Castrol India Appoints Kedar Lele As The New Managing Director

 

·         Succeeds Sandeep Sangwan, who transitions to the role of Global CMO at Castrol

Castrol India Limited, a leading lubricant manufacturer, has announced the appointment of Kedar Lele as its new Managing Director, effective 1 November 2024.

Kedar joins Castrol India after an illustrious two decade-long career at Hindustan Unilever Limited (HUL), where he last served as the Executive Director of the company, responsible for Sales & Customer Development, South Asia. With his deep expertise in leading high-performing teams, driving growth, and fostering innovation, Kedar is set to play a pivotal role in steering Castrol India’s future in the evolving automotive and lubricants industry.

Commenting on the appointment, Rakesh Makhija, Chairman, Castrol India Limited, said, “We are delighted to welcome Kedar to the Castrol India. His vast experience in driving growth and leading large teams in complex markets makes him an outstanding choice to lead Castrol India. I would also like to take this opportunity to thank Sandeep for his exceptional leadership over the past few years. His contributions have been invaluable in strengthening our position in the market, and we wish him success in his new global role.”

Bengaluru has been instrumental in shaping Kedar’s career, offering him his initial professional opportunity in advertising at DDB-Mudra. In this role, he managed a diverse portfolio, including fashion, beverages, foods, and information technology, allowing him to develop a wide range of skills that laid the foundation for future leadership roles. During his time at Hindustan Unilever Limited (HUL) as the Marketing Manager of Kwality Wall’s - the Ice Creams division in Bengaluru, Kedar led impactful initiatives to expand market reach across urban and rural India. His innovative, locally tailored campaigns resonated deeply with consumers and significantly boosted the brand’s visibility and acceptance in the country. Kedar’s strengths include people leadership, strategic business planning, alliances & partnerships, and executing effective go-to-market strategies, all of which make him exceptionally equipped for his leadership role at Castrol India.

Reflecting on his experience in the Silicon Valley of India, Kedar Lele, Managing Director, Castrol India Limited, said, “My time in Bengaluru taught me the value of blending creativity with data-driven strategies. The insights I gained from marketing Ice Creams, a highly consumer-driven category, have shaped my understanding of consumer needs and product appeal, which I will bring to Castrol India. I am eager to foster a similar spirit of innovation here, empowering our team to deliver industry-leading results.”

Castrol India has been a vital contributor to Bengaluru's automotive ecosystem, with a well-established network of over 600 outlets, including Castrol Auto Service centers, bike points, numerous multi-brand car workshops, and an extensive dealer network, all catering to the city’s diverse automotive and consumer needs. With a dedicated focus on improving access to high-quality lubricant products, Castrol India has expanded its presence across Bengaluru, ensuring that car and bike owners can benefit from advanced lubrication solutions.

To ensure a seamless leadership transition, Kedar has been working closely with the outgoing Managing Director, Sandeep Sangwan, since 1 September 2024. This period of changeover has allowed Kedar to gain strategic insights into the company’s operations and foster strong relationships with key stakeholders.

As part of the leadership shift, Sandeep will assume the role of Global Chief Marketing Officer at Castrol headquarters in London from 1 November 2024.

With Kedar at the helm in India, Castrol is well-positioned for continued success in the Indian subcontinent. The company remains committed to sustaining its market leadership, pushing the boundaries of innovation, and fostering a rewarding environment for its stakeholders.

About Castrol India Limited:

Castrol India Limited, part of the bp group, is a leading lubricant company with a 115-year presence in India. Known for its innovation and high-performance products, Castrol offers trusted brands like Castrol CRB, Castrol GTX, Castrol Activ, Castrol MAGNATEC, Castrol EDGE, and Castrol POWER1. Serving various sectors including automotive, mining, machinery, and wind energy, Castrol India operates three blending plants and a wide distribution network, reaching over 150,000 retail outlets nationwide. Globally, Castrol has been driving technological advancements for 125 years. For more information, visit www.castrol.co.in.

AJAX Engineering Charitable Trust Partners with Doddaballapura General and Maternal &Child Hospital to Enhance Rural Healthcare

AJAX Engineering Charitable Trust (ACT) in partnership with the General and Maternal & Child Hospital, Doddaballapura has handed over the newly constructed Outpatient Department (OPD) along with pharmacy today in presence of various dignitaries, including elected representatives of Doddaballapura Taluk, municipal councillors, and members of the hospital. This initiative is part of AJAX's Corporate Social Responsibility (CSR) efforts to address the infrastructural challenges faced by the existing OPD, which currently manages over 800 cases daily.  Also, AJAX Charitable Trust recognized the Non-availability of a Blood Bank facility in the region. To date, AJAX has invested approximately two crore INR in this project, alongside further investments for setting up a Blood Bank and Dialysis Centre.

The new OPD, located on the ground floor, is capable of handling 600 cases per day, while the Dialysis Centre will include 10 beds. Additionally, Blood bank which will be on the first floor will cater to the immediate need of blood for patient use.

These enhancements are designed to alleviate pressure on the current healthcare infrastructure and ensure timely medical care for patients. This initiative aligns government objectives to strengthen rural healthcare through sustainable and impactful public-private partnerships, anticipating the growing need for robust healthcare services in the region.

Sri Dinesh Gundu Rao, Minister of Health & Family Welfare, lauded the initiative, stating: “Strengthening rural healthcare infrastructure is a top priority for the government, and it is heartening to see companies like AJAX Engineering actively contributing to this mission. This project will go a long way in improving medical access for rural communities.”

Sri K.H. Muniappa, Minister of Food & Civil Supplies Consumer Affairs, commented on the partnership: “This initiative demonstrates the power of public-private partnerships in driving social change. AJAX Engineering Charitable Trust’s contribution will help address the healthcare challenges in Doddaballapura and provide much-needed services to the community.”

The event was attended by various dignitaries, including elected representatives of Doddaballapura Taluk, municipal councillors, and members of the hospital’s health protection committee.

Speaking on behalf of AJAX Engineering, K Vijay Chairman, “The development of these critical healthcare facilities in Doddaballapura is an essential response to the increasing demand for medical services in the region. By supporting the construction of the OPD, Blood Bank, and Dialysis Centre, we aim to ensure timely access to life-saving care for residents. This project reflects AJAX’s commitment to addressing specific community needs through meaningful, targeted initiatives that create lasting value.”

The expansion project at the hospital is aimed at responding to the increased patient demand observed in recent years, which has placed significant strain on the hospital’s infrastructure. The new facilities will offer enhanced treatment options, particularly for those requiring outpatient care and dialysis services, which are crucial for managing chronic health conditions in the community.

Photo Caption  Sri KH Muniappa, Govt. of Karnataka and District In-charge Minister, Bangalore Rural District, Sri Dinesh Gundurao, Hon’ble Minister of Health and Family Welfare, Govt. of Karnataka, and Mr. K Vijay, Chairman, Ajax Engg. Charitable Trust.

Sheela Foam Achieves Double-Digit Growth In Q2 FY25, Strengthening Market Position In B2B And B2C

Sheela Foam Limited, India's leading PU Foam manufacturer and the parent company of flagship brands Sleepwell and Kurl-on, today announced its financial results for the second quarter and half-year ending September 30, 2024. The company reported solid growth across its segments, bolstered by post-acquisition synergies that have strengthened both its B2B and B2C divisions.

The successful integration of Sleepwell and Kurl-on under Sheela Foam Limited has provided synergy benefits exceeding Rs. 100 crores annually, enhancing overall profitability. Operational streamlining, market expansion, and optimized resource management have contributed to a stronger foundation, allowing Sheela Foam to deliver sustained value for customers and stakeholders in the sleep solutions industry.

Q2 FY25 Financial Highlights (Including Kurl-on):

Mattress Segment: Volume growth of 19% YoY, reflecting a strong demand in the sleep industry

Sleepwell: 40% YoY growth

Kurl-on: 26% YoY growth

Foam Segment: 11% YoY growth, with increased penetration in industries including automotive, footwear, lingerie, and ancillary markets

Standalone Financial Performance:

For Q2 FY25, Sheela Foam’s standalone revenue reached INR 602 crores, marking a 42% increase year-over-year. EBITDA grew by 54% YoY to INR 70 crores, with an EBITDA margin of 11.7%. Net profit stood at INR 43 crores, representing a 12% increase from the prior year.

Consolidated Financial Performance:

On a consolidated basis, Sheela Foam reported revenues of INR 813 crores for Q2 FY25, a 32% YoY increase. EBITDA was INR 69 crores, reflecting a 5% YoY rise, with margins at 8.5%. Net profit was recorded at INR 9 crores.

Strategic Growth and Product Innovation:

Q2 FY25 also marked the launch of advanced products, such as the Spinetech, Orthomagic, and Pro FitRest mattresses, recommended by the Indian Association of Orthopaedic Surgeons and the Indian Association of Physiotherapists. These offerings, alongside an extensive distribution network of over 20,000+ touchpoints, have strengthened Sheela Foam’s market footprint and contributed to the 19% YoY growth in the mattress segment.

Other business areas, including furniture cushioning, Comfort Foam, and Technical Foam, also recorded substantial volume gains, driven by demand in sectors such as automotive, footwear, lingerie, and other ancillary markets.

Management Commentary: 

Mr. Rahul Gautam, Executive Chairman, Sheela Foam Limited, stated, “Both Sleepwell and Kurl-on brands have entered their desired orbits, showing impressive volume growth in Q2FY25 while maintaining strong margins. We remain committed to delivering customer-centric innovation across all areas of our business.” 

Mr. Tushaar Gautam, MD, Sheela Foam Limited, added, “We have unlocked additional value by optimizing costs post-integration, resulting in an adjusted EBITDA nearing 10% for Q2FY25 of India business, primarily driven by synergies across raw material, logistics, and manpower rationalization.” 

About Sheela Foam Limited: 

Sheela Foam is leading the science of comfort in three continents. With over 25+ benchmark manufacturing plants in Europe and the Asia Pacific, Sheela Foam is among the most R&D-driven foam manufacturers in the world. For more than 50 years, it is driving the foam industry with competence and commitment to quality thus becoming an establishment for benchmark innovation. Sheela Foam has two international subsidiaries—Joyce Foam in Australia and Interplasp in Spain. Sheela Foam’s focus on R&D and quality assurance has led to international certifications and recognition for foam quality. Sleepwell and Kurl-on are the leading brands of Sheela Foam in India. Their product excellence and innovations stand on the shoulders of Sheela Foam’s innovative DNA.  

Over 40 Nationalities Come Together To Celebrate Diwali At Canadian International School, Bangalore

Over 40 nationalities from Canadian International School, Bangalore, brought the school’s auditorium to life with a truly sparkling display for the Festival of Lights. The community celebrated an Umang Bhari Diwali — a fitting theme to describe the vibrant performances that took place today.

This year, CIS put together an artistic embodiment of our rich Indian heritage with performances that effortlessly blended modern Bollywood with the warmth of Indian tradition. The result was a beautiful harmony of diverse cultures across varied age groups.

"It is truly inspiring to see our community unite with such enthusiasm to not just celebrate Diwali, but to also rejoice in the unity that arises from celebrating our differences,” commented Shweta Sastri, Managing Director, Canadian International School Bangalore.

Archna Jha, HoD English shared, “Diwali is the only festival that spans two yuga or ages in time, that together symbolise joy, hope, abundance and prosperity. These are also the values and sentiments that we celebrate here at CIS with our community of over 40 nationalities coming together to not only respect the diversity of the school, but also celebrate the message it promotes.”

The celebration was a treat for all attendees and a wonderful bonding opportunity for the community who spent weeks prior to the event choreographing and rehearsing their routines.

Devyani, a grade 5 student, shared her love for Diwali at CIS saying, “Today I feel proud to be on stage singing with my peers. It’s really nice to see so many cultures perform because it’s opening my knowledge about the practices of different cultures.” “I love that during Diwali at school we get to wear colourful clothes, dance for our parents and eat yummy sweets,” said Sumaiyyah, a grade 4 student.

The event exemplified CIS’s commitment to nurturing a global environment, bringing together individuals from different backgrounds to celebrate their unique contributions.

Each year it’s wonderful to see our diverse community growing and coming together to embrace the spirit of Diwali,” remarked Dr. Ted Mockrish, Head of School. “It really brings joy to the heart to see so many people from all over the world, young and old, participate in the rich cultural heritage of India, not just through dress, but in song and dance as well to share the light in this community.”

It’s heartwarming to see how people from different parts of the globe bring such infectious enthusiasm to celebrate this Indian festival. This serves as a reminder of the strength that emerges when diverse cultures unite with respect, integrity and joy for each other — the values that CIS was built with over 28 years ago and continues to deliver quality education with today.

10% Of workers Hired This Year Have Job Titles That Didn’t Exist In 2000, Finds LinkedIn’s Work Change Snapshot

* 82% of business leaders in India say the pace of change at work is speeding up as demand for new roles, skills and technologies increases.

* 7 in 10 leaders in India are making it a top priority to adopt AI tools in 2025

* With increasing reliance on HR professionals to help businesses navigate changes in the workplace, LinkedIn is piloting new AI-powered tools to help HR teams focus on their most strategic and important tasks.

Workplace transformation is accelerating at an unprecedented pace, with new data from LinkedIn’s inaugural Work Change Snapshot showing that 10% of workers hired globally in 2024 hold job titles that didn’t exist in 2000. Roles like Sustainability Manager, AI engineer, Data Scientist, Social Media Manager, and Customer Success Manager are now commonplace.

Whether it’s companies rethinking pandemic-era policies around remote work, the emergence of new technologies, or the increased focus on sustainability, LinkedIn’s Work Change Snapshot reveals just how different modern workplaces look compared to just a few years ago. And the speed of transformation is only set to increase: in a study of more than 5,000 global business leaders, LinkedIn finds that 82% of leaders in India agree that the pace of change at work is speeding up.

Global business leaders recognise the transformative potential of Generative AI, with 9 in 10 in India reporting at least one way the technology could benefit their teams, and  7 in 10 making it a top priority to adopt AI tools in 2025. The benefits of embracing AI go well beyond increased productivity. LinkedIn data shows that employees proficient in Generative AI are 20x more likely to develop essential soft skills like professional networking, personal branding, design thinking and creativity, and emotional intelligence – key qualities that drive success in today’s competitive workplace. In fact, the top five LinkedIn Learning courses in India are focused on these critical soft skills, including Communication Foundations and Building Trust. The popularity of courses like Communication Skills for Modern Management and The Manager’s Guide to Difficult Conversations reflects a growing emphasis on these skills across seniority levels.

Ruchee Anand, India Head, LinkedIn Talent Solutions, said, “AI is transforming the workplace like never before. While nearly 82% professionals in India are feeling the impact of rapid change, it’s encouraging to see more companies committed to navigating this shift. As we look to 2025, businesses are increasingly prioritising AI adoption, alongside meaningful investments in upskilling and reskilling their people. Embracing AI is not just about keeping pace; it’s about empowering teams, fostering innovation, and creating resilient workforces ready to thrive. Now is the moment for organisations to champion AI, commit to skill development, and lead confidently into the future of work.”

LinkedIn announces new AI-Powered tools

As businesses race to keep up with a rapidly changing world, HR teams are increasingly relied upon to guide this transformation. In India, 69% of HR professionals report that expectations of them at work have never been higher. Additionally, 6 in 10 admit that experience alone is no longer enough to stay competitive, with over half acknowledging that career growth now depends on embracing AI.

Since the launch of Recruiter 2024, its first generative AI hiring experience, LinkedIn has helped hirers meet their goal of finding qualified candidates faster. To help HR teams focus on their most strategic, people-centric tasks, LinkedIn has announced the launch of new AI products and tools.

LinkedIn's first AI agent, Hiring Assistant, is designed to take on a recruiter’s most repetitive tasks so they can spend more time on their most impactful work—like advising hiring managers, connecting with candidates and creating exceptional candidate experiences. Starting today, recruiters can choose to delegate time-consuming tasks to the Hiring Assistant including finding candidates and applicant review. While recruiters will be able to spend significantly less time on these tasks, they will be in full control throughout the process. Hirers will be able to provide feedback on the candidates throughout the entire process, helping the Hiring Assistant to continuously learn each recruiter's preferences and become more personalised to each hirer. LinkedIn’s Hiring Assistant is available today in charter to a select group of recruiters - in Australia, Brazil, Canada, India, Mexico, Philippines, Singapore and the United States - from companies such as AMD, Canva, Siemens and Zurich Insurance. It will be rolled out to additional global customers over the coming months.

We’re also rolling out a new AI-powered coaching feature in LinkedIn Learning to help professionals practise their interpersonal skills through interactive scenarios using text or voice. The scenarios include practising how to deliver performance reviews, having conversations on work-life balance, and giving feedback to a colleague. LinkedIn is beginning to roll this out today to people who have LinkedIn Learning Hub accounts. Over the coming year, LinkedIn will roll it out to all global learners who have a LinkedIn Learning Hub account or LinkedIn Premium. Over the coming months, LinkedIn is also bringing AI-powered coaching to global audiences for the first time by enabling content discovery in German, French, and Japanese, so learners can find high-quality content in their preferred language library faster. 

LinkedIn has also expanded its LinkedIn Learning library to over 1,000 AI courses, and these three AI professional certificates for talent leaders are free on LinkedIn Learning through the end of year.

About LinkedIn:

LinkedIn connects the world’s professionals to make them more productive and successful and transforms the way companies hire, learn, market, and sell. Our vision is to create economic opportunity for every member of the global workforce through the ongoing development of the world’s first Economic Graph. LinkedIn has more than 1 billion members and has offices around the globe. www.linkedin.com

Methodology:

LinkedIn Executive Confidence Index: Global executive is defined as a VP+ level LinkedIn member who completed the ECI survey in the following 11 countries: US, UK, India, Canada, Australia, Germany, Italy, France, Spain, Netherlands, Brazil; %s vary by country.

LinkedIn Professional Sentiment Survey: LinkedIn’s latest global research was conducted by Censuswide and surveyed over 20,000 professionals across all industries aged 18-77 in the UK, USA, France, Germany, India, Australia, Brazil, the Netherlands, Singapore, KSA, and UAE between September 2–11, 2024.

Work Trend Index Survey: The Work Trend Index survey was conducted by an independent research firm, Edelman Data & Intelligence, among 31,000 full-time employed or self-employed knowledge workers across 31 markets between February 15, 2024 and March 28, 2024. This survey was 20 minutes in length and conducted online, in either the English language or translated into a local language across markets. One thousand full-time workers were surveyed in each market, and global results have been aggregated across all responses to provide an average. In the US, an additional sample of 2,800 full-time employed or self-employed knowledge workers was collected across nine sub-regions/metros. Global markets surveyed include: Argentina, Australia, Brazil, Canada, China, Colombia, Czech Republic, Finland, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Philippines, Poland, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, United Kingdom, United States, and Vietnam. Sub-regions/Metros in the United States surveyed include: Atlanta, Austin, Boston, DC Metro, Houston, New York City, North Carolina, Pittsburgh, and the San Francisco Bay Area.

Strong Quarter; Robust Outlook Remains Intact For Bharat Electronics

Rating: BUY | CMP: Rs270 | TP: Rs341

Q2FY25 Result update

Quick Pointers:

*     Order book as on 1st Oct’24 stood at Rs746bn (3.6x TTM sales), while order intake for the quarter was ~Rs23bn.

*     The management re-affirmed the guidance of ~15% revenue growth with 23-25% EBITDA margin and ~Rs250bn order intake for FY25.

We upgrade the rating to ‘Buy’ factoring in the recent sharp correction in stock price with an unchanged TP of Rs341. Bharat Electronics (BEL) reported strong quarterly performance with revenue growth of 14.8% YoY and EBITDA margins expanding by 514bps YoY to 30.3%. Opportunities in defense are expected to sustain for the next 5 years. The company is on track to meet its full-year order intake guidance of Rs250bn, including Rs85bn+ worth of order from programs such as Ashwini Radar, EW suite MI-17, ADFCR-ATULYA and Shakti Phase-4. QRSAM is in advanced stages of finalization and is expected to be awarded in Q1FY26, potentially adding another Rs250bn+ to the order inflow in FY26. Further opportunities are available in Uttam Radars for LCA Mk1A, artillery systems being developed by private players, naval products and Kavach for the Indian Railways. The company has streamlined LRSAM and other big-ticket items, leading to easing up of supply chain disruptions and better execution. Additionally, 85%-88% of the products supplied are indigenized, and further indigenization efforts are expected to drive margin expansion.

We remain positive on long-term growth story of BEL given 1) strong order backlog & order pipeline 2) diversification in newer business verticals like, hydrogen fuel cell, EV batteries etc., 3) focus on export markets (Egypt, Malaysia etc.) and 4) govt’s focus on product indigenization. The stock is currently trading at PE of 43.0x/35.7x on earnings of FY25/26E. We value the stock at a PE of 45x FY26E (same as earlier).

Gross margin expansion and higher other income drove PAT growth: Standalone revenue rose 14.8% YoY to Rs45.8bn (PLe: Rs47.0bn). Gross margin expanded by 449bps YoY to 53.4% (PLe: 45.2%). EBITDA grew 38.2% YoY to Rs13.9bn (PLe: Rs11.0bn). EBITDA margin increased by 514bps YoY to 30.3% (PLe: 23.4%) led by the gross margin expansion and employee cost leverage (down 68bps YoY as a % of sales). PBT grew 35.2% YoY to Rs14.5bn (PLe: Rs11.7bn). PAT rose 34.3% YoY to Rs10.9bn (PLe: Rs8.8bn) driven by the strong operating performance, despite lower other income (-2.2% YoY to Rs1.7bn).

Order book stands strong at ~Rs746bn (3.6x TTM sales): Order intake for the quarter stood at ~Rs23bn, including a major order worth Rs8.5bn from Cochin Shipyard for the supply of indigenous multifunction radar in X band. Other key orders include order from TRDS for manufacturing and supply of transmit/receive modules used in fighter aircrafts, orders for combat management systems, communication equipment, stabilized optronic pedestal, and navigational systems. Non-defense accounts for 11.4% of the total order book.

3F Oil Palm Pvt Ltd Signs MoU With “Karnataka Horticulture Dept To Empower Farmers Through Sustainable Cultivation Practices”

3F Oil Palm Pvt Ltd has strengthened its presence in Karnataka through a strategic partnership with the Karnataka Department of Horticulture by signing a Memorandum of Understanding (MoU) to advance sustainable agriculture in rural communities. The MoU was signed in the presence of Mr. Prakash M Sabarad, Additional Director of Horticulture, Government of Karnataka, paves the way for transformative support to oil palm cultivators in Udupi, Dakshina Kannada, and the Sedam taluk of Gulbarga district.

This partnership will provide farmers with access to advanced agricultural technologies, training programs, and essential resources to enhance productivity and support Karnataka’s growing horticultural sector. The company plans to introduce state-of-the-art cultivation practices, focusing on sustainable growth and community empowerment.

Speaking on the partnership, Mr. Srinivasarao Kilari, Head Agriculture, 3F Oil Palm Pvt Ltd said, “This MoU represents a major milestone, aligning with our mission to uplift local farming communities while setting new benchmarks for sustainable oil palm cultivation. We extend our gratitude to the Karnataka Horticulture Department for their vital support and look forward to collaborating closely with the farming community.”

As part of the initiative, 3F Oil Palm Pvt Ltd will oversee area expansion, nursery development, sprout procurement, and seedling cultivation within the designated zones. This effort aims to increase palm oil productivity, create economic growth, and empower farmers with sustainable knowledge, offering a model for long-term agricultural success in Karnataka.

Photo Captions: Sahana J - Assistant Horticulture officer, Thejaswini K - Assistant Horticulture Officer, Shashikala R - Senior Assistant Director of Horticulture, Dr. Prakash M Sabrad - Additional Director of Horticulture 3F Oil Palm Pvt Ltd at the MoU signing between 3F Oil Palm and Department of Horticulture, Govt. of Karnataka for advancement of oil palm agriculture in the state.

HDFC Life’s AI Day Unveils the Future of Insurance with Cutting-Edge AI Innovations

HDFC Life, one of India’s leading insurers, successfully hosted its inaugural AI Day, showcasing its commitment to leveraging Artificial Intelligence (AI) to enhance customer experiences, drive growth, and build employee capabilities.

The event showcased cutting-edge solutions from HDFC Life’s in-house Data Labs and key partners, illustrating AI’s transformative role in life insurance.

Delivering Customer Value

HDFC Life’s AI-powered systems focus on: 

* Personalisation: Offering tailored product recommendations to meet individual customer needs

* Efficient Service: Faster query resolution and claims processing through AI-driven automation

* Risk Management: AI models for accurate risk assessments, enabling customers make informed decisions

Sales analytics such as the Pre Approved Sum Assured (PASA) program, Analytical Models at Partner Site, and SalesTap-Nudge Engine enable delivering faster and more customised experiences, providing long-term value for customers.

Empowering Employees for Innovation

HDFC Life is exploring AI tools to improve service quality and foster data-driven decision-making with service analytics such as early claims prediction, mis-sale predictor, 13th month persistency, automated underwriting engine, health risk calculator, early reminder calling, claims and complaints dashboard, and Front Line Sales hiring model.

Innovative Partnerships

Technology partners, including Microsoft, Greylabs.ai, salesassist.ai, and Trupeer.ai showcased AI-powered solutions that enhance customer service and enhance business agility.

Key Event Highlights:

Live demonstrations of AI-powered sales and service innovations by the HDFC Life Data Labs team, showcasing real-world applications of AI in life insurance

Insightful sessions on Generative AI and Enterprise GPT, illustrating how these technologies are driving innovations in customer interactions, product development, and service delivery

Networking opportunities for employees and partners to collaborate on AI-driven initiatives and explore future possibilities for customer-centric innovations

Vineet Arora Chief Business Officer – Distribution, Data & Technology, HDFC Life commented, “Our AI Day demonstrates HDFC Life’s leadership in harnessing AI to provide unparalleled value to our customers and drive sustainable business growth. We are committed to delivering innovative, customer-centric solutions that not only meet today’s needs but also anticipate tomorrow’s challenges.”

HDFC Life’s AI initiatives are also aligned to the Company’s sustainability goals such as reducing paper consumption by automating documentation and workflows. Optimising energy use by streamlining operations, thus leading to a smaller carbon footprint and supporting sustainable business practices by minimising operational inefficiencies and contributing to the broader environmental goals of reducing waste and improving resource efficiency.

About HDFC Life

Founded in 2000, HDFC Life Insurance Company Limited (‘HDFC Life’ or the ‘Company’) is a leading provider of long-term life insurance solutions in India. It offers a broad range of individual and group plans across the Protection, Pension, Savings, Investment, Annuity, and Health categories, with a portfolio of products and optional riders designed to meet the diverse needs of its customers.

HDFC Life is a subsidiary of HDFC Bank Limited, one of India’s leading private banks. The Company has a nationwide presence, operating through its own branches and a network of over 300 distribution partners, including banks, NBFCs, MFIs, SFBs, brokers, and emerging ecosystem partners. HDFC Life also maintains a strong base of financial consultants.

Recognised as a great place to work, HDFC Life is deeply committed to governance and sustainability, ensuring responsible business practices that align with its long-term objectives.

For more information, visit www.hdfclife.com or follow us on Facebook, X (formerly Twitter), YouTube, and LinkedIn.

Union Bank of India Is Observing “Vigilance Awareness Week”

Union Bank of India is observing Vigilance Awareness Week from 28th October till 3rd November on the theme, " Culture of Integrity for Nation’s Prosperity” as envisaged by the Central Vigilance Commission. Various programs are scheduled by the Bank for creating awareness regarding PIDPI, Vigilance, probity and ethics amongst youth, women, employees, their family members and the public at large. Special awareness programs are conducted on Cyber Crime. Extensive use of social media is also being made for wider dissemination of the theme.

At Central Office of Union Bank of India, MD & CEO, Executive Directors, Senior Executives of the Bank and the Executives in the field (PAN India) have adopted Integrity Pledge & committed to uphold highest standards of honesty & Integrity. MD & CEO Ms. A. Manimekhalai through her message appealed all the unionites to follow probity, transparency & integrity in all walks of life to have a sustainable growth and bright future of our nation.

The messages of Hon’ble President, Hon’ble Vice-President, & Hon’ble Prime Minister on Vigilance Awareness Week-2024 were communicated to all the attendees.

CredAble Achieves INR 13,462 Cr Festive Throughput, Empowering MSMEs To Navigate Peak Sales Demand

~CredAble registers a pivotal milestone with a throughput of INR 13,462 Cr to ensure MSMEs maintain steady growth and tap into the pronounced upswing during the festive season. ~

India’s leading working capital-focused FinTech company, CredAble, has achieved unrivalled success in recent times. The company recently announced a throughput of INR 13,462 crore in Q3 to back businesses betting on the festive season for demand surge.

CredAble has been hyper-targeting priority markets like the Micro, Small, and Medium Enterprises (MSMEs) that are a massive untapped source of growth opportunities.

Many industries are looking forward to sales recovery this festive season. Consequently, the award-winning FinTech has stepped up its efforts by providing purpose-built financing solutions that are essential for addressing cash flow challenges and enabling businesses to invest in emerging technologies and scale supply chain operations to meet market demands.

These solutions include short-term working capital loans, revenue based financing, and customised trade and credit solutions that align with the business cash flow cycles and revenue streams of channel partners.

Ahead of the festive season, businesses are expected to generate over INR 50,000 crore, with Delhi contributing INR 8,000 crore.

With Flipkart and Amazon India kickstarting their yearly festive season sales—Big Billion Days and Great Indian Festival—the online marketplaces have reported $6.5 billion in festive sales in just a week with strong demand from customers in cities like Bengaluru, Kolkata, Hyderabad, Chennai, and Mumbai.

While hopes of record-breaking sales are running high, most businesses grapple with inventory shortages and working capital crunches during this time—often resulting in last-minute financing needs.

To help MSMEs keep shelves stocked during these grand sales events, CredAble is constantly augmenting its working capital financing suite with localised and contextual financing solutions. They recently launched Revolving Short-Term Loans to help businesses secure more favourable financing arrangements and manage larger deal volumes without any credit constraints.

Recently, there has been a significant push from the government for a new collateral-free, pre-shipment loan scheme for SME and ecommerce exporters. In line with these timely government schemes, CredAble has built technologies for better implementation of these initiatives, making affordable working capital easily accessible to MSMEs.

By achieving this significant milestone in disbursements, CredAble has benefitted over 12 sectors, including manufacturing, retail, and auto. The newly injected working capital will help businesses maintain inventory levels and ramp up funding for high-impact marketing campaigns, making the most of the heightened demand in the coming days.

Since its inception, CredAble has facilitated multiple financing rounds, helping leading businesses across India and globally scale their operations and fast-track growth.

Nirav Choksi, Co-founder and CEO of CredAble, commented, “We remain committed to delivering localised, digital-first solutions that drive financial inclusion. Backed by scalable, cloud-based solutions, cutting-edge automation capabilities, and flexible financing structures—CredAble is positioned to be a key enabler of MSME growth and address their financing needs, especially during peak sales seasons. With a growing customer base and key partnerships, we’re looking to expand our global footprint by providing innovative working capital and liquidity programs to help businesses of all sizes meet their goals and achieve forecasted growth.”

As part of its ambitious plans for the next year, CredAble plans to double its financing and continue as a global leader in the working capital space with over 500% year-on-year growth.

SBI Cards And Payment Services Ltd Announce Financial Results For Quarter Ended September 30, 2024

Total Revenue Increases to Rs 4,556 Cr Up 8% YoY; PAT at Rs 404 Cr

The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the Quarter ended September 30, 2024, at their meeting

Performance Highlights Q2 FY25

Total Revenue increased by 8% YoY at Rs 4,556 Cr in Q2 FY25 v/s Rs 4,221 Cr in Q2 FY24

PAT at Rs 404 Cr in Q2 FY25 v/s Rs 603 Cr in Q2 FY24

ROAA at 2.7% in Q2 FY25 v/s 4.9% in Q2 FY24

ROAE at 12.5% in Q2 FY25 v/s 22.3% in Q2 FY24

Capital Adequacy Ratio at 22.1%; Tier 1 at 16.3%

Business Highlights

Cards-in-force grew by 10% YoY at 1.96 Cr as of Q2 FY25 v/s 1.79 Cr as of Q2 FY24

New accounts volume at 904K in Q2 FY25 v/s 1,142K new accounts in Q2 FY24

Spends grew by 3% YoY at Rs 81,893 Cr in Q2 FY25 v/s Rs 79,164 Cr in Q2 FY24

Receivables grew by 23% YoY at Rs 55,601 Cr in Q2 FY25 v/s Rs 45,078 Cr in Q2 FY24

Market share for Q2 FY25 Card-in-force is at 18.5% (Q2 FY24: 19.2%), Spends is at 15.7% (Q2 FY24: 18.0%), #2 for Cards-in-force and #3 for spends, in industry

Profit & Loss Account for the Quarter ended September 30, 2024

Total income increased by 8% at Rs 4,556 Cr in Q2 FY25 v/s Rs 4,221 Cr in Q2 FY24. This movement was a result of the following key factors:

Interest income increased by 20% at Rs 2,290 Cr in Q2 FY25 v/s Rs 1,902 Cr in Q2 FY24

Fees and commission income declined 2% at Rs 2,131 Cr in Q2 FY25 v/s Rs 2,186 Cr in Q2 FY24

Finance costs increased by 30% at Rs 788 Cr in Q2 FY25 v/s Rs 605 Cr in Q2 FY24 due to higher receivables.

Total Operating cost decreased by 3% at Rs 2,011 Cr in Q2 FY25 from Rs 2,066 Cr in Q2 FY24

Earnings before credit costs increased by 13% at Rs 1,757 Cr in Q2 FY25 v/s Rs 1,551 Cr in Q2 FY24

Impairment losses & bad debts expenses increased by 63% at Rs 1,212 Cr in Q2 FY25 v/s Rs 742 Cr in Q2 FY24

Profit after tax decreased by 33% at Rs 404 Cr in Q2 FY25 v/s Rs 603 Cr in Q2 FY24

Balance Sheet as of September 30, 2024

Total Balance Sheet size as of September 30, 2024, was Rs 61,872 Cr as against Rs 58,171 Cr as of March 31, 2024

Total Advances (Net of provisions) as of September 30, 2024, were Rs 53,596 Cr, as against Rs 49,079 Cr as of March 31, 2024

Net worth as of September 30, 2024, was Rs 13,161 Cr as against Rs 12,156 Cr as of March 31, 2024

Asset Quality

The Gross non-performing assets were at 3.27% of gross advances as of September 30, 2024, as against 2.43% as of September 30, 2023. Net non-performing assets were at 1.19% as of September 30, 2024, as against 0.89% as of September 30, 2023.

Capital Adequacy

As per the capital adequacy norms issued by the RBI, Company’s capital to risk ratio consisting of Tier I and Tier II capital should not be less than 15% of its aggregate risk weighted assets on - balance sheet and of risk adjusted value of off-balance sheet items. As of September 30, 2024, Company’s CRAR was 22.1% compared to 23.3% as of September 30, 2023.

The Tier I capital in respect of an NBFC-ND-SI, at any point of time, can’t be less than 10%. Company’s Tier I capital was 16.3% as of September 30, 2024, compared to 20.8% as of September 30, 2023.

Rating

CRISIL Long Term     -           AAA/Stable

CRISIL Short Term     -           A1+

ICRA Long Term        -           AAA/Stable

ICRA Short Term        -           A1+

Majority Of Homebuyers Expect A 6-15% Rise In Property Prices Over The Next Year: Magicbricks Survey

Magicbricks, India’s leading real estate platform, highlights an increasing inclination towards residential real estate as a favored investment option. According to the platform’s latest survey of high-intent homebuyers, those with annual household incomes between INR 20-30 lakh are showing the strongest preference for purchasing homes, signaling rising aspirations within the middle-income segment. These buyers are mainly considering investments in the INR 75 lakh to 1 crore range.

Survey results indicate that a majority of homebuyers expect property prices to rise by 6-15% over the next 12 months, citing capital appreciation and rental yields as key motivators. Among respondents, 35% view return on investment (ROI) through property appreciation as their primary reason for buying, while 22% are motivated by rising rental yields. Notably, most homebuyers did not see inflation as a deterrent in their purchasing decisions.

The survey also reveals that buyers are willing to invest 4-5 times their annual income in residential properties. Households earning INR 20-30 lakh annually are focusing on homes priced between INR 75 lakh and 1 crore, while those in the INR 30-50 lakh income bracket are leaning towards properties in the INR 1-1.5 crore range. For households with an annual income exceeding INR 1 crore, the preferred budget is typically between INR 3.5-5 crore.

The findings underscore a positive sentiment in the housing market, driven by the dual expectations of capital growth and increased rental income.

Expanding Boundaries In Medical Education With HSDC’s Master Trainers Program

The Healthcare Simulation Development Centre (HSDC), in collaboration with MediSim VR, a leader in healthcare simulation technology, proudly announces the successful completion of its groundbreaking Master Trainers programme (MTP). This first-of-its-kind initiative integrates simulation-based medical education with virtual reality and hybrid simulation modalities, setting new standards in healthcare professional training.

The program is led by renowned experts Dr. Dinker Pai, Professor of Surgery and Director of the Medical Simulation Centre at Mahatma Gandhi Medical College and Research Centre, Puducherry, and Dr. Mahalakshmi VN, Dean of Health Professions Education and Professor of Pediatric Surgery at Aarupadai Veedu Medical College & Hospital, the program provided participants with an unparalleled learning experience.

The MTP’s innovative curriculum seamlessly integrates VR and hybrid modalities in skill training. Participants gained hands-on experience applying Peyton's Learning Models through VR simulations, enhancing their practical medical education techniques. The program also covered the development of Objective Structured Clinical Examinations (OSCE) and student performance evaluation using virtual environments. Over XX healthcare professionals, educators, and practitioners benefited from this transformative program, acquiring skills to revolutionize their teaching and assessment methods.

Dr. Dinker Pai stated, "As educators, it is our responsibility to equip the next generation of healthcare professionals with the most advanced and effective learning tools. The Master Trainers Programme offers just that, with its blend of virtual and hybrid simulations. I strongly advise healthcare professionals to explore these innovative methods through hands-on experiences and training, as they are key to improving clinical skills education and ultimately enhancing patient care outcomes."

Dr. Adith Chinnaswami, Co-founder of MediSim VR, added, "This program marks a significant milestone in the future of medical education. By integrating cutting-edge VR simulations with traditional training methods, we are providing healthcare professionals with a dynamic learning platform that truly enhances their teaching and assessment capabilities. I look forward to witnessing all healthcare educators embrace these tools for training and evaluating their students."

About HSDC: The Healthcare Skill Development Council (HSDC) is dedicated to advancing healthcare education by promoting the development of essential skills through innovative training programs. Focusing on high-quality simulation-based learning, HSDC equips healthcare professionals with practical expertise for enhanced clinical performance. Their initiatives aim to bridge the skill gap in the healthcare sector, ensuring better patient care outcomes.

About MediSim VR: MediSim VR is a leading healthcare simulation company that offers patented technology designed to meet the unique needs of healthcare training worldwide. MediSim VR's AI-powered competency assessment tools and virtual training environments improve the performance of medical students, nursing students, doctors, and healthcare professionals by offering unparalleled immersive experiences that redefine medical education.

Hon’ble Prime Minister Shri Narendra Modi Inaugurates Lyfius Pharma’s Flagship Penicillin-G Facility At Kakinada, Andhra Pradesh

·         Under the Production Linked Incentive (PLI) scheme, Lyfius Pharma Private Limited (Lyfius Pharma) invested ?2,500 crores in Penicillin-G (Pen-G) facility

·         Commercial production to ramp up in FY25, enhancing domestic production of critical Key Starting Materials (KSMs), Drug Intermediates (DIs), and Active Pharmaceutical Ingredients (APIs)

Lyfius Pharma proudly announces the inauguration of its state-of-the-art Pen-G manufacturing facility, at Kakinada, Andhra Pradesh. With an annual production capacity of 15,000 metric tonnes (MT), the facility was virtually inaugurated by Hon’ble Prime Minister Shri. Narendra Modi in the presence of Shri. Jagat Prakash Nadda (Union Minister of Chemicals & Fertilizers, Health & Family Welfare), Dr. Mansukh Mandaviya (Union Minister of Labour & Employment, Youth Affairs & Sports), Smt. Anupriya Patel (Union MoS Chemicals & Fertilizers, Health & Family Welfare), Shri. Prataprao Jadhav (Union MoS (IC) Ayush, MoS Health & Family Welfare) and Sushri Shobha Karandlaje (Union MoS Labour & Employment, Micro, Small & Medium Enterprises).

This facility represents a strategic investment of ?2,500 crores, under the Government of India’s PLI Scheme, and exemplifies how private sector participation can significantly contribute to national growth, drive innovation, and enhance healthcare security. The PLI scheme for the pharmaceutical sector aims to strengthen domestic manufacturing capabilities in critical KSMs, DIs, and APIs.

Commenting on the occasion, Mr. M.V. Rama Krishna, Director Lyfius Pharma, said “The launch of our Pen-G facility is a significant milestone in our efforts to enhance local production and reduce import dependency for critical pharmaceutical ingredients. This investment underscores our commitment to support the government’s vision of ‘Atmanirbhar Bharat’, establishing India as a global pharmaceutical manufacturing hub.”

About Lyfius Pharma Private Limited

Lyfius Pharma is engaged in the manufacturing of Penicillin-G. Its state-of-art facility situated at Kakinada, Andhra Pradesh, approved under the PLI (Production Linked Incentive) scheme, is dedicated towards ensuring self-sufficiency in the production of Penicillin-G, catering to both the domestic and international markets. This is one of the largest fermentation-based antibiotic intermediates plant in India with cutting edge technology including high-volume fermenters and automated starch & glucose plant.

INTRO Technology, SWDC Ink MoU For Contracting And Construction At Kemet Data Center

INTRO Technology, the technology arm of INTRO Holding and the parent company of Advansys and Forte Cloud, a leader in technological solutions and digital transformation, announced inking a strategic Memorandum of Understanding (MoU) with Sterling and Wilson Data Center (SWDC), the global leader in constructing data centers and other engineering projects. The MoU seeks to entrust SWDC with the contracting, construction, and execution of the Kemet Data Center project, located in the Suez Canal Economic Zone and developed by INTRO Technology. This partnership marks a significant step in advancing Egypt’s digital infrastructure and reinforces the country’s role as a major player in the data center and cloud services industry.

Under this agreement, SWDC will serve as the EPC contractor for the data center. The company will oversee the entire project, managing key aspects such as design, planning, budgeting, and timeline management. SWDC is committed to ensuring the successful achievement of critical milestones, including Integrated System Testing and Accreditation (ISAT). This will further ensure the securement of accredited tier certification from a reputed global institution. SWDC will apply the highest standards of Environmental, Health & Safety procedures as per its policy and offer a comprehensive Operations & Maintenance (O&M) services and technical support for a period ranging from three to five years.

Commenting on the MoU, Hatem Suliman, Vice Chairman and Group CEO of INTRO Holding, stated: “We are excited to embark on this partnership with SWDC to build Kemet Data Center, according to the best global practices, providing advanced technological infrastructure, leveraging from SWDC’s extensive experience in building data centers and their commitment to top-quality standards. This partnership will enable us to offer digital solutions and services that meet the evolving needs of customers in the Middle East and Africa, aligning with Egypt’s digital transformation goals and its strategic vision for 2030.”

On his part, Prasanna Sarambale, CEO of Sterling and Wilson Data Center said, “We are proud of this strategic partnership with INTRO Technology, which reflects our shared commitment to supporting the digital sector and data centers in Egypt by providing advanced and sustainable digital infrastructure. Through this collaboration, we will build Kemet Data Center according to the highest international standards, thereby meeting the stringent requirements of international customers and contributing to Egypt’s Vision 2030. We are proud to be a part of Egypt’s evolving digital sector and cloud services, which makes Egypt an attractive destination for global investments.”

Kemet Data Center is set to meet the growing demand for cloud services, Internet of Things (IoT), and digital transformation across the Middle East and Africa. It will offer secure, cost-effective, and scalable data storage solutions. Additionally, the center will benefit from Egypt’s strategic location, which hosts to a significant portion of the region’s undersea cables.

PNB Announces Financial Results For The Q2 & HY1 FY’25

Punjab National Bank, nation’s leading public sector bank, has announced its Financial Results for the Q2 & HY1 FY’25.

The Bank’s Gross Global Business surpassed Rs 25 Lakh Crore and Return on Assets (RoA) for Quarter crossed 1% Mark.

Net Profit increased Y-o-Y by 145% to Rs 4,303 Crore in Q2 FY’25 as against Rs 1,756 Crore in Q2 FY’24. Return on Assets (RoA) improved to 1.02% in Q2 FY’25 from 0.46% in Q2 FY’24. Return on Equity (RoE) improved to 19.91% in Q2 FY’25 from 10.15% in Q2 FY’24. Net Interest Income (NII) increased to Rs 10,517 Crore in Q2 FY’25 from Rs 9,923 Crore in Q2 FY’24 showing an improvement of 5.99% on Y-o-Y basis. Global Net Interest Margin (NIM) stands at 2.99% in HY1FY’25 and 2.92% in Q2 FY’25. Operating Profit increased Y-o-Y by 10.25% to Rs 6,853 Crore in Q2 FY’25 as against Rs 6,216 Crore in Q2 FY’24.

GNPA ratio improved by 248 bps on Y-o-Y basis to 4.48% as on September’24 from 6.96% as on September’23. NNPA ratio improved by 101 bps on Y-o-Y basis to 0.46% as on September’24 from 1.47% as on September’23. Provision Coverage Ratio (including TWO) improved by 476 bps on Y-o-Y basis to 96.67% as on September’24 from 91.91% as on September’23. Provision Coverage Ratio (Excluding TWO) improved by 1018 bps on Y-o-Y basis to 90.18% as on September’24 from 80.00% as on September’23. Credit Cost improved by 123 bps on Y-o-Y basis to 0.08% in Q2 FY’25 from 1.31% in Q2 FY’24.

Global Business grew by 11.93% on Y-o-Y basis to Rs 25,20,246 Crore as on September’24 from Rs 22,51,631 Crore as on September’23. Global Deposits registered a growth of 11.33% on Y-o-Y basis to Rs 14,58,342 Crore as on September’24 from Rs 13,09,910 Crore as on September’23. Global Advances increased by 12.76% on Y-o-Y basis to Rs 10,61,904 Crore as on September’24 from Rs 9,41,721 Crore as on September’23. RAM Advances grew by 12.03% on Y-o-Y basis to Rs 5,64,049 Crore as on September’24 from Rs 5,03,489 Crore as on September’23. CD Ratio improved to 72.82% as on September’24 as against 71.89% in September’23.

The Business Performance in Key Parameters such as Deposits include Savings Deposits increased to Rs 4,88,635 Crore registering a Y-o-Y growth of 3.7%. Current Deposits increased to Rs 68,104 Crore registering a Y-o-Y growth of 1.6%. CASA Deposits increased to Rs 5,56,739 Crore recording a Y-o-Y growth of 3.4%. CASA Share of the bank stands at 39.31% as on September’24. Total Term Deposit witnessed a growth of 16.8% on Y-o-Y basis to Rs 9,01,603 Crore as on September’24.

In terms of Advances, Total Retail credit increased by 14.6% Y-o-Y to Rs 2,50,149 Crore as on September’24. The bank grew under Core Retail Advances recording a Y-o-Y growth of 19.0%. Within Core Retail Credit - Housing Loan grew by 19.5% Y-o-Y to Rs 1,09,948 Crore and Vehicle loan posted a growth of 25.0% Y-o-Y to reach Rs 22,543 Crore. Agriculture Advances grew by 11.1% on Y-o-Y basis to Rs 1,62,829 Crore. MSME Advances increased Y-o-Y by 8.9% to Rs 1,51,071 Crore.

In terms of Asset Quality, Gross Non-Performing Assets (GNPA) declined by Rs 17,981 Crore to Rs 47,582 Crore as on September’24 from Rs 65,563 Crore as on September’23. Net Non-Performing Assets (NNPA) declined by Rs 8,440 Crore to Rs 4,674 Crore as on September’24 from Rs 13,114 Crore as on September’23.

 In terms of Profitability, Net Profit for HY1FY’25 was at Rs 7,555 Crore recording growth of 150.8% on YoY basis. Operating Profit for HY1FY’25 was at Rs 13,434 Crore recording growth of 10.3% on YoY basis. Net Interest Income for HY1FY’25 was at Rs 20,993 Crore recording growth of 8.1% on YoY basis. Total Income for Q2 FY’25 was at Rs 34,447 Crore and Rs 66,613 Crore for HY1FY’25 recording growth of 17.2% and 14.9%, respectively on YoY basis. Total Interest Income for Q2 FY’25 was at Rs 29,875 Crore and Rs 58,431 Crore for HY1FY’25 recording growth of 13.4% and 13.5%, respectively on YoY basis. Non-interest income for Q2 FY’25 was at Rs 4,572 Crore and Rs 8,182 Crore for HY1FY’25 recording growth of 51.0% and 26.6%, respectively on YoY basis. Total Interest Expenses for Q2 FY’25 was at Rs 19,358 Crore and Rs 37,439 Crore for HY1FY’25, increased by 17.8% and 16.7%, respectively on YoY basis. Operating Expenses for Q2 FY’25 was at Rs 8,235 Crore and Rs 15,740 Crore for HY1FY’25, increased by 22.3% and 14.8%, respectively on YoY basis.

 Core Capital of Rs 5,000 Crore was raised through QIP. 16.6 times subscription - Green Shoe (Rs 2,500 Crore). 68% of the bids received from Foreign Institutional Investors (FIIs), 17% from Mutual Funds (MFs) and 8% from Insurance Co. Number of Shares increased by 48.19 Crores from 1101.10 Crores to 1149.29 Crores. GoI Shareholding remains above 70%. CET/Tier – 1/CRAR increased by ~65 bps.

In terms of Capital Adequacy, CRAR increased to 16.36% as on September’24 from 15.09% as on September’23 registering an improvement of 127 bps. Tier-I Capital was at 13.63% (CET-1 improved to 11.59% as on September’24 from 10.23% as on September’23 and AT-1 improved to 2.04% as on September’24 from 1.79% as on September’23) and Tier-II at 2.73% as on September’24.

In terms of Efficiency/Productivity Ratio, Global Yield on Advances was at 8.31% in Q2FY’25 and 8.32% in HY1 FY’25 as compared to 8.15% in Q2FY’24 and 8.10% in HY1FY’24. Global Cost of Deposits increased YoY by 32 bps to 5.18% in Q2FY’25 and 35 bps to 5.14% for HY1FY’25.Yield on Investment improved YoY by 16 bps to 7.03% in Q2FY’25 and 25 bps to 7.04% for HY1FY’25. Return on Assets (RoA) improved to 0.92% in HY1FY’25 from 0.40% in HY1FY’24. Return on Equity (RoE) improved to 18.20% in HY1FY’25 from 8.82% in HY1FY’24. Business per employee improved to Rs 25.26 Crore as on September’24 from Rs 22.65 Crore as on September’23. Business per branch improved to Rs 240.72 Crore as on September’24 from Rs 217.65 Crore as on September’23. Net profit per employee improved to Rs 17.63 lakh in Q2FY’25 from Rs 7.20 lakh in Q2FY’24. Net profit per branch improved to Rs 168.03 lakh in Q2FY’25 from Rs 69.21 lakh in Q2FY’24.

In terms of Priority Sector Achievement, Priority Sector Advances exceeded the National Goal of 40% and stands at 41.10% of ANBC. Agriculture advances exceeded the National Goal of 18% and stands at18.58% of ANBC. Credit to Small & Marginal Farmers exceeded the National Goal of 10% and stands at 10.36% of ANBC. Credit to Weaker Sections surpassed the National Goal of 12% and stands at 13.89% of ANBC Credit to Micro Enterprises surpassed the National Goal of 7.50% and stands at 8.15% of ANBC.

In terms of Financial Inclusion, PMJDY accounts increased to 5.26 Crore as on September’24 from 4.79 Crore as on September’23. Enrollments under PMJJBY, PMSBY & APY as on September’24

In terms of Bank’s Digital Progress and Initiatives: Number of PNB One Activated users increased to 200 Lakh as on 30.09.2024 from 153 Lakh as on 30.09.2023 registering a growth of 30.7% on Y-o-Y basis. Number of WhatsApp Banking users increased to 43.5 Lakh as on 30.09.2024 from 27.4 Lakh as on 30.09.2023 registering a growth of 58.7% on Y-o-Y basis. Lending through Digital Journeys crossed In terms of Bank’s Digital Progress and Initiatives: Number of PNB One Activated users increased to 200 Lakh as on 30.09.2024 from 153 Lakh as on 30.09.2023 registering a growth of 30.7% on Y-o-Y basis. Number of WhatsApp Banking users increased to 43.5 Lakh as on 30.09.2024 from 27.4 Lakh as on 30.09.2023 registering a growth of 58.7% on Y-o-Y basis. Lending through Digital Journeys crossed ?17,500+ Crore. PNB One Biz (Corporate M-Banking App) launched & 12000+ customers onboarded. Key Initiatives include Disbursement of Loan under e-PM Vishwakarma through CBDC, PNB Loyalty Rewards Program for PNB One app Users, and Download of PPF/SSA Statement through PNB One.

The Bank also received numerous awards and accolades in the quarter including Rajbhasha Kirti Puruskar for 2023-24, by Ministry of Home Affairs, GOI [1st Prize for PNB Pratibha Magazine & 2nd Prize – Overall], Global Fintech Awards 2024 - 1st prize in category of Green Banking initiative of the Year for its PNB One onboarding through Aadhaar by Payment Council of India, NPCI and Fintech Convergence Council (FCC), Recognition for contribution to ambitious 200 GW Energy generation from renewable sources - 3rd Highest Achiever amongst PSBs for maximum loans disbursed to renewable energy sector by Ministry of New and Renewable Energy, Green Ribbon Champions award - Bank’s green initiatives under project PALASH by News18. The bank also received Award of excellence for outstanding performance - 2nd  Best Performing Bank under RAPID campaign under Agriculture Infrastructure fund by Ministry of Agriculture and Farmer Welfare, Best CFO of India – 2024- Shri Dilip Kumar Jain awarded as the “Best CFO of India – Bank (Large Cap Category)” for the year 2024 by Dalal Street Investment Journal, and 2nd ICC Emerging Asia Banking Conclave & Awards, by Indian Chamber of Commerce (ICC) - Best performance on Asset Quality & Profitability.

As on 30th September 2024, the Bank has 10,159 domestic branches and 2 International Branches. Out of total no. of branches, Bank has 63.31% branches in Rural & Semi-Urban areas.Rs 17,500+ Crore. PNB One Biz (Corporate M-Banking App) launched & 12000+ customers onboarded. Key Initiatives include Disbursement of Loan under e-PM Vishwakarma through CBDC, PNB Loyalty Rewards Program for PNB One app Users, and Download of PPF/SSA Statement through PNB One.

The Bank also received numerous awards and accolades in the quarter including Rajbhasha Kirti Puruskar for 2023-24, by Ministry of Home Affairs, GOI [1st Prize for PNB Pratibha Magazine & 2nd Prize – Overall], Global Fintech Awards 2024 - 1st prize in category of Green Banking initiative of the Year for its PNB One onboarding through Aadhaar by Payment Council of India, NPCI and Fintech Convergence Council (FCC), Recognition for contribution to ambitious 200 GW Energy generation from renewable sources - 3rd Highest Achiever amongst PSBs for maximum loans disbursed to renewable energy sector by Ministry of New and Renewable Energy, Green Ribbon Champions award - Bank’s green initiatives under project PALASH by News18. The bank also received Award of excellence for outstanding performance - 2nd  Best Performing Bank under RAPID campaign under Agriculture Infrastructure fund by Ministry of Agriculture and Farmer Welfare, Best CFO of India – 2024- Shri Dilip Kumar Jain awarded as the “Best CFO of India – Bank (Large Cap Category)” for the year 2024 by Dalal Street Investment Journal, and 2nd ICC Emerging Asia Banking Conclave & Awards, by Indian Chamber of Commerce (ICC) - Best performance on Asset Quality & Profitability.

As on 30th September 2024, the Bank has 10,159 domestic branches and 2 International Branches. Out of total no. of branches, Bank has 63.31% branches in Rural & Semi-Urban areas.

The distribution of branches is as under: The bank also has 12,040 ATMs and 33,010 BCs as part of its distribution network making the total number of 55,209 touch points as on 30.09.2024.

Indulge in Festive Treats Without Guilt

With the festive season fast approaching, sweet indulgence is a given. However, for those with diabetes or managing their diabetes, it can feel like a challenge. But here's the good news: you don’t have to give up dessert. It’s about making mindful choices—picking better options and exploring new diabetes-friendly ingredients. By doing so, you keep your blood sugar levels in check and discover a world of healthier, delicious cuisines to enjoy.

Managing Diabetes: It’s Not Just

It's not just sugar intake that impacts your blood sugar levels. It’s important to manage your overall carbohydrate intake as well. Carbohydrates, including sugars, complex carbs, and fiber can significantly affect blood sugar levels. Desserts often contain high levels of simple sugars such as dextrose, fructose, and glucose, which can cause blood sugar spikes. However, there’s more to consider than just avoiding sugar. While sugar substitutes may reduce calories and carbs, they are likely to disrupt healthy gut bacteria, which play a role in hunger and blood sugar regulation.[i]

Eat Your Way to Better Health

Understanding glycaemic index (GI) of foods helps with your food choices. The GI index is a scoring system for foods that tells you how much a food will spike your sugar level. So, the lower the GI index, the healthier the food. Examples of foods with a high GI index that you should eat occasionally and in moderation are simple carbs like ice creams, chocolates, refined flours, sweets etc. These major sources of glucose can do the most harm to your sugar balance.[ii]

“Managing diabetes isn't about depriving yourself—it's about making smart, informed choices,” says Dr. Irfan Shaikh, Associate Medical Director, Abbott’s Nutrition business. He continues “The key to managing blood sugar is finding the right nutrient balance that lowers the glycemic index (GI) of your meals.[iii] By thoughtfully combining ingredients in the right proportions, you can control the GI of your meals and manage your glucose levels more effectively[iv].”

It’s good to include plenty of high fibre (bajra, jowar and raagi), whole-wheat bread, fruits, vegetables and whole legumes (daals). These are must-haves for diabetics, as they balance out your simple carbohydrate intake and help you maintain a normal blood sugar level.[v][vi]

Another highly effective approach to managing carbohydrate intake while still enjoying your favourite platters is through Diabetes-Specific Nutrition (DSN). They are tailored to provide balanced nutrition for individuals with diabetes, helping to control post-meal blood sugar spikes while keeping you energized.

Prof (Dr) L. SREENIVASAMURTHY, Senior Consultant Physician & Diabetologist, Lifecare hospital and Research Centre, Bangalore, opines, “Good nutrition is significant to managing diabetes. Diabetes-specific nutrition (DSN) helps regulate blood sugar and provides essential nutrients at times, lacking in daily meals. Incorporating specialized nutrition drinks can fill critical gaps, ensuring sustained energy and better post-meal glucose control, allowing you to enjoy the festivities without worrying about blood sugar spikes.”

How DSN Helps: Satisfy Your Sweet Tooth Smartly

Diabetes-Specific Nutrition offers a way for diabetics to enjoy sweets without the guilt. DSN products are formulated to be low in glycemic impact, making them ideal for replacing high-carb, sugar-laden desserts. Here are some tips for incorporating DSN and other diabetes-friendly ingredients into your festive treats:

DSN shakes: Instead of sugary milkshakes or smoothies, use a DSN shake mix as a base and blend in diabetes-friendly fruits like berries or figs

Sugar substitutes: Swap out refined sugar for alternatives like artifical sweeteners in moderate amounts

Homemade sweets: When making traditional sweets, replace high-carb ingredients with DSN powder or low-GI flours such as almond or oat flour

Low-GI foods: Replace high-GI foods like basmati rice with brown rice and swap out regular wheat chapati for options like ragi, bajra or jowar bhakri to keep your meals diabetes-friendly[vii]

Delicious, Diabetes-Friendly Dessert Ideas

Transforming popular festive desserts into diabetes-friendly versions is easier than you think. By incorporating Diabetes-Specific Nutrition (DSN) products, such as Ensure Diabetes Care, and low-glycemic ingredients, you can keep the festive spirit alive without affecting your blood sugar control:

Gajar Halwa: Gently simmer grated carrots in milk infused with fragrant cardamom and roasted almonds. Cook until the liquid evaporates, leaving behind a rich, creamy mixture. Garnish with a final sprinkling of toasted almonds for that perfect nutty crunch

Shir Sewain: Toast golden semiya in ghee, then simmer in milk and khoya until it thickens. Add a touch of saffron for color and flavor, and top with nuts for the perfect festive indulgence

Moong Dal Paysam: Slow-cook moong dal and rice together to create a creamy base. Enhance with ghee for richness, and finish with a generous mix of toasted nuts and warm milk for a comforting and nutrient-packed treat. To know more about the delight  click here

Nuts Shrikhand: Transform thickened curd into a cooling treat by mixing in cardamom and a medley of almonds and pistachios. Serve chilled for a nutty, refreshing delight

Enjoying festive season doesn’t have to come at the cost of your health. By making mindful choices, managing your carbohydrate intake, and incorporating Diabetes-Specific Nutrition, you can indulge in sweet treats without guilt. The festive season is about joy and celebration, and with these adjustments, you can savour every moment without worrying about your health. Remember, the key lies in balance and making informed choices that align with your dietary needs. And don't forget to stay active and monitor your sugar levels regularly, even on festive days, to keep your diabetes management on track!

MODIFI And GIDA Partner To Propel Gujarat Exporters In Global Trade

MODIFI, a leading global trade finance platform, in partnership with the Gujarat Industry Development Association (GIDA), successfully hosted "Unlocking Growth Capital for Global Trade." This exclusive event was designed to empower exporters from Gujarat by providing them with vital insights and strategies to optimize their trade operations and improve working capital, fostering growth in the region.

The event provided SMEs and local business leaders with a platform to explore innovative solutions for managing cross-border payments, accessing trade finance, and accelerating global trade opportunities. Through this collaboration, MODIFI and GIDA are committed to helping Gujarat-based exporters thrive in the evolving global economy.

"Gujarat’s dynamic SME ecosystem presents significant opportunities for growth, by addressing their financing and payment challenges, we help them overcome barriers such as access to working capital, smooth payment processing, and effective risk management. MODIFI’s solutions empower them to expand and compete on an international scale," said Mr. Pulkit Kapil, Senior Director - National Sales, MODIFI India.

According to recent media reports, Gujarat boasts over 55,000 SMEs and has consistently ranked among India's leading manufacturing hubs. The state is home to flourishing industries in textiles, pharmaceuticals, and automobiles, contributing significantly to its robust economic landscape. With MODIFI’s expertise in cross-border trade finance and GIDA’s strong local network, the partnership will provide essential support to Gujarat SMEs seeking global expansion.

"Gujarat's SMEs are the backbone of the state's economy, and equipping them with the right tools for global trade is crucial for sustainable growth, our collaboration with MODIFI ensures that Gujarat based exporters have access to vital financial solutions, enabling them to unlock new trade opportunities and enhance their competitiveness in international markets," said Mr. Chandrakant Salunkhe, Founder & President, GIDA.

MODIFI’s focus on Gujarat and India marks a significant step in its global mission to empower SMEs with innovative financial solutions, fostering sustainable growth within the global trade ecosystem.

About MODIFI:

MODIFI is a FinTech platform specializing in B2B cross-border financing and payment solutions. The company removes traditional barriers to global trade by empowering businesses with the modern digital payments tools and financial liquidity needed to compete in global commerce. MODIFI's platform serves more than 1,600 companies across 55+ countries and has a global presence with offices in Mumbai, New Delhi, Dhaka, Dubai, Shenzhen, Hong Kong, Singapore, Amsterdam, Berlin, New York, and Mexico City.

About GIDA

Gujarat Industry Development Association (GIDA) has been providing support services to the manufacturing industries, corporates, MNCs, SMEs, exporters, start-ups and allied business entities to enhance business contacts, business growth, export promotion, setting up of new manufacturing industries, channelise finance and investments, mergers & acquisitions, foreign direct investments, distribution, franchise, joint ventures, technology transfers, contract manufacturing and explore the various emerging business opportunities at the national and international markets. GIDA also provides business advisory services for marketing, promotion, branding, export-import services, Government services & liaison, identification of strategic business partners & investors, market survey & research, industrial land & ready-made industrial premises, resolving various issues related to the industries, revival of sick manufacturing industries & SMEs.

Photo Caption: From Left to Right - Mr Tushar Doara, Marketing Head India, MODIFI, Mr Pulkit Kapil, Sr. Director- National Sale, MODIFI, Mr Chandrakant Salunkhe, Founder & President, GIDA & Mr Ravi Bharati, Managing Partner, Obulus Advisory Services.

Toyota Kirloskar Motor Expands ABCD Program To Benefit 400 Additional Schools In Raichur

Building on the success of its A Behavioural Change Demonstration (ABCD) initiative, Toyota Kirloskar Motor (TKM) is proud to announce the expansion of the program to an additional 400 government schools in Raichur district for Financial Years 2024-25 and 2025-26. After successfully implementing the program in 100 schools over the past two years, positively impacting more than 26,000 students, the initiative will now benefit over 68,000 students in this next phase.

The program’s expansion officially commenced today with a one-day orientation session for the headmasters of the participating schools, held at the Krishi Vigyana Kendra (KVK) in Raichur. The orientation was inaugurated by Mr. Nitish K., IAS, Deputy Commissioner of Raichur, who graced the occasion as Chief Guest. This session was aimed at equipping the headmasters with tools and strategies to effectively deliver the program’s hygiene and sanitation curriculum.

As part of the program, TKM will actively promote essential hygiene practices among students through a series of training sessions that focus on handwashing, sanitation practices, water conservation, waste management, and personal hygiene. Additionally, the program will provide sanitary pads to 24,000 adolescent girls till March 2026. This initiative aims to ensure effective menstrual hygiene management and support young women in their health and well-being, empowering them to take charge of their menstrual health and advocate for their needs. Through this project, essential sanitation supplies, including buckets, mugs, cleaning agents, handwashing soap, and mopping items will be provided to support hygiene maintenance.

Beyond hygiene education, the program aims to strengthen school cabinets and School Development and Monitoring Committees (SDMCs), empower students to advocate for better sanitation, and encourage families to build household toilets where needed. Community engagement will also play a pivotal role, with awareness campaigns, video demonstrations, and annual quiz and drawing competitions to reinforce the lessons learned in schools.

Present at the occasion, Mr. Nitish K, IAS Deputy Commissioner, Raichur, said, “Education today is not just about academic excellence but about nurturing responsible, aware citizens who understand the importance of health and hygiene. The ABCD program by Toyota Kirloskar Motor is a shining example of how private enterprises can meaningfully contribute to community well-being. By teaching essential sanitation and hygiene practices to young minds, the program creates a foundation for healthier, more resilient communities. It’s heartening to see Toyota's commitment to expanding this initiative further into Raichur, reaching thousands of students and families. We look forward to the transformative outcomes this program will bring.”

Speaking on the occasion, Mr. Vikram Gulati, Country Head and Executive Vice President, Corporate Affairs & Governance, Toyota Kirloskar Motor, said, “At Toyota Kirloskar Motor, we believe that true progress is driven by collective responsibility, and our ABCD program stands as a testament to this. The success of our first phase has encouraged us to scale up our efforts and reach an additional 400 schools in Raichur. We remain deeply committed to supporting the Swachh Bharat mission by promoting hygiene education and sustainable practices. Through this expanded initiative, we aim to not only improve sanitation in schools but also foster a culture of awareness and positive change across the community.”

Launched in 2015, the ABCD program has profoundly influenced Karnataka, especially in the Ramanagara district. By 2019, the initiative had reached 1,004 schools, benefiting 58,000 students and positively impacting 430,000 community members. Following its revitalization in August 2023, the program continues to align with the national "Swachh Bharat Abhiyan" mission, contributing to India’s ongoing efforts to improve sanitation and hygiene.

TKM remains steadfast in its commitment to fostering sustainable change through community development initiatives. By collaborating with the Education Department, local authorities, and other key stakeholders, TKM is dedicated to driving long-term improvements in sanitation practices across Raichur district.

Nikon India Inaugurates India’s First Experience Centre Dedicated To Its Healthcare Range

Nikon India Private Ltd., a 100% subsidiary of Nikon Corporation today inaugurated India’s first experience centre dedicated exclusively to the healthcare product range at its headquarters in Gurgaon. The Healthcare Business is one of the largest Business Segments of Nikon Corporation that owes the responsibility to lead a Life Science Market through core Optics and Image analysis technologies.

Nikon has been a significant player in the Indian market for over four decades, primarily through its imaging and precision technologies. With the launch of this healthcare experience centre, Nikon India aims to provide a hands-on experience to healthcare professionals, researchers, and academic institutions to explore and utilize its cutting-edge microscopy solutions. This Experience Centre will also focus on microscopy workshops and trainings for skill development of the latest microscopy technologies in this region.

Speaking at the inauguration, Mr. Sajjan Kumar, Managing Director of Nikon India Pvt. Ltd., said, “Nikon’s century-old legacy in manufacturing microscopes has always set benchmarks for quality and precision. The launch of India’s first experience centre dedicated to healthcare technology reaffirms our commitment to supporting the scientific research and pathological, clinical communities with world-class solutions. This facility will serve as an important touchpoint where professionals can explore and experience our advanced healthcare products firsthand before making informed purchasing decisions. We believe this initiative will help elevate the standards of Scientific research and Pathology across the country.”

The healthcare product range showcased at the experience centre includes Nikon’s flagship Confocal Microscope System AX R with NSPARC, renowned for offering the largest Field of View (25mm) on both inverted and upright microscope. Additionally, it also showcased prominent products like Digital Imaging Microscope ECLIPSE Ui and The Smart Imaging System ECLIPSE Ji.

Nikon expects its healthcare business unit to contribute significantly to its overall business in India with respect to Indian microscopy market. Nikon India is targeting 300% growth of the healthcare business in India by the end of this fiscal year since they started the direct operations on 1 April 2022. 

MoEngage And TimesMobile Join Forces To Transform Customer Engagement

* Strategic Alliance Brings Hyper-Personalized SMS and WhatsApp Solutions to Indian Brands

MoEngage, a leading insights-led customer engagement platform, has announced a strategic partnership with TimesMobile, a prominent CPAAS provider in India. This collaboration aims to enable consumer brands with hyper-personalized customer experiences across two of the most popular communication channels - SMS and WhatsApp Business. TimesMobile joins the MoEngage Catalyst Partner program, designed to help brands scale at speed.

Industry reports indicate that over 75% of Indian consumers prefer WhatsApp for business interactions, while SMS continues to boast an impressive 98% open rate within minutes of receipt. Recognizing the power of these channels, the MoEngage and TimesMobile partnership will help businesses leverage personalized, real-time communication across these platforms, thereby boosting engagement and customer satisfaction. The partnership enables consumer brands to send targeted, contextual messages through SMS and WhatsApp Business. By integrating MoEngage's customer engagement platform with TimesMobile's reliable messaging infrastructure, businesses can ensure that their messages reach customers at the right time on the right channel, thus improving the relevance and impact of communication.

This collaboration offers brands across sectors such as retail, e-commerce, and financial services the ability to deliver personalized messaging at scale, optimizing customer interactions and driving better engagement. The integration ensures that businesses can enhance customer retention, improve conversion rates, and create more meaningful customer relationships.

Sanjay Kupae, Head of Partnerships at MoEngage, said, "At MoEngage, we are constantly innovating to help consumer brands engage with their customers more effectively. This partnership with TimesMobile is a step in the same direction, enabling businesses to leverage key communication channels (SMS and WhatsApp) and drive long-term growth and customer loyalty by delivering actionable insights."

Nitin Chowdhary, Business Head of TimesMobile, added, "We are excited to join hands with MoEngage, a leader in the customer engagement space.This partnership inspires confidence that it will enable brands to elevate their customer engagement efforts and achieve better outcomes."

About MoEngage

MoEngage is an insights-led customer engagement platform built for customer-obsessed marketers and product owners. MoEngage enables hyper-personalization at scale across multiple channels like mobile push, email, in-app, web push, on-site messages, and SMS. More than 1350+ brands across 35 countries use MoEngage to send 50 billion messages to 500 million consumers every month. MoEngage is recognized as a Leader in the 2020 Gartner Magic Quadrant for Mobile Marketing Platforms, a Strong Performer in the 2020 Forrester Wave for Mobile Engagement Automation, and a Leader in G2 for Fall 2020 Grid® Reports for its solutions. MoEngage is also listed in G2's Top 50 Best Marketing Products in the world for 2021.

For more information, visit www.moengage.com.

About TimesMobile

TimesMobile is a leading CPAAS provider in India, offering comprehensive messaging services such as SMS and WhatsApp Business Platform to businesses across industries. Serving over 150+ brands, TimesMobile provides secure and high-volume messaging infrastructure and is a part of the Times Internet ecosystem, helping businesses engage their customers effectively.

For more information, visit www.timesmobile.in.