Kotak Mahindra Bank Announces Positive Results In Q1, 2023

Kotak Mahindra Bank Standalone PAT For Q1FY24 Rs 3,452 crore, up 67% YoY

* Consolidated PAT for Q1FY24 Rs 4,150 crore, up 51% YoY

The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter ended June 30, 2023, at the Board meeting held in Mumbai,

Kotak Mahindra Bank standalone results

The Bank’s PAT for Q1FY24 stood at Rs 3,452 crore, up 67% YoY from Rs 2,071 crore in Q1FY23.

Net Interest Income (NII) for Q1FY24 increased to Rs 6,234 crore, from Rs 4,697 crore in Q1FY23, up 33% YoY. Net Interest Margin (NIM) was 5.57% for Q1FY24.

Fees and services for Q1FY24 increased to Rs 1,827 crore from Rs 1,528 crore in Q1FY23, up 20% YoY.

Operating profit for Q1FY24 was Rs 4,950 crore, up 78% YoY (Q1FY23: Rs 2,783 crore).

Customers as at June 30, 2023 were 43.5 mn (34.5 mn as at June 30, 2022).

Advances (incl. IBPC & BRDS) increased 19% YoY to ? 3,37, 031 crore as at June 30, 2023 from ? 282,665 crore as at June 30, 2022. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 18% YoY to Rs 3,62,204 crore as at June 30, 2023 from Rs 3,06,123 crore as at June 30, 2022.

Unsecured retail advances (incl. Retail Micro Finance) as a % of net advances stood at 10.7% as at June 30, 2023. (7.9% as at June 30, 2022).

CASA ratio as at June 30, 2023 stood at 49.0%.

Average Current deposits grew to ? 59,431 crore for Q1FY24 compared to ? 55,081 crore for Q1FY23 up 8%. Average Savings deposits stood at ? 119,817 crore as at June 30, 2023 (Rs 121,521 crore as at June 30, 2022). Average Term deposit up 40% from Rs 130,035 crore for Q1FY23 to Rs 182,047 crore for Q1FY24.

ActivMoney was launched in Q1FY24 and TD sweep balance grew 24% QoQ (non-annualised) to Rs 28,990 crore.

As at June 30, 2023, GNPA was 1.77% & NNPA was 0.40% (GNPA was 2.24% & NNPA was 0.62% at June 30, 2022). The provision coverage ratio stood at 78.0%.

Capital Adequacy Ratio of the Bank, as at June 30, 2023 was 22.0% and CET I ratio of 20.9% (including unaudited profits).

Consolidated results at a glance

Consolidated PAT for Q1FY24 was Rs 4,150 crore, up 51% YoY from Rs 2,755 crore in Q1FY23.

At the consolidated level, the Return on Assets (ROA) for Q1FY24 (annualized) was 2.63% (2.04% for Q1FY23). Return on Equity (ROE) for Q1FY24 (annualized) was 14.62% (11.22% for Q1FY23).

Consolidated Capital Adequacy Ratio as per Basel III as at June 30, 2023 was 23.3% and CET I ratio was 22.3% (including unaudited profits).

Consolidated Capital and Reserves & Surplus as at June 30, 2023 was Rs 1,16,500 crore (Rs 1,00,078 crore as at June 30, 2022). The Book Value per Share was Rs 584.

Consolidated Customer Assets which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes grew by 19% YoY from Rs 3,39,606 crore as at June 30, 2022 to Rs 4,05,775 crore as at June 30, 2023.

Total assets managed / advised by the Group as at June 30, 2023 were Rs 4,66,878 crore up 23% YoY over Rs 3,78,474 crore as at June 30, 2022. The Alternate Assets’ AUM (includes undrawn commitments, wherever applicable) increased by 90% YoY to ? 46,443 crore as at June 30, 2023.

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 (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 30th June, 2023, Kotak Mahindra Bank Ltd has a national footprint of 1,788 branches and 3,047 ATMs, and branches in GIFT City and DIFC (Dubai).

For more information, please visit the Company’s website at https://www.kotak.com

CLASP Collaborates With EESL At The 14th Clean Energy Ministerial To Accelerate India's Net Zero Transition

CLASP and Energy Efficiency Services Limited (EESL) signed a Memorandum of Understanding (MoU) at a side-event on "Accelerating India's Net Zero Transition through Energy Efficiency, Sustainable Cooling & Mobility" at the 14th Clean Energy Ministerial (CEM14) to support EESL's 10 million Energy-Efficient Fans programme, which will help support India's transition to Net Zero Carbon Emissions. The event was attended by members of the Ministry of Power, Bureau of Energy Efficiency, State ministers from Andhra Pradesh and Orissa among others.

CEM14 brings together energy ministers, business leaders, policymakers, and experts from around the world to collaborate and take collective action through energy efficiency measures across sectors. During the event, Vishal Kapoor, CEO - EESL unveiled EESL's 10 million Energy-Efficient Fan programme, which aims to transform India’s market towards energy-efficient ceiling fans. By raising the efficiency levels of the entire stock of residential ceiling fans, India could save 15% of its residential power consumption annually.

Under the partnership agreement, CLASP will support ceiling fans market transformation programme with technical assistance and capacity building to EESL on Quality Assurance and Quality Control (QAQC).

Vishal Kapoor, Chief Executive Officer, EESL, said, “These partnerships and collaborations reinforce EESL's commitment to driving energy efficiency and sustainability in various sectors. By pooling our expertise and resources with experts, we will accelerate the pace of India's transition towards clean energy solutions. EESL remains dedicated to promoting a clean, sustainable, and inclusive energy future, while addressing the challenges and opportunities associated with energy efficiency.”

Bishal Thapa, Senior Director, CLASP, said, “A programme of this scale and nature is a true representation of the collaboration needed to keep our planet cool amid rising temperatures. CLASP applauds EESL’s efforts in bringing together several organizations, who will bring their shared expertise to work towards a single goal of enabling efficient cooling in India.”

AU Bank Delivers Strong Operating Performance - Net Profit Grows By 44% YoY to Rs 387 Crore

Highlights

Bank acquired 3.75 lakh customers in Q1’FY24 of which 45% was via digital products and channels   

Total Credit cards reached 6.1 Lacs whereas deposits sourced via Video Banking crosses Rs 1,300 Crore  

Pre-provisioning Operating profit up 39% YoY to Rs 546 Crore; Net interest income up by 28% to Rs  1,246 Crore and Net Interest Margin at 5.7% 

Gross advances up by 29% YoY to Rs 63,635 Crore 

Total deposits up by 27% YoY to Rs 69,315 Crore; CASA ratio stands at 35% while CASA+ Retail Term Deposit stood at 68% 

Total Capital Adequacy Ratio was 21.5% and Tier-1 ratio was 19.9%, excluding profits for the quarter 

GNPA% at 1.76% decreased by 20 basis points YoY, NNPA% at 0.55%  

Provision coverage ratio stands at 73%; Bank is carrying additional provisions of Rs 128 Crore against contingency and against standard restructured assets 

Opened 11 new physical touchpoints taking total touchpoints to 1,038 across 21 states and 3 UTs 

The Board of Directors of AU Small Finance Bank Limited at its meeting approved the financial results for the quarter ended June 30, 2023.  

Executive Summary 

Q1’FY24 saw gradual improvement in inflationary pressures amidst resilient macro-economic indicators. While domestic liquidity saw marginal improvement, the interest rates continued to remain elevated. Against this backdrop, Bank delivered consistent performance across business parameters leading to a steady start for the financial year 2023-24. Despite Q1 being a seasonally weak quarter for banking, the Bank saw growth across its assets and deposits with profitability growing by 44% on a YoY basis supported by a strong NII growth of 28% YoY.   

Bank launched several products during the quarter – most notable was ‘AU IVY’, an-invite only premium banking program for our HNI customers, offering an integrated wealth management journey that is completely paperless and signatureless. Additionally, we launched RuPay Business Credit cards for our MSME customers and also went live with Corporate Salary account opening journey on our video banking. 

Performance at a glance:  

Profitability  

The Bank’s pre-provisioning operating profit (PPoP) for Q1’FY24 grew 39% YoY to Rs 546 Crore compared to Rs 394 Crore in Q1’FY23. The net profit at Rs 387 Crore in Q1’FY24 grew 44% YoY compared to Rs 268 Crore in Q1’FY23 

The Bank’s Net Interest Income (NII) grew 28% YoY to Rs 1,246 Crore compared to Rs 976 Crore during Q1’FY23.  

Net Interest Margin (NIM) for Q1’FY24 stood at 5.7% compared to 5.9% in Q1’FY23  

The Return on Asset (ROA) and Return on Equity (ROE) stood at 1.7% and 13.8% respectively even as we continue to invest significantly in people, digital, branding, products and distribution to build a future ready bank 

Deposits  

The total deposits grew 27% YoY to Rs 69,315 Crore compared to Rs 54,631 Crore in Q1’FY23 

The current account deposits increased by 47% YoY in Q1’FY24 whereas savings account deposits saw an increase of 11% YoY   

The Bank had a Liquidity Coverage Ratio (LCR) of 151% as on March 31, 2023, and thus the focus in Q1’FY24 was to consume this excess liquidity instead of growing high-cost deposits. Accordingly, in June’23, the Bank reduced its peak deposit rates by 25 basis points across savings and retail term deposits. The retail term deposits saw a growth of 8% on QoQ basis 

Advances  

The Bank’s Gross advances grew by 29% YoY to Rs 63,635 Crore in Q1’FY24 compared to  Rs 49,349 Crore in Q1’FY23 

Of the total advances, Vehicle Loan contributes 33% and Secured Business Loans (SBL), Home Loan as well as Commercial Banking Loans contribute 30%, 7% and 21% respectively 

Asset Quality  

Bank’s asset quality improved on YoY basis with GNPA at 1.76% in Q1’FY24 vs 1.96% in Q1’FY23. On a QoQ basis, GNPA increased 10bps from 1.66% as on Q4’FY23.  

The QoQ growth in GNPA is seasonal in nature with Q1 being a sluggish quarter historically 

Net NPA stood at 0.55% of the Net advances in Q1’FY24 vs 0.56% in Q1’FY23 

Provision coverage ratio remain at 73% including technical write off and floating provision 

Payments and Digital  

Credit Card:  

Crossed a milestone of 6 Lac+ live credit cards  

Monthly spend now at Rs 1,250 Crore in June 2023   

Out of the total live credit cards, 69% cards have been issued to New to Bank (NTB) customers  

Video Banking :  

Total deposits of customers onboarded via video banking channel stands atRs 1,310 Crore+  

82K service and engagement video calls received in Q1’FY24 

Facilitated in opening 3.5 Lac+ CASA account and 1.7 Lac+ credit cards, since the launch  

AU 0101:   

Share of digital transaction by our CASA customers increased to 99% in Q1’FY24 from 98% in Q1’FY23. The consistently improving digital adoption has helped improve the Monthly Active Users (MAU) on our AU 0101 digital banking app 

The customer base using our digital properties like AU 0101 increased to 21.6 Lac in Q1’FY24 from 11.9 Lac in Q1’FY23. Of these, 12.2 Lac customers have been availing services actively on monthly basis 

AU UPI QR :  

1 Mn+ UPI QRs installed till Q1’FY24 

Over Rs 250 Crore worth of loans disbursed to the merchants using AU UPI QR by monitoring the transactions on the platform. Average ticket size of this loan has been ~? 2 Lacs 

Network  

Keeping in line with our strategy to grow our distribution network, we have added 11 touchpoints and branches during the quarter and for the full year, Bank plans to open 50+ branches and touchpoints additionally 

We are now present in 21 states and 3 UTs with 1,038 physical touchpoints 

Credit Rating  

CRISIL AA+/Stable for Fixed deposit program   

CRISIL AA/Stable for Tier 2 Bonds  

CRISIL A1+ for certificate of deposit program  

Commenting on the performance, Mr. Sanjay Agarwal, MD & CEO, AU Small Finance Bank said, “The first quarter of FY24 saw improved macro environment with moderating inflation, narrowing current account deficit and rising foreign exchange reserves. The rural economy also continued to recover and the monsoon is likely to support the credit demand in rural and semi-urban areas. I am quite optimistic about the Indian economy and the banking sector looks poised for sustained period of growth.  

Amidst this macro backdrop, AU SFB delivered another quarter of consistent performance across parameters with sustainable growth in our assets, deposits and profitability despite some impact on our margins due to deposit repricing and negative carry from excess liquidity buffers. The strong performance in this quarter is a testimony to our highly competent and empowered team and our business model which allows us to capture customer imagination, which in turn allows us to service our customers in an innovative manner. 

Like every other quarter, we have continued to strive to improve the digital adoption by our customers and 45% of our new customer acquisition has been via digital products and channels like ‘AU 0101', which is among the top-rated banking apps in the country.  

Going forward, we will continue to focus on sustainable growth, aiming to improve our balance sheet size while penetrating deeper into rural India, where a significant unbanked population resides.” 

About AU Small Finance Bank:  

AU Small Finance Bank Limited (AU Bank) is a scheduled commercial bank, a Fortune India 500 Company and the largest Small Finance Bank in the country. Starting its journey from the hinterlands of Rajasthan, today AU SFB is the largest Small Finance Bank with a deep understanding of the rural and semi-urban markets that has enabled it build robust business model facilitating inclusive growth. With 28 years legacy of being a retail focused and customer-centric institution, AU started its banking operations in April 2017 and as on 30th June 2023, it has established operations across 1,038 banking touchpoints while serving 41.3 Lac+ customers in 21 States & 3 Union Territories with an employee base of 28,446 employees. The Bank has a net worth of Rs 11,379 Crore, deposit base of Rs 69,315 Crore, Gross Advance of Rs 63,635 Crore and a Balance sheet size of Rs 91,583 Crore. AU Bank enjoys the trust of marquee investors and is listed at both the leading stock exchanges viz. NSE and BSE. It has consistently maintained high external credit Rating from all major rating agencies like CRISIL, CARE Ratings and India Ratings. 

“Embrace Your Potential As Leaders:” Air Chief Marshal At Centenary Investiture Ceremony Of The Hyderabad Public School, Begumpet

* Applauds the school for cultivating effective leaders. 

* Congratulates the school for creating a legacy that extends far beyond itself. 

The Hyderabad Public School organized its traditional annual Investiture Ceremony to recognize and honor its outstanding student leaders. The Investiture Ceremony holds great significance as it instills a sense of leadership and accountability among the student body. The event was graced by Chief Guest- Air Chief Marshal VR Chaudhari PVSM AVSM VM ADC, his gracious lady, Mrs. Neetha Chaudhari, Mr. R Raghuram Reddy Vice Chairman of HPS Board of Governors, President of HPS Society Mr. Gusti Noria, British Deputy High Commissioner Mr. Gareth Wynn Owen and a distinguished HPS alumnus, Lord Karan Bilimoria, Member of the House of Lords, as the Guest of Honour.  

During the ceremony, the school bestowed various leadership positions upon deserving students, including the Student Council, House Captains, Prefects, and other important roles. These positions empower students to lead by example, represent their peers, and contribute positively to the school community. The Chief Guest inspected student troops of 152 NCC Cadets from the Army, Navy, Air Force & Girls wings before walking through a corridor of the Prefects troop and the Color Party. The audience watched in admiration.  

The Investiture Ceremony at The Hyderabad Public School goes beyond the mere conferring of titles; it is an opportunity to inspire and nurture the future leaders of society. The head boy, head girl, shared their experiences and gratitude to the teachers, parents, and management. The ceremony served as an occasion to acknowledge and appreciate the achievements, talents, contributions, and commitment of the students to the school, thus motivating them to continue to excel and raise the bar for themselves. 

Wishing students, the best for their leadership journey, Lord Bilimoria said, “As an alumnus of this esteemed institution, I learned that true leadership lies in empowering others, inspiring collective action, and striving for positive change. It is our duty to lead with integrity, empathy, and a vision that transcends individual ambitions. Guided by the values instilled within us during our time at this remarkable school you can shape a brighter and more inclusive society wherever you go.” 

Addressing the students, the Air Chief Marshal said, “The world needs leaders who are compassionate, ethical, and visionary. Leadership is a journey of continuous learning and growth. Never stop seeking knowledge, developing new skills, and refining your leadership abilities.” 

"Our Investiture Ceremony is a celebration of leadership, character, and the limitless potential of our students. This ceremony encourages and empowers the students to continue making a positive impact within our school and beyond. We are privileged to have Air Chief Marshal and Lord Karan Bilimoria as the guests for our Investiture Ceremony. Their remarkable achievements and commitment to leadership align perfectly with the values we strive to instill in our students. We believe that their presence will inspire them to reach for the skies.” said Dr. Skand Bali, Principal of The Hyderabad Public School. 

The values of integrity, discipline, empathy, and leadership are woven into the fabric of the school's culture. As HPS commemorated its hundred-year-old empyreal heritage, it reaffirmed its commitment to nurturing young minds, imbuing strong values, and fostering leadership qualities. The investiture ceremony was also marked by the launch of the leadership program LEADER that serves as a reminder of the school's mission of paving the way for future leaders. 

About HPS 

Established 100 years ago, The Hyderabad Public School, also known as HPS, has the distinction of being one of the oldest educational institution systems nurturing leaders of tomorrow. The HPS way makes learning the focus instead of teaching, helping it to stay in tune with changing times and delivering top-notch education to its students. What sets HPS apart is its ability to provide an ecosystem for all-round development, incorporating learning methodologies that rely on self-discovery, encourage curiosity, and develop value-based leadership and management skills of the students. With a 120-acre campus, state-of-the-art labs, naturally ventilated classrooms, unparalleled sports infrastructure, residential facilities, and best-in-class faculty students, both day and boarding, have access to the best of facilities and teaching staff. Interestingly, Shaheen - the majestic Eagle - is the mascot of the school and is a reflection of the institute’s philosophy to always conduct oneself with dignity and respect and yet soar above the rest.  

HPS’ alumni base boasts of successful and well-known CXOs who run global corporations or are influencers in their fields. In 2019, the Harvard Business Review placed three of its alumni among the “Top 10” best-performing CEOs globally. These include Satya Nadella, Shantanu Narayan and Ajay Pal Banga. The HBR rating is a testimony to HPS having found the secret sauce to creating leaders of tomorrow. Significantly, Mr. Banga was recently nominated for the post of President of the World Bank by the US President Joseph R. Biden.    

In 2023, HPS is proudly celebrating its centenary completion, and is gearing up to achieve its vision of becoming one of the top schools globally by 2050. 

About HPS Centenary Celebrations: The Centenary Celebrations, which began in January 2023, comprise a year-long series of events for students, staff, parents, and the alumni. 

Photo Caption: Chief Guest Air Chief Marshal VR Chaudhari, Guest of Honor Lord Karan Bilimoria, President of HPSS Mr. Gusti Noria and Principal Dr. Skand Bali pose with the prefectorial board of The Hyderabad Public School during the Centenary Investiture Ceremony

Monsoon Skincare Secrets: 5 Essential Tips For Sensitive Skin

The monsoon season poses unique challenges for every skin type including oily , dry, and combination skin.  The rainy season makes your skin more sensitive than usual, and it’s mainly due to the increased humidity and environmental factors that lead to irritation, breakouts, and imbalances in people of all skin types. However, establishing a proper skincare routine can assist you overcome these barriers and maintain a healthy, radiant complexion. Get ready to embrace the rains as Cetaphil Skincare Experts reveals the secrets to perfect, glowing skin. This carefully curated guide will empower you to navigate this season with confidence:

Embrace Gentle Cleansing for Sensitive Skin

Start your monsoon skincare routine with gentle cleansing to remove excess oil, dirt, and pollutants that accumulate on the surface of your skin. Opt for the Cetaphil Gentle Skin Cleanser, specially designed for sensitive skin. This clinically proven creamy formula effectively removes impurities without stripping away essential moisture. With its science-backed blend of niacinamide, panthenol, and hydrating glycerin, this cleanser improves the resilience of sensitive skin[i]

Lightweight Moisturization and Hydration

Hydration is crucial to maintain the health of sensitive skin even during the monsoon! To avoid clogged pores and breakouts, look for lightweight, oil-free moisturizers that provide the perfect balance of hydration or opt for moisturizers that contain ingredients like hyaluronic acid or glycerin, which attract and lock in moisture. Pro tip: Apply your moisturizer while your skin is slightly damp for enhanced absorption and a refreshed feel throughout the day

Sun Protection, Rain or Shine

Don't be fooled by cloudy skies—harmful UV rays can still reach your sensitive skin. Shield yourself from UV radiation by using a broad-spectrum sunscreen with a high SPF, preferably 30 or above. Look for sunscreens specifically formulated for sensitive skin and free of harsh chemicals like oxybenzone and parabens. Remember to reapply sunscreen every two to three hours, especially if you're spending time outdoors

Combat Excess Oil with Toning

Humidity during the monsoon can make your skin more prone to skin issues. To combat excess oil, incorporating a gentle toner into your skincare routine is advisable. Seek toners that contain natural ingredients like witch hazel or tea tree oil, known for their sebum-balancing properties and inflammation reduction. Use the toner after cleansing and before applying moisturizer to maintain a balanced and shine-free complexion. Avoid toners containing alcohol, as they can further irritate sensitive skin

Unleash the Power of Hydration Boosters

Revitalize and hydrate your sensitive skin during the monsoon with the power of hydration boosters. Look for products enriched with potent hydrating ingredients like hyaluronic acid, ceramides, or vitamin E. These ingredients work wonders by replenishing moisture levels, strengthening the skin's barrier function, and promoting a plump and supple complexion. Consider including a hydrating serum or extract in your skincare routine to boost moisture and give your face that desirable glow. Embrace the unique benefits of hydration boosters and let your skin thrive even on the most humid monsoon days

Bid farewell to the challenges of the monsoon season and embrace a skincare routine that caters to your sensitive skin. By implementing these five essential skincare tips, you can maintain a healthy and glowing complexion even in the face of increased humidity and dampness. Remember, everyone’s skin is unique, so it's important to listen to your skin and adjust your skincare routine accordingly.

Dalmia Bharat Limited Reported Its Consolidated Financial Results For The Quarter Ending June 30, 2023

Q1’FY24 Highlights 

Volume increased 12.4% YoY to 7.0 MnT  

Revenue increased 9.8% YoY to Rs. 3,624 Cr  

EBITDA/T stood at Rs. 872/T 

Installed capacity increased to 41.7 MnTPA  

One of Lowest Carbon footprint in global cement world at 462 kgCO2/Ton of Cement 

Renewable Energy capacity increased to 170 MW 

Net Debt/EBITDA stood at 0.52x 

Dalmia Bharat Limited, (BSE: 542216, NSE: DALBHARAT), a leading cement manufacturing company, reported its consolidated financial results for the quarter ending June 30, 2023. 

Commenting on the quarter gone by, Mr. Puneet Dalmia, Managing Director & CEO – Dalmia Bharat Limited, said, “We are in midst of a strong demand environment on the back of a sustained push by the Government on infrastructure and a robust real estate cycle already kicking in. Though we have strong conviction in our ability to outperform the industry, this quarter has been a disappointment as against our expectations. Having said so, we remain focused on seizing the emerging demand opportunities, sustaining our position as a cost leader and delivering sustainable return to our stakeholders.” 

Mr. Mahendra Singhi, Managing Director and CEO – Dalmia Cement (Bharat) Limited said, “During the quarter gone by, we delivered a 12%YoY growth in cement volumes and witnessed further softening of fuel prices. Given the promising outlook for cement demand, expectation of stable cement prices during rest of the year and softening in commodity costs, we anticipate a gradual improvement in profitability.” 

2.      Progress on Capacity Expansion 

Commenced commercial production at Bokaro Cement Manufacturing Works, Jharkhand (2.5 MnT). 

Completed debottlenecking at Midnapore, West Bengal (0.6 MnT). Total Plant capacity increased to 4.6 MnT.  

Commenced Trial Run of Greenfield Split Grinding Unit at Sattur, Tamil Nadu (2.0 MnT). 

Key Recognitions during Q1’FY24 

Won CII ITC Sustainability Awards for Excellence in CSR at a corporate level 

Our MD and CEO, Mr Puneet Dalmia won the Best CEO award from Business Today under the Cement category 

Won multiple awards by the following three units at cemWHR Conclave: 

Dalmiapuram - Cement Project of the Year 

Kalyanpur - Innovation for Sustainability  

Meghalaya - Cement Plant of the Year and Innovation for sustainability 

Won 14th CIDC Vishwakarma Awards for Safe Execution of Projects in the Achievement Award for Construction Health, Safety & Environment Category 

Awarded under ISCM 5th India Logistics & Warehousing Excellence Awards 2023 

Won Green Champion Award 2022 for environmental improvement initiatives 

Ranked among the top 3 Most Sustainable Companies in Infrastructure and Engineering Sector and 23rd rank in top 50 Most Sustainable Companies (Overall) at the Sustainable World Conclave 2023.  

About Dalmia Bharat: 

Founded in 1939, Dalmia Bharat Limited (DBL) (BSE/NSE Symbol: DALBHARAT) is one of India’s pioneering cement companies headquartered in New Delhi. With a growing capacity, currently pegged at 41.7 MnT, Dalmia Bharat Limited is the fourth-largest cement manufacturing company in India by installed capacity. Spread across 10 states and 14 manufacturing units, the Company is a category leader in super-specialty cement used for oil well, railway sleepers and airstrips and is the country’s largest producer of Portland Slag Cement (PSC).  Dalmia Cement (Bharat) Limited, a subsidiary of Dalmia Bharat Limited, prides itself at having one of the lowest carbon footprint in the cement world globally. It is the first cement company to commit to RE100, EP100 & EV100 (first triple joiner) – showing real business leadership in the clean energy transition by taking a joined-up approach. Visit us at https://www.dalmiacement.com/.  

Union Bank of India Announces Robust Financial Results For Quarter Ended June 30, 2023

The Board of Directors of Union Bank of India approved the accounts of the Bank for the Quarter ended June 30, 2023. 

Key Highlights in Q1FY24 

1.    Strong Financial Performance:  

Net Profit of the Bank increased by 107.67% on YoY basis during Q1FY24. Net interest income of Bank grew by 16.59% on YoY basis during Q1FY24. 

2.    Bank continues to demonstrate a strong Liability franchise:  

The CASA deposits have increased by 7.17% YoY. Bank now have a total deposits base of Rs.11,28,052 Crores as on June 30, 2023. 

3.    Business Growth gaining momentum: 

Total Business of the Bank increased by 13.08 % YoY, wherein Gross Advances increased by 12.33 % YoY & Total Deposit grew by 13.63% YoY. Bank have a total Business of   Rs.19,46,509 Crores as on June 30, 2023. 

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

RAM Segment of the bank increased by 14.92 % YoY, where 16.47 % growth in Retail, 13.37% growth in Agriculture and 14.88 % growth in MSME advances is achieved on YoY basis. RAM advances as a per cent of Domestic Advances stood at 55.92%. 

5.    Reduction in NPA:  

Gross NPA (%) reduced by 288 bps on YoY basis to 7.34% and Net NPA (%) reduced by 173 bps on YoY basis to 1.58% as on 30.06.2023. 

6.    Strong capital ratios: 

CRAR improved from 14.42 % as on 30.06.2022 to 15.95 % as on 30.06.2023. CET1 ratio improved to 12.34 % as on 30.06.2023 from 10.68% as on 30.06.2022. 

7. Cost efficiency and improved return: 

Due to reduction in Cost to Income & Credit Cost ratios, Bank’s Return on Assets &  Return on Equity improved to 1% and 18.97% respectively.