Category news

5th  February 2024, New Delhi:

 Satin Creditcare Network Limited (SCNL) (NSE: SATIN, BSE: 539404) has announced its unaudited financial results for the quarter and nine months ended 31^st December 2023. The financial numbers are based on IndAS.

Consolidated Highlights

 Footprints and Outreach

 Standalone Highlights

 Update on 9MFY24 (Standalone Highlights)

• Successfully completed equity infusion of Rs. 250 crore via QIP; received strong response from marquee domestic and global investors
• Long term credit rating upgraded to A (Stable) by ICRA from A- (Stable)
• Entered into a co-lending arrangement with Karnataka Bank
• Certified with the highest level of recognition i.e. Gold level in Client Protection Principles by MicroFinanza Rating in accordance with the new framework of SPTF and CERISE
• PAT stood at Rs. 298 crore, RoA at 4.5% & RoE at 17.8%; profit in the last 9 months surpassed 12 months profit of FY23
• Observed strong net customer addition of 6.3 Lacs; client base crossed the 3 million mark
• Disbursed ~Rs. 1,000 crore in a single month, marking the first time such a substantial amount has been distributed
• Collection against write-offs of ~Rs. 36 crore
• With operational efficiencies playing out, Opex to Avg AUM has reduced to 5.8% as compared to 6.8% in 9MFY23, decreased by 99 bps
• Cost to Income ratio stood at 44.9% as compared to 57.5% in 9MFY23

Capital Adequacy and Liquidity

• Our capital base is strong with a capital adequacy ratio of 28.7% as on 31^st December 2023
• Book Value per share at Rs. 205 on a consolidated basis
• During 9MFY24, raised Rs. 7,470 crore which is up by 56% as compared to 9MFY23
• The Company continues to maintain a healthy balance sheet liquidity of ~Rs. 1,800 crore and has undrawn sanctions worth Rs. 1,088 crore as on 31^st December 2023

Borrowing Profile

• Total borrowings stood at Rs. 7,488 crore as on 31^st December 2023
• Debt-to-equity ratio as on 31^st December 2023 stood at 3.0x
• 64% of our borrowings are from banks, followed by overseas funds at 15%, NBFCs at 12% and DFIs at 9%
• The Company has a diversified and large lender base of 77 active lenders

• • Added 14 new lenders to the portfolio

Asset Quality

• On-book Gross Non-Performing Assets stood at 2.40% amounting to Rs. 175 crore as on 31^st December 2023 as compared to 3.92% as on 31^st December 2022 amounting to Rs. 188 crore
• The portfolio originated from Jul’21 onwards which constitutes ~97% of on-book MFI portfolio has PAR 1 at 2.1% and PAR 90 at 1.0%; better than industry portfolio quality post pandemic
• We have sufficient on-book provisions amounting to Rs. 146 crore as on 31^st December 2023, which is 2.0% of on-book portfolio
• Gross cumulative collection efficiency for 9M FY24 stood at ~99.0%

Subsidiaries

Satin Housing Finance Ltd. witnessed YoY growth of 58% in AUM, which stood at Rs. 607 crore, having presence across 4 states with 6,512 customers

• GNPA stood at 1.1% highlighting strong asset quality
• SHFL has 100% retail book
• The Company has 24 active lenders including NHB refinance
• CRAR of 49.5% and gearing of 2.1x
• PAT for 9MFY24 stood at Rs. 5.2 crore

Satin Finserv Ltd., the Company’s MSME arm, has reached an AUM of Rs. 657 crore

• • Systematically running down the Business Correspondent book to adhere to Principal Business Criteria
  • GNPA stood at 4.6%
  • CRAR of 47.8% and gearing of 1.1x
  • PAT for 9MFY24 stood at Rs. 3.6 crore

Commenting on the performance, Mr. HP Singh, Chairman cum Managing Director of Satin Creditcare Network Limited, said, “In the landscape of robust performance, this quarter has unfolded as an exceptionally triumphant chapter for us, distinguished by a series of notable achievements across various facets of our business operations, like equity infusion of Rs. 250 crore through QIP, a rating upgrade to A (Stable) by ICRA from A- (Stable), gold-level certification in CPP and co-lending agreement with Karnataka Bank, etc. With a strong improvement in business momentum, operating efficiency and asset quality, we delivered our highest ever PAT and recorded a lifetime high AUM of Rs. 11,074 crore. Our growth is backed by strong customer addition coupled with an increase in ticket size to repeat customers. Driven by the robust demand, we recorded a healthy disbursement of Rs. 7,445 crore for 9M FY24, up by 41% Y-o-Y. Since 2008, the company has raised equity of Rs. 1,537 crore, out of which Rs. 595 crore was raised post Covid-19, which signifies the trust placed in us by the market, affirming our standing as a reliable and valued company in the industry. We continue to have a strong liability profile. As we conclude Q3 and look ahead, we remain committed to sustained growth, better cost efficiencies, and maintaining the high quality of our assets. The strong performance in the quarter serves as a foundation for our continued success, and we are well-positioned to seize future opportunities.”

Hyderabad, India – February 5, 2024 – CARE Hospitals, a leading multi-speciality hospital in India, announced the launch of its latest video campaign, “ChapterofHope,” commemorating World Cancer Day. This initiative aims to raise awareness and extend support to cancer patients, emphasizing the profound strength found in hope.

The campaign, underscored by the theme #ChapterofHope, portrays each day of the cancer journey as a page in a book, symbolizing stages and milestones. It resonates deeply with individuals battling cancer, acknowledging their challenges while highlighting their inherent resilience and unwavering hope.

The heart of the campaign lies in a poignant narrative centered around the life of a vlogger, chronicling a year of his experiences. The video is meticulously crafted to capture slice-of-life moments, revealing that amidst the shadows of a life-threatening illness like cancer, there are bright and optimistic glimpses. It underscores the transformative power of hope, illustrating how a tiny ray of light can illuminate even the darkest days.

“Our intent with this film is to impart a message of hope—to redefine cancer not as the conclusion of one’s story but as another #ChapterofHope,” shared a spokesperson from CARE Hospitals. “We endeavor to uplift the spirits of those confronting cancer, fostering a sense of optimism. Our dedicated teams of cancer experts and specialists stand committed to delivering advanced treatment and compassionate care, accompanying patients every step of their journey.”

The “ChapterofHope” video campaign is poised to inspire and empower individuals affected by cancer, urging them to embrace hope as an essential companion in their fight against the disease.

New Delhi, 5th February 2024: The Real Estate Regulatory Authority (RERA) of Himachal Pradesh has conceptualized the time limit of sanctioned drawings for Real Estate Projects, for which the earlier time limit for constructing such projects was 3 years. Henceforth, the State Government holds that once drawings sanctioned for Real Estate in housing projects in the state are obtained, their renewal is not mandatory.

The above disclosure was made by the Chairman of RERA Himachal Pradesh, Dr. Shrikant Baldi, at the second day of the 16th Naredco National Convention, “Fostering Trust with Transparency; Pathway 2047,” held on Saturday. He added that the government of Himachal had already extended such a deadline from the earlier period of 3 years to 5 years some time back.

Given the tempo and enthusiasm with which the real estate sector has begun to grow at a rate of approximately 10 percent per annum in the recent past, the RERA of Himachal Pradesh approached its government and succeeded in persuading it to make the validity of once sanctioned drawings for real estate and housing projects an endless period of time, said Dr. Baldi.

Dr. Baldi, who is also the President of the All India forum of RERA, further informed that this was the demand of developers in general and other stakeholders, and the sustainability limit for sanctioned drawings was extended for a great deal of period for a win-win situation. The government of the state permitted its RERA to undertake the proposed move incorporating necessary changes in the state’s town planning statutes.

The Chairman also informed that the RERA of the state does not accept physical documents for registering any housing and real estate projects, nor does it entertain any requests for complaint lodging by any stakeholders in Real Estate. Instead, it entertains compliments and complaints online to ensure that transparency is strictly observed in every format through which real estate activities are permitted in the state.

According to him, the aforementioned steps are mooted at the All India level because real estate, in general, has started looking up from the level of 7 percent last year to that of 7.3 percent presently. Similarly, investors in this sector are upbeat given its growth, with bank credit showing an upward trend for the sector from 7.3 percent of the national GDP in the last year to that of 8.7 percent.

In his welcome remarks, President Naredco Mr. G Hari Babu pointed out that real estate and construction activities have to be given preferential treatment across the country because they contribute massively to the national GDP and national growth, with a particular focus on employment.

Mr. Babu, however, pointed out that approximately Rs 1 lakh 50 thousand Crores have been deposited with various governments by real estate developers throughout the country as labor cess. The objective of creating such a fund was to be utilized for the benefit of their labor and their wards, as each developer is required to contribute 1 percent of the project cost to the respective state government. However, the fund is hardly serving the stated objective, and the money is languishing. Therefore, steps are needed to utilize this fund.

[Bangalore, 5th February, 2024] – RADIUS-Omnichannel Interaction System, a leading provider of Contact Center as a Service (CCaaS) solutions is excited to introduce the newly redesigned and upgraded intelligent agent console, Intello. This substantial enhancement underscores RADIUS’s dedication to delivering cutting-edge, customer-focused solutions within the CCaaS sector. The launch of Intello represents a crucial milestone, showcasing RADIUS’s commitment to innovation and excellence in serving the evolving needs of the industry.

 The next-generation agent console elevates the customer experience with its powerful and sophisticated features, including an intuitive interface with breezy navigation and a
customizable dashboard with diverse themes for personalization. It allows seamless switching between various interactions and channels, enhancing communication and productivity. Core features include integrated AI tools for deeper insights, audio and video capabilities via WebRTC, and a multi-feature-single window interface for streamlined access to multiple functions. Moreover, its robust integration with Data and Information Management Systems puts essential information readily at agents fingertips.

 “As a niche player in the industry, we firmly believe in the power of integrating customer
feedback with the comprehensive research of our team. With this symbiotic approach, we
prioritize a customer-centric focus to drive innovation and stay ahead in the market. This not only addresses current user needs but also anticipates future demands, ensuring our
application’s functional superiority, user satisfaction, and sustainable business growth,” said Chief Architect of RADIUS-OIS Mr. Suman Subudhi. “We are dedicated to staying ahead of the curve in the ever-evolving industry through our focus on innovation and engineering excellence.”

 Intello, leveraging the power of Gen AI along with other advanced technologies, enables
agents to provide highly personalized interactions at every customer touchpoint. Additionally, it boasts robust security and compliance measures, ensuring the utmost protection of sensitive customer information.

 “We’re inviting industry leaders and SMEs to discover the potential of RADIUS-OIS and how it can transform their approach to customer engagement,” added Business Head, Mr.
Srinivas PV. “With the latest Intello, we are redefining what an intelligent, cost effective, and adaptable solution should be.”

Delhi, 5th February 2024: Hon’ble Prime Minister Shri Narendra Modi today dedicated NTPC Darlipali Super Thermal Power Station (2×800 MW), NSPCL Rourkela PP-II Expansion Project (1×250 MW) and laid the foundation stone of NTPC Talcher Thermal Power Project, Stage-III (2×660 MW) with a total investment of Rs 28,978 Crore during a programme at Sambalpur.

Located in Sundargarh district of Odisha, Darlipali STPS is a pit-head Power Station with Supercritical (highly efficient) Technology and is supplying low-cost power to its beneficiary states, such as Odisha, Bihar, West Bengal, Jharkhand, Gujarat and Sikkim.

The 250 MW project of NTPC-SAIL Power Company Ltd is established in Rourkela Steel Plant (RSP) to provide reliable power for the steel plant which is vital for economic growth.

Further, NTPC is developing Talcher Thermal Power Project, Stage-III within old TTPS plant premises in Angul district of Odisha, which was taken over by NTPC from Odisha State Electricity Board in the year 1995. The old TTPS plant was decommissioned after completing more than 50 years of service to the Nation.

The upcoming plant will have highly efficient Ultra Super Critical Technology-based units and approximately three times capacity of the old TTPS plant. While 50% capacity from this project is dedicated to the state of Odisha, other beneficiary states such as Tamil Nadu, Gujarat and Assam will also get low-cost power from this pit-head station.

This project is being constructed with all modern environmental features like efficient electrostatic precipitator, Flue gas desulphurization, bio-mass cofiring, covered storage space for coal and will thus help in lesser Specific Coal Consumption and CO2 emissions.

Besides creating direct and indirect employment opportunities in the region, these projects have contributed to improvement of physical infrastructure such as approach road, drainage, transportation and communication facilities. Various community development initiatives are also being undertaken by NTPC in the surrounding villages in the area of education, drinking water, sanitation, health, women empowerment, rural sports, etc. NTPC has also set up a Medical College cum Hospital in Sundargarh, Odisha.

The occasion was graced by the presence of Shri Raghubar Das, Hon’ble Governor, Odisha, Shri Naveen Patnaik, Hon’ble Chief Minister, Govt of Odisha, Shri Dharmendra Pradhan, Hon’ble Union Minister of Education, Skill Development and Entrepreneurship, Shri Ashwini Vaishnaw, Hon’ble Union Minister of Railways; Communications; and Electronics and Information Technology, Shri Bishweswar Tudu, Hon’ble Union MoS of Tribal Affairs; and Jal Shakti, Shri Nitesh Ganga Deb, Hon’ble Member of Parliament, Shri Nauri Nayak, Hon’ble Member of Odisha Legislative Assembly, Shri Gurdeep Singh, CMD, NTPC along with other dignitaries.

Bangalore, February 5: Komatsu India Private Limited (KIPL) and L&T Construction & Mining Machinery jointly unveils and bring to you the unique Machine Care Program (MCP-5), first-of-its-kind in the Indian construction equipment industry. This extended powertrain warranty program of 5 Years/12,500 Hours* is offered for the Komatsu Hydraulic Excavators that are produced in the state-of-the-art Komatsu’s manufacturing facility at Oragadam, Chennai, Tamil Nadu.

Komatsu, a global leader in construction and mining equipment, has partnered with L&T Construction & Mining Machinery and introducing unique Machine Care Program (MCP-5) tailored specifically for Komatsu models PC205-10M0 and PC210/PC210LC-10M0 excavators, this comprehensive service initiative is poised to redefine customer experience and satisfaction by optimizing equipment performance.

The Key Highlights of the Machine Care Program (MCP-5) are;

Digitally Enabled Service: Avail 1 year of complimentary filters up to 3000 hours and Extended 5 Years/12,500 Hours* powertrain warranty for maximum uptime.

Comprehensive Support: Energy-saving operator training, KOMTRAX reporting for enhanced monitoring, Regular maintenance, PM clinics and more Undercarriage inspections.

Genuine Spares: Expedited access to genuine Komatsu parts, lubricants, and services for peak performance.

Predictive Maintenance: Leverage cutting-edge KOMTRAX & KOWA technology for timely interventions and minimized breakdowns.

L&T Construction & Mining Machinery, with its extensive nationwide network of dealerships and service stations, guarantees best-in-class sales and after-sales support for Komatsu equipment in India. This special program is a game-changerin the construction industry, ensuring that our customers experience unparalleled equipment efficiency, productivity, and reliability.

Experience the True Peace of Mind when you purchase our new Komatsu Hydraulic Excavators with this unique special program. Feel the power, efficiency, performance, productivity, and peace of mind.

Bangalore, 5th Feb 2024: Uber’s global flagship electric vehicle service, Uber Green, is now available in Delhi, allowing residents to book sustainable, eco-friendly rides with just a few taps on the app. Now, riders will see the Uber Green option when they fire up the Uber app to book their rides. The service will help support riders make a conscious choice to pick more sustainable means to travel in all new, quiet and clean EVs.

The Uber Green display at the Bharat Mobility Expo 2024 received a lot of love with visitors clicking photos at the ‘Location par aa gaya hun’ selfie booth. Shri Piyush Goyal, Hon’ble Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution and Textiles, Government of India, visited the Uber Green display at the Expo today.

Mr. Nitish Bhushan, Director – Central Operations, Uber India & South Asia, said, “We believe the future of transport is shared and electric and are committed to becoming a zero-emission platform in India and globally by 2040. Delhi is our third stop in India where we have launched Uber Green, with several riders in Bengaluru and Mumbai already swearing by the latest offering, to reduce vehicular emissions in the city. We will take this product to more cities soon and continue to invest in the sustainable mobility value chain.”

How to book an Uber Green Trip:

· Open the Uber app and enter your destination in the ‘where to’ box

· Select Uber Green at the bottom of the screen

· Review the booking details including the price for the trip and tap Confirm Green

· Enjoy your ride

Gurugram, India, 5th Feb 2024: India’s leading integrated supply chain and logistics solutions provider, Transport Corporation of India Ltd., announced its financial results today for the 3rd quarter and Nine months ended 31st December 2023. The Company’s total revenue for the quarter recorded a growth of 2.2% over the corresponding quarter last year while the profit recorded a growth of 0.3% during this period.

Standalone

Performance Highlights: Q3 FY2024 vs. Q3 FY2023

Revenue from operations of Rs. 8,999 Mn, growth of 2.2% y-o-y

EBITDA of Rs. 1,386 Mn compared to Rs. 1,376 Mn in FY2023

EBITDA Margin of 15.40% compared to 15.62% in FY2023

PAT of Rs. 956 Mn compared to Rs. 953 Mn in FY2023 and grew by 0.3%

PAT Margin of 10.62% compared to 10.82% in FY2023

Consolidated

Performance Highlights: Q3 FY2024 vs. Q3 FY2023

Revenue from operations of Rs. 10,020 Mn, growth of 3.7% y-o-y

EBITDA of Rs. 1,276 Mn compared to Rs. 1,316 Mn in FY2023

EBITDA Margin of 12.73% compared to 13.61% in FY2023

PAT of Rs. 802 Mn compared to Rs. 865 Mn in FY2023

PAT Margin of 8.00% compared to 8.95% in FY2023

Commenting on the results, Mr. Vineet Agarwal, Managing Director, said, “The Company has demonstrated a stable performance in the current quarter and nine months ended December 2023, given challenges in the macro environment. Our supply chain solutions, rail multi-modal and cold supply chain solutions witnessed traction.

We strive to remain the preferred logistics partner for our customers across the Indian sub-continent by prioritizing investments in warehousing, multimodal infrastructure & cutting-edge technology.

As we look ahead, TCI remains poised to seize new opportunities that contribute towards shaping a more efficient and competitive logistics ecosystem for the country.”

Kolkata: With 1.4 million square feet leased last year, demand for office space is at a nine-year high. Driven by strong tenant demand in all industries, the city saw the greatest level of office space sale in nine years in 2023—1.4 million square feet. The next-highest amount was leased in Kolkata in 2019 for 1.3 million square feet.

As per CBRE, the number of commercial real estate projects is expected to rise from 37% in 2022-23 to more than 40% in 2023-24. A lot of projects that had been delayed last year due to rising costs and other delays are in line to be finished by year-end and 2024, with several big-name developers behind them.

Significantly, demand and expansion have been propelled by the rise in transactions, particularly in outlying areas such as Rajarhat, Salt Lake Sector V, Topsia, and EM Bypass.

It must be noted that besides enterprises located in Kolkata, numerous national brands are also growing their corporate offices in the city, with a particular emphasis on the rapidly increasing startup and service sector companies searching for suitable space in the city.

Speaking on this, Mr B.P.Singh Roy, COO of Keventer Realty said, “As the modern office undergoes a transformative journey, Keventer Realty recognizes the pivotal role of open-concept workspaces, remote collaboration, and employee well-being. Embracing change is essential in shaping a dynamic and efficient work environment. We believe that by fostering collaboration, prioritizing technology, and emphasizing well-being, we not only enhance productivity but also redefine the very essence of work itself.”

Echoing similar lines, Mr Hemanshu Pathak COO of Keventer Realty, mentioned, “We recognize the pivotal role of space planning in shaping the modern office environment. Strategic design is not just about aesthetics; it’s a powerful lifestyle tool for optimizing collaboration, accommodating remote work, and prioritizing employee well-being. Keventer Realty is committed to innovative space planning that goes beyond physical layouts, creating environments that seamlessly integrate technology, foster teamwork, and adapt to the evolving needs of our workforce. Our approach ensures that our workspaces are not just places to work but dynamic hubs that inspire health, productivity, and innovation.”

Mumbai, India (Feb 5, 2024) – Lyra Network, an established leader in securing eCommerce and POS payments with deep expertise in fintech and paytech solutions platforms, has propelled Digital Innovation with UPI (Unified Payments Interface) to the French market. Lyra Network achieves a historic milestone by enabling UPI transactions in France, starting with online bookings for the iconic Eiffel Tower. The France Consulate marks this momentous occasion with the first-ever UPI transaction at Lyra’s Mumbai office for online buying of Eiffel Tower tickets.

The inaugural UPI transaction at Lyra’s Mumbai office by the France Consulate General Mr. Jean-Marc Séré-Charlet on Lyra India’s 16th anniversary highlights a robust partnership, promoting digital payments and enhancing economic collaboration between India and France. The Consulate’s participation reinforces trust in Lyra Network’s capabilities and the UPI system. This milestone underscores Lyra’s commitment to global payment innovation and the growing acceptance of UPI as a reliable cross-border digital payment solution.

On the groundbreaking inauguration move, Rajesh Desai, CEO and MD, Lyra Network, said, “Lyra Network is thrilled to launch UPI transactions in the French market, signalling a new era in cross-border financial interactions. UPI’s introduction is a strategic move, fostering economic collaboration between India and France. UPI provides a seamless and secure payment experience, transcending geographical boundaries. As Lyra expands UPI globally, the synergy of technology and finance redefines cross-border transactions, creating an interconnected financial ecosystem with transparent, real-time currency exchange rates. In 2024, Lyra Network aims to enter the global UPI arena, emphasizing POS and Switch solutions and collaborating with fintech, banks, government projects, and merchants while expanding our customer base”.

In 2023, UPI accounted for 40% of global real-time payments. Year-on-year, UPI witnessed a 59.2% growth in volume to Rs 9.33 billion and a 45.5% increase in value to Rs 14,75,464 crore by June. As of January 31, 2024, UPI transactions in value surged to Rs 18.41 lakh crore, as reported by the National Payment Corporation of India (NPCI). In terms of volume, transactions rose to 1,220.301 crore on January 31, up from 1202.023 crore in December.

“I am thrilled about the groundbreaking launch of UPI transactions in France. This move redefines cross-border dynamics, offering businesses and individuals a modern, efficient, and secure payment method. UPI’s significance lies in transcending geographical boundaries, providing a seamless and interconnected financial experience. Introducing UPI in France isn’t just a transactional leap; it’s a technological evolution. The underlying technology ensures a robust and real-time fund exchange, enhancing overall efficiency and transparency in financial interactions. This launch encourages UPI adoption among French merchants and contributes to the broader narrative of global financial integration.” said Manoj Varma, Head – Payments, Lyra Network.

The UPI integration in France is a transformative milestone, revolutionizing payment methods for businesses and individuals. It accelerates UPI adoption among French merchants, ensuring secure, interoperable cross-border transactions. This innovative move showcases Lyra’s commitment to cutting-edge solutions, enhancing the global payment landscape for diverse users.