Kotak Mahindra Bank Consolidated PAT For Q3FY25 Rs 4,701 Crore, Up 10% YoY

* 9MFY25 Rs 14,180 crore, up 10% YoY

* Standalone PAT for Q3FY25 Rs 3,305 crore, up 10% YoY

* 9MFY25 Rs 10,168 crore, up 5% YoY

The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter ended December 31, 2024, at the Board meeting held in Mumbai.

Consolidated results at a glance

Consolidated PAT for Q3FY25 increased to Rs 4,701 crore from Rs 4,265 crore in Q3FY24, up 10% YoY and for 9MFY25 (before KGI divestment) increased to Rs 14,180 crore from Rs 12,876 crore in 9MFY24, up 10% YoY.

At the consolidated level, Return on Assets (ROA) for Q3FY25 (annualized) was 2.30% (2.46% for Q3FY24). Return on Equity (ROE) for Q3FY25 (annualized) was 12.43% (13.83% for Q3FY24).

Consolidated Capital Adequacy Ratio as per Basel III as at December 31, 2024 was 23.4% and CET I ratio was 22.5% (including unaudited profits).

As at December 31, 2024, Average Liqudity Coverage Ratio stood at 132%.

Consolidated Networth as at December 31, 2024 was Rs 152,878 crore (including increase in reserves due to RBI’s Master Direction on Bank’s investment valuation of Rs 5,654 crore and gain on KGI divestment of Rs 2,730 crore). The Book Value per Share at December 31, 2024 was Rs 769 (Rs 627 at December 31, 2023).

Consolidated Customer Assets which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes grew to Rs 519,126 crore as at December 31, 2024 from Rs 451,524 crore as at December 31, 2023, up 15% YoY.

Total Assets Under Management as at December 31, 2024 were Rs 686,197 crore up 29% YoY over Rs 533,365 crore as at December 31, 2023. The Domestic MF Equity AUM increased by 39% YoY to Rs 319,161 crore as at December 31, 2024.

Kotak Mahindra Bank standalone results

The Bank’s PAT for Q3FY25 increased to Rs 3,305 crore from Rs 3,005 crore in Q3FY24, up 10% YoY and PAT for 9MFY25 increased to Rs 10,168 crore from Rs 9,648 crore in 9MFY24, up 5% YoY.

Net Interest Income (NII) for Q3FY25 increased to Rs 7,196 crore, from Rs 6,554 crore in Q3FY24, up 10% YoY and for 9MFY25 increased to Rs 21,058 crore, from Rs 19,084 crore in 9MFY24, up 10% YoY.

Net Interest Margin (NIM) was 4.93% for Q3FY25.

Fees and services for Q3FY25 increased toRs 2,362 crore from Rs 2,144 crore in Q3FY24, up 10% YoY and for 9MFY25 increased to Rs 6,915 crore from Rs 5,998 crore in 9MFY24, up 15% YoY.

Cost to income ratio was 47.24% for Q3FY25.

Operating profit for Q3FY25 increased to Rs 5,181 crore from Rs 4,566 crore in Q3FY24, up 13% YoY and for 9MFY25 increased to Rs 15,534 crore from Rs 14,126 crore, up 10% YoY.

Customers as on December 31, 2024 were 5.2 cr (4.8 cr as on December 31, 2023).

Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 15% YoY to Rs 459,436 crore as at December 31, 2024 from Rs 400,759 crore as at December 31, 2023. Advances (incl. IBPC & BRDS) increased 16% YoY to Rs 433,386 crore as at December 31, 2024 from Rs 372,464 crore as at December 31, 2023.

Unsecured retail advances (incl. retail microcredit) as a % of net advances stood at 10.5% as at December 31, 2024.

Average Total Deposits grew to Rs 458,614 crore for Q3FY25 compared to Rs 398,908 crore for Q3FY24 up 15% YoY. Average Current Deposits grew to Rs 66,589 crore for Q3FY25 compared to Rs 59,337 crore for Q3FY24 up 12% YoY. Average Savings Deposits grew to Rs 124,282 crore for Q3FY25 compared to Rs 123,227 crore for Q3FY24 up 1% YoY. Average Term Deposits grew to Rs 267,743 crore for Q3FY25 compared to Rs 216,344 crore for Q3FY24 up 24% YoY.

CASA ratio as at December 31, 2024 stood at 42.3%.

Credit to Deposit ratio as at December 31, 2024 stood at 87.4%. TD sweep balance grew 31% YoY to Rs 54,797 crore.

As at December 31, 2024, GNPA was 1.50% & NNPA was 0.41% (GNPA was 1.73% & NNPA was 0.34% at December 31, 2023). As at December 31, 2024, Provision Coverage Ratio stood at 73%.

Capital Adequacy Ratio of the Bank, as per Basel III, as at December 31, 2024 was 22.8% and CET1 ratio of 21.7% (including unaudited profits).

Standalone Return on Assets (ROA) for Q3FY25 (annualized) was 2.10% (2.20% for Q3FY24).

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 31st December 2024, Kotak Mahindra Bank Ltd has a national footprint of 2,068 branches and 3,337 ATMs (incl. cash recyclers), and branches in GIFT City and DIFC (Dubai).

https://www.kotak.com.

Provident Housing Announces Launch Of New Phase Of Provident Ecopolitan, Bengaluru

Provident Housing Limited, one of India’s leading large-scale community developers, is all set to launch a new phase of Provident Ecopolitan in Bengaluru this weekend (18th & 19th January 2025). Building on the overwhelming sold-out success of Phase 1, the new phase offers thoughtfully designed homes that seamlessly integrate sustainable design with contemporary living.

Ahead of the launch, Mallanna Sasalu, CEO, Provident Housing, said, “Building on the tremendous success of Phase 1, we are thrilled to announce a new phase of Provident Ecopolitan. Guided by our philosophy of empathetic design and delivering exceptional value to our customers, this phase features abundant greenery, over 30 lifestyle amenities, and our unique initiative of ‘one tree per family’. This project reflects our commitment to creating eco-friendly communities that offer a lifestyle centered on well-being and sustainability. With North Bengaluru’s strategic growth and excellent connectivity, Provident Ecopolitan is ideal for families seeking long-term value and quality living."

The new phase comprises 581 residential units available in 1 BHK, 3 BHK, and 3.5 BHK configurations, spread across two towers. The sizes range from 530–590 sq. ft. for 1 BHK units, 1,492–1,550 sq. ft. for 3 BHK units, and 1,793–1,911 sq. ft. for 3.5 BHK units, catering to diverse homeowner needs.

Strategically located in the rapidly developing KIADB Aerospace Park, the project provides seamless connectivity to the Kempegowda International Airport, Yelahanka Railway Station, and Bagalur Cross Metro Station (under construction). The project is also well-supported by robust social infrastructure, including leading educational institutions, healthcare facilities, and retail centres in the vicinity.

Provident Ecopolitan’s new phase features over 45 indigenous species of flora, ensuring a rich and diverse ecosystem that blends seamlessly with the natural environment. With its EV charging provisions and focus on green building practices, the project will provide residents with a sustainable lifestyle. Other amenities include a bird-watching deck, an amphitheater, outdoor gym, squash court, and co-working spaces, ensuring a lifestyle that balances leisure and productivity.

Provident Ecopolitan Phase 2 is registered under Karnataka RERA (PRM/KA/RERA/1251/309/PR/311224/007334).

Isuzu Motors India To Showcase Concept D-MAX BEV At Bharat Mobility Expo 2025

*       To showcase a vision for Electric Mobility with the D-MAX BEV Prototype marking a new era of Sustainable Mobility

*       Isuzu continues to lead the way with products for ‘Now… and forever’

Isuzu Motors India will showcase its electric mobility concept pickup with the unveiling of its Battery Electric Vehicle (BEV) prototype, D-MAX BEV at the Bharat Mobility Expo 2025. The vehicle was first unveiled in Thailand, earlier this year. The D-MAX BEV has been developed to meet a broad range of commercial and passenger vehicle needs while retaining the tough underlying performance expected of pickup trucks. This marks a significant step in Isuzu's journey toward sustainable innovation, underscoring its commitment to developing future-ready solutions.

The concept vehicle is equipped with a full-time 4WD system with newly developed e-Axles in front and rear, offering excellent performance on rough roads and linear acceleration. With high towing capacity along with a robust frame and body design, the D-MAX BEV will perform just as well as existing diesel models.

In addition to the D-MAX BEV, Isuzu will also showcase the accessorised version of D-MAX S-CAB Z. The vehicle is a testament to the brand’s legacy of delivering robust, reliable, and versatile vehicles. Renowned for its durability and efficiency, the D-MAX S-CAB Z continues to be a preferred choice for commercial operations, offering exceptional performance and functionality. Both these vehicles align with the company’s Bharat Mobility theme of ‘Now… and Forever.’

Isuzu Motors India made notable achievements in its portfolio in the year 2024. This includes the production milestone of one lakh vehicles at its state-of-the-art manufacturing facility at Sri City, Andhra Pradesh. The landmark milestone was achieved with the rollout of the popular Isuzu D-MAX model that has consistently garnered trust and recognition for its durability and reliability. Isuzu Motors India also strengthened its position as a leading exporter of commercial vehicles from India further reiterating Isuzu’s ‘Make-in-India’ commitment.

In addition to ramping up production, Isuzu Motors India has significantly expanded its reach across the country. Going forward, the company is looking at strategically increasing its touch points for taking the brand much closer to its customers. The company is also making strides in workforce diversity, with 22% of its production line workforce comprising talented women—a reflection of its commitment to inclusivity and empowerment.

As Isuzu continues to deliver vehicles built on a foundation of quality, reliability, and innovation, the brand’s philosophy of “Never Stop” remains at the heart of its operations, inspiring every step toward creating meaningful mobility solutions.

About Isuzu Motors India Pvt. Ltd.

Isuzu Motors India Private Limited (IMI), a subsidiary of Isuzu Motors Limited, Japan, was established in August 2012. Headquartered in Chennai, the company sells the popular ISUZU D-MAX V-Cross – India’s First Lifestyle and Adventure Pick-up, the Hi-Lander - All-rounder Pick-up and the ISUZU mu-X, premium 7-seater SUV in the personal vehicle segment and variants of ISUZU D-MAX pick-ups – S-CAB, S-CAB Z and Regular Cab, for the commercial segment. ISUZU vehicles are known for their reliability and performance around the world. Renowned the world-over, ISUZU vehicles are gaining huge significance in the Indian market as well, thanks to the ‘value proposition’ it offers the customers.  

Isuzu Motors India manufactures these products at its modern manufacturing plant in Sri City, spread over an area of 107 acres in the state of Andhra Pradesh. The company began its manufacturing operations in April 2016, with strong focus on quality and commitment to Indian market. In February 2020, Isuzu Motors India commenced the start of its Phase-II operations with the inauguration of the state-of-the-art Press Shop facility and engine assembly plant. In 2017, IMI started export of its ‘Made-in-India’ vehicles and has emerged as the India’s #1 Exporter of Goods Transport LCV Pick-up >2t <=3t Category for FY23-24, as per SIAM report.  An ISO 9001:2015 certified company, Isuzu Motors India is committed to providing products and services of the highest level of quality to ensure customer delight.  

The company has dedicated dealer touch-points, conveniently located in 68 locations across the country. For more information on the company, and its products/services. www.isuzu.in   

Sify Reports Revenues Of INR 10,491 Million. EBITDA Of INR 1,914 Million

HIGHLIGHTS

Loss for the period INR 258 Million

Revenue was INR 10,491 Million, an increase of 21% over the same quarter last year.

EBITDA was INR 1,914 Million, an increase of 13% over the same quarter last year.

Loss before tax was INR 119 Million. Loss after tax was INR 258 Million.

CAPEX during the quarter was INR 3,343 Million.

MANAGEMENT COMMENTARY

Mr. Raju Vegesna, Chairman, said, “India's growing prominence in the global marketplace is driven by its liberal policies, a supportive business environment, and a wealth of skilled resources. These factors combine to create a compelling growth opportunity for international companies, making India a critical destination in their global strategic expansion plans.

India has long established a reputation of being an IT service provider for the world. That narrative is now maturing to recognize that India can be an important AI test-bed for the emerging digital economy.  Multiple global leaders have also gone on record regarding the importance of the Indian market in their investment roadmap”.

Mr. M P Vijay Kumar, ED & Group CFO, said, “We stay focussed on cost efficiency and fiscal discipline, ensuring our financial strategies align with long-term value creation. Our current results are weighed down by depreciation, interest payments and escalating manpower costs.

Our strategic investments are guided by a forward-looking approach, designed to anticipate evolving market dynamics and drive sustainable growth. Our pursuit of responsible and innovative growth will be strengthened through such sustainable practices.

We draw your attention to Sify adopting the new standard of International Accounting Standards Board’s recent issuance of IFRS 18 (Presentation and Disclosure in Financial Statements), starting with the last quarter ending June 30, 2024. By adopting the new standard, we seek to maintain clarity and consistency in our financial communications. Importantly, while our presentation may change, there is no alteration in total income or net profit. December 2023 numbers are restated consequent to filing of Amended Form 20-F/A with SEC on January 13, 2025.

The cash balance at the end of the quarter was INR 5,327 Million”.

BUSINESS HIGHLIGHTS 

The Revenue split between the businesses for the quarter was Data Center colocation services 36%, Digital services 23% and Network services 41%.

During the quarter, Sify commissioned 5MW of additional Data Center capacity.

As of December 31,2024, Sify provides services via 1109 fiber nodes across the country, a 14% increase over same quarter last year.

As of December 31, 2024, Sify has deployed 9473 contracted SDWAN service points across the country.

CUSTOMER ENGAGEMENTS

Among the most prominent new contracts during the quarter were the following:

Data Center Services

A web hosting company and an ecommerce IT peripherals player migrated from the competition’s data center to Sify Data Center.

One of the largest private and public sector banks contracted to expand their DR at two Sify’s premises.

The Central Bank’s arm for payments and settlement contracted for a DR location and a private bank contracted for an Near DR.

Digital services

An industrial construction major and a mobility solutions provider contracted to migrate their on-prem DC to Sify’s Cloud platform.

One of the oldest publishing houses, a retail automation player, a home grown diversified MNC and inland waterway channel contracted Sify to build greenfield cloud platforms.

A majority of these entities also signed up for value added services, such as services like DRaaS, PaaS and IaaS.

A publicly listed state technology mission signed up for on-prem commissioning of private cloud services.

New contracts for Managed services included the IT mission of a state government, a public sector bank and a national insurance player.

The technology partner to the Government of India, multiple banks and a heavy machinery supply chain major signed up for on-prem Security build services.

A Public sector bank, the technology partner to the Government of India, an insurance major, a fintech major and the IT mission of a state government signed up for technology refresh.

Sify delivered more than 2 million online assessments this quarter.

A homegrown MNC’s international hospitality division contracted for supply chain integration.

Network Services

A global banking major with presence in India and a retail MNC signed up for Sify’s Global Cloud interconnection.

One of the largest Investment banks and a global FMCG contracted for Sify's Cloud interconnect Solutions.

A global investment bank and the country’s premier financial transaction settlement assurance platform transitioned their networks to Sify.

A state government’s police service signed up for Wide Area Networking.

Sify landed a second intercontinental cable system at its Open Cable landing station.

Sify has also commenced services on the Mumbai – Noida National Long Distance (NLD) network.

Management-defined Performance Measures (MPMs)

Sify uses Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) as the management-defined performance measure in its public communications. This measure is not specified by IFRS Accounting Standards and therefore might not be comparable to apparently similar measures used by other entities.

Management believes adjusting operating profit for these items provides comprehensive information of the company’s operating performance.

About Sify Technologies

A multiple times award winner of the Golden Peacock from Institute of Directors for Corporate Governance, Sify Technologies is India’s most comprehensive ICT service & solution provider. With Cloud at the core of our solutions portfolio, Sify is focussed on the changing ICT requirements of the emerging Digital economy and the resultant demands from large, mid and small-sized businesses. 

Sify’s infrastructure comprising state-of-the-art Data Centers, the largest MPLS network, partnership with global technology majors and deep expertise in business transformation solutions modelled on the cloud, make it the first choice of start-ups, SMEs and even large Enterprises on the verge of a revamp.

More than 10000 businesses across multiple verticals have taken advantage of our unassailable trinity of Data Centers, Networks and Digital services and conduct their business seamlessly from more than 1700 cities in India. Internationally, Sify has presence across North America, the United Kingdom and Singapore. Sify, www.sify.com, Sify Technologies and www.sifytechnologies.com are registered trademarks of Sify Technologies Limited.

Wipro Announce Robust Results For Quarter Ended December 31, 2024

* Revenue grew 0.1% QoQ. Net income grew 4.5% QoQ.

* IT Services margin expands 70 basis points QoQ to 17.5%. Highest in last 3 years.

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced its financial results under International Financial Reporting Standards (IFRS) for the quarter ended December 31, 2024.

Highlights of the Results

1. Gross revenue was at Rs 22,320 Crore, an increase of 0.1% QoQ

2. Net income for the quarter was at Rs 3,350 Crore, an increase of 4.5% QoQ

3. IT services operating margin for the quarter was at 17.5%, an increase of 0.7% QoQ.

4. Total order bookings was at $3.5 billion. Large deal bookings was at $961 million, an increase of 6% YoY

5.Earnings per share for the quarter was at ?3.21, an increase of 4.6% QoQ.

Wipro today announced that in the quarter ended December 31, 2024, the company has performed better than its own guidance. The company clocked INR 22,320 crore revenue and INR 3,350 crore in profit. The company also improved its IT services margin by 70 basis points (QoQ) to 17.5%, which is also the highest operating margin for the company in the last 3 years. The company also announced an interim dividend of Rs 6 per share for its shareholders.

Srini Pallia, CEO and Managing Director, said “In a seasonally weak quarter, our strong in quarter execution helped us deliver above the top end of our revenue guidance. We also achieved our highest margins in the past three years while continuing to invest in our people. We closed 17 large deals with a total value of $1B. We are advancing steadily and investing decisively to lead our clients in an AI-driven future.”

For the quarter ending March 31, 2025, the company expects revenue from its IT services to be in the range of $2,602 million to $2,655 million. This translates to sequential guidance of (-)1.0% to 1.0% in constant currency terms.

Titan Company Champions Craft-Based Livelihoods With Project Tarasha

The ongoing Tarasha Craft Exhibit 2025 at the Bengaluru International Centre, a collaborative effort between Titan Company Limited and Creative Dignity, has been the spark of the town this week. The exhibit focused on empowering rural craft entrepreneurs and enhancing craft-based livelihoods. This year Tarasha went to new heights, witnessing 75 craft entrepreneurs from 18 states, promoting 40+ unique crafts. The event was also graced by Ms. Suparna Mitra, CEO Watches and Wearables, Titan Company Limited.

The initiative sets premise as an organic incubator for rural artisans. Through various activities like workshops, personalized mentoring, training sessions, and continuous monitoring, it aims to empower craftpreneurs and promote local artisans. Adding to the exhibit’s vibrancy are workshops, engaging panel discussions and live performances through the week. Swarathma, Bengaluru’s iconic folk-rock band also graced the event with a special performance and immersive interactions with the artisans.

Open to the public until 19th January 2025 at the Bengaluru International Centre, Domlur, Bengaluru, Tarasha underscores Titan’s dedication to celebrating India’s cultural and rich artisans’ heritage.

Jaypore Partners With Shobitam To Showcase India’s Handcrafted Masterpieces – Also Launches Shobitam’s Vidya Balan’ Collection

* The partnership seeks to amplify Jaypore's role as a champion of India’s artisanal heritage, advancing the recognition of handcrafted products and traditional Indian crafts

Jaypore, Aditya Birla Fashion and Retail Limited’s leading artisanal lifestyle brand, has partnered with Shobitam, a renowned D2C ethnic fashion brand. This partnership will bring Shobitam’s signature offerings—including the coveted ‘Shobitam Vidya Balan’ collections and handwoven pure silk sarees from their award-winning weaves—to Jaypore’s thoughtfully curated retail experience as well as its e-commerce platform. Through this initiative, Jaypore continues to offer a premium shopping experience that connects consumers to India’s finest artisanal traditions.

Jaypore, known for its focus on preserving and promoting India’s artisanal legacy, has long been a champion of handcrafted artistry. This partnership with Shobitam, which brings their beautifully crafted sarees to Jaypore’s in-store experience, marks another milestone in Jaypore’s journey to bring authentic, timeless designs to its customers.

Sooraj Bhat, Chief Executive Officer, Ethnic Business, Aditya Birla Fashion and Retail Limited, said, “This partnership with Shobitam is yet another step towards elevating the narrative of India’s artisanal legacy on a global stage. At Jaypore, we are deeply committed to celebrating and preserving the timeless traditions of India’s crafts. By combining Shobitam’s exceptional craftsmanship with our dedication to authenticity, we are not just offering a product, but an experience that connects our customers to the heart of India’s heritage. This partnership is a testament to our unwavering vision of bringing the finest handcrafted creations to the world."

Aparna Thyagarajan, Chief Product Officer & Co-Founder of Shobitam, added, “Taking the Shobitam experience offline is a significant milestone for us, and our partnership with Jaypore marks an exciting new chapter. Jaypore’s unwavering commitment to celebrating India’s indigenous art forms and its artisans aligns seamlessly with our mission and our shared passion for preserving and promoting India’s textile heritage. We’re thrilled to partner with Jaypore, renowned for offering exceptional value to its customers across India and Globally”

Radhika Chhabra, Creative Head, Jaypore, shared, “At Jaypore, our mission has always been to showcase India’s artisanal brilliance through creations that resonate with authenticity and heritage. This partnership with Shobitam is a celebration of India’s timeless craftsmanship, bringing their exquisite weaves to our customers. Together, we are not only presenting masterpieces but also fostering a deeper connection with the rich cultural tapestry of India, ensuring it continues to inspire generations to come.”

The curated ‘Store-in-Store’ experience at Jaypore will spotlight Shobitam’s exquisite collections, celebrating intricate craftsmanship and heritage. Shobitam sarees feature a wide array of crafts, including hand block prints, hand painting, hand weaving, Jamdani, Kanjivaram, Madhubani, Maheshwari, Shibori, and intricate embroidery, representing diverse weaving traditions from across India. Each saree is a tribute to the artistry and cultural richness of the states they originate from.

The first phase of this partnership will see Shobitam’s exquisite sarees available at Jaypore’s flagship locations in HSR Bangalore, Jubilee Hills Hyderabad, and Khan Market Delhi, as well as on Jaypore’s e-commerce platform, www.jaypore.com. As part of Jaypore’s ongoing commitment to promoting exceptional artisanal craftsmanship, the brand plans to expand the availability of Shobitam’s collections to more stores in the coming months, bringing a curated selection of traditional artistry and contemporary design to an ever-growing audience across India.