Archives February 2024

Roorkee, February 03, 2024 – Rethink! The Tinkering Lab, a dynamic multi-disciplinary central facility of IIT Roorkee, stands as a crucible for nurturing curiosity, creativity, and imagination among young minds. Dedicated to cultivating essential skills such as design thinking, computational prowess, adaptive learning, and physical computing, the lab has become a beacon of innovation.

With a state-of-the-art manufacturing facility, the lab supports the design and implementation of diverse prototypes, elevating their technology readiness level. Committed to comprehensive skill development, the lab conducts workshops, training programs, facility exposure initiatives, expert talks, and webinars throughout the year. These initiatives aim to foster innovative thinking and instill curiosity among students, researchers, and faculties, aligning with the Institute Innovation Council (IIC) mandate.

Notably, Rethink! The Tinkering Lab has embarked on a groundbreaking endeavor with the support of the Technology Innovation Hub, iHub DivyaSampark, at IIT Roorkee. This collaborative effort has birthed a state-of-the-art facility dedicated to research and innovation in Cyber Physical Systems.

The distinguished presence of key personalities elevated the inaugural ceremony. Prof. Kamal Kishore Pant, Director of IIT Roorkee, lent visionary leadership, while Prof. Apurbba Kumar Sharma, Dean Academics, added valuable academic insights. Dr. J.B.V Reddy, Scientist-F at DST, and Ms. Rajani Kushwaha, JA, NM-ICPS, DST, brought scientific excellence to the forefront. Sh. Manish Anand, CEO of iHub-DivyaSampark, infused an entrepreneurial spirit, complemented by the collective expertise of Prof. Vivek Kumar Malik, Associate Dean of Innovation & Incubation, Prof. Sai Ramudu Meka, Associate Dean of Corporate Interaction, and Prof. Karun Rawat, Coordinator of Rethink! The Tinkering Lab.

Address the gathering Prof. K. K. Pant, Director, IIT Roorkee said, “We believe in nurturing a culture of innovation and exploration at IIT Roorkee, and the inauguration of the cutting-edge Cyber Physical Systems facility at Rethink! The Tinkering Lab marks a significant leap towards this commitment. This state-of-the-art hub is designed to inspire the curiosity, creativity, and imagination of our students, setting the stage for groundbreaking research and innovation. As we delve into the future of technology, we envision our students becoming pioneers in shaping the world through their inventive endeavors.”

The newly established facility boasts a cutting-edge studio equipped with Motion Sensing Cameras, drone kits, and comprehensive support for the manufacturing of drone parts. It aims to be a catalyst for students involved in validating and testing control algorithms for autonomous ground and flying vehicles. The Motion-Sensing Lab within the facility opens doors to extensive biomechanics studies, spanning applications in athletics, yoga, and posture correction.

Beyond traditional research, the facility emerges as a hotbed for innovation in augmented and virtual reality. Students are empowered to apply innovative ideas in this burgeoning field. Notably, the potential for creating promotional virtual tours in augmented and virtual reality holds the promise of attracting tourism towards major attractions such as Chardham Yatra and Ganga-Arti events in Uttarakhand.

This collaborative initiative underlines the lab’s commitment to introducing new interdisciplinary technologies, fostering a culture of innovation, and contributing to the thriving start-up ecosystem. Rethink! The Tinkering Lab’s relentless pursuit of excellence positions IIT Roorkee at the forefront of technological advancements and innovation in academia.

Kolkata, 3rd February 2024: ABID Interiors 2024 International Architecture and Interior Design Expo, an exclusive architecture and design B2C exhibition was inaugurated today by Chief Guests Ms. Sussanne Khan, Celebrity Interior Designer and Ms. Ridhi Khosla Jalan, Premier Interior Design Influencer along with ABID President Kamlesh Agarwal at Milan Mela Fair Ground. This four-day expo will be thrown open to public from 2nd February, 2024 till 5th February, 2024. This year

The exhibition curated by a team of dedicated talented designers, focuses on the world of aesthetics but not without functionality. This year over 200 stalls will be created by visionary designers that will set the trend in the interior world. Driven by a passion for creativity and a keen understanding of spatial dynamics, most of the stalls that encompass diverse domains have brought forth a collection that transcends all conventional boundaries. With the theme ‘Harmony in Design’– they are sure to be the talk of the town not just among the industry stalwarts but also for common people who take an interest in interiors, something that has been the aim of ABID Interiors since its inception.

The special attraction of this year is the Art exhibition and workshops that will be showcase various art forms of Bengal such as the Dokra Art, Mark Making art and others. Four special stalls will hold Cermic Workshop, the Dokra Workshop, the Mask Making Workshop and Print Making Workshop have been dedicated to this purpose where the visitors will get the opportunity to learn various art forms. There are also various life size Installations such as “The Life”, “Feelings”, “Generations by Generations” etc. to give a clear vison of design and art forms. A model sustainable Village has been set up to showcase crafted furniture and artifacts by underprivileged Artisan. Visitors can enjoy several art works at the Art Gallery of Eminent Artists and ABID members and also those of interiors students.

Mr. Kamlesh Agarwal said, “This is the only expo which houses top interior designing firms, companies but is also committed to promote the indigenous art and craft of Bengal. In an era of Environmental Consciousness, our designers have embraced sustainability without compromising on elegance.”

Vice-President Mr. Raja Sinha thanked the attendees and the participants stating, “We extend our heartfelt gratitude to the designers, whose unwavering dedication has made this exhibition an occasion.”

By – Dr. Monica Kapoor, Celebrity Cosmetologist and Director of Flawless Cosmetic Clinic & ILACAD Institute

In recent years, the field of cosmetic dermatology has witnessed a remarkable transformation, driven by ground-breaking innovations in skincare technology. As technology continues to advance, it brings with it a wave of new possibilities for achieving healthier and more radiant skin. From personalized skincare routines to non-invasive treatments, the realm of cosmetic dermatology is experiencing a revolution that caters to the evolving demands of consumers seeking effective and efficient solutions.

Personalized skincare Regimens:
One of the most significant advancements in cosmetic dermatology is the move towards
personalized skincare regimens. Thanks to AI algorithms and data analytics, dermatologists can now assess an individual’s skin type, concerns and genetic predispositions to create tailored skincare routines. This personalized approach ensures that patients receive treatments and products specifically designed to address their unique needs, maximising the effectiveness of the skincare regimen.

 Biotechnology in Anti-aging Solutions:
Advancements in biotechnology have paved the way for innovative anti-aging solutions. Stem cell therapy, growth factors, and peptides derived from biotechnological processes are being incorporated into skincare products. These ingredients stimulate collagen production, accelerate cell turnover, and promote skin rejuvenation, offering a more natural and sustainable approach to anti-aging.

 Smart Skincare Devices:
The integration of technology into skincare devices has given rise to a new generation of smart tools that empower individuals to take charge of their skincare routines. Devices such as facial cleansing brushes, microcurrent devices, and LED masks are equipped with advanced features to enhance product absorption, stimulate collagen production, and address specific skin concerns. These devices not only provide an at-home spa experience but also contribute to the overall efficacy of skincare products.

 Advancements Next-generation Topical Treatments:
Traditional skincare ingredients have been complemented by a new generation of actives that penetrate deeper into the skin for enhanced results. Innovative formulations now incorporate cutting-edge ingredients, such as peptides, growth factors and stem cells, to target a range of skin issues, including fine lines, hyperpigmentation, and uneven texture. Nanotechnology, for instance, allows for the creation of micro-sized particles that can deliver active ingredients to the cellular level. This technology ensures better absorption and efficacy of skincare products, promising visible improvements in skin texture, tone, and elasticity.

 Non-Invasive Aesthetic Procedures:
Cosmetic dermatology has shifted towards non-invasive and minimally invasive procedures that provide remarkable results without the need for surgery. Technologies like laser therapy, radiofrequency treatments and ultrasound technology enable dermatologists to address concerns such as skin tightening, wrinkle reduction, and scar revision without the need for surgery. These non-invasive options not only minimize downtime but also provide natural-looking results. These procedures offer shorter recovery times and fewer side effects compared to traditional surgical interventions.

 Artificial Intelligence in Skincare Analysis:
The integration of artificial intelligence (AI) in skincare analysis is a game-changer for both dermatologists and consumers. AI-powered tools can analyse skin conditions, identify potential issues, and recommend suitable products or treatments. This not only streamlines the consultation process but also empowers individuals to make informed decisions about their skincare routines.

 Environmental Protection in Skincare:
Recognizing the impact of environmental factors on skin health, skincare formulations now focus on environmental protection. Antioxidant-rich ingredients and pollution-neutralizing compounds help shield the skin from the harmful effects of UV rays, pollution, and free radicals. This holistic approach to skincare emphasizes prevention and maintenance alongside corrective measures.

 Virtual Consultations and Telemedicine:
The integration of technology into healthcare extends beyond in-person treatments. Virtual consultations and telemedicine have become increasingly popular in cosmetic dermatology. Patients can now consult with dermatologists from the comfort of their homes, discussing concerns, receiving personalized advice, and even obtaining prescriptions for skincare products. This technological shift has made skincare expertise more accessible, breaking down geographical barriers and expanding the reach of dermatological care.

Bengaluru, February 3, 2024: Fusion, a global leader in business process management (BPM) and customer experience (CX) solutions, proudly announced the opening of its new global facility in Navi Mumbai today. This significant development is part of Fusion’s extensive PAN India expansion strategy and demonstrates its commitment to enhancing service delivery and boosting employment opportunities in the region.

The launch of the Navi Mumbai facility is a landmark event for Fusion, signifying its consistent growth within the Indian market. The company plans to recruit over 500 professionals, elevating its workforce in India beyond the 10,000-employee mark.

Amitabh Vartak, Executive Vice President, Global Head of Healthcare & Life Sciences SBU, and Head of APAC operations, stated, “Mumbai’s dynamic energy and abundant talent pool make it a pivotal location for Fusion’s growth. Our expanded presence in Navi Mumbai strengthens our footprint in India and boosts our ability to serve our global clientele. It also gives us the capacity to service the increasing demand from our India-based clients. This strategic move significantly enhances our commitment to the Asian BPM industry and our reach in the global market.”

“This expansion is a strategic move towards strengthening our presence in APAC,” said Kishore Saraogi, Director, and Co-Founder of Fusion. “With the expansion of our Mumbai operations, we have established a strong presence in all four regions (North, East, South, West) in India. We aspire to transform the way businesses connect with their customers by blending human expertise, technology, and omnichannel support together.”

The newly inaugurated global facility is equipped with advanced technology, offering a range of services, including multilingual, omnichannel customer experience management, technical support, and back-office operations across various industries like Healthcare, BFSI, Hi-Tech, Retail, and Utilities.

Basab Bordoloi, Global Chief Human Resource Officer, expressed enthusiasm about the recruitment drive, stating, “We are eager to welcome talented individuals passionate about delivering transformational business process services with a maniacal focus on customer service. We will onboard over 500 people in the next quarter and bring the unique power of the human connect, AI-ML technologies, and service excellence to our global clientele.”

Kharagpur, 3rd February 2024: Ericsson (NASDAQ: ERIC) and Indian Institute of Technology Kharagpur (IIT Kharagpur) today announced a long-term co-operation for joint research in the area of AI, Compute and Radio. As part of this collaboration, two milestone agreements were inked between both the organizations which will allow researchers from both organizations to collaborate towards developing novel AI and distributed compute technology towards 6G research. A symposium on Radio and Network research was organized at GS Sanyal School of Telecommunications (GSSST) where leaders from Ericsson Research and IIT Kharagpur participated to discuss the developments and advancements for the future of networks and communication.

AI and Compute Research is instrumental to Ericsson’s 6G networks as the compute offload needs to be managed dynamically at edge and the policies would primarily be driven by AI. These themes of research are well aligned with IIT Kharagpur and both organizations view this partnership as a way to push the boundaries of fundamental and applied research in the Radio domain.

The Director of IIT Kharagpur, Virendra Kumar Tewari, states, “In the commitment towards Digital India and making India the hub of technological innovation, this collaboration with Ericsson will be effective for next-generation technology significantly. 6G networks integrated with artificial intelligence will enable AI-powered applications to run faster and more efficiently. In the 6G era, IIT Kharagpur aims to contribute to Radio Access Technology and Network, Core Network, RF & Device Technologies, VLSI Design, Neuromorphic Signal Processing, Services and Applications. The institute also looks forward to participate in Telecommunications Standardization Process, Developing Test Beds, Prototype Development and Commercialization along with training and manpower development. This collaborative research partnership in fundamental areas as well as translational research will be transformational for our Future Network Platforms.”

Elaborating on the partnership between IIT Kharagpur and Ericsson, Dr Magnus Frodigh, Head of Ericsson Research, states, “This collaboration strengthens our R&D commitments in India and is pivotal to Radio, Compute and AI research. We are excited to partner with IIT Kharagpur and look forward to collaborative research in fundamental areas as well as translational research for our Future Network Platforms”. Dr Frodigh also presented Ericsson’s vision on 6G which aims to blend the physical and digital worlds enabling us to improve the quality of life by incorporating widespread Sensor-based communications between humans and machines through digital twins.

Nitin Bansal, Managing Director of Ericsson India states, “Ericsson is well poised to lead 6G innovation and we are making significant R&D investments in India in line with our commitment to the country. Given our 5G and technology leadership, our research initiatives are geared to provide affordable network platforms for ubiquitous connectivity all across the country”.

The Speakers and Panellists of the Conference included Prof. Suvra Sekhar Das (Head, GSSST), Prof. Debarati Sen, Prof. Saswat Chakrabarti, Prof. Soumyajit Dey and many other faculty members from IIT Kharagpur; Dr Magnus Frodigh, Head of Ericsson Research, Dr Mikael Hook, Head of Radio Research and Dr Mikael Prytz , Head of Network Research.

Some of the key initiatives finalized by both the organizations include:

Compute offload and Resource Optimization at edge compute: The project aims to explore resource optimization, dynamic observability, and sustainable distributed and Edge computing technologies.
RL based Beamforming for JCAS: Safe, Causal, and Verifiable: The project aims to explore causal AI methods for joint communication and sensing (JCAS).

New Delhi/Mumbai, February 03, 2024: The Ministry of Road Transport and Highways (MoRTH), under the leadership of the Hon’ble Minister Shri Nitin Gadkari, is championing the Sadak Suraksha Abhiyan 2024. This pivotal public awareness initiative, dedicated to promoting road safety, will host its Second Edition 4-Hour Telethon on February 3, 2024, in Mumbai. In partnership with the SaveLIFE Foundation (SLF), a leading non-profit organization in India dedicated to improving road safety and emergency medical care in India since 2008, this Telethon will spotlight the critical importance of road safety, centering on ‘Empathy’ as its core theme.

According to the “Road Accidents in India 2022 Report” by MoRTH, the country witnessed an average of 461 fatalities in 1,263 road crashes per day, marking an alarming 11.9% increase in road crash fatalities from the previous year. Furthermore, there was a significant 15.3% increase in injuries from road crashes.

In response to these concerning statistics, this second edition of Sadak Suraksha Abhiyan will address road safety challenges through an empathetic lens, focusing on behavioral modification among Indian commuters to enhance empathy and safety on the roads.

The initiative is built on four foundational pillars:

· Respect: Advocating for life preservation and active participation in life-saving measures.

· Patience: Highlighting the necessity of adhering to speed limits and driving rules.

· Safety: Encouraging the adoption of advanced technologies and initiatives for safer public roads.

· Collaboration: Emphasizing the need for cooperation among all stakeholders, including the public.

Mr. Piyush Tewari, Founder and CEO of SaveLIFE Foundation, commented, “Road crashes are a major public health concern in India. It is crucial to communicate the safety message to the masses, inspiring empathy and a respect for life. The Sadak Suraksha Abhiyan is a pioneering effort in this direction, and SaveLIFE Foundation is proud to support it.”

The Ministry of Road Transport and Highways is committed to enhancing road infrastructure, improving road safety education, and promoting responsible driving to make roads safer for everyone. This initiative focuses on raising awareness about responsible two-wheeler driving, helmet usage, and the Good Samaritan Law, with special emphasis on two-wheeler users, who accounted for 44.5% of total road fatalities in 2022.

”A collaborative effort from all stakeholders is imperative to bring about positive change on the roads. As we witness the unfolding of Sadak Suraksha Abhiyan 2024 and raise awareness about empathy, responsible driving, and road safety, let us also pledge to be more patient, respectful, and safe on the roads,” said Avinash Kaul, Chief Executive Officer – Network 18 (Broadcast) and Managing Director A+E Networks

”Road safety is not just about adhering to rules but also about cultivating compassion and transforming attitudes. The Sadak Suraksha Abhiyan 2024 is taking a commendable step in this direction by emphasizing empathy as its central theme. We applaud the efforts of this ambitious initiative and extend our relentless support to this noble cause,” said Puneet Singhvi, CEO (Digital) & President – Corporate Strategy-Network 18

The 4-hour Telethon will feature eminent personalities, including Shri Nitin Gadkari and Bollywood legend Shri Amitabh Bachchan. Leading actors Pankaj Tripathi and R Madhavan are also an integral part of the campaign along with celebrated singer and composer Shri Shankar Mahadevan; Chairperson of the Central Board of Film Certification, Shri Prasoon Joshi; and Author and Philanthropist, Smt. Sudha Murty. The event will also see the launch of the Sadak Suraksha Anthem by Shankar Mahadevan, with lyrics by Shri Prasoon Joshi.

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

Standalone

Performance Highlights: Q3 FY2024 vs. Q3 FY2023

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

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

EBITDA Margin of 15.40% compared to 15.62% in FY2023

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

PAT Margin of 10.62% compared to 10.82% in FY2023

Consolidated

Performance Highlights: Q3 FY2024 vs. Q3 FY2023

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

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

EBITDA Margin of 12.73% compared to 13.61% in FY2023

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

PAT Margin of 8.00% compared to 8.95% in FY2023

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

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

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

February 03, 2024; Mumbai, India: The Advertising Club gears up to announce the 55th edition of The ABBY One Show Awards 2024, South Asia’s Gold standard, acknowledging creative excellence in advertising for over five decades. Held over three days, The ABBY One Show Awards 2024, are scheduled to take place on the 29th, 30th, and 31st of May during Goafest at Grand Hyatt, Bambolim, Goa.

In an ongoing effort to elevate the prominence of the ABBYs, The Advertising Club strengthens its collaboration with The One Show for the third time in a row. This partnership aims to enhance the global standards of judging, jury selection, and transparency, further taking the preeminent ABBY Awards to new heights of recognition.

With a promise to garner global acclaim for remarkable achievements in creative advertising, the ABBYs stand out as a highly revered award property. Recognized as the biggest and the most prestigious advertising award show in the nation, victories at the ABBYs have not only secured domestic acclaim but have also translated into international recognition at prestigious events such as Cannes and One Show, setting unprecedented benchmarks in terms of scale and innovation.

The ABBY One Show Awards 2024 will represent the South Asia region that includes India, Sri Lanka, Nepal, Bangladesh, and Pakistan and has been doing so since 2004.

Speaking on the initiative, Rana Barua, Group CEO of Havas India, South East, and North Asia, and President of The Advertising Club, said, “We, at The Advertising Club, are proud to announce the 55th edition of the ABBY One Show Awards. Over five decades, the ABBYs have not just recognized brilliance; they have fuelled it, inspiring professionals to push boundaries and set new standards. As we celebrate this milestone, our commitment to raising the bar remains unwavering. By partnering once again with ‘The One Show,’ a global benchmark for creativity, we aim to continue to amplify the ABBYs’ global presence. This collaboration underscores our dedication to presenting an award show of unparalleled authenticity and significance. As we embark on this exciting journey, we eagerly look forward to celebrating victories and work that will undoubtedly add new chapters to the illustrious history of the ABBY Awards.”

Prasanth Kumar – CEO, GroupM South Asia and President, Advertising Agencies Association of India, added, “Over the years, the ABBY Awards have grown in stature, a testament to our industry’s relentless pursuit of brilliance. Each edition has marked new milestones, recognizing outstanding work that has set benchmarks and inspired future generations. We are delighted to co-host the ABBY One Show Awards at Goafest. Our collaboration with the Advertising Club underscores our shared commitment to nurturing creativity and celebrating outstanding achievements within our vibrant community. As we eagerly anticipate the 55th edition, we look forward to contributing to the legacy of the ABBY Awards and inspiring new chapters in the narrative of creative excellence.”

“The Abby One Show is a one-of-its-kind award that has been recognised as the gold standard in the Indian advertising, media and marketing industry, for over 5 decades. What makes it truly unique is that it is an award of our industry, and has been nurtured by the industry, for the industry. The awards have kept pace with the changing times and believe that nurturing and showcasing the work, with a spotlight on the young professionals, is integral to the growth and vibrancy of our industry. As we embark on this 55th edition, we eagerly look forward to witnessing outstanding creative work that will undoubtedly set new benchmarks and inspire the industry at large.” added Ajay Kakar, Chairperson, The ABBY One Show Awards 2024.

Every year on February 4th, the global community comes together to observe World Cancer Day. This day serves as a powerful platform to raise awareness about cancer, celebrate the lives of those affected, and mobilize collective efforts to combat this disease. It’s a day of solidarity, where individuals, healthcare professionals, and organizations unite to advance cancer care and prevention.

Each year, World Cancer Day is anchored around a theme that guides activities and messages. The theme for 2024 is “Close the Care Gap,” focusing on equity in cancer care. This theme underscores the disparities in cancer care access and aims to bridge the gap, ensuring that everyone, regardless of their background or location, receives the care they need

The magnitude of the problem – There are 14L new cancer cases diagnosed in 2021 alone, and to give u a little perspective – that translates to 1 in every 8 women being diagnosed with breast cancer in their lifetime (breast cancer being the most common cancer)

How do we curb this growth year on year?

1. Follow a healthy lifestyle – exercise every day/ eat right

2. Stop smoking and encourage everyone around you to stop smoking and stay away from smoke

3. Stay away from tobacco – smoke or smokeless

4. Control your drinking and never mix alcohol with smoking

5. Be conscious of the environment where u work and live- away from any kind of

pollutants

6. Get regular health check up done especially for people who are 50yrs and above.

7. If you have a family history of breast, ovary or stomach, colon etc, – be sure to get yourself screened regularly- all you need is to spend half a day once a year for a cancer check

8. Educate your family, friends, community that cancer is not a death sentence – 70 percent of all cancers are curable when detected early and that a normal life after Cancer is possible and it is a reality !

Bengaluru, February 3, 2024: Tata Motors Ltd. (TML) announced its results for quarter ending December 31, 2023.

 Tata Motors Consolidated:

TML delivered a strong performance in Q3 FY24 with Revenue of ₹110.6K Cr (up 25.0%), EBITDA at ₹15.8K Cr (up 60.6%) and EBIT of ₹9.2K Cr (+₹5.3K Cr) with all automotive verticals continuing their profitable growth trajectory. PBT (bei) improved by ₹4.4K Cr to ₹7.6K Cr and Net Profit was ₹7.1K Cr. For YTD FY24, the business reported strong PBT (bei) of ₹19.0K Cr, an improvement of ₹22.6K Cr over the previous year. Net Automotive debt reduced further to ₹29.2K Cr.

JLR revenue improved 22% to £7.4b. Improved wholesales and reduced material costs resulted in EBIT margins of 8.8% (+510bps). CV revenue improved by 19.2% and EBIT improved to 8.6% (+270bps) benefiting from higher realisations and richer mix. PV revenues were up by 10.6% and EBIT margins improved by 60 bps to 2.1% led by savings in commodity costs.

 Looking Ahead:

We remain positive on all three auto businesses. We expect the performance to further improve in Q4 on account of seasonality, new launches and improving supplies at JLR.  We achieved net debt reduction of ₹9.5K Cr in Q3 and we are confident of achieving our deleveraging plans.

 PB Balaji, Group Chief Financial Officer, Tata Motors said:

“It is satisfying to see our businesses execute well on their differentiated strategies and deliver a strong set of results for the quarter, thereby making it six quarters of consistent delivery. We aim to end the year on a strong footing and remain confident of sustaining our performance in the coming quarters and delivering on our de-leveraging plans.”   

Highlights

• Record Q3 FY24 and YTD FY24 revenue of £7.4 billion and £21.1 billion respectively.
• EBIT margin in Q3 FY24 of 8.8%; more than double Q3 FY23.
• PBT (bei) was £627 million in Q3 FY24, JLR’s highest quarterly profit since Q4 FY17. YTD FY24 PBT (bei) was £1.5 billion.
• Free cash flow was £626 million in Q3 FY24 and £1.4 billion for YTD FY24 and net debt reduced to £1.6 billion.
• Total liquidity was £5.8 billion, including the £1.52 billion undrawn revolving credit facility.

Reimagine Transformation

Modern Luxury

• Record quarterly Range Rover wholesales
• Range Rover Electric generating strong interest with over 15,000 sign ups to the waiting list since opening
• Sales of highest specification Range Rover SV with average price of £202,000, are growing year-on-year with 3,637 year-to-date sales already surpassing 1,909 Range Rover SV sold in FY23
• Defender 110 D300 X-Dynamic S wins What Car?  Car of the Year ‘Best seven-seater’ award

Electrification

• Range Rover Electric prototypes being tested on the road while electric medium size SUV prototypes and new Jaguar prototypes in development
• Transformation of JLR plants for EV production continues at pace:

o   New £60m BEV underbody line at Solihull, West Midlands, UK, being installed

o   New body shop in Halewood, Merseyside, UK, for electric EMA models near completion

o   Production lines for electric drive unit manufacture at Wolverhampton, West Midlands, UK progressing well

Sustainability

• ESG risk rating from Sustainalytics further improved, ‘Low Risk’ score reduced from 17.1 to 15.6, with ranking improving from the 4^th to the 3^rd lowest risk out of 74 companies in the Automotive Sub Industry

Financials

JLR delivered another strong performance in Q3 FY24, increasing wholesales to fulfil more client orders in the quarter. Revenue for the quarter was £7.4 billion, up 22% versus Q3 FY23 and up 8% versus Q2 FY24. Revenues for YTD FY24 were £21.1 billion – JLR’s highest ever revenue in the first nine months of a financial year and up 35% yoy. EBIT margin was positive at 8.8%, more than doubling from 3.7% a year ago. The higher profitability yoy reflects favourable volumes and reduced chip costs, offset partially by unfavourable fixed marketing, administration and FX revaluation.

 Looking ahead

The Company is on track to achieve its profitability and cashflow targets. The EBIT margin for FY24 is expected to be over 8% and we continue to expect operating cashflow to support net debt of less than £1 billion by the end of FY24 and positive net cash in FY25.

 Adrian Mardell, JLR Chief Executive Officer, said:

“We have delivered a further outstanding financial performance in quarter three, with our best quarterly profit for seven years and our highest ever revenue for the first nine months of a financial year. Sales of our modern luxury vehicles hit new records in the quarter and we are excited about the strong client interest for our soon to launch Range Rover Electric. I must attribute these results to our talented and dedicated people, who work relentlessly to bring our exceptional modern luxury cars to the market. Looking ahead, we are mindful of the challenges our business will face but are confident that we will continue to successfully deliver our Reimagine Strategy.”

 Highlights

• Q3 FY24 revenue at ₹ 20.1K Cr, (+19.2%), EBITDA 11.1% (+270 bps), EBIT 8.6% (+270 bps), PBT (bei) ₹ 1.7K Cr.
• YTD FY24 revenue at ₹ 57.2K Cr, (+15.4%), EBITDA 10.4% (+410 bps), EBIT 7.7% (+400 bps), PBT (bei) ₹ 4.1K Cr.
• Double-digit EBITDA delivered; continue to see sequential improvement.
• Domestic Vahan market share at 38.7% in Q3 FY24. HGV+HMV 50.7%, MGV 38.6%, LGV 32.4%, Passenger 35.1%.
• HGV+HMV market share increasing consistently this year. MGV market shares up 100bps qoq on better availability. Action plans underway to improve LGV market shares.
• Showcased a wide range of safer, smarter and greener mobility solutions at EXCON 2023. Unveiled advanced and comprehensive range of aggregates.
• Launched all-new Intra V70 pickup, Intra V20 Gold pickup and Ace HT making small commercial vehicles & pickups more efficient, functional, and productive with reduced ownership costs.
• Bagged the prestigious order of 1,350 diesel bus chassis from Uttar Pradesh State Road Transport Corporation.

 Financials

In Q3 FY24, domestic wholesale CV volumes were 91.9K units, marginally higher 1.1% yoy. Exports were at 4.8K units increasing by 14% yoy. However, revenues improved by 19.2% yoy to ₹20.1K Cr on account of salience towards medium and heavy commercial vehicles and better market operating price. The quarter witnessed strong EBITDA and EBIT margins of 11.1% (up 270 bps yoy) and 8.6% (up 270 bps yoy) respectively, due to improved pricing, superior mix, and strong realizations leading to a strong PBT (bei) of ₹1.7K Cr.

Looking ahead

Going forward, we expect demand to improve in Q4FY24 across most segments due to the Government’s continuing thrust on infrastructure development, the promising growth outlook of the economy and our demand-pull initiatives. We will continue to improve realizations whilst growing VAHAN share, drive innovation to address specific micro segment needs, focus on market development and scale up EV penetration. Focused actions are underway to win back the market share in SCVPUs. Profitability continues to remain the key focus area and we will strive to ensure consistent margin improvement and delivery of double-digit EBITDA margins.

Girish Wagh, Executive Director Tata Motors Ltd said:

“The CV industry witnessed a pause in sales growth in Q3FY24 on account of the higher base effect, impact of elections held across five states, and the post festive seasonal slowdown in rural consumption. While M&HCV and Passenger Commercial segments witnessed healthy growth, shrinking IL&CV and SCVPU sales pulled down overall volumes during the quarter.  Owing to pricing discipline and richer mix, profitability continued to improve and we achieved 11.1% EBITDA margins in Q3 FY24. We will continue to drive the business with strong customer connect, proactive demand-pull initiatives and with innovations in product and service. By improving customer affinity for our brands, we intend to further step-up registration market shares sustainably, and improve realisations and profitability.”