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Robust operational Growth, Strong legacy book run-down traction and Net worth grows to ~INR 20,000 Crs.

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Subsidiary Sammaan Finserve reoriented as Affordable Housing Financier

MUMBAI, India, Nov. 18, 2024 /PRNewswire/ — Sammaan Capital Limited (SCL), previously known as Indiabulls Housing Finance Limited, has reported a strong operating performance for the first half of FY25, marked by a significant rise in cash collections from its legacy loan book. As of September 30, 2024, the company’s net worth surged to approximately INR 20,000 crore, with the parent entity alone registering a rise of INR 3,000 Crs in its net worth. This increase in net worth translates to a rise in capital adequacy, which improved by 300 basis points to around 26% in the parent, well above the regulatory requirement of 15%. This is a key milestone, particularly given that approximately 95% of the company’s borrowings are held by the parent entity, reinforcing its strong financial foundation.

In a major strategic move, Sammaan Capital has acquired the INR 5,500 crore legacy loan book from its subsidiary, Sammaan Finserve Limited (SFL). The transaction, conducted at arm’s length and at fair market value complying with regulatory requirements, is supported by legal, audit, and valuation firms including Deloitte, BDO, Vishal Leheri, CAM, and IndusLaw.

Consistent with fair market value, in the subsidiary SFL out of the retained earnings of the legacy book in the subsidiary, provisions have been made. With the transfer of legacy loans, these provisions are now available in the parent against the entire legacy book, and is in line with portfolio scrub and analysis of the entire legacy loan book.

As a result, the net worth in the subsidiary stands right-sized to ~INR 3,000 Crs, in line with peers such as Aavas, Aptus, Home First, Aadhar etc. The subsidiary now positioned as an Affordable Housing Financier, gives the parent the option of monetization at rich valuations. Eventually the parent will benefit both from the provision cushion as well as valuation upside from the subsidiary, if it chooses monetize. With the shift of the legacy loan book, the capital adequacy in the subsidiary has also significantly risen to ~50%, again against regulatory requirement of only 15%.

Thus, a key development during this period was the strategic shift in the focus of Sammaan Finserve Limited. The subsidiary has been repositioned to become an affordable housing financier, a move designed to unlock significant value. Companies in the affordable housing finance sector typically trade at valuations of more than four times their net worth, making this pivot an important growth opportunity for both Sammaan Finserve and Sammaan Capital.

On the asset quality front, Sammaan Capital has made significant strides in addressing risks associated with its legacy loan book. While market expectation was a one-time credit hit of around INR 6,000 crore, the company has provisioned INR 4,500 crore, in line with external valuations and internal assessments. The company anticipates recovering this provision—and more—over the coming periods.

Importantly, the company has successfully reduced its SMA loans, including non-performing assets (NPAs) and loans in stages 2 and 3, bringing these indicators to their best levels in years. This reduction in troubled assets signals the company’s strong track record in managing its legacy portfolio and bodes well for future growth.

Looking to the future, Sammaan Capital is positioned for continued operational growth, with business-as-usual credit costs expected to remain at approximately 80 to 100 basis points per annum. With healthy capital levels, improved asset quality, strong cash collections, and a well-managed run-down of its legacy loan book, the company is on solid footing.

The strategic repositioning of Sammaan Finserve into the affordable housing finance space, along with the successful resolution of its legacy portfolio, positions Sammaan Capital for long-term growth. With a robust financial base and a clear growth trajectory, the company is poised to capitalize on the opportunities in the affordable housing sector, further strengthening its market position and creating value for its stakeholders.

About Sammaan Capital Limited: 

Sammaan Capital Limited (‘SCL’) formerly known as Indiabulls Housing Finance Limited (IBHFL) is mortgage-focused non-banking financial company (NBFC). The company is regulated by the Reserve Bank of India (RBI), and is ‘AA’ rated by leading rating agencies CRISIL and ICRA. The company has strong nationwide presence of over 200 branches which offers quick, convenient and competitively priced home loans in the affordable housing segment. Additionally, the company also offers loans to MSMEs/small business for working capital. 

Website: https://www.sammaancapital.com/

 

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AMITY UNIVERSITY MUMBAI SECURES TOP SPOT IN QS ASIA UNIVERSITY RANKINGS 2025 FOR SOUTHERN ASIA

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MUMBAI, Nov. 18, 2024 /PRNewswire/ — Amity University Mumbai celebrates its accomplishment in the prestigious QS Asia University Rankings 2025: Southern Asia, achieving a notable rank #263 among universities in the region, and in the band of 801-850 in Asia. This remarkable achievement underscores Amity University’s unwavering commitment to providing exceptional academics and establishing meaningful research collaborations.

The QS Asia University Rankings, a worldwide recognized benchmark for evaluating higher education institutions, assess universities across a variety of critical criteria. Factors such as Research & Discovery, which look at the institution’s research endeavours have significantly contributed to this acknowledgment.

Established in 2004, the QS World University Rankings portfolio has become the leading source of comparative data on university excellence and performance.

Expressing immense enthusiasm about the recognition, Dr. A.W. Santhosh Kumar, Vice Chancellor of Amity University Mumbai, remarked, “We are proud to have been recognized in the QS Asia University Rankings 2025: Southern Asia. This accomplishment demonstrates our relentless commitment to offering high-quality education and facilitating important research collaborations. Amity University Mumbai remains committed to achieving academic excellence and making important contributions to the global higher education environment.”

Amity University Mumbai is devoted to providing students with a dynamic learning environment, fostering innovation, and advancing research projects as it continues to strive for academic excellence. The university’s dedication to creating a global perspective and collaborating with prestigious foreign partners continues to elevate its standing in the academic realm.

About QS World University Rankings

The QS World University Rankings portfolio, established in 2004, stands as the world’s foremost source of comparative data on university performance.

About Amity University Mumbai

Amity University Maharashtra, established under Maharashtra Govt. Act of 2014 of the Government of Maharashtra and recognized as per Section 2(f) of the UGC Act with the rights to confer degrees, on a future-ready, sprawling campus, over a kilometre-long frontage on the Mumbai-Pune Expressway offers a 360-degree career transformation. The university has been recognized as the best institution nationally by ‘Times Higher Education’ and prominently features in ‘THE Impact Ranking.’ In addition, the university was recently named the ‘Best Education Brand 2024’ at the 7th edition of the ET Now Best Brands Conclave.

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Elbit Systems Awarded Contracts Worth Approximately $335 Million to Supply Defense Systems to a European Country

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HAIFA, Israel, Nov. 18, 2024 /PRNewswire/ — Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) (“Elbit Systems” or the “Company”) announced today that it was awarded contracts worth a total amount of approximately $335 million, to supply defense systems to a European country. The contracts include the supply of PULS™ (Precise and Universal Launching Systems) rocket launchers and rockets, as well as Hermes™ 900 Unmanned Aircraft Systems (UAS) equipped with advanced payloads. The contracts will be performed over a period of three years and six months. 

Elbit Systems’ PULS provides a comprehensive and cost-effective solution capable of launching unguided rockets, precision-guided munitions, and missiles with various ranges. The PULS launcher is fully adaptable to existing wheeled and tracked platforms, enabling significant reductions in maintenance and training costs.

The Hermes 900 multi-role MALE UAS is Elbit Systems’ largest unmanned aerial vehicle, designed to perform a wide range of missions, including area dominance and persistent intelligence, surveillance, target acquisition and reconnaissance (ISTAR) across land and maritime domains. Since its first order in 2011, the Hermes 900 has been selected by over 20 customers worldwide.

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems: “We are proud to support our European customer with advanced and versatile defense solutions that enhance operational effectiveness and adaptability. These contracts reflect the global trust in our innovative systems, such as the PULS and Hermes 900, which are designed to meet a broad range of mission requirements. Through our comprehensive portfolio, we remain committed to providing our customers with reliable, technologically advanced tools that address today’s complex defense challenges.”

About Elbit Systems

Elbit Systems is a leading global defense technology company, delivering advanced solutions for a secure and safer world. Elbit Systems develops, manufactures, integrates and sustains a range of next-generation solutions across multiple domains.

Driven by its agile, collaborative culture, and leveraging Israel’s technology ecosystem, Elbit Systems enables customers to address rapidly evolving battlefield challenges and overcome threats.

Elbit Systems employs over 20,000 people in dozens of countries across five continents. The Company reported as of June 30, 2024, approximately $1.6 billion in revenues and an order backlog of approximately $21.1 billion.

For additional information, visit: https://elbitsystems.com, follow us on Twitter or visit our official Facebook, YouTube and LinkedIn Channels.

Company Contact:  

Dr. Yaacov (Kobi) Kagan, ExecutiveVP – CFO
Tel:  +972-77-2946663
kobi.kagan@elbitsystems.com 

Daniella Finn, VP, Investor Relations
Tel: +972-77-2948984
daniella.finn@elbitsystems.com

Dalia Bodinger, VP, Communication & Brand
Tel: 972-77-2947602
dalia.bodinger@elbitsystems.com

This press release may contain forward–looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Israeli Securities Law, 1968) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management’s current expectations, estimates, projections and assumptions about future events. Forward–looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company’s future financial results, its anticipated growth strategies and anticipated trends in its business. Therefore, actual future results, performance and trends may differ materially from these forward–looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States, among others, including the duration and scope of the current war in Israel, and the potential impact on our operations; changes in global health and macro-economic conditions; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; changes in the competitive environment; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.’s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward–looking statements speak only as of the date of this release. Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company does not undertake to update its forward-looking statements.

Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies. All other brand, product, service and process names appearing are the trademarks of their respective holders. Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.

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SOURCE Elbit Systems Ltd.

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‘Charge Around the Globe’ Journeys to Prime Video

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Lexie Alford’s ‘Charge Around the Globe’ in new three-part documentary on Prime Video series.

COLOGNE, Germany, Nov. 18, 2024 /PRNewswire/ — Earlier this year Lexie Alford, known to millions as @LexieLimitless, set out to prove just what is possible in an electric vehicle by aiming to become the first person to circumnavigate the globe in one. Her epic adventure in the electric Ford Explorer had the ambitious target of covering over 29,000 kilometres in 90 days. She ended up covering six continents, 27 countries and more than 30,000 kilometres over 200 days in her attempt at the record. Now, on 18th November, a new three-part documentary series detailing the highs and lows of her incredible journey is coming to Prime Video.

To view the Multimedia News Release, please click: 
https://www.multivu.com/ford/9304251-en-charge-around-the-globe-prime-video

The documentary film crew followed Lexie from the start of her “Charge Around the Globe” in Nice, France and travelled as far and wide as the Atacama Desert in Chile and the mountain peaks of Bhutan. Throughout the trip her battles with slow or non-existent charging infrastructure, her bouts of illness as well as the interactions she had with some inspirational figures along the way were all documented.

One of the inspirations for the journey was Aloha Wanderwell who, aged just sixteen, became the first woman to circumnavigate the globe in a car between 1922 and 1927, in a Ford Model T. The documentary includes some of that historic footage as Lexie deals with similar issues and travels to similar parts of the world, often in awe at how challenging it must have been 100 years ago.

Lexie used pre-production versions of the Ford Explorer electric vehicle for her challenge ahead of its launch this summer. The “Charge Around the Globe” documentary series spans three episodes with running times of around 50 minutes each and will be available to Amazon Prime subscribers. It will also appear on YouTube on the Charge Around the Globe channel

Quotes

“I was the youngest person to travel to every country around the world, but this was one of the most challenging things I’ve done. Whilst I’ve proved that it is possible to travel around the globe on electric power alone, it certainly wasn’t easy and it showed just how different the charging infrastructure is on different continents. I’m so happy to share the adventure on Prime Video, and hope that this helps us to understand how we need to improve to truly enable zero emission driving.”

Lexie Alford, @LexieLimitless

Charge Around the Globe Episodes

EPISODE 1 

Lexie Limitless’ world record attempt targeting an electric drive of more than 29,000 kilometres starts in Nice, France. Follow the amazing highs and crushing lows in some of the world’s most jaw-dropping locations, as she aims for the port of Mombasa, Kenya. Along the way meeting the trail blazing racing driver Lola Lovinfosse, Chef Tekuna and The Black Mambas. Will the electricity infrastructure hinder her world record? 

EPISODE 2 

Lexie Limitless’ world record attempt takes her to Australia and Asia, where she meets amazing trailblazers – indigenous chef Norni, marine scientist Dr Vanessa, Buddhist nun Karma and Ann Osman, the first female Muslim MMA fighter. But it’s not all fun and games; new continents mean new obstacles. Seriously behind schedule, Lexie has some kilometres to stack to get back on track…

EPISODE 3

Lexie, now on the home stretch, paces through the Americas and Europe, meeting even more incredible trailblazers—from sandboarders to cowgirls, from ex-triathletes to Finnish ice bathers. But, as always, it’s not as simple as planned. Can she make it all the way back to Nice? Has she clocked 29,000km? Will she have done enough to set a new world record?

Charge Around the Globe press kit: https://electricexplorer.fordpresskits.com/?p=catg

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