All posts by Sujata Achary

Rajavelu N.K. CEO – Crop Protection Business, Godrej Agrovet Limited & Co-Chairman of the FICCI Committee on Crop Protection Chemicals

“The government’s enhanced focus on crop productivity and protection is a promising step toward uplifting Indian farming families. The Mission for Cotton Productivity, integrating science and technology with extra-long staple cotton varieties, addresses declining cotton acreage while helping farmers boost yields and profits.

Proposals to reopen dormant urea plants and involve FPOs in vegetable and fruit initiatives are commendable, addressing both input and output challenges. However, awareness of urea’s excessive use and effective implementation will be critical.

Prime Minister Dhan Dhanya Krishi Yojana, targeting 1.7 crore farmers across 100 districts, aims to enhance output, promote crop diversification, and improve post-harvest storage—key to driving rural prosperity and resilience.

As we progress toward self-reliance, integrating crop protection, sustainable farming, and robust post-harvest infrastructure will be essential to increasing farmer

 Balram Singh Yadav, Managing Director, Godrej Agrovet Limited

Empowering Farmers, Sustainable Production and Resilient Agri-Economy – Imperative in our Journey to Viksit Bharat

“The budget proposals showcase a comprehensive strategy to strengthen India’s agricultural sector, positioning it as a key driver in our journey towards Viksit Bharat. By addressing critical growth levers such as high-yielding, climate-resilient seeds, boosting cotton productivity, and achieving self-sufficiency in pulses, the budget lays a robust foundation for a resilient agri-economy.

The enhanced loan limit under the Modified Interest Subvention Scheme—from ₹3 lakh to ₹5 lakh—for Kisan Credit Card loans will provide vital financial support to small fisheries and dairy farmers, empowering them to scale operations. India’s position as the second-largest global producer of fish and aquaculture is further bolstered by the reduction in basic customs duty on a key input material for feed, strengthening competitiveness and sustainability in the sector.

The budget’s strategic push for self-reliance in pulses and edible oils, coupled with the new integrated program for fruits and vegetables, ensures both nutritional security and agricultural sustainability. With targeted initiatives like crop diversification and sustainable marine sector development, these measures not only enhance productivity but also reinforce the central role of farmers in driving India’s growth story.”

by Dr. Anish Shah, Group CEO & MD, Mahindra Group on the Union Budget 2025

“We commend the 2025 Union Budget for its continued support of robust consumption growth through changes in the tax structure, effectively placing more disposable income in the hands of the Indian consumer. This will encourage private sector capex to move in a positive direction.

The theme of “Make in India for the world” remains a key focus in this budget, with efforts to reduce India’s manufacturing costs poised to significantly enhance the country’s global competitiveness. In addition to providing an immediate stimulus for demand and growth, the budget emphasizes long-term growth through substantial infrastructure investments and a strong focus on innovation.

Lastly, the theme of inclusive development, with a strong emphasis on MSMEs, agriculture, and skilling, aims to create a resilient ecosystem that will drive economic growth and help achieve the Viksit Bharat Goals by 2047.”

Shri Ashishkumar Chauhan, MD and CEO of NSE

The budget builds on India’s growth momentum with strong development measures, continued fiscal prudence, increased capex, and reduced tax burden. An increase in disposable income enhances consumption growth and provides further wealth-creation opportunities to Indian households through the markets. More and more people will join the pool of current 11 crore unique investors and will become stakeholders and beneficiaries of India’s growth journey thereby supporting a virtuous cycle of economic growth, capital formation, and job creation. Through a slew of social welfare measures on employment, education, healthcare, and women empowerment, and with special support to youth, farmers, MSMEs, and startups – the budget focuses on India’s most important resource – its people.

 Mr. BK Goenka, Chairman, Welspun World

Quote 1

This is an all-round budget that prioritizes boosting the rural economy, streamlining processes, enhancing ease of doing business, and fostering a competitive spirit among states, while also extending crucial support to the middle class.

Despite the revenue foregone, the government’s steadfast commitment to fiscal consolidation, with the deficit at 4.4% of GDP, is both commendable and vital for our macroeconomic stability.

Quote 2

The budget strikes a fine balance between supporting growth and maintaining fiscal prudence. The reduction in the fiscal deficit and market borrowings enhances India’s long-term debt sustainability while also helping lower borrowing costs.

A notable shift in government expenditure towards capital investment over subsidies signals a strong commitment to productive growth. The revamping of income tax slabs, along with targeted schemes for rural areas and agriculture, will provide broad-based support to consumption.

The budget gives a demand boost in the short run by way of revamping the income tax slabs and at the same time sets India on a stronger medium-term growth trajectory by addressing critical issues to further enhance ease of doing business in the country – be it with regards to import and use of capital goods, streamlining duties and tariffs, support to MSMEs and startups, focus on skill development, polices announced for the farm sector, the center of excellence in AI for education, and promoting competition among states.

The support to the nuclear power sector is a critical step in ensuring India’s energy security and meeting our climate commitments. Broadband connectivity to all government secondary schools and the setting up of 50,000 Atal tinkering labs will help create a strong pipeline of future-ready nation builders.

With a strong focus on Garib, Youth, Annadata, and Nari, coupled with transformative reforms, this budget is a significant step towards realizing the vision of Viksit Bharat and securing India’s long-term economic resilience.

Ms. Shivani Wagh, Joint MD, Supriya Lifescience Ltd.

The Union Budget for 2025, with the scrapping of customs duties on 36 life-saving drugs, among others, is a move that is much needed by the pharmaceutical industry, especially for their critical cancer treatments. This will enable essential medicines to reach patients at lower prices while improving access to advanced healthcare solutions. The continued government boost for bulk drug concessions shall further strengthen domestic Active Pharmaceutical Ingredients (API) manufacturing and, therefore, repair dependency on imports in a step toward making India a leading pharmaceutical manufacturer in the world.

At SupriyaLifescience, we see these reforms as a step in the right direction. By creating a more self-reliant pharmaceutical ecosystem, the budget enables companies like ours to scale up production capacities, promote innovation, and ensure the delivery of high-quality and life-saving medicines to those most in need. The emphasis on affordability and accessibility strikes an accord with our direction toward the delivery of essential pharmaceutical solutions in the resolution of the healthcare challenge in India.

Further than pharmaceuticals, the commitment of the government vis-a-vis health infrastructure—Rs 98,311 crore allotted to the sector, increased medical seats, and setting up 200 cancer centers—is certainly a strong message sent on the launch pad of long-term sustainability of health care. These efforts will undoubtedly assist in improving patient care while they shall be laying a much better platform for medical research and innovations.

Overall, Budget 2025 depicts an approach of balanced stimulation of growth. Such steps are welcomed by us at Supriya Lifescience Ltd. towards focusing on supporting the healthcare journey ahead for pharmaceutical solutions for India.

By Mr. Jude Gomes, MD & CEO, Ageas Federal Life Insurance

“Ageas Federal Life Insurance has already experienced the positive impact of enhanced foreign investment, having been one of the first Indian insurers to embrace the 74% FDI limit. This move has driven innovation, operational efficiency, and customer-centric solutions within the industry. The government’s decision to increase the FDI limit in the insurance sector to 100% is a landmark reform that will significantly strengthen the industry by attracting fresh capital, global expertise, and cutting-edge innovation. This move aligns seamlessly with the vision of ‘Insurance for All’ by 2047, as it will enhance financial inclusion and drive deeper insurance penetration across both urban and rural India. Additionally, it will provide insurers with greater financial flexibility to expand their reach, address the evolving needs of policyholders, and contribute to the country’s overall economic growth.

Furthermore, the revamped Central KYC Registry is a welcome step toward strengthening data security and ensuring a seamless, trusted experience for customers. By prioritizing transparency and ease of doing business, the government is laying a strong foundation for a more resilient and digitally empowered financial ecosystem. At Ageas Federal Life Insurance, we wholeheartedly welcome these progressive reforms and look forward to leveraging these opportunities to expand our reach and further our mission of securing a fearless future for individuals across India.”

Mr. Amith Agarwal, CEO & Whole Time Director, Star Agriwarehousing and Collateral Management 

The recognition of agriculture as the first engine of growth and MSMEs as the second growth engine in the Union Budget 2025 reflects the government’s strategic vision for India’s economic development.

The comprehensive reforms announced, particularly the Prime Minister Dhan Dhanya Krishi Yojana, demonstrate a holistic approach to agricultural transformation through enhanced irrigation, credit access, and skill development across 100 agri districts, benefiting 1.7 crore farmers, while initiatives like the National Mission on High Yielding Seeds and Cotton Productivity Mission create a robust framework for sustainable agricultural growth.

As part of the StarAgri Group, we are well-positioned to support this proposed reform through our technology led integrated agricultural value-chain services such as procurement, trade facilitation, warehousing, collateral management, financing solutions, digital marketplace and technology based value added services, to farmers, traders, millers, processors and corporates. With our network of 2,189 warehouses which enables us to create and benefit from a networking effect and our technology driven integrated platform offering key services to the agricultural sector, we remain committed to redefining the agricultural landscape, providing transparency, efficiency, and security to all stakeholders involved.”

Vishwas Patel, JMD Infibeam Avenues and Chairman of Payment Council of India

“The Union Budget presents a positive trajectory for the Indian economy, with strategic measures aimed at enhancing consumption, fostering innovation, and accelerating digital transformation. One of the most impactful provisions is the tax relief up to Rs 12 lakh, which significantly increases disposable income for individuals. This is expected to stimulate household consumption, driving demand across various sectors. With higher consumer spending, the digital payments ecosystem is poised for exponential growth, further strengthening India’s financial technology landscape. Additionally, introducing a Rs 10,000 crore ‘Fund of Funds’ for startups marks a major step towards bolstering entrepreneurial growth. This initiative will unlock new funding avenues, providing crucial capital to early-stage ventures and reinforcing India’s startup ecosystem as a global innovation hub. Furthermore, establishing three Centres of Excellence in Artificial Intelligence (AI) aligns with India’s ambitions of becoming a leader in AI-driven economic transformation. These centers will play a crucial role in advancing research, innovation, and AI-driven solutions, contributing to long-term economic competitiveness.”

Chennai, January 31st, 2025: The Board of Directors of CIFCL today approved the unaudited financial results for the quarter and nine months ended 31st December 2024.

•  Aggregate disbursements in Q3 FY 25 were at ₹ 25,806 Cr as against ₹ 22,383 Cr in Q3 FY 24 registering a growth of 15%. Disbursements in YTD Dec 2024 were at ₹ 74,452 Cr as against ₹ 63,940 Cr registering a growth of 16% on a Y-o-Y basis.
•  Vehicle Finance (VF) disbursements were at ₹ 14,390 Cr in Q3 FY 25 as against ₹ 12,354 Cr in Q3 FY24, registering a growth of 16%. Disbursements in YTD Dec 2024, were at ₹ 39,492 Cr as against ₹ 35,385 Cr in the previous year, registering a growth of 12% Y-o-Y.
•  Loan Against Property (LAP) business disbursed ₹ 4,205 Cr in Q3 FY 25, as against ₹ 3,409 Cr in Q3 FY24, registering a growth rate of 23%.Disbursements in YTD Dec 2024, were at ₹ 12,374 Cr as against ₹ 9,281 Cr in the previous year, registering a growth of 33% Y-o-Y.
•  Home Loanbusiness disbursed ₹ 1,820 Cr in Q3 FY 25, as against ₹ 1,587 Cr in Q3 FY24registering a growth of 15%.The Disbursements in YTD Dec 2024 were at₹ 5,421 Cr as against ₹ 4,615 Cr in the previous year, registering a growth of 17% Y-o-Y.
•  Small and Medium Enterprises Loan (SME) business disbursed ₹ 1,911 Cr in Q3 FY 25, as against ₹ 1,981 Cr in Q3 FY24.The disbursements in YTD Dec 2024 were at ₹ 6,029 Cr, registering 1% growth over ₹ 5,971 Cr in YTD Dec 2023.
•  Consumer and Small Enterprise Loans (CSEL) disbursed ₹ 3,149 Cr in Q3 FY 25,as against ₹ 2,773 Cr in Q3 FY24registering a growth of 14%. The disbursements in YTD Dec 2024 were at ₹ 10,224 Cr, registering 28% growth over ₹ 7,980 Cr in YTD Dec 2023.
•  Secured Business and Personal Loan (SBPL) disbursed ₹ 331 Cr in Q3 FY 25,as against ₹ 280 Cr in Q3 FY24registering a growth of 18%. The disbursements in YTD Dec 2024 were at ₹ 911 Cr, registering 29% growth over ₹ 708 Cr in YTD Dec 2023.
•  Assets under management as of 31st December 2024, stood at ₹ 1,89,141 Cr as compared to₹ 1,41,143 Cr as of 31st December 2023, clocking a growth of 34% Y-O-Y.
•  PBT Growth in Q3 was at 27% and for YTD Dec 2024 was at 28%.
•  PBT-ROA for Q3 FY 25 was at 3.2% and for the YTD Dec 2024 was at 3.1%.
•  ROE for Q3 FY 25 was at 19.6%. and for the YTD Dec 2024 was at 18.9%.
•  The Company continues to hold a strong liquidity position with ₹ 15159 Cr as cash balance as of the end of Dec’2024 (including Rs 3421 cr invested in Gsec& SDL/ Rs 1694 cr invested TBill& Rs 758 crs invested in Strips shown under investments), with a total liquidity position of ₹ 15677 Cr (including undrawn sanctioned lines). The ALM is comfortable with no negative cumulative mismatches across all-time buckets.
• Consolidated Profit Before Tax (PBT) for Q3 FY 25 was at ₹ 1,465 Cr as against ₹ 1,157 Cr in Q3 FY 24registering a growth of 27% and for YTD Dec 2024 was at ₹ 4,043 Cr as against ₹ 3,177 Cr in YTD Dec 2023registering a growth of 27%.

Asset Quality:

Stage 3 levels representing 90+ dues increasedto 2.91% as ofDecember 24 from 2.83% as of the endof September 24. GNPA % as per RBI norms increased to 4.00% as ofDecember 24 as against 3.78% onSeptember 24. NNPA as per RBI norms has also increased to 2.66% as ofDecember 24 against 2.48% onSeptember 24. NNPA is below the threshold of 6% prescribed by RBI as the threshold for PCA.

The details of the stagewise assets and provisions are given in the Annexure.

Capital Adequacy:

The Capital Adequacy Ratio (CAR) of the company as of 31st December 2024, was at 19.76% as against the regulatory requirement of 15%. Tier-I Capital was at 14.92% (Common Equity Tier-I Capital at 14.17% as against a regulatory minimum of 9%) and Tier-II Capital was at 4.84%.

Interim Dividend
The Board of Directors of the Company approved the payment of Interim dividend of 65% being ₹ 1.30 per share on the equity shares of the Company, for the year ending March 31, 2025.