Tata Steel Reaffirms Commitment to Odisha’s Growth at Utkarsh 2025

Chandigarh, January 29, 2025: Tata Steel today reaffirmed its long-term commitment to be a significant partner in Odisha’s growth story by showcasing its investments and outcomes at the Utkarsh Odisha 2025 Conclave, a two-day mega event in Bhubaneswar, Odisha.

Tata Steel has set up a dedicated pavilion at the ‘Utkarsh Odisha – Make in Odisha Conclave 2025’, showcasing its pioneering efforts in innovation, sustainability, and socio-economic development. The pavilion highlights Tata Steel’s initiatives in advanced manufacturing, infrastructure development for green industries at the Gopalpur Industrial Park, features and expansion plans for Subarnarekha port, and the Company’s contributions to the ‘Make in India’ vision. Tata Consultancy Services (TCS) also showcased its story in the pavilion.

T V Narendran, CEO and Managing Director, Tata Steel, said: “In the last decade, Tata Steel has made around $10 billion of investment in Odisha. We have not only built a new steel plant from scratch in Kalinganagar but also acquired and turned around assets like Neelachal Ispat and Bhushan Steel, contributing to our 11 million tonnes capacity in the state. We expect to add another 10 million tonnes over the next decade. Odisha’s geological richness, large coastline, committed workforce, and ever-supportive government have made the state Tata Steel’s largest investment destination in India.”

Tata Steel’s participation in the mega event comes at a time when the Company is pushing ahead with its Phase II of expansion at its Kalinganagar operations. The Kalinganagar plant in Jajpur district, commissioned in 2015-16 with an initial capacity of 3 MTPA, is undergoing a ₹27,000 crore expansion to increase capacity to 8 MTPA. This expansion, expected to generate ~8,000 jobs, will enable Tata Steel to manufacture high-quality Advanced High Strength Steels (AHSS) for the Indian automotive market, significantly reducing the nation’s reliance on imports.

Tata Steel’s recent investments in Odisha also include the acquisition and restarting of Neelachal Ispat Nigam Limited (NINL) plant in 2022. Further, the Meramandali plant in Dhenkanal district, acquired in 2018, is also a significant asset in the Company’s manufacturing portfolio. Formerly Bhushan Steel, this facility currently produces 5.6 MTPA. Tata Steel is currently working on the next phase of expansion at its Kalinganagar plant, Meramandali plant, and NINL unit.

Tata Steel’s Industrial Park at Gopalpur, Ganjam, is making strides in onboarding new industries. The Park has attracted investments worth ~32,000 Crores, majorly in the renewable sector including green hydrogen and solar cell & module manufacturing. Tata Steel’s Ore, Mines & Quarries (OMQ) Division continues to drive innovation and sustainability in mining.

Tata Steel recognises the importance of giving back to the communities in which it operates. The Tata Steel Foundation has undertaken numerous initiatives across 27 of Odisha’s 30 districts, focusing on education, healthcare, and livelihood development. These programmes have positively impacted 2.38 million lives in surrounding areas in FY24 alone. The Company also supports sports development, including its Odisha Naval Tata Hockey High-Performance Centre in Bhubaneswar and grassroots programmes reaching over 9,100 children and youth. Together with the Tata Archery Academy and Tata Steel Adventure Foundation, Tata Steel provides high-performance sports training across multiple disciplines.

SBI Launches Skill Program for 5,200 Women Entrepreneurs

Chandigarh, January 29, 2025: State Bank of India, the country’s largest bank and the banker to over 21 crore women strengthens its ‘women empowerment’ mission with the launch of a special training program tailored exclusively for women across its 153 Rural Self Employment Training Institutes (RSETIs). This program that is inaugurated on the occasion of Republic Day is set to benefit approximately 5,200 women candidates. The programme was virtually inaugurated jointly by Shri. Shailesh Kumar Singh, Secretary, (MoRD) and Shri. C. S. Setty, Chairman, SBI. The inauguration ceremony witnessed the presence of SBI’s Managing Director, Shri. Vinay Tonse as well.

The program encompasses 27 diverse training modules, including tailoring, food processing, beauty services, vermiculture, agarbatti/candle making, bee-keeping, jute product manufacturing, soft toy creation, and “One GP, One BC,” among others. Participants will also receive comprehensive guidance on accessing financial assistance and establishing market linkages to ensure the long-term success of their ventures. To inspire and motivate participants, local dignitaries and successful entrepreneurs will share their experiences and insights.

SBI’s RSETIs have been pivotal in promoting self-employment nationwide. Since their inception, these institutes have trained approximately 12.74 lakh candidates through nearly 46,818 training programs, with an impressive 74% of candidates achieving self-employment.

Given the significant contribution of women to India’s GDP of around 18%, ensuring women empowerment has become the need of the hour for the nation.

State Bank of India has significantly aided the entrepreneurship dream of women in India. With a SHG (self-help group) loan portfolio of over ₹50,000 crores, SBI has impacted the lives of over 1 crore women involved in such groups, securing market leadership in this segment. In addition, the participation of females in the total enrolments covered by SBI has been more than 50% under the Social Security Schemes. Further, in terms of CSR, women empowerment has been one of the key focus areas of SBI.

Secretary Department of Rural Development, Sh. Shailesh Kumar Singh highlighted significance of the initiative in advancing the Government vision for inclusive and equitable development. He also commended SBI’s steadfast commitment to rural development and acknowledged the critical role played by SBI’s RSETIs in fostering financial literacy, skill-building, and entrepreneurship among women.

Speaking on this occasion State Bank of India’s Chairman, Shri. C. S. Setty said, “This special training program underscores SBI’s commitment to fostering women empowerment and advancing financial inclusion in its true spirit. It is not only making rural women self-reliant but also is a step towards “Viksit Bharat”. By equipping women with the skills, we aim to support their journey toward economic independence while contributing to the broader goal of nation-building.”

This initiative reflects SBI’s unwavering dedication to empowering women through skill development, enabling them to build sustainable livelihoods and make meaningful contributions to their communities.

IMD & 1Weather Bring Alerts to 235M Indians on Glance Lock Screen

Chandigarh, 29 January, 2025: The India Meteorological Department (IMD) and InMobi’s 1Weather, a global leading weather app, have formed a unique strategic partnership to deliver national weather warnings and alerts to millions of Indians on their Glance-enabled smartphone lock screens.

The Letter of Agreement (LoA) between IMD and InMobi will enable 235 million Indian smartphone users to stay informed about critical weather conditions instantly, without having to unlock their phones. This distinctive experience will not only help citizens stay safe and prepared but also facilitate swift action at scale during emergency situations.

IMD employs advanced numerical weather prediction models to analyze and forecast critical weather conditions, continually enhancing this capability. Long-term and large-scale weather alerts for events such as cyclones, low-pressure systems, and depressions can be predicted 3 to 5 days in advance, allowing people to prepare and minimize potential loss of life or property. Additionally, hyper localised alerts provide timely warnings for short-term events such as localised heavy rainfall, thunderstorms, hailstorms, or dusty winds which may last only for a few hours. The distribution of these alerts will now be accessible directly on smartphone lock screens, enabling wider reach and quicker dissemination of critical information with the help of 1Weather and Glance.

Glance is an AI-driven platform that delivers diverse, personalized, relevant, and serendipitous experiences directly to the lock screens of Android smartphones, allowing the users to access content without unlocking their phones, searching or downloading multiple apps. This makes it an essential platform for timely content such as weather alerts, enabling people to notice and act instantly. Additionally, localisation plays an integral part of this communication as Glance can adapt alerts to suit the location and visual preferences of users across different regions, ensuring the information is accessible and easily understood by people throughout the country.

Dr. Mrutyunjay Mohapatra, Director General, IMD said, “IMD is continuously enhancing its capabilities to improve weather and climate services. As we celebrate the 150-year milestone, we are further committed to innovating to build a better climate future for India. With the use of smart AI and strategic partnerships such as InMobi and 1Weather, we are optimistic of achieving newer and quicker ways of sharing life-saving weather alerts.”

Srikanth Subramanian, Vice President and General Manager of 1Weather, said, “At 1Weather, we believe that this first of its kind collaboration, between 1Weather and IMD, will alert users ahead of time on severe weather right on their Android lock screens, and help them prepare better, saving precious lives in the process. We truly believe in helping people own their day with actionable weather insights. After success in the USA, we are hoping to reshape the climate story in India too and make a larger difference to society at large.”

The weather alerts feature represents Glance’s commitment to social responsibility through its Glance for Good program. This initiative uses Glance’s AI-powered platform and vast reach to leverage its platform for social impact, which includes initiatives in public safety, disaster preparedness, and community well-being.

“Weather affects everyone, from daily commuters to farmers. Through Glance for Good, we’re democratizing access to critical weather data and ensuring it reaches those who need it most,” added Bikash Chowdhury, Chief Marketing Officer at InMobi and Glance. “Our mission is to use technology not just for information and experiences, but as a force for social good.”

These live updates will be available soon on the Glance lock screen and later through the 1Weather app, which is available on the Google Play Store, across all major Android smartphone brands in India. 1Weather is one of the top 5 weather apps in the USA and LATAM regions.

Kshemavana Launches 4-Day ‘Feel Alive Again’ Geriatric Care Retreat

Bengaluru, January 2025: Aging often comes with stiffness, fatigue, and a sense of imbalance. To help fight this out, Kshemavana – Naturopathy and Yoga Center , a premier naturopathy and wellness center, has curated “Feel Alive Again Geriatric Care,” an exclusive four-day retreat program specially designed for individuals aged 50 to 70 years.

Taking place from February 13th to 16th, 2025, at its serene Bengaluru location, this program is meticulously crafted to enhance improving quality of life, managing chronic conditions, and maintaining mental and physical health among seniors and redefine aging with holistic wellness.

The retreat offers therapies that focus on flexibility, relaxation, and vitality. Participants will experience specialized naturopathy treatments, rejuvenating therapies, yoga sessions, and guided meditation under the expertise of experienced practitioners. Kshemavana also includes personalized wellness consultations and a curated nutrition plan to boost long-term health benefits.

Bookings for the “Feel Alive Again Geriatric Care” retreat are now open. Those seeking to restore energy, enhance movement, and experience a renewed sense of well-being can register now.

JSW Infrastructure announces Q3 FY25 results

Chandigarh, 29 January 2025: JSW Infrastructure Limited (the “Company”), a part of the JSW Group and India’s second-largest private commercial port operator, today announced its results for the third quarter and period ended 31st December 2024.

Key Highlights for Q3 FY25

  •  Revenue of ₹1,265 Crore, up 24% YoY
  •  EBITDA of ₹670 Crore up 20% YoY
  •  PAT of ₹336 Crore up 32% YoY
  •  Strong Balance Sheet, well positioned to pursue growth

 Net Debt to EBITDA (TTM*) of 0.4x

 Cash and Cash equivalents of ₹4,845 Crore

Consolidated Financial Performance Q3 FY25

During the quarter, the Company handled cargo volumes of 29.4 million tonnes which is higher by 5% over the last year. The volume increase was driven by the increased capacity utilisation in the coal terminal at Paradip, contribution from PNP port and Liquid Storage Terminal, UAE. The growth was partially offset by lower cargo volumes in the Iron Ore terminal at Paradip.

The increase in the third-party volume was stronger with 31% year-on-year growth and the share of Third Party in the overall volumes stood at 49% vs 39% a year ago.

The higher volume and integration of the recently acquired Navkar Corporation translated to 24% year-on-year growth in the total revenue which stood at ₹1,265 Crore. EBITDA increased to ₹670 Crore (+20% yoy) with a robust margin of 52.9%. Consequently, PAT stood at ₹336 Crore, reflecting a growth of 32%.

Key Business update

  •  Overall Capacity enhancement to 174 mtpa from 170 mtpa

 Mangalore Coal Terminal: The cargo handling capacity increased to 8.1 mtpa, from 6.7 mtpa.

 PNP port: The capacity increased to 8mtpa from 5mtpa on the back of dredging activities while the Environmental Clearance (EC) is in place for 19mtpa.

  •  Interim operations commenced at JNPA (Liquid Terminal): At JNPA, the company obtained approval from the relevant authorities to commence interim operations. It handled nearly 90,000 tonnes of liquid edible oil during November and December 2024. Similar efforts are underway to secure approvals for interim operations at the Tuticorin Dry Bulk Terminal.
  •  Low Risk on ESG: The global ESG risk rating agency, Morningstar Sustainalytics, has rated JSW Infrastructure Limited as “Low Risk” on ESG. This rating from a globally regarded agency confirms our belief, ability, and commitment to manage ESG risks as part of our overall business strategy.

Growth Strategy

As previously announced, the company has embarked on a growth plan to increase its cargo handling capacity to 400 million tonnes per annum (mtpa) by FY 2030 or earlier, up from the current capacity of 174 mtpa. To achieve this, it has outlined a comprehensive capital expenditure (capex) plan of ₹30,000 crores.

Additionally, the Company has increased its total capex guidance to ₹39,000 crores, with an additional ₹9,000 crores earmarked for expanding its logistics segment. This expansion aims to build on the Navkar acquisition to develop a robust pan-India logistics network for last-mile connectivity.

The Company is targeting a top line of ₹8,000 crores for its logistics segment, with a 25% EBITDA margin, resulting in industry-leading Return on Capital Employed (ROCE). With a strong balance sheet, the Company is well-positioned to pursue both organic and inorganic growth without compromising its leverage ratios.

Explore Rajasthan’s Culture and Wildlife at Club Mahindra Bharatpur

Chandigarh, January 29, 2025: Set against the enchanting backdrop of Rajasthan’s wilderness—the land of maharajas and majestic forts—Club Mahindra Bharatpur offers a serene retreat that seamlessly blends relaxation, adventure, and royal charm. Nestled within a restored heritage property, the resort spans 40 acres, with 22 acres dedicated to thoughtfully designed facilities. Easily accessible via well-connected road highways, Club Mahindra Bharatpur is the perfect destination for road trips, whether for a daycation or a weekend getaway. It is conveniently located for travelers from Delhi, Mathura, Agra, Madhya Pradesh, Rajasthan, Punjab, and Noida, Uttar Pradesh. Additionally, travelers from Gujarat and Maharashtra can reach the resort via direct flights to Agra and Jaipur. Ensuring a seamless journey, the nearest airport is in Agra, while Bharatpur Railway Station is just a short drive away. Jaipur Airport, located approximately 200 km from the resort, offers another convenient travel option. With its serene beauty and royal charm, the resort is an ideal escape for families, couples, and solo travelers alike. Bharatpur offers a delightful experience throughout the year. For those looking to extend their journey, Club Mahindra nearby resorts such as Club Mahindra Saura Hotel Agra, Nature Resort Jaipur, and Club Mahindra Jaipur—perfect stopovers to enhance your stay in Bharatpur.

The resort features 60 premium rooms, including Hotel Units, 1-Bedroom, and 2-Bedroom accommodations. Each room is thoughtfully designed to capture the elegance of Rajasthan’s traditional architecture, drawing inspiration from the grandeur of Rajasthani royalty and its rich cultural heritage. Dining is a delight at Spice, the resort’s multi-cuisine restaurant, offering authentic Rajasthani delicacies like Dal Baati Churma, Laal Maas, and Gatte Ki Sabzi, alongside global flavors. Signature experiences include the Avadeeb Theme Dinner, featuring dishes such as Avadeep Nikari and Fish Ka Sami, with Jasnandi Fish and Mohan Thali completing the feast.

For a truly unique dining experience, couples can savor a romantic meal under the stars in a serene and tranquil setting, surrounded by the enchanting ambiance of Rajasthan. For those seeking a lively atmosphere, Cheers Bar provides the perfect backdrop to unwind, offering an impressive selection of beverages. After relishing the delightful culinary experiences, guests can dive into a variety of indoor and outdoor activities at the Happy Hub. Whether it’s participating in an engaging cooking session with the chef, enjoying a game of table tennis , Pool table, carrom, chess Ludo, archery , arts and carfts , e cycling or exploring the serene nature trails, there’s something for every interest and age. For those looking to unwind, the Svaastha Spa provides a haven of relaxation with a range of soothing Western therapies designed to rejuvenate the body and mind. Guests can also take a refreshing dip in the inviting swimming pool, perfect for relaxation or family fun. The resort ensures a well-rounded experience, balancing adventure, wellness, and leisure.

Nestled near the UNESCO-listed Bharatpur Bird Sanctuary, the resort offers a haven for birdwatching enthusiasts. Early mornings and late afternoons are ideal times to witness the vibrant local birdlife. Guests can enjoy the unique experience of observing birds from two glass hides, providing an intimate view of a variety of species, including the Grey Hornbill, Laughing Dove, Grey-Headed Canary Flycatcher, and many more. From October to March, the sanctuary comes alive with migratory birds, offering a spectacular sight for nature lovers. The resort also organizes guided tours to the Bharatpur Bird Sanctuary, home to over 370 species of birds. Within the resort, guests can join guided nature walks led by expert naturalists. The sight of over 100 peacocks and their chicks roaming freely in the resort premises adds a magical charm to these walks.

For a deeper connection to Rajasthani culture, guests can enjoy a vibrant Rajasthani puppet show, showcasing the region’s traditional art forms. The guest can embark on an e-cycling adventure and ride through scenic paths lined with greenery or take the e-cycle to the sanctuary for an eco-friendly and immersive experience. Adding to Bharatpur’s cultural charm is the vibrant Brij Mahotsav, celebrated in March just before Holi. This grand festival, dedicated to Lord Krishna, showcases colorful folk dances, soulful songs, and mesmerizing Raas Leela performances, offering an unforgettable glimpse into Rajasthan’s cultural richness. Nearby attractions further enhance the allure of this destination. Explore the Bharatpur Palace and Museum, the historic city of Fatehpur Sikri, the spiritual towns of Vrindavan and Mathura, the architectural splendor of Agra, and the world-famous Taj Mahal. Together, they make for a perfect drive cation experience, blending history, culture, and natural beauty.

Whether you seek a tranquil retreat, an adventurous escapade, or an immersion into the royal heritage of Rajasthan, Club Mahindra Bharatpur promises an unforgettable journey. With its perfect harmony of nature, tradition, and unmatched hospitality, this resort creates memories to cherish forever.

Hatsun Agro Acquires Milk Mantra for Strategic Dairy Expansion

Mumbai, January 29, 2025: Hatsun Agro Product Ltd (HAP), India’s leading corporate dairy company, is happy to announce the completion of the acquisition of Milk Mantra Dairy Private Limited, and its innovative dairy brand “Milky Moo” known for its quality commitment in milk procurement and sales. This strategic takeover strengthens HAP’s presence in the Eastern Indian dairy market and underscores its mission of delivering fresh, high-quality dairy products to customers.

Speaking on the occasion, Mr. Srikumar Misra, Founder of Milk Mantra, shared: “Milk Mantra has always been about building a purpose driven dairy foods brand, whilst pioneering an ethical milk sourcing model, empowering farmers, and ensuring superior quality dairy products for our consumers. Acquisition by Hatsun Agro Product Ltd is a natural progression of our vision to scale our impact and innovation across a broader market. HAP has visionary leadership and has extensive resources that will further elevate the value delivered to consumers and farmers alike. We are happy for the future of Milky Moo, and our ecosystem in this transformative transaction, not just for Odisha but beyond.”

Commenting on the acquisition, Mr. R.G. Chandramogan, Chairman of Hatsun Agro Product Ltd, stated: “With Milk Mantra, HAP is now present beyond our strong position in South & West India, now establishing a robust presence in Eastern India. Odisha is a prosperous cow milk belt, and a growing economy. We are excited that a strong brand Milky Moo is added to our stable of brands like Arun, ibaco, Hatsun and Arokya. We are committed to expanding and growing the dairy landscape in Odisha. Logistically, it also gives scope to strengthen markets like northern Andhra, West Bengal and adjoining States, where Arun Ice Cream is already present.

With this takeover HAP will start with a sizeable market share, wide distribution & procurement network and 2 strategically located processing facilities in Odisha with the Milky Moo brand’s established strong market presence.

Cybersecurity in the AI Era: Protecting a Hyperconnected World

By: Mr. Ashutosh Upadhyay, Founder, Cognio Labs

 

In the ever-evolving landscape of modern finance and cybersecurity, artificial intelligence stands at a fascinating crossroads. Like a guardian angel equipped with quantum-speed processing power and superhuman pattern recognition abilities, AI offers unprecedented protection. Yet, this same power harbors potential for sophisticated deception and attack. For auditors and accountants, understanding this duality isn’t just academic—it’s becoming a critical professional necessity.

The Protective Shield: How AI Safeguards Systems

The days of sample-based auditing are fading into history. Modern AI systems analyze every transaction in real-time, identifying anomalies that would take human teams months to uncover. Consider a recent case at a global manufacturing firm: an AI system detected a complex accounts payable fraud scheme by identifying subtle patterns in seemingly legitimate vendor payments—patterns invisible to traditional audit procedures.
In fraud prevention, AI systems are revolutionizing detection capabilities. Neural networks don’t just match known fraud patterns; they predict new ones. A European bank recently prevented a massive fraud attempt when its AI system detected anomalous patterns in international wire transfers that appeared legitimate but deviated microscopically from established business relationships.
Security protocol automation has evolved from convenience to necessity. AI-driven continuous monitoring adapts in real-time to emerging threats, learning from every transaction, login attempt, and data access pattern to build an increasingly sophisticated understanding of normal versus suspicious behavior.

The Dark Side: AI as a Weapon

However, this same sophistication that makes AI an effective guardian also makes it a formidable weapon in the wrong hands. Criminals now deploy AI systems to create nearly undetectable fraudulent transactions that mirror legitimate patterns. In a striking example, an AI-generated deepfake voice recently convinced a bank manager to authorize a $35 million transfer by perfectly mimicking a trusted client’s voice and speech patterns.
The rise of polymorphic fraud schemes—attacks that constantly evolve to evade detection—represents a new frontier in financial crime. These AI-driven systems automatically adjust their patterns based on success and failure, learning from each attempt to become more effective. Traditional rule-based fraud detection systems increasingly struggle against these adaptive threats.

Professional Implications: The New Frontier

This technological arms race has profound implications for audit professionals. The traditional sampling approach to audit evidence is becoming obsolete. Today’s auditors must understand:

– How AI models make decisions and what constitutes appropriate evidence
– The potential for AI systems to be compromised or manipulated
– The importance of maintaining professional skepticism even with AI-generated conclusions
– Methods for validating AI model outputs
– Techniques for documenting and justifying AI-assisted decisions

Future Outlook: Evolution of Professional Judgment

The future of auditing lies not in replacing professional judgment with AI, but in augmenting it. Tomorrow’s auditors must be as comfortable evaluating AI systems as they are analyzing financial statements. This includes developing expertise in:

– AI model validation techniques
– Risk assessment of AI-generated conclusions
– Documentation standards for AI-assisted auditing
– Ethical considerations in AI deployment

Conclusion
The AI safety net in financial security is neither inherently good nor evil—it is a sophisticated tool whose impact depends entirely on its deployment and monitoring. For audit professionals, the challenge extends beyond learning to work with AI systems to developing the wisdom to know when to trust them and when to question their conclusions.
In this new landscape, professional scepticism remains your most valuable asset. As AI systems become more sophisticated, the ability to question, validate, and understand their conclusions becomes not just valuable, but essential for professional survival. The future belongs not to those who simply embrace AI, but to those who understand both its promise and its perils.​​​​​​​​​​​​​​​​

MapmyIndia Q3FY25 Revenue Up 24.5%, EBITDA Up 15.7%

New Delhi, India, 29th January 2025: C.E. Info Systems Ltd. (“MapmyIndia”), India’s leading advanced digital maps and deep-tech products and platforms company, announced today its financial results for the Third Quarter and Nine months of FY2025 ended on 31st December 2024.

Key Consolidated Financial Highlights for Q3 and 9M FY25:

Particulars (Rs Cr) Q3 FY25 Q3 FY24 YoY % Growth 9M FY25 9M FY24 YoY % Growth
Revenue from Operations  114.5 92.0 24.5% 319.7 272.5 17.3%
Total Income 123.9 103.6 19.6% 348.8 298.3 16.9%
EBITDA 41.7 36.0 15.7% 122.0 114.4 6.7%
EBITDA Margin (%) 36.4% 39.0% 38.2% 42.0%
PAT 32.3 31.1 4.0% 98.6 96.2 2.5%
PAT Margin (%) 26.1% 30.0% 28.3% 32.0%
Cash & Cash Equivalents (including financial instruments) 603.8 516.1 603.8 516.1

Commenting on the Q3 and 9M FY25 results, Rakesh Verma, Chairman & Managing Director, MapmyIndia, said “In Q3 FY25, we successfully operationalized the joint venture with Hyundai Autoever in Indonesia, marking an important step in expanding our global footprint. As part of our long-term strategy, both the Mappls App and the Mappls brand will continue to be the integral part of the organization.

On the financial front, our revenue for Q3 FY25 reached ₹115 crore, showing a 25% YoY growth. Over the first nine months of FY25 (9M FY25), our revenue grew to ₹320 crore by 17%, up from ₹273 crore during the same period last year.

In terms of profitability, our EBITDA for Q3 FY25 was ₹42 crore, yielding a margin of 36%, compared to ₹36 crore in Q3 FY24 at 39%. For the first nine months of FY25, our EBITDA stood at ₹122 crore, with a margin of 38%, as compared to ₹114 crore and 42% margin recorded in the same period last year. We will continue to prioritize the Mappls App as a key strategic asset while we will calibrate the costs associated from Q4 onwards. Our Profit After Tax (PAT) for the first nine months of FY25 was ₹99 crore, up from ₹96 crore in 9M FY24.

In Q3 FY25, Consumer Tech & Enterprise Digital Transformation (C&E) revenue surged by 39% to ₹65 crore, while Automotive & Mobility Tech (A&M) revenue had a steady growth of 9% to ₹49 crore. In the first nine months of FY25, our A&M revenue grew by 16% YoY, while our C&E revenue saw a 19% increase. Our Map-led business delivered a very strong 33% growth to ₹87 crore in Q3 FY25, while the IoT-led business had a growth of 4% during the quarter due to delays in some anticipated business. However subscription services grew 31% year on year for the quarter. Our continued focus to build IoT-led business with higher margin subscription revenue has resulted in the IoT-led EBITDA margin to grow from 8% in 9M FY24 to 12% in 9M FY25.

Our efforts in the previous quarters culminated in securing a major deal with one of the largest global social media networks across all their app platforms in India, as well as significant wins in the burgeoning quick commerce space and BFSI vertical, which had a strong positive impact on our C&E business. We also made significant strides in customer acquisition and deepened relationships with existing clients through upselling and cross-selling initiatives. This included notable go-lives and project wins across various sectors, such as automotive, fleet management, tech startups, traditional corporations, government and defence.”

IBIS Styles Mysuru Bolsters Leadership Team to Boost Guest Experience

Mysuru, 28.01. 2025– Ibis Styles Mysuru,is proud to announce the appointment of three key leaders to its management team. These seasoned professionals bring extensive expertise and a unified vision to enhance guest experiences and optimize operational efficiency.

The new appointments include Suresh Kumar as Food and Beverage Manager, Nadeem Z. Desai and Shiva Prasad as Front Office Manager and Housekeeping Manager respectively. Together, they bring a collective vision and diverse skill sets to enhance the hotel’s reputation for excellence.

Suresh Kumar, Food and Beverage Manager

Suresh Kumar brings over two decades of expertise in food and beverage operations, having served in pivotal roles such as complex hotel Banquet Manager for Novotel & ibis Bengaluru Outer Ring Road and Restaurant Manager at Taj Hotels. His accomplishments include menu engineering, cost control, and business planning, all aimed at delivering world-class dining experiences. An awardee of the IHC London and IIHM International Hospitality Day Award 2023, Suresh’s dedication to employee development and service excellence aligns perfectly with the hotel’s ethos.

Nadeem Z. Desai, Front Office Manager

A seasoned professional with over a decade of experience, Nadeem Z. Desai has a proven track record with hotels such as ibis Bengaluru Hebbal, Grand Mercure Mysore, and Taj West End. With expertise in pre-opening planning, staff training, and guest service protocols, Nadeem is a graduate of the Global Leadership Program by Accor Academy. His strategic approach to technology integration and budget management will play a vital role in enhancing operational efficiencies and guest experience.

Shiva Prasad, Housekeeping Manager

With an illustrious career spanning renowned hotels such as Novotel Mumbai International Airport, Grand Hyatt Kochi, and Novotel Hyderabad Airport, Shiva Prasad is known for his exceptional leadership in pre-opening operations and upholding impeccable cleanliness and hygiene standards. A recipient of the prestigious Accor Emerging Leaders Program 2020 and the Best Pre-Opening Employee Award at Novotel Mumbai, Shiva is committed to fostering teamwork, ensuring operational excellence, and driving guest satisfaction.

Speaking on the new appointments, Ganeshram Iyer, the Hotel Manager of ibis Styles Mysuru said, “We are thrilled to welcome Shiva, Suresh, and Nadeem to the leadership team. Their vast experience, innovative approaches, and passion for excellence will undoubtedly strengthen our commitment to providing unforgettable guest experiences and operational brilliance.”

ibis Styles Mysuru continues to set new benchmarks in the hospitality industry, and the addition of these dynamic leaders underscores its dedication to delivering personalized services and memorable stays.