CSB Bank Limited Financial Results for the Quarter Year ended March 31, 2024

The Board of Directors of CSB Bank took on record the audited financial results for the 4^thquarter (Q4 FY 2024) and year ended 31st March 2024, in their meeting dated 26.04.2024.

Highlights

23. Profit After-tax: Bank recorded a Net profit of Rs 567 Crs for the year ended 31^st March 2024as against a net profit of Rs 547 Crs in FY 23. Net profit improved by 4% on a Y-o-Y basis. Bank continued with its policy of maintaining accelerated provisioning during this quarter as well with few more stringent norms. RoA of the Bank is at 1.79% for FY 24.
24. Strong Operating Performance: Operating profit of bank for FY 24 was Rs 780 Crs registering YoY growth of 10% as against Rs 707 Crs during FY 23. Q4 FY 24 operating profit grew YoY by 13% and stood at Rs 228 Crs as against Rs 202 Crs in Q4 FY 23.
25. Net Interest Income (NII): Bank recorded a stable NII growth of 11% both on a YoY and quarterly basis. NII forFY 2024& Q4 FY 24 stood at Rs 1476 Crs (Rs 1334 Crs for FY 2023)and Rs 386 Crs (Rs 349 Crs for Q4 FY 23) respectively.
26. Non-Interest Income for FY 2024 saw an impressive growth of 85% over FY 2023 mainly due to increased Fee Income, Forex income, Treasury Profits etc. On a quarterly basis ie, Q4 FY 24 vs Q4 FY 23, non- interest income has registered a growth of 56%
27. Cost Income Ratio for Q4 FY 24 stood at 60.86% as against 57.45% for Q4 FY 23 and the corresponding ratio forFY 2024 was at 62.15% as against 57.12% for FY 23. The increase in CIR is mainly due to the massive investment made by the bank in building the new systems, processes, distribution, IT upgradations etc., to scale up its activities eventually as a part of SBS 2030.

1. Healthy Asset Quality & Provisioning

Gross NPA and Net NPA ratios are at 1.47% and 0.51% respectively as at 31.03.2024

24. Robust Capital Structure – Capital Adequacy Ratio is at a healthy level of 24.47%, and is well above the regulatory requirement.
25. Comfortable Liquidity Position – Liquidity Coverage Ratio is comfortable at 117% (average basis)
26. Total Deposits grew by 21 % YoY. CASA book is at Rs 8085 Crs with a share of 27.20%
27. Advances (Net) grew by 18% YoY to Rs 24336 Crs as on 31.03.2024with a CD ratio of 82%

Performance Highlights:

CEO Speak:

Speaking about the performance Mr. Pralay Mondal, Managing Director & CEO said, “This is the second year of our SBS 2030 vision. In a journey like this what is more important is relentlessly pursuing the vision set in enjoying the ups and surfing through the challenges as a team. Despite the challenges posed by the economic conditions, regulatory changes, liquidity constraints, increased competition etc., we got our priorities right and could post reasonably good numbers. 

We could register a net profit of Rs 567 Crs; backed by a 20% growth in Business; 18% net loan book growth and 21% deposit growth. We continued to grow faster than the average industry growth trends in both deposits and advances. Our operating profit recorded a growth of 11% supported by growth in NII and other income.  Key indicators like NIM, CRAR, RoA, NPA ratios etc. continue to be strong. We continued our efforts in building the distribution by opening another 76 branches. 

The most critical milestone that we look forward to in FY 25 is the roll out of phase I of CBS migration and the right execution will act as a catalyst in our progressive journey.  We will be strengthening the SME & Corporate segments and strive for a better market share without losing our focus on retail including gold. Business mix will tilt towards the anticipated SME & WSBsegment and for the betterment of the Bank.

Mahindra First Choice-backed car & bike launches a new Pre-Owned car store in Navi Mumbai

Navi Mumbai(S.N): The Mahindra First Choice-backed auto content and commerce portal car&bike recently launched a used car store; car&bike Select in partnership with Bhavna Automobiles in Navi Mumbai. Located in Vashi, Navi Mumbai, the store will offer customers a wide variety of certified pre-owned cars to choose from. Customers can avail of a guaranteed buyback, get India’s most comprehensive two-year used car warranty, and reserve the car online for a free home test drive.

car&bike Select – Navi Mumbai, will provide customers an all-inclusive superior car-buying experience combining the best of the digital as well as the brick-and-mortar formats. Pre-owned cars of all the popular OEMs like Hyundai, Maruti, Honda, Kia, Mahindra, Toyota, and others will retail at the store.

“The newly opened store promises a superior pre-owned car buying experience throughout the car buying journey. Our online portal, meticulously inspected vehicles, expert guidance, 24/7 support, and welcoming showrooms, offer the consumer much-needed support in this journey. With the growing demand for personal vehicles, there is a growing need for a partner like us who can guide the consumers buy their dream car with confidence.” said Ashutosh Pandey, MD & CEO, of Mahindra First Choice Wheels Ltd.

“We are happy to be associated with car&bike by Mahindra First Choice and launch our used car store in Vashi. We look forward to serving our customers both through our superlative customer experience and a stringent inspection process that ensures only the best cars are sold from our store” said Rajesh Shah, MD – Bhavna Automobiles, Dealer Principal – car&bike Select, Vashi, Navi Mumbai

The all-new facilities offered at the car and bike store include a free home-test drive for customers, a seven-day easy return option, guaranteed buy-back anytime during the tenure of ownership, and free RC transfer. Navi Mumbai residents should head to this new store to buy their own certified pre-owned vehicle.

Embracing a Safety Mindset: Extending Beyond Workplace

Attributed to Remya Thomas, Head – Human Resources and Admin, Embassy Services Pvt. Ltd.

As we commemorate World Day for Safety and Health at work, let’s keep in mind that safety isn’t just about following regulations; it’s about embracing a mindset that reaches beyond our workplaces. We must make safety a top priority in all facets of our lives. Safeguarding ourselves and those we care about is crucial, whether it’s adhering to traffic laws, wearing protective gear like helmets, or staying alert in all our endeavors. Every little step we take adds up to create a safer world for everyone.

At Embassy Services Pvt. Ltd., as stewards of property management entrusted with the safety and well-being of our clients and occupants, safety leadership is not just a responsibility; it’s a cornerstone of our operations. Our steadfast dedication to safety not only enhances the caliber of our services but also strengthens the sustainability and resilience of the properties we manage.

Moreover, mental well-being holds equal importance. Given that many of us spend a significant portion of our time at work, creating a supportive environment is crucial. Encouraging breaks, facilitating constructive dialogues, and nurturing an open culture are key elements in fostering mental wellness within the workplace. Let’s emphasize both physical and mental health, thereby ensuring a workplace that is safe and conducive to well-being for everyone.

Groundwater Resource Assessment Workshop Concludes Successfully at IIT Roorkee

Roorkee, India -29th April 2024 The two-day workshop on ‘Groundwater Resource Assessment using Geophysical Tools and Techniques’ organized by the Department of Hydrology, IIT Roorkee, in collaboration with Guideline Geo and Pan-India Consultant Pvt. Ltd., concluded on 26th April 2024. The workshop witnessed an overwhelming response with over 300 applications, out of which 129 participants were shortlisted. The event aimed to provide hands-on experience and theoretical insights into state-of-the-art geophysical investigation techniques crucial for the assessment of groundwater resources.

Prof. Brijesh Kumar Yadav, Chairman of the workshop, emphasized the critical role of such workshops in managing the depleting groundwater resources. He mentioned: “This workshop has provided a platform for exchanging knowledge, fostering collaboration, and promoting sustainable groundwater management practices. The overwhelming response and active participation of experts and professionals reflect the importance and relevance of the topic.”

The workshop brought together Indian and foreign professionals, researchers, and academicians from prestigious organizations, universities, and colleges to share knowledge and expertise. The workshop commenced with an inaugural session followed by lectures by eminent resource persons in the field, including Ms. Morgan Sander from ABEM – USA, Prof. Elango Lakshmanan from IIT Madras, and Sri. Sushil Gupta, former CGWB Chairperson, Mr. Vivek Bansal (Vice president PAN India Consultants Pvt Ltd), Mr Per Westholm-USA (Director Guideline Geo), Dr AmlanJyoti Kar, Sri S K Chauhan from THDC Rishikesh. Mr. Naresh Agarwal (General Manager Pan-India), Sri Naman Agarwal (Manager, Pan-India), Sri Vijay Upreti (Regional Manager-Asia South Pan-India), Sri Piyush Dwivedi (Country Manager of In-Situ corporation)) also interacted with the workshop participants. The sessions covered a range of topics from Electrical Resistivity Tomography (ERT) and Time Domain Electromagnetic (TEM) surveys to groundwater governance, coastal groundwater assessment, and more.

Field studies were conducted at LBS Ground, where participants had the opportunity to acquire raw data using ERT/TEM systems, guided by experts from IIT Roorkee and Ms. Morgan Sander from ABEM – USA. The data acquired will be processed and analyzed to visualize hydrogeological strata, aiding in informed decision-making related to groundwater resource management.

Day two of the workshop delved into advanced topics like machine learning-aided digital rocks physics models, saline freshwater interface delineation, and technology advancements in groundwater monitoring and management. The sessions were led by experts such as Prof. Mayur Pal from Kaunas University of Technology, Dr. Ranjan Sinha from Cairn Oil & Gas, and Shri Prasant Kumar Rai from CGWB, among others.

Talking about the workshop Prof. K.K. Pant, Director, IIT Roorkee said: “The success of this workshop reaffirms IIT Roorkee’s commitment to fostering interdisciplinary collaborations and equipping professionals with the skills and knowledge required to address pressing environmental challenges.”

The workshop also highlighted the collaboration between academia and industry, underscoring the importance of interdisciplinary approaches in addressing complex environmental challenges. This collaboration was exemplified by the participation of professionals from Pan-India Consultant Pvt. Ltd., who shared insights on “Make in India” efforts and the role of technology in groundwater management.

Transforming broken tiles into trendsetting style Somani on the occasion of World Design Day by K.R. Partnership with Mangalam University

Gurugram, 29th April 2024 SOMANY Ceramics Ltd., a leading name in the ceramic industry, collaborated with K R Mangalam University on World Design Day, April 27th, 2024 on a project titled “Transforming Broken Tiles into Trendsetting Style,” this innovative initiative is aimed at promoting recycling of waste tiles into pieces of art and captivating murals, fostering a culture of sustainability while addressing waste reduction. Over 20 talented architecture students showcased their art and technical expertise in repurposing discarded tiles into breathtaking works of art, serving as a testament to their commitment to sustainability and innovation.

Anshuman Chakravarty, Head of Marketing at Somany Ceramics, expressed his enthusiasm for the collaboration, “We are happy that future architects of India are having a passion for recycling and sustainability. We in Somany Ceramics have always been a pioneer in promoting sustainability in our products, infact our entire production of tile adhesive is done through waste tiles. We as citizens also need to sensitize our communities on reducing construction waste and debris and look for recycling and reuse. We are thankful to the K. R. Mangalam University management and students for partnering with us for this initiative and promoting the thought of artistic reuse of waste tile and supporting environment sustainability”

We are collaborating with Somany Ceramics Ltd. on an art installation project to celebrate World Design Day. This collaboration provided students with a unique opportunity to apply their design skills in a real-world context. Through these tile art projects, students gained hands-on experience in sustainable design practices while making a positive impact on the environment said Dr. Tanaya Verma, Dean of the School of Architecture and Design at K.R. Mangalam University.

The SOMANY Ceramics and K R Mangalam University collaboration was a resounding ode to the power of partnerships in driving positive change. By utilizing the creativity and innovation of students, the initiative aimed to raise awareness about the importance of recycling and inspire future generations to become responsible stewards of the environment.

Portable Power: Automotive Vacuum Cleaners Revolutionize In-Car Cleanliness

Automotive products, such as vacuum cleaners, provide convenient solutions for keeping vehicles clean. These compact and efficient devices are designed to remove dust, dirt and debris quickly, providing a comfortable and clean environment for passengers. Car vacuum cleaners with easy-to-use features and portability have become indispensable tools for car owners, providing a trouble-free cleaning experience on the go.

1. Greencore Car Vacuum Cleaner

About: The car vacuum cleaner, crafted with precision, ensures a cleaner and healthier driving environment with unparalleled suction power for an efficient driving experience. In a significant stride towards ‘Make in India,’ Greencore Electronics localizes the manufacturing of these innovative solutions, contributing to the nation’s self-reliance and technological advancement in the automotive sector.

2. GoMechanic Car Vacuum Cleaner

About: Different Nozzles for Different Situations: The car vacuum comes with five different sets of attachments to fully use the capacity of the vacuum for easy replacement. With one long tube, a brush, and a cleaning suction nozzle with two connectors and a one-year warranty for all cars, it comes with an elegant design.

3. Blaupunkt Car Vacuum Cleaner

About: The lightweight and portable car vacuum cleaner helps in maintaining the hygiene of your car. The vacuum cleaner is designed for automobiles with 12V supply only. It’s equipped with a high-efficiency conical filter design that has unique rapid cleaning capability and designed for easy replacement. With the help of the vacuum cleaner tiny particles of dust and dry scraps in the cabin can be removed quickly

4. AGARO CV1077 Car Vacuum Cleaner

About: The AGARO CV1077, with its strong motor and powerful suction capacity, will suck out all kinds of dirt from the car to keep it clean. It is suitable for dry use only. A powerful 106W copper-winded motor generates 4.5 KPA of suction. It comes with a steel filter that filters 99.99% of dust particles and prevents them from leaking out, and its long 4.5-meter power cord allows it to clean the rear end of a car easily. Also, the extra brush to clean away dust and the extra connector to thoroughly clean all corners of the car.

5. Lyrovo Wired/Wireless Car Vacuum Cleaner

About: The Lyrovo wired/wireless car vacuum cleaner comes with powerful suction and long-lasting power, which will suck out all kinds of dirt (including hair and fine dust) from the floors to keep the house clean. It is suitable for dry use only, takes just about 3 to 4 hours for a full charge, and is used continuously for up to 22 minutes.

*****

Viatris Ranked on the 2024 LinkedIn Top Companies List in India

HYDERABAD, India –29th April 2024 – Viatris Inc (NASDAQ: VTRS), a global healthcare company, has announced that Viatris India was ranked among the 2024 LinkedIn Top 25 Companies in India. This is the second consecutive year that Viatris India has been featured in the list. Viatris India was named in the list for its commitment to providing its colleagues with a supportive and dynamic workplace that fosters career growth and development.

LinkedIn Top Companies is an annual list that helps professionals identify the top workplaces to grow their careers. The ranking, put out by LinkedIn News, is determined by a carefully weighted methodology using exclusive LinkedIn data analyzing the career paths of millions of professionals globally. The Top Companies list is created to provide a go-to resource at every stage of one’s career journey. In 2024, Top Companies is being published in 23 global markets.

Commenting on the ranking, Udbhav Ganjoo, Head of HR – Global Operations, India, Emerging Asia & Access Markets, said, “We are delighted to be featured in LinkedIn’s Top Companies list for the second consecutive year. At Viatris India, we recognize that our colleagues are our most valuable asset, and we are dedicated to providing them with a supportive environment conducive to personal and professional growth. Viatris remains steadfast in its mission to empower people worldwide to live healthier at every stage of life and drive positive change within the healthcare industry. We are grateful to our colleagues, who are the driving force behind our success, and we remain committed to creating a rewarding and engaging work environment for them.”

The methodology behind the LinkedIn Top Companies List is crafted to capture the essence of career excellence, leveraging unique LinkedIn data to unveil the inner workings of leading organizations. Comprised of eight pillars, each facet delves into crucial aspects of career progression within a company. From tracking employees’ advancement opportunities to assessing skill development and gauging company stability through attrition rates, the methodology provides a comprehensive view of workplace dynamics. Additionally, it evaluates external opportunities for employees, measures company affinity through LinkedIn connections, and examines gender diversity and educational backgrounds to ensure inclusivity and diversity.

JSW Paints unveils Rangon Ka Khel Hai anthem to celebrate the colourful spirit of cricket

Mumbai –29th April 2024: JSW Paints, India’s leading environment-friendly paints company and part of the US$ 23 billion JSW Group, has unveiled a digital-first campaign to celebrate crickets’ colorful spirit resonating across the country. One of the most unique elements of the new campaign is the anthem, ‘Rangon Ka Khel Hai’, created to celebrate the unifying sentiment which is intrinsic to the game of cricket. The anthem, inspired by JSW Paints’ diverse color range, adds a refreshing touch to every space, embodying the spirit of togetherness and celebration.

JSW Paints has partnered with six teams across the Indian Premier League (IPL) and Women’s Premier League (WPL) franchisee. This is one of the biggest brand associations by JSW Paints and includes partnerships with six teams including the Shahrukh Khan co-owned Kolkata Knight Riders, Chennai Super Kings, Gujarat Giants, UP Warriorz, and the JSW Group’s co-owned Delhi Capitals during the current editions of WPL & IPL.

According to AS Sundaresan, Joint MD & CEO of JSW Paints, “Cricket is a sport that’s the heartbeat of India; it’s a way of life, a celebration of colours. By partnering with renowned teams in both the IPL and WPL, we not only expand our brand presence but also wish to be integral to the sport’s legacy. The JSW Paints anthem is our tribute to the way colours come together to make Cricket Spectacular – Rango ka Khel hai, Rangon ka Mel hai.”

Govind Pandey, CEO, TBWA\India said, “The Anthem celebrates the unity in passion and love for the game of cricket in the diversity of the colours of fans and players of IPL and WPL. All colours are equal. Yet another beautiful thought from JSW Paints.”

“Our anthem’s lyrics encapsulate the kaleidoscopic spirit of cricket, mirroring the vibrant range of JSW Paints. Just as cricket brings together players and fans of different teams, each having their unique colours, our diverse range of colours unites homes across India, infusing them with vibrancy and life. It’s a beautiful synergy that reflects the essence of both cricket and JSW Paints.” Russell Barrett, CCExpO, TBWA\India.

Hues & Scapes: Solo Exhibition by Nupur Kundu

With the knack of bringing forms to life, where each stroke reveals a new dimension of her artistic expression, Nupur Kundu showcased Hues & Scapes, a collection of new creations in a large grid format, like a Matrix of Hues. The preview scheduled for April 25, 2024, at Dhoomimal Art Gallery, promised to immerse art enthusiasts in a world of color, texture, and imagination.

The artist’s fondness to use oil pigments allows her the freedom to explore thick textured applications, creating layers of depth and complexity on the canvas. On Display May 24, 2024, Hues & Scapes provided an opportunity to the guests to closely follow the journey of discovery, as they explored the indescribable beauty of Kundu’s artistic endeavors.

Being a colorist for all her life and mastering the Impasto technique, the solo exhibition displayed Kundu’s artistic flair of creating mysterious forms on canvas surfaces. She envisioned embodying the ineffable in her work by allowing colors to flow, move, and dialogue with each other, believing that colors carry no thematic burden and were themselves, primarily known as ‘Colours capes’, sharing their purity and intensity.

Eminent guests including Padma Shri Sunita Kohli, Sushma Bahl art advisor, writer and curator; formerly, Head, Arts & Culture, British Council India, Promila Bahri Art curator, Director Vinod Bhardwaj, Padmashri Dr Shovana Narayan, Dr. Herbert Traxl, Social Activist Leher Sethi, Designer Leena Singh, Mr. K L Ganju, Prince Singhal founders at CADD, Priya Singhal, Artist Manoj Arora, Hamid Ahmed CEO of Hamdard, Amna Ahmed, Author Ritu Soni Bhagat, Mamta Nath MD & founder of The Lexicon Art Gallery, Dancer Sharon Lowen graced the event with their presence.

Mr Uday Jain, Curator & Director, Dhoomimal Art Gallery expressed, “Over the past three decades, Nupur has been a dedicated and unwavering artist, renowned for her breathtaking abstract expressions, where her pieces are cherished all over, revealing her enduring talent and universal appeal.”

Eminent personalities including Sushma K. Bahl, Jyoti A. Kathpalia, Rahul Kumar, Uma Nair, and Suneet Chopra, to name a few, provided their critical insights on the artist’s work.

In the words of Sushma K. Bahl: “Kundu’s art-scape features a vibrant palette of chromatic hues, showcasing her multifaceted persona making her work impactful that transcends time and space, resonating across generations and geographical boundaries.”

Nupur Kundu shared her thoughts on the exhibition, saying, “With Hues & Scapes, I vision to transport viewers to the landscapes that inspire me and evoke a sense of wonder and beauty. Each collection narrates a tale, inviting viewers to explore the world through my eyes.”

The artist magic of Nupur Kundu was unfolded at Dhoomimal Art Gallery that went beyond description.

A Sneak Peak at the Exhibition

In the words of the artist: “The representation of Earth becomes a metaphorical language, conveying my perception of Earth’s beauty, fragility, and resilience.” Earth is a vast canvas for inspiration, offering a rich palette of colors, textures, and shapes. Enjoy EARTH SCAPE SERIES, where the artist uses earthy tones and round canvases to create a globe-like feel. The non-representational elements like color, texture, and form help express a visceral response and connect with the earth intuitively.

In the RED SCAPE SERIES, Kundu uses red as a symbol of passion, life, and femininity. Her creation is a visual symphony that evokes a sense of vitality and warmth. The vibrant hues, ranging from deep crimson to fiery scarlet, dance across the canvas, symbolizing the raw and unrestrained nature of passion. The series celebrates the powerful and visceral emotions that red embodies, capturing the essence of passion and fervour in the artist’s work.

The artist has experimented with mixed media in MOSAIC SCAPE SERIES by combining abstract oil paintings with intricate ceramic mosaic tiles. The seamless merging of soft oil pigment and mosaic craftsmanship and the rich interplay of colors and patterns in their scapes is a harmonious composition. The use of ceramic mosaic is not just an ornamental frame but an essential, continuous, and integral part of their oil paints. The meticulous cutting and arrangement of fragments form a harmonious whole, a meditative exercise.

Dentium Sets GUINNESS WORLD RECORDS for Largest Dentistry Lesson

New Delhi, 29th April 2024: Dentium, the powerhouse behind premium dental implant systems, proudly announces the successful conclusion of “Dentium Smile Saga 2024”. Held at the illustrious Yashobhoomi Convention Centre in New Delhi, this groundbreaking seminar marked a significant milestone in dental education and innovation. During the event, Dentium also became an official GUINNESS WORLD RECORDS holder for the largest dentistry lesson.

“Dentium Smile Saga 2024” promised an unparalleled opportunity for dental professionals to engage with the forefront of dental advancements. With a stellar lineup of speakers and a focus on cutting-edge topics, the event was designed to ignite the passion for excellence in dental practice.

At the helm of this extraordinary seminar was Dr. SM Chung, the visionary founder of Dentium, who delivered an enlightening keynote lecture on minimalism in sinus and digital dentistry. Dr. Chung’s insights promised to revolutionize the way dental care is approached, inspiring attendees to embrace innovation and transformation.

Joining Dr. SM Chung were India’s esteemed Key Opinion Leaders, a distinguished group of professionals representing various specialties within dentistry. These luminaries shared their wealth of knowledge and practical insights, covering everything from the latest advancements in digital dentistry to the intricacies of sinus surgeries.

“Dentium Smile Saga 2024” offered a holistic experience enriched with interactive sessions, captivating case studies, and invaluable networking opportunities. The event concluded with a grand Indian-style gala lunch, providing attendees with the perfect platform to mingle, exchange ideas, and forge connections that could shape the future of dentistry.

Dr. SM Chung encapsulated the spirit of “Dentium Smile Saga 2024”, stating, “This isn’t just another event; it’s a heartfelt milestone in the global dental community. It’s a journey of transformation, where every interaction sparks a flame of curiosity and inspiration within dental professionals worldwide.

As a testament to Dentium’s commitment to professional development, all attendees received a participation certificate, recognizing their dedication to advancing dental excellence.

During the event, Dentium officially became a Guinness World Record holder for hosting the largest dental seminar, with over 1000 dentists in attendance. This achievement marks a new pinnacle in dental education and underscores Dentium’s dedication to pushing the boundaries of excellence in the field.

“Dentium Smile Saga 2024” was a transformative journey towards a brighter future for dentistry, and Dentium extends its gratitude to all dental professionals, researchers, academicians, and industry experts who joined this landmark event.