ZF Demonstrates EasyTurn Axle Concept in India
EasyTurn transforms larger vehicle models into highly agile entities, allowing them to navigate tight parking spaces and perform U-turns in exceptionally confined areas, equivalent to the width of soccer goal. This significant advancement improves the turning radius for a typical midsize passenger car up to 30%, simplifying numerous urban driving scenarios.
Aligned with the global shift towards sustainable mobility, EasyTurn is compatible with rear-wheel drive vehicles commonly seen in electric cars. Additionally, it fits seamlessly with MacPherson axle systems, which cater to around 80 percent of modern vehicle platforms, showcasing its suitability for widespread market adoption.
“EasyTurn represents a major leap forward in our commitment to innovative mobility solutions,” says Akash Passey, President, ZF Group India. “By increasing the steering angle to an unprecedented level, we provide enhanced agility and efficiency that meet the demands of urban environments and contribute to a sustainable future for mobility.”
The innovative EasyTurn axle system offers substantial benefits for both passenger and cargo vehicles, particularly in congested urban areas. It excels in narrow alleys, construction sites, parking spaces, traffic jams, and loading zones, delivering nearly effortless turning and parking manoeuvres.
ZF continues to enhance vehicle technology, driving forward the next generation of mobility solutions that meet the demands of modern transportation. With EasyTurn, ZF sets a new standard in vehicle steering capability, expanding possibilities for vehicle design, driving experiences, and Redefining India’s Mobility.
Education Reforms Should Be National Security Priority, Says Apurv Mishra at India Education Summit 2025
New Delhi, January 23, 2025 – In a compelling call to action, Apurv Mishra, member, Prime Minister’s economic advisory council (EAC) on Wednesday, emphasized the critical role of education in shaping India’s future as a developed nation (Viksit Bharat) and global power by 2047.
“There is an immediate need for systemic reforms, highlighting education not only as a social and economic imperative but as a cornerstone of national security and strategic autonomy,” Mishra said at North India Education Summit 2025, organized by the Indian Chamber of Commerce (ICC) in Delhi.
“Education is not just a social or economic issue; it is a pressing national security concern. If India aims to be a developed country by 2047 and a leading global power, we must build world-class capabilities in frontier technologies. Incremental improvements—like faceless assessments, updated teaching practices, better infrastructure, real-time parent-student accountability, alumni involvement, state university funding, and a healthy PhD ecosystem—are crucial to reforming our higher education system,” Mishra further stated.
The summit brought together policymakers, educators, and thought leaders to explore strategies for addressing challenges in teaching, training, and institutional frameworks. Discussions centered on fostering a thriving ecosystem for deep science, building capabilities in frontier technologies, and driving incremental yet impactful changes, such as modernized curriculums, improved infrastructure, and enhanced state university funding.
Simrin Bakshi, chairperson, North India Education Committee , ICC, addressed the dual role of education in individual and national transformation, stressing the need for stronger industry-academia linkages, quality faculty, and innovative solutions for inclusive and globally competitive education.
“There is an urgency of aligning India’s education system with its global aspirations. By addressing systemic gaps and embracing innovation, we can position education as a catalyst for societal and economic transformation.” said Bakshi.
A key theme of the summit was innovation in education, encompassing advancements in technology, pedagogy, and sustainability. The event also focused on creating equitable learning environments to empower individuals to contribute meaningfully to their communities and beyond.
The Lalit Chandigarh Rolls Out Fresh Pan-Asian Flavors at OKO
Chandigarh, 23 January, 2025 – The Lalit Chandigarh is thrilled to unveil a new progressive pan-Asian menu at its signature restaurant, OKO. Renowned for its masterful presentation of the distinctive cuisines of South East Asia, OKO offers an unforgettable dining experience showcasing the finest flavours.
Situated within the premises of The Lalit Chandigarh, the new OKO brings an elevated dining concept to the region, blending exceptional cuisine with an ambiance that transforms seamlessly from a tranquil day retreat to a vibrant nightlife haven. Guests can savour signature dishes such as Spicy Tuna Maki, Pan-Fried Lamb Dim Sums with Peanut Butter Sauce, Balinese Prawn Curry with Sticky Rice, and Chef Vijender’s exquisite Dessert Sampler featuring Green Tea Cheesecake and Date Pancake. The expertly crafted menu celebrates the bold and intricate flavours of South East Asia, offering a harmonious blend of authenticity and innovation.
In collaboration with ASK Consultants, OKO is set to redefine dining in Chandigarh by merging authentic flavours with innovative culinary techniques. The restaurant takes pride in embracing diversity, celebrating inclusivity, and empowering a variety of artists through special performances, reflecting The Lalit’s ethos of respect and care.
The menu has been thoughtfully crafted by the newly appointed Executive Chef Ankur Sharma, who brings over 18 years of expertise in the hospitality industry. Chef Sharma’s vision is to redefine pan-Asian cuisine by blending traditional recipes with contemporary techniques and presentations. Guests can look forward to signature dishes, live teppanyaki stations, and an exquisite fine-dining experience
“OKO at The Lalit Chandigarh is a tribute to the rich, layered cultures of South East Asia. Each dish is crafted with precision and passion, ensuring every guest experiences the authenticity of traditional flavours while enjoying a modern twist,” said Ankur Sharma, Executive Chef, The LaliT Chandigarh.
Mr. Devinder Walia, General Manager, The Lalit Chandigarh said “The new menu at OKO reflects our commitment to pushing culinary boundaries while celebrating the authenticity of Asian flavours”
HCLTech and MIT Technology Review Insights Stress Importance of Implementing Responsible AI Principles
NEW YORK and NOIDA, India, Jan 23, 2025—A study by HCLTech, a leading global technology company, and MIT Technology Review Insights has revealed that while 87% of business executives believe that responsible AI principles are critical to adopt, 85% of all the executives say they are not well prepared to implement them.
The findings reveal that despite the recognized importance of responsible AI, a significant gap exists between the acknowledgment of its importance and the ability to implement it effectively.
The challenges attributed to the adoption vs preparedness gap include:
On a more optimistic note, the study revealed that business executives plan to increase investments in building responsible AI in the next twelve months.
The report — Implementing Responsible AI in the Generative AI Age — was released at the sidelines of the World Economic Forum’s Annual Meeting in Davos. It outlines the key challenges faced by enterprises as they integrate responsible AI, with major concerns including bias and fairness, data privacy and security, compliance with regulations, operational disruptions and user adoption. The report also details how organizations can integrate responsible AI effectively and sustainably following best practices to enhance readiness.
The quantitative study is based on a survey of senior business leaders across multiple industries globally.
Some of the key report findings:
GenAI and AI-driven transformation are progressing from proof of concept to wider adoption, with executives acknowledging AI’s potential to drive productivity and innovation in key business functions like customer service, software development and marketing.
Responsible AI can provide competitive advantage. Most executives say their business will increase investments in building responsible AI in the next twelve months.
Agentic AI, which operates autonomously with minimal human involvement, is being adopted and gaining traction in lower-risk areas, such as IT operations, where it can work alongside humans.
While half of respondents are confident in managing operational risks, less than a quarter feel prepared to handle issues related to user adoption, change management and bias.
Steven Hall, President of Europe and Chief AI Officer of ISG, whose advisory firm covers the AI space and who was interviewed for the report, said that although we all know AI is the most influential change in technology today, there is still a huge disconnect on how to embrace it. “Everybody understands how transformative AI is going to be and wants strong governance, but the operating model and the funding allocated to responsible AI are well below where they need to be given its criticality to the organization.” Hall said.
According to Vijay Guntur, CTO & Head of Ecosystems, HCLTech, “AI can be a tremendous force of positive change in businesses and society at large, but its full potential can only be realized when it can be trusted.”
Guntur continued that to support responsible AI adoption, the ethical use of technology and to close the “readiness gap” to widespread adoption and implementation, HCLTech has several key recommendations.
First, companies should architect a robust responsible AI set of enterprise-guiding frameworks and capabilities that provide guardrails for trustworthiness, ethics, responsibility, safety and security, sustainability, regulatory compliance, change management and user empowerment.
Second, organizations should lean into their tech partner ecosystems to pilot, test and learn to bring the most appropriate technologies and best practices together to move at pace.
Third, establishing a dedicated team (or Center of Excellence) is advisable to act in a cross-functional driving role across the organization.
HCLTech recently established an Office of Responsible AI and Governance led by SMEs with experience on NIST frameworks, the Europe AI Act, ISO, risk and compliance, ethics and bias mitigation. This office drives co-innovation and the development of consulting capabilities and intellectual property solutions, with a focus on Responsible AI and partnerships.
Tech for Automotive Circularity Takes Center Stage at SIAM’s 3rd International Conference
The Society of Indian Automobile Manufacturers (SIAM), the apex body representing the country’s leading automobile manufacturers, hosted the 3rd International Conference on Sustainable Circularity (ICSC) at Bharat Mandapam, New Delhi, on the sidelines of Bharat Mobility Global Expo 2025. Theme ‘Nature Positive Recycling – Systemic Transformation to Automotive Circular Economy in India’, the conference emphasised the need for systemic transformation through regulatory frameworks, technological advancements and collaborative efforts across stakeholders, underscoring India’s potential to lead global efforts in sustainable automotive practices.
Bhupender Yadav, Union Minister of Environment, Forest & Climate Change, Government of India, who was the Chief Guest during the inaugural session of the conference, launched the SIAM Strategy Paper ‘Towards Circular Future in the Indian Automobile Industry: Integrating EPR Regime in Waste Stream Regulations’ and said, “As the automotive industry observes a notable growth, it is imperative to reflect on our environmental obligations. Nature, with its innate capacity for regeneration, serves as an exemplar for our operational strategies. Our focus extends beyond mere waste management to stimulating economic development, diminishing emissions and cultivating societal advancements through the promotion of green jobs. Initiatives such as the Vehicle Scrappage Policy 2021 and the endorsement of electric vehicles manifest our commitment to sustainable practices. As we navigate towards a circular economy, our actions must be guided by a steadfast dedication to environmental integrity and ecological stewardship. SIAM has done an admirable job of initiating discussions on circularity which showcases its commitment to the growth of the automotive sector and promoting India’s green goals.”
SIAM organised panel discussions centred on the vital topic of ELV recycling, covering themes such as the Impact of EPR on ELV Recycling and Compliance, Regulatory & Policy Challenges in ELV Recycling, Harnessing Technologies and Business Models, and Closing the Loop on Automotive Materials. These sessions united policymakers, industry leaders, and technology experts to explore key aspects of ELV recycling, including regulatory frameworks and technological innovations, promoting dialogue for advancing sustainable circularity.
A handbook on “Automotive Circularity in India: Unlocking a Sustainable Future” co-created by SIAM and Recykal was unveiled by Mr Mahmood Ahmed, Additional Secretary, Ministry of Road Transport & Highways in the presence of Mr Prashant K Banerjee, Executive Director, SIAM, Mr Timo Unger, Chairperson, ACEA, Mr Sanjay Mehta, President, Material Recycling Association of India, Mr A L N Rao, Circularity Head, Recykal, Mr Rajesh Menon, Director General, SIAM, Mr Arvind Kumar Nautiyal, Joint Secretary & Member Secretary, CAQM, Mr Vikram Kasbekar, Executive Director & CTO, Hero MotoCorp, and Mr Anandkumar M S, Senior General Manager & Head, TVS Motor Company. The handbook outlines a visionary approach to reimagining the automotive value chain. It offers practical insights and sustainable innovations, addressing challenges like material procurement and end-of-life vehicle management. It also provides a strategic roadmap for transitioning India’s mobility sector from linear to circular models, paving the way for a more sustainable future.
Rajendra M Petkar, President and CTO, Tata Motors Ltd and Chairperson, SIAM Sustainable Mobility Group, R K Goyal, Director, Saarloha Advanced Materials and Managing Director, Kalyani Steel, Sonal Choithani, Vice President and Head of Market Development, Vedanta, Sosho Kitajima, Chairman, Japan Automobile Recycling Alliance (JARA), R Mukhopadhyay, Director (R&D), J K Tyres, David Nolan, Executive Director, Auto Recycler Association of Australia, Sarvesh Tomar, General Manager, BPCL, Prabhjot Sodhi, Sr Programme Director, CEE, Sujit Kumar Bajpayee, Member, Commission for Air Quality Management (CAQM), Ashim Sharma, Senior Partner, NRI Consulting & Solutions, Vinod Babu, Director, CPCB, Masaru Akaishi, Managing Director, Maruti Suzuki Toyotsu India Pvt Ltd, Kartick Nagpal, President, Rosmerta, Nitin Chitkara, CEO, Meta Material Circular Markets (MMCM), Prabhakar Bhangare, CEO, Global PCCS, Anant Bhargava, IFP Petro, Ved Prakash Mishra, Joint Secretary – HSM, MoEFCC, Government of India, Kiran Sarkar, Co-Chairperson, SIAM Recycling and Material Groups and Head – Sustainability, Mahindra & Mahindra, Likith Koundinya, Consulting Specialist, S&P Global, Anand Kumar, Director, CPCB, Sumit Agrawal, Director, BigMint Technologies Pvt Ltd (SteelMint), Dr Rashi Gupta, Founder & MD, Vision Mechatronics, V Manjunath, Regional Standards Manager – South Asia and Sub-Saharan Africa, UL Standards & Engagement Inc. (ULSE) also participated in the conference addressing the challenges and potential solutions for the adoption of formal circular economy practices.
NMIT Teams Triumph at Eco-Avengers 2025, A National Sustainability Competition, Securing First Place and Multiple Top Rankings
Bengaluru, 23rd January — Students from Nitte Meenakshi Institute of Technology (NMIT) have clinched first place at Eco-Avengers 2025, a prestigious National Level Sustainability Pitch Battle competition. The event, organized by Mount Carmel College and EIMR Business School, Bengaluru, was held recently, showcasing innovative solutions for environmental challenges.
The winning team, TEAM BOREAS, comprising Tanush SN, Kevin Joseph, Abhay PS, Jeevan S, and Sathvi Nagaraj, impressed the panel of distinguished judges, including Supriya Panchangam, CEO at The Future Founders Co. and Rohan Subash, Sustainability Education at The Futures Founders Co. with their innovative project: a low cut-in speed Eco-Friendly Dual-Axis Wind Turbine (DAWT). Their innovation stands out for its sustainable design, incorporating recyclable materials and advanced features that maximize energy output while minimizing environmental impact.
Under the exceptional guidance of Dr. L. Harish Kumar, Associate Professor, Department of Mechanical Engineering, NMIT, three teams from the institution qualified for the finals, with all three securing positions in the top five. The other two finalist teams, TEAM HORUS and TEAM TRYDAN presented innovative projects on solar electric vehicles and eco-friendly automobile body panels, respectively.
Speaking about the student’s achievement Dr. L. Harish Kumar, NMIT said, “This achievement reflects our institution’s commitment to promoting sustainable innovation. “Our students have demonstrated exceptional creativity and technical expertise in developing solutions that address critical environmental challenges.”
The winning project demonstrated several notable sustainable features. It incorporated recyclable materials in its key components, while achieving enhanced energy efficiency even at low wind speeds. The design successfully reduces its carbon footprint and employed a modular approach that facilitates easy maintenance. During operation, the project maintained minimal environmental impact, making it an environmentally responsible solution.
This victory marks a significant milestone for NMIT, highlighting the institution’s dedication to sustainability and innovation in engineering education. The comprehensive eight-month mentorship provided by Dr. Harish Kumar, which included technical guidance, training sessions, and pitch preparation, played a crucial role in the teams’ success.
Milann Fertility Center Bengaluru Successfully Manages Safe Delivery for High-Risk Pregnancy
Pregnancy causes stress on the heart and circulatory system because the blood volume rises from 30% to 50%, which puts more strain on the heart valve. In India, congenital heart disease and rheumatic heart disease are the most prevalent forms of heart illness during pregnancy. Preeclampsia, anaemia, premature labour, and intrauterine foetal development restriction are among the obstetric problems that frequently affect pregnant women with heart disease.
“Mrs. Sohini (Name Changed), a 35-year-old woman who had been married for ten years, had a history of rheumatic heart disease. In 2006, she had to have a prosthetic valve placement because of blockage of a heart valve. Although this valve replacement saved her life, there were still concerns, such as the possibility of infection and clot development. She had to be on high-dose of blood thinners for that. She consulted Infertility specialist for pregnancy. While being evaluated for fertility concerns, she became pregnant naturally. Unfortunately, 10 weeks into her natural pregnancy, she miscarried. She underwent minor surgery for termination of pregnancy. Even after carefully following her cardiologist’s advice, she had valve obstruction, which required a second replacement procedure,” shared Dr. Varini N, Senior Consultant – Obstetrician and Gynaecologist, Milann Fertility Center, Bengaluru.
“Due to her cardiac disease and the usage of blood thinners, Mrs. Sohini’s current pregnancy was deemed high-risk. This presented two-fold challenges: managing the risk of bleeding that could endanger the baby while preventing clots to protect her heart. She was sent to the Milan Maternal-Fetal Medicine (MFM) department for specialized care at 10 weeks,” added Dr. Varini.
What is Rheumatic heart disease?
As a result of rheumatic fever, the heart valves become permanently damaged, leading to rheumatic heart disease. In the early stages of the disease, rheumatic heart disease usually shows no symptoms. Shortly after a childhood streptococcal infection that is either untreated or inadequately treated, heart valve damage may begin. Of greater significance, rheumatic heart disease continues to rank among the world’s most common causes of maternal cardiac problems during birth. Pregnant patients who have received inadequate or no treatment are at a greater risk of developing heart failure, and abortion is strongly advised.
Fever, lumps under the skin (nodules), a raised red rash, weakness, exhaustion, shortness of breath, chest pain, and swollen, tender, and painful joints—especially in the knees and ankles—are all typical indications and symptoms of rheumatic heart disease. Sudden cardiac death could result if treatment is not received for an extended length of time.
Rheumatic Heart Disease and Pregnancy Risks
During pregnancy, the blood volume increases which puts extra strain on heart valves. In women with rheumatic heart disease, this heightened pressure on damaged valves raises the risk of severe complications, including maternal and fetal death, preterm delivery, and heart failure around delivery.
Because she needed blood thinners and was at risk for pre-eclampsia, Mrs. Sohini’s pregnancy was high risk. The hazards associated with stopping or continuing the medicine were substantial, requiring careful monitoring of the fetal growth and the mother’s heart health. To control bleeding risks, an elective C-section was carefully arranged at 37 weeks. Blood components were ready, and twelve hours before surgery, her blood thinners were stopped. Six hours after the surgery, she resumed taking blood thinners, and the baby, weighing 2.8 kg, was born healthy. She spent 24 hours in the high-dependency unit before moving to the ward and was released on the fourth day. Mother and child had a full and trouble-free recovery.
Viva Brings India’s First Pre-Coated Solid Aluminium Panels for Hassle-Free Installation
Viva, Asia’s largest manufacturer and supplier of aluminium composite panels (ACP), a pioneer in innovative building materials, proudly unveiled SOLID X—India’s first pre-coated ready-to-install solid aluminium panels—at the prestigious BAU Expo in Germany. This groundbreaking product marks a new era in architectural design, combining unmatched strength, versatility, and sustainability to redefine modern facades and interiors. With decades of expertise in the building materials industry, Viva continues to push the boundaries of innovation, offering a product that not only elevates durability and aesthetic appeal but also champions eco-conscious manufacturing.
SOLID X aluminium panels are engineered to deliver exceptional performance, setting new benchmarks in architectural materials. With a fire rating of A1, the highest classification for non-combustible materials, and a weather-resistant PVDF coating, these panels ensure long-lasting beauty and safety. Designed with parallel flatness to minimize internal stress, they provide sleek aesthetics and superior load-bearing capacity, making them ideal for wider spans and greater design flexibility. The lightweight yet strong composition facilitates easy installation, while customizable textures and colors cater to diverse architectural visions.
The panels are a testament to sustainability, produced using eco-friendly practices that result in a low carbon footprint. Viva’s commitment to durability is backed by a 15-year warranty, offering long-term performance and peace of mind. Features like scratch resistance, antimicrobial silver-ion coating, and self-cleaning properties further enhance the value of SOLID X, making it a perfect choice for both functional and aesthetic applications.
Mr. Mayank Jain, Director of Viva Composite Panel Pvt. Ltd., said, “The launch of SOLID X at BAU marks a significant milestone for Viva as we introduce India’s first pre-coated ready-to-install solid aluminium panels to the global stage. SOLID X reflects our commitment to innovation, sustainability, and excellence, offering architects and designers a revolutionary material that combines unmatched durability, aesthetic versatility, and eco-conscious manufacturing. This is not just a product—it’s a promise to redefine the future of facades and interiors worldwide.”
Viva SOLID X panels are versatile and can be seamlessly integrated into various spaces, including commercial environments like corporate offices, retail stores, and malls; residential properties such as high-rise buildings, apartments, and villas; and public infrastructure, including airports, metro stations, and stadiums.
With SOLID X, Viva has introduced a product that redefines facades and interiors while setting a benchmark for sustainable architecture. By launching this transformative innovation at BAU, Viva underscores its position as an industry leader committed to driving the future of building materials.
HDFC Bank’s Indian GAAP Financial Results for the Quarter and Nine Months Ended December 31, 2024
The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and nine months ended December 31, 2024, at its meeting held in Mumbai on Wednesday, January 22, 2025. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.
CONSOLIDATED FINANCIAL RESULTS:
The Bank’s consolidated net revenue was ₹ 652.8 billion for the quarter ended December 31, 2024. The consolidated profit after tax for the quarter ended December 31, 2024 was ₹ 176.6 billion. The consolidated PAT adjusted for trading & mark to market gains, prior year one-off provisions and prior year tax credits, grew by 13.1%. The consolidated PAT for the nine months ended December 31, 2024 was ₹ 519.6 billion. Earnings per share for the quarter ended December 31, 2024 was ₹ 23.1 and book value per share as of December 31, 2024 was ₹ 656.6.
STANDALONE FINANCIAL RESULTS:
Profit & Loss Account: Quarter ended December 31, 2024
The Bank’s net revenue grew by 6.3% to ₹ 421.1 billion for the quarter ended December 31, 2024 from ₹ 396.1 billion for the quarter ended December 31, 2023.
Net interest income (interest earned less interest expended) for the quarter ended December 31, 2024 grew by 7.7% to ₹ 306.5 billion from ₹ 284.7 billion for the quarter ended December 31, 2023. Core net interest margin was at 3.43% on total assets, and 3.62% based on interest earning assets.
Other income (non-interest revenue) for the quarter ended December 31, 2024 was ₹ 114.5 billion as against ₹ 111.4 billion in the corresponding quarter ended December 31, 2023. The four components of other income for the quarter ended December 31, 2024 were fees & commissions of ₹ 81.8 billion (₹ 69.4 billion in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 14.0 billion (₹ 12.1 billion in the corresponding quarter of the previous year), net trading and mark to market gain of ₹ 0.7 billion (gain of ₹ 14.7 billion in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend of ₹ 17.9 billion (₹ 15.2 billion in the corresponding quarter of the previous year).
Operating expenses for the quarter ended December 31, 2024 were ₹ 171.1 billion, an increase of 7.2% over ₹ 159.6 billion during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 40.6%.
Provisions and contingencies for the quarter ended December 31, 2024 were ₹ 31.5 billion as against ₹ 42.2 billion for the quarter ended December 31, 2023.
Profit before tax (PBT) for the quarter ended December 31, 2024 was at ₹ 218.5 billion. Profit after tax (PAT) for the quarter was at ₹ 167.4 billion. PAT, adjusted for trading & mark to market gains, prior year one-off provisions and prior year tax credits, grew by 13.6% over the quarter ended December 31, 2023.
Balance Sheet: As of December 31, 2024
Total balance sheet size as of December 31, 2024 was ₹ 37,590 billion as against ₹ 34,926 billion as of December 31, 2023.
The Bank’s average deposits were ₹ 24,528 billion for the December 2024 quarter, a growth of 15.9% over ₹ 21,171 billion for the December 2023 quarter, and 4.2% over ₹ 23,540 billion for the September 2024 quarter.
The Bank’s average CASA deposits were ₹ 8,176 billion for the December 2024 quarter, a growth of 6.0% over ₹ 7,711 billion for the December 2023 quarter, and 1.1% over ₹ 8,084 billion for the September 2024 quarter.
Total EOP Deposits were at ₹ 25,638 billion as of December 31, 2024, an increase of 15.8% over December 31, 2023. CASA deposits grew by 4.4% with savings account deposits at ₹ 6,056 billion and current account deposits at ₹ 2,671 billion. Time deposits were at ₹ 16,911 billion, an increase of 22.7% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 34.0% of total deposits as of December 31, 2024.
The Bank’s advances under management, on an average basis, were ₹ 26,276 billion for the December 2024 quarter, a growth of 7.6% over ₹ 24,414 billion for the December 2023 quarter, and a growth of 2.5% over ₹ 25,639 billion for the September 2024 quarter.
Gross advances were at ₹ 25,426 billion as of December 31, 2024, an increase of 3.0% over December 31, 2023. Grossing up for transfers through inter-bank participation certificates, bills rediscounted and securitisation / assignment, advances under management grew by 6.1% over December 31, 2023. Retail loans grew by 10.0%, commercial and rural banking loans grew by 11.6% and corporate and other wholesale loans were lower by 10.4%. Overseas advances constituted 1.8% of total advances.
Nine months ended December 31, 2024
For the nine months ended December 31, 2024, the Bank earned a total income of ₹ 2,566.6 billion as against ₹ 2,179.4 billion in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 31, 2024 were ₹ 1,242.1 billion, as against ₹ 1,105.3 billion for the nine months ended December 31, 2023. Profit after tax for the nine months ended December 31, 2024 was ₹ 497.3 billion, up by 12.3% over the corresponding nine months ended December 31, 2023.
Capital Adequacy:
The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 20.0% as on December 31, 2024 (18.4% as on December 31, 2023) as against a regulatory requirement of 11.7%. Tier 1 CAR was at 18.0% and Common Equity Tier 1 Capital ratio was at 17.5% as of December 31, 2024. Risk-weighted Assets were at ₹ 25,305 billion.
NETWORK
As of December 31, 2024, the Bank’s distribution network was at 9,143 branches and 21,049 ATMs across 4,101 cities / towns as against 8,091 branches and 20,688 ATMs across 3,872 cities / towns as of December 31, 2023. 51% of our branches are in semi-urban and rural areas. In addition, we have 15,196 business correspondents, which are primarily manned by Common Service Centres (CSC). The number of employees were at 2,10,219 as of December 31, 2024 (as against 2,08,066 as of December 31, 2023).
ASSET QUALITY
Gross non-performing assets were at 1.42% of gross advances as on December 31, 2024 (1.19% excluding NPAs in the agricultural segment), as against 1.36% as on September 30, 2024 (1.19% excluding NPAs in the agricultural segment), and 1.26% as on December 31, 2023 (1.11% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.46% of net advances as on December 31, 2024.
SUBSIDIARIES
Amongst the Bank’s key subsidiaries, HDFC Life Insurance Company Ltd and HDFC ERGO General Insurance Company Ltd prepare their financial results in accordance with Indian GAAP and other subsidiaries do so in accordance with the notified Indian Accounting Standards (‘Ind-AS’). The financial numbers of the subsidiaries mentioned herein below are in accordance with the accounting standards used in their standalone reporting under the applicable GAAP.
HDB Financial Services Ltd (HDBFSL), is a non-deposit taking NBFC in which the Bank holds a 94.5% stake. For the quarter ended December 31, 2024, HDBFSL’s net revenue was at ₹ 25.0 billion. Profit after tax for the quarter ended December 31, 2024 was ₹ 4.7 billion compared to ₹ 6.4 billion for the quarter ended December 31, 2023. Profit after tax for the nine months ended December 31, 2024 was ₹ 16.5 billion. The total loan book was ₹ 1,021 billion as on December 31, 2024. Stage 3 loans were at 2.25% of gross loans. Total CAR was at 19.2% with Tier-I CAR at 14.4%.
HDFC Life Insurance Company Ltd (HDFC Life), in which the Bank holds a 50.3% stake, is a leading life insurance solutions provider. Profit after tax for the quarter ended December 31, 2024 was ₹ 4.1 billion compared to ₹ 3.7 billion for the quarter ended December 31, 2023, a growth of 13.7%. Profit after tax for the nine months ended December 31, 2024 was ₹ 13.3 billion.
HDFC ERGO General Insurance Company Ltd (HDFC ERGO), in which the Bank holds a 50.5% stake, offers a range of general insurance products. Profit after tax for the quarter ended December 31, 2024 was ₹ 1.0 billion, as against profit after tax of ₹ 1.3 billion for the quarter ended December 31, 2023. Profit after tax for the nine months ended December 31, 2024 was ₹ 4.3 billion.
HDFC Asset Management Company Ltd (HDFC AMC), in which the Bank holds a 52.5% stake, is the Investment Manager to HDFC Mutual Fund, and offers a comprehensive suite of savings and investment products. For the quarter ended December 31, 2024, HDFC AMC’s Quarterly Average Assets Under Management were approximately ₹ 7,874 billion. Profit after tax for the quarter ended December 31, 2024 was ₹ 6.4 billion compared to ₹ 4.9 billion for the quarter ended December 31, 2023, a growth of 31.0%. Profit after tax for the nine months ended December 31, 2024 was ₹ 18.2 billion.
HDFC Securities Ltd (HSL), in which the Bank holds a 94.6% stake, is amongst the leading broking firms. For the quarter ended December 31, 2024, HSL’s total revenue was ₹ 7.9 billion. Profit after tax for the quarter ended December 31, 2024 was ₹ 2.7 billion, as against ₹ 2.3 billion for the quarter ended December 31, 2023, a growth of 16.0%. Profit after tax for the nine months ended December 31, 2024 was ₹ 8.7 billion.
Tata Technologies Crowns InnoVent 2024 Winners and Provides Career Prospects to All Finalists
Bengaluru, January 23, 2025:
Tata Technologies, a global product engineering and digital services company, announced the successful conclusion of the 2nd edition of the Tata Technologies InnoVent hackathon. Focused on leveraging Generative AI, this hackathon, supported by Microsoft and Tata Motors, provided young engineering students across India with a platform to tackle real-world challenges in the manufacturing sector. This initiative marks a significant milestone in the Company’s engagement with the academic community, fostering innovation and creativity among young engineering talents across India, thereby helping to engineer better careers for the youth. The top ten teams participated in the Demo Day at Tata Technologies headquarters in Hinjawadi, Pune, where they presented their innovative prototypes and impressed the audience. The final evaluations were conducted by an eminent jury comprising Mr. Warren Harris, CEO & MD of Tata Technologies, Mr. Sven Patuschka, Chief Technology Officer, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd., Mr. Pravin Panchagnula, Executive Director – Manufacturing & Conglomerates, Microsoft and Professor Sunil Bhirud, Vice Chancellor – COEP Technological University, Pune. The jury were guided by Mr. Ravi Arora, Senior Vice President, Group Innovation at Tata Sons.
The winning team, CodeZephyr, from Chandigarh University, Mohali, was felicitated with a cash prize of INR 300,000 for their project Sustainable material integration for engineering excellence. Spaingit Coder, from Thapar Institute of Engineering and Technology Patiala, received a cash prize of INR 100,000 for their AI-driven noise cancellation for safer in-car experience and secured the second prize. The third prize of INR 50,000 was awarded to Pluto, from Sri Krishna College of Engineering and Technology, Coimbatore for their innovation Generative AI for next-gen interactive customer support. A special jury recognition was awarded to HaxS, from Manipal University Jaipur for their AI-driven defect analysis solution for automotive manufacturing. In recognition of their talent and innovation, Tata Technologies offered 39 team members from the top 10 teams an opportunity to start their careers with the Company after they complete their engineering, along with a paid internship opportunity to continue scaling their projects.
Speaking at the Tata Technologies InnoVent Demo Day felicitation ceremony, Mr. Warren Harris, CEO & MD of Tata Technologies stated, “Tata Technologies vision of Engineering a better world embodies our commitment to innovating smart and sustainable eMobility solutions by collaborating with our entire ecosystem, including academia. Through our collaboration with Microsoft and Tata Motors, we identified real-world challenges that students could solve by developing novel solutions leveraging Generative AI. I am inspired by the way innovators have applied ingenious, frugal solutions to these issues, blending the finest of human creativity with next-gen technology. We will support the top team/s in scaling their projects further.
Mr. Sven Patuschka, Chief Technology Officer, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd, expressed his enthusiasm at the end of the InnoVent Demo Day: “I am thrilled by the emerging application of Gen AI across the automotive value chain. The ingenuity shown by the young innovators at Demo Day has been incredibly inspiring. Along with Tata Technologies, I look forward to supporting some of these projects for real-world applications.
Mr. Pravin Panchagnula, Executive Director – Manufacturing & Conglomerates, Microsoft said, “Together with Tata Technologies, we are committed to empowering our engineering talent to lead AI-driven transformation in the industry. At Microsoft, we value creativity, collaboration, and continuous learning. Witnessing young innovators at the InnoVent hackathon unlock the potential of Generative AI and Microsoft Azure’s supportive ecosystem to create impactful solutions for the manufacturing sector is truly inspiring.”
Highlighting the importance of creating a culture of innovation amongst young engineering students, Mr. Santosh Singh, President and Global Head of Marketing and Business Excellence at Tata Technologies, added, “The students of today will innovate the solutions that address challenges of today and tomorrow. At Tata Technologies, we are committed to fostering a culture of innovation and equipping young minds with future-ready skills like Gen AI to help them build their careers and engineer a software-defined future. The enthusiasm and creativity displayed by these young innovators exceeded our expectations and reinforced our belief in the power of innovation in engineering a better world for everyone. We are delighted that we were able to offer job opportunities to all the finalists and grow the tribe of Gen AI enthusiasts across India.
Tata Technologies extends heartfelt congratulations to the winning teams and gratitude to all the participants for their remarkable Gen AI innovations that made the 2nd edition of Tata Technologies InnoVent hackathon a resounding success. More details of the InnoVent program are available here. The InnoVent recognition ceremony can be watched here.