Archives July 2023

Vineet Anand, a talented makeup and fashion stylist known for challenging online beauty standards, has embarked on a remarkable journey of self-discovery and empowerment. As someone who constantly strives to redefine beauty norms, Vineet’s hair has always played a vital role in their self-esteem and self-expression. However, struggling with hair loss for an extended period took a toll on how they perceived their own beauty. But Vineet refused to let that define them.

Over a year ago, Vineet made a life-changing decision—to undergo a hair transplant that would help them reclaim their confidence and challenge the very beauty standards they sought to redefine. They found an incredible ally in Dr. Kavish, a renowned hair transplant specialist, and the exceptional team at DermaClinix. Vineet is filled with gratitude for their expertise and unwavering support throughout this transformative journey.

“We are dedicated to helping individuals like Vineet Anand reclaim their confidence and embrace their authentic selves. Our goal is not just to restore hair, but to empower our patients to challenge societal beauty standards and celebrate their uniqueness. It has been an honor to be a part of Vineet’s transformative journey, and we are thrilled to see the incredible results they have achieved.” – Dr. Kavish, renowned hair transplant specialist at DermaClinix.

As a queer individual pushing the boundaries of conventional beauty, Vineet feels incredibly fortunate to have had the unwavering support of their loving parents. Their parents’ understanding, encouragement, and belief in their journey have been immeasurable. Acting as pillars of strength, they have empowered Vineet to embrace their true self and challenge societal expectations.

Today, Vineet proudly showcases the extraordinary results of their hair transplant journey—a testament to their resilience and the skill of Dr. Kavish and his team. Not only has their hair been restored, but their confidence has been reignited, enabling them to continue breaking barriers in the world of beauty and fashion.

Vineet’s story serves as a powerful reminder of the importance of embracing authenticity and celebrating uniqueness. As a makeup and fashion stylist who constantly challenges online beauty standards, they encourage others to recognize their inherent worth and express themselves fully. Vineet believes that by uplifting and supporting one another, individuals can overcome any obstacle and foster self-confidence and empowerment.

In an era where social media often imposes narrow beauty ideals, Vineet Anand’s hair transplant journey serves as an inspiration to their followers and the wider community. By sharing their story, Vineet hopes to inspire individuals facing similar struggles, urging them to embrace their authenticity and challenge societal norms.

As a queer stylist who dares to redefine beauty standards, Vineet Anand continues to make waves in the industry. Their hair transplant journey is not just a personal triumph but also a powerful statement—a reminder that self-acceptance and self-expression can lead to true liberation.

Gurugram, 25th July 2023: Kamdhenu Paints, a brand of Kamdhenu Group and a leading manufacturer of high-quality paints and emulsions has added another feather to its cap by winning the award for the Outstanding Paint Brand of the Year 2023 at the 20th edition of Asia Africa Business & Social Forum. Shri Saurabh Agarwal, Managing Director of Kamdhenu Paints was conferred with Asia’s Emerging Business Icon 2023 award.

Shri Saurabh Agarwal received accolades from H.E. Mr. Jamal Bin SaifAljarwan, Secretary General, The UAE International Investors Council

Expressing his gratitude on the recognition, Mr.Saurabh Agarwal, Managing Director, Kamdhenu Paints said, “Entire Kamdhenu Paints family is honored to receive the award for the Outstanding Paint brand of the year. It is a matter of great pride for me to be recognized as Asia’s Emerging Business Icon. This felicitation reaffirms our commitment of serving consumers with exceptional and unparalleled product quality.”

The Asia Africa Business & Social Forum is organized annually and this year’s edition of the forum was held in Dubai where various business and thought leaders from across the globe participated. The award for Asia’s Emerging Business Icon is conferred to Entrepreneurs showcasing strong business acumen and leadership in their respective fields.

IDBI Bank today, announced its quarterly results for Q1 FY24. The Net Profit stood at ₹1,224 crore for Q1 FY24, registering a strong growth of 62% YoY. The operating profit stood at ₹3,019 crore, with a YoY growth of 47%. NIM was recorded at 5.80%, with a YoY growth of 178 bps and the Net Interest Income stood at ₹3,998 crore with a YoY growth of 61%. The cost of Deposit stood at 4.12%. CRAR stood at 20.33% with YoY growth of 76 bps. Return on Assets (ROA) was recorded at 1.49% (YoY growth of 46 bps) and Return on Equity (ROE) stood at 18.63% (YoY growth of 383 bps). Net NPA stood at 0.44% as against 1.26% as on June 30, 2022, down by 82 bps. Gross NPA at 5.05% as against 19.90% as on June 30, 2022, down by 1485 bps. PCR stood at 98.99% as against 97.78% as on June 30, 2022, up by 121 bps.

Mumbai, 25th July 2023: TVS Supply Chain Solutions (TVS SCS), a global supply chain solutions provider with an FY 23 revenue of over $1.2 bn, and one of the largest and fastest growing integrated supply chain solutions providers in India according to the report titled “Logistics and SCS (Supply Chain Solutions) Market in India,” prepared by RedSeer, today announced that it has secured a business deal from the iconic Centrica plc – an FTSE100 company with annual revenues of £34bn and UK’s leading energy services and solutions company that also operates British Gas – for their supply chain transformation. This deal is for a period of 7 years plus option years.

Centrica, after a rigorous evaluation process, found TVS SCS to be the right service partner to manage and transform its supply chain operations. TVS SCS, on its part, will provide its global supply chain expertise and offer a suite of its in-built, state-of-the-art proprietary IT systems – Msys – and automate the supply chain in line with Centrica’s business requirements.

Says Mr. Ravi Viswanathan, Managing Director, TVS Supply Chain Solutions, “The trust shown by Centrica (British Gas), on us through this deal, demonstrates our capabilities and expertise in the world of supply chain solutions. I am sure this partnership with Centrica will add value to their energy services and solutions business, British Gas, through our tech enabled supply chain solutions. We look forward to a fruitful and enduring collaboration that will not only benefit both the organisations but also make a positive and lasting impact on the communities we serve.”

Mr. David House, Chief Operating Officer, British Gas, said, “We are delighted to be working in partnership with TVS SCS, a renowned leader in their field, as we embark on a transformative journey in our supply chain management. This strategic collaboration marks a pivotal moment for Centrica as we enhance our capabilities to deliver exceptional energy services and solutions to our valued customers. We are confident that TVS SCS’ solutions will enable us to create a seamless customer experience and drive operational efficiency. We look forward to a successful collaboration that will unlock new opportunities and drive growth.”

This transformational deal will enable Centrica to consolidate its logistics footprint through a new Centre of Excellence campus, which will be supported by state-of-the-art automation; digital ordering and fulfillment; end-to-end visibility and planning; and a flexible final mile delivery and returns service.

TVS SCS, through its UK operations, manages circa 3 million items per day for customers across automotive, beverage, defense, healthcare, rail, and utility sectors. These clients rely on TVS SCS’ ability to create and manage a resilient supply chain that actively mitigates the risk of supply from global disruptions.

It offers a range of solutions that include consultancy, product data management, strategic purchasing, data analytics, inventory management, warehousing, and last-mile delivery, among others. TVS SCS operates through 45 locations across the UK with around 3000 employees.

Bangalore,25th July 2023 The Board of Directors of PNB Housing Finance Limited today approved the Consolidated Unaudited Financial Results for the quarter ended 30th June 2023. The accounts have been subjected to a limited review by the Company’s Statutory Auditors in line with the regulatory guidelines. The financial numbers are based on IndAS

Key Highlights

• The Company has successfully completed its Rights Issue of INR 2,493.76 Crore in May 2023. The issue was subscribed by around 1.21 times. The issue witnessed participation from all top 4 shareholders viz PNB, Carlyle, Ares SSG, General Atlantic and other large domestic and foreign institutional investors. The proceeds from Rights Issue are being utilized to fund strategic growth plans and capitalize on the available growth opportunities.
• Retail Loan Asset grew by 11% YoY to INR 56,978 Crore as on 30th June 2023, which is 94% of Loan Asset
• Loan Asset crossed INR 60,000 crore mark to INR 60,395 crore as on 30th June 2023 registering 5% growth YoY
• Gross NPA declined by 259 bps to 3.76% as on 30th June 2023 as compared to 6.35% as on 30th June 2022

o    Retail GNPA declined by 124 bps to 2.49% as on 30th June 2023 as compared to 3.73% as on 30th June 2022

• Affordable segment presence expanded to 88 branches & outreaches as on 30th June 2023
• Capital Risk Adequacy Ratio stood at 29.93% as on 30th June 2023; Tier I at 28.15%
• Care Ratings has upgraded the outlook on various financial facilities / instruments to ‘Positive’ from ‘Stable’ in Jun’23 and reaffirmed the rating at CARE AA.
• Profit after Tax increased by 48% YoY and 24% QoQ to INR 347 crore.
• Highest ever Return on Asset in a decade by the Company at 2.07% in Q1FY23 as compared to 1.61% in FY23

Financial performance (Q1 FY23-24 vs Q1 FY22-23 and Q4 FY22-23)

• Net Interest Income improved by 70% YoY and 6% QoQ to INR 629 crore.
• Operating expenditure increased by 26% YoY and 5% QoQ to INR 150 crore.
• Pre provision Operating Profit improved by 41% YoY and 4% QoQ to INR 507 crore.
• Yield at 10.59% in Q1 FY24 as compared to 8.63% in Q1 FY23 and 10.41% in Q4 FY23.
• Spread on loans at 2.62% in Q1 FY24 as compared to 1.42% in Q1 FY23 and 2.65% in Q4 FY23.
• Net Interest Margin stood at 3.86% and Gross Margin, net of acquisition cost, stood at 3.91% in Q1 FY24.
• Credit Cost at 36bps in Q1 FY24 as compared to 31bps in Q1 FY23 and 89bps in Q4 FY23.
• PBT improved by 44% YoY and 30% QoQ to INR 447 crore

Business Operations

• The disbursements during Q1 FY24 grew by 7% YoY to INR 3,686 crore.
• Retail disbursement grew by 8% YoY to INR 3,667 crore; 99% of total disbursements
• Asset under Management (AUM) grew by 2% YoY to INR 67,340 crore as on 30th June 2023
• The Loan Asset stood grew by 5% YoY and 2% QoQ to INR 60,395 crore as on 30th June 2023
• Retail loans grew by 11% YoY and 3% QoQ to INR 56,978 crore as on 30th June 20239.
• Corporate loans are at INR 3,416 crore as on 30th June 2023, reduced by 45% as compared to 30th June 2022.

Distribution and Service Network

• The Company has 198 branches / outreach locations

o    Affordable business presence expanded to 88 branches/outreaches as on 30th June 2023

Asset Quality

• Gross Non-Performing Assets is at 3.76% as on 30th June 2023 as compared to 6.35% as on 30th June 2022 and 3.83% as on 31st March 2023.

o    Retail GNPA is 2.49% as on 30th June 2023 as compared to 3.73% as on 30th June 2022 and 2.57% as on 31st March 2023.

o    Corporate GNPA is 24.99% as on 30th June 2023 as compared to 28.03% as on 30th June 2022 and 22.25% as on 31st March 2023. The increase in corporate GNPA from 31st March 2023 is on account of IndAS adjustment.

• Net NPA stood at 2.59% as on 30th June 2023. NNPA in Retail segment is at 1.63% and in the Corporate segment at 19.54%.

Capital to Risk Asset Ratio (CRAR)

• With capital raise, the Company’s CRAR increased to 29.93% as on 30th June 2023 as compared to 23.91% as on 30th Jun 2022. As on 30th June 2023, Tier I capital was 28.15% and Tier II was 1.78%

Commenting on the performance Mr. Girish Kousgi, Managing Director & CEO said:

“The first quarter of this financial year has kick-started on a positive note, as we have achieved growth across all key business and financial parameters. Owing to our ongoing efforts in the retail business, our Loan book crossed INR 60,000 crore mark. We have also witnessed improvement in asset quality, resulting in higher profitability. This quarter the Company’s annualized ROA is at 2.07%, the highest in a decade.With successful completion of the Rights Issue, we now possess adequate capital to fuel our growth. We are optimistic about the prevailing real estate demand, and with our focus on identified strategic objectives, we look forward to capitalizing on available market opportunities and accelerating our growth journey ahead.”

New Delhi, 25^th July 2023 – The RP Sanjiv Goenka Group is proud to announce the launch of RP Goenka International School (RPGIS), an educational institution that aims to set a new standard for 21st-century international education in India. Visioned by young scions Shashwat and Shivika Goenka, RPGIS is the first international school offering the IB-PYP program in the East of India, as a candidate school. The sprawling campus is located in Diamond Harbour Road off Alipore  in the city of Kolkata.

RPGIS commences its journey by providing pre-primary education and primary education for classes 1 to 5. The school plans to expand to include classes 6 to 8 by 2024 and aims to accommodate students from classes 9 to 12 by early 2025. Each class will consist of two sections, with a maximum of 20 students per section. With two teachers and attendants in each section, RPGIS maintains a healthy teacher-student ratio of 1:5.

As the first international school in the region to provide the IB Primary Years Programme, RPGIS is committed to delivering a 21st-century education that prepares students for the future. The ten-story school, inspired by the playful stack of Jenga blocks, sets a new standard for educational excellence, boasting state-of-the-art facilities, cutting-edge technology, innovative teaching methodologies, and a world-class faculty.

RPGIS’s specially designed classrooms foster collaborative learning, encouraging interaction and teamwork among students. Additionally, creative breakout spaces are available for students to engage in collaborative tasks, self-exploration, nurture friendships, and enhance their creativity. The deliberately designed learning spaces enable students to think like scientists, mathematicians, authors, artists, and engineers.

By focusing on holistic, inquiry-based education, the school fosters critical thinking, agency, creativity, and instills a strong value system in its students. With a focus on innovation, leadership, and entrepreneurship, RPGIS empowers young learners to make positive contributions to the global community and shape a united and peaceful world.

RPGIS offers a wide range of co-curricular activities to promote personal development among its students. The school’s extensive facilities include badminton, volleyball, and basketball courts, a half Olympic-sized swimming pool, a sports court, an open play area for mini football and tennis, a gymnastics arena, karate and mixed martial arts studio, a yoga studio, and more. Additionally, RPGIS provides ample opportunities for creative development through activities such as art and craft, dance and singing classes, Model United Nations, music lessons, photography, pottery, speech, drama, robotics lab, and a ‘black box’ for advanced theater and performing arts practice. Community service, Interact club, Environment club, and field trips contribute to practical exposure for students. Open-air classrooms and kitchen gardens are also integral features of the school.

The exceptional faculty at RPGIS plays a pivotal role in providing an unparalleled educational experience. The school takes immense pride in having some of the finest teachers in India, led by Principal Hema Chennupathy, recipient of the prestigious GLSC Edu Icon 2023 Award. Academic Director Varsha Agarwal Rodewald, Head of School Mark Fox, and Chief Administrative Officer Riad Rojoa contribute their expertise to ensure the school’s success.

Shivika Goenka, Founder of RPGIS, emphasizes the school’s holistic approach, stating, “Holistic learning is the idea behind our philosophy at RPGIS. Therefore, it’s very holistic, reflective, trans-disciplinary, and participative. We are on a mission to impart more inquiry-based education, where we allow young minds to arrive at their own answers. The nuanced difference that we are bringing in is that it’s a very international education system backed by a strong ethical system rooted in Indian values. Besides the primary language English, there will be Hindi, Bengali, and regional languages, as well as a host of modern foreign languages, including Spanish and French.”

RPGIS embraces digital learning to equip students for the future. By utilizing the latest digital platforms, the school facilitates learning and effective communication between teachers and parents. The integration of technology into the learning process aims to create future-ready leaders who are proficient in using digital tools and are conscientious and empathetic digital citizens of the world.

In line with its commitment to overall well-being, RPGIS offers a vegetarian campus with a dedicated dining hall under the guidance of a nutritionist. The school has also partnered with Woodlands Hospital to provide onsite medical facilities, ensuring the health and safety of its students.

RP Goenka International School (RPGIS) is poised to redefine international education in the East of India. With its unique approach, cutting-edge facilities, exceptional faculty, and comprehensive curriculum, RPGIS strives to nurture the next generation of compassionate, confident, and proactive leaders.

New Delhi, 25th July 2023: India’s one of the leading not-for-profit organizations, Professional Assistance for Development Action (PRADAN), announced its initiative of enhancing the female gender ratio in the organization, by increasing its female workforce. The company announced an increase of the female workforce by 30% in Q2 of the financial year 2023- 2024. PRADAN aims to recruit only women executives the next quarter, to drive positive change and spread the message of gender equality across the country.

The Delhi headquartered organization has more than 60 offices across the country and talent acquisition is planned across all its regions and offices. There is a special focus on Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, and West Bengal. In the last forty years of its establishment, PRADAN has worked towards enhancing the quality of life of marginalized communities. It has worked with around 2.64 million women across the seven states. With a dedicated team of nearly 700 people, operating in 60 field teams, PRADAN aspires to bring in young and dynamic women, who can help take the organization to the next level of growth.

Speaking on the announcement, Arnab Chakraborty, Integrator, HRD from PRADAN said, “The next few years are focused on PRADAN’s exponential growth; in terms of increasing its community outreach, introducing more projects and campaigns, upgrading rural agriculture and there is a special focus in Central Indian Tribal Region. While we have reached out to more than 10 million individuals in the last financial year, we want to increase the outreach to 50 million individuals in the next seven years, and the women work force will form an integral part of PRADAN’s project expansion plans.”

“PRADAN’s core vision is to build communities and uplift the lives of marginalized people, especially in the rural pockets of the country. Women are known to uplift people’s lives due to their inherent empathetic skills; and the roles are in synergy with the values and skills that female employees will bring to the table. We are looking at talent acquisition for the Executive position. PRADAN also actively and persistently engages with local communities to raise awareness and advocate around gender equality. And the talent acquisition drive is also aimed at promoting a more inclusive and equitable gender-based society country-wide.”

Female employees joining the organization would be trained to provide a sound understanding on the work model of PRADAN. From classroom training, field visits, and on-ground training to living amidst the marginal section, PRADAN provides end-to-end training to prepare employees physically, mentally and emotionally to make them sector ready. The eligibility criteria for the positions at PRADAN include a minimum of 24 months’ work experience (across any sector).

Hyderabad:25th July 2023 Prolance, a pioneering B2B platform for the interior industry, has been revolutionizing the interior design landscape with its state-of-the-art design-to-manufacturing automation platform, seamlessly integrated with woodworking factories nationwide. And now there’s more! A real-world physical space where interior designers and homeowners can touch and feel materials, view displays, work and collaborate. This space is the first of its kind in India.

Continuing their mission to empower freelance designers and studios, Prolance proudly announces the launch of India’s premier Co-Working Space tailored specifically for interior design professionals. Spanning an impressive 11,500 square feet in Jubilee Hills, Hyderabad, the co-working space boasts of a large display area of 4,500 square feet where customers can access the latest materials sourced from the country’s top suppliers. Of course, there is ample room for private meetings and co-working, encouraging collaboration and creativity among interior designers.

This innovative space serves as a one-stop destination where interior designers can introduce their clients to an extensive range of renowned brands and explore products across various categories. Ensuring the experience from design to selection, manufacturing, and installation is seamless and smooth.

Prolance has partnered with industry leaders such as Hafele, Hettich, Merino, Kessebohmer, and Ebco, among others. In addition, brands including Marshalls for furnishings, Smartsters for kids’ furniture, Wipro Home for lighting and automation, and Invisible Bed for space-saving furniture have joined forces with Prolance to bring to you an experience like never before.

Speaking at the unveiling event, Prolance co-founder and CEO Rama Harinath K said, “Prolance Design Hub is a logical extension for Prolance. While our design and automation platform has been helping interior designers and manufacturers from the interior industry, there was always an ask for launching a co-working space that brings together the real world with the virtual platform. Designers can now bring homeowners and showcase the latest products and design seamlessly on our platform. Hyderabad has a booming real estate industry and we couldn’t imagine a more fitting city for the Prolance Design Hub. Hence it was the first choice for launching India’s first co-working space.”

Hyderabad, Mumbai, 25th July 2023: Jaypore, the leading artisanal lifestyle brand from Aditya Birla Fashion and Retail Ltd (ABFRL), proudly presents its handcrafted dinnerware collection ‘Mausiqi’. Inspired by Mumbai’s architectural marvels such as the `Royal Opera House’, this extraordinary ensemble beautifully captures the essence of the global Art Deco movement that swept through the roaring twenties. With an unwavering focus on sophisticated design, Jaypore’s Mausiqi dinnerware collection continues to enthrall consumers who are connoisseurs of art.

Mausiqi is a celebration of yesteryear’s opulence and grandeur, personified by the likes of the Royal Opera House and other architectural gems spotted across Mumbai’s landscape. Each piece is a true testament to unparalleled craftsmanship. Every motif is meticulously traced by hand, ensuring authenticity and an unmatched level of detail. These signature designs are then transferred to porcelain creations through methodical decal work. The final touch of glitz is added by leafing and highlighting each piece with 24-karat gold by the artisans.

The motif story of Mausiqi presents an enchanting fusion of Art Deco geometrics, gracefully elevated with subtle fluid nuances reminiscent of petals, dots, and curves. While the borders adorning the plates, bowls, mugs, and more exhibit classic Art Deco geometrics inspired by ornate window railings, architectural facades, and Terrazzo tiles, the central motifs depict the same with fluidity.

Within the Mausiqi Collection, a diverse range of culinary essentials awaits, including dinner plates, serving bowls, pasta bowls, platters, mugs, and more. Each meticulously crafted piece pays homage to the seamless fusion of Indian design sensibilities with a global art movement.

Prices for the Mausiqi Collection range from Rs. 790 to Rs. 3,390, ensuring that those who curate their dining experience with these treasures can revel in the magnificence of glitz, glamour, and gold.

The Mausiqi Collection is available for purchase at Jaypore’s premium stores nationwide and through their website, inviting connoisseurs to step into the mesmerizing world of timeless beauty and unparalleled craftsmanship.

Rashmi Shukla, Business Head, Jaypore said, “We are thrilled to unveil the ‘Mausiqi’ Collection, a symphony of elegance and artistry inspired by the art deco movement. This extraordinary collection makes for a memorable gift perfect for the upcoming festive season as well as can be a treasured addition to one’s bridal trousseau. Mausiqi lets connoisseurs curate their dining experience with a touch of opulence and grace. We invite you to embrace the grandeur of this collection, where Indian heritage meets global design nuances, to elevate your everyday dining experiences.”

Mumbai,25th July 2023 Spandana Sphoorty Financial Limited (NSE: SPANDANA, BSE: 542759) (“Spandana”) announced its unaudited financial results for the quarter ended June 30, 2023 today. The results are in line with laid-out plans and the organization is well-placed to deliver on its Vision 2025 targets

are in line with laid-out plans and the organization is well placed to deliver on its Vision 2025 targets.

Highlights for Q1FY24:

• AUM – ₹8,848 Cr; +60% over Q1FY23 (₹5,513 Cr)
• Disbursement – ₹1,664 Cr; +26% over Q1FY23 (₹1,320 Cr)
• GNPA – 1.63% (2.07% in Q4FY23)
• NNPA – 0.49% (0.64% in Q4FY23)
• Total Income – ₹527 Cr;+104% over Q1FY23 (₹259 Cr)
• NII – ₹328 Cr; +102% over Q1FY23 (₹162 Cr)
• NIM – 14.2% vs 9.9% in Q1, FY23
• PAT – ₹119Cr against loss of ₹220 Cr in Q1FY2
• 

Mr. Shalabh Saxena, CEO and Managing Director of the company, while announcing the results stated, “Last year we wrote-off ₹702 Crores of portfolio in Q1FY23resulting in net loss of ₹220 Cr for the quarter. Our focused efforts during FY23 resulted in an improvement in asset quality withGNPA improving from 18.7% end of FY22 to 1.63% at the end of Q1FY24. The progress over the last 4 quarters has yielded decent results both on the Quality & Growth perspective. We thank our teams and all the stakeholders for their support during the period and are confident that as a team we are well placed to deliver the goalsof Vision 2025 which is ₹15,000 Cr of Micro Finance portfolio and upwards of ₹2,000 Cr in the Housing &Nano MSME loans.”

Further, he presented the highlights of Quarter 1, FY24:

1. AUM – ₹8,848 Cr a 60% growth over Q1FY23 (₹5,513 Cr) and 4% growth over Q4FY23 (₹8,511 Cr).
2. Disbursement & Member Acquisition – New customer acquisition-led growth continues to be the focus with about 2.6 lakh new customers added during the quarter.
   1. Disbursement was₹1,664 Cr (Q1 FY23 – ₹1,320 Cr), YoY growth 26%.
   2. New customer addition during the quarter was 2.6 Lacs (Q1 FY23 – 1.06 Lac), YoY growth 144%.
   3. The borrower count at the end of quarter was 24Lacs a growth of 13% over Q1FY23 (21Lacs)
3. Asset Quality – The asset book continues to improve with current book at 97.1%.
   1. GNPA – 1.63% (Q4 FY23 – 2.07%); &6.69% as on 30-Jun-22
   2. NNPA – 0.49% (Q4 FY23 – 0.64%); &3.24% as on 30-Jun-22
   3. PCR – Provision Coverage Ratio is 70.10%
4. Collection Efficiency-
   98. Net collection efficiency improved further to 98.1% vs. 97.6% in Q4FY23.
   99. Gross Collection Efficiency is at 101.5%
5. Borrowings-
   1. ₹1,540 Cr was mobilized in Q1 FY24 v/s ₹155 Cr in Q1 FY23, a growth of 894%.
6. Financial Performance YoY-
   1. Total Income: ₹527 Cr (₹259 Cr in Q1FY23) – growth of 104% YoY
   2. Net interest income: ₹328 Cr (₹162 Cr in Q1FY23) – growth of 102% YoY
   3. Yield: 24.0% (16.4% in Q1FY23) – improvement of 765 bps
   4. NIM of the portfolio is a 14.2% improvement of 434 bps over Q1 of the previous year.
   5. Pre-Provision Operating Profit (PPOP): ₹189 Cr (₹51 Cr in Q1 FY23) – growth of 273%
   6. Profit after tax: ₹119Cr during the quarter as against a loss of ₹220 Cr reported in Q1FY23.

Mr. Saxena added, “With the building blocks in place, we are now expanding our physical presence across the states where we see good potential to be a player with meaningful share of the market. We are taking steps like extending LAP (Loan Against Property) & Housing products to new geographies, refining the distribution model, continuing our focus on governance & most importantly investing in our people. All of these will ensure a robust future proof organization.”