Category Archives: Business

Noise’s first smart ring, the transformative Luna Ring, is back on sale after an overwhelming response

India, 25th October 2023: After receiving an overwhelming response on the launch, Noise, India’s leading smartwatch, and connected lifestyle brand, today opens the second sale for its first smart ring, Luna Ring. The meticulously designed Luna Ring received a great response resulting in being sold out within just a few hours of the first sale going live. Designed to catalyze a transformative lifestyle shift, Luna Ring by Noise is now available and can be purchased from gonoise.com at INR 15,999. It is available in seven-ring sizes and five color options out of which Stardust Silver, Lunar Black, and Midnight Black will be currently available for customers to choose from.

Users get a subscription-free experience and insights through the Luna Ring App. As a first step towards purchase, consumers receive a tailor-made sizing kit that helps them identify the right size for their Luna Ring. Tracking more than 70 metrics, Luna Ring fosters cognitive functioning by delivering across three core metrics – Sleep, Readiness, and Activity. Noise’s smart ring comes equipped with advanced sensors and robust built quality helping users elevate their lifestyle effectively. Luna Ring’s advanced sensors, including Infrared PPG, Skin Temperature, and 3-axis accelerometer, provide highly accurate health tracking. It also comes with in-built algorithms that customize measurements for various skin tones, delivering unbiased results. The smart ring’s personalized nudges offer real-time insights.

Validated by IIIT-Hyderabad and All is Well (AIW), Luna ring delivers precise performance demonstrating 98% accuracy for step count and HR, and 95% for heart rate variation and has been benchmarked against gold-standard products used for fitness and health applications, to determine their reliability.

The state-of-the-art wearable is designed with an ultra-lightweight 3mm form factor, fighter-jet grade titanium and a diamond-like coating, determining its robust build. Ensuring durability against scratches and corrosion, it comes with hypoallergenic inner and comfortable outer shells for comfortable wear. Powered by BLE 5 technology, and water-resistant up to 50m, Luna Ring offers convenience and durability. With an impressive battery life of up to 5 days on a single charge, Luna Ring is a perfect companion and lifestyle ally, transforming your well-being.

ISH Leads the Dialogue on Innovative Educational Programmes At the UNWTO General Assembly

India, October 25th, 2023: Indian School of Hospitality (ISH), the preeminent institution in the field of hospitality education, is delighted to announce the participation of Mr Kunal Vasudeva, Co-Founder & Managing Director of ISH, as the keynote speaker at the esteemed UNWTO (United Nations World Tourism Organization) General Assembly.

Mr Vasudeva took the stage on October 19 in Samarkand, Uzbekistan, to address the eminent gathering on the theme “Education, Investing in the Future” and also moderated a panel discussion on this substantial topic.

Addressing the gathering, Mr Vasudeva delivered an impactful keynote address, stating, “We have entered the experience economy, which is anticipated to evolve into an 8.2 trillion dollar behemoth; this isn’t a niche but a transformative force that shall alter the very DNA of our economy. It is no longer about unit economics but human economics! It’s no longer the software engineer, the lawyer, or the medical professional leading this charge. It is us — the individual trained in the art and science of hospitality.”

He also argued against the misconception that hospitality education is merely vocational training and emphasised the need for a significant shift in this perception. According to him, skills such as emotional intelligence, adaptability, and resource management are no longer optional but are pivotal to professionals in the 21st century.

Mr Vasudeva also advocated for unified action and public-private partnerships and shed light on the role of UNWTO in recognising the significance of quality education in sustainable tourism. Furthermore, he pointed out the need for a global approach to hospitality education and how a UNWTO-backed accreditation can become the gold standard.

He also stressed on the role of education in fostering ESG (Environment, Social, and Governance) principles during his address and highlighted the endeavours of countries like the Maldives, New Zealand, and Costa Rica, which have successfully integrated sustainability into their tourism industry, and underlined the need for more nations to follow suit.

He also pointed out that adopting ESG principles can lead to significant financial benefits, and therefore, called for their global adoption.

At the end of the keynote, Mr Vasudeva shared a real-life example of Rahul, a hospitality graduate from India who implemented sustainable practices in his family resort. His practical approach made him an authority in policy-making circles while scaling his business. Rahul’s initiative solidified the role of hospitality education in promoting sustainability and equality.

Mr Vasudeva left the audience with the choice between embracing and leading the changes in the experience economy and also mentioned that re-evaluation and re-invention of hospitality education isn’t a matter of choice but a strategic imperative.

The 25th session of the UNWTO General Assembly incorporated a vibrant Global Forum on Education, emphasising the pivotal role of education in shaping the future of the tourism industry. This esteemed event brought together high-level ministers, thought leaders and renowned experts from around the globe to explore out-of-the-box approaches to tourism education and its significant impact on the sector.

Amid the panel discussion moderated by Mr Vasudeva, the esteemed participants delved into the substantial topic of “Unlocking Horizons: Tourism as a Must-Have Subject in Education and Youth Perspectives,” while also unveiling the UNWTO Education Toolkit. The toolkit was recognised as a valuable resource to enhance tourism education worldwide.

The eminent panellists involved in the thought-provoking discussion included-:

• Ms Alisha Gulden, Senior Vice President of Sales, National Restaurant Association (NRA), American Hotel & Lodging Educational Institute (AHLEI)

• Ms Sue Moffat, Head of Humanities and Social Sciences Portfolio, Cambridge Assessment International Education (Cambridge International)

• Ms Zukhro Bakhromkulova, student of “Silk Road” International University of Tourism and Cultural Heritage

• Prof. Urs Wagenseil, Professor & Head of Touris at Institute of Tourism, Lucerne University of applied Sciences & Arts

The panel highlighted the significance of providing real-world exposure to equip students with the skills and knowledge necessary to navigate the intricacies of the hospitality industry. This hands-on approach is considered crucial for ensuring that graduates are job-ready and able to make valuable contributions from their very first day on the job.

The panellists also acknowledged that the tourism sector is dynamic and rapidly changing and educational programs need to adapt and evolve to stay relevant.

The gathering unanimously agreed that the curriculum should be designed with a clear focus on fostering responsible and sustainable tourism, ensuring that students are empowered to protect the culture and the environment. This proactive approach helps prepare students for careers that align with global sustainability goals.

Furthermore, the panel also discussed the flexibility of syllabuses and underscored the importance of allowing teachers to incorporate new initiatives and innovative approaches into their courses. This adaptability ensures that education remains aligned with the latest industry trends and emerging technologies.

Mr Vasudeva also had a significant interaction with the Indian Ministerial delegation at the event including Ms Manisha Saxena, IAS, Director General, Ministry of Tourism, Government of India and Mr Roshan MammarappallilThomas, Director, Ministry of Tourism, Government of India (Overseas Marketing, International Cooperation, IT Division).

The discussion encompassed crucial issues related to India’s tourism sector and the role of the United Nations World Tourism Organization (UNWTO) in creating a conducive environment for sustainable tourism and technology integration.

The UNWTO General Assembly convenes every two years and brings together influential representatives from the organisation’s member states and accomplished figures from the global tourism sector. The remarkable platform is recognised for fostering extensive discussions, knowledge sharing, and the creation of strategies to promote sustainable tourism across the globe.

It is considered one of the most influential meetings of global tourism officials and notable representatives of the private sector.

Some of the key highlights of the Global Forum on Education included-:

High-Level ministerial debate on policies to foster innovation & education for current and future generations: The insightful debate witnessed the convergence of tourism ministers from pioneering nations in tourism education.

The head honchos delved deeper into the formulation of innovative policies and effective instruments to bolster innovation and education for present and future generations in the tourism sector. The gathering also focussed on strengthening global partnerships to support inclusive and sustainable tourism development.

Keynote address on education, investing in the future: The inspiring address explored the considerable opportunities and challenges associated with investing in education. The speaker shed light on the significance of dedicating resources, especially to education in tourism.

Unlocking horizons: Tourism as a must-have subject in education and youth perspectives – presentation of the UNWTO Education Toolkit: The session included a lively fireside chat featuring the unveiling of the UNWTO education toolkit. A panel comprising education partners and academic representatives underscored the importance of integrating tourism studies into secondary education. It also shared inspirational stories and experiences showcasing the transformative potential of education.

Launch of the tourism academy in Uzbekistan: A striking presentation demonstrated the commitment of Uzbekistan to support tourism education and its collaboration with UNWTO via the launch of the Tourism Academy.

Awards Ceremony: UNWTO Ulysses Prize for Excellence in the creation and dissemination of knowledge in tourism: The occasion celebrated the incredible career of the 16th Ulysses Prize laureate, recognising individuals, organisations, or institutions that have made outstanding contributions to the creation and dissemination of knowledge in the field of tourism.

The prestigious award fosters innovation, research, and expertise sharing to promote the tourism sector and nurture sustainable development.

Closing remarks & signing ceremony: The Global Forum on Education reached its conclusion with closing remarks and a symbolic signing ceremony. The ceremony highlighted a resolute commitment to elevating tourism education to new heights across the globe.

The assembly also acknowledged the essential role played by hospitality and education in shaping the global economy and charting the course for the future of tourism.

Sharing his delight at the participation of the Indian School of Hospitality at the UNWTO General Assembly, Mr Kunal Vasudeva said, “I am deeply honoured to be part of the UNWTO General Assembly as a keynote speaker. In a sector characterised by constant transformation, innovative educational programmes are vital for fostering sustainable progress. Our objective is to inspire change and underscore the critical role of education in nurturing the next generation of hospitality leaders and change agents. This momentous occasion also highlights ISH’s commitment to delivering exceptional hospitality education and making a lasting impact on the industry.”

As part of Sommet Education’s global network, ISH has carved a distinctive reputation in hospitality education, nurturing highly proficient industry professionals. This unparalleled legacy of excellence demonstrates the significant impact which the institution is making in shaping the future of the hospitality sector.

Kotak Mahindra Bank to Appoint International Banker, Ashok Vaswani as MD & CEO

Bengaluru, 25th October 2023: Kotak Mahindra Bank (‘Kotak’ or ‘the Bank’) today 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.

EcoMins Leads Mineral Waste Management Revolution in Madhya Pradesh

Jhabua, Madhya Pradesh, October 25, 2023— EcoMins, a dynamic force in the mining industry, has taken the lead in revolutionizing manganese ore extraction and refining in Madhya Pradesh. In collaboration with SR FERRO ALLOYS, the largest manganese producer in Madhya Pradesh and one of the top-five producers in India, Ecomins’ dedicated efforts are currently focused on the Kajali Dungari mines in the Jhabua district, showcasing a commitment to innovation, efficiency, and sustainability.

EcoMins contains the capacity of 300 Metric Tons of Manganese ORE’s beneficiation per day, the collaboration positions it as a driving force in the Mineral Waste Management. EcoMins with unwavering dedication to research and development, results in the creation of state-of-the-art processes that significantly enhance efficiency, reduce costs, and elevate sustainability in Mineral Waste Management.

“At EcoMins, our vision is to revolutionize the mining industry by introducing cutting-edge technologies. The Kajali Dungari mines project is a showcase of our commitment to sustainable mining practices, minimizing environmental impact, and ensuring the long-term viability of our operations. We are poised to become a driving force for positive change in the manganese ore mining sector, contributing to a more sustainable and prosperous future. EcoMins aspires to become the preferred and most trusted supplier of manganese ore in the industry,” said Mr. Sawariya Saraf, Director, EcoMins.

With a specific emphasis on the beneficiation of manganese ore, EcoMins is pioneering approaches that go beyond conventional methods, promising a transformative era for the mining industries. The company’s commitment to pushing the boundaries of what’s achievable in manganese mining is driving a paradigm shift in the sector.

“Our collaboration with EcoMins is not just about being the largest producer; it is about leading the industry in innovation and sustainability. We are amazed and proud to be a partner with EcoMins, as their dedication to harnessing the untapped potential of manganese ore, coupled with their commitment to cutting-edge technologies and pioneering approaches, is going to bring a positive change in the industry,” expressed Dr. Sudhir Sharma, Director at SR FERRO ALLOYS.

As the industry undergoes this transformative phase, EcoMins stands at the forefront, promising a future where innovation, efficiency, and sustainability are seamlessly integrated into the fabric of mining operations.

Kotak Mahindra Bank Announces Results- Q2 FY2023-24

Bengaluru, 25th October, 2023: 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, today.

Kotak Mahindra Bank standalone results

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

Net Interest Income (NII) for Q2FY24 increased to ₹ 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 ₹ 2,026 crore from ₹ 1,638 crore in Q2FY23, up 24% YoY.

Operating profit for Q2FY24 was ₹ 4,610 crore, up 29% YoY (Q2FY23: ₹ 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

₹ 296,117 crore as at September 30, 2022. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 18% YoY to ₹ 3,80,412 crore as at September 30, 2023 from ₹ 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 ₹ 58,351 crore for Q2FY24 compared to ₹ 53,971 crore for Q2FY23 up 8%. Average Savings deposits stood at ₹ 121,967 crore as at September 30, 2023 (₹ 122,595 crore as at September 30, 2022). Average Term deposit up 47% from ₹ 139,871 crore for Q2FY23 to ₹ 205,632 crore for Q2FY24.

ActivMoney was launched in Q1FY24 and TD sweep balance grew 28% QoQ (non-annualised) to ₹ 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 ₹ 4,461 crore, up 24% YoY from ₹ 3,608 crore in Q2FY23.

PAT of Bank and key subsidiaries given below:

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 ₹ 1,20,737 crore (₹ 1,03,578 crore as at September 30, 2022). The Book Value per Share was ₹ 605.

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

Total assets managed / advised by the Group as at September 30, 2023 were ₹ 4,98,342 crore up 28% YoY over ₹ 3,90,741 crore as at September 30, 2022. The Alternate Assets’ AUM (includes undrawn commitments, wherever applicable) increased by 61% YoY to ₹ 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.

MEITY’s Electropreneur Park announces the first successful financial exit for its incubated and leading health-tech startup – UnivLabs Technologies Pvt Ltd.

New Delhi, Oct 25, 2023: In a major boost to the Indian Electronics System Design and Manufacturing (ESDM) market, Electropreneur Park (EP) announced the exit of Univlabs, a leading Indian health-tech startup. With its remarkable growth journey, Univlabs Technologies has established its presence in 6 countries, offering innovative solutions to 2000+ hospitals in India and overseas. So far, the startup has applied for 11 patents while having 2 to its name.

An initiative of the Ministry of Electronics and IT, Electropreneur Park, has been set up primarily to carry out incubation and build an ecosystem to help budding ESDM entrepreneurs. EP is managed by Software Technology Parks of India and implemented by the India Electronics and Semiconductor Association (IESA). Since its inception, Electropreneur Park has incubated 59 companies, which have developed 125 products, applied for 66 patents, and generated employment opportunities for 885 professionals. The startups of EP have received Rs 21.79 crore of follow-on funding.

UnivLabs Technologies began its growth journey with Electropreneur Park with a mission to revolutionize healthcare by providing affordable and cutting-edge medical devices that improve patient outcomes. This unprecedented success for Univlabs is a beacon of hope for the future of electronic innovation in India. Emphasizing the immense potential within the Indian ESDM sector, the growth journey for Univlabs Technologies, fostered by Electropreneur Park, significantly contributes to the Indian government’s “Make in India” vision.

The startup received a valuation of ₹20 crore and initiated an investor buyback from stakeholders of EP incubator worth Rs ₹94.64 lakhs, marking a 36X growth for EP’s investment, marking a milestone in EP’s history. With this, Univlabs’ successful exit leaves an impressive footprint of Electropreneur Park’s role in fostering innovation and entrepreneurship over the past seven years of its operations. The exit was formally announced with a cheque handover ceremony during the inauguration of the Apiary CoE incubation facility. The launch of the Apiary CoE incubation facility has marked the beginning of yet another chapter of supporting budding entrepreneurs and startups by STPI. The launch event was graced by the presence of Shri S. Krishnan, IAS, Secretary, Ministry of Electronics and IT, and other dignitaries from the IT industry.

“It’s quite inspiring to meet and learn the journey of Sunil Singh, founder of Univlabs Technologies. The level of confidence, vision and ability to persevere over the last eight years have been crucial for his success. He should stand as an example of somebody who everyone can imitate,” said Shri S. Krishnan, IAS, Secretary, Ministry of Electronics and IT.

On the successful and profitable exit of UnivLabs, Shri Arvind Kumar, Director General, STPI expressed how Electropreneur Park has been successful in fostering innovation and entrepreneurship and said, “In the last few years since it was set up, Electropreneur Park has incubated ESDM startups aligning with India’s commitment and vision to reach US$ 300 billion worth of electronics manufacturing and exports of US$ 120 billion by 2025-26, this progress is a promising development. Looking forward to witnessing more such startups leading the way of nurturing India’s ESDM market.”

Shri. Sanjay Gupta, Chairman, IESA, Shri. Pradeep Gupta, CMD, CyberMedia Group and Chief Mentor of EP, and Sunil Singh, Founder & CEO, Univlabs Technologies, were also present at the occasion.

Repsol Honda Team work for more after Australia’s first Saturday Grand Prix

Australia, October 25, 2023: Schedule changes made for a busy Saturday in Australia as the Repsol Honda Team contested practice, Qualifying and the Grand Prix all in the same day.

For the first time since 2015, a Grand Prix was held on Saturday as weather warnings forced a change of schedule on safety grounds. This made for an intense day as the MotoGP field completed practice, two Qualifying sessions and had the full length Australian Grand Prix all moved to the same day.

As the weather continued to cool from Friday, the Repsol Honda Team headed out on track for Q1 alongside a number of big names for an intense 15-minute session. Marc Marquez would time his run perfectly to enter the top two on his final flying lap, advancing through to Q2. Ultimately taking seventh on the grid with a best time of 1’28.012, the eight-time World Champion ended 0.766s off pole.

From the head of the third row, Marquez lost a little ground in the run down to Turn 1 but quickly rallied and recovered to challenge the top five. A spirited start to the race had the #93 as an early podium contender but he quickly had to switch into a more defensive posture as the competition around him increased. Gambling with the soft, the latter half of the race became about survival, and he crossed the line in 15th to collect a solitary point.

Joan Mir started the full-length Grand Prix from 16th on the grid after taking some steps forward with the setting of his Repsol Honda Team RC213V in the morning. From here, Mir was able launch well and work his way forward and into the points. Riding comfortably and able to gain on those ahead of him in almost every corner, the Repsol Honda Team rider found himself in a multi-rider battle. Unfortunately, the fighting would get too heated and contact with Marini at Turn 4 in the middle of the race would result in Mir retiring soon after.

A further schedule change has seen the Sprint Race brought forward to 13:00 Local Time on Sunday, set to be run over 13 laps.

Marc Marquez (15^th)

“Last year the soft tyre brought us the podium, this year the gamble didn’t pay off. I was hoping for a slower race, but straight away Martin was pushing hard and I knew it would be a very fast race. At the start I really enjoyed the ten or so laps with Bagnaia and Zarco as we were fighting a lot. Then I needed to change my tactic and just focus on bringing the bike home as I was suffering more with tyre life. Now we wait and see what will happen with the situation tomorrow.”

Joan Mir (DNF)

“I disappointed with today, it is another hard one. I was just trying to make my race, not hurting anyone, trying to take care of the tyres because you saw what happened at the end of the race. We were working in the correct way according to the data. Then Marini tried to overtake me and hit me, and I fell after losing the front. Being in the back, the situation is more complicated as the riders are fighting a lot – I was a victim of it today. But this is racing. Let’s see tomorrow.”

Australian Grand Prix

Rider standings

L&T Finance Holdings Ltd. records Profit After Tax (PAT) of Rs. 595 crore (Consolidated)

L&T Finance Holdings Ltd. (LTFH), one of the leading Non-Banking Financial Companies (NBFCs), which is accelerating its journey towards becoming a customer-focused, top-class, digitally-enabled Retail NBFC has posted a consolidated PAT of Rs. 595 crore for the second quarter ended September 30, 2023, recording a growth of 46 percent YoY.

The Company has also achieved a Retail loan portfolio mix of 88 percent of the total loan book, which is over the 80 percent Retailisation target set under the Lakshya 2026 goal. The Company has achieved most of the Lakshya 2026 goals almost 3 years in advance.

The Company’s customer-facing application – PLANET app, which was soft-launched in the fourth quarter of the financial year 2021-2022, has emerged as a powerful digital channel for its customers and has crossed 60 lakh downloads.

The quarterly Retail disbursements stood at Rs. 13,499 crore for the second quarter ended September 30, 2023, recording a growth of 32 percent YoY. This quarterly disbursement is the highest ever by LTFH in Retail finance since inception and has been driven by strong growth across all Retail segments. The Retail book now stands at Rs. 69,417 crore, up 33 percent when compared with the quarter ending September 30, 2022.

During the quarter, LTFH continued with the strategy of rapidly reducing its Wholesale book. The Wholesale book saw a reduction of 76 percent YoY from Rs. 38,058 crore to Rs, 9,318 crore in line with Lakshya 2026 goals gaining momentum and metamorphosizing LTFH into a Retail Fintech@Scale.

Commenting on the financial results, Mr. Dinanath Dubhashi, Managing Director & CEO, L&T Finance Holdings Ltd. said, “After having achieved most of our Lakshya 2026 goals, it gives me immense pleasure to announce that we have continued the trajectory of metamorphosizing into a top-notch Retail finance Company. During the quarter, LTFH not only reached a retail portfolio mix of 88 percent, but also achieved the highest ever quarterly Retail disbursements of Rs. 13,499 crore, registering a growth of 32 percent YoY. This achievement is attributed to the twin strategy of strongly growing the retail asset book on one side and ensuring a sharp reduction in the wholesale book on the other, while maintaining best-in-class asset quality.”

“On the fintech front, our customer facing application PLANET has crossed 60 lakh downloads as of date and is constantly evolving to offer exciting features to our customers, while servicing most of their requirements.”

“Going forward, we will continue to focus on sustainably delivering Lakshya goals through a concentrated focus on 5 key pillars, namely enhanced customer acquisition, sharpening credit underwriting, implementing futuristic digital architecture, heightened brand visibility and capability building. At LTFH, we strongly believe that the Retail segment holds promising opportunities, and we will continue to grow and ride this growth by scaling up our product portfolio, customer touchpoints, capability enhancements, and use of data analytics in doing business. We will sustain our growth momentum and continue to work towards creating a customer-focused and sustainable Fintech@Scale. The Company will continue to develop digital finance delivery as a customer value proposition thereby touching every part of the customer ecosystem through our digital offerings.”

Key Highlights:

· Rural Group Loans & Micro Finance registered its highest ever quarterly disbursements during the second quarter ended September 30, 2023 at Rs. 5,740 crore, recording a YoY growth of 30 percent. This growth was aided by a strong disbursal run rate of over Rs. 1,900 crore, in the month of July and August 2023, coupled with an optimized geographic mix which saw increased contribution from southern states. Additionally, there was a focus on strengthening customer retention with a substantial share of vintage borrowers that also encouraged growth for the segment. As for the book, it saw a growth of 37 percent YoY and stood at Rs. 21,672 crore vs. Rs. 15,840 crore in the second quarter ended September 30, 2022.

· Farm Equipment Finance disbursements during the second quarter ended September 30, 2023 saw a YoY growth of 18 percent at Rs. 1,534 crore vs. Rs. 1,304 crore in the second quarter ended September 30, 2022. The business witnessed growth on the back of analytics driven dealer relationships leading to higher counter share with top dealers and focused customer retention through top up products. In addition, a 15 percent YoY growth in disbursements was registered towards the New Tractor segment coupled with enhanced customer retention through Kisan Suvidha, the top-up and refinance product which contributed 25 percent of disbursements. The book size registered a growth of 13 percent YoY and stood at Rs. 13,351 crore vs. Rs. 11,865 crore in the second quarter ended September 30, 2022.

· Two-Wheeler Finance disbursements during the second quarter ended September 30, 2023 saw a YoY growth of 6 percent at Rs. 1,817 crore vs. Rs. 1,721 crore in the second quarter ended September 30, 2022. The Company continues to focus on analytics driven dealer relationships while building a robust network of dealerships through new initiatives. During the quarter LTF financed 7,350 Electric Vehicles (EV) and partnered with Ather Energy to finance up to 100 percent of the loan-to-value on purchase of Two-Wheeler Electric Vehicles (EVs). The book size registered a growth of 18 percent YoY at Rs. 9,518 crore vs. Rs. 8,093 crore in the second quarter ended September 30, 2022.

· Personal Loans segment continued to scale up while protecting portfolio quality with a disbursement of Rs. 1,308 crore in the second quarter ended September 30, 2023 (up 13 percent Quarter-on-Quarter). During the quarter, the book size reached Rs. 6,481 crore with the entire focus being put on reimagining journeys while leveraging the existing customer database and scaling up the e-aggregator channel.

· Home Loans and Loans Against Property (LAP) disbursements showed sustained growth momentum in the second quarter ended September 30, 2023 with Home Loan disbursements witnessing a YoY growth of 34 percent to Rs. 1,356 crore vs. Rs. 1,013 crore in the second quarter ended September 30, 2022 while LAP disbursements registering disbursement of Rs. 378 crore against Rs. 104 crore in the second quarter ended September 30, 2022. As for the book size, Home Loan grew by 34 percent YoY and stood at Rs. 12,216 crore vs. Rs. 9,105 crore whereas for the LAP business it saw a growth of 14 percent YoY and stood at Rs. 3,038 crore vs. Rs. 2,665 crore in the second quarter ended September 30, 2022.

· SME Loans also registered robust growth with the second quarter ended September 30, 2023 disbursements at Rs. 872 crore vs. Rs. 201 crore in the second quarter ended September 30, 2022. During the quarter, the book size reached Rs. 2,413 crore, driven by increased geographical presence and concerted efforts towards digitization and channel expansion.

The Company maintained strong collection efficiency across Retail businesses through enhanced on-ground efforts, digital initiatives, and data analytics-based resource allocation.

Jasleen Royal Set to Enchant Bengaluru with the Heeriye India Tour at BYG Brewski Brewing Company

The heart of Bengaluru is set to pulsate with the rhythm of Jasleen Royal’s much-anticipated Heeriye India Tour, commencing at the lively BYG Brewski Brewing Company on October 27, 2023. Jasleen Royal, an illustrious Indian singer, songwriter, and composer, stands at the forefront of musical innovation, weaving a tapestry of emotions through her chart-topping hits. From the timeless allure of Din Shagna Da to the infectious energy of Nachde Ne Saare and the soulful resonance of Ranjha, Jasleen’s artistry has left an indelible mark on the soundscape of Indian music.

Notably, 2022 witnessed a historic milestone as Jasleen Royal became the first female music director to clinch the prestigious Filmfare Award for Best Music Director. Her contribution to the film Shershaah marked a paradigm shift, reinforcing her position as a trailblazer in the industry.

In their unwavering commitment to curating unforgettable experiences, BYG Brewski Brewing Company consistently brings top-tier artists to their stage. This collaboration with Jasleen Royal for the Heeriye India Tour is yet another testament to their dedication to providing patrons with extraordinary musical encounters. BYG Brewski has become synonymous with hosting stellar events, and this gig is a testament to its continuous endeavour to elevate the cultural landscape.

The chosen venue, BYG Brewski Brewing Company, isn’t merely a backdrop; it’s an integral part of the narrative. Nestled in the heart of Bengaluru, BYG Brewski offers more than an open-air setting. It’s an experience—an immersion into the city’s pulsating energy, complemented by an array of craft brews that promise to tantalize the taste buds, and a diverse menu crafted to satisfy every culinary desire.

Rahul, Partner at Impetus Live LLP, expressed his sentiments on selecting BYG Brewski as the venue, stating, “With a vibe that resonates with the heart of Bengaluru, every visitor at BYG Brewski will have an unforgettable musical experience with the melody queen Jasleen. It’s a soulful space where you will get to experience every note, every beat to create memories with home-brewed beers accompanied by soul-satisfying food.” The Heeriye India Tour is not just an event; it’s a nationwide extravaganza spanning 10 major cities. The inaugural night in Bengaluru is a testament to the city’s vibrant cultural tapestry and its love for music that transcends boundaries.

Jasleen Royal shared her excitement, stating, “I am thrilled and filled with gratitude for the incredible support I have received from my fans and media. With Heeriye receiving such an overwhelming response, this tour could not have come at a better time!”

As the sun sets on Bengaluru, the stage at BYG Brewski Brewing Company will light up with the magic of Jasleen Royal’s melodies. This musical journey promises not just entertainment but an immersion into a world where every note is a story and every beat is a heartbeat.

Be ready for an evening of enchantment—a night where the threads of music, culture, and camaraderie weave together into an unforgettable experience.

Details

Where: BYG Brewski Brewing Company, Bengaluru – Hennur

When: October 27, 2023 – Friday

Time: 5:00 PM Onwards

Rbl Bank Reports Net Profit Growth of 46 percent Yoy & 2 percent Qoq to 294 Crore

The Board of Directors of RBL Bank Limited approved the unaudited financial results for the quarter ended 30th Sep 2023 at its meeting held on Saturday, 21st Oct 2023.

Results Summary for Q2FY24

• Strong Operating Performance:

o     Net Profit grew 46% YOY & 2% QOQ to `294 crore

o     ROA of 1.00% vs 0.77% for Q2 FY23

o     Operating profit grew 43% YOY & 13% QOQ to `731 crore

o     Total Revenue grew 24% YOY and 3% QOQ to `2,179 crore

o     Net Interest Income grew 26% YOY and 4% QOQ to `1,475 crore; NIM was 5.54% vs 5.02% for Q2 FY23

o     Other Income grew 21% YOY and 3% QOQ to `704 crore

o     Cost to Income was 66.5% vs 69.3% for Q1 FY24 and 70.8% for Q2 FY23

o     During the quarter ended September 30, 2023, the Bank received income tax orders relating to matter under appeal resulting in write-back of tax provision for earlier years of `222.92 crore (pre-tax of `297.89 crore).

o     The Bank has prudently used this write-back of tax provision to

o     build contingent buffers of 100bps created on Credit Card & Microfinance Advances to prudently build reserves and strengthen the Balance Sheet; amounting to `252 crore

o     Modifying existing provisioning policy in credit cards to provide fully on NPA cases at 120 days as against the existing policy of 180 days. The quantum of additional provision taken by the Bank as a result of this change was  `48 crore in this quarter

o     In aggregate, the Bank took additional provision of Rs. 300 crore on account of above.

·          CASA and Deposits Growth:

o     CASA grew 12% YOY and 1% QOQ to `32,089 crore. CASA ratio at 35.7% vs. 36.2% as at 30^th Sep 2022

o     Total deposits grew 13% YOY and 5% QOQ to `89,780 crore

o    Retail Deposits (as per LCR definition) grew 19% YOY and 4% QOQ to `39,706 crore

·          Strong Advances Growth:

o     Net Advances book grew 21% YOY and 4% sequentially to `76,324 crore

o     Retail Advances book grew 35% YOY and 8% sequentially to `44,092 crore

o     Retail disbursement for Q2 FY 24 at `4,300 crore

o     Retail: Wholesale mix at 58:42

o     Housing loans grew 43% YOY; Rural vehicle finance grew 167% YOY

o     5.9 Lakhs credit cards issued in this quarter; Total cards outstanding at 4.8mn

o     Total customers at 14.31mn vs 11.77mn in Q2 FY23, an increase of 2.54mn

·          Well capitalized with sound liquidity:

o     Overall capital adequacy was 17.07% vs 16.68% for June 23; Common Equity Tier 1 ratio was 15.15% vs 15.05% for June 23

o     Average Liquidity Coverage Ratio at 142%

·          Asset quality:

o    Gross NPA ratio improved to 3.12% vs. 3.22% as at 30^th June 2023 and 3.80% as at 30^th Sep 2022, improved by 68 bps in a year

o    Net NPA ratio improved to 0.78% vs. 1.00% as at 30^th June 2023 and 1.26% as at 30^th Sep 2022, improved by 48 bps in a year

o    Provision Coverage Ratio including technical write offs was 88.4% vs 85.9% as at 30^th June 2023 and 84.3% as at 30^th Sep 2022, improved 410 bps in a year

o    Credit cost at 47bps in the normal course of business. Additional 43bps towards building contingency buffers of 100 bps on Credit Cards & Microfinance advances and accelerating provision on provisioning policy change in credit cards

o    The total provisions of the Bank including specific, general and contingent at 106% of GNPA

·          Network

o     As of 30^th September 2023, the Bank has 528 bank branches and 1,206 business correspondent branches, of which 296 are banking outlets. RBL Finserve Limited (“RBL Finserve”), a 100% subsidiary of the Bank, accounts for 882 business correspondent branches

Key Disclosures:

Reclass of Business Correspondent (BC) charges

In the quarter, the Bank has reclassed charges paid to its BC. Historically, the Bank used to net BC charges against the interest income line, with reason that BCs are paid from the interest income earned on the portfolio. In this quarter, the Bank has reclassed BC charges to the expense line for improved and comparable presentation. This has no impact on Operating Profit and Profit After Tax. The summary financials of the Bank pre and post reclass are shown below

Pre Reclass

Post Reclass

Write-back of tax provisions pertaining to earlier years

During the quarter ended September 30, 2023, the Bank received income tax orders relating to matter under appeal resulting in write-back of tax provision for earlier years of `222.92 crore (pre-tax of `297.89 crore). The Bank has prudently used this as follows:

1. Create contingent provisions in its microfinance and credit card segments at 1% of the total advances amounting to `252 crore
2. 2.Modifying provisioning policy in credit cards to provide fully on NPA cases at 120 days as against the existing policy of 180  The quantum of additional provision taken by the Bank as a result of this change was `48 crore

Key financials:

…