BenQ Launches 4LED 4K Smart Projector W4000i To Deliver Immersive, Theatre-Like Movie Experience At Home

BenQ, a leading provider of advanced display technology solutions, is launching the W4000i 4LED 4K Home Cinema Projector, an innovation in home entertainment. This projector is designed to provide unprecedented levels of cinematic quality in various at-home settings. It features BenQ's proprietary 100% DCI-P3 CinematicColor and HDR-PRO technologies, ensuring true 4K image quality with precise HDR color accuracy. The W4000i offers greater detail in both bright and dark scenes, creating an unparalleled 4K HDR enjoyment experience. Additionally, it comes equipped with Android TV which is Google certified. The projector is preinstalled with popular streaming services such as Netflix and Amazon Prime and grants full access to the Google Play Store.

The W4000i projector delivers a luxurious true 4K HDR experience, thanks to its utilization of CinematicColor Technology. This technology enables the projector to achieve a super-wide 100% DCI-P3 color space and contrast quality, ensuring exceptional color accuracy. With over 8.3 million razor-sharp pixels, this projector creates unforgettable viewing experiences that leave a strong impression on audiences. Its 4LED 4K Ultra HD resolution and advanced HDR capabilities redefine the possibilities of home entertainment.

Speaking on the occasion, Mr. Rajeev Singh, Managing Director, BenQ India & South Asia, said, “We are thrilled to introduce the W4000i projector, a true game-changer in home cinema technology. At BenQ, we are committed to pushing the boundaries of visual display solutions, and the W4000i is a testament to our unwavering dedication to providing our customers with the best possible experiences. Our team has worked tirelessly to create a product that not only meets but exceeds the expectations of our discerning customers. With the W4000i projector, we aim to redefine home entertainment and bring the magic of the big screen directly to our customers' living rooms. We are confident that this latest addition to our product line will be a game-changer in the industry.”

Key Highlights -

Remarkable Brightness and Wide Color Range: The W4000i delivers vibrant visuals with its impressive 3200 ANSI lumens brightness and 100% DCI-P3 color coverage, ensuring accurate and vibrant colors in any lighting condition.

Exceptional Resolution: The W4000i's True 4K resolution presents movies with exceptional clarity, capturing every subtle detail for an immersive viewing experience.

Efficient LED Light Source: The W4000i utilizes an efficient 4LED light source (RGBB), providing faster start-up times, longer lifespan, and reduced maintenance compared to traditional lamps. The Smart Eco mode adjusts brightness intelligently, saving energy and extending the LED life up to 30,000 hours.

HDR-PRO with HDR10+ for Perfect Details in Dark and Bright Areas: BenQ's HDR-PRO technology with Local Contrast Enhancer enhances dynamic contrast in HDR10+ and HLG modes, delivering lifelike colors and exceptional detail in both bright and dark areas. The W4000i projector fulfils all resolution, color gamut, and dynamic range requirements, ensuring spectacular 4K HDR experiences with cinematic color accuracy and incredible detail reproduction.

Cinematic Modes and Color Temperature Tuning: The W4000i offers customizable picture modes like Filmmaker Mode and Cinema Mode, providing accurate colors and an authentic movie-going experience. BenQ's color temperature tuning with 11 white balance controls further enhances visual accuracy and elevates the overall viewing experience.

PRICE AND AVAILABILITY –

MRP – INR 4,00,000

Offline Channels – All leading Retail Home AV BenQ SI Partners .

About BenQ Corporation:

Founded on the corporate vision of “Bringing Enjoyment ‘N’ Quality to Life”, BenQ Corporation is a world-leading human technology and solutions provider aiming to elevate and enrich every aspect of consumers’ lives. To realize this vision, the company focuses on the aspects that matter most to people today – lifestyle, business, healthcare, and education – with the hope of providing people with the means to live better, increase efficiency, feel healthier and enhance learning. Such means include a delightful broad portfolio of people-driven products and embedded technologies spanning digital projectors, monitors, interactive large-format displays, and lighting solutions. Because it matters.  

About BenQ Group:

The BenQ Group is a $25+ billion powerhouse comprised of nearly 20 independent companies operating in over 30 countries across numerous industries with a combined workforce of over 100,000 employees.  Each Group member is a recognized leader in its own field, contributing to the BenQ Group’s vast resources, broad R&D, and distinct strategic strengths.  By leveraging each company’s vertical specialization to create true scale across horizontal markets, the BenQ Group controls a highly efficient value chain with the unrivaled ability to deliver critical components and world-class solutions in the following industries: TFT-LCD, green energy, fine chemicals, and advanced materials, lighting, IC design, precision components, system integration, branded business, and service.  The Group is committed to profitable and sustainable businesses that share its long-standing vision of Bringing Enjoyment ‘N’ Quality to Life.

The BenQ Group companies are BenQ Corporation, AU Optronics Corporation (world’s top manufacturer of large-size TFT-LCD panels), Qisda Corporation, Darfon Electronics Corporation, BenQ ESCO Corp., BenQ Materials Corp., BenQ Guru Corp., BenQ Medical Center, BenQ Medical Technology Corp., BenQ AB DentCare Corp., BriView Co., Ltd., Daxin Materials Corp., Dazzo Technology Corp., Forhouse Corp., Lextar Electronics Corp., LILY Medical Corp., and Raydium Semiconductor Corp.

Shoppers Stop Reports Highest Q1 Revenue Of Rs 1241 Cr And EBITDA Of Rs 58 Cr In Q1FY24

Highlights

Reports PBT of Rs.19 Cr in Q1 FY24; PAT at Rs 13 Cr 

Brands premiumization across categories resulted into strong Average Transaction Value growth of 8% 

 Capex investment of Rs 43 Cr   

Added 1 HomeStop and 6 Beauty stores 

5 Department stores under fit-out 

Renovated 3 Department and 1 HomeStop Stores 

Shoppers Stop launched “Fashion For All” format under the brand “Intune”, which is 100% private brand. Opened 3 stores-2 at Hyderabad and 1 at Dombivali (Mumbai), 3 stores under fit out 

Beauty remained fastest growing segment recording sales of Rs 216 Cr, +13% YoY 

 Shoppers Stop Ltd. one of India’s leading premier fashion and beauty brands, has declared its results for the quarter ended 30th June 2023, for the fiscal year 2023-24.  

 Management Comments: 

Mr. Venu Nair, MD & CEO at Shoppers Stop, commented on the Q1 FY24 results, “Retail Sector is moving towards normalcy, with Beauty & non-apparel categories seeing strong growth. However, Apparel segment is witnessing moderation, and the operating environment remains challenging. In this context we have delivered a resilient and competitive performance. Our business model and its strategic pillars are driving sustainable growth. As a result, our revenue for Q1FY24 has grown by 4% compared with Q1FY23. We continue to revamp our older stores to upgrade their look and feel, offering fashionable brands for all age groups and customers. Our strategy of democratization of beauty for all segments of customers has driven growth. The 3P customer centric strategy about personalization, premiumization and private label has, resulted in Increased Average Transaction Value (ATV) Average Selling Price (ASP) by 8% and 5%. 

“On the overall store expansion strategy, Shoppers Stop will open 12 new Department stores in 7 new cities by the end of FY24, apart from 15 Beauty stores. Recently, we launched “Intune” a “Fashion For All” format, again one of the strategic initiatives to cater to the Young Families. We launched 3 stores, 2 at Hyderabad and 1 at Dombivli (Mumbai) and another 3 stores are under fit out.” 

“Our customer engagement strategy through various offline and online activations like beauty makeovers, End of Season Sale (EOSS) witnessed a rebound of customers footfalls to our stores resulting in higher traction. For a more personalized experiences through AI, we have introduced ‘Virtual Try On and Skin Analyzer’ at SSBeauty stores for virtual try on make-up experience.”     

Performance of strategic pillars in Q1FY24: 

First Citizen Loyalty Customers continue to choose us as their preferred brand of choice for their fashion and beauty needs. First Citizen base expanded to 9.2Mn loyal customers and contributed to 80% of offline sales and 42% of online sales. For our premium Black card members, the Average Transaction Value (ATV) was 2X and members spend was 4X of the First Citizen. We received 2X campaign response from our 450+ customer engagement activities with an increased ATV +26%.  

Private Brands – Private Brands Sales gave a contribution of 14% to the Sales and 21% on apparel. Indian wear category outperformed with “HAUTE CURRY” grew by 42% and “KASHISH” grew by 14%. Smart Casual wear for men under the brand “FRATINI” grew by 39%.  

Beauty – Beauty at Rs.216 Crs, grew by 13% contributing 16.4%. The strong customer engagement with 160K makeovers resulted into higher engagement and conversion. We have launched 23 new brands under the beauty category such as Kilian Paris, Lancôme, Olaplex, Farmacy etc. We introduced “Virtual Try On and Skin Analyzer” at SS Beauty store for virtual try on make-up experience, one of the unique propositions from Shoppers Stop to its customers. 

Store Expansion – We launched 1 HomeStop and 6 Beauty Stores in this quarter. We have 5 Department stores under fit-out and schedule to open this quarter. We renovated 3 departmental and 1 Homestop during the quarter. We also launched 3 Intune stores – 2 at Hyderabad and 1 at Dombivali (Mumbai) in this quarter. Our Capex investments were at Rs.43 Crs.  

Outlook 

In the near-term, Retail Industry will continue to witness rebalancing of price-volume growth equation and a gradual recovery in consumer demand. In this environment we will continue to provide superior value to our consumers and invest behind our Stores/Brands. We remain focused on driving our long-term strategic priorities including expansion into newer markets and building distinctive capabilities for the future.  

IBM Report: Average Cost Of A Data Breach In India Touched INR 179 Million In 2023

* In the country, organizations with extensive use of security AI and automation helped cut data breach costs by INR 95 million and reduce breach lifecycles by 153 days

IBM (NYSE: IBM) Security today released its annual Cost of a Data Breach Report,[1] showing the average cost of a data breach in India reached INR 179 million in 2023 – an all-time high for the report and almost a 28% increase since 2020. Detection and escalation costs jumped 45% over this same time frame, representing the highest portion of breach costs, and indicating a shift towards more complex breach investigations.

At nearly 22%, the most common attack type in India was phishing, followed by stolen or compromised credentials (16%). Social engineering was the costliest root cause of breaches at INR 191 million, followed by malicious insider threats, which amounted to approximately INR 188 million.

According to the 2023 IBM report, globally businesses are divided in how they plan to handle the increasing cost and frequency of data breaches. The report found that while 95% of organizations studied globally have experienced more than one breach, these breached organizations were more likely to pass incident costs onto consumers (57%) than to increase security investments (51%).

“With cyberattacks growing in pace and cost in India, businesses must invest in modern security strategies and solutions to stay resilient. The report shows that security AI and automation had the biggest impact on keeping breach costs down and cutting time off the investigation - and yet a majority of organizations in India still haven’t deployed these technologies. It’s clear that there is still considerable opportunity for businesses to boost detection and response speeds and help stop the ongoing trend of growing breach costs,” said Viswanath Ramaswamy, Vice President, Technology, IBM India & South Asia.

Breaching data across environments

In India, 28% of data breaches studied resulted in the loss of data spanning multiple types of environments (i.e., public cloud, private cloud, on-prem) – indicating that attackers were able to compromise multiple environments while avoiding detection. When breached data was stored across multiple environments, it also had the highest associated breach costs (INR 188 million) and took the longest to identify and contain (327 days).

Need for AI and automation to pick up speed in India

AI and automation had the biggest impact on the speed of breach identification and containment for studied organizations. In India, companies with extensive use of AI and automation experienced a data breach lifecycle that was 153 days shorter compared to studied organizations that have not deployed these technologies (225 days versus 378 days). In fact, studied organizations that deployed security AI and automation extensively saw nearly INR 95 million lower data breach costs than organizations that didn’t deploy these technologies – the biggest cost saver identified in the report. In this context, it is important to note that 80% of studied organizations in India have limited (37%) or no use (43%) of AI and automation.

Additional Sources

To download a copy of the 2023 Cost of a Data Breach Report,  visit: https://www.ibm.com/security/data-breach.

About IBM Security

IBM Security helps secure the world's largest enterprises and governments with an integrated portfolio of security products and services, infused with dynamic AI and automation capabilities. The portfolio, supported by world-renowned IBM Security X-Force® research, enables organizations to predict threats, protect data as it moves, and respond with speed and precision without holding back business innovation. IBM is trusted by thousands of organizations as their partner to assess, strategize, implement, and manage security transformations. IBM operates one of the world's broadest security research, development, and delivery organizations, monitors 150 billion+ security events per day in more than 130 countries, and has been granted more than 10,000 security patents worldwide.

Airtel Business becomes India’s First Enterprise To Power Over 20 Million Connected Devices

* Consolidates its leadership in cellular IoT deployment

Bharti Airtel (“Airtel”), one of India’s leading telecommunications service providers, today, announced that Airtel Business, its B2B division, has achieved yet another industry milestone by becoming the first ICT service provider in the country to connect over 20 million devices through its IoT solutions.

Airtel IoT enables enterprises across industries such as automobile, energy, utilities, logistics, financial services, manufacturing and many more with a secure and dedicated private network for the safe transmission of all customer data across connected devices. Some of the key wins for Airtel IoT deployment in the recent times include - a partnership with Secure Meters for the deployment of 1.3 million smart meters in Bihar on NB-IoT, a partnership with TP Western Odisha Distribution Limited (TPWODL) - a joint venture between Government of Odisha and Tata Power for the deployment of 200,000 Smart Meters in Odisha and a partnership with Matter Motor Works to power 300,000 bikes through cellular IoT.

Ganesh Lakshminarayanan – CEO, Airtel Business (India) said, “IoT is a key pillar in India’s digital growth journey and, as a brand powering this journey with our future-ready technology solutions for connected devices, we are delighted to achieve this significant milestone of 20 million connected devices on our platform. With efficient and cost-effective automated IoT solutions, we are at the forefront of empowering enterprises to extend their reach to the remotest parts of the country on our secure platform as they scale their businesses. We will continue to partner with enterprises to enable their digital transformation journey with our innovative IoT solutions”.

Powered with an extensive suite of innovative solutions such as asset tracking, vehicle telematics, industrial asset monitoring, smart metering, amongst many others, Airtel Business’s integrated IoT platform offers customized solutions for each unique IoT requirement of enterprises across 5G, 4G, NB-IoT, 2G and satellite.

The future-ready, scalable and secure Airtel IoT platform also offers enterprises the capability to seamlessly manage all their connected devices through a user-friendly connectivity management portal ? Airtel IoT Hub. The portal also offers advanced analytics tools like diagnostics, live session checks and real-time data-usage monitoring amongst many others. For more details on Airtel IoT, click here.

Airtel Business is now the number one B2B brand in India and has been growing year on year. It was the first to deploy a private 5G network for enterprises in India. In addition to Cellular IoT, the company also ranks amongst the top providers of Connectivity, CPaaS and data centres in India. It has an unmatched data centre footprint across the length and breadth of the country with 12 large data centres and 120+ edge data centres. With a wide gamut of end-to-end solutions spanning cloud, data centre services, cyber security, Ad Tech and cloud-based communications along with IoT, the company’s offerings are engineered to deliver high-speed connectivity, unparalleled wide coverage and scalable bandwidth to customers across enterprises, governments, carriers and small and medium businesses (SMBs).

Airtel Business has a strong global presence across the US, Europe, Africa, Middle East, Asia-Pacific and SAARC, among other locations. Its strategically located submarine cables and satellite network of over 400,000 R kms cover 50 countries across five continents. For more details, visit https://www.airtel.in/business/

About Airtel:

Headquartered in India, Airtel is a global communications solutions provider with over 500 million. customers in 17 countries across South Asia and Africa. The company ranks among the top three mobile operators globally and its networks cover over two billion people. Airtel is India’s largest integrated communications solutions provider and the second-largest mobile operator in Africa. Airtel’s retail portfolio includes high-speed 4G/5G mobile broadband, Airtel Xstream Fiber that promises speeds up to 1 Gbps with convergence across linear and on-demand entertainment, streaming services spanning music and video, digital payments and financial services. For enterprise customers, Airtel offers a gamut of solutions that includes secure connectivity, cloud and data centre services, cyber security, IoT, Ad Tech and cloud-based communication. For more details visit  www.airtel.com/

BPCL Unveils MAK ADJOL Banana: A Groundbreaking Adjuvant Enhancing Fungicide Efficacy In Banana Cultivation At Theni, TN

Bharat Petroleum Corporation Ltd., a leading provider in the energy sector, through their MAK Lubricants division introduced a revolutionary product in Agri Spray segment with the launch of MAK ADJOL Banana, an adjuvant for the fungicides used in Banana cultivation, in association in National Research Centre for Banana (NRCB).

The launch programme, held at Theni on 22 July, 2023, was graced by Mr. P. Sudhahar, Executive Director (Lubes), Mr. Debashis Ganguli, Chief General Manager P&AD (Lubes), Mr. S. Kannan, Head (Lubes), South and Mr. Thangavelu, Principal Scientist, NRCB, in presence of a large gathering of Farmers and business partners.

Mr. P. Sudhahar, welcoming the dignitaries, thanked NRCB for supporting in trials of the product and helping in creating this product exclusively for Banana Farmers. He re-iterated BPCL’s commitment to the nation-building exercise whichever segment it may be. He also informed the participants about the recent launch of another similar product MAK ADJOL Tea for tea plantation.

Mr. Debashis Ganguli explained the benefits of the product asked the participants to make best use of it.

Speaking on the occasion Mr. Thangavelu highlighted the issues faced by Banana farmers, particularly leaf-spot disease that has the potential to destroy the crop causing severe hardships to all the stake holders involved. He appreciated BPCL’s efforts to collaborate with NRCB in finding a permanent solution to the problem. The product was tried out at various places with different climatic conditions before according the NRCB’s recommendations.

MAK ADJOL Banana can be mixed with water in the ratio of 1:100 along with the recommended dosage of fungicides. The adjuvant improves penetration thru waxy cuticles, increases wetting & spreading of droplets, and reduces evaporation rates, thus drastically improving the efficacy of the fungicides used. It is bio-degradable, environmental friendly, non-phytotoxic and fully safe to use.

About Bharat Petroleum Corporation Ltd. (BPCL):

Fortune Global 500 Company, Bharat Petroleum is the second largest Indian Oil Marketing Company and one of the premier integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the elite club of companies having greater operational & financial autonomy.

Bharat Petroleum’s Refineries at Mumbai, Kochi and Bina Refinery have a combined refining capacity of around 35.3 MMTPA. Its marketing infrastructure includes a network of installations, depots, energy stations, aviation service stations and LPG distributors. Its distribution network comprises over 21,000 Energy Stations, over 6,200 LPG distributorships, 525 Lubes distributorships, 123 POL storage locations, 53 LPG Bottling Plants, 70 Aviation Service Stations, 4 Lube blending plants and 4 cross-country pipelines.

Bharat Petroleum is integrating its strategy, investments, environmental and social ambitions to move towards a sustainable planet. The company has chalked out the plan to offer electric vehicle charging stations at around 7000 energy stations over next 5 years.

With a focus on sustainable solutions, the company is developing a vibrant ecosystem and a road-map to become a Net Zero Energy Company by 2040, in Scope 1 and Scope 2 emissions.  Bharat Petroleum has been partnering communities by supporting innumerable initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With ‘Energising Lives’ as its core purpose, Bharat Petroleum’s vision is to be the most admired global energy company leveraging talent, innovation & technology.

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.