Archive: October 17, 2022

Dr Batra’s® celebrates the 14th edition of its Positive Health Awards

Mumbai, 17 October 2022: Celebrating the triumph of the human spirit, Dr Batra’s® organized the 14th edition of the Positive Health Awards on October 12th, 2022 at the Tata Theatre, NCPA in Mumbai presented Bajaj Auto. In the 14th edition of the Positive Health Awards, five individuals who overcame adversities and contributed to society were recognized and awarded for their exemplary grit and determination.

The eminent jury panel comprising of – Rajiv Bajaj – MD, Bajaj Auto, Dr. Mukesh Batra, Padma Shri recipient and Founder, Dr Batra’s Group of Companies, Smt. Maneka Sanjay Gandhi, Vivek Oberoi, and R. Balki, had a difficult job of selecting the winners from hundreds of applications from across the country.

The event was witnessed by more than 750 selected audiences comprising leaders of the industry, medical students, and NGO’s. The audience was regaled by songs sung by ‘Swarrange’ a visually challenged orchestra and dance performances on wheels by the dance group ‘Miracle on Wheels’.

Speaking on the occasion, Padma Shri recipient Dr Mukesh Batra, Founder – Dr Batra’s® group of companies said, “The Positive Health heroes inspire us, the able-bodied to achieve more in life and contribute to society. Their lives are truly inspirational and we as a brand that cares are honored to bring out their amazing stories. Our past winners have gone on to excel and win many other accolades in India and we hope that their grit and determination help them achieve greater heights. We thank Mr. Rajiv Bajaj for his continuous support in our endeavor to recognize these real-life heroes.”

The Positive Health Awardees for 2022 are a force to reckon:

Mridul Ghosh: Mridul, an Indian Air Force Employee suffering from complete paralysis of the body due to C5 and C6 vertebral injuries after his encounter with an accident on the field didn’t let his condition become a roadblock. Determined to move forward, Mridul started painting using his lips, and soon after he joined hands with Mouth and Foot Painting Artists (MFPA). He now instructs specially-abled PRC troops and has received many accolades in doing so, including the ‘2020 Artist of the Year’ and ‘The MFPA India Excellence Awards’.

ZainikaJagasia: Zainika, the second awardee of the Positive Health Awards is a Mumbai-based model with Down syndrome who broke through the societal definitions of beauty and represented her community at large. Due to her passion for modeling, she has garnered remarkable opportunities across brands like Gajra Gang, Cotton World, and Nykaa. She was also featured in the Marika Magazine. She also holds remarkable grades in the academic sphere.

Dr Jitendra Agarwal: Having lost his vision to macular degeneration, Dr Jitendra Agarwal took a step back from his 6 years of practice as a Dental Surgeon. During his years of recovery, he came to terms with the fact that a person with a disability (PWD) suffers from something worse than the disability itself and that is the feeling of dependency. So to address this, he established ‘Sarthak’.

Sarthak has rehabilitated 314 disabled children through its early intervention and inclusive education initiative, trained 4550 PwD candidates, held over 100 job fairs, and placed 7250 PwD in employment.

Dr Fathima Asla: Suffering from Osteogenesis Imperfecta, also known as brittle bone disease, Dr Fathima underwent six surgeries. Having spent most of her life visiting doctors and hospitals, she was left in awe of how they took care of the patients. So to help those like her, she decided to pursue medicine. She completed her (BHMS) at NSS Homoeo Medical College, Kottayam, and practiced as a house surgeon at ANSS Homoeo Medical College Hospital.

Having achieved her dream, she is now an inspiration for many. Her autobiography was released in the year 2020 and is a best-seller in Kerala.

People’s Choice Award

Nirmala Kewlani: Nirmala was left wheelchair-bound when she suffered from a complication of a polio dose that left her upper and lower limbs non-functional when she was only 9 months old.

Growing up Nirmala felt discrimination and felt that society should change its attitude, and respect the specially-abled. They should be treated as an equal part of society. Today, she campaigns for the accessibility and inclusivity of the specially-abled. She has worked towards sensitizing and convincing various real estate giants to make their properties more accessible for the specially-abled.

Ameer Siddiqui: Aameer Siddiqui, a resident of the Fatehpur district of Uttar Pradesh, contracted Polio when he was just 18 months old. Aameer had a tough childhood. Not only was he discriminated against and bullied by his schoolmates but also by his own relatives, who ostracized him. But he decided not to give up. He challenged people’s perception of people with disability with his strength and education. Today, he has 3 Master’s Degrees and is currently pursuing his Ph.D. His NGO – ‘Eagle Specially Abled Rider’ which has more than 500 para-riders organizes motorcycle rallies across India to generate awareness on social issues like illiteracy, rape-free India, etc.

Anchal Sharma: Anchal was born into a financially backward family and had a tough childhood. She had to face various upheavals in her life at a very young. From dealing with an alcoholic father, to sexual abuse at the hands of her uncles, the murder of her sister, to an abusive marriage and eventually falling victim to Stage 3 – Breast Cancer, Anchal has seen it all. What could have been the end of her life became her rebirth, when she realized her true calling of feeding the underprivileged. Today Anchal is a beacon of positivity and hope who fought all tragedies and survived breast cancer with a smile on her face. She started Meals of Happiness which has distributed meals to over 4 million children to date.

Ameer Siddiqui garnered the most votes and was declared the winner.

Speaking on the occasion, Actress Madhoo said, “I am humbled by the wonderful work that you do, Dr Batra. I am grateful for my presence at these amazing awards. I will go back hugely inspired”.
This year’s prestigious Positive Health Awards show was supported by Bajaj Auto and other partners, including Business World and Radio Fever. The event was also graced by eminent celebrities and personalities, including Simi Garewal, Madhoo Shah, Bharat Dabolkar, Sidharth Kak, Gaurav Sharma, Roopali Suri, Sonal Jindal, Gwen Athaide, Simran Ahuja, Soma Ghosh, Mickey Mehta, and Dilip Piramal.

GIZ Her&Now launches WE Mean Business Graphic Anthology of 20 Women Entrepreneurs across India

New Delhi, 17th October 2022 – GIZ India’s Project Her&Now launched a graphic novel titled ‘WE Mean Business – 20 Women Entrepreneurs, 20 Stories’ in English and its Hindi version- “Mera Business, Meri Kahaani”  at New Delhi’s Triveni Kala Sangam today. The novel is an anthology of graphic narratives by and of twenty inspiring businesswomen from across India. The visual retellings convey their protagonists’ diverse life stories and lifeworlds as they choose to narrate them. These are stories of ambitious women defying expectations and claiming space from diverse trajectories in non-metropolitan India.

Project Her&Now has been creating a more enabling environment for women-led businesses in India since 2018. The programme has supported over 900 women entrepreneurs across India’s Tier II and III cities. The women featured in the novel belong to regions like North-East India, Rajasthan, Uttar Pradesh, Maharashtra, and Telangana, and various business sectors and other diverse backgrounds, each illustrated in a unique visual style.

Talking about the graphic book launch, Julia Karst, Head of Project Her&Now, GIZ India, said, ” “This book is a celebration of women entrepreneurs of India. This graphic anthology showcases the unique and diverse realities that women entrepreneurs across business sectors, regions, age and social groups face. We hope that by highlighting the successful stories of relatable role models, this book inspires conversations about the role of women in the economy and encourages many more young women in the country to take up entrepreneurship!”

Speaking about the book launch, the authors, Vishwajyoti Ghosh, Shrutika Mathur, and Nishtha Vadehra said, “This is a book of conversations, with women entrepreneurs who let us into their worlds and journeys. In each of these stories we got distinct visual opportunities to articulate their familiar challenges in unfamiliar terrains, to realise the inspiring possibilities of making things happen, on their own terms.” 

Rodic consultants applauded for Digitalized application of Command-and-Control Centre by Dy CM of Bihar Shri. Tejaswi Prasad Yadav and High Commissioner of Australia Barry O’Farrell

The command-and-control centre was recently visited by the Hon. Deputy Chief Minister of Bihar, Shri. Tejaswi Prasad Yadav, Sri Sunil Singh, MLC, Barry O’Farrell AO, High Commissioner of Australia with his team, Dr. Sandeep Kumar R Pudakalkatti I.A.S., Secretary RCD -Cum- Managing Director, BSRDC Ltd, Sri Hanuman Prasad Choudhary Engineer. The Delegates were very well pleased by the application and also valued their analytics analysis. After the presentation, the High Commissioner praised the overall digital application and its analytics and expressed interest in learning whether the systems on this were developed internally or by a third party. In response to that, Dy CM stated with pride that it was created internally by Rodic Consultants and congratulated the team for the same.

World Food Day 2022: Delicious Journeys Await You in South Africa

Food is indistinguishably intertwined with culture. Want to immerse yourself in culture and establish firm relationships with the locals? Share a meal! Food also plays and integral role in keeping culture and traditions alive. Besides, consuming meals made from locally sourced ingredients is one of the simplest ways to practice responsible and sustainable tourism while displaying respect for another society.

As with other relationships, it is important to keep nurturing your relationship with food too. The best way is to keep experimenting and trying new cuisines to keep your taste buds active.

With World Food Day around the corner, awaken the gastronome within you and take a delicious trip to the ultimate food destination – South Africa. The country has a wide range of top-notch culinary offerings which makes it an exciting destination for food enthusiasts. To celebrate World Food Day, plan a food-focused tour with your friends and family to the Rainbow Nation.

Read on to know more about the best food places you can visit in South Africa:

Relish the Indian-origin Bunny Chow (that is not easily available in India!

South Africa’s famous street food – the Bunny Chow, has Indian origins. This Durban delicacy is similar to a bread bowl. You take a loaf of white bread, empty it out, and stuff it with a delicious vegetarian or meat curry. Doesn’t this description alone make your mouth water? Though this dish is rare in India, it is a signature dish in the Rainbow Nation. The spice blend in a Durban curry is different from what you’d get in Delhi. This delicacy in no way is for light food eaters. It is often sold in sizes such as quarter or half. Go on an empty stomach and see how many Bunny Chows you can eat.

 Wine and dine at the Haute Cabriere Wine Farm

South Africa is widely regarded as one of the world’s top wine-producing countries, with the ideal environment for exceptional viticulture in a variety of wine regions. Lush green vineyards can be found all over South Africa, but the most popular are those situated in and around the Cape Winelands. Enjoy a catch-up session over some great wine, food, and amazing view from one of the most renowned vineyards in the country – Haute Cabriere Wine Farm. This farm has the most beautiful views in Franschhoek! Their tasting area resembles a cavern, and their outdoor patio overlooks the entire valley on a clear day. Don’t forget to try one of their specialties – the Pierre Jourdan sparkling wines, locally known as Cap Classique.  

Find your Oyster

South Africa is so fond of oysters that they have a whole festival dedicated to them, known as the Knysna Oyster Festival. Seafood lovers may feast on an unending supply of oysters at more than 20 restaurants that are just for foodies. Oysters coupled with crisp wine in town is regarded as one of the top gourmet pairings in the country. This pairing can be found in numerous restaurants throughout the country, but for the best, tourists should go to Benguela Cove in the Walker Bay Cape Winelands, where they have a wide range of oysters and fine wine. Sip on some bubbly as you devour these aphrodisiacs. 

Savour the Country’s National Dish – Bobotie

Bobotie is a classic southern African meal of minced beef with curry and sauces. It is rich, flavourful, spicy, pungent, and zingy, all at the same time! A comforting meal, bursting with African flavors, bobotie is enough to satisfy your appetites after a long day of fun and adventure. This delicious cuisine from Indonesia that was brought to South Africa in the seventeenth century. The Company’s Garden in Cape Town offers the best bobotie in the country. 

Celebrate Your Personal Milestones with Braai 

Braai means ‘grilled meat’ and is the South African equivalent of a barbecue. The braai-making process has now evolved become a cultural tradition in South Africa. It brings together family, friends and is a go-to social event to celebrate any milestone in life. An authentic braai is fuelled with charcoal or wood and never by gas. It consists of a variety of meat like beef, pork, lamb, chicken, ostrich, seafood, boerewors (sausage), and sosatie (skewered meat) barbecued on a grill. There are multiple vegetarian options available as well. Braaibrooodjie (grilled sandwiches), pap, and roosterbrood (bread) are some common sides enjoyed with braai. It makes for a delicious meal and a perfect one to enjoy with a large group of friends or family!

The road to the Rainbow Nation is definitely through your stomach!

Uzbekistan’s Ambassador to India, HE Mr Dilshod Akhatov, calls on Dr Nawab Mir Nasir Ali Khan, they deliberate opportunities of trade between the two countries & especially with Telangana

Hyderabad, October 2022: His Excellency Mr Dilshod Akhatov, Uzbekistan’s Ambassador to India, called on Dr Nawab Mir Nasir Ali Khan, Promoter and Managing Director, MAK Projects Private Limited, along with the high-level delegation from the embassy of Uzbekistan in New Delhi, at Xanadu, the Residence of Dr Nawab Mir Nasir Ali Khan at Jubilee Hills.

The two dignitaries had elaborate discussions on making a concerted effort to enhance the trade and commerce relations between Uzbekistan and India and especially with Telangana. Among the various aspects deliberated are Sister city relation between the ancient city in the central Asian country of Uzbekistan Bukhara and Hyderabad. Promotion of tourism between the two countries which have centuries old historic relations and share cultural traditions and heritage. The trade delegation explored setting up of Jewellery cluster in Uzbekistan, with finely and intricately designed jewellery sourced from India, popularizing Hyderabad as the medical tourism hub for Uzbek nationals seeking world class healthcare treatment at a fraction of the cost incurred in Europe and USA, hands-on short-term training programs for medical doctors from Uzbekistan at Hyderabad in collaboration with reputed hospital chains like Yashoda Hospitals and AIG Hospital. Setting up English & IT training Centres in different cities of Uzbekistan in collaboration with Government of Telangana prestigious initiatives of T Hub & TASK. Also, the proposal of opening CBSE/ ICSE schools in Uzbekistan was discussed. çlimatic changes and Promotion of sustainable housing in Uzbekistan was also part of the deliberations.

Among those present on the occasion included Rtn. Sk. Hari Kishan Valmiki, Founder & Managing Partner, Valmiki Travel & Tourism Solutions; Santosh Kumar Sahoo, Vice President, AIG Hospitals and Phanindra R, Vice President, Yashoda Hospitals.

Shayna Foundation by Urban Axis plans to offer affordable housing to India’s middle-class section at 30% cheaper prices

National, October 17, 2022: The lack of affordable housing is a significant problem in urban India. The affordable properties available in the market cannot provide standard amenities like a swimming pool, high-speed lifts, etc. Consequently, this prevailing situation fails to match the expectations and necessities of middle-class homebuyers, who always have to compromise on their dreams of owning a proper house. Owing to this, even kids (belonging to the lower middle class & middle-class groups) cannot harness their talent as opposed to upper-middle-class children. Witnessing such a problem, Shayna Foundation, the first not-for-profit housing company and a subsidiary of a leading housing company Urban Axis Infratech Ltd, aims to bring potential solutions to this problem. It plans to offer affordable/economical housing targeted at middle-income home seekers at 30% cheaper prices than conventional market rates.

Shayna Foundation will be the housing company to undertake such a unique and revolutionary project in the vicinity of Uttar Pradesh. As a part of the novel initiative, the foundation has segregated the project into three phases. The first phase will offer 2BHK and 3BHK homes in Tier 2 cities (Aligarh, Bijnor, & Muzaffarnagar in Western UP, Etawah & Hamirpur in the Bundelkhand region, and Hardoi, Raebareli, Amethi & Sultanpur in Eastern UP). The projects will have high-end amenities, including swimming pools, recreational areas, and clubs. The foundation aims to complete the projects in the next five years, targeting 50,000 houses in ten cities.

In Phase 2, Shayna Foundation intends to deliver 150,000 houses to the middle-class group in another five years in 25 cities in Western UP, Bundelkhand, Region/Central UP, and Eastern UP after finishing Phase 1. Lastly, it plans to develop 300,000 houses in 5 years in 40 cities and all the remaining cities in the UP as a part of Phase 3.

Speaking on this occasion, Shashank Gupta, Managing Director of Shayna Foundation, said, “The overall affordable property market has always remained vulnerable to the growing middle-class and working population. The COVID-19 pandemic has further accelerated this issue with a significant price hike in housing segments, thereby shattering the home-buying dreams of this specific income group. At Shayna Foundation, we aim to cater to this issue by developing affordable real estate projects under a not-for-profit business model amid the rising inflation dispute. In this context, our company plans to deliver around 500,000 affordable modern homes in the next 15 years across all cities of Uttar Pradesh and then expand our footprints to the whole of India”

With their pioneering force, Shayna Foundation has become innovation-centric and future-focused to provide subsidised and modern living spaces for middle-income families.

HDFC Bank Limited Financial Results (Indian Gaap) for the Quarterand Half Year Ended September 30, 2022

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and a half year that ended September 30, 2022, at its meeting held in Mumbai on Saturday, October 15, 2022. The accounts have been subjected to audit by the statutory auditors of the Bank.
STANDALONE FINANCIAL RESULTS:
Profit & Loss Account: Quarter ended September 30, 2022
The Bank’s core net revenue (excluding trading and Mark to Market losses), grew by 18.3% to ₹ 28,869.8 crores for the quarter ended September 30, 2022, from ₹ 24,409.7 crores for the quarter that ended September 30, 2021. The total net revenues (net interest income plus other income) were ₹28,616.7 crores for the quarter that ended September 30, 2022.
Net interest income (interest earned less interest expended) for the quarter ended September 30, 2022 grew by 18.9% to ₹21,021.2 crore from ₹ 17,684.4 crore for the quarter ended September 30, 2021. Core net interest margin was at 4.1% on total assets, and 4.3% based on interest-earning assets.
The four components of other income for the quarter ended September 30, 2022, were fees & commissions of ₹5,802.9 crores (₹4,945.9 crores in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹947.8 crores (₹867.3 crores in the corresponding quarter of the previous year), loss on sale/revaluation of investments of ₹253.1crore (gain of₹675.5 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹1,097.9 crores (₹912.1 crores in the corresponding quarter of the previous year). Other income, excluding trading and Mark to Market losses, grew by 16.7%over the quarter that ended September 30, 2021.
Operating expenses for the quarter ended September 30, 2022were ₹11,224.6crore, an increase of21.0% over ₹9,277.9crore during the corresponding quarter of the previous year. The cost-to-income ratiofor the quarters at 39.2%.
Pre-provision Operating Profit (PPOP) was at ₹17,392.2 crore.POP, excluding trading and Mark to Market losses, grew by 16.6% over the quarter that ended September 30, 2021.
Provisions and contingencies for the quarter ended September 30, 2022, were ₹ 3,240.1 crores (consisting of specific loan loss provisions of ₹ 3,000.4 crore and general and other provisions of ₹ 239.7 crores) as against ₹ 3,924.7 crores for the quarter ended September 30, 2021.
The total credit cost ratio was at 0.87%, as compared to 1.30% for the quarter ending September 30, 2021.
Profit before tax (PBT) for the quarter that ended September 30, 2022, was at ₹ 14,152.0 crore. After providing ₹3,546.3 crore for taxation, the Bank earned a net profit of ₹10,605.8 crore, an increase of 20.1% over the quarter ended September 30, 2021.
Balance Sheet: As of September 30, 2022
Total balance sheet size as of September 30, 2022was ₹2,227,893crore as against ₹1,844,845crore as of September 30, 2021, a growth of 20.8%.
Total Deposits showed healthy growth and were at ₹1,673,408croreas of September 30, 2022, an increase of 19.0% over September 30, 2021. CASA deposits grew by15.4% with savings account deposits at ₹529,745 crore and current account deposits at ₹229,951 crores. Time deposits were at ₹913,712crore, an increase of 22.1% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 45.4% of total deposits as of September 30, 2022.
Total advances as of September 30, 2022, were ₹1,479,873 crores, an increase of 23.4% over September 30, 2021. Gross of transfers through inter-bank participation certificates and bills were rediscounted, and total advances grew by around 25.8% over September 30, 2021. Domestic retail loans grew by 21.4%, commercial and rural banking loans grew by 31.3% and corporate and other wholesale loans grew by 27.0%. Overseas advances constituted 3.1% of total advances.

Half Year ended September 30, 2022
For the half year ended September 30, 2022, the Bank earned a total income of ₹ 87,742.2 crore as against ₹ 75,525.6 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the half year ended September 30, 2022 were ₹ 54,486.4 crore, as against ₹ 48,382.6 crore for the half year ended September 30, 2021. Net profit for the half year ended September 30, 2022was ₹ 19,801.8 crore, up by 19.5% over the corresponding half year ended September 30, 2021.
Capital Adequacy:
The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines (including profits for the half year ended September 30, 2022) was at 18.0% as on September 30, 2022(20.0% as on September 30, 2021) as against a regulatory requirement of 11.7% which includes Capital Conservation Buffer of 2.5%, and an additional requirement of 0.2% on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB). Tier 1 CAR was at 17.1% as of September 30, 2022compared to 18.7% as of September 30, 2021. Common Equity Tier 1 Capital ratio was at 16.3% as of September 30, 2022. Risk-weighted Assets were at ₹1,477,855 crore (as against ₹1,190,270 crore as at September 30, 2021).
NETWORK
As of September 30, 2022, the Bank’s distribution network was at6,499branchesand 18,868 ATMs / Cash Deposit & Withdrawal Machines(CDMs)across3,226cities / towns as against5,686branches and 16,642ATMs/ CDMsacross 2,929cities / towns as of September 30, 2021.50%of our branches are in semi-urban and rural areas.In addition, we have 15,691 business correspondents, which are primarily manned by Common Service Centres (CSC).Number of employees were 161,027 as of September 30, 2022 (as against 129,341 as of September 30, 2021).
ASSET QUALITY
Gross non-performing assets were at 1.23% of gross advances as on September 30, 2022, as against1.35%as on September 30, 2021. Net non-performing assets were at 0.33% of net advances as on September 30, 2022.

SUBSIDIARIES
The Bank’s subsidiary companies prepare their financial results in accordance with the notified Indian Accounting Standards (‘Ind-AS’). The Bank for the purposes of its statutory compliance prepares and presents its financial results under Indian GAAP. Hence the Bank’s subsidiary companies, for the purposes of the consolidated financial results of the Bank, prepare ‘fit-for-consolidation information’ based on the recognition and measurement principles as per Indian GAAP. The financial numbers of the Bank’s subsidiary companies mentioned herein below are in accordance with Ind-AS.
HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on September 30, 2022, the Bank held 95.8%stake in HSL. For the quarter that ended September 30, 2022, HSL’s total revenue was at ₹468.2crore, as against ₹489.5crore for the quarter that ended September 30, 2021. Profit after tax for the quarter was at₹190.9crore, as against ₹239.6crore for the quarter that ended September 30, 2021.
As on September 30, 2022, HSL had 215branches across 147cities / towns in the country.
HDB Financial Services Limited (HDBFSL) is a non-deposit-taking non-banking finance company (‘NBFC’) offering a wide range of loans and asset finance products to individuals, emerging businesses, and micro enterprises. As on September 30, 2022, the Bank held 94.9%stake in HDBFSL.
For the quarter that ended September 30, 2022, HDBFSL’s net revenues at₹2,201.3crore as against ₹1,916.7crore for the quarter that ended September 30, 2021, a growth of 14.9%. Profit after tax for the quarter that ended September 30, 2022, was ₹471.4 crore compared to ₹191.7crore for the quarter that ended September 30, 2021.
The total loan book was ₹ 63,112 crore as on September 30, 2022. Stage 3 loans were at 4.88% of gross loans. As on September 30, 2022, total CAR was at 20.8% with Tier-I CAR at 16.0%.
As on September 30, 2022, HDBFSL had 1,407branches across 1,009cities / towns.
CONSOLIDATED FINANCIAL RESULTS
The consolidated net profit for the quarter ended September 30, 2022 was ₹11,125 crore, up 22.3%, over the quarter ended September 30, 2021. Consolidated advances grew by 22.8% from ₹1,249,331crore as on September 30, 2021 to ₹1,533,945crore as on September 30, 2022.
The consolidated net profit for the half year ended September 30, 2022 was ₹ 20,704 crore, up 21.7%, over the half year ended September 30, 2021.

Note:
₹ = Indian Rupees
1 crore = 10 million
All figures and ratios are in accordance with Indian GAAP unless otherwise specified.

BSE: 500180
NSE: HDFCBANK
NYSE: HDB

Certain statements are included in this release which contains words or phrases such as “will,” “aim,” “will likely result,” “believe,” “expect,” “will continue,” “anticipate,” “estimate,” “intend,” “plan,” “contemplate,” “seek to,” “future,” “objective,” “goal,” “project,” “should,” “will pursue” and similar expressions or variations of these expressions, that are “forward-looking statements.” Actual results may differ materially from those suggested by the forward-looking statements due to certain risks or uncertainties associated with our expectations with respect to, but not limited to, our ability to implement our strategy successfully, the market acceptance of and demand for various banking services, future levels of our non-performing loans, our growth and expansion, the adequacy of our allowance for credit and investment losses, technological changes, volatility in investment income, our ability to market new products, cash flow projections, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to pay dividends, the impact of changes in banking regulations and other regulatory changes on us in India and other jurisdictions, our ability to roll over our short-term funding sources and our exposure to the market and operational risks. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what may actually occur in the future. As a result, actual future gains, losses, or impact on net income could materially differ from those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this document include, but are not limited to: general economic and political conditions, instability or uncertainty in India and the other countries which have an impact on our business activities or investments caused by any factor, including terrorist attacks in India, the United States or elsewhere, anti-terrorist or other attacks by the United States, a United States-led coalition or any other country, tensions between India and Pakistan related to the Kashmir region or between India and China, military armament or social unrest in any part of India; the monetary and interest rate policies of the government of India, natural calamities, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices; the performance of the financial markets in India and globally, changes in Indian and foreign laws and regulations, including tax, accounting and banking regulations, changes in competition and the pricing environment in India, and regional or general changes in asset valuations.

Federal Bank delivers highest ever quarterly net profit at ₹704 Cr, rises by 53%

Chennai, October 17^th, 2022:  Federal Bank announced Financial Results for the quarter and half year ended 30^th September 2022. Highlights of the results on a Y-o-Y basis are as follows:

Highlights

Balance Sheet 

The total Business of the Bank reached Rs. 350386.03 Cr registering a growth of 14.36% as of 30th September 2022. Total Deposits increased from Rs. 171994.74 Cr as on 30th September 2021 to Rs. 189145.71 Cr as on 30th September 2022. CASA Deposits grew by 10.74% to reach Rs. 68873.27 Cr.

On the Asset side, Total Advances increased from Rs 137313.37 Cr as on 30th September 2021 to Rs. 163957.84 Cr as on 30^th September 2022. Retail Advances grew by 18.38% to reach Rs. 52438.89 Cr. Agri advances reached Rs.21090.70 Cr registering a growth of 17.96%. Business Banking advances grew by 17.20% to reach Rs. 13617.35 Cr. Commercial Banking grew by 18.61% to Rs. 16240.00 Cr. Corporate Advances registered a growth of 20.70% to reach Rs. 58928.90 Cr from Rs. 48822.63 Cr. 

Operating Profit & Net Profit

Operating Profit of the Bank grew by 32.91% to Rs. 1212.24 Cr for the quarter ended 30^th September 2022 from Rs. 912.08 Cr as on 30^th September 2021. Net Profit for the quarter ended 30^th September 2022, was Rs. 703.71 Cr, an increase of 52.89% over Rs. 460.26 Cr during the corresponding quarter of the previous year.

Income & Margins 

Net Interest Income for the quarter ended 30^th September 2022 grew by 19.09% to Rs. 1761.83 Cr from 1479.42 Cr for the quarter ended 30th September 2021. Other Income of the Bank grew by 23.97% to Rs. 609.52 Cr from Rs. 491.65 Cr for the quarter ended 30th September 2021. Net Interest Margin increased by 10bps to reach 3.30%.

Asset Quality 

Gross NPA of the Bank as at the end of Q2 FY23 stood at Rs. 4031.06 Cr, which as a percentage to Gross Advances stood at 2.46%. The Net NPA and Net NPA as a percentage to Net Advances as on 30th September 2022 stood at Rs. 1262.35 Cr and 0.78% respectively. Provision Coverage Ratio (including technical write-offs) was 82.76%. Credit Cost for the Quarter stood at 0.53%.

NET WORTH & CAPITAL ADEQUACY

Net worth of the Bank increased from Rs. 17551.94 Cr to Rs. 19617.82Cr, as on 30th September 2022. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines stood at 13.84% at the end of the quarter.

Footprint

The Bank has 1305 branches and 1876 ATMs/Recyclers as on 30th September 2022.

Q2FY22 Vs Q2FY23

Retail advances grew by 18.38% to reach Rs. 52438.89 Cr

• Agri advances reached Rs. 21090.70 Cr registering a growth of 17.96%
• Business Banking Advances grew by 17.20% from Rs. 11618.98 Cr to Rs. 13617.35 Cr
• Commercial Banking Advances grew by 18.61% to reach 16240.00 Cr
• Corporate Advances reached Rs. 58928.90 Cr registering a growth of 20.70%
• Total Deposits increased by 9.97% from Rs. 171994.74 Cr to Rs. 189145.71 Cr
• CASA Deposits grew by 10.74% to reach Rs. 68873.27 Cr.
• CASA as a % of total deposits stood at 36.41%