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Shivalik Bimetal Controls Ltd. Reports Shunt Success in Europe, Asia & India for Q1FY25

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NEW DELHI, Aug. 7, 2024 /PRNewswire/ — At a meeting held on August 6th, the Board of Directors of Shivalik Bimetal Controls Ltd. (SBCL) released the financial results for Q1FY25. As a global leader in thermostatic bimetal/trimetal strips, shunt resistors, and silver contacts, SBCL navigated a challenging global market environment marked by commodity price fluctuations and geopolitical tensions. The Company demonstrated resilience and continued to drive positive volume growth.

Q1FY25 Financial Performance Summary:

Total Income: Decreased marginally by 5.18% to ₹107.22 Crore from ₹113.07 Crore in Q1FY24, reflecting the effects of lower commodity prices for key input metals.Product Volumes: In volume terms, measure in total weight, the business grew by 8.58% YoY in Q1FY25, from 5,47,916kg in Q1FY24 to 5,94,951kg in Q1FY25.Profitability: Profit Before Tax (PBT) fell by 18.75% to ₹21.75 crore, with PBT as a percentage of sales decreasing by 339 basis points to 20.29%. These declines are primarily due to rise in Cost of Goods Sold (COGS); marginally due to increased manpower costs with investment in people and R&D; and to some degree, higher operational expenses. Management is implementing enhanced cost management strategies towards future mitigation, through improved manufacturing efficiencies and implementing selling price adjustments that are absorbable by the market.

Q1FY25 Highlights from Shunt Resistor Sales: 

The strong growth in Europe, Asia, and India has mitigated the reduction in sales from the Americas to a great extent, maintaining Shivalik’s robust financial health and reaffirming its strategic focus on having a diversified market presence.

Europe: Sales in Europe surged by 134.40%, reaching Rs. 8.04 crore in Q1FY25 off a small base of Rs. 3.43 crore in the same period last year. This growth is the result of Shivalik’s successful market penetration and increasing demand for its high-quality shunts in the European region.Asia (Excluding India): The Asian market recorded a substantial increase of 67.02%, with sales rising to Rs. 17.03 crore from Rs. 10.20 crore in Q1 FY24. This growth stems from Shivalik’s strategic expansion and the robust demand across various Asian markets outside India.India: The Indian market continued to show steady growth, with sales increasing by 11.34% to Rs. 11.26 crore in Q1FY25 from Rs. 10.11 crore in Q1 FY24. This consistent performance is the outcome of the steadily rising domestic demand and the Company’s solid foothold in its home market.Americas: Despite the significant gains in these regions, sales for Shunts in the Americas dropped by 44.76%, from Rs. 29.22 crore in Q1 FY24 to Rs. 16.14 crore in Q1FY25. This decrease reflects market-specific challenges and ongoing consolidation in the EV marketplace being experienced in the United States.

Financial Performance:
(Rs. In crore) (Standalone Figures)

Key Figure

Q1FY2025

Q1FY2024

Change

Total Income

107.22

113.07

-5.18 %

Profit before tax

21.75

26.77

-18.75 %

PBT as % of Sales

20.29 %

23.68 %

(339 bps)

Profit after Tax

16.30

20.23

-19.41 %

PAT Margin

15.21 %

17.89 %

(268bps)

 

Topline Performance and Demand: The Q1FY25 financial performance reflects a complex interplay of external market conditions and strategic operational decisions. The total income decreased by 5.18% to ₹107.22 Crore from ₹113.07 Crore in Q1FY24, reflecting the impact of lower commodity prices for input metals and market fluctuations. This reduction in raw material costs, coupled with market volatility, has contributed to the overall decrease in sales revenue. This decline was partially offset by increased volumes in both bimetal/trimetal strips and shunt resistors, indicating continued underlying demand strength for the Company’s products.

Profitability: Profit Before Tax (PBT) fell by 18.75% to ₹21.75 Crore compared to ₹26.77 Crore in Q1FY24. The PBT as a percentage of sales decreased by 339 basis points to 20.29%. Profit After Tax (PAT) reduced by 19.41% to ₹16.30 Crore from ₹20.23 Crore in Q1FY24, reflecting overall pressure on profitability due to increased operational costs amidst fluctuating market conditions. The PAT margin dropped by 268 basis points to 15.21% compared to 17.89% in Q1FY24, driving the Company’s focus on cost management to maintain profitability in a volatile market environment.

The decline in profitability reflected in Q1FY25 is due to several factors. Increased Costs of Goods Sold (COGS) was the main contributor to the profitability drop alongside marginal rise in operational expenses, including higher utility costs and maintenance expenses. In response to these challenges, Shivalik is strengthening its cost management strategies to optimize operational efficiencies, effectively manage input costs, and ensure sustainable growth despite volatile market conditions. Furthermore, Shivalik anticipates that as the Company transitions towards producing more complex subassemblies using their components to deliver value-added solutions, coupled with future general selling price adjustments that the market can absorb, these measures should offset the current cost loads.

Regional Performance: The Company showed resilience through positive volume growth and strategic market expansion in key regions of Europe, India, and Asia (excluding India).

Taking Root in Europe: Europe’s performance in Q1FY25 showcased significant growth, particularly in the shunt resistor segment. Shunt resistor sales in Europe surged by 134.40%, reaching ₹8.04 Crore compared to ₹3.43 Crore in Q1FY24. This substantial increase reflects the growing demand for shunt resistors driven by the adoption of electric vehicles (EVs) in the region. Despite a slight decline in the thermostatic bimetal/trimetal segment, with sales decreasing by 19.61% from ₹11.93 Crore in Q1FY24 to ₹9.59 Crore in Q1FY25, the overall market presence in Europe remains strong. This performance is the result of Shivalik’s strategic positioning and the successful penetration of high-growth markets.Stable Performance in India: The Indian market continued to demonstrate stable growth in Q1FY25, particularly in the thermostatic bimetal/trimetal segment. Sales in this segment marginally increased by 0.39%, reaching ₹29.89 Crore compared to ₹29.77 Crore in Q1FY24. The shunt resistor segment also showed positive growth, with sales increasing by 11.34% to ₹11.26 Crore from ₹10.11 Crore in Q1FY24. This consistent performance underscores the company’s strong market presence and the increasing demand driven by the smart meter transition and the steady adoption of hybrid and electric vehicles, aligning with India’s push towards modernisation and electrification.Dynamic Growth in Asia (Excluding India): Asia, excluding India, displayed dynamic growth patterns in Q1FY25. The shunt resistor segment experienced significant growth, with sales increasing by 67.02%, reaching ₹17.03 Crore compared to ₹10.20 Crore in Q1FY24. However, the thermostatic bimetal/trimetal segment faced challenges, with sales declining by 42.91% to ₹4.12 Crore from ₹7.22 Crore in Q1FY24. This mixed performance highlights the strong growth potential in the shunt resistor market while underscoring the need for strategic adjustments in the thermostatic bimetal/trimetal segment to enhance growth across all Asian markets.
Strips stay resilient in the Americas: The performance in the Americas showed a mixed picture, with significant growth potential and recovery signals. While shunt resistor sales declined by 44.76%, from ₹29.22 Crore in Q1FY24 to ₹16.14 Crore in Q1FY25, thermostatic bimetal/trimetal sales remained stable, showing a marginal decline of 0.36% to ₹11.15 Crore from ₹11.19 Crore in Q1FY24. Despite these challenges, the region’s market is expected to recover, driven by strategic market initiatives and customer signals, indicating a positive outlook for the upcoming quarters.

Management Commentary:

Mr. N.S. Ghumman, Managing Director of Shivalik Bimetal Controls Ltd., commented:

“Over the past year, we have diligently focused on adapting to market fluctuations and enhancing our strategic initiatives to drive sustainable growth. Our Q1FY25 performance underscores the effectiveness of these efforts, particularly in the European market where our efforts in shunt resistor sales are taking root. Additionally, our strategic expansion in other high-growth markets and the rising long-term demand for electric vehicles (EVs) position us favourably across various regions.

Our commitment to research and development is key to our success. We specialize in niche and critical products that require technical expertise and have high value in segments like smart meters, Battery Management Systems (BMS), and electrification. With positive market pick-ups in Europe, Asia, and India for shunt resistors, especially as the EV market grows, our ongoing R&D initiatives aim to add further value through forward integration for OEMs. We are also focused on improving automation, operational efficiency, and technological processes for our high-precision products. These efforts ensure we remain at the forefront of innovation and continue to deliver superior value to our clients.”

CFO, Mr. Rajeev Ranjan, added:

“Our financial performance in Q1FY25 demonstrates the robustness of our business model amidst a challenging market environment. Despite a 5.18% decrease in total income to ₹107.22 Crore, our strategic focus on volume growth yielded an 8.58% increase in product volumes, underscoring the resilient demand for our products. This growth is a testament to our market positioning and the effectiveness of our expansion strategies in Europe, Asia, and India.

The decline in profitability, with PBT falling by 18.75% to ₹21.75 Crore and PAT reducing by 19.41% to ₹16.30 Crore, reflects the impact of increased COGS also affecting our margins. Looking forward, we are enhancing our R&D capabilities and operational efficiencies, positioning us for long-term growth. We are implementing manufacturing cost management to improve our margins.

Looking to the future, our market diversification strategy is yielding positive results, particularly in the European market, where shunt resistor sales improved by 134.40% off a modest base. This growth, along with significant gains in Asia, demonstrates our ability to capture high-growth segments and adapt to regional market dynamics. While sales in the Americas faced challenges, we are optimistic about a gradual recovery as the EV market stabilises and demand picks up.”

Shivalik Bimetal Controls Ltd.

Founded in 1984, and headquartered out of New Delhi, Shivalik Bimetal Controls Limited is a process and product engineering specialised business based in India. It manufactures and sells thermostatic bimetal/trimetal strips for switching components used in electrical, electronics, automotive, and industrial applications. The Company also makes shunt resistors for use in the high-growth automotive and industrial equipment segments. The rising demand for switchgear, battery management and smart metering systems also conveys solid long-term prospects for Shivalik’s product lines. With its unique business model based on proprietary bimetal technologies and niche solutions that OEMs demand, Shivalik thrives in an industry with high entry barriers. Today, as a valued vendor, the Company is making a mark in supplying high-quality bimetals and shunt resistors to the fast-emerging electric vehicles and customisable smart meters of the future,

Shivalik’s highly experienced management has led the Company to prominent ownership in technology and applications. Its solid balance sheet, combined with prudent capital management, drives Shivalik’s robust growth potential. With plants in Chambhaghat and Kather, Solan, operated by a team of 808 vastly skilled people, Shivalik serves more than 125 clients globally.

 

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Supreme Court Justice Michelle O’Bonsawin Joins Elementary Students for Live Virtual Q&A and Chapter One Storybook Reading on Sep. 24

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September 21, 2024

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The Honourable Justice Michelle O’Bonsawin, the first Indigenous person appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A on September 24, from 1:00-2:15 pm ET, following a reading of the children’s storybook, “Daanis the Judge.” This event is hosted by Chapter One, a children’s literacy charity, to commemorate the National Day for Truth and Reconciliation. Lawyer Victoria Perrie, writer of “Daanis the Judge,” will read aloud the inspiring story, which is based on Justice O’Bonsawin’s remarkable journey. Illustrator EJ Miller-Larson will join Justice O’Bonsawin and Perrie in a moderated Q&A session with over 1900 elementary students.

TORONTO, Sept. 21, 2024 /PRNewswire-PRWeb/ — The Honourable Justice Michelle O’Bonsawin, the first Indigenous person to be appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A following a live online reading of the original children’s storybook “Daanis the Judge,” on September 24, from 1:00-2:15 pm ET. The event will be hosted by Chapter One to mark the National Day for Truth and Reconciliation. Chapter One is a children’s literacy charity that provides 1:1 high-impact reading tutoring and co-creates original storybooks with participating communities nationwide.

“I am very humbled and proud to be a part of the book, “Daanis the Judge.” My hope is that this book will inspire youth to dream big and know that anything is possible. I am evidence of that!” – Justice Michelle O’Bonsawin

Métis-Cree lawyer Victoria Perrie, who wrote “Daanis the Judge,” will lead the live reading. Students will ask questions during a moderated Q&A with Justice O’Bonsawin, Perrie, and illustrator EJ Miller-Larson, of the Fond du Lac Band and Oneida Nation.

“Daanis the Judge” was inspired by Justice O’Bonsawin’s trailblazing career. It tells the story of a young student, Daanis, who dreams of becoming a judge after learning about Justice O’Bonsawin’s achievements.

The story is part of Chapter One’s growing collection of original children’s e-storybooks, co-created with Indigenous writers, illustrators and communities. The e-storybooks celebrate Indigenous experiences and perspectives, and feature audio clips of Elders pronouncing foundational words in their communities’ first languages. All e-storybooks are provided for free through the Global Free Library.

About Chapter One

Chapter One (chapterone.org/ca) is a global nonprofit and registered Canadian charity that provides one-on-one early literacy tutoring programs to 2,300 children in eight provinces and territories across Canada. Its proven “short burst” high-impact tutoring approach—five-minute sessions, three to five times a week—is ideally suited to young children’s attention spans and aligns with the Science of Reading. In one of the largest randomized control trials conducted on early literacy instruction, researchers from Stanford University found that 7 out of 10 students receiving Chapter One high impact tutoring achieved phonics benchmarks by the end of Kindergarten, compared to 32% in the control group.

Children at risk of reading failure receive 1:1 reading support from trained, paid paraprofessional tutors through Chapter One’s online reading platform and custom software. Programs are delivered in-person and virtually in classrooms through agreements with schools and school boards, and at home on families’ smartphones, connecting struggling readers with individualized reading support—regardless of location and circumstance, even in some of the most geographically remote communities in Canada.

In addition to its tutoring programs, Chapter One collaborates with Indigenous communities to co-create children’s stories that represent the communities’ priorities and experiences and advance language revitalization efforts. The e-storybooks are provided for free online, as part of the Global Free Library.

Event details

The Live Virtual Q&A and Reading of “Daanis the Judge” with the Honourable Justice O’Bonsawin takes place on Tuesday, September 24, from 1:00-2:15 pm ET via Zoom. The event is open to elementary classes (Grades 1-6). Teachers/principals must register their classes in advance using this link.

Media Contact

Denise Orosa, Chapter One Canada, 1 4374224825, denise.orosa@chapterone.org, chapterone.org/ca

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SOURCE Chapter One Canada

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PEAC Institute Launches “24 Hour Pause for Peace: A Global Concert”

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September 21, 2024

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24 Hour Pause for Peace Will Be the Largest Peace Initiative Ever Worldwide, Unifying 96 Countries on Six Continents Through Music

MONTCLAIR, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — On this International Day of Peace, PEAC Institute, part of the 2017 Nobel Peace Prize winning team, has launched “24 Hour Pause for Peace: A Global Concert,” the largest peace initiative ever organized worldwide through music.

“Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.”

On October 4, 2025, this ground-breaking program will activate a massive network of youth ensembles that spans 96 countries and territories across six continents and host two 24-hour commercial festivals featuring some of the biggest acts in music and entertainment. This extraordinary day-long event will be live-streamed globally, allowing millions to participate simultaneously.

“It has been 40 years since Live Aid and We Are the World historically unified and changed the world through music,” said Rebecca Irby, president and CEO of PEAC Institute. “With our planet riddled with post-pandemic fatigue, climate chaos, unsettling wars and more, we believe it is time to create a new trajectory for humanity by inviting everyone around the globe to a 24 hour pause for peace to enjoy the sounds of music and feel the transformative power of human connection,” Irby explained.

Additionally, 24 Hour Pause for Peace plans to amass more than 100 million ambassadors to sign an appeal to the United Nations calling for a 24 hour ceasefire during the children’s concerts and commercial music events. All countries are welcome to participate with no exceptions. One of Pause for Peace’s core beliefs is everyone has the right to be equally respected and heard, particularly in collectively calling for peace.

“Achieving this ambitious global endeavor requires the support and participation from the most impactful brands, organizations, and influential leaders, artists and celebrities,” said Jennifer McKenna, 24 Hour Pause for Peace CEO.

Pause for Peace is a $165 million global initiative. Currently, it is in its first phase of raising seed capital through consumer brand-aligned sponsorships and private donors. Funding for the program is tax-deductible through PEAC’s 501(c)(3) status.

“We have assembled an exceptional executive team of change agents in entertainment, production, consumer marketing, charitable development and global security to make this extraordinary, worldwide peace event happen.” McKenna added. “Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.” To become involved in 24 Hour Pause for Peace: A Global Concert as a sponsor, partner or donor, sign up to be an Ambassador, or for more information, go to www.24hourpauseforpeace.org.

About PEAC Institute

PEAC Institute is a 501(c)(3) nonprofit organization based in the United States. PEAC stands for peace, education, art and communication. It was formed in 2016 through a campaign with partner organization, International Campaign to Abolish Nuclear Weapons (ICAN), which garnered a 2017 Nobel Peace Prize. PEAC now holds special consultative status with the Economic and Social Council of the United Nations and has a global presence working with countries and territories worldwide to reach the most marginalized youth through art and communication activities to help them explore and express. For more information on PEAC Institute, go to www.peacinstitute.org.

Media Contact

Chadwick Boyd, Pause for Peace, 1 4046060611, chadwick@24hourpauseforpeace.org, www.24hourpauseforpeace.org

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Global Times: China opens 12 nuclear research facilities to global scientists

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September 21, 2024

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The involved facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.

VIENNA, Sept. 21, 2024 /PRNewswire/ — China will open 12 nuclear research facilities and testing platforms to international scientists and institutions to enhance global cooperation, a senior Chinese official said here on Monday.

These include the China Advanced Research Reactor, the new-generation tokamak device Huanliu-3, and the Beishan Underground Research Laboratory, Liu Jing, vice chairman of the China Atomic Energy Authority (CAEA), said at a meeting on the sidelines of the International Atomic Energy Agency’s (IAEA) annual general conference.

The facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.

Monday’s meeting, themed “Share for Development,” was organized by the CAEA to promote international cooperation in nuclear technology research and development, as China marks the 40th anniversary of its accession to the IAEA.

Yu Jianfeng, chairman of China National Nuclear Corporation, said at the event that the company aims to deepen cooperation with the IAEA and expand international collaboration. He expressed hope that opening China’s nuclear research facilities will contribute to advancing nuclear technology globally.

IAEA’s Deputy Director General Mikhail Chudakov commended China’s remarkable achievements in nuclear energy development and highlighted the long-standing, fruitful relationship between the IAEA and the CAEA.

Welcoming China’s decision to open up more of its nuclear research and development facilities, Chudakov said the move will further strengthen the agency’s technical capacity to support its member states.

On Monday evening, the CAEA and China’s permanent mission to the United Nations (UN) and other international organizations in Vienna jointly held a reception at the UN headquarters in Vienna to celebrate the 40th anniversary of China’s accession to the IAEA. More than 200 participants, including IAEA representatives and foreign envoys to Vienna, attended the event.

Li Song, China’s permanent representative to the UN and other international organizations in Vienna, said at the reception that China and the IAEA have expanded practical cooperation and jointly promoted the development of nuclear energy over the past 40 years.

China, he said, will continue to strengthen collaboration with the IAEA and its member states to address emerging challenges in international security, safeguard the global non-proliferation regime, and promote the use of nuclear energy and technology for the benefit of the Global South.

At the reception, Liu, Li and IAEA Director General Rafael Grossi jointly unveiled a bronze statue of Qian Sanqiang, a renowned Chinese nuclear physicist and one of the founders of China’s nuclear industry.

The statue, donated by China, will be permanently displayed at the IAEA headquarters, alongside sculptures of Polish-French physicist Marie Curie and other prominent figures who have made significant contributions to the peaceful use of nuclear energy.

Contact: xutianshu@globaltimes.com.cn

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SOURCE Global Times

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