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VST Tillers Tractors Ltd reported Net profit of Rs 44.93 Cr, up by 23 Percent YoY, for the quarter ended Sept 30th, 2024

Nov 4, 2024 by Sujata 0 Comments #financial results, #VST Tillers Tractors Ltd

Bengaluru, 4th Nov 2024: VST Tillers Tractors Limited (VST), India’s leading farm equipment manufacturer, today announced their financial results for the quarter and half year ended Sept 30, 2024.

VST 929 DI - 1

For the Quarter, VST achieved the turnover of Rs 283.43 Cr, up from Rs 278.51 Cr in the second quarter of last year. The profit before taxes is Rs 57.53 Cr, up 16% from Rs 49.66 Cr in the same period previous year. Net profit rose by 23% to Rs 44.93 Cr YoY.

On year-to-date basis, the turnover is at Rs 474.02 Cr, compared to Rs 524.65 Cr in the first half of last year. The unfavorable circumstances in the first quarter of this year, which is now recovering from Q2, are the cause of the turnover’s degrowth. Maintaining the same margin on sales, the profit before taxes is Rs 85.47 Cr as opposed to Rs 92.25 Cr of last year. Net profit stood at Rs 67.78 Cr as against Rs 69.44 Cr last year.

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Unaudited standalone & consolidated financial results for the half year ended September 30th, 2024

Nov 4, 2024 by Sujata 0 Comments #financial results, #Harsha Viji, #Rajiv Lochan

The Board of Directors of Sundaram Finance Ltd. (SFL) approved the unaudited standalone and consolidated financial results for the half year ended Sep 30, 2024, at its meeting held on Nov 04, 2024, in Chennai.

“Team Sundaram has delivered a balanced H1FY25 despite lower-than-expected economic activity in the half year. Assets under management grew by 20% to Rs. 48,058 crores compared to the prior year period. Net stage 3 assets closed at 0.89% and profit after tax for H1FY25 was at Rs. 648 crores. Our Group companies in asset management, general insurance and home finance have continued their trajectory from FY24 and recorded strong results. We continue to rely on our time-tested approach of steady and sustainable growth with best-in-class asset quality and consistent profitability,” said Harsha Viji, Executive Vice Chairman.

Disbursements for H1FY25 recorded a growth of 3% over H1FY24. Gross stage 3 assets improved over the previous year. Gross stage 3 assets as on September 30, 2024, stood at 1.62% with provision cover of 45% as against 1.86% as on September 30, 2023, with provision cover of 42%. Core operations performed strongly with profit from operations up by 23% in H1FY25. Profits after tax was flat at Rs. 648 crores during H1FY25 and H1FY24 primarily due to a shift in the timing of dividend income last year. Dividend income was at Rs. 43 crores during H1FY25 as against Rs. 181 crores in H1FY24. Return on assets closed at 2.50% in H1FY25 as against 2.95% for H1FY24 and capital adequacy at 20.0% remains quite comfortable.

“Economic activity in Q2 was well below expectations with the monsoons disrupting consumption and government spending being slower post the general elections. The tepid economic activity was exacerbated by growing concerns on asset quality in the microfinance and unsecured lending sectors. With no exposure in these segments, we delivered a well-balanced performance in a tough operating environment, recording operating profit growth of 23%. Looking ahead, we remain cautiously optimistic of a recovery in economic activity in H2 as domestic consumption and private sector capital expenditure resume and the central government’s infrastructure spend and policy agenda gather pace. Team Sundaram will continue to remain sharply focused on delivering the Sundaram experience to our customers, our people and all stakeholders,” said Rajiv Lochan, Managing Director.

STANDALONE PERFORMANCE HIGHLIGHTS FOR H1FY25

Disbursements for H1FY25 grew by 3% to Rs. 13,768 crores as compared to Rs. 13,430 crores registered in H1FY24.
The assets under management grew by 20% to Rs. 48,058 crores as on 30^th September 2024 as against Rs. 40,106 crores as on 30^th September 2023.
Net interest income grew 19.4% to Rs. 1,304 crores in H1FY25 from Rs. 1,092 crores in H1FY24.
Gross stage 3 as on 30^th September 2024 stood at 1.62% with 45% provision cover as against 1.86% with provision cover of 42% as on 30^th September 2023. Net stage 3 as on 30^th September 2024 closed at 0.89% as against 1.08% as on 30^th September 2023.
The Gross and Net NPA, as per RBI’s asset classification norms for NBFCs, are 2.39% and 1.55% respectively as against 2.89% and 2.06% as of 30^th September 2023.
Profit from operations increased by 23% in H1FY25 as compared to H1FY24.
Cost to income ratio closed at 32.27% in H1FY25 as against 35.18% in H1FY24.
The dividend income was lower during H1FY25 at Rs. 43 crores as against Rs. 181 crores in H1FY24.
Profit after tax was flat at Rs. 648 crores during H1FY25 and H1FY24.
Return on assets (ROA) for H1FY25 closed at 2.50% as against 2.95% for H1FY24. Return on equity (ROE) was at 14.2% for H1FY25 as against 16.2% for H1FY24.
Capital Adequacy Ratio stood at 20.0% (Tier I –16.4%) as of 30^th September 2024 compared to 19.9% (Tier I – 15.9%) as of 30^th September 2023.

CONSOLIDATED PERFORMANCE HIGHLIGHTS FOR H1FY25

The consolidated results of SFL include the results of its standalone subsidiaries Sundaram Home Finance, Sundaram Asset Management and joint venture company Royal Sundaram General Insurance.

The assets under management (AUM) in our lending and general insurance businesses stood at Rs. 72,541 crores as on 30^th September 2024 as against Rs. 60,578 crores as on 30^th September 2023, a growth of 20%. The assets under management of our asset management business stood at Rs. 76,845 crores as on 30^th September 2024 as against Rs. 61,884 crores as on 30^th September 2023, a growth of 24%.
Profit after tax for H1FY25 grew by 18% to Rs. 871 crores as compared to Rs. 741 crores in H1FY24.

GROUP COMPANY PERFORMANCE HIGHLIGHTS

Our group companies continued to perform well.

The asset management business closed the half year ended 30^th September 2024 with assets under management of Rs. 76,845 crores (around 85% in equity) and consolidated profits from the asset management businesses were at Rs. 68 crores as against Rs. 49 crores in H1FY24.
Royal Sundaram reported a Gross Written Premium (GWP) of Rs. 2,053 crores as compared to Rs. 1,818 crores in the corresponding period of the previous year, representing a growth of 13%. The Company reported a profit after tax of Rs. 126 crores for H1FY25 as against a profit of Rs. 145 crores in H1FY24.
Sundaram Home Finance continued to grow strongly with disbursements up by 26% to Rs. 2,896 crores in H1FY25. The profit for H1FY25 was Rs. 111 crores, as against Rs. 117 crores in H1FY24.

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Remsons Industries Limited Financial Results – Q1 FY25

Aug 16, 2024 by Mansi 0 Comments #financial results, #Remsons Industries Limited

Mumbai, August 16, 2024: The Board of Directors at Remsons Industries Ltd , an automotive OEM components manufacturer supplying to two, three and four- wheeler vehicles, commercial vehicles and off-highway vehicles all over India and automotive OEM’s globally, today approved the ﬁnancial results for the quarter and ﬁnancial year ended June 30, 2024.

Key Business Updates

1. Remsons bagged fourth order from Tata Motors for the supply of winches used for Spare Wheel for its new model Tata Nexon CNG. total size of the order stands at INR30cr which is to be executed over a period of three years.

2. Remsons Industries Ltd received “Gold Medal” by Ecovadis in Sustainability Assessment. This accolade recognizes Remsons Industries Ltd. as one of the top 5% of all evaluated companies globally, reaffirming its commitment to environmental, social, and governance (ESG) excellence.

3. Remsons-Uni, a Subsidiary of Remsons bags LOI worth INR 30cr for the supply of sensors to a leading Tier 1 supplier of the Auto Industry to be executed over a period of 3 years.

4. Remsons acquired 55% stake in newly incorporated Joint Venture “Remsons-Uni Autonics Private Ltd” from its present promoters to become a subsidiary of Remsons.

5. Remsons Shares Stock Split was done make shares more accessible to a broader range of investors by making the shares more affordable. (Subdivision of equity shares of Rs 10/- Each to Rs 2/- Each). Record Date 5th July 2024.

6. Remsons was Ranked 30th by Great Place to Work, for being among India’s great Mid-Size Workplaces.

Commenting on the Results, Mr. Krishna Kejriwal, Managing Director said, “I am pleased to announce that Remsons Industries has commenced FY25 with a strong performance. Remsons 1QFY25 growth was in line with expectations our revenue grew 5% YoY, reaching Rs 765Mn. EBITDA for the quarter stood at INR 65Mn while achieving margin of 8.5% in 1QFY25. In the current quarter Net profit increased significantly 36% YoY to INR 27Mn, solidifying our strong financial performance. We are very much on track to achieve target of INR 9,000 – INR 10,000mn by FY28. Our outstanding achievement is attributed to strategic initiatives like higher value products, operational efficiency improvements, and robust export realizations. Looking ahead, we’re confident in our future-ready position thanks to the revolutionary changes brought about by digital transformation and our solid intent to move up the value chain.

Our positive outlook is fuelled by the belief that our growth trajectory will see significant enhancement through strategic partnerships, including synergistic joint ventures, acquisitions, and collaborations. As always, we remain dedicated to shareholder value creation with unwavering passion and commitment. In the coming quarter and beyond, we’ll focus on strengthening our business model by climbing the value chain, ensuring continued success.”

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Moneyboxx Finance reports growing profitability in Q1 FY25

Aug 9, 2024 by Mansi 0 Comments #financial results, #Moneyboxx Finance, #Q1 FY25

August 9, 2024 – Moneyboxx Finance Limited (Moneyboxx), an impact lender providing small business loans to micro entrepreneurs, achieved strong profitability in Q1 FY25, reporting net profit of INR 4.30 crore, compared to INR 1.64 crore in Q1 FY24.

Moneyboxx witnessed a remarkable 93% growth in AUM over the prior year, reaching INR 746 crore as of June 30, 2024, driven by branch expansion and higher productivity with vintage and scale. The Company announced an equity raise of INR 271 crore in July’24, which will boost its capital position and support growth plans. The Company is supported by 33 lenders, including prominent banks such as State Bank of India, HDFC Bank, Kotak Mahindra Bank, RBL and IDFC First Bank.

Highlights of Q1 FY25 Financial Results

Robust franchise well positioned for growth with increasing branch vintage and expansion: Company expanded operations to 104 branches across 8 states as of Jun’24 compared to 68 branches in 6 states in Jun’23. Geographic and product diversification improved with entry into the states of Gujarat and Bihar in FY24. Additionally, the share of secured lending increased from 8% of AUM in Q1 FY24 to 27% in Q1 FY25.

AUM grew by 93% to INR 746 crores in Q1 FY25 compared to Q1 FY24, led by branch expansion and higher productivity with vintage and growing scale of operations. Reported Disbursements of INR 106 crore during Q1 FY25, growing by 17% over Q1 FY24.

Growing profitability: Total Income grew strongly by 94% to about INR 45.69 crore in Q1 FY25 compared to INR 23.52 crore in Q1 FY24, in line with strong growth in AUM. The Company posted profit after taxes of INR 4.30 crore in Q1 FY25 compared to INR 4.12 crore in Q4 FY24 and INR 1.64 crore in Q1 FY24. PAT remained stable in Q1 FY25 compared to Q4 FY24 despite higher credit cost. Operating efficiency continues to improve with Opex declining to 12.0% of avg AUM in Q1 FY25 compared to 13.3% in Q1 FY24 despite significant growth in operations.

Achieved ROE of 10.0% in Q1 FY25 against 8.5% in Q1 FY24. Profitability is further expected to improve driven by continuous decline in marginal cost of borrowing, improving branch productivity with vintage, and the benefit of operating leverage with growing AUM.

Equity funding of INR 271 crore to boost capital position and support growth plans: Moneyboxx announced equity fund raise of INR 271 crore in its board meeting held on July 17, 2024. The capital raise includes INR 158 crore through preferential equity issue (of which INR 94 crore is from new investors) and INR 113 crore through issue of equity warrants to promoters and existing non-promoter investors. The equity funding will significantly strengthen the Company’s capital position and support its growth plans. Out of the total equity capital raise, INR 186 crore is to be infused by August 2024, which will more than double the Company’s existing capital base to INR 350 crore.

Declining cost of borrowings: With the addition of leading banks and NBFCs, and issue of debt via securitization and NCD issuance, the Company has diversified its funding sources and reduced its cost of borrowings (cost of incremental borrowing stood at 12.05% during Q1 FY25 compared to 13.73% in Q1 FY24). The Company is supported by 33 lenders as of date, including 11 leading banks.

Stable asset quality: While asset quality moderated during the quarter due to sluggishness in the rural economy, Moneyboxx maintained stable asset quality with one of the lowest NPAs in the segment owing to its focus on essential sectors and robust underwriting practices. Gross NPA increased to 1.65% of AUM in Q1 FY25 compared to 1.54% in Q4 FY24 and 0.74% in Q1 FY24. Net NPA increased to 1.11% for the given quarter compared to 1.04% sequentially and 0.35% yearly. The Company expects near-term credit pressure to subside as the festive demand picks up and expected recovery in rural economy. Increasing focus on secured lending should support asset quality.

Commenting on the results, Deepak Aggarwal (Co-CEO & CFO) said, “In these challenging times, the relatively minor increase in NPAs underscores the strength of our underwriting capabilities. Additionally, the fact that over 65 % of the upcoming equity raise comes from existing investors, including promoters, demonstrates their strong confidence in our business model”

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Dr. Reddy’s Q1FY25 Financial Results

Jul 29, 2024 by Mansi 0 Comments #Dr. Reddy, #financial results, #G V Prasad

Hyderabad, India, July 29, 2024: Dr. Reddy’s Laboratories Ltd. today announced its consolidated financial results for the quarter ended June 30, 2024. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).

Commenting on the results, Co-Chairman & MD, G V Prasad said: “We had a good start to the new fiscal year and our growth & profitability was mainly driven by our generics business. We continue to strengthen our core businesses and have made strategic investments in biologics, consumer healthcare and innovation to drive patient impact and value creation.” Revenues

All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of 1 USD = ₹ 83.33 Dr. Reddy’s Laboratories Limited & Subsidiaries

Key Business Highlights
 Acquired Nicotinell® and related brands in the Nicotine Replacement Therapy category in markets outside the US from Haleon plc for a total consideration of GBP 500 million, with an upfront cash payment of GBP 458 million and performance-based contingent payments of up to GBP 42 million, payable in 2025 and 2026. The transaction is expected to close in early Q4 of calendar year 2024.
 Entered into a joint venture agreement with Nestlé India to bring science-backed nutritional portfolio to more consumers in India. The JV is expected to become operational in Q2FY25.
 Partnered with Novartis Pharma LLC to distribute two of their leading anti-diabetes brands, Galvus® and Galvus Met®, in the Russian retail market.
 Received exclusive rights from Ingenus Pharmaceuticals to commercialize Cyclophosphamide Injection in the US.
 Collaborated with Alvotech for commercialization of their denosumab biosimilar candidate in the US on an exclusive basis, as well as in Europe and UK.
 Launched drug-free migraine management device, Nerivio®, in Germany, Spain, UK and South Africa.
 Inaugurated a 70,000 sq.ft. state-of-the-art Biologics facility of Aurigene Pharmaceutical Services in Genome Valley, Hyderabad, India. The process and analytical development laboratories are operational while the commissioning of manufacturing capacity will be completed in 2024.

ESG & other Updates
 Only Indian Pharma Company which featured in the 2024 list of Global 500 Most Sustainable Companies by Time Magazine and Statista.
 Named ‘Asia-Pacific Climate Leader’ by Financial Times for the second consecutive year in 2024, scoring the highest amongst Indian Pharma peers.
 Won the ‘Masters of Risk’ award in ‘Healthcare and Pharma’ at the India Risk Management Awards.
 Improved FTSE Russel’s ESG Score from 3.9 to 4.2 out of 5.
 Received a Form 483 with two observations after the USFDA completed a routine GMP inspection at two of our formulations manufacturing facilities in Duvvada, Visakhapatnam.
 Received a Form 483 with four observations after the USFDA completed a GMP inspection at our API manufacturing facility in Srikakulam, Andhra Pradesh.

Revenue Analysis
 Q1FY25 consolidated revenues at ₹ 76.7 billion, YoY growth of 14% and QoQ growth of 8%. The growth was largely driven by growth in global generics revenues in North America as well as India. Global Generics (GG)
 Q1FY25 revenues at ₹ 68.9 billion, YoY growth of 15% and QoQ growth of 13%. YoY growth was primarily volume led, aided by new launches and integration of recently in-licensed vaccine portfolio in India, partially offset by price erosion. Sequential growth was due to change in product mix partly offset with adverse price erosion.

North America
 Q1FY25 revenues at ₹ 38.5 billion, YoY growth of 20% and QoQ growth of 18%. Our growth was largely on account of increase in volumes of our base business, contribution from new launches, partly offset by price erosion.
 During the quarter, we launched 3 new products in the U.S.
 During the quarter, we filed one new Abbreviated New Drug Application (ANDA) with the U.S. FDA. As of June 30, 2024, 80 generic filings were approvals pending from the U.S. FDA. These comprise of 75 ANDAs and five New Drug Applications (NDAs) filed under the Section 505(b)(2) route of the US Federal Food, Drug, and Cosmetic Act. Of the 75 ANDAs, 45 are Paragraph IV applications, and we believe that 23 of these have the ‘First to File’ status.

Europe
 Q1FY25 revenues at ₹ 5.3 billion, YoY growth of 4% and sequential growth of 1%. Growth was primarily on account of improvement in base business volumes, new product launches, partly offset by price erosion.
o Germany at ₹ 2.8 billion, YoY growth of 14% and QoQ decline of 1%.
o UK at ₹ 1.6 billion, YoY decline of 7% and QoQ growth of 5%.
o Rest of Europe at ₹ 0.9 billion, YoY growth of 1% and flat QoQ.
 During the quarter, we launched 12 new products across various countries in the region. India
 Q1FY25 revenues at ₹ 13.3 billion, YoY growth of 15% and QoQ growth of 18%. YoY growth was mainly on account of new product launches including the recently in-licensed vaccine portfolio. As per IQVIA, our IPM rank was at 10 for the quarter.
 During the quarter, we launched 13 new brands in the country, in addition to exclusive rights to promote and distribute Sanofi’s vaccine brands.

Emerging Markets
 Q1FY25 revenues at ₹ 11.9 billion, YoY growth of 3% and QoQ decline of 2%. YoY growth is attributable to market share expansion and new product launches, partly offset by unfavorable forex and price erosion.

o Revenues from Russia at ₹ 5.5 billion, YoY decline of 2% and QoQ growth of 11%.
– YoY decline was majorly due to unfavorable currency exchange rate movements, partially offset by price increases and higher base business volumes.
– QoQ growth was driven by increase in base business volumes.
o Revenues from other Commonwealth of Independent States (CIS) countries and Romania at ₹ 1.9 billion, decline of 2% YoY and 11% QoQ.
– YoY decline was primarily on account of decline in base business volumes, partly offset by increase in prices.
– QoQ decline was driven by decline in base business volumes.
o Revenues from Rest of World (RoW) territories at ₹ 4.4 billion, growth of 11% YoY and a decline of 11% QoQ.
– YoY growth was largely attributable to increase in volumes of base business, contribution from new products, partly offset by price erosion.
– QoQ decline was primarily driven by decline in base business volumes and erosion.
 During the quarter, we launched 17 new products across various countries in the region. Pharmaceutical Services and Active Ingredients (PSAI)
 Q1FY25 revenues at ₹ 7.7 billion, with a growth of 14% YoY and a decline of 7% QoQ. YoY growth was mainly driven by improved volumes in base business, and contribution from new products, QoQ decline was driven by decrease in volumes of certain existing products.
 During the quarter, we filed 11 Drug Master Files (DMFs) globally.

Income Statement Highlights:
Gross Margin
 Q1FY25 at 60.4% (GG: 64.7%, PSAI: 23.1%), an increase of 170 basis points (bps) over previous year and 183 bps sequentially. The increase is on account of favourable product mix and overhead leverage, partially offset by price erosion in generics markets.

Selling, General & Administrative (SG&A) Expenses
 Q1FY25 at ₹ 22.7 billion, YoY increase of 28% and 11% QoQ.
The increase is primarily on account of investment in new business initiatives, higher freight costs, business integration costs, annual merit increases, and building commercial capabilities to enhance operational efficiencies.

Research & Development (R&D) Expenses
 Q1FY25 at ₹ 6.2 billion. As % to Revenues – Q1FY25: 8.1% | Q1FY24: 7.4% | Q4FY24: 9.7%.
R&D investments is reflecting our biosimilars pipeline, development efforts across generics as well as our novel oncology assets, which will support future growth.

Other Operating Income
 Q1FY25 at ₹ 0.5 billion as compared to ₹ 0.8 billion in Q1FY24. Net Finance Income
 Q1FY25 at ₹0.8 billion compared to ₹ 0.8 billion in Q1FY24. Profit before Tax
 Q1FY25 at ₹ 18.8 billion, a YoY growth of 2% and a QoQ growth of 18%. As % to Revenues – Q1FY25: 24.5% | Q1FY24: 27.4% | Q4FY24: 22.6%.

Profit after Tax
 Q1FY25 at ₹ 13.9 billion, a YoY decline of 1% and a QoQ growth of 7%. As % to Revenues – Q1FY25: 18.1% | Q1FY24: 20.8% | Q4FY24: 18.5%.
The Effective Tax Rate (ETR) for the quarter was 26.0% as compared to 24.0% in Q1FY24. Diluted Earnings per Share (EPS)
 Q1FY25 is ₹ 83.5.

Other Highlights:
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
 Q1FY25 at ₹ 21.6 billion, YoY growth of 1% and QoQ growth of 15%. As % to Revenues – Q1FY25: 28.2% | Q1FY24: 31.7% | Q4FY24: 26.4%.

Others:
 Operating Working Capital: As on 30th June 2024 at ₹ 115.5 billion.
 Capital Expenditure: Q1FY25 at ₹ 4.9 billion.
 Free Cash Flow: Q1FY25 at ₹ 2.3 billion.
 Net Cash Surplus: As on 30th June 2024 at ₹ 67.3 billion
 Debt to Equity: As on 30th June 2024 is (0.23)
 RoCE: Q1FY25 annualized at 33%.

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Transport Corporation of India Ltd. Announces Strong Q1/FY2025 Financial Results

Jul 29, 2024 by Mansi 0 Comments #financial results, #Mr. Vineet Agarwal, #PAT, #Transport Corporation of India Ltd.

Gurugram, India – July 29, 2024 – Transport Corporation of India Ltd. (TCI), India’s leading integrated supply chain and logistics solutions provider, today announced its financial results for the first quarter ended June 30, 2024.

Financial Highlights for Q1/FY2025:

Revenue: TCI reported a standalone revenue of ₹ Mn 9844, marking a growth of 10.9% compared to ₹ Mn 8875 in the same period last year.

EBITDA: The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at ₹ Mn 1452, a 16.7% increase from ₹ Mn 1244 in Q1/FY2025.

Profit After Tax (PAT): PAT rose by 26.3% to ₹ Mn 1052, compared to ₹ Mn 833 in the corresponding quarter of the previous year.

Standalone:

Performance Highlights: Q1/FY2025 vs. Q1/FY2024 Standalone (In ₹ Mn.)
Particulars	30.06.2024	30.06.2023	Growth %
Revenue	9844	8875	10.9%
EBIDTA	1452	1244	16.7%
PAT	1052	833	26.3%

Management Commentary:

Mr. Vineet Agarwal, Managing Director, Transport Corporation of India Ltd. said, “We have delivered a robust performance in the first quarter of FY2025. All our product segments serving various industry verticals have grown, especially coastal shipping, rail multimodal solutions, 3PL/warehousing and cold chain logistics. Our focus remains on providing value added and technologically advanced customized offerings to our customers.

TCI continues to innovate and develop sustainable solutions through investments in rail and coastal multimodal assets & networks. We are enabling our customers to reduce their GHG emissions by increasing our fleet of BS VI vehicles and by adopting alternate fuels like Electric, CNG & LNG.

The recent union budget has laid out a clear roadmap for the growth of the logistics sector as envisioned in the National Logistics Policy. TCI continues to invest in critical infrastructure like warehouses, yards and leverage big data from e-waybills and FASTag to estimate demand and enhance logistics efficiency for our customers.

To bolster multimodal capabilities, the Company has placed orders for building of two 7300 MT dead weight capacity cellular container vessels for a total contract price of USD 38.80 Mn. The ships are expected to be delivered by end 2026.

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IDBI Bank Limited – Financial Results for Q1 of FY 2025

Jul 23, 2024 by Mansi 0 Comments #financial results, #IDBI Bank Limited

IDBI Bank reports 40% rise in profits on YoY basis

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Highlights for Q1 FY 2025

❖ Net profit at ₹1,719 crore, YoY growth of 40%.
❖ Operating Profit stood at ₹2,076 crore.
❖ NIM stood at 4.18%.
❖ Cost of Deposit stood at 4.58%.
❖ CRAR stood at 22.42% with YoY growth of 209 bps.
❖ Return on Assets (ROA) at 1.83%, YoY growth of 34 bps.
❖ Return on Equity (ROE) at 19.87%, YoY growth of 123 bps.
❖ Cost to Income Ratio stood at 48.60%.
❖ Net NPA at 0.23% as against 0.44% as on June 30, 2023, down by 21 bps.
❖ Gross NPA at 3.87% as against 5.05% as on June 30, 2023, down by 118 bps.
❖ PCR stood at 99.34% as against 98.99% as on June 30, 2023, up by 35 bps.
❖ Net Profit surges to ₹1,719 crore, registering a growth of 40% YoY and 6% QoQ
❖ Gross NPA down to 3.87%, YoY reduction by 118 bps
❖ Net NPA down to 0.23%, YoY reduction by 21 bps
❖ Provision Coverage Ratio (PCR) at 99.34%
❖ CRAR at 22.42%
❖ CASA ratio at 48.57%

Operating Performance for Q1 of FY 2025
▪ Net Profit improved by 40% in Q1-2025 to ₹1,719 crore as against net profit of ₹1,224 crore in Q1-2024.
▪ Operating profit stood at ₹2,076 crore in Q1-2025 as against ₹3,019 crore in Q1-2024.
▪ Net Interest Income stood at ₹3,233 crore in Q1-2025 as against ₹3,998 crore in Q1-2024.
▪ Net Interest Margin (NIM) stood at 4.18% in Q1-2025 as compared to 5.80% in Q1-2024.
▪ Return on Assets (ROA) improved by 34 bps to 1.83% in Q1-2025 as compared to 1.49% for Q1-2024
▪ Cost of Deposit stood at 4.58% in Q1-2025 as compared to 4.12% in Q1-2024.
▪ Cost of Funds stood at 4.81% in Q1-2025 as compared to 4.40% in Q1-2024.
Note: Q1 of FY 2024 had one major interest recovery in a NPA/TWO account to the tune of ~Rs.1000 cr.

Business Growth
▪ Total Deposits increased to ₹2,77,548 crore as on June 30, 2024 as against ₹2,44,936 crore as on June 30, 2023 registering a growth of 13% YoY.
▪ CASA increased to ₹1,34,810 crore and CASA ratio stood at 48.57% as on June 30, 2024. As on June 30, 2023 total CASA and CASA ratio were at ₹1,28,870 crore and 52.61%.
▪ Net advances grew by 17% YoY to ₹1,94,026 crore as on June 30, 2024 as against ₹1,65,403 crore as on June 30, 2023.
▪ The composition of corporate v/s retail in gross advances portfolio stood at 29:71 as on June 30, 2024.

Asset Quality
▪ Gross NPA ratio improved to 3.87% as on June 30, 2024 as against 5.05% as on June 30, 2023.
▪ Net NPA ratio improved to 0.23% as on June 30, 2024 as against 0.44% as on June 30, 2023.
▪ Provision Coverage Ratio (including Technical Write-Offs) improved to 99.34% as on June 30, 2024 from 98.99% as on June 30, 2023.

Capital Position
▪ Tier 1 capital improved to 20.26% as on June 30, 2024 as against 17.93% as on June 30, 2023.
▪ CRAR improved to 22.42% as on June 30, 2024 as against 20.33% as on June 30, 2023.
▪ Risk Weighted Assets (RWA) stood at ₹1,77,755 crore as on June 30, 2024 as against ₹1,66,660 crore as on June 30, 2023.

Significant Developments
▪ Inauguration of IDBI Learning Center by Shri. Rakesh Sharma MD & CEO, on April 06, 2024 at Pune Maharashtra
▪ IDBI Bank was awarded with ‘Best Data Quality Award’ 2023-2024 by Transunion CIBIL for Private Banks under Commercial Segment

Mumbai, July 23, 2024: The Board of Directors of IDBI Bank Ltd. met in Mumbai today and approved the financial results for the Quarter ended June 30, 2024.

business

Financial Results for Q3FY22 of Fino Payments Bank

Jan 28, 2022 by Gouri 0 Comments #financial results, #Fino Payments Bank, #Ketan Merchant, #Rishi Gupta

Mumbai, 27 January 2022: The Board of Directors of Fino Payments Bank Limited (BSE: 543386; NSE: FINOPB) (“Fino Bank” or “the Bank”) at its meeting on Thursday, January 27, 2022, approved the financial statements accounts of the Bank for the quarter ended December 31, 2021.

Performance highlights for the quarter ended December 31, 2021

Overall throughput value (TPV) grew by 29% YOY to ₹49,168 crores in Q3FY22 and by 42% YOY to ₹134,043 crores in 9MFY22
UPI throughput during 9MFY22 grew by a whopping 351% YOY to ₹ 10,962 crores
39.2 lakh Fino Bank accounts have been opened till 31^st Dec 2021 with more than 2 lakh accounts opened in December 2021 alone.
866,034 merchants have been onboarded in the Fino ecosystem till 31^st Dec 2021; growth of 58% YOY
Over 18 crore transactions were carried out on Fino’s platforms in Q3FY22
Revenue during the quarter grew by 20% YOY to ₹275.16 crores on the back of a 75% YOY growth in subscription income
EBITDA grew by 84% YOY to ₹25.93 crores in Q3FY22
EBITDA margins improved by 205 basis points sequentially from 7.4% in Q2FY22 to 9.4% in Q3FY22
Profit After Tax (PAT) grew by 116% YOY to ₹ 14.1 crores in Q3FY22
PAT margins improved by 186 basis points sequentially from 3.3% in Q2FY22 to 5.1% in Q3FY22
Annualised Return on Equity (RoE) of Q3FY22 is at 18%
CASA total subscription revenue grew by 124% YOY (new account subscription grew by 99% YOY to ₹16.7 crores and renewal annuity income grew by 204% YOY to ₹7.9 crores)
Transaction revenue of MATM & AEPS registered sequential growth of 8% in Q3FY22 with transaction margins remaining steady
Revenue from remittance grew by 26% YOY and 29% sequentially in Q3FY22
Debit card spending continue to register strong momentum with average spending per transaction during 9MFY22 at ₹2,657 vis-à-vis ₹2,528 during FY21
On-boarded 17 new partners in CMS business taking the tally of partners to 127

Rishi Gupta, CEO & Managing Director said, “It is another standout quarter for us with emerging businesses like liabilities accounts and CMS achieving record volumes. The third quarter is traditionally marked by festivities in India that leads to a surge in payment businesses like those of Fino Bank. Our consistent focus and execution excellence resulted in capitalising on the festive spirit in Q3FY22. Our sequential revenue growth in Q3FY22 is 13.6% over Q2FY22 while the year-on-year growth is at 20%.

Our continuous efforts towards customer-centric innovation and digitization have led to rising in UPI transactions and debit card spending of Fino Bank customers. This further validates the increased adoption of digital payments by our consumers in emerging Bharat. Going forward, we expect revenues from digital banking business to contribute a larger share in our overall revenue pie.”

Ketan Merchant, Chief Financial Officer said, “Operating leverage in our lean cost model is showing impact in our profitability. Our strategy to focus on growth in high margin products not only ensured robust revenues but also a resounding growth in our PAT to ₹14.1 crores in Q3FY22. In the process helped improve our PAT margin by 186 basis points sequentially from 3.26% in Q2FY22 to 5.12% in Q3FY22.

Our annualised ROE in Q3FY22 is at 18% after factoring in the IPO proceeds that came in November 2021. If we exclude the IPO proceeds from our net worth, our average annualized ROE in Q3FY22 would be 33.5%. No credit risk and a risk-free prepaid model representing limited downsides enable a sustainable high ROE trajectory in the long run.”

Some important milestones of Fino Bank in Q3FY22:

Remittance or Domestic Money Transfer (DMT) business regained pre-COVID levels in terms of throughput in Oct-21
CMS throughput value for a month crossed ₹2,000 crores in Dec-21 and ₹6,000 crores in a quarter for the first time.
Opened more than 2 lakh bank accounts in a month for the first time in Dec-21. This is an outcome of converting organic footfalls generated by legacy businesses like DMT and Micro ATM & AEPS
UPI throughput value crossed ₹5,000 crores for the first time in a quarter
Received the RBI approval to commence cross-border remittance through the MTSS scheme

business

Angel One announced financial results for the quarter ended on 31st December 2021

Jan 20, 2022 by Gouri 0 Comments #Angel One, #Dinesh Thakkar, #financial results, #Narayan Gangadhar

Mumbai: 19^th January 2022: Commenting on Angel One’s performance, Mr. Dinesh Thakkar, Chairman MD said, “Angel is one of the pioneers and has played a pivotal role in broadening India’s equity culture. Today, Angel has become one of the most formidable digital players, growing at a rapid pace. Our digital acquisition and activation engines continue to fuel our growth. Our deep-rooted capabilities, combined with customer-friendly products have powered us to become a family of 7.8mn clients and grow, thus garnering a 9.7% market share in India’s demat accounts as of December 2021.

Our digital-first strategy has ensured scalability with reduced payback, thus building greater resilience and predictability in the business. We focus on continuously evolving our business model to stay ahead of the curve while augmenting our technological capabilities to introduce best in class features, with the aim to consistently improve client experience.

In line with our dividend policy, the Board of Directors has declared a 3rd interim dividend amounting to 35% payout.”

Commenting on the performance, Mr. Narayan Gangadhar, Chief Executive Officer said, “Q3 FY2022 has been a historic quarter for us, as we continued to create new milestones, both operationally and financially. We have focused on increasing the reliability and optimization of journeys, which has enhanced business metrics. On the data science side, we have undertaken initiatives that have led to improved client acquisition and activation by developing new machine learning-based models. Improved KYC and in-app journeys have eased client onboarding and navigation. Angel has pioneered the real-time process of identifying bank account details during the onboarding, by using a mobile number, an industry-first initiative.

Our rigorous focus of scaling up client experience has yielded positive results, as we see improved net promoter score, Google Playstore rating, better lead conversion, higher active client ratio, to list a few. Our Super-App is in the development phase. As a precursor to that, our fresh iOS and Android app, which is currently in the beta phase, is expected to be launched, over the next few months.

I firmly believe that our razor-sharp focus on technology will eventually facilitate us to attain our long-term goal of market leadership.”

Business Performance at a Glance:

Angel’s Turnover Market Share

Particulars	Q3 Q3 ‘22‘22	Q2 ‘22Q2 ‘22	QoQ Growth
Overall Equity	20.9%	21.2%	-30 bps
F&O	20.9%	21.3%	-32 bps
Cash	14.2%	14.0%	27 bps
Commodity	36.4%	27.7%	862 bps

Angel’s Average Daily Turnover (ADTO)

Particulars (₹ bn)	Q3 Q3 ‘22‘2222	Q2 Q3 Q3 ‘22‘22 ‘22	QoQ Growth
Overall Equity	6,946	5,790	20.0%
F&O	6,764	5,642	19.9%
Cash	51	50	1.6%
Commodity	66	60	10.4%

Client Additions

Company witnessed strong gross addition in client base by 1.34 mn clients in Q3 ’22 as compared to 1.28 mn clients in Q2 ’22

Consolidated Total Income

₹ 6,071 mn in Q3 ’22 vs ₹ 5,382 mn in Q2 ’22, a growth of 12.8% QoQ basis

₹16,197 mn in 9M ’22 vs ₹ 8,801 mn in 9M ’21, a growth of 84.0% YoY basis

Consolidated EBDAT

₹ 2,256 mn in Q3 ’22 vs ₹ 1,839 mn in Q2 ’22, a growth of 22.7% QoQ basis

EBDAT Margin (as % of Net Income) increased to 50.7% in Q3 ‘22 ₹ 5,758 mn in 9M ’22 vs ₹ 2,832 mn in 9M ’21, a growth of 103.3% YoY basis

Consolidated Profit After Tax From Continuing Operations

₹ 1,646 mn in Q3 ’22 vs ₹ 1,343 mn in Q2 ’22, a growth of 22.6% QoQ basis

₹ 4,203 mn in 9M ’22 vs ₹ 1,961 mn in 9M ’21, a growth of 114.3% YoY basis

Dividend

The Board of Directors have recommended a third interim dividend of Rs. 7.0/- per equity share of Rs. 10/- each, equivalent to

Tag: financial results

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