Wednesday, 30 June 2021

Indian Railway Finance Corporation Ltd. posts all-time high revenue

Indian Railway Finance Corporation Ltd. posts all-time high revenue
and profit numbers for FY21

·         For Q4FY2021 IRFC’s PAT grew by more than 126% on YoY basis to stand at Rs. 1,482.55 crore vs. Rs. 654.63 crore reported in Q4FY2020

·         IRFC posted profit growth of 38.34% to Rs. 4,416.13 Crore for the fiscal ended 31st March, 2021 from Rs. 3,192.06 Crore for fiscal ended 31st March, 2020

·        IRFC’s total revenue from operation for Fiscal 2021 stood at Rs. 15,770.47 crore as against Rs. 13,421.09 crore for Fiscal 2020

Indian Railway Finance Corporation Limited (“IRFC” or the “Company”) the dedicated market borrowing arm of the Indian Railways posted profit growth of 126% on YoY basis for Q4 FY 2020-21 to stand at Rs. 1,482.55 crore vs. Rs. 654.63 crore reported in Q4FY2020.

The net profit for FY2020-21 grew by 38.34% to Rs. 4,416.13 Crore as against Rs. 3,192.06 Crore for the corresponding financial year ended 31st March, 2020. The total revenue from operation grew by 17.50% on YoY basis for the same period to stand at Rs. 15,770.47 Crore.

The annual disbursement for IRFC grew by 46.19% on YoY basis from Rs. 71,392 crore in FY 2019-20 to Rs. 1,04,369 crore for the FY 2020-21. The Assets Under Management (AUM) for FY2020-21 stands at Rs. 3,60,079  crore as against Rs. 2,66,137 crore registering a growth of 35.29% on YoY basis.

The capital adequacy ratio of IRFC continues to remain strong at 415.85% for FY 2020-21 as against 395.39% for FY 2019-20. The Company continues to raise funds at the most competitive rates and terms both from the domestic and overseas financial markets which has helped to keep its cost of borrowing low.

Corporate Social Responsibility remains to be a focal area for IRFC as the company spent Rs. 93.44 crore for FY 2020-21 as compared to Rs. 49.45 crore for FY 2019-20.  

Commenting on the financial results, Shri Amitabh Banerjee, Chairman and Managing Director, IRFC, said, “IRFC continued to show strong growth momentum both in terms of revenue and profit during the financial year driven by the massive investment outlay of Indian Railways which is on an expansion and modernization drive. There will be sustained growth in revenue and profitability going forward as a major portion of the funding requirement of Indian Railways is to be met through IRFC.”

Shriram Life Insurance offers new and innovative service options

 Shriram Life Insurance offers new and innovative service options
on its mobile application ‘ShriMithra’

The highest number of services offered on a mobile application by any company

Customers can now pay renewal premium through several digital modes

Total downloads for the application have increased to over 1,30,000 with over 40% logins from the rural customer segment

 Private Insurer, Shriram Life Insurance Company has increased the suite of services offered on its mobile application “ShriMithra” with the aim to increase the speed and ease of services provided to its customers. The initiative is in line with the company’s focus on strengthening the digital service options provided to its customers.

The last year has seen an increased adoption of the mobile application in the rural segments. The total downloads for the application have increased to over 1,30,000 with over 40% logins from the rural customer segment.

Mr. Casparus Kromhout, MD & CEO, Shriram Life Insurance said, “Most of Shriram Life’s customers reside in the rural areas or Tier III/IV towns. These customers normally would need to travel some distance to the nearest branch for financial services causing discomfort which was heightened by the movement restrictions during the current times. However, we have witnessed an increase in the adoption of digital technology for business and services in our segment. Our mobile application ‘ShriMithra’ is envisioned to become a ‘service branch’ in the hands of our customers ensuring that they do not need to move out for basic service requirements.”

The mobile application was launched in September 2019 with 13 services offered on the platform which was the highest number of services offered by an insurer on a mobile application. Today, Shriram Life Insurance continues to lead the industry on that front expanding to 23 services currently offered on the fingertips of its customers and with plans to increase the service suite to 26 shortly. Customers can now pay renewal premium through several digital modes available, request policy status, request changes to policy where applicable, update their contact details amongst various other service options available.

 

Aishwarya Rajesh Latest Stills | Aishwarya Rajesh Stills

 





Terra.do launches a course for enthusiasts in the Electric Vehicles

Terra.do launches a course for enthusiasts in the Electric Vehicles & Fleets value chain

As the world is quickly moving towards sustainable living, road transport in India too is open to achieving environment-friendly objectives with a range of Electric Vehicles (EVs) and fleets due on Indian roads soon. Terra.do has launched a six-week course on opportunities and challenges on the upcoming electrification of commercial fleets for the  entrepreneurs, investors, partners, and other professionals dealing with this electric mobility revolution. It includes stellar faculty members, a comprehensive syllabus and networking opportunities among other benefits 

The programme will give a clear overview of the technology, infrastructure, policy, and economics of EVs to all participants.  It is designed for anyone dealing with the impending EV transition at scale from auto industry players to city planners among others.

 

The participants will understand the intricacies of EVs and build an EV transition plan for their organization. Along with this, it will also offer a ready platform for networking with other auto and transit professionals and EV industry leaders over classes that run around 5 hours/week. Participants also get lifelong access to the ever-growing global network of Terra.do climate fellows that range from industry, policy, technology and more.

 

The course is created by Kartik Gopal, Senior Industry Specialist, Electric Vehicles, International Finance Corporation. With over 25 years of global work experience, of which the last 11 years have been in leading roles in the electric vehicle (EV) industry. He currently serves as the global EV industry specialist at the International Finance Corporation (IFC), a part of the World Bank Group.

 

“Terra.do bring together highly talented and deeply committed individuals who are keen to make a difference to climate change. Transport accounts for approximately 25% of CO2 emissions globally, and the transition to EVs is a necessary part of the solution to climate change. In particular, transitioning commercial fleet operations to EVs today offers fleets an opportunity to reduce their total ownership costs, contribute to a cleaner environment and participate in the exciting, once-in-a-lifetime adventure of leading the transformation of a 100-year-old industry. This course aims to provide a holistic appreciation of how to manage this transition by taking into account the technical, operational, financial, regulatory and market context of EVs.” 

 

Transition to Electric Vehicles globally is a necessary next step in our efforts to reduce carbon emissions, and while several national and state government bodies have come up with decarbonization and fleet electrification mandates, there's a massive knowledge gap amongst governments, policymakers, private and public infrastructure, fleet owners, EV company operators, and startups. And that's what we are aiming to help overcome with the EV course at Terra.Do India is already a leader in the electric 2- and 3-wheeler market with pioneers such as Mahindra Electric, Ola Electric, and government initiatives such as Faster Adoption and Manufacturing of Hybrid and EV (FAME). Given India's scale, rising middle class and gasoline prices, high reliance on heavy public transit fleets, and high calibre engineering talent; we believe India is going to be a key consumer and producer of EVs said
Mr Anshuman Bapna, Co-Founder & CEO, Terra.do

வேலம்மாள் பள்ளி சர்வதேச அளவில் இரண்டாவது முறையாக நடத்தும்

 வேலம்மாள் பள்ளி சர்வதேச அளவில்  இரண்டாவது முறையாக நடத்தும் இணையவழி ஓவியப் போட்டிக்குப் போட்டியாளர்களை அழைக்கின்றது.

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5 வயது முதல் 15 வயது உடைய மாணவர்கள் பங்கேற்கும் வகையில் அரிய வாய்ப்பு வழங்கப்படுகிறது.

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VELAMMAL MAIN CAMPUSTO HOST 2nd INTERNATIONAL ART

                    VELAMMAL  MAIN CAMPUSTO HOST 2nd INTERNATIONAL ART CONTEST                                                                         GO CORONA 2021

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Velammal continues it's tradition of honouring and giving young artists  a global exposure


Office market net absorption up

                                Office market net absorption up 32%
                                    in second quarter of 2021: JLL
 

·         Net absorption in top seven markets at approximately 4.4 million sq. ft in Q2 2021

·         Bengaluru and Pune accounted for nearly 60% of net absorption during H1, 2021

·         New completions in Q2 2021 were recorded at 11.67 million sq. ft

·         Vacancy levels in top seven markets rose to nearly 16% at the end of Q2, 2021

India’s net office absorption stood at 4.39 million sq. ft in the second quarter, representing 32% year-on-year growth in major cities, according to JLL’s Office Market Update-Q2, 2021. Given the strict nationwide lockdowns across the country in the second quarter, net absorption dipped by 16% versus the previous quarter. However, the quarter-on-quarter drop was lower than the 61% during the same period last year when the first wave of the pandemic hit, showing the market’s improved resilience.  

Office absorption was more resilient during the second wave

City

Q1 2020

(mn sq. ft)

Q2 2020

(mn sq. ft)

Growth (%) Q2 2020 over

Q1 2020

Q1 2021

(mn sq. ft)

Q2 2021

(mn sq. ft)

Growth (%) Q2 2021 over

Q1 2021

Bengaluru

2.71

0.45

-83%

2.22

2.34

5%

Chennai

0.92

0.10

-90%

0.37

0.11

-70%

Delhi NCR

1.55

0.50

-68%

1.07

0.61

-43%

Hyderabad

0.92

1.18

29%

0.79

Negligible

-

Kolkata

0.02

Negligible

-

0.04

0.02

-60%

Mumbai

2.14

0.45

-79%

0.24

0.61

149%

Pune

0.36

0.64

77%

0.50

0.71

43%

Total

8.62

3.33

-61%

5.23

4.39

-16%

Source: Real Estate Intelligence Service (REIS), JLL Research

 

The focus was on undertaking measures such as vaccination drives for employees to ensure that they eventually come back to the office is safe and sustainable.

The overall market witnessed a net absorption of 9.63 million sq. ft in H1 2021, a decrease of 19% when compared to H1 2020. Markets of Bengaluru and Pune accounted for nearly 60% of the net absorption during H1 2021. Moreover, these two markets along with Kolkata were the only ones which witnessed a growth in net absorption in H1 2021 when compared to H1 2020.

Net absorption dipped by 19% in H1 2021

City

H1 2020

(mn sq. ft)

H1 2021

(mn sq. ft)

Growth

(%)

Bengaluru

3.16

 4.55

44%

Chennai

1.02

 0.48

-53%

Delhi NCR

2.05

 1.69

-18%

Hyderabad

2.11

 0.79

-62%

Kolkata

0.02

 0.06

270%

Mumbai

2.59

 0.85

-67%

Pune

1.01

 1.21

20%

Total

11.94

 9.63

-19%

Source: Real Estate Intelligence Service (REIS), JLL Research

 “It is important to note that pre-leasing commitments have been largely intact and there has been limited downsizing activities by larger corporates. Corporate occupiers are holding on to office spaces with the belief that as vaccination drives accelerate, occupancy at offices will start to improve. Furthermore, completions during H1 2021 were recorded at 25.11 million sq. ft, an increase of 75% year-on-year, show that developers are confident of a strong revival in office leasing activity once business as usual is reinstated. In the second half of the year,  if the country can ensure that most of the active workforce gets fully vaccinated, the shift back to office premises will be more feasible and sustainable,” said Rahul Arora Head of Office Leasing Advisory, JLL India.

New completions in Q2 2021 were recorded at 11.67 million sq. ft., more than double than that of Q2 2020. With the addition of nearly 12 million sq ft of space, the Grade A office stock in the top seven cities under consideration crossed 650 million sq ft.  During the first wave of COVID-19, new completions took a hit due to the unavailability of labour. The robust new completion level in Q2 2021 is indicative of the fact that construction activity was not impacted significantly during the second wave.

New completions at robust levels despite the second wave

City

Q1 2020

(mn sq. ft)

Q2 2020

(mn sq. ft)

Growth (%) Q1 2021 over Q4 2020

Q1 2021

(mn sq. ft)

Q2 2021

(mn sq. ft)

Growth (%) Q1 2021 over Q4 2020

Bengaluru

3.35

 -  

-

4.33

5.19

20%

Chennai

0.53

 -  

-

-

0.50

-

Delhi NCR

1.94

 1.94

0%

4.01

1.22

-70%

Hyderabad

1.35

 2.38

77%

2.20

1.64

-25%

Kolkata

-  

 -  

-

-

-

-

Mumbai

0.84

 1.45

73%

2.18

2.54

16%

Pune

0.60

 -  

-

0.70

0.58

-17%

Total

8.61

 5.77

-33%

13.43

11.67

-13%

Source: Real Estate Intelligence Service (REIS), JLL Research

 “Compared to the big dip that we had seen in the Q2 2020 due to the first wave, the market showed more resilience in Q2 2021 when hit by the second wave. The strength displayed by the office market in India since the pandemic owes much to the fact that the IT/ITeS sector has been largely unaffected by the economic downturn. IT/ITeS occupiers continued to account for a majority of the office leasing activity in 2020 at around 50%. In 2021, we expect the IT/ITeS sector to remain the key occupier group while demand from emerging sectors such as e-commerce, manufacturing and healthcare is likely to increase further,” said Dr. Samantak Das, Chief Economist and Head Research & REIS, JLL.

In sync with net absorption, Bengaluru accounted for nearly 40% of the new completions during H1 2021. This was followed by Delhi NCR which accounted for 21% and Mumbai which witnessed 19% of the total new completions. New completions during H1 2021 were recorded at 25.11 mn sq ft, an increase of 75% year-on-year. 

New completions maintain growth in H1 2021

City

H1 2020

(mn sq. ft)

H1 2021

(mn sq. ft)

Growth

(%)

Bengaluru

3.35

9.53

184%

Chennai

0.53

0.50

-6%

Delhi NCR

3.88

5.23

35%

Hyderabad

3.73

3.84

3%

Kolkata

-

-

-

Mumbai

2.29

4.73

106%

Pune

0.60

1.28

115%

Total

14.38

25.11

75%

Source: Real Estate Intelligence Service (REIS), JLL Research

Vacancy in Grade A office space shot up to nearly 16%


H1 2018 (%)

H1 2019 (%)

H1 2020 (%)

H1 2021 (%)

Top 7 Markets

14.0%

13.3%

13.1%

15.8%

Source: Real Estate Intelligence Service (REIS), JLL Research

Due to a steady pipeline of assets coming online, the demand-supply gap has momentarily widened. Vacancy levels across the top seven markets rose to nearly 16% at the end of the second quarter breaching the comfort zone of 13-14% for the first time since 2017. Nevertheless, with demand expected to pick up in the coming quarters, vacancy is likely to return to sub 15% levels, believes JLL.

Rentals continue to remain rangebound

Office rentals remained stable across the major office markets in India in Q2 2021. However, landlords continue to be accommodative to the demands of occupiers and support deal closures. With vacancy levels already hovering at around 16%, the next few quarters will be critical in terms of pick-up in demand while maintaining the market buoyancy as planned supply enters the market.

Occupiers remain optimistic about the future

The resilience displayed by the office market in India since the pandemic owes much to the fact that the IT/ITeS sector has been largely unaffected by the economic downturn. IT/ITeS occupiers continued to account for most of the office leasing activity in 2020 at around 50%. In 2021, we expect the IT/ITeS sector to remain the key occupier group while demand from emerging sectors such as e-commerce, manufacturing and healthcare is likely to increase further.

Taking cues from 2020, the second half of the year is expected to witness increased momentum in the office space. In 2021, net office absorption across seven major cities is likely to remain flat at around the levels of 25.6 million sq feet achieved in 2020, in case there are no further lockdowns. In a nutshell, if vaccination targets are achieved and we do not see another major outbreak of the virus, the year 2021 is most likely to close on an encouraging note