Friday, April 30, 2021

FedEx delivers critical healthcare supplies to India to support the fight against COVID-19




  Photo caption: Oxygen concentrators are unloaded from the plane at Indira Gandhi International Airport, Delhi, India (photo source: FedEx)

FedEx has a long history of supporting relief efforts across the globe, using our network and expertise to support communities in need. 

In addition to efforts underway, FedEx has transported an initial 1,000 oxygen concentrators into India.

“In times of need, we mobilize our network quickly to help the communities where we live and work. Today’s FedEx flight brought with it much needed medical supplies in the ongoing fight against COVID-19.” said Jack Muhs, FedEx Express MEISA Regional President

FedEx continues to collaborate with the Government of India, healthcare customers, and the producers of critical items to move urgently needed medica­l supplies and equipment, including oxygen concentrators, into the country.

Thursday, April 29, 2021

KIDS HIT HARD BY COVID SECOND WAVE!!

 

Second wave of Covid-19 has stronger infection among children: Do kids need  vaccines? - Coronavirus Outbreak News

 

The ongoing Covid-19 surge is taking a toll on children’s health with several hospitals reporting a sharp rise in the number of children between the age of one and five landing up in hospitals. Unlike last year, the virus is affecting infants, with some as young as one-and-a-half months old getting admitted to hospital . 2021, unlike 2020 is different for kids. In 2020, most children were asymptomatic and were rarely affected. But due to the high infectivity and simultaneous 3-4 strains in the country, a lot of children are getting infected. The virus has a higher attaching capability and children are also reporting symptoms says Dr Durga Prasad Medical Director  Ankura  Hospital for women and children .

 

In what should worry Indian parents the most, an increasing number of children are now being infected with Covid-19 along with serious symptoms in the ongoing lethal second wave.

 

As the coronavirus situation in India has turned grim with the country’s daily count crossing the 3 lakh mark, calling the situation ‘very dangerous’, pediatricians have asserted that the virus is taking a toll on the newborn and the youth.

 

Several Indian children are testing positive for Covid-19 infection the country  grapples with escalating virus cases in the second wave of the coronavirus pandemic.

 

Doctors across the country  have confirmed that even newborns and infants are testing Covid-19 positive, though their condition remains under control and rarely turns fatal. However, children between 5-12 years are at a greater risk. In some hospitals, mothers have to accompany their children who are showing severe symptoms

 

Last year, across the world, around 11 per cent affected were children. But this year, globally, we are witnessing almost 20-40 per cent of children among positive cases

 

 

Need to follow Covid appropriate behavior

 

·       Families are not as cautious anymore. Lack of Covid-appropriate behavior at home, esp. by those coming from outside, is one reason for the surge. Earlier, the interaction was restricted. Social distancing, handwashing a must for all including visitors and relatives to your homes

 

·       Its Important not to expose children to vulnerable areas.

 

·       Do not ignore symptoms that are gastrointestinal, rash, conjunctivitis, vasculitis among your children

 

·       No study yet shows that breast milk of a positive mother may spread the virus to the child. So, mothers can feed, but wear a mask at all times. Also, physical distance must be maintained from the child as much as possible, when not feeding

 

·       While vaccines for kids are still under trial and may take months before it can be tested and proved beneficial for kids, the only remedy is to wear masks, maintain hand hygiene and social distancing

 

·       Start treating the child for fever with antiviratic like crocin or paracetamol and if the fever continues for more than two days then getting the child tested is a must

 

·       Have a well-balanced diet with vitamins and minerals which are present in fruits and vegetables.

 

·       Plenty of hydration is recommended

 

·       Need is to encourage the child to have a well-balanced routine to keep them mentally and physically fit.

 

Dr. Durga Prasad K K - Pediatrician - Book Appointment Online, View Fees,  Feedbacks | Practo

Dr Durga Prasad 

MBBS, DNB (Pediatrics) Medical director, Ankura  Hospital for women and children

Wednesday, April 28, 2021

MUBI INDIA HIGHLIGHTS: MAY 2021

STATE FUNERAL

Moscow, March 1953: in the days immediately following the death of Joseph Stalin, countless citizens flooded the Red Square to mourn their leader’s loss and witness his burial. Though the parade of pomp and circumstance was captured in detail by hundreds of cameramen, their footage has remained largely unseen. Working from several hours of this revelatory archival material, now stunningly restored, master filmmaker Sergei Loznitsa (The EventThe Trial) has crafted one of his most astonishing nonfiction achievements. An immersive recreation of a key moment in Soviet history, State Funeral presents an all-too-timely commentary on the terrifying absurdities inherent to totalitarianism and the cult of personality and will be showing exclusively on MUBI.

State Funeral — May 21

 

MR JONES

This biographical thriller by Agnieszka Holland loosely tells the story of Gareth Jones, a journalist from Wales, who uncovered the truth about the Holodomor, the devastating famine in Ukraine in which millions died. In March 1933, Gareth Jones takes a train from Moscow to Kharkov in Ukraine. He disembarks at a small station and sets off on foot on a journey through the country where he experiences at first hand the horrors of a famine. Everywhere there are dead people, and everywhere he goes he meets henchmen of the Soviet secret service who are determined to prevent news about the catastrophe from getting out to the general public. Stalin’s forced collectivisation of agriculture has resulted in misery and ruin; the policy is tantamount to mass murder. Supported by Ada Brooks, a New York Times reporter, Jones succeeds in spreading the shocking news in the West, thereby putting his powerful rival, the Pulitzer Prize-winning, pro-Stalin journalist Walter Duranty, firmly in his place.

Mr Jones - May 7

 

DEATH WILL COME AND SHALL HAVE YOUR EYES

Directed by José Luis Torres Leiva, Chilean drama Death Will Come and Shall Have Your Eyes follow the tale of two women who have spent their whole lives together and must deal with the illness affecting one of them. The sick woman decides not to have treatment and they move into a cabin in the woods to wait for the day that death will come into their lives. The situation sees the resurfacing of the love that time had buried under the routine. Gradually their relationship will strengthen as death bides its time outside the cabin.

Death Will Come And Shall Have Your Eyes - May 19

 

CHARULATA

To celebrate Satyajit Ray's birth centenary, MUBI is proud to present a small retrospective of his much admired works. Opening the retrospective is Ray's iconic film Charulata. Based on a novella by the great Rabindranath Tagore, Charulata is a delicate tale of a marriage in jeopardy and a woman taking the first steps toward establishing her own voice. This drama is set in the late nineteenth-century, pre-independence India, in the gracious home of a liberal-minded, workaholic newspaper editor and his lonely wife, Charulata. When her husband’s poet cousin comes to stay with them, Charulata finds herself both creatively inspired and dangerously drawn to him.

Charulata - May 2

 

A STRANGER IN MY NATIVE LAND

A Stranger in My Native Land is the poignant and personal account of filmmaker Tenzing Sonam’s first-ever visit to his homeland. From the far reaches of Amdo Province, where Tibetans have lost their language, to Lhasa, the heart of the country, the film captures his meetings with long-lost relatives and conveys a sense of the desperation of Tibet as a country under occupation.

A Stranger In My Native Land - May 6

*For full programming schedule refer to email attachment          

About MUBI

MUBI is a curated streaming service. An ever-changing collection of hand-picked films. From new directors to award-winners. From everywhere on earth. Beautiful, interesting, incredible movies — a new one, every single day. Always chosen by us. MUBI is available to watch in 190 countries, and the films we pick are guided by local cultures and cinema. We are the world’s biggest community of film-lovers, with over 10 million members around the globe. You can stream or download all our movies, anytime. On any screen or device, anywhere. And you’ll never see a single ad on MUBI. Ever.

MUBI also produces and theatrically distributes ambitious films by both emerging and world renowned filmmakers, which members can see exclusively on its service.

Subscription plans are INR 499 a month or INR 3,588 for 12 months. MUBI is available on the web, Roku devices, Amazon Fire TV, Apple TV, LG and Samsung Smart TVs, as well as on mobile devices including iPad, iPhone and Android.

Tuesday, April 27, 2021

BHARTI BACKED ONEWEB SECURES $550 MILLION IN NEW FUNDING: EUTELSAT TO TAKE SIGNIFICANT EQUITY STAKE IN THE COMPANY

·      OneWeb welcomes Eutelsat Communications as a significant equity partner (c.24%)

·      Eutelsat investment brings OneWeb to $1.9 billion in total financing

·      Secures 80% of total financing, as latest launch puts almost 30% of Gen 1 fleet in space

·      Collaboration with Geostationary (GEO) satellite operator offers new customer opportunities

·      Eutelsat joins U.K. Government, Bharti Global and SoftBank as key investors

London, UK – 27 April 2021: OneWeb, the global communications network powered from space, announces today that it has secured $550 million in funding from Eutelsat Communications (Euronext Paris: ETL), bringing OneWeb’s total funding to $1.9 billion in fresh equity. This investment from one of the world’s most experienced and largest global operators is a vote of confidence in OneWeb and underscores the arrival of Low Earth Orbit (LEO) satellites into mainstream long-term growth planning for major operators.

Eutelsat, one of the world’s leading satellite operators, will receive a c.24% equity stake in OneWeb and similar governance rights to the U.K. Government and Bharti Global, making it a significant equity partner and joining leading investors including the U.K. Government, Bharti Global and SoftBank. The investment is expected to be completed in the second half of 2021, subject to regulatory approvals.

OneWeb’s 648 LEO satellite fleet will deliver high-speed, low-latency global connectivity and its partnership with Eutelsat, a global geostationary satellite operator, will enhance both companies' commercial potential, leveraging Eutelsat’s established commercial reach to governments and enterprise customers in addition to its strong institutional relationships, recognised technical expertise and global fleet. OneWeb’s ability to address multiple applications requiring low latency and ubiquity will also allow both companies to explore GEO/LEO configurations for future service integrations and packages.

 

After OneWeb completes the full deployment of the constellation, the company anticipates annual revenues of approximately $1 billion in year three or soon thereafter, thanks to its partnership driven, wholesale business plan.

Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises said: We are delighted to welcome Eutelsat into the OneWeb family.

“As an open multi-national business, we are committed to serving the global needs of governments, businesses and communities across the world. Together we are stronger, benefitting from the entrepreneurial energy of Bharti, the extensive global outreach of the UK Government and the expertise in the satellite industry at Eutelsat. OneWeb, with its innovative and disruptive approach, is poised to take a leading position in LEO broadband connectivity.”

Business Secretary Kwasi Kwarteng said: “Today’s investment is another giant leap forward for OneWeb in realising their ambition to provide global broadband connectivity around the globe.

“Eutelsat brings over forty years of experience in the global satellite industry and this exciting new partnership puts OneWeb on a strong commercial footing, and the UK at the forefront of the latest developments in low Earth orbit technology.

 “This comes alongside yesterday’s exciting news that a further 36 satellites were launched into space and demonstrates the momentum behind OneWeb and the promising efforts to provide connectivity to some of the world’s most remote places.”

Neil Masterson, Chief Executive Officer of OneWeb, said: “We are delighted with the investment from Eutelsat, which validates our strategy, technology and commercial approach. We now have 80% of the necessary financing for the Gen 1 fleet, of which nearly 30% is already in space. Eutelsat’s global distribution network advances the market entry opportunities for OneWeb and we look forward to working together to capitalise on the growth opportunity and accelerate the pace of execution.”

Commenting on the agreement, Rodolphe Belmer, Eutelsat’s Chief Executive Officer, said: “We are excited to become a shareholder and partner in OneWeb in the run up to its commercial launch later in the year and to participate in the substantial opportunity represented by the LEO segment within our industry. We are confident in OneWeb’s right-to-win thanks to its earliness to market, priority spectrum rights and evolving, scalable technology. With over 40 years’ expertise in the global satellite industry, we look forward to working alongside the UK Government, Bharti and the other shareholders to open new opportunities and market access to ensure OneWeb maximises its potential.”

OneWeb’s mission is to deliver broadband connectivity worldwide to its customers, to bridge the global digital divide by offering data connectivity, facilitating linkage to the Internet of Things (IoT) future and a pathway to 5G. OneWeb’s LEO satellite system includes a network of global gateway stations and a range of user terminals for different customer markets capable of delivering affordable, fast, high-bandwidth and low-latency communications services.

Yesterday, OneWeb successfully launched another 36 satellites into its constellation bringing the system to 182 satellites. The company has only two more launches left in its ‘Five to 50’ programme that will cement the company’s ability to start connectivity services to the United Kingdom, Alaska, Northern Europe, Greenland, Iceland, the Artic Seas and Canada, with global service available next year.

ENDS

Note to Editors: OneWeb was advised on the transaction by UBS.

About OneWeb

OneWeb is a global communications network powered from space, headquartered in London, enabling connectivity for governments, businesses, and communities. It is implementing a constellation of Low Earth Orbit satellites with a network of global gateway stations and a range of user terminals to provide an affordable, fast, high-bandwidth and low-latency communications service, connected to the IoT future and a pathway to 5G for everyone, everywhere. Find out more at http://www.oneweb.world

Overwhelming Success for ‘Go Extra’ Trucking Campaign – 8,500+ km, 60 Days, 9 States, 35+ Events

image.png

Initiative by Bridgestone and MOTORINDIA to showcase the former’s new M721 tyre to fleet operators and also demonstrate solutions to help fleets reduce TCO

Mumbai, 28th April, 2021The curtains came down on the spectacular 'Go Extra' campaign with a vibrant closing ceremony at Jaipur on the last day of the pan-India trip. Bridgestone India, subsidiary of global leader in tyre technology and solutions Bridgestone, and Chennai-based MOTORINDIA, reputed commercial vehicle magazine, have been running a one-of-its-kind initiative – the ‘Go Extra’ campaign since late January this year.

Mr. Tushar Bansode, Head Marketing – Commercial Business, Bridgestone India Pvt. Ltd., said, "We are delighted to partner with leading commercial vehicle magazine MOTORINDIA for the 'Go Extra' campaign, aimed at promoting our all-new V-STEEL Mix M721 tyre. The 'Go Extra' truck has covered 35+ locations and travelled over 8,500 km across the country, introducing our tyre to key CV industry stakeholders including fleet operators, truck drivers and mechanics along the way, while also offering valuable tips, suggestions and solutions to help them improve their business. We are excited with the enthusiastic response for the on-ground events being held at the transport hubs."

Mr. Avijit Lahiri, Strategic Marketing Manager and Head – Go Extra Campaign, MOTORINDIA, said, “It is a privilege for MOTORINDIA to be partnering with world-class brands like Bridgestone, Ashok Leyland (Trucking Partner), Delux Bearing (Bearing Partner), Jamna Auto Industries (Suspension Partner) and Excelite - DH Lighting India (Lighting Partner) for joining us in this initiative. We are humbled by the response to the campaign across the country, one that has impacted thousands of lives in the CV sector, helped them go the extra mile and take their business to the next level.”

The pan-India campaign turned out to be a runaway success, covering over 8,500 km across 60 days and 9 states, reaching out to a trucking audience of over 5,000 fleet operators, drivers and mechanics across the country.


THE SOULED STORE UNVEILS CHENNAI SUPER KINGS REPLICA JERSEYS MADE FROM RECYCLED PLASTIC BOTTLES

27th April 2021, India: It’s that time of the year again when two of India’s biggest passions – cricket and entertainment come together. One of the highly anticipated moments for cricket fans during this period is the design of their favorite team’s jersey for the new season.

 

As part of a larger social and ecological initiative, Chennai Super Kings and The Souled Store decided on a sustainable concept this year. The newly designed Chennai Super Kings replica jersey was created using approximately 15 plastic bottles (that would have otherwise ended up polluting the ocean) and uses 90 % less water than regular jerseys. The jersey comes in a customized box made from recycled material, accompanied by a certificate of authenticity from the legend himself – MS Dhoni.

 

The new jersey launch was seen generating tremendous buzz on social media, with fans excited to see Thala launch the jersey. Check out the reveal: https://www.instagram.com/p/CMzfGQzgxfs/?igshid=wced0r55k4n7

 

“As a brand, we’ve always been conscious of our larger social responsibility, and how we need to continuously implement better, more sustainable practices. We’d specifically like to thank the entire Chennai Super Kings team for being as excited and passionate as we were to make this happen,” said Harsh Lal, Co-founder and Director, The Souled Store.

 

The Super Kings are one of the most consistent teams in IPL history, having qualified for the Playoffs in 10 of their 11 seasons, reached the final eight times and lifted the trophy thrice.

 

“This is the first time in 14 IPL seasons that we’ve redesigned our jersey, and we felt it would be nice to have every replica jersey made from recycled plastic. It’s important for all of us to do our bit to help reduce plastic waste and work towards a greener planet,” said, KS Viswanathan, CEO, Chennai Super Kings

 

The Souled Store is also the official merchandise partner for the Mumbai Indians, Kolkata Knight Riders, and Rajasthan Royals.

 

The official CSK 2021 replica is available for purchase on The Souled Store’s official website and app.

 www.thesouledstore.com/csk

 

About The Souled Store:

Started in June 2013, The Souled Store, an online brand selling quirky pop culture merchandise, is bootstrapped with a total capital of Rs. 5.25 lakh. In 7 short years, they have achieved a turnover of Rs. 100 crores, shipping more than 100,000 orders per month. With a 2+ million customer base and 150+ licenses, The Souled Store is India’s biggest brand for official licensed merchandise.

They are the official merchandisers for big budget movies (Marvel, Batman, Superman, The Justice League, Harry Potter, Lord of the Rings, Star Wars, Raees, Rock on 2 etc.), IPL teams (Mumbai Indians, Chennai Super Kings, Kolkata Knight Riders, Rajasthan Royals), Cartoons (Cartoon Network, Looney Tunes, Scooby Doo, Flintstones etc.), TV Shows (Friends, The Big Bang Theory, South Park etc.), WWE and many more. 

The brand has successfully forayed into offline stores as well, opening their first retail outlet at Linking Road, Bandra in 2019, and launching 2 more stores within the first year itself. As part of its long term vision, The Souled Store plans to open 35-40 stores pan India and be the go-to fashion destination for the country’s youth.

Universal Music Group’s Devraj Sanyal is named to Billboard’s International Power Players List 2021


Mumbai, 26 th April 2021 - Billboard’s annual International Power Players List recognizes the contribution of international music executives from across the globe (ex-U.S.) and this week, saw Devraj Sanyal, Universal Music India and South Asia’s MD and CEO highlighted for his contributions to introducing original Indian music and culture to a global audience in 2021’s list of executives.

This recognition in Billboard’s International Power Players list is testament to the path-breaking industry-leading moves that Universal Music India has been making over the last 3 years. The company as a multi-pronged approach towards how music is made and marketed in India across all-genres and UMG’s initiatives in non-film commercial music, HipHop and regional music space have been instrumental in shaping the way music industry is evolving in India.

In a country traditionally obsessed with Bollywood Music, Universal Music India’s VYRL Originals was the first label dedicated to creating artist-centric music. With a vision of shaping and creating a culture and category of non-film music in India, VYRL Originals has been launching artists in the commercial non-film music space since 2018. VYRL Originals has been the catalyst and label that has set the standard within the non-film music space, which since 2020, every Indian label has been focusing its resources towards.

Recognizing the changing fabric of music and artists in India, the company launched India’s first Hip-Hop label with an international outlook, Mass Appeal India in 2019. The label’s mission is to bring the underground HipHop movement in India to the fore and take it to international audiences. In just 2 years, the label has a solid roster of artists and catalog that has also seen international acclaim and support.

Beyond commercial pop and Hip-Hop, Universal Music India has consolidated and solidified its position in the regional space by partnering with India’s pioneer label from the Punjab region, Desi Melodies.

This budding partnership was solidified in 2020 and has seen releases like Titliaan, Baarish Ki Jaaye and Banglow amongst others. The label is also home to some of the best talent from the region.

Speaking on this development, Vineet Thakkar, COO, Universal Music Group, India & South Asia, said, “This is a moment of absolute pride for not only all of us at UMG India & South Asia but also specifically for our region. In such a vibrant growing emerging market with culturally rich music and artists, it was time that we got some well-deserved global recognition. This is a collective victory for our industry and UMG India for our relentless endeavour to build an artist-centric music business inIndia. It’s now time to take our brand of music and artists on the path to global success.”

Speaking about the achievement, Shantanu S Gangane, VP Marketing Universal Music Group, India & South Asia said, “Devraj’s passion and infectious energy speaks volumes of how we operate at Universal Music Group in the region. It is a proud moment for us to see this recognition come through and I am sure it is a sign of how Indian Music industry is now being perceived globally. The success of music and artists is more borderless than ever before, and I am confident that this paves the way for similar global recognition for Indian music and artists, and global hits in the future.”

About Universal Music Group

Universal Music Group (UMG) is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content in more than 60 countries. Featuring the most comprehensive catalog of recordings and songs across  every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. Universal Music Group is a Vivendi company. Find out more at: http://www.universalmusic.com.

A state-of-the-art pain protocol for total knee replacement allows patients to be mobilised without pain on the same day of the surgery at Wockhardt Hospital, Mumbai Central

Total Knee Replacement is one of the most effective therapeutic option for patients with severe osteoarthritis (OA) of the knee. Total knee Replacement (TKR) surgery has however traditionally been associated with moderate to severe postoperative pain.  Fear of Postoperative pain has been identified as the single most frequent cited reason for delaying or avoiding total knee replacement surgery

 

Specialists at Wockhardt hospital, Mumbai Central have been on the forefront to develop protocols for Enhanced Recovery After Surgery (ERAS) by improving the quality of perioperative care with special focus on achieving excellent pain management to provide a nearly painless experience to patients undergoing Total Knee Arthroplasty

 

Dr Mudit Khanna experienced Joint Replacement surgeon Wockhardt Hospital at Mumbai Central, has been using a minimally invasive surgical technique along with a Multimodal State of the Art Pain Control Protocol on most patients undergoing Total Knee Replacement surgery thereby to provide patients with a painless or near painless experience

 

Dr Mudit Khanna shares “Most of the patients utilising the ‘Multimodal Pain control TKR’ protocols experience minimal pain after surgery, are up and active on the very day of surgery (mobilised on day 0).They start walking with the aid of a physical therapist on the same day and are usually ready for discharge by the third day”

Hence, the patients who go for painless procedure are able to pursue an aggressive and faster rehabilitation programme allowing them to return to their work and busy family lives and responsibilities much faster. To conclude, ‘painless or near painless TKR’ greatly enhances the journey and experience of patients suffering from osteoarthritis as they recover from Total Knee Replacement Surgery

Parents felicitate RK Foundation for reducing school fees for over 2700 students

R.K. Foundation-Jawaharlal Nehru Port Vidhyalaya, Uran receives ‘Letter of Appreciation’ and is felicitated after parents’ request to reduce fees is duly addressed by the management

 

Navi Mumbai: The Parents Teacher Association (PTA) members felicitated the Rustomjee Kerawalla Foundation - Jawaharlal Nehru Port Vidhyalaya (RKF-JNPV) management for the concerted efforts in addressing the queries of the parents related to the school fees by reducing a substantial amount through a ‘one-time’ benefit to 2722 students enrolled with the institution. 

 

The Parents Teacher Association led by Mr. Kiran Gharat, President, PTA, Mr. Vikas Kadu and Mrs. Rekha Thakur, (Both Vice Presidents, PTA) and Mr. Ravindra Patil, Secretary, PTA presented a ‘Letter of Appreciation’ to Mr. Harish Rawal, Vice-President, Academic Operations, RKF-JNPV, and Mr. Manoj Savale, Principal, RKF-JNPV for taking into consideration the financial distress parents faced during the lockdown and extended the benefit to the parents. 

 

RKF-JNPV is operated and managed by Rustomjee Kerawalla Foundation and Jawaharlal Nehru Port Trust via Public-Private Partnership and has chalked an elaborate mandate for the forthcoming academic year with technological intervention, value-based integrated learning and instilling developmental skills in students and staying in sync with the United Nations Sustainable Development Goals 4 (SDG 4).

 

RKF-JNPV ensured continuity in education during the lockdown by conducting online sessions, upskilling teachers and regularly assessing the progress of the students. This intervention also resulted in a smooth transition during the resumption of the school.

 

Mr. Harish Rawal, Vice-President, Academic Operations, RKF-JNPV, said, “We understand the financial burden faced by the parents during the lockdown and stand alongside every parent. We would like to extend our gratitude towards the RKF-JNPV Parents Teacher Association for bestowing this honour and would like to iterate our commitment towards modernising the institution through technology and aim to create foundational pillars at early childhood and aid them during the student’s lifecycle.”

 

Mr. Kiran Gharat, President, PTA said, “We appreciate the efforts taken by R. K. Foundation in understanding our financial problems as parents were deeply impacted by the COVID-19 pandemic last year. The Parents Teachers Association supports and appreciates R.K. Foundation’s gesture of waving off 40 percent of the fee amount which is heartfelt and would benefit the parents and students.”

 

Mr. Manoj Savale, Principal, RKF-JNPV said, “We highly appreciate the support extended by the Parents Teacher Association which will strengthen our commitment to delivering high-quality education and imparting 21st-century skills to our students. The vision of RKF-JNPV focuses on inclusive education and development for all with a futuristic approach. Our focus will be on holistic development and hybrid learning which will enable the school to create ambassadors for the future.”



////Ends///

Monday, April 26, 2021

SBI Card PAT grows 110% to ₹175 Crore in Q4 FY21 vs ₹84 Crore in Q4 FY20

                                                 SBI Cards and Payment Services Limited

(Formerly known as SBI Cards and Payment Services Private Limited)

 

Financial Results for the Quarter and Financial Year Ended March 31, 2021

  

New Delhi, 26 April 2021: The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the quarter and financial year ended March 31, 2021, at their meeting held on Monday, April 26, 2021.

 

Performance Highlights Q4’FY21

  • Profit after tax at 175 Cr for Q4 FY21 vs 84 Cr for Q4 FY20, up 110%
  • Total Income at 2,468 Cr for Q4 FY21
  • ROAA at 2.6% for Q4 FY21 vs 1.3% for Q4 FY20
  • ROAE at 11.2% for Q4 FY21 vs 6.5% for Q4 FY20
  • Capital Adequacy Ratio at 24.8% (Q4 FY20 : 22.4%); Tier 1 at 20.9% (Q4 FY20 : 17.7%)

 

Key Metrics

  • Card-in-force grew by 12% to 1.18 Cr as of Q4 FY21 vs 1.05 Cr as of Q4 FY20
  • Spends grew by 11% at 35,943 Cr for Q4 FY21 vs 32,429 Cr for Q4 FY20
  • Market share Q4 FY21 (available till February) – Card-in-force at 19.0% (FY20 :  18.3%); Spends at 19.5% for FY21 (FY20 : 17.9%)
  • Receivables grew by 4% to 25,114 Cr as of Q4 FY21 vs 24,141 Cr as of Q4 FY20
  • GNPA at 4.99% as of Q4 FY21 vs 2.01% as of Q4 FY20; NNPA at 1.15% as of Q4 FY21 vs 0.67% as of Q4 FY20
  • New accounts volume at 791K accounts for Q4 FY21

 

Profit & Loss Account for the Quarter ended March 31, 2021

Ø  Total income at 2,468 Cr for Q4 FY21 vs 2,510 Cr for Q4 FY20. This movement was a result of the following key factors:

 

·   Interest income at 1,072 Cr for Q4 FY21 vs 1,348 Cr for Q4 FY20

·   Income from fees and services increased by ₹154 Cr to ₹1,114 Cr for Q4 FY21 vs ₹959 Cr for Q4 FY20

·   Other income increased by 82 Cr, or 107% to 159 Cr for Q4 FY21 vs 77 Cr for Q4 FY20, primarily due to higher bad debt recovery.

 

Ø  Finance costs decreased by 91 Cr, or 27.1% to 244 Cr for Q4 FY21 from 334 Cr for Q4 FY20.

 

Ø  Total Operating cost increased by 60 Cr, or 4.9% to 1,285 Cr for Q4 FY21 from 1,226 Cr for Q4 FY20.

Ø  Earnings before credit costs at 939 Cr for Q4 FY21 vs 950 Cr for Q4 FY20.

 

Ø  Total Management overlay provision at 297 Cr as on Mar’21. Impairment losses & bad debts expenses* for Q4 FY21 at 705 Cr vs 838 Cr for Q4 FY20.

 

Ø  Profit before tax increased by ₹122 Cr, or 109% to ₹234 Cr for Q4 FY21 vs ₹112 Cr for Q4 FY20.

 

Ø  Profit after tax increased by ₹92 Cr, or 110% to ₹175 Cr for Q4 FY21 from ₹84 Cr for Q4 FY20.

 

Profit & Loss Account for the financial year ended March 31, 2021

Ø  For the financial year ended March 31, 2021 total income at ₹9,714 Cr for FY21 vs ₹9,752 Cr for FY20. Finance costs decreased by ₹258 Cr, or 19.8% to ₹1,043 Cr for FY21 from ₹1,301 Cr for FY20. Total Operating cost decreased by ₹135 Cr, or 2.8% to ₹4,646 Cr for FY21 from ₹4,781 Cr for FY20. Earnings before credit costs increased by ₹354 Cr, or 9.6% to ₹4,024 Cr for FY21 from ₹3,670 Cr for FY20. Impairment losses & bad debts expenses* for the period at ₹2,700 Cr vs ₹1,940 Cr for FY20. Profit before tax at ₹1,324 Cr for FY21 vs ₹1,730 Cr for FY20. Profit after tax at ₹985 Cr for FY21 vs ₹1,245 Cr for FY20.

 

Balance Sheet as of March 31, 2021

Ø  Total Balance Sheet size as of March 31, 2021 was 27,013 Cr as against 25,307 Cr as of March 31, 2020.

 

Ø  Total Gross Advances (Credit card receivables) as of March 31, 2021 were 25,114 Cr, as against 24,141 Cr as of March 31, 2020.

 

Ø  Net worth as of March 31, 2021 was 6,374 Cr as against 5,413 Cr as of March 31, 2020.

 

Asset Quality

The Gross non-performing assets were at 4.99% of gross advances as on March 31, 2021 as against 2.01% as on March 31, 2020. Net non-performing assets were at 1.15% as against 0.67% as on March 31, 2020.

 

Capital Adequacy

 

As per the capital adequacy norms issued by the RBI, Company’s capital to risk ratio consisting of tier I and tier II capital should not be less than 15% of its aggregate risk weighted assets on - balance sheet and of risk adjusted value of off-balance sheet items. As of March 31, 2021, Company’s CRAR was 24.8% compared to 22.4% as of March 31, 2020.

 

The tier I capital in respect of an NBFC-ND-SI, at any point of time, is required to be not be less than 10%. Company’s Tier I capital was 20.9.% as of March 31, 2021 compared to 17.7% as of March 31, 2020.

 

 

 

Rating

 

CRISIL Long Term         -              AAA/Stable

CRISIL Short Term        -              A1+

    ICRA Long Term      -           AAA/Stable

ICRA Short Term            -              A1+

 

Summary Profit and Loss Statement

 

Rs Cr

Q4 FY20

Q3 FY21

Q4 FY21

YoY

FY20

FY21

YoY

Interest Income

1,348

1,168

1,072

-20%

4,841

4,928

2%

Others

1,085

1,235

1,237

14%

4,435

4,350

-2%

Total Revenue from operations

2,433

2,403

2,309

-5%

9,276

9,277

0%

Total Other Income

      77

   137

   159

107%

   476

   436

-8%

Total Income

2,510

2,540

2,468

-2%

9,752

9,714

0%

Finance costs

   334

   261

   244

-27%

1,301

1,043

-20%

Operating Costs

1,226

1,348

1,285

5%

4,781

4,646

-3%

Earnings before credit costs

   950

   931

   939

-1%

3,670

4,024

10%

Impairment losses & bad debts*

   838

   648

   705

-16%

1,940

2,700

39%

Profit before tax

   112

   283

   234

109%

1,730

1,324

-23%

Profit after tax

      84

   210

   175

110%

1,245

   985

-21%

 

Summary Balance Sheet

 

Rs Cr

Mar’20

Mar’21

YoY

Assets

 

 

 

Loans (Net)

22,812

           23,459

3%

Cash & Bank Balances

      677

  718

6%

Other Financial Assets

      279

             1,236

343%

Total non-financial Assets

   1,539

             1,600

4%

Total Assets

25,307

           27,013

7%

 

 

 

 

Liabilities and Equity

 

 

 

Total Equity

   5,341

             6,302

18%

Borrowings including lease liabilities

17,573

           18,068

3%

Other financial liabilities

   1,197

...