Category news

Mumbai, 1 February 2024

ICICI Direct has unveiled their latest campaign, Live The AND Life, in collaboration with Vector Brand Solutions, a part of Quotient Ventures.

Positioning itself as a one-stop solution for all financial goals, ICICI Direct’s campaign advocates the ‘AND’ lifestyle, encouraging users to pursue multiple aspirations simultaneously, without having to choose between them. The campaign emphasizes inclusivity and balance in one’s financial objectives.

Speaking about the campaign, Mr. Vijay Chandok, Managing Director, ICICI Securities shared, “The campaign is about empowering our customers to ‘Live the AND Life’, which in essence means achieving financial freedom through research-based investing and helping them meet their life goals and dreams. The values that underpin this effort are trust, innovation, expertise and progressiveness. ICICI Direct offers wide range of product and services in Equity, Mutual Funds, Fixed Income and financing options.”

T Gangadhar, Group CEO of Quotient Ventures, added, “We are delighted to announce our debut campaign for ICICI Direct. The ‘Live the AND Life’ campaign marks a strategic shift for the brand, presenting it as a trusted partner for individuals seeking a holistic approach to their financial journey, and promoting a lifestyle that aligns with diverse ambitions”.

Chennai, February 1, 2024: The Board of Directors at Data Patterns (India) Limited (NSE: DATAPATTNS | BSE: 543428), a vertically integrated Defence and Aerospace electronics solutions provider catering to the indigenously developed defence products industry, today approved the limited review financial results for the quarter ended December 31, 2023.

 performance Highlights

INR in Cr.

Q3 (2023 – 2024)

• Total Revenue for Q3 increased by 33% from Rs. 113.66 Cr in quarter ended December 31, 2022 to Rs. 150.81 Cr in quarter ended December 31, 2023 and the revenue from operations increased by 25% in the corresponding period.
• The Company’s Earnings before Interest, Tax, Depreciation and Amortization (Operational EBIDTA) increased by 28% from INR 47.04 Cr for the quarter ended December 31, 2022 to INR 60.04 Cr in the corresponding quarter ended December 31, 2023
• Profit Before Tax (PBT) improved by 47% from INR 44.64 Cr in the quarter ended December 31, 2022 to INR 65.72 Cr in the quarter ended December 31, 2023
• Profit After Tax (PAT) also increased by 53% from Rs. 33.32 Cr in the quarter ended December 31, 2022 to Rs. 50.97 Cr in the quarter ended December 31, 2023.

9 Months (2023 – 2024)

• Company’s total Revenue for the 9 months ended December 31, 2023 was Rs. 371.26 Cr, an increase of 36% over the 9 months revenue of Rs. 273.75 Cr in FY 2022-23. Revenue from operations increased by 26% from INR 268.35 Cr to Rs. 337.51 Cr in the corresponding 9 months.
• Operational EBIDTA increased by 31% from INR 98.47 Cr in the 9 months ended December 31, 2022 to INR 128.60 Cr in the corresponding period ended December 31, 2023.
• Profit Before Tax (PBT) improved by 58% to Rs. 146.87 Cr in the 9 months ended December 31, 2023 as compared to INR 92.73 Cr in the corresponding period ended December 31, 2022.
• Profit After Tax (PAT) increased by 61% from Rs. 68.65 Cr in the 9 months ended December 31, 2022 to Rs. 110.59 Cr in the 9 months ended December 31, 2023.

ORDER BOOK

• Orders on hand as on date                         – INR 975.40 Cr
• Negotiation completed & yet to receive order             – INR    64 Cr
• Including orders negotiated converted into orders, the order book will be INR 1009 Cr
• Order book as on April 01, 2023 was Rs. 924.10 Cr

   from the CMD’s Desk

Commenting on the company’s performance, Mr. Srinivasagopalan Rangarajan, Chairman & Managing Director, Data Patterns (India) Limited said, “We are pleased to announce another successful quarter in-line with our expectations. Revenue grew by 25% YoY to Rs 1,395 mn. We have consistently maintained robust margins, with Gross Margins at 68% and EBITDA Margins at 43%. This achievement reflects our unwavering dedication to excellence, innovation, and operational efficiency. Looking ahead, we are committed to ongoing investments in product development to seize the broader opportunities presented by the Government of India’s Defense program.”

Bengaluru, India – 1 Feb 2024 – SAMCO Asset Management Private Limited, a leading investment management firm, is delighted to announce the reopening of India’s first actively managed momentum fund – SAMCO Active Momentum Fund. Following its initial launch and in light of the scheme’s proven performance and exceptional response from investors, SAMCO has decided to reopen the fund, providing investors with another opportunity to participate in this highly sought-after investment opportunity.

The SAMCO Active Momentum Fund is built upon the powerful investment strategy, aiming to deliver superior returns for investors by meticulously selecting stocks with momentum characteristics. The fund employs a proprietary momentum-seeking algorithm that identifies breakouts, price leadership, and other crucial momentum indicators.

The fund’s approach is rooted in the belief that by actively leveraging momentum characteristics, such as breakouts and price leadership, it can outperform the market and provide investors with an opportunity to capitalize on prevailing price trends.

Umeshkumar Mehta, Chief Investment Officer (CIO), SAMCO Asset Management Private Limited, said, ” Markets have entered a phase of slower momentum and increased volatility in the wake of upcoming local and global events. We want to use this opportunity to raise gunpowder (i.e. cash) so that when markets begin to accelerate, we are positioned to deploy efficiently to create superior wealth for our investors.”

Mr. Paras Matalia, Co-Fund Manager, SAMCO Asset Management Private Limited, said, “We are excited to reopen SAMCO Active Momentum Fund, providing investors with another opportunity to benefit from momentum investing. By reopening the fund for subscription, we aim to offer investors the chance to position their portfolios strategically and potentially achieve superior risk-adjusted returns.”

Commenting on the reopening, Viraj Gandhi, CEO, SAMCO Asset Management Private Limited, expressed, ” We strongly believe that momentum strategies should be a part of core portfolio allocations of investors seeking wealth creation. In India, active style of momentum investing continues to hold significant potential and offers tremendous advantages. We are pleased to offer investors another chance to participate in this strategy. “

The reopening of SAMCO Active Momentum Fund provides investors with the opportunity to subscribe again and position their portfolios to benefit from the Momentum factor.

Bengaluru, February 1, 2024: Pfizer and Glenmark Pharmaceuticals Ltd. (Glenmark) have joined hands to launch abrocitinib, a first-of-its-kind oral advanced systemic treatment for moderate-to-severe atopic dermatitis (AD), in India. Developed by Pfizer, abrocitinib has received marketing authorization from the Central Drugs Standard Control Organization (CDSCO) in India and is approved by the U.S. Food and Drug Administration (FDA), European Medicines Agency (EMA), and other regulatory agencies.

When launched in India, it will be co-marketed under the brand names JABRYUS® and CIBINQO® by Glenmark and Pfizer respectively. This collaboration combines the expertise of the companies to offer a groundbreaking treatment for moderate-to-severe AD, with improved efficacy and oral convenience to patients. Abrocitinib (CIBINQO) is available in over 35 markets globally, including the U.S., Japan, and China.

Atopic dermatitis is a chronic skin disease characterized by inflammation of the skin and skin barrier defects 1,2. The persistent itching associated with moderate-to-severe AD disrupts daily life, impacting social interactions, work productivity, and overall well-being. Abrocitinib, a Janus kinase 1 (JAK1) inhibitor, provides rapid itch relief, sustained disease control, and a vastly improved quality of life for patients3.

Meenakshi Nevatia, Country President and Managing Director of Pfizer India stated, “We believe in abrocitinib’s transformative potential. Its approval is a milestone in bringing high-quality treatment for moderate-to-severe atopic dermatitis in India, enabling patients to manage symptoms more effectively. Our collaboration with Glenmark will help leverage the collective strengths and capabilities of our organizations to make this breakthrough therapy available to patients and physicians across our country.”

Alok Malik, President and Business Head ‐ India Formulations, Glenmark Pharmaceuticals Ltd. said, “We are excited to collaborate with Pfizer India for the launch of abrocitinib in the country. The prevalence of atopic dermatitis in India has been reported to be increasing owing to changes in environmental factors with symptoms appearing during the initial years of life in around 80% of patients4. Being a leader in the dermatology therapy in India, this partnership will help us ensure availability of this effective treatment for the Indian patients suffering from moderate-to-severe AD; and further strengthen our position in the dermatology therapy space.”

Prevalence of AD in India

The prevalence of AD has been on the rise over the past three decades with an estimated prevalence of AD of about 10-20% in developed countries3. Approximately 5.9%5 of adults in India are affected by AD, of which 4.4%6 suffer from a severe form of this disease. The symptoms of AD like itching and lack of sleep, lay a significant burden on the patients and their caretakers, affecting multiple aspects including their quality of life and mental health3.

Hyderabad, 1  February, 2024: The 21st edition of BioAsia – the marquee healthcare and Life Sciences event, organized by the Government of Telangana, has announced that the coveted Genome Valley Excellence Award for the year 2024 will be conferred upon Noble Prize winning Paediatrician and Professor Gregg L. Semenza.

International Advisory Board of BioAsia consisting of personalities of national and international reputation including the likes of Dr. Ajit Shetty (Corporate Vice President Global Operations, Johnson & Johnson USA (retd.) and Chairman Emeritus, Janssen Pharmaceutica, Belgium); Dr. Makarand Jawadekar, (Former Director, Pfizer, US); Dr. Robert Naismith, (Former Chairman, JUJAMA, US), among others have made the final selection of the awardee, in light of his prominent ground-breaking discovery in unveiling the hypoxia-inducible factor 1 (HIF-1 protein), a pivotal discovery controlling gene expression in response to fluctuations in oxygen availability.

Professor L. Semenza is currently the C. Michael Armstrong Professor of Genetic Medicine at Johns Hopkins University School of Medicine, USA. His pioneering work in the field is critical in the treatment of diseases such as cancer, anemia, blinding eye diseases, and cardiovascular disorders.

Professor L.Semenza had discovered how cells can sense and adapt to changing oxygen availability. During the 1990s. he identified a molecular machinery that regulates the activity of genes in response to varying levels of oxygen. The discoveries may lead to new treatments of anemia, cancer, and many other diseases. He received the eminent noble prize in Physiology or Medicine in the year 2019 for the discovery on “how cells sense and adapt to oxygen availability”.

Speaking on the announcement of the 2023 Genome Valley Excellence Award, Mr. D Sridhar Babu, Hon’ble Minister for Industries and IT, Government of Telangana said, “I am thrilled that the award committee has decided to confer the prestigious Genome Valley Excellence Award upon Professor Gregg L. Semenza during the 2024 BioAsia. His groundbreaking discovery in unravelling the scientific mysteries stands as a testament to his unwavering dedication to scientific excellence and innovation. I commend Professor Semenza for his outstanding contributions to the field of molecular biology and extend my best wishes for continued success in his future endeavors. His work serves as an inspiration to aspiring scientists and underscores the transformative power of knowledge in shaping a better tomorrow for humanity. I look forward to welcoming him in Hyderabad and I am sure his visit will energize our scientific community to further Hyderabad’s contribution to biomedical innovation.”

“The Genome Valley Excellence Award has achieved the stature of most eminent awards in the field of life sciences. Year on year distinguished personalities have been presented with this coveted honour. Professor Gregg L. Semenza’s pioneering research has not only deepened our understanding of the intricate mechanisms governing gene expression but also holds immense promise in advancing medical science and improving healthcare outcomes. BioAsia feels honored to host such a renowned personality.” said Mr. Jayesh Ranjan, IAS Principal Secretary (I&C), Government of Telangana.

“The significance of the Genome Valley Excellence Award lies not only in honoring outstanding individuals like Professor Gregg L. Semenza but also in highlighting the collective efforts of the lifesciences community towards advancing scientific knowledge and improving human health. Over the years, the Genome Valley Excellence Award has garnered prominence as a coveted recognition within the lifesciences fraternity and has become synonymous with groundbreaking innovation, cutting-edge research, and transformative impact, inspiring individuals and organizations to strive for excellence in their pursuit of scientific advancement. As we celebrate the remarkable contributions of Professor Semenza and other luminaries honored with the Genome Valley Excellence Award, BioAsia reaffirm its commitment to recognize the efforts of incredible personalities addressing global health challenges and create a better future for humanity.,” said Mr. Shakthi M. Nagappan, CEO, BioAsia and Director of Lifesciences and Pharma, Government of Telangana.

Some of the past Genome Valley Excellence Award winners include Nobel laureates such as Dr. Kurt Wuthrich, Ada Yonath, Harald zur Hausen, Barry Marshall, Martin J Evans, Food Laureates, Lasker Awardees, and eminent leaders like CEO of Novartis Mr. Vas Narasimhan, Richard W. Vague Professor in Immunotherapy and CAR-T cell therapy pioneer, Dr. Carl June, CEO of GAVI Dr. Seth Berkley, among others. Last year, the Genome Valley Excellence award was presented to Dr. Drew Weissman, professor at the Department of Medicine, Perelman School of Medicine, University of Pennsylvania, for his breakthrough pioneering research and development of effective mRNA COVID-19 vaccine that has helped save billions of lives globally. In 2021, it was awarded to Padma Bhushan awardees Dr. Krishna Ella and Mrs. Suchitra Ella of Bharat Biotech International Ltd. for the development and commercialisation of vaccines, including COVID-19 vaccine Covaxin. In 2022, it was awarded to Prof. Robert S. Langer, in light of his pioneering research that has led to the development of the first commercial mRNA vaccines used for variety of infectious diseases.

New Delhi, 1st February ’24: Medica Group of Hospitals, the leading private hospital chain in Eastern India, organized an inspiring programme for brain tumour survivors at the hospital today. Recognizing the life-threatening nature of brain tumours and the intricate challenges involved in treating them without causing long-term damage, Medica’s team of highly experienced neurosurgeons have achieved commendable success over the past years. The success is attributed to the unwavering faith and support of patients and their families. During the event, Dr. L.N. Tripathy, Director of Medica Institute of Neurological Diseases (MIND), Senior Consultant, Brain and Spine Surgeon; Dr. Harsh Jain, Senior Consultant – Brain and Spine Surgeon and Dr. Sunandan Basu, Senior Consultant, Brain and Spine Surgeon and ably supported by Dr. Pradip Kumar Mondal, Consultant, Medical & Hemato-Oncology and Dr. Sayan Das, Senior Consultant & Head Radiation Oncology. The programme celebrated the stories of over 20 survivors for their extraordinary journeys, demonstrating that they now not only lead normal and fulfilling lives but also act as sources of inspiration to all other fellow patients.

During the gathering, Dr. L.N. Tripathy, shared, “In the field of neurosurgery, addressing brain tumours is not merely a surgical procedure; it’s a commitment to not only clinically address the tumour, but also to teat holistically through post-surgical radiation & chemotherapy support and rehabilitation through physiotherapy. We have treated complex brain tumour cases at Medica due to excellent clinical team and the latest technologies. Creation of the support group is to give our patients a platform so that they can share their experiences and give moral support to each other. This group will enable these patients to come back once again to the mainstream of life and lead normal & fulfilling lives.”

Dr. Harsh Jain, shared, “It brings us immense joy to witness everyone present here in a state of well-being and high spirits. At Medica, our commitment is to provide treatment as per global standards in terms of clinical expertise and technology support. We have constituted an internal Tumour Board where we discuss these complex cases across clinicians from concerned disciplines. This board consists of neurosurgeons, neuro-oncologists, neuro-pathologists, and neuro-radiologists, fostering a comprehensive and collaborative approach in addressing these critical cases.”

Dr. Sunandan Basu emphasized, “The collective presence of every survivor in this room highlights that patients need not go elsewhere or other parts of the country for treatments. At Medica we have successfully treated these patients not just from the state but all. Across Eastern India. Their personal journeys serve as powerful testaments to overcoming adversity and standing tall.”

During the meet, one of the male patients, a 33-year-old, shared his journey and expressed, “I have had a long history of impaired vision. In 2018, doctors recommended I should get a CT scan and MRI, which later showed a large pituitary tumour. I had my operation on 13th October’ 18, and I am immensely grateful to the dedicated hospital staff at Medica, who played a pivotal role in my journey. Thanks to their unwavering commitment and expertise, I am now doing well, back to my work, and embracing life with renewed vigor.”

Another male patient, a 38-year-old, shared, “Before being diagnosed with brain tumour, I was plagued by persistent headaches and forgetfulness, which cast a shadow over my daily life. Thanks to the timely intervention and skillful surgery performed on 30th September’22, I am now on the path to recovery. Grateful for the meticulous care and expertise of the doctors, I have not only overcome the challenges but have also returned to my work seamlessly.”

A 35-year-old lady, who had her c-section and brain tumour operation on the same day, in the same operation theatre, shared her journey, “Facing a brain tumour diagnosis during the last trimester of my pregnancy was a nightmare. The problems in vision and recurrent headaches became a serious concern for both me and my unborn child. However, the compassionate efforts of the obstetricians and neurosurgeons, helped me to sail through the adversity in an informed manner where the clinicians kept me updated about the line of treatment at each step. The decision to perform a caesarean section to deliver my baby, followed by a successful brain tumour surgery not only saved my life but also the life of my child. It’s been 4 months since my operation and I do feel happy & confident that I have passed that dark stage of my life and leading a normal life.”

Mr. R. Udayan Lahiry, Managing Director, Medica Group of Hospitals, stated, “As per the National Library of Science, it’s estimated that approximately 10 out of every 100,000 individuals in India are diagnosed with central nervous system tumours, and around 2% of these cases are malignant. Over the past 14 years, our neurosurgeons have consistently achieved high success rates in treating brain tumours. Today, I am overwhelmed to hear the success stories from these survivors. Their feedback is invaluable to us. It strengthens our resolve to continue making a meaningful impact on the lives of those who are suffering.”

Mr. Ayanabh Debgupta, Jt. Managing Director, Medica Group of Hospitals, shared, “The neurosurgery department at Medica has been doing exemplary work since the inception of the hospital. Approximately 1100 complex tumour cases have been operated and this has been possible with the expertise of our clinicians coupled with the latest technologies that we use. Performing such complex cases are now more cohesive with support from the Medica Oncology department as post-surgical Radiation & Chemotherapy services could be availed under one roof. We have not only catered to such patients from Bengal but also from neighbouring North-Eastern states and SAARC countries like Nepal, Bhutan & Bangladesh.”

Bengaluru, February 1, 2024: Tata Motors, India’s leading automobile and mobility company, is exhibiting an impressive array of present and future ready vehicles and solutions designed to revolutionise personal mobility, people mobility, and cargo transport at the Bharat Mobility Global Expo 2024 being held from 1-3 February 2024 at the Bharat Mandapam, New Delhi.

 The Expo, a first-of-its-kind global mobility show in India, will have Tata Motors combine its inherent passion for ‘made in India’ and fundamental strength in engineering with expertise in human-centric design and new age innovation to showcase the future of mobility.

 On display will be Tata Motors’ vision, commitment and capability is making true the promise of tomorrow, today. Visit the Tata Motors Pavilion at stand H14-04 of the Bharata Mandapam (Pragati Maidan) to see:

• India’s 10 most advanced, efficient and eco-friendly Commercial Vehicles – Trucks, Buses, Tippers and Small trucks 
• India’s 8 greenest, smartest and most feature loaded Passenger Vehicles – Cars, SUVs and EVs
• Future-ready technologies – Hydrogen-powered internal combustion engines, twin cylinder CNG, efficient fuel delivery systems, battery electric powertrains and hydrogen fuel cell powered electric, to accelerate the adoption of clean and green mobility.
• Smart, tech-loaded vehicles – ADAS for enhanced safety, mobility solutions for public transport, Arcade.ev- app suite for gaming, entertainment and media, gesture operated control, and voice assistance.
• Digitally Connected Vehicles – Fleet Edge platform for efficient fleet management of commercial vehicles, ZConnect & IRA for enhanced convenience in personal mobility.
• Circular Economy – Re.Wi.Re for optimal recycling of end of life vehicles

Details of vehicles on display at stand H14-04 of the Bharata Mandapam (Pragati Maidan)

Aspiring designers gear up for an unparalleled design journey with the “Gen Next” Virtual Design Festival 2024, a groundbreaking collaboration between Collegedunia and AIDAT. Scheduled from January to June 2024, this innovative initiative brings together over 50 leading design colleges across India to redefine design education through an immersive and transformative experience.

Get ready to enter the world of design :

The festival offers a diverse range of opportunities for participants to enhance their skills and creativity:

1. 30+ Master Classes for College Readiness:

Immerse yourself in the wisdom of design gurus, industry titans, HODs, deans, and professors. These master classes are tailored to prepare participants for the challenges of college-level design education.

2. Showcase Talent in 30+ Design Contests:

Participants can shine on the national stage by participating in design contests that encourage creativity and transcend conventional boundaries.

3. Connect with Design Icons for Career Guidance:

Exclusive sessions with design luminaries offer invaluable insights, providing personalized career guidance and shaping the creative destiny of aspiring designers.

4. 30+ Virtual Workshops for Expertise:

Dive into specialized workshops that promise hands-on learning, honing skills, and transforming participants into design maestros. These workshops provide practical learning experiences.

5. Brainstorm to Explore Design Horizons:

Stimulating sessions encourage out-of-the-box thinking, pushing the boundaries of design exploration and fostering innovation.

6. Personalized Prep: Choose 5+ Sessions/Month:

Tailor your learning experience by selecting a minimum of 5 sessions per month based on your interests, ensuring a focused and impactful learning journey.

How to Enroll:

Step 1 : Choose Your Sessions:

Select a minimum of 5 sessions per month via a user-friendly Google Form shared through email.

Step 2 : Complete the Registration Form:

Step 3 :Fill in your details to secure your front-row seat, ensuring you don’t miss this groundbreaking event.

Step 4 : Receive Confirmation:

Upon enrollment, receive a confirmation along with access details delivered straight to your inbox.

Step 5 : Participate in Contests:

Register to unleash your design prowess in monthly contests and showcase your creative genius.

AIDAT – Transformative Design Platform

In addition to the Virtual Design Festival, AIDAT introduces the All India Design Aptitude Test (AIDAT), India’s 1st National Level Design Entrance Exam. AIDAT serves as a transformative platform facilitating applications for prestigious design academics at nationally acclaimed universities. It provides a wealth of resources, including reading materials, design news, industry awareness, counseling, and invaluable career guidance.

Renowned universities participating in AIDAT offer a diverse array of diploma, bachelor, and master degree programs, making it the ultimate choice for design aspirants seeking excellence in various specializations.

Edinbox – Diverse Entrance Exams

Edinbox, a pioneer in education-focused media, goes beyond AIDAT to offer diverse entrance exams catering to various interests, including AIFSET, GMCET, and AIPMCET. These assessments open doors to global opportunities by collaborating with South Asian universities, providing aspirants with a pathway to higher education tailored to their passions.

Don’t miss the chance to be part of the most transformative design journey at India’s “Gen Next” Virtual Design Festival 2024. Join a community where creativity knows no bounds, and the future of design education is redefined!

New Delhi, January 31, 2024: People’s Cultural Centre (PECUC), a well-known non-governmental organization, in association with ‘Coalition of Tobacco Free Odisha’ organised a National Consultation on Safeguarding Future on January 30, at the Deputy Speaker Hall, Constitution Club of India, Delhi, in an important effort to stop the growing problem of youth tobacco use.

The title of the event, “Safeguarding Future: Protecting Youth from Tobacco,” was to provide a venue for inclusive collaboration between youth ambassadors, civil society organizations, healthcare professionals, and members of parliament. The primary objectives were to tackle pressing issues of youth tobacco use and to develop all-encompassing strategies for protection and prevention.

Prominent oncologist Dr. Ranjeet Kar illuminated the significant harm that tobacco causes to one’s health by highlighting its correlation with a range of cancers and other illnesses that not only affect individuals but also effect everything from female infertility to cardiac arrest.

Advocate Ranjeet Singh emphasized the youth’s dual position as both the problem and the solution. He underlined the necessity of strict laws, such as prohibiting the sale of single sticks and hukka bars. Mr. Singh exhorted the younger generation to speak up for change and be instrumental in changing the way society views tobacco.

A number of Parliamentarians took an active part in the conversations. Mahesh Sahu, Member of Parliament, underlined that, in light of the enormous medical expenses linked to tobacco-related illnesses, both the central and state governments must work together to reduce tobacco usage.

Niranjan Bishi ,MP emphasized the need of raising awareness among children enrolled in school while endorsing the effort to rid Odisha of tobacco use.

While appreciating PECUC’s efforts, Sulata Deo, Member of Parliament, suggested stringent laws along with strengthening COTPA and strict vigilance of sale of tobacco products close to colleges and schools.

Stuti Ranjan Pradhan, Manas Padhy, Nikki Malik, Sashmita and other Youth Ambassadors of different states suggested to increase the legal age of tobacco usage to 21,raise the price of tobacco and outlawing the sale of single stick .

Sujeet Kumar, Member of Parliament, said, ” We need stringent law.We also need to work at ground level towards this as we are in direct contact with the people .

Bhubaneswar Kalita, Member Rajya Sabha, praised PECUC’s initiative and suggested a multipronged strategy to establish a tobacco-free India that includes laws, levies, public health initiatives, and community campaigns.

Muzibullah Khan, Member of Rajyasabha Odisha, said that smoking has become a fashion among youngsters. Foremost, the parents should guide their children about its repercussions. We all need to work together for bringing desired change.

Ranjan Kumar Mohanty, Secretary, PECUC welcomed the guests and moderated the event. Anuradha Mohanty, Executive Director of PECUC, thanked everyone for coming, especially the young people, for supporting the effort and a tobacco-free society as the event came to an end.

Mumbai, January 30, 2024: The Board of Directors of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), a leading provider of financial services in the rural and semi- urban markets, at its meeting held today, announced the unaudited financial results for the quarter ended December 31, 2023.

Standalone:

Key Highlights: Steady performance for the quarter & YTD

• Leadership position maintained in Tractors, Pre-owned vehicles, Passenger vehicles, and Three-wheelers.
• Asset growth momentum resilient with Loan Book* at Rs. 97,048 crores… YoY á 25.5%
• Improved NII margins… QoQ á 6.8% vs 6.5%
• Improving Asset Quality Trend… GS2%+GS3% ~10%

o   Stage-3 @4% (vs. 4.3% in Sep-2023)

• Credit Cost improvement… QoQ â 1.2% vs 2.4%

o   On track to achieve 1.5% – 1.7% for FY24

• Capital Adequacy healthy at 18.3% – Tier-1 Capital @ 16.5%. Provision coverage on Stage 3 loans remained prudent at 62.7%.
• Total liquidity buffer comfortable at ~Rs. 8,419 crores with a liquidity chest of over 2.5 months.

FY 2024 Q3/9M Standalone Results:

Note: During the current quarter, MMFSL updated the ECL model for its retail vehicle loans by including multi-factor macro-economic variables and product classification of loan portfolio. As a result, the Provision towards ECL on financial assets for the quarter and 9m ended 31 Dec 2023 is lower by Rs.86.06 crores.

 Operations:

The quarter witnessed broad-based growth with a recorded disbursement of Rs. 15,436 crores. Year-to-date (YTD) disbursement until December 2023 reached Rs. 40,916 crores, indicating a 14% year-on-year growth. This positive trend in loan growth contributed to the expansion of business assets, now standing at Rs. 97,048 crores. This marks a 25% growth since December 2022.

The collection efficiency for the quarter is recorded at 95%, similar to levels observed in Q3 FY23 and marginal reduction over Q2 FY24. During the quarter, the Company has seen further improvement in its asset quality, with stage 3 assets at 4.0% (vs. 4.3% as of September 2023 and 5.9% as of December 2022). Stage 2 at around 6% (vs. 5.8% as of September 2023 and 8.4% as of December 2022).

To diversify within the Vehicle Finance book, the Company has been investing in used vehicle finance. The company already has 2 partnerships that are steadily growing, namely, ‘car&bike’ and ‘CarDekho’. The disbursements for used vehicles finance have grown 19% YTD until December 2023. The used vehicle finance share in disbursements now stands at 17% YTD December 2023, versus 16% for the same period last year.

Partnerships will play an important role in achieving Company’s vision of providing financial solutions to Emerging India. As on date, the Company has already tied up with 2 large commercial banks, namely SBI and Bank of Baroda and recently with Lendingkart, an NBFC. It also has tie-ups with IPPB (India Post Payments Bank) and CSC (Common Service Centres by Ministry of Electronics and Information Technology) for lead generation. These partnerships will allow the Company to expand its distribution and maximise the fee income potential over the next 2-3 years.

Amidst sustained profitable growth and a strong balance sheet, our capital adequacy remains robust, currently standing at 18.3%. Additionally, we hold a comfortable liquidity position, with a liquidity chest of over 2.5 months.

In a strategic move to further enhance our offerings, we have unveiled plans to enter the insurance sector through partnerships with a few insurance providers, acting as a corporate agency. Initial investments will be directed toward technology, manpower, and certification. The shareholders have approved necessary changes to the Company’s charter (Memorandum of Association) and the Company will now progress to make an application to the Insurance Regulator (IRDAI) for its approval.

Digital transformation is a key transformational metric for Mahindra Finance. The objective is to delight the customer with the most seamless experience, ensure fastest turnaround time, more DIY journeys across our products. In addition, the transformation has a huge focus on data and the power of AI/ML and analytics to drive that customer experience through hyperpersonalization, drive asset quality and improve underwriting. Employee experience is also at the core of this transformation. The Company is progressing well on this journey and many of these initiatives will land in Q4 FY24 and Early FY25.

Consolidated:

FY 2024 Q3/9M Consolidated Results:

Subsidiaries:

Mahindra Rural Housing Finance Limited (MRHFL)

During the quarter ended December 31, 2023, MRHFL registered income of Rs. 311 crores as against Rs. 338 crores during the corresponding quarter last year, a decline of 8% over the same period previous year. The Profit After Tax (PAT) registered was Rs. 13.4 crores during the quarter ended December 31, 2023, as against Rs. 14.2 crores during the corresponding quarter last year a decline of 5.3% over the same period previous year.

Mahindra Insurance Brokers Limited (MIBL)

During the quarter ended December 31, 2023, MIBL registered income of Rs.330.8 crores as against Rs.123.0 crores during the corresponding quarter last year, a growth of 169% over the same period previous year. The Profit After Tax (PAT) registered was Rs.43.5 crores during the quarter ended December 31, 2023, as against Rs.13.4 crores during the corresponding quarter last year a growth of 225% over the same period previous year.

Mahindra Manulife Investment Management Private Limited (MMIMPL)

During the quarter ended December 31, 2023, MMIMPL registered income of Rs. 16.6 crores as against Rs. 12.0 crores during the corresponding quarter last year, a growth of 38% over the same period previous year. The Company incurred a loss of Rs. 6.3 crores during the quarter ended December 31, 2023, as against loss of Rs. 7.2 crores during the corresponding quarter last year, a decline in loss by 14% over the same period previous year.

The Average Assets under Management (AUM) of MMIMPL for the quarter ended December 31, 2023, was Rs. 15,321 crores across 21 schemes, an increase of 65% over the same period previous year. Of these assets, the Company managed Rs. 13,554 crores of average equity assets in the quarter ended December 31, 2023, a growth of 72% compared to 7,865 crores in the same period last year.

Mahindra Manulife Trustee Private Limited (MMTPL)

During the quarter ended December 31, 2023, MMTPL registered income of Rs. 0.3 crore as against Rs. 0.2 crore during the corresponding quarter last year, a growth of 72% over the same period previous year. The Profit After Tax (PAT) registered was Rs. 0.1 crore during the quarter ended December 31, 2023, as against no profit / no loss position during the corresponding quarter of last year.

Mahindra Ideal Finance Ltd (MIFL)

During the quarter ended December 31, 2023, MIFL registered income of LKR 569 Million as against LKR 491 Million during the corresponding quarter last year, registering a growth of 16% over the same period previous year. The Profit After Tax (PAT) during the quarter ended December 31, 2023, was LKR 24 Million as against LKR 14 Million during the corresponding quarter last year, a growth of 69% over the same period previous year.

Mahindra Finance USA, LLC (MFUSA)

During the quarter ended December 31, 2023, MFUSA registered income at USD 20.6 Million as against USD 16.8 Million during the corresponding quarter last year, registering a growth of 22% over the same period previous year. The Profit After Tax (PAT) during the quarter ended December 31, 2023, registered was USD 3.9 Million as against USD 2.7 Million during the corresponding quarter last year, registering a growth of 44% over the same period previous year.

* LKR Closing Exchange Rate: 1 LKR = 0.2568 INR; USD Closing Exchange Rate: 1 USD = 83.15 INR