leads to an increase in automobile electrification, and supports current and future automotive trends. (CIN – L29306MH2020PLC341326) www.mswil.motherson.com

Kolkata, February 01st, 2024: Solaris Shalimar has seen unprecedented sales during the launch of their new towers. The new 18 storeyed towers will be crowned with Howrah’s tallest Sky Garden overlooking Ganges and the Botanical Garden.

Eden Realty Group’s MD Mr. Arya Sumant said, “Being born in Howrah, this project holds a sentimental value to me, and it fills me with pride that we are able to make an affordable project with best-in-class amenities and superb connectivity for the MIG segment. We have currently got 648 flats on offer and whose allotment will be done through E-Lottery process.”

When asked about the response to the launch campaign, the Group’s JMD Mr. Kumar Satyaki replied, “Sales numbers have been unbelievably good with over 2000 people already visiting the site in first 12 days. Apart from sales at the site office, we have sold over 2500 online form through our online portal Surehomz from buyers who couldn’t come to the site at all. We are accepting application till 12^th February.”

With this project, Eden Realty has now got over 48 Lakhs square feet under active construction as on date. They have already delivered over 53 Lakhs square feet of habitable space which makes their total construction area cross the 1 Crore square feet landmark.

Savor the vibrant flavours of farm-fresh asparagus expertly crafted into delectable dishes by our talented chefs. At Al Di La, we believe in bringing you the best of each season, and our Weekend Asparagus Special is a testament to that commitment. From appetizers that tease your taste buds to mains that leave you craving for more, our menu is a symphony of asparagus-infused creations. Each dish is meticulously prepared to highlight the unique taste and texture of this beloved spring vegetable.

Enjoy a visual and gastronomic feast as our culinary experts transform asparagus into culinary masterpieces.

The Weekend Asparagus Special is a celebration of colour, aroma, and taste, ensuring a memorable dining experience for you and your loved ones.

Complement your asparagus-themed meal with our curated selection of wines and beverages. Our staff is ready to guide you through the perfect pairings, enhancing the overall dining experience.

Our Weekend Asparagus Special is available for a limited time only, so don’t miss the chance to indulge in the seasonal magic. Join us every weekend of February to explore the diverse flavors and culinary possibilities that asparagus brings to the table.

Bengaluru, India 01st February 2024: Galaxy S24 series, Samsung’s recently launched flagship, will go on sale in India starting today. The ‘Made in India’ Galaxy S24 Ultra, Galaxy S24+ and Galaxy S24 smartphones come with Live Translate, Interpreter, Chat Assist, Note Assist and Transcript Assist features. AI built into Samsung Keyboard can also translate messages in real-time in 13 languages, including Hindi. In the car, Android Auto will automatically summarize incoming messages and suggest relevant replies and actions.

Galaxy S24 series is being manufactured at Samsung’s Noida factory in India. Samsung has secured record pre-bookings for Galaxy S24 series, making it the most successful S series ever in India. Galaxy S24 series marks a milestone in the history of search as the first phone to debut intuitive, gesture-driven ‘Circle to Search’ with Google. Users can circle, highlight, scribble on, or tap anything on Galaxy S24’s screen to see helpful, high-quality search results. For certain searches, generative AI-powered overviews can provide helpful information and context pulled together from across the web.

Galaxy S24 series’ ProVisual Engine is a comprehensive suite of AI-powered tools that transform image capturing abilities and maximize creative freedom. The Quad Tele System on Galaxy S24 Ultra now comes with a new 5x optical zoom lens that works with the 50MP sensor to enable optical-quality performance at zoom levels from 2x, 3x, 5x to 10x, thanks to Adaptive Pixel Sensor. Images also show crystal clear results at 100x with enhanced digital zoom.

With upgraded Nightography capabilities, photos and videos shot on Galaxy S24 Space Zoom are brilliant in any conditions, even when zoomed in. Galaxy S24 Ultra’s larger pixel size, now 1.4 μm, is 60% bigger, helping capture more light in dim conditions. Wider optical image stabilizer (OIS) angles and enhanced hand-shake compensation help reduce blur. Both front and rear cameras are equipped with Dedicated ISP Block for noise reduction.

Galaxy AI editing tools on Galaxy S24 series enable simple edits like erase, re-compose, and remaster.  Edit Suggestion uses Galaxy AI to suggest perfectly suitable tweaks for each photo, while Generative Edit can fill in parts of an image background with generative AI. Anytime Galaxy S24 deploys generative AI to amplify an image, a watermark will appear on the image and in metadata.

The new Instant Slow-mo can generate additional frames based on movements to smoothly slow down action-packed moments for a more detailed look. Super HDR reveals lifelike previews before the shutter is ever pressed.

Galaxy S24 Ultra is equipped with Snapdragon® 8 Gen 3 Mobile Platform for Galaxy that delivers remarkable NPU improvement for incredibly efficient AI processing. In all three Galaxy S24 models, 1-120 Hz adaptive refresh rates improve performance efficiency.

Galaxy S24 Ultra comes with a 1.9 times larger vapor chamber, improving device surface temperature while also maximizing sustained performance power. Ray tracing enables life-like visuals with superior shadow and reflection effect. Galaxy S24 reaches 2600nit peak brightness, making it the brightest Galaxy smartphone ever. Corning® Gorilla® Armor on the Galaxy S24 Ultra is optically enhanced for superior durability.

Galaxy S24+ comes with a 6.7-inch and Galaxy S24 has a 6.2-inch display. Galaxy S24 Ultra has a 6.8-inch flatter display, optimized not just for viewing but also for productivity. Galaxy S24+ now supports the same level of QHD+ found on Galaxy S24 Ultra. Galaxy S24 Ultra is the first-ever Galaxy phone to feature a titanium frame, enhancing device durability and longevity.

Galaxy S24 series is secured by Samsung Knox for safeguarding critical information and protection against vulnerabilities with end-to-end secure hardware, real-time threat detection and collaborative protection. Galaxy S24 users have full controllability over how much they allow their data to enhance AI experiences, through Advanced Intelligence settings, which can disable online processing of data for AI features.

Galaxy S24 series continues Samsung’s commitment to extending the product lifecycle, offering seven generations of OS upgrades and seven years of security updates to help users reliably experience the optimized performance of their Galaxy devices for even longer. 

Launch Offers

Consumers purchasing Galaxy S24 Ultra and Galaxy S24+ will get benefits, while those buying Galaxy S24 . Consumers can also opt for No Cost EMI upto 24 Months on purchase of S24 Series.

By Rakesh Raghuvanshi, Founder and CEO, Sekel Tech 

With the impending Union Budget 2024 announcement on February 1, the entrepreneurial community is actively engaging in a constructive dialogue, putting forth nuanced expectations for reforms that would fortify the business environment. One of the primary concerns drawing attention is the taxation of Employee Stock Options (ESOPs) for startups.

Presently, the budget lacks specific provisions offering relief to startups, leading to a taxation burden on employees of unlisted companies even before realizing any liquidity from exercising options. This dynamic has repercussions on talent acquisition and retention for cash-strapped startups and instigates investor hesitation due to unclear ESOP tax implications. A thoughtful proposal suggests exploring alternatives such as deferring taxation on exercised ESOPs until liquidity events or introducing a graded tax system based on holding periods.

Another pivotal consideration is the differentiation in Capital Gains tax rates between listed and unlisted shares. This divergence creates an uneven investment landscape, potentially hindering investments in unlisted companies and impacting the growth trajectory of startups and early-stage ventures. Entrepreneurs advocate for parity in capital gains tax rates for both listed and unlisted shares, not as a complaint but as a strategic move to foster a more balanced and equitable investment environment.

The uncertainty surrounding Alternative Investment Fund (AIF) taxation has also caught the attention of the entrepreneurial community. The lack of clarity on guidelines affects investor confidence, potentially impeding investments in AIFs, crucial for channelling capital into various sectors, including startups. Entrepreneurs propose the necessity for clear and comprehensive AIF taxation guidelines, emphasizing that this step would not only boost investor confidence but also attract capital to diverse segments, contributing to overall economic growth.

The ongoing discussions around the discrepancies in tax rules for service export payments (SEP) and export license (EL) levies highlight the need for streamlined regulations. These disparities can lead to confusion and compliance burdens, inadvertently affecting export-oriented businesses. Entrepreneurs, in a balanced approach, advocate for uniformity in tax regulations for SEP and EL levies, recognizing the potential benefits of simplifying compliance processes and fostering international business growth.

A potential expansion of the angel tax to foreign investors, while on the horizon, raises thoughtful concerns within the business community. Entrepreneurs express the need for clarity and specific details on the potential impact of an expanded angel tax on foreign investors. This is not a complaint but a prudent call for a well-defined threshold or exemptions to ensure a continuous inflow of capital, maintaining a healthy environment for entrepreneurship.

In actively engaging with these concerns and proposing constructive solutions, the business community aims to contribute positively to shaping a policy environment that supports Indian businesses, particularly startups. The aspiration is that the Union Budget 2024 will take cognizance of these considerations, fostering an environment conducive to growth, innovation, and sustained entrepreneurial success. The tone is not one of complaint but of collaboration, recognizing the shared goal of a thriving business landscape.

Gurugram,01st February 2024: PVR INOX Limited today announced its unaudited consolidated financial results for the quarter and the 9 month period ended December 31, 2023.

As the PVR INOX merger became effective from 6^th February 2023; Q3 FY’24 & 9M FY’24 reported results for the company are not comparable with earlier periods. The previous year numbers mentioned below are on a proforma PVR + INOX combined basis for like to like comparison.

During the quarter, the company recorded 36.5 mn admissions with an ATP of INR 271 (YoY growth of 14%) and SPH of INR 132 (YoY growth of 8%). This led to a 14% increase in ticket sales, an 8% rise in Food & Beverage sales, and a 23% boost in Ad sales when compared to proforma figures from Q3 FY’23.

Due to the cricket world cup hosted in India, the first half of the quarter had a muted start. The Tamil film ‘Leo’, which grossed over INR 4,000 mn, and the Hindi film ‘12^th fail’, which brought in over INR 650 mn, were the two big hits of October. In November, Tiger 3 grossed INR 3,400 mn, making it the biggest movie for the month.

December emerged as the highest grossing month of 2023 with stellar performance of films released during the month. Hindi film ‘Animal’, which grossed over INR 6,500 mn, became a phenomenal success and the second highest grossing Hindi film of all time. Other notable releases during the month included ‘Salaar’ grossing INR 4,800 mn, ‘Dunki’ grossing INR 2,700 mn and ‘Sam Bahadur’ grossing an impressive INR 1,100 mn till date.

Box office in January has started off on a decent note with ‘Hanuman’ (Telugu) grossing INR 1,900+ mn, ‘Guntur Kaaram’ (Telugu) grossing INR 1,400+ mn and ‘Fighter’ (Hindi) continuing its run with INR 1,400 mn till date. Looking forward, we are optimistic about the compelling content line-up across all languages. In the upcoming months, we have several exciting Hindi movie releases to look forward to including ‘Teri Baaton Main Aisa Uljha Jiya’ starring Shahid Kapoor and Kriti Sanon and ‘Article 370’ starring Yami Gautam in February; ‘Yodha’ starring Siddharth Malhotra, ‘Laapataa Ladies’ produced by Aamir Khan, ‘Shaitaan’ starring Ajay Devgn and Madhavan and ‘The Crew’ starring Kareena Kapoor and Diljit Dosanjh in March.

From South we have some big films in February like ‘Lal Salaam’ in Tamil starring Rajinikanth, ‘Eagle’ in Telugu starring ‘Ravi Teja’ and ‘Operation Valentine’ in Telugu & Hindi starring Varun Tej. We also have a line-up of some other exciting titles in other regional languages including Kannada, Malayalam, Marathi and Punjabi.

From Hollywood, we have ‘Argylle’ and ‘Madame Web’ in February; ‘Dune Part 2’, ‘Kung Fu Panda 4’ and ‘Arthur the King’ in March. We are excited to bring a diverse and captivating cinematic experience to our audience in the months ahead.

We have been working hard to achieve the full potential of our merger. We are happy to update that the integration process has been moving along well and producing significant operational savings.

PVR INOX continues its strong growth momentum, with 29 new screens openings in 7 cinemas during the quarter and a total of 97 new screens in 19 cinemas in 9M FY’24. By exiting 62 underperforming screens during 9M FY’24, we continue to focus on profitable expansion. We’re firmly on track to open a total of 160-170 new screens in FY’24, and will fund this growth through internal accruals. Currently, our screen portfolio includes 1,712 screens in 360 cinemas across 113 cities in India and Sri Lanka.

Over the past 9 months, the company has managed to reduce its net debt by INR 2,188 mn, from INR 14,309 mn on March 31, 2023 to INR 12,121 mn on December 31, 2023.

Commenting on the results and performance, Mr. Ajay Bijli, Managing Director, PVR INOX Ltd., said, “It is really heartening to see that in the year 2023, India stands out as the sole major market worldwide to surpass the pre-pandemic peak in box office collections. The Indian box office witnessed a notable 12% increase, reaching INR 1,22,260 mn in 2023, compared to INR 1,09,480 mn in 2019. In 2023, the Hindi box office experienced a remarkable comeback boasting 4 highest-grossing Hindi films of all time – each surpassing the INR 5,000 mn mark. Besides, a diverse range of mid-scale movies across different languages showcased robust performances at the box office. These statistics underscore the resilience of the Indian cinema industry as a preferred medium of entertainment. We expect even greater and more impressive results from this industry in the coming years.”