India’s 6 best blue beaches
All of us have fantasized about the Northern Lights and starry nights. What if, though, we did something to make this exciting phenomenon more accessible to people on the ground in India? The bioluminescent or blue beaches were our topic of discussion. Some species of jellyfish, insects, fungi, bacteria, and...
SBI Card FY23 PAT Grows By 40% YoY to 2,258 Cr
New Delhi, 28 April 2023: The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the Q4 FY23 and financial year ended March 31, 2023, at their meeting held on Friday, April 28, 2023. Performance Highlights Q4 FY23 ∙Total Revenue increased by 30% YoY at ₹3,917 Cr in Q4 FY23 vs ₹3,016 Cr in Q4 FY22 ∙PAT increased by 3% YoY at ₹596 Cr in Q4 FY23 vs ₹581 Cr in Q4 FY22 ∙ROAA at 5.4% in Q4 FY23 vs 7.0% in Q4 FY22 ∙ROAE at 24.6% in Q4 FY23 vs 30.4% in Q4 FY22 ∙Capital Adequacy Ratio at 23.1%; Tier 1 at 20.4% Business Highlights ∙New accounts volume at 1,371K accounts in Q4 FY23 up by 37% vs 1,002K accounts in Q4 FY22 ∙Card-in-force grew by 22% YoY at 1.68 Cr as of Q4 FY23 vs 1.38 Cr as of Q4 FY22 ∙Spends grew by 32% YoY at ₹71,686 Cr in Q4 FY23 vs ₹54,134 Cr in Q4 FY22 ∙Receivables grew by 30% YoY at ₹40,722 Cr in Q4 FY23 vs ₹31,281 Cr in Q4 FY22 ∙Market share – #2 for both, Cards-in-force and Spends, in industry; for FY23 Card-in-force is at 19.7% (FY22: 18.7%), Spends is at 18.2% (FY22: 19.2%) Profit & Loss Account for the Quarter ended March 31, 2023 Total income increased by 30% at ₹3,917 Cr in Q4 FY23 vs ₹3,016 Cr in Q4 FY22. This movement was a result of the following key factors: ∙Interest income increased by 32% at ₹1,672 Cr in Q4 FY23 vs ₹1,266 Cr in Q4 FY22 ∙Fees and commission income increased by 25% at ₹1,786 Cr in Q4 FY23 vs ₹ 1,427 Cr in Q4 FY22 Finance costs increased by 90% at ₹507 Cr in Q4 FY23 vs ₹267 Cr in Q4 FY22. Total Operating cost increased by 26% at ₹1,980 Cr in Q4 FY23 from ₹1,577 Cr in Q4 FY22. Earnings before credit costs increased by 22% at ₹1,429 Cr in Q4 FY23 vs ₹1,172 Cr in Q4 FY22 Impairment losses & bad debts expenses increased by 60% at ₹630 Cr in Q4 FY23 vs ₹393 Cr in Q4 FY22 Profit after tax increased by 3% at ₹596 Cr in Q4 FY23 vs ₹581 Cr in Q4 FY22. Profit & Loss Account for the financial year ended March 31, 2023 Total income increased by 26% at ₹ 14,286 Cr in FY23 vs ₹ 11,302 Cr in FY22. Finance costs increased by 60% at ₹ 1,648 Cr in FY23 vs ₹ 1,027 Cr in FY22. Total Operating cost increased by 27% at ₹ 7,448 Cr in FY23 vs ₹ 5,844 Cr in FY22, increase is driven by higher business growth. Earnings before credit cost increased by 17% at ₹ 5,190 Cr in FY23 vs ₹ 4,430 Cr in FY22. Impairment losses & bad debts expenses decreased by 4% at ₹ 2,159 Cr in FY23 vs ₹ 2,258 Cr in FY22. Profit after tax increased by 40% at ₹ 2,258 Cr in FY23 vs ₹ 1,616 Cr in FY22. Balance Sheet as of March 31, 2023 Total Balance Sheet size as of March 31, 2023 was ₹45,546 Cr as against ₹34,648 Cr as of March ...
Sabine Nitzsche Named New Chief Financial Officer
India, April 28, 2023. At its meeting today, the Supervisory Board of Vitesco Technologies Group AG appointed Sabine Nitzsche (50) as new chief financial officer with effect from November 1, 2023. Sabine Nitzsche succeeds Werner Volz (64), who assumed the role as managing director and chief financial officer in the course...
Maya Medi Spa made its way from the US to India.
Chaitanya Kenchammanahoskote, the owner of Maya Medi Spa shared her story, how she turned her passion and love into her living. Maya Medi Spa is worth spending for your own self, to get all the stress relieved. Chaitanya had studied electrical engineering but she has always loved skin and never...
Pension Fund Regulatory and Development Authority
Total enrolment under Atal Pension Yojana crossed 5.20 crore mark as on 31 March 2023. The scheme enrolled more than 1.19 crore new subscribers in FY 2022-23 as compared to 99 lakh in the last financial year, depicting a growth of more than 20%. As on date, the total assets under...
Nuvoco Expands its Southern Footprint with New Ready-Mix Concrete Plant in Coimbatore
Hyderabad, April 27, 2023: Nuvoco Vistas Corp. Ltd., India’s fifth largest cement group in terms of capacity and among the leading players in East India, today announced the launch of its new Ready-Mix Concrete (RMX) plant in Coimbatore, Tamil Nadu. With a capacity of 60 cubic meters per hour, the plant will cater to...
Pure Storage Delivers the First and Only Native, Unified Block and File Experience Purpose-Built for Flash Storage
Hyderabad/Bangalore, India – April 27, 2023 — Pure Storage® (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technology and services, today announced the general availability of File Services for FlashArray™, a storage service enabling organizations to access native block and file services from a single, global pool of storage resources. Designed...
Acer India Unveils premium thin and light laptop – The Swift Go with 13th Gen Intel® Core™ H Series processor and OLED Display
27th April 2023, Hyderabad: Acer, one of the world’s leading PC brand launched Swift Go premium thin and light laptop featuring a brand-new design houses the latest 13th Gen Intel® Core™ CPU with the brilliance of up to 2.8K OLED. All in an eye-catching, premium thin-and-light package. Discover the superior performance of...
Fast and Furious X : Everything you need to know!
Although the plots and stunts in the Fast and Furious films have become more extreme over the years, the franchise is still going strong more than two decades after the first film was released thanks to the popularity of Dominic Toretto and his crew. After 2021’s release of Fast 9,...
Boats anchor at Meghalaya as the state is all set to host the exciting Northeast Regatta at Umiam Watersports Complex
Hyderabad 26th April, Shillong: Meghalaya, the “Abode of the Clouds and boats ” with its picturesque landscape of rolling hills, meandering rivers, cascading waterfalls, lush forests, diverse flora and fauna and unique culture and tradition has been a favourite destination for wanderlust people across the globe. Since last year, Meghalaya Tourism Department,...
