[Preston, United Kingdom , crocon media for TSA , msch , August 10 , 2023] — The hydrogen fuel cell industry is undergoing a significant transformation, and Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) stands at the forefront of this change. The company’s recent Q2 financial results reveal a strategic shift towards the US and European markets, reflecting the growing potential of these regions in the hydrogen landscape.
Strategic Growth Amidst Challenges
Despite a 27% year-over-year decrease in total revenue, amounting to $15.3 million for the quarter, Ballard Power Systems has shown resilience and adaptability. The company’s Heavy Duty Mobility revenue saw a decline of 39%, primarily due to reduced revenues from bus, truck, and rail verticals. However, this was somewhat offset by an uptick in marine revenue. The Stationary revenue, which encompasses stationary power generation fuel cell modules, stacks, products, and services, witnessed a 6% decline, primarily attributed to reduced sales in Europe. Yet, this was balanced by higher stationary revenues in North America.
A Shift in Focus
The company’s strategic pivot towards the US and European markets is evident in their recent decisions. With an increasingly favorable hydrogen policy landscape in these regions, Ballard is accelerating its “local for local” global manufacturing plan. This move is particularly significant given the ongoing uncertainties in the Chinese hydrogen and fuel cell market. The company’s decision to reevaluate its MEA localization plan in China underscores its commitment to harnessing the potential of the US and EU markets.
Investing in the Future
Ballard’s commitment to innovation and growth is evident in its investment decisions. The company continues to prioritize technology and product development programs, product cost reduction initiatives, and advanced manufacturing. These investments are geared towards enhancing customer experience and securing platform wins. With a focus on driving product cost reduction and investing in next-generation fuel cell products, Ballard is well-positioned to lead the market in the coming years.
The latter half of 2023 is expected to be bustling for Ballard, with anticipated sequential quarterly revenue growth. The company’s order book is also set to support revenue growth in 2024. The Q2 results showcased an impressive Order Backlog of approximately $147.5 million, predominantly driven by increased orders from North America. Notably, the backlog from customers in Europe and North America now constitutes nearly 80% of the total backlog. Furthermore, the Power Products backlog has surged, marking an increase of over 140% compared to the previous year.
Conclusion
The future of hydrogen fuel cells is bright, and Ballard Power Systems is poised to play a pivotal role in this burgeoning industry. While challenges persist, the company’s strategic decisions, investments in innovation, and focus on key markets position it for sustained growth. As the hydrogen industry evolves, Ballard’s commitment to excellence and adaptability will undoubtedly drive its success in the global market.
Note: This article is for informational purposes only and should not be considered as financial advice. Please conduct thorough research and consult with a professional before making any investment decisions.
Disclaimer This article may contain forward-looking statements that are subject to risks and uncertainties. Readers are advised to refer to Ballard Power Systems’ most recent Annual Information Form for a detailed discussion of potential risk factors that could impact the company’s future performance.
All transactions are carried out by SiLLC, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to provide general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions, and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relate to The SiLLC Assembly International.
“With an increasingly constructive policy landscape for hydrogen globally, we are excited by the growing end customer interest to decarbonize mobility and stationary power applications with fuel cells,” said Randy MacEwen, President and CEO. “2022 proved to be an important year for Ballard as we achieved key customer platform wins across our verticals of bus, truck, rail and marine, along with early traction in select stationary power applications. This dynamic is supporting our planned transition of Ballard’s business model to a heavier focus on growing sales of Power Products and reduced relative contribution of Technology Solutions. Bolstered by strong order intake in Q4 in Europe and North America, we ended 2022 with an Order Backlog of $133.4 million, with Power Products up more than double from the end of 2021 and up almost 60% from the end of Q3.”
“We are also excited with the measured progress we are making on our investments in strategic technology and product development programs and advanced manufacturing initiatives, underpinning our roadmap for continued product performance improvements while also achieving significant product cost reductions,” Mr. MacEwen added.
Mr. MacEwen continued, “In Q4, we delivered revenue of $20.5 million and gross margin of (29)%. On revenue, we continue to be disappointed with delayed adoption in the China market and low activity levels at the Weichai-Ballard JV, which weighed on our 2022 results. We are working closely with our Weichai-Ballard JV to unlock growth in the China fuel cell bus and truck markets. Gross margin results partly reflect strategic pricing on customer platform wins during a period of inflationary costs. We expect these dynamics to persist into 2024 until our volume ramps and our product cost reduction initiatives move into production. On costs, we achieved our guided targets for total operating expenses and capital expenditures for full year 2022. We ended the year with $913.7 million in cash reserves.”
Mr. MacEwen concluded, “In 2023, we believe we are well positioned to compete and grow in an increasingly exciting market. We continue to prudently manage our balance sheet as we execute on our planned investments in technology and products, advanced manufacturing, product cost reduction, our local-for-local manufacturing strategy, and providing an outstanding customer experience.”
Q4 2022 Financial Highlights (all comparisons are to Q4 2021 unless otherwise noted)
Total revenue was $20.5 million in the quarter, down 44% year-over-year.
Power Products revenue of $13.5 million decreased 49%, driven by lower shipments of fuel cell products.
Heavy-Duty revenues of $9.2 million decreased 59% due to lower shipments of fuel cell products in China and Europe.
Stationary Power Generation revenues of $2.7 million decreased 2%, due to lower sales in Europe, partially offset by increased sales in China.
Material Handling revenues of $1.6 million increased 23%, primarily as a result of higher shipments to Plug Power.
Technology Solutions revenue of $7.0 million decreased 31% due primarily to decreased amounts earned on the Weichai Ballard JV and substantial completion of the Audi program.
Gross margin was (29)% in the quarter, a decrease of 42-points, driven by a combination of a greater weight of power products in the revenue mix, pricing strategy, increased investment in manufacturing capacity, increases in supply costs and inventory adjustments.
Total Operating Expenses and Cash Operating Costs3 were $37.0 million and $30.6 million, respectively, in the quarter, an increase of 15% and 15%, respectively. Increases were driven primarily by higher expenditure on research, technology and product development activities.
Adjusted EBITDA3 was ($46.4) million, compared to ($25.5) million in Q4 2021, primarily a result of the decrease in gross margin and increase in Cash Operating Costs.
Ballard received approximately $52.2 million of new orders in Q4, and delivered orders valued at $20.5 million, resulting in an Order Backlog of approximately $133.4 million at end-Q4. Order Backlog growth was driven predominantly by increased orders from Europe, which now represent approximately 64% of the total Order Backlog, compared to approximately 38% at end-Q4 2021. Specifically, the Power Products backlog as of Q4 2022 is more than double the amount in Q4 2021, and is up almost 60% from end-Q3 2022.
The 12-month Order Book was $57.3 million at end-Q4, an increase of $6.3 million from the end of Q3 2022. The 12-month Power Products Order Book increased by 37% as compared to end-Q4 2021 and by a similar percentage from the end of Q3 2022. Additionally, order intake in of $52.2 million in Q4 2022 was 124% higher than the 12 month average ending in Q3 2022 of $23.3 million.
Order Backlog ($M)
Order Backlog at End-Q3 2022
Orders Received in Q4 2022
Orders Delivered in Q4 2022
Order Backlog at End-Q4 2022
Total Fuel Cell Products & Services
$101.7
$52.2
$20.5
$133.4
2023 Outlook
Consistent with the Company’s past practice, and in view of the early stage of hydrogen fuel cell market development and adoption, we are not providing specific revenue or net income (loss) guidance for 2023. In 2023, we continue our plan to invest in the business ahead of the hydrogen growth curve. Ballard’s Total Operating Expense4 and Capital Expenditure5 guidance ranges for 2023 are as follows:
2023
Guidance
Total Operating Expense4
$135 – $155 million
Capital Expenditure5
$40 – $60 million
Q4 2022 Financial Summary
(Millions of U.S. dollars)
Three months ended December 31
2022
2021
% Change
REVENUE
Fuel Cell Products & Services:1,2
Heavy Duty Motive
$9.2
$22.5
(59) %
Material Handling
$1.6
$1.3
23 %
Stationary Power Generation
$2.7
$2.7
(2) %
Sub-Total
$13.5
$26.6
(49) %
Technology Solutions
$7.0
$10.1
(31) %
Total Fuel Cell Products & Services Revenue
$20.5
$36.7
(44) %
PROFITABILITY
Gross Margin $
($5.9)
$4.8
(224) %
Gross Margin %
(29) %
13 %
(42)pts
Operating Expenses
$37.0
$32.3
15 %
Cash Operating Costs3
$30.6
$26.6
15 %
Equity loss in JV & Associates
($6.8)
($4.9)
39 %
Adjusted EBITDA3
($46.4)
($25.5)
(82) %
Net Loss from continuing operations
($34.4)
($43.8)
21 %
Loss Per Share
($0.12)
($0.15)
(15) %
CASH
Cash provided by (used in) Operating Activities:
Cash Operating Loss
($27.1)
($23.5)
15 %
Working Capital Changes
$5.9
($7.1)
(183) %
Cash used in
($21.2)
($30.7)
-31 %
Operating Activities
Cash Reserves
$913.7
$1,123.9
(19) %
(Millions of U.S. dollars)
Twelve months ended December 31
2022
2021
% Change
REVENUE
Fuel Cell Products & Services:1,2
Heavy Duty Motive
$38.9
$51.7
(25) %
Material Handling
$6.4
$8.1
(22) %
Stationary Power Generation
$10.9
$8.2
33 %
Sub-Total
$56.2
$68.0
(17) %
Technology Solutions
$27.6
$36.5
(24) %
Total Fuel Cell Products & Services Revenue
$83.8
$104.5
(20) %
PROFITABILITY
Gross Margin $
($13.1)
$14.0
(193) %
Gross Margin %
(16) %
13 %
29pts
Operating Expenses
$145.8
$102.1
43 %
Cash Operating Costs3
$118.8
$83.8
42 %
Equity loss in JV & Associates
($11.6)
($16.1)
(28) %
Adjusted EBITDA3
($144.0)
($82.2)
(75) %
Net Loss from continuing operations
($173.5)
($114.4)
(52) %
Loss Per Share
($0.58)
($0.39)
CASH
Cash provided by (used in) Operating Activities:
Cash Operating Loss
($121.7)
($68.9)
77 %
Working Capital Changes
($10.4)
($11.6)
(10) %
Cash (used in
($132.2)
($80.5)
64 %
Operating Activities
Cash Reserves
$913.7
$1,123.9
For a more detailed discussion of Ballard Power Systems’ fourth quarter 2022 results, please see the company’s financial statements and management’s discussion & analysis, which are available at www.ballard.com/investors, www.sedar.com and www.sec.gov/edgar.shtml.
Conference Call
Ballard will hold a conference call on Friday, March 17, 2023 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review fourth quarter 2022 operating results. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio and webcast can be accessed through a link on Ballard’s homepage (www.ballard.com). Following the call, the audio webcast and presentation materials will be archived in the ‘Earnings, Interviews & Presentations’ area of the ‘Investors’ section of Ballard’s website (www.ballard.com/investors).
About Ballard Power Systems
Ballard Power Systems’ (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit www.ballard.com.
Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements concerning the hydrogen economy and markets for our products and the effects of governmental regulations on such markets, expected revenues, operating expenses, capital expenditures, corporate development activities, impacts of investments in manufacturing and R&D capabilities and market growth, and our carbon emissions goals. These forward-looking statements reflect Ballard’s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are based on Ballard’s assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard’s most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard’s actual results to be materially different include general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard’s future performance, please refer to Ballard’s most recent Annual Information Form. These forward-looking statements are provided to enable external stakeholders to understand Ballard’s expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.
Further Information
Kate Charlton +1.604.453.3939, or
Endnotes
1 We report our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and Services segment consists of the sale and service of PEM fuel cell products for our power product markets of Heavy Duty Motive (consisting of bus, truck, rail and marine applications), Material Handling and Stationary Power Generation, as well as the delivery of Technology Solutions, including engineering services, technology transfer and the license and sale of our extensive intellectual property portfolio and fundamental knowledge for a variety of fuel cell applications.
2 The UAV market has been classified as a discontinued operation in our third quarter of 2020 consolidated condensed financial statements. As such, the assets of the UAV market have been classified as assets held for sale as of September 30, 2020. Furthermore, the historic operating results of the UAV market for 2020 have been removed from continuing operating results and are instead presented separately in the statement of comprehensive income as income from discontinued operations.
3 Note that Cash Operating Costs, EBITDA, and Adjusted EBITDA are non-GAAP measures. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating Costs, EBITDA, and Adjusted EBITDA assist investors in assessing Ballard’s operating performance. These measures should be used in addition to, and not as a substitute for, net income (loss), cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA, and Adjusted EBITDA to the Consolidated Financial Statements, please refer to the tables below.
Cash Operating Costs measures operating expenses excluding stock-based compensation expense, depreciation and amortization, impairment losses or recoveries on trade receivables, restructuring charges, acquisition related costs, the impact of unrealized gains or losses on foreign exchange contracts, and financing charges. EBITDA measures net loss from continuing operations excluding finance expense, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation expense, transactional gains and losses, acquisition related costs, finance and other income, recovery on settlement of contingent consideration, asset impairment charges, and the impact of unrealized gains or losses on foreign exchange contracts.
4 Total Operating Expenses refer to the measure reported in accordance with IFRS.
5 Capital Expenditure is defined as Additions to property, plant and equipment and Investment in other intangible assets as disclosed in the Consolidated Statements of Cash Flows
Operating Expenses and Cash Operating Costs
(Expressed in thousands of U.S. dollars)
Three months ended December 31,
2022
2021
$ Change
% Change
Research and Product Development
$ 22,944
$ 19,870
$ 3,074
15 %
General and Administrative
5,561
7,420
(1,859)
(25 %)
Sales and Marketing
3,381
3,417
(36)
(1 %)
Operating Expenses
$ 31,886
$ 30,707
$ 1,179
4 %
Research and Product Development (cash operating cost)
$ 21,526
$ 17,153
$ 4,373
25 %
General and Administrative (cash operating cost)
5,921
6,408
(487)
(8 %)
Sales and Marketing (cash operating cost)
3,163
3,043
120
4 %
Cash Operating Costs
$ 30,610
$ 26,604
$ 4,006
15 %
(Expressed in thousands of U.S. dollars)
Three months ended December 31,
EBITDA and Adjusted EBITDA
2022
2021
$ Change
Net loss from continuing operations
$ (34,427)
$ (43,836)
$ 9,409
Depreciation and amortization
2,828
3,272
(444)
Finance expense
300
313
(13)
Income taxes (recovery)
(3,004)
(233)
(2,771)
EBITDA
$ (34,303)
$ (40,484)
$ 6,181
Stock-based compensation expense
1,471
2,319
(848)
Acquisition related costs
106
1,580
(1,474)
Finance and other (income) loss
(15,731)
11,366
(27,097)
Recovery on settlement of contingent consideration
(9,891)
–
(9,891)
Impairment loss on intangible assets
13,024
–
13,024
Impact of unrealized (gains) losses on foreign exchange contracts
(1,057)
(263)
(794)
Adjusted EBITDA
$ (46,381)
$ (25,482)
$ (12,899)
Operating Expenses and Cash Operating Costs
(Expressed in thousands of U.S. dollars)
Year ended December 31,
2022
2021
$ Change
% Change
Research and Product Development
$ 95,952
$ 62,162
$ 33,790
54 %
General and Administrative
28,754
24,725
4,029
16 %
Sales and Marketing
12,851
12,904
(53)
(0 %)
Operating Expenses
$ 137,557
$ 99,791
$ 37,766
38 %
Research and Product Development (cash operating cost)
$ 84,048
$ 52,539
$ 31,509
60 %
General and Administrative (cash operating cost)
23,137
19,754
3,383
17 %
Sales and Marketing (cash operating cost)
11,582
11,489
93
1 %
Cash Operating Costs
$ 118,767
$ 83,782
$ 34,985
42 %
(Expressed in thousands of U.S. dollars)
Year ended December 31,
EBITDA and Adjusted EBITDA
2022
2021
$ Change
Net loss from continuing operations
$ (173,494)
$ (114,397)
$ (59,097)
Depreciation and amortization
13,357
9,752
3,605
Finance expense
1,279
1,294
(15)
Income taxes (recovery)
(3,536)
(216)
(3,320)
EBITDA
$ (162,394)
$ (103,567)
$ (58,827)
Stock-based compensation expense
9,408
9,669
(261)
Acquisition related costs
2,857
2,115
742
Finance and other (income) loss
2,102
8,813
(6,711)
Recovery on settlement of contingent consideration
(9,891)
–
(9,891)
Impairment loss on intangible assets
13,024
263
12,761
Impact of unrealized (gains) losses on foreign exchange contracts
Disclaimer All transaction are carrying out by SiLLC, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relates to SiLLC Assembly International.
VANCOUVER, BC and SHANGHAI, Sept. 30, 2022 – Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) announced today its strategy ‘local for local’ where it plans to deepen its global manufacturing footprint in Europe, the United States and China to support global market demand growth through 2030. As part of this strategy, Ballard has entered into an investment agreement with the Government of Anting in Shanghai’s Jiading District to establish its new China headquarters, membrane electrode assembly (MEA) manufacturing facility and R&D center at a site strategically located at the Jiading Hydrogen Port, located in one of China’s leading automotive industry clusters.
Ballard plans to invest approximately $130 million over the next three years, which will enable annual production capacity at the new MEA production facility of approximately 13 million MEAs, which will supply approximately 20,000 engines. Ballard expects to be able to achieve significant capacity expansion of this facility in future phases with much lower capital requirements. The facility will also include space to assemble approximately 600 engines annually to support the production and sale of Ballard engines in the rail, marine, off-road and stationary markets in China, as well as for certain export markets.
In 2021, Ballard completed its MEA manufacturing expansion in Canada, which is critical as the MEA is the core technology and limiting factor for Ballard’s global fuel cell engine production capabilities. With the new MEA capacity coming online in China, Ballard now expects its global MEA capacity to support total demand requirements through the second half of the decade.
This investment is expected to reduce MEA manufacturing costs, align with China’s fuel cell value chain localization policy, and position Ballard more strongly in the hydrogen fuel cell demonstration cluster regions and for the post-subsidy market.
The facility is planned to be in operation in 2025 to meet expected market demand in China, including from the Weichai-Ballard Joint Venture (WBJV) for the bus, truck and forklift markets, as well as other opportunities outside the WBJV scope. The annual production capacity of the Weichai-Ballard joint venture facility located in Weifang, Shandong is approximately 40,000 stacks and 20,000 engines.
“Our global manufacturing vision for 2030 is to have scaled ‘local for local’ manufacturing of leading fuel cell engines and components in our core regional markets of Europe, North America and China to support future industry growth patterns and volumes across our verticals. In the case of China, we already have volume manufacturing capacity for fuel cell engines, bipolar plates and stack assembly at our WBJV. With our continued high conviction on long-term scaled adoption in China of fuel cell electric vehicles for medium- and heavy-duty motive applications, we are now addressing long-term capacity in that market for our proprietary MEAs,” said Randy MacEwen, Ballard’s Chief Executive Officer. “We believe China is a market headed for a significant demand break-out as hydrogen infrastructure scales over the coming years and as our new MEA production facility comes online.”
“To be competitive in China requires investment in China,” commented Alfred Wong, Ballard China CEO. “This new MEA manufacturing facility will significantly reduce MEA production costs, improve China market access and meet long-term market demand, including providing MEA supply to our Weichai-Ballard JV. We are thrilled to be partnering with Anting, Jiading District, which has quickly become a key hydrogen technology hub in China.”
Ballard will also be setting up an R&D and innovation center at the same site. The center will be focused on MEA research to achieve key corporate technical advancements, support cost reduction initiatives, and engage the emerging China local supply chain for fuel cell materials and components.
Ballard also announced today that it has signed a non-binding memorandum of understanding with Weichai Power whereby Weichai Power plans to make an equity investment for 2% of Ballard’s new MEA manufacturing company.
About Ballard Power Systems
Ballard Power Systems’ (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit www.ballard.com.
This release contains forward-looking statements concerning planned operations expansion in China, related investments, product cost and market impacts, and anticipated implementation timeline. These forward-looking statements reflect Ballard’s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard’s assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.
These statements involve risks and uncertainties that may cause Ballard’s actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard’s future performance, please refer to Ballard’s most recent Annual Information Form. Readers should not place undue reliance on Ballard’s forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward-looking statements, other than as required under applicable legislation.
SOURCE Ballard Power Systems Inc.
************************
Disclaimer All transaction are carrying out by SiLLC, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relates to SiLLC Assembly International.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
