Just Dial's Remarkable Q2 FY24 Performance: Operating Revenue Soars 27% To Rs 260.6 Crore

-        Net profit for the quarter also saw a substantial boost, reaching Rs 71.8 Crore, representing a 37.5% YoY increase

-        2.2 million new businesses added during the quarter

Just Dial Limited, India's no.1 Hyper-local business search engine, has once again demonstrated its exceptional growth trajectory in the second quarter of fiscal year 2024, ending on September 30, 2023. With a record operating revenue of Rs  260.6 Crore, a staggering 27.0% increase year-on-year (YoY), the company continues to strengthen its position in the Indian market.

Despite market fluctuations and post-COVID economic challenges, Just Dial has bounced back strongly and its revenue chart has shown continued resilience and adaptability in a dynamic business environment.

Net profit for the quarter also saw a substantial boost, reaching Rs 71.8 Crore, representing a 37.5% YoY increase. This financial achievement underscores Just Dial's ability to grow its revenue and enhance its profitability, making it an attractive proposition for investors and stakeholders. In addition, the company's efforts at improving efficiency and controlling costs helped it achieve EBITDA margins of 18.7%, up from 8.3% in the same period last year.

The database of active listings on Just Dial continues to expand, with a total of 40.2 million listings as of September 30, 2023. This signifies an 18.6% YoY increase, and 2.2 million new businesses were added during the quarter, highlighting the growing interest from businesses in being a part of the Just Dial platform.

Commenting on the milestone, Shwetank Dixit, Chief Growth Officer, Just Dial, said, “Just Dial's remarkable growth story is a testament to our commitment to delivering quality services to users while creating value for the vendors. It's a story that extends beyond numbers; it's a testament to the company's unwavering commitment to its mission and resilience in the ever-evolving landscape of local search, digital marketing, and the B2B space.”

Just Dial's commitment to being a user-friendly platform and providing accurate information has not only attracted businesses but also fostered high user engagement. The platform boasts an impressive 145.8 million ratings & reviews, reflecting the trust and reliability it has established among both businesses and end users.

In the ever-evolving landscape of local search and digital marketing, Just Dial has set itself apart as a pioneer. The company's ability to connect businesses with their target audience and offer effective digital marketing solutions has been a driving force behind its consistent growth. With a user traffic of 171.7 million, a 9.7% y-o-y growth, Just Dial provides a powerful platform for businesses to reach their customers in a digitally connected world.

About Just Dial Limited

Just Dial Limited provides local search related services to users in India through multiple platforms such as Desktop/PC website (https://www.Just Dial.com), mobile site (https://t.Just Dial.com), mobile apps (Android & iOS), over the telephone (Voice, pan India number 88888-88888) and text (SMS). Just Dial’s latest version of JD App, is an All-in-One App, replete with features like Map-aided Search, Live TV, Videos, Stock quotes, etc. to make the life of the consumer infinitely smoother & more engaging.

The Company has recently launched its B2B marketplace platform, JD Mart. JD Mart platform, available at https://www.jdmart.com and via apps on Play Store and App Store, is aimed at enabling millions of India’s manufacturers, distributors, wholesalers, retailers to become internet-ready in post-COVID era, get new customers and sell their products online. The platform offers digital product catalogues to businesses and aims at digitalising India’s businesses, especially MSMEs, across categories. Buyers can discover quality vendors offering a wide selection of products to choose from, spread across millions of categories to suit all B2B needs.

Just Dial has also initiated transaction-oriented services for its users. These services aim at making several day-to-day tasks conveniently actionable and accessible to users from one App. With this step, Just Dial is transitioning from being purely a provider of local search and related information to being a direct/ indirect enabler of such transactions. Just Dial has also recently launched an end-to-end business management solution for SMEs, through which it intends to transition thousands of SMEs to efficiently run business online and have their adequate online presence via their own website, mobile site. Apart from this, Just Dial has also launched JD Pay, a unique solution for quick digital payments for its users and vendors.

Arvind SmartSpaces Adds New High-Rise Project In Bengaluru With Top-Line Potential Of Rs. 400 Cr

* The project is spread across 4.3 acre and has a saleable area of 4.6 lakh sq. ft. 

Arvind SmartSpaces Limited (ASL), one of India’s leading real estate development companies, part of the Lalbhai group, today announced that it has signed a new residential apartment project in Bengaluru, with a total estimated saleable area of ~4.6 lakh sq. ft. and a top-line potential of ~Rs. 400 Cr. This project is located in Bannerghatta Road, Bengaluru. The project is acquired on an outright basis under the HDFC Platform 2.  

Bannerghatta is the fastest growing residential micro market located in the southern part of Bengaluru on SH87. It has excellent connectivity to the Bannerghatta Main Road, IT/ITES belt in Electronic City and hosts numerous IT companies and Tech Parks. The site is in close proximity to extremely well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity.  In addition, it is located close to picturesque hotspots MM Hills, The Bannerghatta National Park, St. Marks Cathedral, the Pearl Valley, ISKON Temple, Meenakshi Mall etc.  

Commenting on this development, Mr. Kamal Singal, Managing Director and CEO, Arvind SmartSpaces said, “Our diversification initiatives addressing both horizontal and vertical developments across Bengaluru and Ahmedabad are progressing well. We are happy to add this high-rise project to our portfolio and this will deepen our presence in a key micro market in Bengaluru. Bannerghatta Road is a well-established micro-market and this acquisition will further expand the company's presence in South Bengaluru. 

With this acquisition, the cumulative new business development topline potential stands at more than ~Rs. 2,800 Cr for the current year to date.  The buoyancy in the real estate market is extremely strong and we are well on track to conclude our ongoing business plan of Rs. 1000 Cr fresh investment to create a record year in terms of new project additions both from a value and volume perspective.” 

Kotak Mahindra Bank To Appoint International Banker, Ashok Vaswani As MD & CEO

Kotak Mahindra Bank (‘Kotak’ or ‘the Bank’) has announced that the Reserve Bank of India (RBI) has approved the appointment of Ashok Vaswani as the Bank’s next Managing Director & Chief Executive Officer (MD & CEO). This is for a period of three years from date of taking charge which shall not be later than January 1, 2024. The appointment is subject to shareholders’ approval.

Ashok has a proven track record spanning three and a half decades, initially at Citigroup and more recently, at Barclays, of building and growing global businesses at scale, nurturing winning teams, establishing transformational partnerships, leveraging forward leaning technology, with a compelling business vision to deliver strong bottom-line growth. He brings with him significant executional experience with high degree of compliance and industrial strength across Corporate and Consumer businesses.

Prakash Apte, Chairman of Kotak Mahindra Bank said, “We are pleased to announce that RBI has approved the appointment of Ashok Vaswani as the next MD & CEO of Kotak Mahindra Bank. Ashok is a global banking leader with a proven track record of building and growing businesses at an international scale and has successfully steered organisations to greater heights. We are confident that Ashok will accelerate change and drive growth at Kotak.”

Dipak Gupta, Managing Director & CEO, Kotak Mahindra Bank said “We welcome Ashok to the Kotak family. Ashok brings with him values and experience that align with Kotak’s vision to transform into a tech-enabled, customer centric financial institution for the future. “

Uday Kotak, Founder and Director, Kotak Mahindra Bank said “I am delighted that the RBI has approved our recommendation, Ashok Vaswani, as the next MD & CEO of Kotak Mahindra Bank. Ashok is a world class leader and banker with digital and customer focus. I am proud that we bring a “Global Indian” home to build Kotak and India of tomorrow.”

Ashok Vaswani said, “I thank the Board for entrusting me with the responsibility of leading Kotak Mahindra Bank’s journey to the next phase of growth. I am excited and honoured to carry forward the legacy of Uday who has built this world-class institution. With our proven leadership team we will take the Bank to new heights.  We will ensure that Kotak Mahindra Bank plays a meaningful role in India’s journey to being one of the top 3 economies in the world in the next 5 years, delivering shareholder value.  At a personal level, l am delighted to come back home.”

Ashok was Chief Executive Officer of Barclays Bank, UK and subsequently CEO of their Global Consumer, Private, Corporate and Payments businesses and Member of the Group Executive Committee. Earlier, Ashok was CEO Citigroup Asia Pacific and Member of the Citigroup Global Operating & Management Committees. He also built and ran various country and regional businesses across geographies. Currently, he is President of Pagaya Technologies Ltd - a US-Israeli  AI Fintech.  Ashok is also on the Board of the London Stock Exchange Group, the SP Jain Institute of Global Management, UK and supports various philanthropic organisations, including Pratham, and Lend-A-Hand.

Ashok is a Bachelor of Commerce, Economics and Accountancy, from the Sydenham College of Commerce and Economics (Bombay University), CA from the Institute of Chartered Accountants of India, CS from the Institute of Company Secretaries of India and Executive Education from the Stanford University Graduate School of Business.

About Kotak Mahindra Bank Limited

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 September 2023, Kotak Mahindra Bank Ltd has a national footprint of 1,850 branches and 3,170 ATMs, and branches in GIFT City and DIFC (Dubai).

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

Blue Dart’s Announces “Diwali Express”: Offers Discounts On Domestic & International Shipments

* Offer valid from till 19th November 2023 

 Blue Dart Express Limited, the leading express air transportation, integrated logistics, and distribution company in South Asia, is delighted to announce its “Diwali Express” promotion, adding a touch of radiance to this festival. This special offer is valid till 19th November 2023, providing customers with discounted rates on all Diwali gift shipments, whether destined for domestic or international locations.  

During this period, customers can enjoy substantial discounts of a flat 40%* on domestic shipments for DP Duts weighing 2 to 10 kgs, and up to 50%* on international non-document shipments weighing 3 kgs, 5 kgs, 10 kgs, 15 kgs, 20 kgs, and 25 kgs in key markets. As part of this Diwali celebration, Blue Dart is also offering the Go Green Plus solution, an eco-friendly shipping option that empowers customers to offset the carbon emissions generated during the journey of their shipments, aligning with Blue Dart's commitment to sustainability. 

Blue Dart remains steadfast in its commitment to continually enhancing its products and services, offering added value to its customers. Through the 'Diwali Express' offer, customers can spread joy to their loved ones' homes by sending gift hampers, sweets, apparel, and more to over 55,000+ locations within India, as well as to 220 countries and territories worldwide. 

On the offering, Ketan Kulkarni, Chief Commercial Officer at Blue Dart, said, "This festive season, we are happy to bring back the Diwali Express Offer, a special initiative designed to make this festive season even more joyous for our customers. Our aim is to enhance the joy of Diwali by enabling customers to send personalized gifts to their loved ones, backed by the trust of Blue Dart's seamless and timely deliveries, across the country and the globe. Customer satisfaction remains our top priority, and these discounts will undoubtedly bring smiles to their faces on this joyous occasion." 

For service inquiries, customers can contact the Customer Care Number at 1860 233 1234 or email at customerservice@bluedart.com. To find the nearest Blue Dart counter, visit http://www.bluedart.com/  or use the 'My Blue Dart' mobile application, available on the Apple Store and Play Store. 

Kotak Mahindra Bank Standalone PAT For Q2FY24 Rs 3,191 Crore, Up 24% YoY

* Consolidated PAT for Q2FY24 Rs 4,461 crore, up 24% YoY

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

Kotak Mahindra Bank standalone results

The Bank’s PAT for Q2FY24 stood at Rs 3,191 crore, up 24% YoY from Rs 2,581 crore in Q2FY23.

Net Interest Income (NII) for Q2FY24 increased to Rs 6,297 crore, from ? 5,099 crore in Q2FY23, up 23% YoY. Net Interest Margin (NIM) was 5.22% for Q2FY24.

Fees and services for Q2FY24 increased to Rs 2,026 crore from Rs 1,638 crore in Q2FY23, up 24% YoY.

Operating profit for Q2FY24 was Rs 4,610 crore, up 29% YoY (Q2FY23: Rs 3,568 crore).

Customers as at September 30, 2023 were 45.8 mn (36.6 mn as at September 30, 2022).

Advances (incl. IBPC & BRDS) increased 21% YoY to ? 3,57,012 crore as at September 30, 2023 from

Rs 296,117 crore as at September 30, 2022. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 18% YoY to Rs 3,80,412 crore as at September 30, 2023 from Rs 3,23,418 crore as at September 30, 2022.

Unsecured retail advances (incl. Retail Micro Finance) as a % of net advances stood at 11.0% as at September 30, 2023. (8.7% as at September 30, 2022).

CASA ratio as at September 30, 2023 stood at 48.3%.

Average Current deposits grew to Rs 58,351 crore for Q2FY24 compared to Rs 53,971 crore for Q2FY23 up 8%. Average Savings deposits stood at Rs 121,967 crore as at September 30, 2023 (Rs 122,595 crore as at September 30, 2022). Average Term deposit up 47% from Rs 139,871 crore for Q2FY23 to Rs 205,632 crore for Q2FY24.

ActivMoney was launched in Q1FY24 and TD sweep balance grew 28% QoQ (non-annualised) to Rs 37,136 crore.

As at September 30, 2023, GNPA was 1.72% & NNPA was 0.37% (GNPA was 2.08% & NNPA was 0.55% at September 30, 2022). The provision coverage ratio stood at 79.1%.

Capital Adequacy Ratio of the Bank, as at September 30, 2023 was 21.7% and CET I ratio of 20.6% (both including unaudited profits).

Consolidated results at a glance

Consolidated PAT for Q2FY24 was Rs 4,461 crore, up 24% YoY from Rs 3,608 crore in Q2FY23.

At the consolidated level, the Return on Assets (ROA) for Q2FY24 (annualized) was 2.68% (2.61% for Q2FY23). Return on Equity (ROE) for Q2FY24 (annualized) was 14.99% (14.09% for Q2FY23).

Consolidated Capital Adequacy Ratio as per Basel III as at September 30, 2023 was 22.9% and CET I ratio was 21.9% (both including unaudited profits).

Consolidated Capital and Reserves & Surplus as at September 30, 2023 was Rs 1,20,737 crore (Rs 1,03,578 crore as at September 30, 2022). The Book Value per Share was Rs 605.

Consolidated Customer Assets which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes grew by 19% YoY from Rs 3,59,154 crore as at September 30, 2022 to Rs 4,28,404 crore as at September 30, 2023.

Total assets managed / advised by the Group as at September 30, 2023 were Rs 4,98,342 crore up 28% YoY over Rs 3,90,741 crore as at September 30, 2022. The Alternate Assets’ AUM (includes undrawn commitments, wherever applicable) increased by 61% YoY to Rs 44,456 crore as at September 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 September, 2023, Kotak Mahindra Bank Ltd has a national footprint of 1,850 branches and 3,170 ATMs, and branches in GIFT City and DIFC (Dubai).

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

OPPO Find N3 Flip Will Go On Sale Starting October 22, 2023

•       The OPPO Find N3 Flip is priced at INR 94,999 and can be purchased for as low as INR 82,999 after cashback and incentives.  

•       OPPO Find N3 Flip will support four years of Android and five years of security updates.

OPPO’s latest foldable, the Find N3 Flip will go on sale at the OPPO Store, Flipkart, and mainline retail outlets from 6 PM on October 22, 2023.

The Find N3 Flip sports a large 3.26-inch vertical cover screen that supports 40+ third-party apps—including Gmail, Google Calendar, Google Maps, Swiggy, Uber, YouTube, Netflix, X (formerly Twitter), Whatsapp and Outlook—usable directly from this display; you can access the complete list here. This means you can watch YouTube and Netflix content directly on vertical cover screen, and even reply to emails and instant messages via the supported QWERTY keyboard.

The smartphone—at 198g and measuring 8.55cm when folded—is a compact fit in any purse or pocket. Its waterdrop-shaped Flexion hinge is engineered for an almost invisible crease on the main 6.8-inch 120Hz foldable display. As a testament to its durability, the Find N3 Flip is certified by third-party TÜV Rheinland to survive 6,00,000 folds and unfolds – the equivalent of 16+ years of use even if the device is flipped open and closed 100 times a day.

The foldable device also features the industry’s first-ever Hasselblad-backed triple-rear-camera setup—a 50MP Sony IMX890 primary camera, a 48MP Sony IMX581 sensor to deliver a wide 114º field of view and a 32MP Sony IMX709 RGBW portrait camera with a 47mm focal length, and 2X optical zoom to make it the sole flip phone with a telephoto lens. 

The handset packs the MediaTek Dimensity 9200 SoC comprises a 3.05GHz Arm Cortex X3 core along with triple Cortex-A715 cores clocked at 2.85GHz for performance, with quad 1.8GHz Arm Cortex-A510 cores for power efficiency. 

OPPO’s 44W SUPERVOOCTM technology fast-charges the Find N3 Flip from 0 to 100% in 56 minutes, and a mere 15-minute charge is ample power for 4 hours of video streaming.

Customers can avail of the following offers on the first sale of OPPO Find N3 Flip:

·     Customers can enjoy a cashback of up to INR 12,000 and no-cost EMI for up to 24 months from ICICI Bank, SBI Cards, Bajaj Finserv, TVS Credit, Kotak Bank, IDFC First Bank, HDB Financial Services and One Card from mainline retail outlets and the OPPO Store.

·     Additionally, customers can get the benefit of up to 24 months of Zero Down Payment schemes from leading financiers.

·     Customers purchasing via Flipkart can avail of a 12-month no-cost EMI along with cashback of up to INR 12,000 from ICICI Bank, Axis Bank and Kotak Bank.

·     Loyal OPPO customers can avail of an Exchange Bonus of up to INR 8,000.

·     Consumers can also avail of a one-time screen replacement up to 6 months from the date of purchase; offer valid on purchases till October 29, 2023.

OPPO Premium Service Offer 

•       Worry-free travel with international warranty rights on the Find N3 Flip.

•       Refresh service allows users to replace their screen guard and back cover of Find N3 Flip, twice within the warranty tenure.

•       OPPO has introduced EMI schemes for the service/repair of the Find N3 Flip. Customers will have the option to decide on EMI instalment and tenure at their convenience.

•       In case of accidental damage, customers can avail of a 15% discount on the first repair of the display (T&C apply).

•       Users can avail of one-on-one service online by connecting with OPPO experts via WhatsApp.

•       Free pick-up and drop facilities are available across 25,000+ Indian pin codes with issues resolved within 72 hours of the complaint.

•       Dedicated experts—available 24x7 on our exclusive hotline 9958808080—will resolve queries within 24 hours.

•       Flash fix at select service centres promise a 2-hour repair for your flip device on selected issues.

About OPPO Mobiles India Private Limited

OPPO is a leading global smart device brand. Since the launch of its first mobile phone - “Smiley Face” - in 2008, OPPO has been in relentless pursuit of the perfect synergy of aesthetic satisfaction and innovative technology. Today, OPPO provides a wide range of smart devices spearheaded by the Find and Reno series. Beyond devices, OPPO provides its users with the ColorOS operating system and internet services like OPPO Cloud and OPPO+. OPPO operates in more than 50 countries and regions with more than 40,000 of OPPO's employees dedicated to creating a better life for customers around the world.

SBI Card Announces “Festive Offer 2023” Across Indian Market

* Around 2200 offers across 2700+ cities to enhance festivities~ 

* SBI Card customers can enjoy up to 27.5% cashback ~ 

SBI Card, India’s largest pure-play credit card issuer, has rolled out many exciting offers for its cardholders across India for “festive season 2023”. Millions of SBI Card customers can take advantage of around 2200 merchant funded and cashback offers across online and offline merchants in key cities, including tier 2 and tier 3. The expansive spread of offers range across a wide set of popular categories including consumer durables, mobiles, laptops, fashion, furniture, jewellery, and grocery. SBI Card has lined up many EMI focused offers with several marquee brands to ensure that cardholders can make large purchases with ease. 

Festive offer 2023 for SBI Card customers includes over 600 national level offers, and over 1500 regional and hyperlocal offers that will be valid till 15 November 2023. As part of this festive offer, SBI Card customers in over 2700 cities can benefit from up to 27.5% cashback and instant discount offers across various partner brands that include Flipkart, Amazon, Myntra, Reliance Retail group, Westside, Pantaloons, Max, Tanishq, and TBZ, among others. Importantly, SBI Card’s EMI focused offers are available across leading brands in consumer durables, mobile, and laptop segments. Key brands include Samsung, LG, Sony, Oppo, Vivo, Panasonic, Whirlpool, Bosch, IFB, HP, and Dell, and many more.  

According to Mr. Abhijit Chakravorty, MD & CEO, SBI Card, “As a customer-centric brand, we have always focused on ways to enhance our customers’ overall experience. This includes continuously making their shopping experience more rewarding. SBI Card festive offer 2023 is a great example of our sincere intent to do so. We hope that this initiative will enrich and add to our cardholders’ festivities.” 

To know more about festive offers by SBI Card, one can visit www.sbicard.com/festive.  

About SBI Card 

SBI Cards and Payment Services Limited (“SBI Card”) is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel, and banking partnerships cards along with corporate cards covering all major cardholders’ segments in terms of income profile and lifestyle. The brand has a wide base of over 17 MM+ cards in force as of Q1 FY24. It has diversified customer acquisition network that enables to engage prospective customers across multiple channels. SBI Card is a technology driven company. The Company is listed on National Stock Exchange (“NSE”) and The Bombay Stock Exchange (“BSE”). 

P.S. The brand name of the company is ‘SBI Card’ and it is registered in the name of ‘SBI Cards and Payment Services Limited’. The company is trading under the entity name ‘SBICARD’ on stock exchanges.