Punjab National Bank Announces Financial Results For The Quarter And Year Ended 31st March 2024

Key Highlights

The Board of Directors have recommended a dividend of Rs 1.50 per equity share (75%) for the year ended March 31, 2024 subject to requisite approvals.

Net Profit increased Y-o-Y by 159.8% and Q-o-Q by 35.4% to Rs  3,010 Cr in Q4 FY’24 from Rs 1,159 Crore in Q4 FY’23 and Rs 2,223 Cr in Q3 FY’24. During FY’24, Net Profit rose to Rs  8,245 Crore recording a robust growth of 228.8% against Rs 2,507 Crore posted during FY’23.

Return on Assets (RoA) improved to 0.77% in Q4 FY’24 from 0.58% in Q3 FY’24 and 0.32% in Q4 FY’23. RoA improved Y-o-Y by 36 bps to 0.54% in FY’24 against 0.18% recorded in FY’23.

Return on Equity (RoE) improved to 16.48% in Q4 FY’24 from 12.45% in Q3 FY’24 and 7.11% in Q4 FY’23. RoE improved by 772 bps to 11.66% in FY’24 from 3.94% in FY’23.

Net Interest Income (NII) increased to Rs  10,363 Cr in Q4 FY’24 from Rs 10,293 Cr in Q3 FY’24 and Rs 9,499 Cr in Q4 FY’23 showing an improvement of 9.1% on Y-o-Y basis. During FY’24, NII rose by 16.2% to Rs 40,083 Crore from Rs 34,492 Crore in FY’23.

Global Net Interest Margin increased by 3 bps from 3.06% in FY’23 to 3.09% in FY’24.

Operating Profit increased by 9.4% on Y-o-Y basis to Rs  6,416 Cr in Q4 FY’24 from Rs  6,331 Cr in Q3 FY’24 and Rs  5,866 Cr in Q4 FY’23. Operating Profit rose by 10.7% to Rs 24,931 Crore in FY’24 from ?22529 Crore in FY’23.

Credit Cost improved by 91 bps from 1.72% in Q4 FY’23 to 0.81% in Q4 FY’24 and by 63 bps from 2.03% in FY’23 to 1.40% in FY’24.

GNPA ratio improved by 301 bps on Y-o-Y basis to 5.73% as on March’24 from 8.74% as on March’23.

NNPA ratio improved by 199 bps from 2.72% as on March’23 to 0.73% as on March’24.

Provision Coverage Ratio (including TWO) improved by 849 bps on Y-o-Y basis to 95.39% as on March’24.

Provision Coverage Ratio (Excluding TWO) improved by 171 bps to 87.9% from 70.8% in March’23.

Slippage ratio improved Y-o-Y by 159 bps to 0.72% in FY’24 from 2.31% in FY’23.

Global Business grew by 8.6% on Y-o-Y basis to Rs  23,53,038 Crore as on March’24 from Rs  21,65,844 Crore as on March’23.

Global Deposits registered a growth of 6.9% to Rs  13,69,713 Crore as on March’24 from Rs  12,81,163 Crore as on March’23.

Global Advances increased by 11.2% on Y-o-Y basis to Rs  9,83,325 Crore as on March’24 from Rs  8,84,681 Crore as on March’23.

CD Ratio stands at 71.8% as on March’24 as against 69.1% in March’23 and 73.1% in Dec’23.

Business Performance in Key Parameters

Deposits

Savings Deposits increased to Rs  4,80,298 Crore registering a Y-o-Y growth of 3.5%.

Current Deposits grew by Rs  3,565 Crore as on March’24 to Rs  72,201 Crore on Quarter-on-Quarter basis.

CASA Deposits increased to Rs  5,52,499 Crore recording a Y-o-Y growth of 2.7%.

CASA Share of the bank stands at 41.44% as on March’24.

Retail Term Deposit (less than 2 Crores) witnessed a growth of 9.5% on Y-o-Y basis to Rs  5,62,705 Crore in March’24.

Advances

Total Retail credit increased by 12.6% to Rs  2,22,574 Crore in March’24.

The bank grew impressively under Core Retail recording a Y-o-Y growth of 15.2%. Within Core Retail Credit:

Housing Loan grew by 14.5% to Rs  93,694 Crore.

Vehicle loan posted a growth of 25.6% to reach Rs 20,692 Crore.

Personal Loan increased by 14.4% to Rs 20,766 Crore.

Agriculture Advances grew by 11.3% on Y-o-Y basis to Rs 1,58,188 Crore

MSME Advances increased Y-o-Y by 7.0% to Rs 1,39,288 Crore in March’24.

Asset Quality

Gross Non-Performing Assets (GNPA) declined by Rs  20,985 Crore to Rs  56,343 Crore as on March’24 from Rs 77,328 Crore as on March’23.

Net Non-Performing Assets (NNPA) declined by Rs  15,786 Crore from March’23 to Rs 6,799 Crore as on March’24.

Net Slippages declined by Rs  8646 Crore from Rs 14198 crore in FY’23 to Rs  5552 Crore in FY’24.

Profitability

Total Income of the Bank was booked at Rs 32,361 Crore for Q4 FY’24 and Rs  1,20,285 Crore for FY’24, recording a growth of 18.7% and 23.6% respectively on Y-o-Y basis.

Total Interest Income of the Bank was Rs  28,113 Crore for Q4 FY’24 and Rs  1,06,902 Crore for FY’24, registering a Y-o-Y growth of 17.9% and 25.6% respectively.

Fee based income recorded a Y-o-Y growth of 8.4% from Rs  5,612 Crore in FY’23 to Rs  6,084 Crore in FY’24.

Efficiency/Productivity Ratio

Domestic Net Interest Margin stands at 3.25% in Q4 FY’24.

Global Yield on Advances improved Y-o-Y by 50 bps to 8.44% in Q4 FY’24 and by 112 bps to 8.28% in FY’24.

Business per employee improved to Rs  23.84 Crore in March’24 from Rs  21.64 Crore in March’23 and Rs  23.08 Crore in Dec’23.

Business per branch improved to Rs  225.25 Crore in March’24 from Rs  209.53 Crore in March’23 and Rs 220.51 Crore in Dec’23.

Net profit per employee improved to Rs  8.61 lakhs in FY’24 from Rs  2.57 lakhs in FY’23.

Net profit per branch improved to Rs  81.33 lakhs in FY’24 from Rs  24.88 lakhs in FY’23.

Capital Adequacy

CRAR increased to 15.97% as on March’24 from 15.50% as on March’23 registering an improvement of 47 bps.

Tier-I was at 13.17% (CET-1 improved to 11.04% from 9.86% as at Dec’23 and AT1 improved to 2.13% from 1.87% as at Dec’23) and Tier-II at 2.80% as on March’24.

Priority Sector Achievement

Priority Sector Advances exceeded the National Goal of 40% and stands at 40.57% of ANBC.

Agriculture advances exceeded the National Goal of 18% and stands at 18.27% of ANBC.

Credit to Small & Marginal Farmers exceeded the National Goal of 10% and stands at 10.09% of ANBC.

Credit to Weaker Sections surpassed the National Goal of 12% and stands at 13.57% of ANBC

Credit to Micro Enterprises surpassed the National Goal of 7.50% and stands at 8.16% of ANBC.

Financial Inclusion

PMJDY account increased to 5 Crore 5 Lakhs as on March’24 from 4 Crore 59 Lakhs in March’23.

Enrollments under PMJJBY, PMSBY & APY in March’24 are as under:

                       (No. In Lacs)

JANSURAKSHA SCHEME ENROLLMENT UP TO

31.03.2023

31.03.2024

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

54.98

63.82

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

210.66

254.54

Atal Pension Yojana (APY)

28.11

38.53

Digital Progress and Initiatives

Number of Digital Transactions increased to 659 Crore during FY’24 from 408 Crore during FY’23 registering a growth of 62% on Y-o-Y basis.

Internet Banking Services (IBS) users increased to 423 Lakhs as on March’24 recording a growth of 8% Y-o-Y basis from 392 Lakhs as on March’23.

Total Digital Loan Disbursed improved by Rs 4,464 Crore to Rs  8,588 Crore as on March’24 from Rs  4,124 Crore as on March’23.

Facility for Digital Education loan and Digital Vehicle Loan through PNB One has commenced in the bank.

Distribution Network

As on 31st March 2024, the Bank has 10,138 branches including 2 International Branches.

The distribution of branches is Rural: 3,927 branches (39%), Semi-Urban: 2,484 branches (24%), Urban: 2,001 branches (20%) and Metro: 1,724 branches (17%).

The bank also has 12,131 ATMs and 33,614 BCs as part of its distribution network.

Awards & Accolades

Overall 3rd Rank under EASE Reforms 5.0 with 2nd Runners Up in the themes such as Digital Enabled Customer Offerings and Big Data & Analytics.

Excellence in Gender Inclusion Award by Jury of International Inclusion Alliance.

Best MSME Friendly Bank by Confederation of Indian MSME.

9th Innovative CIOs Awards & Symposium 2024 for 2 projects viz. e-Bank Guarantee and PNB Aarambh.

Award for "Best Data Quality in Commercial Bureau Segment” for 2023-24 during the Annual Conference of General Managers of PSBs organized by IBA & TransUnion (TU) CIBIL in Mumbai.

Data Excellence Award in Consumer Bureau segment by CRIF Highmark during CRIF InFocus Seminar.

Capri Global Capital Announces A Robust Q4 FY24 Results

* Consolidated Key Performance Highlights for Q4 FY24

The Board of Directors of Capri Global Capital Ltd. (CGCL), a non-deposit taking and systemically important NBFC (NBFC-ND-SI) announced the audited financial results for the quarter ended March 31, 2024. Board has recommended a final dividend of Rs0.15 per equity share with FV of Rs1 each for the financial year ended March 31, 2024. Key takeaways are as follows:

Business and Earnings Performance

AUM Crosses Rs15,000mn Milestone

CGCL continued the strong growth momentum in Q4FY24. The consolidated AUM including co-lending AUM increased 52% YoY and 17% QoQ to touch Rs156,530mn. Retail growth momentum during the quarter was driven by Gold (46% QoQ) and Housing (17% QoQ). Co-lending AUM stood at Rs18,306mn comprising 12% of consolidated AUM compared to 9% in Q3FY24 and 5% in Q4FY23. CGCL has continued to build upon its co-lending partnerships in all three products with strong prospects building up in Gold Loan co-lending. The overall AUM growth was granular with live customer relationships increasing by 215K YoY to touch 378K.

Strong Profitability

The PAT for the Q4FY24 stood at Rs826mn a strong growth 27% YoY and 22% QoQ. Strategically, CGCL paused the aggressive branch expansion post-Q2FY24 and right-sized headcount in some verticals, CGCL expects to benefit from a further softening of its cost-ratios and spread stabilization going ahead.

Share of Non-Interest Income Continues to Grow

Non-interest income rebounded with its share hitting 31% in net income compared to 30% in Q3FY24. The growth was driven by car loan fees and fees from lending businesses.

Car loan distribution origination neared Rs100,000mn business in FY24. CGCL’s car loan origination subsidiary became operational during Q3FY24 and has started accruing income. CGCL had received a composite license from insurance regulator IRDAI allowing it to distribute life, non-life, and health insurance policies. This shall be an important source of fee income in the future and the Company is looking to generate at least Rs200mn in net fee income from insurance distribution in FY25E.

Asset Quality: Focused Improvement in Provision Coverage Ratio

As guided by the Company management earlier, CGCL is improving the provision cover on its Stage-3 loans. The PCR on Stage-3 loans enhanced to 43.2% in Q4FY24 from 34.7% in Q3FY24 and 32.2% in Q2FY24. Gross Stage 3 ratio stood at 1.9% from 2.1% in December 2023.

Strong Capital Adequacy

CGCL CAR was strong at 26.6% level in Q4FY24. The Company is well-capitalized from growth perspective. During FY24, the Company also infused Rs2bn by way of fresh equity in its wholly-owned subsidiary CGHFL. The capital adequacy ratio of CGHFL stood at 30.5% and its Networth stood at Rs7.9bn as on March 2024.

Chairman of Board of Director

Mr. L. V. Prabhakar, who was recently appointed to CGCL’s Board as an Independent Director, has been appointed as Chairman of the Board of Directors. CGCL’s Board shall benefit from his leadership and vast experience in BFSI. 

Founder & Managing Director Mr. Rajesh Sharma Commented:

“The rapid upward momentum in Q4FY24 net profit is an outcome of focused execution of our business strategy. As we have continuously guided through FY24, the turnaround in our profitability is now evident with gold loan business nearly at break-even level. This has been achieved while maintaining a strong focus on asset quality, especially the coverage ratio. As we move ahead with same vigour, we expect faster improvements to continue in our profitability. We thus remain committed to deliver 15%+ RoE over medium term.”

Embrace Prosperity And Elegance This Akshay Tritiya With ORRA's Exquisite Diamond Jewellery Collection

--Additionally, ORRA is offering an attractive discount of 25 % across its entire jewellery lineup --

Akshaya Tritiya, revered as a day of eternal prosperity and good fortune in Hindu culture, holds a special place in the hearts of millions. It is believed that any venture initiated on this day is bound to succeed, making it an ideal time for significant investments, including the acquisition of precious jewellery. Recognizing the importance of this propitious day, ORRA Fine Jewellery – the Leading Diamond Destination invites you to celebrate the new dawn of abundance in opulence and style with its stunning offerings.

The newly launched Akshaya Tritiya collection is a testament to the brand's commitment to craftsmanship and innovation. For those seeking statement pieces, ORRA offers meticulously crafted necklaces, embellished with diamonds that shimmer and sparkle with every movement. From chic and modern designs to intricately detailed patterns inspired by traditional leaf motifs, the diamond bangles and earrings are the epitome of luxury and sophistication on this special occasion. To make your festival more joyous and memorable, ORRA has launched this exclusive set at a magic price of INR 7,49,999/-. One can seize this magical allure by initiating a down payment of Rs 74,999 and comfortably settle the remaining balance through 9 equal monthly installments. Furthermore, ORRA extends an exclusive 25% discount across their entire range of jewellery, including their newly launched collections.

ORRA's commitment to craftsmanship and elegance is beautifully showcased through their collections, ensuring that every piece tells a unique story of love and celebration. ORRA is known for providing 100% certified jewellery with complimentary insurance* and free lifetime maintenance. The brand offers a lifetime exchange, buyback, a seven-day return policy and our diamonds are conflict-free. Additionally, ORRA provides a 6-month upgrade facility, and all its jewellery is BIS Hallmark Certified.

As part of their  ongoing Anniversary Sale, ORRA offers discounts, special offers and exclusive customer service for the patrons visiting the store and online platforms.

·       Up to 25% off on diamond jewellery (for a limited period) * 

·       0% interest on EMI facilities* 

·       100% exchange value on old gold jewellery*

*Terms and Conditions apply 

This Akshay Tritiya season, immerse yourself in the timeless allure of diamonds with ORRA's exquisite designs, symbolizing prosperity, and new beginnings.

About ORRA: 

The journey of a million gazes began in 1888 before it metamorphosed into ORRA. From sculpting and manufacturing diamonds to crafting and retailing the finest diamond and gold jewellery, ORRA has come a long way since its inception. Today, ORRA is one of India's finest diamond jewellery retail chains, having spread its glow with 88 stores in 39 cities and has consistently been at the forefront of design, leadership and product innovation with 5 global design centres. 

Master craftsmen who have inherited the centuries - old legacy of jewellery making, brilliantly cut Belgian diamonds, delicate designs in diamond jewellery, elaborate bridal sets in coloured stones, the 73-facet patented ORRA Crown Star, the one-of-its-kind ORRA store. These are just some of the facets that go into making ORRA - The Finest Diamond Destination. 

Freshworks STS Software Academy Is Open For 2024 Admissions

What: Freshworks STS Software Academy (FSSA) is a social impact initiative powered by Freshworks for students from low-income families who are unable to afford a conventional college education but have the right motiv
ation, and aptitude to learn software skills & have a strong desire to start their career in technology.

Why: The 2-year zero cost program is specifically designed to ensure these students get placed at Freshworks or other leading MNCs after their education. Students are provided with all relevant study material (books and laptop), a monthly stipend of INR 10,000 and three meals a day to ease their financial load. Communication and life skills coaching is also provided as part of the curated curriculum for overall professional development.

How: Students can submit their applications via the Freshworks STS Academy website after which an online entrance exam FSAT (Freshworks Software Aptitude Test) will be conducted. Selected students will then participate in a video and in-person interview to assess their logical abilities. The interview results will then be announced revealing the final list of shortlisted candidates.

Where: The classes are held within the Freshworks office space at Global Infocity Park, Perungudi, Chennai, Tamil Nadu 600096.

When: Admissions are now open and will be closed by 18th May 2024.

Responsive Unveils AI-Powered Strategic Response Management Platform To Drive Faster Revenue Growth

* Organizations of all sizes can now respond to a broad set of information requests with a single unified platform.

Responsive, the leader in Strategic Response Management (SRM) software, today unveiled the industry’s first SRM platform at the Forrester B2B Summit North America, taking place May 5-9, 2024 at the Austin Convention Center in Texas. The AI-powered Responsive Platform enables organizations to seamlessly collaborate and confidently respond to RFPs, bids, security questionnaires, sustainability assessments and other information requests so they can win more deals while mitigating business risk and improving the employee experience. 

Addressing the response challenge

Today, companies are facing a rapidly growing influx of information requests that have expanded beyond traditional bids and security questionnaires to DEI policies, sustainability practices, ad hoc information requests and more. Most organizations aren’t equipped to handle the increased volume and complexity due to content that is decentralized across multiple systems, often out-of-date, and in the heads of countless subject matter experts throughout the organization. The pressure on companies is evident with deals, revenue and retention at risk.

Organizations embracing Strategic Response Management dramatically improve the ability of their teams to quickly and accurately respond to a wide array of information requests from customers, prospects, and partners.

Introducing the Responsive Platform 

The Responsive Platform, which centralizes an organization’s most current, compelling, customer-facing information, is engineered around five core services and a Responsive AI layer that powers products built on top of them: 

Core platform services:

Content management to ensure a single source of accurate, trusted content. 

Project management to establish tasks and automate workflow using AI. 

Collaboration to streamline input, iterations, and permissions based on role. 

Content accessibility that allows users to extend the power of the platform to access information directly from the apps they’re in everyday.

Business intelligence to track revenue, win rates, and emerging trends and opportunities, enabling better decision making.

Products:

Response Projects: Responsive AI automatically prepopulates new RFPs with “best of” answers from previous RFP responses and also supports collaborative workflows so users can deliver winning responses to bids and questionnaires, and other information requests.

LookUp: Empowers customer-facing teams to find the right answers — right away — directly from the productivity apps where they work. 

Profile Center: Enables organizations to securely share risk assessments, compliance credentials, data sheets and more through public “trust centers” or private profiles. 

Proposal Builder: Helps teams cross the finish line faster by enabling sellers to quickly personalize, send and track sales proposals, SOWs, and more.

Requirements Analysis: Uses AI-powered document analysis tools to analyze requests with extensive requirements and rapidly make go/no go decisions.

Request Projects: Simplifies technology vendor sourcing and selection by allowing teams to create and issue RFPs/RFIs and select their vendor of choice with tools that improve analysis and scoring. 

AI has always been at the forefront of the Responsive Platform and continues to elevate the way in which Responsive helps customers drive greater efficiency, quality, personalization, and insights for every response. Today Responsive released Ask Responsive, available in Beta, to enable existing AI Assistant users to get fingertip access to trusted content, harnessing the power of AI-generated responses delivered through an interactive chat guide.

“We have increased revenue and win rates without adding to the team because of the efficiency, trust, and collaboration we are driving with Responsive AI,” said Andrew Mersman, Senior Director of Solution Consulting at Netsmart. “What used to take 5 minutes now takes 38 seconds, enabling us to win better and faster while responding to 63 percent more RFPs.”

"We are committed to continuously innovating the Responsive Platform to empower growth-oriented companies to meet — and exceed — their evolving business needs. Our deep engineering expertise in AI positions us well to deliver exceptional value to our customers as their Strategic Response Management partner of choice,” said AJ Sunder, Chief Product and Information Officer at Responsive.

Responsive announces new Seismic partnership. 

Responsive also announced a new strategic partnership with Seismic, the global leader in enablement, which has integrated its technology with the Responsive Platform, allowing companies to manage key workflows that help drive revenue. To learn more about the partnership, visit the Seismic + Responsive integration page or register for a Seismic City Tour.

“Today’s deals are more competitive than ever before. Ensuring teams across the GTM organization have the most accurate, personalized content at their fingertips is critical to increasing their productivity and win rates. We’re excited to partner with Responsive to create a more integrated technology stack for our customers, “said Toby Carrington, Chief Business Officer, Seismic.

“At a technology organization like Teradata where there is constant change, it’s critical to be able to point people to a library of resources that is current and accurate. The Seismic integration with Responsive gives us the confidence that when we share customer-facing content, we’re providing consistent messaging that reflects the latest and greatest that we have to offer to our current and future customers,” said Joseph Ayala, Director, Proposal Development Center, Teradata.

With nearly 2,000 customers and thousands of users who have managed more than $500B in opportunities through it, the Responsive Platform is quickly becoming the must-have go-to-market SaaS solution for growth-oriented companies where every response counts.

Availability

The Responsive Platform is available today. For more information on the platform and how it can benefit your company, please request a demo or contact our sales team.

About Responsive

Responsive (formerly RFPIO) is the global leader in Strategic Response Management software, transforming how organizations share and exchange critical information. The AI-powered Responsive Platform is purpose-built to manage responses at scale, empowering companies across the world to accelerate growth, mitigate risk and improve employee experiences. Nearly 2,000 customers have standardized on Responsive to respond to RFPs, RFIs, DDQs, ESGs, security questionnaires, ad hoc information requests and more. Responsive is headquartered in Portland, OR, with additional offices in Kansas City, MO and Coimbatore, India. Learn more at responsive.io.

Birla Fertility & IVF Announces The Acquisition Of ARMC IVF Fertility Chain

* Plans to expand its footprint to 100 clinics with an investment of over Rs 500 crore.

Birla Fertility & IVF, one of India’s leading IVF networks, a part of the USD 2.9bn C K Birla Group, announced its acquisition of ARMC IVF Fertility Centre, marking the network's entry into South India. Currently, Birla Fertility & IVF operates 30 centres and with this acquisition, it will expand its presence across Kerala, Karnataka, and Tamil Nadu, now operating a total of 37 centres across the country. 

The acquisition marks Birla Fertility & IVF’s reach as a leading partner, meeting the growing nationwide demand for people looking for a trustworthy and proficient partner to go to for their fertility needs.

With a legacy of over 50 years of delivering high-quality healthcare, the C K Birla Group operates hospitals in Kolkata, Jaipur, Gurugram, and Delhi that are supported by state-of-the-art medical infrastructure and technology. Through Birla Fertility & IVF, in just over three years, the group has established itself as one of India’s fastest growing and most trusted fertility care brands. The brand is known for excellence in clinical outcomes, industry-leading IVF success rates, and an exceptional service experience, leveraging its deep medical research and innovation capabilities.

ARMC IVF was founded in 2009 by Dr.K.U. Kunjimoideen, a leading fertility expert, and has been committed to providing advanced and comprehensive fertility treatments to patients in the South.

Speaking on the occasion, Avanti Birla, Founder, Birla Fertility & IVF, C K Birla Healthcare, said, “At Birla Fertility & IVF, our proposition of ‘All Heart. All Science’ means bringing care into the science of conception, and we believe in a multi-disciplinary approach where fertility specialists, andrologists, and counselors come together. We have a holistic approach to promote good fertility health and treatment and partner with people on a variety of topics, like fertility preservation, including ovarian tissue freezing for cancer patients. ARMC IVF and its Founder and Medical Director, Dr. K.U. Kunjimoideen, have served the patients in the southern region with the highest level of fertility care, and through this partnership, we will continue to uphold this commitment."

Commenting on this strategic move, Akshat Seth, Vice Chairman, C K Birla Healthcare, said, “With this step, Birla Fertility & IVF moves closer to its vision of building the world’s most clinically reliable and renowned institution in reproductive medicine. We aim to raise awareness and provide reliable fertility treatments, and with this acquisition, we will expand and strengthen our presence in the South, enabling us to address a larger audience and reaffirming our commitment to becoming a leading fertility and IVF provider in India.  With ARMC, we have found a like-minded partner who has a similar care model. We warmly welcome ARMC and its doctors and providers to our family and network.” 

Speaking on the occasion, Abhishek Aggarwal, Chief Business Officer, Birla Fertility & IVF, said, “We will leverage our global expertise, state-of-the-art equipment, and exceptional success rates to deliver premium reproductive care and advanced fertility treatments that adhere to international standards. In addition to IVF, we offer a comprehensive range of services, including gynecological procedures, male fertility procedures, laparoscopic procedures, genetic screening, diagnostics, and donor services.”

Following the acquisition, Dr. K.U. Kunjimoideen and the existing team, including doctors, will continue to oversee operations at these centers along with Birla Fertility & IVF. 

India is home to over 28 million couples facing fertility-related challenges, but less than 1% seek assistance. The growth of the IVF segment will be driven by heightened awareness and enhanced accessibility to best-in-class treatment nationwide.  

GE Aerospace Launches GE Aerospace Foundation Programs

* Builds on company’s purpose “to lift people up” by committing $20M to expand Next Engineers, $2M to workforce development, and $2M to disaster relief

GE Aerospace recently announced the launch of the GE Aerospace Foundation, celebrating a new chapter that builds on the more than 100 year-legacy of the previous GE Foundation. The GE Aerospace Foundation’s philanthropic strategy and programs will help fulfill the company’s purpose to “lift people up” in GE Aerospace communities, with a focus on workforce development, disaster relief and amplifying the efforts of GE Aerospace employees.

In South Asia, GE Aerospace Foundation will continue to work with local partners to support disaster relief, education and healthcare for underprivileged communities. South Asia has received US $ 1.2 million in total Foundation related giving over the past 10 years which includes grants and related programming. These have benefited affected communities in Bangalore, Pune and other parts of South Asia.

“The responsibility to support and strengthen the communities where we live and work is one that GE Aerospace takes seriously,” said GE Aerospace Chairman and CEO H. Lawrence Culp, Jr. “The launch of the GE Aerospace Foundation will help transform local communities and develop a stronger workforce for the future by leveraging our unique expertise as a global leading aerospace company. We are proud to carry on a 100-year legacy of positive impact, and I look forward to seeing the GE Aerospace Foundation continue to make a difference for many years to come.”

The Foundation’s programs will focus on three core areas and represent more than $22 million in new programming through 2030. Efforts will include cultivating a robust and diverse workforce in the manufacturing and engineering industries, investing in humanitarian and community programs that have demonstrated efficacy in global impact, and amplifying employee engagement worldwide.

“We are immensely proud to oversee this next chapter of philanthropic support with a focus on a stronger future workforce, disaster relief and amplifying employee giving,” said GE Aerospace Foundation President Meghan Thurlow. “We look forward to expanding our work supporting communities around the globe and advancing the development of a more diverse and skilled industry.”

Next Engineers and STEM education

The Foundation has committed $20 million through 2030 to expand Next Engineers, a global program working to increase the diversity of young workers in engineering, bridging the gap from middle school to college. The Next Engineers program in has reached nearly 18,000 students to date. The GE Aerospace Foundation announced today that it will extend the successful Cincinnati program through 2028. The Foundation also announced it will expand the Next Engineers program to four additional cities, including Warsaw, Poland with additional sites to be announced in coming years.

Workforce development

In response to growing aviation and manufacturing workforce demands, the GE Aerospace Foundation will donate $2 million to support workforce development programs in geographies where we live and work.

Disaster relief and humanitarian efforts

Drawing on GE Aerospace’s people, technology, and other resources, the Foundation announced a $2 million commitment to disaster relief and humanitarian aid, including a $1 million partnership with Airlink in recognition of the important role aviation plays in disaster response.

Matching Gifts program

The Foundation is also proud to continue its Matching Gifts program, bolstering employee efforts in their personal philanthropy, and the STAR Awards program providing competitive scholarships to children of eligible GE Aerospace employees around the world. GE created the concept of corporate matching gifts in 1954, with donations and matching exceeding $1.5 billion since inception. The STAR Awards program has provided more than $21 million in financial support through more than 15,000 awards since its launch in 1984.

The creation of the GE Aerospace Foundation follows the launch of GE Aerospace as an independent public company on April 2, 2024, that is defining the future of flight.

About the GE Aerospace Foundation

The GE Aerospace Foundation, an independent charitable organization funded by GE Aerospace, complements the company’s purpose to “lift people up” in communities where employees live and work around the world. The Foundation’s philanthropic strategy and programs focus on engineering education, workforce development, and disaster relief.  We also support GE Aerospace employees through programs such as Matching Gifts and STAR Awards.  When GE Aerospace launched as an independent company in 2024, the GE Foundation was relaunched as the GE Aerospace Foundation, commencing a new chapter that builds on the successful, 100+ year legacy of the previous GE Foundation. Learn more at www.geaerospace.com/company/philanthropy.

About GE Aerospace in India

GE Aerospace has been a partner to India's aviation industry for over 40 years. 900 GE Aerospace and partner engines are in service, powering major Indian airlines. GE Aerospace’s defense engines and systems power Indian Airforce’s Light Combat Aircraft Tejas Mk 1 and helicopters and Indian Navy’s aircraft carrier battleships and frigates. Its Pune manufacturing facility and 13 local India partners are part of the company’s global supply chain. Researchers and engineers at the company’s 24-year-old John F Welch Technology centre in Bengaluru are building the latest aviation technologies.

About GE Aerospace

GE Aerospace (NYSE: GE) is a global aerospace propulsion, services, and systems leader with an installed base of approximately 44,000 commercial and 26,000 military aircraft engines. With a global team of 52,000 employees building on more than a century of innovation and learning, GE Aerospace is committed to inventing the future of flight, lifting people up, and bringing them home safely. Learn more about how GE Aerospace and its partners are defining flight for today, tomorrow and the future at www.geaerospace.com.