Archive: May 1, 2023

BPCL Mumbai Refinery Wins Prestigious IMC Ramakrishna Bajaj National Quality Performance Excellence Award 2022

Bangalore, May 01, 2023: Mumbai, India – BPCL Mumbai Refinery has been recognized with the prestigious ‘IMC Ramakrishna Bajaj National Quality Performance Excellence Award 2022’ in the Manufacturing category. This award is of international repute and is considered a benchmark of excellence, along with other renowned awards like the Malcolm Baldrige, the European Award, and the Deming Prize. The award was presented to the BPCL Mumbai Refinery team in a glittering ceremony held on 28th April 2023 at Walchand Hirachand Hall, IMC Chamber of Commerce and Industry, Churchgate, Mumbai.

The chief guest of the event, Shri Abhinav Bindra, Olympic & World Champion (Air Rifle Shooting), presented the award to the BPCL Mumbai Refinery team, which included Shri Subramoni Iyer M R, ED in Charge, MR along with Shri Mathews M John, CGM (Technology), Shri Ramesh Thakkar, DGM (QMS/L&D) and Shri Ratheesh S, Manager (Process Technology).

In his speech, Shri Subramoni Iyer, ED I/C, Mumbai Refinery, BPCL, expressed his gratitude and said, “We, at Bharat Petroleum Corporation Limited – Mumbai Refinery, are extremely privileged to win the IMC Ramakrishna Bajaj National Quality Performance Excellence Award 2022 in Manufacturing category. We consider this award as a self-evaluation tool and we are sure that the outcomes of this assessment process will be beneficial to map the quality journey of our organization and further strengthen our systems and processes. With the support of IMC RBNQA, I am confident that Indian companies will continue to excel and contribute more to the growth of the Indian economy.”

The entire evaluation process was rigorous, taking around 8 months for the complete evaluation cycle. The application itself was a comprehensive report on the organization responding to the various criteria of the IMC RBNQA model of Performance Excellence. The information provided in the application is so comprehensive that quite often the document is also used as an induction manual for new entrants. A consensus meeting of the evaluation cycle was conducted on 10th December 2022, followed by a visit to Mumbai Refinery by jury members on the 16th, 17th, and 18th of January 2023. During the three-day site assessment program, jury members interacted with all departments of MR, other SBUs like Retail, LPG, Lubes, etc., and various entities of BPCL.

IMC RBNQA was instituted in 1996 to give special recognition to performance excellence in Indian organizations. IMC RBNQA has established six eligibility categories for the Award – Manufacturing, Service, Small Business, Overseas Organisation, Education, and Health Care. Across industries, the Ramakrishna Bajaj National Quality program is considered a catalyst for nation-building. All applicants receive feedback reports commenting on their strengths and opportunities for improvement. IMC RBNQ Performance Excellence Award 2022 added another feather to the cap of Mumbai Refinery.

The entire BPCL Mumbai Refinery team is proud to receive this recognition, which demonstrates their commitment to quality and performance excellence. They are thankful to IMC RBNQA Trust for setting such high standards of excellence and for recognizing their efforts. The team is determined to maintain and surpass these standards, setting new benchmarks for themselves and for the industry.

Covestro gets off to better-than-expected start in 2023

Covestro got off to a better start than expected in the 2023 fiscal year. Despite a still weak level of demand in a business environment that remains challenging, the company was able to limit the related negative impacts. Group sales were down 20.1% in the first quarter of 2023, to EUR 3.7 billion (previous year: EUR 4.7 billion), among other things due to a drop in volumes sold and a lower selling price level. The Group’s EBITDA amounted to EUR 286 million and was thus 64.5 percent lower year over year (previous year: EUR 806 million) due to a drop in volumes sold and lower margins. However, this result significantly exceeded the company’s own expectations of EUR 100 million to EUR 150 million as well as recent analysts’ estimates of EUR 158 million for the first quarter. That was due in particular to the Group’s focus on efficiency as part of its Sustainable Future strategy. Net income in the first quarter fell to EUR –26 million (previous year: EUR 416 million), while the free operating cash flow (FOCF) was EUR –139 million (previous year: EUR 17 million).

“Our start to 2023 has been better than expected and clearly shows that our Sustainable Future strategy is having an impact. We have achieved initial success through our own efforts,” says Dr. Markus Steilemann, CEO of Covestro. “This positive momentum shows that Covestro is on the right track. We continue to focus relentlessly on sustainable growth, successful cooperation with our customers and efficiency. This way, we are pushing ahead with our vision of becoming fully circular.”

We started fiscal 2023 better than expected. Despite a still weak level of demand, our EBITDA significantly exceeded the market expectations. This is mainly due to our focus on efficiency as part of our Sustainable Future strategy.

Guidance for 2023 quantified

In view of the results for the first quarter of 2023, higher margins, and an improved cost level, Covestro has adjusted the guidance for the key management indicators EBITDA, free operating cash flow, and ROCE above WACC for fiscal 2023. Reductions of emissions expected in energy procurement have led to the guidance for greenhouse gas (GHG) emissions being narrowed.

Covestro now projects that the Group’s EBITDA will be between EUR 1.1 billion and EUR 1.6 billion (previously: significantly down on the previous year). The Group anticipates free operating cash flow of between EUR 0 million and EUR 500 million (previously: significantly down on the previous year) and ROCE above WACC of between –6.0 percentage points and –2.0 percentage points (previously: significantly down on the previous year). Covestro’s GHG emissions measured as CO2 equivalents are now projected to be between 4.2 million metric tons and 4.8 million metric tons (previously: on a level with the previous year*). For the second quarter of 2023, Covestro expects EBITDA of between EUR 330 million and EUR 430 million.

“The first quarter of 2023 went much better than expected at the beginning of the year, and we’re also confident about the current second quarter. That’s reflected in our guidance,” says Dr. Thomas Toepfer, CFO of Covestro. “Against the backdrop of reduced costs and the increased margin level, we also see positive momentum for the further course of the year and have adjusted our guidance for fiscal 2023. In addition, we have decided to resume our share buyback program in the short term.”

Covestro started the share buyback program in February 2022 and temporarily paused it in the middle of last year due to the weakening economic outlook. In view of the revised guidance and the sequential improvement in earnings and volumes, the Board of Management has now decided to continue the current program. The buyback of the next sub-tranche with a volume of up to EUR 75 million will begin in May 2023.

Focus still on sustainable growth and circular economy

Covestro is consistently implementing its strategy “Sustainable Future” and made further progress in its efforts to become fully circular and develop sustainable innovations in the first quarter of 2023. In addition to investing in its own research and development of non-fossil raw materials, Covestro is also focusing on the use of mass-balanced products, for example. As part of that, the Group is having more and more of its global sites certified under the internationally recognized ISCC PLUS sustainability standard and is thus continuously expanding its circular product portfolio. In March 2023, Covestro was awarded certification for Baytown, Texas (United States), its third-largest production site worldwide, meaning that all its central locations have now been certified in accordance with this standard. Alongside Baytown, they include Leverkusen, Dormagen, and Krefeld-Uerdingen (Germany), Shanghai (China), Changhua (Taiwan), Map Ta Phut (Thailand), Antwerp (Belgium), and Filago (Italy). Covestro expects to start delivering selected ISCC PLUS-certified products from its Baytown plant in the second half of 2023.

Covestro is also making continuous progress in the field of plastic recycling. Together with its partners, Covestro successfully completed PUReSmart, an EU-funded research project, proving that chemical recycling of flexible PU foam, such as is used in mattresses, is possible. Now Covestro, together with partners from the waste management industry, is driving the further development of this technology through to industrial use. Covestro has launched Evocycle® CQ Mattress, the first initiative dedicated to the hemolysis of PU mattress foam, thus underscoring the company’s willingness to continue investing in this innovative technology.

Both our segments are robustly positioned despite challenges. Performance Materials focuses on the reliable supply of standard products, and Solutions & Specialties serves the need for complex products with a high pace of innovation.

Both segments are robustly positioned despite challenges

As the results for the first quarter of 2023 demonstrate, Covestro is well positioned with its strategic and structural setup to successfully overcome challenges on its own. While the Performance Materials segment focuses on the reliable supply of standard products at competitive market prices, the Solutions & Specialties segment serves the need for complex products with a high pace of innovation in combination with application technology services. Covestro can thus leverage the individual strengths of both segments in their respective competitive landscapes ideally and gear them to customers’ needs.

Group sales in the Performance Materials segment fell by 25.0 percent to EUR 1.8 billion (previous year: EUR 2.4 billion). That was attributable in particular to the decline in volumes sold and lower average selling prices, mainly as a result of continued weak demand. The segment’s EBITDA declined by 72.1 percent year over year to EUR 173 million (previous year: EUR 620 million) due to lower margins and a reduction in volumes sold driven by demand and availability factors. The free operating cash flow declined to EUR –57 million (the previous year: EUR 112 million), primarily as a result of the drop in EBITDA.

Sales in the Solutions & Specialties segment fell by 15.3 percent to EUR 1.9 billion (previous year: EUR 2.2 billion), mainly on the back of a decline in volumes sold and lower average selling prices, both due to weaker demand. The segment’s EBITDA fell in the first quarter by 26.3 percent year over year to EUR 165 million (previous year: EUR 224 million). Here, too, the main drivers behind this decline were the demand-related decrease in volumes sold. However, the rise in margins had a positive effect as lower raw material prices outweighed the lower selling prices. The free operating cash flow increased by 67.1 percent to EUR –48 million (previous year: EUR –146 million), mainly because of the fact that less cash was tied up in working capital compared to in the same quarter of the previous year.

“Mothers Day 2023 : 5 Smart Wearables That Every Mom Should Have in Her Collection”

As a mom, keeping track of your health and that of your children can be a daunting task. Fortunately, smart wearables have made it easier to monitor your health and that of your children. Here are 5 smart wearables that every mom should have in her collection:

1. Apple Watch Series 6: The latest addition to Apple’s popular smartwatch lineup, the Apple Watch Series 6 offers advanced health tracking features such as blood oxygen monitoring and ECG readings. It also includes GPS tracking, cellular connectivity, and the ability to stream music and podcasts
2. Fitbit Versa 3: The Fitbit Versa 3 is a smartwatch that helps you track your fitness goals, monitor your heart rate, and manage stress. It also has a built-in GPS that allows you to track your runs and walks without carrying your phone.

3. PLAYFIT DIAL : If the person is fitness enthusiast, this is the perfect gift. One of the most cost-effective options on this list is PLAYFIT DIAL, a one-of-its-kind smartwatch, integrated with features like a heart rate monitor, blood oxygen sensor, and others. The PLAYFIT DIAL is also dust and water-resistant and boasts an IPS display with numerous configurable watch faces. Thissmart device will help your them to stay healthy and fit with incredibly awesome features.

4. Garmin Forerunner 245: This watch is great for runners, as it provides advanced running dynamics, including VO2 max and training status. It also has built-in GPS and a range of other fitness tracking features, as well as smart notifications and music storage

5.  Samsung Galaxy Watch 4: This watch is a great choice for Android users, with a range of health and fitness features, including body composition analysis and advanced sleep tracking. It also has a bright AMOLED display and a sleek design.

In conclusion, these smart wearables can help you and your family stay healthy and active. With features such as heart rate monitoring, GPS tracking, and sleep tracking, they are an excellent investment for any mom who wants to stay on top of their health and fitness goals.

Platforms working towards gender diversity in India

India has long been struggling to close the gender gap in the workplace, but there are a few platforms that are making strides towards this goal. Here are the top 3 platforms working towards gender diversity in India:

1- Winpe – Winpe is a platform that promotes gender diversity in the private equity and venture capital industry. They work with industry-leading firms to create a common agenda on gender diversity and support women investors and entrepreneurs with resources like mentorship, allyship, and career development programs.

2- Sheroes – Sheroes is a social network for women in India that provides resources and support in areas such as career, entrepreneurship, and health and wellness. They also feature a job board and online communities where women can connect and support each other.

3- Lean in India – Lean in India aims to encourage more women in leadership positions through peer learning in circles and campaigns to create awareness. They believe in bringing about change through small steps such as running circles and creating awareness through education.

These platforms are not only contributing towards bridging the gender gap, but they are also creating a more diverse, equitable, and inclusive workplace. By promoting gender diversity, they are attracting and retaining top talent who want to work in an environment where they feel valued and treated fairly.

Idanim introduces over 1000 guided meditations across 40+ categories among other new features

New Delhi 1st May 2023: Idanim, a mental wellness and meditation app, has recently crossed the 1000 guided meditations mark, across 40 plus categories, including meditations for sleep, antistress, anxiety reduction, vipassana, etc. to help achieve specific goals. The app has garnered over 50000 downloads in less than a year of its launch, and over 5000 people use it to meditate every month. The app is growing at a tremendous rate and is on its way to become one of the top meditation apps in India.

The platform has a highly curated and select team of world-renowned teachers with a combined meditation experience of 200+ years, hailing from different parts of the globe such as the USA, Canada, Australia, India, Singapore, etc. These teachers provide guided meditations to Idanim users. In addition to guided meditations, the app also offers daily LIVE meditations with these teachers. These sessions provide a platform for Idanim users to not only experience meditation in a studio-like environment with a LIVE teacher, but also a chance to talk to these global mindfulness experts and get their meditation queries answered.

The app also offers a feature called ‘Recommend Me’ to deliver personalized experiences to its users and help them navigate the pool of meditation resources easily. With an easy-to-use interface, the app caters to both beginners and seasoned practitioners wherein a user can choose any meditation category and begin meditating. One can also practice various techniques, such as Yoga Nidra, Buddhist & Zen Meditations, & Chakra Meditations, as per their interests.

Commenting on the same, Raman Mittal, Co-founder, Idanim says ”Meditation is a practice of exploring within oneself and is not a fixed destination, where one should aspire to reach. Your head doesn’t become vacuumed free of thoughts, utterly undistracted. It’s a special place where you experience each and every moment in the now. When we meditate we venture into the workings of our minds: our sensations, our emotions, and our thoughts. We are delighted to introduce 1000 meditations across 40+ categories to create a mindful environment’.

Launched by TO THE NEW, a digital tech services company and a 7-times winner of Great Place to Work, Idanim is designed for working professionals and individuals to improve productivity, confidence, fulfillment, and sleep through mindfulness.