Kotak Mahindra Bank Announces Robust Results In Q3, 2023

Kotak Mahindra Bank Standalone PAT for Q3FY23  Rs 2,792 crore, up 31% YoY, 8% QoQ

Consolidated PAT for Q3FY23 Rs 3,995 crore, up 17% YoY, 11% QoQ

The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the standalone and consolidated results for Q3FY23, at the Board meeting held in Mumbai, today.

Kotak Mahindra Bank standalone results

The Bank’s PAT for Q3FY23 stood at Rs 2,792 crore, up 31% from Rs 2,131 crore in Q3FY22 (Rs 2,581 in Q2FY23).

Net Interest Income (NII) for Q3FY23 increased to Rs 5,653 crore, from Rs 4,334 crore in Q3FY22, up 30% YoY. Net Interest Margin (NIM) was 5.47% for Q3FY23.

Fees and services for Q3FY23 was Rs 1,847 crore, up 23% YoY.

Operating profit for Q3FY23 was Rs 3,850 crore, up 43% YoY (Q3FY22: Rs 2701 crore).

Customers as at December 31, 2022 were 39.0 mn (30.7 mn as at December 31, 2021).

Customer Assets, which comprise Advances and Credit substitutes, increased by 24% to Rs 3,39,313 crore as at December 31, 2022 from Rs 2,74,569 crore as at December 31, 2021 (Rs 3,21,324 crore as at September 30, 2022). Advances increased by over 23% to Rs 3,10,734 crore as at December 31, 2022 from Rs 2,52,935 crore as at December 31, 2021 (Rs 2,94,023 crore as at September 30, 2022).

CASA ratio as at December 31, 2022 stood at 53.3%.

As at December 31, 2022, COVID related provisions stood at Rs 400 crore. In accordance with COVID Resolution Framework announced by RBI, the Bank has standard restructured fund-based outstanding of Rs  281crore (0.09% of Advances). Under the MSME Resolution Framework, the Bank has standard restructured fund-based outstanding of Rs 484 crore (0.16% of Advances) as at December 31, 2022.

As at December 31, 2022, GNPA was 1.90% & NNPA was 0.43%. Credit cost on advances for Q3FY23 was  27 bps (annualised) (including standard provisioning; excluding reversal of COVID & restructuring). The provision coverage ratio stood at 77.6% .

Capital Adequacy Ratio of the Bank, as per Basel III, as at December 31, 2022 was 21.7% and CET I ratio of 20.7% (including unaudited profits)

Consolidated results at a glance

Consolidated PAT for Q3FY23 was Rs 3,995 crore, up 17% from Rs 3,403 crore in Q3FY22 (Rs 3,608 crore for Q2FY23).

 At the consolidated level, the Return on Assets (ROA) (annualized) was 2.76% for Q3FY23 (2.60% for Q3FY22) and the Return on Equity (ROE) (annualized) was 15.04% for Q3FY23 (14.81% for Q3FY22)

Consolidated Capital Adequacy Ratio as per Basel III as at December 31, 2022 was 23.2% and CET I ratio was 22.3%. (including unaudited profits)

Consolidated Capital and Reserves & Surplus as at December 31, 2022 was Rs 1,07,670 crore (Rs 93,141 crore as at December 31, 2021). The Book Value per Share was Rs 540.

Consolidated Customer Assets grew by 22% from Rs 3,09,042 crore as at December 31, 2021 to Rs 3,77,400 crore as at December 31, 2022.

Total assets managed / advised by the Group as at December 31, 2022 were Rs 4,05,269 crore up 5% over Rs 3,86,465 crore as at December 31, 2021.

The financial statements of Indian subsidiaries (excluding insurance companies) and associates are prepared as per Indian Accounting Standards in accordance with the Companies (Indian Accounting Standards) Rules, 2015. The financial statements of subsidiaries located outside India are prepared in accordance with accounting principles generally accepted in their respective countries. However, for the purpose of preparation of the consolidated financial results, the results of subsidiaries and associates are in accordance with Generally Accepted Accounting Principles in India (‘GAAP’) specified under Section 133 and relevant provision of Companies Act, 2013.

About Kotak Mahindra Group

Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd (KMBL).

Kotak Mahindra Group (the Group) offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life and general insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The premise of Kotak Mahindra Group’s business model is concentrated India, diversified financial services. The bold vision that underscores the Group’s growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked.

Kotak Mahindra Group has a global presence through its subsidiaries in UK, USA, Gulf Region, Singapore and Mauritius with offices in London, New York, Dubai, Abu Dhabi, Singapore and Mauritius respectively. As on 31st December, 2022, Kotak Mahindra Bank Ltd has a national footprint of 1,752 branches and 2,814 ATMs, and branches in GIFT City and DIFC (Dubai).

For more information, is it the company’s website at https://www.kotak.com

Teach For India Conducts Panel Discussion On “Education For Equity” Attended By-Narayana Murthy At InspireED Conclave In Bengaluru

Teach For India organised its second annual InspirED Conclave at a government school at Mahadevapura, Bengaluru. The highlight of the event was a panel discussion on the topic of ‘Education for Equity’ to address the gaps in educational equality in India. The panels saw the likes of Mr. Narayana Murthy, Founder and Chairman, Infosys, Ms. Vigya Jain from Snehadhara, Mr. Shekar Hariharan, founder and CEO of Shifting Orbits Foundation, Mr. Mangal Pandey, co-founder and CEO of Key Education Foundation, Mr. Vikram Bhat, who has worked as a consultant to Office of the Deputy Chief Minister, Delhi Government, Ms. Arpitha and Ms. Fareya, a grade 8 Student from St. Saras High School in Koramangala and Ms. Sitara Chandran from Christel House. Students on the panel spoke about the need for learning to be inclusive, joyful and fun, and for teachers to focus on building strong relationships with their students and their families. 

Speaking on the panel, Mr Narayana Murthy, Founder and Chairman, Infosys said, “I am of the firm belief that there is no role more important than of a teacher in shaping young minds and there is no doubt that education is the most important gift that we can give to a child. Today, there is a need to focus on teacher training so that all Government teachers can also use innovative teaching methods to make learning relevant and engaging. Government schools should take support from civic society organizations like ‘Teach For India’ so that children can have equal opportunities.” 

Speaking about the conclave, Ms. Tulika Verma, City Director, Teach For India Bengaluru, said, “The aim of this conclave is to spark a conversation on what an excellent education can look like and what it can do. There is an urgent need for all of us to see, experience and believe that a learning environment that is safe, joyful and at the same time outcome-oriented is possible. When we are able to create learning in a way that involves children as equal partners, we create outcomes that are more rigorous and more holistic. The only way to bring about change in the country is by transforming our classrooms into microcosms of India we wish to see. The problem of education is complex and requires the Government, private players and civic society to come together along with students and solve challenges. We hope this space provides the inspiration and the path to be able to do that.” 

Through the day, participants stepped into the shoes of a child, experienced a difficult class and a joyful class, saw a range of solutions and participated in conversation and problem solving on how to create education that leads to equity. The event saw participation from multiple NGOs in the region, many of which are staffed by alumni of the Teach For India Fellowship. The participating organisations included Mantra 4 Change,  Key Education Foundation, Dream School Foundation, Shifting orbits, Udhyam Learning Foundation,  Involve Learning, Augmented Understanding,  Durga Schools,  RGH School, Snehadhara Foundation, Sukrupa Schools, Project Defy,  Sneha Charitable Trust among others. Each of these organizations showcased their work alongside Teach For India Student and Fellow projects.  

The day ended with a closing synthesis where participants shared their own commitment of what they would do in their own capacity to bring about educational equity in the state. 

About Teach For India:  

Teach For India places outstanding working professionals and college graduates as Fellows - who work full-time as teachers for two years in low-income and under-resourced schools. With operations in Mumbai, Delhi, Hyderabad, Chennai, Pune, Ahmedabad, and Bengaluru. Teach For India has over 970 Fellows impacting more than 32,000 children across the country. After the Fellowship, they join a growing movement of over 4000+ Alumni working at all levels of the education sector. A part of a global Teach For All network of 60 countries, with a shared vision of an excellent education for all children, Teach For India’s mission is to end educational inequity in India by creating a strong pipeline of driven, skilled talent within the educational ecosystem. 

Photo Caption: Mr. Narayana Murthy, Founder and Chairman, Infosys interacting with students at the InspireED Conclave in Bengaluru today.

Greenwood High Students Celebrate Their ‘Graduation Day’ In style

* The chief guest for the occasion was Shri Biswa Bhusan Harichandan, Honorable Governor of Andhra Pradesh

The end of one journey and the beginning of another – such was the scenario during the graduation ceremony of 87 students of Grade X and XII from Greenwood High Bannerghatta campus. The chief guest for the occasion was Shri Biswa Bhusan Harichandan, Honorable Governor of Andhra Pradesh. The students were excited as the turning point in their life had arrived and greeted each other with lot of smiles and laughter.

Gracing the joyous occasion with his august presence, Shri Biswa Bhusan Harichandan, Honorable Governor of Andhra Pradesh, said: “It is endearing to see that Greenwood High has left no stone unturned in ensuring that a strong foundation is laid for these young minds. I take this opportunity to congratulate the school fraternity on acquiring a national reputation for delivering globally benchmarked pedagogies, supplemented with rigorous sports and co-curricular education. It is a great privilege to watch the students grow in confidence, knowledge and faith and seeing you today is a testament to the love and support you have received over the years from the staff, parents and the wider school community. Each of you have grown in a way that you should be so very proud of yourselves and you are now ready to transition to the next exciting chapter in your lives”.

Speaking on the occasion, Louis Dias, Principal, Greenwood High, Bannerghatta, said: “We have to work towards success in this world and at the same time reflect on our thoughts and actions. Knowledge and education are things that have to be a window to your soul. In today’s world there is no room for mediocrity. If students have to chart out a path for themselves, they need to believe in themselves and hence students must be allowed to do what they are doing in order to be confident and have the world believe in them. It is crucial that students have a big vision ahead of them to fulfil their goals and to get into productive higher educational courses.”

Ms. Niru Agarwal, Managing Trustee, Greenwood High International School said: “It is a great joy to see the graduating class beaming with confidence. It is not only the end of an exciting journey, but also the commencement of an entirely new chapter that will be exciting. We are completely certain that our students will be at the top in whatever educational choices they make. This exemplifies the rigorous standards that are practised at our institution and our students are getting an education that is second to none. She also emphasized on the Values, Dedication & Discipline which lacks in the current generation & made students think to choose between “Online or Lifeline” by providing a great example.”

Greenwood High School, Bannerghatta has made a significant mark in the educational scene and promises a variety of opportunities to tap into one’s true potential during the formative years.  It offers remarkable state-of-the-art infrastructure, designed to provide the best opportunities to students. The school is committed to educate young people to develop as well-rounded, responsible citizens, rooted in the culture of India, who are ready to face the world of tomorrow with confidence.

Air India Offers Sale: Attractive Discounts On Domestic Destinations

Air India, India’s leading airline and a Star Alliance member, has launched an attractive initiative - offering discounts on its flight tickets across the airline's domestic network in the run-up to the celebrations of India’s 74th Republic Day.

The offer, which has been rolled out this morning, will be valid till 23rd January 2023 and will be available for sale on all Air India booking platforms, including through the airline’s authorised travel agents. These discounted tickets will be available in Economy Class and applicable for travel across the domestic network in India from 1st February to 30th September 2023.

Starting from an incredibly low one-way fare of Rs 1705/-, the discounts will be available on over 49 domestic destinations. Whether it’s the dream holiday tour with family or any business visit, one can grab these heavily discounted tickets on Air India’s wide domestic network.

For further details log onto our website www.airindia.in or contact our call centre at 1860 233 1407

About Air India:

Founded by the legendary JRD Tata, Air India pioneered India’s aviation sector. Since its first flight on October 15, 1932, Air India has an extensive domestic network and has spread its wings beyond to become a major international airline with a network across USA, Canada, UK, Europe, Far-East, South-East Asia, Australia and the Gulf. Air India is a member of Star Alliance, the largest global airline consortium. After 69 years as a Government-owned enterprise, Air India and Air India Express were welcomed back into the Tata group in January 2022. The present management at Air India is driving the five year transformation roadmap under the aegis of Vihaan.AI to establish itself as a world-class global airline with an Indian heart.

Vihaan.AI is Air India’s transformational roadmap over five years with clear milestones.  It will be focussing on dramatically growing both its network and fleet, developing a completely revamped customer proposition, improving reliability and on-time performance. The airline will also be taking a leadership position in technology, sustainability, and innovation, while aggressively investing in the best industry talent. Vihaan.AI is aimed at putting Air India on a path to sustained growth, profitability and market leadership.

About the Tata Group:

Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals. The group operates in more than 100 countries across six continents, with a mission 'To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’.

Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation, and art and culture. In 2020-21, the revenue of Tata companies, taken together, was $103 billion (INR 7.7 trillion). These companies collectively employ over 800,000 people. Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 29 publicly-listed Tata enterprises with a combined market capitalisation of $314 billion (INR 23.4 trillion) as on December 31, 2021. Companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Tata Communications, Indian Hotels, Tata Digital and Tata Electronics.

Manipal Academy Of Higher Education Works With Denmark Technical University On Genomic Analysis Of Sewage

Manipal Academy of Higher Education in collaboration with their research partners Denmark Technical University, Denmark, have successfully made it to the top journals in the world Nature Communications, December issue. Out of 101 participating countries around the world, only 2 centers from India had the honour of working with the team from which MAHE was one of them. One of the students from MAHE has got an opportunity to visit their lab in Denmark for a month.

Dr. Mamatha Ballal, Prof of Microbiology, KMC, MAHE, Manipal along with her team was associated with this global project that started from 2016 till 2022. During the COVID-19 pandemic, the entire world became aware of the value of using sewage analysis to monitor disease development in those areas. However, Denmark Technical university, at National Food Institute, Denmark, where a group of researchers started sewage monitoring throughout the world since 2016 as an effective and inexpensive tool for monitoring infectious diseases and their antimicrobial resistance.

Speaking about the achievement, Vice-Chancellor, Lt. Gen (Dr.) M.D. Venkatesh of Manipal Academy of Higher Education, Manipal said, “MAHE has a legacy of collaborating with foreign universities in all fields of study. We have partnerships with over 250 Universities across the globe, such collaborations help in deepening the knowledge and development skills of both our students and faculty. We were always highly optimistic about this partnership, Kudos for the achievement team, can’t wait to celebrate more achievements like these.

Dr. Mamatha Ballal, Prof of Microbiology, KMC, MAHE, Manipal said, “We are thrilled to have made it this far and I feel elated and honoured to be a part of this prestigious project with my students we  have worked hard to achieve this feat. It was a nice experience to work with a fabulous team for Genomic Analysis of Sewage. Once again, we managed to keep MAHE’s flag flying high. I must say the collaboration with Denmark university undoubtedly resulted in fruitful outcome.

Denmark Technical University, Denmark analysed 757 sewage samples from 243 cities across 101 countries from 2016 to 2019.  The researchers have now mapped where in the world the occurrence of resistance genes is highest and how the genes are located and in which type of bacteria they are found. Globally more than 2 billion people lack clean water with feces or sewage being the most common contaminant. The sewage reservoirs are missed by hospital surveillance highlighting the usefulness of sewage surveillance. There are many examples where antimicrobial resistance genes would have emerged clinically, (for instance, New Delhi metallo beta lactamase gene), and then swept globally through environment and human and animal populations.

The results from this new metagenomics study which has been published in Nature communications (December 2022) has surprised the scientists. In fact, the study shows that the genes have appeared in many different genetic contexts and bacterial types indicating greater transmission than expected. We have found similar resistance genes in highly different bacterial types. MAHE finds it worrying when genes can pass from a very broad group of bacteria to a completely different group with which there is no resemblance. As it is often found rare for these gene transmissions to occur in such long distances.

Genomic analysis of waste water is fast and fairly inexpensive, relative to cover many people. It is a representation of different sources like hospital, community, and the environment. It is aiding that Genomic monitoring should not be reserved for acute pandemics only and should be applied continuously to endemic infections and silent epidemics like Antimicrobial Resistance which grows progressively and by some is predicted to result in an annual death rate of 10 million by 2050.  

A recent study found that bacterial AMR caused an additional 1.27 million deaths in 2019 in the world. Frank Aarestrup, the chief investigator of this global sewage project says a total of 1625 different AMR genes were detected in samples and their abundance varied across countries and continents. India, Brazil, and Vietnam had the highest diversity of AMR genes. Resistance to Macrolides, tetracyclines, aminoglycosides, beta lactams and sulphonamides were most abundant.

Poor sanitation and health are linked to AMR levels, variables being life expectancy, childhood mortality and levels of investment in water and sanitation. The findings from this big global study suggest that improving sanitation and health as part of the UN’s sustainable developmental goals enables an effective way to help limit the global impact of antimicrobial resistance (AMR).

Union Bank of India Announces Financial Results For Quarter Ended Dec 31, 2022

The Board of Directors of Union Bank of India approved the accounts of the Bank for the Quarter ended December 31, 2022. 

Key Highlights in Q3FY23 

1.    Strong Financial Performance:  

Net Profit of the Bank increased by 106.81% on YoY basis during Q3FY23. Net interest income of Bank grew by 20.26% on YoY basis during Q3FY23. 

2.    Bank continues to demonstrate a strong liability franchise  

The CASA deposits have increased by 8.43% YoY. Bank now have a total deposits base at Rs.10,65,027 Crores as at the end of Q3FY23. 

3.    Business growth gaining momentum 

Total Business of the Bank increased by 16.31% YoY, wherein Gross Advances increased by 20.09 % YoY & Total Deposit grew by 13.61% YoY. Bank now have a total Business at Rs.18,69,042 Crores as on December 31, 2022. 

4.    Credit in Retail, Agri and MSME (RAM) segments  

RAM Segment of the bank increased by 17.76 % YoY, where 16.55 % growth in Retail, 17.56% growth in Agriculture and 19.55 % growth in MSME advances achieved YoY basis. RAM advances as a per cent of Domestic Advances stood at 54.72%. 

5.    Reduction in NPA: - 

Gross NPA (%) reduced by 369 bps on YoY basis to 7.93% and Net NPA(%) reduced by 195 bps on YoY basis to 2.14% as on 31.12.2022. 

6.    Improved capital ratios 

CRAR improved from 13.92 % as on 31.12.2021 to 14.45% as on 31.12.2022. CET1 ratio improved to 10.71% as on 31.12.2022 from 10.18% as on 31.12.2021. 

GreenCell Mobility Appoints- Mr. Devndra Chawla As New CEO

* Devndra Chawla has held leadership positions with Spencer’s Retail, Walmart India, Future Group, Coca Cola and Asian Paints 

* Has over 26 years of experience and is a gold medalist engineer, University rank holder, holds an MBA and alumnus of Harvard Business School AMP program 

GreenCell Mobility (GreenCell), a leading pan-India shared electric mobility player, has announced that Devndra Chawla has been appointed as the new CEO of the company. Mr. Chawla will lead the company’s objective of being the prime mover in building a sustainable growth momentum in the shared e-mobility space. He will report to the board of GreenCell.  

Devndra Chawla, who has a rich and varied experience of 26+ years, was until recently the MD & CEO of Spencer's Retail and Nature’s Basket. Prior to that, he was associated with Walmart India as EVP & COO and was CEO of the Future Consumer Limited (FCL) and Group President - Food, FMCG, Brands Future Group. He also served as the CEO - Food and Business Head for private brands (Future Group). Previously with Coca Cola, he led various roles including Area Operations Director, Director - Customer Service / Route to Market. He has also had a stint at Asian Paints as Regional - Branch Manager. 

Commenting on the appointment, Mr Dhanpal Jhaveri, Vice Chairman - Everstone Group and CEO - Eversource Capital said, “We are excited to welcome Devndra to the GreenCell team, having successfully led many customer centric businesses to grow GreenCell into India’s leading green surface transport company.”   

Mr Devndra Chawla, CEO, GreenCell Mobility said, “I am extremely thrilled with the opportunity to lead GreenCell that is revolutionizing the future of e-mobility in India. I feel privileged to scale the company’s growth to next phase which has established its base in business and is now ready to accelerate its businesses in green surface transport.” 

Devndra Chawla did his Bachelor of Engineering in Production from Pune University. He holds an MBA degree from Symbiosis Institute of Business Management, Pune, and is an alumnus of the Harvard Business School via its Advance Management Program. He has been a mentor to many start-ups and a keen observer of consumer behavior. He has been a part of different committees of CII & FICCI for many years. He takes keen interest in the development of start-up ecosystem and in his spare time also teaches at Management Institutes. 

GreenCell Mobility is India's leading e-Mobility company backed by Eversource, the investment manager to India’s largest climate fund Green Growth Equity Fund (GGEF). GreenCell is implementing ~1,500 e-buses in the states of Maharashtra, Gujarat, Uttar Pradesh, Karnataka, Rajasthan, Uttarakhand, New Delhi, and Madhya Pradesh of which more than 700 E-buses are operational across 23 cities. 

About GreenCell Mobility Pvt. Ltd: 

GreenCell Mobility (GreenCell), promoted by Eversource Capital, the investment manager of India’s pioneering climate impact fun, has been set up to become a leading pan-India shared electric mobility player by leveraging proven global experience, developments in e-mobility technology, and the Government of India’s strong push for electrification of transportation in India. 

Eversource Capital is an equal joint venture between Everstone Group, one of Asia’s premier investment groups with assets in excess of US$7 billion across private equity, real estate, credit, climate impact investments and green infrastructure and venture capital; and Lightsource bp, a global leader in development and management of solar energy projects. 

GreenCell is building a platform to provide Electric Mobility-as-a-Service (eMaaS), initially using electric buses and delivering the core value proposition of cheaper non-polluting on-demand shared transportation, charging infrastructure, and enabling products for the e-mobility value chain. For more information, visit www.greencellmobility.com