NMDC delivers strong Q3 and 9M Performance in FY24

  Q3 of CY Vs Q3 of PY Growth 9M of CY Vs 9M of PY Growth
2023-24 2022-23 2023-24 2022-23

 (in Mnt)

12.22 10.66 15% 31.78 26.69 19%
Sales (in Mnt) 11.39 9.58 19% 31.94 25.81 24%
Turnover (Rs. in Crores) 5,410 3,720 45% 14,819 11,816 25%
PBT before exceptional exp. (Rs. in Crores) 2,252 1,217 85% 5,859 4,351 35%
PBT after exceptional exp. (Rs. in Crores) 2,000 1,217 64% 5,607 4,351 29%
PAT  (Rs. in Crores) 1,492 890 68% 4,170 3,252 28%
EBITDA  (Rs. in Crores) 2,366 1,331 78% 6,156 4,657 32%

 Hyderabad, 15 February 2024: Yet again India’s largest Iron Ore Producer, NMDC delivered a strong financial and physical performance in Q3 FY24. Surpassing its previous record, the mining major registered 45% and 64% increase in turnover and PBT (after exceptional expenditure) respectively over CPLY in the third quarter.

Setting new benchmarks with its exceptional performance, NMDC recorded its highest ever production and sales volume with 12.22 MT and selling 11.39 MT in the third quarter of FY24, marking a growth of 15% and 19% in production and sales respectively over corresponding period last year.

NMDC’s turnover and PBT (after exceptional expenditure) for Q3 FY24 is Rs. 5,410 crore and Rs.2,000 crore, with an increase of 45% in turnover and 64% in PBT over CPLY. While the Profit After Tax (PAT) for Q3 FY24 increased by 68% to Rs.1,492 crores.

MTAR clocks a revenue of Rs. 118.4 Cr ­in Q3 FY 24

Hyderabad, Feb 14, 2024: MTAR Technologies Ltd (“MTAR”), a leading manufacturer engaged in manufacturing and development of mission critical precision engineered systems catering to Clean Energy – Civil Nuclear Power, Fuel Cells, Hydel & Others, Space, and Defence sectors has announced its unaudited financial results for the third quarter ended Dec 31, 2023.

YoY Q3 FY 24 vs. Q3 FY 23:

  • Revenue from Operations stood at Rs. 118.4 Cr. in Q3 FY 24 as against Rs. 160.2 Cr. in Q3 FY 23, 26.1% decrease YoY
  • EBITDA reported at Rs. 23.9 Cr. in Q3 FY 24 as compared to Rs. 45.0 Cr. in Q3 FY 23, 47.0% decrease YoY
  • Profit Before Tax stands at Rs. 12.9 Cr. in Q3 FY 24 as against Rs. 42.0 Cr. in Q3 FY 23, 69.3% decrease YoY
  • Profit After Tax was at Rs. 10.4 Cr in Q3 FY 24 as against Rs. 31.4 Cr. in Q3 FY 23, 66.8% decrease YoY

Commenting on the results, Mr. Parvat Srinivas Reddy, Managing Director & Promoter, MTAR Technologies, said, “Revenues in FY 24 shall be marginally higher as compared to FY 23 due to deferment of export shipments in Clean Energy sector to the next fiscal year. However, the growth outlook for FY 25 remains intact with 45% – 50% YoY likely increase in revenues. The company is in final stages of discussion with reputed global MNCs as well as made good progress in Small Satellite Launch Vehicle project.”

ISB Executive Education releases India Corporate Governance Scorecard 2024*

Hyderabad, India – February 12th, 2024: In response to a growing need to understand the state of Indian Boards, the Indian School of Business (ISB) Executive Education has released the ‘India Corporate Governance Scorecard – 2024’. Conducted by Sanjay Kallapur, Professor, ISB, Nirmalya Kumar, Professor, SMU, and Harish Raichandani (adjunct faculty), ISB, the empirical report, based on a survey of directors from Indian Companies, offers insights into the prevailing practices and challenges in corporate governance.

The study evaluated corporate governance in nine areas across three dimensions: Guidance and Oversight, Board Functioning, and Leadership. The responding directors provided perspectives on boards of different types of companies, viz., professionally managed companies, promoter/ family-owned, multinational corporations, Indian conglomerates, and the PSUs.

A few of the highlights from their findings include:

· The scorecard reveals the varying degrees of satisfaction (percentage of directors responding “satisfied” or “highly satisfied”) across three dimensions: Board Leadership – 82%, Board Functioning – 73%, and Guidance & Oversight – 71%

· Directors demonstrate strong board effectiveness, marked by leadership acumen, a vibrant culture of collaboration, effective Board-CEO engagement, and commitment to their roles

· Directors exhibit a dichotomy in risk oversight, with high confidence in regulatory compliance at 95%, yet mixed vigilance over obsolescence and technology risks at 68% and 72%, respectively

· Strategic oversight emerges as a critical area for improvement, with only 68% satisfaction, indicating a potential blind spot in Indian boardrooms’ competencies

Emphasising the goal of the Scorecard released, Sanjay Kallapur, Professor, Accounting at ISB, said, “Corporate governance is a driver of value creation and competitive advantage for companies. The India Corporate Governance Scorecard 2024 is a pioneering initiative that offers a valuable benchmark for Indian companies to compare their corporate governance performance with their peers and identify areas for improvement. The report aims to serve as a catalyst for constructive dialogue and action among various stakeholders, such as regulators, investors, board members, executives, and academics, to foster a culture of excellence and innovation in corporate governance in India.”

The findings further equip ISB Executive Education to create more relevant corporate governance programmes, such as the ‘Powering High-Performance Boards’. With only one in 4 directors certifying that their board takes steps to educate/ train them, the demand for ISB’s board education services will likely increase further. The survey reveals that the directors require more regular updates on risks and regulatory aspects and keep abreast of industry changes.

Nirmalya Kumar, Professor, Marketing, Singapore Management University and visiting faculty, ISB who specialises in Strategy and Marketing, expressed concern at the low scores on the initiative taken by Indian directors to obtain information from independent sources and strategic oversight. He says, “The growth of Indian economy and the companies that comprise it will lead to burgeoning demand for board members. However, for boards to effectively fulfil their role on behalf of shareholders they must balance the time spent on compliance currently with greater attention to the strategic direction of the company.” Board members also expressed concerns about their engagement between meetings, needing more independent information sources, and staying updated on industry trends. The lack of mechanisms for addressing issues with ‘problematic’ directors and the need for a ‘devil’s advocate’ in decision-making were also noted.

It was not a surprise to see PSUs lagging on most of the scores; this is an opportunity for the concerned government ministries to focus and set new corporate governance benchmarks. The survey provided directors with an opportunity to voice their observations and concerns. Although they voted high on the oversight of compliances, their concern is that competent professionals are shying away from taking up Independent Director roles due to excessive focus from regulators.

Harish Raichandani, adjunct faculty and researcher at ISB, echoed director sentiments concerning directors’ true independence and a need to improve independent director selection and succession planning processes. To improve corporate governance, 22% of directors see the need to improve Board Composition and 31% of directors see a need to improve the flow of information to their Boards. Many voiced the need to focus on Board agenda related processes and offered suggestions to improve the same. Only 45% of directors believe that they have a robust whistle-blower mechanism in place

New Balance Launches Their New Store Launch in Hyderabad

Hyderabad, 09th February 2024 – New Balance, a brand renowned globally for its authentic craftsmanship and running excellence, is delighted to announce the launch of its inaugural store in Hyderabad, at Sarath City Capital Mall, on 7th February 2024. This milestone represents a notable stride in New Balance’s strategic expansion within India. The new store is first of its kind in the country since the establishment of the brand’s Indian subsidiary.

new balance

The innovative retail concept store is crafted to prioritize people, placing them at the core of the consumer experience. Structured around focal seating arrangements, the store seeks to foster a sense of gathering, encouraging customers to interact and connect, draw inspiration and explore their personal style, ultimately cultivating a communal atmosphere. This unique retail space embodies New Balance at the intersection of sports and culture, making it particularly appealing to the youth.

The store presents a thoughtfully curated array of products accompanied by visual narratives. Consumers in Hyderabad will get a chance to experience the brand’s innovative Fresh Foam and FuelCell technologies firsthand and the collection will also feature New Balance’s iconic franchises such as the 1080, 550, 327, and 9060.

“Our new store in Hyderabad symbolizes more than just a retail space. It’s a testament to our commitment to bringing the New Balance experience closer to our customers” said Radeshwer Davar, Country Manager, India, at New Balance. “Hyderabad, with its dynamic blend of modernity and tradition, stood out as the Key city to expand our footprint in India. The vibrant and active lifestyle of the people aligns with our brand ethos seamlessly. We want to welcome patrons to discover New Balance and immerse themselves in the spirit of sport, performance, and culture.”

A similar retail concept store of New Balance is set to be launched in Pune next month.

CARE Hospitals Unveils Inspirational Video Campaign “ChapterofHope” On World Cancer Day

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

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

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

 world cancer day

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

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

CMA Hima Vidya Sanagavarapu elected Chairperson of the Managing Committee

Hyderabad, 2nd February 2024: CMA Hima Vidya Sanagavarapu has been elected as Chairperson of the Managing Committee of THE INSTITUTE OF COST ACCOUNTANTS OF INDIA – HYDERABAD CHAPTER for the year 2024 on 31st January 2024. She is a Fellow Member having two decades of experience in financial accounting, costing, and taxation including payroll. Expertise knowledge in internal audits and HR Audits conducted on various organizations independently. Currently, she has been a practicing cost accountant for the last 10 years and actively participates in NGOs.

cma hima vidya

And other office bearers elected are CMA Lavanya Kanduri as Vice Chairperson, CMA Khaja Jalal Uddin as Secretary and CMA D. Venkata Ram Babu as Treasurer and the other Managing Committee Members are CMA CS Kirti Agarwal, CMA N. Ganesh, CMA Musunuri Bala Krishna, CMA L. N. Sruthi Kanigalpula, CMA E.V. Usha Rani.

BioAsia 2024 confers the Genome Valley Excellence Award

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.

Lt. General Shri JS Sidana, Commandant of MCEME dedicates a state-of-the-art mortuary at Swarg Vatika

Hyderabad, 30th January 2024: Swarg Vatika which redefined final resting places with green initiatives a decade ago, dedicated a mortuary capable of storing up to 4 bodies, to address the growing needs of the community for extended body storage during unavoidable circumstances. The facility was formally inaugurated by Lt. General Shri JS Sidana, Commandant, MCEME; at Swarg Vatika today.


Swarg Vatika, a pioneering collaboration between the Telangana Government and Swarg Vatika Trust, has transformed the concept of final resting places with its commitment to love, compassion, and reverence towards departed souls. The eco-friendly cremation ground, strategically located in RTC Colony, Trimulgherry, is designed to provide solace to bereaved families while embracing environmentally conscious practices.


Founder Trustee & President Surender Pal Singh of Swarg Vatika reveals upcoming initiatives, including the construction of three more manual pyres, one of which will be larger, akin to the existing one at Maha-prasthanam. Additionally, plans are underway to launch an Any-Time Clinic (ATC) offering cost-effective health tests like ECG, blood tests, urine tests, CBC, HBA1C, and Chest X-rays, charging only 10-20% of the market price.

The total cost of setting up the mortuary, around 20 lakhs, has been covered by generous donations from Trustee Shri Ram Goyal for equipment and civil construction, Trustee Shri J C Jodhani for generator backup, and Trustee Jayant Jain for CCTV.

Conceived with the primary goal of Going Green and being Eco-Friendly, Swarg Vatika, the green haven incorporates eco-friendly procedures, practices, cleanliness, ample parking space and adherence to spiritual Vedic practices has solidified Swarg Vatika’s reputation as a steward of environmentally conscious final rites.

Swarg Vatika achieved an environmental milestone by adopting Gokashta (Lakadi made from Gomay—Gobar of desi breed cow/bull) for cremation. This eco-friendly method utilizes Gobar logs with superior burning capacity compared to traditional wood, offering a cost-effective solution that supports cattle feed and benefits up to 40 Gomash in a day.

Some the recent innovations at Swarg Vatika has introduced recent innovations, including modern LPG and gasified furnaces, and a cast iron steel structure for natural piers, resulting in a 25% reduction in wood usage and reinforcing its eco-friendly commitment. The facility has operationalized two new AC hearse vans and offers body freezer boxes, along with lockers for preserving ashes for up to 1 month. Notably, it has transitioned to 100% Green practices by embracing Gokashta for cremation.

Swarg Vatika collaborates with LV Prasad Eye Hospital for eye donation, offering free cremation for donors. The facility also provides free cremation for unclaimed bodies and extends a 50% discount to BPL families. Pooja halls are available for last rites ceremonies.

Shaya has a new address in the Southern Indian city of Hyderabad

January 2nd:  Silver bijouterie gets a makeover with Shaya by CaratLane’s stunning collections of 925 silver. Established to provide a plethora of authentic silver jewellery with a newfound appeal, Shaya effortlessly bridges the gap between bequest authenticity and zeal for fresh delineation.

Bringing this energy to the city of Hyderabad, the brand expands its retail presence to this Southern part of India. The new retail destination is located in Amrutha Mall and is now open to people of Hyderabad to shop their heart out.’


This offline store by Shaya offers a warm and welcoming ambiance with cozy interiors and pretty aesthetics, instantly making you feel at home. From the stunning displays that are larger than life to the excellent retail plan that gives you a glimpse of everything Shaya has to offer, all at once, this store in Hyderabad is a must-visit!

As the bold and edgy counterpart of Carat Lane, Shaya caters to all personalities with its variety of collections and this offline store is no different. From statement pieces to understated, low-key designs for everyday wear, there is something uniquely handcrafted for every identity and wearer.

Taking from the learnings of all the previous stores in the country, this location enjoys an expansive range of Shaya’s stunning silver jewellery right at display, giving a glimpse of everything the store has to offer. Known for crafting 925 silver jewellery, all its latest collections like Chitrakalay Kolkata, Bloom Your Way, To the Wanderlust in You, The Legacy of Rani Lokmahadevi, and much more will be available at the store.

The new store offers a wide selection of jewellery where each piece adds an eccentric character to it. Couple this with robust customer support and in-house styling aid, and you’re bound to find something that embodies your persona! Head to Shaya’s newest address to explore the ranges further.

Address: Shaya by CaratLane, Ground Floor Bearing Separate Municipal Door No.6, Amrutha Mall, Unit No.9, 3-1110/G/7, Raj Bhavan Rd, Somajiguda, Hyderabad, Telangana 500082

Store Timings: 10 am to 9:30 pm