Qualcomm has appointed Savi Soin as senior vice president and president of Qualcomm India. Soni’s appointment will be effective immediately and he will be reporting directly to Jim Cathey, chief commercial officer, Qualcomm Technologies. Soni will lead and execute Qualcomm’s strategy in India by fostering relationships with industry partners and the Government of India across mobile, automotive, semiconductor, industrial & IoT and communication infrastructure sectors. Soin has been with Qualcomm for more than 20 years with the last 10 years as part of Qualcomm’s senior leadership team. During his tenure, he has helped shape the strategic direction for the company in several leadership roles. Most recently, Soin led the Global Strategic Partnerships and Business Incubation team for Qualcomm Technologies, responsible for new businesses and executing strategic relationships. “It’s a privilege to return home. India has an enormous opportunity to drive the global digital transformation with its scale and resources. My objective is to partner with the Indian ecosystem to accelerate this transformation using Qualcomm’s technology innovations across sectors,” said Savi Soin, president of Qualcomm India.Rajen Vagadia, Qualcomm India president for the last 5 years, will relocate to Qualcomm headquarters in San Diego and transition to a new role as a Vice President to lead Global Distribution and Global Carrier Strategy. Under his leadership, Qualcomm Technologies strengthened its position in India as an ecosystem enabler and leader in wireless technologies, built important relationships with stakeholders towards the roll out of 4G and 5G in India, and expanded its presence in industry segments like Automotive and IoT.

By Market Capitalisation.Net Sales.Net Profit.Total Assets.Excise.Other Income.Raw Materials.Power & Fuel.Employee Cost.PBDIT.Interest.Tax.EPS.Investments.Sundry Debtors.Cash/Bank.Inventory.Debt.Contingent Liabilities. Screen Crit AbrasivesAerospace & DefenceAgricultureAir ConditionersAirlinesAluminium & Aluminium ProductsAmusement Parks/Recreation/ClubAquacultureAuto AncillariesAuto Ancillaries – Air Conditioning PartsAuto Ancillaries – Auto, Truck & Motorcycle PartsAuto Ancillaries – Axle shaftsAuto Ancillaries – BearingsAuto Ancillaries – BrakesAuto Ancillaries – Bus BodyAuto Ancillaries – Castings/ForgingsAuto Ancillaries – ClutchesAuto Ancillaries – Diesel EnginesAuto Ancillaries – Engine PartsAuto Ancillaries – GearsAuto Ancillaries – Head lamps & lightsAuto Ancillaries – OthersAuto Ancillaries – PistonsAuto Ancillaries – Seating covers & partsAuto Ancillaries – Sheet MetalsAuto Ancillaries – Shock absorbersAuto Ancillaries – Spare Parts & AccessoriesAuto Ancillaries – SpringsAuto Ancillaries – Tyres & Rubber ProductsAuto Ancillaries – WheelsAuto AncillaryAutomobile – 2 & 3 WheelersAutomobile – Auto & Truck ManufacturersAutomobile – Dealers & DistributorsAutomobile – LCVS/ HVCSAutomobile – Passenger CarsAutomobile – TractorsAutomobile – Trucks/LCVsBank – PrivateBank – PublicBatteriesBeveragesBiotechnology & Medical ResearchBPO/ITeSBreweries & DistilleriesCable & D2HCablesCarbon BlackCementCement & Construction MaterialsCeramics/Marble/Granite/SanitarywareChemicalsCigarettes/TobaccoCoalCommodity ChemicalsCompressors / PumpsComputer PeripheralsConstruction – InfrastructureConstruction – Real EstateConstruction – Residential & Commercial ComplexesConsumer FoodContainers & PackagingCourier ServicesCyclesDefenceDetergents & SoapsDiamond & JewelleryDiversifiedDiversified ChemicalsDomestic AppliancesDyes & PigmentsEducational InstitutionsElectric EquipmentElectric Equipment – Boilers / TurbinesElectric Equipment – SwitchgearsElectric Equipment – TransformersElectrodes & Electrical EquipmentsElectrodes & Welding EquipmentElectronic GoodsElectronics – ComponentsEngineeringEngineering – ConstructionEngineering – Industrial EquipmentsETFFastenersFerro ManganeseFertilizersFilm Production, Distribution & EntertainmentFinance – HousingFinance – InvestmentFinance – NBFCFinance – OthersFinance – Stock BrokingFinance Term LendingFish/Poultry & Meat ProductsFood & Drug RetailingFood ProcessingFootwearGas DistributionGlass & Glass ProductsGoldGold ETFGround Freight & Logistics ServicesHospital & Healthcare ServicesHotel, Resort & RestaurantsHousehold & Personal ProductsInfrastructureIron & SteelIT – EducationIT – NetworkingIT Services & ConsultingLabs & Life Sciences ServicesLaminates/DecorativesLeatherLeisure ServicesLife & Health InsuranceLogisticsLPGLubricantsMediaMedical Equipment/Supplies/AccessoriesMetals & MiningMetals – Castings/ForgingsMetals – Non FerrousMisc. Commercial ServicesMiscellaneousMultiline Insurance & BrokersOil Exploration and ProductionOnline Servicesother agriculture productsOther Construction MaterialsOthers-Industrial Gases & FuelsOthers-ManufacturingPackaging – FilmsPackaging – Packaging MaterialsPackaging – PolyfilmsPackaging – Sacks and BagsPackaging Materials-Containers & PackagingPackaging Materials-Plastic ProductsPaintsPaper & Forest ProductsPaper & Paper ProductsPesticides & AgrochemicalsPharmaceuticals & DrugsPhotographic ProductsPlastic ProductsPlastic Products – OthersPlastics – Moulded Articles and FurnituresPlastics – Pet Bottels, Jars & ContainersPlastics – Self Adhesive TapesPlastics – ThermoplasticsPlastics – Tubes/Pipes/Hoses & FittingsPortsPower Generation/DistributionPrinting & PublishingPrinting & StationeryPrinting And PublishingRailways WagonsRatingsReal Estate OperationsReal Estate Rental, Development & OperationsRefineriesRefractoriesReinsuranceRenewablesRetailingRubber ProductsShip BuildingShippingSoftwareSolvent ExtractionSpeciality ChemicalsSpeciality RetailersSpecialty Mining & MetalsSugarTea/CoffeeTelecommunication – EquipmentTelecommunication – Service ProviderTelecommunications ServicesTextile – MachineryTextile – SpinningTextilesTextiles & ApparelTradingTransmission Towers / EquipmentsTransport InfrastructureTravel ServicesTV Broadcasting & Software ProductionVegetable Oils & ProductsWatches & AccessoriesWood & Wood Products Screen Code

By Market Capitalisation.Net Sales.Net Profit.Total Assets.Excise.Other Income.Raw Materials.Power & Fuel.Employee Cost.PBDIT.Interest.Tax.EPS.Investments.Sundry Debtors.Cash/Bank.Inventory.Debt.Contingent Liabilities. Screen Crit AbrasivesAerospace & DefenceAgricultureAir ConditionersAirlinesAluminium & Aluminium ProductsAmusement Parks/Recreation/ClubAquacultureAuto AncillariesAuto Ancillaries – Air Conditioning PartsAuto Ancillaries – Auto, Truck & Motorcycle PartsAuto Ancillaries – Axle shaftsAuto Ancillaries – BearingsAuto Ancillaries – BrakesAuto Ancillaries – Bus BodyAuto Ancillaries – Castings/ForgingsAuto Ancillaries – ClutchesAuto Ancillaries – Diesel EnginesAuto Ancillaries – Engine PartsAuto Ancillaries – GearsAuto Ancillaries – Head lamps & lightsAuto Ancillaries – OthersAuto Ancillaries – PistonsAuto Ancillaries – Seating covers & partsAuto Ancillaries – Sheet MetalsAuto Ancillaries – Shock absorbersAuto Ancillaries – Spare Parts & AccessoriesAuto Ancillaries – SpringsAuto Ancillaries – Tyres & Rubber ProductsAuto Ancillaries – WheelsAuto AncillaryAutomobile – 2 & 3 WheelersAutomobile – Auto & Truck ManufacturersAutomobile – Dealers & DistributorsAutomobile – LCVS/ HVCSAutomobile – Passenger CarsAutomobile – TractorsAutomobile – Trucks/LCVsBank – PrivateBank – PublicBatteriesBeveragesBiotechnology & Medical ResearchBPO/ITeSBreweries & DistilleriesCable & D2HCablesCarbon BlackCementCement & Construction MaterialsCeramics/Marble/Granite/SanitarywareChemicalsCigarettes/TobaccoCoalCommodity ChemicalsCompressors / PumpsComputer PeripheralsConstruction – InfrastructureConstruction – Real EstateConstruction – Residential & Commercial ComplexesConsumer FoodContainers & PackagingCourier ServicesCyclesDefenceDetergents & SoapsDiamond & JewelleryDiversifiedDiversified ChemicalsDomestic AppliancesDyes & PigmentsEducational InstitutionsElectric EquipmentElectric Equipment – Boilers / TurbinesElectric Equipment – SwitchgearsElectric Equipment – TransformersElectrodes & Electrical EquipmentsElectrodes & Welding EquipmentElectronic GoodsElectronics – ComponentsEngineeringEngineering – ConstructionEngineering – Industrial EquipmentsETFFastenersFerro ManganeseFertilizersFilm Production, Distribution & EntertainmentFinance – HousingFinance – InvestmentFinance – NBFCFinance – OthersFinance – Stock BrokingFinance Term LendingFish/Poultry & Meat ProductsFood & Drug RetailingFood ProcessingFootwearGas DistributionGlass & Glass ProductsGoldGold ETFGround Freight & Logistics ServicesHospital & Healthcare ServicesHotel, Resort & RestaurantsHousehold & Personal ProductsInfrastructureIron & SteelIT – EducationIT – NetworkingIT Services & ConsultingLabs & Life Sciences ServicesLaminates/DecorativesLeatherLeisure ServicesLife & Health InsuranceLogisticsLPGLubricantsMediaMedical Equipment/Supplies/AccessoriesMetals & MiningMetals – Castings/ForgingsMetals – Non FerrousMisc. Commercial ServicesMiscellaneousMultiline Insurance & BrokersOil Exploration and ProductionOnline Servicesother agriculture productsOther Construction MaterialsOthers-Industrial Gases & FuelsOthers-ManufacturingPackaging – FilmsPackaging – Packaging MaterialsPackaging – PolyfilmsPackaging – Sacks and BagsPackaging Materials-Containers & PackagingPackaging Materials-Plastic ProductsPaintsPaper & Forest ProductsPaper & Paper ProductsPesticides & AgrochemicalsPharmaceuticals & DrugsPhotographic ProductsPlastic ProductsPlastic Products – OthersPlastics – Moulded Articles and FurnituresPlastics – Pet Bottels, Jars & ContainersPlastics – Self Adhesive TapesPlastics – ThermoplasticsPlastics – Tubes/Pipes/Hoses & FittingsPortsPower Generation/DistributionPrinting & PublishingPrinting & StationeryPrinting And PublishingRailways WagonsRatingsReal Estate OperationsReal Estate Rental, Development & OperationsRefineriesRefractoriesReinsuranceRenewablesRetailingRubber ProductsShip BuildingShippingSoftwareSolvent ExtractionSpeciality ChemicalsSpeciality RetailersSpecialty Mining & MetalsSugarTea/CoffeeTelecommunication – EquipmentTelecommunication – Service ProviderTelecommunications ServicesTextile – MachineryTextile – SpinningTextilesTextiles & ApparelTradingTransmission Towers / EquipmentsTransport InfrastructureTravel ServicesTV Broadcasting & Software ProductionVegetable Oils & ProductsWatches & AccessoriesWood & Wood Products Screen Code

In the ever-evolving world of finance, one term you might have heard bouncing around is “CFDs” or Contracts for Difference. If you’re scratching your head wondering what on earth these are, you’re in the right place. This article will demystify CFDs, explaining what they are, how they work, and the potential risks and rewards involved. So, buckle up and let’s dive in! What are CFDs? At its core, a Contract for Difference (CFD) is a mutual agreement between two parties to exchange the variation in the value of a financial instrument from the moment the contract is initiated until its closure. Confusing? Let’s simplify it. Consider yourself placing bets on a horse race. You don’t own any of the horses; instead, you’re speculating on which will emerge victorious. This is akin to what you do with CFDs – you speculate on whether the price of a financial asset, such as stocks or commodities, will increase or decrease. The crucial distinction lies in not actually owning the underlying asset; your role is exclusively based on predicting price movements. Now, let’s explore how this functions practically. If your belief entails an asset’s value rising, you “purchase” a CFD. Conversely, if you anticipate a decline in price, you “sell” a CFD. When deciding to conclude your position, you sell (if initially bought) or buy (if initially sold). Your profit or loss is determined by the difference between your entry and exit prices in the market. CFDs are traded on margin, meaning you only need to deposit a small percentage of the full value of the trade to open a position. This leverage can significantly magnify profits, but it can also amplify losses if the market moves against you. It’s a double-edged sword that requires careful handling. How to Trade CFDs To start trading CFDs, you’ll need to open an account with a broker that provides these services. Two popular options are XTB and eToro. It’s important to carefully research and select the one that aligns with your trading style and objectives. Now, let’s delve deeper and compare XTB and eToro. XTB is a well-respected CFD broker acclaimed for its exceptional trade execution speed and quality. It offers an extensive range of markets, including forex, indices, commodities, stock CFDs, ETF CFDs, and even cryptocurrencies. What sets XTB apart is its user-friendly proprietary trading platform called xStation 5. This feature-rich platform allows customization, advanced charting, a trader’s calculator, and an equity screener. Nonetheless, XTB has its limitations. Those who prefer using the widely popular MetaTrader 4 platform may be disappointed as XTB no longer supports it. In the domain of social trading, eToro shines as an innovator. It offers a unique feature that allows beginners to mimic the trades of successful investors, allowing them to learn from experienced traders and gradually improve their skills. Additionally, eToro provides access to a wide range of markets without charging commissions, making it an attractive choice for budget-conscious traders. It’s also a viable alternative for those seeking platforms akin to Robinhood, which is unavailable in several regions including Europe and the UK. Nevertheless, eToro’s platform may pose challenges for those accustomed to more traditional interfaces. Furthermore, there are varying minimum deposit requirements depending on the trader’s country of residence—ranging from $50 to $10,000—which might not suit all individuals. Additionally, while eToro avoids commission charges, its spreads can be higher than competitors’, potentially impacting profit margins. Pros and Cons of CFD Trading Pros: Accessibility: CFDs are easy to access and trade, with many brokers offering a wide range of markets 24/7. Profit from rising and falling markets: With CFDs, you can potentially profit whether the market is going up or down. Leverage: Trading on margin means you can open larger positions than your account balance would otherwise allow. Diversification: CFDs cover a wide range of markets, including stocks, commodities, indices, and more, allowing for portfolio diversification. No Stamp Duty: Unlike traditional share dealing, there’s no stamp duty to pay on a CFD trade as you don’t actually own the underlying asset. Cons: Leverage Risk: The same leverage that can amplify profits can also magnify losses, potentially leading to losses greater than your initial deposit. Overnight Funding: If you keep a position open overnight, you’ll be charged an overnight funding fee. This can eat into your profits or increase your losses. Market Risk: CFD prices are determined by the market, so if the market moves against you, you could lose substantial amounts. Complexity: CFDs are complex instruments that require a good understanding of the markets and a disciplined approach to risk management. Regulatory Differences: CFD regulations vary by country, and they’re not legally allowed in some countries, including the U.S. An important statistic to bear in mind is that according to the Financial Conduct Authority, around 80% of retail investor accounts lose money when trading CFDs. This highlights the significant risk involved and underscores the importance of understanding and managing these risks effectively. Conclusion CFDs can be a useful tool for certain types of investors, but they’re not suitable for everyone. They offer the potential for significant profits, but they also carry a high risk of losses, especially for those who don’t fully understand them or fail to manage their risks effectively. The bottom line is that understanding the ins and outs of CFDs is crucial before getting involved in this type of trading. It’s also essential to remember that this article is for informational purposes only and does not constitute investment advice. Always do your own research and consider seeking advice from a licensed professional before making any investment decisions.

SAN FRANCISCO: Apple Inc grew revenue in China a surprisingly strong 8% while setting a record for Indian iPhone sales, bright spots in an otherwise disappointing quarterly check-in from the world’s most valuable company. Those twin milestones stood out after Apple posted its third straight quarter of declining sales and predicted a similar performance in the current period, hurt by an industry-wide slump that has sapped demand for phones, computers and tablets. The iPad and Macbooks maker reported a better-than-expected 7.9% rise in revenue from China — which includes Hong Kong and Taiwan — to $15.7 billion. And iPhone sales in India grew double-digits to a new high, though executives didn’t disclose precise numbers. China in particular has been a major drag on the global smartphone arena since last year, and has failed to bounce back as anticipated because of post-Covid economic turbulence. Chief Executive Officer Tim Cook suggested users in the world’s biggest mobile market were abandoning Android alternatives from its biggest rivals, which include Xiaomi Corp and Huawei Technologies Co. “Switchers were a very key part of our iPhone results for the quarter, we did set a record,” Cook told analysts on a post-results briefing.China’s smartphone market is struggling alongside a sputtering economy. Shipments have shrunk every quarter since the start of 2022, as consumers tighten their budgets to deal with a post-Covid downturn. The market could bounce back in the fourth quarter when Apple and its rivals typically release their latest devices, but that growth could be weaker than expected, IDC predicts.Heavy discounting during the “6.18” annual June shopping festival likely propelled device sales in general, but Apple’s brand helped it outpace rivals, IDC analyst Will Wong said.“Apple showed that it’s still the best alternative in China’s high-end segment, despite all the tensions between the US and China,” he said. “If we look at the recent 6.18 shopping festival, Apple’s price-discount promotions successfully stimulated consumer demand, but of course its premium brand name allowed consumers to feel that it’s value for money.”While unsurprising, the Indian performance also vindicates the company’s renewed focus on a market where the iPhone has long been beyond the reach of many consumers. Apple now views the fast-expanding country as both a massive retail opportunity and an important production base for its gadgets in the longer term. Apple’s revenue there grew by nearly 50% in the year through March to almost $6 billion, Bloomberg News has reported. The company, which just opened its first stores in the country, is planning to extend its network in India as part of an Asia-wide thrust.

What Is A Rolling Fund? A rolling fund is an innovative investment vehicle that enables managers to exercise their discretion in investing on behalf of investors or limited partners (LPs). Participating investors make regular contributions to the fund, usually on a quarterly or annual basis. Any accredited investor or an HNI can commit capital to a rolling fund and begin the investment journey. There is no minimum fund size criterion for a rolling fund. However, considering the price structure for such funds, investors are recommended to have at least $500K in soft-circled capital before they start their own rolling fund.  Rolling funds often prove suitable for HNIs wanting to start their investment journey as well as seasoned investors looking for lucrative funding deals. How Does A Rolling Fund Work? A rolling fund allows fund managers to add new capital quarterly or yearly by auto-renewing capital commitments from its members. This enables fund managers to quickly pool capital and invest in large investment opportunities.  It also allows fund managers to continuously raise capital as they build a track record, offering a chance to increase the fund size over time. In case a rolling fund doesn’t deploy all its capital in a given quarter/year, the balance is automatically carried forward to the next quarter/year as an additional amount. LPs receive an equal contribution to the new fund, along with their subscribed-for capital contribution.  What Is The Fee Associated With Investing In A Rolling Fund? Like any VC fund, there are certain charges associated with a rolling fund. These include:  Management Fee: An annual or quarterly fee charged by the fund manager for managing the fund. AngelList charges a 1.5% management fee each quarter.  Carried Interest: A share of the fund’s profits paid to the fund manager once a certain return threshold is met. Admin Fee: Costs associated with operating the fund such as legal fees, administrative expenses, and regulatory compliance. AngelList charges a 1.5% management fee. Here’s an example from AngelList to give you a better idea: What Are The Benefits Of Investing In A Rolling Fund? Flexible Investing Option: Rolling funds allow LPs to subscribe to quarterly or annual funds, adjust their capital commitments, and continuously support successful fund managers or investment withdrawals as needed.  Diversity Of Investors: Rolling funds provide an opportunity for investors, whether aspiring or seasoned, to participate with lower upfront capital requirements.  Shortened Feedback Loops: With rolling investments, LPs make smaller periodic investments, enabling quicker feedback and real-time performance assessment of portfolio companies. This helps venture capitalists make more informed decisions towards their investment allocations. How Is A Rolling Fund Different From A Traditional Venture Capital Fund? The rolling fund concept was first introduced by AngelList in the US in 2020 as an alternative to the conventional VC model. It was designed to offer emerging venture capitalists a faster path to initiate and close their first deals. In a blog post, Naval Ravikant, AngelList’s founder and chairman explains, “The huge benefit for a fund manager is that they can raise money incrementally, one investor at a time, rather than having to do a one-time, big-bang fundraise and then lock the fund for four years.”  Some differences between rolling funds and traditional VC are:  In contrast to rolling funds, traditional VCs follow a lengthier process to close. Fund managers approach various LPs such as family offices, high-net-worth individuals (HNIs) and investment firms to secure a minimum capital commitment. Rolling funds enable fund managers to publicly raise funds. However, traditional fund deals are typically conducted privately, behind closed doors.  In rolling investments, fund managers raise fresh capital commitments quarterly and invest as they progress, which is why it is referred to as rolling money. On the other hand, traditional funds operate on a 10-year return cycle as per industry standards. LPs and investors are legally obligated for a decade, and the capital commitment remains in effect until it is fully closed. How Long Does It Typically Last? The duration of a rolling fund can vary as it operates on a rolling subscription model. However, these funds offer a flexible option to angel investors due to their minimum term commitments, allowing them to commit per quarter for up to four quarters or extend their commitment for up to four to ten years.  How Does The Rolling Fund Select Startups? Like any other VC fund, a rolling fund selects startups by evaluating various factors such as team expertise, market potential, traction, competitive advantage, and alignment with the fund’s investment thesis. Can Investors In A Rolling Fund Receive Updates On The Performance Of The Startups In The Portfolio? Yes, investors in a rolling fund receive regular updates on the performance of the startups in the portfolio, including key metrics, milestones achieved, financial updates and other relevant information. There is more transparency as compared to traditional VCs as these funds invest publicly. The post Here’s Everything You Need To Know About A Rolling Fund appeared first on Inc42 Media.

Broadband India Forum (BIF), an independent policy forum and knowledge-based think-tank feels that the Online Skill-based Gaming Sector has termed the GST Council’s decision to levy 28% GST on online gaming as harsh. The body called it a dampener for an industry that it says has a tremendous long-term potential to generate huge revenues for the national exchequer, leading to a surge in demand for 5G, increase in broadband traffic & penetration, while inculcating a renewed sense of responsibility with accountability amongst gaming intermediaries towards. BIF sees the GST Council’s decision to impose 28% tax on online skill-based gaming as a very big setback for this flourishing sector and it would seriously hurt FDI and damage advertising revenues; and, most importantly, in a situation where 5G utilisation is critical. It said that the gaming industry which is a turbo-charger for the consumption of 5G will effectively be severely stunted. BIF further warned that the hefty tax will also give impetus for the growth of black market operators which could, in turn, pose a serious security threat to national security.“With a $20-billion valuation, $2.5-billion revenues, and significant job creation, online skill-based gaming has been a shining beacon of innovation and investment. The government must start approaching innovation with a cross-sectoral outlook if it wants one platform to succeed through the growth of another,” BIF said in a statement. The finance minister has said that the GST will be reviewed in 6 months. But BIF warns that considering 95% of the industry comprises small businesses, many entrepreneurs would be forced to exit the sector.This decision could also bring foreign investments to a halt in the sector. Online Gaming is a consumer-driven industry, advertising plays a big role in its being, the advertising budget for the sector, which currently stands at $1 billion, could be significantly reduced, impacting the media and entertainment industries. Urges ministry to reconsider the decisionBIF earnestly requests the authorities to reconsider the recommendations at the earliest in order to keep India’s online skill-based gaming industry on its path to leadership position in line with the Prime Minister’s vision of the country becoming a global AVGC (Audio Visual Gaming and Comics) powerhouse.TV Ramachandran, President of BIF, said, “This sector, which attracted about $1.7 billion investments in 2021 and Q1 of 2022 alone, is truly one of the great attractors of foreign and domestic investments and a powerful booster of the economy. However, the proposed tax would be a very powerful deterrent to future investment and could lead to the exit of hundreds of entrepreneurs from the sector.”

A deferred tax of INR 17 Cr helped Zomato report a profit after tax of INR 2 Cr in Q1 FY24. Loss before tax showed sharp improvement and stood at INR 15 Cr in the June quarter Hit by rains and protests, Blinkit’s revenue rose only 6% QoQ to INR 384 Cr in Q1 FY24 as against a revenue growth in excess of 20% over the previous three quarters Zomato expects to sustain its profitability going ahead and report an adjusted revenue growth of over 40% YoY for at least the next couple of years Foodtech major Zomato reported its financial results for the quarter ended June 2023 on Thursday (August 3), reporting a consolidated profit after tax for the first time. Here are the major takeaways from the startup’s largely favourable quarter:  Zomato’s Maiden Profitable Quarter: A deferred tax of INR 17 Cr helped Zomato report a profit after tax (PAT) in Q1 FY24. The company’s loss before tax stood at INR 15 Cr, however, the deferred tax led to it reporting a positive bottom line. However, Zomato reported a sharp improvement in loss before tax in Q1. Its loss before tax stood at INR 186 Cr in the year-ago quarter and INR 204 Cr in the preceding March 2023 quarter.  Overall, Zomato’s consolidated PAT stood at INR 2 Cr in Q1 FY24 as against INR 186 Cr in Q1 FY23 and INR 188 Cr in Q4 FY23. The Gurugram-based company’s revenue from operations jumped more than 70% to INR 2,416 Cr in Q1 FY24 from INR 1,413.9 Cr in Q1 FY23. Sequentially, operating revenue jumped 17.5% from INR 2,056 Cr in the quarter ended March 2023. Confident About Sustaining Profitability: The foodtech major appeared bullish on its future prospects as a profitable company. In a letter to shareholders, chief financial officer (CFO) Akshant Goyal said he expects the company to remain profitable and sustain adjusted revenue growth in excess of 40% year-on-year (YoY) for ‘at least the next couple of years’. A Tasty Quarter For Food Business: The company’s food delivery business was firing on all cylinders in Q1 on the back of demand recovery and growing adoption of its Gold programme. The food delivery business’ adjusted revenue stood at INR 1,742 Cr in Q1 FY24, up 18.5% YoY and 14% QoQ.  While gross order value (GOV) grew to INR 7,318 Cr, the food delivery business’ contribution margin, as a percentage of GOV, stood at 6.4%.  During the quarter, average monthly transacting customers jumped to 17.5 Mn, while average monthly active restaurant partners rose to 2.26 Lakh.  Hyperpure’s Hyper Growth: Continuing its growth trajectory, the B2B supply arm saw its adjusted revenue jump to INR 617 Cr in the quarter ended June 2023, registering a growth of 29% QoQ and 126% YoY. Zomato attributed this growth to its core restaurant supplies business and the Blinkit business. The move to increase the minimum order value threshold during the quarter led to a spurt in average order value on the B2B platform and churned out smaller and unprofitable restaurants, as per the company.  Blinkit’s Growth Slows: Even as Zomato largely rejoiced on all fronts, its quick-commerce arm Blinkit yet again proved to be its achilles heel. The vertical saw muted growth in revenue as the number of orders declined. Blinkit’s revenue rose only 6% to INR 384 Cr in Q1 FY24 from INR 363 Cr in Q4 FY23. This was a considerable slowdown from a revenue growth in excess of 20% in the previous three quarters.  Number of orders fell to 36.8 Mn in Q1 FY24, while gross order value (GOV) grew marginally to INR 2,140 Cr during the quarter under review. CEO Albinder Dhindsa blamed the slow growth on strikes carried out by delivery executives in April and incessant rains.  Average order value (AOV) rose 11.5% to INR 582 per order in Q1 FY23 as against INR 522 per order in Q4 FY 23. Average monthly transacting users were stagnant QoQ at 3.9 Mn, while average GOV per day per dark store declined to INR 6.2 Lakh in  Q1 FY24.  Value Creation With Blinkit: The only silver lining for Blinkit was that it reported a positive contribution month in the month of June, even as contribution loss during the overall quarter stood at INR 14 Cr. Zomato executives told shareholders that the quick-commerce vertical could turn adjusted EBITDA positive in the next four quarters. The Albinder Dhindsa-led vertical plans to open 100 new dark stores in FY24, of which it opened a mere six in the June quarter.  Putting its weight behind Blinkit, Zomato CEO Deepinder Goyal said that the quick-commerce vertical would drive more value for shareholders than Zomato in a decade from now. Zomato Dining-Out Sees Growth: The surprise growth engine for Zomato this quarter came in the form of its dining-out vertical. As per the company, its Gold membership initiative saw rapid adoption, driving higher frequency of ordering and contributing more than 30% of the food delivery business GOV.  Noting that the dining-out business was finally ‘starting to shape up well’, Deepinder Goyal said that the vertical accounted for a GOV of over INR 515 Cr in Q1 FY24. The dining-out arm of the foodtech major was profitable with an adjusted EBITDA margin, as a percentage of GOV, of nearly 1% for India business during the quarter.  “At scale, we think that the dining-out business has the potential to generate 5%+ adjusted EBITDA margins (as a % of GOV),” added Deepinder Goyal.  The company is mulling spinning off the ‘Going Out’ category into a separate app. For the uninitiated, ‘Going Out’ will include Zomato’s dining out and live events businesses.  The company expects the ‘Going Out combo’ to be its fourth ‘large business’ and is a part of its strategy of building super brands. From Q2 FY24 onwards, this category will be reported as a separate business segment in Zomato’s financials.  Careful About New Forays?: In the letter to shareholders, the Zomato CEO said that

Philips has expanded its product portfolio in India with the launch of the new Philips TAB7007 soundbar. The latest Philips TAB7007 soundbar is equipped with a 2.1-channel wireless subwoofer that offers a multidimensional audio experience with 240W sound output. This soundbar has two front-firing speakers which offers an improved surround sound effect, especially with the integration of Dolby Audio. It claims to offer an immersive audio experience for the user.Philips TAB7007 soundbar: Price and availability The Philips TAB7007 soundbar will be available at Rs 21,990 at all leading e-commerce platforms across the country. Philips TAB7007 soundbar: Key specsThe Philips TAB7007 soundbar boasts a unique design with a low and slim-profile subwoofer. This makes it a convenient option to place under or beside TVs. Additionally, it is outfitted with multiple connectivity options including Bluetooth, USB Connections, optical-in, audio-in and advanced HDMI ARC technology. The soundbar also comes with a metal grille for clearer sounds. Commenting on the launch of the new soundbar, Atul Jasra, Country Head, TPV Technology India Pvt. Ltd said, “In India, the demand for soundbars has escalated as they can be connected to a wide range of devices, such as televisions, laptops, PCs, music players and smartphones. Consumers look for a better audio experience for their entertainment and seek products with intuitive technologies and virtual assistants. In our endeavour to provide consumers with State-of-the-art technology & value for money, we have introduced the all-new Philips TAB7007 soundbar, offering a culmination of cutting-edge technology, impeccable design, and high-quality audio performance for an immersive sound experience. At TPV Technology, we will continue to introduce a newer and more advanced range of products to meet the needs of our evolving consumer base.”

If you haven’t already, go and read the WIRED feature article “A Vast Untapped Green Energy Source Is Hiding Beneath Your Feet,” which details the quest to tap into geothermal energy using drilling techniques originally developed for fracking gas. WIRED senior writer Gregory Barber followed Joseph Moore, a geologist at the University of Utah, on his quest to work out how to drill down thousands of feet into hot, dense granite, before using water to extract geothermal energy. I asked Barber to tell me more about the story, and whether “enhanced” geothermal systems (EGS) are really going to uncork a clean-energy bonanza. Will Knight: I really enjoyed the story. Tell me how you first came across the technology at the heart of it. Gregory Barber: I initially heard about it because I was looking into geothermal heating systems. These are much shallower, easy-to-access systems that directly heat homes and businesses using warmed-up water. They’re getting much more popular as people try to kick natural gas, especially in Europe. But anyway, in the course of learning about this, I heard about a big Department of Energy experiment focused on electricity generation using enhanced geothermal systems, which requires much more expensive, deeper drilling to access higher temperatures. And they’d just picked a team out in Utah to take it on. Why is it happening now? As you say, geothermal energy has been a thing for decades. I think it reflects the confluence of a few things. One being 20 years of the fracking boom, which yielded big improvements in the art of drilling deep down and cracking open rocks—especially the hot and hard rocks relevant to making geothermal systems. It used to be that you’d spend millions of dollars drilling down and then crack the rock and realize—oops!—the cracks didn’t open fully, or you drilled into a hidden fault and lost your water or even worse, triggered an earthquake. Nowadays the risks of that are much lower. You are writing a lot about efforts to mitigate climate change with alternative energy and solutions like carbon capture. How optimistic are you about these projects? I think there are useful applications, but the battle is always in how those fuels will be used and how they’re produced. There’s a perennial debate around biofuels, for example, which add to greenhouse gas emissions by taking up land that could be wild. And what if they simply forestall the electric transition? For carbon capture, it’s a similar story. So far, outfitting coal plants with that technology has been ludicrously expensive—it’s much better to just shut them down and put up solar panels. Plus, past experiments have failed to fully capture the carbon coming out of them. And you’ve gotta be sure that whatever gas goes underground is going to stay there for centuries. Sometimes it reminds me a little bit about the debate around underground storage for radioactive waste. It’s hard to guarantee things over generations. Given that solar and wind require less cost upfront, do you think the more continuous nature of EGS is enough for it to take off? Or do we simply need every approach possible if we’re going to kick fossil fuels? That’s really the question. Most experts agree that baseload power that can be turned on 24/7 is necessary moving forward. Solar and wind are pretty space-intensive, and building them out is going to get trickier as we run out of optimal places for them. While batteries help, it’s not the most efficient way to do things. The question is whether EGS will be more or less practical than building a nuclear plant or a dam or installing carbon capture at a natural gas plant. There are good reasons to think it will be—especially if you factor in safety and ecological concerns presented by the alternatives—but it’s early. I’d also note that the big promise of EGS is that you can do it “anywhere,” but of course, certain areas will be more geologically appealing than others, at least initially. So while it promises to be less ecologically destructive than existing geothermal plants, which can dry up hot springs and harm unique species, it’s not inherently free of those conflicts.