My colleagues Beryl Menezes co-authored this story appearing in DNA Money edition on Monday, Feb 25, 2013.
Medanta - The Medicity, the multi-super specialty hospital chain, is working on a healthcare delivery model that could be made cost-efficient at all levels – village, mid-, secondary care and super-specialty – with a little tweaking.
Dr Naresh Trehan (pictured), chairman and managing director, Medanta, said that the company is conducting a pilot in Haryana, which, if successful, could be replicated based on its efficiency and economics.
“We are experimenting with it in Jhajjar, Haryana. We already have working models in place and will take a year or so to do the analysis,” said Trehan, who was recently awarded Ernst & Young Entrepreneur of the Year 2012 in the startup category.
On the potential of mobile healthcare in the country, Trehan said it could become very huge, going forward.
“IT-based, tele-medicine and mobile health will be the most vital links from ground up. In fact, we have already partnered with Airtel to offer tele-medicine services and will soon be getting into mobile tele-medicine,” he said.
Medanta has been treating 100,000 patients for free in some of the villages every year and is now expecting to connect patients in these villages through tele-medicine to the hospital’s centres for quick diagnostics, early detection, preventive measures and treatments.
While the healthcare delivery model has been self-funded at this stage, the company management will eventually have to look at other funding options once it has been perfected and reaches a particular scale.
Talking about the challenges in the healthcare industry, Trehan said the sector is stressed as human capital cost is on the rise and people want their inflation costs covered.
“As a result, efficiencies of scale will have to kick in,” he said.
To reduce disease burden, Trehan suggests providing five things to every village – clean drinking water, sanitation, garbage disposal, mosquito control and school.
Follow Ashish K Tiwari on twitter @ashishktiwari
Sunday, 14 April 2013
Apollo in talks for foreign collaborations
My colleagues Promit Mukherjee and Beryl Menezes co-authored this story appearing in DNA Money edition on Saturday, Feb 23, 2013.
Apollo Tyres, India’s largest tyre maker, is exploring collaborations with foreign companies to enter markets where it is not currently present in, starting with Latin American and Southeast Asia.
Onkar S Kanwar, chairman, Apollo Tyres, said, “We are in talks with a few players wherein they will take products from us in our country and gives us products, for example, in Brazil. This approach will be a win-win for both.”
Kanwar said the company is likely to make a few announcements on collaborations by early next fiscal.
The tyre manufacturer, which has earlier acquired companies in Europe and Africa, now betting on collaborations.
“That’s going to be the future for a lot of tyre manufacturing companies looking to enter the untapped foreign markets,” he said.
India contributes almost 60% to Apollo’s revenues with the rest coming from overseas.
“We want outside India business to reach 70% from the current 40% in the next few years,” he said.
On capital expenditure for the next fiscal, Kanwar said, “In Thailand, we are looking at investing $300-400 million in the initial stages. Similarly, we are also looking at inorganic opportunities in other markets globally.”
While the overall automobile industry is witnessing challenges, Apollo has decided not to completely depend on Indian OEMs and spread risks evenly.
On impact of the recent production cuts by Tata Motors, Kanwar said, “While we have not cut down production, we have decided to export those products in Middle East and Southeast Asia that are now classified as domestic markets for the company. We have been servicing all of them the same way and will continue doing so in the future as well.”
On backward integration, the company is looking to secure supply of rubber its key raw material.
“We have signed up with a team of scientists in Arizona for growing rubber on arid lands, which have no water and lot of sunshine. We are investing heavily in this; all I can say is that initially it will be a few million dollars. We are investing in Russia too in this regard,” he said.
Once this is achieved, the company plan to give seed and facilities to farmers in Gujarat and Rajasthan and buy rubber from them.
The company eyes 25-30% raw material security in the next two to three years.
On challenges being faced by the automobile industry, Kanwar said a revival will happen sooner or later, but the well-diversified companies will always do well.
Follow Ashish K Tiwari on twitter @ashishktiwari
Apollo Tyres, India’s largest tyre maker, is exploring collaborations with foreign companies to enter markets where it is not currently present in, starting with Latin American and Southeast Asia.
Onkar S Kanwar, chairman, Apollo Tyres, said, “We are in talks with a few players wherein they will take products from us in our country and gives us products, for example, in Brazil. This approach will be a win-win for both.”
Kanwar said the company is likely to make a few announcements on collaborations by early next fiscal.
The tyre manufacturer, which has earlier acquired companies in Europe and Africa, now betting on collaborations.
“That’s going to be the future for a lot of tyre manufacturing companies looking to enter the untapped foreign markets,” he said.
India contributes almost 60% to Apollo’s revenues with the rest coming from overseas.
“We want outside India business to reach 70% from the current 40% in the next few years,” he said.
On capital expenditure for the next fiscal, Kanwar said, “In Thailand, we are looking at investing $300-400 million in the initial stages. Similarly, we are also looking at inorganic opportunities in other markets globally.”
While the overall automobile industry is witnessing challenges, Apollo has decided not to completely depend on Indian OEMs and spread risks evenly.
On impact of the recent production cuts by Tata Motors, Kanwar said, “While we have not cut down production, we have decided to export those products in Middle East and Southeast Asia that are now classified as domestic markets for the company. We have been servicing all of them the same way and will continue doing so in the future as well.”
On backward integration, the company is looking to secure supply of rubber its key raw material.
“We have signed up with a team of scientists in Arizona for growing rubber on arid lands, which have no water and lot of sunshine. We are investing heavily in this; all I can say is that initially it will be a few million dollars. We are investing in Russia too in this regard,” he said.
Once this is achieved, the company plan to give seed and facilities to farmers in Gujarat and Rajasthan and buy rubber from them.
The company eyes 25-30% raw material security in the next two to three years.
On challenges being faced by the automobile industry, Kanwar said a revival will happen sooner or later, but the well-diversified companies will always do well.
Follow Ashish K Tiwari on twitter @ashishktiwari
Windfall for TPG from Shriram Trans stake sale
This story first appeared in DNA Money edition on Friday, Feb 22, 2013.
TPG Capital, a private equity (PE) major, may have netted a whopping 450-500% returns, or a cool Rs1,350 crore in profit, from Thursday’s sale of around 50% of its 20.28% stake in Shriram Transport Finance Company or STFC, the country’s largest player in commercial vehicle finance.
In a bulk deal executed on the National Stock Exchange, Newbridge India Investment II Ltd, a unit of TPG, sold 23.15 million STFC shares (or a 10.2% stake), to Centura Investment, Sanlam Life Insurance and Swiss Finance Corp, at Rs715.15, for a total value of Rs1,656 crore.
Newbridge in 2006 acquired a 49% stake of unlisted group holding company Shriram Holding Madras Pvt Ltd (SHMPL), which holds 41.25% in STFC now. When STFC was merged with SHMPL in December 2011, Newbridge got a 20.28% in the merged entity. As per Bloomberg data, the (post-merger) acquisition cost of the 2006 deal for TPG worked out to Rs112.75 per share.
Based on this valuation, TPG is sitting on unrealised gains of over 450% from its 2006 investment.
According to Bloomberg data, the Newbridge-STPC deal is the largest of its kind in India since Cairn Energy sold a stake in Cairn India for `2,060 crore in June last year.
Thursday’s sale also marks the largest block deal in the country in nearly eight months, and comes after STFC shares gained 31% in the last one year.
But the shares tanked 9.4% to Rs685.10 in afternoon trade on Thursday, before recovering to close at Rs699.25, still down 7.72%. After Thursday’s bulk deal, TPG will have 22.85 million STFC shares, or a 10% stake, worth `1,600 crore.
Sanlam Life picked 8.4 million STFC shares, or a 3.7% stake, for `601 crore; Centura paid Rs270 crore for 3.77 million shares, or a 1.7% stake; and Swiss Finance Rs97 crore for 1.55 million shares, or a 0.68% stake. With this, the STFC stake of Sanlam, the South African insurance group, has risen to about 10%. It also holds stakes in the Chennai-based conglomerate Shriram Group’s insurance businesses.
Follow Ashish K Tiwari on twitter @ashishktiwari
TPG Capital, a private equity (PE) major, may have netted a whopping 450-500% returns, or a cool Rs1,350 crore in profit, from Thursday’s sale of around 50% of its 20.28% stake in Shriram Transport Finance Company or STFC, the country’s largest player in commercial vehicle finance.
In a bulk deal executed on the National Stock Exchange, Newbridge India Investment II Ltd, a unit of TPG, sold 23.15 million STFC shares (or a 10.2% stake), to Centura Investment, Sanlam Life Insurance and Swiss Finance Corp, at Rs715.15, for a total value of Rs1,656 crore.
Newbridge in 2006 acquired a 49% stake of unlisted group holding company Shriram Holding Madras Pvt Ltd (SHMPL), which holds 41.25% in STFC now. When STFC was merged with SHMPL in December 2011, Newbridge got a 20.28% in the merged entity. As per Bloomberg data, the (post-merger) acquisition cost of the 2006 deal for TPG worked out to Rs112.75 per share.
Based on this valuation, TPG is sitting on unrealised gains of over 450% from its 2006 investment.
According to Bloomberg data, the Newbridge-STPC deal is the largest of its kind in India since Cairn Energy sold a stake in Cairn India for `2,060 crore in June last year.
Thursday’s sale also marks the largest block deal in the country in nearly eight months, and comes after STFC shares gained 31% in the last one year.
But the shares tanked 9.4% to Rs685.10 in afternoon trade on Thursday, before recovering to close at Rs699.25, still down 7.72%. After Thursday’s bulk deal, TPG will have 22.85 million STFC shares, or a 10% stake, worth `1,600 crore.
Sanlam Life picked 8.4 million STFC shares, or a 3.7% stake, for `601 crore; Centura paid Rs270 crore for 3.77 million shares, or a 1.7% stake; and Swiss Finance Rs97 crore for 1.55 million shares, or a 0.68% stake. With this, the STFC stake of Sanlam, the South African insurance group, has risen to about 10%. It also holds stakes in the Chennai-based conglomerate Shriram Group’s insurance businesses.
Follow Ashish K Tiwari on twitter @ashishktiwari
'Give tax rebates to housing projects'
This Q&A first appeared in DNA Money edition on Wednesday, Feb 20, 2013.
Brotin Banerjee, MD and CEO of Tata Housing, says last year’s story was one of mixed industrial data and a slump across industries, including realty. With the Union Budget 2013-14 fast approaching, the property sector is renewing hopes that any new measures may help overcome fears of sluggish growth continuing next fiscal. Excerpts from an interview:
On affordable housing:
The Budget should provide sops and tax rebates for affordable housing projects along with interest subvention of 5% for the low income groups and economically weaker sections. Extension of scheme of interest subvention of 1% on housing loan up to Rs 15 lakh on homes costing up to Rs 25 lakh should be continued. Excise duty reduction on cement and steel to lower project costs and expansion of the interest subsidy on loans will prove to be necessary tools to boost developers’ interest in the affordable housing segment.
On fiscal policy:
A few weeks ago, the central bank announced its first policy rate cut in nine months. Although that has brought cheer, the fact remains that 2012 can be aptly described as a slow year. Real estate consultancy firm Jones Lang La Salle says that the launch of real estate investment trusts (REITs) or real estate mutual funds (REMFs) in 2013 will drive investor demand across cities. This will allow investments in rental housing and this will be a first for the sector. Mandated bank support for project development is required to ensure timely completion of projects.
On taxation:
Tax measures such as increasing the limit of interest deduction on home loans from Rs 1.5 lakh to Rs 3 lakh will provide necessary motivation to consumers to increase buying activity and revive demand. Raising the income tax exemption limit to Rs 3 lakh will lead to more disposable income available for domestic investments.
Increase in service tax and excise duty by 2% in the last Budget has put pressure on project costs, raising the unit costs by 4-5%. As a result, high cost of construction has impacted demand and is proving to be a deterrent for both sides. To revive demand and control rising property prices, government should consider lowering of service tax and excise duty.
On Real Estate Bill:The introduction of legislation such as the ‘Real Estate Bill’ is expected to increase transparency and boost investor confidence in the Indian market. We continue to advocate the formation of a regulatory authority for the sector which will ensure planned and transparent development and protect the interest of the customers. Another recommendation would be the establishment of a single-window clearance for construction projects.
On raising funds:The Reserve Bank of India also allowed real estate developers and housing finance companies to raise up to $1 billion through external commercial borrowing (ECB), a move that is expected to make funding more accessible, especially given the current regulatory and reform environment.
Brotin Banerjee, MD and CEO of Tata Housing, says last year’s story was one of mixed industrial data and a slump across industries, including realty. With the Union Budget 2013-14 fast approaching, the property sector is renewing hopes that any new measures may help overcome fears of sluggish growth continuing next fiscal. Excerpts from an interview:
On affordable housing:
The Budget should provide sops and tax rebates for affordable housing projects along with interest subvention of 5% for the low income groups and economically weaker sections. Extension of scheme of interest subvention of 1% on housing loan up to Rs 15 lakh on homes costing up to Rs 25 lakh should be continued. Excise duty reduction on cement and steel to lower project costs and expansion of the interest subsidy on loans will prove to be necessary tools to boost developers’ interest in the affordable housing segment.
On fiscal policy:
A few weeks ago, the central bank announced its first policy rate cut in nine months. Although that has brought cheer, the fact remains that 2012 can be aptly described as a slow year. Real estate consultancy firm Jones Lang La Salle says that the launch of real estate investment trusts (REITs) or real estate mutual funds (REMFs) in 2013 will drive investor demand across cities. This will allow investments in rental housing and this will be a first for the sector. Mandated bank support for project development is required to ensure timely completion of projects.
On taxation:
Tax measures such as increasing the limit of interest deduction on home loans from Rs 1.5 lakh to Rs 3 lakh will provide necessary motivation to consumers to increase buying activity and revive demand. Raising the income tax exemption limit to Rs 3 lakh will lead to more disposable income available for domestic investments.
Increase in service tax and excise duty by 2% in the last Budget has put pressure on project costs, raising the unit costs by 4-5%. As a result, high cost of construction has impacted demand and is proving to be a deterrent for both sides. To revive demand and control rising property prices, government should consider lowering of service tax and excise duty.
On Real Estate Bill:The introduction of legislation such as the ‘Real Estate Bill’ is expected to increase transparency and boost investor confidence in the Indian market. We continue to advocate the formation of a regulatory authority for the sector which will ensure planned and transparent development and protect the interest of the customers. Another recommendation would be the establishment of a single-window clearance for construction projects.
On raising funds:The Reserve Bank of India also allowed real estate developers and housing finance companies to raise up to $1 billion through external commercial borrowing (ECB), a move that is expected to make funding more accessible, especially given the current regulatory and reform environment.
Lodha, first realtor to cross Rs10,000 cr sales
This story first appeared in DNA Money edition on Monday, Feb 18, 2013.
In a market where the listed real estate players are having a tough time, the yet-to-be listed Lodha Group is set to create a new milestone. It is set to clock a jump of over 70% in new sales this fiscal to cross the Rs10,000 crore mark.
Abhisheck Lodha (pictured), MD, Lodha Group, said the company has been in the Rs5,000-6,000 crore range in the past two financial years. “However, this year, we will see a substantially high, 70% growth and cross Rs10,000 crore in new sales. This kind of a sales number has never been achieved to our knowledge by any real estate company in India.”
The growth, Lodha added, has come as a result of more projects being completed, new launches catering to large geographies, expanding into different parts of Mumbai and getting into newer markets like Pune and Hyderabad.
“We delivered more than 4 million square feet of space this year and the focus in 2013 will also be on continuing to deliver what we have sold and promised before. There will obviously be new launches and sales,” said Lodha.
This fiscal has been a mixed one for realtors both across the country and particularly in Mumbai, where overall demand softened compared with the previous years.
A recent Knight Frank report said that in 2012, the home absorption numbers dropped 3% to 42,200 units compared with 2011. As for new launches, 2012 witnessed an 8% decline from 2011 with some 50,500 units hitting the market.
Having said that, certain developers, including Lodha and Godrej Properties, have been able to get a very good share of the prevalent demand for their new launches.
For instance, Lodha recently pre-launched 650-odd residential units at its Blue Moon development (on the erstwhile DLF land parcel it had recently acquired) that received approximately 1,300 applications worth over Rs6,000 crore in a nine-day period.
“We’d assessed the market and realised that the demand for the project would be significantly higher than the supply we had. The response also shows that there is good demand in the market, but it is very picky and wants to make sure it is going into good products that assure quality and offer clarity in delivery as promised,” said Lodha.
As for as Godrej Properties is concerned, for the third quarter, the company reported a total booking value of Rs672 crore and a total booking volume of 1.04 million square feet (msf) compared with total booking value of Rs 364 crore and total booking volume of in 0.57 msf in the corresponding year-ago quarter. While residential projects recorded a booking value of Rs550 crore and a booking volume of 0.94 msf, commercial projects witnessed a booking value of Rs122 crore and a booking area of 0.10 msf. @ashishktiwari
In a market where the listed real estate players are having a tough time, the yet-to-be listed Lodha Group is set to create a new milestone. It is set to clock a jump of over 70% in new sales this fiscal to cross the Rs10,000 crore mark.
Abhisheck Lodha (pictured), MD, Lodha Group, said the company has been in the Rs5,000-6,000 crore range in the past two financial years. “However, this year, we will see a substantially high, 70% growth and cross Rs10,000 crore in new sales. This kind of a sales number has never been achieved to our knowledge by any real estate company in India.”
The growth, Lodha added, has come as a result of more projects being completed, new launches catering to large geographies, expanding into different parts of Mumbai and getting into newer markets like Pune and Hyderabad.
“We delivered more than 4 million square feet of space this year and the focus in 2013 will also be on continuing to deliver what we have sold and promised before. There will obviously be new launches and sales,” said Lodha.
This fiscal has been a mixed one for realtors both across the country and particularly in Mumbai, where overall demand softened compared with the previous years.
A recent Knight Frank report said that in 2012, the home absorption numbers dropped 3% to 42,200 units compared with 2011. As for new launches, 2012 witnessed an 8% decline from 2011 with some 50,500 units hitting the market.
Having said that, certain developers, including Lodha and Godrej Properties, have been able to get a very good share of the prevalent demand for their new launches.
For instance, Lodha recently pre-launched 650-odd residential units at its Blue Moon development (on the erstwhile DLF land parcel it had recently acquired) that received approximately 1,300 applications worth over Rs6,000 crore in a nine-day period.
“We’d assessed the market and realised that the demand for the project would be significantly higher than the supply we had. The response also shows that there is good demand in the market, but it is very picky and wants to make sure it is going into good products that assure quality and offer clarity in delivery as promised,” said Lodha.
As for as Godrej Properties is concerned, for the third quarter, the company reported a total booking value of Rs672 crore and a total booking volume of 1.04 million square feet (msf) compared with total booking value of Rs 364 crore and total booking volume of in 0.57 msf in the corresponding year-ago quarter. While residential projects recorded a booking value of Rs550 crore and a booking volume of 0.94 msf, commercial projects witnessed a booking value of Rs122 crore and a booking area of 0.10 msf. @ashishktiwari
HDIL looking to acquire 15 acre Digvijay Mills land parcel at Lal Baug
This story first appeared in DNA Money edition on Saturday, Feb 16, 2013.
Realty company Housing Development Infrastructure (HDIL) is looking to acquire a 15 acre land parcel in South Mumbai. The plot in discussion has been identified as the National Textile Corporation's Digvijay Mills at Lal Baug near Chinchpokli.
The said land parcel is originally held by Byramjee Jeejeebhoy Pvt Ltd (BJPL) and was given to NTC on a 99 year lease that expired in 1999. Interestingly, NTC and BJPL are engaged in a court battle over handing over the 4,50,000 square feet plot to BJPL that is worth over Rs 1,000 crore. The matter is currently in the Supreme Court.
Last month, Sarang Wadhawan promoter and vice chairman, HDIL, had sold 50 lakh shares in the open market to raise Rs 57 crore. The money thus raised was to be used by HDIL to fund second tranche of a land acquisition, the details of which were not disclosed then.
While refraining to give out any specific details, Hariprakash Pandey, vice president - finance, HDIL, confirmed that the fund raised by HDIL vice chairman was in connection with the Digvijay Mills land parcel and the court case between BJPL and NTC Mills.
"Yes this is the same case being referred to and the matter is still in the court. A hearing happened on February 8, 2013 post which we have filed a rejoinder and are awaiting announcement of the next hearing date," said Pandey during an analyst call to discuss third quarter financial results for fiscal 2013.
During the October to December 2012 quarter, HDIL reported consolidated sales turnover of Rs 423.17 crore and a net profit of Rs 107.35 crore. Other income for the quarter stood at Rs 8.88 crore. Its consolidated sales turnover was Rs 422.57 crore and net profit was Rs 155.80 crore and other income at Rs 17.75 crore.
In a media statement on Wednesday February 14, 2012, Wadhawan, said that the company is focusing on execution and delivery of existing projects. "The steady pace in approvals would enable us in launching new projects and reduce debt. The company is well positioned in the liquidity scenario and comfortable with the debt repayment schedule," he said.
HDIL's standalone debt has come down by Rs 202.5 crore and stands at Rs 3466.94 crore as on December 31, 2012. According to Pandey, standalone debt is likely to decline further by approximately Rs 200 crore on account of Metropolis sales to be affected in fourth quarter of fiscal 2013. @ashishktiwari
Realty company Housing Development Infrastructure (HDIL) is looking to acquire a 15 acre land parcel in South Mumbai. The plot in discussion has been identified as the National Textile Corporation's Digvijay Mills at Lal Baug near Chinchpokli.
The said land parcel is originally held by Byramjee Jeejeebhoy Pvt Ltd (BJPL) and was given to NTC on a 99 year lease that expired in 1999. Interestingly, NTC and BJPL are engaged in a court battle over handing over the 4,50,000 square feet plot to BJPL that is worth over Rs 1,000 crore. The matter is currently in the Supreme Court.
Last month, Sarang Wadhawan promoter and vice chairman, HDIL, had sold 50 lakh shares in the open market to raise Rs 57 crore. The money thus raised was to be used by HDIL to fund second tranche of a land acquisition, the details of which were not disclosed then.
While refraining to give out any specific details, Hariprakash Pandey, vice president - finance, HDIL, confirmed that the fund raised by HDIL vice chairman was in connection with the Digvijay Mills land parcel and the court case between BJPL and NTC Mills.
"Yes this is the same case being referred to and the matter is still in the court. A hearing happened on February 8, 2013 post which we have filed a rejoinder and are awaiting announcement of the next hearing date," said Pandey during an analyst call to discuss third quarter financial results for fiscal 2013.
During the October to December 2012 quarter, HDIL reported consolidated sales turnover of Rs 423.17 crore and a net profit of Rs 107.35 crore. Other income for the quarter stood at Rs 8.88 crore. Its consolidated sales turnover was Rs 422.57 crore and net profit was Rs 155.80 crore and other income at Rs 17.75 crore.
In a media statement on Wednesday February 14, 2012, Wadhawan, said that the company is focusing on execution and delivery of existing projects. "The steady pace in approvals would enable us in launching new projects and reduce debt. The company is well positioned in the liquidity scenario and comfortable with the debt repayment schedule," he said.
HDIL's standalone debt has come down by Rs 202.5 crore and stands at Rs 3466.94 crore as on December 31, 2012. According to Pandey, standalone debt is likely to decline further by approximately Rs 200 crore on account of Metropolis sales to be affected in fourth quarter of fiscal 2013. @ashishktiwari
IHCL to take Orient-Exp call by March-end
This story first appeared in DNA Money edition on Tuesday, Feb 12, 2013.
Tata group’s hospitality business Indian Hotels Company Limited (IHCL) is likely to decide this month whether or not to go ahead with the friendly offer made to Orient-Express Hotels (OEH) last October.
The IHCL board will meet shortly to take a final call before the fiscal-end, said Anil P Goel, executive director-finance. IHCL, he said, had promised to revert after Oriental-Express rejected the initial offer. “Since an offer like this cannot be left open indefinitely, the IHCL board will now take a call.”
He said IHCL is also set to launch its 100th hotel in India sometime in March.
The company reported a 28.01% on-quarter increase in its standalone profit after tax at Rs64.62 crore for October-December. Net sales rose about 4.5% on-quarter to Rs544.55 crore.
“While the industry witnessed an overall de-growth of around 10%, we have been able to grow by 2%,” said Deepa Misra Harris, senior vice-president of sales and marketing at IHCL.
IHCL posted a consolidated profit of Rs47 crore in the December (or third) quarter. According to Raymond N Bickson, MD and CEO, the figure is more or less the same as that of the third quarter of the previous fiscal.
“Our profit before tax in the third quarter was Rs106.13 crore versus Rs103.29 crore while profit after tax stood at Rs49.77 crore as against Rs49 crore in the third quarter of fiscal 2011-12. Overall, we have had a good third quarter and are looking forward to a stronger fourth quarter,” said Bickson.
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