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IndoStar Capital Finance Core (VF + HFC) AUM grows 54% and Disbursements 71% YoY

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MUMBAI, India, Aug. 1, 2024 /PRNewswire/ — 

Q1 FY25 Quarter Performance:

Core AUM (VF + HFC) at ₹ 8,718 crore, up 54% YOY from ₹ 5,669 in Q1FY24Robust demand for used CV: VF AUM at ₹ 6,323 crore, up 13%, QOQ and 61% YOYAffordable Home Finance AUM at ₹ 2,395 crore, up 38% YOY from Q1 FY24

Q1 FY25 Highlights (Consolidated):

AUM at ₹ 9,565 crore, up 9% from ₹ 8,763 crore in Q4 FY24 and up 19% YOY from Q1 FY24Core AUM (CV + HFC) ~ ₹ 8,718 crore (91% of total), up 11% from ~ ₹ 7,864 crore in Q4FY24, up 54% YOYCore Disbursements (CV + HFC) of ₹ 1,618 crore, up 74% YOY from ₹ 945 crore in Q1 FY24Debt/Equity Ratio at 2.3x for Q1 FY25Gross Stage 3 assets at 4.19% for Q1 FY25Net Stage 3 assets are at 2.08% for Q1 FY25

Q1 FY25 Highlights (Standalone – ICF):

AUM at ₹ 7,170 crore, up 10% from ₹ 6,493 crore in Q4 FY24VF AUM at ₹ 6,323 crore, up 13% from ₹ 5,594 crore in Q4 FY24 and up 61% YOY from Q1 FY24VF Disbursements at ₹ 1,407 crore, up 90% from ₹ 740 crore in Q1FY24Debt/Equity Ratio at 1.96xGross Stage 3 assets at 4.97% for Q1 FY25Net Stage 3 assets are at 2.36% for Q1 FY25Strong Capital Adequacy at 27.7%, on a standalone basis

Q4 FY24 Highlights (HFC – Subsidiary):

AUM at ₹ 2,395 crore, up 5% from ₹ 2,270 crore in Q4 FY24, and up 38% YOY from Q1 FY24Debt/Equity Ratio at 2.62x timesGross Stage 3 assets at 1.34% for Q1 FY25Net Stage 3 assets at 1.06% for Q1 FY25Strong Capital Adequacy at 56.2%, on a standalone basis

IndoStar, a middle-layered non-banking finance company (NBFC) registered with the Reserve Bank of India, announced its financial results for the quarter June 30th, 2024, earlier today.

The company AUM at ₹9,565 crore, is up 9% from ₹8,763 crore in Q4 FY24. The company continued to maintain a healthy asset quality, with Gross NPAs at 4.19% in Q1 FY25. At a consolidated level, the Company delivered a PAT of ₹25 crore for Q1 FY25.

Progress on some key strategic initiatives is detailed here:

Year-on-Year Disbursement Growth

The company’s core (VF + HFC) disbursements for Q1 FY25 at ₹1,618 crore grew 71% YOY, compared to ₹945 crore disbursed over the same period last year. VF disbursements at ₹ 1,407 crore grew 86% (Q1 FY24 disbursement of ₹ 755 crore), while Housing Finance disbursements at ₹ 211 crore were up 11% (Q1 FY24 disbursement of ₹ 190 crore).

Launch of SME Micro LAP business

During the quarter, the Company began piloting the Small Business Loans product where the customers can avail loan ranging from ₹ 2 lakh to ₹ 7 lakh. The Company aims to help hyper-local, nano-enterprises, shopkeepers, and small and medium businesses (SMEs). The new Small Business Loans product offers secured loans for personal or business needs, against collateral offered by the customer.

Senior Management update

Mr. Randhir Singh joined as a Whole Time Director and Executive Vice Chairman of the Company effective July 22, 2024. Mr. Randhir Singh has over 29 years of experience in the areas of MSME Lending, Structured Finance, Debt Capital Markets, Corporate Finance, Sales and Trading, FX and Interest Rate derivatives, Risk Management, Asset Management and Banking Operations in banking and financial services sector. He will partner with the broader management team to deliver the growth strategy and drive value creation at IndoStar.

IndoStar Capital Finance Limited (“ICFL”) (Standalone) Financial performance

ICFL delivered a PAT of ₹ 11 crore in Q1 FY25. The AUM for ICFL stands at ₹ 7,170 crore out of which the retail vehicle finance business is ₹ 6,323 crore. Disbursements during the quarter stood at ₹ 1,416 crore, up 88% from ₹ 755 crore in Q1 FY24. With a focus on collections through the quarter, Gross Stage 3 remains flat at 4.97% in Q1 FY25; Net Stage 3 stood at 2.36%. The company maintained a strong Capital Adequacy Ratio (CAR) of 27.7% on a standalone basis. Debt equity ratio stood at 1.95x.

IndoStar Home Finance Private Limited (“IHFPL”) Financial Performance

IHFPL delivered a PAT of ₹ 14 crore in Q1 FY25 aided by AUM growth and securitization transactions. The AUM in IHFPL stands at ₹ 2,395 crore in Q1 FY25, up 38% from ₹1,741 crore in Q1 FY24. IHFPL continues to deliver on its core strategy of providing affordable housing loans in semi-rural and rural markets, while maintaining healthy asset quality. The company reported Gross Stage 3 assets at 1.3%. IHFPL has a Capital Adequacy Ratio (CAR) of 56.2%.

Key Performance Highlights (Consolidated):

Particulars (₹ in crs)

Q1FY25

Q4FY24

Q-o-Q %

Q1FY24

Y-o-Y %

Net Revenue from operations

192

282

(32 %)

145

32 %

Operating expenses

(139)

(139)

0 %

(115)

20 %

Pre-provision operating profit

53

143

(63 %)

30

77 %

Profit after tax

25

35

(29 %)

39

(36 %)

CAR (%) Standalone

27.7 %

28.9 %

34.4 %

Leverage (D/E)

2.3x

2.3x

1.9x

About IndoStar Capital Finance Limited

IndoStar is a non-banking finance company (NBFC) registered with the Reserve Bank of India classified as a Middle layered NBFC. With Brookfield & Everstone as co-promoters, IndoStar is a professionally managed and institutionally owned entity engaged in providing used and new commercial vehicle financing and affordable Home Finance through its wholly owned subsidiary, IndoStar Home Finance Private Limited.

For more information, visit www.indostarcapital.com.

Safe Harbor

This document is to provide the general background information about the Company’s activities as at the date of the release. The information contained herein is for general information purposes only and based on estimates and should not be considered as a recommendation that any investor should subscribe / purchase the company shares. The Company makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information contained herein. This release may include certain forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. These statements can be recognized by the use of words such as ”expects”, “plans”, ‘will”, “estimates”, “projects”, or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in such forward-looking statements as a result of various factors and assumptions which the Company believes to be reasonable in light of its operating experience in recent years. The risks and uncertainties relating to these statements include, but not limited to, risks and uncertainties, regarding fluctuations in earnings, our ability to manage growth, competition, our ability to manage our international operations, government policies, regulations, etc. The Company does not undertake any obligation to revise or update any forward-looking statement that may be made from time to time by or on behalf of the Company including to reflect actual results, changes in assumptions or changes in factors affecting these statements. Given these risks, uncertainties and other factors, viewers of this release are cautioned not to place undue reliance on these forward-looking statements. This release may contain certain currency exchange rates and the same have been provided only for the convenience of reader.

 

View original content:https://www.prnewswire.com/in/news-releases/indostar-capital-finance-core-vf–hfc-aum-grows-54-and-disbursements-71-yoy-302212019.html

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BASX Hosts Ribbon-Cutting Ceremony for New State-of-the-Art Weld Shop

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REDMOND, Ore., Sept. 19, 2024 /PRNewswire/ — BASX (“BASX” or the “Company”), a leader in the manufacturing of high-efficiency data center cooling solutions, cleanroom systems, and custom HVAC systems, is proud to announce the official ribbon-cutting ceremony for its newly completed 36,000-square-foot weld shop. The Redmond Chamber of Commerce performed the ribbon cutting on September 18th, 2024, at BASX headquarters.

The weld shop will create significant job opportunities in the Central Oregon region, with the capacity to fill an additional 30 welding positions. Positions range from entry-level to experienced roles, with professional opportunities in various growing departments within the Company.

“This new facility is a major investment not just in our company, but in the future of Central Oregon,” said Dave Benson, AAON VP and BASX President. “We can now deliver even higher levels of quality and efficiency while providing more job opportunities for the community. We’re proud to support local manufacturing growth and look forward to seeing the impact this expansion will have on both BASX and the region.”

The new shop marks a major expansion in the Company’s production capabilities, introducing state-of-the-art welding technology within a climate-controlled environment. Equipped with advanced air filtration systems, including an AAON make-up air unit and multiple air scrubbers, the shop ensures exceptional air quality for its workers. The space also features two 5-ton overhead cranes and six ½-ton cantilever jib cranes, allowing for efficient movement of materials across the facility.

A key highlight of the facility is its cutting-edge tube laser, capable of precision cutting and profiling round and square tubes, as well as C-channel and I-beam profiles up to 27 feet in length. Additionally, a 75-foot-long dual-zone robotic welding cell is scheduled to be installed and operational in early 2025, enabling the welding of large subassemblies up to 10 tons.

The shop’s innovative capabilities will support the Company’s growth and solidify its position for ongoing expansion. In addition to the 30 new welding jobs, BASX is actively hiring across various departments to support its continued success. To learn more about available positions and apply, visit the BASX careers page at www.basxsolutions.com/careers.

About BASX
Founded in 2014 in Central Oregon, BASX is an industry leader in the manufacturing of high-efficiency data center cooling solutions, cleanroom systems, custom HVAC systems, and modular solutions. Acquired by AAON in 2021, BASX continues to focus on quality, innovation, and state-of-the-art technology. The Company is proud to display the Made-in-America emblem on all its products. For more information, please visit www.basx.com.

Contact Information
Christina Lattanzio
Marketing Manager
(918) 508-9272
Email: Marketing@basx.com

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SOURCE AAON

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NASA Sets Coverage for Astronaut Tracy C. Dyson, Crewmates Return

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WASHINGTON, Sept. 19, 2024 /PRNewswire/ — NASA astronaut Tracy C. Dyson, accompanied by Roscosmos cosmonauts Nikolai Chub and Oleg Kononenko, will depart from the International Space Station aboard the Soyuz MS-25 spacecraft, and return to Earth.

Dyson, Chub, and Kononenko will undock from the orbiting laboratory’s Prichal module at 4:37 a.m. EDT Monday, Sept. 23, heading for a parachute-assisted landing at 8 a.m. (5 p.m. Kazakhstan time) on the steppe of Kazakhstan, southeast of the town of Dzhezkazgan.

NASA’s live coverage of return and related activities will stream on NASA+ and the agency’s website. Learn how to stream NASA content through a variety of platforms, including social media.

A change of command ceremony also will stream on NASA platforms at 10:15 a.m. Sunday, Sept. 22. Kononenko will hand over station command to NASA astronaut Suni Williams for Expedition 72, which begins at the time of undocking.

Spanning 184 days in space, Dyson’s mission includes covering 2,944 orbits of the Earth and a journey of 78 million miles. The Soyuz MS-25 spacecraft launched March 23, and arrived at the station March 25, with Dyson, Roscosmos cosmonaut Oleg Novitskiy, and spaceflight participant Marina Vasilevskaya of Belarus. Novitskiy and Vasilevskaya were aboard the station for 12 days before returning home with NASA astronaut Loral O’Hara on April 6.

Kononenko and Chub, who launched with O’Hara to the station on the Soyuz MS-24 spacecraft last September, will return after 374 days in space and a trip of 158.6 million miles, spanning 5,984 orbits.

Dyson spent her fourth spaceflight aboard the station as an Expedition 70 and 71 flight engineer, and departs with Kononenko, completing his fifth flight into space and accruing an all-time record 1,111 days in orbit, and Chub, who completed his first spaceflight.

After returning to Earth, the three crew members will fly on a helicopter from the landing site to the recovery staging city of Karaganda, Kazakhstan. Dyson will board a NASA plane and return to Houston, while Kononenko and Chub will depart for a training base in Star City, Russia.

NASA’s coverage is as follows (all times Eastern and subject to change based on real-time operations):

Sunday, Sept. 22
10:15 a.m. – Expedition 71/72 change of command ceremony begins on NASA+ and the agency’s website.

Monday, Sept. 23
12:45 a.m. – Hatch closing coverage begins on NASA+ and the agency’s website.

1:05 a.m. – Hatch closing

4 a.m. – Undocking coverage begins on NASA+ and the agency’s website.

4:37 a.m. – Undocking

6:45 a.m. – Coverage begins for deorbit burn, entry, and landing on NASA+ and the agency’s website.

7:05 a.m. – Deorbit burn

8 a.m. – Landing

For more than two decades, people have lived and worked continuously aboard the International Space Station, advancing scientific knowledge, and making research breakthroughs that are not possible on Earth. The station is a critical testbed for NASA to understand and overcome the challenges of long-duration spaceflight and to expand commercial opportunities in low Earth orbit. As commercial companies focus on providing human space transportation services and destinations as part of a robust low Earth orbit economy, NASA is focusing more resources on deep space missions to the Moon as part of Artemis in preparation for future human missions to Mars.

Learn more about International Space Station research and operations at:

https://www.nasa.gov/station

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SOURCE NASA

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Global claims guidance leader EvolutionIQ joins as CALI’s inaugural Life Partner

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NEW YORK, Sept. 20, 2024 /PRNewswire/ — US-based EvolutionIQ, a global leader in claims guidance technology, has signed on as the Council of Australian Life Insurers (CALI)’s first Life Partner as part of its corporate partner program.

The CALI Partner Program is designed to foster collaboration and create a connected ecosystem of industry experts.

CALI Life Partners share the industry’s mission to make life insurance accessible, understandable and trusted. They are companies that support Australian life insurers to help Australians and their families have peace of mind about their future so they can live in the most healthy, confident and secure way.

“We are pleased to welcome EvolutionIQ as CALI’s inaugural Life Partner. The CALI Partner Program plays an important role in connecting our members to the latest innovators, like EvolutionIQ, that can move their businesses forward,” said CALI CEO Christine Cupitt.

“We want to work closely with each of our partners to strengthen and support the life insurance industry to deliver better customer experiences for millions of Australians on their best and worst days.”

Headquartered in New York, EvolutionIQ has expanded significantly since 2019. Its clients include major insurance carriers such as Sun Life, Reliance Matrix and Principal Financial. Their AI-powered software makes insurance claims processes more personalised, fair and cost-effective so that more people can recover faster and return to work.

“We are committed to supporting the Australian life insurance ecosystem and being a CALI Life Partner enables us to specialise our products to meet the dynamic needs of the Australian markets,” said EvolutionIQ’s Co-CEO, Mike Saltzman.

“Our partnership with CALI means we can contribute to and shape customer experiences in Australia, and ultimately help more people return to health and a livelihood sooner.”

About EvolutionIQ
EvolutionIQ pioneered Claims Guidance in 2019. Its explainable AI guides insurance claims professionals to their highest potential impact claims, improving the claimant experience and delivering better claim outcomes to claimants, carriers and their customers. EvolutionIQ serves the group disability, individual disability and workers’ compensation markets worldwide. EvolutionIQ’s AI native products have been adopted by 70% of the top 15 U.S. disability carriers and a growing list of workers’ compensation carriers. The New York-based company employs 185 staff across the United States, Europe and Australia. For more information, visit evolutioniq.com and follow the company on LinkedIn.

About CALI
We support Australians to make informed choices about their future and help them live in a healthy, confident and secure way over their lifetime.

Our members’ products and services give people peace of mind when making important decisions and provide a financial safety net during life’s biggest challenges.

We advocate for national policy settings that expand Australians’ access to the life insurance protection that suits them when they need it most.

CALI represents all life insurers and reinsurers in Australia. The Australian life insurance industry is today a $26.4billion industry, employing thousands of Australians and paying billions of dollars of benefits each year.

To view CALI’s corporate partners visit www.cali.org.au/about-us/#our-partners

For more information, visit www.cali.org.au

Media Contact
Jason Kapler
Vice President of Marketing
EvolutionIQ
(917) 740-5608
Press@evolutioniq.com

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SOURCE EvolutionIQ

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