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    Business Wire IndiaWNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of global Business Process Management (BPM) services, today announced results for the fiscal 2018 first quarter ended June 30, 2017.
     

    Highlights – Fiscal 2018 First Quarter:
    GAAP Financials
    • Revenue of $180.1 million, up 21.7% from $148.0 million in Q1 of last year and up 13.0% from $159.4 million last quarter
    • Profit/(Loss) of $16.7 million, compared to $12.2 million in Q1 of last year and ($5.0) million last quarter
    • Diluted earnings/(loss) per ADS of $0.32, compared to $0.23 in Q1 of last year and ($0.10) last quarter
    Non-GAAP Financial Measures[1]
    • Revenue less repair payments of $175.3 million, up 24.5% from $140.8 million in Q1 of last year and up 13.7% from $154.1 million last quarter
    • Adjusted Net Income (ANI) of $23.6 million, compared to $21.1 million in Q1 of last year and $24.0 million last quarter
    • Adjusted diluted earnings per ADS of $0.45, compared to $0.40 in Q1 of last year and $0.46 last quarter
    Other Metrics
    • Added 7 new clients in the quarter, expanded 16 existing relationships
    • Days sales outstanding (DSO) at 30 days
    • Global headcount of 34,789 as of June 30, 2017
     
    Reconciliations of the non-GAAP financial measures discussed below to our GAAP operating results are included at the end of this release. See also “About Non-GAAP Financial Measures.”
     
    Revenue in the first quarter was $180.1 million, representing a 21.7% increase versus Q1 of last year and a 13.0% increase from the previous quarter. Revenue less repair payments* in the first quarter was $175.3 million, an increase of 24.5% year-over-year and 13.7% sequentially. Excluding exchange rate impacts, constant currency revenue less repair payments* in the fiscal first quarter grew 27.5% versus Q1 of last year and 11.7% sequentially. Year-over-year, fiscal Q1 revenue growth was driven by our acquisitions of HealthHelp and Denali, which closed in March 2017 and January 2017 respectively, and solid organic revenue performance across verticals and services. These benefits were partially offset by depreciation in the British pound against the US dollar. Sequentially, revenue growth was driven by our acquired businesses, broad-based growth with both new and existing clients, and favorable currency movements. These increases partially offset headwinds from annual committed productivity and the ramp-down of non-recurring revenues from Q4.
     
    Operating margin in the first quarter was 11.0%, as compared to 9.8% in Q1 of last year and an operating loss margin of (2.0%) reported in the previous quarter. On a year-over-year basis, margin improvement was driven by a step-down in amortization of intangible asset expense, hedging gains net of currency movements, and increased operating leverage from higher volumes. These benefits more than offset headwinds from the impact of our annual wage increases and lower productivity associated with Q1 hiring. Sequentially, margins increased due to a Q4 non-recurring charge of $21.7 million for goodwill impairment, higher Q1 volume, and lower share based compensation expense as a percentage of revenue. These benefits more than offset headwinds from our annual wage increases, currency movements net of hedging, and a step-up in amortization of intangible asset expense associated with our Q4 acquisitions.
     
    First quarter adjusted operating margin* was 17.1%, versus 18.6% in Q1 of last year and 18.1% last quarter. On a year-over-year basis, adjusted operating margin* reduced primarily due to the impact of our annual wage increases and lower productivity associated with Q1 hiring. These reductions were partially offset by hedging gains net of currency movements and increased operating leverage from higher volumes. Sequentially, adjusted operating margin* reduced as a result of the impact of our annual wage increases and currency movements net of hedging, which more than offset benefits from higher volumes.
     
    Profit in the fiscal first quarter was $16.7 million, as compared to $12.2 million in Q1 of last year and a loss of ($5.0) million in the previous quarter. Adjusted net income (ANI)* in Q1 was $23.6 million, up $2.5 million as compared to Q1 of last year and down $0.4 million from the previous quarter. In addition to the explanations discussed above, fiscal first quarter profit and adjusted net income* decreased by $1.5 million sequentially as a result of a one-time tax benefit in Q4 resulting from the reversal of a 2011 tax reserve which was no longer required.
     
    From a balance sheet perspective, WNS ended Q1 with $194.5 million in cash and investments and $116.9 million of debt. In the first quarter, the company generated $14.1 million in cash from operations, and had $7.3 million in capital expenditures. Days sales outstanding were 30 days, as compared to 29 days in Q1 of last year and 29 days reported in the previous quarter.
     
    “Our first quarter results demonstrate the business momentum we have been able to create over the past few years. WNS delivered $175.3 million in revenue less repair payments* which represents year-over-year constant currency growth in excess of 27%, and excluding the revenue impact of our fiscal Q4 2017 acquisitions, over 13% on an organic constant currency basis,” said Keshav Murugesh, WNS’s Chief Executive Officer. “We firmly believe that our corporate focus on domain expertise, coupled with expanded investments and capabilities in key areas such as analytics, automation and digital solutions has positioned the company for long-term success in the BPM industry. We will continue to create unique solutions which help our clients solve problems and better compete in their increasingly complex and fast-moving business environments.”
     
    Fiscal 2018 Guidance
    WNS is updating guidance for the fiscal year ending March 31, 2018 as follows:
    • Revenue less repair payments* is expected to be between $693 million and $723 million, up from $578.4 million in fiscal 2017. This assumes an average GBP to USD exchange rate of 1.29 for the remainder of fiscal 2018.
    • ANI* is expected to range between $98 million and $106 million versus $92.2 million in fiscal 2017. This assumes an average USD to INR exchange rate of 64.5 for the remainder of fiscal 2018.
    • Based on a diluted share count of 51.9 million shares, the company expects adjusted diluted earnings* per ADS to be in the range of $1.89 to $2.04 versus $1.74 in fiscal 2017.
    “The company has updated our forecast for fiscal 2018 based on current visibility levels and exchange rates,” said Sanjay Puria, WNS’s Chief Financial Officer. “Our revised guidance for the year reflects growth in revenue less repair payments* of 20% to 25%, or 19% to 25% on a constant currency* basis. We currently have 95% visibility to the midpoint of the range.”

    Conference Call

    WNS will host a conference call on July 20, 2017 at 8:00 am (Eastern) to discuss the company's quarterly results. To participate in the call, please use the following details: +1-888-656-9018; international dial-in +1-503-343-6030; participant passcode 50086758. A replay will be available for one week following the call at +1-855-859-2056; international dial-in +1-404-537-3406; passcode 50086758, as well as on the WNS website, www.wns.com, beginning two hours after the end of the call.

    About WNS

    WNS (Holdings) Limited (NYSE: WNS), is a leading global business process management company. WNS offers business value to 300+ global clients by combining operational excellence with deep domain expertise in key industry verticals including Travel, Insurance, Banking and Financial Services, Manufacturing, Retail and Consumer Packaged Goods, Shipping and Logistics, Healthcare and Utilities. WNS delivers an entire spectrum of business process management services such as finance and accounting, customer interaction services, technology solutions, research and analytics and industry specific back office and front office processes. As of June 30, 2017, WNS had 34,789 professionals across 52 delivery centers worldwide including China, Costa Rica, India, Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, United Kingdom and the United States. For more information, visit www.wns.com.

    Safe Harbor Statement

    This release contains forward-looking statements, as defined in the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations and assumptions about our Company and our industry. Generally, these forward-looking statements may be identified by the use of terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “seek,” “should” and similar expressions. These statements include, among other things, the discussions of our strategic initiatives and the expected resulting benefits, our growth opportunities, industry environment, expectations concerning our future financial performance and growth potential, including our fiscal 2018 guidance, future profitability, estimated capital expenditures, the expected benefits of our acquisitions of Denali and HealthHelp, and expected foreign currency exchange rates. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include but are not limited to worldwide economic and business conditions; political or economic instability in the jurisdictions where we have operations; our dependence on a limited number of clients in a limited number of industries; regulatory, legislative and judicial developments; increasing competition in the BPM industry; technological innovation; telecommunications or technology disruptions; our ability to attract and retain clients; our liability arising from fraud or unauthorized disclosure of sensitive or confidential client and customer data; negative public reaction in the US or the UK to offshore outsourcing; our ability to expand our business or effectively manage growth; our ability to hire and retain enough sufficiently trained employees to support our operations; the effects of our different pricing strategies or those of our competitors; our ability to successfully consummate, integrate and achieve accretive benefits from our strategic acquisitions, and to successfully grow our revenue and expand our service offerings and market share; and future regulatory actions and conditions in our operating areas. These and other factors are more fully discussed in our most recent annual report on Form 20-F and subsequent reports on Form 6-K filed with or furnished to the US Securities and Exchange Commission (SEC) which are available at www.sec.gov. We caution you not to place undue reliance on any forward-looking statements. Except as required by law, we do not undertake to update any forward-looking statements to reflect future events or circumstances.   References to “$” and “USD” refer to the United States dollars, the legal currency of the United States; references to “GBP” refer to the British pound, the legal currency of Britain; and references to “INR” refer to Indian Rupees, the legal currency of India. References to GAAP refers to International Financial Reporting Standards, as issued by the International Accounting Standards Board (IFRS).    

    WNS (HOLDINGS) LIMITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited, amounts in millions, except share and per share data)  
          Three months ended  
          Jun 30,
    2017
        Jun 30,
    2016
        Mar 31,
    2017
       
    Revenue     $ 180.1     $ 148.0   $ 159.4    
    Cost of revenue       124.7       98.7     107.4    
    Gross profit       55.4       49.3     52.0    
    Operating expenses:                          
    Selling and marketing expenses
          9.0       7.7     9.0    
    General and administrative expenses
          27.5       20.9     27.3    
    Foreign exchange loss / (gain), net
          (4.8)       (0.1)     (5.7)    
    Impairment of goodwill
          -       -     21.7    
    Amortization of intangible assets
          3.9       6.3     2.9    
    Operating profit / (loss)       19.8       14.5     (3.3)    
    Other income, net       (2.8)       (2.3)     (2.0)    
    Finance expense       1.1       0.1     0.4    
    Profit / (loss) before income taxes       21.4       16.8     (1.6)    
    Provision for income taxes       4.7       4.6     3.3    
    Profit / (loss)      $ 16.7     $ 12.2   $ (5.0)    
                               
    Earnings per share of ordinary share                          
    Basic     $ 0.33     $ 0.24   $  (0.10)    
    Diluted     $ 0.32     $ 0.23   $  (0.10)    
     
     
    WNS (HOLDINGS) LIMITED
    CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
    (Unaudited, amounts in millions, except share and per share data)
        As at Jun 30, 2017     As at Mar 31, 2017  
    ASSETS                
    Current assets:                
    Cash and cash equivalents
      $ 105.1     $ 69.8  
    Investments
        89.0       112.0  
    Trade receivables, net
        62.7       60.4  
    Unbilled revenue
        54.8       48.9  
    Funds held for clients
        8.9       9.1  
    Derivative assets
        26.9       35.4  
    Prepayments and other current assets
        30.4       27.4  
    Total current assets     377.8       363.1  
                     
    Non-current assets:                
    Goodwill
        135.0       134.0  
    Intangible assets
        94.1       96.6  
    Property and equipment
        58.0       54.8  
    Derivative assets
        3.8       6.6  
    Investments
        0.4       0.4  
    Deferred tax assets
        19.7       16.7  
    Other non-current assets
        32.2       31.9  
    Total non-current assets     343.2       341.1  
    TOTAL ASSETS   $ 721.1     $ 704.1  
                     
    LIABILITIES AND EQUITY                
    Current liabilities:                
    Trade payables
      $ 18.4     $ 14.2  
    Provisions and accrued expenses
        29.5       27.2  
    Derivative liabilities
        5.2       3.9  
    Pension and other employee obligations
        39.6       52.9  
    Current portion of long term debt
        27.6       27.6  
    Deferred revenue
        4.6       5.5  
    Current taxes payable
        1.9       1.3  
    Other liabilities
        16.0       16.0  
    Total current liabilities     143.0       148.8  
    Non-current liabilities:                
    Derivative liabilities
        1.2       0.8  
    Pension and other employee obligations
        12.0       10.7  
    Long term debt
        89.2       89.1  
    Deferred revenue
        0.5       0.4  
    Other non-current liabilities
        17.1       18.5  
    Deferred tax liabilities
        20.3       20.8  
    Total non-current liabilities     140.3       140.3  
    TOTAL LIABILITIES   $ 283.3     $ 289.1  
    Shareholders' equity:                
    Share capital (ordinary shares $ 0.16 (10 pence) par value, authorized 60,000,000 shares; issued: 53,848,955 and 53,312,559 shares each as at June 30, 2017 and March 31, 2017, respectively)
        8.4       8.3  
    Share premium
        346.3       338.3  
    Retained earnings
        294.7       278.0  
    Other components of equity
        (116.9)       (114.9)  
    Total shareholders’ equity including shares held in treasury     532.5       509.8  
    Less: 3,300,000 shares as at June 30, 2017 and March 31, 2017, held in treasury, at cost
        (94.7)       (94.7)  
    Total shareholders’ equity   $ 437.8     $ 415.1  
    TOTAL LIABILITIES AND EQUITY   $ 721.1     $ 704.1  
     
    About Non-GAAP Financial Measures
     
    The financial information in this release includes certain non-GAAP financial measures that we believe more accurately reflect our core operating performance. Reconciliations of these non-GAAP financial measures to our GAAP operating results are included below. A more detailed discussion of our GAAP results is contained in “Part I –Item 5. Operating and Financial Review and Prospects” in our annual report on Form 20-F filed with the SEC on June 29, 2017.
     
    For financial statement reporting purposes, WNS has two reportable segments: WNS Global BPM and WNS Auto Claims BPM. Revenue less repair payments is a non-GAAP financial measure that is calculated as (a) revenue less (b) in the auto claims business, payments to repair centers for “fault” repair cases where WNS acts as the principal in its dealings with the third party repair centers and its clients. WNS believes that revenue less repair payments for “fault” repairs reflects more accurately the value addition of the business process management services that it directly provides to its clients. For more details, please see the discussion in “Part I – Item 5. Operating and Financial Review and Prospects – Overview” in our annual report on Form 20-F filed with the SEC on June 29, 2017.
     
    Constant currency revenue less repair payments is a non-GAAP financial measure. We present constant currency revenue less repair payments so that revenue less repair payments may be viewed without the impact of foreign currency exchange rate fluctuations, thereby facilitating period-to-period comparisons of business performance. Constant currency revenue less repair payments is presented by recalculating prior period’s revenue less repair payments denominated in currencies other than in US dollars using the foreign exchange rate used for the latest period, without taking into account the impact of hedging gains/losses. Our non-US dollar denominated revenues include, but are not limited to, revenues denominated in pound sterling, South African rand, Australian dollar and Euro.
     
    WNS also presents (1) adjusted operating margin, which refers to adjusted operating profit (calculated as operating profit / (loss) excluding goodwill impairment, share-based expense and amortization of intangible assets) as a percentage of revenue less repair payments, and (2) ANI, which is calculated as profit excluding goodwill impairment, share-based expense and amortization of intangible assets and including the tax effect thereon, and other non-GAAP financial measures included in this release as supplemental measures of its performance. WNS presents these non-GAAP financial measures because it believes they assist investors in comparing its performance across reporting periods on a consistent basis by excluding items that are non-recurring in nature and those it believes are not indicative of its core operating performance. In addition, it uses these non-GAAP financial measures (i) as a factor in evaluating management’s performance when determining incentive compensation and (ii) to evaluate the effectiveness of its business strategies. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for WNS’s financial results prepared in accordance with IFRS.
     
    The company is not able to provide our forward-looking GAAP revenue, profit and earnings per ADS without unreasonable efforts for a number of reasons, including our inability to predict with a reasonable degree of certainty the payments to repair centers, our future share-based compensation expense under IFRS 2 (Share Based payments), amortization of intangibles associated with future acquisitions, goodwill impairment and currency fluctuations. As a result, any attempt to provide a reconciliation of the forward-looking GAAP financial measures (revenue, profit, earnings per ADS) to our forward-looking non-GAAP financial measures (revenue less repair payments*, ANI* and Adjusted diluted earnings* per ADS respectively) would imply a degree of likelihood that we do not believe is reasonable.
     
    Reconciliation of revenue (GAAP) to revenue less repair payments (non-GAAP) and constant currency revenue less repair payments (non-GAAP)
        Three months ended   Three months ended
    Jun 30, 2017 compared to
        Jun 30,
    2017
       
    Jun 30,
    2016
        Mar 31, 2017     Jun 30,
    2016
      Mar 31, 2017
        (Amounts in millions)   (% growth)
    Revenue (GAAP)   $ 180.1     $ 148.0     $ 159.4  
     
        21.7%   13.0%  
    Less: Payments to repair centers     4.8       7.2       5.3       (32.6)%   (8.1)%  
    Revenue less repair payments (Non-GAAP)   $ 175.3     $ 140.8     $ 154.1       24.5%   13.7%  
    Exchange rate impact     (3.4)       (6.0)       (0.1)              
    Constant currency revenue less
    repair payments (Non-GAAP)
      $ 171.9     $ 134.8     $ 154.0       27.5%   11.7%  
                                               
     
    Reconciliation of cost of revenue (GAAP to non-GAAP)          
       
    Three months ended
       
        Jun 30,
    2017
       
    Jun 30,
    2016
       
    Mar 31,
    2017
       
        (Amounts in millions)    
    Cost of revenue (GAAP)   $ 124.7     $ 98.7   $ 107.4    
    Less: Payments to repair centers     4.8       7.2     5.3    
    Less: Share-based compensation expense     0.8       0.6     0.8    
    Adjusted cost of revenue (excluding payment to repair centers
    and share-based compensation expense) (Non-GAAP)
      $ 119.1     $ 90.9   $ 101.3    
     
    Reconciliation of gross profit (GAAP to non-GAAP)
       
    Three months ended
       
        Jun 30,
    2017
        Jun 30,
    2016
        Mar 31,
    2017
       
        (Amounts in millions)    
    Gross profit (GAAP)   $ 55.4     $ 49.3   $ 52.0  
     
     
    Add: Share-based compensation expense     0.8       0.6     0.8    
    Adjusted gross profit (excluding share-based compensation expense) (Non-GAAP)   $ 56.2     $ 49.9   $ 52.8    
     
       
    Three months ended
       
        Jun 30,
    2017
        Jun 30,
    2016
        Mar 31,
    2017
       
    Gross profit as a percentage of revenue (GAAP)     30.7%       33.3%     32.6%  
     
     
    Adjusted gross profit (excluding share-based compensation expense) as a percentage of revenue less repair payments (Non-GAAP)     32.0%       35.4%     34.3%    

     
    Reconciliation of selling and marketing expenses (GAAP to non-GAAP)          
       
    Three months ended
       
        Jun 30,
    2017
        Jun 30,
    2016
        Mar 31,
    2017
       
        (Amounts in millions)    
    Selling and marketing expenses (GAAP)   $ 9.0     $ 7.7   $ 9.0    
    Less: Share-based compensation expense     0.5       0.3     0.5    
    Adjusted selling and marketing expenses (excluding share-
    based compensation expense) (Non-GAAP)
      $ 8.5     $ 7.4   $ 8.5    
                                 
     
       
    Three months ended
     
        Jun 30,
    2017
        Jun 30,
    2016
        Mar 31,
    2017
     
    Selling and marketing expenses as a percentage of revenue (GAAP)     5.0%       5.2%     5.7%  
    Adjusted selling and marketing expenses (excluding share-based compensation expense) as a percentage of revenue less repair payments (Non-GAAP)     4.8%       5.3%     5.5%  
                               
     
    Reconciliation of general and administrative expenses (GAAP to non-GAAP)  
       
    Three months ended
       
        Jun 30,
    2017
        Jun 30,
    2016
        Mar 31,
    2017
       
        (Amounts in millions)    
    General and administrative expenses (GAAP)   $ 27.5     $ 20.9   $ 27.3  
     
     
    Less: Share-based compensation expense     5.1       4.5     5.2    
    Adjusted general and administrative
    expenses (excluding share-based
    compensation expense) (Non-GAAP)
      $ 22.4     $ 16.4   $ 22.1    
     
       
    Three months ended
       
        Jun 30,
    2017
        Jun 30,
    2016
        Mar 31,
    2017
       
    General and administrative expenses as a percentage of revenue (GAAP)     15.3%       14.1%     17.1%  
     
     
    Adjusted general and administrative expenses (excluding share-based compensation expense) as a percentage of revenue less repair payments (Non-GAAP)     12.8%       11.6%     14.3%    
                                   
    Reconciliation of operating profit / (loss) (GAAP to non-GAAP)
       
    Three months ended
     
     
       
        Jun 30,
    2017
        Jun 30,
    2016
        Mar 31,
    2017
       
                         
        (Amounts in millions)    
    Operating profit / (loss) (GAAP)   $ 19.8
     
        $ 14.5   $ (3.3)    
    Add: Impairment of goodwill     -       -     21.7    
    Add: Share-based compensation expense     6.4       5.4     6.6    
    Add: Amortization of intangible assets     3.9       6.3     2.9    
    Adjusted operating profit / (loss) (excluding
    impairment of goodwill, share-based compensation expense and amortization of intangible assets) (Non-GAAP)
      $ 30.0     $ 26.3   $ 27.9    
     
       
    Three months ended
     
     
        Jun 30,
    2017
        Jun 30,
    2016
        Mar 31,
    2017
     
    Operating profit / (loss) as a percentage of revenue (GAAP)     11.0%       9.8%     (2.0)%  
    Adjusted operating profit (excluding
    impairment of goodwill, share-based compensation expense and amortization of intangible assets) as a percentage of revenue less repair payments (Non-GAAP)
        17.1%       18.6%     18.1%  
     
    Reconciliation of profit / (loss) (GAAP) to ANI (non-GAAP)
        Three months ended  
        Jun 30,
    2017
        Jun 30,
    2016
        Mar 31,
    2017
     
        (Amounts in millions)  
    Profit / (loss) (GAAP)   $ 16.7     $ 12.2   $ (5.0)  
    Add: Impairment of goodwill     -       -     21.7  
    Add: Share-based compensation expense     6.4       5.4     6.6  
    Add: Amortization of intangible assets     3.9       6.3     2.9  
    Adjusted net income (excluding impairment of goodwill, share-based compensation expense and amortization of intangible assets) (Non-GAAP)   $ 27.0     $ 23.9   $ 26.2  
    Less: Tax impact on amortization of intangible assets(1)     (1.3)       (1.6)     (0.9)  
    Less: Tax impact on share-based compensation expense(1)     (2.1)       (1.2)     (1.3)  
    Adjusted Net Income (excluding
    impairment of goodwill, share-based compensation expense and amortization of intangible assets, including tax effect* thereon) (Non GAAP)
      $ 23.6     $ 21.1   $ 24.0  

    (1) The company applies GAAP methodologies in computing the tax impact on its non-GAAP ANI adjustments (including amortization of intangible assets and share-based compensation expense). The company’s non-GAAP tax expense is generally higher than its GAAP tax expense if the income subject to taxes is higher considering the effect of the items excluded from GAAP profit to arrive at non-GAAP profit.
     
    * Goodwill being non-tax deductible, there is no impact on tax thereon
     
       
    Three months ended
     
        Jun 30,
    2017
        Jun 30,
    2016
        Mar 31,
    2017
     
    Profit as a percentage of revenue (GAAP)     9.3%       8.2%     (3.1)%  
    Adjusted net income as a percentage of revenue less repair payments (non-GAAP) as per our previous method of
    Calculation
        15.4%       17.0%     17.0%  
    Adjusted net income (excluding
    impairment of goodwill, share-based compensation expense and amortization of intangible assets, including tax effect* thereon) as a percentage of revenue less repair payments (Non-GAAP)
        13.5%       15.0%     15.6%  
                               
    * Goodwill being non-tax deductible, there is no impact on tax thereon
     
    Reconciliation of basic income per ADS (GAAP to non-GAAP)
        Three month ended    
        Jun 30,
    2017
        Jun 30,
    2016
        Mar 31,
    2017
       
    Basic earnings per ADS (GAAP)
     
      $ 0.33     $ 0.24   $ (0.10)    
    Add: Adjustments for impairment of goodwill, share-based compensation expense and amortization of intangible assets     0.21       0.23     0.62    
    Adjusted basic net income per ADS (Non GAAP) as per previous method of calculation   $ 0.54     $ 0.47   $ 0.52    
    Less: Tax impact on amortization of intangible assets and share-based compensation expense*     (0.07)       (0.06)     (0.04)    
    Adjusted basic net income per ADS (excluding impairment of goodwill, share-based compensation expenses and amortization of intangible assets, including tax effect* thereon) (Non-GAAP)   $ 0.47     $ 0.41   $ 0.48    
                                 
    * Goodwill being non-tax deductible, there is no impact on tax thereon
     
     Reconciliation of diluted income per ADS (GAAP to non-GAAP)
       
    Three months ended
     
       
        Jun 30,
    2017
        Jun 30,
    2016
        Mar 31,
    2017
       
    Diluted earnings per ADS (GAAP)   $ 0.32     $ 0.23   $ (0.10)    
    Add: Adjustments for impairment of goodwill, share-based compensation expense and amortization of intangible assets     0.19       0.22     0.60    
    Adjusted diluted net income per ADS (Non GAAP) as per previous method of calculation   $ 0.51     $ 0.45   $ 0.50    
    Less: Tax impact on amortization of intangible assets and share-based compensation expense*     (0.06)       (0.05)     (0.04)    
    Adjusted diluted net income per ADS (excluding impairment of goodwill, amortization of intangible assets and share-based compensation expense, including tax effect* thereon) (Non-GAAP)   $ 0.45     $ 0.40   $ 0.46    
                                 
    * Goodwill being non-tax deductible, there is no impact on tax thereon
     
    [1] See “About Non-GAAP Financial Measures” and the reconciliations of the historical non-GAAP financial measures to our GAAP operating results at the end of this release.


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    Business Wire India

    OT-Morpho, a world leader in digital security and identification technologies, announced that its embedded secure element designed for the Internet of Things (IoT), IoThrive Tiny SE+, has obtained the highest level CSPN1 security certification. IoThrive Tiny SE+ is the first embedded secure element of its kind to receive this certification awarded by the French security agency ANSSI2.

     

    OT-Morpho developed the IoThrive Tiny SE+ to manage identities and secure data in any non-cellular network. In the rapidly evolving IoT market, product security validation and certification is critical, especially in an age where every device can now become a target for hackers. Being able to guarantee privacy and security in the Internet of Things will be key for the market success of connected objects.

     

    In contrast to other programs, CSPN certification covers not only the hardware, but also the software of the product. It confirms the security robustness of the whole IoThrive Tiny SE+ product. Jean-Yves Bernard,Security Manager at StarChip, a subsidiary of OT-Morpho, explained: “To achieve CSPN certification, all components of the solution were tested with means and methods that a hacker would use in the field. Passing these tests creates real confidence in our product’s ability to resist to any attack. This certification is yet another proof of our commitment to deliver products that can be fully trusted by our customers”.

     

    -----

     

    OT-Morpho is a world leader in digital security & identification technologies with the ambition to empower citizens and consumers alike to interact, pay, connect, commute, travel and even vote in ways that are now possible in a connected world.

     

    As our physical and digital, civil and commercial lifestyles converge, OT-Morpho stands precisely at that crossroads to leverage the best in security and identity technologies and offer customized solutions to a wide range of international clients from key industries, including Financial services, Telecom, Identity, Security and IoT.

     

    With close to €3bn in revenues and more than 14,000 employees, OT-Morpho is the result of the merger between OT (Oberthur Technologies) and Safran Identity & Security (Morpho) completed in 31 May 2017. Temporarily designated by the name "OT-Morpho", the new company will unveil its new name in September of this year.

     

    For more information:
    www.morpho.com and www.oberthur.com
    Follow @Safran_Morpho and @OT_TheMcompany on Twitter.

     

    1CSPN = Certification de Sécurité de Premier Niveau, i.e. First Level Security Certification For Information Technology Products More information here.
    2ANSSI = Autorité Nationale en matière de Sécurité et de défense des Systèmes d'Information, i.e.French National Agency for Security in Information Systems. More information here.

     

     

     

     

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    Business Wire India

    International law firm Dorsey & Whitney LLP announced that it has been shortlisted for the Asialaw Dispute Resolution Awards 2017 in the category of “Best in Banking and Finance.” Winners of the awards will be announced on September 28, 2017 in Hong Kong. Asialaw’s announcement can be found here.

     

    This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170720006117/en/

     

    Partner Lanier Saperstein co-head of Dorsey's U.S.-China Practice Group. (Photo: Dorsey & Whitney LL ...

    Partner Lanier Saperstein co-head of Dorsey's U.S.-China Practice Group. (Photo: Dorsey & Whitney LLP)

    “It is an honor to be a finalist for the Asialaw Dispute Resolution Awards in banking and finance,” said Lanier Saperstein, co-head of the Firm’s U.S.-China Practice Group. “We face intense competition in this highly competitive segment, and we are flattered to be included in this elite group.”

     

    The Asialaw Dispute Resolution Awards, in their third year, honor leaders in a variety of practice areas and jurisdictions. The awards highlight law firms that have notable strengths in handling Asia-related contentious matters.

     

    Dorsey with its U.S.–China Practice Group is a leader in serving Chinese clients in dispute resolution matters and the banking industry as a whole. Dorsey’s U.S.–China Practice Group is multi-disciplinary with expertise coming from its offices throughout the U.S. and greater China. “Our mission is to continue building a top-tier U.S.–China practice that provides high-quality, steadfast legal services, both to our China-based clients and U.S. clients with an emphasis on building collaboration across borders,” Mr. Saperstein said.

     

    Dorsey’s U.S.–China practice has been recognized for providing excellent legal services to a number of China’s largest and most important companies. Big Law Business called Dorsey’s U.S.–China practice “notable.” The China Business Law Journal issued its 2016 China Business Law Award to Dorsey in the category of “Insurance & Reinsurance – International Firms” for the firm’s representation of several of China’s largest insurance companies. The legal blog, Above the Law, praised Dorsey’s U.S.–China practice, observing: “Whether you’re a North American company operating in Asia, or an Asian company looking to invest or expand overseas, this firm has the depth of experience to advise you on any corporate needs that arise.”

     

    About Dorsey & Whitney LLP

     

    Clients have relied on Dorsey since 1912 as a valued business partner. With locations across the United States and in Canada, Europe and the Asia-Pacific region, Dorsey provides an integrated, proactive approach to its clients' legal and business needs. Dorsey represents a number of the world's most successful companies from a wide range of industries, including leaders in the banking, energy, food and agribusiness, health care, mining and natural resources, and public-private project development sectors, as well as major non-profit and government entities.

     

     

     

     
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    Business Wire India

    Great American Insurance Group announced that the Singapore Branch of its flagship insurer, Great American Insurance Company, has hired Mr. Larry Kwok, Ms. Linda Tan and Mr. Donovan Lam.

     

    This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170720006036/en/

     

    Mr. Larry Kwok will serve as appointed Director, Marine (North Asia Market). (Photo: Business Wire)

    Mr. Larry Kwok will serve as appointed Director, Marine (North Asia Market). (Photo: Business Wire)

    Mr. Larry Kwok will serve as appointed Director, Marine (North Asia Market). In this role, he will be responsible for the strategic management of marine underwriting and portfolio management within the North Asia market. In addition, he will assist in leading the business toward its growth objectives within Asia. Mr. Kwok has 18 years of experience in the insurance industry, holding various senior underwriting and management roles with a specialty focus on marine insurance classes. Mr. Kwok holds a Bachelor Degree in Business Transport and Logistics Management from Royal Melbourne Institute of Technology University, a Bachelor of Laws (LLB) from Manchester Metropolitan University and a Master of Laws (LLM) in Maritime and Transportation Law stream at City University of Hong Kong. Mr. Kwok is a Senior Associate member of The Australia and New Zealand Institute of Insurance and Finance (ANZIIF).

     

    Ms. Linda Tan will serve as appointed Director, Marine. In this role, she will be responsible for the strategic management of marine underwriting and portfolio management within Asia. In addition, she will assist in leading the business toward its growth objectives within Asia. Ms. Tan has over 20 years of experience in the insurance industry, with practical expertise in underwriting, servicing, broking and marketing of marine and non-marine insurance products, along with regional account management for facultative and treaty business. Ms. Tan is an Associate member of the Australian Insurance Institute.

     

    Mr. Donovan Lam will serve as appointed Senior Manager, marine and Casualty Claims. In this role, he will oversee the claims management of all marine and casualty classes of business to drive best practices and deliver superior claims service to clients. He has over 27 years of extensive experience in marine claims. Mr. Lam holds a Bachelor of Social Science degree in Geography and is also an Associate member of the Chartered Insurance Institute of London.

     

    About Great American Insurance Company Singapore Branch

     

    Great American Insurance Company, Singapore Branch offers an extensive list of insurance solutions to a wide variety of commercial customers. The Singapore Branch is dedicated to delivering exceptional service to its customers; its experienced team of underwriters will help to tailor a policy for their needs. The Singapore Branch of Great American Insurance Company has a keen focus on service standards, with an emphasis on claims services and helping clients win and manage difficult accounts, along with an ability to maximize local market opportunities through a flexible, efficient and scalable business model. Great American Insurance Company – Singapore Branch, #16-01 Centennial Tower, Singapore 039190. Registration number T15FC0029B.

     

    About Great American Insurance Group

     

    Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets. Great American Insurance Company has received an “A” (Excellent) or higher rating from the A.M. Best Company for more than 100 years (most recent rating evaluation of “A+” (Superior) affirmed May 12, 2016). The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG’s common stock is listed and traded on the New York Stock Exchange under the symbol AFG.

     

     

     

     
    MULTIMEDIA AVAILABLE :
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    Business Wire India

    UAE Exchange Nizamabad CSR activity
    UAE Exchange Nizamabad CSR activity

    It is the moment of honour for the Nizamabad branch to be called as “convenience branch” by the eminent lawyer and President of Rotary club-Nizamabad, Mr Jagadishwar Rao. Thriving to excellence by providing the best amenities and customised services, Nizamabad branch stand out as the best financial services provider of the locality for almost 2 decades.
     
    Aiming to deliver the quality services as per the stipulations of the valuable customers, premise of Nizamabad branch has been extended to the Ground floor. It was inaugurated by Mr Jagadishwar Rao in the presence of Zonal Head, Mr N. Gopi, loyal customers and other invited guests. 
     
    “Branch premise extended to the Ground floor will add convenience into the life of customer especially the senior citizens,” Branch Head, Mr Kura Suresh said during the inauguration. Mr N Gopi briefed about the company and thanking all the customers for their support.
     
    Branch had taken an initiative for supporting the green initiative of Telangana Government, Haritha Haram by planting tree saplings. Zonal Head, Mr N Gopi, Nizamabad branch team, Armur Branch Head and staffs from Armur, Quila Road and Bodhan branches had joined hands with the support of Municipal Assistant Engineer for the noble cause.About UAE Exchange India
     
    UAE Exchange India is one of the pioneers of financial services renowned for its penchant quality and optimized service trends, creating a niche for itself in the industry. Connecting people and creating progress with the finest of quality is the vision of the company that has an extensive reach of 377 branches serving a population of 1.25 million people under the proficient support of 3375 employees. The company has been instrumental in providing cost-effective service in Foreign Exchange, Outward Remittance, Money Transfer, Air Ticketing & Tours, Gold Loan, Insurance and Share Trading. UAE Exchange Mobile App – “Xpay Cash Wallet” provide seamless options for customer ranging from Instant Money transfer, Mobile /DTH Recharge, Gifting Services etc. ensuring safe & secure digital/mobile payment platform.

    Website: www.uaeexchangeindia.com

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    Business Wire India

    QNB Group, the largest financial institution in the Middle East and Africa, has recently commenced operations in the city of Mumbai, the economic capital of the Republic of India.

     

    The start of the Group’s operations in the Republic of India comes in support of its vision to become a leading bank in the Middle East, Africa, and Southeast Asia by 2020, in addition to establishing a foothold in highly competitive markets.

     

    Through its new branch in India, the Group offers a full spectrum of banking products and services. The Group also offers its rich experience in wealth management, investment portfolios, project finance, and the provision of smart banking solutions and a range of innovative products and services designed to suit the requirements of the Indian market.

     

    The Indian economy is the seventh largest in the world with an annual GDP of USD2.3tn in 2016. It is the world’s second most populated country and the fastest growing major economy. It has expanding trade and population ties with Qatar and the Middle East region more broadly. In particular, India is the third largest importer of liquefied natural gas from Qatar.

     

    It is worth mentioning that QNB recently topped The Banker magazine’s and ranked Best Bank in the Middle East and Africa by Tier 1 capital, as well as ranking 82nd among the Top 1000 World Banks.

     

    QNB Group’s total assets reached USD211 billion as of 30 June 2017, the highest ever achieved by the Group, and net profit for the six months ended 30 June 2017 reached USD1.8 billion.

     

    QNB Group’s presence through its subsidiaries and associate companies extends to more than 31 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees is more than 27,900 operating through more than 1,250 locations serving more than 21 million customers, with an ATM network of more than 4,300 machines.

     

    *Source: ME NewsWire

     

     

     

     

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    Business Wire India

    Utimaco has achieved Payment Card Industry PIN Transaction Security Hardware Security Module Version 2 (PCI PTS HSM V2) compliance for uncontrolled environments for its CryptoServer CSe HSM platform from the PCI Standards Security Council, giving the payment card industry and consumers confidence that their data will be secure throughout the transaction process when using Utimaco’s HSM.

     

    Utimaco’s CryptoServer CSe HSM was designed to secure card payment systems as a high-performance security platform with active tamper resistance, protecting cryptographic keys and other sensitive information such as customer PINs and cardholder data. The PCI HSM certification for the updated CryptoServer hardware platform demonstrates Utimaco's ability to deliver innovative and high-quality security solutions, even in the most rigorous and demanding environments.

     

    Utimaco also offers open-payment APIs, empowering vendors with a fully customizable HSM that can adapt to changing industry needs, and can help certify customized firmware solutions.

     

    “The sensitive nature of payment transactions requires a high level of security, and as breaches and exploits rise, financial institutions need a secure solution to protect their customers and themselves from costly attacks,” said Matthias Pankert, Utimaco Senior Vice President. “With this new compliance standard from the PCI Standards Security Council, a respected and independent organization, Utimaco guarantees the highest level of security to meet the needs of enterprises and consumers alike.”

     

    HSMs are a fundamental tool for securing payment transactions and ensuring the highest standards of security. Now, banks and credit card companies using an Utimaco HSM when issuing EMV chip technology payment cards or implementing payment processes like PIN processing, card verification, card production, ATM interchange and more, will have the benefit of completing these transactions securely and efficiently, while adhering to PCI SSC mandates.

     

    Pankert continued, “We are particularly proud that we received a PCI HSM certification for the most demanding requirement profile, focusing on physical security if used in controlled and uncontrolled environments like non-ISO certified data centers. This demonstrates our commitment to achieving internationally recognized standards and compliance requirements, while delivering innovative, high quality security solutions. Our next step will be the launch of our first HSM PaymentServer in Q4 2017.”

     

    The PCI SSC created practical security compliance standards for HSMs in the payments industry. Current mandates and encryption standards issued by the PCI SSC require a PCI HSM for all payment-related HSMs, and it is expected to become the default standard for future systems. The qualification will ultimately create a higher-level of security for card holder information within the global payments network and merchant facilities worldwide.

     

    For more information on Utimaco's PCI HSM certification, and to be one of the first to know about the upcoming launch of the HSM PaymentServer, contact https://hsm.utimaco.com/contact.

     

    About Utimaco
    Utimaco is a leading manufacturer of HSMs that provide the Root of Trust for the payments industry. We keep cryptographic keys and digital identities safe to protect critical digital infrastructures and high value data assets. Our products enable innovations and support the creation of new business by helping to secure critical business data and transactions. Founded in 1983, Utimaco HSMs today are deployed across more than 80 countries in more than 1,000 installations. Utimaco employs a total of 170 people, with sales offices in Germany, the US, the UK and Singapore.

     

     

     

     

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    Business Wire India

    • Revenue at INR 8,226 million for the quarter; growth of 1.3 % QoQ
    • Net Income at INR 980 million for the quarter, growing 1.6 % QoQ
    L&T Technology Services Limited (LTTS) (BSE: 540115) (NSE: LTTS), announced its results for the first quarter ended June 30, 2017. The company’s quarterly revenue rose 6.3 percent Year-on-Year to USD 128 million, on the back of successful project executions and new orders. Net profit for the quarter came in at INR 980 million which represents a growth of 1.6% on a sequential basis. Operating margin (EBITDA) was at INR 1,257 million for the quarter at 15.3% of the revenue.

    The quarter was buoyed by several multi-year multi-million dollar deals from global customers in new age areas like robotics, video solutions, avionics and autonomous car technologies. Notable projects include developing advanced robotic programming and simulation algorithms for vehicle assembly plants of a global OEM manufacturer and partnering with a global technology company for enhancement of video platform solutions which are deployed to tens of millions of subscribers globally.

    LTTS is ramping up its design centers in Texas and the Midwest region to address the changing demands from U.S. customers. It is also expanding its operations in Israel by setting up a Center of Excellence that will develop next generation video and security solutions for customers across the globe.

    “Despite the impact of the rupee appreciation we have maintained steady net margins on a sequential basis. The growth in revenue was driven by exciting projects in new technology areas and sustained business momentum from our top 30 customers,” said Dr Keshab Panda, CEO & Managing Director, L&T Technology Services Limited.

    “The healthy deal pipeline makes us optimistic of posting a robust revenue growth in FY18,” Dr Panda added.
     
    Other highlights for the quarter:
    • L&T Technology Services has been positioned in the “Winners Circle” by HfS Research, The Services Research Company™ in its maiden Industry 4.0 Services Blueprint Assessment. LTTS was rated as having strong global capabilities in domains such as Manufacturing Data Analytics, Robots, Manufacturing Automation, Digital Clone Simulation, 3D Printing, Manufacturing IoT, Cybersecurity, AR in Manufacturing and Visual Analytics in Manufacturing, according to HfS.
    • CIMData has recognized LTTS among the top 25 PLM Revenue Services Leaders in 2016. LTTS was also positioned among the top 20 collaborative product definition management (cPDm) independent services leaders and an Overall Revenue Leader in the cPDm category.
    • LTTS won the CSR Excellence Award for best CSR project in skill development for its Naya Savera campaign on skill development for the underprivileged.​

    About L&T Technology Services Limited

    L&T Technology Services Limited is a publicly listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D Services (ER&D) addressing global customers including 52 Fortune 500 companies and 48 of the world’s top ER&D spenders. A leading global pure-play engineering services company, L&T Technology Services offers consultancy, design, development and testing services across the product and process development life cycle for the industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Digital Engineering portfolio of offerings from L&T Technology Services help build Smart Products & Services and offer Smart Manufacturing services and solutions to customers. The company also offers services and solutions in software engineering, embedded systems, mechanical & manufacturing engineering, value engineering and plant & process engineering. Headquartered in India, L&T Technology Services Limited has around 11,000 employees, 12 global delivery centers in India and overseas, 27 sales offices in India, North America Europe, the Middle East and Asia and 34 labs in India as of March 31, 2017. For additional information about L&T Technology Services log on to www.LntTechservices.com.

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    Business Wire India

    Visa (NYSE:V), a global payments technology company, today announced expanded transaction processing capabilities in two state-of-the-art data centers in Singapore and the United Kingdom. The new global processing hubs will increase the speed, resilience and geo-diversity of Visa’s infrastructure, while strengthening the company’s ability to deliver new and more sophisticated ways to pay in today’s hyper-connected global economy.

     

    “Commerce and payments are in the midst of an historic shift from analog to digital. A growing majority of people around the globe are leaving cash behind and reaching instead for their cards and devices to pay,” said Rajat Taneja, executive vice president of technology at Visa. “With our technology investments in Asia and Europe, we’re scaling up our infrastructure to meet the explosive growth in digital and mobile payments, while maintaining the secure, convenient and always-on service that our clients and partners expect.”

     

    The Singapore and UK data centers will complement Visa’s existing processing facilities in North America. With four synchronized data centers, Visa’s expanded footprint will boost the redundancy and resilience of its infrastructure, minimizing the likelihood of service disruptions to Visa’s 16,600 financial institutions, millions of merchant acceptance locations, and 3 billion cards.1 The two centers are equipped with best-in-class technology, including high-performance hardware and energy-efficient power and cooling infrastructure. Visa plans to start processing global transactions in the two facilities in 2018.

     

    Singapore Data Center

     

    Visa’s 10,000 square foot data center in Singapore is Visa’s first transaction processing center in Southeast Asia and will serve clients, cardholders and merchants across the region and in Visa’s global network.

     

    “As home to our Asia Pacific headquarters, Singapore is already a major hub for the Visa business,” said Chris Clark, group executive, Asia Pacific, Visa. “With our new processing facility in Singapore, we’re strengthening our ability to meet rising demand for digital payments, while driving the pace of payment innovation across the Asia Pacific region.”

     

    “We are delighted that Visa has chosen Singapore as the location for its new data center, reinforcing Singapore’s position as a trusted business and technology partner,” said Mr. Kelvin Wong, Assistant Managing Director, Singapore Economic Development Board. “This investment strengthens the sophistication of Visa’s business footprint in Singapore and is a testament to Singapore’s regional leadership in data management and connectivity.”

     

    The new data center is Visa’s third major investment in Singapore in the last two years. In September 2016, Visa launched the first international campus of Visa University at its headquarters in Singapore. In April 2016, Visa launched the Singapore Innovation Center, a destination for clients, partners and developers across the region to work alongside Visa experts and jointly create next-generation commerce applications.

     

    United Kingdom Data Center

     

    In June 2016, Visa Inc. announced the completion of its acquisition of Visa Europe, starting a multi-year process to combine the two companies into a unified global organization with a shared technology platform. This integration brings 3,200 European clients onto VisaNet, Visa’s global transaction processing network, and involves a retrofit of Visa’s legacy data center in the UK.

     

    Once fully retrofitted, the 10,000 square foot facility will bring increased operational resilience for clients in the region while accelerating the speed-to-market for new payment innovations in the European market.

     

    “The launch of our state-of-the-art data center in Europe is a critical milestone, enabling all our clients and partners to take advantage of Visa’s global technical resources and assets,” said Bill Sheedy, CEO Europe, Visa Inc.

     

    About Visa

     

    Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit https://usa.visa.com/ and @VisaNews.

     

    1 Number of Visa cards based on Visa Operating Certificates for CY2016. Number of Visa cards includes cards carrying the Visa, Visa Electron, V PAY and Interlink brands as well as PLUS proprietary cards. Number of client financial institutions as of QE December 2016.

     

     

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    Business Wire IndiaPerformance Highlights

    • 18% growth in the overall loan book on an Assets Under Management (AUM) basis for the quarter ended June 30, 2017
    • 16% growth in Net Interest Income  
    • Net interest margin at 4% per annum, spread on loans at 2.29% per annum 
    • 15% growth in standalone Profit Before Tax and Sale of Investment  
    The Board of Directors of Housing Development Finance Corporation Limited (HDFC) announced its unaudited standalone and consolidated financial results for the first quarter of the financial year 2017-18, following its meeting on Wednesday, July 26, 2017 in Mumbai. The accounts have been subjected to a limited review by the Corporation’s statutory auditors in line with the regulatory guidelines.
     
    STANDALONE FINANCIAL RESULTS
     
    The profit numbers for the quarter ended June 30, 2017 are not comparable with that of the quarter ended June 30, 2016.
     
    In the quarter ended June 30, 2016, the Corporation sold shares of HDFC ERGO General Insurance Company to ERGO International AG, a subsidiary of Munich Re for a consideration of Rs 922 crore and had also created a one-time special provision of Rs 275 crore as a charge to the statement of profit and loss.
     
    The reported profit before tax for the quarter ended June 30, 2017 stood at Rs 2,359 crore compared to Rs 2,700 crore in the corresponding quarter of the previous year.
     
    After considering the above-mentioned one-time transaction, the adjusted profit before tax for the quarter ended June 30, 2016 stood at Rs 2,053 crore. The profit before tax for the quarter ended June 30, 2017 stood at Rs 2,359 crore, representing a growth of 15% over the corresponding quarter of the previous year.
     
    The effective tax rate for the quarter ended June 30, 2017 was higher at 34.0% compared to 30.7% in the corresponding quarter of the previous year. This was because the stake sale of unlisted shares of HDFC ERGO in the corresponding quarter of the previous year attracted long-term capital gains tax at a lower rate of 23.07% compared to the marginal corporate tax rate. We expect the tax rate to significantly reduce in the subsequent quarters on account of dividend income and sale of investments.
     
    As a consequence of the above, the reported profit after tax for the quarter ended June 30, 2017 stood at Rs 1,556 crore as compared to Rs 1,871 crore in the corresponding quarter of the previous year.
     
    LENDING OPERATIONS
     
    Individual loan disbursements grew by 21% during the quarter. The average size of individual loans stood at Rs 26.3 lac. 
     
    On an Assets under Management (AUM) basis, the growth in the individual loan book was 16% and the non-individual loan book was 23%. The growth in the total loan book was 18%.
     
    As at June 30, 2017, individual loans comprise 72% of the AUM. During the quarter, 64% of incremental loans came from individual loans and 18% each from Commercial Lease Rental Discounting and Construction Finance.
     
    As at June 30, 2017, the loan book stood at Rs 3,12,978 crore as against Rs 2,65,731 crore in the previous year.
     
    During the quarter, the Corporation sold individual loans amounting to Rs 2,922 crore. Of this, Rs 2,458 crore was assigned to HDFC Bank pursuant to the buyback option embedded in the home loan arrangement between the Corporation and HDFC Bank and Rs 464 crore was assigned to another bank. In respect of the loans assigned to the other bank, the residual income is 3% per annum.
     
    As at June 30, 2017, the outstanding amount in respect of individual loans sold was Rs 42,044 crore. HDFC continues to service these loans and is entitled to the residual income on the loans sold. The residual income on the individual loans sold stood at 1.26% per annum and is being recognised over the life of the loans and not on an upfront basis.
     
    Total loans sold during the preceding twelve months was Rs 13,841 crore as against Rs 14,011 crore in the previous year.
     
    The growth in the individual loan book, after adding back loans sold in the preceding 12 months was 23% (16% net of loans sold). The non-individual loan book grew at 22%. The growth in the total loan book after adding back loans sold was 23% (18% net of loans sold). 
     
    Non-Performing Loans (NPL)
     
    In June 2017, the Reserve Bank of India’s Internal Advisory Committee identified various accounts for reference under the Insolvency and Bankruptcy Code, 2016. The Corporation has an exposure of Rs 909 crore as at June 30, 2017 in one of these accounts. As at March 31, 2017, though the account was not a non-performing loan, as a prudent measure, the Corporation had made adequate provisioning against this exposure. Thus, no further provisioning was required on this exposure for the quarter ended June 30, 2017.

    Gross non-performing loans as at June 30, 2017 including the above-mentioned account amounted to Rs 3,513 crore. This is equivalent to 1.12% of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.65% while that of the non-individual portfolio stood at 2.09%. Excluding the above-mentioned account and its beneficiaries, the non-performing loans stood at 0.80% of the loan portfolio and the non-performing loans of the non-individual portfolio is 1.12%.
     
    As per National Housing Bank norms, the Corporation is required to carry a total provision of Rs 2,646 crore of which Rs 1,667 crore is against standard assets and Rs 979 crore towards non-performing assets. 
     
    As against this, the balance in the Provision and Contingencies Account as of June 30, 2017 amounted to Rs 3,150 crore. This is equivalent to 1 per cent of the loan portfolio.
     
    Further, it may be noted that for housing finance companies, standard asset provisioning on individual housing loans for the time being continues at 40 basis points compared to 25 basis points for banks.
     
    Spread, Net Interest Income & Margin
     
    The spread on loans over the cost of borrowings for the quarter ended June 30, 2017 stood at 2.29% compared to 2.26% for the quarter ended June 30, 2016. The spread on the individual loan book was 1.90% and on the non-individual book was 3.18%.
     
    The net interest income for the quarter ended June 30, 2017 stood at Rs 2,793 crore compared to Rs 2,418 crore in the corresponding quarter of the previous year, representing a growth of 16%.
     
    Net Interest Margin for the quarter ended June 30, 2017 was 4%, the same as in the corresponding quarter of the previous year.


    INVESTMENTS
     

    As at June 30, 2017, the unrealised gains on HDFC’s listed investments amounted to Rs 93,923 crore (previous year Rs 64,375 crore). This excludes the appreciation in the value of unlisted investments.
     
    CAPITAL ADEQUACY RATIO
     
    The Corporation’s capital adequacy ratio stood at 14.7%, of which Tier I capital was 12.1% and Tier II capital was 2.6%. Deferred tax liability on Special Reserve and the investment in HDFC Bank has been considered as a deduction in the computation of Tier I capital. As per the regulatory norms, the minimum requirement for the capital adequacy ratio and Tier I capital is 12% and 6% respectively. 
     
    CONSOLIDATED FINANCIAL RESULTS
     
    For the quarter ended June 30, 2017, the consolidated profit after tax stood at Rs 2,734 crore as compared to Rs 2,797 crore in the corresponding quarter last year.
     
    The share of profit from subsidiary and associate companies in the consolidated profit after tax stood at 43% for the quarter ended June 30, 2017.
     
    DISTRIBUTION NETWORK
     
    HDFC’s distribution network spans 432 outlets which include 131 offices of HDFC’s distribution company, HDFC Sales Private Limited (HSPL). HDFC covers additional locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank Limited and third party direct selling associates.
     
    To cater to non-resident Indians, HDFC has offices in London, Dubai and Singapore and service associates in Kuwait, Oman and Saudi Arabia.

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    Business Wire India

    QNB Group, the largest financial institution in the Middle East and Africa, has recently commenced operations in the city of Mumbai, the economic capital of the Republic of India.

     

    The start of the Group’s operations in the Republic of India comes in support of its vision to become a leading bank in the Middle East, Africa, and Southeast Asia by 2020, in addition to establishing a foothold in highly competitive markets.

     

    Through its new branch in India, the Group offers a full spectrum of banking products and services. The Group also offers its rich experience in wealth management, investment portfolios, project finance, and the provision of smart banking solutions and a range of innovative products and services designed to suit the requirements of the Indian market.

     

    The Indian economy is the seventh largest in the world with an annual GDP of USD2.3tn in 2016. It is the world’s second most populated country and the fastest growing major economy. It has expanding trade and population ties with Qatar and the Middle East region more broadly. In particular, India is the third largest importer of liquefied natural gas from Qatar.

     

    It is worth mentioning that QNB recently topped The Banker magazine’s and ranked Best Bank in the Middle East and Africa by Tier 1 capital, as well as ranking 82nd among the Top 1000 World Banks.

     

    QNB Group’s total assets reached USD211 billion as of 30 June 2017, the highest ever achieved by the Group, and net profit for the six months ended 30 June 2017 reached USD1.8 billion.

     

    QNB Group’s presence through its subsidiaries and associate companies extends to more than 31 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees is more than 27,900 operating through more than 1,250 locations serving more than 21 million customers, with an ATM network of more than 4,300 machines.

     

    *Source: ME NewsWire

     

     

     

     

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    Business Wire India

    Utimaco has achieved Payment Card Industry PIN Transaction Security Hardware Security Module Version 2 (PCI PTS HSM V2) compliance for uncontrolled environments for its CryptoServer CSe HSM platform from the PCI Standards Security Council, giving the payment card industry and consumers confidence that their data will be secure throughout the transaction process when using Utimaco’s HSM.

     

    Utimaco’s CryptoServer CSe HSM was designed to secure card payment systems as a high-performance security platform with active tamper resistance, protecting cryptographic keys and other sensitive information such as customer PINs and cardholder data. The PCI HSM certification for the updated CryptoServer hardware platform demonstrates Utimaco's ability to deliver innovative and high-quality security solutions, even in the most rigorous and demanding environments.

     

    Utimaco also offers open-payment APIs, empowering vendors with a fully customizable HSM that can adapt to changing industry needs, and can help certify customized firmware solutions.

     

    “The sensitive nature of payment transactions requires a high level of security, and as breaches and exploits rise, financial institutions need a secure solution to protect their customers and themselves from costly attacks,” said Matthias Pankert, Utimaco Senior Vice President. “With this new compliance standard from the PCI Standards Security Council, a respected and independent organization, Utimaco guarantees the highest level of security to meet the needs of enterprises and consumers alike.”

     

    HSMs are a fundamental tool for securing payment transactions and ensuring the highest standards of security. Now, banks and credit card companies using an Utimaco HSM when issuing EMV chip technology payment cards or implementing payment processes like PIN processing, card verification, card production, ATM interchange and more, will have the benefit of completing these transactions securely and efficiently, while adhering to PCI SSC mandates.

     

    Pankert continued, “We are particularly proud that we received a PCI HSM certification for the most demanding requirement profile, focusing on physical security if used in controlled and uncontrolled environments like non-ISO certified data centers. This demonstrates our commitment to achieving internationally recognized standards and compliance requirements, while delivering innovative, high quality security solutions. Our next step will be the launch of our first HSM PaymentServer in Q4 2017.”

     

    The PCI SSC created practical security compliance standards for HSMs in the payments industry. Current mandates and encryption standards issued by the PCI SSC require a PCI HSM for all payment-related HSMs, and it is expected to become the default standard for future systems. The qualification will ultimately create a higher-level of security for card holder information within the global payments network and merchant facilities worldwide.

     

    For more information on Utimaco's PCI HSM certification, and to be one of the first to know about the upcoming launch of the HSM PaymentServer, contact https://hsm.utimaco.com/contact.

     

    About Utimaco
    Utimaco is a leading manufacturer of HSMs that provide the Root of Trust for the payments industry. We keep cryptographic keys and digital identities safe to protect critical digital infrastructures and high value data assets. Our products enable innovations and support the creation of new business by helping to secure critical business data and transactions. Founded in 1983, Utimaco HSMs today are deployed across more than 80 countries in more than 1,000 installations. Utimaco employs a total of 170 people, with sales offices in Germany, the US, the UK and Singapore.

     

     

     

     

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    Business Wire India

    OT-Morpho, a world leader in digital security and identification technologies, has launched through its Australian subsidiary Morpho Australasia, an innovative solution for digital licences, aptly named Licence2Go. The platform allows the holders to dematerialize identification documents in their smartphone, benefiting from security and flexibility, with availability ‘Anywhere, anytime, on the go.’

     

    The main licence app is complemented by a verification app, whereby police or others requiring ID checks can verify the details of the licence holder without needing to hold the device. Licence2Go works on the principle of Privacy by Design, and at all stages, control of personal data remains with the device owner. Contactless verification takes place between devices, with no personal data transmitted, even in areas away from mobile coverage. Depending on the level of authority required for a specific transaction, the licence holder is able to choose which information is shared (Name, address, DOB*, etc.). Licence details can be visually verified in-person or online, where facial verification can be used in the case of secure transactions such as loan applications.

     

    Morpho Australasia is working with Transport authorities among others to customize the solution and brand the apps with the design of the issuing authority. The company has already begun a pilot study with an Australian Transport authority and is working to produce further pilots around the Asia-Pacific region in the second half of 2017.

     

    Tim Ferris, OT-Morpho, managing director for Morpho Australasia, said of the trial: “Licence2Go is able to connect identity from the physical world into the digital world. We have had some great feedback from several jurisdictions and look forward to when leaving the physical document at home is no longer a problem.”

     

    The most obvious application for the platform is with digital driving licences, but the concept is readily adapted elsewhere within government services and in the private sector, including membership cards, loyalty cards and corporate identification cards.

     

    *Date Of Birth

     

    -----

     

    OT-Morpho is a world leader in digital security & identification technologies with the ambition to empower citizens and consumers alike to interact, pay, connect, commute, travel and even vote in ways that are now possible in a connected world.

     

    As our physical and digital, civil and commercial lifestyles converge, OT-Morpho stands precisely at that crossroads to leverage the best in security and identity technologies and offer customized solutions to a wide range of international clients from key industries, including Financial services, Telecom, Identity, Security and IoT.

     

    With close to €3bn in revenues and more than 14,000 employees, OT-Morpho is the result of the merger between OT (Oberthur Technologies) and Safran Identity & Security (Morpho) completed on 31 May 2017. Temporarily designated by the name "OT-Morpho", the new company will unveil its new name in September of this year.

     

    For more information:
    www.morpho.com and www.oberthur.com
    Follow @Safran_Morpho and @OT_TheMcompany on Twitter.

     

     

     

     

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    Business Wire India

    WorldRemit, the leading digital money transfer company, has launched in Singapore. The new service will enable migrants in Singapore to transfer money to over 140 countries as easily as sending an instant message, using the WorldRemit app or website.

     

    The move sees WorldRemit expanding its presence in Asia significantly to include Singapore, Hong Kong, Japan and Malaysia. The company has seen remarkable growth across APAC, which now accounts for almost 25% of all transactions sent by WorldRemit globally. This is a reflection of the increasing demand for mobile-first and online money transfer services in the region.

     

    According to the UN’s International Fund for Agricultural Development (IFAD), the most dynamic growth in remittances over the past decade has been in Asia, which now receives 55% of the total. The World Bank ranks Singapore as the 2nd easiest place in the world to do business, and the 6th easiest place globally to start a company.

     

    WorldRemit’s digital model significantly improves security and compliance standards. It also eliminates the need for the sender to visit a bricks and mortar agent, which can be inconvenient and time consuming. WorldRemit is the first global remittance company approved to electronically verify customer identity, making it even easier to use.

     

    Remittances sent from Singapore play an important role in other regional economies – over $6.2 billion left the country in 2015, according to the World Bank. Key recipients include the Philippines, China, Malaysia, Indonesia and India.

     

    Ismail Ahmed, founder and CEO at WorldRemit said: “We are delighted to be launching our service in a cosmopolitan country like Singapore, which has taken such a progressive approach to innovation in financial services. We look forward to joining the ever-growing fintech community in Singapore, and helping more people to access our safe, fast, and low cost money transfer service.”

     

    Last month WorldRemit announced a global integration with Google’s Android Pay, followed by a partnership with Huawei’s mobile money platform across Africa. The company currently handles 74% of all international remittances sent from money transfer operators to mobile money accounts, and is connected to over a fifth of all mobile money accounts globally.

     

    ** ENDS **

     

    About WorldRemit

     

    WorldRemit is changing the way people send money.

     
    • It’s easy – just open the app or visit the website – no more agents.
    • Transfers to most countries are instant – send money like an instant message.
    • More ways to receive (mobile money, bank transfer, cash pickup, and mobile airtime top-up).
    • Available in over 50 countries and 140+ destinations.
    • Backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.


    WorldRemit’s global headquarters are in London, UK with regional offices in the United States, Canada, South Africa, Singapore, the Philippines, Japan, Australia and New Zealand.

     

     

     

     

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    Business Wire IndiaTata Capital through its skill development initiative ‘ProAspire’ – has successfully trained and placed over 3,000 underprivileged students across the country. ProAspire, one of Tata Capital’s flagship CSR initiatives around education and employability, aims to contribute to the Government’s Skill India initiative by training the underserved yet potential candidates of society.
     
    With ProAspire, Tata Capital aims to address issues related to a deficiency in skilled labour, poor quality of basic education, limited access to opportunities and qualified manpower, which amongst others are currently plaguing the nation. To answer this, Tata Capital has outlined training modules and identified opportunities in the Banking, Financial services & Insurance (BFSI) sector and other Vocational Sectors to contribute towards enhancing the lives and the economic status of the nation’s underprivileged youth. ProAspire comprises various courses that address a variety of interests, aspirations and encourage local job opportunities in rural, semi-urban and urban areas.
     
    To reach out to the youth and bring in efficiency in execution, the program follows a structured approach which includes: Mobilisation, Selection, Training, Assessment, Placement, and Tracking of youth. This is devised to provide the candidates with the necessary skills and thereby enable a better livelihood for them.
     
    Speaking about the initiative, Mr. Avijit Bhattacharya, Chief Human Resources Officer, Tata Capital, said, “Quality education and skill development are a prerequisite to a nation’s growth. In India, it is estimated that around a million jobs will be available in the BFSI sector by 2022, which can ably be supported by our country’s equally rich source of human capital. Tata Capital’s objective under this initiative is to prepare the current & future generations of the marginalised societies on various skills in current & upcoming sectors, thereby making them employable and consequently, improving their economic status. ProAspire articulates a vision for India to take advantage of the demographic dividend and aims to hone the skills of over 10,000 individuals, with 40% being women, by the year 2020.”
     
    Upon completion of the BFSI trainings, successful candidates are placed in various roles including Business Development Executives, Front Line Sales Executives, Back Office Executives with reputed Banks, Non-Banking Financial Companies (NBFCs) and Microfinance Companies across India. Candidates that complete the vocational courses gain opportunities as qualified electricians, mechanics and welders in the manufacturing sector and allied services. The initiative has seen a placement rate of over 65%, with most of the candidates receiving job opportunities in the BFSI, Hospitality and other allied sectors. 
    About Tata Capital Limited

    Tata Capital Limited, a holistic financial services provider caters to the diverse needs of retail, corporate and institutional customers, directly or indirectly through its subsidiaries. Its range of offerings includes Consumer Finance, Advisory Services, Commercial Finance, Infrastructure Finance, Securities, Investment Banking, Private Equity Advisory, Credit Cards and Travel & Forex Services. For more information about Tata Capital, please visit www.tatacapital.com.

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    Business Wire India

    Visa (NYSE:V), a global payments technology company, today announced expanded transaction processing capabilities in two state-of-the-art data centers in Singapore and the United Kingdom. The new global processing hubs will increase the speed, resilience and geo-diversity of Visa’s infrastructure, while strengthening the company’s ability to deliver new and more sophisticated ways to pay in today’s hyper-connected global economy.

     

    “Commerce and payments are in the midst of an historic shift from analog to digital. A growing majority of people around the globe are leaving cash behind and reaching instead for their cards and devices to pay,” said Rajat Taneja, executive vice president of technology at Visa. “With our technology investments in Asia and Europe, we’re scaling up our infrastructure to meet the explosive growth in digital and mobile payments, while maintaining the secure, convenient and always-on service that our clients and partners expect.”

     

    The Singapore and UK data centers will complement Visa’s existing processing facilities in North America. With four synchronized data centers, Visa’s expanded footprint will boost the redundancy and resilience of its infrastructure, minimizing the likelihood of service disruptions to Visa’s 16,600 financial institutions, millions of merchant acceptance locations, and 3 billion cards.1 The two centers are equipped with best-in-class technology, including high-performance hardware and energy-efficient power and cooling infrastructure. Visa plans to start processing global transactions in the two facilities in 2018.

     

    Singapore Data Center

     

    Visa’s 10,000 square foot data center in Singapore is Visa’s first transaction processing center in Southeast Asia and will serve clients, cardholders and merchants across the region and in Visa’s global network.

     

    “As home to our Asia Pacific headquarters, Singapore is already a major hub for the Visa business,” said Chris Clark, group executive, Asia Pacific, Visa. “With our new processing facility in Singapore, we’re strengthening our ability to meet rising demand for digital payments, while driving the pace of payment innovation across the Asia Pacific region.”

     

    “We are delighted that Visa has chosen Singapore as the location for its new data center, reinforcing Singapore’s position as a trusted business and technology partner,” said Mr. Kelvin Wong, Assistant Managing Director, Singapore Economic Development Board. “This investment strengthens the sophistication of Visa’s business footprint in Singapore and is a testament to Singapore’s regional leadership in data management and connectivity.”

     

    The new data center is Visa’s third major investment in Singapore in the last two years. In September 2016, Visa launched the first international campus of Visa University at its headquarters in Singapore. In April 2016, Visa launched the Singapore Innovation Center, a destination for clients, partners and developers across the region to work alongside Visa experts and jointly create next-generation commerce applications.

     

    United Kingdom Data Center

     

    In June 2016, Visa Inc. announced the completion of its acquisition of Visa Europe, starting a multi-year process to combine the two companies into a unified global organization with a shared technology platform. This integration brings 3,200 European clients onto VisaNet, Visa’s global transaction processing network, and involves a retrofit of Visa’s legacy data center in the UK.

     

    Once fully retrofitted, the 10,000 square foot facility will bring increased operational resilience for clients in the region while accelerating the speed-to-market for new payment innovations in the European market.

     

    “The launch of our state-of-the-art data center in Europe is a critical milestone, enabling all our clients and partners to take advantage of Visa’s global technical resources and assets,” said Bill Sheedy, CEO Europe, Visa Inc.

     

    About Visa

     

    Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit https://usa.visa.com/ and @VisaNews.

     

    1 Number of Visa cards based on Visa Operating Certificates for CY2016. Number of Visa cards includes cards carrying the Visa, Visa Electron, V PAY and Interlink brands as well as PLUS proprietary cards. Number of client financial institutions as of QE December 2016.

     

     

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    Business Wire IndiaDBS Bank India and Tally Solutions have entered into a partnership to launch a first-of-its-kind connected banking platform to enable convenient GST payments and accounting processes for SMEs.
     
    The connected banking solution, available to DBS Bank’s SME customers on the GST-ready version of Tally*, allows seamless management of GST and supplier payments entirely within the ERP. This gives Tally users the opportunity to go digital without migrating from their preferred platform. With a single login, SMEs can make payments, track payment transaction status and automatically send payment receipts, along with suppliers’ invoice details.
     
    Commenting at the launch, Niraj Mittal, Managing Director and Head of Institutional Banking at DBS Bank India, said, “For the first time, Tally users have the opportunity to digitise their tax payment and accounting processes. Our connected banking solution will ease their transition to the new tax regime and bring substantial savings in terms of time and effort. This innovation is a testament to our continuous efforts to simplify banking for the consumer. Given Tally’s leadership position in the ERP software market, this partnership will help us better serve our existing customer base and continue our aggressive growth in the SME market.”
     
    “We understand the evolving landscape and accounting needs of SMEs in India. We have been working with the regulator to upgrade our accounting and ERP infrastructure, in order to comply with the new GST regime. Our new integrated platform with DBS Bank is an industry innovation that will set a precedent for banking and accounting solutions for SMEs in India,” said Tejas Goenka, Executive Director, Tally Solutions.
     
    DBS Bank, the world’s best digital bank**, has been at the forefront of leveraging advanced technology solutions in the banking space. Through this integration, its SME customers can enjoy a host of benefits, such as:

    • Connected Bank: e-Payments can be sent from the Tally platform to DBS Bank in a single click
    • Easy Tracking: Payment status and transaction references can be tracked on a single dashboard in Tally
    • Instant Approval: The DBS Bank IDEAL mobile app offers approval on-the-go
    • Automated Advice: Vendors can be kept informed with automated transaction advising
    • Security: The highest standards of encryption are assured while making and approving payments 
    * Tally.ERP9.Release6
    ** Euromoney named DBS world’s best digital bank (July 2016)
    About DBS
     
    DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings, are among the highest in the world.
     
    DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has also been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia” by Global Finance for eight consecutive years from 2009 to 2016.
     
    DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
     
    With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 22,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
     
    About Tally Solutions Pvt. Ltd.
     
    Tally Solutions Pvt. Ltd. is a pioneer in the business software products arena. Since its inception in 1986, Tally’s simple yet powerful products have been revolutionizing the way businesses run. Having delivered path breaking technology consistently for more than 3 decades, Tally symbolizes unmatched innovation and leadership. Today, it caters to millions of users across industries in over 100 countries and continues unchallenged as the industry leader in the enterprise resource planning software domain. The company is also a qualified GSP (GST Suvidha Provider). For more info, visit www.tallysolutions.com.

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    Business Wire India

    Moody’s Corporation (NYSE:MCO) announced that it has received clearance under the EU Merger Regulation from the European Commission to acquire Bureau van Dijk, a global provider of business intelligence and company information. Moody’s announced that it had agreed to acquire Bureau van Dijk on May 15, 2017.

     

    In accordance with the terms of the transaction, Moody’s expects the acquisition to be completed in August 2017.

     

    Bureau van Dijk aggregates, standardizes and distributes one of the world’s most extensive private company datasets, with coverage exceeding 220 million companies. It has partnerships with more than 160 independent information providers, creating a platform that connects customers with data that addresses a wide range of business challenges. Bureau van Dijk’s solutions support the credit analysis, investment research, tax risk, transfer pricing, compliance and third-party due diligence needs of financial institutions, corporations, professional services firms and governmental authorities worldwide.

     

    Moody’s will consolidate Bureau van Dijk’s financial results beginning on the closing date and expects to provide updated full year 2017 guidance that includes Bureau van Dijk as part of its third quarter 2017 earnings release.

     

    ABOUT MOODY'S CORPORATION

     

    Moody's is an essential component of the global capital markets, providing credit ratings, research, tools and analysis that contribute to transparent and integrated financial markets. Moody’s Corporation (NYSE:MCO) is the parent company of Moody's Investors Service, which provides credit ratings and research covering debt instruments and securities, and Moody's Analytics, which offers leading-edge software, advisory services and research for credit and economic analysis and financial risk management. The corporation, which reported revenue of $3.6 billion in 2016, employs approximately 10,600 people worldwide and maintains a presence in 36 countries. Further information is available at www.moodys.com.

     

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

     

    Certain statements contained in this release are forward-looking statements and are based on future expectations, plans and prospects for Moody’s business and operations that involve a number of risks and uncertainties. The forward-looking statements in this release are made as of the date hereof, and Moody’s disclaims any duty to supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Moody’s is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and uncertainties include, but are not limited to, world-wide credit market disruptions or an economic slowdown, which could affect the volume of debt and other securities issued in domestic and/or global capital markets; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, credit quality concerns, changes in interest rates and other volatility in the financial markets such as that due to the U.K.’s referendum vote whereby the U.K. citizens voted to withdraw from the EU; the level of merger and acquisition activity in the U.S. and abroad; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting world-wide credit markets, international trade and economic policy; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction of competing products or technologies by other companies; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations, including provisions in the Financial Reform Act and regulations resulting from that Act; the potential for increased competition and regulation in the EU and other foreign jurisdictions; exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquires to which the Company may be subject from time to time; provisions in the Financial Reform Act legislation modifying the pleading standards, and EU regulations modifying the liability standards, applicable to credit rating agencies in a manner adverse to credit rating agencies; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services; the possible loss of key employees; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the outcome of any review by controlling tax authorities of the Company’s global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if the Company fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which the Company operates, including sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions or other business combinations and the ability of the Company to successfully integrate acquired businesses; currency and foreign exchange volatility; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. Other factors, risks and uncertainties relating to our pending acquisition of Bureau van Dijk could cause our actual results to differ, perhaps materially, from those indicated by these forward-looking statements, including the ability of the parties to successfully complete the proposed acquisition on anticipated terms and timing, or at all; the possibility that the conditions to closing may not be satisfied and the transaction will not be consummated; risks relating to the integration of Bureau van Dijk’s operations, products and employees into Moody’s and the possibility that anticipated synergies and other benefits of the proposed acquisition will not be realized in the amounts anticipated or will not be realized within the expected timeframe; risks that the proposed acquisition could have an adverse effect on the business of Bureau van Dijk or its prospects, including, without limitation, on relationships with vendors, suppliers or customers; claims made, from time to time, by vendors, suppliers or customers; changes in the European or global marketplaces that have an adverse effect on the business of Bureau van Dijk; and other factors, risks and uncertainties relating to the transaction as set forth under the caption “‘Safe Harbor’ Statement under the Private Securities Litigation Reform Act of 1995 ” in Moody’s report on Form 8-K filed on May 15, 2017, which are incorporated by reference herein. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of the Company’s annual report on Form 10-K for the year ended December 31, 2016, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company’s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it.

     

     

     

     

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    Business Wire India

    UAE Exchange Customer Meets
    UAE Exchange Customer Meets

    Customer engagements are the key aspect of today’s market environment. Branches of UAE Exchange India is very keen to spend more quality time with their valuable customers for obtaining the feedbacks about the services and to improve as per their requirements. The company always aims to make their each event a quality time for their customers through free health camps, awareness for a smarter life by means of latest innovations and much more.
     
    UAE Exchange branch at Nedumangad, Kerala had arranged a free Eye Check up Camp for the customers by associating with EYE D Opticals on the occasion of the customer meet, aiming to provide basic eye care facilities for those who cannot afford the essential eye care. Customers expressed their experience and were happy for being part of the company. Our branch in Mumbai Mira Road allocated a day for the customers to make them aware about E-passbook and XPay Cash Wallet which is going to seize the populace in future.About UAE Exchange
     
    UAE Exchange India is one of the pioneers of financial services, connecting people with the finest of quality, having an extensive reach of 376 branches serving a population of 1.25 million people under the proficient support of 3375 employees. The company has been instrumental in providing cost-effective service in Foreign Exchange, Outward Remittance, Money Transfer, Air Ticketing & Tours, Loans, Insurance and Share Trading. UAE Exchange Mobile App – “Xpay Cash Wallet” provide seamless options for customer ranging from Instant Money transfer, Mobile /DTH Recharge, Gifting Services etc ensuring safe & secure digital/mobile payment platform.

    Website: www.uaeexchangeindia.com

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    Business Wire India

    I Squared Capital, an independent global infrastructure investment manager, has signed an agreement, through its ISQ Global Infrastructure Fund II, to acquire a 100 percent interest in Hutchison Global Communications Investment Holding Limited (HGC) from Hutchison Telecommunications Hong Kong Holdings Limited (HTHKH) for approximately HKD14.5 billion. The transaction is expected to close by October 2017.

     

    HGC is a leading fixed-line service provider to fixed and mobile carriers, OTT service providers, corporate and business, residential and data centers in Hong Kong and around the world. Its over 1.4-million-kilometer fiber network connects to over 14,200 buildings and it is also one of Hong Kong’s largest-scale Wi-Fi service providers with over 25,000 Wi-Fi hot spots. The company’s extensive international network has four highly prized land routes into mainland China. The company extends its global reach into different continents through multiple submarine and terrestrial cable systems. Much of HGC’s revenue is under long-term contracts to a diverse base of customers, including the major mobile providers in the region.

     

    Commenting on the acquisition, Gautam Bhandari, Partner at I Squared Capital, said: “As a premier global hub for commerce and telecommunications, Hong Kong benefits from innovative products and world class services. With I Squared Capital’s investment, HGC will continue to provide the same quality of service that mobile telecommunication providers, corporate and residential customers have come to expect. Fresh capital will also enable the company to develop new solutions to meet the ever-increasing demand for high-speed information infrastructure throughout the region and beyond.”

     

    About HGC Group: The HGC Group is a leading fixed-line operator, IT service provider, carrier’s carrier and one of Hong Kong’s largest-scale Wi-Fi service providers. The HGC Group empowers local and overseas customers with one-stop international, carrier, corporate, data centre and residential broadband services. The HGC Group owns and runs an extensive optical-fibre network, coupled with four cross-border routes integrated with three of mainland China’s tier-one telecoms operators, plus a world-class international network. The HGC Group is committed to developing cloud computing services and offering high-speed Wi-Fi service under the “HGC On Air“ brand. HGC is a subsidiary of Hutchison Telecommunications Hong Kong Holdings Limited (stock code: 215), a group member of CK Hutchison Holdings (stock code: 1).

     

    About I Squared Capital: I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, and transport in the Americas, Europe, and select high growth economies. The Firm has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.

     

     

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