Bengaluru, February 14, 2023: Myntra, one of the leading fashion, beauty, and lifestyle destinations of the country, has released a series of ad films featuring its brand ambassadors, Ranbir Kapoor and Kiara Advani as a part of its latest brand campaign, ‘Be Extraordinary Every Day’. Myntra offers its customers the best of fashion, beauty, and lifestyle, from a wide selection of over 6000 leading international, domestic, and D2C brands and a whopping 1.7 million trend-first styles at a wide range of price points. The brand campaign is aimed at highlighting Myntra’s unique offering for every customer across the country and fulfilling their everyday fashion needs, thus elevating the everyday fashion quotient of the country.

Ranbir Kapoor and Kiara Advani appear individually in two films each, with Ranbir showcasing men’s casual wear while Kiara, women’s ethnic and western wear. Both celebrated actors and style icons, Ranbir and Kiara’s casual dressing sense and uber-stylish demeanor are admired by their fans across the country. Their personas, unmistakable swagger, and strong collective appeal across the country, are poised to position Myntra as the preferred destination to elevate one’s everyday fashion.

As part of the association, the actors join the power-packed ensemble of superstars, who are promoting Myntra’s fashion proposition and showcasing the platform’s wide range of offerings and services, across electronic and digital mediums while also playing a crucial role in enabling Myntra to deepen its connection with their wide fanbase.

Bengaluru, February 13, 2023 – Boeing [NYSE: BA] today announced an investment in a new logistics center in India to cater to its regional customers. Continuing to expand its footprint in the country, Boeing is investing in building capabilities that support an efficient and cost-effective service solution for regional customers to maintain higher fleet utilization and mission readiness rates.

In the initial phase of the operations, the India Logistics Center will focus on supporting airline customers as the civil aviation sector continues to rapidly advance towards becoming the world’s third largest passenger market, surpassed only by the U.S. and China. The fleet of Indian airlines is projected to nearly quadruple in size by 2041 compared to 2019. With a growing domestic market and increasing opportunities for international growth, the airlines will require more holistic service support to drive efficient fleet operations. Today, more than 150 Boeing airplanes, including the Next-Generation 737, 737 MAX, 757, 777, and 787 Dreamliner, are operated by leading Indian commercial airlines.

“The further expansion of our footprint in India with the India Logistics Center supports our long-term investment strategy for the country. We remain excited and committed as we provide critical service support towards the growth of the Indian civil and defence aviation ecosystem,” said Salil Gupte, president, Boeing India.

In the second phase, the India Logistics Center will cater to the larger network of Boeing’s customers in the region. Through the Boeing India Repair Development and Sustainment (BIRDS) hub program, Boeing is already supporting local customers by creating an ecosystem of comprehensive support packages and indigenous Maintenance, Repair, and Overhaul (MRO) capabilities with its partners. This initiative is a testament to Boeing’s commitment to “Make in India” and “Aatmanirbhar Bharat”. Currently, India operates a fleet of Boeing aircraft, including 11 C-17s, 22 AH-64 Apaches (with an additional 6 on order), 15 CH-47 Chinooks, 12 P-8Is, 3 VVIP aircraft, and 2 Head of State aircraft.

“A key element of efficient customer support is rapid response and distribution of replacement parts. The India Logistics Center will allow better responsiveness and build on Boeing’s existing global reputation for the highest quality of customer service,” said Ashwani Bhargava, senior director, India Supply Chain, Boeing India.

India is well-positioned to localize maintenance services capabilities and provide cost-effective solutions given its large technical labor force, including uniquely qualified and highly trained technicians and industry capabilities. With over eight decades of presence in India, Boeing has built a strong network support for its customers in the region through various initiatives and partnerships while contributing to the growth and development of Indian aerospace and defence sector.

Bengaluru, Feb. 14, 2023 – Boeing [NYSE: BA] has launched its first Global Support Center (GSC) in India to continue supporting the development of the aviation ecosystem in the country. Based in Gurgaon, the Global Support Center – India will deliver customized operational efficiency and safety improvement projects for Boeing’s airline customers, civil aviation regulatory bodies, and other industry stakeholders.

“With India continuing to see an unprecedented surge in civil aviation traffic, Boeing is committed to innovating and bringing value to modernize the Indian aviation ecosystem,” said Salil Gupte, president, of Boeing India. “Today, we are proud to launch the Global Support Center – India, which will provide a platform to enable knowledge transfer for enhancing safety and increasing operational efficiency for Boeing’s airline partners in the country,” he added.

As part of the initiative, the Global Support Center – India will conduct technical workshops and projects to support aircraft reliability, enhance airplane performance, and encourage the adoption of Airplane Health Management (AHM) systems. For operational improvements, Global Support Center – India will work with operators and regulators on structures and airworthiness; the Maintenance Error Decision Aid (MEDA), a human-factors tool; Air Traffic Management (ATM); aerospace optimization; and low visibility operation through Head-Up Display (HUD) and Enhanced Flight Vision System (EFVS). The Center will also conduct flight operations symposiums, engineering seminars, and continue the development of new technology studies impacting airports and operators alike.

Bangalore, February 14, 2023:
With 80+ hotels across 50+ locations in India, Royal Orchid Hotels Limited is India’s fastest-growing hospitality chain with a diverse portfolio of hotels. In the last quarter, we have done good business in all locations. Below are the financial details.

Highlights of Q3 FY 22-23 V/s Q3 FY 21-22 (Standalone)

•  Total Operational Revenue of Rs. 46.79 Cr V/s. Rs. 28.57 Cr
  (increased by 63.77%)
•  EBIDTA of Rs. 17.36 Cr V/s. Rs. 8.97 Cr (increased by 93.53%)
•  PAT of Rs. 8.19 Cr V/s. Rs. 1.81 Cr (increased by 352.48%)
•  EPS of Rs. 2.99 V/s. EPS of Rs. 0.66

Highlights of Q3 V/s Q2 of FY 22-23 (Standalone)

• Total Operational Revenue of Rs. 46.79 Cr V/s. Rs. 37.56 Cr
  (increased by 24.57%)
•  EBIDTA of Rs. 17.36 Cr V/s. Rs. 13.30 Cr (increased by 30.52%)
•  PAT of Rs. 8.19 Cr V/s. Rs. 5.92 Cr (increased by 38.34%)
•  EPS of Rs. 2.99 V/s. EPS of Rs. 2.16

Highlights of Q3 FY 22-23 V/s Q3 FY 21-22 (Consolidated)

• Total Operational Revenue Rs. 72.49 Cr in V/s. Rs 52.78 Cr
  (increased by 37.34%)
•  EBIDTA of Rs. 27.75 Cr V/s. Rs. 19.07 Cr (increased by 45.52%)
•  PAT of Rs. 15.18 Cr V/s. Rs. 5.73 Cr (increased by 164.92%)
•  EPS of Rs 5.27 V/s. EPS of Rs. 1.61

Highlights of Q3 V/s Q2 of FY 22-23 (Consolidated)

• Total Operational Revenue Rs. 72.49 Cr in V/s. Rs 58.06 Cr
  (increased by 24.85%)
•  EBIDTA of Rs. 27.75 Cr V/s. Rs. 20.44 Cr (increased by 35.76%)
• PAT of Rs. 15.18 Cr V/s. Rs. 9.38 Cr (increased by 61.83%)
• EPS of Rs 5.27 V/s. EPS of Rs. 3.22

IND-AS 116 adoption led to a notional increase in depreciation and finance cost of Rs. 3.32 Cr leading to a reduction in PAT by  Rs. 0.61 Cr and has also impacted the debt-equity ratio at standalone level (SA) for Q3 (October to December 22) of FY 22-23.

Management Comment

Commenting on the results, Mr. Chander K. Baljee, Chairman & Managing Director said, “The third quarter of 2022-23 has surpassed our expectations. The buoyancy of the market is a positive indication of what lies ahead in the year to come. We are confident to achieve our targets this year with a growing occupancy of over 80% just in the last quarter. The forthcoming summer season looks promising and is a sign of opportunity and profitability.
This is a much-needed impetus for the hospitality industry that has been battered in the last two years. ROHL’s growth is a testament to the belief of our customers, but more importantly, the untiring staff who work 24×7 to make the brand a success. This year the spotlight will be on Regenta by Royal Orchid Hotels with the expansion and target of touching 100 hotels before the end of the year. The aim is to establish and reckon with a brand that is the most sought after ‘value Indian brand’ in the country.”

Vanity Wagon – India’s largest clean beauty marketplace, the one-stop e-Commerce platform is set to make its second appearance by opening a Kiosk at Pacific Mall, Subhash Nagar, Delhi on 18th February 2023.

The clean beauty products that Vanity Wagon promotes can be physically experienced by customers through samples before they decide to buy them, which is another important factor in establishing an offline retail presence. Customers will receive the requested trial and experience the products’ appearance and textures. The trust consumers have placed in Vanity Wagon as an online retailer, has led to its expansion into the offline market.

Prateek Ruhail, Co-Founder and CEO of Vanity Wagon said, “2023 is indeed one of the best years to make an offline presence. We have received an amazing response from our customers since our first launch in Select City Walk. As a young company, we are very eager to enter the offline retail market.’’

Naina Ruhail, Founder and Co-CEO of Vanity Wagon said, ‘’Even though e-commerce is a rapidly expanding and significant component of the market, we are aware that people enjoy shopping offline as well. In order to deepen consumer relationships with us, we are launching our second kiosk in Delhi.”

The array of clean beauty products will include brands like Aqualogica, Ayuga, Dr Sheth’s, Love Earth, Power Gummies, Kiro Beauty, and Better Beauty. The highlight of the launch will be Influencer Tie-ups, High Tea in collaboration with_____, and a fun Open Mic as well.

New Delhi: February 14, 2023: Electronics Mart India Limited, the 4th largest consumer durable and electronics retailer in India retailing under the brand’s Electronics Mart, Bajaj Electronics, Kitchen Stories, Easy Kitchens and Audio & Beyond across AP, Telangana, NCR, has announced its financial results for the third quarter and nine months ended on December 31st 2022.

Highlights for Q3 FY23 (YoY) Consolidated Financials

• Revenue from Operations stands at Rs. 1,481.7 crores as against Rs. 1,265.3 crores in Q3 FY22
•  Core EBITDA reported was at Rs. 72.8 crores as compared to Rs. 77 crores in Q3 FY22
•  Profit Before Tax stands at Rs. 29.6 crores as against Rs. 37.5 crores in Q3 FY22
•  Profit After Tax reported was at Rs. 21.9 crores as against Rs. 27.7 crores in Q3 FY22
• EPS stands at Rs. 0.59 (Face Value Rs.10 per share)

9MFY23 Vs 9MFY22 (Consolidated)

•  Revenues from operations were reported at Rs. 4,117.9 crores as compared to Rs. 3,118.7 crores in 9MFY22; up by 32%
•  Core Earnings before Interest, Tax, Depreciation, and Amortization (Core EBITDA) stands Rs. 245.2 crores in 9MFY23, as against Rs. 203.2 crores in 9MFY22. The Company’s Core EBITDA margin stood at 6%.
•  Profit Before Tax (PBT) stood at Rs. 117.1 crores for 9MFY23 as compared to Rs. 92.3 crore in 9MFY22. The Company’s PBT margin stood at 2.8%.
•  Profit After Tax (PAT) increased to Rs. 86.7 crores in 9MFY23 as against Rs. 68.6 crores in 9MFY22. The Company’s PAT margin stood at 2.1%.
•  Earnings per share (EPS) for the 9MFY23 stood at Rs. 2.68
• Other Highlights
•  As on December 31, 2022, we have added 19 new stores. (18 MBOs and 1 EBO).

Commenting on the results, Mr. Karan Bajaj, Chief Executive Office, Electronics Mart India Limited, said, “Our focused expansion strategy, flexible business model, robust inventory management systems, and long-term relationship with marquee brands have helped us maintain a strong balance sheet and made us one of the fastest growing electronics retailers in the country. We are very happy with the financial performance of the company has reported 32% growth in Operational Revenue and an EBITDA growth of 21% for 9MFY23 (Y-o-Y). We have also reported growth of 26% PAT reported at Rs. 86 crores. Our Same Store Sales Growth stood at 23.5% (Y-o-Y). We aim to increase our geographical presence and with this in mind, we have opened up 12 new stores in the NCR area during the 9M FY23. We currently have 122 retail stores across 38 cities in 4 states with 1.19 Mn. Sq Ft of retail area.”

Hyderabad, 14th February 2023: Osho Nanak Dham Mandir, Murthal (ONDM), is a spiritual scientific organization that is on a mission to reveal the spiritual and scientific base of Sanatan Dharma for happiness and bliss through various programs. ONDM will be conducting Dhyan Yoga (Meditative Living), a preparatory program for Right Mindfulness, starting from Monday, 20th February, to Saturday, 25th February at Kanha Shanti Vanam, Hyderabad.

Dhyan Yoga is a 6-day program that consists of two parts, i.e., Anand Pragya or Blissful Living, and Yoga Pragya or Divine Living. Each program is for three days. Anand Pragya, or Blissful Living, is based on the Eightfold path of Lord Buddha and solves most of the problems related to stress, relationship, and boredom. Yoga Pragya, or Divine Living, teaches various courses of Yoga. The participants listen and experience the Divine Sound (Omkar) and learn techniques of Samadhi and Divine Remembrance.

The Dhyan Yoga program will be guided by the master ‘Samarthguru Siddarth Aulia.’

Oshodhara is the only spiritual stream that has gifted the world – ‘Spiritual Science.’ by converting Spirituality into Science – which is unprecedented! It provides a practical roadmap of spirituality – its programs are designed in such a way that one can pragmatically experience specific spiritual milestones and level-wise moves ahead on the spiritual path under the proper guidance of the Master.

14th February 2023: The Indus Entrepreneurs (TiE) Ahmedabad and NCR chapters organised a conference on SMEs – Building in India for the World at Novotel, Ahmedabad. The esteemed panel consisted of Mr Amit Moga, Co-founder, of Doctorpreneur Academy, Mr Indrajeet Mitra, Joint Managing Director, of Gateway Group of Companies, and Mr Vishal Prakash Shah, Co-founder, of Synersoft Technologies.

The conference witnessed valuable insights from several dignitaries, entrepreneurs, students, and professionals. The event was graced by the presence of Mr Shailesh Patwari, Advisory Board Member, India SME Forum and former President, Gujarat Chamber of Commerce and Industries. The session was supported by ASSOCHAM, India Mart, and Lufthansa.

Commenting on the analogy between the parallel growth opportunity of the auto-ancillary industry and defence contracting by which MSMEs in the electronic industry benefitted, Mr Vishal Prakash Shah, Co-founder, of Synersoft Technologies, said, “Indian MSMEs are the biggest beneficiaries of vendor development programmes for auto-giants like Tata, Bajaj, and Maruti, which started in Pune and Manesar and further got established in Tamil Nadu and Gujarat, helping India to clinch 4th spot at the global table. So, we can expect to witness such parallel evolution of the defence industry and auto-ancillary industry in recent times. Today, Pune alone has 4,000 MSME units sustaining 5,00,000 jobs. According to market research, there are 50,000 plus MSME units across India creating eight million jobs in the auto-ancillary sector. This analogy has been suggesting that privatisation of the defence sector will provide the industry with another excellent opportunity to grow. Interestingly this sector has similar skills, plant setup, and workforce. Under the ‘Make in India’ initiative, the Government of India will be playing the same role as the big automobile conglomerates. If we base the auto-ancillary model on getting acquainted with the defence manufacturing contract business, we shall see two differences. It will not be sensitive to the economic cycle because we have seen the consistent allocation of funds for defence in the union budget, which makes it attractive. Secondly, MSMEs will have to adapt to systems and practices in compliance with strict information security and data protection. In the electronics vertical, there is an excellent opportunity for MSMEs. India is heavily import-dependent in the sourcing of electronic components. Recent announcements about chip manufacturing in India will maximise chip manufacture. To be precise, chip manufacturing will be commoditised and expose many opportunities for MSMEs. India has a huge talent pool that earns $150 billion in software exports and very few of us know that 20 per cent of the chip designers are Indians. This provides our country a huge opportunity to grow in the electronics sector. The industrial transformation has already started through smart manufacturing, IoT, and AI-backed products. Software is India’s forte and it has the talent to make the best out of the local availability of chips and sensors, therefore, the business will focus on local consumption of the chips and sensors providing a fantastic opportunity for start-ups and MSMEs to ride this wave. But again, the MSMEs players in this industry will have to be provided with cybersecurity and insider threat mitigation. They have to be subject to strict compliance. This is a significant challenge for MSMEs. It is observed that MSMEs are reluctant adopters of software and technology and only acknowledge them during crises. MSMEs should change to unlock opportunities.”

Hyderabad: February: The premiere of ABB FIA Formula E World Championship in the capital of the southern Indian state of Telangana was an outstanding advertisement for fully electric racing. On the 2.816-kilometer street circuit at the shores of the Hussain Sagar Lake, the 22 drivers treated fans to gripping battles for positions and spectacular overtaking maneuvers. After 33 laps, both Porsche 99X Electric fielded by the TAG Heuer Porsche Formula E Team finished in the top four.

In the drivers’ standings of the ABB FIA Formula E World Championship, Pascal Wehrlein, the winner of both races at Diriyah, leads the drivers’ standings with 80 points after four of 16 races. António Félix da Costa has moved up the rankings to ninth place with 21 points. The TAG Heuer Porsche Formula E Team is the new leader of the team classification with 101 points. Driving for the Porsche customer squad Avalanche Andretti, André Lotterer (GER) crossed the finish line in ninth place. His teammate Jake Dennis (GBR), who traveled to India ranking second in the world championship, concluded the event in P16 after a collision.

Race 4

Starting his 100th Formula E race from P13, António Félix da Costa made up positions in the first lap and by mid-race, had joined the frontrunning pack. Thanks to a clever race strategy and his flawless drive, he progressed up the order to take the flag in fourth place. However, a time penalty handed to a rival in front saw him inherit third place on the podium. So far, this is his best result of the season. His teammate and championship leader, Pascal Wehrlein, came from P12 to finish fourth and extend his lead in the drivers’ standings to 18 points.

Comments on the Hyderabad E-Prix, Race 4

Florian Modlinger, Director of Factory Motorsport Formula E: “The team put in a very strong performance today. António secured his first podium for the team, which I’m very pleased about. After his accident in free practice, Pascal fought his way up to fourth place in the race and increased his lead in the world championship. This is also thanks to the team who worked through the night to get his car back on the track for the race. Finishing the race in third and fourth place after a less-than-satisfactory qualifying is a strong effort that makes me proud. I want to thank the entire team. The fact that we’ve moved into the lead of the world championship is a fantastic reward.”

António Félix da Costa, Porsche works driver (#13): “That was a typical Formula E race – exciting to the finish. I got off to a good start but lost a few positions in the pack. We kept our cool and our attack mode worked perfectly. Starting from P13 and finishing third is a terrific result – especially at my 100th Formula E race. I’m supported by a great team. We’ve worked hard and progressed from race to race. We’ll continue on this path.”

Pascal Wehrlein, Porsche works driver (#94): “I started the race from the twelfth grid spot and earned points for fourth place – I’m very happy with that. After my accident during free practice, I was sent to hospital in the late evening because my back was very painful. It was still sore today but otherwise, everything is fine. I’m pleased for António. He was able to demonstrate how good he is. The fact that we missed out on an entire practice session as a result of the accident was noticeable. Some small details on the car weren’t quite right. Still, all in all it was a great day.”

Next up

The next race for the TAG Heuer Porsche Formula E Team is on 25 February with the Cape Town E-Prix – race 5 of the ABB FIA Formula E World Championship. This is the first Formula E race in South Africa.’

Porsche in Formula E

In 2023, the squad contests its fourth season in the world’s first all-electric racing series with the new Porsche 99X Electric Gen3. Avalanche Andretti fields two Porsche 99X Electric Gen3 as the first Porsche customer team in Formula E. As an accelerator for innovative and sustainable mobility technologies, Formula E has brought thrilling motorsport to people living in major cities since 2014. With the all-electric Taycan Turbo S, Porsche again supplies the official safety car, and thus underlines the importance of Formula E for Porsche Motorsport.

London, UK – 14th February 2023 – SC Ventures, Standard Chartered’s innovation, fintech investment, and ventures arm has entered into a Memorandum of Understanding (MOU) with Yabx, a company incubated by Comviva and part of the Mahindra Group, to address a deep-rooted need for responsible consumer finance in Africa.

Africa has over 700 million mobile wallets, and about 450 million bank accounts but access to formal credit remains severely constrained due to poor credit infrastructure and the slowly evolving risk appetite of financial services players, especially traditional banks. The COVID-19 pandemic has accelerated digitization in the financial sector and created a fertile environment for new and disruptive products to be taken to the market. The partnership between SC Ventures and Yabx is leveraging on this to create unique, Africa-specific products that will increase access of credit to the underbanked across Africa.

Nimble future-ready technology and data analytics combined with a deep understanding of banking will reduce the cost of delivery of innovative credit products, thereby widening inclusion across underserved segments in Africa where it is needed most. Given the scale and the complexity of the opportunity, SC Ventures and Yabx have taken a collaborative approach to jointly address the challenge. Loans will be provided to customers for specific purposes like education and skill development using an innovative data-driven scoring and analytics engine that has been built with rich experience from African markets. These loan products will be initially launched in Uganda and then subsequently expanded to other countries in Africa.

Jiten Arora, Member SC Ventures said, “We are excited at the prospect of using a data-driven, technology-enabled partnership model to serve the underbanked through purpose-driven loans in Africa, a continent for which we have a deep understanding and a strong commitment.”

Manoranjan Mohapatra, Chief Executive Officer at Comviva, commented, “Yabx has seen exponential growth over the past year, and we will continue to invest in its mission to serve millions of consumers and MSMEs in emerging markets who have limited traditional sources of funding available to them.”

Rajat Dayal, CEO at Yabx, said, “We have a lot of synergy with SC Ventures in Africa and together we are uniquely positioned to create a seamless embedded finance experience. This partnership further bridges the gaps in the current market, driving digital innovations and bringing significant benefits to the underserved population of Africa.”