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    Business Wire India

    EMQ, a Fintech innovator with an extensive financial settlement network in Asia, and HDBank, one of Vietnam’s leading commercial banks, announced a strategic partnership to penetrate into Vietnam. This partnership will support the growing demand for instant remittances across Southeast Asia.


    “Remittances from overseas workers constitute a vital part of the economy of many developing nations such as Vietnam, a leading recipient of global remittances and contributes to 7% of the country’s GDP, according to the World Bank,” said Max Liu, Co-founder and CEO of EMQ. “Our partnership with HDBank will boost our capabilities in Vietnam, making financial services more accessible and inclusive for the overseas workers and their families across the country.”


    As one of the top 10 joint stock commercial banks in Vietnam, HDBank has built strong financial capabilities to offer a wide variety of financial services across its 240 branches/banking units in the country. The partnership leverages EMQ's financial settlement network across Asia, which will significantly enhance HDBank’s ability to deliver accessible and convenient remittance services for the people of Vietnam.


    Mr. Liu added, “This is an exciting milestone for EMQ as we continue our strategic expansion across Southeast Asia and deliver innovative value-added financial services in the region. We are very pleased to expand our relationship with HDBank and to further support the financial inclusion initiatives in Vietnam.”


    EMQ currently has footprint in Hong Kong, India, Indonesia, Vietnam and the Philippines, with plans underway to expand across other key business markets first in Asia and then globally, covering North America, Europe and the Middle East. The company received its Money Service Operator license from the Hong Kong Customs and Excise Department in September 2014 and its Fund Transfer Operator license from Bank Indonesia in March 2017.


    About EMQ
    EMQ is a financial settlement network in Asia, providing secure and affordable money transfer options for businesses and individuals. With our assets anchored in Asia, EMQ has established an extensive and regulatory-approved network that provides immediate access to thousands of distribution points across North and Southeast Asiaý. For more information, please visit EMQ’s website at


    About HDBank
    HDBank is one of the first Joint Stock commercial Banks in Vietnam and is currently among the top private commercial banks in the country which has been operating for more than 28 years in Vietnam. HDBank has built strong financial capabilities and up-to-date technologies, offering a wide variety of financial services to retail customers, corporations and investors. As of 31 December 2017, HDBank has 240 branches and transaction offices, more than 11,000 points of sale and over 4.8mm customer base. In the international market, HDBank has set up correspondent relationship with about 400 foreign banks and their branches in many countries and territories.



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    Business Wire India

    Oath, a Verizon (NYSE, Nasdaq: VZ) subsidiary announces that K. Guru Gowrappan will join the company as President and COO. Guru previously served as Global Managing Director at Alibaba Group. He will play a pivotal role in leading the company’s operations and global growth strategy, as Oath enters its second year. Leveraging his experience in scaling businesses globally, Guru will work with CEO Tim Armstrong and the Oath and Verizon leadership teams to cement Oath’s position as a powerhouse of trusted media and technology brands including AOL, BUILD, HuffPost, MAKERS, TechCrunch, Yahoo Mail, Yahoo News and Yahoo Sports. He will report to Armstrong.


    “Oath serves a billion global consumers and the world’s most important brands in the most disruptive area of the economy and adding Guru as President and COO will accelerate our clear vision into a platform for growth for years to come,” said Tim Armstrong, CEO, Oath. “We have an amazing ecosystem of digital brands and platforms, the backing of the best mobile company in the world - Verizon, and a culture centered around the best external and internal talent we can work with as a company - and those strengths are only going to get stronger by adding Guru to help lead the company into the future.”


    “There’s no other industry that can change history like ours can, and no company better poised for rapid global growth than Oath,” said Gowrappan, President and COO, Oath. “Very few companies in the world have the ecosystem potential that Oath has. The content and technology across Oath and Verizon creates a huge market opportunity, and I look forward to joining the team to help the company through the next phase of global growth.”


    In his role as President & COO, Guru will be responsible for the day-to-day operating businesses at Oath including all of the consumer and customer brands, operations, products, and technology.


    At Alibaba, Guru was the Global Managing Director focused on international expansion for key consumer and enterprise products across ecommerce, entertainment & media, payments and the entire commerce enabling stack. Previously, he was Chief Operating Officer at Quixey, a mobile startup, and prior to that he was the COO for Growth / Emerging Initiatives at Zynga. He has also held several leadership roles at Yahoo and Overture.


    About Oath


    Oath, a subsidiary of Verizon, is a values-led company committed to building brands people love. Oath reaches one billion people around the world with a dynamic house of media and technology brands. A global leader in digital and mobile, Oath is shaping the future of media. For more on Oath, visit


    About Verizon


    Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York City, generated $126 billion in 2017 revenues. The company operates America's most reliable wireless network and the nation's premier all-fiber network, and delivers integrated solutions to businesses worldwide.





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    Business Wire India

    Horasis, a global visions community dedicated to inspiring our future, announces the 2018 Horasis Global Meeting to be held in Cascais, Portugal from the 5th-8th of May. The Horasis community of more than 600 selected world leaders, from 70 countries, will gather to discuss this year’s theme, “Inspiring our Future”.


    Launched in 2016, the annual Horasis Global Meeting is one of the world's foremost gatherings of business leaders who interact with key government officials and eminent thought leaders. The meetings are held to advance solutions to the most critical challenges facing corporations today.


    This year, politicians and business leaders will meet to discuss and devise novel ideas which will help sustain and nurture development in the future. Throughout the four day event, talks and discussions are set to be held on topics such as sustainable development, modelling sustainable migration, blockchain, closing the gender gap, the digital future, embracing AI, youth employment, business as an agent of change, religion's role in business and many more.


    The event will gather an international roster of the world’s most prominent leaders. Among the political leaders to attend are Peter Mutharika, President of Malawi, Armen Sarkissian, President of Armenia, Ulisses Correia e Silva, Prime Minister of Cape Verde, Kristian Jensen, Minister of Finance of Denmark, HRH Prince El Hassan bin Talal of Jordan, and Mohamed ElBaradei, former Vice-President of Egypt and winner of the Nobel Peace Prize, to name a few. Joining them will be a variety of CEO´s and representatives of the world´s most respected corporations, including Jose Manuel Barroso, Chairman of Goldman Sachs International, Nobuyuki Idei, CEO of Quantum Leaps Corporation, John D. Negroponte, Vice Chairman, McLarty Associates, and more.


    “At Horasis we recognise that identifying globally relevant issues and growth strategies require thought leadership and peer-to-peer networks,” said Frank-Jürgen Richter, Chairman of Horasis. “With a number of leaders already confirmed I am excited to see how this year’s collaborative efforts can inspire our future.”


    2018 Horasis Global Meeting is co-hosted by the Portuguese Government and the City of Cascais. The event will be held at the seaside resort of Cascais.


    “We welcome Horasis with the certainty of a well succeeded and enduring partnership. During the last couple of years we have proved not only that Horasis is one of the most distinguished discussion forums around the world, but also that Cascais is the best place to welcome it,” said Carlos Carreiras, Mayor of Cascais.


    About Horasis


    Horasis: The Global Visions Community is an independent international organization dedicated to inspiring our future. Horasis hosts annual meetings to advance solutions to the most critical challenges facing corporations today. Flagship events include the annual Horasis Global Meeting as well as regional summits focusing on China, India, and South East Asia. For more information, visit:





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    Business Wire India

    J.P. Morgan announces a new suite of global fixed income indices, the J.P. Morgan ESG (“JESG”), which integrates environmental, social, and governance (ESG) factors in a composite benchmark. The idea for the index was conceived in collaboration with BlackRock to address growing demand from bond investors looking for a benchmark that targets emerging market (EM) issuers with strong ESG practices.


    This press release features multimedia. View the full release here:


    The new index is independently managed by J.P. Morgan and will cater to investors looking to gradually incorporate ESG and responsible investing in their overall fixed income investment strategies by anchoring its methodology around the bank’s widely used flagship indices such as the EMBI, GBI-EM and the CEMBI.


    Joyce Chang, Global Head of Research for J.P. Morgan said, “We are launching the J.P. Morgan ESG index (JESG), the first of its kind in emerging markets fixed income, to promote responsible investing. BlackRock played a critical role in its inception and we are excited to see this idea come to fruition.”


    Gloria Kim, Head of the Global Index Research Group at J.P. Morgan added, “Responsible investing is becoming the cornerstone of many of our clients’ strategies and having access to a proper global fixed income benchmark that integrates ESG is essential. We are pleased to help investors access ESG investments on a global scale through our new index line-up.”


    Sergio Trigo Paz, Head of BlackRock Emerging Market Debt, commented, “Sustainable investing is about investing in progress and pioneering better ways of doing business. Strong ESG practices positively impact creditworthiness in the long-term, and up until now ESG in emerging market debt has been more bespoke and project-based, as opposed to providing solutions at scale. Establishing these benchmarks will be instrumental in redefining the investment universe and setting an industry standard to help make ESG investment within EMD more broadly accessible to all investor types. This is a big step forward for emerging market investment.”


    The initial JESG is available for the EMBI Global Diversified, GBI-EM Global Diversified and CEMBI Broad Diversified. There are five components in the JESG methodology once the baseline index is selected: define the data inputs; establish JESG index scores; apply integration mechanics; consider ethical factors and exclusion and calculate new ESG weights. These newly calculated JESG index scores will be systematically applied to determine the new ESG weights in the index, and issuers with better ESG scores will have their weights increased relative to their baseline index weights. The JESG suite will also overweight Green Bond issuances.


    J.P. Morgan is committed to advancing ESG investing. The firm publishes reports on environmental, social, and governance issues and shares insights and best practices on sustainability with JPMorgan Chase’s corporate and investor clients to advance efforts globally. In July 2017, JPMorgan Chase built on its long-term commitment to sustainability by facilitating $200 billion in clean financing through 2025, the largest commitment by a global financial institution, and pledging to source renewable energy for 100 percent of its global power needs by 2020.


    Notes to Editors

    • JESG index scores for over 170 countries and 650+ issuers are calculated daily, using data from Sustainalytics, RepRisk, and Climate Bonds Initiative (CBI) as inputs
    • The JESG indices are produced every business day and rebalanced on the last business day of the month. Index data is available on Bloomberg (JPMX) and on DataQuery via J.P. Morgan Markets
    • Ethical screening is also applied for the following controversial sectors: Thermal Coal, Tobacco, Weapons and any violator of the United Nations Global Compact (UNGC) principles.

    About J.P. Morgan’s Corporate & Investment Bank


    J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $24 trillion of assets under custody and $423 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at





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    Business Wire India

    Andersen Global expands its presence in Portugal through a Collaboration Agreement with CNA - Curado, Nogueira & Associados (CNA), a law firm located in Porto. The addition of CNA as a collaborating firm of Andersen Global is part of the firm’s growth strategy in Europe.


    The CNA team is led by Founding Partners Luisa Curado, Teresa Nogueira and Carla Malhão, who founded the firm in 2005. “We recognize that Andersen Global shares our same commitment to transparency, stewardship, and best-in-class client service, and not only are these values consistent with our own, we also appreciate working with like-minded professionals and understand its benefit to our clients,” said Teresa. “Additionally, we are excited to be part of an international operating tax and legal firm.”


    Global Chairman and Andersen Tax LLC CEO, Mark Vorsatz, added, “The team at CNA is an excellent fit with our organization and Luisa, Teresa and Carla bring with them the experience and values that continue to play a significant role in our development of a seamless professional services model. The addition of CNA is complementary to our existing practice in Lisbon and provides another location in the Iberian Peninsula as we look to expand our practice in this part of the world.”


    The firm will continue to provide legal services, both domestic and foreign, in a wide range of practice areas including business and corporate law, mergers and acquisitions, labor law, tax law, tax litigation, intellectual property law, arbitration and public law. CNA specializes in a variety of sectors, such as automotive, water and waste, electronics and IT, energy and environment, real estate and tourism, healthcare, fashion, transportation and logistics, and food and beverage.


    Andersen Global is an international association of legally separate, independent member firms comprised of tax and legal professionals around the world. Established in 2013 by U.S. member firm Andersen Tax LLC, Andersen Global now has more than 2,500 professionals worldwide and a presence in over 91 locations through its member firms and collaborating firms.





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    Business Wire IndiaAn International Financial Services Centre (IFSC), although located within India, offers the facility of acting like a ‘foreign operations office’, which helps facilitate easy trade. The IFSC at Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat embodies Prime Minister Narendra Modi’s vision of making India a financial services hub. Within GIFT City, ‘Hiranandani Signature’ is the first fully functional commercial tower within the IFSC, offering ready to move in office spaces with best infrastructure and facilities.
    GIFT City, which houses within its SEZ zone, the IFSC, is more than just Prime Minister Narendra Modi’s dream project. The IFSC will empower the Indian Banking and Financial Services and Insurance (BFSI) sector, enabling it to compete with global players – without the need to set up an office at global finance centres like Singapore, Dubai or London. Underlining this success story is ‘Hiranandani Signature’, the first commercial tower within the IFSC.
    “GIFT CITY is India’s first planned smart city intended to lure foreign investors, and ‘Hiranandani Signature’ has been conceived as a unique commercial proposition here,” said Dr. Niranjan Hiranandani, CMD, Hiranandani Communities. “We have welcomed clients from the reinsurance sector, capital markets including BSE INX and equity share brokers as also the BFSI segment, including Kotak Mahindra Bank, IndusInd Bank, Yes Bank and Axis Bank, which are all operational from the IFSC. In 2018, we expect to see legal firms/ lawyers dealing in International arbitration also being operational from the IFSC, taking up space in ‘Hiranandani Signature’,” he added.
    Two major stock exchanges of the nation BSE INX and NSE has moved into the IFSC due to the competitive tax regime which will draw corporates and investors. National players have also joined the global bandwagon to encash the first mover advantage at India’s first IFSC. Also, the setting up an individual financial regulator will erase out political discrepancies and streamline business expansion plans. Indian economy is booming with 7.2 percent growth rate in the last quarter of FY 2017-18 inspite of regulatory tsunami’s and disruptive tax overhaul.
     The 16 storey tower encapsulates efforts, through 2,111 tons of steel, 8,000 tons of cement and 20636 Cubic Meters of concrete, which makes ‘Hiranandani Signature’ not just the first commercial tower to be built in GIFT City using Global Best Practices, but also an eco-friendly, ‘Green’ building. Leading names from India’s BFSI sector have either taken up space in ‘Hiranandani Signature’, or are in process of doing so. These will be joining an illustrious list of institutions from re-insurance and capital markets who have picked up space in the commercial tower.
    GIFT City is positioned as India’s first operational ‘Smart City,’ and encompasses world-class infrastructure facilities, many of which have been introduced in India for the first time. The IFSC at GIFT City has been witnessing substantial growth in the banking, insurance and capital market space. ‘Hiranandani Signature’ offers the perfect launch pad to support the establishment of businesses in the IFSC and their growth. “The IFSC is a major step towards positioning India amongst the leading financial services centers in the world,” concluded Dr. Niranjan Hiranandani.

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    Business Wire India

    • Revenue of $7.8 billion decreased 4% sequentially
    • Pretax operating income of $974 million decreased 16% sequentially
    • EPS was $0.38
    • Cash flow from operations was $568 million

    Schlumberger Limited (NYSE:SLB) reported results for the first quarter of 2018.




    (Stated in millions, except per share amounts)

              Three Months Ended       Change
              Mar. 31, 2018     Dec. 31, 2017     Mar. 31, 2017       Sequential     Year-on-year
    Revenue         $7,829     $8,179     $6,894       -4%     14%
    Pretax operating income         $974     $1,155     $757       -16%     29%
    Pretax operating margin         12.4%     14.1%     11.0%       -169 bps     145 bps
    Net income (loss) - GAAP basis         $525     $(2,255)     $279       n/m     88%
    Net income, excluding charges & credits*         $525     $668     $347       -21%     51%
    Diluted EPS (loss per share) - GAAP basis         $0.38     $(1.63)     $0.20       n/m     90%
    Diluted EPS, excluding charges & credits*         $0.38     $0.48     $0.25       -21%     52%
    *These are non-GAAP financial measures. See section below entitled "Charges & Credits" for details.
    n/m = not meaningful

    Schlumberger Chairman and CEO Paal Kibsgaard commented, “As forecast, our results in the first quarter of 2018 largely reflected transitory factors, with seasonal reductions in activity in the Northern Hemisphere and planned project startup costs including the equipment mobilization, reactivation, and redeployment associated with recent contract wins.


    “The underlying international businesses started the year well, as business units in the Middle East, the North Sea, and Russia were all in line with our first-quarter activity expectations, while activity upsides in Asia were offset by continued weakness in Latin America and Africa.


    “On land in North America, our Drilling services business continued to grow, driven by strong demand for horizontal drilling technologies. Revenue also increased due to the ramp-up of activity in Canada. The US land pressure pumping business, however, was impacted by weaker than expected activity as well as by softer pricing, inefficiency, rising supply chain costs, and rail logistical challenges. In spite of this, we continued to deploy available fracturing assets, including equipment from our newly acquired capacity. We expect the US land hydraulic fracturing market to improve during the second quarter, both in terms of pricing and in operational efficiency and, therefore, we are continuing with our aggressive fleet reactivation and recommissioning program.


    “Overall, the first-quarter sequential revenue decline was led by the Cameron Group, which fell 7%, driven by seasonally lower project volumes and reduced product sales. Reservoir Characterization Group revenue decreased 5% sequentially due to the seasonal reduction in sales of SIS software and WesternGeco multiclient seismic licenses. Drilling Group and Production Group revenues were respectively 2% and 4% lower sequentially, also as a result of the seasonal reductions in activity in the Northern Hemisphere.


    “Looking at the global oil market, the absence of global stock builds in the first quarter, supported by the OPEC- and Russia-led production cuts, confirm that the oil market is in balance. More importantly, after three consecutive years of dramatic underinvestment in global E&P spending, the worldwide production base has started to show the anticipated signs of weakness with noticeable year-over-year production declines appearing in several countries such as Angola, Norway, Mexico, Malaysia, China, and Indonesia. With Libya and Nigeria producing at near-full capacity, Venezuelan production in free fall, the potential of new sanctions against Iran, and rising geopolitical risks, the only major sources of short-term supply growth to address global production decline and strong worldwide demand are Saudi Arabia, Kuwait, the UAE, Russia, and the US shale oil industry. However, production challenges in US shale are emerging that are linked to infill drilling well-to-well interference, the potential lower production of step-out drilling from Tier 1 acreage, and significant infrastructure constraints. It is, therefore, becoming increasingly likely that the industry will face growing supply challenges over the coming year and a significant increase in global E&P investment will be required to minimize the impending deficit.


    “We remain optimistic about the outlook for sustainable activity growth in our global business over the course of 2018 and into 2019. This is driven by higher customer activity and our ability to capture a major share of the emerging opportunities as performance-based contracts and integrated projects continue to gain traction as the preferred business models for many of our customers. Recent contract awards, which include the major lump-sum turnkey (LSTK) contracts in Saudi Arabia, additional wins elsewhere in the Middle East and Latin America, and new projects in the US Delaware Basin, are examples of this market trend. Our increased R&E focus in recent years on systems innovation and design is now enabling us to create additional value for both our customers and Schlumberger on these projects. This is achieved by integrating a new generation of purpose-built hardware and software with our deep domain expertise and the latest advances in digital technologies.


    “Therefore, we are excited about the outlook for Schlumberger. We are ready and primed to deliver superior growth, financial returns, and free cash flow in the coming years by building on the broadest technology offering and expertise in the industry, our unmatched scale and operational efficiency, strong capital discipline, and a clear desire to provide industry-leading cash returns to our shareholders.”


    Other Events


    During the quarter, Schlumberger repurchased 1.4 million shares of its common stock at an average price of $69.79 per share, for a total purchase price of $97 million.


    On February 23, 2018, Schlumberger and Subsea 7 S.A. announced that they entered into exclusive negotiations to form a joint venture that builds on the success of Subsea Integration Alliance, which was established in 2015. The joint venture will be owned 50% by Subsea 7 and 50% by Schlumberger.


    On April 18, 2018, the Company’s Board of Directors approved a quarterly cash dividend of $0.50 per share of outstanding common stock, payable on July 13, 2018 to stockholders of record on June 6, 2018.


    Consolidated Revenue by Area




    (Stated in millions)

              Three Months Ended     Change
              Mar. 31, 2018     Dec. 31, 2017     Mar. 31, 2017     Sequential     Year-on-year
    North America        


        $2,811     $1,871     1%     52%
    Latin America         870     1,034     952     -16%     -9%
    Europe/CIS/Africa         1,704     1,808     1,652     -6%     3%
    Middle East & Asia         2,309     2,396    


        -4%     0%
    Other         111     130    


        n/m     n/m
              $7,829     $8,179     $6,894     -4%     14%
    North America revenue         $2,835     $2,811     $1,871     1%     52%
    International revenue         $4,883     $5,237     $4,922     -7%     -1%
    n/m = not meaningful                                  

    First-quarter revenue of $7.8 billion decreased 4% sequentially with North America revenue increasing 1% while International revenue decreased 7% as a result of seasonality.


    North America


    North America Area revenue increased 1% sequentially as increased land activity was partially offset by lower offshore revenue due to reduced WesternGeco multiclient license sales following the usual, but muted, year-end sales. North America land revenue excluding Cameron grew 4% sequentially in line with total US land rig count growth. Growth was driven by the ramp-up of activity in Canada and higher Drilling Group activity in North America land due to continued high demand for rotary steerable systems in drilling longer lateral sections of shale oil wells in the US. In OneStimSM we continued to add hydraulic fracturing fleets, but less than planned due to market over capacity that led to lower utilization, inefficiencies, and softer pricing. Widespread disruptions in rail deliveries of sand also impacted activity. Cameron Group revenue was seasonally lower sequentially following the year-end product sales of Surface Systems and Valves & Measurement.




    Revenue in the Latin America Area decreased 16% sequentially from lower SPM project revenue in Ecuador on project delays and decreased Production Group activity in Argentina due to a lower hydraulic fracturing stage count. Activity decreased in Brazil despite the start up of new offshore projects, and activity in Venezuela continued to decline. Revenue in the Mexico & Central America GeoMarket was slightly higher from increased onshore workover activity although the start of new Integrated Drilling Services (IDS) projects was delayed. Seasonally lower Cameron Group revenue also contributed to the decrease.


    Europe/CIS/Africa Area revenue decreased 6% sequentially primarily due to the seasonal activity reduction in Russia and the Caspian Sea region that impacted all product lines. The UK & Continental Europe GeoMarket also experienced lower activity that was accentuated by delays from both weather and customer drilling plans as well as reduced Software Integrated Solutions (SIS) software sales. Revenue in the Sub-Saharan Africa GeoMarket was slightly lower sequentially on integrated project startups late in the quarter in Gabon, Nigeria, and Ghana as activities were largely concentrated on project planning and equipment mobilization. The North Africa GeoMarket was also slightly lower sequentially due to weaker product sales, although this effect was partially offset by new onshore project startups in Libya and Chad. The decline in the Area’s revenue was partially offset by higher Cameron Group revenue in the Russia & Central Asia GeoMarket.


    Middle East & Asia Area revenue decreased 4% sequentially driven by pricing pressure and lower drilling and hydraulic fracturing activity on land in the Middle East. Revenue in the Far East & Australia GeoMarket was lower due to reduced SIS software sales while well construction project activity declined. South East Asia GeoMarket revenue decreased from fewer WesternGeco multiclient seismic license sales. Cameron Group revenue was slightly lower sequentially with growth in Asia offset by seasonally lower revenue in the Middle East. These declines were partially offset by higher revenue on a long-term surface facility project in the Middle East.


    Reservoir Characterization Group




    (Stated in millions)

              Three Months Ended     Change
              Mar. 31, 2018     Dec. 31, 2017     Mar. 31, 2017     Sequential     Year-on-year
    Revenue         $1,556     $1,638     $1,618     -5%     -4%
    Pretax operating income         $307     $360     $281     -15%     9%
    Pretax operating margin         19.7%     22.0%     17.3%     -224 bps     240 bps

    Reservoir Characterization Group revenue of $1.6 billion, of which 77% came from the international markets, decreased 5% sequentially. This was driven by the effects of a seasonal decline in Wireline activity in Russia and reduced WesternGeco multiclient license sales in the US Gulf of Mexico, Asia, and Australia. Lower SIS software sales also contributed to the revenue decline. This decline was partially offset by higher Testing Services activity in Brazil, Qatar, and Egypt and higher revenue on a long-term surface facility project in the Middle East.


    Group pretax operating margin of 20% was 224 bps lower sequentially due to seasonally lower high-margin Wireline activity in Russia and decreased sales of SIS software.


    The Reservoir Characterization Group benefited from Integrated Services Management (ISM) operations, contract awards, and the application of integrated software and domain knowledge to strengthen operational performance.


    Offshore Newfoundland, ISM provided services related to the drilling and completions on the Hebron platform that started up in November.


    In West Africa, Petro Kouilou—a subsidiary of Anglo African Oil & Gas PLC in the Republic of Congo—awarded Schlumberger an ISM contract to provide drilling support services for a well in the Tilapia field in the lower Congo Basin. Petro Kouilou owns a 56% stake in the Tilapia field and expects drilling operations to commence in June 2018. Schlumberger services include mud logging, wireline, cementing, drilling, drillstem testing, and tubing-conveyed perforating.


    The DELFI* cognitive E&P environment enables collaboration across E&P teams and leverages the full potential of all available data and science to optimize E&P assets. The DrillPlan* digital well construction planning solution is the first step in the DELFI environment, and can deliver a well planning program in days rather than weeks. Recent awards for the DELFI environment and operational results using the DrillPlan solution include:


    • Cantium LLC awarded Schlumberger a five-year SIS contract for the Bay Marchand and Main Pass fields in the US Gulf of Mexico. The software as a service (SaaS) contract is for the provision of the DELFI cognitive E&P environment.


    • Petro-Hunt trialed the DrillPlan solution on its wells in the Williston Basin and decreased well plan development time by more than 50%.


    • PRI Operating LLC used the DrillPlan solution in West Texas to reduce the drilling planning time for seven horizontal wells in the Delaware Basin. The DrillPlan solution helped to plan the first well in four days and six subsequent wells were planned in a little more than one day each, which saved the customer 18 days of planning time.


    In Egypt, Well Services used Kinetix Shale* reservoir-centric stimulation-to-production software for Kuwait Petroleum Corporation to help increase production by 500% in a horizontal well in the Apollonia JD gas field as compared with offset vertical wells. This carbonate reservoir is primarily comprised of high-porosity soft chalk and low-permeability limestone that requires multiple hydraulic fracturing stages. The Kinetix Shale software enabled a seamless and comprehensive seismic-to-simulation workflow for the multilevel optimization of this unconventional reservoir.


    Also in Egypt, Schlumberger and TGS-NOPEC Geophysical Company announced a new project in the Egyptian Red Sea that will comprise acquisition of a 10,000-km 2D long-offset broadband multiclient seismic survey using a third-party vessel. The project is part of an agreement with South Valley Egyptian Petroleum Holding Company (GANOPE) in which Schlumberger and TGS have a minimum 15-year period of exclusive multiclient rights in an approximately 70,000-km2 open area offshore the Egyptian Red Sea.


    Karachaganak Petroleum Operating BV—a consortium of ENI, Shell, Chevron, LUKOIL, and KazMunaiGaz—awarded a three-year contract with two optional one-year extensions to SLS Oil LLP, a joint venture between Schlumberger and Smart Oil LLP (a Kazakh oil service company) for the provision of advanced slickline services in Kazakhstan. Operations are expected to begin in the second quarter of 2018.


    Drilling Group




    (Stated in millions)

              Three Months Ended     Change
              Mar. 31, 2018     Dec. 31, 2017     Mar. 31, 2017     Sequential     Year-on-year
    Revenue         $2,126     $2,180     $1,985     -2%     7%
    Pretax operating income         $293     $319     $229     -8%     28%
    Pretax operating margin         13.8%     14.6%     11.5%     -85 bps     222 bps

    Drilling Group revenue of $2.1 billion, of which 71% came from the international markets, decreased 2% sequentially as strong directional drilling activity on land in North America was more than offset by seasonally lower drilling activity in the International Areas that mostly impacted M-I SWACO operations. The improved revenue in North America resulted from the increased uptake of Drilling & Measurements products and services both offshore and, in particular, on land. This is due to the continued high demand for the rotary steerable systems required to drill longer laterals in shale oil wells and the ramp up of winter drilling activity in Western Canada. Decreased revenue in the International Areas was due to the seasonal drop in rig-related activity in the Northern Hemisphere, weather-related project delays in the North Sea, completion of IDS projects in the UK & Continental Europe and Far East & Australia GeoMarkets, and a continued decline in drilling activity in Venezuela. The weaker international activity was, however, partially offset by stronger IDS project activity in Kuwait and Iraq.


    Group pretax operating margin of 14% declined 85 bps sequentially as continued pricing momentum from the increased uptake of Drilling & Measurements and Bits & Drilling Tools technologies in the US was more than offset by the pricing pressure and seasonally lower activity in the international markets.


    Drilling Group performance in the first quarter was underpinned by integrated services contract awards, IDS operational efficiencies, and a broad range of drill bit technologies that helped lower cost per barrel.


    In Russia, Schlumberger was one of the key service providers that worked with the Sakhalin-1 Consortium to drill the world’s longest extended-reach well of 15,000 m from the Orlan platform at Chayvo field in the Sea of Okhotsk. The technically challenging environment required two years of collaborative planning between the Sakhalin-1 Consortium and the integrated Schlumberger team to optimize the drilling plan and integrate other critical services and product lines through the Sakhalin-based Extended-Reach Drilling Center of Excellence.


    Saudi Aramco has awarded Schlumberger a three-year LSTK drilling contract to provide rigs and well construction services for 70 onshore oil wells in different fields. The contract has an optional two-year extension period, with operations expected to begin in the second quarter of 2018.


    In Denmark, Mærsk Olie og Gas, a Total company, awarded Schlumberger a seven-year contract with three one-year extension options valued at $140 million for the provision of production chemicals, chemical management services, and tank management. The scope of work includes standard chemistry and the design of custom solutions for the North Sea, including laboratory analysis, product testing, qualification, and implementation. This award follows a similar contract that spanned from 2012 to 2018.


    In North America, Shell awarded Schlumberger a three-year contract for the provision of drilling fluids, specialized tools, and filtration services for eight wells in the US Gulf of Mexico for the Vito development project. Technologies include M-I SWACO DIPRO* high-density divalent reservoir drill-in fluid, BREAKDOWN HD* high-density filtercake breaker system, and the Torrential* high-flow filtration unit.


    In the Norwegian sector of the North Sea, IDS helped Aker BP save $12 million compared with the authorization for expenditure (AFE) for a challenging well section in the Tambar field. The IDS team worked closely with the customer to reduce drilling time by 14 days compared with AFE. The well was drilled to a total depth of 4,360 m in approximately seven days in a single bit run compared with 37 days for nine bit runs in neighboring wells. The technologies deployed included the OptiWell* well construction performance service, PowerDrive Orbit* rotary steerable system, AxeBlade* ridged diamond element bit, and RheGuard* low-ECD invert-emulsion fluid system.


    In Kuwait, Kuwait Oil Company added a third rig to an existing IDS contract that extends through 2019 for the supply of integrated well construction services in the Sabriyah and Raudhatain fields. To date, the project has drilled 24 wells. IDS introduced several technologies, including the PowerDrive* rotary steerable systems family as well as drillbit technologies such as the StingBlade* conical diamond element and AxeBlade ridged diamond element bits.


    ln Norway, IDS and Wintershall Norge increased meterage drilled per day by 225% over a five-well campaign in the Brage field, delivering each well ahead of schedule and under budget. Prior to the new drilling campaign, operational well construction challenges commonly experienced in this late-life field led to a one-year halt in drilling operations. During the drilling halt, IDS collaborated with Wintershall Norge to develop a lean-well approach under an incentive-based contract. Due to this success, the lifetime of the field has been extended.


    BW Offshore awarded Schlumberger several well construction services contracts along with an award to Borr Drilling for the rig contract on a project in Gabon. The Schlumberger contracts include measurement- and logging-while-drilling, drilling fluids and solids control, cementing, wireline logging, mud logging, drilling bits and reamers, contingency fishing equipment and services, well completions, and sand management services. Drilling started late January 2018 and the first well has been completed. A Schlumberger integrated project manager is coordinating multiple Schlumberger product lines under the supervision of the BW Offshore drilling and operations team. The combination of Schlumberger services with the Borr Drilling rig offering is the next step in delivering safe, reliable, and efficient drilling operations.


    Offshore Brazil, Bits & Drilling Tools deployed Stinger* conical diamond element technology to help Petrobras decrease drilling time by more than five days in the Búzios field. This presalt play in the deepwater Santos Basin comprises hard carbonates and layers of low porosity sediments that pose drilling challenges. Stinger element technology enabled Petrobras to achieve the longest well section drilled in a single run, 634 m, and at the lowest cost per meter in the Búzios field.


    Production Group




    (Stated in millions)

              Three Months Ended     Change
              Mar. 31, 2018     Dec. 31, 2017     Mar. 31, 2017     Sequential     Year-on-year
    Revenue         $2,959     $3,079     $2,187     -4%     35%
    Pretax operating income         $216     $315     $110     -31%     96%
    Pretax operating margin         7.3%     10.2%     5.0%     -291 bps     227 bps

    Production Group revenue of $3.0 billion, of which 49% came from the international markets, decreased 4% sequentially. Most of the decline was in the international markets due to the seasonal drop in activity in Russia and lower hydraulic fracturing stage counts in Argentina and Saudi Arabia. Sequentially, Production Group revenue in North America was marginally higher. OneStim performance was impacted by transient headwinds in the hydraulic fracturing market, which included modest increases in customer completions activity, resulting in subdued sequential stage count growth. The industry-wide hydraulic fracturing capacity additions combined with the disruptions to industry sand rail deliveries led to lower utilization and inefficiency as well as softer pricing. Overall, SPM revenue was slightly higher sequentially.


    Group pretax operating margin of 7% decreased 291 bps sequentially due to the previously mentioned transient headwinds that impacted the hydraulic fracturing market in North America. Despite industry-wide sand rail delivery disruptions, we successfully ensured sufficient sand supply, strong service quality, and overall business continuity across our customer base, although this led to additional costs that impacted the Group’s operating margin.


    The Production Group benefited from Integrated Production Services (IPS) contract awards as well as the deployment of stimulation and artificial lift technologies.


    In India, Vedanta Resources—whose oil and gas operations in India are managed by Cairn Oil & Gas—awarded Schlumberger an IPS contract valued at $214 million for two of its fields in the onshore RJ-ON-90/1 Block. The contract award comprises integrated development of 42 wells in the Raageshwari deep gas field and 39 wells in the Aishwariya oil field with technologies from multiple product lines.


    In Russia, Well Services used BroadBand Sequence* fracturing service for Slavneft-Megionneftegaz to refracture a multistage horizontal well in a conventional sandstone oil reservoir in the Tailakovskoye field, increasing production by 180%. The BroadBand Sequence service sequentially isolated the openhole section of the wellbore to ensure every cluster in each zone was fractured and contributed to the well’s production potential.


    In North America land, Schlumberger deployed BroadBand Sequence fracturing and WellWatcher Stim* stimulation monitoring services in a high-pressure, high-temperature well for BP to improve contact with the reservoir. The BroadBand Sequence service overcame the challenge of a casing patch that limited plug and perforation methods. These services enabled the stimulation of an additional 3,000-ft lateral well section below the casing patch, and the WellWatcher Stim service confirmed that the corresponding perforation clusters were effectively treated.


    In the Russian sector of the Caspian Sea, Well Services used OpenPath Reach* extended-contact stimulation service for LUKOIL-Nizhnevolzhskneft to increase the injectivity index in two horizontal wells in the Korchagina field by an average of 300% compared with previous production levels. The horizontal sections of the wells pass through conventional sandstone and carbonate formations, posing stimulation and permeability challenges. The VDA* viscoelastic diverting fluid diverted the treatment fluid into lower injectivity carbonate zones, maximizing reservoir contact and optimizing stimulation of both wells.


    In the Permian Basin, an integrated team of petrotechnical experts performed a completions optimization study in the San Andres formation for Mack Energy Corporation. A combination of technologies was used to optimize a completion in a well that led to a 412% increase in baseline production compared with the first year, as well as a 250% increase over the average production in the basin. Data acquired from CMR-Plus* combinable magnetic resonance tool, a Sonic Scanner* acoustic scanning platform, and an FMI* fullbore formation microimager were incorporated into building a 3D basin model. Kinetix Shale reservoir-centric stimulation-to-production software and the INTERSECT* reservoir simulator were used to optimize the fracturing treatment design and production uplift. ThruBit* through-the-bit logging services measurements in the lateral were incorporated for optimum placement of perforations to ensure cluster efficiency.


    In North Dakota, Artificial Lift Solutions used a combination of technologies in a Bakken Shale well to save equipment replacement and workover costs. The well’s initial high production rate had declined and was operating in a harsh environment due to abrasion from proppant flowback. The customer needed to draw down the well with a single electric submersible pump (ESP) before switching to low-flow artificial lift. Installing the REDA Maximus* ESP system equipped with Continuum* unconventional extended-life ESP stage technology increased pump life to more than double the average for the field and avoided deferring oil production.


    In Kuwait, Well Services used AllSeal* water and gas conformance service for Kuwait Oil Company to increase oil production in a well by 900 bbl/d in the Khashman field. This well was originally producing at 96% water cut, and the initial solution was to remove the pump, isolate the water zone, and perforate a new interval, which would require a workover rig on location. Instead, the AllSeal service injected particulate gel into the water zone to isolate it, thus saving operating costs by eliminating the need for a rig. When the new interval had been perforated, water cut decreased by 90% and oil production increased by 300%.


    Cameron Group




    (Stated in millions)

              Three Months Ended     Change
              Mar. 31, 2018     Dec. 31, 2017     Mar. 31, 2017     Sequential     Year-on-year
    Revenue         $1,310     $1,414     $1,229     -7%     7%
    Pretax operating income         $166     $203     $162     -18%     2%
    Pretax operating margin         12.7%     14.4%     13.2%     -169 bps     -50 bps

    Cameron Group revenue of $1.3 billion, of which 56% came from international markets, fell 7% sequentially primarily due to seasonally lower project volumes and reduced product sales. OneSubsea revenue was lower on declining project backlog. The other Cameron product lines—Drilling Systems, Surface Systems, and Valves & Measurement—posted sequential revenue declines on seasonality. By geography, Russia and Asia revenue grew sequentially, but this was more than offset by seasonally lower revenue in North America, the Middle East, and Latin America.


    Group pretax operating margin of 13% decreased 169 bps sequentially, largely due to the declining project backlog in OneSubsea.


    Cameron Group performance in the first quarter benefited from contract awards for OneSubsea integrated capital-efficient solutions and managed pressure drilling (MPD) systems.


    Noble Energy awarded Schlumberger an engineering and supply contract for a 2,000-ton single-lift process module to be installed on the Leviathan platform in the Eastern Mediterranean. Contract scope includes pretreatment, salt removal, and regeneration of monoethylene glycol. The PUREMEG* reclamation and regeneration system is part of the OneSubsea integrated capital-efficient solution offering. This follows the Noble Energy contract award to OneSubsea in 2017 for the supply of 10,000-psi horizontal production trees, tree-mounted controls, off-tree controls, and topside controls for the same project.


    The Cameron Group received a purchase order valued at $6.7 million from Seadrill Limited for an integrated riser joint for its third MPD system delivered by Schlumberger. An integrated riser joint enables effective riser gas handling and MPD operations in a modular, flexible design, providing real-time operational adaptability.


    In the US Gulf of Mexico, OneSubsea and its Subsea Services Alliance member, Helix Energy Solutions, completed the first operation of the jointly developed 15,000-psi intervention riser system for a major international E&P company. This uses a unique business model, the first of its kind available on a rental basis, which is saving the customer up-front capex as well as lifetime maintenance and storage operating costs. The system, whose construction was launched mid-2015, addresses the growing intervention needs of high-pressure subsea wells.


    Financial Tables


    Condensed Consolidated Statement of Income


    (Stated in millions, except per share amounts)

              Three Months
    Periods Ended March 31,         2018   2017
    Revenue         $7,829   $6,894
    Interest and other income         42   46
    Cost of revenue         6,802   6,076
    Research & engineering
            172   211
    General & administrative
            111   98
    Merger & integration (1)
            -   82
            143   139
    Income before taxes         $643   $334
    Tax on income (1)         113   50
    Net income         $530   $284
    Net income attributable to noncontrolling interests         5   5
    Net income attributable to Schlumberger (1)         $525   $279
    Diluted earnings per share of Schlumberger (1)         $0.38   $0.20
    Average shares outstanding         1,385   1,393
    Average shares outstanding assuming dilution         1,394   1,402
    Depreciation & amortization included in expenses (2)         $874   $989
    (1)   See section entitled “Charges & Credits” for details.
    (2)   Includes depreciation of property, plant and equipment and amortization of intangible assets, multiclient seismic data costs and SPM investments.

    Condensed Consolidated Balance Sheet

                      (Stated in millions)
              Mar. 31,       Dec. 31,
    Assets         2018       2017
    Current Assets
    Cash and short-term investments
            $4,165       $5,089
            8,472       8,084
    Other current assets
            5,419       5,324
              18,056       18,497
    Fixed assets         11,556       11,576
    Multiclient seismic data         707       727
    Goodwill         25,120       25,118
    Intangible assets         9,217       9,354
    Other assets         6,822       6,715
              $71,478       $71,987
    Liabilities and Equity                  
    Current Liabilities                  
    Accounts payable and accrued liabilities
            $9,598       $10,036
    Estimated liability for taxes on income
            1,311       1,223
    Short-term borrowings and current portion
                 of long-term debt
            4,586       3,324
    Dividends payable
            700       699
              16,195       15,282
    Long-term debt         13,526       14,875
    Deferred taxes         1,579       1,650
    Postretirement benefits         1,027       1,082
    Other liabilities         1,825       1,837
              34,152       34,726
    Equity         37,326       37,261
              $71,478       $71,987




    (Stated in millions)

    Components of Liquidity        

    Mar. 31,



    Dec. 31,



    Mar. 31,


    Cash and short-term investments         $4,165         $5,089         $7,353  
    Fixed income investments, held to maturity         -         -         238  
    Short-term borrowings and current portion of long-term debt         (4,586)         (3,324 )       (2,449)  
    Long-term debt         (13,526)         (14,875 )       (16,538)  
    Net Debt (1)         $(13,947)         $(13,110 )       $(11,396)  
    Details of changes in liquidity follow:                          
                      Three       Three
                      Months       Months
    Periods Ended March 31,                 2018       2017
    Net income before noncontrolling interests                 $530         $284  
    Impairment and other charges, net of tax before noncontrolling interests                 -         68  
                      $530         $352  
    Depreciation and amortization (2)                 874         989  
    Stock-based compensation expense                 90         88  
    Pension and other postretirement benefits expense                 18         37  
    Pension and other postretirement benefits funding                 (39)         (29)  
    Change in working capital                 (836)         (791)  
    Other                 (69)         10  
    Cash flow from operations(3)                 $568         $656  
    Capital expenditures                 (454)         (381)  
    SPM investments                 (240)         (144)  
    Multiclient seismic data capitalized                 (26)         (116)  
    Free cash flow (4)                 (152)         15  
    Dividends paid                 (692)         (696)  
    Stock repurchase program                 (97)         (372)  
    Proceeds from employee stock plans                 127         135  
                      (814)         (918)  
    Business acquisitions and investments, net of cash acquired plus debt assumed                 (13)         (273)  
    Other                 (10)         (84)  
    Increase in Net Debt                 (837)         (1,275)  
    Net Debt, beginning of period                 (13,110)         (10,121)  
    Net Debt, end of period                 $(13,947)         $(11,396)  
    (1)     “Net Debt” represents gross debt less cash, short-term investments and fixed income investments, held to maturity. Management believes that Net Debt provides useful information regarding the level of Schlumberger’s indebtedness by reflecting cash and investments that could be used to repay debt. Net Debt is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, total debt.
    (2)     Includes depreciation of property, plant and equipment and amortization of intangible assets, multiclient seismic data costs and SPM investments.
    (3)     Includes severance payments of $76 million and $140 million during the three months ended March 31, 2018 and 2017, respectively.
    (4)     “Free cash flow” represents cash flow from operations less capital expenditures, SPM investments and multiclient seismic data costs capitalized. Management believes that free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of Schlumberger’s ability to generate cash. Once business needs and obligations are met, this cash can be used to reinvest in the company for future growth or to return to shareholders through dividend payments or share repurchases. Free cash flow does not represent the residual cash flow available for discretionary expenditures. Free cash flow is a non-GAAP financial measure that should be considered in addition to, not as substitute for or superior to, cash flow from operations.

    Charges & Credits


    In addition to financial results determined in accordance with US generally accepted accounting principles (GAAP), this first-quarter 2018 earnings release also includes non-GAAP financial measures (as defined under the SEC’s Regulation G). Net income, excluding charges & credits, as well as measures derived from it (including diluted EPS, excluding charges & credits; Schlumberger net income, excluding charges & credits; and effective tax rate, excluding charges & credits) are non-GAAP financial measures. Management believes that the exclusion of charges & credits from these financial measures enables it to evaluate more effectively Schlumberger’s operations period over period and to identify operating trends that could otherwise be masked by the excluded items. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of these non-GAAP measures to the comparable GAAP measures.

    (Stated in millions, except per share amounts)
              First Quarter 2017
              Pretax     Tax    




        Net     Diluted


    Schlumberger net income (GAAP basis)         $334       $50       $5       $279       $0.20  
    Merger & integration         82       14       -       68       0.05  
    Schlumberger net income, excluding charges & credits         $416       $64       $5       $347       $0.25  
              Fourth Quarter 2017
              Pretax     Tax    




        Net     Diluted

    EPS *

    Schlumberger net loss (GAAP basis)         $(2,210 )     $62       ($17 )     $(2,255 )     $(1.63 )
    Impairments & other :                                  
    WesternGeco seismic restructuring         1,114       20       -       1,094       0.79  
    Venezuela investment write-down         938       -       -       938       0.67  
    Workforce reductions         247       13       -       234       0.17  
    Multiclient seismic data impairment         246       81       -       165       0.12  
    Other restructuring charges         156       10       22       124       0.09  
    Merger & integration         95       26       -       69       0.05  
    Provision for loss on long-term construction project         245       22       -       223       0.16  
    US tax reform         -       (76 )     -       76       0.05  
    Schlumberger net income, excluding charges & credits         $831       $158       $5       $668       $0.48  

    * Does not add due to rounding


    There were no charges or credits during the first quarter of 2018.


    Product Groups

    (Stated in millions)
              Three Months Ended
              Mar. 31, 2018     Dec. 31, 2017     Mar. 31, 2017












    Reservoir Characterization         $1,556       $307         $1,638       $360         $1,618       $281  
    Drilling         2,126       293         2,180       319         1,985       229  
    Production         2,959       216         3,079       315         2,187       110  
    Cameron         1,310       166         1,414       203         1,229       162  
    Eliminations & other         (122)       (8)         (132)       (42)         (125)       (25)  
    Pretax operating income               974               1,155               757  
    Corporate & other               (225)               (219)               (239)  
    Interest income(1)               25               25               24  
    Interest expense(1)               (131)               (130)               (126)  
    Charges & credits               -               (3,041)               (82)  
              $7,829       $643         $8,179       $(2,210 )       $6,894       $334  

    (1) Excludes interest included in the Product Groups results.


    Supplemental Information




    What is the capex guidance for the full year 2018?

          Capex (excluding multiclient and SPM investments) for the full year 2018 is expected to be approximately $2 billion, which is similar to the levels of 2017 and 2016.



    What was the cash flow from operations for the first quarter of 2018?

          Cash flow from operations for the first quarter of 2018 was $568 million despite the consumption of working capital that is typically experienced in the first quarter. The use of working capital was driven by annual payments associated with employee compensation. Working capital also reflected $76 million of severance payments during the first quarter of 2018.



    What was included in “Interest and other income” for the first quarter of 2018?

          “Interest and other income” for the first quarter of 2018 was $42 million. This amount consisted of earnings of equity method investments of $14 million and interest income of $28 million.



    How did interest income and interest expense change during the first quarter of 2018?

          Interest income of $28 million declined $3 million sequentially. Interest expense of $143 million was essentially flat sequentially.



    What is the difference between pretax operating income and Schlumberger’s consolidated income before taxes?

          The difference principally consists of corporate items, charges and credits, and interest income and interest expense not allocated to the segments as well as stock-based compensation expense, amortization expense associated with certain intangible assets, certain centrally managed initiatives, and other nonoperating items.



    What was the effective tax rate (ETR) for the first quarter of 2018?

          The ETR for the first quarter of 2018, calculated in accordance with GAAP, was 17.6% as compared to -2.8% for the fourth quarter of 2017. Excluding charges and credits, the ETR for the fourth quarter of 2017 was 19.0%. There were no charges and credits in the first quarter of 2018.



    What is the impact of US tax reform on Schlumberger?

          US tax reform significantly changes US corporate income tax laws by, among other things, reducing the US corporate income tax rate to 21% starting in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of US subsidiaries.
          After considering the impact of foreign tax credits and tax losses, the cash tax payable as a result of the one-time mandatory tax on previously deferred foreign earnings of Schlumberger’s US subsidiary will not be significant.
          As a non-US company, Schlumberger’s corporate structure results in it largely paying taxes where it operates and earns profits, without having to incur additional layers of taxes. Given this structure, the primary impact of US tax reform on Schlumberger is that a lower federal tax rate will be applied to income earned by the US business. Absent the impact of US tax reform, the Company’s ETR would likely increase by approximately 2 to 3 percentage points in 2018 as compared to our fourth quarter 2017 ETR. However, the impact of US tax reform for 2018 is expected to largely offset this increase. As a result, Schlumberger expects the full-year 2018 ETR to approximate its Q4 2017 ETR before charges and credits.



    How many shares of common stock were outstanding as of March 31, 2018 and how did this change from the end of the previous quarter?

          There were 1.385 billion shares of common stock outstanding as of March 31, 2018. The following table shows the change in the number of shares outstanding from December 31, 2017 to March 31, 2018.



    (Stated in millions)

    Shares outstanding at December 31, 2017       1,384  
    Shares sold to optionees, less shares exchanged       -  
    Vesting of restricted stock       -  
    Shares issued under employee stock purchase plan       2  
    Stock repurchase program      



    Shares outstanding at March 31, 2018       1,385  



    What was the weighted average number of shares outstanding during the first quarter of 2018 and fourth quarter of 2017 and how does this reconcile to the average number of shares outstanding, assuming dilution used in the calculation of diluted earnings per share, excluding charges and credits?

          The weighted average number of shares outstanding was 1.385 billion during the first quarter of 2018 and 1.385 billion during the fourth quarter of 2017.
          The following is a reconciliation of the weighted average shares outstanding to the average number of shares outstanding, assuming dilution, used in the calculation of diluted earnings per share, excluding charges and credits.



    (Stated in millions)


    First Quarter 



    Fourth Quarter


    Weighted average shares outstanding           1,385       1,385
    Assumed exercise of stock options           2       1
    Unvested restricted stock           7       5
    Average shares outstanding, assuming dilution           1,394       1,391



    What are Schlumberger Production Management (SPM) projects and how does Schlumberger recognize revenue from these projects?

          SPM projects are focused on developing and comanaging production on behalf of Schlumberger customers under long-term agreements. Schlumberger will invest its own services, products, and in some cases, cash, into the field development activities and operations. Although in certain arrangements Schlumberger recognizes revenue and is paid for a portion of the services or products it provides, generally Schlumberger will not be paid at the time of providing its services or upon delivery of its products. Instead, Schlumberger recognizes revenue and is compensated based upon cash flow generated or on a fee-per-barrel basis. This may include certain arrangements whereby Schlumberger is only compensated based upon incremental production it helps deliver above a mutually agreed baseline.



    How are Schlumberger products and services that are invested in SPM projects accounted for?

          Revenue and the related costs are recorded within the respective Schlumberger Group for services and products that each Group provides to Schlumberger’s SPM projects. This revenue (which is based on arms-length pricing) and the related profit is then eliminated through an intercompany adjustment that is included within the “Eliminations & other” line. (Note that the “Eliminations & other” line includes other items in addition to the SPM eliminations.) The direct cost associated with providing Schlumberger services or products to SPM projects is then capitalized on the balance sheet.
          These capitalized investments, which may be in the form of cash as well as the previously mentioned direct costs, are expensed in the income statement as the related production is achieved and associated revenue is recognized. This amortization expense is based on the units of production method, whereby each unit is assigned a pro-rata portion of the unamortized costs based on total estimated production.
          SPM revenue along with the amortization of the capitalized investments and other operating costs incurred in the period are reflected within the Production Group.



    What was the unamortized balance of Schlumberger’s investment in SPM projects at March 31, 2018 and how did it change in terms of investment and amortization when compared to December 31, 2017?

          The unamortized balance of Schlumberger’s investments in SPM projects was approximately $4.1 billion at both March 31, 2018 and December 31, 2017. These amounts are included within Other Assets in Schlumberger’s Condensed Consolidated Balance Sheet. The change in the unamortized balance of Schlumberger’s investment in SPM projects was as follows:


    (Stated in millions)

    Balance at December 31, 2017       $4,065  
    SPM investments       240  
    Amortization of SPM investment      



    Translation & other      



    Balance at March 31, 2018       $4,112  



    What was the amount of WesternGeco multiclient sales in the first quarter of 2018?

          Multiclient sales, including transfer fees, were $119 million in the first quarter of 2018 and $166 million in the fourth quarter of 2017.



    What was the WesternGeco backlog at the end of the first quarter of 2018?

          The WesternGeco backlog, which is based on signed contracts with customers, was $358 million at the end of the first quarter of 2018. It was $399 million at the end of the fourth quarter of 2017.



    What were the orders and backlog for the Cameron Group’s OneSubsea and Drilling Systems businesses?

          The OneSubsea and Drilling Systems orders and backlog were as follows:



    (Stated in millions)


    First Quarter 



    Fourth Quarter


    OneSubsea         $329       $282
    Drilling Systems         $218


    Backlog (at the end of period)                  
    OneSubsea         $2,002       $2,060
    Drilling Systems         $377



    About Schlumberger


    Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies the industry's most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.


    Schlumberger Limited has principal offices in Paris, Houston, London, and The Hague, and reported revenues of $30.44 billion in 2017. For more information, visit


    *Mark of Schlumberger or Schlumberger companies.




    Schlumberger will hold a conference call to discuss the earnings press release and business outlook on Friday, April 20, 2018. The call is scheduled to begin at 8:30 a.m. US Eastern Time. To access the call, which is open to the public, please contact the conference call operator at +1 (800) 288-8967 within North America, or +1 (612) 333-4911 outside North America, approximately 10 minutes prior to the call’s scheduled start time. Ask for the “Schlumberger Earnings Conference Call.” At the conclusion of the conference call, an audio replay will be available until May 20, 2018 by dialing +1 (800) 475-6701 within North America, or +1 (320) 365-3844 outside North America, and providing the access code 444396.


    The conference call will be webcast simultaneously at on a listen-only basis. A replay of the webcast will also be available at the same web site until May 31, 2018.


    This first-quarter 2018 earnings release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts, such as our forecasts or expectations regarding business outlook; growth for Schlumberger as a whole and for each of its segments (and for specified products or geographic areas within each segment); oil and natural gas demand and production growth; oil and natural gas prices; improvements in operating procedures and technology, including our transformation program; capital expenditures by Schlumberger and the oil and gas industry; the business strategies of Schlumberger’s customers; the effects of U.S. tax reform; our effective tax rate; the success of Schlumberger’s SPM projects, joint ventures and alliances; future global economic conditions; and future results of operations. These statements are subject to risks and uncertainties, including, but not limited to, global economic conditions; changes in exploration and production spending by Schlumberger’s customers and changes in the level of oil and natural gas exploration and development; general economic, political and business conditions in key regions of the world; foreign currency risk; pricing pressure; weather and seasonal factors; operational modifications, delays or cancellations; production declines; changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services and climate-related initiatives; the inability of technology to meet new challenges in exploration; the inability to retain key employees; and other risks and uncertainties detailed in this first-quarter 2018 earnings release and our most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.





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    Business Wire India

    Mr. Akshay Mehrotra, Co-Founder & CEO, EarlySalary and Amit Gainda, CEO, Avanse Financial Services
    Mr. Akshay Mehrotra, Co-Founder & CEO, EarlySalary and Amit Gainda, CEO, Avanse Financial Services

    EarlySalary, India’s largest digital-lending Fintech startup partners with Avanse Financial Services, India’s fastest growing education finance company to introduce a first-of-its-kind digital, school fee financing solution called ‘FeES’. This solution is being offered through the EarlySalary App. This unique solution has been planned with a socio-economic objective of helping parents afford good quality school education for their children by simplifying the fee payment process through instant credit facility and convenient EMIs. ‘FeES’ provides instant education loans ranging from Rs. 50,000 to Rs. 3,00,000 and offers flexible repayment options of 3 and 6 months.
    The school education sector in India is evolving owing to increased investments and mushrooming of international schools all over the country. At the same time, the cost of school education is increasing rapidly due to the growing demand for an advanced curriculum of international standards and technology driven teaching methodology. As per ASSOCHAM, the school fee of a single child per annum has risen from Rs. 55,000 in 2005 to Rs. 1,25,000 in 2015. Sharp increase in school education costs in metros has made bulk fee payments very difficult for parents. On the other hand, schools find it difficult to offer monthly payment options to parents due to administrative and operational expenses. To tackle concerns around effective management of rising school fees in today’s date and time, Avanse and EarlySalary conceptualized, developed and launched the ‘FeES’ solution to provide the much needed funding to parents and solve the problem of cash flows for schools. Avanse and Early Salary will be working towards tying-up with over 500 schools in one year.
    Commenting on the announcement Akshay Mehrotra, Co-Founder & CEO of EarlySalary said, “Finest education should be the most important prerogative for a parent. Hence, with a little assistance from our new offering ‘FeES’ we believe we can give the much needed helping hand to every parent. Customer’s convenience has always been the basis of any product development taking place at EarlySalary. In the last two years, EarlySalary has grown manifold and thus has emerged as an innovator and market leader in the real-time, short-term loans business. Our partnership with Avanse is another step towards building the category of quick loans. We are introducing a new segment of loans for a different set of customers through this initiative. Today the cost of education has increased several times more than what it was years before. We understand that every parent would definitely want to give the best opportunities for studies to their kids. Hence, this tie-up is in sync with our vision of solving parent’s common problem of managing their kid’s school fees. We are really optimistic about this partnership and are aiming to reach out to 100,000 fathers and mothers within the next 18 months”.
    Commenting on the partnership, Amit Gainda, CEO, Avanse Financial Services Ltd. said, “Avanse is glad to partner with EarlySalary to launch ‘FeES’, a unique school fee management solution that makes it extremely convenient for parents to digitally secure instant education loans for school fees and repay through effective EMI options. This partnership is an outcome of Avanse’s strong belief in investing in innovative digital solutions to enhance education finance access. All school expenses including tuition fees, books & study materials, etc. are covered under this feature. Through this partnership, Avanse reinforces its commitment towards providing customer centric education financing solutions, hence enabling education dreams of Indian students.” Further commenting on the growth in the sector, Amit added, “As of today, India has more than 1.5 million schools with over 260 million students enrolled. The existing school education segment in India valued at US$ 52 billion provides immense growth opportunity, with approximately 28.1 per cent of India’s population in the age group of 0-14 years, as of 2015. Through the ‘FeES’ feature, we aim to reach out to millions of parents and students to fulfil school education dreams.”
    How to use the ‘FeES’ feature:
    Download the EarlySalary App from Google Play store or iOS App store. Once you verify the basic information and bank details, the requested school fee amount will be directly credited to the school account instantly without any human intervention.
    USPs of the ‘FeES’ Feature:
    1. Instant School Fee Payment within minutes
    2. Convenience for parents to pay back with up to 6 months EMI option
    3. Zero Down Payment
    4. Processing fee of Rs. 999 only
    5. ‘New to Credit’ borrower can also avail benefits

    Founded by Akshay Mehrotra and Ashish Goyal, EarlySalary is a mobile app which allows salaried individuals to avail of instant loans for a few days or till the next salary cycle. These loans are similar to salary advances or credit card cash withdrawals, empowering consumers with ready cash when it is most needed. The company conducts prudent risk assessment by leveraging machine learning to go beyond financial underwriting. with over 2 Million app downloads & disbursed nearly Rs.250Cr of instant loan across the country, EarlySalary is fast becoming the 1st line of credit for young working professionals in India The company has been working on introducing multiple products, line of credit functionality, EMIs and other products focused towards helping young working professions with credit needs.

    EarlySalary aspires to join the unicorn club this year following a Rs. 100 crore funding round in January 2018 from Eight Roads Ventures & existing investors, IDG Ventures India & DHFL. With more than 2 Million Downloads and over 1,50,000 loans worth Rs. 250Cr already being disbursed, EarlySalary is helping multiple customers borrow within minutes. While concentrating on providing instant loans to young working professionals, EarlySalary is now also focusing on introducing more features like PayLater & Line of Credit for shopping.
    Key Features
    • Instant Salary Advance up to 50% of monthly Salary in less than 10 minutes
    • Superfast: 70% loans are granted in less than 10 minutes
    • Instant Cash: Salary advance/cash loans transferred to bank anytime instantly
    • Short duration: Cash loans from 7 days up to 30 days for the first loans and repeat customers can get longer tenure loans also.
    • Instant Transactions: From Rs. 8,000 to Rs. 1 Lac cash transferred to the customer’s bank account
    • Shop now and pay later - ability to use the loan limit to shop online on credit.
    For more information please visit:

    About Avanse Financial Services
    Avanse Financial Services Limited is a new age, leading education focused niche NBFC, regulated by Reserve Bank of India. Company is an associate enterprise of Wadhawan Global Capital private limited (WGC), a diversified financial services group in India with businesses across Lending, Asset Management & Insurances and DHFL, one of India’s leading affordable housing finance companies with an AUM of ~US$ 15.5 billion The International Finance Corporation (IFC), an arm of the World Bank is a key stakeholder with 20% equity stake in Avanse.
    With its new age, flexible and tailored financial solutions, Avanse addresses higher education needs of the Indian youth enabling them to ‘Aspire without Boundaries’. With workforce strength of over 200 employees across India, Avanse has fulfilled dreams of over 8,000 academic aspirants in over 40+ countries including US, UK, Australia etc.
    Avanse is also India’s first Private Sector Education Loan provider also exclusively catering to women offering benefits such as 5% Tuition scholarship fees, repayment for partial simple interest, loan tenure flexibility, and competitive interest rates.
    To know more about the company, visit:

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    Business Wire India

    (L-R) Mr. Kedar Teny Senior Vice President Sony Pictures Networks presenting award to Mr. Tarun Taneja VP  Head - Products Max Bupa with Mr. Mihir Doshi, Managing Director & Country Head, Credit Suisse
    (L-R) Mr. Kedar Teny Senior Vice President Sony Pictures Networks presenting award to Mr. Tarun Taneja VP Head - Products Max Bupa with Mr. Mihir Doshi, Managing Director & Country Head, Credit Suisse

    Max Bupa, India’s leading health insurance company was honored with the most acclaimed title ‘Product of the Year’ for its latest innovative product offering, GoActive. This new-age product is a disruptive and customer centric offering from Max Bupa, that caters to the ‘daily health needs’ of Indians and has been designed with an intent to bring a paradigm shift in the health insurance industry. This recognition is the outcome of an independent consumer study conducted by research agency Nielsen that surveyed over 4000 consumers in 8 metro and non-metro cities including Delhi, Mumbai, Bangalore and Chennai. The award was presented to Max Bupa by Mr. Kedar Teny, Senior Vice President, Sony Pictures Networks along with Mr. Mihir Doshi, Managing Director & Country Head, Credit Suisse at an awards ceremony held in Mumbai.
    Product of the Year is the world’s largest consumer-voted award for product innovation. It is an Internationally Recognized Certification that celebrates and rewards the best innovations in consumer products and services. Max Bupa’s GoActive was certified as the most innovative offering by the company. This new-age product is a disruptive and customer centric offering from Max Bupa, that caters to the ‘daily health needs’ of Indians and has been designed with an intent to bring a paradigm shift in the health insurance industry.
    Speaking on the win, Ashish Mehrotra, MD and CEO, Max Bupa said, “This is an interesting time to be in the health insurance industry in India as the sector is witnessing a lot of innovation – be it digitization, wellness products for new customer segments or usage of technology to create exemplary experience. I can say with great pride that Max Bupa has been a part of this innovation story by helming several such innovations since its inception in 2010. These awards testifies that we are moving in the right direction and will encourage each one of us at Max Bupa to keep contributing towards the wellness of consumers in mind. Our aim with GoActive Health Insurance Plan is to narrow down the existing insurance penetration gap and bring more and more people into the ambit of health insurance by giving them a plan that takes care of their daily health needs.”
    Talking about the annual awards, Raj Arora, CEO, Product of the Year India said, “Product of the Year is about Innovation. Thousands of consumers vote for products in each category in a face-to-face survey conducted by Nielsen and choose only the best as ‘Product of the Year’. The consumer validation of the outstanding and innovative aspects of each product provides a fillip to all brands that are trying to differentiate in this crowded marketplace. Max Bupa’s product has clearly resonated with the consumer and hopefully they will be able to use this recognition to advantage.”
    Keeping with Max Bupa’s legacy of innovation, GoActive is the first health insurance product in the market that brings together industry’s premier health-tech providers including GOQii, Practo and 1mg, on a single platform to create unique digitally enabled wellness ecosystem that will seamlessly offer all these services to the customers. What gives GoActive a winning edge over other products in the market is the strong customer proposition of being an ‘everyday use health insurance cover’ that takes care of all health needs related to illness and wellness has resonated strongly with the participants who were surveyed. This holistic health insurance plan has been designed to provide 360-degree coverage for the new age customers’ daily health requirements: inpatient hospitalization and on-the-go access to OPD, diagnostics, personalized health coaching, 2nd medical opinion and behavioral counseling etc.
    Over the last few years, Max Bupa has introduced many innovative offerings that cater to the evolving health needs of various customer segments. These include the introduction of first of its kind service offerings like AnyTime Health, InstaInsure and SARAL for bancassurance tie-ups, alliance with national and international banks, the introduction of ‘Point of Care’ concept in India and for building a ‘brand with a purpose’ to help Indians lead healthier, more successful lives.

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    Business Wire India

    Noted UAE-based businessman and philanthropist, Dr.Bavaguthu Raghuram Shetty announced the creation of “Finablr”, a new holding company which, subject to regulatory approvals, will consolidate his global portfolio of financial services brands under one single umbrella. Incorporated in the UK, Finablr will provide strategic direction and oversight for the category-leading brands across its network.


    This press release features multimedia. View the full release here:

    Finablr Leadership Team (L-R): Binay Shetty (Executive Director, Finablr), Dr. B.R. Shetty (Founder  ...

    Finablr Leadership Team (L-R): Binay Shetty (Executive Director, Finablr), Dr. B.R. Shetty (Founder and Chairman, Finablr) and Promoth Manghat (Executive Director, Finablr) (Photo: AETOSWire)

    Finablr also seeks to drive financial enablement and empowerment by accelerating customer-focused technology innovation through R&D efforts, industry ecosystem engagements, investments and potential acquisitions. As a diversified network, Finablr will combine the cumulative industry expertise of its trusted network brands including UAE Exchange, Travelex, Xpress Money etc. to deliver innovative-technology-driven and market-leading experiences. As a platform of complementary capabilities, the Finablr network will facilitate seamless and connected experiences for individuals and enterprises.


    With over four decades of industry experience, 18,000+ employees, and handling more than 150 Million customer transactions annually, the Finablr network brands boast an impressive global footprint. Collectively touching over a billion lives through its retail stores, agents and digital channels, the Finablr network brands have a direct presence in 45 countries and a network reach across 165 countries. Technology innovation and integration into the new economy is key to Finablr’s growth strategy.


    Commenting on the announcement, Finablr Founder and Chairman, Dr. B.R. Shetty, said: “Finablr is driven by our desire to lead the evolution of the financial services industry to meet the customer demands of tomorrow. Our strength comes from over four decades of trust that we have built with our customers through a track record of innovation and excellence in service. Through investment in research and technology, we will bring forth game-changing products and services across our portfolio of brands, to ensure we maintain our competitive edge. We are inspired by our customers and Finablr will focus on creating an engaged customer community.”


    Binay Shetty, Executive Director at Finablr, explained:“Finablr will bring together the strengths across its network brands and investments in digital technologies to build scalable, cost-efficient customer propositions to enable and empower them. We see Finablr as an innovation platform that converges the strengths and capabilities of our network companies and a range of ecosystem partners.In effect, we are bringing together leading-edge capabilities across people, processes and technology.”


    In its efforts to embrace new technologies that transform the way customers and businesses engage, Finablr is setting up Innovation Hubs (i-Hubs) across its global network. i-Hubs will identify disruptive trends in the industry and implement innovations that deliver enhanced business benefits to its network of brands. Through its investment arm, Finablr will seek to acquire capabilities that complement its portfolio through inorganic pursuits. The Finablr investment arm will continue the inorganic pursuits on behalf of its network brands, including strategic investments and acquisitions plans (of USD 250-300 Million) announced by UAE Exchange.


    Promoth Manghat, Executive Director at Finablr, added: “As a network of category-leading and trusted brands, Finablr is uniquely positioned to lead the future of financial services for a seamless world. Keeping the innovation agenda squarely in sight, we have started our journey by collaborating with strategic partners and globally-renowned industry accelerator programmes. The formation of i-Hubs builds upon our early investments in technology and accelerates our pace in delivering cutting-edge solutions. Moreover, on the investment front, we are constantly on the lookout for the right opportunities that help further our innovation efforts be it on the industry capability or the technology side.”


    Finablr has also announced the intent to rebrand the non-UAE operations of UAE Exchange as “Unimoni. Short for “Universal Money”, Unimoni will offer a broad spectrum of financial services and will build on the brand equity and legacy of UAE Exchange.


    *Source: AETOSWire



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    Business Wire IndiaWipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) today announced financial results under International Financial Reporting Standards (IFRS) for its quarter and year ended March 31, 2018.
    Highlights of the Results

    Results for the Year ended March 31, 2018:

    • Gross Revenue was Rs 544.9 billion ($8.4 billion1), a decline of 1.0% YoY.
    • IT Services Segment Revenue was $8,060.2 million, an increase of 4.6% YoY.
    • Non-GAAP constant currency IT Services Segment Revenue grew 2.9% YoY.
    • IT Services Segment Revenue in Rupee terms remained flat at Rs 528.4 billion ($8.1 billion1).
    • IT Services Margin was 15.8%. Excluding the impact of insolvency of two customers and the impairment loss in one of our acquisitions, IT Services Margin for the year was 16.8%*.
    • Net Income3 was Rs 80.1 billion ($1.2 billion1), a decrease of 5.7% YoY.
    Results for the Quarter ended March 31, 2018:
    • Gross Revenue was Rs 137.7 billion ($2.1 billion1), an increase of 0.7% sequentially.
    • IT Services Segment Revenue in dollar terms was $2,062.0 million, up 2.4% sequentially and 5.5% YoY.
    • Non-GAAP constant currency IT Services Segment Revenue grew 1.1% sequentially and 2.5% YoY.
    • IT Services Segment Revenue in Rupee terms at Rs 134.1 billion ($2.1 billion1), an increase of 1.3% sequentially.
    • IT Services Margin for the quarter was 14.4%. Excluding the impact of insolvency of a customer and the impairment loss in one of our acquisitions, IT Services Margin for the quarter was 16.0%*.
    • Net Income3 for the quarter was Rs 18.0 billion ($277 million1).
    Performance for the quarter and year ended March 31, 2018

    Abidali Z. Neemuchwala, CEO and Member of the Board said - “Our investments in Digital and our efforts in client mining are paying off well. Our strong order bookings in the last two quarters provide us the right foundation to grow as we progress through the year.”
    Jatin Dalal, Chief Financial Officer said - “We continue to make progress in our client mining, with number of clients contributing revenues over $75 million increasing from 17 to 20 during the quarter. Our investments in Wipro HOLMESTM and our automation suite are resulting in consistent productivity improvements. We generated robust Operating Cash Flows of Rs 84 billion at 105% of our Net Income in FY18.”

    Outlook for the Quarter ending June 30, 2018

    We expect Revenue from our IT Services business to be in the range of $2,015 million to $2,065 million*. We had announced the divestiture of our hosted data center services business to Ensono for a consideration of $405 million. We expect the transaction to complete during the quarter ending June 30, 2018. For the purpose of the Outlook, we have not considered the impact of the divestment on the Revenue for the quarter ending June 30, 2018. We will revise the Outlook for the quarter based on the actual date of completion of the divestment.
    * Outlook is based on the following exchange rates: GBP/USD at 1.39, Euro/USD at 1.24, AUD/USD at 0.78, USD/INR at 65.12 and USD/CAD at 1.27.
    Capital Allocation:
    The Board of Directors at its meeting held on January 19, 2018, had declared an interim dividend of Rs 1 per equity share for the financial year 2017–18. The Board recommends adoption of the interim dividend as the final dividend for the financial year 2017–18. Thus, the total dividend for the financial year 2017–18 remains Rs 1 per equity share. We also completed a buyback of Rs 110,000 million in December 2017.
    IT Services

    We signed a definitive agreement to divest Wipro’s hosted data center services business to Ensono, a leading hybrid IT services provider, for USD 405 million. Wipro will unlock value by transitioning eight data centers and over 900 employees of its hosted data center services business to Ensono. As part of the agreement, Wipro will make a strategic investment of USD 55 million in Ensono’s combined entity.
    Wipro continued its momentum in winning large deals globally as described below:
    A leading North American healthcare technology company has chosen Wipro as a strategic partner to help enhance its services and solutions, consolidate operations and grow the scale and scope of their offerings. Leveraging the Wipro HOLMESTM platform, Wipro will implement digital solutions that harness the power of cognitive computing, machine learning and hyper-automation. This engagement will help the client address the emerging needs of the industry as they work towards enabling a more value-based healthcare system.
    Wipro has won a multi-year infrastructure transformation deal in the Securities & Capital Markets domain from a global financial services firm. The deal encompasses hybrid cloud management services, workplace services, cybersecurity operations, and cloud-enabled transformation, and will standardize and modernize IT operations across the client’s lines of business. In addition to leveraging Wipro's expertise in infrastructure operations transformation, the engagement will be powered by Wipro HOLMESTM for intelligent automation, and analytics-driven insights.

    Wipro has won a multi-year contract from a leading German automotive company to transform and operate a large advanced analytics platform. The program will foster business agility and scalability for the client through transformation of enterprise operations and data-driven business insights.
    A leading network equipment provider has selected Wipro to enhance its Internet Protocol products. Wipro will develop next-generation platforms for the client as well as support their existing product portfolio.
    Digital highlights

    We continue to see increasing traction in digital oriented deals as illustrated below:
    A national U.S. retailer has hired Wipro Digital to support the ongoing development of its new omnichannel B2B platform and website. Wipro Digital’s Buildit engineering team will partner with the retailer to introduce new approaches and agile methodologies to enhance the user experience.
    A North American healthcare company has chosen Wipro as its digital transformation partner to digitize and improve its partner experience to take advantage of the evolving business models in the healthcare industry. The project will leverage the offerings of Wipro Digital and its strategic design firm Designit - in product design, product branding and technology implementation.
    Designit and Wipro Digital undertook a strategic design engagement to reimagine the merchant onboarding process for a large credit card processing firm. The extensive desk and field research resulted in the development of a reimagined onboarding experience. The new platform will help the client differentiate and remain competitive in a highly disrupted industry.
    Wipro continues to win deals in the cloud applications space by leveraging Appirio Cloud Services:
    • A large US-based healthcare company has selected Wipro to support the consolidation and standardization of its CRM processes;
    • Wipro was selected by a social purpose-driven software company to standardize the user experience of their organization and its sub-brands on a cloud platform;
    • A global financial services firm has selected Wipro to upgrade its existing CRM solution; and
    • An international non-profit organization has chosen Wipro to transform its financial accounting processes.
    Analyst Accolades and Awards

    Wipro was positioned as a Leader in the NelsonHall Big Data & Analytics NEAT Report 2017.
    Wipro won the ‘Best Blockchain Application of the Year’ award at the Global Logistics Excellence Awards 2018.
    Wipro was recognized as the leading AI Partner for 2017 by Intel Corporation at the Intel AI and HPC Ecosystem Summit 2018, for driving transformational outcomes for clients, by leveraging solutions powered by Wipro HOLMESTM and Intel’s AI-optimized hardware platforms.
    Wipro was recognized at the 14th Annual 2018 Info Security Product Guide's Global Excellence Awards®, in three categories - Managed Security Services, Security Products and Solutions for Enterprise (Large) and Identity Management.
    All product names, logos, and brands are property of their respective owners.
    IT Products
    • IT Products Segment Revenue for the quarter ended March 31, 2018 was Rs 4.2 billion ($64 million1).
    • IT Products Segment Revenue for the year ended March 31, 2018 was Rs 18.0 billion ($276 million1).
    • IT Products Margin for the year was 2.0%.
    Please refer to tables at the end for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.
    About Non-GAAP financial measures

    This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.
    The table at the end of the release provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance.
    This non-GAAP financial measure is not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS, and may be different from non-GAAP measures used by other companies. In addition to this non-GAAP measure, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.
    Results for the quarter and year ended March 31, 2018, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website

    Quarterly Conference Call

    We will hold an earnings conference call today at 07:15 p.m. Indian Standard Time (09:45 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a web-cast and can be accessed at the following link-
    An audio recording of the management discussions and the question and answer session will be available online and will be accessible in the Investor Relations section of our website at

    About Wipro Limited 

    Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services,  strong  commitment to sustainability and good corporate citizenship, we have over 160,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.

    Forward-looking statements

    The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
    1. For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = Rs 65.11, as published by the Federal Reserve Board of Governors on March 31, 2018. However, the realized exchange rate in our IT Services business segment for the quarter ended March 31, 2018 was US$1= Rs 65.04
    2. Segment Profit refers to Segment Results Total.
    3. Net Income refers to ‘Profit for the period attributable to equity holders of the Company.
    4. * For the year, we recognized provisions totaling Rs 5,255 million ($81 million1) with respect to insolvency of two customers and the impairment loss in one of our acquisitions. For the quarter, we recognized provisions totaling Rs 2,080 million ($32 million1) with respect to insolvency of a customer and the impairment loss in one of our acquisitions.
    Wipro Limited and Subsidiaries
    (Rupees in millions, except share and per share data, unless otherwise stated)
      As of March 31,   As of March 31,
        2017   2018   2018
                 Convenience translation into US dollar in millions (unaudited) Refer footnote
    Goodwill                       125,796                        117,584                                     1,806
    Intangible assets                         15,922                         18,113                                        278
    Property, plant and equipment                         69,794                         64,443                                        990
    Derivative assets                              106                               41                                           1
    Investments                           7,103                           7,668                                        118
    Investment in equity accounted investee                                -                             1,206                                          19
    Trade receivables                           3,998                           4,446                                          68
    Deferred tax assets                           3,098                           6,908                                        106
    Non-current tax assets                         12,008                         18,349                                        282
    Other non-current assets                         16,793                         15,726                                        242
    Total non-current assets                        254,618                       254,484                                     3,910
    Inventories                           3,915                           3,370                                          52
    Trade receivables                         94,846                        100,990                                     1,551
    Other current assets                         30,751                         30,596                                        469
    Unbilled revenues                         45,095                         42,486                                        653
    Investments                        292,030                        249,094                                     3,826
    Current tax assets                           9,804                           6,262                                          96
    Derivative assets                           9,747                           1,232                                          19
    Cash and cash equivalents                         52,710                         44,925                                        690
                           538,898                      478,955                                    7,356
    Assets held for sale                                -                           27,201                                        418
    Total  current assets                      538,898                      506,156                                    7,774
    TOTAL ASSETS                      793,516                      760,640                                  11,684
    Share capital                           4,861                           9,048                                        139
    Share premium                              469                              800                                          12
    Retained earnings                        490,930                        453,265                                     6,962
    Share based payment reserve                           3,555                           1,772                                          27
    Other components of equity                         20,489                         18,051                                        277
    Equity attributable to the equity holders of the Company                        520,304                        482,936                                     7,417
    Non-controlling interest                           2,391                           2,410                                          37
    TOTAL EQUITY                       522,695                      485,346                                    7,454
    Long - term loans and borrowings                         19,611                         45,268                                        695
    Derivative liabilities                                 2   7                                          -  
    Deferred tax liabilities                           6,614                           3,059                                          47
    Non-current tax liabilities                           9,547                           9,220                                        142
    Other non-current liabilities                           5,500                           4,230                                          65
    Provisions                                 4                                 3                                          -      
    Total non-current liabilities   41,278                            61,787                                        949
    Loans, borrowings and bank overdrafts                        122,801                         92,991                                     1,428
    Trade payables and accrued expenses                         65,486                         68,129                                     1,047
    Unearned revenues                         16,150                         17,139                                        264
    Current tax liabilities                           8,101                           9,417                                        145
    Derivative liabilities                           2,708                           2,210                                          34
    Other current liabilities                         13,027                         16,613                                        256
    Provisions                           1,270                              796                                          12
                           229,543                      207,295                                    3,186
    Liabilities directly associated with assets held for sale                                -                             6,212                                          95
    Total current liabilities                      229,543                      213,507                                    3,281
    TOTAL LIABILITIES                      270,821                      275,294                                    4,230
    TOTAL EQUITY AND LIABILITIES                      793,516                      760,640                                  11,684
          Wipro Limited and Subsidiaries          
    (Rupees in millions, except share and per share data, unless otherwise stated)
         Three months ended March 31,     Year ended March 31,    
      2017 2018   2018   2017 2018   2018
               Convenience translation into US dollar in millions (unaudited) Refer Footnote 1           Convenience translation into US dollar in millions (unaudited) Refer Footnote 1 
    Gross revenues             139,875               137,686                   2,115              550,402               544,871                     8,368
    Cost of revenues           (100,771)               (97,794)                 (1,502)             (391,544)             (385,575)                    (5,922)
    Gross profit             39,104               39,892                    613             158,858            159,296                      2,446
    Selling and marketing expenses             (11,836)               (11,263)                     (173)               (40,817)               (42,349)                       (650)
    General and administrative expenses               (7,267)                 (9,801)                     (151)               (32,021)               (34,141)                       (524)
    Foreign exchange gains/(losses), net                    745                     557                          9                  3,777                    1,488                           23
    Other Operating Income                4,082                       -                            -                    4,082                         -                              -  
    Results from operating activities             24,828               19,385                     298               93,879              84,294                      1,295
    Finance expenses               (1,170)                 (1,564)                       (24)                 (5,942)                 (5,830)                         (90)
    Finance and other income                 5,753                  4,803                        74                 22,419                  23,999                         369
    Share of profits/(loss) of equity accounted investee                     -                         (3)                         -                         -                           11                            -  
    Profit before tax                29,411               22,621                     348              110,356               102,474                     1,574
    Income tax expense               (6,742)                 (4,615)                       (71)               (25,213)               (22,390)                       (344)
    Profit for the period                22,669               18,006                       277                 85,143                 80,084                      1,230
    Attributable to:                    
    Equity holders of the Company               22,611                 18,028                       277                 84,895                  80,081                      1,230
    Non-controlling interest                     58                     (22)                         -                       248                          3                            -  
    Profit for the period             22,669               18,006                     277               85,143              80,084                     1,230
    Earnings per equity share:                    
    Attributable to equity share holders of the Company                    
    Basic                4.68                    4.00                      0.06                  17.48                    16.86                         0.26
    Diluted                4.66                    4.00                      0.06                  17.43                    16.83                         0.26
    Weighted average number of equity shares used in                    
    computing earnings per equity share                    
         4,503,353,231        4,503,353,231      4,857,081,010        4,750,043,400           4,750,043,400
         4,511,906,041        4,511,906,041      4,871,347,138        4,758,361,975           4,758,361,975
    Additional Information                    
    Segment Revenue                    
    IT Services Business Units                    
    BFSI               34,911                 39,013                       599               135,967                148,062                 2,274
    HLS               20,456                 18,575                       285                 82,242                  74,177                 1,139
    CBU               21,204                 21,029                       323                 83,417                  83,762                 1,286
    ENU               17,515                 16,768                       258                 68,883                  68,427                 1,051
    MNT               30,657                 30,870                       474               119,175                120,272                 1,847
    COMM               9,278                 7,864                     121               38,756              33,710                   518
    IT SERVICES TOTAL             134,021               134,119                    2,060               528,440                528,410                  8,115
    IT PRODUCTS                6,613                  4,169                        64                 25,922                  17,998                     276
    RECONCILING ITEMS                 (14)                    (45)                      (1)                  (183)                   (49)                      (1)
    TOTAL            140,620             138,243                  2,123             554,179            546,359                    8,390
    Other operating Income                    
    IT Services                4,082                         4,082      
    IT Products                    
    Segment Result                    
    IT Services Business Units                    
    BFSI                5,153                 6,298                       97               24,939              24,626                       378
    HLS                   (11)                 1,824                       28                 9,479                9,620                       148
    CBU                3,719                 3,013                       46               14,493              13,060                       201
    ENU                4,097                 2,286                       35               14,421                8,060                       124
    MNT                5,969                 5,475                       84               23,453              21,742                       334
    COMM                1,449                  (753)                    (12)                 6,149                3,158                         49
    OTHERS                     -                         -                         -                         -                       -      
    Other Operating Income                4,082                          4,082      
    UNALLOCATED                   811                 1,180                       18                  (951)                3,347                         51
    TOTAL IT SERVICES              25,269               19,323                     296               96,065              83,613                    1,285
    IT PRODUCTS                (428)                      48                         1               (1,680)                   362                           6
    RECONCILING ITEMS                  (13)                      14                       -                    (506)                   319                           5
    TOTAL              24,828               19,385                     297               93,879              84,294                    1,295
    FINANCE EXPENSE             (1,170)               (1,564)                    (24)               (5,942)              (5,830)                     (90)
    FINANCE AND OTHER INCOME                5,753                 4,803                       74               22,419              23,999                     369
    SHARE OF PROFIT/(LOSS) OF EQUITY ACCOUNTED INVESTEE                     -                        (3)                     -                         -                        11                         0
    PROFIT BEFORE TAX              29,411               22,621                     347              110,356            102,474                  1,575
    INCOME TAX EXPENSE             (6,742)               (4,615)                    (71)             (25,213)            (22,390)                   (344)
    PROFIT FOR THE PERIOD             22,669               18,006                     276               85,143              80,084                  1,231
    Segment result represents operating profits of the segments and dividend income and gains or losses (net) relating to strategic investments, which are presented within “Finance and other income” in the statement of Income.

    "The Company is organized by the following operating segments; IT Services and IT Products.

    The IT Services segment primarily consists of IT Service offerings to customers organized by industry verticals. The industry verticals are as follows: Banking, Financial Services and Insurance (BFSI), Healthcare and Lifesciences (HLS), Consumer Business Unit (CBU), Energy, Natural Resources and Utilities (ENU), Manufacturing & Technology (MNT), Communications (COMM). IT Services segment also includes Others which comprises dividend income relating to strategic investments, which are presented within “Finance and other income” in the statement of Income. Key service offerings to customers includes software application development and maintenance, research and development services for hardware and software design, business application services, analytics, consulting, infrastructure outsourcing services and business process services.In the IT Products segment, the Company is a value added reseller of desktops, servers, notebooks, storage products, networking solutions and packaged software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables."                                
    Reconciliation  of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($MN)
    Three Months ended March 31, 2018    
    IT Services Revenue as per IFRS $      2,062.0       IT Services Revenue as per IFRS   $        2,062.0
    Effect of Foreign currency exchange movement $       (26.6)       Effect of Foreign currency exchange movement   $          (58.0)
    Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates $       2,035.4       Non-GAAP Constant Currency IT Services Revenue based on previous year exchange rates   $        2,004.0
    Reconciliation  of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($MN)
    Year ended March 31, 2018    
    IT Services Revenue as per IFRS $     8,060.2            
    Effect of Foreign currency exchange movement $     (131.0)            
    Non-GAAP Constant Currency IT Services Revenue based on previous quarter exchange rates $    7,929.2            

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    Business Wire India

    FII Tech Growth, a fund managed by Fondo Italiano d’Investimento SGR, announces its second investment in SECO SpA, one of the European leaders in the embedded electronics market.


    This press release features multimedia. View the full release here:

    (Photo: SECO)

    (Photo: SECO)

    SECO, headquartered in Arezzo, Tuscany, with subsidiaries in the U.S.A., Germany and Taiwan, was founded in 1979 by entrepreneurs Daniele Conti and Luciano Secciani. The company designs and manufactures micro-computers and integrated systems for industrial applications. With more than 250 employees, SECO supports customers with a worldwide presence such as Cimbali, Esaote, Technogym and Vimar, and generated revenue in excess of Euro 50 million in 2017.


    The ability to offer innovative solutions by using cutting-edge technologies has allowed SECO to grow steadily over time. The company developed a network of collaborations with universities and research centres La Sapienza, the National University of Singapore, Politecnico di Milano, University of San Diego, INFN, ESIEE Paris, Politecnico di Torino, CERN, Carnegie Mellon University and Barcelona Supercomputing Centre.


    In 2013, SECO launched UDOO, an open source single board micro-computer designed for several markets: education, the world of Makers and Internet of Things. Today, UDOO has a worldwide community of more than 100.000 developers that use it on a regular basis constantly update its platform and development tools.


    The transaction is a capital increase of Euro 10 million entirely provided by FII Tech Growth, which will be used to accelerate the company international expansion and to support the M&A strategy. Massimo Mauri, former Executive Vice President of listed Eurotech, who has worked on the transaction on behalf of the company and its shareholders, will join the group’s Board of Directors with an executive role to support the company’s growth.


    SECO is one of the European leaders in the high value embedded electronics market. Since 1979 the company designs and manufactures single board micro-computers and integrated "ready to use" systems. SECO’s products have applications in numerous sectors, ranging from industrial automation to the field of medicine, wellness, automotive, transport, telecommunications and infotainment.


    The company is also one of the founders of the international micro-computer standard Qseven®. Its technology partners are the most advanced high-tech companies in the world such as Intel®, Microsoft®, Google®, AMD®, NXP®, NVIDIA® and Qualcomm®.





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    Business Wire India

    • Odisha becomes the first State in the country to achieve this distinction
    • Over 2500 Primary Agriculture Credit Societies digitally linked to District Co-operative Central Banks through VSoft’s Core Banking Platform
    VSoft Technologies, a global provider of information and technology solutions for financial institutions, has successfully digitised the entire three-tier Co-operative Credit Structure in the State of Odisha. The State has achieved this landmark achievement within one year of assigning this IT implementation project to VSoft Technologies, thus becoming the first and the only State in the country to achieve this feat.
    As a technology partner, VSoft Technologies deployed its Core Banking Solution ‘ WINGS’ and integrated web-based open source software solution ‘ ROOTS’, through Odisha State Co-operative Bank (OSCB), thus empowering 17 District Co-operative Central Banks (DCCB), 360 Branches and 2600 Primary Agriculture Credit Societies (PACS). Computerisation of PACS not only ensured faster processing of agriculture loans as eligibility checks are done in real-time, but also enabled farmers to withdraw the sanctioned loan amount using Rupay Enabled Kissan cards issued by DCCB.
    National Bank for Agriculture and Rural Development (NABARD) has undertaken an assessment study of the scope, coverage and implementation of the IT enablement of PACS in the Odisha State at the beginning of this year. The assessment study, by NABARD with support from senior officials of the Odisha State Co-operative Bank, was conducted in Similpur PACS, Head Office of Banki DCCB and other branches, showed the unique information processing capability built up and very positive results of the implementation. The officials witnessed farmers withdrawing sanctioned loan amounts on real-time basis using Kissan Credit Cards, not only from ATM machines installed at DCCB banks, but also from Nationalised Banks, and Private Banks. The transactions in the relevant books of DCCB and PACS were recorded on real-time basis through online integration and found to be 100% accurate. Such seamless online integration of PACS operations with DCCB using VSoft Technologies IT solutions were highly appreciated by the NABARD and OSCB officials and is recognised as a first-of-its-kind in the country in the Co-operative Credit Structure.
    Mr. Murthy Veeraghanta, Chairman& CEO – Vsoft Technologies said, “We are indeed privileged to be part of a such great initiative undertaken by the Odisha Government. Now Odisha is the only State in the country to have over 2500 PACS with digitised data linked to a Core Banking Platform.”
    “ROOTS software brought the flexibility and transparency in the KCC loan system, thus empowering farmers to withdraw the loan amount at their convenience and also have firsthand information about their financial transactions,” he further added.
    Implementing new age technologies and computerisation of the Co-operative Credit Structure by the Odisha Government will change the way the financial transactions are done at the grass root level. Over 16 lakh Rupay Kissan Cards powered by VSoft’s ROOTS software have already been issued to the farmers who are members of PACS so far.

    It is significantly noted that during the Kharif and Rabi seasons last year, the PACS undertook procurement of Paddy on very significant scale, on behalf the State Civil Supplies Corporation, MARKFED and TDCC, with the amounts due to the farmers settled through Direct Benefit Transfers (DBT) to their accounts through the OSCB/DCCBs to the tune of Rs. 8,000 Crores. In the ongoing Kharif season such DBT payments have already recorded to the extent of Rs. 5,244 crores.

    VSoft Technologies played a critical role in turning this project into reality within a record time and such large-scale IT integration of PACS would not have been possible without the support from Government of Odisha, OSCB, NABARD and other partners in the system. Having noted various parameters, highlights of the project and implementation procedures, NABARD has taken this initiative of Odisha Government as a case study for emulation in other States at the national level.
    About VSoft Technologies
    VSoft is a leading technology solutions and services provider for the banking industry. The company’s core banking, payments and digital banking solutions reduce cost and maximize efficiency while providing seamless, real-time, high-volume and high-performance transactions across multiple channels. VSoft Technologies brings together a host of superior technology solutions, designed around open, service oriented architectures with flexible deployment models from fully owned & operated by customer under a licensing arrangement to completely outsourced & operated on VSoft’s platform under a hosted model. The company has a client base of 2600 + Financial Institutions across the world.
    For more information call 040-44775777 or visit

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    Business Wire India

    Munich Re Automation Solutions Ltd. has announced that its long-established client, VitalityLife, has been recognized in Celent’s 2018 Model Insurer awards for its exemplary work in re-writing the rules of underwriting to achieve operational excellence.


    VitalityLife was rewarded for its novel use of technology in its Vitality Nurse initiative, reducing the time needed to fix underwriting terms for a life cover application from an average of 14 working days to as little as two hours. This initiative deploys a new team of Vitality nurses, equipped with the powerful third party data processor ALLFINANZ Evidence Analyzer from Munich Re. The nurse visits the client at home, carries out the blood test and enters their medical screening results directly into the ALLFINANZ Evidence Analyzer on their iPad, producing an immediate underwriting result.


    “We’re well known for our innovative products which are rooted in a culture of creativity and a desire to do what’s best for society” said Deepak Jobanputra, Deputy CEO, VitalityLife. “We look to collaborate with organisations like Munich Re that have the ability to think differently and bring ideas to life, helping us to continually engage with our members and develop a loyal customer base.”


    "VitalityLife is an organisation that wants to stand out, and is not afraid to do things differently” says Paul Donnelly, Executive Vice President EMEA at Munich Re. “The team at VitalityLife has shown drive, tenacity and leadership to bring this initiative to fruition, I wholeheartedly congratulate them on receiving such well-deserved international recognition. It is a fitting reward for their hard work and innovation.”


    Celent is a global research and advisory firm for the financial services industry.The Model Insurer Awards recognise the best practices of technology usage in areas critical to success in insurance. Nominations are submitted by insurance carriers and undergo a rigorous evaluation process by Celent analysts. This year, Celent received a record number of nominations from all over the world. Around a hundred companies with headquarters in 29 countries submitted a total of 132 nominations.


    “The Model Insurer Awards recognize how insurers are harnessing technology to change the face of insurance.” says Nicholas Michellod, Senior Analyst at Celent “Achieving operational excellence, requires transforming processes and systems into competitive advantages by making them leaner, faster, more flexible and of higher quality.”



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    Business Wire India

    Members of the Private Office of H.H. Sheikh Ahmad Bin Obaid Al Maktoum L.L.C., AL KASIR JEWELLERY TRADING L.L.C. and AL KASIR PORTAL L.L.C. announced the launch of Diamond Trading on Blockchain with three Diamond-backed Blockchain-Assets. These Assets are stored in highly secure Digital Blockchain Wallets.


    This press release features multimedia. View the full release here:

    Dr. Amit Lakhanpal, Founder and CEO of Money Trade Coin Group and Mohammed Al Jariri, Director of Co ...

    Dr. Amit Lakhanpal, Founder and CEO of Money Trade Coin Group and Mohammed Al Jariri, Director of Companies, Private office of His Highness Sheikh Ahmed Bin Obaid Al Maktoum along with other dignitaries (Photo: AETOSWire)

    The launch event, held April 15, 2018 at Burj Al Arab, was witnessed by the managements of the Private Office and Al Kasir Group. The guests included Shehab Bin Nouri, Walid Bin Nouri and Mohammed Aljariri. India's leading economist Dr Sharad Koli and 40 other VIPs. Over 140 members of the Press from across the globe were also present.


    Al Kasir Group is a joint venture between Dr. Amit Lakhanpal and Private Office of H.H. Sheikh Ahmad Bin Obaid Al Maktoum.


    Dr. Lakhanpal is an Indian entrepreneur, Founder and CEO of the Money Trade Coin Group,, Estonia's leading cryptocurrency exchange and wallet service provider and author of "The World of Crypto Currency". He is also the CMD of Flintstone Group, a real estate development agency, and FlintBeats, an event agency.


    For the first time, a set of three Blockchain-Assets, backed by Indian Diamond & Gemological Institute (IDGI) certified real Diamonds were introduced. Backed by a real-world asset, AL MAS, AL HAQEEK & AL FALAH are secure, convenient and easier to store and translate value due to a base measure around which their value revolves. This asset-backed feature differentiates Blockchain-Assets from Cryptocurrencies.


    Diamonds are an ideal backing for Blockchain-Assets. They are rare, take a billion years to develop, have several millennia of history as a recognized store of value and can be easily stored and transported.


    The Blockchain-Assets can be exchanged on the Company In-House Exchange at a later stage with the flexibility of interchangeability of assets and barter-exchange against diamonds, gemstones, oud, bakhoor and attar. The company is offering storage facility for Blockchain-Assets for a minimum period of 25 years.


    The Blockchain-Assets will be available for purchase across the counter as the company aims to open 1,000 stores across the world.


    The company announced the Pre-Initial Blockchain-Asset Offering commencement, during which these asset Units can be purchased on the company’s online portal.


    Inter-Exchange of the Assets will commence tentatively between August 21-24, 2018.


    For more photographs:


    *Source: AETOSWire





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    Business Wire India

    Gemalto, the world leader in digital security, announced that its Trusted Service Hub (TSH) is enabling the secure digitization of Octopus contactless smart cards into Samsung Pay. Named Smart Octopus in Samsung Pay, this new mobile payment service allows consumers to securely pay and travel by simply tapping their designated Samsung smartphones against an Octopus acceptance reader for payment or even door access.


    Smart Octopus in Samsung Pay leverages Gemalto’s TSH to securely digitize Octopus cards into Samsung Pay, including the transfer of the balance and any associated loyalty programs. Consumers can also easily register their credit card details onto Samsung Pay, providing one more option to top up their digital Octopus cards when necessary.


    The Octopus card is a contactless stored value smart card commonly used to pay for public transport and purchases at more than 80,000 touch-points in Hong Kong, including retail outlets, online shopping, recreational facilities, vending machines, and self-service kiosks. There are currently more than 34.5 million active Octopus cards and O! ePay accounts, which make more than 14.5 million transaction counts amounting to over HK$200 million daily.


    “We are pleased to work with Gemalto again, given the trusted and success of our previous partnerships, and their sound understanding of the nature of our business,” said Mr Sunny Cheung, Chief Executive Officer of Octopus Holdings Limited. “This partnership has enabled us to be among the first contactless smart card payment system operator in the world to bring great convenience to consumers by allowing them to pay via their smartphones. We believe this service will resonate well with consumers seeking a payment method that is hassle-free and safe to use, providing them with more payment methods to choose from.”


    “Smart Octopus in Samsung Pay delivers a convenient yet secure payment option for consumers in Hong Kong, and help the city realize its vision of transforming into a cashless society.” said Michael Au, senior vice president Banking and Payment in Asia for Gemalto, “Given its robustness, the TSH is already in use by various organizations such as banks and retailers wanting to offer secure mobile payment solutions to their customers. We hope that the success of Smart Octopus in Samsung Pay will spur other global operators to roll out mobile payment offerings that are easy to use and do not compromise on security.”


    Smart Octopus in Samsung Pay is currently compatible with Samsung Galaxy Note8, S8+, S8, S9, S9+, A8+ and C Pro series including C5 Pro, C7 Pro and C9 Pro models.


    About Gemalto


    Gemalto (Euronext NL0000400653 GTO) is the global leader in digital security, with 2017 annual revenues of €3 billion and customers in over 180 countries. We bring trust to an increasingly connected world.


    From secure software to biometrics and encryption, our technologies and services enable businesses and governments to authenticate identities and protect data so they stay safe and enable services in personal devices, connected objects, the cloud and in between.


    Gemalto’s solutions are at the heart of modern life, from payment to enterprise security and the internet of things. We authenticate people, transactions and objects, encrypt data and create value for software – enabling our clients to deliver secure digital services for billions of individuals and things.


    Our 15,000 employees operate out of 114 offices, 40 personalization and data centers, and 35 research and software development centers located in 47 countries.


    For more information visit, or follow @gemalto on Twitter.





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    Business Wire India

    Vistra, one of the world’s leading providers of international incorporations, trust, fiduciary, private office and fund administration services, today announced it has entered an agreement to acquire Radius, a specialist US-based provider of international expansion services. Vistra is acquiring Radius from the private equity firm Hg.


    This press release features multimedia. View the full release here:

    Martin Crawford, Chief Executive Officer of Vistra (Photo: Business Wire)

    Martin Crawford, Chief Executive Officer of Vistra (Photo: Business Wire)

    The transaction doubles Vistra’s International Expansion Services (IES) business, making it a market leader in IES services, including the number one market position in the USA. Vistra’s IES business helps clients navigate expansion into new markets, including establishing offices, obtaining the necessary licensing to operate in foreign markets and ongoing services, such as compliance and payroll.


    Radius, headquartered in Boston with offices across the United States and in the United Kingdom, India, China, Singapore, Brazil and the Netherlands, provides managed services, advisory services and OverseasConnect, its integrated cloud-based software platform, to more than 500 clients operating in 80 countries. The firm has 880 employees globally. Radius is led by CEO Stephen M. Chipman, who will become the Group Managing Director of Vistra’s IES business.


    Following the acquisition, Vistra will have a global IES team of 1,300 employees and a support network of over 3,300 staff, operating in over 70 offices and 40 jurisdictions.


    Stephen Chipman, CEO of Radius, said: “The combination of Vistra and Radius creates a leading global provider of quality international expansion services. Vistra is the ideal partner for Radius given our values and culture align so closely. We are excited about the future opportunities for our clients and employees.”


    Martin Crawford, CEO of Vistra, said: “The Radius team has developed a highly successful global business, which is a natural fit with Vistra’s IES operations. Joining forces means our clients will have the highest quality people, technology and processes to help them grow with confidence when they are expanding internationally. We are delighted to welcome Stephen and his team to the Vistra family.”


    Radius will be rebranded under the Vistra brand following completion of the transaction.


    About Radius


    Radius helps companies expand and win globally. Clients from startups to larger multinationals take advantage of Radius’ international accounting, finance, banking, tax, HR, legal and compliance support to simplify their core operations, reduce their risk exposure and improve the management and control of their overseas businesses. For more information, please visit


    About Vistra


    Ranked in the top four corporate service providers globally, Vistra is a versatile group of professionals, providing a uniquely broad range of services and solutions. Our capabilities span across company formations to trust, fiduciary, private client services, and fund administration. Vistra employs over 3,300 employees across over 40 jurisdictions. For more information, please visit


    Annex: Biographies


    Martin Crawford, Chief Executive Officer of Vistra, joined the OIL Group as CEO in 2009, and led the successful merger of OIL with Vistra in 2011. As the CEO, Martin leads the firm towards its aspiration to become the ‘best in breed’ among the global players in terms of client opinion and as a place to work. He is involved in managing the financial performance of the Group, the interactions with our majority shareholder and the setting and execution of the Group’s strategy, with a specific focus on building relationships with strategic clients and M&A projects.


    Stephen Chipman, Chief Executive Officer of Radius, is a recognized global leader and experienced CEO with a lifelong passion for international business and successful global growth. Before joining Radius, Stephen capped his 34-year career with Grant Thornton as CEO in the U.S. where he led the $1.5 billion firm through the post financial crisis period, returning it to growth with double-digit increases in revenue and profitability. Prior to this role, Stephen was CEO of Grant Thornton in China where he headed the restructuring of start-up operations to create a national firm with more than 2,500 people in 17 offices. A U.S. and British citizen, Stephen is a certified public accountant in Illinois and Texas as well as a chartered accountant in England and Wales.



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    Business Wire India

    Ripple, the enterprise blockchain solution for global payments, is announcing that five new customers across Europe and Asia - FairFX (U.K.), RationalFX (U.K.), Exchange4Free (U.K.), UniPAY (Georgia), and MoneyMatch (Malaysia) - will use xVia to power frictionless payments over RippleNet.


    Requiring just one standard integration, xVia is an API solution enabling payment originators - those sending a payment on behalf of a customer, but not actually processing and paying it out - to access and reap the benefits of RippleNet. This includes faster entry into new markets, lower operational costs, increased speed and end-to-end visibility over a payment’s journey.


    “By tapping our global network with xVia, our customers now access new markets quicker and cost efficiently,” said Asheesh Birla, senior vice president of product at Ripple. “All of these customers run into the same problem: building bespoke connections to banks and networks all over the world. It’s expensive and time consuming. xVia enables them to grow their overall market share by reaching new customers in new markets, easier than ever before.”


    Payment originators can now maintain one standard connection through xVia and power payments over RippleNet, reducing the high failure rates commonly associated with traditional wire transfers, and lowering manual reconciliation costs.


    “xVia will allow us to reach more people, more efficiently and at a lower cost,” said James Hickman, Chief Commercial Officer at FairFX. “It will also enable us to deliver on our commitment to give customers the most transparent, efficient and truly global money transfer experience possible using RippleNet.”


    Chris Humphrey, CEO of RationalFX, said, “This is an exciting new partnership for RationalFX, and we look forward to passing on the benefits of xVia to our clients across the globe.”


    About Ripple


    Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.





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    • 18% growth in the overall loan book on an Assets Under Management (AUM) basis as at March 31, 2018
    • 26% growth in individual loans (after adding back loans sold in the preceding 12 months)
    • 38% of home loans approved in terms of numbers during the financial year are towards the Economically Weaker Section & Low Income Group[1]
    • Spreads at 2.29%, Net Interest Margins at 4.0%
    • For the quarter ended March 31, 2018
    • Standalone Profit After Tax stood at Rs 2,846 crore (Previous Year {PY}: 2,044 crore)
    • For the year ended March 31, 2018
    • Standalone Profit After Tax stood at Rs 12,164 crore (PY: Rs 7,443 crore), The current year’s profits are inclusive of exceptional items of Rs 3,682 crore
    • 14% growth in Net Interest Income
    • Final dividend of Rs 16.50 per share of Rs 2 per equity share recommended, total dividend including interim dividend: Rs 20 per share (PY: Rs 18 per share)
    • Consolidated Profit After Tax stood at Rs 16,255 crore (PY: Rs 11,051 crore) 
    The Board of Directors of Housing Development Finance Corporation Limited (HDFC) approved the standalone and consolidated audited financial results for the quarter and year ended March 31, 2018, at its meeting held on Monday, April 30, 2018 in Mumbai.
    Board of Directors
    With effect from April 30, 2018, independent directors of the Corporation, Mr. D. N. Ghosh and Mr. D. M. Sukthankar resigned from the board. The board placed on record its sincere appreciation for their invaluable contribution to the board over the years.
    The board has appointed Mr. U. K. Sinha and Mr. Jalaj Dani as independent directors for a term of 5 years with effect from April 30, 2018, subject to the approval of members at the ensuing Annual General Meeting (AGM).
    The board also re-appointed Mr. Keki M. Mistry as the Managing Director (designated as Vice-Chairman & Chief Executive Officer) of the Corporation for a period of three years, with effect from November 14, 2018, subject to the approval of members at the ensuing AGM.
    Financials for the year ended March 31, 2018
    The reported profit before tax for the year ended March 31, 2018 stood at Rs 15,264 crore compared to Rs 10,727 crore in the previous year – an increase of 42%.
    The Corporation earned a profit of Rs 5,257 crore from the initial public offer of HDFC Standard Life Insurance Company Limited (HDFC Life). The Corporation had created an additional special provision of Rs 1,575 crore as a charge to the statement of profit and loss. These amounts have been disclosed as exceptional items.
    In the quarter ended March 31, 2018, the Corporation made a profit of Rs 265 crore from the sale of its wholly-owned subsidiaries, HDFC Realty Limited and HDFC Developers Limited. The Corporation also created an additional special provision as a charge to the statement of profit and loss of Rs 80 crore, being 30% of the pre-tax gains on this transaction, thereby building an additional buffer against any unexpected risk in the future.
    After adjusting for exceptional items and one-time transactions (i.e. profit on sale of subsidiaries and consequent special additional provisions), the profit before tax would have been Rs 11,397 crore for the year ended March 31, 2018 compared to Rs 10,082 crore in the previous year, representing a growth of 13%.
    The transactions for sale of HDFC Life triggered the provision of Minimum Alternate Tax under Section 115JB of the Income-Tax Act, 1961. The tax expense has been adjusted accordingly.
    After considering the tax and the provision for deferred tax liability on special reserve, the reported profit after tax for the year ended March 31, 2018 stood at Rs 12,164 crore compared to Rs 7,443 crore in the previous year.
    Financials for the quarter ended March 31, 2018
    The profit before tax for the quarter ended March 31, 2018 stood at Rs 3,517 crore compared to Rs 2,938 crore in the corresponding quarter of the previous year – an increase of 20%.
    The reported profit after tax for the quarter ended March 31, 2018 stood at Rs 2,846 crore compared to Rs 2,044 crore in the corresponding quarter of the previous year – an increase of 39%. 


    In March 2018, the Board of Directors declared and paid an interim dividend of Rs 3.50 per equity share of Rs 2 per share compared to Rs 3 per equity share in the previous year.
    The Board of Directors recommends payment of final dividend for the year ended March 31, 2018 of Rs 16.50 per equity share of Rs 2 per share compared to Rs 15 per equity share for the previous year.
    The total dividend for the year is Rs 20 per equity share as against Rs 18 per equity share for the previous year.
    Increased Focus on Affordable Housing
    In support of the government’s flagship scheme, ‘Housing For All’, the Corporation has increased its efforts towards loans to the Economically Weaker Section (EWS) and Low Income Group (LIG).
    During the year ended March 31, 2018, 38% of home loans approved in volume terms and 19% in value terms have been to customers from the EWS and LIG segment.
    The Corporation on an average has been approving 8,200 loans on a monthly basis to the EWS and LIG segment, with monthly such average approvals at approximately Rs 1,312 crore. 
    During the year ended March 31, 2018, in value terms, loans to the EWS and LIG segment grew by 32% and 41% respectively over previous year.
    The average home loan to the EWS and LIG segment stood at Rs 10.2 lac and Rs 17.4 lac respectively.
    Overall Lending Operations
    Total individual loan disbursements grew by 29% during the year ended March 31, 2018. The average size of individual loans stood at Rs 26.4 lac. 
    On an Assets under Management (AUM) basis, the growth in the individual loan book was 18% and the non-individual loan book was 17%. The growth in the total loan book was 18%.
    As at March 31, 2018, individual loans comprise 73% of the AUM.
    As at March 31, 2018, the loan book stood at Rs 3,59,442 crore as against Rs 2,96,472 crore in the previous year.
    During the year, the Corporation sold individual loans amounting to Rs 6,453 crore.
    As at March 31, 2018, the outstanding amount in respect of individual loans sold was Rs 39,364 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 1.27% per annum and is being recognised over the life of the loans and not on an upfront basis.
    The growth in the individual loan book, after adding back loans sold in the preceding 12 months was 26% (23% net of loans sold). The non-individual loan book grew at 17%. The growth in the total loan book after adding back loans sold was 23% (21% net of loans sold). 
    Non-Performing Loans (NPLs)

    Gross non-performing loans as at March 31, 2018 stood at Rs 4,019 crore. This is equivalent to 1.11% of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.64% while that of the non-individual portfolio stood at 2.18%.
    As per National Housing Bank norms, the Corporation is required to carry a total provision of Rs 2,756 crore of which Rs 1,598 crore is against standard assets and Rs 1,158 crore is towards regulatory provisioning for non-performing assets.
    As against this, the balance in the Provisions and Contingencies Account as at March 31, 2018 stood at Rs 5,000 crore. This is equivalent to 1.39% of the loan portfolio.
    Net Interest Income
    For the year ended March 31, 2018
    The net interest income for the year ended March 31, 2018 stood at Rs 11,313 crore compared to Rs 9,954 crore in the previous year, representing a growth of 14%.
    For the quarter ended March 31, 2018
    The net interest income for the quarter ended March 31, 2018 stood at Rs 3,211 crore compared to Rs 2,852 crore in the corresponding quarter of the previous year, representing a growth of 13%.
    Spread and Margin
    The spread on loans over the cost of borrowings for the year ended March 31, 2018 stood at 2.29%. The spread on the individual loan book was 1.92% and on the non-individual book was 3.10%.
    Net Interest Margin for the year ended March 31, 2018 was 4.0%.


    As at March 31, 2018, the unaccounted gains on listed investments amounted to Rs 1,55,680 crore (previous year Rs 81,514 crore). This excludes the appreciation in the value of unlisted investments.
    The unaccounted gains on listed investments as at April 27, 2018 stood at Rs 1,66,511 crore. This excludes the appreciation in the value of unlisted investments.
    For the year ended March 31, 2018, the cost to income ratio stood at 7.6%.

    The Corporation’s capital adequacy ratio stood at 19.2%, of which Tier I capital was 17.3% and Tier II capital was 1.9%. 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. Further, the proposed dividend and tax thereon for the year ended March 31, 2018 has been considered in determining the net owned funds in the computation of the capital adequacy ratio.
    For the quarter ended March 31, 2018, the consolidated profit after tax at Rs 3,961 crore as compared to Rs 3,079 crore in the corresponding quarter of the previous year, representing a growth of 29%.
    For the year ended March 31, 2018, the consolidated profit after tax stood at Rs 16,255 crore as compared to Rs 11,051 crore in the previous year, representing a growth of 47%.
    The share of profit from subsidiary and associate companies in the consolidated profit after tax (excluding exceptional items) stood at 33% for the year ended March 31, 2018.
    HDFC’s distribution network spans 474 outlets which include 148 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 the Middle East.
    [1] Economically Weaker Section: Household income up to Rs 3 lac p.a.
    Low Income Group: Household income greater that Rs 3 lac up to Rs 6 lac p.a.

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    Business Wire IndiaPhonePe, India’s fastest growing digital payments company today announced that it has crossed the 50 Million app download mark on Google Play Store. PhonePe is the fastest among all Indian payment apps to reach this milestone.
    Launched in August 2016, the PhonePe was the first app to go live on BHIM UPI. It has become India’s most popular app with the largest number of UPI merchant transactions. The app saw large-scale adoption post demonetization as a part of the Digital India drive.

    The PhonePe app is currently offered in over 10 Indian languages in line with India’s digital inclusion revolution. From money transfers, recharges, utility and credit card bill payments to shopping online and offline, PhonePe offers multiple use cases on its platform making digital payments easy, safe and universally accepted. PhonePe also launched the Gold category 3 months back. Users can buy certified 24 Karat Gold, for as low as INR 1 at transparent prices on the platform.

    PhonePe has always been at the forefront of innovation. It has taken a unique open ecosystem approach enabling businesses of all sizes to build and deploy apps on its platform with a unified login and payments experience. It has also integrated third-party wallets like FreeCharge and Jio Money on its platform to give users more choice and flexibility.
    About PhonePe

    Bengaluru-headquartered PhonePe is the fastest growing payments company in India. With over 90 million installs, the PhonePe App drives the highest number of merchant UPI transactions in India. Using PhonePe, users can send and receive money, recharge mobile, DTH, datacards, make utility payments, buy gold, shop online, and offline. Customers can also use PhonePe as a payment option across 3 lakh offline and online merchant outlets covering food, travel, groceries, movie tickets etc.

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