Press Release
SRF Limited Announces Fourth Quarter and Full-Year Fiscal 2024 Financial Results

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GURUGRAM, India, May 7, 2024 /PRNewswire/ — SRF Limited, a chemical based multi-business entity engaged in the manufacturing of industrial and specialty intermediates, today announced its consolidated financial results for the fourth quarter and year ended March 31, 2024. The company’s audited results were approved by the Board of Directors in a meeting held today.

Consolidated Q4FY24 Financials
The consolidated revenue of the company declined 6% from ₹3,778 crore to ₹3,570 crore in Q4FY24 when compared with Corresponding Period Last Year (CPLY). The company’s Earnings before Interest and Tax (EBIT) decreased 27% from ₹840 crore to ₹616 crore in Q4FY24 when compared with CPLY. The company’s Profit after Tax (PAT) decreased 25% from ₹562 crore to ₹422 crore in Q4FY24 when compared with CPLY.
Commenting on the results, Chairman and Managing Director, Ashish Bharat Ram said, “While the general performance has been weak, we have seen a reasonable recovery in our Chemicals Business in the fourth quarter, as we had envisaged. We believe that this recovery will pick up pace in the second half of FY25.”
Consolidated Q4FY24 Segment Results
The Chemicals Business reported a decline of 14% in its segment revenue from ₹2,102 crore to ₹1,816 crore during Q4FY24 over CPLY. The operating profit of the Chemicals Business decreased 33% from ₹739 crore to ₹498 crore in Q4FY24 over CPLY. During the quarter, the Specialty Chemicals Business continued to face headwinds due to inventory rationalization by certain key customers, while performing better than Q3FY24. In addition, a lot of capacity has come up in China, leading to pricing pressure on intermediate products.
The performance of the Fluorochemicals Business was adversely impacted owing to Chinese dumping of refrigerants in India and the international markets, leading to pricing pressure and some impact on volumes. In addition, sluggish growth in the agrochemical and pharmaceutical industries adversely impacted the demand for some key industrial chemicals. On the positive side, the Business continues to increase market share in the Dymel®/ propellant vertical in both the domestic and international markets, entering new geographies and broadening customer base.
The Packaging Films Business reported an increase of 3% in its segment revenue from ₹1,153 crore to ₹1,182 crore during Q4FY24 when compared with CPLY. The operating profit of the Packaging Films Business decreased 19% from ₹41 crore to ₹33 crore in Q4FY24 over CPLY. The Business faced strong headwinds with significant pressure on margins in Q4FY24. As stated earlier, this has been on account of several new lines getting operationalized in both BOPET and BOPP film segments in India and overseas. Moreover, we are witnessing severe competition from the Chinese players in the Southeast Asian markets.
However, we believe, as demand pivots towards global suppliers with multi-locational facilities, we remain cautiously optimistic about the prospects of this Business in the medium-term.
The Technical Textiles Business reported an increase of 9% in its segment revenue from ₹431 crore to ₹469 crore during Q4FY24 over CPLY. The operating profit of the Technical Textiles Business increased 44% from ₹48 crore to ₹70 crore in Q4FY24 over CPLY. During the quarter, the Business witnessed volume growth in the Nylon Tyre Cord Fabrics and the Polyester Industrial Yarn segments. The Business continues to focus on improving the sales of high-end, Value-Added Products, mostly in the Belting Fabrics segment.
The Other Businesses reported an increase of 13% in its segment revenue from ₹94 crore to ₹106 crore in Q4FY24 when compared with CPLY. The operating profit of the Other Businesses increased 37% from ₹11 crore to ₹16 crore in Q4FY24 over CPLY. Domestic demand for Coated Fabrics remained strong as the Business reported its highest-ever sales during the quarter. In the Laminated Fabrics Business, SRF continued to maintain its price leadership by selling full capacity.
Consolidated Annual Results
In FY24, SRF’s revenue decreased 12% from ₹14,870 crore to ₹13,139 crore over CPLY. The company’s EBIT decreased 31% from ₹3,193 crore to ₹2,201 crore over CPLY. The company’s PAT decreased 38% from ₹2,162 crore to ₹1,336 crore over CPLY.
Innovation and Intellectual Property
As of March 31, 2024, the company has applied for 443 patents, with thirteen patents applied during the quarter. Till date, the company has been granted one-hundred and forty-nine patents globally.
Awards and Recognition
SRF’s Chairman and Managing Director, Ashish Bharat Ram was awarded the AIMA Managing India Award for the “Emerging Business Leader of the Year”.
SRF’s President & CFO, Rahul Jain was awarded the ‘FE Visionary Leader’ recognition by FinancialExpress.com.
About SRF Limited
In 2024, SRF Limited proudly commemorates 50 years of manufacturing excellence. Since the inauguration of SRF’s first plant in 1974, the company has evolved into a manufacturing powerhouse with businesses spanning multiple verticals.
With an annual turnover of ₹12,910 crore (US$ 1.6 billion), the company’s diversified business portfolio covers Fluorochemicals, Specialty Chemicals, Packaging Films, Technical Textiles and Coated and Laminated Fabrics. Anchored by a strong workforce of ~9,000 employees from different nationalities working across thirteen manufacturing plants in India and one each in Thailand, South Africa and Hungary, the company exports to 100+ countries.
Equipped with state-of-the-art R&D facilities, SRF has filed 443 patents for R&D and technology so far, of which 149 have been granted. A winner of the prestigious Deming Prize for two of its businesses, namely Tyre Cord and Chemicals, SRF continues to redefine its work and corporate culture with TQM as its management way.
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Press Release
New Study Reveals Majority of Indians Prioritize Nutrition Over Taste, Surpassing Global Average

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Based on a recent survey of urban Indian consumers:
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Nine out of 10 consumers are searching for protein-rich food compared to seven out of 10 global shoppers. -
The top four qualities consumers look for when buying snacks are (1) natural, (2) heart-healthy, (3) protein-rich and (4) energy-source, all of which come before satisfying cravings. -
Nuts have emerged as one of the most popular snacking choices, with 86% of Indian shoppers report having purchased them in a span of 6 months. -
Urban Indians read nutrition labels more than the global average, reflecting a growing trend towards informed purchasing. -
69% of urban dwellers surveyed have the opinion that plant-based protein is just as good as meat-based protein, exceeding the global average of 55%.
Wonderful Pistachios, the world’s largest grower and processor of pistachios and distributor of California Pistachios in India, released today, World Nutrition Day, the findings of a new global study that sheds light on the snacking habits of urban Indians. The study, commissioned with Material, a leading global research consultancy, included 10 countries and over 12,400 respondents, revealed a new behavioural trend that urban Indian consumers prioritize nutrition over taste when it comes to snacking. This growing preference for healthy snacking emphasizes the importance of good nutrition for overall well-being.
For the India market specifically, the study delved into the snacking habits of 2,415 shoppers across six Indian cities, which represented a population of approximately 35.9 million consumers. Remarkably, a majority of urban Indians (58%) reported basing their food purchasing decisions on nutritional benefits more than taste, exceeding the global average of 52%. Delhi and Ahmedabad lead with over 60% of urban shoppers preferring nutrition in their food. Bengaluru and Chennai follow closely, indicating a nationwide shift towards smarter snacking preferences. In India, Millennials and Gen Z are leading the charge in health-conscious purchasing decisions, with more than 83% of consumers in these age groups reading nutritional labels before buying.
Indian consumers prioritize four key factors when shopping for nutritional snacks: natural (free of artificial colours and preservatives), heart-healthy, protein-rich, and provides energy. Nine out of 10 urban shoppers consciously seek protein-rich food options, compared to the global average of seven out of 10. The focus on nutrition has fueled the rise of nuts as a preferred snack choice, becoming essential to daily eating habits. The study found a staggering consumption of nuts, with 86% of Indian shoppers report purchasing them in a span of 6 months, compared to just 75% globally. With 6g of protein in per 28g serving, California Pistachios are a smart snack choice that provides benefits without sacrificing taste.
Shail Pancholi, Country Director, India, Wonderful Pistachios, commented on the study, saying, “Nuts were traditionally used as garnishes and consumed during festivals, but have now become a popular snack in India, indicating a notable shift in dietary habits. Pistachio consumption in India has doubled in the last six years, as consumer awareness of the nutritional benefits that pistachios offer has grown. Consumers are discovering that pistachios are naturally cholesterol-free, rich in plant-based protein and dietary fiber, and provide over 30 different vitamins and minerals.”
Interestingly, the study found that nuts are the second most preferred snack among urban Indian consumers, with 64% of Baby Boomers and 59% of Gen Z prioritizing nutrition over taste when selecting food. This indicates a growing focus on health across generations, with Baby Boomers focusing on senior wellness and Gen Z reflecting the rise of mindful purchasing. Though on opposite ends of the age spectrum, these two generations take the lead in seeking protein-rich options, as well as preferring natural snacks.
Mumbai tops most of the consideration sets when choosing a snack. Residents opt for natural ingredients (35% vs. the national average of 30%), heart-healthy options (33% vs. 30%), and protein (33% vs. 29%). Chennai residents look for energy-boosting snacks (31% vs. the national average of 29%).
The fact that 69% of urban Indians surveyed have the opinion that that plant-based protein is just as good as meat-based protein reflects a positive shift towards varied dietary preferences. Pistachios are a good source of high-quality complete protein, containing all nine essential amino acids. A 28g serving of pistachios provides 6g of protein, which is 11% of the recommended daily allowance (RDA) according to FSSAI.
The Wonderful Pistachios study unveils a compelling shift in Indian snacking habits. Nuts are evolving from festive treats to a daily snacking staple, fueled by a nationwide preference for more nutritious options. The trend transcends generations, resonating with Gen Z and Baby Boomers alike, underscoring the growing importance of mindful eating in urban India. As consumers increasingly seek natural, heart-healthy, protein-rich, and energy-boosting snacks, the future of Indian snacking appears to be firmly rooted in nutrition and well-being.
Wonderful Pistachios
Wonderful® Pistachios is the world’s largest grower and processor of pistachios, with a global presence in over 70 countries. As a vertically integrated operation, they are experts in every step of the process from tree to shelf, ensuring the highest-quality product every time. In tandem with its Grower Partners, Wonderful Pistachios harvests 125,000 sunny acres (50,000 hectares) of land in California that receive warm days and cool nights, which work in harmony with the rich, natural soils to create the perfect growing climate for high-quality pistachios. They ship 600 million pounds (204 million kg) of nuts worldwide from their advanced processing facilities to ensure the highest standards are met. When it comes to pistachios, Wonderful® Pistachios expertise is unmatched in scale and capacity, paired with warehouses and sales teams worldwide that are well-equipped to provide support at every step of the way.
California Pistachios
California Pistachios are grown and distributed by The Wonderful Company, the world’s largest vertically integrated pistachio processor and marketer located in California’s Central Valley. California Pistachios are Non-GMO, providing a smart, healthy choice for consumers around the world. Sun-ripened in the moderate Mediterranean climate of California, these distinctively green nuts pack taste and contain antioxidants and over 30 different nutrients. California Pistachios in India are available under leading brands and private labels at retail outlets, grocery stores, and online platforms.
For more information about California Pistachios India, please visit www.b2b.wonderfulpistachios.com
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Press Release
Singapore Prepares Ahead to Leverage Artificial Intelligence for a Better Future

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SINGAPORE, May 31, 2024 /PRNewswire/ — Senior Minister of State for Communications and Information Tan Kiat How launched the Digital Enterprise Blueprint (DEB) at Asia Tech x Singapore (ATxSG) 2024 today. The Blueprint will enable SMEs to harness technology, optimise the way they work, and strengthen digital resilience and cybersecurity across the ecosystem. 50,000 SMEs are expected to benefit over the next five years through four key focus areas:
- Empower enterprises to be smarter by adopting AI-enabled solutions
- Enable enterprises to scale faster through cloud-based and integrated solutions
- Equip enterprises to be safer through improved cyber resilience
- Support enterprises to upskill workers to make full use of digital capabilities
Seven partners have come onboard to pledge their commitment, including Singapore Business Federation, Singapore Computer Society, SGTech, Amazon Web Services, Google, Microsoft and Salesforce.
In collaboration with IMDA and the TechSkills Accelerator for ITE and Polytechnics Alliance, SGTech is launching the Tech Apprenticeship Programme to expand the career pathways of graduates by providing access to industry apprenticeships that offer on-the-job training and development opportunities. Over the next two and a half years, SGTech aims to facilitate the placement of at least 300 apprentices who are fresh or mid-career professionals from polytechnic or ITE backgrounds, and drive the adoption of similar practices that promote more inclusive hiring and career agility.
IMDA and the Singapore Academy of Law (SAL) signed an MoU aimed at uplifting the legal sector’s productivity through the use of GenAI. As part of this partnership, GPT-Legal, a new large language model which is contextualised for Singapore’s legal sector, will be co-developed. The model will be integrated into SAL’s research platform LawNet, which is accessible by 75% of Singapore’s lawyers. SAL will also be penning an MoU with the National University of Singapore and AI Singapore to develop its AI capabilities and create a certification to recognise AI specialists in the legal profession.
Additionally, Tribe and Digital Industry Singapore announced a collaboration with NVIDIA to launch the Ignition AI Accelerator for AI startups to create and bring to market the next wave of advancement in AI solutions. This programme will nurture 15 high-potential startups, equipping them with well-rounded support covering business and technical needs. NVIDIA and Tribe will also collaborate with EnterpriseSG to offer qualified AI startups funding support through the Startup SG Tech scheme, and assist them through the IMDA Accreditation process.
Singapore hosted the final meeting of the UN Secretary-General’s Artificial Intelligence Advisory Body (AIAB) from 28-29 May. As part of the agenda, Singapore facilitated an engagement session between AIAB and the Digital Forum of Small States (Digital FOSS). Digital FOSS Fellows exchanged views with AIAB members on the topic of AI governance, particularly on the implications and challenges faced by small states. Through such efforts, Singapore aims to promote a more inclusive approach towards shaping global AI and digital governance.
Contact:
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Press Release
One in Six Globally Concerned About Colorectal Cancer Screening Costs

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SHENZHEN, China, May 31, 2024 /PRNewswire/ — By 2040, the burden of colorectal cancer (CRC) is projected to increase to 3.2 million new cases and 1.6 million deaths per year representing a 66% and 71% rise in new cases and deaths respectively relative to 2020.

To better address the global burden of CRC and reduce its impact, BGI Genomics has launched the second edition of its global CRC awareness report, covering 1,938 respondents from Brazil (306), China (367), Poland (300), Saudi Arabia (300), Thailand (362), and Uruguay (303):
CRC Screening Gaps Vary Globally: Nearly half (49.3%) of global respondents have never undergone CRC screening, with the highest proportions in Saudi Arabia (62.0%) and Poland (61.0%).
Preference for Fecal Testing Over Colonoscopy: Although colonoscopies are more recognized (33.4%), fecal tests at healthcare facilities are preferred (31.8%), reflecting a trend towards non-invasive methods.
Cost and Fear are Determinants of Screening Choice: Fear of colonoscopy (18.2%) and screening costs (17.7%) are major barriers to CRC screening. Poland (24.7%) and Uruguay (21.0%) show the highest fear of colonoscopy, while Thailand (24.5%) and Brazil (20%) indicate the most concern about costs.
Medical Advice and Family History Drive CRC Screening: Doctor’s recommendations are a major driver for CRC screening (30.5% globally), with Uruguay showing the highest adherence (44.1%). Additionally, those with a family history of CRC are more proactive in screening (64.5%), compared to the general population (35.0%).
Prof. Varut Lohsiriwat from Mahidol University offers his insights to this report. He suggested: “The essence of effective cancer screening lies in the acceptance and adherence of the patient to the screening method. The best screening method is the one that the patient accepts and adheres to because that’s the method that will actually benefit them.”
Dr. Zhu Shida, BGI Genomics Deputy GM, notes: “At BGI Genomics, we focused our efforts on developing advanced molecular biology testing techniques to close the gap [between acceptance and accessibility]. The ultimate goal is to transform colorectal cancer from a life-threatening disease into a manageable condition through widespread, early screening and intervention.”
For more region-level comparisons, access the full BGI Genomics 2024 State of CRC Awareness Report.
All data involved in this report come from the results of an online survey project conducted by BGI Genomics. It only surveys awareness related to colorectal cancer and does not involve personally identifiable data.
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