TVS Credit Services Registers Strong Growth In AUM Of 42% Versus Q1 Last Year And Adds 10 Lakh New Customers

TVS Credit Services Limited, one of India’s fastest growing NBFCs, published its unaudited financial results for Q1 FY24 ending on June 30, 2023.

As of June 30, 2023, the Company's Assets Under Management (AUM) amounted to Rs. 21,924 Crore, an increase of Rs. 6,528 Crore compared to June’22. This translates to a robust growth of 42% from Q1FY23. The Company’s Total Income increased by 56% year-on-year and stood at Rs. 1,353 Crore for Q1 FY24. The Net Profit After Tax also registered a very healthy growth of 41% year-on-year and amounted to Rs. 117 Crore in Q1 FY24.

In Q1 FY24, the Company's business witnessed substantial growth in loan disbursals across its product portfolio, attributed to vehicle and consumption-led credit demand. During this period, TVS Credit added nearly 10 Lakh new customers, bringing its total customer base to over 1.1 Crore as of date. Additionally, the Company expanded its Consumer Loans business by introducing it in the North and North-East regions of the country. This quarter, it also introduced digital Personal Loans, further strengthening its digital offerings.

TVS Credit remains committed to delivering an unparalleled customer experience by harnessing the power of technology and data analytics.

About TVS Credit Services Limited:

TVS Credit Services Limited is one of India’s fastest growing Non-Banking Financial Company registered with the RBI. With over 40,000 touchpoints across India, the Company aims to empower Indians to dream bigger and fulfil their aspirations. Being the number one financier for TVS Motor Company Limited and one of the leading tractor financiers, TVS Credit has a fast-growing footprint in Used Car Loans, Consumer Durable Loans, Used Commercial Vehicle Loans, and Unsecured Loans segment. Powered by robust new-age technologies and data analytics, the company has served over 1.1 Crore happy customers.

PNB Consolidated Unaudited Financial Results For Q1 FY2023-24 Ended June 30, 2023

The Board of Directors of PNB Housing Finance Limited today approved the Consolidated Unaudited Financial Results for the quarter ended 30th June 2023. The accounts have been subjected to a limited review by the Company’s Statutory Auditors in line with the regulatory guidelines. The financial numbers are based on IndAS

Key Highlights

·         The Company has successfully completed its Rights Issue of INR 2,493.76 Crore in May 2023. The issue was subscribed by around 1.21 times. The issue witnessed participation from all top 4 shareholders viz PNB, Carlyle, Ares SSG, General Atlantic and other large domestic and foreign institutional investors. The proceeds from Rights Issue are being utilized to fund strategic growth plans and capitalize on the available growth opportunities.

·         Retail Loan Asset grew by 11% YoY to INR 56,978 Crore as on 30th June 2023, which is 94% of Loan Asset

·         Loan Asset crossed INR 60,000 crore mark to INR 60,395 crore as on 30th June 2023 registering 5% growth YoY

·         Gross NPA declined by 259 bps to 3.76% as on 30th June 2023 as compared to 6.35% as on 30th June 2022

o    Retail GNPA declined by 124 bps to 2.49% as on 30th June 2023 as compared to 3.73% as on 30th June 2022

·         Affordable segment presence expanded to 88 branches & outreaches as on 30th June 2023

·         Capital Risk Adequacy Ratio stood at 29.93% as on 30th June 2023; Tier I at 28.15%

·         Care Ratings has upgraded the outlook on various financial facilities / instruments to ‘Positive’ from ‘Stable’ in Jun’23 and reaffirmed the rating at CARE AA.

·         Profit after Tax increased by 48% YoY and 24% QoQ to INR 347 crore.

·         Highest ever Return on Asset in a decade by the Company at 2.07% in Q1FY23 as compared to 1.61% in FY23

Financial performance (Q1 FY23-24 vs Q1 FY22-23 and Q4 FY22-23)

·         Net Interest Income improved by 70% YoY and 6% QoQ to INR 629 crore.

·         Operating expenditure increased by 26% YoY and 5% QoQ to INR 150 crore.

·         Pre provision Operating Profit improved by 41% YoY and 4% QoQ to INR 507 crore.

·         Yield at 10.59% in Q1 FY24 as compared to 8.63% in Q1 FY23 and 10.41% in Q4 FY23.

·         Spread on loans at 2.62% in Q1 FY24 as compared to 1.42% in Q1 FY23 and 2.65% in Q4 FY23.

·         Net Interest Margin stood at 3.86% and Gross Margin, net of acquisition cost, stood at 3.91% in Q1 FY24.

·         Credit Cost at 36bps in Q1 FY24 as compared to 31bps in Q1 FY23 and 89bps in Q4 FY23.

·         PBT improved by 44% YoY and 30% QoQ to INR 447 crore

Business Operations

·         The disbursements during Q1 FY24 grew by 7% YoY to INR 3,686 crore.

·         Retail disbursement grew by 8% YoY to INR 3,667 crore; 99% of total disbursements

·         Asset under Management (AUM) grew by 2% YoY to INR 67,340 crore as on 30th June 2023

·         The Loan Asset stood grew by 5% YoY and 2% QoQ to INR 60,395 crore as on 30th June 2023

·         Retail loans grew by 11% YoY and 3% QoQ to INR 56,978 crore as on 30th June 20239.

·         Corporate loans are at INR 3,416 crore as on 30th June 2023, reduced by 45% as compared to 30th June 2022.

Distribution and Service Network

·         The Company has 198 branches / outreach locations

o    Affordable business presence expanded to 88 branches/outreaches as on 30th June 2023

Asset Quality

·         Gross Non-Performing Assets is at 3.76% as on 30th June 2023 as compared to 6.35% as on 30th June 2022 and 3.83% as on 31st March 2023.

o    Retail GNPA is 2.49% as on 30th June 2023 as compared to 3.73% as on 30th June 2022 and 2.57% as on 31st March 2023.

o    Corporate GNPA is 24.99% as on 30th June 2023 as compared to 28.03% as on 30th June 2022 and 22.25% as on 31st March 2023. Increase in corporate GNPA from 31st March 2023 is on account of IndAS adjustment.

·         Net NPA stood at 2.59% as on 30th June 2023. NNPA in Retail segment is at 1.63% and in Corporate segment at 19.54%.

Capital to Risk Asset Ratio (CRAR)

·         With capital raise, the Company’s CRAR increased to 29.93% as on 30th June 2023 as compared to 23.91% as on 30th Jun 2022. As on 30th June 2023, Tier I capital was 28.15% and Tier II was 1.78%

Commenting on the performance Mr. Girish Kousgi, Managing Director & CEO said: “The first quarter of this financial year has kick-started on a positive note, as we have achieved growth across all key business and financial parameters. Owing to our ongoing efforts in the retail business, our Loan book crossed INR 60,000 crore mark. We have also witnessed improvement in asset quality, resulting in higher profitability. This quarter the Company's annualised ROA is at 2.07%, highest in a decade.

With a successful completion of the Rights Issue, we now possess adequate capital to fuel our growth. We are optimistic about the prevailing real estate demand, and with our focus on identified strategic objectives, we look forward to capitalizing on available market opportunities and accelerating our growth journey ahead.”

About PNB Housing Finance Limited

PNB Housing Finance Limited (NSE: PNBHOUSING, BSE: 540173) is promoted by Punjab National Bank and is a registered Housing Finance Company with National Housing Bank (NHB). The Company got listed on the Indian stock exchanges on 7th November 2016. The Company’s asset base comprises retail loans and corporate loans. The retail business focusses on organized mass housing segment financing for acquisition or construction of houses. In addition, it also provides loan against properties and loans for purchase & construction of non-residential premises. Corporate loans are mainly to developers for construction of residential / commercial properties, corporate term loans and lease rental discounting.

PNB Housing Finance is a deposit taking Housing Finance Company.

IDBI Bank Limited - Financial Results For The Quarter Ended June 30, 2023

* Net Profit at Rs 1,224 crore, registers strong growth of 62% YoY

* Operating profit at Rs 3,019 crore, YoY growth of 47%

* Net Interest Income at Rs 3,998 crore, YoY growth of 61%

* Net Advances at Rs 1,65,403 crore, YoY growth of 20%

IDBI Bank announced its quarterly results for Q1 FY24. The Net Profit stood at Rs 1,224 crore for Q1 FY24, registering a strong growth of 62% YoY. The operating profit stood at Rs 3,019 crore, with a YoY growth of 47%. NIM was recorded at 5.80%, with a YoY growth of 178 bps and the Net Interest Income stood at Rs 3,998 crore with a YoY growth of 61%. Cost of Deposit stood at 4.12%. CRAR stood at 20.33% with YoY growth of 76 bps. Return on Assets (ROA) was recorded at 1.49% (YoY growth of 46 bps) and Return on Equity (ROE) stood at 18.63% (YoY growth of 383 bps). Net NPA stood at 0.44% as against 1.26% as on June 30, 2022, down by 82 bps. Gross NPA at 5.05% as against 19.90% as on June 30, 2022, down by 1485 bps. PCR stood at 98.99% as against 97.78% as on June 30, 2022, up by 121 bps.

EDII And Research & Information System For Developing Countries Organises Y20 India Brainstorming Session

As part of its efforts to engage the youth and seek their active participation in India’s G20 presidency, the Entrepreneurship Development Institute of India (EDII), Ahmedabad in association with Research and Information System for Developing Countries (RIS) organised the Y20 India Brainstorming Session on Future of Work: Industry 4.0, Innovation, and 21st Century Skills.

The programme was organised to give youth a platform for meaningful discussions, knowledge-sharing, and advocacy on diversity and inclusion, thus sensitising them to the cause and empowering them with updated information and knowledge.

The inauguration of the programme took place in the presence of Chief Guest, Shri Hitesh Makwana, Mayor, Gandhinagar Municipal Corporation, Dr Pankaj Vashisht, Associate Professor, RIS and Dr Sunil Shukla, Director General, EDII.

The key agenda of the programme was to provide the youths a platform for discussions on various aspects related to the challenges that technology poses for the future of work in India and deliberate on the same, and strategise on the most effective use of cutting-edge technologies for development. A series of panel discussions were also organised as part of the event. The panel discussions and the brainstorming focused on the challenges and solutions of MSMEs in the backdrop of Industry 4.0. The panellists and the audience engaged in deliberating upon the futuristic skills required to cope with the challenges. 

Shri Hitesh Makwana, Hon’ble Mayor, in his address said, “I beckon the youth to play a significant role in the sphere of development.  They must come up with thoughts, plans, and strategies that help build a rewarding structure and system. I urge the youth to fix a goal and carve a path towards it in a responsible way. Time is an essential factor and I advise youth to respect time, be resilient and pursue their goals with all devotion.”

Highlighting the significant role that youths could play, Dr Pankaj Vashisht said, “This year focus has been given on the role of various engagement groups in the G20 Summit.  Y20 is one of the engagement groups which provides a platform for youth to voice their opinions and brainstorm ideas on the future of work. I want the youths to step forth, discuss their aspirations, and inhibitions, prioritise innovation and the hard work required to pursue dreams.”

Addressing the audience, Dr Sunil Shukla said, “We must encourage abilities and capacities in our youth, and involve them in development. EDII is privileged to be a part of the process where youths are guided towards entrepreneurship, ensuring balanced growth. The younger generation has to be introduced to this field of entrepreneurship, more so, because they have a strong affinity with innovation and technology, which are ultimately the foundation of development, startups and businesses.”

About Entrepreneurship Development Institute of India (EDII)

The Entrepreneurship Development Institute of India (EDII), Ahmedabad was set up in 1983 as an autonomous and not-for-profit Institute with support of apex financial institutions - the IDBI Bank Ltd., IFCI Ltd., ICICI Bank Ltd. and State Bank of India (SBI). The Government of Gujarat pledged twenty-three acres of land on which stands the majestic and sprawling EDII Campus.  EDII has been recognized as the CENTRE OF EXCELLENCE by the Ministry of Skill Development and Entrepreneurship, Govt. of India. The Institute has also been listed as the Institute of National Importance by the Education Department, Govt. of Gujarat. For more information visit: www.ediindia.org

GreenCell Mobility Secures INR 3,000 Crores Debt Funding From REC For “Sustainable Transportation Services”

GreenCell Mobility, a leading pan-India shared electric mobility player, proudly announces the signing of a momentous Memorandum of Understanding (MOU) with REC Limited, a prestigious Maharatna Central Public-sector enterprise. The recently signed MOU solidifies a substantial financial commitment of INR 3,000 crores from Rural Electrification Corporation (REC) Limited towards bolstering GreenCell Mobility's mission to revolutionize sustainable transportation in India. 

GreenCell Mobility has received unequivocal support from REC, which has agreed to extend crucial financial assistance in the form of debt funding to support the company’s ambitious projects. The allocated INR 3,000 crores will be dedicated to fund the acquisition of 3,000 e-buses and supporting alternative fuel technology buses projects, battery energy storage initiatives, and establishing a robust charging infrastructure network. 

As part of the agreement, GreenCell Mobility along with its subsidiaries, or ventures that work in the business of electric mass mobility as a service, will be eligible to avail financial assistance from REC for their related activities during the next five years, up to March 2028. 

REC Limited, is known for providing financial assistance for new Power Generating Stations based on conventional and renewable energy sources, as well as new technology projects such as Battery Energy Storage Systems, e-Buses including Hydrogen buses, e-Vehicles, Green Hydrogen/Ammonia, Hydrogen Fuel Cells storage, and more. REC’s assistance recognizes the potential of GreenCell Mobility's innovative ventures in the field of electric mass mobility. 

Mr. Devndra Chawla, MD & CEO of GreenCell Mobility said, "We are extremely delighted to join forces with REC Limited. This MOU signifies a momentous achievement in our quest to provide India with sustainable and environmentally friendly transportation solutions. With REC Limited's financial backing, our vision of revolutionizing urban mobility, minimizing carbon emissions, and improving the well-being of our communities comes one step closer to reality. We pledge to conscientiously and efficiently employ these funds to build a greener, cleaner, and more interconnected future." 

The MOU shall remain effective not only for the ongoing projects involving electric buses, alternative fuel technology buses, battery energy storage, and charging infrastructure networks but also for any future projects undertaken by GreenCell Mobility. 

This partnership between GreenCell Mobility and REC Limited stands as a testament to their shared dedication to sustainable development, clean energy solutions, and a greener India. As the world moves towards a more eco-conscious future, GreenCell Mobility continues to play a pivotal role in driving change and shaping a cleaner, more sustainable tomorrow. 

About GreenCell Mobility Pvt. Ltd 

GreenCell Mobility has been promoted by Eversource Capital, India’s leading climate impact investor. Eversource Capital is an equal joint venture between Everstone Group (www.everstonegroup.com), one of Asia’s premier investment manager with assets in excess of US$7 billion across private equity, sustainability and climate impact, logistics, digital and venture capital; and Lightsource bp, a global leader in development and management of solar energy projects. 

Eversource manages India's largest climate impact fund with anchor investments from India's National Investment & Infrastructure Fund and UK Government’s Foreign, Commonwealth & Development Office (FCDO). 

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  

Valtech Expands Operations In India With The Introduction Of Valtech Mobility

* The decision to bring Valtech Mobility into the fold aligns with the company's global expansion strategy, underscoring its commitment to growth and establishing a strong presence in diverse markets

India: Valtech, a global business transformation agency, today announced the expansion of its operations in India by introducing Valtech Mobility, a leading provider of mobility and automotive solutions.

Poised to drive innovation in connected car technologies, Valtech's Automotive Mobility Center of Excellence (CoE) in Pune, India will bring expertise in connected vehicles, shared mobility, electrification, and data monetization to the regional and global customers. It will assist automotive companies in navigating the ever-evolving mobility landscape, delivering mobility solutions and services to some of the world's best automotive brands.

Peter Ivanov, Managing Director, Strategic Business Unit – Valtech Mobility, said: "Valtech Mobility CoE in Pune is dedicated to delivering seamless solutions that bridge the experience gap between customer expectations and the current reality. Our ability to offer a true 360° experience, both in-car and out-of-car, gives us a unique position in the market. While we have industry-renowned experience within mobility, we can also tap into and bring together experiences from other sectors, such as retail and luxury. This makes us the ideal bridge between our mobility clients, technology partners, and big tech."

Andreas Peters, Managing Director of Valtech Mobility, added: "Valtech Mobility aims to support automotive market growth in India and drive innovation in mobility through our global network and supplier collaborations. India plays a crucial role in Valtech's global expansion in the automotive and mobility sector. Backed by our unmatched connected car experience covering over 30 million cars worldwide, our goal is to assist automakers of the world as they offer superior experiences to millions of drivers. Our investment in India demonstrates our commitment to the local market to deliver top-notch solutions for our automotive and mobility customers. Together, we’ll redefine the future of mobility in India."

Shiv Kumar, Managing Director of Valtech India, commented: "Valtech's success in India, with established offices in Gurugram and Bengaluru, now extends to Pune with Valtech Mobility. Leveraging Pune's automotive hub, we aim to scale our team with 300 engineers in the next 2-3 years. We’ll continue to foster close collaborations with our clients as we drive innovation right from the design and development phase."

About Valtech:  

Valtech is a global business transformation agency that delivers innovation with purpose. We enable our clients to anticipate tomorrow's trends and connect more directly with consumers in their digital and physical spaces, optimising time to market and return on investment. 

Valtech is the preferred strategic business transformation partner for many of the world's best-known brands, including?Dolby,?L'Oréal,?Philips,?P&G,?Toyota,?Volkswagen, and many others. 

Established in 1993, we currently employ more than 6,000 professionals, including experienced designers, marketers, data scientists, creatives, and software engineers across five continents, with more than 60 offices in over 20 countries.. 

With strong experience in design, technology and marketing, our passion is to address our clients' transformational business challenges. We reimagine the customer journey and build new connected experiences, put data to work for businesses in this new era, and help our clients transform their operations. 

Our services include strategic consulting, service design, technology services and optimisation of essential digital platforms for omni-channel marketing and merchandising.

About Valtech Mobility:

Valtech Mobility is a joint venture between Valtech Group and VW Group, focused on business transformation powered by digital innovation. As a global company, Valtech Mobility combines experience design, business consulting, technology engineering, and marketing execution to deliver innovative solutions for the automotive and mobility industry. With a robust global network and expertise in connected vehicles, shared mobility, electrification, and data monetization, Valtech Mobility is at the forefront of shaping the future of mobility. Valtech Mobility's joint venture with the Volkswagen Group has positioned the company as a prominent player in the connected car space. Through their combined efforts, Valtech Mobility is dedicated to accelerating the development and deployment of cutting-edge solutions that enhance the overall mobility experience for customers worldwide. Valtech Mobility works with the world's leading automotive brands, such as Toyota, BMW, Audi, Volvo, Ford, Bentley, Polaris, Porsche, and Lamborghini.

Vi Enables Access To Over 10,000 International Job Opportunities For The Bharat Youth

* Job openings in the field of Manufacturing, Sales, Business Development, Customer Support, Logistics across countries such as UAE, Japan, Australia, Canada amongst others.

* Candidates with educational qualification including Graduate degree, ITI certification, or a Specialized Diploma can aim to get overseas employment

In line with its endeavor to help Bharat’s aspiring and ambitious youth move ahead in life for a better tomorrow, India’s leading telecom operator, Vi in partnership with Apna, India’s largest job search platform, is offering access to over 10,000 international job opportunities for its customers exclusively on Vi Jobs & Education platform on Vi App.

Vi users can now apply for lucrative international job openings in the field of Manufacturing, Sales, Business Development, Customer Support, Logistics etc. across countries such as United Arab Emirates (UAE), Japan, Malaysia, Russia, Germany, South Africa, Australia, Canada, and United Kingdom (UK).

Candidates applying for these opportunities are required to have an educational qualification of a Graduate degree, ITI certification, or a Specialized Diploma. Additionally, candidates must possess the relevant skill set and a prior work experience in the same field within the Indian job market.

The unique proposition from Vi and Apna is in line with the Govt’s vision to make India the skill capital of the world taking advantage of the demographic dividend. Several countries prefer Indian talent as the Indian youth are considered to have problem-solving mindset, are digitally literate, have the ability to adapt to new technologies, and an innate commitment to hard work.

Vi International Jobs opening is available for all Vi customers at no cost. Users can access Vi Jobs platform on the Vi App through this link: https://bit.ly/3RgRrQj.

About Vodafone Idea Limited:

Vodafone Idea Limited is an Aditya Birla Group and Vodafone Group partnership. It is amongst India’s leading telecom service provider. The company provides pan India Voice and Data services across 2G, 3G and 4G platforms. Company holds large spectrum portfolio including mid band 5G spectrum in 17 circles and mmWave 5G spectrum in 16 circles. To support the growing demand for data and voice, the company is committed to deliver delightful customer experiences and contribute towards creating a truly ‘Digital India’ by enabling millions of citizens to connect and build a better tomorrow. The company is developing infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings, conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence. The company’s equity share are listed on National Stock Exchange (NSE) and the BSE in India.

The company offers products and services to its customers in India under the TM Brand name “Vi”. 

For more information, visit: www.MyVi.in