Pune, Maharashtra, India:
The Board of Directors of Poonawalla Fincorp Limited (PFL), a non-deposit taking systemically important NBFC focusing on consumer and small business finance, today announced its un-audited results for the quarter ended September 30, 2021 (Q2FY22). The consolidated results include the performance of PFL’s wholly-owned housing finance subsidiary, Poonawalla Housing Finance Limited (PHFL), and its joint venture, Magma HDI General Insurance Company Limited (MHDI).Performance Highlights (Consolidated)
Assets Under Management grew by ~6% QoQ to INR 15,275 crore
NIM increased by 104 bps YoY to 9.1% in Q2FY22 (8.0% in Q2FY21), driven largely by reduction in interest expenses
Consolidated PBT was up 151% YoY, increasing from INR 50 crore in Q2FY21 to INR 126 crore in Q2FY22, driven largely by reduction in interest expenses and credit costs
Collections showed an improving trend from 93.1% in Jun’21 to 98.0% in Jul’21 and further to 99.9% in Sep’21
Consequent to improvement in collections in Q2FY22, Gross Stage 3 and Net Stage 3 assets decreased from 5.4% and 2.7% respectively as at Jun’21 to 4.1% and 2.0% respectively as at Sep’21 on a consolidated basis. The Company has one of the best provision coverage ratios across all three stages. Standard Asset Coverage Ratio as at Sep’21 stands at 3.4% (3.0% in Sep’20); Stage 3 Asset Coverage Ratio stands at 52% (38% in Sep’20).
Liquidity and Cost of Borrowings
The Company continues to maintain a strong liquidity position with around INR 1,700 crore of surplus liquidity, with additional term loan sanctions in hand of INR 1750 crore. Significant amount of existing loans were repriced in Q2FY22, with reduction of over 120 bps. New sanctions received at sub-6.5%.
The company’s long-term rating was upgraded by two notches to ‘AA+; Stable’ by Care Ratings following its review process. The short-term rating was retained at the highest level of ‘A1+’.
Revised Product Focus
Pursuant to the capital infusion and rebranding, the Company launched new products like Personal loans, Loans to Professionals, and SME LAP. Other products at an advanced stage of rollout are: medical equipment loan, small ticket LAP, and co-lending/fintech partnerships.
About Poonawalla Fincorp
Poonawalla Fincorp Limited (earlier known as Magma Fincorp Limited) is a Cyrus Poonawalla group promoted NBFC-ND-SI that focuses on consumer and small business financing. The Company started operations nearly three decades back and is listed on the Bombay Stock Exchange and the National Stock Exchange in India.
The Company’s financial services offerings include pre-owned car finance, personal loans, loan to professionals, business loans, SME LAP, affordable home loans, and general insurance. The Company has AUM of INR15,275 crore and employs more than 7,000 people. The Company operates through 285 branches across 21 states, focusing on the urban and semi-urban geographies.
About Cyrus Poonawalla Group
The Cyrus Poonawalla Group of Companies, headquartered in Pune, are a diversified group with business interests that include Pharmaceuticals & Biotechnology, Financial Services, Clean Energy, Hospitality & Realty, and Aviation. Serum Institute of India Private Limited, the group’s flagship company, is the world’s largest manufacturer of vaccines, supplying to Indian as well as global markets.
For more information, please log on to: www.poonawallafincorp.com
Click here for Media Contact Details
Submit your press release
Original Article: easternherald.com
Zype Recognized for OTT Leadership and Product ROI During OTT Executive Summit Awards Presentation
Zype Playout 2.0 recognized for ‘Best ROI’ and Matt Moore, SVP of Product, named ‘OTT Guru’ at 2021 awards ceremony
NEW YORK, Dec. 2, 2021 /PRNewswire/ — Zype, the leading video API and infrastructure platform, today announced it received two awards during the OTT Executive Summit conference. Zype Playout 2.0 was recognized for “Best ROI” in the company awards category. Additionally, Matt Moore, Zype’s SVP of Product, was named “OTT Guru ” in the individual category which identifies the executives who contributed to the most insightful learning and discussions during the event.
The “OTT Genius” and “Best of Show” Awards Presentation took place on November 18, the final day of the 2021 OTT Executive Summit. Award winners were voted on and chosen by those who attended and participated in the event. The OTT Executive Summit is a global, three-day conference that brings together the top minds in video content, distribution, and technology to discuss how OTT is enabling new business models for both traditional Pay TV providers and streaming video innovators.
“We congratulate Zype for being named Best ROI at OTT Executive Summit,” said Brian Mahony, CEO of Trender Research and President of OTT Executive Summit. “Best ROI is determined as the product or service best able to provide a financial return on investment for new OTT services or existing ones wishing to scale up. This honor was awarded solely by impressing the 1,500+ mostly executive-level attendees of the Summit, who alone vote.”
“Furthermore, I’m very pleased to announce that Zype’s Head of Product, Matt Moore, was named OTT Guru,” continued Mr. Mahony. “This is another high honor bestowed solely by attendee feedback. Matt clearly made the case for Zype, showing the value that they provide to OTT services big and small, existing or new.”
“Best ROI” – Playout 2.0
Zype Playout 2.0 was selected among 10 other OTT products and services during the “Product Speedcase” session of OTT Executive Summit. Playout 2.0 is the newest version of Zype’s award-winning live linear solution that allows users to easily build and monetize linear TV channels through drag-and-drop programming of live or on-demand videos into linear streams for digital distribution. Playout 2.0 manages all aspects of programming, distribution, and monetizing linear playout channels. The latest version also includes new analytics dashboards that provide content performance insights to measure engagement and ROI.
Playout 2.0 represents a new generation of live-linear streaming capabilities that make it possible for anyone to curate a diverse range of content types and formats into a singular linear channel. With Playout 2.0, content owners can find new life in existing assets and further monetize existing content libraries by building digital linear channels for streaming platforms. Playout 2.0 makes it simple to build and grow curated linear FAST channels, whether for always-on, pop-up, seasonal or programming marathon use cases. Providing one consolidated platform to ingest content, curate live or VOD programming into linear streams, monetize the content, and distribute to multiple digital endpoints, Playout 2.0 lowers the time, cost and expertise required to grow viewership of linear content on OTT, mobile and social video platforms.
“OTT Guru” – Matt Moore – SVP Product at Zype
Moore was recognized as “OTT Guru” for his OTT insights during the “Product Speedcase: 5 Minute Demo” of Playout 2.0. Moore is a seasoned media development leader with a proven track record of growing audiences and revenue by connecting content with technology. He joined Zype earlier this year as the VP of Product for Connectors after spending 10 years focusing on content distribution and platform partnership efforts at several media properties, including Vox Media, National Geographic, and Discovery Channel. In this time, Moore built content programs that expanded video, text, and audio publishing across social platforms, TV apps, cable networks, voice assistants, news apps, and OEM devices. Moore’s focus at Zype is on connecting meaningful, user-focused video experiences with the tools that media organizations need to build, manage, and grow their multi-platform content strategies.
“The OTT Executive Summit awards are especially rewarding because they are voted on by industry professionals and leaders who attend the event,” said Ed Laczynski, CEO at Zype. “It’s encouraging to see the industry traction around Playout 2.0. It was also a pleasure to see one of our top executives recognized by his peers for his deep industry knowledge. Matt is truly deserving of the award. His success in connecting OTT technology with content to grow audiences is unmatched.”
For more information about Zype and Playout 2.0, visit: zype.com/product/playout or https://www.zype.com/.
Zype is the infrastructure for digital video, providing a cloud-based platform to manage and distribute enterprise-grade video across web, mobile, TV, and social media. Offering both developer-friendly tools such as customizable APIs as well as turnkey solutions for automated publishing and app creation, Zype’s SaaS enables video creators, publishers or distributors to quickly build, launch and manage superior video products at scale. With a wide ecosystem of video connectors and technology partners and an award-winning support team, Zype’s customers confidently increase reach, engagement and monetization by delivering premium entertainment experiences. Founded in 2014 and headquartered in New York, Zype is a privately held company with over 300 customers worldwide. www.zype.com.
Contact:Guy MurrelCatapult for [email protected] (303) 581-7760
Logo – https://mma.prnewswire.com/media/1684616/black_logo_horizontal_copy_Logo.jpg
Source Here: easternherald.com
ElectrifAi Showcases Pre-Structured Machine Learning Models With SquareOne at Smart Data Summit
Delivering fast and reliable machine learning business solutions.
JERSEY CITY, N.J., Nov. 17, 2021 /PRNewswire/ — ElectrifAi, one of the world’s leading companies in practical artificial intelligence (AI) and pre-built machine learning (ML) models, is showcasing pre-structured ML models today with SquareOne at Smart Data Summit in Dubai.
ElectrifAi has one of the largest libraries of pre-structured ML models that has been built and battle-tested since 2004. We have also developed advanced Computer Vision models that drive workplace safety as well as reduce costs. Combined with our Machine Learning as a Service (MLaaS) offering, we are helping companies quickly realize the benefits of AI and ML.
Most companies understand that their data is a powerful, untapped asset. However, companies struggle simply to access and clean their data. Many of these same companies conclude machine learning is a distant possibility reserved only for the largest, most sophisticated Tier One players. Not anymore. With ElectrifAi’s MLaaS, large and small companies alike can extract value from their data and turn it into a strategic weapon to drive revenue, reduce costs, and/or risk. MLaaS makes it easy for companies struggling with their data or who lack robust data science and data engineering teams.
MLaaS enhances the efficiencies and convenience of ML. It is developed, maintained, and operated by ElectrifAi. Delivered as a full business function powered by AI and ML, it seamlessly connects to our client’s cloud or on-premises workloads and no ML experience is needed. We ensure the MLaaS offering provides our clients with a faster, better, cheaper, and substantially less risky way to achieve ML. With ElectrifAi’s MLaaS, clients can get ML solutions fast without the time-consuming hassle and expense of building ML from scratch.
Part of our MLaaS offering are the following pre-structured ML models: Computer Vision, Demand Forecasting, Inventory Optimization, Dynamic Pricing, Scheduling Optimization, Predictive Maintenance, Customer Engagement, A/R Collections and Invoice, as well as SpendAi and ContractAi. The Computer Vision models include solutions for Upstream, Midstream, and Downstream oil and gas companies.
ElectrifAi’s pre-structured ML models are business-ready and proven in the real-world. With a fast time-to-deployment and lower project risk, we do all the heavy lifting for our clients. Clients describe their business use case and we tell them what data is needed to run the best ML solution to solve their business problems. We train, operate and deploy the models and quickly deliver results.
“We are excited to showcase our pre-structured machine learning models and MLaaS at the Smart Data Summit. It’s all about time-to-value and turning data into a strategic weapon with high ROI use cases. With our pre-structured models, companies who struggle with data or who lack deep data engineering and data science expertise can quickly enjoy the benefits and power of machine learning and computer vision. Similarly, larger companies who have invested in platforms or who have capable internal technical teams can further accelerate with ElectrifAi’s MLaaS and pre-structured models. Why wait for machine learning? With our MLaaS offering, you can achieve machine learning in 8-12 weeks versus 8-12 months to build new models.” – Edward Scott, CEO, ElectrifAi
ElectrifAi is a global leader in business-ready machine learning models. ElectrifAi’s mission is to help organizations change the way they work through machine learning: driving revenue uplift, cost reduction as well as profit and performance improvement. Founded in 2004, ElectrifAi boasts seasoned industry leadership, a global team of domain experts, and a proven record of transforming structured and unstructured data at scale. A large library of Ai-based products reaches across business functions, data systems, and teams to drive superior results in record time. ElectrifAi has approximately 200 data scientists, software engineers and employees with a proven record of dealing with over 2,000 customer implementations, mostly for Fortune 500 companies. At the heart of ElectrifAi’s mission is a commitment to making Ai and machine learning more understandable, practical and profitable for businesses and industries across the globe. ElectrifAi is a global company with offices in Miami, Jersey City, Shanghai and New Delhi.
About Square One
SquareOne helps organizations exponentiate their potential by partnering up with industry leaders in solutions, providing our clients a complete digital vision leveraged by the latest in tech and complete implementation with our team of experts. Square One helps organizations in their digital transformation journey with visionary, world-class software applications, powered by an experienced and committed professional team with vast experience and focus on customer delight. Square One spot early global technology trends in the digital initiatives space, partner with the best and furiously learn and bring these platforms and solutions to the region. SquareOne is the region’s leading provider of business transformation technologies, powered by best-in-class software solutions and profound knowledge of local enterprise needs from over a decade of experience, enabled by a passionate team of professionals whose expertise spans across multiple industry verticals.
Logo – https://mma.prnewswire.com/media/1527876/ElectrifAi_Logo.jpg
L’OCCITANE Acquires Majority Stake in Brazilian-inspired Premium Beauty Brand Sol De Janeiro
GENEVA, Nov. 15, 2021 /PRNewswire/ — The L’OCCITANE Group, an international group that manufactures and retails beauty and well-being products that are rich in natural and organic ingredients, is pleased to announce its acquisition of a majority stake in Sol de Janeiro, an innovative leader in the global prestige body care market. Born of an authentic Brazilian philosophy of celebration and joy, Sol de Janeiro is a fast-growing, award-winning lifestyle skincare brand beloved by multi-generational, modern and global consumers from millennials to Gen Z.
Founded in the US in 2015 as a results-driven premium body care brand with highly efficacious ingredients sustainably sourced from Brazil, Sol de Janeiro is one of the fastest-growing premium skincare brands in North America, with success across body care, fragrance and hair care products. It sells both directly to consumers through its website and through various premium retailers across the globe.
The acquisition is in line with the Group’s strategy of building a leading portfolio of premium beauty brands. Sol de Janeiro is a strategic fit for the Group in terms of brand recognition and identity, product quality, management capability, as well as growth, profitability and cash generation prospects. Sol de Janeiro’s digital presence and established body care business is complementary to the Group’s balanced geographical strategy to build a portfolio of strong brands in all major geographical regions. Meanwhile, Sol de Janeiro is expected to leverage the Group’s international presence to expand into new markets.
Andre Hoffmann, Vice-Chairman & Chief Executive Officer of L’OCCITANE, said, ‘We are delighted to be further expanding our brand portfolio and accelerating our transformation into a multi-brand and geographically balanced group. With a compelling brand story and an experienced and entrepreneurial management team, Sol de Janeiro reflects our values and premium beauty image.’
Heela Yang, Chief Executive Officer and Co-Founder of Sol de Janeiro, said, ‘I have always admired L’OCCITANE, a beautiful lifestyle brand anchored in a deep commitment to sustainability, and we are thrilled to have found a home with the Group to continue to drive our explosive growth. Furthermore, we are ecstatic to have found a partner who so deeply respects our brand vision and values of inclusivity, joy and self-celebration.’
The Group will acquire an 83% indirect interest in Sol de Janeiro. Upon closing, Sol de Janeiro will become a majority-owned subsidiary of the Group.
Contact: [email protected]
Photo – https://mma.prnewswire.com/media/1688350/LOCCITANE_acquires_majority_stake_of_Sol_de_Janeiro.jpgLogo – https://mma.prnewswire.com/media/1527234/LOCCITANE_GROUP_logo.jpg
Technology1 month ago
BREAKDOWN: the US Government Sold a Wu-Tang Album to a DAO for $4M
Technology1 month ago
BREAKDOWN: Bitcoin Wraps the First Week of the ETF Era
Technology1 month ago
Aren Secures $2 Million in Seed Round
Technology1 month ago
Blue Lava Appoints David Walter As Chief Executive Officer
uncategorized4 weeks ago
Elara Systems Partners With ITherapy to Create the InnerVoice Unreal…
Health Care1 month ago
Zydus to Knock Covid Vax Price to Rs 265 a Dose, Decision Soon: Sources
Technology1 month ago
Boca Bearings Launches New Brand
Health Care1 month ago
Gaston Bathalon of Troy Accepted Into Vermont Leadership Institute Class of 2022 – Newport Dispatch