Urban Company And Max Healthcare Join To Launch Free Health Workshops For All Service Partners

* Doctors from Max Hospitals  will conduct a series of 12 workshops for all Urban Company partners

* Urban Company partners will also benefit from free annual eye check-ups

Trusted by 3 million households, Urban Company announced a year-long collaboration with one of India’s largest healthcare providers Max Healthcare to build awareness on critical health issues and illnesses for the partners. As part of the collaboration, doctors from Max Hospitals will conduct monthly health talks and bi-yearly eye check-ups for Urban Company partners across North and West India.

The awareness workshops will be conducted virtually for service partners in Delhi-NCR, Chandigarh, and Mumbai. The sessions are designed to cover various topics, including awareness around cervical health, thyroid, heart health, women’s health, alcoholism and its repercussions, mental health and stress management, arthritis prevention, breast cancer, diabetes, AIDS etc.

Commenting on the collaboration with Max Hospital, Nikhil Shanker, VP - Customer Experience and Partner Experience at Urban Company said, “At Urban Company, the well-being of our partners has always been of utmost priority. These sessions will help us to continue building a strong partner community who are empowered and enabled with knowledge about their health and bridge the gap between our partners and access to medical advice. This partnership comes with additional benefits of discounts at Max Healthcare facilities for all our partners, should they face any health issues.”

“It is a good initiative by Urban Company for its partners. Awareness is the key to an overall wellbeing as well as early disease diagnosis and management. We look forward to an interactive session with their partners,” added a Max Healthcare spokesperson.

The first session on Cervical Health Awareness was held on 24 January, where Dr Seema Jain, Director of the Obstetric and Gynaecology department held a talk for more than 300 partners from across the country.

At Urban Company, through our seven-year journey, we have focused extensively on partner livelihood through our skilling programs and other security benefits. All active partners on the UC platform in India are covered under our Group Life and Accidental Insurance cover, in partnership with ACKO. Some of the key aspects covered under the policy are life insurance (INR 6 lakhs), disability cover (INR 6 lakhs), accidental hospitalization (INR 70,000), accidental OPD treatment (INR 10,000) among others. Further, all UC Plus partners in India have access to additional health insurance benefits, which includes up to INR 2 lakh in-hospitalization treatment, room/ICU expenses, OPD, medical equipment and 12 free online doctor consultations in a year.

About Urban Company

Founded in November 2014, Urban Company is Asia’s largest tech-enabled home services marketplace. The company offers services such as beauty and spa at home, cleaning, plumbing, carpentry, appliance repair, painting, etc. through its mobile app and website. It operates in 40+ cities in India, the UAE, Singapore, Australia and The Kingdom of Saudi Arabia. It has a partner network of over 35,000 hand-picked service professionals, who are empowered through training, technology, financial services, tools, product procurement and a host of other ecosystem enablers, thereby transforming them into organized and high-quality micro-entrepreneurs. This full-stack approach helps the company live up to its promise of delivering high-quality, delightful services at home.

About Max Healthcare:

Max Healthcare Institute Limited (MHIL) is one of India’s largest hospital chains (considering only income from healthcare services) in fiscal2021. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education.

MHIL has a major concentration in North India consisting of a Network of 17 healthcare facilities. Out of the total Network, eight hospitals and four medical centres are located in Delhi and the NCR and the others are located in the cities of Mumbai, Mohali, Bathinda and Dehradun. The Max Network includes all the hospitals and medical centres owned and operated by the Company and its subsidiaries, partner healthcare facilities and managed healthcare facilities.These Include State-of-the-art tertiary and quaternary care hospitals at Saket, Patparganj, Vaishali, Rajendra Place, and Shalimar Bagh in Delhi NCR and one each in Mumbai, Mohali, Bathinda and Dehradun, secondary care hospital in Gurgaon and Day Care Centres at Noida, Lajpat Nagar and Panchsheel Park in Delhi NCR and one in Mohali, Punjab. The hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab.

In addition to its core hospital business, MHIL has two SBUs - Max@Home and MaxLab. Max@Home is a platform that provides health and wellness services at home and MaxLab offers diagnostic services to patients outside its Network.

Biophore Receives Sub-License From MPP To Manufacture And Market Molnupiravir For COVID Treatment

* Can market in India and 104 other countries

* Has also received DCGI regulatory license for Indian market

* Licenses applicable for both API and finished product

Biophore India Pharmaceuticals has announced that it has received license from Medicines Patent Pool (MPP) on behalf of originator company MSD, a trade name of Merck & Co., Inc, Kenilworth, NJ, USA, to manufacture and market molnupiravir API and finished product in capsules form. The company said that the development of the product is complete and is gearing up for launch based on this license within the next one week. The license received by Biophore enables the company to launch the product within India as well as export to 104 other countries around the world. 

For the Indian market, the company has informed that it has already received the relevant regulatory approvals from DCGI and will be launching the product next week at one of the lowest prices currently in the market - Rs 1500 for a pack of 40 Capsules. 

Molnupiravir is an oral antiviral approved through the emergency use authorization route by the US Food and Drug Administration and UK authorities for treatment of mild to moderate COVID-19. Its effectiveness has been established through studies conducted across the world and is expected to significantly reduce hospitalization of COVID-19 patients, if taken at an early stage. In India too, DCGI has approved this product for the treatment of COVID-19 based on the review of clinical data available. 

Dr. Jagadeesh Babu Rangisetty, CEO at Biophore, says, “Biophore has been at the forefront of the fight against COVID-19 and we are extremely proud of this fact. During the earlier wave, we had successfully scaled up and commercialized Favipiravir, the antiviral approved during that time for COVID treatment, in record time. We are also the largest Indian manufacturers of SBECD, a vital ingredient for Remdesivir injection manufacturing and have also developed Nirmatrelvir, which is the active ingredient in the other US FDA approved oral COVID antiviral. Similarly, we are committed to bring molnupiravir to the market in the shortest time possible complying to all quality and regulatory requirements - all our products are manufactured in US FDA approved facilities.”

About Biophore India Pharmaceuticals: 

Founded in 2007, Biophore India Pharmaceuticals is an established pharmaceutical company that develops and manufactures niche pharmaceutical products for the generic industry. Biophore’s state-of-the-art, multipurpose manufacturing facilities in Visakhapatnam comply with cGMP standards and meet the requirements of US and EU Drug regulatory authorities. Its technology development center in Hyderabad is equipped with infrastructure that facilitates the entire process of drug research from conceptualization to regulatory submissions. Biophore’s portfolio is spread across 30 therapeutic segments and specializes in development and manufacturing of pharmaceutical actives for Oncology medication, Contrast and Diagnostic media. To date, the company has filed about more than 100 drug master files and 150 patents for its unique portfolio.

Social Alpha, CIIE.co, Be An Angel Network Announce Seed Investment Of USD 180K In Desi Hangover, A Sustainable D2C Footwear Brand

* The seed investment will enable the footwear brand to hire, grow their B2C clientele, strengthen their B2B network and expand across product categories and conduct R&D

* Desi Hangover creates sustainable footwear using an age-old vegetable tanning process

* The Mumbai-based start-up leverages traditional craftsmanship and technology to drive innovation to co-create products that have helped artisans achieve economies of scale

* Founded by Hitesh Kenjale, Lakshya Arora, and Abha Agrawal, Desi Hangover, catering to a global customer base, promotes conscious fashion

Social Alpha, CIIE.co, Be An Angel Network announce seed investment of USD 180K in Desi Hangover, a sustainable D2C footwear brand that has brought about prosperity in the lives of the Kolhapuri artisan community with predictable, financially rewarding livelihoods. Founded by Hitesh Kenjale, Lakshya Arora, and Abha Agarwal, Desi Hangover is showcasing Indian craftsmanship to domestic and international audiences, blending traditional styles with forward-looking footwear designs. The process innovations introduced in these rural shoemaking centres has augmented production manifold. Desi Hangover’s intervention has led to a three-time increase in remuneration for the artisan community. The start-up’s association has also encouraged women, who comprise 50% of the workforce, to become active contributors to the shoe-making process.

The Mumbai-based enterprise’s commitment to sustainability is reflected in the use of the centuries’ old vegetable tanning process that converts animal hide into usable leather. Vegetable tanning is universally regarded as an environmentally friendly option since it uses only organic substances.

India’s footwear industry is expected to grow 8 times by 2030. The domestic footwear market is estimated to reach $15.5 billion by 2022, from $10.6 billion in 2019. India is the 2nd largest producer of footwear in the world. Desi Hangover uses an omnichannel method, driving product sales through diversified online channels and offline retail partners.

Hitesh Kenjale, CEO of Desi Hangover said, “The world has not been exposed to Indian craftsmanship. The way we see it is that it has an enormous potential to become a global entity. We at Desi Hangover are building a new-age brand that showcases the hidden talent of our craft clusters to a global audience. We see immense growth potential in the offline distribution mediums. Our strong relationships built over the years will help us build a strong D2C channel supported by our offline networks. The fundraise will help us double down on the strategy.”

Commenting on the funding, Manoj Kumar, Founder and CEO, Social Alpha said,  The Desi Hangover team has demonstrated that sustainability is as much about protecting Mother Earth as it is about de-risking the livelihoods of the poor and marginalised sections of the society. At Social Alpha we are proud of our portfolio companies as they continue to demonstrate business case for sustainable consumption creating triple bottom line impact.

Chintan Bakshi, Partner – Incubation at CIIE.co said, “CIIE.co, with its regional mandate through CIIE Regional Innovation Foundation, regards Indian crafts as one of its focus areas and has supported and funded start-ups in the sector. Desi Hangover was part of the second edition of the Craft Accelerator that CIIE.co conducted in 2019. Start-ups like Desi Hangover are using technology, design interventions and business model innovation to develop world class products using the traditional crafts of India.”

Thaneshwar Singh, Founder – Be An Angel Network said,  “We invested in Desi Hangover as it promotes Indian traditional craftsmanship and has the potential to do so at a global level. At the Be An Angel Network, we not only want to back young entrepreneurs, but also allow young investors to invest in promising start-ups.”

About Social Alpha:

Social Alpha is a multistage innovation curation and venture development platform for science and technology start-ups that address the most critical social, economic, and environmental challenges through the power of entrepreneurship and market-creating innovations. Since its inception in 2016, Social Alpha has supported more than 150 start-ups, including 60+ seed investments. For more information, visit www.socialalpha.org 

LinkedIn: SocialAlpha

Twitter: @SocialAlphaIN

Facebook: SocialAlpha

Instagram: social_alpha_in 

About CIIE.co:

CIIE.co is the start-up incubation centre at Indian Institute of Management, Ahmedabad. It provides support to start-ups and entrepreneurs across their lifecycle by supporting early-stage start-ups from tier 2 and tier 3 cities, seed funding and acceleration support, research and insights and capital for growth.

About Be An Angel Network:

Be an Angel is an early stage investing platform, which identifies prospective start-ups in the pilot phase and supports them with the required funding and mentoring for future phases of growth.

Signify Launches Its Latest Ad Campaign ‘The New Shape Of Style’ For Philips HexaStyle Downlight

Signify (Euronext: LIGHT), the world leader in lighting, today rolled out its latest TV advertising campaign ‘The new shape of style’ for its Philips HexaStyle LED downlight. Emphasizing the new unique hexagon shape of these downlights, the light-hearted campaign showcases the various unique patterns that consumers can create on their ceiling using these downlights. The humorous 45- second film has been developed by Publicis and targets consumers building their new home or renovating existing ones.

LED Downlights are a growing category in India, and a big hit with people building new homes. However, currently they are available in only two shapes - round or square. By using hexagon-shaped downlights, consumers can now use their creativity to create unique patterns in their ceiling that will make their house stand out amongst the crowd. Based on this insight, the film captures the varied emotions that the beautiful lighting patterns evoke amongst the guests who have arrived at the house- warming party of the host. While all guests are mesmerized by the lights, they are also secretly envious of the host and make trivial snide remarks about him behind his back, questioning his salary and financial status to be able to afford such beautiful lights. The scene ends with the host of the party enjoying the envious adulation of his guests and remarking that “Hexa Style ke designs ceilings pe hi nahi, dilon pe bhi lag jaate hai”, emphasizing that Philips HexaStyle’s unique patterns not only brighten up your ceiling but also induce envy amongst your neighbors. The TVC concludes by highlighting the ease of installing these downlights, as they fit into regular round cut-outs in the ceiling.

The TVC will play on primetime TV slots across leading general entertainment, news and movie channels across India.

Speaking about the campaign, Nikhil Gupta, Head of Marketing & Integrated Communications and Commercial Operations, Signify Innovations India Limited said, “Our latest TVC has been conceptualized keeping in mind our strong legacy in innovation. With Philips HexaStyle downlight, we have redefined the shape element and created yet another new category in downlights. Its unique hexagonal shape will enable consumers to express their creativity and design a truly personalized lighting experience for their home, by creating unique patterns on their ceilings. With this ad, we have attempted to play on the undercurrents of envy and backhanded compliments that people receive from their social groups, while possessing a new product. We hope that consumers like the ad and become early adopters of our latest innovation.”

"It’s not every day that one finds lights that have this uniquely stylish, hexagonal shape and the beautiful designs that are made possible because of it. So when people see them, there ought to be some surprise, a little appreciation and definitely, a lot of envy" said Vikash Chemjong, NCD, Publicis.

TVC link :

https://fb.watch/aK5VmuNJGj/

https://www.instagram.com/tv/CZGvBbQlqlB/

Client: Signify India (Nikhil Gupta, Natasha Wadhwa, Aastha Bhatnagar)

Creative: Vikash Chemjong & Ranadeep Dasgupta (Publicis)

Account Planning: Radhika Burman (Publicis) Account Management: Saurabh Singh (Publicis) Production House: A For Orange Productions Director: Deepanshu Malik

Producer: Parul Madaan

Sify Reports Consolidated Financial Results For Quarter 3 Of 2021-22

* Revenues of INR 6783 Million. EBITDA of INR 1574 Million.

HIGHLIGHTS

Revenue was INR 6783 Million, a growth of 8% over the same quarter last year.

EBITDA was INR 1574 Million, an increase of 22% over the same quarter last year.

Profit before tax for the quarter was INR 477 Million, an increase of 19% over the same quarter last year.

Profit after tax was INR 344 Million, an increase of 36% over the same quarter last year.

CAPEX during the quarter was INR 2887 Million.

MANAGEMENT COMMENTARY

Mr. Raju Vegesna, Chairman, said, “Given the proactive governance through the pandemic, India is better placed through the third phase that we are currently experiencing. Digital IT infrastructure across the country has been scaled up aggressively since Networks and Data Centers were declared ‘Essential’ services. Indian businesses are now convinced of the importance of business process continuity and converged services for seamless business output.

This has led to both a surge of services from Cloud based local startups and growing hyperscale investment in Indian IT infrastructure. We see this as a right time for Sify to scale up.”  

Mr. Kamal Nath, CEO, said, “Enterprises looking for cloud-based Digital Transformation services see our Digital-first bouquet of services as a natural fitment for their evolving business demands. We are seeing an upswing in demand for our cloud@core services as the right delivery model for these demands. Our successful delivery for Hyperscalers is a strong endorsement of our agility and capability on the Data Center front and increases the attractiveness of our Data Centers to our Enterprise clients. With the market learning to work around the pandemic, these demands should continue”.

Mr. M P Vijay Kumar, CFO, said, “The customer demand for digital infrastructure services is encouraging.  We will continue to expand on our Data center and network capacity. Our fiscal discipline will continue right through our investment journey without impacting customer experience.

Cash balance at the end of the quarter was INR 2381 Million”.

BUSINESS SUMMARY

Revenue from Data Center colocation services grew by 44% over same quarter last year.

Revenue from Digital services fell by 18% over same quarter last year

Revenue from Network centric services grew by 8% over same quarter last year.

The Revenue split between the businesses during the quarter was Data Center colocation services 30%, Digital Services 24% and Network centric services 46%.

BUSINESS HIGHLIGHTS 

As part of our Corporate Venture Capital initiative, Sify has further invested, during the quarter, USD 100,000 in the earlier announced start-ups in the Silicon Valley area.

Sify committed to a capital outlay of INR 9900 Million toward fresh capacity building for data center expansion in the Navi Mumbai region. This is in addition to the capital outlay of INR 1200 Million for expansion of DC capacity in the same region.

Sify Technologies has been recognized as a “Niche Player” in the 2021 Gartner Magic quadrant for Managed Network services. The recognition is for completeness of vision and ability to execute leading to superior quality of service.

The business continues to grow the reach of the network. As on Dec 31, 2021, Sify provides services via 769 fiber nodes and 1893 wireless base stations across the country, a 6% and 11% increase respectively over the same quarter last year.

As part of its Digital Experience Project, Sify completed full automation of service assurance, asset management and service provisioning across its network. This will accelerate the deployment of a streamlined customer experience in the coming quarters. 

CUSTOMER ENGAGEMENTS

One of India’s oldest MNCs, the subsidiary of an Industrial engineering major, and one of India’s oldest FMCG players contracted to migrate from their on-premise DC to our Cloud platforms.

A subsidiary of one of the oldest Indian MNCs, a pan-India health chain and a leisure major contracted for a greenfield cloud implementation.

An automobile finance major, a software player and organic dairy major contracted for DRaaS.

An NBFC, a micro banking player and a private ISP player migrated from the competition to Sify DC.

One of India’s largest Private banks and two other established Public sector banks migrated from their on premise DC to Sify DC. The private bank also contracted for Managed Cloud services.

A scheduled bank contracted with Sify for modernisation of their DC.

Multiple logistics players, a medical research institution and an infrastructure services player contracted for managed services.

One of India’s largest public sector insurance firms contracted for a Security Operations Center on-premises and also to deploy Managed services.

One of India's largest Public sector bank's contracted with Sify for a pan-India MPLS network. 

A leading small-finance bank contracted with Sify to provide seamless connectivity solution across all its branches and supplier base.

An international banking major contracted for global connectivity to connect its sites in India to its global locations.

A private service insurance major, as part of its data center transformation project, signed a contract for a multi cloud network integrated with its data center interconnect.

A scheduled bank contracted to expand its SDWAN deployment to support its branch expansion.

One of India's oldest steel majors contracted for a complete Network integration, including managed services, while a Public sector bank contracted for Network monitoring and management services across their entire network.

An automobile major contracted to augment the Network infrastructure at its DC and branches.

Network services signed up 61 new clients for the quarter.

MADAME Witnesses Nearly 25% Growth Owing To Expansion And Merchandizing Strategy

MADAME, India’s leading western-wear fashion apparel brand, has closed the FY 21 till December, on a positive note witnessing an impressive growth of 25 % owing to its strategic focus towards fresh expansions, merchandise mix and on time deliveries.

The brand's financial year 2021-22 got off to a rough start owing to the second wave of pandemic. However, following the market's reopening in June of the year, the brand has experienced double-digit growth. Until December’21, the brand has shown exceptional growth, breaking all LFR retail records for all months.

“MADAME has significant retail partners such as Shoppers Stop, Central, Lifestyle, Reliance Trends, Project eve, and many other structured large retail formats as a successful and well-known brand. More than 300 retail touch points across the country are supplied by the brand. These collaborations have aided the company in maintaining and expanding sales, allowing it to continue to develop despite the pandemic,” says Ashish Ranjan, Business Manager- LFR.

“During the current fiscal year, the brand expects to sell 250 thousand units, accounting for roughly 15% of total originations retail sales. We are aiming for a larger leap through the LFR segment as we see more untapped areas and unexplored retail pockets. In the next three years, the brand plans to develop its retail business by 30% with a top line of Rs.180 Cr,” he adds.

MADAME has been known as an industry leader when it comes to western wear fashion category in India and enjoys a strong loyal customer base in the country. Over the last decade, it has expanded and has acquired a big market space. Today, the brand has its exclusive stores in different parts of the country and a dedicated e-commerce platform – glamly.com- on which it sells its products at exciting discounts and offers.

SBI Card Q3 FY22 PAT Grows 84% To Rs 386 Cr Vs Rs 210 Cr For Q3 FY21

* Financial Results for the Quarter and 9 months Ended December 31, 2021 

* Cards in force cross the 13 Mn+ milestone 

* New Accounts cross 1 Mn+ milestone in Q3 FY22  

The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the quarter and 9 months ended December 31, 2021, at their meeting held on Monday, January 24, 2022. 

Performance Highlights Q3 FY22  

Total Revenue increases 24% YoY to Rs 3,140 Cr  

Profit after tax increases 84% YoY to Rs 386 Cr  

ROAA at 5.0% for Q3 FY22 vs. 3.3% for Q3 FY21 

ROAE at 21.2% for Q3 FY22 vs. 13.8% for Q3 FY21 

Capital Adequacy Ratio at 24.2%; Tier 1 at 21.3%  

Key Metrics 

New accounts volume at 1,008k for Q3 FY22 up by 10% as compared to 918k for Q3 FY21. 

Card-in-force grew by 15% to 1.32 Cr as of Q3 FY22 vs 1.15 Cr as of Q3 FY21. 

Total spends grew by 47% to Rs55,397 Cr in Q3 FY22 vs Rs 37,797 Cr in Q3 FY21. 

Market share 9M FY22 (available till Nov’21) – Card-in-force at 19.2% (FY21: 19.1%); Spends at 19.0% (FY21: 19.4%); Transactions at 20.0% (FY21: 19.7%).  

Receivables grew by 13% to Rs 29,129 Cr as of Q3 FY22 vs Rs 25,749 Cr as of Q3 FY21. 

GNPA at 2.40% as of Q3 FY22 vs 4.51%* as of Q3 FY21; NNPA at 0.83% as of Q3 FY22 vs 1.60%* as of Q3 FY21. 

Total RBI RE book including RBI RE 2.0 assets at 2% in Q3 FY22 vs 9% in Q3 FY21. 

Profit & Loss Account for the Quarter ended December 31, 2021  

Total revenue increased by Rs 600 Cr, or 24% to Rs 3,140 Cr for Q3 FY22 vs Rs 2,540 Cr for Q3 FY21, increase is primarily due to higher Income from fees and services in Q3 FY22. 

Finance costs increased by Rs 16 Cr, or 6% to Rs 277 Cr for Q3 FY22 from Rs 261 Cr for Q3 FY21. 

Total Operating cost increased by Rs 371 Cr, or 28% to Rs 1,719 Cr for Q3 FY22 from Rs 1,348 Cr for Q3 FY21, increase is due to higher business volumes & festive campaigns in Q3 FY22. 

Earnings before credit costs increased by Rs 213 Cr, or 23% to Rs 1,144 Cr for Q3 FY22 vs Rs 931 Cr for Q3 FY21. 

Total Management overlay provision at Rs 162 Cr as on Dec’21. Impairment losses & bad debts expenses for Q3 FY22 at Rs 625 Cr vs Rs 648 Cr for Q3 FY21. 

Profit before tax increased by Rs 236 Cr, or 83% to Rs 519 Cr for Q3 FY22 vs Rs 283 Cr for Q3 FY21 

Profit after tax increased by Rs176 Cr, or 84% to Rs 386 Cr for Q3 FY22 vs Rs 210 Cr for Q3 FY21  

Profit & Loss Account for the 9 months ended December 31, 2021  

For the 9 months ended December 31, 2021: 

Total revenue increased by Rs 1,040 Cr, or 14% to Rs 8,285 Cr for 9M FY22 vs Rs 7,245 Cr for 9M FY21. 

Finance costs decreased by Rs 40 Cr, or 5% to Rs 760 Cr for 9M FY22 from Rs 800 Cr for 9M FY21. 

Total Operating cost at Rs 4,268 Cr for 9M FY22 from Rs 3,361 Cr for 9M FY21, increase is primarily due to higher business volumes. 

Earnings before credit costs increased by Rs 173 Cr, or 6% to Rs 3,258 Cr for 9M FY22 from Rs 3,085 Cr for 9M FY21. 

Impairment losses & bad debts expenses for the period at Rs 1,865 Cr for 9M FY22 vs Rs 1,995 Cr for 9M FY21. 

Profit before tax increased by Rs 304 Cr, or 28% to Rs1,393 Cr for 9M FY22 vs Rs 1,089 Cr for 9M FY21.  

Profit after tax increased by Rs 226 Cr, or 28% to Rs 1,035 Cr for 9M FY22 vs Rs 809 Cr for 9M FY21. 

Balance Sheet as of December 31, 2021 

Total Balance Sheet size as of December 31, 2021 was Rs 32,105 Cr as against Rs 27,006 Cr as of March 31, 2021. 

Total Gross Advances (Credit card receivables) as of December 31, 2021 were Rs29,129 Cr, as against Rs 25,114 Cr as of March 31, 2021.  

Net worth as of December 31, 2021 was  7,468 Cr as against ? 6,374 Cr as of March 31, 2021. 

Asset Quality 

The Gross non-performing assets were at 2.40% of gross advances as on December 31, 2021 as against 4.51%* as on December 31, 2020. Net non-performing assets were at 0.83% as against 1.60%* as on December 31, 2020. 

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 December 31, 2021, Company’s CRAR was 24.2% compared to 23.7% as of December 31, 2020. 

The tier I capital in respect of an NBFC-ND-SI, at any point of time, is required to be not be less than 10%. Company’s Tier I capital was 21.3% as of December 31, 2021 compared to 19.8% as of December 31, 2020. 

Rating 

CRISIL Long Term            -  AAA/Stable 

CRISIL Short Term           -  A1+ 

ICRA Long Term   -           AAA/Stable 

ICRA Short Term -           A1+