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Category: MAM

  • Consumer sentiment surges in October amid festival cheer: LSEG-Ipsos PCSI India

    Consumer sentiment surges in October amid festival cheer: LSEG-Ipsos PCSI India

    Mumbai: Consumer sentiment of urban Indians has displayed a major resurgence of +4.3 percentage points in October amid festival cheer and above normal monsoons, according to the monthly LSEG-Ipsos Primary Consumer Sentiment Index (PCSI) India report. Last month consumer sentiment had shown a minor uptick of of +0.4 percentage points and prior to that in August was down -2.9 percentage points.

    The LSEG-Ipsos PCSI maps consumer sentiment on four sub indices and interestingly, all four have shown improvement – the PCSI current personal financial conditions sub index (current conditions) is up +7.7 percentage points; the PCSI economic expectations (“expectations”) sub-index is up +3.3 percentage points; the PCSI investment climate (“investment”) sub-index is up +7.1 percentage points and sentiment for the PCSI employment confidence (“jobs”) sub-index, has seen a minor surge of +0.3 percentage points

    Ipsos India CEO Amit Adarkar said, “Consumer sentiment has phenomenally improved for personal finances – for day-to-day household expenditure – and investments – making it conducive for customers to save and invest in big ticket purchases, in the festival season, particularly, when marketers are doling out promotional schemes and easy financing. Confidence around the economy is seeing a major rebound, riding on good monsoons and boosted by growth in infrastructure and domestic consumption. Even the IMF has pegged the economic growth of India at 7% for 2024. Confidence around jobs was up but somewhat sluggish as hiring is slow with companies focusing on closing a robust H2, after a tough H1, due to the elections, heat wave, heavy rains and its collateral impact. Automotive sector grew by a miniscule 0.5 per cent April to September. The festival season has seen a major upturn in consumption bringing much cheer to marketers.”

    Overall Consumer Confidence

    Consumer sentiment in 29 countries

    Among the 29 countries, India (66.3) now holds the highest National Index score. India and Indonesia (62.1) are the only countries with a National Index score of 60 or higher.

    Ten other countries now show a National Index above the 50-point mark: Singapore (58.3), Malaysia (58.2), Thailand (56.8), the U.S. (55.6), Sweden (55.4), Mexico (53.8), Brazil (53.4), the Netherlands (52.1), South Africa (51.4), and Great Britain (50.7).

    Consumer sentiment in 29 countries

    In contrast, just three countries show a National Index below the 40-point mark: Japan (39.3), Hungary (35.3), and Türkiye (33.0).

    Compared to 12 months ago, just three countries show a significant drop in consumer sentiment. In contrast, thirteen countries show a significant increase from October 2023, most of all in Malaysia (+12.1).

  • JSW Energy reports resilient Q2 FY25 results amid economic challenges

    JSW Energy reports resilient Q2 FY25 results amid economic challenges

    Mumbai: In a year marked by economic challenges and shifting global energy priorities, JSW Energy continues its steady performance, navigating volatility with a balanced mix of innovation, sustainability, and expansion. The company’s Q2 FY25 results underscore a nuanced position: while overall revenue reflects a modest decline, strategic initiatives in renewable energy and infrastructure lay the groundwork for long-term growth.

    In Q2 FY25, JSW Energy’s revenue from operations stood at Rs 3,237.66 crore, a slight decrease from the Rs 3,259.42 crore recorded during the same quarter last year. Although consolidated EBITDA dipped by 5 per cent YoY to Rs 1,907 crore, underlying EBITDA grew by 4 per cent, driven by increased energy generation across its thermal, wind, and hydro assets. Net Profit After Tax (PAT) grew to Rs 853 crore, marking a small but steady YoY increase, underpinned by an uptick in operational efficiency and an optimised debt position, with a net debt-to-equity ratio of 0.9x and net debt-to-EBITDA (excluding CWIP) at 2.2x.

    The company’s energy generation surged by 14 per cent YoY to 9.8 billion units (BUs), a growth attributed to the commissioning of 204 MW in wind projects and enhanced generation from both its thermal and hydroelectric assets. Total renewable energy (RE) generation rose by 14 per cent, hitting 5 BUs. Notably, wind generation surged by 37 per cent YoY, while hydro saw a 5 per cent increase. Thermal energy, despite broader industry challenges, remained resilient, contributing an impressive 4.8 BUs—an increase of 14 per cent YoY.

    JSW Energy’s commitment to environmental and social governance (ESG) is also noteworthy. The company received an ‘A’ rating from MSCI for its ESG practices and achieved a leadership score of “A-” for climate-related transparency from CDP. In addition, the company secured an all-time high score of 77/100 in S&P’s Global DJSI-ESG rating, underscoring its dedication to ethical and sustainable practices within the energy sector.

    As JSW Energy transitions toward a low-carbon energy future, its strategic focus remains steadfast on renewable energy expansion. The company’s cumulative RE generation capacity now stands at 19.2 GW, supported by significant new PPA signings for RE projects totaling 3.8 GW in Q2 FY25. Key projects include the nearly commissioned 454 MW SECI X Wind Project and new infrastructure projects in green hydrogen and battery energy storage. By March 2025, a 3,800 TPA hydrogen plant is anticipated to be operational, supplementing JSW’s green hydrogen agreements with JSW Steel, while a 1.0 GWh BESS project is slated for completion by June 2025.

    JSW Energy’s Q2 FY25 results present a complex yet promising outlook. Amid immediate financial challenges, the company’s strategic alignment with India’s renewable energy goals and commitment to ESG underscore a forward-thinking approach. With substantial growth in renewable capacity and promising new ventures, JSW Energy is positioning itself not only as a leader in India’s energy transition but as a globally responsible energy player.

  • Bharat Electronics achieves 39 per cent profit growth in H1 FY25

    Bharat Electronics achieves 39 per cent profit growth in H1 FY25

    Mumbai: Bharat Electronics Limited (BEL), India’s Navratna defense PSU, continues its growth trajectory, reporting robust results for the first half of FY25. A strategic focus on defense innovations has pushed BEL’s performance to new heights, with a substantial increase in profit and a healthy order book. BEL’s success mirrors the ongoing demand for advanced defense technologies in India’s evolving security landscape.

    In the first half of FY25, BEL reported a turnover of Rs 8,530.43 crore, a 15.83 per cent increase over the Rs 7,364.82 crore recorded during the same period last year. This surge in revenue is credited to the rise in domestic defense spending and BEL’s execution of high-value contracts. A deeper dive into the second quarter reveals that BEL achieved a turnover of Rs  4,425.29 crore, up from Rs 3,918.13 crore in the previous year, reflecting a growth rate of over 12.9 per cent.

    Profit-wise, BEL saw a substantial increase, with its Profit Before Tax (PBT) for the first half of FY25 reaching Rs 2,488.22 crore, marking a 40.05 per cent growth from the Rs 1,776.69 crore reported last year. This robust growth in profitability underscores BEL’s strong market position and operational efficiency. The second quarter alone recorded a PBT of Rs 1,450.88 crore, a 35.3 per cent jump from the Rs 1,072.94 crore seen in Q2 FY24.

    Profit After Tax (PAT) similarly demonstrated impressive gains, with BEL posting Rs 1,867.41 crore for the first half of FY25, up by 39.03 per cent compared to Rs 1,343.18 crore in the corresponding period of the previous year. In Q2 FY25, PAT stood at Rs 1,091.27 crore, a notable increase from Rs 812.34 crore in the same quarter last year.

    Adding to this robust performance, BEL’s order book as of 1 October 2024, was valued at Rs 74,595 crore, affirming the company’s strong market position and promising future cash flows. BEL’s strategic push in research and development and its growing portfolio of defense technology solutions are key drivers of this solid order pipeline.

    With defense spending set to rise, BEL’s growth trajectory and financial resilience position it as a vital contributor to India’s self-reliant defense sector. The company’s performance in H1 FY25 exemplifies how strategic investments in technology and strong execution can yield significant returns.

  • ITC posts strong half-year performance with 11 per cent revenue growth

    ITC posts strong half-year performance with 11 per cent revenue growth

    Mumbai: In a period marked by economic challenges and shifting market dynamics, ITC Ltd has achieved a robust financial performance in the half-year ending September 2024, showcasing notable growth across its diverse business segments. With an 11.6 per cent year-on-year increase in gross revenue, ITC reached Rs 42,311 crore, up from Rs 37,910 crore in the same period last year, cementing its leadership in the FMCG sector and expanding its footprint in hospitality, agriculture, and packaging.

    The FMCG segment, particularly cigarettes, remains a pivotal component of ITC’s portfolio. Cigarette revenue for the six-month period reached Rs 16,095 crore, an increase of 6.4 per cent from last year. Cigarette segment profit grew to Rs 10,497 crore, reflecting strategic cost efficiencies despite ongoing regulatory pressures. Meanwhile, FMCG–others, which includes packaged foods, personal care products, and education stationery, grew to Rs 11,085 crore, representing a 6 per cent increase from the prior year.

    ITC’s hotels division experienced a significant recovery, with revenues rising to Rs 1,393 crore for the first half of FY2025—a 21 per cent increase compared to Rs 1,150 crore in the previous year. This rebound was fueled by higher occupancy rates and improved average room rates across ITC’s properties, especially in metropolitan cities.

    The Agri-business segment saw a remarkable revenue increase of 33 per cent year-on-year, reaching Rs 12,754 crore. The growth reflects increased demand for ITC’s agricultural products, including wheat, rice, and coffee, as well as the company’s efforts in optimising logistics and market penetration. Paperboards, Paper & Packaging contributed Rs 4,091 crore to total revenues, highlighting ITC’s strength in sustainable packaging solutions, though growth was more modest at 2.5 per cent.

    For the half-year, ITC’s profit before tax rose to Rs  13,305 crore, up by 8.6 per cent year-on-year. Net profit after tax stood at Rs 10,084 crore, marking a 7.8 per cent increase over the previous period’s Rs 9,283 crore. Operating profit margins were supported by cost containment and efficiency initiatives, alongside incremental gains in product mix.

    Cash flow from operations remained solid, with ITC generating Rs 7,963 crore in cash from operations after tax. This strong cash flow enabled the company to continue investing in brand building, capital expenditure, and acquisitions, solidifying its multi-business structure.

    In the latest quarter, ITC further diversified its portfolio by acquiring a 47.5 per cent stake in Sproutlife Foods Private Ltd. The acquisition underscores ITC’s commitment to expanding its footprint in health-focused foods, aligning with consumer trends towards health-conscious products. Additionally, ITC consolidated its holdings in EIH Limited, a prominent hospitality player, to 16.13 per cent, enhancing its position in the luxury hospitality market.

    ITC continues to lead in sustainability, with a focus on renewable energy, waste reduction, and water conservation. In its paper and packaging segment, ITC has invested in biodegradable solutions that meet both commercial and environmental goals. The company’s sustainability initiatives not only enhance its corporate image but also align with global and domestic regulatory shifts towards environmental accountability.

    While ITC’s recent performance highlights resilience and effective strategy execution, the company remains vigilant of regulatory changes, especially in the tobacco sector. ITC’s balanced portfolio and strong cash position provide a foundation to navigate potential challenges while investing in high-growth areas, such as digital and e-commerce.

  • Storj Acquires PetaGene, Creator of Distributed Mount Client cunoFS, to Enhance Capabilities for AI and Data-Intensive Industries

    Storj Acquires PetaGene, Creator of Distributed Mount Client cunoFS, to Enhance Capabilities for AI and Data-Intensive Industries

    ATLANTA and CAMBRIDGE, England – Today Storj announces the acquisition of PetaGene, creator of cunoFS, to build on growth propelled by Storj’s recent acquisition of distributed GPU provider, Valdi. With today’s news, Storj now delivers distributed cloud object storage, distributed on-demand GPU compute, and distributed file storage mount. Together, these capabilities provide seamless access to the distributed cloud for video and AI workloads, enhancing performance, security, cost, and carbon savings to more customers at the edge and around the world.

    cunoFS was developed by PetaGene as a high-performance mount client, which is now poised to revolutionize cloud workflows for the data-heavy media and entertainment industry, and for users of all cloud platforms and object storage vendors. Adding to its Linux client, cunoFS launched a Windows-native client at IBC 2024, and its macOS-native client will launch later this year. PetaGene also provides secure, transparent, lossless compression to decrease the size of genomic data, reducing storage costs and data transfer times by 60% to 90% while giving faster access in the original file formats without a decompression step.

    PetaGene works with leaders in genomics and clinical research including the NHS in England and Wales, AstraZeneca, NVIDIA, CeGaT, Princess Máxima Center for Pediatric Oncology, the largest pediatric cancer center in Europe, and one of the top three children’s hospitals in the US. These data heavy arenas are ideally suited to benefit from this acquisition. Jacob Willoughby, Storj CTO, noted: “Storage is vital in AI training, and is seldom talked about. As models grow to include training on large amounts of image, video, and text, data grows significantly. The integration of cunoFS into our ecosystem marks a significant milestone in our goal to revolutionize cloud infrastructure for AI. cunoFS enables performant data loading with intelligent prediction of what will be needed in advance. By combining distributed storage and GPU with cunoFS’s high-performance file system, we’ve created an unparalleled platform for training and deploying large language models like LLaMA, GPT-4, and beyond.”

    Vaughan Wittorff, Co-Founder and CCO of PetaGene said, “Thanks to this acquisition, more customers in sports and news broadcasting, post production, VFX studios and ad agencies can get up and running faster with a drag-and-drop, plug-and-play approach to accessing the benefits of distributed cloud object storage all over the world. We have strong complementary expertise and relationships in AI, genomics and more, and in terms of growth and market leadership – the sky is the limit for us as part of Storj. PetaGene’s current customer base uses their products to help manage 100s of PB of scientific data, and we look forward to serving even more of their storage, compute, and file needs in the years to come.”

    This news brings the value of Storj to more users to set up and run projects even faster. cunoFS requires no additional configuration and doesn’t have a proprietary format that locks-in users like other file management systems. This democratizes data service, giving users more freedom, flexibility and speed.

    “On the heels of the expansion we experienced as a result of bringing Valdi into the fold, we knew cunoFS was another close partner that would deliver its full potential as a part of Storj,” said Colby Winegar, Storj Chief Revenue Officer. “cunoFS satisfies a painful unmet need, the team is extremely talented and cunoFS creates great synergy with Storj – especially in M&E. Their product is a perfect solution for those who want fast, file system-based cloud storage. This acquisition also accelerates our joint efforts to advance and simplify AI learning and inference when utilizing our on-demand GPUs.”

    Storj and cunoFS already work with joint customers including Cambridge University / DiRAC, and partners including Cambridge Computer, CineSys LLC and Tyrell. Brent Angle, CTO of media and broadcast systems integrator CineSys said, “cunoFS delivers highly responsive and POSIX compliant file system access to content on cloud or on-prem object storage platforms, without changing the data format. Combining cunoFS and Storj, creative professionals can access content in an instant, knowing it is protected in a non-proprietary format on the resilient, scalable and cost effective Storj platform. This is an extremely powerful joint solution already, and we look forward to the innovation their teams will bring to the market as a united entity.”

    PetaGene will continue to operate as a wholly owned subsidiary of Storj, and all current PetaGene employees will continue on as employees. PetaGene and Storj will continue to support all current PetaGene products and customers, and cunoFS will continue to be available for users of all object storage vendors and cloud platforms.

     

  • InMobi Advertising enhances CMP for advanced privacy compliance

    InMobi Advertising enhances CMP for advanced privacy compliance

    Mumbai: InMobi Advertising, a provider of content monetisation and marketing technologies, has launched the next generation of the InMobi consent management platform (InMobi CMP). This self-service solution helps publishers align with changing global privacy regulations. InMobi CMP is a robust privacy management platform for mobile publishers, enabling them to navigate the complex privacy landscape.

    Privacy regulations such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA), along with standards like the Multi-State Privacy Agreement (MSPA), are continually evolving. InMobi CMP now helps more publishers foster user trust, enhance ad revenue, and ensure compliance by supporting the Global Privacy Platform (GPP) and offering expanded customisation for Unity apps.

    Two key features of this update include:

    1. Global privacy platform (GPP) support for apps and websites: InMobi CMP supports GPP for websites and apps (Android, iOS, and Unity). Implementing GPP ensures compliance with MSPA, covering regulations in California (CCPA), Colorado (CPA), Connecticut (CTDPA), Utah (UCPA), and Virginia (VCDPA).

    2. New UI customisation for Unity apps: Publishers can now personalise their consent models for any app, including Unity apps. This customisation feature allows adjustments to color schemes and font styles on consent prompts, improving user experience and consent rates.

    “Consumers are becoming increasingly aware of their data rights and InMobi Advertising has always been at the forefront of building solutions that help brands and publishers navigate the complex global privacy landscape,” said InMobi Advertising CEO Abhay Singhal. “For publishers, implementing robust consent management practices, like the InMobi CMP, demonstrates transparency and commitment to user privacy, building trust and improving engagement. By prioritising user experience and boosting consent rates, publishers can unlock increased advertiser demand for consented traffic.”

    According to a recent survey by InMobi Advertising, over 87 per cent of mobile phone users believe apps should protect their privacy, yet only 42 per cent feel that they do. Closing this expectation gap is crucial, as 77 per cent of respondents stated that trust in an app influences their likelihood to make in-app purchases.

    “BrainWave Games is committed to prioritising user privacy while navigating the challenges posed by ever-changing regulations,” said BrainWave Games CEO Mia Chen. “It’s not just about compliance but also about building user trust. Our consent management process focuses on user experience, ensuring it is easy to understand and use while seamlessly integrating with our app design and context.”

    Implementing a consent management platform is vital for protecting website and app visitors’ information and building their trust. InMobi CMP ensures data transparency and allows users to manage their data permissions, reinforcing a commitment to a transparent data relationship. Designed to provide a seamless and non-intrusive consent process, CMPs help prioritise user privacy and offer clear options for data consent, creating a positive experience that enhances user satisfaction and trust.

  • MBL reports resilient Q2FY25, revenue growth despite margins pressure

    MBL reports resilient Q2FY25, revenue growth despite margins pressure

    Mumbai: You are crawling through the typical Mumbai’s infamous Saki Naka traffic, inching your way home after a long day. The only companion during this gridlock is the trusty voice of Radio City, filling the airwaves with your favourite tunes, celebrity gossip, and city updates. But behind the scenes, even as Music Broadcast Limited (MBL) keeps listeners entertained, the company grapples with financial challenges.

    In its second quarter of FY25, MBL operating Radio City, recorded an increase in revenue to Rs 5,482.87 lakh, a noticeable 4.54 per cent improvement compared to the corresponding period last year. As India’s radio landscape evolves with shifting audience preferences and advertising trends, MBL’s ability to maintain revenue growth reflects its adaptability and market positioning. Yet, despite this, the company faced pressures that have impacted its profitability.

    Total income for the quarter stood at Rs 6,131.77 lakh, a rise from Rs 5,815.48 lakh in Q2FY24, bolstered by a combination of operational revenue and other income sources. The operational strength is evident in the half-year results as well, with total income reaching Rs 12,754.13 lakh, marking a 9.15 per cent year-on-year growth. This growth trajectory signals a recovery trend in India’s media and entertainment sectors post-pandemic.

    However, profitability remains an issue. The company registered a net loss of Rs 199.24 lakh this quarter, a swing from the Rs 36.62 lakh profit posted in Q2FY24. This loss has expanded the net profit margin into negative territory at -3.63 per cent, down from 0.70 per cent last year. The adverse movement in margins can be attributed to rising expenses across employee benefits, amortisation, and other operational costs.

    Expenses grew at a faster pace than income, with total expenses reaching Rs 6,329.01 lakh for Q2FY25, compared to Rs 5,682.03 lakh for the same period last year. Employee benefits rose sharply to Rs 1,999.30 lakh, a 15.88 per cent increase over Q2FY24. This reflects Radio City’s efforts to retain talent and maintain operational efficiency amid growing competition from digital and online platforms. Meanwhile, depreciation and amortisation expenses surged 37.34 per cent to Rs 862.80 lakh.

    The sharp rise in these costs, combined with the firm’s legal and financial obligations, is likely to have weighed down overall profitability. Additionally, finance costs climbed to Rs 286.18 lakh, up from Rs 247.44 lakh in the same quarter last year.

    Despite the profitability challenges, the company remains operationally resilient. It reported an operating margin of 17.36 per cent for the quarter, and while this is a decline from 23.05 per cent in Q2FY24, it still reflects sound cost management in the face of rising expenses. MBL has also been involved in an ongoing legal case with Phonographic Performance Limited (PPL), over licensing fees, which continues to pose financial uncertainties. The outcome of this litigation could have further implications on the company’s future cash flows.

    The company has maintained a strong debt-to-equity ratio of 0.23, reflecting a conservative financial strategy. Moreover, MBL’s net worth increased to Rs 53,220.13 lakh from Rs 52,601.41 lakh in the previous year, demonstrating long-term financial stability, even as short-term challenges mount.

    The radio industry, long considered a staple of India’s media consumption, is undergoing significant transformation with competition from digital streaming services and podcasts. MBL’s ability to retain its market share and attract advertisers will be key to its recovery. Despite near-term setbacks, MBL’s revenue growth highlights the continued relevance of radio as a medium in India’s diverse media landscape.

  • Adani Total Gas’ financial resilience shines amid market pressures

    Adani Total Gas’ financial resilience shines amid market pressures

    Mumbai: In a dynamic energy sector, where demand and regulatory complexities shape the market landscape, Adani Total Gas Limited (ATGL) has once again demonstrated robust financial performance. The unaudited financial results for the quarter and half year ending 30 September 2024, present a strong case for the company’s operational resilience and adaptability. While the industry grapples with fluctuating input costs, ATGL continues to report steady growth, backed by its strategic expansions and prudent financial management.

    ATGL’s consolidated revenue from operations for Q2 FY2025 reached Rs 1,318.37 crore, marking a notable increase from Rs 1,178.77 crore in the same quarter last year. This represents a solid 11.8 per cent year-on-year (YoY) growth, driven by rising urban demand for natural gas and the company’s ongoing geographical expansion. The first half (H1) of FY2025 closed at Rs 2,557.43 crore, reflecting a healthy 10.5 per cent rise compared to Rs 2,314.12 crore in H1 FY2024.

    Complementing its operational revenues, the company accrued Rs 6.63 crore in other income during Q2, slightly lower than the Rs 9.21 crore recorded in Q2 FY2024, but sufficient to sustain its overall income growth. The company’s total income for H1 FY2025 stood at Rs 2,573.08 crore, showcasing consistent performance despite market volatility.

    The cost of natural gas and traded items saw a significant uptick, reaching Rs 772.97 crore in Q2 FY2025, reflecting heightened input costs. This 11.7 per cent rise from last year’s Rs 691.61 crore is attributable to rising global commodity prices and supply chain pressures. Despite this, the company’s effective inventory management helped minimise losses, with inventories shrinking by Rs 1.24 crore in Q2.

    Additionally, excise duty expenses grew by 19.9 per cent YoY to Rs 99.72 crore, a reflection of increased regulatory costs tied to higher production. Employee benefit expenses, however, were managed with precision, as the company reduced personnel-related costs to Rs 13.98 crore from Rs 16.62 crore in Q2 FY2024.

    One standout metric was the reduction in finance costs, from Rs 27.28 crore in Q2 FY2024 to Rs 23.01 crore in the current quarter, highlighting improved debt servicing and lower interest outflows.

    ATGL also recorded a profit before tax (PBT) of Rs 247.37 crore in Q2 FY2025, a modest 7.6 per cent increase compared to Rs 229.90 crore in the previous year’s corresponding quarter. The first half of the year concluded with PBT of Rs 479.10 crore, representing a 11.1 per cent growth YoY.

    Net profit for Q2 stood at Rs 185.60 crore, up from Rs 172.68 crore in Q2 FY2024. This was primarily due to effective cost controls and improved revenue streams. In the first half, profits reached Rs 357.44 crore, a commendable 10.7 per cent rise from the Rs 322.90 crore achieved in H1 FY2024. Earnings per share (EPS) saw a corresponding increase to Rs 1.69 in Q2, slightly above last year’s Rs 1.57.

    The company’s total comprehensive income for H1 FY2025 stood at Rs 359.03 crore, reflecting the net impact of operational profits and minor comprehensive income changes from defined benefit plan adjustments.

    On the balance sheet front, ATGL reported total assets of Rs 6,842.45 crore as of 30 September 2024, a 3.8 per cent increase from Rs 6,591.86 crore as of 31 March 2024. The company’s equity also strengthened, rising to Rs 3,910.73 crore, up from Rs 3,580.32 crore. This increase was supported by retained earnings and capital appreciation, which are likely to enhance long-term shareholder value.

    ATGL’s expansion into new geographical areas continues to be a key growth driver. The company’s acquisition of key assets in Ludhiana and Jalandhar, alongside its strategic ventures with Indian Oil-Adani Gas Private Limited, positions it well for future market leadership. Additionally, its diversification into biomass and e-mobility solutions underpins a forward-looking approach to energy transitions in India.

    “ATGL has reported healthy operational and financial performance during the quarter. Our business is closely aligned with India’s energy transition goals which we are delivering by providing cleaner and greener energy solutions to all our consumers. We now reach over nine lakh consumers through our piped gas network supplying uninterrupted piped natural gas. We have commissioned our first LNG station for the transportation segment and are progressing towards covering key highway networks aiding India’s decarbonisation march. Following the recent reduction in APM gas allocation, which caters to auto CNG and home PNG consumers, we are closely monitoring the situation and given our diversified gas sourcing portfolio, we will ensure a calibrated pricing approach to balance the interest of our consumers” said ATGL, CEO & ED, Suresh P Manglani.

    As the energy landscape evolves, ATGL’s commitment to maintaining operational efficiency, despite external challenges, will be pivotal. Investors and stakeholders can expect the company to maintain steady growth trajectories, driven by a balanced focus on expanding its market reach and optimising its financial strategies.

     

  • ACC’s Q2 growth slows as rising costs slash profit by 39 per cent YoY

    ACC’s Q2 growth slows as rising costs slash profit by 39 per cent YoY

    Mumbai: In a world where owning a home is the ultimate badge of success, the foundation of that dream rests on cement. But what happens when the very industry that builds these aspirations feels the ground shifting beneath its feet?

    ACC Limited, a dominant player in the Indian cement industry, has reported its unaudited financial results for Q2 of FY25, revealing a story of modest growth tempered by significant cost pressures. Despite a 3.9 per cent year-on-year (YoY) increase in revenue, reaching Rs 4,607.98 crore, the company’s net profit after tax dropped sharply by 39 per cent, from Rs 384.29 crore in Q2 FY24 to Rs 233.87 crore this quarter.

    The company’s revenue from operations for the quarter ended 30 September 2024, stood at Rs 4,607.98 crore, an uptick from Rs 4,434.67 crore in the same period last year. This increase can be attributed to strong demand in key markets, especially for cement and ready-mix concrete, though the overall boost was muted compared to earlier quarters. On a half-yearly basis, the total income reached Rs 9,987.38 crore, showing a 0.7 per cent increase over the previous year’s Rs 9,921.88 crore.

    However, operational challenges have taken a toll. Total expenses climbed to Rs 4,443.76 crore, an increase from Rs 4,126.95 crore in Q2 FY24. Key contributors to this rise include a surge in power and fuel costs, which now stand at Rs 772.07 crore, and higher freight and forwarding expenses of Rs 948.95 crore, reflecting rising energy prices and logistical bottlenecks. The company’s cost of materials consumed also saw a notable increase of 17 per cent, indicating an inflationary impact on inputs.

    The jump in costs has had a cascading effect on profitability. ACC Limited’s operating performance further underscores the strain on profitability, with the Q2 FY25 operating EBITDA slipping to Rs 436 crore, translating to a margin of 9.5 per cent, down from Rs 549 crore and a 12.4 per cent margin in Q2 FY24. The half-year figures reveal a similar story, as the H1 FY25 operating EBITDA declined to Rs 1,115 crore with an 11.4 per cent margin, compared to Rs 1,320 crore and a 13.7 per cent margin in the same period last year. This drop reflects the growing cost pressures that continue to weigh on the company’s bottom line, and profit before tax (PBT) has declined significantly to Rs 318.20 crore, compared to Rs 515.58 crore in the previous year. The net profit margin also dropped, reflecting the difficulties in passing on cost increases to consumers amid intense competition.

    Depreciation and amortisation expenses rose to Rs 231.69 crore, while finance costs saw a minor increase, now at Rs 33.29 crore, indicating tighter control over financial liabilities but still exerting pressure on earnings.

    Despite the financial squeeze, ACC continues to prioritise long-term investments. Capital expenditures have been allocated toward upgrading existing facilities and exploring renewable energy sources to mitigate future energy cost risks. The company’s non-current assets, including property, plant, and equipment, stood at Rs 14,252.34 crore as of 30 September 2024.

    ACC is also grappling with external pressures. The ongoing litigation with the Competition Commission of India (CCI), which could result in penalties exceeding Rs 1,100 crore, adds a layer of uncertainty to its financial outlook. The company has set aside provisions for these risks, but the legal shadow continues to loom large.

    With an eye on stabilising costs and improving efficiencies, ACC will need to leverage its market position and operational agility to weather the ongoing financial headwinds. ACC Ltd, whole time director & CEO, Ajay Kapur said, “Our performance in Q2 reinforces our standing as a frontrunner in the cement industry. Our financial results this quarter – fuelled by higher volumes, cost optimisation, increasing efficiencies, and agility – build the momentum for our growth strategy for FY’25 and beyond. Our growth is being driven by robust demand for high-quality cement products across all markets, as well as our continuous efforts to optimise operations and lead on all ESG parameters. Our leadership status is highlighted in our drive for operational excellence supported by innovation, sustainability, and a customer-centric approach. We continue to deliver strong value for our stakeholders as we aim for sustained profitability through our competitive advantage.”

    Key Financial Highlights:

    •  Revenue from operations: Rs 4,607.98 crore (up 3.9 per cent YoY)

    •  Net profit after tax: Rs 233.87 crore (down 39 per cent YoY)

    •  Total income: Rs 9,987.38 crore (up 0.7 per cent YoY for H1)

    •  Power and fuel costs: Rs 772.07 crore (down 13 per cent QoQ)

    •  Freight and forwarding expenses: Rs 948.95 crore (down 13.5 per cent QoQ)

  • Konica Minolta & Singham Again partner for innovative brand experience

    Konica Minolta & Singham Again partner for innovative brand experience

    Mumbai: Konica Minolta, a global provider of imaging and printing solutions, has partnered with the upcoming film Singham Again, directed by Rohit Shetty, set for release this Diwali 2024. This collaboration will enhance Konica Minolta’s ‘We Power Your Growth’ campaign, focusing on industry-first initiatives through innovation and creative brand experiences.

    Key highlights include exclusive content from Ajay Devgn and Rohit Shetty, public contests, and a showcase of how Konica Minolta’s technology aligns with the film’s themes. Fans can expect exciting prizes, including exclusive Singham Again merchandise, meet-and-greet opportunities, and immersive experiences related to the movie.

    Konica Minolta Business Solutions India MD Katsuhisa Asari said, “We believe that by aligning ourselves with such a beloved franchise, we are creating meaningful connections with our audience through shared narratives of courage and creativity. By integrating our branding with Singham Again, we are strategically positioning ourselves within a cultural phenomenon that commands attention across demographics. The co-branded marketing efforts will utilise exclusive film footage and innovative digital content, ensuring that our message resonates far beyond the theatre experience.”

    Konica Minolta Business Solutions India head of marketing communications & brand management Mohit Kaval said, “We are proud to announce our collaboration with Singham Again. Our state-of-the-art multi-functional peripherals and production print systems have been pivotal in enhancing the film’s visual storytelling. This partnership showcases our innovative technology in action, empowering filmmakers and aligning with our commitment to excellence. Exclusive content and targeted digital campaigns will highlight our solutions and resonate with fans, reinforcing our leadership in advanced imaging.”

    With a track record of launching innovative campaigns like PrintXpress and PowerHouse, Konica Minolta continues to advance the industry through creativity and strategic partnerships. While more details of the co-branded marketing campaign will be announced soon, Konica Minolta remains committed to innovation, customer satisfaction, and creating experiences that extend beyond the screen.