SBI Cards and Payment Services Limited Reports Financial Results For Quarter Ended Dec 31, 2024

Total Revenue at Rs 4,767 Cr Up 1% YoY; PAT at Rs 383 Cr

The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the Quarter ended December 31, 2024.

Performance Highlights Q3 FY25

Total Revenue increased by 1% YoY at Rs 4,767 Cr in Q3 FY25 v/s Rs 4,742 Cr in Q3 FY24

PAT decreased by 30% YoY at Rs 383 Cr in Q3 FY25 v/s Rs 549 Cr in Q3 FY24

ROAA at 2.4% in Q3 FY25 v/s 4.0% in Q3 FY24

ROAE at 11.5% in Q3 FY25 v/s 19.3% in Q3 FY24

Capital Adequacy Ratio at 22.9%; Tier 1 at 17.0%

Business Highlights

New accounts volume up by 7% at 1,175K in Q3 FY25 v/s 1,096K in Q3 FY24

Cards-in-force grew by 10% at 2.02 Cr as of Q3 FY25 v/s 1.85 Cr as of Q3 FY24

Retail Spends grew by 10% at Rs 80,792 Cr in Q3 FY25 v/s Rs 73,519 Cr in Q3 FY24

Receivables grew by 12% at Rs 54,773 Cr in Q3 FY25 v/s Rs 48,850 Cr in Q3 FY24

Market share for Card-in-force 18.7% (as of Dec’24: 18.9%), Spends 15.6% (for 9M of FY24: 18.3%). As of Dec’24, #2 for Cards-in-force and #3 for spends, in industry

Profit & Loss Account for the Quarter ended December 31, 2024

Total income increased by 1% at Rs 4,767 Cr in Q3 FY25 v/s Rs 4,742 Cr in Q3 FY24. This movement was a result of the following key factors:

Interest income increased by 15% at Rs 2,399 Cr in Q3 FY25 v/s Rs 2,082 Cr in Q3 FY24

Fees and commission income decreased by 13% at Rs 2,220 Cr in Q3 FY25 v/s Rs 2,539 Cr in Q3 FY24

Finance costs increased by 19% at Rs 829 Cr in Q3 FY25 v/s Rs 695 Cr in Q3 FY24

Total Operating cost decreased by 13% at Rs 2,107 Cr in Q3 FY25 from Rs 2,426 Cr in Q3 FY24

Earnings before credit costs increased by 13% at Rs 1,831 Cr in Q3 FY25 v/s Rs 1,620 Cr in Q3 FY24

Impairment on financial instruments increased by 49% at Rs 1313 Cr in Q3 FY25 v/s Rs 883 Cr in Q3 FY24

Profit after tax decreased by 30% at Rs 383 Cr in Q3 FY25 v/s Rs 549 Cr in Q3 FY24

Balance Sheet as of December 31, 2024

Total Balance Sheet size as of December 31, 2024, at Rs 62,563 Cr as against Rs 58,171 Cr as of March 31, 2024

Total Advances (Net of provisions) as of December 31, 2024, at Rs 52,808 Cr, as against Rs 49,079 Cr as of March 31, 2024

Net worth as of December 31, 2024, at Rs 13,547 Cr as against Rs 12,156 Cr as of March 31, 2024

Asset Quality

The Gross non-performing assets were at 3.24% of gross advances as of December 31, 2024, as against 2.64% as of December 31, 2023. Net non-performing assets were at 1.18% as of December 31, 2024, as against 0.96% as of December 31, 2023.

Capital Adequacy

As per the capital adequacy norms issued by the RBI, Company’s capital to risk ratio consisting of Tier I and Tier II capital should not be less than 15% of its aggregate risk weighted assets on - balance sheet and of risk adjusted value of off-balance sheet items. As of December 31, 2024, Company’s CRAR was 22.9% compared to 18.4% as of December 31, 2023.

The Tier I capital in respect of an NBFC-ND-SI, at any point of time, can’t be less than 10%. Company’s Tier I capital was 17.0% as of December 31, 2024, compared to 16.3% as of December 31, 2023.

Rating

CRISIL Long Term         -             AAA/Stable

CRISIL Short Term        -             A1+

ICRA Long Term           -             AAA/Stable

ICRA Short Term          -             A1+

Hatsun Announces Completion Of The Acquisition Of Milk Mantra Dairy Private Limited, And Its Innovative Dairy Brand “Milky Moo”

Hatsun Agro Product Ltd (HAP), India's leading corporate dairy company, is happy to announce the completion of the acquisition of Milk Mantra Dairy Private Limited, and its innovative dairy brand “Milky Moo” known for its quality commitment in milk procurement and sales. This strategic takeover strengthens HAP's presence in the Eastern Indian dairy market and underscores its mission of delivering fresh, high-quality dairy products to customers.

Speaking on the occasion, Mr. Srikumar Misra, Founder of Milk Mantra, shared: "Milk Mantra has always been about building a purpose driven dairy foods brand, whilst pioneering an ethical milk sourcing model, empowering farmers, and ensuring superior quality dairy products for our consumers. Acquisition by Hatsun Agro Product Ltd is a natural progression of our vision to scale our impact and innovation across a broader market. HAP has visionary leadership and has extensive resources that will further elevate the value delivered to consumers and farmers alike. We are happy for the future of Milky Moo, and our ecosystem in this transformative transaction, not just for Odisha but beyond."

Commenting on the acquisition, Mr. R.G. Chandramogan, Chairman of Hatsun Agro Product Ltd, stated: “With Milk Mantra, HAP is now present beyond our strong position in South & West India, now establishing a robust presence in Eastern India. Odisha is a prosperous cow milk belt, and a growing economy. We are excited that a strong brand Milky Moo is added to our stable of brands like Arun, ibaco, Hatsun and Arokya. We are committed to expanding and growing the dairy landscape in Odisha. Logistically, it also gives scope to strengthen markets like northern Andhra, West Bengal and adjoining States, where Arun Ice Cream is already present.

With this takeover HAP will start with a sizeable market share, wide distribution & procurement network and 2 strategically located processing facilities in Odisha with the Milky Moo brand’s established strong market presence.

Samsung Integrates EMBIBE’s AI-Powered Learning Platform Into The Samsung Education Hub App For Smart TVs & Smart Monitors

* The collaboration aims to transform TVs into educational tools with personalised learning experiences for CBSE, ICSE, IB, Cambridge, all State Boards, JEE & NEET students

* EMBIBE’s integration will provide students access to a comprehensive collection of award-winning 3D explainers and personalised adaptive practice with hints & solutions

* The Samsung Education Hub app is available on all Samsung Smart TVs and Smart Monitors, offering an exclusive 50% discount on all annual subscriptions, one per EMBIBE profile 

Samsung, India’s largest consumer electronics brand, has partnered with EMBIBE, an AI-powered personalised learning outcomes platform, to integrate it into the Samsung Education Hub app, a designed-for-TV education app. The collaboration will help TVs become effective educational tools providing personalised learning experiences for students.

Through this partnership, EMBIBE, as part of the Samsung Education Hub app, will offer extensive educational coverage, supporting all major curricula, including CBSE, ICSE, IB, Cambridge, all State Boards and major entrance exams such as IIT JEE and NEET. Students will benefit from a large collection of award-winning, immersive 3D explainer videos, designed to make even the most complex topics easier to understand and more engaging to learn.

“The Samsung Education Hub app aims to expand the role of TVs in homes, transforming them from mere entertainment hubs to a seamless platform for online learning. This innovative ‘designed-for-TV’ education app is set to revolutionise the online learning experience, making it engaging and accessible to all. Our vision is to create a future where education knows no boundaries and knowledge is within easy reach at the click of a button,” said Viplesh Dang, Senior Director, Visual Display Business, Samsung India.

“Our partnership with Samsung TV marks a significant leap in delivering a truly personal, engaging, learning experience through one of the most trusted and loved mediums. Samsung has partnered with EMBIBE because we’ve solved two critical challenges: creating stunning interactive, multi-modal content and delivering it through a deeply personalized experience powered by AI. The synergy between Samsung’s innovation and EMBIBE’s expertise in edtech is a powerful combination that sets a new standard for educational excellence, creating a transformative learning experience for everyone,” said Aditi Avasthi, Founder & CEO at EMBIBE.

At the heart of EMBIBE’s offering is its personalised, AI-driven adaptive practice, which adjusts to each student’s learning level. Through the Samsung Education Hub, students will be able to access EMBIBE’s video-based learning resources and also its AI-powered adaptive practice in English, Hindi and 10 major regional languages, backed by over 10 years of educational engagement data of more than two crore students. They can choose from 54,000 practice tests and use personalised score-improvement features that will provide useful insights for improvement. In addition, students can avail Samsung’s exclusive discount of a flat 50% on EMBIBE annual subscription purchased on TV.

EMBIBE content will be available on all 2024 Samsung TVs and smart monitors and will be gradually made available on earlier models. Existing subscribers of EMBIBE, who own Samsung TVs will have seamless login and access to this rich educational content, along with Samsung TV users who wish to subscribe to the platform. Earlier this year, Samsung had teamed up with the leading ed-tech platform, Physics Wallah for Samsung Education Hub on 2023 & 2024 Samsung TVs.

Samsung Newsroom India: Samsung Integrates EMBIBE’s AI-Powered Learning Platform into the Samsung Education Hub App for Smart TVs & Smart Monitors

About Samsung Electronics Co., Ltd.

Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, home appliances, network systems, and memory, system LSI, foundry and LED solutions, and delivering a seamless connected experience through its SmartThings ecosystem and open collaboration with partners. For latest news on Samsung India, please visit Samsung India Newsroom at http://news.samsung.com/in. For Hindi, log on to Samsung Newsroom Bharat at https://news.samsung.com/bharat. You can also follow us on Twitter @SamsungNewsIN.

About EMBIBE?

Embibe is the world’s first AI-driven ed-tech platform that has solved two major challenges in education: creating stunning, interactive, multi-modal content and delivering it through a deeply personalised AI experience. The platform combines advanced AI, beautiful content, and interactive features to ensure students get the right guidance and learning materials at the right time, tailored to their individual needs. Teachers are empowered with powerful tools to assign personalised homework and track student progress with ease, thanks to our vast content library and intelligent algorithms.

With over 400 exams supported across all school boards, test prep, and government job exams in English, Hindi, and 10 regional languages, Embibe is a pioneer in personalised education. The platform is backed by 9 granted patents and has earned recognition as a Global Innovator by the World Economic Forum. Embibe has also received prestigious awards such as the Graham Bell Award 2024 for Innovation in AR/VR/XR, FICCI BAF Award 2024 for Excellence in Animation, the Webby People’s Voice Award 2022 for Best Platform in Learning & Education, and Google Play’s Users’ Choice Award 2021 for Personal Growth.

Genpact Launches AI Gigafactory To Accelerate Enterprise Value

·       Unique combination of Genpact’s deep industry expertise, proprietary Agentic Solutions and responsible AI framework drives accelerated AI-led transformation

·       Aims to create pool of over 25,000 builders of AI

Genpact (NYSE: G), a global advanced technology services and solutions company, today unveiled the Genpact AI Gigafactory -- a first-of-its-kind AI accelerator designed to help enterprises rapidly scale AI solutions from pilot to full-scale production. It addresses the growing demand for enterprise-wide AI adoption while tackling critical governance challenges in an era of agentic advancement.

“The benefits of AI are clear, but most businesses struggle with how to implement it at scale,” said Sanjeev Vohra, Chief Technology and Innovation Officer, Genpact. “A multi-disciplinary approach is essential to drive transformative impact—one that combines deep industry knowledge, expertise in data, technology, and processes, along with highly specialized talent.”

Despite organizations' desire to leverage the potential of AI, Genpact's recent research with HFS found that only 5% of enterprises have reached full AI maturity. The Genpact AI Gigafactory is helping businesses close this gap through:

·       Scalable AI Solutions – driving repeatability. Genpact’s proprietary Agentic Solutions provide a transformative approach to running businesses, leading to accelerated efficiencies. Its data marketplaces and engineering libraries offer thousands of pre-built AI and generative models, driving scale and speed-to-value.

·       Multidisciplinary Approach –using a unique pod delivery model and leveraging cross-functional teams with deep industry, computer science, data engineering, and integration expertise to accelerate the development cycle. Powered by on-demand talent backed by tech-partner certification programs –scaling to a pool of 25,000 builders of AI.

·       Responsible AI-First Approach -- leveraging a robust risk framework, ethical design tools, and humans-in-the-loop, talent is equipped with tools to ensure responsible, safe and ethical use of data and AI by design.

“When it comes to AI, the question is no longer if but how to scale it effectively across an organization,” said Vishal Gupta, Partner, Everest Group. “A key challenge in this journey is access to cross-functional, AI-ready talent. Genpact’s AI Gigafactory solution tackles this challenge by collaborating with technology partners and building a pool of highly skilled professionals through comprehensive training programs. This approach enables faster deployment of AI-ready professionals and accelerates value realization for enterprise clients."

Through strategic collaborations with ecosystem partners like Databricks, the data and AI company, Genpact’s AI Gigafactory is redefining how enterprises adopt and scale AI solutions with speed and efficiency.

“At Databricks, we're committed to helping all organizations build data intelligence and maximize their data investments. We see Genpact's AI Gigafactory as a critical solution in helping companies scale their AI projects," said Sabina Shaikh, Vice President, Global Systems Integrators, Databricks. “By integrating the Finance Data Hub with Databricks Data Intelligence Platform, we’re enabling enterprises to revolutionize how they leverage financial data for greater agility and insight.”     

To learn more, visit www.genpact.com/gigafactory.

About Genpact:

Genpact (NYSE: G) is a global professional services and solutions firm delivering outcomes that shape the future. Our 125,000+ people across 30+ countries are driven by our innate curiosity, entrepreneurial agility, and desire to create lasting value for clients. Powered by our purpose – the relentless pursuit of a world that works better for people – we serve and transform leading enterprises, including the Fortune Global 500, with our deep business and industry knowledge, digital operations services, and expertise in data, technology, and AI.

Get to know us at genpact.com and on LinkedIn, X, YouTube, and Facebook.

Union Bank Of India Approved The Accounts Of The Bank For The Quarter Ended December 31, 2024

Key Highlights in Q3FY25

* Strong Financial Performance:

Net Profit of the Bank increased by 28.24% on YoY basis during Q3FY25. Non-interest income of Bank grew by 17.02% on YoY basis during Q3FY25.

* Bank continues to demonstrate a strong Liability franchise:

Global deposits have increased by 3.76% YoY. Bank now have a total deposits base of          Rs.12,16,562 Crores as on December 31, 2024.

* Business Growth gaining momentum:

Total Business of the Bank increased by 4.70% YoY, wherein Gross Advances increased by 5.94% YoY & Total Deposit grew by 3.76% YoY. Bank has a total Business of Rs.21,65,726 Crores as on December 31, 2024.

* Growth in Retail, Agri and MSME (RAM) segments:

RAM Segment of the Bank increased by 9.26% YoY, where 16.36% growth in Retail, 4.34% growth in Agriculture and 6.34% growth in MSME is achieved on YoY basis. RAM advances as a percent of Domestic Advances stood at 56.69%.

* Reduction in NPA:

Gross NPA (%) improved by 98 bps on YoY basis to 3.85% and Net NPA (%) improved by 26 bps on YoY basis to 0.82% as on December 31, 2024.

* Strong Capital Ratios:

CRAR improved from 15.03% as on December 31, 2023 to 16.72% as on December 31, 2024. CET1 ratio improved from 11.71% as on December 31, 2023 to 13.59% as on December 31, 2024.

*  Improved Returns:

Bank’s Return on Assets improved by 23 bps on YoY basis to 1.30% & Return on Equity improved by 50 bps on YoY basis to 17.75% during Q3FY25.

Network:

8,574 Branches including foreign branches

9,087 ATMs

23,114 BC points

135 MLPs (MSME Loan Points)

137 RLPs (Retail Loan Points)

54 ALPs (Agriculture Loan Points)

106 Union MSME First Branches

1,685 Gold Loan Points

16 LCBs & 37 MCBs

6 SAMBs & 30 ARBs

Financial Inclusion schemes:

Financial Inclusion schemes launched by GOI with an aim to eliminate barriers and provide economically priced financial services to the less accessible sections of the society through government-backed schemes like PMJJBY, PMSBY, PMJDY and APY.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):

This is a Government- backed insurance scheme; where 4.40 lakhs new enrollments were done by the Bank for the quarter ended December 31, 2024.      

Pradhan Mantri Suraksha Bima Yojana (PMSBY):

This is Government- backed insurance scheme for accidental insurance; where 15.99 lakhs new enrollments were done by the Bank for the quarter ended December 31, 2024.

Pradhan Mantri Jan Dhan Yojana (PMJDY):

Our bank is instrumental in opening 3.14 Crores accounts under PMJDY Scheme with balance of Rs. 11,637 Crores as on December 31, 2024. The corresponding figure was      2.88 Crores account with balance of Rs. 9,604 Crores as on December 31, 2023.

Atal Pension Yojana (APY):

APY is a pension scheme, primarily targeted at the individuals working in unorganized sector, 1.66 lakh new enrollments were done by Bank for the quarter ended                      December 31, 2024.

Union Nari Shakti Scheme for Women Entrepreneurs: Sanctioned 4,242 Applications for Rs.598 crores during Q3 FY25

Credit facility towards Green initiatives: -

Renewable Energy Sector: -Sanctioned Rs. 27,269 crores as on December 31, 2024.

Union Green Miles: -Sanctioned amount Rs. 645 crores as on December 31, 2024.

At The Ninth Dr. M.V. Kamath Endowment Lecture, Shekhar Gupta Highlights Growth And Reform Priorities

Renowned journalist Shekhar Gupta emphasized the need for India to aim for a growth rate exceeding 7 percent. Delivering the ninth Dr. M.V. Kamath Endowment Memorial Lecture at an event organized by the Manipal Institute of Communication (MIC), Gupta highlighted that India has not witnessed substantial growth over the past decade. He called for introspection rather than self-congratulation.

Praising the Modi government for its efficient distribution mechanisms for the poor, Gupta acknowledged that the system has significantly reduced corruption. However, he expressed concern that India appears to be stuck in a cycle of stagnation, with no substantial progress to showcase. He noted that the tendency to conflate domestic politics with international issues often detracts from meaningful development, as everything becomes focused on electoral gains. Gupta remarked that Indians often assume a moral right to preach to the world, rooted in the strength of their ancient civilization. However, he pointed out that the global order is undergoing significant redefinition. He highlighted India and Tanzania as examples of multi-civilizational societies that have endured over time.

The journalist observed that India has grown stronger with each passing decade, both internally and externally, and has become more cohesive as a society. He described social cohesion as a gift to the world, adding that the Indian Constitution provides a legal framework compelling diverse communities to coexist peacefully. Gupta criticized the country's economic performance, noting that the growth anticipated during the Congress-era economic reforms has not been sustained. While India initially positioned itself as a democratic alternative to China, it has now shifted to a narrative of cultural superiority.

Discussing global politics, Gupta cited the example of Donald Trump as evidence of a transformed world order. He urged India to establish international platforms and let others tell its story instead of constantly narrating it domestically. He argued that criticism accompanying development should be ignored. He also criticized the Citizenship Amendment Act (CAA), describing it as an unnecessary provocation. Gupta lamented the lack of contestation in Indian history and emphasized the urgent need for improvements in public education, which he described as being in a state of serious decline.

Manipal Academy of Higher Education (MAHE), Pro Vice Chancellor, Technology and Sciences, Dr Narayana Sabahith, Registrar Dr Giridhar Kini, COO Dr Raviraja NS, MIC Director Dr Padma Rani were present.

About Manipal Academy of Higher Education:

Manipal Academy of Higher Education (MAHE) is an Institution of Eminence Deemed-to-be University. MAHE offers over 400 Specialisations across the Health Sciences (HS), Management, Law, Humanities & Social Sciences (MLHS), and Technology & Science (T&S) streams through its constituent units at campuses in Manipal, Mangaluru, Bengaluru, Jamshedpur, and Dubai. With a remarkable academic track record, state-of-the-art infrastructure, and significant contributions to research, MAHE has earned recognition and acclaim nationally and internationally. In October 2020, the Ministry of Education, Government of India, awarded MAHE the prestigious Institution of Eminence status. Currently ranked 4th in the National Institutional Ranking Framework (NIRF), MAHE is the preferred choice for students seeking a transformative learning experience and an enriching campus life and for national & multi-national corporates looking for top talent.

Goldmedal Illuminates Spaces With Stylish And Versatile Parkos 01 LED Wall Light

Goldmedal Electricals, one of India's leading Fast Moving Electrical Goods (FMEG) companies, has announced the launch of Parkos 01, a contemporary up-down wall light designed to elevate both indoor and outdoor aesthetics.

Crafted with a sleek black finish and robust polycarbonate housing, Parkos 01 seamlessly integrates into various settings, from residential spaces and hotels to garden pathways and outdoor seating areas. Its uniquely designed lenses ensure precise beam control and optimal light distribution, creating a captivating ambiance. Available in a versatile range of wattages – 2W, 4W, 6W, 8W, and 10W – Parkos 01 offers customizable illumination solutions to meet diverse lighting requirements. Each wattage variant features multiple lights on both sides, providing ample brightness and versatility.

Features of Parkos 01:

Durable construction: Made with a tough polycarbonate housing that ensures long-lasting durability.

Energy efficient: Provides up to 75 lumens per watt, ensuring bright illumination while saving energy.

Wide voltage range: Operates efficiently in a wide voltage range of 140-300VAC, making it suitable for varied electrical conditions.

Surge Protection: Equipped with up to 4KV surge protection, safeguarding the light against power fluctuations.

Dust and splash resistant: IP54 protection ensures resistance to dust and splashes, making it perfect for outdoor use.

Speaking about the Parkos 01, Kishan Jain, Director, Goldmedal said, “We are thrilled to introduce Parkos 01, a stylish and functional addition to our portfolio of innovative lighting solutions. Parkos embodies our commitment to providing high-quality, energy-efficient products that enhance the lives of our customers. With its versatile applications and robust features, Parkos is designed to meet the evolving lighting needs of our customers, whether for residential or commercial spaces.”

The Parkos 01 wall light is now available both in online and retail stores, with a variety of power options, including 2,4,6,8 and 10 Watts, priced at Rs. 475, Rs. 582, Rs. 769, Rs. 799, and Rs. 916 respectively. These wall lights come with two-year warranty.