Archive: November 5, 2022

Iex Power Market Update, October 2022

Bangalore(S.N) -The Indian Energy Exchange, India’s premier energy exchange, achieved 7972 MU volume in October 2022, including Green Power trade of 403 MU, and 3.58 lac RECs (equivalent to 358 MU).

The total volume on the Exchange in October’22 was lower by 13% on a YoY basis due to the high volume base of last year and lower by 2% on an MoM basis due to reduced REC trading.

Improved supply of domestic coal led to an easing of supply-side constraints, resulting in a decline in prices on IEX. The average clearing price in the Day-ahead market was Rs. 3.83 in October, which was lower by 32% on an MoM basis and 52% on a YoY basis.

Going forward, further correction in prices due to improvement in coal availability and reduction in demand due to the onset of winters will provide an opportunity for cost optimization by Discoms and Open Access consumers, resulting in increased volumes on the Exchange.

According to the power demand data published by the National Load Dispatch Center, the energy consumption at 115 BU during October ’22, increased by 1% on a YoY basis, however, it declined 10% on an MoM basis.

ELECTRICITY MARKET: DAY- AHEAD, TERM- AHEAD & REAL-TIME MARKET

The Day Ahead Market clearing price was Rs. 3.83 per unit as against Rs. 5.63 per unit in September 2022. As a result, the Day-Ahead Market volume increased from 4050 MU in September 2022 to 4325 MU in October 2022, i.e 7% growth on an MoM basis. However, the Day Ahead Market volume was lower by 34% on a YoY basis due to the high volume base of last year.

The Real-Time Electricity Market achieved 2265 MU volume during the month, registering 13% YoY growth. The highest single-day volume of 124 MU was achieved on 6th October 2022. There were 630 participants in this segment during the month. The consistent growth of the real-time electricity market is an indication of the growing reliance on distribution utilities and industries to achieve power demand-supply balancing in real-time in the most efficient manner.

The Term-Ahead Market (TAM), comprising intra-day, contingency, daily & weekly contracts, and LDCs traded 621 MU during the month, a decrease of 29% on an MoM basis. However, the segment grew by an impressive 176% on a YoY basis.

GREEN MARKET: GREEN DAY-AHEAD & GREEN TERM-AHEAD MARKET

IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 403 MU volume during October ’22, growing 10% YoY.

The Green Day-Ahead Market achieved 293 MU volume with a weighted average price of Rs 4.02 per unit. The market saw participation from 721 market participants during the month, with the highest number of participants in a single day at 621 on 9th October 2022.

The Green Term-Ahead Market achieved 110 MU volume with an average monthly price of Rs 3.77/unit for Solar and Rs 5.45/unit for Non-Solar.

RENEWABLE ENERGY CERTIFICATE MARKET (REC MARKET)

A total of 3.58 lacs RECs were cleared in the trading session at IEX held on Wednesday, 26th October’22. The volume comprised 1.76 lacs Non-Solar RECs with a clearing price of Rs 1,000 per REC. Increased inventory of solar RECs saw the clearing price reaching the floor level at Rs. 1000 per REC, with 1.82 lacs Solar RECs traded during the month. The next REC trading session at the Exchange is scheduled for Wednesday, 30th November 2022.

Cummins India Limited Results for the quarter and period ended September 30, 2022

Pune, India: Cummins India Limited (NSE: CUMMINSIND and BSE: 500480) The Board of Directors of Cummins India Limited (‘CIL’), at their meeting held today, reviewed and approved the unaudited financial results (consolidated and standalone) for the quarter and period ended September 30, 2022.

Performance Highlights (based on standalone financial results) for the quarter and period ended September 30, 2022:

Total Sales for the quarter at ₹ 1,922 Cr. increased by 14% compared to the same quarter last year and by 16% compared to the previous quarter.
Domestic sales at ₹ 1,391 Cr. increased by 11% compared to the same quarter last year and by 19% compared to the previous quarter.
Exports Sales at ₹ 531 Cr. increased by 21% compared to the same quarter last year and by 9% compared to the previous quarter.
Profit before exceptional items and tax at ₹336 Cr. is higher by 15% compared to the same quarter last year and higher by 21% compared to the previous quarter.
Profit before tax at ₹336 Cr. is higher by 15% compared to the same quarter last year and higher by 27% compared to the previous quarter.

Ashwath Ram, Managing Director, Cummins India Limited, said:

CIL reported record revenue for the quarter with sustained demand visible across most of our domestic and export end markets. Despite headwinds of inflation, geo-political issues etc. economic activities are sustaining growth momentum. Robust tax collections, softening of commodity costs, focus on infrastructure, and continued efforts on digitizing the economy are auguring well for our products and services. While the supply chain constraint continues, being part of a globally integrated supply chain is enabling us to secure supplies to meet the demand. We remain cautiously optimistic about the short to medium-term demand outlook.

Future Outlook:

The Company believes that in the near to medium term the strong demand from various end markets may likely sustain. We continue to closely monitor the impact of rising inflation and consequential monetary policy action of raising interest rates and its impact on consumption across our end markets. The Company is well positioned to deal with these uncertainties as we have a strong Balance Sheet, integration with the global supply chain, and in-country world-class infrastructure and human resources. Given the uncertain economic environment due to rising inflation and geo-political issues, the company is not providing guidance for FY’23.

Godrej Agrovet Quarter 2 Result Announcement

Bangalore, November 5, 2022: Godrej Agrovet Limited (“GAVL”) has announced its financial results for the second quarter and half-year that ended September 30, 2022

HIGHLIGHTS OF FINANCIAL PERFORMANCE (Q2 and H1 FY23)

Q2 FY23 Financial Summary

· Q2 FY23 consolidated total income increased to Rs. 2,454.2 crore from Rs. 2,159.7 crore in Q2 FY23, a growth of 13.6% year-on-year

· Company reported consolidated EBITDA of Rs. 159.1 crore in Q2 FY23 as compared to Rs. 196.1 crore in Q2 FY22

· Company reported Profit before tax* of Rs. 87.3 crore in Q2 FY23 as compared to Rs. 138.1 crore in Q2 FY22

H1 FY23 Financial Summary

· H1 FY23 consolidated total income increased to Rs. 4,972.8 crore from Rs. 4,162.9 crore in H1 FY22, a growth of 19.4% year-on-year

· Company reported consolidated EBITDA of Rs. 328.4 crore in H1 FY23 as compared to Rs. 376.0 crore in H1 FY22

· Company reported Profit before tax* of Rs. 190.1 crore in H1 FY23 as compared to Rs. 264.2 crore in H1 FY22

* Profit before tax excluding share of profit from associates and exceptional items

MANAGING DIRECTOR’S COMMENTS
Commenting on the performance, Mr. B. S. Yadav, Managing Director, Godrej Agrovet Limited, said:
Q2 FY23 was a mixed bag for Godrej Agrovet as we achieved solid topline growth of 13.6% in Q2 FY23 and 19.4% in H1 FY23 over the corresponding previous periods. However, profitability was impacted due to commodity price volatilities, sustained cost inflation, limited transmission, and an unfavorable macro environment.

Uneven monthly as well as the geographic spread of the southwest monsoon led to lower sowing of Kharif crops, mainly paddy and foodgrains. Prices of rice bran jumped sharply in Q2 due to strong demand while Maize prices continued to trend higher. Crude palm oil prices, after reaching record levels in May’22, corrected sharply owing to high inventories in two key exporting countries – Indonesia and Malaysia coupled with the resumption of supplies post-lifting of the exports ban. In the Dairy sector, milk procurement prices continued to increase further with the limited transmission. For the Poultry sector, Q2 is a seasonally weak quarter due to the festive season resulting in a sharp decline in live bird prices.

Our Animal Feed business successfully maintained volume growth momentum and achieved sequential improvement in margin profile. The Oil Palm business recorded double-digit volume growth which was offset by a drop in oil prices. Standalone Crop Protection business was impacted by the reduced application of PGR and Insecticides coupled with input cost pressure. However, the business registered marked improvement in the working capital profile as a result of continued focus on credit hygiene practices. Astec Lifesciences continued to report strong year-on-year topline growth backed by higher volumes as well as realizations. EBITDA margin also recovered by ~300 bps sequentially, although year-on-year performance was impacted by an increase in raw material prices coupled with higher fixed overheads. Both of our Food businesses continued to report strong volume growth year-on-year. Our Dairy subsidiary, Creamline Dairy recorded 27.0% year-on-year topline growth driven by robust volumes under the Value-added products (VAP) portfolio. Profitability was impacted by the limited transmission of higher procurement costs. The poultry and Processed Food business continued with strong volume growth led by RGC and Yummiez categories while the bottom line was impacted by seasonally weak live bird prices.

On the ESG front, Godrej Agrovet remained on track to achieve 2025 sustainability targets. During the quarter, we completed the submission of disclosures on Climate, water, and forest to CDP. The share of renewable energy in the overall energy consumption mix stood at 72% in H1 FY23 as compared to 67% in H1 FY22 with solar rooftop/ground-mounted system installations at more than 20 manufacturing plants. Our teams have successfully reduced specific GHG emissions by 10% year-on-year in H1 FY23. Under our integrated watershed management programs, we have achieved water sequestration of

6.5 million cubic meters which amount to 4x of our entire footprint. 4 lakh trees have been planted to date covering a total area of 4,837 hectares.

SEGMENT-WISE BUSINESS HIGHLIGHTS

Animal Feed

· Animal Feed segment recorded sustained year-on-year volume growth in Q2 and H1, mainly led by Cattle-feed category (+15% in Q2 and +14% in H1) on account of market share gains

· Segment margin has recovered sharply to ₹ 1,381 / MT in Q2 from ₹ 694 / MT in Q1. Lower results as compared to the previous year were on account of soft realizations and limited transmission of input cost inflation

Vegetable Oil

· Strong y-o-y volume growth was offset by lower crude palm oil prices resulting in a flat topline in Q2 FY23. The average realization of crude palm oil and palm kernel oil declined by 16% and 3% respectively in Q2 FY23 vs Q2 FY22

· However, Q2 witnessed a strong recovery in FFB volumes, which grew by 15% y-o-y; more than offsetting lower volumes recorded in the previous quarter

· Oil extraction ratio remained at higher levels in Q2 FY23 while improving marginally as compared to the same period last year

Crop Protection (Standalone)

· Topline growth in Q2 was led by higher sales of in-house herbicide products. However, sales growth was constrained by reduced application opportunities of Plant Growth Regulator (PGR) and Insecticide products as Kharif sowing was impacted due to erratic monsoon post-mid-July

· Margin profile of the Crop Protection business was impacted due to higher raw material prices, limited transmission, and unfavorable product mix

· Working capital cycle has improved substantially driven by concerted efforts in maintaining credit hygiene

Astec LifeSciences

· The robust growth in topline was driven mainly by higher sales price realizations in both domestic as well as export markets coupled with strong volume growth in export markets. It should be noted that our performance for Q2 FY22 was impacted by flooding at the Mahad facility

· Exports accounted for 69% of the revenues in Q2 FY23 and grew by 136% year-on-year. The domestic sale also grew by 41%

· EBITDA margin was lower at 18.7% in Q2 FY23 vs. 21.4% in Q2 FY22 on account of an increase in raw material prices for some of the enterprise products with limited transmission and higher fixed overheads related to herbicides plant. Sequentially, EBITDA margin recovered by ~300 bps in Q2 FY23 as compared to Q1 FY23

Dairy

· Sustained volume growth in both value-added products (+27% year-on-year) and milk (+10% year-on-year) in Q2 FY23 driving overall revenue growth

· Our value-added products (VAP) portfolio has grown by 49% year-on-year with a salience of 34% in H1 FY23 driven by Curd, buttermilk, and milk-based flavored drinks

· However, performance was adversely impacted on account of the continued rise in procurement costs which could not be fully transmitted

Godrej Tyson Foods Limited

· Godrej Tyson achieved 13.7% year-on-year growth in segment revenues in Q2 FY23 driven by RGC and Yummiez categories as volumes grew by 69% and 65% year-on-year, respectively

· However, Q2 is a seasonally weak quarter for the Live bird business due to the festive season and as a result, live bird prices were considerably lower resulting in a sharp decline in the EBITDA margin

· In Q2 FY22, Godrej Tyson benefitted from pent-up demand post-easing of Covid restrictions and hence, not strictly comparable with Q2 FY23

ACI Godrej Agrovet Private Limited, Bangladesh

· ACI Godrej posted revenue growth of 22.5% year-on-year in Q2 FY23, mainly driven by higher realizations.

Tata Motors takes a marginal price hike on its passenger vehicles

November 5, 2022, Bengaluru: Tata Motors, India’s leading vehicle manufacturer has announced a marginal price increase across its passenger vehicles. Effective November 7, 2022, weighted average increase will be 0.9%, depending on the variant and model.

The company has been absorbing a significant portion of the increased costs but the steep rise in overall input costs has compelled it to pass on some proportion through this minimal price hike.

ReelStar announces Initial Token Offering of ReelToken

Mumbai, November 5, 2022: The ReelStar app, India’s latest Web3 integrated social media platform, launches ReelToken (REELT). In its Initial Token Offering (ITO), ReelStar aims to raise USD 4.98 mn via private sale and an additional USD 31.275mn via public sale. It has established a supply of 15 bn REELTs, of which 5% has been capped for the ITO and private sale.

The co-founders are Indian-born and raised, serial entrepreneurs, Navdeep Sharma and Nick Bahl. Currently based in Australia they have planned and designed the ReelStar app as an ‘everything app’ with multiple social media and payment functionalities integrated with an access ramp to the Web3 Metaverse/Omniverse. It will feature an in-app NFT creation feature and an NFT Marketplace in an easy-to-use and familiar environment for both Android and iOS devices. NFTs made within the app can be integrated with extensive smart contract technology irrespective of the format or style of social media content. The social media functionality incorporates the best features of multiple existing apps in a single app. ReelStar app’s payment functionality works through the built-in digital wallet that can store fiat as well as digital assets, such as coins and tokens including NFTs and provides access to the global utility of a Debit Card and fiat currency.

Creators and artists, irrespective of their medium, can use the ReelStar App to mint their own NFTs, build in smart contract functionality and monetize their creative efforts by selling or trading NFTs on the ReelStar NFT marketplace. By incorporating all this functionality into a smartphone app, almost anyone can enter the media and entertainment industry, and have access to a global market for their creative output. This democratizes and levels the playing field, providing creators and consumers global access to each other without requiring a large studio or corporate middle-man.

The ReelToken which underpins the ReelStar app and ecosystem is based on a multi-blockchain platform and architecture. As a token, REELT is unique due to its integration with ReelStar’s proprietary technology stack which efficiently fuels the app’s ecosystem facilitating its seamless usage by both creators and consumers.

Navdeep Sharma, Co-Founder, of Reel Star, said, “Our app will provide global opportunities as well as a Web3 passport to every creator and artist. Anyone with a flair for artistic creativity or a knack for entertaining an audience is warmly invited to join our platform. Through the platform, they have access to a global audience, and can cost-effectively scale their fan base and monetize their creative output. We offer a plethora of Web 2 and Web3 monetization options, which can be customized to maximize both benefits and returns for consumers and creators. Creators can seek patronage as well as share returns and profits with their patrons through our platform with the utmost transparency and efficiency through smart contract technology and controls present within the ReelToken ecosystem.”

ReelStar’s board of advisors includes global crypto leaders like Evan Luthra and Indian-American serial entrepreneur Ms. Nikita Sachdev, among others.

Nick Bahl, Co-Founder, of Reel Star, said, “The Indian media and entertainment industry is ready for significant growth between 2022 and 2025, a growth primarily delayed owing to the pandemic. Our app and ecosystem are designed from the ground up to be fully functional on a mobile platform and therefore almost completely remove the entry barriers to NFT, Web3 and Metaverse/Omniverse technologies. Anyone’s smartphone can now not only deliver social media content and NFTs but also a range of services to a global audience. The ReelToken will invigorate and fuel, at all levels, the next exciting phase of growth for the Indian M&E industry.”

Spotlight Awards, ITC Hotels, South Edition

Welcomhotel Chennai recently hosted the Regional Spotlight Awards -Chennai Edition which was organized in a pursuit to recognize all the associates who had been nominated for the Spotlight Awards held at New Delhi. A total of 5 hotels participated in this event including- ITC Grand Chola, Welcomhotel GST, Welcomhotel Kences Palm Beach, Welcomhotel Coimbatore and Welcomhotel Chennai.

The event began on a high note with a celebratory flash mob led by Area Head-Human Resources, South- Mr. Kaustav Sen, followed by a welcome address by General Manager of Welcomhotel Chennai, Mr. Rohit Mallick. Mr. Zubin Songadwala, Area Manager, ITC Hotels South and General Manager, ITC Grand Chola, addressed the gathering and kick started the evening.

Spotlights Awards, South Edition recognized and awarded a total of 192 associates by distributing 92 awards under various categories. The evening witnessed enthralling cultural performances by budding talent from ITC Grand Chola and Welcomhotel Chennai. In addition to this Welcomhotel Chennai facilitated 36 employees with Long Service Award on completion of 47 years of Welcomhotel Chennai, concluding with cake cutting and a sumptuous spread of Hi-Tea.

hubergroup India supports rural areas with medical vans

hubergroup India launched a healthcare initiative for rural areas in the Indian state of Gujarat, collaborating with Rotary Vapi Riverside. As part of this engagement, the ink and specialty chemicals producer hubergroup has sponsored two medical vans equipped with doctors, nurses, and basic medical equipment. These vans will be available in 16 remote villages every week for on-site medical check-ups and examinations. Rotary Vapi Riverside has extensive experience working in the local regions and supports this project with its know-how.

Healthcare is still a difficult topic in many rural areas in India. While the Indian government has played an exemplary role in providing healthcare facilities to remote villages, hubergroup and Rotary Vapi Riverside aim at supporting the existing infrastructure and make a contribution to society. By offering free local consultations and free medicines for common ailments, the two partners want to ensure that the basic health needs of the village communities are covered.

Mr Suresh Kalra, Managing Director India and President Asia at hubergroup, explains how the idea of the collaboration came about: “hubergroup has production sites in Daman, Vapi, and Silvassa –so many of our employees live in these regions. We believe in contributing and giving back to the people in our neighbourhood. Our endeavour to provide quality healthcare services at the doorsteps of rural residents complements the government promoted health programmes.”

“We are very pleased about our collaboration with hubergroup,“ says Mr Gautam Bhavsar, President at Rotary Vapi Riverside. “This initiative from hubergroup will go a long way in fulfilling our Rotary mission to help others. In rural regions, illnesses are often diagnosed or treated late because of the existing taboos and difficulties to reach medical facilities. With this initiative, we want to contribute so that our brothers and sisters residing in remote villages do not have to suffer from the lack of treatment.

The entire project is guided by hubergroup’s health occupation team under the leadership of Dr. Sagar Patel. Two vans with female doctors as well as nurses and medical equipment will move around 16 villages of Valsad districts covering two villages a day. They will conduct routine examination as well as medical counselling and treat basic illness. At regular intervals, the team will also conduct hygiene and health awareness programs, medical camps dedicated to specific medical fields such as ENT and gynaecological check-ups.

As COP27 approaches, Schneider Electric urges collective, systemic action for a fair energy transition

National, November 5, 2022 – Schneider Electric, the leader in the digital transformation of energy management and automation, today called for accelerated action for an equitable transition to net zero, driven by collaborative action across the private and public sectors.

The company’s call to action comes in the run-up to the COP27United Nations Climate Change Conference in Egypt on 6-18 November, which Gwenaelle Avice-Huet, Schneider Electric’s Chief Strategy and Sustainability Officer, and other senior Schneider Electric executives will attend.

Described by UN Secretary-General António Guterres as a “litmus test” of how serious governments are about the growing toll that climate change is taking on the most vulnerable countries, the event takes place against a backdrop of mounting climate-linked disasters and a painfully disruptive global energy crisis.

During COP27, Schneider Electric executives will participate in a series of panels and meet decision-makers across the business, government and civil society, to help advise on of sometimes still-underappreciated solutions and approaches that can help deliver urgently needed carbon-reduction action. In-depth analysis from the Schneider Electric Sustainability Research Institute, for example, is helping to underline the big role that the demand-side of the energy equation and the combination of electrification and digitization can play in accelerating the energy transition.

Also at COP27, the Schneider Electric Foundation is partnering with various NGOs– including Art of Change 21–to get young people actively involved in combating the climate crisis.In this spirit, Schneider Electric will also be announcing its partnership with RISE – Our World Heritage, a documentary and educational project to promote the impactful combination of technology and local action for sustainability.

A widely-recognized champion of decarbonization and sustainability, Schneider Electric is a big believer in the need for companies to go beyond just “doing business”, and to work with multiple stakeholders and partners to generate a positive long-term impact on the planet and society.

Schneider’s Access to Energy program, for example, is particularly relevant at the COP27 setting, as it brings affordable renewable power solutions and education to rural and remote communities in emerging countries in Africa and elsewhere.

“The climate and energy crises, and the often-unequal economic pain they’re inflicting around the globe, are far too big for any of us to tackle alone,” said Gwenaelle Avice-Huet, Schneider Electric’s Chief Strategy and Sustainability Officer. “What we need is faster action, across all fronts, and across all facets and layers of business, government and society – a systemic and collaborative approach that spans both big-picture global initiatives and on-the-ground local action.”

Heartfulness & Ms. Sudha Reddy Host A Heart-to-Heart Talk With Pujya Daaji

Hyderabad, November 2022: Heartfulness and Ms. Sudha Reddy – Director of MEIL Group and Sudha Reddy Foundation hosted a very thoughtful session on transcendental thoughts and questions revolving around spirituality, inner self and dealing with the challenges of lifestyle in the current times and solutions to them from Pujya Daaji – Shri Kamlesh Patel Guide of Heartfulness at her residence on Friday. The talk was followed by a group Heartfulness meditation led by Pujya Daaji. The session was attended by spiritual connoisseurs and Heartfulness volunteers Friday evening.

Ms. Sudha Reddy said, “I had been long contemplating this and I am very obliged that Pujya Daaji took his time to make his gracious presence here today. It was amazing to have the solutions coming from him for all the many universal questions I had for quite some time which are pertinent not only to me, but also to many other women, mothers, and families out there. Lifestyles have changed drastically, suddenly the simple art of living is lot and there is chaos everywhere. Daaji gives simple and practical solutions to tackle all these challenges. You realise that they are something that are not just impressive by the ease of the solutions, but the fact that they are very actionable and approachable is what makes his teachings appealing.”

Shri Kamlesh Patel ‘Daaji’ said, “I had earlier said, ‘You are the experiment, you are the experimenter, and you are the outcome’. Today’s session showing us that there are so many eager, enthusiastic seekers of the Absolute Truth who irrespective of where they come from, they want to experience that Truth. Unless there is the desire to experience the Truth for oneself, there is no motivation to experiment in the first place. We are living in an age of spiritual awakening. It is pleasing to see that Sudha Reddy ji came up with such meaningful questions that are of significance to our society at large now. Many are bothered by the thoughts, but they possibly do not have a way out. Heartfulness meditation is the key to liberate oneself from the mire and confusion. With meditation comes awareness and focus, it gives rise to patience and wisdom, and most importantly teaches you to be happy under all circumstances. It gives me immense joy to see the participation here today that more and more people benefit from our meditation technique through Pranahuti.”

Ms. Sudha Reddy also unveiled ‘The Wisdom Bridge’, a new book from Pujya Daaji that has already taken the world of book-readers by storm. The book is a treasure-trove of wisdom on how and what it takes to raise a child. The book also has something for every generation and chalks out the golden ways to lead a life full of bliss. The book is already trending on Amazon with thousands of orders and still counting.