PFC ends FY 2019-20 on strong note with loan sanctions of more than Rs 1 Lakh Crore

Power Finance Corporation (PFC), India's leading NBFC in power sector and a central PSU under Ministry of Power, ended financial year 2019-20 (April-March) on a strong note despite numerous challenges including outbreak of COVID 19.

The lending institution delivered a sound financial performance with loan sanctions of more than Rs 1 lakh crore (US$ 14.19 billion) along with Loan Disbursements of about Rs 68,000 crore (US$ 9.65 billion) in the last financial year. The highlight of the year was disbursement of Rs 11,000 crore (US$ 1.56 billion) in the last week of March 2020 despite the nationwide lockdown to contain the spread of COVID 19. Backed by strong IT infrastructure, PFC managed this feat of sizeable disbursement even though the employees were working from home.

During the year, PFC also registered 16 per cent growth in its standalone revenue while it managed 16 bps reduction in cost of funds. The net NPAs of the company reduced to 3.8 per cent from 4.55 per cent, showcasing the robust performance of the lender. Further, the Company registered a 10 per cent growth in its Loan Assets, 16 per cent bps reduction in cost of funds, and 16bps increase in Interest Spread. Further, during the fiscal, PFC resolved two stressed projects – Rattan India Amrawati & GMR Chhattisgarh worth Rs 2,700 crore (US$ 3.83 billion).

Despite challenging environment, Y-O-Y Net Profit is comparable at Rs 6788 crore (US$ 962.97 million) for FY20 as against Rs 6953 crore (US$ 986.38 million) of FY19 excluding one-time impact of DTA due to change in corporate tax rate. Profit has also been impacted due to extraordinary exchange rate variation of 6 per cent in the last 45 days of FY20.

Financial highlights of FY 2019-20 (Consolidated basis) include 15 per cent Revenue Growth, 12 per cent Loan Asset Growth, Net NPAs reduced to 3.57 per cent from 4.20 per cent

Indian Railways produce 1.91 lakh PPE gowns, 66.4 kl sanitizer, 7.33 lakh masks till 24/06/2020

Indian Railways, in coordination with other Ministries and State Governments, is totally geared up to meet the challenge of providing protection to its front-line medical workers and other operational staff persons, from the COVID 19 pandemic. It is using all its resources in coordinated manner to create/upgrade its facilities.

Railway workshops took up the challenge and manufactured PPE coveralls, sanitizer, masks, cots in-house. Raw material for manufacturing of these items was also procured by the field units. 1.91 lakh PPE gowns, 66.4 kl sanitizer, 7.33 lakh masks etc have been manufactured by Indian Railways till 24/06/2020. PPE coverall target for the month of June and July are fixed as 1.5 lakhs each which is likely to be revised upwards. During the lock down period, centralized procurement and distribution of the raw material and manufactured products throughout the Railway network was a herculean task accomplished under testing circumstances. Northern Railway was nominated for centralized procurement of raw material required for manufacture of PPE coverall gowns which was a critical component with respect to quality. All in-house manufactured products satisfy all applicable quality standards.

To further strengthen the preparedness of Railway, an order for PPE coverall (22 lakhs), N95 Masks (22.5 lakh), Hand sanitizer 500 ml (2.25 lakh) and other items was centrally placed by northern Railway on M/s HLL Life Care (PSU under MoHFW), for requirements of all Railway Units.

 Ministry of Railways has designated 50 Railway Hospitals as COVID Dedicated Hospitals and COVID Dedicated Health Centers. Facilities at these hospitals were upgraded through procurement of medical equipment’s and other items to meet the challenge of COVID Pandemic.

Protective gears like PPE coverall, masks, sanitizers, and equipment like ventilators were in extreme short supply globally, during the initial phase of COVID-19.

5231 Railway coaches have already been converted to isolation coaches to serve as the COVID Care Centers to augment the capacity of health infrastructure in the country. 960 coaches have so far been placed in service at several locations based on the requests received from the States. Ministry of Health and Family Welfare has already issued guidance document on appropriate management of suspect/ confirmed cases on Railway coaches- COVID Care Centres.

Railways supply chain, though affected due to the pandemic, it did not affect Railways’ operations and maintenance due to operations being on the lower scale and stocks being available in our depots. Out vendors are also being supported to maintain their supply chain. Necessary instructions have also been issued to field units in this respect. Railway could also continue its required procurement due to its digital supply chain and all material required for pandemic management could be arranged.

Aye Finance raises Rs 210 crore in Series E round led by CapitalG

Aye Finance, an MSME sector lender, has raised Rs 210 crore (US$ 29.79 million) in Series E funding led by CapitalG, Alphabet’s independent growth fund. Other participant in the round include Aye’s existing investors LGT Lightstone, Falcon Edge Capital, A91 Partners and MAJ Invest.

Since its inception in 2014, Aye has raised equity funding of more than Rs 690 crore (US$ 97.89 million), the company said in a statement.

“Difficult times are a true test of a good lender and we have already started showing significant improvements in customer repayments in the past months. Our loans are underwritten with cluster insights and this continues to assure good repayment behaviour in our portfolio,” Mr Sanjay Sharma, Managing Director at Aye Finance, said.

“This equity investment will further add to liquidity that will enable us to emerge strong from the COVID crisis and continue to benefit millions of micro-enterprises across India,” he added.

So far, Aye has disbursed Rs 3,000 crore (US$ 425.59 million). The lender offers mortgage, hypothecation, and term loan services to micro enterprises.

“We first invested in Aye in 2016 and over the years we have seen them grow into an institution with strong focus on impact and scalability. The relevance of Aye in the post-COVID economy in serving the financing needs of micro businesses is significant,” said Mr Kartik Srivatsa, Managing Partner of LGT Lightstone Aspada.

Republic of Mali awards Project Management Consultancy contract to NTPC for development of 500 MW Solar Park

Republic of Mali has awarded Project Management Consultancy contract to NTPC, a central PSU under Ministry of Power, for development of 500 megawatt (MW) Solar Park. In an event held on 24th June, 2020, chaired by Shri R. K. Singh, the Minister of State for Power, NRE, Skill Development and President of International Solar Alliance (ISA),  and Mr H.E. Sekou Kasse, the Ambassador of Mali, handed over the Project Management Consultancy award letter to Mr Gurdeep Singh, CMD NTPC, for development of 500 MW Solar park in the Republic of Mali.

ISA is an international, inter-Governmental organization, based in India, created with the vision and leadership of Prime Minister, Sh Narendra Modi and announced jointly with President of France during COP21 held in Paris in 2015. ISA’s vision is for a large-scale solar revolution, hinges on creating a facilitative international ecosystem that enables access to science and economic resources, reduces the cost of technology and capital, facilitates price reduction, and enables development of storage technology and innovation.  With its scale and authoritative understanding of the energy transition opportunities of diverse economies, ISA is the world's foremost energy transition catalyst for bringing a change from energy poverty to energy empowerment. 

The event was hosted by ISA in the Ministry of Renewable Energy, New Delhi, and graced by the dignitaries, Director General ISA- H.E Upendra Thripathy, Secretary (Power)- Sh Sanjeev Nandan Sahai and Secretary (MNRE)- Sh Indu Shekhar Chaturvedi and Secretary (Economic Relations) ShvRahul Chhabra  among others.

The Republic of Mali has been taking various initiatives towards energy security of the country, especially to increase access to electricity for its citizens, with a focus on solar power and applications. Development of Solar Projects in Mali will make a considerable impact in socio-economic growth of Mali.

NTPC, a Government of India Enterprise and a leading global power company with 62,110 MW installed capacity has vast experience in setting up of Solar Projects and handling various solar programs like the National Solar Mission in India. In 2019, ISA endorsed NTPC as a Project Management Consultant through a competitive process for the member countries to avail the services of NTPC. Earlier the Republic of Togo engaged NTPC for similar PMC support for development of 285 MW Solar Park in Togo. NTPC plans to anchor 10,000 MW of solar parks in ISA member countries in next two years. Solar parks are being showcased as a best practice from India which had started solar parks as a novel concept and has commissioned a number of projects, thus bringing down cost of solar energy substantially, bringing in investment, creating employment and benefitting the environment in the process.

 

INST develops nanotechnology-based low-cost, method for the production of antiepileptic drug 'Rufinamide'

Scientists at the Institute of Nano Science and Technology (INST), an autonomous institute of the Department of Science and Technology (DST), Govt. of India, have developed a nanotechnology-based industry-friendly and low-cost method for the production of antiepileptic drug ‘Rufinamide’.

Dr Jayamurugan Govindasamy and his co-workers from INST have developed a new recyclable copper-oxide catalyst, which plays a crucial role in the key reaction for producing the Rufinamide drug.

The existing technology for producing the drug has an inherent selectivity issue, which often leads to unwanted non-drug isomer ---1, 5-regioisomer. This necessitates the use of organic solvent, high temperature, and the need to purify and separate the soluble catalyst and so on, leading to unfriendly reaction conditions and high production costs.

In the new production method published in the journal Chemical Communications, unlike the traditional CuSO4 catalyst, the newly designed catalyst comprising of very small-sized (3-5 nm) CuI and CuII is so reactive that the reaction can be conducted efficiently under the aqueous condition and at room temperature. Since the catalyst is coated with slightly modified natural biopolymer, they are biocompatible and can be separated just by filtration technique.

The new method promises to overcome many of the current challenges in the synthesis of Rufinamide drug such as high cost, the formation of unwanted 1,5-regioisomer in addition to the required 1,4-regioisomer, limited choice of starting materials (propiolic acid derivatives) leading to multistep synthetic sequences, and poor yields due to use of organic solvents and overheating of the reagents.

Dr G. Jayamurugan, a Ramanujan Fellow of DST, and his co-workers used nanotechnology to develop the new recyclable copper-oxide catalyst supported by customized biopolymer (available abundantly from biomass). The synthesized catalyst turned out to be highly active in aqueous solvents, making manufacture possible under industrial friendly conditions. The reasons for this high activity are the extremely small sizes (3-5 nm) of copper oxide nanoparticles, the mixed oxidation states of CuI and CuII and their synergistic effects. They also found that the product is fully devoid of 1,5-regioisomer, as indicated by the single peak observed for 1,4-regioisomer in the HPLC with >99 per cent purity. The scalability of the reaction was also demonstrated in 10 g scale reactions in the laboratory condition.

The developed catalyst is not only useful for the Rufinamide drug synthesis, but it is also for other organic transformation reactions. The catalyst can be commercialized for academic use, as well as companies deal with fine chemicals that use these reactions.

Having been well optimized under laboratory conditions in the 10 g scale, the catalytic process can be easily translated into the industrial process. Furthermore, because the choice of metal and the polymers are so cheap, the end product of the present catalytic process can be maintained at low-cost. A patent has been filed for the highly efficient, economical, and eco-friendly process. 

Presently only a few companies manufacture the costly Rufinamide drug, which epilepsy patients need to consume continuously for their entire life. Hence, the catalytic process developed by the INST team can be used by Active Pharmaceutical Ingredient, producing companies for mass production to bring down the drug cost.

“Several nanotechnology initiatives of DST in seeding the infrastructure, human resources and the Institute of Nanoscience and Technology are now increasingly producing a plethora of useful technologies and products that contribute to an AtamNirbhar Bharat,” said Prof Ashutosh Sharma, Secretary, DST.

MSDE-IBM Partnership Unveils Free Digital Learning Platform 'Skills Build Reignite' to Reach More Job Seekers and Provide New Resources to Business Owners in India

Directorate General of Training (DGT), under the aegis of the Ministry of Skill Development and Entrepreneurship (MSDE), is responsible for implementing long term institutional training to the nation’s youth through its network of training institutes and infrastructure. It plays a key role in the execution of vocational training schemes and in making ‘Digital India’ dream become a reality.

Recent analyses are an indicator that the rate of digital evolution is outpacing the rate of digital adoption. The young learners now need specialized skill sets to work with the advanced technologies and to make use of the diverse opportunities available under the ‘new-collar jobs’. Hence, creating opportunities for Young India with focus on new-age skills like Artificial Intelligence (AI), Big Data, 3D - Technology, Cloud Computing, Cyber Security, etc. which are aligned to Industry 4.0 requirements, has become the prime focus for DGT.

With this in view, DGT has in the past one year, collaborated with many digital industry front-liners like IBM India Pvt. Ltd., Microsoft Corp. (India) Ltd., SAP India, Cisco Systems India Pvt. Ltd., Accenture Solutions and Quest Alliance, Adobe India, etc.,  to enable the students to become industry-ready. Even in the current scenario of the continuous impact of COVID-19, DGT is lining up with the industry partners in its efforts for enabling blended /e-learning with a combination of multimedia and similar digital resources for the students/ trainees, trainers and the administrators, by providing anytime, anywhere online digital content through its BharatSkills learning platform (https://bharatskills.gov.in).

One such strong and growing partnership has been between DGT and IBM India with some unique and first of a kind program. IBM has committed to provide multifaceted digital skill training in Cloud Computing and Artificial Intelligence (AI) to students and trainers across the nation in the National Skill Training Institutes (NSTIs) and Industrial Training Institutes (ITIs).

Now, in its effort to address the current skills gap in the country, IBM and its partners are today introducing the SkillsBuild Reignite and the SkillsBuild Innovation Camp. 

The SkillsBuild Reignite tends to provide job seekers and entrepreneurs, with access to free online coursework and mentoring support designed to help them reinvent their careers and businesses. Job seekers, individual business owners, entrepreneurs and any individual with learning aspirations can now tap into host of industry relevant content on topics including Artificial intelligence, Cloud, Data analytics and security to reskill and upskill themselves, at no cost. Its special feature is the personalized coaching for entrepreneurs, seeking advice to help establish or restart their small businesses as they begin to focus on recovery to emerge out of the COVID 19 pandemic. Courses for small business owners include, for example, financial management, business strategy, digital strategy, legal support and more. Plus, IBM volunteers will serve as mentors to some of the 30,000 SkillsBuild users in 100 communities in at least five major regions worldwide to help reinvigorate local communities.

The SkillsBuild Innovation camp is a 10-week program which supports 100 hours of structured learning to learners who are interested in gaining hands-on project experience to enhance learning and are intent on building their network and enhance their employability. With the guidance of expert facilitators, IBM volunteers and coaches, the students will be guided through the design thinking process and learn strategic methods to craft their problem statement, ideate creatively, solve complex problems more quickly, design an innovative user experience and tell compelling stories. The SkillsBuild Innovation Camp concludes with a pitch to facilitators, other teams, stakeholders and potential employers or investors.

Background: In November 2019, IBM India, in partnership with Directorate General of Training (DGT), Ministry of Skill Development and Entrepreneurship, Government of India, and its implementation partners, made the SkillsBuild online learning platform available to Indian students through Bharatskills (https://bharatskills.gov.in) of DGT. Digital classrooms on this platform are available to students and instructors from the Industrial Training Institutes (ITIs) and technical education ecosystem in India. Within the first 6 weeks of its deployment in India, the platform has already benefited 4700 motivated learners from 15 states and Union Territories who have been able to continue their learning despite lockdowns and restrictions. It currently has impacted 14,135 learners who have completed 40,000 of courses and 77,000 hours of e-learning. SkillsBuild has been rated as India’s Top 10 online learning platform by National Skills Network. According to the India Skill Report (2019), only 45.6 per cent of the youth graduating from educational institutions are employable. This reflects the massive shortage of skilled workforce in the country.

Congratulating DGT and IBM India for their collaborative efforts to bridge the skills gap in the country through this initiative, Dr Mahendra Nath Pandey, Union Minister of Skill Development and Entrepreneurship said, “Today, we mark a significant milestone in supporting Centre’s efforts in accelerating Indian economy’s revival from the adverse effects of COVID with the launch of SkillsBuild Reignite and Innovation Camp, in collaboration with IBM India. In line with our Hon’ble Prime Minister Shri Narendra Modi’s Skill India Mission, the Ministry has been working relentlessly to strengthen the skilling ecosystem and leverage the rise in demand for new-age skills by expanding industry cross-collaboration and creating learning pathways through digital learning platforms. IBM‘s expertise in providing multifaceted digital skill training in the area of Cloud Computing and Artificial Intelligence (AI) will strengthen our efforts in the recovery of local workforces, communities and economies by supporting job seekers, entrepreneurs, and small businesses.”

In appreciation of the commendable role played by IBM India, Shri Praveen Kumar, Secretary, MSDE said that “Our mission is to empower next gen with new age skills and make them future ready.  Our collaboration with IBM will help us address the widening skill gap in the country and create a culture of up-skilling. IBM’s SkillsBuild Reignite platform provides right set of tools, innovative approach and access to mentors for students to thrive in this competitive environment”.

Ms Neelam Shami Rao, Director General of Training, MSDE, said that DGT aims to constantly upgrade and modernize the ITI Ecosystem in terms of infrastructure, pedagogy, curriculum, and technology interventions for creating vast learning opportunities for the youth of India.

“There is a need to shift the needle and focus on new technologies and changing skill requirement to bridge the skill gap. It’s important that we align the workforce to industry needs and technology shifts. The SkillsBuild Reignite platform helps equip job seekers with digital, professional skills and relevant training to re-enter the workforce. Not only does this platform provides career reinvention opportunities but also innovative ways of working and individualized support for relaunching business strategies,” said Sandip Patel, General Manager, IBM India/South Asia.

Railways to generate 8 lakh man-days of employment opportunity for migrants and others in infrastructure projects worth Rs 1800 Crore in next 125 days till 31st October 2020

Ministry of Railways today i.e. 24th June 2020 reviewed the progress of Garib Kalyan Rojgar Abhiyaan with Zonal Railways and Railway PSUs through video conference meeting.

Inaugurated by Hon'ble PM on 20th June, Garib Kalyan Rojgar Abhiyaan is in operation in 116 identified districts of six states i.e., Uttar Pradesh, Bihar, Rajasthan, Madhya Pradesh, Orissa, and Jharkhand.

Chairman Railway Board, Shri Vinod Kumar Yadav today took a video conference meeting with General Managers (GMs) and Divisional Railway Mangers (DRMs) and Managing Directors (MDs) of PSUs regarding the progress of Garib Kalyan Rojgar Abhiyaan.

Addressing the meeting, Shri Yadav instructed Zonal Railways to appoint nodal officers in each district as well as in the States so that a close coordination is established with the State Government. Shri Yadav directed Railway administration at Zonal level to act proactively to ensure migrants are engaged in projects and paid accordingly.

Zonal railways have been instructed to expedite execution of all ongoing infrastructure works in these identified districts. Around 160 works infrastructure works have been identified which are to be expedited. These would engage thousands of workers and roughly generate 8 lakh man days of employment by the end of October 2020. Approximately Rs 1800 crore (US$ 2.55 billion) would be spent in these districts.

Railway has also identified no. of railway works which can be executed through MGNREGS. The works are related to

1. construction and maintenance of approach roads for level crossings,
2. development and cleaning of silted waterways, trenches and drains along the track,
3. construction and maintenance of approach road to railway stations,
4. repair and widening of existing railway embankments / cuttings,
5. plantation of trees at extreme boundary of railway land and
6. protection works of existing embankments/ cuttings/bridges.

Zonal Railways have also been instructed to get sanction of proposed works under MGNREGS. Zonal Railways would be monitoring the works on daily basis and submit report to Ministry every Friday till end of Oct 2020.

It may be noted that Hon’ble Prime Minister Shri Narendra Modi launched a massive employment -cum- rural public works campaign named Garib Kalyan Rojgar Abhiyaan to empower and provide livelihood opportunities in areas/ villages witnessing large number of returnee migrant workers affected by the devastating COVID-19 on 20th June 2020. The Prime Minister announced that an amount of Rs 50,000 crore (US$ 7.09 billion) would be spent for building durable rural infrastructure under the Garib Kalyan Rojgar Abhiyaan.

This Abhiyaan of 125 days, will work in mission mode, will involve focused implementation of 25 categories of works/ activities in 116 districts, each with a large concentration of returnee migrant workers in 6 states of Bihar, Uttar Pradesh, Madhya Pradesh, Rajasthan, Jharkhand and Odisha. Public works to be undertaken during this campaign will have a resource envelope of Rs 50,000 crore (US$ 7.09 billion).

The Abhiyaan will be a convergent effort between 12 different Ministries/Departments, namely; Rural Development, Panchayati Raj, Road Transport and Highways, Mines, Drinking Water and Sanitation, Environment, Railways, Petroleum and Natural Gas, New and Renewable Energy, Border Roads, Telecom and Agriculture, to expedite implementation of 25 public infrastructure works and works relating to augmentation of livelihood opportunities.

UK PM under pressure to sack top aide for coronavirus lockdown breach

British Prime Minister Boris Johnson is under pressure to sack his top aide after reports that he breached the coronavirus stay-at-home lockdown rules by travelling to his parents’ home.

Dominic Cummings, who is Johnson’s Chief Strategy Adviser at No. 10 Downing Street, had developed coronavirus symptoms around the same time the UK prime minister tested positive for the deadly virus at the end of March. According to UK media reports, he and his wife travelled from London over 260 miles to his parents’ home in Durham, north-east England, during that time.

In a statement, Downing Street on Saturday said Cummings believed he “behaved reasonably and legally” and that his actions were in line with the coronavirus guidelines.The government’s strict social distancing rules in place at the time called on people not to travel as part of measures to contain the spread of COVID-19. And, the advice for anyone with coronavirus symptoms remains to self-isolate at home and not leave “even for essential supplies” for seven days.

A member of the public is understood to have seen Cummings and made a complaint to the local Durham police, a joint investigation by the ‘Guardian’ and ‘Mirror’ newspapers revealed.

“On Tuesday, March 31, our officers were made aware of reports that an individual had travelled from London to Durham and was present at an address in the city”, a spokesperson for Durham Constabulary said.

“Officers made contact with the owners of that address who confirmed that the individual in question was present and was self-isolating in part of the house. In line with national policing guidance, officers explained to the family the guidelines around self-isolation and reiterated the appropriate advice around essential travel”, the spokesperson said.

Opposition parties demanded a “clear explanation” from Downing Street for Cummings’ actions.

“Owing to his wife being infected with suspected coronavirus and the high likelihood that he would himself become unwell, it was essential for Dominic Cummings to ensure his young child could be properly cared for”, a Downing Street spokesperson said.

“His sister and nieces had volunteered to help so he went to a house near to but separate from his extended family in case their help was needed. His sister shopped for the family and left everything outside. At no stage was he or his family spoken to by the police about this matter, as is being reported”, the spokesperson said.

Durham Police and Crime Commissioner Steve White, however, branded the move “unwise”. “Given the whole ethos of the guidance and regulations which were designed to reduce the spread, regardless of reason, by travelling to County Durham when known to be infected was most unwise”, White said.

“To beat this crisis we need to be selfless as millions have been. The response by the people of Durham has been exemplary which makes this most frustrating and concerning,” he said.

The Opposition Labour Party called for more answers at the daily COVID-19 briefing held every evening at 10 Downing Street. “The public have made extraordinary sacrifices during this pandemic and the lockdown. It cannot be one rule for those who set them and another for the British people,” a Labour statement said.

The Scottish National Party’s Leader in Westminster, Ian Blackford, said Cummings’ position was “untenable” and that the UK Prime Minister has “serious questions” to answer about the reports. “Dominic Cummings has to do the right thing, and if he doesn’t resign, Boris Johnson should sack him and he should do that this morning,” Blackford told the BBC.

“When you have a situation that at the highest level of government that [lockdown] rules aren’t being followed then I think people expect action to be taken”, he said.

A source close to Cummings denied a breach of the coronavirus rules, saying the couple needed childcare help and that they had stayed in a separate building at the property in Durham.

The latest revelations follow other high-profile figures in the UK having to resign after breaches of the pandemic lockdown, including Scotland’s former Chief Medical Officer Catherine Calderwood and leading scientist Neil Ferguson.

Dr Calderwood resigned in April after making two trips to her second home during the coronavirus lockdown and Prof. Ferguson quit as a government scientific adviser on coronavirus after it was reported that a woman he was in a relationship with visited his home soon after he had coronavirus symptoms.

Int'l flights likely before Aug

Days after announcing the resumption of some domestic commercial passenger flights from May 25, Union Aviation Minister Hardeep Singh Puri Saturday said the ministry will try to start some percentage of international passenger flights as well before August this year. “We will try to start a good percentage of international passenger flights before August,” he said. “I can’t put a date on it (restarting international flights). But if somebody says can it be done by August or September, my response is why not earlier depending on what is the situation,” he added. All scheduled commercial passenger flights have been suspended in India since March 25 when the Modi government imposed a lockdown to contain the novel coronavirus pandemic.

Bajaj Auto to enter Thailand with premium motorcycle brands

Bajaj Auto Ltd plans to enter Thailand with its premium motorcycle brands, including KTM, Husqvarna, Dominar and Pulsar NS series, by July 2020, said a senior company executive.

“Asean in an important geography for us wherein, apart from Philippines, we are not really present in the other countries. We are now focusing on Thailand, Indonesia, Vietnam, Mayanmar, Cambodia, Laos and others," Mr Rakesh Sharma, executive director at Bajaj Auto said.

"We plan to enter that market (Thailand) by July combining our forces with KTM. We are delayed due to the pandemic as earlier the plan was to enter that market in April," added Mr Sharma.

The company intends to enter the sports category with premium brands such as Dominar and the Pulsar NS range leading the charge, he added.

A new distributor for Thailand has been appointed by Bajaj Auto who will be responsible for setting up the local network and build the business for KTM as well as other brands.

“We have also identified some dealers and dealer appointment and setting up of the network is underway," said the senior company executive.

The company targets to strengthen its presence in the region, which is largely dominated by the Japanese automakers.

Bajaj Auto has local subsidiary PT. Bajaj Auto Indonesia in the country for local presence, which overlooks operations of the local distributor appointed for retail and distribution of KTM bikes.

“We are front-ending KTM and Husqvarna brands in Indonesia and will venture with premium Bajaj brands in a year from now," Mr Sharma said.

The company also has a strong presence in Philippines where it is present along with its partner Kawasaki. He added that Bajaj Auto entered Malaysia 18-20 months ago with the Pulsar series, which is doing well.

“On the three-wheeler business, we have created the market in Philippines, Cambodia and Mayanmar," Mr Sharma said.

Mr Aditya Jhawar, auto analyst at Investec Capital Services (India) Pvt Ltd said, some of the African countries are facing stress, which are key export markets for Bajaj Auto, and the risk of currency devaluation, the company is aiming on ramping up its presence in the other important regions.

“Asean countries are horizon-one markets for Bajaj Auto, which means they are being looked at with urgency," Mr Jhawar said.

The company’s domestic sales in FY20 was supported by a 10 per cent growth in motorcycle exports. Though, Bajaj Auto reported 8 per cent y-o-y decline in its consolidated revenues for the March quarter at Rs 6,816 crore (US$ 966.95 million). There was also a drop of 4 per cent y-o-y at Rs 1,354 crore (US$ 192.08 million) in consolidated net profit for the period.

For FY20, Bajaj Auto reported 6 per cent growth in its consolidated net profit at Rs 5,212 crore (US$ 739.40 million) despite a decline of 1.44 per cent in its revenue from operations, which stood at Rs 29,919 crore (US$ 4.24 billion).

The company exported 47 per cent of motorcycles and 45 per cent of three-wheelers produced in FY20.