PUNE: Leading industrial and automotive supplier, Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) today announced that the Board of Directors approved the results for the fourth quarter and full year, which ended December 31, 2022

October – December 2022 (Fourth Quarter)

• Total revenue from operations (net) for the quarter (Q4 CY2022) was INR 17,947 million, higher by 17.8% than the corresponding quarter of 2021 and 2.2% higher than the preceding quarter (Q3 CY2022)
• PBT (before exceptional items) for the quarter (Q4 CY2022) was INR 3,096 million, 20.5% higher than the corresponding quarter of 2021 and 6.9% higher than the preceding quarter (Q3 CY2022). PBT margin for the quarter stood at 17.2%, compared to 16.9% during the corresponding quarter of 2021
• Net Profit for the quarter was INR 2,310 million and the net profit margin stood at 12.9%

January – December 2022 (Twelve Months / Full Year)

• Total revenue from operations (net) for the year was INR 68,674 million, higher by 23.5% than the corresponding period of 2021
• PBT (before exceptional items) for the year was INR 11,621 million, higher by 37.8% than the corresponding period of 2021
• Net profit for the year was INR 8,792 million and net profit margin stood at 12.8%
• The Board of Directors of the Company has recommended a dividend for the year ended December 31, 2022, at the rate of INR 24 per equity share of face value INR 2 each

Commenting on the results, Mr. Harsha Kadam, Managing Director, said, “ Our quarterly growth momentum continued on the back of favourable sales mix and our emphasis on deploying sustainable countermeasures to enable a strong quality of earnings while navigating the headwinds in a highly volatile environment. Our annual results for the year were aided by the trajectory of wins across our businesses and a focus on operational efficiency, reflecting our commitment to customer centricity, innovation, and agility. As we enter 2023, we stand by our commitment to enhancing stakeholder value by working on both our financial and non-financial metrics. We wish to thank all our stakeholders for reposing the confidence and continued support.“

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The signing of the MoU between Vakilsearch and PingPong Payments is significant as it demonstrates a commitment by both companies to work together to offer Indian businesses the necessary tools and resources to succeed in the global market. The partnership aims at enabling Indian businesses to access PingPong’s global payment platform, which allows them to easily process cross-border transactions, as well as Vakilsearch’s legal services, which can help them navigate the complex legal and regulatory requirements of doing business internationally.

The partnership will also help Indian businesses to access PingPong’s network of global merchants, which can help them expand their customer base and increase their revenue potential. Additionally, PingPong’s platform will allow Indian businesses to deal in a wide range of foreign currencies which can help them mitigate the risk of currency fluctuations.

Vakilsearch and PingPong Payments will work together to provide Indian businesses with training and support to help them take advantage of the international business opportunities available to them through access to a diverse range of resources, such as guides and webinars.

The partnership between Vakilsearch and PingPong Payments is an important step towards helping Indian business houses succeed in the global market. The two companies have a shared vision of helping businesses expand their reach and access newer markets. This partnership will help in making it a reality.

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In one of the largest ever studies across the accountancy profession, ACCA’s (the Association of Chartered Certified Accountants) new annual Global Talent Trends Survey 2023 provides a unique and vital view of how people feel about their life at work. 

Over 8000 professional accountants from 148 countries including India were asked about the concerns they held around work in the future as well as aspirations for their careers. The survey also assessed key workplace issues such as employee engagement, well-being, and attitudes to technology adoption.  

Our research highlights a talent crunch for employers as they struggle to retain staff with big career mobility ambitions and an eye on their next role. In India, 53% expect to move to their next roles in the next 12 months, and a further 28% over the next two years. Meanwhile, the biggest worry for employees globally is workplace stress, as well as the impact of inflation on salaries.  

At a time of significant workforce change and a challenging global economic climate, our survey indicates that a career in accountancy remains a smart choice for those seeking long-term career prospects and possibilities to continually acquire new skills. The opportunity to acquire a professional qualification that affords cross-sectoral and international mobility further adds to the perception that choosing accountancy leads to a career with choices and flexibility. Seven key themes that emerged are:

1. The inflation crisis continues to fuel wage pressures and creates retention challenges. 
2. Hybrid working is a ‘work in progress’ in many countries, but India has adapted fast with 42% of respondents citing they have a hybrid working pattern. 
3. Addressing burnout has to be a priority with 62% of respondents in India wanting more help from their organizations to manage their mental health. 
4. Job mobility is driving a possible talent crunch for employers – globally 44% expect to move to their next role in 12 months, rising to 69% over the next two years. 
5. Technology is now seen to be empowering accountants to add value, but worldwide 42% suggest they feel overwhelmed by the sheer pace of change.  
6. Inclusion measures highly in India with 75% feeling their organizational culture is inclusive but concerns particularly by younger respondents are expressed on social mobility.
   1. Accountancy provides career security in turbulent times, with younger people prioritizing career development, financial reward, and money rather than broader ambitions to address wider social issues through the jobs they perform.  

Jamie Lyon, Head of Skills, Sectors, and Technology at ACCA said: “Employers are adapting and experimenting with new ways of working across the workforce. Career development and remuneration are the top two attraction factors to an organization, yet they’re also the two areas which have the most influence on employees’ decisions to leave.”  

Md. Sajid Khan, Director – India at ACCA said: “Attracting the next generation of talent to the accountancy profession is vital to healthy economies. ACCA’s inaugural annual talent trends survey ensures the voice of those studying and working in the profession in India is heard, and that the profession helps create a working environment where tomorrow’s talent wants to be.” 

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This partnership will help both Kotak Securities and Exclusive Securities provide technology-led investment products and services to their clientele across the country.

Jaideep Hansraj, MD & CEO, of Kotak Securities Limited, said, “We are truly excited to partner and service around 30,000 investors through this tie-up with Exclusive Securities. In the coming months, we will ensure seamless integration and provide the best possible service to the newly on-boarded clientele. This tie-up will further strengthen the investor’s journey in the stock market with our research insights, and the trading app loaded with a host of features to make transactions faster.”

BD Bhatter, Chairman, of Exclusive Securities Limited added, “We are delighted to have this strategic tie-up with Kotak Securities. Kotak is one of the most trusted names in the BFSI segment. Both the companies have been in business for a number of decades and coming together, will give the clients expertise of over 50 years.”

Sanjay Samaiya, Director, of Exclusive Securities Limited also said, “This alliance with Kotak Securities will create more opportunities for customers to invest in a wide range of products along with robust technology. It will be a win-win situation for all stakeholders of both entities, and it will empower the Exclusive group to serve the clients with best practices in the industry for their wealth creation.”

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HYDERABAD: Muthoottu Mini Financiers a.k.a Yellow Muthoottu, one of the leading NBFCs in India, has launched 11 new branches across Telangana and Andhra Pradesh in the second phase of their network expansion. The second phase of the inauguration of 11 branches was done by Shri Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers. The company is set to inaugurate 19 additional branches before the end of January 2023. These launches are in line with the company’s geographical expansion plans to reach out to its customers and cater to their financial needs. The launch of the 50 new branches is being rolled out in two phases. The first phase of the launch of 10 branches was done by Mr. P.E. Mathai, Chief Executive Officer, Muthoottu Mini Financiers in December 2022.

With a rich legacy of over 100 years, the Yellow Muthoottu (Muthoottu Mini) has always been at the forefront of meeting the ever-changing needs of its customers. The network expansion in Telangana and Andhra Pradesh is a natural extension of the company’s commitment to fulfilling the financial needs of the customers in these two states. Muthoottu Mini will reach a milestone of 250 branches in Telangana and Andhra Pradesh with the launch of the 50 new branches and will have a total number of 900+ branches across India. Each of the new branches will offer a full suite of financial services, including Gold Loans, Insurance, Money Transfer, NCD, Micro Finance, Wealth Management, and Gold Coins & Jewellery.

With a strong focus on customer service, Muthoottu Mini Financiers is confident of becoming the most preferred financial service provider across Telangana and Andhra Pradesh. The new branches will provide much-needed support to businesses and individuals, furthering the company’s mission of empowering the common man. Muthoottu Mini Financiers have a strong presence in Kerala, Tamil Nadu, Karnataka, Haryana, Maharashtra, Gujarat, Delhi, UP, Goa, and the union territory of Pondicherry, and this expansion will help solidify its position as a leading NBFC in India.

Speaking about the branch expansion, Mr. Mathew Muthoottu, Managing Director, of Muthoottu Mini Financiers said, “Customers have always been the foundation of all of our endeavors. We are dedicated to providing the best services possible to our customers so that they can meet their financial needs. With the inauguration of these 50 branches in Telangana and Andhra Pradesh, we are prepared to connect with customers in every corner of each of these states. We are on the right track to being India’s most favored and comprehensive provider of financial services. We also envision becoming the most preferred financial services partner among startups, SMEs, MSMEs, middle-income, and the lower middle-income group across India.“

Speaking on the expansion plans, Mr. P.E. Mathai, Chief Executive Officer, Muthoottu Mini Financiers said, “We are on track to expand both vertically and horizontally by increasing the number of branches and at the same time we are focussing on the yield and performance of existing branches. This year we are planning to achieve our targets by categorizing branches with a minimum per-branch gold loan AUM of INR 3Cr and up to INR 25 Cr AUM depending upon the potential of the branches. We have strengthened our digital platforms to adapt to the new normal and will continue to serve the valued customers consistently in the most innovative ways.“

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With the upcoming Union Budget 2023-24, we are hoping for the inclusion of cycles and e-cycles in the existing schemes and policies such as PLI and FAME-II, that would help transform the bicycle industry in the country. There is huge potential within India for the cycling industry and taking adequate measures such as providing subsidies and lowering interest rates on the purchase of an e-cycle would help in increasing adoption, contributing to the socio-economic needs of the consumer.

As a nation, we are already one of the largest push-cycle makers in the world, having the capacity, talent, and intention to exponentially increase manufacturing, by making globally competitive and technologically advanced e-cycles. With severe supply chain disruptions globally; this is our opportunity to take the pole position in supplying e-cycles to the world.

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