All posts by Rabindra

India, 13^th February 2023 – The healthcare sector in India is leaping forward with digital innovations at an accelerated pace. Government of India’s initiatives like the National Digital Health Mission, integration of artificial intelligence, data governance, and 5G services fuelling a rapid paradigm shift in the healthcare industry which is already on the threshold of a new era of digital transformation. The covid-19 pandemic primed the evolution of healthcare business models by channelizing novel digital concepts and strategies. Indian Immunologicals Limited (IIL) the Hyderabad-based subsidiary of National Dairy Development Board (NDDB) has been in the forefront of business process innovation. Propelling the digital ecosystem, IIL, through its division Human Biologicals Institute, launched its first set of virtual medical representatives, a pioneering alternative to facilitate physician’s interface in form of eMOz i.e. A virtual realm where e-reps can connect with doctors and foster digital relationships.

Traditional sales models in the pharma industry have been primarily indexed on engagement between sales representatives and physicians which has led to volume-based formulae, more sales representatives equal more visits to doctors, assuming incremental business. However, long have the industry embraced the challenge that the average time spent by physicians with a sales rep has seen a drastic downturn owing to various intersecting factors. The COVID-19 pandemic caused further restrictions that significantly curtailed reps’ access to physicians.

eMOZ is a cutting-edge and promising tool for information sharing. eMOz has inbuilt capabilities to provide constant updates on the specific needs of the physicians, thus fostering meaningful, tangible, and enduring gains. eMOz will enable complete stakeholder management on a virtual platform by providing detailed access to products and services. This will reduce several entry barriers while enhancing the cost efficiency.  eMOz will eventually be acquiring AI avatars of sales representatives to interact and assist physicians in one of its kind experiences. eMOz will provide credible solutions digitally for better patient care by offering greater convenience to physicians and save their precious time.

Speaking on the launch of eMOz, Dr. K. Anand Kumar, Managing Director of IIL said “This generation of healthcare professionals are quite open for digital channels of communication, and we envision to provide an engaging digital experience to our customers while focussing foremost on covering untapped markets”.

On the ground level, unveiling eMOz has witnessed significant interest from doctors. Dr Santosh Kumar Mishra, Senior Obstetric & Gynaecologist from Sanjita Maternity Care & Hospital, Bhubaneswar (Odisha) who interacted through eMOz and placed an order as well, said “There has been a huge emergence of various digital channels in our life post-pandemic, experiencing something like eMOz from Indian Immunologicals Limited is unique & interesting. It is more convenient than some of the usual drop-in interactions”

“While in-person rep visits still hold value, eMOz avatars will accentuate digital value perception among all stakeholders”, Vice President, Human Health business, Mr. Shakul Srivastava said.

Mumbai, February 13, 2023: Essar Oil and Gas Exploration and Production Ltd (EOGEPL), a pioneer and a leader in unconventional hydrocarbon space, today announced their results for the quarter ending December 31, 2022.

The company has reported its highest-ever quarterly revenue of ₹219 crores in Q3 FY23, with 54% YoY growth. In the quarter ending December 31, 2022, EOGEPL’s EBITDA grew by ~100% on YoY basis to ₹171 crores, and its PAT increased by 273% as compared to the same period last year to ₹97 crore.

In the 9M FY23 period, the company posted record revenue of ₹696 crores growing at over 113% on YoY basis. It’s EBITDA of ₹552 crore is a 228% increase as compared to the same period last year. The company also posted its highest-ever PAT of ₹284 crore as compared to a loss of – ₹11 crores recorded in last year’s Q3. Essar achieved an EBITDA margin of 80%, witnessing an improvement of 27% due to a reduction in operating cost and internal consumption in 9MFY23.

Commenting on the performance, Mr. Prashant Ruia, Director – of Essar Capital and EOGEPL, said, “Essar aims to participate in India’s vision of reducing carbon footprint and provide industries with alternate clean fuel at economical prices. We are committed to contributing to India’s vision of becoming a gas-based economy in the next decade by ramping up its gas production”

Mr. Pankaj Kalra, Chief Executive Officer, EOGEPL said, “My team has done an excellent job in delivering strong operating performance with ramp up in gas production and reduction in internal consumption by ~12%. The company continues to focus on key priorities of field upgradation and a further reduction in internal consumption which will be acting as a holistic rationalization of the cost while also adding to the company’s top line”

Business Highlights

EOGEPL delivered a strong operational performance by doubling its coal bed methane (CBM) production to over 0.8 million metric standard cubic meters per day (mmscmd) after the commissioning of the Urja Ganga Pipeline with the availability of 100% gas offtake further buoyed by continued tailwinds in global gas prices.

EOGEPL is currently operating ~350 wells in the block and has taken up a systematic approach of good revival through the adaptation of world-class technology and stimulation techniques including re-francs and close monitoring to enhance gas production from the existing wells.

EOGEPL maintains robust momentum to remain the leader in the unconventional space with a clear road map to double its CBM reserve base and increase production from the block to over 3 MMSCMD in the coming years.

The company has roped in globally renowned service providers and technical consultants to roll out a phased growth program to achieve these objectives. The program includes the drilling of new directional and horizontal wells, and expeditious development of the Deeper CBM Area of Raniganj block.

The company is also working towards opening up new frontiers, one of them being Shale Gas exploration which will help the company consolidate its position as one of the largest Unconventional Hydrocarbon players in the region.

ANNEXURE

New Delhi, February 13th, 2023: Strengthening its smartwatch portfolio, home-grown brand Fire-Boltt announces it’s latest ‘Quantum Smartwatch’ under the luxury series in India. The circular design and rounded screen of Quantum offer a royal look and classic feel while the stunning 1.28-inch HD display comes with 240*240 pixel resolution, providing a seamless interface to the user. With its cosmopolitan design and a non-corrosive property, the smartwatch is the perfect choice to up your fashion game and wear along with your most stylish outfits. Crafted carefully with the best of aesthetics, the smartwatch looks magnificent with its stainless-steel dial and strap. The smartwatch will be available for purchase on Amazon & Fireboltt.com from 14th January onwards at an introductory price of INR 2999.

The brand-new smartwatch from Fire-Boltt exudes luxury with its classy-looking stainless-steel strap built with a high-technology ceramic body. The metal frame further enhances its toughness and also adds sophistication to the overall look. Redefining luxury & class, the smartwatch comes in 4 striking color variants- Black, Black Red, Green & Blue.

Fire-Boltt Quantum smartwatch marries fashion with high technology giving its user the ease of using the smartwatch and controlling multiple features such as camera, notifications, weather updates, music, and more. The elegant timepiece is equipped with features like IP67 water resistance, voice assistant, TWS connect, and multiple sports modes that make it a perfect fit to wear to a party or make it your gym buddy. Another striking feature of the smartwatch is its powerful 350 mAh battery which lasts up to 7 days on a single charge and 2 days with Bluetooth calling. Built with finesse and complimented by a plethora of features, the timepiece also monitors health vitals like heart rate, sleep cycle, and oxygen level in the body. Taking it a notch higher is the 128 MB inbuilt storage available in the smartwatch that allows the user to store music and groove to one’s favourite songs whenever-wherever. With an in-built speaker and mic on the Quantum, one can quickly answer voice calls directly from the smartwatch or even dial using the dial pad on the watch.

Commenting on the launch, Aayushi Kishore and Arnav Kishore, Co-Founders of Fire-Boltt, said, “We are thrilled to introduce our luxury line of smartwatches with the launch of Quantum, which is the perfect blend of fashion & technology. Fire-Boltt has been at the forefront of robust innovation that caters to ever-changing and constantly evolving consumer needs. This smartwatch is a testament of this promise and also signifies Fire-Boltt’s introduction of its latest luxury smartwatches”.

The smartwatch also gives periodical health reminders and weather forecasts. Moreover, it comes with an alarm clock, timer, and stopwatch that enhances the user’s efficiency at various day-to-day tasks.

Bengaluru, 13th February 2023: Close on the heels of its successful Global Investors Summit Curtain raiser event held in New Delhi, Andhra Pradesh Government has announced a roadshow in Bengaluru on the 14th of February 2023. The roadshow has been driven with an objective to offer businesses and investors a taste of what’s to come at the Global Investors Summit on March 3rd-4th 2023 in Visakhapatnam.

Themed “Advantage Andhra Pradesh”, Global Investors Summit will highlight the state’s strengths that include its large manufacturing base, robust presence of MSMEs and startups, good infrastructure, business-friendly environment, and its pool of a talented, skilled young population. With a focus on key sectors such as IT, Manufacturing, Pharmaceuticals, Automobile, Tourism, and Energy, the summit aims to engage with investors, industry leaders, and government officials.

The Road Show at Bengaluru will be attended by dignitaries like Shri. Gudivada Amarnath Hon’ble Minister for Industries & Commerce, Infrastructure & Investment, Information Technology and Shri. Buggana Rajendranath, Hon’ble Minster for Finance & Planning.

Andhra Pradesh has consistently been ranked first in Ease of Doing Business (EoDB) for the last three years, which is significant given that this survey is based on perception survey. According to the numbers released thus far, it has the highest double-digit GSDP growth rate in the country in 2021-22, at 11.43 percent. It also has the maritime infrastructure, as it is India’s gateway to the southeast, with 974 km of coastline, the second longest in the country, 6 existing ports, and 4 upcoming ports. It has a favourable business environment and industry-focused policies, as well as a proactive government guiding the state. Three of the country’s eleven industrial corridors are being built in Andhra Pradesh alone. To name a few, the state has received the LEADS award for logistics 2022, the Inertia Award for Energy 2022, the ET award for port-led, and the infrastructure project 2022.

India, 13th Feb 2023: T-Hub, which leads India’s innovation ecosystem, today announced its partnership with Suzuki Motor Corporation (SMC), a leading corporation in the automobile sector to accelerate the growth of the Indian start-up ecosystem. With this collaborative partnership, T-Hub Suzuki Motor Corporation aims to provide mentoring and support to Indian entrepreneurs to access Japan’s ecosystem.

Suzuki Innovation Center (SIC), which is an open innovation platform, will provide growth opportunities to T-Hub incubated start-ups. In addition, SIC provides an open platform for new connections and innovation between India and Japan among academia, industries, and startups. Entrepreneurs will get to engage and innovate with universities and industries from India as well as Japan in domains of sustainability, rural development, supply chain, agritech, and mobility. T-Hub through its robust innovation ecosystem will help SIC to gain exposure to a variety of innovative solutions from startups and help them boost their experiences and expertise in the innovation ecosystem. T-Hub and SIC will collaborate on events, leadership opportunities, workshops, and mentoring to bridge the gap between the Japanese and Indian startup ecosystem.

MSR (Mahankali Srinivas Rao), CEO of T-Hub, said, “Through our partnership with Suzuki Motor Corporation, we are aiming to address broad challenges on and beyond mobility, in India and Japan, on top of the synergistic combination of technology and design. The partnership will empower T-Hub entrepreneurs to scale globally enduring homegrown technology startups with access to mentorship, and guidance from Suzuki Innovation Centre.”

The MoU was signed in the presence of Mr. Hideaki Domichi, Former ambassador of Japan to India, and Director, Suzuki Motor Corporation, Mr. Kinji Saito, Director and Senior Managing Officer, Global Automobile Marketing, Suzuki Motor Corporation, Mr. Vipul Jindal, Execution Head, Suzuki Innovation Center, Mr. Srinivas Rao Mahankali, Chief Executive Officer, T-Hub, Ms. Prathyusha Koneti, Head – Corporate Innovation, T-Hub

A spokesperson, Suzuki Motor Corporation said, “Our partnership with T-Hub will synergize the startup ecosystem between India and Japan. Suzuki`s latest initiative, ‘Suzuki Innovation Center (SIC)’ will play an instrumental role in promoting open innovation with startups along with the support of partners like T-Hub”, said Mr. Kinji Saito, Director and Senior Managing Officer of Global Automobile Marketing, Suzuki Motor Corporation.”

This one-year agreement will act as a catalyst for revolutionizing open innovation and creating global avenues for the Indian Startup ecosystem. In addition, this will enable T-hub startups to access various benefits such as validating their solutions, building POC (Proof-of-Concept), funding opportunities, and access to a vast pool of global networks.

T-Hub’s programs have been successfully scaling startups in partnership with a robust ecosystem of partners. T-Hub, to date, has impacted over 2000 startups through various programs and initiatives, has over 600 global and national corporate partners, and has provided 2000 mentor connects to help the startup scale. T-Hub will continue to drive collaboration between startups and leading innovation ecosystems worldwide, providing global market-access opportunities to startups.

Mumbai, February 13: Great people managers deliver great results, create learners for life at the workplace, and reward of being resilient are some of the most interesting highlights of the recently held For All Summit, hosted by Great Place To Work® India in the economic city of Mumbai. Both speakers and attendees enjoyed 15+ packed sessions revolving around the theme: Agility, Innovation & Maximized Human Potential.

While the majority of the sessions received positive responses from the audience, a few segments with speakers like Sudhanshu Mani, Arunima Sinha, Ravi Venkatesan, and Kris Gopalakrishnan specifically piqued the audience’s interest. Their respective speeches, based on their experiences, left the audience with a unique perspective that can assist attendees in making decisions or even helping others in need.

“The For All Summit 2023 exceeded our expectations this year. The event has left all of us with a unique perspective that will help us, as industry leaders, create an agile, innovative, and healthy culture for our employees. Mr. Sudhanshu Mani has put it aptly that there is a need of purpose that leaders of today have to instill in their employees and innovation simply becomes a byproduct. Similarly, Mrs. Arunima Sinha’s story of achieving the impossible target has left us speechless, inspiring many to focus on achieving the most difficult target,” said Yeshasvini Ramaswamy, Serial Entrepreneur & CEO, of Great Place To Work, India.

She further said, “she really enjoyed the fireside chat with Mr. Krish Gopakakrishnan and the conversation around how it seems tough to believe now but Infosys once also was a startup once! I concur with Mr. Gopakakrishnan that the future is all about entrepreneurship and startups and that there is a large talent pool of great leaders out there.”

“Being said, today’s employee wants to be associated with a firm that has a social purpose. Companies understand this, and therefore, they are bringing ESG to the core of their business. In the long run, it is beneficial for the companies themselves as it assists them in achieving their sustainability goals while creating a better world.” Ramaswamy added.

Data shows that the employee sentiments over the last few years have moved north dramatically, i.e., 87% of employees in 2022 had a positive response, compared to 79% in 2016 that they feel good about the way they are contributing to society.

The conversations during the day-long summit revolved around topics like AIM in India – A Case Study on the Vande Bharat Express, Becoming ESG-Conscious: How do you make sustainability stick, How do Unicorns leverage Disruptive Innovation, Building a human-led, data-powered culture, Winning the War for Talent, and Science behind people management.

It is worth mentioning that the ‘For All Community India’ mobile app was also launched during the Summit. The app gives an insight into the best people practices across industries to enrich the workplace culture journey, and access to company members’ research papers, case studies, and blogs from the leaders of the Best Workplaces™ Global. The app also allows users to engage in meaningful discussions on our discussion forums and much more!

HSNC University, one of the most promising multidisciplinary educational institutions in the country, held its First Convocation Ceremony at the Rama & Sundri Watumull Auditorium in K.C. College Campus, Churchgate on Saturday 11th February to award degrees to the first batch of students from completing their graduate and postgraduate programs from the university. The top rankers from 15 different programs were awarded a medal and a certificate.

The Convocation ceremony was presided over by the Honorable Governor of Maharashtra State and Chancellor of HSNC University, Shri Bhagat Singh Koshyari. The Chief Guest for the ceremony was Padma Vibhushan Dr Raghunath A. Mashelkar, FRA, Former Director General, of the Council of Scientific & Industrial Research (CSIR). Dr. Niranjan Hiranandani, Provost HSNC University, Prof Dr. Hemlata Bagla, Vice Chancellor HSNC University, and Dr Anil Harish, Trustee, and President of HSNC Board shared the dais with the dignitaries on this momentous occasion.

In her welcome address, Prof. Hemlata Bagla said, “We at HSNC University wish to continue our efforts in contributing to the process of nation-building, and also the overall societal welfare. We envision that the university leapfrogs into becoming one of the topmost universities in India in the times to come.” She emphasized the holistic pedagogy of HSNC University, built around projects, research experimentation, and experience that aids in the development of well-rounded individuals who can contribute constructively to society.

In his address, Dr. Niranjan Hiranandani, Provost, HSNC University Mumbai, quoted Honorable Prime Minister Shri Narendra Modi, who had said, “If the seeds of good humanity and good culture are sown, the reward of a rich harvest can be reaped by generations to come.” He stressed the point that HSNC University Mumbai is probably the first university in the country to adopt suggestions given in the new education policy.

In his Convocation address, Padmasri Dr. Mashelkar congratulated the first batch of graduating students and stressed that the 1st batch is always special. He asked the students to focus on value-based education, and aspire to create the Bharat of their dreams, a Bharat that is Santulit, Su-Sanskrit, Su-vidya, Samruddh, Sushasit, Surakshit, and most importantly Swanandit Bharat.

He expressed his faith in the vision and aptitude of the current generation that wants to create indigenous tech giants such as Microsoft and Google within the shores of India. Since 2016, he said there’ve been 100 plus unicorns, the number touching 44 in 2021 – almost one unicorn per week! What is more promising, he said, is that “50% of the unicorns have been set from founders who hail from tier-3 cities –thus fulfilling our vision of inclusion, justice and democratization. He said that one must always remember the 3 P’s in life Purpose, Perseverance and Passion, and also stressed on the value of focus in one’s life.

In his Presidential address – Chancellor Shri Bhagat Singh Koshyari congratulated the management of the university and the first graduating batch of students. He elaborated that HSNC State Cluster University was formed under the vision of the Central Government to create smaller cluster universities for more efficient management. In his address, he said, The HSNC University is bound to be among the top-most universities in the country in the coming future. The VC and Provost are immersed into transforming the HSNC university and constituent colleges into sustainable world-class university. Realize the Prime Minister’s dream of India being a Jagat Guru.”

To the graduating batch, he extended his warm wishes. He said, “you are all excellent businesswomen, scientists, and researchers. Now, you have to work harder to prove your worth. If not unicorns, you are definitely unique! Because you have the privilege of studying at the HSNC university.”

Also present on the occasion were Shri Dr. Kishu Mansukhani, Immediate Past President of the HSNC Board, Ms. Maya Shahani, HSNC Board Trustee, Honourable Vice-Chancellors of Universities in Maharashtra, HSNC Board members, University Deans, University Officers, principals of the constituent colleges and HSNC board colleges and the members of the Dept of Higher Education.

Switzerland is paying tribute to the legendary filmmaker Yash Chopra, saluting his contribution of having showcased Switzerland’s beauty to Indians through the magic of his cinema.

The much-awaited Netflix docu-series, The Romantics is a celebration of the legacy of Yash Chopra, YRF and the cultural impact it has had on Indians over the past 50 years. It is set to release this Tuesday, the 14th of February.

Remo Käser, Director of Sales Jungfrau Railways, Switzerland, reveals, “The legend, Yash Chopra, has presented the beauty of Switzerland and especially the Jungfrau Region to Indians across the world for generations, through his beautiful, soulful cinema. Indians, who come to Jungfraujoch – Top of Europe year on year, have always spoken to us about how the romantic films of Yash Chopra have pushed them to visit the Jungfrau Region and Interlaken and make memories for a lifetime.”

The Swiss authorities will celebrate Yash Chopra’s legacy across the country, especially in places where the filmmaker shot mega-hits like Darr and Chandni. His son Aditya Chopra also shot the all-time blockbuster, Dilwale Dulhania Le Jayenge in Switzerland.

Every Indian has been enchanted by Switzerland’s snow-capped mountains, lush valleys and pristine lakes in large part because of Yash Chopra’s films. It is said that he visited Switzerland for his honeymoon and was smitten by the country instantly. The Swiss government has continuously honoured the legendary filmmaker through the years.

In 2011, Switzerland’s Jungfrau Railways inaugurated a train named after him — an honour shared only with the railway’s founder, Adolf Guyer. The train featured his signature and name on a signboard. In May 2016, a bronze statue of Yash Chopra was installed by the Switzerland government as a tribute, near the Congress Centre in Interlaken, a popular tourist spot.

At the prestigious Victoria-Jungfrau Grand Hotel & Spa, a special deluxe cinema-themed suite was named after Yash Chopra. In 2011, the film-maker inaugurated the suite. Lake Lauenen, in the Canton of Berne, is referred to as Lake Chopra! The Swiss government honoured Yash Chopra with the title of Ambassador of Interlaken, making him the first recipient of the award. He was also bestowed the Swiss Ambassador’s Award.

Remo adds, “Switzerland and India have a great bond of mutual respect and admiration and Yash Chopra has played a monumental role in solidifying the relationship between our great nations. Switzerland is only too proud to celebrate his legacy here.”

From Aamir Khan to Salman Khan, Shah Rukh Khan to Ranbir Kapoor, Amitabh Bachchan to Ranveer Singh, Rani Mukerji to Hrithik Roshan, Katrina Kaif to Anushka Sharma, the mega-stars and icons of Hindi cinema have come together to speak about Yash Chopra and YRF’s contribution to Indian cinema in The Romantics.

The Romantics has been directed by Oscar & Emmy-nominated film-maker Smriti Mundhra, who returns to Netflix after the phenomenal success of Indian Matchmaking and the *Never Have I Ever Season 3*

Netflix, in this four-part docu-series, will feature 35 leading personalities from the film industry, who have closely worked with YRF through its 50 year glorious existence.

Interestingly, the reclusive head of the iconic Yash Raj Films, Aditya Chopra, has also recorded his first on-camera interview for The Romantics! Hearing him share insights about YRF and the Hindi film industry in this docu-series is bound to be a huge highlight for the film fraternity, cinephiles & Hindi cinema audience at large.

The trailer of The Romantics has been appreciated globally. Netflix will release The Romantics on Feb 14, 2023 as a tribute to Yash Chopra, who is regarded as the ‘Father of Romance’ in India because of his iconic romantic films like Silsila, Lamhe, Kabhi Kabhie, Veer-Zaara, Dil To Pagal Hai, Chandni, Jab Tak Hai Jaan, etc.

Pune/Gurgaon, 13 February 2023: Mars Wrigley India, the Indian business of the world’s leading manufacturer of chocolates, chewing gum, mints, and fruity confections, and the treats and snacks segment of 100-year-old US-based Mars Incorporated, is proud to announce the launch and local production of GALAXY® FUSIONS Dark chocolate with 70% cocoa in India. This marks Mars Wrigley India’s foray into the dark chocolate segment in India and significant expansion of local production of the 60-year-old globally loved brand, GALAXY®. The company is also confident that offering a dark chocolate product will be welcomed by many consumers who want a variety of options in their snacks, from pure indulgence to ‘better for you’ treats including dark chocolate.

With the dark chocolate’s addition to the GALAXY® brand portfolio of indulgent variants, Mars Wrigley India seeks to consolidate its position in the molded chocolates category. The company announced the local production of GALAXY®, one of the iconic brands in its portfolio, in October 2021 at its world-class manufacturing facility in Pune. This was a significant milestone for the company as GALAXY® became the second global chocolate brand to be locally made in India for the Indian market, after SNICKERS® in 2016.

Announcing the launch, Kalpesh Parmar, Country General Manager, Mars Wrigley India said, “We are extremely delighted to launch GALAXY® FUSIONS dark chocolate with 70% cocoa in India. It is a matter of great pride that we are making the global brand in India at our world-class chocolate production facility in Pune. This marks an important milestone for us as we expand our local manufacturing capabilities to make globally loved brands in India with the same quality and signature recipes. This undoubtedly allows us greater production and fresh availability and brings this chocolate delight to a larger number of Indian consumers. GALAXY® FUSIONS is a unique amalgamation of the new-world experience of dark chocolate and the signature smooth taste that GALAXY® stands for and we are confident that offering a dark chocolate product will be welcomed by many of our consumers who want a variety of options in their snacks, from pure indulgence to ‘better for you’ treats including dark chocolate.

India is a key market for Mars Wrigley, and we are committed to growing the category. Over the years, we have been launching our globally loved brands and innovating to develop a portfolio fit for India. Our endeavor has been to bring high-quality chocolates and confectionary into Indian households.”

Varun Kandhari, Marketing Director, Mars Wrigley India, said, “We are convinced that GALAXY® FUSIONS dark chocolate will delight our Indian consumers. GALAXY® FUSIONS will elevate the dark chocolate experience with its premium signature recipe, 70% cocoa content, and its rich, smooth texture. This smooth dark variant is sure to offer a superlative multi-sensory experience to chocolate lovers and connoisseurs alike.”

GALAXY® FUSIONS dark chocolate will be available across traditional, modern retail outlets and all e-commerce portals across the country at various price points starting at INR 90. Mars Wrigley’s diverse portfolio of globally loved brands includes SNICKERS®, BOUNTY®, M&M’s®, SKITTLES®, ORBIT®, DOUBLEMINT®, BOOMER®, SOLANO®, and many variants.

Bangalore, February 13, 2023: AXISCADES Technologies Ltd, a leading end-to-end engineering and technology solutions provider, catering to Aerospace, Defence, Heavy Engineering, Automotive, Energy, Medical & Healthcare sectors, serving Global OEMs, today announced results for the quarter that ended Dec 31, 2022.

Performance Highlights

(All Numbers in INR Millions except % data)

*In Q3 and 9M FY23, the consolidated P&L statement recognizes an ‘exceptional item’, with a net negative impact of INR (236)Mn and INR (680) Mn respectively on account of additional consideration and interest cost on acquisition awarded by the Arbitration Tribunal for the Mistral acquisition, which was not part of earlier purchase consideration and interest on Optionally Convertible Debentures relating to Mistral acquisition.

 Key Operational Highlights:

• The company was awarded an enhanced contract by Airbus for the fourth time, continuing the long-standing relationship with Airbus for niche engineering services in the aerospace sector
• Completed the acquisition of Mistral Solutions Private Ltd., a leader in Semiconductor, Embedded Electronics, Defence, and Product Engineering capabilities. The acquisition, which was initiated in the year 2017, was executed over 4 phases at an aggregate acquisition cost of INR 296 crores

Commenting on the performance, Mr. David Bradley, Chairman of AXISCADES said:  “We are delighted by the momentum built in the business, quarter on quarter, and are happy to report highest ever quarterly revenue in this quarter. We continue to execute and strengthen our strategic positioning. As underlined in our key objectives, we have concluded the acquisition of Mistral Solutions in this quarter. This is a value-accretive asset for the Company, which will help us expand our capabilities and offerings in semiconductors, defense, and homeland security. We are also happy to announce additional contract wins in our new focus areas and the extension of our long-standing relationship with Airbus for the fourth time.”

Commenting on the results and outlook, Mr. Arun Krishnamurthi, CEO & MD of AXISCADES said “As I complete my first year in AXISCADES, I  am pleased to report that the journey that we have undertaken in AXISCADES to transform and de-risk the business has translated to vastly improved business and financial performance. Our three-pronged strategy of vertical diversification, customer diversification, and digital-first is well on course. We have achieved the highest-ever quarterly revenue in 3^rd quarter and continue to record healthy operating margins. The conclusion of the acquisition of Mistral Solutions brings forth opportunities to deliver an enhanced bouquet of services to our Global client base, thereby enhancing revenue and profitability, going forward”.