Volkswagen India Strengthens Its Network With The Addition Of Six Touchpoints Across Karnataka And Tamil Nadu

-          Network expansion in India’s Silicon Valley, with the inauguration of five new sales touchpoints in the city of Bengaluru

-          Southern India continues to be a strong market for Volkswagen India with a total network strength of 23 sales and 15 service touchpoints across Karnataka. Along with 25 sales and 18 service touchpoints in Tamil Nadu

-          Strong and skilled team: The new touchpoint introduction will provide skilled employment to nearly 100 people across the two states

-          Enhancing accessibility, Volkswagen India now has a footprint of 192 new and pre-owned sales outlets and 133 service touchpoints across 142 cities in India

-          India’s safest product portfolio comprising of Taigun and Virtus (5-star GNCAP rated) and the globally acclaimed Tiguan can be experienced at the new touchpoints

Volkswagen India expands its network presence across South India with the inauguration of six new touchpoints in Karnataka and Tamil Nadu. The Brand adds five new sales touchpoints in India’s Silicon Valley showcasing enhanced customer demand for premium, German-engineered and safe mobility solutions in the region.

The new sales touchpoints in Bengaluru, Karnataka and Pollachi, Tamil Nadu will enhance the accessibility and availability of Volkswagen products and services for customers in the region. Existing and prospective customers can visit their nearest sales touchpoint and choose their preferred set of wheels from India’s safest product portfolio comprising of Taigun and Virtus (5-star GNCAP rated for adult and child occupant protection) and the globally acclaimed Volkswagen Tiguan.

Speaking on the network expansion in Southern India, Mr. Ashish Gupta, Brand Director, Volkswagen Passenger Cars India, said, “The South Indian market, with its sophisticated and discerning customer base, has been instrumental in the growth of the Brand’s popularity over the last decade. We hold a significant footprint in this region and with the newly inaugurated dealerships in Karnataka and Tamil Nadu, we will further fortify our position. Our efforts to expand the Brand’s footprint across India is driven by the core DNA of customer centricity at Volkswagen. We aim to bring our product portfolio and exceptional experience even closer to customers in this region.”

With the introduction of the new facilities in the two states, Volkswagen India’s dealer partners will offer skilled employment to almost 100 personnel across the two states. The network strength in Karantaka stands at 23 sales and 15 service touchpoints whereas in Tamil Nadu, the Brand has 25 sales and 18 service touchpoints.

For more information about Volkswagen products and services, customers can visit their nearest Volkswagen showroom or the Volkswagen India website.

Burger King India Democratises Whopper With The Launch Of Its New TVC Swaad Aisa, India Jaisa!

TVC Links: https://youtu.be/kNvJWxUm7Uw?si=GRdAnGuo_pLrQt-P  ; https://youtu.be/aTWUXJ4oeIg?si=lxk0GHC76QL9-0Li

India, renowned for its rich and diverse culture, languages, and most notably, its deep-rooted affection for food and spices, boasts a culinary landscape as varied as its population. Seamlessly capturing this love for flavors and spices, Burger King India, one of the country's fastest-growing Quick Service Restaurant (QSR) brands, has unveiled a new TVC campaign “Whopper: Swaad Aisa, India Jaisa’, which celebrates the Whopper which has been specially made to suit the Indian taste palate.

Burger King has crafted multiple Whopper films to cater to different regions of the country. Each film shows the journey of a protagonist who like many others believe that Western QSR brands do not understand the meaning of Indian Swaad and their products are bland in nature. In the beginning of the TVC, the protagonist doubts the taste of the Whopper and post consumption enjoys the Whopper a lot as it fulfills all taste expectations. Regional music is used as a hook to build cultural context as well as an expression of taste.

The TVCs will be aired in multiple languages, including Hindi, Gujarati, Kannada, Marathi, Bengali, and Telugu, in a nod to India's diverse cultures and flavors. In addition to the television commercial, the campaign will be promoted through digital platforms, social media, digital influencers, out-of-home advertising (OOH) and in-restaurant displays.

With this campaign, Burger King has also introducing Glazed Premium Buns in the Whopper range. As part of continuous improvement, these Glazed Premium Buns not only add to the taste of the bun but also enhance the freshness. To encourage more guests to come try the Whopper at Burger King restaurants, the brand has also launched a Limited Time Offer in which the Extra Crunchy Veg Whopper is priced at Rs.129 instead of Rs.179 and Flame Grilled Chicken Whopper is priced at Rs.149 instead of Rs.199. This is a Dine In/Takeaway exclusive offer.

Speaking about the campaign, Kapil Grover, Chief Marketing Officer said, “The Whopper served in India is unique and unlike any other in the world as it is customized to suit the Indian taste palate. Our new campaign, 'Whopper: Swaad Aisa, India Jaisa,' with its various regional edits perfectly embody our commitment of serving tasty food which meets guests’ taste expectations. With the launch of premium glazed buns, we want to give the best Whopper experience to our guests. We are also rolling out an invitational Price Offer for our Veg and Chicken Whopper to encourage more and more guests to try our unique Whopper which is unlike any other burger.”

Pravin Sutar, Head of Creative, Black Pencil said, “One thing that we all know is that Indians are very particular about their food. They don't just want it to taste good, they want it to be a perfect match for their Indian taste buds. They crave that desi masala, those spices, perfect quantity and the crispiest crunch in every bite. Well, that's exactly what Burger King's Whopper offers. Our films capture the taste expectations of every Indian, and how Whopper transforms those expectations into reality in a truly Indian way. The music used in the films is not just a device, it's got a regional twist to it that makes it the sound and feeling of satisfaction when Indians enjoy their favourite desi flavours in the Whopper. The vibe, the treatment, the swaad, everything is Indian for every Indian."

Regional TVC links:

Kannada: https://youtu.be/5-JNB7Sm7ws?si=XIvU3m7C63T7E2fv  

Marathi: https://youtu.be/qTPwhWPPOtI?si=gRe_77wz2s9VH9ZD

Telugu: https://youtu.be/ig4j6GeK_W8?si=FpJQ1PlavoybVugM

Bengali: https://youtu.be/5mp1rsib3ns?si=68Z1nen2aZkXu-wo

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