Feb 16, 2024 | Uncategorized
VIP Industries Limited, Asia’s largest and the world’s second-largest luggage maker appoints Mr. Manish Desai as Chief Financial Officer (CFO), and re-designated Ms. Neetu Kashiramka as the Managing Director of the company, both effective from February 14, 2023.
Mr. Manish Desai has an experience of over 25 years covering various sub functions of Business & Finance like Project Finance, Revenue/ Financial Accounting including Consolidation, MIS, Treasury, Statutory/ Internal Audit, Direct & Indirect Tax, USGAAP financials including participation in Management review and Board meetings.
In his last assignment Mr. Manish was with Voltas Ltd., as Head of Corporate Finance, wherein his roles involve strengthening control across all divisions, risk management, partnering in various strategic initiatives including capital allocation, driving annual budget performance, Treasury operations involving Borrowing, Currency hedging and Insurance, Property Cell, shared service function, Indirect Tax, Investor relationship, accounts consolidation and working closely with Statutory & Internal Auditors on critical matters and actively participating in the Audit Committee and Board meeting along with Chief Financial Officer.
Before joining Voltas Ltd, Mr. Manish has worked with MIRC Electronics Ltd., BPL Mobile Communications Ltd. Mr. Manish holds a Chartered Accountancy qualification from the Institute of Chartered Accountants of India, New Delhi.
Ms. Neetu Kashiramka joined VIP Industries on April 7, 2020, as the Chief Financial Officer of the Company. She was then appointed as Executive Director and Chief Financial Officer of the Company, effective May 8, 2023. Furthermore, she was elevated to the position of Designate Managing Director & Chief Financial Officer, effective November 14, 2023. She is a qualified Chartered Accountant with over 26 years of post-qualification experience. She brings in more than two decades of experience in the corporate finance function across several organizations. Before joining the company, she was associated with various reputed organizations such as Greaves Cotton, Jyothy Labs, and Kewal Kiran & Company.
Feb 16, 2024 | Uncategorized
RR Kabel Limited is delighted to share the news of its inclusion in the esteemed 2023 Burgundy Private Hurun India 500 list. This achievement stands as a testament to the company’s remarkable impact on the Indian economy. Compiled by Burgundy Private and Axis Bank’s Private Banking Business in partnership with Hurun India, this exclusive list recognizes the top 500 companies in India, ranked based on their market capitalization for listed companies and valuations for non-listed entities.
“We are honoured to be recognized among the top 500 companies in India by Burgundy Private Hurun India 500. This acknowledgment underscores the significant contributions RR Kabel Limited has made to the Indian economy and reaffirms our commitment to excellence and growth. We extend our gratitude to Burgundy Private, Axis Bank’s private banking business, and Hurun India for this prestigious recognition; this achievement motivates us to continue striving for excellence and making a positive impact on the Indian economy.” said Mr. Shreegopal Kabra, Managing Director at RR Kabel Limited.
The 2023 Burgundy Private Hurun India list stands as a hallmark of corporate achievement within the Indian economy. This prestigious list showcases the top 500 most valuable companies in India, meticulously assessed based on their market capitalization and valuations. This thorough evaluation ensures that the list accurately represents the true value and potential of India’s corporate ecosystem. Securing a spot in this list places RR Kabel among an elite group of companies that are instrumental in shaping India’s narrative of growth and dynamism. It reflects the trust and confidence placed in RR Kabel Limited by its stakeholders, solidifying its position as a key player in the Indian business arena.
RR Kabel Limited’s inclusion on this prestigious list reaffirms its dedication to excellence, innovation, and sustainable progress. It stands as a powerful testament to the brand’s core values of quality, innovation, trust, and transparency, making RR Kabel the preferred choice for customers not only in India but also worldwide.
Feb 16, 2024 | Uncategorized
Voltas, an undisputed market leader in Room Air Conditioners in India, has today strengthened its position by associating with South Asia’s largest HVAC exhibition, ACREX India 2024.
Voltas announced the launch of its new commercial AC product line-up for commercial spaces at the ongoing ACREX India 2024 in Noida. The new Inverter Scroll Chillers has a cooling capacity ranging from 12-72 TR with eco-friendly refrigerants. The product is IoT enabled, BMS compatible, silent in operation and convenient for the user, as it can be operated through a mobile app. Through this new line of Inverter Scroll Chillers, the company aims to further enhance its goal of encouraging commercial spaces, to use cutting-edge technology, for incorporating energy efficient solutions into their operations.
Further, some of the other CAC products that Voltas launched at the ongoing event are:
- Upgraded its 1.5-ton and 2-ton Fixed Speed Cassette ACs to 3-star Cassette ACs.
- Extended the product portfolio in the Ducted and Packaged AC segment including the introduction of water-cooled series with eco-friendly R410a refrigerant. Voltas is also introducing 1.5 ton and 2-ton Hideaway Ceiling Concealed Ducted AC Units.
Voltas also introduced Voltas SmartAir AC, a new range of smart inverter room air conditioners that function silently while providing adequate cooling, and is also IoT enabled. This new product range has a significantly low noise level, enables easy temperature control and has advanced features that can be controlled through the Voltas Smart Mobile App (available on Google Play Store & iOS App Store). The Smart AC is Alexa and Google Home compatible and enables the user to understand and analyse the Energy Consumption Trend with availability of a graph for a certain period. Presently, we have introduced a total of 6 IOT enabled SKUs, of which 3 SKUs will be in the 5-Star Inverter Split AC and 3 in the 3-Star Inverter Split AC.
Speaking on this occasion, Mr. Pradeep Bakshi, MD & CEO, Voltas Limited said, “We are delighted to launch our new products, Inverter Scroll Chillers and SmartAir AC series at ACREX 2024. With our new products, we emphasise on our work towards introducing more technology-driven products that are sustainable and tailor-made for the needs of our customers. We are committed to strengthening our relationship with customers across India.”
As pioneers in smart engineering, Voltas has always focused on building intelligent products with integrated smart monitoring for efficient execution for their wide customer base. The brand displayed its wide range of VRF, chillers, ducted package solutions, light commercial product solutions of cassette and tower ACs along with Room Air conditioners at ACREX India 2024.
Feb 16, 2024 | Uncategorized
NeoGrowth, the MSME-focused digital lender in India, announced its financial results for the third quarter that ended December 31, 2023.
Performance Highlights of Q3FY24 (October – December):
- Asset Under Management (AUM) grew 51% to INR 2,456 crore in Q3 FY24, compared with INR 1629 crore during the same period last year
- Disbursements climbed 39% to INR 672 crore in Q3 FY24
- Gross revenue jumped by 67% to INR 160 crore in Q3 FY24
- Return on Equity (ROE) stood at 13.19%
- Return on Assets (ROA) was at 3.68%
- Operating Costs to Net Revenue improved to 34.19% in Q3 FY24
- Profit Before Tax (PBT) rose to INR 28 crore in Q3 FY24
- For the nine months period (April to December 2023), PBT stood at INR 67 crore
- Net Non-Performing Assets (NNPAs) remained low at 1.42%
- Capital Adequacy (CRAR) stood at 30.69%, above the regulatory requirement of 15%
Mr. Arun Nayyar, Managing Director & CEO, NeoGrowth, said: “Our robust performance in Q3 FY24 is fuelled by our innovative product offerings, deep understanding of the customer segment and strong digital lending capabilities. By combining Digital Public Infrastructure with data science and analytics, we continue to enhance our customer selection and risk management processes. We not only aim to empower countless small businesses nationwide but also constantly strive to simplify lending across the value chain for MSMEs.”
Y-o-Y change in the financial performance
Figure in Crores
| |
Q3 FY24 |
Q3 FY23 |
YOY Change |
| AUM |
INR 2,456 Cr. |
INR 1,629 Cr. |
51% |
| Disbursements |
INR 672 Cr. |
INR 483 Cr. |
39% |
| Gross Revenue |
INR 160 Cr. |
INR 96 Cr. |
67% |
| PBT |
INR 28 Cr. |
INR 2 Cr. |
1302% |
Additionally, rating of NeoGrowth has been upgraded by ICRA to [ICRA]BBB+ from [ICRA]BBB.
Beyond the Numbers: Qualitative Metrics
NeoGrowth follows a flow-based lending model and analyses the digital financial transactions of MSMEs to assess their creditworthiness. The company leverages India’s expanding digital payments ecosystem combined with its own robust data and analytics capabilities. NeoGrowth harnesses the existing Digital Public Infrastructure (DPIs), including e-KYC, Account Aggregator framework, DigiLocker, eSign, and UPI. The digital lender’s strong growth is driven by its holistic product suite, robust data-driven underwriting model, deep customer connect, strong data science capabilities, and analytical models across the value chain.
NeoGrowth boasts a robust portfolio of 26,000 active MSME borrowers across 75+ diverse industries and 25+ locations. This translates to more than INR 11,000 crore in loans disbursed and engagement with more than 150,000 MSMEs.
NeoGrowth’s success is further enhanced by the backing of esteemed investors such as Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, 360 One Asset, FMO, and Leapfrog Investments.
Feb 16, 2024 | Uncategorized
Hero Vired, a leading LearnTech startup by the Hero Group, takes center stage in the latest documentary series, ‘The Indian EdTech Story’ which premiered nationwide on Disney+ Hotstar today. This enlightening series, produced by Edstead, sheds light on the significant impact and outcomes achieved by Hero Vired in transforming the educational landscape for millions of students across India.
The documentary provides a compelling narrative of Hero Vired’s commitment to making education more affordable and accessible, showcasing the organization’s profound influence on the learning experiences of countless individuals across the nation. Through a focus on the positive contributions to the sector, the docuseries explores the highs and lows of the edtech journey, demonstrating how the sector continues to play a pivotal role in creating a lasting impact despite the roadblocks.
Commenting on the release, Shekhar Bhattacharjee, Founder of Edstead, expressed, “The entire objective behind producing this series was to illuminate the transformation of education into an affordable and accessible realm for millions. The series not only captures the highs and lows of the edtech sector but also underscores its ongoing commitment to creating a positive impact.”
In the documentary, Akshay Munjal, the Founder & CEO of Hero Vired, shares his vision behind Hero Vired’s inception, rooted in the realization of the challenges deserving graduates face in securing employment opportunities across the nation. The genesis of Hero Vired stems from the recognition of the gap in accessibility to education in India and the evolving demands of the job market. At its core, Hero Vired is driven by the mission to onboard the best professionals across industries to impart skills to their learners that will remain relevant in the upcoming decade. Mr. Munjal, in the documentary, further highlights the importance of emerging technologies in shaping the future job landscape and Hero Vired’s notable role in preparing learners for this transition.
“India is an ocean of talent, and its demographic dividend, with the world’s youngest population, should be utilized to the optimum level. At Hero Vired, we believe in empowering individuals to embrace change and become architects of their own success. Indeed, the timing of this series is impeccably opportune, aligning seamlessly with the burgeoning momentum of the Indian Edtech sector, poised to ascend as a global powerhouse. It serves as a compelling testament to the relentless endeavors underway, meticulously crafting the landscape of education technology in India. With unwavering conviction, I assert that India harbors the latent potential to emerge as the unrivaled capital of Edtech worldwide. “ remarks Akshay Munjal, the Founder & CEO of Hero Vired, underscoring the importance of empowering the youth with relevant skills and opportunities.
Additionally, the documentary features stories of two Hero Vired alumni- Shivanshu Pandey and Jenny, who have testified to the transformative impact of the platform’s courses on their careers. Shivanshu credits Hero Vired’s Full Stack Development course for equipping him with both the essential soft and hard skills to become a successful developer. Jenny recounts how Hero Vired’s Certificate Program in Gaming and Esports helped her turn her passion into a successful career as the world’s first apex legend predator player.
Through its prominent feature in ‘The Indian EdTech Story’ series, Hero Vired’s journey serves as a beacon of inspiration, showcasing the organization’s dedication to quality education and its enduring impact on India’s growing EdTech landscape.
Feb 15, 2024 | Uncategorized
South Indian Bank wins the prestigious title of Best Technology Bank of the Year Award at the 19th IBA Annual Banking Technology Conference, Expo & Citations. The Bank’s exceptional performance was celebrated with a total of six prestigious accolades. The Bank emerged victorious in three categories, secured the runner-up position in one, and received special mentions in two others. The awards were presented to Mr. P. R. Seshadri, MD & CEO, South Indian Bank by Mr. T. Rabi Sankar, Deputy Governor, Reserve Bank of India during the award ceremony held at The Trident, Mumbai. The Bank’s Senior Leadership Team graced the event, adding prestige to this remarkable accomplishment.
The IBA Annual Banking Technology Conference, Expo & Citations is an annual event since its inception in 2005. Instituted by the Indian Banks’ Association (IBA), it recognises organisations that have brought in transformational changes in their businesses by adopting modern digital solutions.
South Indian Bank excelled across various categories. The categories where the Bank triumphed includes:
- Best Technology Bank of the Year- Winner
- Best Tech Talent and Organization – Winner
- Best IT Risk and Management – Winner
- Best Financial Inclusion – Runner Up
- Best Digital Sales, Payment, and Engagement – Special Mention
- Best Fintech & DPI Adoption – Special Mention
Mr. P. R. Seshadri, MD & CEO, South Indian Bank said, “The consistent recognition at the IBA Banking Technology Conference, Expo & Citations is a testament to our efforts towards digitization of our banking operations, including the introduction of digitally-enabled products and services catering to the diverse needs of our customers. These awards encourage us to continue leveraging technological innovations to enhance our operational efficiency.”
The award ceremony was graced by luminaries from the banking sector, with Dr. Deepak B. Phatak, Professor Emeritus at IIT Bombay and the Jury Head for the awards, lauding South Indian Bank’s technological prowess in his introductory address. Prominent personalities from the banking industry, such as Mr. T. Rabi Sankar Deputy Governor – Reserve Bank of India, Mr. A. K. Goel, IBA Chairman and PNB MD & CEO, and Mr. Sunil Mehta, IBA Chief Executive, enhanced the splendour of the occasion by presenting awards to the honourees.
