Punjab National Bank Financial Results Were Robust With Net Profit For Q3 FY23 At Rs 629 Crore And Grew By 53.04% On QoQ Basis

Key Highlights 

Net profit for Q3 FY23 was at Rs 629 Crore and grew by 53.04% on QoQ basis. 

Operating Profit was at Rs 5716 Crore during Q3 FY23 grew by 12.61% on YoY basis. 

Global NIM improved by 23 bps to 3.16% in Q3 FY23 from 2.93% in Q3FY22. Global NIM for 9MFY23 improved by 32 bps on YoY basis. 

Net interest income increased by 17.63% YoY to Rs 9179 Crore in Q3 FY23. 

Global Gross Advances grew by 13.43% on YoY basis to Rs 856757 Crore in December’22. 

Core retail credit grew YoY by 13.54% to Rs 130421Cr in December’22. 

Global Deposits grew by 7.37% on YoY basis to Rs 1210359 Crore as at the end of December’22 as against Rs 1127317 Crore in December’21. 

GNPA ratio improved by 312 bps to 9.76% in December’22 from 12.88% in December’21. There was an improvement of 72 bps on QoQ basis. 

NNPA ratio improved by 160 bps to 3.30% in December’22 from 4.90% in December’21. There was an improvement of 50 bps on QoQ basis. 

PCR including TWO improved by 332 bps to 85.17% in December’22 from 81.85% in December’21. 

Capital Adequacy for December’22 was at 15.15% and it improved by 24 bps on YoY basis and 41 bps on QoQ basis. 

Business Performance in Key Parameters (December’22) 

Global Gross Business increased by 9.80% on YoY basis to Rs 2067116 Crore as at the end of December’22 as against Rs 1882623 Crore in December’21. 

Savings deposits grew by 4.04% to Rs 451945 Crore in December’22. 

Current deposits were at Rs 64589 Crore in December’22. 

CASA Share (Domestic) stands at 43.72% of Deposits as on December’22. 

Within Core Retail Credit: 

Housing Loan increased by 9.16% on YoY basis to Rs 78684 Crore. 

Vehicle loan increased by 39.51% on YoY basis to Rs 15404 Crore. 

Personal Loan increased by 40.40% on YoY basis to Rs 15805 Crore. 

Agriculture Advances was at Rs 138201 Crore as on December’22. 

MSME Advances was at Rs 124728 Crore as on December’22. 

As on December’22, Share of RAM is 53.94% and YoY growth is 11.20%. 

Profitability 

Net interest income was at Rs 9179 Crore for Q3FY23 and Rs 24993 Crore for 9MFY23. It grew by 17.6% and 16.8% respectively. 

Total Income of the Bank for Q3FY23 was at Rs 25722 Crore and Rs 70018 Crore for 9MFY23. It grew by 16.8% and 5.9% respectively on YoY basis. 

Total Interest Income of the Bank for Q3FY23 was at Rs 22384 Crore and Rs 61295 Crore for 9MFY23. It grew by 15.8% and 9.0% respectively on YoY basis. 

Non-interest income for Q3FY23 was at Rs 3338 Crore, grew by 23.6% on YoY basis. Fee based income was at Rs 1331 Crore for Q3FY23 and Rs 4389 Crore for 9MFY23. It grew by 8.8% and 12.8% respectively on YoY basis. 

Efficiency Ratio 

Global Cost of Deposits stood at 4.15% in Q3FY23 as compared to 3.90% in Q2FY23. 

Global Yield on Advances at 7.23% in Q3 FY23 as compared to 6.91% in Q2FY23. 

Business per employee improved to Rs 2055 lakhs in December’22 from 1883 lakh in December’21. 

Business per branch improved to Rs 20074 lakh in December’22 from 18024 lakh in December’21. 

Operating profit per employee improved to 23.1 lakh in Q3FY23 from 21.0 lakh in Q3FY22. 

Asset Quality 

Gross Non-Performing Assets (GNPA) were at Rs 83584 Crore as on December’22 as against 

Rs 97259 Crore as on December’21 declined by 14.06% on YoY basis. 

Net Non-Performing Assets (NNPA) were at Rs 26363 Crore as on December’22 as against 

Rs 33879 Crore in as on December’21 declined by 22.18% YoY basis. 

Provision Coverage Ratio Including TWO improved by 332 bps YoY to 85.17% in December’22 

Capital Adequacy 

CRAR was 15.15% for December’22. Tier-I is at 12.21% (CET-1 was at 10.84%, AT1 was at 1.37%) and Tier-II is at 2.94% as at December’22. 

Toyota Kirloskar Motor Announces Prices Of Urban Cruiser Hyryder’s CNG Variant

Toyota Kirloskar Motor (TKM) today announced the prices of the Urban Cruiser Hyryder’s CNG variants. TKM had earlier announced its foray into the CNG segment with the launch of Toyota Glanza and Urban Cruiser Hyryder in November 2022. The details of prices are as per the below table.

Commenting on the same Mr Atul Sood, Vice President, Sales and Strategic Marketing said, “The launch of the Urban Cruiser Hyryder has been a significant milestone for us, in keeping with Toyota’s quest for promoting sustainable mobility solutions. Today, it gives us immense pleasure to announce the prices of its  CNG variants for our customers, who have shown overwhelming interest in the product since the launch.

At Toyota, we are committed in making a shift towards low-carbon energy sources, with a vision to realise a ‘Carbon Neutral Society’. We are confident the competitively priced Urban Cruiser Hyryder CNG variants will encourage widespread acceptance of environment friendly technologies and provide multiple options to customer to meet their diverse requirements.”

One of first of its kind in the segment, the Urban Cruiser Hyryder is available with a factory fitted CNG kit in both S & G grades. Equipped with a Manual Transmission (MT) powertrain in both the grades, the CNG variant will be in addition to the Self-charging Strong Hybrid Electric as well as the Neo Drive variants, which are already available in the market.  

The much-anticipated SUV from TKM was launched  in July 2022. Since then, the product has received overwhelming response, thus reinforcing customers’ faith and trust in Toyota brand and its advanced technology prowess. As one of Toyota’s sustainable offerings, the new Urban Cruiser Hyryder inherits Toyota’s global SUV lineage with its bold and sophisticated styling and advanced tech features, making it a perfect choice in the segment. The Urban Cruiser Hyryder also boasts of other best in segment features including  17” Alloys, 9” Smart Playcast Touchscreen Audio, 6 Airbags, Cruise Control and Toyota i-Connect (Connected DCM -Data Communication Module) which makes the new SUV the best match for the distinct needs of an Indian car buyer.

The new CNG variant available in the Urban Cruiser Hyryder is equipped with a  1.5-liter K-series engine & 5 Speed Manual Transmission, as well as a host of awesome features to ensure top performance and a mileage of 26.6 KM/KG*

Customers can make their bookings online on www.toyotabharat.com/online-booking/ or also visit their nearest Toyota dealership. For more details, customers can simply log on to www.toyotabharat.com .

*As  certified under Rule 115(18) of CMVR 1989.

Recent Shark Tank Victor- Snitch, Partners With BharatX To Offer BNPL Option

* Snitch, an online men’s clothing brand partner’s with BharatX’s to enable BNPL for its customers via BharatX’s Shopify plug-in

* BharatX aims to enable Brands to easily offer Financing options to its consumers without having to create an in-house BNPL/EMI Division.

BharatX, an emerging white labelled credit enabler for e-commerce merchants, has today announced its partnership with Snitch - an online men’s clothing brand to offer buy now pay later services. Through the “SnitchPay” feature powered by BharatX, customers will be able to pay for their purchases in three instalments, instead of paying the entire amount at once, with no extra added cost or interest, bringing affordability and convenience to the customers.

Snitch was founded in 2019 as a B2B men’s apparel brand, which later ventured into the D2C and e-commerce fashion industry with 30 products in June 2020. It offers over 2,500 styles of fast-fashion apparel, featuring formal wear, party wear, and leisure wear among others.

Snitch is one of BharatX’s partners enabling BharatX’s white-labelled BNPL option on its checkout. BharatX will offer Pay-In-3 feature to Snitch buyers via a Shopify plug-in. The customers will only need to pay one-third of the total billing amount at the time of payment; the remaining amount can be paid over two months. The transactions will be carried out through a secure gateway and all communication will take place via WhatsApp only, without the need of visiting any other app. With this, BharatX is empowering customers with convenience, security and a smooth buying journey on Snitch’s platform. Looking ahead, BharatX plans to offer Pay-In-3 as a feature to the other e-commerce companies, D2C and Fintech Brands.

The BharatX “Pay-In-3” plug-in can be integrated in under five minutes. BharatX has one of the highest approval rates in the industry at up to 60%, a high approval rate means an increased access to credit for those who need it and deserve it the most. It is the start-up’s vision to democratise credit for the 250 million middle class Indians.

Speaking on the launch, Mehul Nath J, CEO and Co-founder, BharatX says, “We are delighted to announce our partnership with Snitch - a brand that is gaining immense popularity amongst the customers. For those wishing to purchase on Snitch, our “Pay-in-3” feature via the Shopify plug-in empowers them to fulfil their aspirations without having to worry about spending a lump sum amount at once. At BharatX, it is our aim to empower every citizen with the credit they need, and help them fulfil their desires. Our Pay-In-3 feature is making that possible; and will also be instrumental in driving more sales and enhancing the selling power for the other merchants listed on Shopify.

It is our aim to provide consumers of every large brand a premium experience like Snitch did. We are very excited to embark upon this new journey and look forward to bringing about a change with this partnership.”

Quote from Snitch’s Founding Team Member and CMO, Chetan Siyal

“The “Pay-In-3” feature provided by BharatX is a seamless way of providing our customers with a simple one-tap affordability solution. Customers can simply click on the “SnitchPay” option at the time of checkout, and without any additional documentation or formalities, they would be able access the credit feature. Buyers on Snitch will be empowered to shop for their favourite styles and apparels without paying the entire amount at once. With the ability to pay for purchases in three parts, the high approval rate by BharatX is such that even NTCs (new to credit consumers), and the overlooked yet creditworthy middle class would be able to avail this feature. The easy integration that BharatX provided was a cherry on the cake!”

BharatX provides a seamless integration of “credit-as-a-feature” into digital platforms; also called “Embedded Credit” which allows them to acquire users at much lower costs while also creating value for the platform they partner with by increasing conversion and retention. In order to complete adding the BharatX plugin to the Shopify platform the merchant needs to submit a few details about the business and in less than 5 minutes, the verification process would be complete.

About BharatX:

Founded in 2020 by Mehul Nath, Shyam Murugan, Eeshan Sharma, and Siddharth Venu, Bengaluru-based BharatX is a FinTech startup that enables Consumer facing platforms to offer Credit-as-a-Feature. BharatX operates its “Pay-in-3” in a white-labelled manner on other apps and websites. Customers can purchase multiple products and services within the partner network. Businesses can switch between different products based on their performance.BharatX offers plug-and-play credit products that can be integrated by brands, e-commerce stores, merchants and their own mobile apps. They also offer pay later for food delivery and payment apps, and postpaid features for ride-hailing apps.

India's First 100 Percent Carbon Neutral Hospital In Namma Bengaluru With An Investment Of Rs.1,200 Crores

* A 500 Bedded super specialty hospital by Ambica Medical Foundation and Research Center to come up in Bengaluru at a cost of Rs.1200 crores in association with Life Line Hospitals Group, Chennai

Shri. Rajkumar Ranjan Singh, Union Cabinet MoS, Ministry of Education & Ministry of External Affairs launched India’s first 100 percent carbon neutral hospital with a capacity of 500 beds developed by Ambica Medical Foundation and Research Center, the project will be executed by its parent company, Ambica Constructions and Contractors a Bangalore-based developer who will be   investing Rs. 1200 crores in the health care industry in association of Lifeline Hospitals Group, Chennai at a ground breaking ceremony at Kalyan Nagar, Bangalore.

Addressing the media Praveesh Kuzhipilly, CEO and Founder - Ambica Constructions and Contractors said during 1st phase of the project, land acquisition has been completed in Kalyan Nagar, Bangalore city for setting up a super speciality hospital that will have 500 beds and the facility will be a 100 percent carbon neutral hospital the first of its kind in India.  Another 50 acres of land already acquired at Kengeri for phase 2 of the above project.

"Lifeline Hospitals has been a top healthcare provider in South India and we are very happy to have associated with them on this project," Said Mr. Praveesh Kuzhapilly.

"Our mission is to set up a world-class facility that would be placed to provide ease of access and comprehensive care to everyone across this fast-growing city said Dr. J.S. Rajkumar, Chief Surgeon and MD of Lifeline Hospitals, Chennai.     

Medtronic Appoints Michael Blackwell As New VP Of Medtronic India

Medtronic plc (NYSE: MDT) recently announced the appointment of Michael Blackwell as Vice President of India Medtronic Pvt. Ltd., effective January 2023. In this role, he will be responsible for sales, marketing, and commercial operations of Medtronic’s India business. Michael will be appointed as the Managing Director of Medtronic India in due course.

Michael succeeds Madan Krishnan, who has been leading the dynamic India market and is now transitioning to a global role in the US as Vice President & CFO of Medtronic’s Medical Surgical portfolio. Over the past six years, Madan has led transformational growth initiatives for Medtronic in India and South Asia. He has advocated and supported nurturing a healthcare ecosystem where the government, healthcare community, corporates, academia, and industry associations work together to improve access to quality healthcare by introducing newer technologies, services, and solutions that ultimately lead to better patient outcomes. He was also the Chair of AdvaMed India.

Michael joined Medtronic in 2006 and has worked in various markets globally.   With a career spanning over 20 years in healthcare, he has worked across business groups of Medtronic that include Cardiovascular, Neuroscience, and Medical Surgical. In his last assignment with Medtronic, he led the Frontier Markets consisting of Indonesia, Philippines, Bangladesh, Sri Lanka, Guam, Brunei, Nepal, Maldives, Bhutan, Fiji, and New Papa Guinea.

“Michael is a seasoned executive and brings with him a diverse range of experiences across markets and therapies. He has a proven track record of driving growth spanning multiple geographies and varied market dynamics. We are confident that his insights, innovation driven mindset and strong leadership skills will help take our India business forward and strengthen Medtronic’s position as a leading healthcare technology company,” said Feng Dong, vice president, Asia Region-led Markets, Global Regions, Medtronic.

“I am excited for my new role and to be able to contribute to our mission of alleviating pain, restoring health and extending lives. Medtronic has been transforming healthcare in India for over 40 years through innovations and solutions that provide quality healthcare and improve patient outcomes.  I look forward to working with the teams and collaborating with our customers and partners to achieve greater milestones for India’s healthcare sector and better outcomes for the patients” said Michael Blackwell, vice president, Medtronic India.

Michael’s earlier assignments involved, leading the Cardiovascular group for Medtronic Canada. He has also had dual responsibilities in the United States, as the Vice President of Sales for the Advanced Surgical division, West Area and the National Hernia Lead within the Medical Surgical business group. Additional roles consisted of Director of Strategic Accounts along with multiple manager positions across Medtronic’s portfolios. 

Additionally, Michael has taken an active role in Medtronic’s Employee Resource Groups (ERG’s) to include: a leadership position in the African Descent Network (ADN), a liaison to the Asia Impact at Medtronic – Field Acceleration Resource group (AIM - FAR) and supports Accelerating and Advancing Sales Professionals through Innovation Results and Excellence (ASPIRE), a Medtronic ERG that is focused on the growth, development and success of women field employees.

Michael was born and raised in the Midwest, Topeka, Kansas (United States). He attended The American University located in Washington, DC.  Michael is passionate about travel, adventure, and the unknown. A lesser-known fact about him is that he carries Medtronic’s Hancock™ II bioprosthetic heart valve inside his chest since December 2016 through an open-heart surgery that saved his life.

Medtronic began its operations in India in the year 1979. India Medtronic Pvt. Ltd. is a wholly owned subsidiary of Medtronic Plc. It is headquartered in Mumbai.

About Medtronic

Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 90,000+ passionate people across 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for all. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE:MDT), visit www.Medtronic.com and follow @Medtronic on Twitter and LinkedIn.

Manipal Institute of Communication Celebrates Their 25th Anniversary

~ Over 3000 students added to the workforce since 1997~

Manipal Institute of Communication - MIC, Manipal, a constituent arm of Manipal Academy of Higher Education (MAHE), a premier institute in the field of communication is set to celebrate its silver anniversary. Founded in 1997, the institute has completed 25 glorious years as a part of MAHE, an institute of eminence.

Scheduled for the 28th of January 2023 on the lawns of the Hotel Fortune Valley View Inn, Manipal, the event will be inaugurated by Chief Guest Mr. Harish Bijoor, Brand Guru and Founder, Harish Bijoor Consults Inc. The event will be presided over by Dr. H.S. Ballal, Pro Chancellor, MAHE, Manipal and will be attended by a host of dignitaries such as Lt. Gen (Dr.) M D Venkatesh, Vice Chancellor, MAHE, Manipal; Dr. Ranjan R Pai, Chairman, MEMG, Bengaluru and Mrs. Vasanthi R Pai, Trustee, MAHE Trust, Manipal. 

Speaking about the event, Dr Padma Rani, Director, MIC, Manipal said, “With great pride, we are celebrating 25 years of glorious journey at MIC Manipal. Over the years, our primary goal has been to provide industry focused learning to student aspiring for a career in media and communications. With our multidisciplinary curriculum, MIC has played an instrumental role in creating a talented pipeline of skilled talent for the industry. In the coming years, we will be take further steps to augment our curriculum and strengthen our alumni network”.

Commemorating the Silver Anniversary event, MIC will be hosting its alumni meet as a part of the event, where the first ever batch of students will be felicitated. Additionally, the college plans to honour all its former directors for their contribution in nurturing MIC from its grassroots to a time where it currently stands to be one of the leading communication colleges in India. The event will also feature an address by the Chief Guest as well as Guest of Honour, Lt. Gen (Dr.) M D Venkatesh, Vice Chancellor, MAHE, Manipal. Following the address, the former faculty and staff will be recognised for their work during their time at MIC. The event will conclude with cultural programme and dinner.

About Manipal Academy of Higher Education: Manipal Academy of Higher Education (MAHE), Manipal an Institution of Eminence, Deemed to be University, is a self-financing Higher Educational institution which started its operations in 1953 by establishing the first self-financing medical college, KMC Manipal, as Public Private collaboration model. Over the years various institutions have been added and finally in 1993 June, these group of institutions have been declared as a Deemed to be University by the Govt. of India. The excellent track record in academics, infrastructure and research contributions and its standing in the national and international rankings, culminated in it being declared as an Institution of Eminence Deemed to be University (IoE) by the Ministry of Education, Govt. of India, in October 2020. Presently MAHE Manipal offers 300+ programmes in 30+ streams which includes undergraduate, postgraduate and doctoral levels at its four campuses in India and one overseas campus. It has about 35000 students on its rolls. MAHE Manipal, as an IoE, is committed to provide quality higher education at affordable cost and contribute in increasing the gross enrolment rate ratio in higher education.

WebXpress Launches ‘GREENXPRESS’ Converting Emissions Into Profits

* A Cloud based tool, for dashboards for real time control on carbon emissions

WebXpress., the Global Transportation & Logistics SaaS provider today, launched a new sustainable initiative – GREENXPRESS with the aim of leveraging technology to help companies accurately measure Greenhouse Gas (GHG) footprint and find opportunities to reduce and replace the same.

Transportation accounts for over 17% of GHG emissions in world, in which the logistics and supply chain sector alone accounts for over 80% of emissions. It is tough to strike a balance between growth of the company and GHG reduction in many industries such as construction, FMCG, steel, thermal power. WebXpress, being pioneers in supply chain SaaS , has pioneered the need to reduce emissions. Launch of GREENXPRESS is the result of its deep domain understanding and its intention to take a step towards sustainability and help have a reduced CO2 emission.

Securities and Exchange Board of India (SEBI) recently published detailed guidelines for compliance with Environment, Social and Governance (ESG) for Top 1000 companies of India. In line with this announcement, the brand also launched a BRSR tool to record and automate ESG data across departments and compliance sections of FedEx, Toll Logistics, Aditya Birla Fashion and Retail, Skechers, DTDC, Patanjali, Thermo Fisher among others. This tool will in turn help regulators and investors to check the performance of companies against ESG standards.

GREENEXPRESS focuses on technology that would share a real–time dashboard that helps brands Measure, Reduce and Replace CHG emissions in transportation and warehouse network operated by them and their partners. While reduction in carbon footprint helps Transporters and shippers both profit immensely, without tools such as GreenXpress attaining emission goals and profits cannot be monitored and measured.

Commenting on the launch of two groundbreaking tools, Mr. Apurva Mankad, CEO & Founder, WebXpress said, “India is on its way to become the largest consumer of fossil fuels by 2040. GreenXpress can be integrated with an ERP, Transportation or Warehouse software to accurately measure emissions and help taking better board room decisions that could help capacity optimisation and route planning. GreenXpress has also created Software Tools to record and automate ESG data across departments and compliance sections. This launch also ensures our commitment to net zero, while enabling real action towards a greener future.”

About WebXpress:

Founded in 2004, WebXpress is a Global Transportation and Logistics SaaS provider, headquartered in Mumbai. WebXpress serves over 100 leading supply chain companies and 10,000 users. It is a globally proven solution with deployment in 8 countries in SE Asia, Middle East, and Africa. WebXpress essentially has two lines of offerings - Transportation as a service and LogiCloud: Supply chain visibility platform. WebXpress is founded by Apurva Mankad, Founder & CEO. WebXpress is a cloud-native digital logistics platform. Some of their customers are leading names such as Linfox, Agility, Madura, Toll Logistics, Snowman, Future Supply Chains, DTDC, Coldex among others. To know more, visit webxpress.in