Category technology

14th October 2023 Protean eGov Technologies Limited (formerly NSDL e-Governance Infrastructure Limited), a pioneer and technology leader in creating Digital Public Infrastructure (DPI) and population-scale e-governance solutions unveiled its first ever 360° brand campaign titled ‘Change is Growth’ today.

The campaign is the company’s first attempt to create awareness of Brand Protean after its rebranding from NSDL e-Gov Infrastructure Limited two years ago. The campaign further attempts to highlight Protean’s leadership position in digital public infrastructure and reg-tech space, showcasing Protean’s impact in its 28-year-long dedication to pioneering innovation in this field.

Speaking about the campaign, Gaurav Ramdev, Chief Marketing Officer, Protean eGov Technologies said, “We are thrilled to launch Protean’s 360-degree campaign. Protean has been at the forefront of creating Digital Public Infrastructure for India in the last 28 years, and we continue to stay committed to our mission of financial & social inclusion. Through this campaign, we hope to deliver mass awareness for the brand and reaffirm our commitment of driving transformative change for a billion people. Our endeavors such as Pan Card processing, National Pension Scheme (NPS), Founding partner to ONDC, and regulatory tech services like E-sign, E-KYC, and E-Authentication services, among others stand as examples of our dedication to contribute toward the digital infrastructure landscape.”

Conceptualized and developed by Ogilvy, the campaign conveys how initiating positive change can lead to a better transformation. “Change is Growth” is a visually captivating TV film that embarks on a transformative journey, symbolizing the power of change. The campaign’s centerpiece is a sixty-second TV commercial showcasing India’s DPI transformation. Starting in a cluttered office, a rolling glass paperweight that transforms itself into a giant digital ball symbolizes change, transforming the setting into a digital landscape, symbolizing progress. The message, “What happens when you set change in motion?…Everything changes,” emphasizes the campaign’s core. The new Protean logo, evolving from the NSDL eGovernance Infrastructure logo, embodies the brand’s new identity.

To watch the campaign TVC, click here

Speaking about the film, Piyush Pandey, Chief Advisor, Ogilvy said “India is admired today as a country that is transforming itself into a digitally empowered society at great speed and scale. It gives us great pride to partner Protean, formerly known as NSDL e-Governance Infrastructure Limited. The impact they have had has transformed people’s lives and businesses, empowering them digitally. This campaign celebrates the contribution that Protean has made to bring about a positive ‘Change’ in so many aspects of every Indian’s life. It is a brand that we should all know and be proud of and it has been our privilege to bring Protean’s contribution to life in this campaign.”

Protean is popular for its e-governance capabilities that have enabled national transformation in the spaces of taxation (PAN and TIN), social security (NPS and APY) and national identity (Aadhaar). It has expanded its services to the ONDC network and Account Aggregator ecosystem and also forayed into providing cloud and Infosec solutions for businesses.

Crowdfunding is a vital fundraising method for startups, offering access to capital from a diverse pool of backers via online platforms like Kickstarter and Indiegogo. It enables entrepreneurs to validate their ideas, build a community of early supporters, and secure initial funding without relying solely on traditional investors. By tapping into the collective power of the crowd, startups can gather valuable feedback, generate buzz, and raise the capital needed to kickstart their ventures. This democratized funding approach has revolutionized the startup landscape, fostering innovation and leveling the playing field for entrepreneurs who might otherwise struggle to secure financing. Some of the leading platforms helping brands to raise funds are mentioned in the story.

Impact Guru

Impact Guru is a donation based crowdfunding platform for NGOs, social enterprises, startups and individuals. Impact Guru has mobilized ₹150 crore (US$19 million)for various NGOs and social enterprises in more than 15 countries.

POD WORLD

Founded by Vittal Ramakrishna and Neelendra Nath in 2022, POD is a full-stack fundraising platform in the making and is working towards building an ecosystem that makes startup fundraising seamless and transparent, in addition to providing retail investors the opportunity to invest in promising startup deals.

Tyke Investment

Tyke invest strives to make the investment space more inclusive by granting retail investors access to opportunities that were previously available only to a very small portion of the population. Lower minimums provide a broader section of the population an opportunity to participate. At the same time,they want to make it easier for founders to raise and create their own community of engaged users.

Lets Venture

Let’s Venture was conceptualized in 2013, on a simple premise – to make fundraising & investing easier for start-ups and investors respectively.

Today they are poised to scale private markets on a global level and aim to build the world’s largest ecosystem for founders and investors.

New Delhi, 20th September 2023: Saurabh Rai, the Chief Executive Officer of Arahas Technologies, has been honored with the EXEMPLARY LEADERSHIP award in GEOSPATIAL TECHNOLOGY & DATA ANALYTICS at the prestigious 23rd Edition National Management Summit 2023. This recognition acknowledges his outstanding contributions to the field and his role in harnessing future-ready enterprises for quantum growth and global leadership.

Reflecting on this achievement, Saurabh Rai stated, “I am deeply honored to receive the EXEMPLARY LEADERSHIP award at the 23rd Edition National Management Summit. This recognition is a testament to the dedication and hard work of the entire Arahas Technologies team. We remain committed to pushing the boundaries of geospatial technology and data analytics to drive innovation and growth in our industry.”

The Top Rankers Excellence Awards, organized by the Top Rankers Management Club in association with Top Rankers Management Consultants, celebrate exceptional leaders and their contributions to various industries. The event was generously sponsored by GAIL, IFFCO, Organic Wellness, Triveni Engineering & Industries Limited, Hughes Systique, MOIL, and Balmer Lawrie & Co. Ltd.

Bangalore, 16th September 2023: Dr Gopichand Katragadda, Founder and CEO of Myelin Foundry, has been appointed as the 142nd President of the Institution of Engineering and Technology (IET), an international professional engineering institution. He will be the first Indian in the history of the IET to assume this role, including the first Indian to assume the presidency of a global engineering body.

Dr. Gopichand will assume office from 1 October 2023, taking over the role from Prof. Bob Cryan CBE, Vice Chancellor and CEO of the University of Huddersfield. Prior to him, the IET was led by prominent leaders in the industry, such as Sir Robin Saxby, Founder and Ex-CEO, ARM Holdings and Naomi Climer CBE, former Vice-President of Sony Professional Solutions Europe and co-Founder and co-Chair of the Institute of Work.

“The influence and impact of the IET has grown significantly over the past few years, with our past presidents leaving a fantastic legacy of determination and expert leadership. It is indeed a momentous occasion to have Dr Gopichand Katragadda taking over the reins as a highly respected thought-leader in the field of Artificial Intelligence, and our first Indian president. With an illustrious career to his credit, I am certain that he will play a key role in steering the IET towards our vision of engineering a better world,” said Ed Almond, Chief Executive and Secretary, The IET.

A seasoned technologist and executive leader, Dr. Gopichand Katragadda is the Founder of Myelin Foundry, an AI company with a vision to transform human experiences and industry outcomes. He is also an Independent Director of Bosch India Limited and ICICI Securities.

Until January 2019, Dr Gopichand was the Group Chief Technology Officer and Innovation Head of Tata Sons. At Tata Sons, he facilitated the development of pioneering products and services, strategic technology collaboration, and innovation across the $100 Billion Tata Group. He also set up and managed the ongoing Tata research collaborations with Harvard and Yale.

India has been taking several strides towards establishing its prowess and competence at a global scale, with the G20 presidency being the most significant marker of the same. The country pioneered an inclusive and solution-oriented model of diplomacy that set a great example for global collaboration. With aspects like sustainability and women-led development being key parts of India’s agency, the country has modeled an impact-first approach for the rest of the world. In this context, Dr Katragadda’s presidency is sure to follow the same example and ensure global progress towards driving engineering excellence for social impact.

With several other achievements to India’s credit such as Rishi Sunak being elected as UK’s first Indian Prime Minister, Vivek Ramaswamy becoming a US presidential candidate and Sundar Pichai being appointed as Google CEO, Dr. Katragadda’s appointment to this role further solidifies India’s strong leadership acumen and global prowess.

“We are delighted to witness Dr Gopichand Katragadda make history by being the first Indian to be leading The IET as its president. He is a true visionary in AI and technology innovation, and we are confident that his expert guidance will propel IET to new heights. Under his guidance, we anticipate a year filled with innovation, progress, and transformative change within the engineering community”, said Shekhar Sanyal, Country Head and Director, IET India.

In his presidential year, Dr Gopichand will work closely with the IET to shape the organization’s directives and strategize the advancement of engineering and technology in society. He will represent the IET at various events and conferences, advocating for its interests in society. Dr Gopichand will also play a pivotal role in supporting the continuous professional development of IET members and participate in initiatives aimed at advancing innovation and research in the engineering community, especially in the AI space.

India, 16th September 2023 L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a leading global digital engineering and R&D company, today announced the launch of the second-annual Digital Engineering Awards, in association with Information Services Group (ISG), a leading global technology research and advisory firm, and business news channel CNBC TV-18 in India.

The Digital Engineering Awards recognize and celebrate business and technology trailblazers who are crafting a smarter and more sustainable world through transformative ideas that leverage digital engineering.

Enterprises and their service providers are invited to submit nominations through October 5, with winners announced during a gala awards celebration on December 6 in Dallas, Tex., U.S.A. Enterprise award winners, selected by a global panel of industry experts, including representatives of ISG, will be named in nine categories – five team awards and four individual awards:

Engineering the Change Team Awards

• · Digital Transformation of the Year
• · Top Sustainability Initiative
• · Digital Engineering Program of the Year
• · Engineering Product of the Year
• · Value Realization

Engineering at Heart Individual Awards

• · Distinguished Digital Engineer
• · Digital Engineer of the Year
• · Woman Engineer of the Year
• · Innovator of the Year

The inaugural Digital Engineering Awards gala was held last year in Jersey City, N.J., United States, with 120 nominees, including over 70 industry-leading global enterprises, in attendance. Winners, both individual engineers and teams, included representatives from Airbus, American Honda Motor Co., Inc./ Honda Marine, Chevron, ExxonMobil, GE Healthcare, Intel Corporation, Microsoft, Rolls-Royce, and Qualcomm Technologies.

Remarking on the occasion, Mr. Amit Chadha, CEO and Managing Director at L&T Technology Services said, “We take immense pride in having witnessed the tremendous success of the maiden Digital Engineering Awards, which celebrated disruptive innovations across a broad spectrum of deep technologies, spanning automotive, aerospace, industrial products, telecom, plant engineering, and medical devices. As we persist in our unwavering commitment to engineering research and development, aiming to shape a future enabled by engineering marvels, we are eager to extend our endeavors in spotlighting extraordinary innovation and leadership that spearheads transformation towards a sustainable, digitally empowered tomorrow.”

“Digital engineering is the fabric that connects all facets of the digital world and makes future innovations possible,” said Michael P. Connors, Chairman and CEO of ISG. “Following the great success of the inaugural Digital Engineering Awards, we are delighted once again to collaborate with L&T Technology Services and CNBC-TV18 to recognize the outstanding work of individuals and teams whose groundbreaking innovations will shape the digital landscape for years to come.”

“The Digital Engineering Awards have a key role to play in celebrating the new-age digital solutions that are driving immense growth in the ER&D sector. Our role as media partner with L&T Technology Services aligns perfectly with the long-standing objective of our brands – CNBC-TV18 and Moneycontrol – to educate audiences about innovations and developments in the worlds of technology and business”, said S. Shivakumar: President, News18 Studios.

Hyderabad/Bengaluru, 29th August 2023: The 26th edition of the Bengaluru Tech Summit is set to surpass all expectations with an unparalleled scale and an unprecedented level of global participation. This summit is an extraordinary event that will redefine the boundaries of technology and innovation is scheduled to take place take place at the iconic Bangalore Palace from November 29th to December 1st, 2023. Today, Shri Priyank Kharge, the Hon’ble Minister for Rural Development, and Panchayat Raj, IT & Bt, Government of Karnataka, announced during his address at the Global Innovation Alliance (GIA) Partners meeting.

The GIA Partners meet was graced by distinguished personalities, including

Dr. Ekroop Caur, IAS, Secretary to Government, Department of Electronics, Information Technology, Biotechnology and Science & Technology, Govt. of Karnataka and Shri Darshan H.V, IAS, Director, Dept. of Electronics, IT, Bt, and Managing Director, KITS, Govt. of Karnataka. A detailed event presentation was made by Shri Jagdish Patankar, Executive Chairman of MM Activ Sci-Tech Communications, and the Event Curators, encompassing all relevant information about the event.

BTS 2022 marked an incredible success with a record-breaking number of participants, including 405 Speakers, 9356 Delegates, 585 Exhibitors, 25,738 Registered Visitors, over 50,000 Expo footfalls, and 104 Biotech posters. Over the years, the Bengaluru Tech Summit has consistently drawn substantial participation from GIA partners. In the previous edition, the event saw a remarkable presence with representatives from 30 countries. Among them, 17 countries organized engaging GIA sessions, featuring a diverse panel of 104 speakers. Additionally, BTS 2022 was graced by esteemed ministerial delegations from Australia, Finland, and the United Arab Emirates, along with active involvement from Ambassadors representing seven countries.

Building upon the remarkable success of the previous year, BTS 2023 eagerly awaits the presence of esteemed high-level government and industry delegations from renowned tech nations. Today, the GIA Partners meeting was held to formally inaugurate and recognize the participation of Global Innovation Alliance Partners for the Summit. The event witnessed the attendance of representatives from over 16 countries, and Consul Generals / Deputy Consul Generals from Australia, France, Israel, Japan, Switzerland, and the Netherlands shared their remarks. During the meeting, representatives provided insights into the expected participation from their respective countries at BTS 2023 and highlighted potential speakers for the event. It is noteworthy that countries such as Italy, Peru, and Spain will participate in this precursor event to BTS for the very first time in its history, adding to the anticipation and international collaboration.

Global Innovation Alliance Partner countries are expected to participate in the following ways:

• Participation from high-level government and industry delegation
• GIA partners conducting knowledge sessions as part of the GIA track
• Speakers providing remarks in other sessions
• Plenary/keynote sessions by renowned tech and innovation experts
• Experience centers where countries can showcase the latest innovations in technology
• Startup booth for showcasing their products and innovation

The India-USA Tech Conclave’s 3rd edition has been officially announced by the US India Business Council (USIBC). On the exciting ties of AI i.e America and India this year’s conclave will highlight the advancements in emerging technologies in IT and HealthTech. As two of the largest democracies in the world, the United States and India will explore and delve into these areas during the course of BTS 2023, fostering exciting collaborations and discussions. The key themes of the India-USA Tech Conclave will align with roadmap announced by the Heads of the two States on enhanced cooperation on technology on many fronts. Some of the focus areas are Artificial Intelligence, Semiconductor, Quantum Computing, Space Tech, Digital Health, E-commerce and 6G.

Prepare to witness Asia’s Largest Tech Event, Bengaluru Tech Summit 2023, featuring a diverse and enriching Event Spectrum. The summit encompasses a Multi-Track Conference on IT & Electronics, Deep Tech, Start-Ups & Biotech, an International Exhibition, the Global Innovation Alliance, the India-USA Tech Conclave, the India Innovation Alliance, R&D-Lab2Market, B2B Meetings, STPI IT Export Awards, Smart Bio Awards, Unicorns Felicitation, Rural IT Quiz, Bio Quiz, and Bio Posters.

BTS 2023 is positioned at a critical intersection, where the brightest minds from the Startup Community, pioneering Research labs, SMEs, leading Corporations, and Industries will converge. Together, they will showcase the rapid advancements in IT and DeepTech, the Metaverse and WEB 3.0, Electronics and Semiconductors, Animation, Visual Effects, Gaming, Telecom, and 6G, as well as Biotech and Health tech. This grand gathering promises to push the boundaries of innovation and technology, creating a vibrant platform for collaboration and knowledge exchange among visionary minds.

Mumbai, 29th August 2023: Honda Motorcycle & Scooter India (HMSI) today launched the OBD2 compliant 2023 Hornet 2.0. Formulated to be an International Street Fighter, the updated new Hornet 2.0 OBD2 is a transformation of Honda’s racing DNA into sheer thrill of street riding and has been attractively priced at Rs. 1,39,000 (ex-showroom, Delhi).

Introducing Honda’s latest offering, Mr. Tsutsumu Otani, Managing Director, President & CEO, of Honda Motorcycle & Scooter India, said, “In line with the government’s regulations, HMSI has been aggressively working on upgrading its product line-up to comply with the latest norms. Today marks a significant milestone as we launch the OBD2-compliant 2023 Hornet 2.0. Since its launch in 2020, the Hornet 2.0 has received tremendous response and we are confident that it will further bolster its position in the market.”

 Commenting on the launch of the 2023 Hornet 2.0, Mr. Yogesh Mathur, Director, of Sales and Marketing, at Honda Motorcycle & Scooter India, said, “We are pleased to introduce the new Hornet 2.0. Inspired by the dreams of the new-age customers and their passion for motorcycle riding, it is a transformation of Honda’s racing DNA into sheer thrill of street riding. With advanced features and thrilling performance, the new Hornet 2.0 street fighter is a call out to young motorcycle enthusiasts who want to Fly Against The Wind!”

 BOLD INTERNATIONAL STYLING

The new 2023 Hornet 2.0 boasts an aggressive design with new cutting-edge graphics. Its forward leaning aerodynamic styling & bulky fuel tank are true expressions of dominance and muscular road presence.

Styling is enhanced by an all-LED lighting system (LED headlamp, LED winkers & X-shaped LED tail lamp) which further improves the reliability along with better visibility. The sporty split seat and key on tank placement amplify its street fighter character while adding more convenience to the rider.

The Hornet 2.0’s premium & sporty character is further accentuated with the short muffler and ten-spoke alloy wheel design while the aluminum-finished footpegs add to the overall style quotient.

 ADVANCED TECHNOLOGY

At the heart of the new 2023 Hornet 2.0 lies a powerful 184.40cc, 4-stroke, single-cylinder BSVI OBD2 compliant PGM-FI engine. It is more environmentally friendly than before. The OBD2 Hornet 2.0 uses multiple sensors and monitor components that can affect emission performance. If any malfunction is detected, it even illuminates a warning light on the vehicle’s instrument panel.

Standing true to the trust reposed by customers in brand Honda’s innovative features, the updated 2023 Hornet 2.0 sports a new assist and slipper clutch which eases upshifts & manages rear wheel lock-up on hard downshifts while deceleration, thereby enhancing the rider’s safety.

The Hornet 2.0 gets a Golden Up-side Down (USD) front fork – a first in the sub-200cc motorcycle segment. It is an ultimate combination of advanced technology & superior appeal and enhances the handling capacity of this International Street Fighter.

The advanced Fully Digital liquid crystal instrument panel displays information like a Speedometer, Odometer, Tachometer, Battery Voltmeter, Twin Trip Meters, Gear Position Indicator, Service Due Indicator and a Clock. It also comes with customizable brightness (can be adjusted manually up to 5 levels as per convenience) for better visibility at day/night.

To ensure the utmost sense of control while taking on the streets, the new Hornet 2.0 is equipped with Dual, Petal Disc Brakes with a single-channel ABS. The mono-shock rear suspension helps in maintaining the center of gravity, thus providing supreme stability while cornering and an excellent riding experience.

With a stress-free riding posture, it offers a perfect balance between high performance and comfortable riding experience. The Hornet 2.0’s wider tubeless tires (110mm front and 140mm rear) boost rider confidence while the engine-stop switch, hazard lights, side stand indicator, and sealed chain enhance the convenience factor.

 THRILLING PERFORMANCE

The 2023 Hornet 2.0 boasts thrilling performance not just in the urban traffic but even makes the highway rides an exciting experience. Its new 184.40cc, 4-stroke, single-cylinder BSVI OBD2 compliant PGM-FI engine churns out 12.70 kW of power and 15.9 Nm of peak torque.

Specially curated to give a fascinating experience along with superior fuel efficiency, the Hornet 2.0 offers strong acceleration and quick response in all riding conditions through optimization of intake and exhaust components. Its aerodynamic design helps in achieving smooth handling & enhanced high-speed stability.

SPECIAL VALUE PROPOSITION

The new 2023 Hornet 2.0 OBD2 has been attractively priced at Rs. 1,39,000 (ex-showroom, Delhi). HMSI is also offering a special 10-year warranty package (3-year standard + 7-year optional) on the motorcycle.

Mumbai,29th August 2023 CII Maharashtra Taskforce on Agriculture in association with the S. P. Jain Institute of Management and Research, organized a Roundtable discussion on Agri Digital Technology: The Segway to Agricultural Prosperity, on August 26, 2023 in Mumbai.

India’s digital ecosystem is witnessing healthy tailwinds such as affordability and availability of high-speed internet and a maturing digital content ecosystem. The confluence of these factors presents an exciting opportunity for innovation in the agricultural ecosystem, where market players can leverage next-generation technology such as data digitization and data platforms, data analytics, AI, ML, the IoT, and Software as a Service (SaaS) to disrupt the status quo.

Dr Sunil D. Gorantiwar, Director of Research and Principal Investigator CAAST, Mahatma Phule Krishi Vidyapeeth, Rahuri said that digital farming plays a vital role in understanding crop science and improving agronomic practices to yield better outputs. Scalable and cost-efficient solutions also facilitate large and medium enterprises to pass on a tried-and-tested package of practices to farmers, particularly in developing regions, to help them adopt more scientific methods of farming.

Mr Vilas Shinde, Convener, CII Maharashtra State Taskforce on Agriculture and Director, Sahyadri Farms Post Harvest Care Ltd highlighted that “the government’s aim of building a $5 trillion inclusive economy is only possible when agricultural infrastructure is improved through public and private investment to enable productivity, arrest wastage and enhance distribution.”

Dr Varun Nagaraj, Professor, of Information Management & Analytics and Dean, SPJIMR in his address mentioned about supporting the agri startups in a big way as they are the future of modernizing and digitizing the agriculture sector in India and take it upto the global level. He also mentioned the importance of the Indusry-Academia collaboration and this kind of sessions is essential at every step of the way.

Mr V Shankar, Executive-in-Residence, Centre for Innovation in Sustainable Development-(CISD), SPJIMR highlighted the remarkable progress made in Agriculture since the Green Revolution and that now the focus is shifting to productivity and quality. In this Digital Technology will play a critical role as an enabler through information analytics and thereby invaluable to do precision farming, forecasting, estimating yields, market price tracking, linkages and removing blindness in the system. The income revolution which can happen will bring in dignity to farmers and convert subsistence agriculture into a vibrant agribusiness.

Mr Girish Chitale, Co-Convener, CII Maharashtra State Taskforce on Agriculture & Director, B G Chitale Dairies Pvt Ltd reiterated that the advent of Agriculture 4.0 has equipped food producers with an army of farm automation tools and data management solutions that empower them to boost resource and agricultural productivity.

The objective of this session was to deliberate on Agritech: The progress and the road ahead. The roundtable also featured interesting panel discussions on the Role and progress of Digital Technologies, the Future of Digitech, and Challenges and opportunities in the Agri Sector and policy Reforms. Esteemed speakers from the Industry and Academia shared their valuable inputs.

Mumbai,18th August 2023: Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, published the results for the second quarter and first half of 2023 today. Besides strong order intake, particularly in the electrification business, the second quarter was characterized by signing long-term partnerships between Vitesco Technologies and semiconductor manufacturers.

Orders worth around €5 billion were booked in the past quarter, of which 90 percent (€4.5 billion) were related to electrification products. To comfortably meet all its orders in the long term, Vitesco Technologies joined forces with further key partners – semiconductor manufacturers ROHM and onsemi – and secured itself supply of energy-efficient high-performance silicon-carbide (SiC) semiconductors worth almost €3 billion. “Access to SiC-based technologies is crucial for our tremendous growth in electrification. We are working to secure 100 percent of our semiconductor requirements until 2030,” says CEO Andreas Wolf.

Strong sales growth despite a persistently challenging market

In the second quarter of 2023, Vitesco Technologies generated group sales of €2.44 billion (Q2 2022: €2.17 billion). This included sales of electrification products of €354 million (Q2 2022: €237 million). When adjusted for changes in the scope of consolidation and exchange-rate effects, sales rose by 14.3 percent. The electrification and the core businesses saw sharp growth of 23.9 percent and outperformed the global passenger car market by 8.4 percentage points. There was also an increase in adjusted EBIT to €76.3 million (Q2 2022: €34.9 million). This equates to an adjusted EBIT margin of 3.1 percent (Q2 2022: 1.6 percent).

In the first half of 2023 group sales grew by 7.5 percent to €4.76 billion (H1 2022: €4.42 billion). Organic growth stood at 7.8 percent. Vitesco Technologies’ adjusted EBIT came in at €113.4 million (H1 2022: €82.6 million) with an adjusted EBIT margin of 2.4 percent (H1 2022: 1.9 percent). Due mainly to impairments in connection with the sale of units from the non-core business, the net income amounted to minus €64.5 million (H1 2022: profit of €25.4 million) and resulted in earnings per share to minus €1.61 in the first six months of 2023 (H1 2022: plus €0.63).

Due to further cost increases and the ongoing negotiations concerning the passing on of additional costs the free cash flow fell to minus €20.6 million in the second quarter (Q2 2022: plus €1.6 million). For the first half of 2023, free cash flow came in at minus €61.7 million (H1 2022: plus €49.8 million). Capital expenditures[1] on property, plant, and equipment and software amounted to €92.8 million (Q2 2022: €112.5 million). The ratio of capital expenditure to sales is therefore 3.8 percent (Q2 2022: 5.2 percent). As of June 30, 2023, Vitesco Technologies had a solid balance sheet with an equity ratio of 38.9 percent (June 30, 2022: 40.4 percent).

CFO Werner Volz: “After a difficult start to the year, we increased our adjusted EBIT margin substantially once again in the second quarter. The improvement in profitability gives us the boost needed to achieve our full-year targets.”

Divisional results for Vitesco Technologies

The Powertrain Solutions division generated sales of €1.63 billion in the second quarter of 2023 (Q2 2022: €1.55 billion), which equates to organic growth of 6.1 percent. In the same period, its adjusted EBIT rose to €109.2 million (Q2 2022: €104.7 million). Its adjusted EBIT margin therefore stood at 6.7 percent (Q2 2022: 6.7 percent). “The division’s core business once again achieved a double-digit adjusted EBIT margin. This strong result is helping us to drive the transformation of Vitesco Technologies,” says CFO Volz.

Based on the positive business performance in China and Germany, the Electrification Solutions division increased its sales to €825.2 million in the second quarter of 2023 (Q2 2022: €626.1 million). This equates to strong organic sales growth of 34.5 percent. The division’s adjusted EBIT came in at minus €31.2 million (Q2 2022: minus €60.5 million), relating to an adjusted EBIT margin of minus 3.8 percent (Q2 2022: minus 9.7 percent). The general uptick in the market and stabilizing supply chains also contributed to the improvement in the division’s performance.

Guidance for fiscal year 2023

The outlook for Vitesco Technologies for the fiscal year 2023 remains unchanged, with the company continuing to anticipate sales of €9.2 billion to €9.7 billion for 2023. Vitesco Technologies is also expecting the adjusted EBIT margin for 2023 ranging between 2.9 percent and 3.4 percent and free cash flow at around €50 million.

India’s first suspension wheels-driven technology, reducing spinal vibration by 60%, thereby enhancing the comfort of wheelchair users making it one the most innovative technologies today

Rut3 marks a monumental step towards independent living for persons with disabilities by collaborating with Rotary Club, and the Delhi Government,

This is the first ever made-in-India technology to be introduced to PWDs in this category

Rut3’s patented technology aligns with Indian infrastructure, aiming to reduce Disability Adjusted Life Years (DALY) by up to 11 years.

Delhi, August 11th, 2023: Rut3 Engineering Pvt Ltd, a technology driven startup, unveils its first landmark initiative in cutting-edge wheelchair driven technology. In partnership with Rotary Club and the Department of Social Welfare, Government of NCT of Delhi Rut3 have launched India’s first ever suspension wheels-driven technology at the General Disability Camp. This groundbreaking technology is poised to revolutionize the independent living of persons with disabilities in India.

Designed and patented with Indian infrastructure in mind, Rut3’s unique wheel design features suspensions within the wheel’s rim, significantly reducing the unwarranted vibrations impacting wheelchair users. Tested rigorously in partnership with IIT Madras innovation centre, this Made in India innovation reportedly reduces spinal vibration by an impressive 60% and can cut Disability Adjusted Life Years (DALY) by up to 11 years.

“At the heart of this innovation is a compassionate understanding of the daily challenges faced by wheelchair users, who often endure discomfort akin to truck drivers. Rut3’s technology focuses on reducing both the physical strain and the economic burden, significantly decreasing chronic medical expenses, maintenance costs, and the overall economic loss.” said Shubham Sutar, Co-Founder & CTO Rut3.

Rut3, the Delhi Government and the Rotary Club together distributed state-of-the-art wheelchairs to end users. Rut3 will be seeking real-time feedback from PWDs about their experience using the Rut3 wheelchairs in coming months. Shri Raaj Kumar Anand, Delhi Cabinet Minister for Social Welfare, Labour, Employment lauded Mitesh Rasal, Founder of Rut3 for his active participation and contribution towards PWDs and endorsed the company’s efforts towards the cause and the Make In India initiative undertaken by the Rut3 technology team.

Rut3 Founder, Mitesh Rasal, stated, “Wheelchair users face a tremendous amount of fatigue, stress, and discomfort due to the absence of suspensions, leading to chronic backache, spine injury, and issues with neck ache. Our unique suspensions help focus on the healthcare and mental state of the PWDs and on reducing out-of-pocket expenses for users. The Rut3 wheelchair is an innovative product which will help PWDs save precious income and also enable them to participate in many more in daily activities like a job, family events, etc. Thus alleviating both the family’s and the government’s health burden.”

The impact of this unique technological advancement extends far beyond mere comfort. One user at the event highlighted how inadequate last-mile infrastructure had restricted his movement, leading to feelings of isolation, depression, and substantial economic loss. With the helps of Rut3 technology he will be able to overcome these challenges in the future.

Rotarian Mukesh G Gupta, speaking at the event, reinforced Rut3’s commitment to uplifting the lives of people with disabilities and the elderly; by allowing them to travel confidently across diverse terrains. “With the Rut3 aesthetic design, the wheelchair appeals to the end users. It is focused on encouraging PWDs to embrace life and use wheelchairs in public. Thus it helps PWDs bypass the social stigma around wheelchair use in society,” he said.

According to studies conducted by Rut3, the data collected paints a staggering picture, suggesting that an average person in an ill-suited wheelchair tends to lose 11 economic years, equivalent to a loss of 57 million years across India. Rut3 aims to turn this grim statistic around with its cutting-edge technology. Supported by the Government, Rut3’s product development involves extensive research, including inputs from over 200 users, rehabilitation centres, and wheelchair manufacturers.

Rut3 is one of India’s top startups and a winner of prestigious awards like the Atal New India Challenge 1.0 and the Prosus SICA Challenge 2022 (India), in partnership with Social Alpha. By marrying technology with empathy, Rut3 are crafting a path towards an inclusive and compassionate world.