Hyatt Regency Dehradun Resort and Spa Welcomes Manish Koolwal as Director of Finance

Hyatt Regency Dehradun Resort and Spa is pleased to announce the appointment of Manish Koolwal as its new Director of Finance, effective August 2023. Manish brings with him a rich expertise in financial management, underpinned by his qualifications as a Chartered Financial Analyst and over 13 years of extensive experience across various scales of hotels.

 

Beginning his career in the hospitality industry after completing his article-ship with various esteemed CA firms-Manish initiated his journey in 2010 at Clarks Amer, later moving on to Radisson Blu in Jaipur. Demonstrating swift advancement in his career, he earned promotion to the position of assistant manager finance at Radisson Blu within just one year. In 2014, he embarked on his Hyatt journey as the Chief Accountant at Hyatt Regency Ludhiana. His dedication and expertise led to his subsequent promotion to assistant director of finance at Hyatt Regency, Ludhiana. further ascending to the role of Director of Finance at Hyatt Ahmedabad in 2017. His most recent accomplishment was serving as the Director of Finance, since pre-opening at Hyatt Place Kathmandu.

 

Manish is known for his process-driven approach to financial management, focusing on both the growth of the organization and the professional development of his team. He is thrilled to return to India and is eagerly looking forward to embracing the scenic beauty of the hills once again. Speaking on his new role, Manish Koolwal said “Joining the esteemed team at Hyatt Regency Dehradun Resort and Spa fills me with immense enthusiasm. Returning to India feels like a homecoming, and I am excited to immerse myself in the serene beauty of the hills once more. I am committed to contributing my best to the success and prosperity of this esteemed establishment and look forward to work alongside the talented team members”

 

Outside his professional life, Manish is an enthusiastic bike lover, an adventurous soul, and a firm believer in the philosophy of “KARMA.”

 

Sumit Kumar, the General Manager at Hyatt Regency Dehradun Resort and Spa, expressed his enthusiasm about Manish’s appointment, stating, “We are thrilled to welcome Manish Koolwal to our team. His extensive financial knowledge, combined with his proven track record in the hospitality sector, will undoubtedly strengthen our financial strategies and contribute to the growth and success of our resort.”

 

 

Indian Tech Company Data Xgen Technologies Launches New Email Service-Jaishriram.bharat- in Support of Ram Mandir Reconstruction

Indian company Data Xgen Technologies today announced its contribution to the reconstruction of the Ram Mandir by launching a new email service, specially dedicated to the celebration of the consecration of Lord Ram. The service has initially been launched in Hindi, with the launch event coinciding with the much-anticipated consecration ceremony scheduled for January 22.

Data Xgen Technologies has introduced a free email service under the domain name jaishriram.bharat. To avail of this service, individuals can download the DataMail (DATAMAIL) mobile app from the Android and Apple App Stores and enjoy its benefits free of charge. The service is accessible on any device through mobile email applications and the web.

Expressing his enthusiasm for the initiative that is a fusion of technology and spirituality, Mr. Ajay Data, Founder and CEO of Data Xgen, said, “The reconstruction of the Ram Mandir is a significant milestone, and we are proud to contribute to this new chapter. Data Xgen’s goal has always been to work for the benefit of society through technological advancements, and with this email service, we aim to provide people with a secure, safe, and easy way to enjoy the benefits of email and align it with spirituality too.”

“As 88% of citizens in India primarily communicate in local languages, it is crucial for our email service to be available in their language. Hindi being a major language, we have initially launched jaishriram.bharat in Hindi, and soon it will be available in other languages as well,” emphasized Mr. Ajay Data.

Data Xgen Technologies is the first company globally to provide a fully Indian-manufactured email service. It supports email IDs in 22 Indian languages including Hindi, Gujarati, Tamil, Telugu, Marathi, among others, and foreign languages as well, making it the world’s first linguistic email service.

Data Xgen Enterprise Email Software, XgenPlus, which powers this email service, is already serving over 50 million users worldwide. Any individual with a domain in any language can also benefit from Xgen Plus for email. It is a robust communication solution that provides email, transaction-related emails, and group emails, all in one place—fast, secure, and reliable.

 

HCLTech’s 5G solution wins silver badge from Telecom Infra Project

HCLTech, a leading global technology company, announced that its 5G Open RAN traffic steering xApp software has received the Telecom Infra Project’s (TIP) silver badge.HCLTech’s xApp is equipped with a RAN intelligent controller (RIC) and uses AI and ML algorithms to enable mobile network operators to enhance network performance, increase efficiency and deliver better user experiences.

 

“HCLTech has been a significant contributor to 5G Open RAN alliance, solutions and frameworks to accelerate 5G deployment and monetization. TIP’s silver badge for HCLTech’s traffic steering xApp is a testimony to our commitment to facilitate mobile network operators to efficiently deploy 5G network and monetize it,” said Anup Dutta, Global Delivery Head, Engineering and R&D Services, HCLTech.

 

HCLTech’s xApp is integrated with the VIAVI RIC Tester solution. The TIP Test and Validation Committee validated HCLTech’s xApp at the TIP Community Lab, Menlo Park, California.Telecom Infra Project (TIP) is a non-profit organization that aims to expand the supply chain and drive innovation across the entire telecom landscape by collectively designing, building and testing technologies that are efficient and interoperable across the whole product lifecycle. TIP aligns a diversity of skills and creates economies of scale to accelerate commercial solutions.

Finolex Industries unveils new logo, marking the legacy brand’s next era

Finolex Industries Limited is a name that has become synonymous with quality Pipes & Fittings over the last four decades. Steadily growing with committed investments in backward and forward integrations. Their formidable reputation in both urban and rural markets is testimony to this obsessive commitment. In a recent development, the company revealed a new logo that clearly represents this focus.

 

Maintaining a sense of familiarity and consistency over the years, the logo has gracefully evolved. Yellow embodies optimism and happiness, while Blue, the color of water, represents a steadfast reliability & trust over four decades.Speaking about this change in logo, Shri Prakash P Chhabria, Executive Chairman, shared, “Our logo has evolved, but our focus hasn’t. Since the beginning, we have been single-mindedly focused on supporting our customers with Pipes & Fittings of the highest quality. Every decision we’ve made, every addition and growth to our company has only been to further this commitment. This focus is now visualized in our new logo.”

 

This announcement comes on the back of aggressive consolidation and expansion into new markets over the last year. This has been further bolstered by the inauguration of a new state-of- the-art manufacturing plant dedicated to fittings. The singular focus of Finolex on Pipes & Fittings is demonstrated by the new appointments, integrating company-wide tech-enabled systems and processes, and on-ground engagement programmes.To sum things up Mr. Chhabria adds, “The new logo is not a culmination, but the beginning of a new phase for us.”

Insurtech startup Bharatsure raises $1M in funding Round led by Capital-A and its other existing investors

Bharatsure, the parent brand of Healthysure, has raised $1M in a funding round led by early-stage VC fund Capital-A. The round also saw participation from Grip Invest and existing backers Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle. Bharatsure provides cutting-edge Infrastructure-as-a-Service (IaaS) solutions to insurance distributors like licensed brokers, agents, banks, and institutions empowering them to proactively distribute group insurance and healthcare seamlessly.

 

Their offerings also include holistic support for identifying insurance partners, product pricing, payments, operations, and claims. The infrastructure also powers embedded insurance and healthcare uses cases for customers with an active focus on group health insurance.

 

With such an impactful integration of holistic services, and cutting-edge technologies, Bharatsure is aiming to significantly enhance insurance coverage throughout India, and pave the path for a financially assured future for the masses. This vision is in sync with Capital A, the lead participant in the latest funding round as Capital A has been extensively focusing on supporting the growth of Indian startups that leverage cutting-edge technologies in BFSI sector to solve problems at scale.

 

Expressing his gratitude for Capital A’s support, Bharatsure’s Co-founder and CEO,  Anuj Parekh, stated, “This funding round marks a significant milestone for Bharatsure. This fresh capital injection will further fuel our mission to democratize group insurance, making it accessible and affordable for organizations and groups across the country. We are excited to have the support and trust of our investors as we continue on our journey to revolutionize group insurance distribution in India.”

 

Sanil Basutkar, Co-founder and Chief Product Officer, added, “Almost 90 crore Indians are without a health security in the country. Reflecting on what has worked for highly penetrated economies, group insurance has always been the primary driver for this penetration. India too can follow this path and we want to enable the entire insurance ecosystem with the right tools to distribute group insurance.”

 

 

Ankit Kedia, Founder & Lead Investor, Capital A, said “Bharatsure’s potential to establish a digital ecosystem catering to employers nationwide and facilitating the acquisition of diverse insurance products and healthcare services, positions it as a transformative force within the Indian Insurtech sector. This alignment with evolving market dynamics led us to invest in the company. We have immense confidence in their ability to revolutionize the insurtech landscape.”

 

Devendra Agrawal, Founder, Dexter Ventures said, “We had backed them in the previous round and doubled down on our investment in the current round. In Anuj, Sanil and their team, we find great hustlers and glad to be a part of their growth journey, as they contribute towards Insurance penetration across India viz a viz Group Insurance and SaaS platform. Coincidentally, we have been availing their services for our entire team and their family members since 2021.”

 

Since its launch in May 2021, Bharatsure has partnered with over 500 organizations, impacting more than 150,000 lives through its group benefits platform. They are targeting to secure 1 Crore Indians in the next 2 years. Recently, the company had raised funding of $1.2M in February 2022 and the company also gained recognition as one of the country’s top six startups on CNBC TV-18’s Leap to Unicorn show.

Finolex Pipes reports strong YOY profit improvement backed by improved operating matrices

Finolex Industries Limited (NSE:FINPIPE|BSE:500940) at its Board Meeting held today announced unaudited financial results for the third quarter ended Dec 31, 2023.

 

Key Financial Highlights (Standalone): (INR- Cr)

 

Rs. In Crores Q3 FY24 Q3 FY23 % Change 9M FY24 9M FY23 % Change
Total Income from operations 1,019.69 1,124.76 (9.34%) 3,082.01 3,255.99 (5.34%)
EBITDA gain/(loss) 119.90 91.87 30.51% 375.92 75.11 400.51%
EBITDA % 11.76% 8.17% 12.20% 2.31%
Depreciation 27.57 22.50 89.34 65.40
Profit/ (loss) before interest & tax 92.33 69.37 33.09% 286.58 9.71 2,852.12%
EBIT % 9.05% 6.17% 9.30% 0.30%
Finance costs 7.66 5.13 29.14 20.77
Other Income 35.12 27.82 137.32 92.18
Profit/(loss) before tax 119.79 92.06 30.12% 394.76 81.12 386.66%
PBT % 11.75% 8.18% 12.81% 2.49%
Tax 30.58 19.99 100.89 2.88
Profit/(loss) after tax 89.21 72.07 23.78% 293.87 78.24 275.60%
PAT % 8.75% 6.41% 9.53% 2.40%

 

 

Sales volume in MT

 

PVC Resin (External) 2,759 4,863 (43.27%) 7,784 23,576 (66.98%)
PVC Resin (Including inter Segment) 43,737 64,696 (32.40%) 1,27,327 1,81,506 (29.85%)
Pipes and Fittings 81,312 90,396 (10.05%) 2,36,406 2,21,574 6.69%

 

 

 

 

 

 

 

 

Q3 FY24 Highlights:

 

  • Total income from operations was Rs 1,019.69 Cr for Q3FY24 – down 9.34% against
    Rs 1,124.76 Cr in Q3FY23.
  • Volume in Pipes & Fittings segment decreased by 10.05% to 81,312 MT in Q3FY24 against 90,396 MT in Q3FY23.
  • Volume in PVC Resin segment was down 32.40% to 43,737 MT in Q3FY24 against 64,696 MT in Q3FY23.
  • EBITDA stood at Rs 119.90 Cr for Q3FY24, up 30.51% compared to the EBITDA of Rs 91.87 Cr for Q3FY23.
  • PAT increased by 23.78% to Rs 89.21 Cr in Q3FY24 against Rs 72.07 Cr in Q3FY23.

 

9M FY24 Highlights:

  • Total income from operations was Rs 3,082.01 Cr for 9MFY24 – down 5.34% against Rs 3,255.99 Cr in 9MFY23.
  • Volume in Pipes & Fittings segment grew 6.69% to 2,36,406 MT in 9MFY24 against 2,21,574 MT in 9MFY23
  • Volume in Resin segment decreased by 29.85% to 1,27,327 MT in 9MFY24 against 1,81,506 MT in 9MFY23
  • EBITDA for 9MFY24 stood at Rs 375.92 Cr for 9MFY24 against Rs 75.11 Cr for 9MFY23.
  • Profit after tax was increased to Rs 293.87 Cr in 9MFY24 compared to Rs 78.24 Cr in 9MFY23.

 

Commenting on the quarterly results, Mr. Prakash P. Chhabria, Executive Chairman, Finolex Industries Limited said, “FY23 had seen a huge pent up agri-pipes and fittings demand, leading to highest ever pipes and fittings sale in the country. Despite previous year’s high base, our business is witnessing strong volume growth, especially in the plumbing and sanitation products. PVC prices are expected to be range bound and hence, consumption-led demand is expected to remain sturdy in both the rural and the urban segments.”