Here are some of the major updates that could move the markets tomorrow:
HDFC Life Q2 Results: Net profit rises 15% YoY to ₹378 crore
HDFCL Life Insurance Company Ltd reported a 15% YoY increase in net profit to ₹378 crore for the quarter ended September 2023 (Q2 FY24). Its net premium rose 13% YoY to ₹14,797 crore during the same period. Revenue remained almost unchanged at ₹23,018 crore. Total assets under management (AUM) stood at ₹2.64 lakh crore, a rise of 18% YoY.
India’s merchandise deficit eased amidst a sharper decline in imports. According to data released by the Ministry of Commerce & Industry, the merchandise trade deficit fell to $19.4 billion in September, compared to $24.2 billion in August. Exports fell by 2.6% YoY to $34.5 billion. Imports fell by 15% annually to $53.8 billion.
Ashok Leyland bags order for 1,666 buses from Tamil Nadu STU
Ashok Leyland Ltd has secured an order for 1,666 diesel buses from Tamil Nadu State Transport Undertakings (STU). The order is for the procurement of BS VI bus chassis. This is the single-largest order received from the state transport undertaking. Currently, Tamil Nadu’s STU has more than 18,000 Ashok Leyland buses operational in its fleet.
Glenmark Pharma’s biotech arm licences its immunology portfolio
Glenmark Pharmaceuticals Ltd.’s wholly owned clinical-stage biotechnology subsidiary, Ichnos Sciences Inc., has entered into an exclusive worldwide licensing agreement with Astria Therapeutics for its immunology portfolio. Astria Therapeutics will pay Ichnos up to $320 million (~₹2,700 crore) in upfront, development, regulatory and sales milestone payments in addition to up to low double-digit royalties.
Zydus unit recalls 7,248 bottles of Oxybutynin Chloride tablets in US
A unit of Zydus Lifesciences is recalling over 7,000 bottles of Oxybutynin Chloride tablets in the US due to manufacturing issues. The drug is used to treat overactive bladder and urinary conditions. The lot was produced in Ahmedabad and distributed in the US by Zydus Pharmaceuticals (USA) Inc.
Tata Steel plans to meet 25% of energy needs via green sources
Tata Steel plans to meet at least a fourth of its energy requirements through green energy by FY30 on its path to becoming net neutral on carbon emissions by 2045. It plans to do so using a mix of hydrogen injections and renewable energy (including solar and wind) at its plants across India. Tata Steel is also exploring the use of syngas as a replacement for coke in blast furnaces.
IndiGo co-founder in talks to buy ‘sizable’ stake in SpiceJet
As per reports, IndiGo co-founder Rakesh Gangwal is in talks to buy a “sizable” stake in troubled domestic airline SpiceJet. Gangwal and his wife Shobha Gangwal hold 13.23% and 2.99%, respectively, in IndiGo operator InterGlobe Aviation. Cash-strapped SpiceJet has been struggling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector.
Bajaj Electricals secures ₹564 crore order from Power Grid
Bajaj Electricals Ltd. has secured an order worth ₹564.2 crore from Power Grid Corp. for new transmission lines in Andhra Pradesh. The scope of work includes a 400kV new transmission line for 83.1 km in Ananthapur and another 400kV transmission line for 183 km in Kurnool. The projects will be completed within 21 months.
Here are some of the major updates that could move the markets tomorrow:
Bata in partnership talks with Adidas for Indian market
According to a CNBC-TV18 report, Bata India is in talks with Adidas for a strategic partnership for the Indian market. This anticipated partnership is focused specifically on the Indian market. The primary objective of this strategic collaboration is to leverage Bata’s extensive and impressive retail network across India. With around 2,100 stores spread across 700 cities throughout the country, Bata India’s retail reach has captured the attention of Adidas India.
SJVN signs two agreements to supply 1,200 MW solar power to Punjab
Satluj Jal Vidyut Nigam (SJVN) Ltd has signed two pacts with Punjab State Power Corporation Ltd (PSPCL) to supply 1,200 MW of solar power from its projects. SJVN signed two power purchase agreements (PPAs) for 1,200 MW of solar power recently. SJVN Green Energy Limited (SGEL), SJVN’s arm, proposed the rate of ₹2.53 per unit for the supply of 1,000 MW and ₹2.75 per unit for another 200 MW.
The State Bank of India (SBI) has offered to extend relief on loans to its customers in Manipur, who have been affected by the ongoing unrest in the state. The relief package includes a moratorium of up to 12 months on equated monthly instalments (EMIs), interest payments, and other instalments. It will be available to borrowers whose accounts had not turned into non-performing assets (NPAs) as on May 3, 2023.
NCLT allows GE Power to withdraw insolvency petition as BHEL offers settlement
The National Company Law Tribunal (NCLT) allowed GE Power to withdraw its insolvency petition against Bharat Heavy Electricals Ltd with the liberty to revive if the operational debt is not settled. Counsels for GE Power Akshay Sapre, along with Abhijit Swarup and Aneesha Rastogi from The Guild, a law firm, informed the tribunal that BHEL had sent a letter to GE Power to settle ₹25 crore of debt amount owed to GE Power.
JSW Steel may pick majority stake in Teck Coal unit
JSW Steel Ltd is looking to form a consortium to bid for a majority stake in Teck Resources Ltd.’s steelmaking coal business. The company’s offer potentially rivals an $8 billion offer from commodities giant Glencore Plc. JSW is seeking partners for an offer to acquire a 75% interest in the asset, known as Elk Valley Resources Ltd. That’s a marked shift in approach from July when Bloomberg News reported JSW was interested in up to 20% of Teck’s coal business.
ChrysCapital still in race to buy controlling stake in Glenmark Life Sciences
Private equity (PE) firm ChrysCapital remains firmly in the race to acquire Glenmark Pharma’s stake in Glenmark Life Sciences (GLS), with reports about Nirma closing on the deal doing the rounds. Glenmark Pharma’s stake sale is a procedural requirement as per the listing guidelines. Glenmark Pharma’s shareholding in GLS, which is 83% currently, needs to come down to 75% no later than August 2024.
USFDA’s concerns in Lupin’s Goa, Pithampur units are resolved
Lupin Ltd has received correspondence from the US Food & Drug Administration (USFDA) that it has now addressed the concerns raised in the warning letter for its facilities in Goa and Pithampur Unit-2, Indore. This comes after the satisfactory evaluation of the corrective actions taken by the company in response to the warning letter that was issued on November 6, 2017. On July 12, the USFDA inspected its Nagpur oral solid dosage facility from July 3-11. The inspection closed with the issuance of Form 483, with two observations.
Inox Wind’s promoters infuse Rs 500 cr for debt repayment
Inox Wind’s promoter and promoter group entities have infused ₹500 crore in the company for debt repayment. The funds were raised by way of equity share sale of Inox Wind through block deals on the stock exchanges. The company will utilise the funds for the repayment of IWL’s existing debt. The company’s strategic move marks a significant milestone in Inox Wind’s journey towards financial sustainability.
Ramkrishna Forgings secures Rs 145 cr order from European OEM
Ramkrishna Forgings Ltd secured ₹145 crore worth of orders in the European Original Equipment Manufacturer (OEM) sector. The business contract valued at 16 million euros under a long-term agreement will span four years. The new business marks a key achievement for the company as it leverages its proven track record and expertise to venture into a new realm of automotive components.
Dr Reddy’s Labs Q1 Results: Net profit declines 1% YoY to Rs 571 crore
Dr Reddy’s Laboratories Ltd reported a 1% year-on-year (YoY) decline in consolidated net profit to Rs 571 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 11% YoY to Rs 4,919 crore during the same period. The figures are below the street/analysts’ estimates. The sales revenue from its India operations rose 69% YoY to Rs 1,060 crore in Q1.
In a statement, the pharma company said it has commenced investigation on an anonymous complaint that healthcare professionals in Ukraine and few other markets were provided with improper payments (bribes) on behalf of the company. Dr Reddy’s Labs has also been subpoenaed by the US Securities Exchange Commission to hand over certain documents. If found guilty, the company could face civil or criminal action under US anti-corruption laws.
Adani Ports raises $750 million via long-term bonds
Adani Ports and Special Economic Zone Ltd (APSEZ) has raised $750 million (~Rs 5,590 crore) from overseas investors through the issuance of bonds. The coupon rates for the 10.5-year and 20-year dual-tranche bonds were fixed at 3.8% and 5%, respectively. APSEZ will use the net proceeds to repay existing debt, meet capital expenditure requirements, and for general corporate purposes.
IndusInd Bank Q1 Results: Net profit doubles to Rs 1,016 crore
IndusInd Bank reported a 99% YoY jump in consolidated net profit to Rs 1,016 crore for the quarter ended June (Q1 FY22). Net profit has increased by 9.7% when compared to the previous quarter. Its net interest income (NII) rose 8% YoY to Rs 3,563.7 crore during the same period. The gross non-performing assets (GNPA) ratio increased to 2.88% in Q1 FY22, compared to 2.67% in the previous quarter (Q4 FY21).
Tata Communications launches IZO™ Financial Cloud platform in India
Tata Communications has announced the launch of ‘IZO™ Financial Cloud’, a purpose-built community cloud platform. It enables next-gen digital transformation for the Banking, Financial Services, and Insurance (BFSI) sector. The platform is customised to meet the stringent data privacy, protection compliance, and security guidelines defined by India’s regulators.
Dixon Tech Q1 Results: Net profit jumps 1,035% YoY to Rs 18 crore
Dixon Technologies reported a 1,035% YoY jump in consolidated net profit to Rs 18.2 crore for the quarter ended June (Q1 FY22). Net profit has declined by 59% when compared to the previous quarter. Its revenue from operations rose 261% YoY to Rs 1,867 crore during the same period. The company’s operating profit jumped 182% YoY to Rs 48.3 crore in Q1. The strong performance in the April-June quarter was aided by an extremely weak base in the year-ago period Q1 FY21 (due to Covid-induced lockdowns). You can learn more about Dixon Tech here.
InterGlobe Aviation (IndiGo) reported a net loss of Rs 3,174.2 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 2,844.3 crore in the corresponding quarter last year (Q1 FY21). The airlines’ revenue from operations jumped 292% YoY to Rs 3,006.9 crore in Q1 FY22. Its total expenses rose 59% YoY to Rs 6,344 crore during the same period.
Glenmark Life Sciences IPO subscribed 2.78 times on first day of bidding
The Rs 1,514.6 crore initial public offering (IPO) of Glenmark Life Sciences Ltd was subscribed 2.78 times on the first day of bidding. Retail investors have subscribed 5.17 times against their reserved portion. The portion reserved for Non Institutional investors (NIIs) was subscribed 86%. To learn more about the IPO, click here.
UCO Bank Q1 Results: Net profit jumps over 4-fold to Rs 102 crore
UCO Bank reported a 374.5% YoY jump in consolidated net profit to Rs 101.8 crore for the quarter ended June (Q1 FY22). Net profit has increased by 27% when compared to the previous quarter. Its net interest income (NII) fell 2.5% YoY to Rs 3,569.57 crore during the same period. The gross non-performing assets (GNPA) ratio fell to 9.37% in Q1 FY22, compared to 14.38% in Q1 FY21.
IRB Infra completes Rs 381.63 crore fundraise in IRB InvIT
IRB Infrastructure Developers Ltd has completed total fundraising of Rs 381.63 crore, along with an investment of Rs 194.63 crore, in IRB Infrastructure Investment Trust. The InvIT is jointly owned by IRB Infra and Singapore-based GIC Affiliates with 51% and 49% shareholding, respectively. The funds raised will be utilised towards the capital requirements for under-construction projects.
Ramco Cements Q1 Results: Net profit rises 46% YoY to Rs 171 crore
The Ramco Cements Ltd reported a 46.32% YoY jump in consolidated net profit to Rs 1,016 crore for the quarter ended June (Q1 FY22). Net profit has declined by 20.6% when compared to the previous quarter. Its revenue from operations rose 17.75% YoY to Rs 1,205.08 crore during the same period. Chennai-based Ramco Cements is a leading manufacturer of cement, mix concrete and dry mortar products.
Torrent Pharma Q1 Results: Net profit rises 3% YoY to Rs 330 crore
Torrent Pharmaceuticals Ltd reported a 2.8% YoY increase in consolidated net profit to Rs 330 crore for the quarter ended June (Q1 FY22). Net profit has increased by 1.85% when compared to the previous quarter. Its total income rose 5.53% YoY (or 10.02% QoQ) to Rs 2,174 crore during the same period. The revenue from its India operations grew 18% YoY to Rs 1,093 crore in Q1.
The IPO frenzy continues! Glenmark Life Sciences has launched its three-day IPO today— July 27. It is a subsidiary of Glenmark Pharma, one of the leading Indian pharmaceutical companies. In this article, we take a closer look into the company and its IPO.
Company Profile – Glenmark Life Sciences Ltd
Glenmark Life Sciences Ltd (GLSL) is a leading manufacturer of Active Pharmaceutical Ingredients (APIs). Basically, APIs are the biologically active component of drugs (tablets, capsules, and injectables) that produces the intended effects. GLSL develops, manufactures, and supplies high-quality APIs for cardiovascular disease (CVS), central nervous system disease (CNS), and pain management. They also manufacture APIs for diabetes, gastrointestinal disorders, and anti-infectives (drugs for treating infections).
Glenmark Pharmaceuticals Ltd established its API business in 2001. As part of a reorganisation strategy, the company decided to convert its API segment into a new and separate entity in 2019. This led to the creation of Glenmark Life Sciences. The API unit was sold to GLSL at a slump-sale value of Rs 1,100 crore. Thus, GLSL operates as an independent, professionally-run global API firm with a strong focus on research & development (R&D).
Currently, the company has ~120 APIs in its portfolio. Their products are extensively sold in India and exported to countries across Europe, North America, Latin America, and Asia. Over the years, GLSL has established strong relationships with some of the leading generic pharmaceutical companies in the world. Moreover, they provide contract development and manufacturing operations (CDMO) services to specialty pharma companies.
GLSL operates four multi-purpose manufacturing facilities located at Ankleshwar and Dahej in Gujarat and Mohol and Kurkumbh in Maharashtra. As of March 31, 2021, the aggregate annual installed capacity of the units stood at 726.6 kilolitres (KL). They are planning to set up a greenfield facility in Solapur, Maharashtra, which will double its capacity by 2024.
About the IPO
Glenmark Life Sciences aims to raise Rs 1,513.6 crore through its initial public offering (IPO). The public issue opens on July 27 and closes on July 29. The price band for the IPO has been fixed at Rs 695-720 per share.
The fresh issue of shares (of the face value of Rs 2 each) aggregates to Rs 1,060 crore. The IPO also consists of an offer for sale (OFS) by Glenmark Pharma (the promoter), which aggregates up to Rs 453.6 crore. Individual investors can bid for a minimum of 20 equity shares (1 lot) and in multiples of 20 shares thereafter. You will need a minimum of Rs 13,900 to apply for this IPO. A retail investor can bid for a maximum of 260 equity shares (or 13 lots).
Glenmark Life Sciences will utilise the net proceeds from the IPO for three main purposes:
For making payment of outstanding purchase consideration of Rs 800 crore to the promoter, for the acquisition of the API business.
To meet capital expenditure (capex) requirements of ~Rs 155 crore. They have announced plans to enhance the existing production capacities of its Ankleshwar and Dahej facilities.
The remaining amount will be used for general corporate purposes.
The total promoter holding in the company will decrease from 100% to 82.84% post the IPO.
Financial Performance
GLSL has posted consistent growth in revenues and profits over the past three financial years. From FY19-21, the total income has grown at a compounded annual rate (CAGR) of 15.84%, while profits have grown at 17.35%. The company has posted an average Earnings Per Share (EPS) of Rs 30.09 during this period. The Return on Net Worth (RoNW) stands at 46.7%, which is high compared to its peers. RoNW shows how well the company uses shareholders’ capital (equity) to generate profits.
Risk Factors
The company’s operations are subject to strict inspections/audits by its customers and regulatory agencies. The failure to meet quality standards or non-compliance with regulations may lead to loss of business. This could negatively impact its reputation and financial results.
The revenue derived from Glenmark Life Sciences’ top 5 customers account for ~55.8% of the total sales income (as of FY21). The loss of any of these customers or a reduction in their purchases will negatively affect financial results.
Nearly 90% of GLSL’s total revenue comes from its API business. If the key products across its limited number of therapeutic categories fail to perform as expected, the company’s financial performance would be adversely affected.
Unplanned slowdowns or shutdowns of the GLSL’s manufacturing operations (due to socio-political disruptions, natural calamities) may lead to delays in supplies or new product launches.
Any delay, interruption, or reduction in the supply of raw materials would harm the company’s operations.
There are outstanding legal and regulatory proceedings involving GLSL, its promoter, and directors.
The company has significant working capital requirements with respect to manufacturing operations and development of new products. If they fail to maintain cash flows or obtain sufficient credit, there may be an adverse effect on the firm’s overall performance.
IPO Details in a Nutshell
The book-running lead managers to the public issue are Kotak Mahindra Capital, BofA Securities India, Goldman Sachs (India) Securities, DAM Capital Advisors, BOB Capital Markets, and SBI Capital Markets. Glenmark Life Sciences had filed the Red Herring Prospectus (RHP) for its IPO earlier this month. You can read it here.
Ahead of the IPO, the company was able to raise Rs 454 crore from prominent anchor investorson July 26. This includes HSBC Global Investment Funds, Oaktree Emerging Markets Equity Fund LP, Kuber India Fund, Societe Generale-ODI, etc.
Conclusion
The Indian API market has registered a steady growth of 9.1% since FY19. As per reports, it is expected to grow at a CAGR of 9.6% from 2021-26, outpacing the global market growth for APIs. Earlier this year, our government had approved a production linked incentive (PLI) scheme worth Rs 6,940 crore to promote domestic manufacturing of essential drug intermediates and APIs. Glenmark Life Sciences could benefit immensely from all of this— provided that they launch new and improved products.
The company has announced strategic plans to expand generic API production and grow its oncology production pipeline. [Oncology is the branch of medicine that deals with the study and treatment of cancer]. They will continue to invest in R&D and focus on enhancing their production capabilities. Large pharma firms such as Glenmark, Teva Pharmaceutical Industries, Torrent Pharma, and Aurobindo Pharma are highly dependent on GLSL. Thus, one could invest in the company based on its future growth prospects.
Once its shares get listed, GLSL will be directly competing with firms such as Divis Labs, Laurus Labs, Shilpa Medicare, Aarti Drugs, and Solara Active Pharma.
Before applying for the IPO, we will wait to see if the portion reserved for institutional investors gets oversubscribed. Looking at the recent trend, most IPOs are providing a select few with amazing listing gains. As always, consider the risks associated with this company and come to your own conclusion.
What are your opinions on this IPO? Will you be applying for it? Let us know in the comments section of the marketfeed app.
Bajaj Finserv Q1 Results: Net profit falls 31% YoY to Rs 833 crore
Bajaj Finserv Ltd reported a 31.5% YoY decline in consolidated net profit to Rs 832.7 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 14.9% when compared to the previous quarter. Its revenue from operations fell 1.7% YoY (or 9.34% QoQ) to Rs 13,949.5 crore during the same period. Under its life insurance business, new business premiums grew 75% YoY to Rs 1,296 crore in Q1. However, the net profit of the life insurance business declined by 35% YoY to Rs 84 crore due to a surge in claims related to Covid-19 deaths.
Bharti Airtel partners with Intel to accelerate 5G rollout in India
Bharti Airtel has announced a collaboration with Intel to develop 5G network by leveraging virtualized radio access network (vRAN) and open radio access network (O-RAN) technologies. The telecom operator will deploy Intel’s 3rd-generation Xeon Scalable processors and other specialised telecom equipment across its network to build a foundation for rolling out wide-scale 5G and mobile edge computing (MEC). The partnership is part of Airtel’s 5G roadmap for India, as it transforms its networks to allow customers to reap full possibilities of the hyperconnected world.
Glenmark Life Sciences IPO to open on July 27; price band set at Rs 695-720 per share
The initial public offering (IPO) of Glenmark Life Sciences will open on July 27 and close on July 29. The price band of the IPO is fixed at Rs 695-720 per share. It consists of a fresh issue of equity shares worth Rs 1,060 crore and an offer for sale (OFS) of up to 63 lakh shares by Glenmark Pharma Ltd (the promoter). At the higher end of the price band, the company is expected to raise Rs 1,513.6 crore. Glenmark Life Sciences is a leading manufacturer of Active Pharmaceutical Ingredients (APIs).
Wipro announces strategic partnership with Celonis
Wipro Limited has entered into a strategic partnership with Celonis, a global leader in execution management. The IT company will launch the Global Celonis Center to drive operations transformation for clients. The partnership will leverage the Celonis Execution Management System and Wipro’s expertise to streamline operations for clients across several areas, including finance, human resources, and supply chain management.
Havells India Q1 Results: Net profit jumps nearly four-fold to Rs 236 crore
Havells India Limited reported a 268.5% YoY jump in consolidated net profit to Rs 235.78 crore for the quarter ended June (Q1 FY22). Net profit declined by 22.4% when compared to the previous quarter. Its total revenue from operations rose 75.95% YoY to Rs 2,609.97 crore during the same period. The revenue from its cables segment grew 75% YoY to Rs 807.17 crore. The electrical consumer durables business posted a revenue of Rs 576.33 crore in Q1, an increase of 91% YoY.
Gland Pharma Q1 Results: Net profit rises 12% YoY to Rs 350 crore
Gland Pharma Limited reported an 11.82% YoY increase in consolidated net profit to Rs 350.7 crore for the quarter ended June (Q1 FY22). Net profit increased by 34.66% when compared to the previous quarter. Its revenue from operations rose 30.5% YoY to Rs 1,153.9 crore during the same period. The company’s key markets of Canada, Europe, the US, and Australia registered a growth of 16% YoY and accounted for 61% of the total revenue in Q1.
Firstsource Solutions partners with Upfront Healthcare
Firstsource Solutions Ltd has partnered with US-based Upfront Healthcare to provide personalised navigation for each patient. The companies will offer data-backed personalisation and health communications to engage patients before and after care— ultimately transforming the care experience and reducing friction. They will focus on improving medication & visit adherence and reducing patient communication fatigue.
Syngene Q1 Results: Net profit rises 33% You to Rs 77 crore
Syngene International reported a 33.27% YoY increase in consolidated net profit to Rs 77.3 crore for the quarter ended June (Q1 FY22). Net profit declined by 51.8% when compared to the previous quarter. Its revenue from operations rose 41% YoY to Rs 594.5 crore during the same period. EBITDA grew 27% YoY to Rs 177.30 crore in Q1. Syngene International is a contract research and manufacturing company. It provides drug discovery and development services in India and the US.
Jubilant Foodworks Q1 Results: Net profit at Rs 69 crore
Jubilant Foodworks Ltd reported a consolidated net profit of Rs 69.51 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 73.89 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 129.95% YoY to Rs 893.18 crore in Q1 FY22. The company opened 29 new stores in Q1, including 20 new Domino’s stores and three stores each for Hong’s Kitchen, Ekdum!, and Dunkin Donuts.
Tejas Networks Q1 Results: Net profit at Rs 7.55 crore
Tejas Networks Ltd reported a consolidated net profit of Rs 7.55 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 9.76 crore in the corresponding quarter last year (Q1 FY21). Its total income rose 80.73% YoY to Rs 152.63 crore during the April-June quarter of FY22. Tejas Networks is a global optical, broadband, and data networking products company.
CEAT Q1 Results: Net profit at Rs 23.98 crore
CEAT Limited reported a consolidated net profit of Rs 23.98 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 34.76 crore in the corresponding quarter last year (Q1 FY21). However, net profit has declined by 84.31% when compared to the previous quarter (Q4 FY21). The tyre manufacturer’s total income rose 70.11% YoY to Rs 1,910.28 crore during the April-June quarter of FY22.
Sterling Gtake secures order worth Rs 60 crore for high-speed electric 2W application
Sterling Gtake E-mobility Ltd (SGEM) has secured an order worth Rs 60 crore for motor control units (MCUs) from a leading electric two-wheeler manufacturer. SGEM is a subsidiary of Sterling Tools Limited. The company expects electric vehicle (EV) components to contribute more than 10% of its revenues by the end of the current financial year (FY22). SGEM has been focusing on identifying partners and driving technology transfer to provide customers with application support and technology adapted to Indian requirements.
