Paras Defence Signs RS.12,000 Crore MoU at Davos to Develop India’s First Optics Park in Maharashtra

Mumbai, India, 23rd January 2025: Paras Defence & Space Technologies Limited (Paras Defence), a leader in optics and optronic systems for defence and space, is set to invest Rs. 12000 crores to establish India’s first Optics Park in Maharashtra. In this regard, the defence company signed a Memorandum of Understanding (MoU) with the Government of Maharashtra (GoM). The announcement, made at the prestigious World Economic Forum in Davos, Switzerland, marks a historic milestone in India’s journey toward self-reliance in advanced optical technologies.

The monumental investment is set to create a state-of-the-art technology hub that will reshape India’s optics and optical systems sector and establish itself as a World Leader in Optical Technologies. It also reaffirms Paras Defence’s commitment to the ‘Make in India’ initiative while advancing India’s aspirations for technological independence in critical sectors. The project is poised to generate over 2,000 direct employment opportunities and catalyze technological advancements across key industries such as defence, space, automotive, industrial, and commercial applications.

Under the planned MoU, the Government of Maharashtra has pledged its comprehensive support to Paras Defence in securing land, various incentives and approvals to bring this ambitious project to fruition.

Speaking about the announcement, Munjal Sharad Shah, Managing Director, Paras Defence & Space Technologies Ltd, stated, “The Optics Park reflects our unwavering commitment to advancing India’s technological capabilities. This revolutionary project will not only boost the domestic manufacturing ecosystem but also solidify India’s position as a global innovation hub. Our Optics Park will bridge technological gaps and create opportunities for knowledge exchange, innovation, and growth across sectors. This initiative represents a monumental milestone for both Paras Defence and India’s technological aspirations.”

Commenting on the partnership, [Spokesperson from Government of Maharashtra] said, “We are proud to collaborate with Paras Defence to drive innovation and foster technological leadership in Maharashtra for Optical Technologies for Defence, Space, Automotive, Semiconductor and other applications. This project exemplifies our commitment to establishing the state as a hub for advanced industries and investments.”

The Optics Park, a greenfield project, is a cornerstone of Paras Defence’s vision to transform India into a self-reliant hub for optics and optical systems, eliminating dependence on foreign technologies. Paras Defence plans to leverage its robust network of mentor institutions, international partnerships, and it’s access to Capital Markets, FDI and domestic investors etc. to deliver on this ambitious project.

MAHLE Simplifies Group Structure to Enhance Operational Efficiency

MAHLE is completing the next important step in its transformation. The automotive supplier is streamlining its group structure to become faster and more efficient in the implementation of its strategy MAHLE 2030+. The changes include the reorganization and merger of business units in order to strengthen the strategic areas of electrification and thermal management, both structurally and in production. In the course of these changes, MAHLE will acquire all the remaining minority interests, amounting to almost 25 percent, in the thermal management specialist MAHLE Behr GmbH & Co. KG. The Group Management Board will be downsized from seven members at present to four in the future. “MAHLE is doing its homework for the transformation,” said Arnd Franz, Chairman of the Group Management Board and CEO. “Through these far-reaching changes, we will make our business ready for the future. We are accelerating the implementation of our group strategy which will position us as an innovative and sustainably profitable shaper of future mobility.” “Through the reorganization and the resulting streamlining of the Management Board, we will significantly improve the integration of our group and be able to make more effective use of synergies,” said Prof. Dr. Heinz K. Junker, Chairman of the MAHLE Supervisory Board.

Merging of business units

Effective January 1, 2025, MAHLE will reduce the number of its business units from five to three. Four existing business units will be merged to form two new business units. In doing so, the group is following industrial logic by pooling business areas with related production technology. “The reorganization of our business units will not only significantly accelerate internal cooperation. It will also offer new prospects for locations closely connected with the internal combustion engine and peripheral components. They will be able to contribute their industrial know-how to these future-oriented areas,” the CEO emphasized. In addition, he said that it would now be possible to form a high-performance production network and further reduce costs.

In future, the former business units “Engine Systems and Components”, and “Electronics and Mechatronics” will operate under the name of “Powertrain and Charging”. This way, MAHLE will strengthen its strategy field of electrification by allowing the focus areas of efficient electric motors and intelligent charging to benefit from the group’s over 100 years of experience with engine systems and components. An example of interaction between mechanical, electrical and electronics is the development of the electrical compressor, one of the company’s most successful products.

The activities of the former business units “Filtration and Engine Peripheralsand “Thermal Management” will be merged in the new business unit “Thermal and Fluid Systems”. Here, thermal management will be able to access production competencies in filtration developed within the group over many years, enabling it to place competitive future-oriented technologies on the market. MAHLE is committed to thermal management and intends to continue growth in this area. This is confirmed by the company’s decision to fully take over the affiliated company MAHLE Behr GmbH & Co. KG. with effect from January 1, 2025. MAHLE had acquired its first shares in the thermal management specialist in 2010 and had gradually increased its stake to slightly more than 75 percent since then.

“Following several major acquisitions in the thermal management field, this step will successfully complete the integration of this business in the MAHLE Group,” said Franz.

The Aftermarket business unit with its established product range and additional competence in electrification and digitalization will be continued as a separate business unit under the name of “Lifecycle and Mobility”.

Downsizing of Group Management Board

With this new group structure, the MAHLE Management Board will consist of the following four members from January 1, 2025:

Arnd Franz will continue to be the Chairman of the Management Board and CEO. In future, Human Resources will no longer be a separate Management Board function. Arnd Franz will also assume the function of statutory Labor Director. It has been mutually agreed with Dr. Beate Bungartz, the previous Labor Director and Member of the Management Board, that her work for the company will end. She has resigned from her positions with effect from November 29, 2024.

Markus Kapaun remains a Member of the Group Management Board and CFO

Jumana Al-Sibai, responsible to date for the “Thermal Management” business unit, will remain a Member of the Group Management Board, responsible for “Thermal and Fluid Systems” in the future. It has been mutually agreed with the previous Management Board Member responsible for the merged business unit of “Filtration and Engine Peripherals”, Martin Weidlich, that his work for the company will end. He has resigned from his positions with effect from November 29, 2024.

Georg Dietz, responsible to date for the “Engine Systems and Components” business unit, will remain a Member of the Management Board, responsible for “Powertrain and Charging” in the future. Martin Wellhoeffer, responsible for the merged “Electronics and Mechatronics” business unit, will transfer to the “Thermal and Fluid Systems” business unit as Chief Operating Officer (COO).

Supervisory Board thanks leaving Board Members

Prof. Dr. Heinz K. Junker, Chairman of the MAHLE Supervisory Board, who developed the new group structure in close cooperation with CEO Arnd Franz, said: “On behalf of the MAHLE supervisory bodies, I would like to thank the Management Board Members Dr. Beate Bungartz and Martin Weidlich, who are now leaving the group, for their excellent and dedicated work. In his five years with MAHLE, Martin Weidlich has performed great services both for the “Filtration and Engine Peripherals” business unit and in his group responsibility for operational excellence, production and purchasing. Over the past two years, Dr. Beate Bungartz has successfully continued the development of our human resources organization and has initiated the transformation dialog with employee representatives in Germany. Dr. Beate Bungartz and Martin Weidlich have my best wishes for their personal lives and careers in the future.

Equally, the supervisory bodies and I would like to thank Martin Wellhoeffer for his considerable commitment as a Management Board member. Under his leadership for almost two years, the “Electronics and Mechatronics” business unit has significantly expanded the competences of MAHLE in the fields of efficient electric drive systems and intelligent charging. We are convinced that Martin Wellhoeffer will forge ahead with the operational excellence and transformation as COO of what is to be our largest business unit in the future.”

BURANO Version 2.0 Firmware Update: Sony Adds Exciting New Features

New Delhi, 23rd January 2025: Sony is pleased to announce new features and operational improvements have been added to the upcoming BURANO Version 2.0 firmware update. Planned to be released in March 2025, BURANO Version 2.0 offers many new features and improvements requested by the user community, including new recording formats, new 1.8x de-squeeze, and monitoring improvements.

BURANO Version 2.0: New Recording Formats

As previously announced, Version 2.0 will include new recording formats, including a new 3.8K Full Frame crop that leverages nearly the entire sensor and can shoot up to 120 fps and a 1.9K mode that can shoot up to 240 fps. These new recording modes allow the filmmaker to prioritise faster sensor performance depending on the needs of their application. Other new recording formats include the addition of 24.00 fps to X-OCN 16:9 imager modes and the following:

Full Frame 3.8K 16:9 Mode Up to 120 fps XAVC and X-OCN
Super 35 4.3K 4:3 Mode (for Anamorphic) Up to 60 fps X-OCN only
Super 35 1.9K 16:9 Mode Up to 240 fps[i] XAVC only

BURANO Version 2.0 will also add a 1.8x de-squeeze setting as well as additional high frame rate (S & Q) modes, including up to 66, 72, 75, 88, 90, 96, and 110 fps. It will also add proxy recording for 24.00 fps recording formats.

BURANO Version 2.0: Monitoring, SDI, and Metadata Improvements

In addition to the new recording formats, Version 2.0 offers various monitoring and metadata improvements, including standardised SDI video output for monitoring across X-OCN and XAVC[ii]. It adds breathing compensation and image stabilisation metadata in X-OCN, time code and clip name metadata to SDI output.

Based on feedback from BURANO users, Version 2.0 will offer an improved on-screen display that places camera status information outside of the image and also includes View Finder Gamma Display Assist while using S-Log3 for monitoring.  Version 2.0 will add 24V output to the PL Mount Voltage menu. In addition, it adds compatibility with Focus/Iris/Zoom control for PL Mount lenses while using the BURANO’s optional GP-VR100 handgrip.

BURANO Version 2.0: Improved Image Output and Added Exposure Tools

BURANO Version 2.0 will also include several image output improvements, including enhanced image output when using the preset S-Log3 look or 3D User LUTs. Additionally, Version 2.0 will enhance Auto Focus performance when recording with the following frame rates: 23.98, 24, 25, and 29.97.

Version 2.0 also includes additional exposure tools (High/Low Key) derived from the flagship VENICE camera system. It will also expand white balance memory presets from 3 to 8 and support Active/High Image Stabilisation in Full-Frame crop 6K and Super 35 1.9K 16:9 imager modes.

In addition, BURANO Version 2.0 will improve ease of use functionality with the ability to format media from the status screen as well as set CAM ID and Reel Number, which is standard for documentary and reality TV applications.  Version 2.0 will also change the factory default frequency setting from 59.94 to 23.98p and will add a setting to “reset to factory defaults” setting.

Finally, BURANO Version 2.0 will add live event and multicam functionality, including variable ND control from RCPs, improved camera control from Camera Remote SDK, and tally control for devices connected via LAN.

AshokVistas by Peninsula Land Achieves 100% Sell-Out on Day One of Launch

Mumbai, 23rd January, 2025 – Peninsula Land Limited (PLL) proudly announces the resounding success of the launch of its project, AshokVistas by ‘Peninsula Land’, held on 18th January at Gahunje, Pune. The event, themed “Your Canvas, Your Eden”, witnessed an overwhelming response, with the entire project inventory of ~120 plots launched on 18th January getting sold out within few hours.

The sell-out is a testament to the capabilities PLL has built in the category of plotted developments with a journey that began six years ago, spanning successful projects across Goa, Nashik, Lonavala and Pune. With nearly 50 acres of residential, retail, and plotted developments, Peninsula Land has been instrumental in transforming Gahunje. AshokVistas’s 7-acre project now serves as the grand finale to this landmark Gahunje series.

Speaking about the launch, Mr. Nandan Piramal, COO, Peninsula Land Limited stated, “The launch of AshokVistas marks a significant milestone in our plotted journey, which began six years ago with successful developments across Maharashtra and Goa. The overwhelming response to this project is a testament to the trust our customers place in us and the equity we have built in Pune over the years. Building on this legacy, we are committed to delivering more such projects that reflect our dedication to creating exceptional experiences for our customers.”

Bespoke Launch Experience

The AshokVistas launch was a by-invitation-only event, meticulously crafted for an exclusive audience. Tailored for the discerning few who prioritize long-term value and future-oriented investments. To offer a unique touch, attendees were treated to a series of curated experiences that made the event stand out from typical real estate launches.

Zone 1: The AshokVistas Experience Zone offered potential buyers an exclusive, immersive experience, giving them a taste of the lifestyle AshokVistas promises. Designed to evoke the feeling of living in a bespoke Eden, it highlighted the project’s unique fusion of natural beauty and modern conveniences, enhanced by cutting-edge technology to bring the vision to life.

Zone 2: The Community Impact Zone added a meaningful touch to the event. This zone featured a specially curated hamper for AshokVistas buyers, created in collaboration with various partner NGOs. Beyond a token of appreciation, this initiative highlighted Peninsula Land’s commitment to community development. By purchasing a plot, attendees not only secured a valuable asset but also contributed to the betterment of these communities.

Zone 3: Urvi Ashok Piramal Foundation (UAPF) Display, further emphasized PLL’s dedication to social causes. UAPF, the primary NGO partner, had a dedicated display showcasing their products. The zone also featured a block-painting activity, allowing attendees to engage and stay occupied while waiting, fostering a sense of involvement and creativity.

Zone 4: The Canvas of Dreams showcased four massive paintings created by renowned local artists, each depicting their vision of an ideal dream home as part of a promotional event. These stunning works reinforced the campaign’s tagline—”Your Canvas, Your Eden”—and celebrated the individuality and creativity of homeowners. This activity highlighted Peninsula Land’s philosophy of empowering buyers to design their unique sanctuaries, blending luxury living with the beauty of nature.

A Seamless and Transparent Sales Process

The AshokVistas launch stood apart from the usual chaos of real estate events, offering a thoughtfully curated and customer-centric process. Designed to ensure ease and transparency, the event featured a digitized plot layout display that provided real-time inventory updates, allowing buyers to make confident and informed decisions. The seamless and comfortable purchasing experience highlighted PLL’s dedication to putting the customer first.

The Journey Ahead

Looking ahead, Peninsula Land is set to further enhance its plotted development portfolio with projects that offer flexibility, investment potential, and hassle-free development at sought after locations. These upcoming developments will continue to uphold the brand’s legacy of trust, quality, and innovation, providing customers with opportunities to create their dream spaces.

Republic Day Weekend Offer: Relaxo Footwears Brings Exciting Discounts Across India

New Delhi 23rd January, 2025: As India gears up to celebrate the spirit of unity and progress this Republic Day, Relaxo Footwears, a name synonymous with quality and comfort, is marking the occasion with an exclusive Republic Day Weekend Offer. The three-day celebration, running from January 24th to January 26th, 2025, promises a rewarding shopping experience at Relaxo Exclusive Stores across Delhi and the country.

Designed to make the festivities even more special, the offer allows customers to enjoy ₹300 off on purchases of ₹1,999 and ₹500 off on purchases of ₹2,499. These discounts are applicable to Relaxo’s signature brands, including Relaxo Hawaii, Sparx, Flite, Bahamas, Mary Jane, Boston, and Kids Fun.

Relaxo’s Republic Day Weekend Offer is available at Relaxo’s exclusive Stores, ensuring customers get the best experience and access to the latest collections. The offer applies only to fresh articles and is valid while stocks last, highlighting the limited-time opportunity to avail of these special discounts. Customers can visit their nearest Relaxo Exclusive Store from January 24th to 26th to make the most of this celebratory offer. With footwear designed to suit every style and need, Relaxo ensures that every stride is taken in comfort and confidence.

Effie India Awards 2025 to be Held by The AdClub on January 24th

The Advertising Club’s Effie Awards which is easily the most coveted and the biggest Advertising & Marketing show of the country will be held on Friday, 24th of January, 2025 at 6.30 p.m.

Effie Worldwide is leading, inspiring & championing the practice and practitioners of marketing effectiveness globally. Effie Worldwide stands for effectiveness in marketing, spotlighting ideas that work and encouraging thoughtful dialogue about the drivers of marketing effectiveness. The Effie network collaborates with some of the top research and media organizations worldwide to bring its audience relevant and first-class insights into effective marketing strategy. Effie is the only award that recognizes what has worked in the marketplace and how advertising has contributed towards building a brand. It is also the only award that is presented to both the Agency as well as the Client.

The Effie continues to bring a profound change in the concept of advertising awards. Awards are no longer just a celebration of the craft of advertising, but a substantial acknowledgement of the agency’s capabilities to build brands through effective campaigns. Effie awards, over the years, have emerged as one of the most coveted awards for the Marcom industry.

The Effie India Awards presentation celebration, since the past 23 years, has become a calendar event for the industry with the gala evening attracting 1200 professionals from the world of Advertising, Marketing, Media, Research, PR and Communication. The India awards have also emerged as the second largest Effie in the world, in terms of participation.

This year The AdClub has received 1152 entries, with as many as 75 Agencies participating. The Ad Club and the Effie Committee also express their sincere gratitude to 486 jury members for their time and support. As many as 254 Marketing Professionals have graced the judging process this year. The Round 2 Judging was held in person at Mumbai, Delhi & Bangalore.

The event will be followed by Cocktails & Dinner.

Talking about this year’s Effie, Rana Barua, President, The Advertising Club & GROUP CEO, HAVAS INDIA, SOUTH EAST & NORTH ASIA (Japan & South Korea), Havas Group – India said, “The Effie Awards are a celebration of marketing brilliance, where effectiveness meets innovation, and efficiency thrives through collaboration. Effie India stands as a beacon of excellence, recognising campaigns that go beyond expectations, forge new standards, and exemplify the true spirit of partnerships that drive impactful and transformative business success. I look forward to this year’s winning campaigns.”

Mitrajit Bhattacharya, Chairperson, Effie India Awards, The Advertising Club & Founder and President, The Horologists said, “Elaborating on the awards, Mitrajit Bhattacharya, Chairperson, EFFIE India said, “It gives me great joy to host the 24th Effie India Awards Gala on the 24th of January. Celebrating the best work of the year with the people who create them is a huge high for all of us at the Effie India committee and The Advertising Club. A big thank you to 486 judges who judged a record-breaking (for a 12 month assessment period) of 1152 entries over three rounds of online and physical judging. In the round 2 judging that was physically held, we introduced jury chair for each session of judging, which was hugely appreciated. I also thank each participating agency and client for the support.”

Pradeep Dwivedi, Co-Chairperson, Effie India Awards, The Advertising Club & Group CEO, Eros Media World said, “It’s an honour to serve as the co-chairperson for Effie Awards India. This platform celebrates the power of creative thinking and measurable impact, which are the cornerstones of successful marketing. I look forward to collaborating with industry leaders to recognise and reward the campaigns that truly drive results and set benchmarks for excellence. I would also like to thank Effie Global for their steadfast support through the jury & award process.

Ashok Leyland Boosts Northern India Footprint with New Ludhiana Dealership

New Delhi, 23rd January, 2025: Ashok Leyland, the Indian flagship of the Hinduja Group and the country’s leading commercial vehicle manufacturer, today, inaugurated a new 3S (sales/service/spares) dealership outlet of Grover Motors Private Ltd. in Ludhiana, Punjab. The state-of-the-art dealership is spread over 1,04,000 sq. ft. and has 30 bays. With this addition, Ashok Leyland now has 17 M&HCV network touchpoints in the State.

The new outlet is strategically located on Old GT Road, and will cover the key districts of Ludhiana, Fatehgarh Sahib, Sangrur and Barnala. The 24X7 operational oultet is equipped with modern tools and equipment such as wheel alignment machines, pneumatic systems supported by mobile service vans, 8 accidental repair bays featuring advanced repair systems, and trained technicians to ensure seamless service. The facility was inaugurated by Mr. Anil Dhingra, Head Aftermarket, in the presence of the local Ashok Leyland team and representatives from channel partner.

Mr. Anil Dhingra, Head Aftermarket-MHCV, Ashok Leyland, said, “We are excited to further strengthen our presence in Northern India. This region has always been an important market for Ashok Leyland. We have been working on establishing a strong foothold in the region, and the new outlet will bolster our presence in this geography. Our partner, Grover Motors Pvt. Ltd., with its strong presence in the territory, will ensure we grow our family of customers while ensuring we serve them better. We aim to contribute meaningfully to the larger ecosystem in the area with our innovative mobility solutions. The new outlet represents another step towards achieving our vision of being among the Top 10 CV makers in the world.”

Mr. Kulwant Singh Grover, MD, Grover Motors Pvt. Ltd. said, “We are delighted to further strengthen our partnership with Ashok Leyland and address the growing demands of customers in Punjab. The new outlet will enhance the brand’s visibility in the region. Ashok Leyland has been a trusted and preferred brand in Northern India, renowned for its reliability, durability, and better total cost of ownership. We are committed to providing best-in-class ownership experience to our customers, and we look forward to not only expanding our customer base but also fulfilling their diverse transportation needs comprehensively by delivering complete mobility solutions through this partnership.”

Ashok Leyland has one of the largest and fastest-growing networks in the commercial vehicle industry, and the company is expanding its brand presence through a robust network of dealerships and service centres to provide best-in-class sales and after-sales support to its customers. The company will cover the major transport hub offering Haulage, Tractor trailers, ICV Goods, Tippers, Fully Built RMC, Haulage, and School/Staff Buses through these dealerships.

BIS Noida Celebrates 78th Foundation Day and Recognizes Novamax for Excellence at Manak Carnival

The Bureau of Indian Standards (BIS), Noida, celebrated its 78th Foundation Day with the successful organization of the Manak Carnival at Savitri Bai Phule Balika Inter College, Greater Noida. The event highlighted BIS’s ongoing efforts to promote quality standards across industries and society while honoring Novamax for achieving the All India First license for IS 3315 certification, a milestone in air cooler manufacturing.

The inaugural ceremony of the carnival was done by Chief Guest Shri Tejpal Singh Nagar, MLA of Dadri, G.B. Nagar, along with Guest of Honor(s) Shri Rakesh Khatri, “Nest Man of India,” and Dr. Inderjit Ghosh, Chairman of the MSME Chamber of Commerce and Industry of India. The dignitaries lit the ceremonial lamp, symbolizing the beginning of the celebrations.

In his welcome address, Shri Vikrant, HNOBO, emphasized that the efforts of BIS have transcended the industrial sector and successfully created widespread awareness about quality standards across various segments of society.

In his address, MLA Shri Tejpal Singh Nagar emphasized the crucial role played by BIS in fostering industrial growth and social development in the country. He particularly honored the BIS Care mobile application, encouraging all consumers to install the app on their smartphones for enhanced awareness and access to quality standards. Before the formal proceedings, the Chief Guest also visited the stalls set up by industrial units and schools, which displayed a diverse range of products and innovative science projects.

Harshit Aggarwal, Founder & CEO of Novamax Appliances said, “We are proud and honored to receive the All India First license for IS 3315 certification from the Bureau of Indian Standards (BIS). This achievement underscores Novamax’s unwavering commitment to delivering world-class quality and innovation in air cooler manufacturing. It reaffirms our promise to provide customers with products that meet the highest safety and performance benchmarks. We are confident that this milestone will inspire trust and confidence among our consumers and industry peers alike.”

The carnival saw the participation of over 25 industrial units from the districts of Gautam Buddh Nagar, Bulandshahr, Mathura, and Agra. These units showcased their products that bear the ISI and CRS marks, certification provided by BIS for quality assurance. Additionally, 19 schools and engineering colleges from the region participated by setting up stalls to present their science projects, contributing to the educational aspect of the event.

The event was attended by numerous dignitaries, including industry representatives, members of the Standard Clubs in schools, NGOs, and officers from Residents’ Welfare Associations. These individuals were honored with commemorative plaques by BIS for their outstanding contributions to promoting and upholding quality standards in their respective fields.

In his concluding address, Shri Vikrant, HNOBO, expressed his heartfelt gratitude to the Chief Guest, participants, and collaborators for making the event a remarkable success.

This event served as a significant platform not only to promote the importance of quality standards but also to further strengthen the role of BIS in ensuring consumer safety and enhancing the credibility of industries in the country.

Persistent Delivers Strong Q3 FY25 Performance with USD. 360.2M Revenue, 4.3% Q-o-Q, 19.9% Y-o-Y Growth

Consolidated Financial Highlights for the Quarter ended December 31, 2024

Q3FY25 Margin% QoQ YoY
Revenue (USD Million) 360.2   4.3% 19.9%
Revenue (INR Million) 30,622.8   5.7% 22.6%
EBITDA (INR Million) 5,378.4 17.6% 11.9% 21.7%
PBT (INR Million) 4,820.4 15.7% 10.9% 23.8%
PAT (INR Million) 3,729.9 12.2% 14.8% 30.4%

The Board of Directors declared an Interim Dividend of ₹20 per share on the face value of ₹5 each for the Financial Year 2024-2025.

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent

“We recorded our 19th sequential quarter of revenue growth, with 4.3% Q-o-Q and 19.9% Y-o-Y increase — highlighting the strength of our AI-led, platform-driven services strategy. We also declared an interim dividend of ₹20 per share.

This quarter, we achieved several significant milestones, including winning the prestigious 2024 ISG Star of Excellence™ Overall Award based on the voice of the customer, demonstrating our ability to re(AI)magine their businesses. Reaffirming our commitment to developing innovative solutions based on our own IP, we filed 20+ patents related to SASVA™, our AI-powered software development platform. Additionally, our co-developed ContractAssIst solution, built leveraging Microsoft 365 Copilot, was shortlisted by Microsoft and acknowledged by its CEO, Satya Nadella, during his recent Microsoft AI Tour.

We were awarded AA+ (Stable) credit rating by ICRA, recognizing our strong financial profile, experienced leadership, robust capital structure, and well-established customer relationships. Finally, our inclusion in the Dow Jones Sustainability World Index highlights our commitment to embedding sustainability into our operations.

These achievements underscore our passion for driving innovation and delivering meaningful value to our clients and stakeholders, while fostering sustainable practices across our business.”

Third Quarter FY25 Client Wins and Outcomes

The order booking for the quarter ended on December 31, 2024, was at $594.1 million in Total Contract Value (TCV) and at $428.3 million in Annual Contract Value (ACV) terms.

Some of the key wins for the quarter include:

Software, Hi-Tech & Emerging Industries

  • Modernizing product development with SASVA™ to boost annual recurring revenue and optimize R&D costs for one of the UK’s leading business software providers
  • Leveraging AI-led engineering to boost product management, security, and revenue for a leading observability and IT software provider
  • Streamlining data management with iAURA to modernize the core Facility Management platform for a leading food services and facilities management company

Banking, Financial Services & Insurance

  • Leveraging SASVA™ to modernize legacy systems, reduce technology debt, and improve developer productivity for a US-based financial services company
  • Revamping enterprise gateway services for enhanced scalability, efficiency, and real-time authorization with low latency for a leading global payment technology company
  • Automating insurance and claims processes and developing innovative solutions using GenAI to maximize return on investment for a US-based insurance company

Healthcare & Life Sciences

  • Transforming the patient care and pharmacy platform to enhance patient experience, reduce technology debt, and improve business agility for a leading healthcare and health insurance company
  • Replacing the legacy contract management system with a revenue management solution to reduce license costs and enhance performance for a global leader in healthcare solutions
  • Enabling migration from MuleSoft to Azure with SASVA™ to drive operational efficiency for a global leader in life sciences analytics and technology solutions

ICT Mumbai Recognizes Dr. Cyrus S. Poonawalla with Dr. K. Anji Reddy Memorial Fellowship

Pune, 23 January 2025: The Institute of Chemical Technology (ICT Mumbai), under its flagship initiative, the Mumbai Biocluster, awarded its prestigious 2nd Dr. K. Anji Reddy Memorial Fellowship for Affordable Biopharmaceuticals to Dr. Cyrus S. Poonawalla, Chairman, Serum Institute of India Pvt. Ltd., a revolutionary entrepreneur, in recognition of his exceptional contributions to biopharmaceutical innovation and global healthcare. Established by ICT Mumbai to honor the late Dr. K. Anji Reddy, founder of Dr. Reddy’s Laboratories, a visionary in Indian pharmaceuticals, the fellowship recognizes individuals who have made extraordinary contributions to the advancement of the pharmaceutical and biopharmaceutical industries. The fellowship celebrates innovation, leadership and commitment to addressing global healthcare challenges.

The award was presented during a special ceremony at Hotel Ritz Carlton, Pune, on January 21, 2025, in the presence of Chief Guest Dr. R. A. Mashelkar, a distinguished scientist and Padma Vibhushan awardee. The ceremony was jointly hosted by the Institute of Chemical Technology, Mumbai and the Ministry of Higher and Technical Education, Government of Maharashtra, represented by Professor Anniruddha B. Pandit, Vice Chancellor and Hon’ble Shri Chandrakant (Dada) Patil, Minister of Higher and Technical Education.

On receiving the award Dr. Cyrus S. Poonawalla said “Among all the awards I have received, the Dr. K. Anji Reddy Memorial Award is particularly special to me because it highlights the importance of affordable pharmaceuticals. Unlike global producers, which received billions in government funding, we at Serum Institute of India relied entirely on our own savings and resources to produce the COVID-19 vaccine at a high speed. We took a significant personal and financial risk to ensure the vaccine’s safety and efficacy, even taking early doses ourselves before licensure.”

Hon’ble Shri Chandrakant Dada Patil, Ministry of Higher and Technical Education commented “We are eagerly anticipating the development of a vaccine by Dr. Poonawalla and the Serum Institute of India (SII) that aims to protect girls from breast and cervical cancer. Our government is expected to launch a campaign to promote this initiative. Just as India successfully became polio-free, we hope to see a future where women in our country are free from the threat of cancer—a vision that Cyrus and his dedicated team at SII are working tirelessly to turn into reality.”

Chief Guest Padma Vibhushan Dr. R.A. Mashelkar said, “Dr. Cyrus S. Poonawalla is a ‘living legend’ who shares the vision and principles of Dr. K. Anji Reddy, an ICT alumnus. Just like Dr. Reddy founded Reddy Labs, leaving an enduring legacy in the pharmaceutical sector, Dr. Poonawalla’s legacy lies in transforming global healthcare through the Serum Institute of India, making life-saving vaccines affordable and accessible to millions around the world.”

On the sidelines of the event Professor A. B. Pandit, Vice Chancellor, ICT Mumbai said, “Mumbai Biocluster is an organization that is going to be established on the premises of ICT. Currently, many drugs and medicines are manufactured using synthetic chemicals. However, producing them through natural methods can significantly reduce side effects. This groundbreaking research will take place within the Biocluster, with support from several leading pharmaceutical companies.”

Dr. Ratnesh Jain, Founder, Mumbai Biocluster, said, “The Mumbai Biocluster, led by ICT Mumbai, is a transformative initiative that bridges academia, industry and policymakers. By fostering collaboration, it serves as a driving force for biopharmaceutical innovation, empowers startups and accelerates the development of affordable healthcare solutions, solidifying India’s position as a global leader in biopharma. At ICT and our flagship Mumbai Biocluster, it is a tremendous honor to recognize Dr. Poonawalla with this well-deserved accolade. We take immense pride in celebrating him as one of our own and as a distinguished alumnus who continues to inspire us all.”

The award ceremony for the 2nd Dr. K. Anji Reddy Memorial Fellowship was a momentous occasion, celebrating the life-changing impact of Dr. Poonawalla’s work and his unparalleled contributions to global healthcare. This recognition underscores ICT Mumbai’s commitment to fostering science, innovation and leadership in the biopharmaceutical sector. Dr. Cyrus S. Poonawalla’s extraordinary contributions to global healthcare have established India as a hub for affordable vaccines, saving billions of lives worldwide. As the visionary chairman of the Serum Institute of India, Dr. Poonawalla has demonstrated how innovation and unwavering dedication can drive transformative change. His remarkable legacy—delivering over 1.5 billion vaccine doses annually to more than 170 countries—and his pivotal role in combating the COVID-19 pandemic stand as enduring testaments to his leadership and commitment to humanity.