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RMC Switchgears Reports 26.83% PAT Growth, Key Executive Appointments, and Capacity Expansion for FY24

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JAIPUR, India, May 28, 2024 /PRNewswire/ — RMC Switchgears Limited, an emerging peer in the electrical infrastructure solutions industry, announced its financial results for the second half of the fiscal year 2024 (2H FY24) and full year FY24, showcasing robust growth across key performance indicators.

Financial Highlights:

Financial Metric

2H FY24
(₹ Crore)

2H FY23
(₹ Crore)

% YoY
Change

FY24
(₹ Crore)

FY23
(₹ Crore)

% YoY
Change

Total Income from Operations

85.21

67.24

26.73 %

172.63

125.27

37.81 %

Gross Profit

32.78

25.29

29.62 %

77.32

50.17

54.12 %

EBITDA

13.83

12.4

11.53 %

31.04

25.19

23.22 %

PBT (Profit Before Tax)

8.95

8.22

8.88 %

21.42

16.95

26.37 %

PBT Margin (%)

10.50 %

12.22 %

           -172 bps

12.41 %

13.53 %

           -112 bps

PAT (Profit After Tax)

6.83

5.6

21.96 %

14.89

11.74

26.83 %

PAT Margin (%)

8.02 %

8.33 %

            – 31 bps

8.63 %

9.37 %

             -75 bps

EPS (Earnings Per Share)

6.63

5.43

22.10 %

14.44

12.2

18.36 %

* Consolidated figure

Key Highlights of H2 FY24 Results:

Revenue Growth: RMC Switchgears achieved a commendable year-over-year increase of 26.73% in total income from operations for 2H FY24, reaching ₹85.21 crore, compared to ₹67.24 crore in 2H FY23. For the full fiscal year, revenue surged by 37.81% to ₹172.63 crore from ₹125.27 crore in FY23, reflecting our strong operational performance, enhanced product offering and more entrenched customer relationships.

Gross Profit: Gross profit in 2H FY24 is up by 29.62% year-over-year to ₹32.78 crore, compared to ₹25.29 crore in 2H FY23. For the entire fiscal year, gross profit reached ₹77.32 crore, a 54.12% increase from ₹50.17 crore in FY23. This feat underscores our ability to effectively manage costs and improve profit margins through higher-value projects.

EBITDA Growth: EBITDA for 2H FY24 increased by 11.53% to ₹13.83 crore, up from ₹12.40 crore in 2H FY23. For the full year, EBITDA grew by 23.22% to ₹31.04 crore, compared to ₹25.19 crore in FY23. Improving economies of scale and our consistent efforts to enhance productivity and streamline operations have contributed to this growth.

Profit Before Tax (PBT): Profit Before Tax in 2H FY24 rose by 8.88% year-over-year to ₹8.95 crore, compared to ₹8.22 crore in 2H FY23. For the full fiscal year, PBT increased by 26.37% to ₹21.42 crore from ₹16.95 crore in FY23, showcasing our robust financial health and strategic execution.

PBT Margin: PBT margin for 2H FY24 declined by 172 basis points, and for the entire financial year, they fell by 112 basis points. This decline is attributed to an exceptional item where RMC disposed of obsolete machinery at a loss of around ₹2.05 crore. Without this exceptional item, the PBT margin for FY24 would have been 13.59%. Similarly, PAT margins were also impacted due to this exceptional disposal.

Profit After Tax (PAT): PAT for 2H FY24 increased by 21.96 % year-over-year to ₹6.83 crore, compared to ₹5.60 crore in 2H FY23. Despite the increase in material costs, we managed to maintain a solid profit margin. For the entire fiscal year, PAT grew by 26.83% to ₹14.89 crore, up from ₹11.74 crore in FY23, reflecting our successful efforts driving profitability.

Earnings Per Share (EPS): EPS for 2H FY24 increased by 22.10 % to ₹6.63, up from ₹5.43 in 2H FY23. EPS rose by 18.36 % for the full fiscal year to ₹14.44, compared to ₹12.2 in FY23. This significant improvement in EPS reflects our enhanced profitability and value creation for shareholders.

Management Commentary:

Commenting on the performance of RMC, Mr. Ashok Kumar Agrawal, Chairman and Managing Director, said: “In the second half of FY24, RMC Switchgears continued to demonstrate resilient financial performance, driven by strategic initiatives and systematic execution of our contract wins. Our revenue growth of 26.73% in H2 and 37.81% for the full year reflects our enhanced product offerings and stronger customer relationships. We are also excited to announce the appointments of our new Chief Growth Officer (CGO) and Chief Mentor Officer (CMO). Adding these key positions is crucial as we expand our market presence and drive innovation in our product offerings. The CGO will focus on identifying and capitalizing on growth opportunities, while the CMO will enhance our market strategies and customer engagement efforts.”

Commenting about the company’s future, Mr. Ankit Agrawal, Whole-time Director and CEO, added: “We are proud of what we achieved in H2 FY24, particularly in our production capacity expansion efforts. This is allowing us to deliver on the growing demand for our products. This strategic move aligns with our vision of becoming a ₹5000 crore enterprise by 2030. In addition, we have added Intelligent Hydel Solutions to our portfolio, which marks a significant step in diversifying our offerings and tapping into the promising hydropower sector. This broadens our product portfolio and strengthens our position as an integrated solutions provider. We have also reduced our carbon footprint by installing solar plants at our manufacturing facilities. Going forward, our focus on green energy solutions and sustainable practices will be integral to our long-term strategy.”

About RMC Switchgears Limited:

RMC Switchgears, a visionary power technology company based in Jaipur, Rajasthan, is dedicated to transforming India’s power infrastructure through innovative and transformative solutions. Specializing in combating electrical theft and preventing electrocution accidents, RMC is not just a manufacturer but an architect of change. The company excels in creating meticulously designed solutions encompassing manufacturing, supply, installation, and Operations & Maintenance (O&M) management, tailored for the unique needs of utilities and DISCOMs in India. With over 80% of its services customized for State PSUs and Private Utilities, RMC is evolving alongside India’s rapidly transforming power sector. The company is also actively expanding its focus to include municipalities, particularly in water management, addressing the substantial AT&C losses and societal impacts of electrical accidents in India.

RMC’s strength is crafting high-value, high-margin customized solutions that significantly reduce commercial losses and enhance power distribution efficiency. Recognized for its capacity to undertake extensive work and its pre-qualifications from PSU Utilities and reputable EPC entities, RMC stands out in the market. Driven by the mission to innovate and deliver advanced power technology solutions, RMC aims to make a sustainable impact in its operating sectors. Its vision is to lead in power technology, offering unparalleled solutions that foster the evolution of infrastructure, reduce losses, optimize resources, and ensure secure, accessible energy and water for communities across India.

 

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Fitterfly Healthtech and Ascensia Diabetes Care Launch a 21-Day Diabetes Management Program on World Diabetes Day

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MUMBAI, India, Nov. 14, 2024 /PRNewswire/ — This World Diabetes Day, on 14th November, Fitterfly Healthtech and Ascensia Diabetes Care are joining hands to launch a complimentary 21-day Diabetes Management Program for Ascensia’s glucometer users. This initiative aims to make diabetes care simpler and more effective for people, offering them personalised support, expert guidance, and easy-to-use tools.

For many, managing diabetes can feel overwhelming. Even with the right tools, knowing where to start can be challenging and confusing. That’s why this 21-day program is designed to help users get started on a wellness journey and build lasting habits, as 21 days is the time it takes to set a habit. By simply scanning a QR code on the warranty page of Ascensia’s glucometer, users can join the Fitterfly program and access diet plans, a 24/7 AI wellness coach, group sessions with diabetes experts, glucose tracking and insights, food diary tracking, assessments, and more. With each step, this structured support brings confidence and clarity, helping users feel truly in control of their health.

Albertraj Balraj, Country Head and Director at Ascensia Diabetes Care India Pvt Ltd., commented, “Glucometers and Self-Monitoring Blood Glucose (SMBG) play an important role in effective blood sugar monitoring. Through this partnership, we aim to offer people a 360° solution by combining our world-class glucometer with Fitterfly’s advanced tools and expert support to make diabetes management truly simple for everyone. We want people to approach diabetes care with confidence and without fear.”

Dr Arbinder Singal, CEO & co-founder of Fitterfly Healthtech, added, “Lifestyle management remains the first line of therapy for type 2 diabetes. Our collaboration with Ascensia makes it easy for people to take control of their health and get started on a journey to lower their blood sugar sustainably. By linking their glucometer to our Fitterfly app, users can track their readings, gain insights, and learn to manage diabetes with ease.”

This partnership is a true example of two brands joining forces to reduce the diabetes burden in the country.

To know more about Fitterfly’s Diabetes Programs, visit Fitterfly.

About Fitterfly

Fitterfly is a leading Indian healthtech company specialising in digital therapeutic programs for managing diabetes, obesity, and heart disease. Co-founded in 2016 by Dr Arbinder Singal and Shailesh Gupta, the Mumbai-based company employs over 200 professionals, including doctors, nutritionists, fitness experts, and technologists. Fitterfly aims to improve metabolic health by focusing on conditions like prediabetes, diabetes, obesity, hypertension, and heart disease. Fitterfly has significantly contributed to health technology research, publishing over 80 papers and winning numerous awards, including the Economic Times Healthtech Startup of the Year 2022. Fitterfly has raised $16.6 million in funding, with its last round in June 2022 led by Amazon with support from Fireside Ventures, 9 Unicorns, and Venture Catalysts.

About Ascensia Diabetes Care

Ascensia Diabetes Care is a global company focused entirely on helping people with diabetes. Our mission is to empower those living with diabetes through innovative solutions that simplify and improve their lives. We are home to the world-renowned CONTOUR® portfolio of blood glucose monitoring systems and the exclusive global distribution partner for the Eversense® Continuous Glucose Monitoring Systems from Senseonics. Ascensia is a member of PHC Group and was established in 2016 through the acquisition of Bayer Diabetes Care by PHC Holdings Corporation. Ascensia products are sold in more than 100 countries. Ascensia has around 1,400 employees and operations in 29 countries. For further information, please visit the Ascensia Diabetes Care website at www.ascensia.com.

Photo: https://mma.prnewswire.com/media/2553921/Fitterfly_Ascensia_Launch.jpg

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Eco-documentary A Chorus of Frogs officially launched

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NANJING, China, Nov. 14, 2024 /PRNewswire/ — Recently, the ecological documentary A Chorus of Frogs produced by Nanjing Newspaper Media Group was officially launched. The film told the story of Wang Ningjing, a post-95s Nanjing girl, who returned to the countryside to find the Chinese immaculate treefrog and shoot a documentary.

https://youtu.be/V8aI9PIFalA?si=Mcc6iP5FeAk3Y8OF

Wang Ningjing, the post-95s generation from Nanjing, is currently studying wildlife filmmaking in the UK. Professor Borzée Amaël from Nanjing Forestry University, who grew up in Madagascar, has been researching treefrogs over ten years.

Unlike most girls who like fairy tales, Wang has been passionate about creature and nature since childhood. Nanjing Hongshan Forest Zoo, not far from her home, was a place she often visited as a child.

“I see one. Is that it?……That one on the wheat. So beautiful!” The species’ breeding season is May and June. During this period, Professor Amaël conducted regular field surveys to locate populations of the treefrog, known for its unique calls that can be heard from a distance. The documentary began with Wang listening to the calls of the treefrog in the fields at night.

A Chorus of Frogs is positioned as an ecological and humanistic documentary. By following Wang Ningjing and Amer to explore the traces of the Chinese immaculate treefrog, it vividly tells the story of people and frogs.

Chinese path to modernization has the distinctive features of respecting nature, following its laws and protect it as well as promoting harmony between humans and nature. The harmonious coexistence between human and the environment is important not only to China but to the world as well.

Where does the Chinese immaculate treefrog go? I believe everyone will find their own answer after watching.

Nanjing Newspaper Media Group, a state-owned media group in Nanjing City, was established on December 17, 2002 with the approval from the National Press and Publication Administration. In recent years, the group has seized strategic opportunities for media convergence to develop a new type of mainstream media based on the Internet. Fully committed to mobile first, it has accelerated the establishment of all-media communication system. The group’s flagship brand, Zijinshan Video, focuses on short video creation, particularly the production of documentaries. It currently has more than 65 million followers across all platforms.

Video – https://www.youtube.com/watch?v=V8aI9PIFalA

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Avathon Partners with CP PLUS, Largest CCTV Manufacturer in India, to Enhance Public Safety while Strengthening Community Bonds

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PLEASANTON, Calif., Nov. 13, 2024 /PRNewswire/ — Avathon, provider of the leading AI platform for industrial operations, has partnered with CP PLUS, one of the largest manufacturers of CCTV cameras, to create safer, more connected societies by bundling Avathon’s computer vision technology with each camera. The companies are bringing Avathon’s computer vision AI capabilities to small and medium-sized businesses (SMBs) across India, turning their cameras into intelligent assets that enable more secure workplaces, factories and facilities.           

In today’s fast-paced world, it’s hard to keep an eye on every single detail, every minute of the day. Computer vision AI technology gives users the freedom and control to go about their daily lives knowing they will receive proactive alerts identifying safety and security issues in real time.

“Increasing demand for advanced public safety tools, smart home devices and integrated AI-powered cameras is fueling massive industry growth,” said Aditya Khemka, Managing Director, CP PLUS, a subsidiary of Aditya Group. “Our partnership with Avathon will help us to better deliver state-of-the-art AI-powered solutions that feature advanced functions like real-time anomaly detection and intelligent monitoring.”

Avathon’s computer vision AI automatically detects and alerts unsafe conditions and incidents in real time, allowing users to proactively take the right actions. Avathon enables business owners using valuable resources to monitor CCTV camera feeds to get back to focusing on operations. The company partners with OEM camera manufacturers by providing AI technology that enables end customers to quickly and accurately address processes, behaviors, and conditions that cause unacceptable risk. Through its partnership with CP PLUS, Avathon has democratized this technology, giving access to large organizations and small businesses alike.

CP PLUS is India’s leading surveillance brand with the most extensive portfolio in the entire global industry. Representing a major share of the Indian CCTV market, CP PLUS offers a range of products and services to meet the varied needs of government, commercial, residential, and industrial customers and its products are successfully deployed in every nook and corner of India and many countries across verticals and industry.

“AI cameras are paving the path forward in India toward smart-city initiatives and enhanced public safety improvements. In this sometimes disconnected world, it’s comforting to rely on a technology that instantly alerts users to potential dangers and other anomalies,” said Pervinder Johar, CEO of Avathon. “We’re proud to partner with CP PLUS to provide the AI innovations needed to push India to the leading edge of technological advancement.”

About Avathon

Avathon, a leader in Industrial AI, extends the life of critical infrastructure while advancing the journey toward full autonomy. Avathon’s Industrial AI platform empowers commercial and government customers with scalable, secure, and value-driven solutions that enhance efficiency and resilience across heavy industry.

Media contact:

Jon Ross
Sr. PR & Communications Manager
Avathon
jross@avathon.com

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SOURCE Avathon

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