Finly February 2022 by FINLY

FINLY

FEBRUARY 2022 | Issue No. 108

ESG Investing: The Buzzword of Investing today Intriguing Indeed

Sector Analysis

Eco Section

Decentralized Autonomous Organizations- DAOs

Battery Industry

Economic Crisis in Turkey

CONTENTS 01

EDITO R IAL

TEAM F INL Y

C O VER ST O R Y

EC O SEC TIO N

ESG Investing: The Buzzword of Investing today

Economic Crisis in Turkey

SEC TO R ANAL YSIS

C O MPAN Y AN ALYSIS

Battery Industry

Exide Industries Limited

INTR IG UIN G IND EED

ENTR EPR EN EU R SHIP INN O VATIO N

Decentralized Autonomous Organizations- DAOs

Rivigo

P ER SO N I N F O C U S

ALUMNI IN SIG HTS

Kishore Biyani

Vipul Varkar

ISSUE NO. 108, FEBRUARY 2022

Dear Readers,

Editor's Note

“Historically, pandemics have forced humans to break with the past and imagine their world anew. This one is no different. It is a portal, a gateway between one world and the next. We can choose to walk through it, dragging the carcasses of our prejudice and hatred, our avarice, our data banks and dead ideas, our dead rivers and smoky skies behind us. Or we can walk through lightly, with little luggage, ready to imagine another world. And ready to fight for it.” - Arundhati Roy This pandemic is an opportunity to expand our knowledge by finding new ways to circumvent the circumstances, invest in the most intuitive ideas that come to our mind and surpass this havoc. As Ben Franklin rightly said, “An investment in knowledge always pays the best interest,” we at Finstreet are back with the next edition of our monthly magazine “Finly” for the academic year 2021-22. Team FINLY has always been a dedicated group of people who put in a lot of time and effort to put this magazine together, and we can't thank them enough for their unwavering support and initiative. The February 2022 edition's cover story tries to explain the buzz related to ESG Investing. The Intriguing Indeed section delves into the virtual world explaining the concept of Decentralized Autonomous Organizations - DAOs. We are thankful to Prof. (Dr.) Pankaj Trivedi (Course Coordinator, PGDM Core and Faculty Coordinator, Finstreet) for providing the much-required mentoring, support and backing to the Finly team. We thank all our readers and faculty members for their valuable reviews and feedback. HAPPY READING!!! STAY HOME STAY SAFE!!! Anusha Nair

Riya Agarwal

|Editor-in-Chief|

|Editor-Finly|

MBA FS

ISSUE NO. 108, FEBRUARY 2022

TEAM FINLY Faculty in-charge

Dr. (Prof) Pankaj Trivedi

Editing Team Editor-in-Chief

Editor - FINLY

Anusha Nair

Riya Agarwal

Team Coordinator

Natania Mahipal

Conceptualization & Design

Paras Lodaya

Natania Mahipal

Uday Sardana

Content Team

Rishika Jain

Vinay Kumar

Aditya Shukla

Gaurav Bavkar

Kamlesh Jain

Aman Pathak

Anubhav Sood

Uday Sardana

Yash Duggal

Sudeshna Sur

Arohi Pandey

Paras Lodaya

| COVER STORY

ESG INVESTING: THE BUZZWORD OF INVESTING TODAY

WHAT IS ESG INVESTING? ESG Investing refers to investing that prioritises the best environmental, social, and governance (ESG) factors or outcomes. ESG investing is widely regarded as a means of investing "sustainably," – i.e., with the environment and human well-being, as well as the economy, in mind. It is based on the growing belief that environmental and social factors are increasingly affecting an organization's financial performance.

Rishika Jain | MBA-D | 2021-23 Vinay Kumar | MBA-IB | 2021-23

ESG investing is important because it allows individual investors to interact with the market and economy in small but meaningful ways, aligning with businesses that share their values, a process known as Conscious Capitalism. It enables socially conscious investors to exert pressure on corporations from the inside through shareholder activism, leveraging their power as partial owners to encourage businesses to pursue a more sustainable future. This new way of investing has recently picked up the pace. Even though ESG investing is still in its early stages in India, we already have the Nifty 100 ESG Index created to reflect the performance of Nifty 100

companies

based

their

environmental, social, and governance (ESG) scores. Across various timeframes, the Nifty Source: Statista

100 ESG Index has outperformed its parent

| COVER STORY index, the Nifty 100. New ESG-focused funds have been launched for investors by the Indian mutual fund industry, which is always quick to capitalise on such themes. Let us understand why and how ESG investing has caught the eyes of new age investors. THE EVOLUTION OF ESG INVESTING Although one may find many versions of Socially Responsible Investing (SRI), the original version of SRI investing may be traced back to the 1800s, when the Methodist Church advised its members to avoid investing in troublesome enterprises, notably those dealing with tobacco, guns, alcohol, and gambling. ESG became much more widespread in the 1960s, coinciding with the rise of the mutual fund sector, the civil rights movement, and protests and boycotts of firms participating in or supporting the Vietnam War. In the 1980s, ESG investing assisted in the demise of apartheid in South Africa, when many U.S. corporations divested themselves from the country, resulting in severe economic instability in the country. ESG investing expanded to encompass a wide range of strategies and styles across all

its outstanding financial performance. It was due to the pandemic, during which ESG companies demonstrated lower volatility than non-ESG companies. The ESG universe is still in its early stages in even developed countries like the United States, although it has matured further in Europe and few other regions. We can see these indicators not just in the unprecedented growth rates of fund flows into ESG, but also in changes in corporate policy across significant corporations and prominent money managers taking a stand on the issue. THE THREE PILLARS OF ESG: ENVIRONMENTAL, SOCIAL & GOVERNANCE 1) ENVIRONMENTAL The first pillar of ESG refers to a firm’s impact on the environment. Criteria generally includes CHG emissions and air quality Energy and fuel management Water and wastewater management Waste and hazardous materials management Ecological impacts

asset classes and countries. Modern ESG investment emerged initially in Europe, when legislation and standards linked to ESG began to emerge in the early 2000s. However, it wasn't until recently that ESG

Environmental improvement initiatives undertaken by a company are also regarded as a positive metric (e.g., electric cars, using renewable energy, etc.).

attracted a lot of investor attention due to

| COVER STORY 2) SOCIAL The social pillar is linked to a company's impact on society and stakeholders. Factors considered here include Human rights and community relations Customer privacy Data security Access and affordability Product quality and safety Customer welfare Selling practices and product labelling Labour practices Employee health and safety Employee engagement, diversity and inclusion 3) GOVERNANCE The third pillar tries to explain the risks associated with a company's governance structure.. Some popular metrics include Product design and lifecycle management Business model resilience Supply chain management Materials sourcing and efficiency Physical impacts of climate change Business ethics Competitive behaviour Management of the legal and regulatory environment Critical incident risk management Systemic risk management

Source: Statista PROS AND CONS OF ESG INVESTING PROS The fact that investors do not have to choose between being ethical and producing returns is perhaps the most significant advantage of sustainable investment. ESG investing allows you to be a responsible investor even while making money. ESG elements may now be readily coupled with other considerations including as value, growth, quality, and scale. This even lets sustainable investing to be readily combined with ETF investing. When investing in any fund or asset, it's critical to keep your risk exposure under control. Companies with a high ESG score have been shown to lower a portfolio's overall

volatility.

Because

the

additional risk filtration, the companies tend to have lower fluctuations.

| COVER STORY ESG investment products, including ETFs and mutual funds, are now widely available. This has made it simple for the financial advisory sector to include ESG goods in the asset allocation process. CONS Sustainable investing is a long-term process. In the near run, sustainable investing techniques are just as susceptible to market emotion as any other. Diversification across different asset classes, such as hedge funds or real estate, is still required to mitigate volatility in a portfolio. Larger corporations can commit more resources to ESG reporting. As a result, larger corporations frequently earn higher ESG scores, which may not represent reality. Data on sustainability is not readily available in developing economies. Whereas it is readily available to businesses in the United States and other industrialised economies. This makes rating and assessing firms all across the world difficult. ESG analysis takes into account how SRI problems impact economic value. This often leads to more responsible investing. However, if significant characteristics do not impact value, they may be overlooked.

Source: DBS EMBARKING INVESTING?

THE

PATH

ESG

Retail investors have the option to evaluate companies' ESG initiatives and make direct investments at any time. However, because this can be timeconsuming and tedious, it should be left to experienced fund managers. They have the expertise and tools needed to combine financial performance and ESG initiatives to make informed investment decisions. Investing in an ESG fund offered by retail money managers or life insurance companies can help you earn good returns while also having a positive impact on the environment and society. These funds invest in companies that follow ESG principles and strive to protect the environment, be equitable, and have high governance standards. Fund managers identify companies with the right ESG

| COVER STORY values through rigorous research and invest your money in these companies to generate returns. The majority of money managers today have a well-defined 'Responsible Investing Framework.' This framework outlines how they select companies with better ESG practises, with a focus on governance, which is then monitored through stewardship policies, exclusion principles, and external ESG ratings, as well as internal evaluation. Companies are being directly impacted as more asset managers offer ESG funds as an investment option to retail investors. Being ESG-compliant not only makes them more appealing as an investment option, but it also allows them to have a positive impact on society. Investors are making a difference in the way corporations operate as they increasingly gravitate toward ESG-oriented funds. The vast majority of today's millennials are concerned about environmental issues, social equity, and good governance, which is likely to influence their investment decisions. It is a win-win situation because it not only provides them with financial benefits but also allows them to positively contribute to society.

Most suppliers explain certain ESG indicators, such as the impact of climate change and political donations, however, such indicators frequently fluctuate depending on the provider. The manner in which suppliers obtain their data varies as well. For example, MSCI ESG Research, one of the leading independent producers of ESG ratings, collects data from business disclosures as well as government, academic, and nongovernmental organisation databases. The Dow Jones Sustainability Index collects self-reported data from participating firms using an industry-specific questionnaire. CONCLUSION ESG ELEMENTS ARE PAVING THE WAY FOR MORE RESPONSIBLE INVESTMENT ESG investment has expanded significantly, and it is now a component of mainstream investing. However, there is certainly a long way to go. Investors should approach the industry with an open mind. On the one hand, it offers chances to be a responsible investor while potentially increasing returns. ESG strategies, on the other hand, are not a replacement for a well-balanced portfolio of assets and strategies.

HOW IS ESG CALCULATED? ESG ratings are produced by a variety of firms using a variety of approaches, hence there is no one authority on ESG scores.

| ECO SECTION

ECONOMIC CRISIS IN TURKEY BEFORE ERDOGAN Turkey, a country that arose from the collapse of the Ottoman empire in 1923, transformed itself from a backward economy into a complex economic system from 1923 to 1980. This was primarily a result of the extensive government policies concentrated towards state-guided industrial development. By 1980, however, increases in global oil prices and deficit financing via short-term loans resulted in triple-digit inflation of 110.6%. In January 1980, the then prime minister of Turkey, Süleyman Demirel, began reforms that focused on import substitution strategies and transforming Turkey into an export-led economy. The government aimed to reduce public expenditure, devalue the Turkish Lira, institute flexible exchange rates, maintain favourable interest rates, and encourage FDI. These reforms were successful in bringing down inflation to 31.1% by 1982.

Aditya Shukla | MBA - FS | 2021-23 Gaurav Bavkar | MBA - B | 2021-23 By the late 1980s, inflation was in the range of 60%-80%, and unemployment was 8%. This was a result of the Gulf War. In 1989, the government undertook measures to liberalize the capital account. With the introduction of convertibility, overvaluation of the Turkish Lira, and higher interest rates, short-term funds started flowing in the country. Banks borrowed heavily in foreign currency to facilitate Lira-denominated lending. Before the 1994 elections, the government followed an expansionary policy, adding to the budget deficit. This resulted in a decreased investment in government bonds. The government had to rely on the central bank for up to 15% of the deficit financing. As a result, the domestic currency witnessed a heavy sell-off. During 1995-2000, the country faced nonperforming assets in banks’ books, rising foreign exchange debt to GDP, rising real exchange rate, etc. Large capital outflows,

| ECO SECTION the Asian crisis, and a devastating earthquake added to the turmoil and decreased the GDP growth rate to 3.6% by 1999. Furthermore, the inflation was at 64.9%. Against the backdrop of the crisis, the AKP party won the elections in November 2002 and Erdogan entered. 2002 – 2013 The longest-serving leader of modern Turkey, Erdogan’s newly formed AKP party, seized power in 2002 after its worst crisis since the 1970s by promising an exit from the statusquo mismanagement and prolonged recession. Prime Minister Erdogan had used the economic recovery and diplomatic pivot to the West to deliver a decade of prosperity. Poverty and unemployment decreased. Inflation came down to 5%, making the Turkish Lira more attractive to locals and foreigners. As the austerity imposed under the IMFs’ program in 2001-02 eased, Erdogan adopted the free-market policies needed to join the European Union, a vital objective of the AKP. The 2008 financial crisis affected Turkey and resulted in investors rushing to seek returns in emerging markets. Cheap foreign credit contributed to a construction-based economic boom, resulting in 8 successive wins for AKP. Erdogan seemed untouchable. Things started changing in 2013. Since then, the value of the Lira has plunged. 2013 was a turning point for per capita GDP, unemployment, and other measures of economic well-being. The most significant

risk was posed by the country’s growing current account deficit and over-reliance on so-called hot money in financing the economy, which left it more vulnerable to foreign investors’ perception of the country. Things started to unravel in 2013 when Turkey experienced an outflow of capital at over $4 billion. It was linked to the Gezi Park protests and a shift in investor sentiment towards emerging markets when the Federal Reserve of the United States signalled that it would start withdrawing stimulus money from emerging countries (now known as Taper Tantrum). Under intense political pressure, Erdogan resorted to nationalist allies and won a referendum favouring a presidential system that centralised power in his hands. 2013 – NOW When Erdogan took charge in 2013, the country had a substantial current account deficit of 5.832%. The economy started relying on capital inflows, with banks borrowing heavily in foreign currencies. With rising inflation, central banks usually increase interest rates to decrease demand. However, Erdogan, an “enemy” of interest rates, has been lowering them since he believes that high-interest rates slow growth and reduce borrowing. Erdogan believes that the resultant depreciation in the Turkish Lira will make exports cheaper. This is true to some extent but doesn’t work when the country is heavily dependent on importing capital goods and oil. Moreover,

| ECO SECTION falling interest rates resulted in substantial capital outflows.

CURRENT SCENARIO AND FATF GREYLIST A series of bad events ranging from Turkey’s involvement in futile geopolitical battles to incorrect economic policies and unstable political conditions have compounded Turkey’s problems.

Source: Refinitiv Eikon Many businesses that borrowed heavily from foreign markets started facing the risk of bankruptcy due to fluctuations in the exchange markets. The currency depreciation, coupled with lower interest rates, increased inflation to 11.1% by 2017.

Source: Turkey Data Monitor In 2018, the central bank of Turkey increased the repo rate to 24%, against the president’s wishes, to control inflation. The result was a fall in inflation from 25.24% in October 2018 to 8.55% in October 2019. However, this decision cost the central bank its governor and his supporters.

The Turkish Lira has lost almost 40% of its value within a year. Since July 2019, Prime Minister Erdogan fired three central bank governors who attempted to raise rates and dared to question his policy. As such, Erdogan’s unorthodox ideas are pushing Turkey to the brink of a complete economic collapse every day. Political instability combined with political interference in monetary policy and the rule of law has made foreign money challenging to come by, which in Turkey’s case is essential to finance the country’s never-ending trade deficit and fuel growth. Turkish nationals, businesses, and officials face sanctions for funding terrorism, for managing a corporate network that deals with terror groups, North Korea and Venezuela. Halkbank, a mostly state-owned bank, is facing prosecution in the US for helping to process transactions worth billions of dollars for Iran and money laundering. The FATF grey list dealt an even more significant blow to the Turkish Lira, falling sharply against the dollar this year. According to central bank data, total foreign investment in stocks and bonds stood at just $30.6 billion in August 2021.

| ECO SECTION Total FDIs reached $5.7 billion last year, down from more than $19 billion at its peak in 2007. The Turkish 10Y sovereign bond yields stood at 23.39% on January 12. Most other developing economies, including India, have 5-6% bond yields. According to official figures, the inflation rate as of December 2021 was 19.58%. However, various independent sources estimate the inflation rate to be much higher. Since March 2021, Erdogan has forced the central bank to decrease interest rates by 500 basis points to 14%. It has further led to the Turkish Lira’s freefall. Erdogan wants interest rates to be as low as possible, but Turkey is heavily importdependent. Hence, as currency value falls, imports become more expensive. Inflation rises because the state is pumping more money into the economy, which further increases the inflation rate, weakening the Turkish Lira in the process, making imports much more expensive. Combine all these factors with the implementation of tighter monetary policies by all developing and developed countries and talks of ‘Taper Tantrum 2.0’ hinting towards drying out foreign inflows into developing economies; Turkey’s economy is set to face an unprecedented crisis until it gets its financial act together.

| SECTOR ANALYSIS

BATTERY INDUSTRY

OVERVIEW OF GLOBAL BATTERIES MARKET The global battery market is predicted to grow at a CAGR of more than 9.5%, reaching a value of roughly USD 188.68 billion by 2026, up from USD 88.49 billion in 2019. Because most of the battery industry supply chain is concentrated in China, the COVID-19 outbreak negatively influenced unorganized battery production and sales between Q1 and Q2 2020. For example, in the United States and China, lithium-ion battery sales for electric cars (EV) have plummeted. At the same time, it rose in European countries such as Germany, with EV sales increasing by roughly 8.5% in Q1 2020.

Source: Murdor Intelligence

Kamlesh Jain | MBA - A| 2021 - 23 Aman Pathak | MBA - IB| 2021-23 The worldwide battery industry is highly fragmented—contemporary Amperex Technology Co. Limited, BYD Co. Ltd, Duracell Inc., EnerSys, GS Yuasa Corporation, Clarion, LG Chem Ltd, Panasonic Corporation, Saft Groupe SA, Samsung SDI Co. Ltd, Sony Corporation, Tesla, Inc., and Tianjin Lishen Battery Joint-Stock Co. Ltd are some of the major players in this market. OVERVIEW OF INDIAN BATTERIES MARKET India's battery market is expected to develop at more than 11% CAGR. The COVID-19 epidemic has had a substantial impact on the country's economy, and the battery industry in the country is projected to suffer as a result. With the surge in electric car sales and expanding solar PV installations in the country, the Indian battery market is already making steady advances.

| SECTOR ANALYSIS The battery market in India is likely to be driven by factors such as the advent of new and exciting markets, such as electric vehicles and battery energy storage systems, for various applications. The lack of indigenous lithium-ion manufacturing capabilities, on the other hand, is expected to operate as a market restraint. Due to the increasing usage of electric vehicles in India, the automotive category is likely to rise significantly in the Indian battery market. Plans for local lithium-ion battery manufacture in India are expected to lower EV costs over time and reduce reliance and increases in import levies, which will, in turn, present an opportunity in the li-ion battery industry soon. A supply and demand imbalance in the raw materials necessary to manufacture batteries in the country will likely limit market expansion. MARKET TRENDS STRONG GROWTH AND MARKET SHARE IN APAC REGION In 2019, Asia Pacific had the highest revenue share of 33.0%. Because of rising vehicle production and rapid industrial expansion, Asia Pacific is a significant buyer of batteries, resulting in considerable demand throughout the area. Due to low manufacturing and setup costs and the availability of skilled labour, India and China are the leading consumer electronics producing countries.

LEAD ACID BATTERIES MARKET The Indian lead-acid battery market is predicted to increase significantly over the forecast period, with a CAGR of 9.47 per cent. Given their lower costs and technological advantages, alternative technologies, particularly lithium-ion, are likely to stifle industry expansion. Due to the country's vast vehicle fleet, which corresponds to large volumes of lead-acid battery sales, SLI (start, light, and ignition) batteries dominate the market in terms of applications.

Source: Mordor Intelligence Exide Industries Ltd, Amara Raja Batteries Ltd, and Okaya Power Pvt. Ltd are the market's top three players, with Exide Industries Ltd, Amara Raja Batteries Ltd, and Okaya Power Pvt. Ltd holding the top three positions, respectively. LITHIUM - ION BATTERIES MARKET Lithium-ion batteries are becoming increasingly popular, owing to their excellent capacity-to-weight ratio. Other elements driving their acceptance include improved performance, increased energy density, and lower costs.

| SECTOR ANALYSIS

Unorganized businesses sell branded batteries with warranties, whereas organised businesses sell recycled batteries at a 30-35% discount to branded batteries and offer no warranty or after-sales service. The most expensive component of an electric car is the lithium-ion battery, which accounts for 40-50% of the total cost. Source: Mordor Intelligence The Indian lithium-ion battery market is expected to grow at a CAGR of 13.21%. The market is expected to increase from USD 2.3 billion in 2021 to USD 4.84 billion in 2026. Since 2010, they've seen an 84 % decrease. By 2026, the price of a lithiumion battery is expected to drop to USD 74/kWh, making them significantly more cost-competitive than other battery types.

GROWTH OF EV MOBILITY IN INDIA The high adaptability of electric vehicles envisaged in India and the changing dynamics of the country's transportation sector, are expected to boost demand for lithium-ion batteries in the automotive market.

TDS Lithium-Ion Battery Gujarat Private Limited (TDSG), Bharat Electronics Limited (BEL), Okaya Power Group, Telemax India Industries Pvt Ltd, and Toshiba Corp are among the market's key participants. THE AUTOMOTIVE INDUSTRIVE IS EXPECTED TO EXPAND SIGNIFICANTLY In 2020, India surpassed China as the world's fifth-largest vehicle market, with 2.42 million units sold. In 2020, it was the sixth-largest commercial vehicle producer.

Source: Murdor Intelligence The Government of India approved a proposal to build 2,636 electric vehicles (EV) charging stations around the country under the FAME-II scheme in January 2020 to encourage EV adoption in the country.

| SECTOR ANALYSIS RISING DEMAND FOR ELECTRIC VEHICLES (EVs) Electric vehicles (EVs) are projected to play a significant role in achieving long-term development goals. With the growing demand for sustainable energy sources in India, electric vehicles are expected to skyrocket. The government of India intends to attain a 30% electric vehicle adoption target by 2030, principally through the electrification of two-wheeler, threewheeler, and commercial vehicles. Few automakers, notably Mahindra & Mahindra Ltd., Tata Motors Ltd., and Ashok Leyland Ltd., manufacture EVs in India, where more than 3 million fossil fuel-powered passenger vehicles are sold annually.

MARKET CONCENTRATION The Batteries market is heavily fragmented without any domination by significant players in the market. TYPES OF BATTERIES 1. LEAD - ACID BATTERIES Lead-acid is dependable and inexpensive on a cost-per-watt basis. Lead-acid is heavy and is less durable than nickel- and lithium-based systems when deep cycled. Lead-acid does not lend itself to fast charging, and with most types, a full charge takes 14–16 hours. The lead-acid battery works well at cold temperatures and is superior to lithium-ion when operating in subzero conditions. 2. LITHIUM - ION BATTERIES

India's electric vehicle stock has expanded from 7,000 vehicles in 2017 to 12,744,000 vehicles in 2020, representing an 82% increase in the market. MAJOR PLAYERS Exide Industries Ltd Luminous Power Technologies Pvt. Ltd. HBL Power Systems Ltd TATA AutoComp GY Batteries Pvt. Ltd. Okaya Power Pvt. Ltd. Amara Raja Batteries

Lithium-ion batteries are the most widely used energy storage systems in electric vehicles globally. This is simply because they deliver the maximum range at the lowest cost, compared to all other currently available technologies. 3. OTHER BATTERIES Solid-state batteries make use of solid material instead of the liquid electrolyte currently used in lithium-ion cells. This reduces the chances of electrolyte leaks and fires, increases battery lifetime, and decreases the need for expensive and heavy cooling systems.

| SECTOR ANALYSIS

Aluminium-ion batteries offer many advantages over the commonly used lithium-ion batteries regarding safety, charging time, and cycle life. Lithium-sulphur (Li-S) batteries, which are yet to enter mainstream production for use in Evs, offer twice the energy density of lithium-ion batteries and are expected to provide a range of 450 kilometres on a single charge. Other key advantages of these batteries are that sulphur is nontoxic, safe, and inexpensive. RECENT DEVELOPMENTS The National Institution for Transforming India (NITI) Aayog proposed providing subsidies to investors who set up giga-scale lithium-ion manufacturing plants in India in February 2020. Between 2020 and 2030, the NITI Aayog is likely to request bids to construct 50 GWh of annual output capacity industrial lines. THE GOVERNMENT APPROVED the PLI (Production Linked Incentives) scheme for manufacturing ACC (Advanced Chemistry Cell) batteries in May 2021, with an estimated cost of Rs 18,100 crore.

| COMPANY ANALYSIS

EXIDE INDUSTRIES LTD COMPANY'S OVERVIEW

Uday Sardana | MBA - C | 2021-23 Anubhav Sood | MBA - B | 2021-23 MISSION

Exide is one of India's largest storage battery companies, offering the broadest range of products to the automotive and industrial sectors. As a leading battery manufacturer, it continues to power its leadership with innovative products, meeting the diverse requirements of an evolving market. Using the latest technological inputs, it manufactures batteries for the automotive, power, telecom, infrastructure projects, computer industries, as well as the railways, mining, and defence sectors. Exide has ten manufacturing plants across India and has subsidiaries in the UK, Singapore, and Sri Lanka. Its exports span 45 countries across six continents in a growing list of overseas customers. VISION To become a Global Power House respected by customers and preferred by investors, known for innovative products and solutions.

The company's mission is to outperform at the market, exceeding expectations of customers and shareholders through the accelerated evolution of people, processes, and technologies in its journey towards excellence. CORPORATE GOVERNANCE Exide's Corporate Governance initiative is based on two core principles: Management must have the executive freedom to drive the organization forward without undue restraints. However, management should exercise this freedom within a framework of effective accountability and transparency. Exide's governance philosophy embraces the tenets of trusteeship, transparency, empowerment and accountability,

| COMPANY ANALYSIS control, and ethical corporate citizenship. Exide believes that practicing each of these tenets would lead to the creation of the right corporate culture in which the company is managed in a manner that fulfils the purpose of Corporate Governance. Trusteeship recognizes that large corporations have both an economic and a social purpose, thereby casting the board of directors' responsibility to protect and enhance shareholder value and fulfil obligations to other stakeholders. Transparency requires the company to provide relevant disclosures and explain the rationale behind its policies and actions to all affected. Empowerment is a strategy for unleashing creativity and innovation within an organization by decentralizing and delegating decision-making authority to the right levels. Control ensures that management flexibility is exerted within a system of checks and balances to prevent power abuse, facilitate fast reaction to change, and ensure effective risk management. Exide's Corporate Governance practices strengthen and aid in putting into practice the company's belief in ethical corporate citizenship, which is demonstrated via exemplary ethical behaviour both within the company and in external contacts.

BUSINESS SEGMENT Exide Industries Ltd manufactures the widest range of storage batteries worldwide, covering the broadest spectrum of applications. The company's product range includes: AUTOMOTIVE BATTERIES In India, the company markets the products under Exide, SF, Sonic, and Standard Furukawa brands and supplies them to all car and two-wheeler manufacturers. They sell products under Dynex, Index & Sonic brands in the international market. INDUSTRIAL BATTERIES In India, they sell products under Exide, Index, SF, CEIL, and Power Safe brands and under CEIL, Chloride, and Index brands in the International Market. Industrial batteries cater mainly to the infrastructure sector such as railways, telecom, power plants, solar cells, and other industrial segments, including uninterrupted power supply, inverters, and traction batteries. SUBMARINE BATTERIES The company is also engaged in manufacturing high-end submarine batteries. They are one of the five companies in the world that can manufacture submarine batteries for Russian and German types. They manufacture two to three submarine batteries a year for India's defence requirement.

| COMPANY ANALYSIS SOLAR POWER RICKSHAWS

SOLUTION

AND

December 2020 and has been coming down to 21.69% in September 2021.

Exide offers complete renewable energy solutions to meet the application demand. Its expertise, coupled with the experience of our collaborators/partners, offers technologically agnostics renewable solutions with storage. Exide has recently launched its e-rickshaw vehicle offering better savings and features.

Public Shareholding has been on an increasing trend showing a shift of ownership from the institutions into private hands. Combined shareholding of Public and others accounted for the remaining 22.58% of the total shareholding for the company, which shows increased confidence of the public and private hands in the company.

SHARHOLDING PATTERN FINANCIAL ANALYSIS

Source: Exide Industries Ltd.

Source: Exide Industries Ltd. As of 30th September 2021, the Exide industry’s shareholding pattern comprised the promoters holding about 45.99% in the company unchanged from preceding quarters or the past year. FII’s shareholding decreased to 9.74% from 11.82% in the previous quarter. FII’s shareholding has been fluctuating throughout the past quarters where it went up to 11.95% in March 2021 from 9.75% in September 2020 and again reduced to 9.74% in September 2021. DII’s shareholding too has been on a declining trend as it rose to 27.25% in

The revenue from operations for Exide Industries for June 2021 was INR 2486 crores, and that for September 2021 was INR 3290 crores, which is a 32.3% increase. The operating expenses for June and September quarters are INR 2326.68 crores and INR 2977.81 crores, respectively, resulting in an operating profit of INR 159.72 crores for June 2021 and INR 312.19 crores for September 2021. The Net Income of Exide Industries for the two quarters is INR 125.42 crores and INR 234.36 crores in chronological order.

| COMPANY ANALYSIS RATIO ANALYSIS

batteries and will invest around INR 700 crores in it. They also sold their nonstrategic insurance business to HDFC Life and will now focus all their resources on their battery business.

Source: Moneycontrol

ROCE %,i.e. Return on capital employed, which is a measure for the company’s efficient usage of capital, showed a slight decline from 16.4% in March 2020 to 14.24% in March 2021. This is a result of increased interest, depreciation, and amortization expense by the company in the year ended March 2021. The EBIT Margin % also declined minimally to 10.37% in March 2021 from 10.81% in the year ended March 2020 due to the same reason. The current ratio was steady at 1.9 in March 2021 against 1.91 in March 2020, showing a strong liquidity position of the company to cover its current liability commitments. The price of a share to its Book Value has increased from 1.77 times to 2.26 times showing a higher valuation multiple being given to the company by the market participants and showing investor interest in the company. FUTURE OUTLOOK The company will now focus on Lithium-ion batteries as the demand for EVs grows, and there will be a shift from Lead-acid batteries, which is their major business right now. Apart from that, they have also registered for the PLI scheme for Li-Ion

| INTRIGUING INDEED

DECENTRALIZED AUTONOMOUS ORGANIZATIONS- DAOS LITIGATION FINANCING Digital currency is a type of currency accessible just in a computerized or electronic structure. It is also called computerized cash, electronic cash, or cybercast. Digital currencies don't have a physical presence and are accessible just in advanced digital structure. Exchanges including computerized monetary standards are made utilizing P.C.s or electronic wallets associated with the web/internet or assigned organizations. One of the significant highlights of digital currencies is that they are decentralized. This implies they are not constrained by a single establishment like a government or national bank; instead, they are split between an assortment of P.C.s, networks, and nodes. As a rule, virtual monetary forms utilize this decentralized status to accomplish levels of privacy and security that are normally inaccessible to standard currencies and their transactions. The most famous type of digital currency at present is Cryptocurrency. They are decentralized digital currencies using cryptography to secure and verify transactions in any network.

Sudeshna Sur | MBA-C | 2021-2023 Yash Duggal | MBA-FS | 2021-2023 Cryptography, which is heavily based on mathematical theory and computer science practice, is also used to manage and control the creation of such currencies. Bitcoin and Ethereum are the most common examples of cryptocurrencies. Inspired by this idea of decentralization of cryptocurrencies, a group of developers came up with the decentralized autonomous organization, or DAO, in 2016. It had to be one of the most incredible concepts that had been successfully implemented through blockchain technology. WHY WAS AN ORGANISATION LIKE DAO CREATED IN THE FIRST PLACE? The developers of DAO believed that they could eliminate human error or any manipulation of investor funds by placing the power of decision-making into the hands of an automated system and a crowdsourced process. Inspired by Ether, the DAO was designed to allow investors to send money from anywhere in the world anonymously. 22

| INTRIGUING INDEED The DAO would then provide these investors with tokens, allowing voting rights on convenient projects. CRITICISMS OF THE DAO The DAO was launched in late April 2016 and had raised more than USD 150 million in funds. By May 2016, the DAO held a massive percentage of all Ether tokens that had been issued up to that point. Unfortunately, at the same time, however, a paper was published addressing several potential security vulnerabilities, cautioning investors from voting on prospective investment projects until those addressed issues were resolved. Later, in June 2016, hackers attacked the DAO based on these vulnerabilities. These hackers gained access to 3.6 million ETH, which amounted to about USD 50 million at the time. This initiated massive and debatable arguments among DAO investors, with some suggesting various methods of addressing the hacking while others demanding the DAO to be permanently disbanded. The DAO operated in a questionable territory about whether or not it was also selling securities. Later on, there were long arguments on how the DAO would function in the real world. Investors and contractors alike needed to convert ETH into fiat currencies, which could have impacted Ether's value.

(A fiat currency is a national currency that is not pegged to the price of a commodity such as silver or gold. The fiat money value is primarily based on the public's confidence in the currency's issuer, usually the country's administration or central bank. Examples of Fiat Currencies are the U.S. Dollar, the British Pound, the Indian Rupee, and the Euro.) Following the long arguments over the DAO's future, in September 2016, several well-known digital currency exchanges de-listed the DAO token, marking the effective end for the DAO as it was initially imagined. CURRENT SCENARIO In the current scenario, the organizations have a complex governance structure that involves many people for decision-making. The hierarchy system that is being followed in the companies nowadays does not give equal opportunities to all the stakeholders to participate in the decisions. The complex systems followed in the organizations have made them opaque. The people working at the lower level do not feel connected to the organization as they have to only perform their designated task and they can't get involved in other decisions that are important to the company, which can, in turn, deviate their interest and hence has an effect on their productivity. The DAOs are the future concept as these organizations will be working on technologies such as Robotics and the Internet of Things, which are currently under development.

| INTRIGUING INDEED

The DAOs do not have a complex governance structure, instead have a contract which is called a smart contract, which acts as the only governing document for the organization. With its administration and activities written in these smart contracts, DAOs guarantee that its goals and mission are changeless - chosen by a local area of DAO individuals. They're not relatively as obscure as a conventional organization administration, nor can Board strategies be thrown in the breeze. DAO administration structures are entirely straightforward and auditable to anybody with a web association, and its technique is outright law - until the DAO votes to alter them. DAOs are strong because they make motivations and a sound structure for a large number of individuals to put together without the requirement for formal jobs or order.

NEW INITIATIVES The LAO has deployed nearly USD 40 million worth of ETH into improving the Ethereum ecosystem. MolochDAO awards grants to Ethereum developers who apply for funding — similar to a government grant system. MetaCartel is a DAO that focuses on accelerating dApps (decentralized applications) development, especially around projects created in hackathons. Dash, the popular digital currency, is an example of a decentralized autonomous organization to how it is governed and how its budgeting system is designed.

Therefore, open-source projects like digital forms of money can scale their activities considerably more rapidly than a generally represented association like an establishment/non-benefit or an organization. Outside of human resources proficiency, DAOs are innately the web local method for overseeing projects - worked starting from the earliest stage on Web3 standards like open, permission less, and decentralized.

| INTRIGUING INDEED THE FUTURE This new eventual fate of work is empowered by the organizations that structure around crypto conventions, which are arising as better approaches for planning, estimating, and compensating commitments to complex environments. This shift is now starting to open the new procuring potential for people. It is driving toward a developing exchange of significant worth catch from associations to individuals participating as people in crypto networks. That will not occur mysteriously, in any case - it will require new decentralized independent associations (DAOs) that can organize this new movement outside the setting of corporate frameworks. Also, acquiring amazing open doors accessible in DAOs will be a component of the various kinds of commitments DAOs need. This article offers a system for understanding the choices that will be accessible in the fate of work. In this new eventual fate of work, occupations will be more transient and dynamic - exchanging costs between occupations will be lower, open doors will be more apparent, work will be decreased down into more nuclear units, and the whole world will be bound together under a solitary labour force with admittance to all potential open doors.

Source - Graphic inspiration from Brian Flynn, Zakku, and the Orbit team We will find new open doors in light of our onchain history, possession, and notoriety, and we will be matched to contribute where we enjoy the best similar benefit. It might just involve time before extra DAOs enter the field. With the appearance of new blossoming advances like blockchain, cryptographic forms of money, metaverse, and so on, most would agree that the Decentralized Autonomous Organization is an idea that will be much used in the forthcoming future. On the other hand, we cannot completely depend on the contents of a smart contract to run an organization; therefore human intervention will be required at some point to make the whole process seamless.

| ENTREPRENEURSHIP INNOVATION

RIVIGO INTRODUCTION

Arohi Pandey | MBA B | 2021-2023

All of this began when McKinsey and the National Skill Development Corporation (NSDC) collaborated on a research project to determine where India's most pressing skill shortages were. And, to no one's surprise, logistics and construction came out on top. That's when Deepak Garg decided to take a break from work and go on a road trip to interact and connect directly with truck drivers in order to better understand the reasons for the driver shortage.

Rivigo is reshaping the logistics landscape in the country by introducing the relay trucking concept and significantly employing technology. It also ensures that truck drivers who were previously on the road for 20-30 days at a time now get to sleep in their own bed every night.

"It all started with a road trip, listening to truck drivers and recognizing that they had been marginalized and treated as outsiders, which needed to change," says the founder of the one-of-a-kind Truck Relay. Rivigo is reshaping the logistics landscape in the country by introducing the relay trucking concept and significantly employing technology. It also ensures that truck drivers who were previously on the road for 20-30 days at a time now get to sleep in their own bed every night.

The pilot receives a duty alert on his phone and arrives at the pit stop. There, he scans his unique QR code, indicating that he has arrived at his destination. As a result, the incoming pilot receives an alert on his application for the next pilot he needs to hand over to. The interesting thing is that the two pilots' apps have a technological handshake via QR codes. The taking-over pilot has a checklist for the truck's condition and shipments, which he needs to double-check using the Rivigo app. All of this happens within five minutes, after which the pilot can drive to his next pit stop.

| ENTREPRENEURSHIP INNOVATION Rivigo algorithms handle the entire process of routing and assigning pilots. Rivigo's trucks are entirely IoT-enabled, including a function that allows for real-time vehicle tracking. This ensures consistency and prevents breakdowns.

Rivigo's business model is based on the best possible use of technology. Rivigo also has an IoT-enabled truck whose status is monitored in real time. This monitoring not only reduces outages, but also helps build customer trust.

Rivigo launched refrigerated vehicles for the fresh food production sector of the economy, taking this smart and real-time monitoring to a new level. Clients can use the mobile application to check the thermostat and adjust it.

When refrigerated trucks carry fresh fruits and fish, customers can also ensure that the temperature is maintained. This transparency is a high added value for supply chain logistics customers.

BUSINESS MODEL Vehicle drivers operate in shifts under this Rivigo business model, passing the truck on to the next driver at predetermined pit stations along the route. The driver then takes the wheel of another truck to undertake the return route, ensuring that he arrives at his home stop by the end of the day. This technique also improves trucking efficiency by maximising truck use. Rivigo has established a nationwide network of approximately 70 pit stops. This amounts to a driving distance of around 250 km and a driving time of around 5 hours between pitstops. On his phone, the truck driver receives a duty alert. He arrives at the pitstop and scans the one-of-a-kind QR code.

Source: The Strategy Story RELAY- AS- A- SERVICE OF RIVIGO RaaS aims to provide millions of Indian fleet owners with the benefits of relay trucks while increasing the efficiency of the logistics industry. Rivigo's mission is to make India's logistics more humane and efficient, and RaaS is a step in that direction. Rivigo's customer, Surge Cargo Logistics, reports a 25-30% increase in monthly mileage per truck compared to when RaaS uses its own resources. The use of technology in all aspects of operation (fuel, maintenance) also helps customers identify problem areas of trucks.

| ENTREPRENEURSHIP INNOVATION PATENT AND FUNDING Rivigo announced in July 2019 that it was patented by the United States Patent and Trademark Office for a unique driver relay model that uses an algorithm to determine the availability of truck drivers. Rivigo's patented system uses intelligent driver mapping system technology to select the right driver for your service. The choice is based on many parameters such as driving time, break time, and even distribution of transit time. The algorithm also takes into account driver performance based on parameters such as driving behavior and fuel consumption. According to the Ministry of Corporate Affairs, Rivigo has a Series F funding round of INR 141.97 Cr (US $ 20 million) from SAIF Partners and Spring. Canter Investment Ltd Late 2019. Of these, INR 141.97 Cr invested, Spring Canter 83.18 Cr invested, and SAIF Partners invested 58.7 Cr. Rivigo said in his filing that he plans to spend money on the investment. In 2019, Rivigo also launched the National Freight Index (NFI) to bring transparency to the largely confused logistics industry. It provides fleet owners and logistics decision makers with unlimited access to fare information and trends.

However, the biggest challenge for fully automated trucks is data availability and training opportunities. Replacing human drivers in all possible weather and road conditions can be a daunting task. It's even more amazing to see how autonomous trucks interact with humans and other non-autonomous trucks. It culminates in predicting everything around the track with very high accuracy. This means that we need trillions of kilometers of data that we actually traveled. Due to the unimaginable amount of data, the cost of the server also makes it difficult to put a fully autonomous vehicle into practical use. ROAD AHEAD Rivigo targets to scale via means of presenting Relay as a Service (RaaS) to fleet owners, who discover it hard to get truck drivers and make their vans efficient. In the following 5 years, Rivigo targets to run 30,000 to 50,000 vans withinside the relay ecosystem. It additionally targets to position the following era on IoT sensors and control the fleet of fleet owners.

CHALLENGES RIVIGO BUSINESS MODEL CAN FACE WITH AUTONOMOUS VEHICLES Fully automated trucks are economically viable only if they significantly improve both cost and safety.

| PERSON IN FOCUS

KISHORE BIYANI Paras Lodaya | MBA – A | 2021-2023 Kishore Biyani is the founder & CEO of Future Group, one of India's largest brickand-mortar retailers, especially famous for its Big Bazaar stores. At its peak, the Future Group had over 70 million square feet of retail space in more than 90 cities and 60 rural sites across India. He is often referred to as Sam Walton of India due to his contribution to expanding the retail industry in the country. PERSONAL LIFE Kishore Biyani was born on 9th August 1961 and hailed from a business family. After relocating from the Rajasthan village of Nimbi Jodha, his grandfather founded a small clothing shop in Bombay. Biyani grew up in Mumbai's Malabar Hill neighbourhood and attended the esteemed H.R. College of Commerce and Economics. Still, he thought little of his studies, preferring to rely on gut instinct and observation in business.

PROFESSIONAL RISE After completing his graduation, Biyani joined the family business, Bansi Silk Mills, which traded in fabrics. Due to the conservative approach followed by family members within the business, Biyani soon ventured out to manufacture and sell his brand of clothing fabric in 1987. The company "Manz Wear Private Ltd", which supplied a few retail outlets, adopted the brand name of "Pantaloon" (inspired by the Hindi word "Patloon") and soon expanded into retail itself using a franchise model. By 1992, Biyani had floated his business on the Indian stock market to raise funds for expansion, store improvements, and brand marketing. Biyani has acknowledged the role of luck in his business success, which he attributes to the coincidence of his ambitious ideas and the growth of an Indian middle-class with disposable income to spend.

| PERSON IN FOCUS He is known for a frugal approach to running his businesses, with precepts such as modest corporate travel and hospitality arrangements. From 2001, he extended his success by building a series of outlets under the Big Bazaar brand.

The 2008 economic downturn affected Biyani's business severely as Future Group had relied heavily on short-term borrowing for expansion and had diversified into numerous non-core areas such as bookselling, financial services, salons, and even movie production.

Many brands were gradually added to the Future Group, including Factory, Home Town, Food Bazaar, Central, and Ezone Biyani, who has admitted to making "whimsical decisions", had ignored the prevailing opinion of modelling retail businesses on those in the West and had instead concentrated on familiar concepts in India. His success with Big Bazaar had turned him into a revered figure in the Indian retail sector and a magnet for media attention.

Biyani had to react to the crisis with various measures such as reducing the number of mid-level management staff, restructuring his corporate interests, rolling over debt, and concentrating business into four retail formats — fashion, food, home, and general merchandise. Due to high debt levels, Biyani was forced to sell a controlling stake in Pantaloon Retail to deleverage the Future Group. AWARDS CNBC Awaaz Consumer Awards (2009) Entrepreneur of the Year" by Ernst and Young Retail face of the Year" by Images Retail Awards (2005) Most Admired Retailer of the Year (2004) CEO of the Year (2001)

Source: Startuptalky PROFESSIONAL DECLINE The competition was looming for Biyani in the form of conglomerates such as Aditya Birla Group and Reliance Industries. They both had signaled an intention to move into the retail sector after being inspired by Biyani's success.

RECENT HAPPENINGS Biyani has recently been in the news due to the legal tussle between Future Retail (along with Reliance) and Amazon. In August 2019, Amazon, with an investment of Rs 1,500 crores, had acquired a 49% stake in Future Coupons, the promotor entity of Future Retail (7.3% stake) and thereby,

| PERSON IN FOCUS giving Amazon an indirect 3.58% stake in Future Retail with the right to buy it after three years. In August 2020, Future Retail entered into an agreement with Reliance Retail, a subsidiary of Reliance, for slump sale of their retail, logistics, and warehousing assets for Rs 24,713 crores. Amazon has pleaded the deal to be canceled as it had the right of first refusal over any such transactions. The legal case, and Biyani's professional future, will be decided over the course of the next few months.

| ALUMNI INSIGHTS

CORPORATE STRATEGY FUNCTION VIPUL VARKAR Dear readers, It’s an honor to write for the Alumni Section of this wonderful monthly magazine. It just feels yesterday that as part of ‘Team Finstreet’ I used to head sector analysis for the magazine. Before I provide to the readers a brief of my journey during college and post graduating from KJ SIMSR, I would like to highlight a fact that the learnings and exposure I got from Finstreet which was a function of peer learning, live projects, industry interactions and faculty mentoring is next to none. JOURNEY- POST GRADUATION I am currently working in Corporate strategy role at Sterlite technologies Ltd based out of Mumbai reporting to Head of Strategy. To provide a brief of current role, corporate strategy function is responsible for determination of medium and long term goals and objectives; adoption of course of action and the allocation of resources necessary to execute those actions

Batch 2016 - 2018 It involves first mapping the current business landscape of operations across different business units (identifying boundaries of business, creating supply demand equation, identifying competitive landscape, etc.); then creating competitive advantage roadmap (identifying competitive positioning of the firm & creating different strategic options); creating anticipatory competitive dynamics mix and based on that sustaining superior performance. The skill sets required for the role is deep understanding of the industry of operations (both business which includes operational, market, regulatory, competition among others as well as broad financial understanding of line items in balance sheet, income statement and cash flows) as well as how actions in business front impacts the financial position of the firm. Right out of college, I was placed at Crisil Research where I was handling industry research for Telecom, media and technology sectors. 32

| ALUMNI INSIGHTS It involved conducting end to end research work right from primary & secondary research, financial modelling and projections, creating deep sectoral reports and presenting those to clients. JOURNEY IN COLLEGE I joined SIMSR’s PDGM-Core course of 2016-18. Being an Engineer with work experience in software, it was great learning journey to choose finance as a specialisation especially with having no prior background in the subject. I was able to get a fair understanding of the subject due to amazing faculty members like Prof. Vineet Swarup among others whose teachings and learnings along the course of the year made me truly admire the subject. Nevertheless, interaction and learning from diverse set of peers in Finstreet as well as exposure to some live projects really helped deepen the understanding of the concepts taught in lectures. Added to this, Finstreet became a family with some wonderful friends and best friends till date. It was not all finance, but I did intern at Amazon in Operations role which also helped me get a better understanding of different field of expertise, but finally it was about doing what you feel right for yourself. As it if famously said, “If you do what you love, you will never work a day in your life”. Apart from normal studies and assignments, please do have fun. I especially miss those days playing Squash, table tennis and football after lectures and the occasional sneaking around in the hostel (I was not a hostelite).

For those young minds who lack clarity in what they want to do in life. I would like to highlight that each person needs to identify the type of role which he/she wants to get into during these two years in college. Please do not hesitate to explore different fields/roles during your journey; the best way to understand a role is to be in that shoes and perform- this can happen via live projects or via interacting with various alumni to get a first-hand account the job function actually is along with understanding the required skill sets which needs to be developed. Also, please get your fundamentals strong, have an open and curious mind-set and always have ‘Eisenhower matrix’ in mind during your day-to-day journey as it helps focus on your priorities. This is the recipe to success in whatever field you choose to go ahead with in future. I would also like to take this opportunity to congratulate the entire Finstreet team and faculty mentors for rigorously working and providing learning opportunities to all the students. It really is amazing to see the continuous improvement across all of Finstreet’s offerings. I wish all of you good luck for all your future endeavours and if you think I can help you in any manner, feel free to reach out on LinkedIn.

ISSUE NO. 108, FEBRUARY 2022

About Finstreet Finstreet, the finance committee of K J Somaiya Institute of Management aims at bridging the gap between industry and academic curriculum through effective delivery of knowledge-oriented sessions and events through a network of highly motivated members and renowned industry experts. Through the FINLY magazine, we focus on covering crucial topics for each month and giving our members a platform to express their views.