Don’t see the need to raise capital as of now, says IndusInd Bank

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a recent interview with CNBC-TV18, Sumant Kathpalia, the Managing Director and CEO of IndusInd Bank, expressed his confidence in the bank’s current financial standing. He stated that the institution does not see the need to raise capital at this time.

Kathpalia remained steadfast in his assessment of IndusInd Bank’s financial health and its ability to weather any potential challenges that lie ahead.

Below is the verbatim transcript of the interview.

Q: The plain vanilla question – 21 percent is very good loan growth. Is this a maintainable pace? Are you seeing enough demand on the ground?

A: We do see enough demand specifically in our domains. So if you look at our growth, our vehicle finance unit came in at a very good growth of 21 percent year on year (YoY), our microfinance came in at 14 percent, our other retail came in at 27 percent driven by unsecured as well as merchant acquiring business, which has done very well. And of course, our corporate bank, specifically in the SME and the MSME side, gave a 10 percent quarter-on-quarter (QoQ) growth. So I think this was broad-based. We believe it’s sustainable because we play in those businesses where we have a right to win. And we believe that that’s going to drive the growth as we go move forward.

Q: Among the businesses you are best known for is vehicle financing. One almost looks at it almost synonymous with IndusInd. Now, when we spoke to the CV guys, and even when you look at the May, and June numbers that were announced, there is clearly a slowdown in CV sales, in PVs, compact cars have been actually badly, and only SUVs have done well. So is it going to be a fight there to be able to produce a 20-21 percent loan growth?

A: We are well diversified in our vehicle finance portfolio. We have six categories of vehicles where we play and CVs are one of them. You’re absolutely right. I think the growth will be tapered to around 8-10 percent this year. And that’s on the volume side, but if you look at the price variants, that will be another 8-9 percent. And if you’re gaining market share – so we’re very confident that we will maintain our growth rate at that level, because of the price variants, the volume variants and the gain in market share all playing together.

Q: Speaking of claiming market share, we now have a behemoth in HDFC Bank, which is going to aggressively look for deposits. Of course this quarter they didn’t because they had overdone in quarter four but they have to replace the HDFC maturing liabilities and want to grow their own Rs 20 lakh crore balance sheet with alacrity. So costs will go up, do you think this is the best you can do in margins, does it get better than 4.29?

A: So we’ve always said our margins will be range bound between 4.2 and 4.3. That’s been our direction to the market. And I think we believe that that’s the right margin in which we will play in. Of course, our cost of deposits are high and we believe that the cost of deposits will start coming down in quarter one of next year and you will start seeing the decline in the cost of deposits as we move forward.

Q: That’s provided HDFC Bank allows, isn’t it? That’s something that bankers keep mentioning and keep whispering?

A: There has always been competition. Every bank will have its own unique strategies to garner deposits. If you think that we copy the big banks, I think our cost-to-income ratios will fall flat. So we have to do things differently. And if you would look at our affluent business, the NRI business, I think we are gaining market share. In our home markets, we gain market share. So we play in different markets, we play in different segments, and gain market share of those segments.

Q: Can you tell me what is your fixed to-floating loan percentage, how much of the loan is floating?

A: 48 percent of our book is floating and 52 percent of our book is fixed.

Q: Now in a context where Reserve Bank rate hikes have peaked, this might work to a disadvantage in terms of you not being able to price your loans higher, and therefore, pressure on margins?

A: I’ve been hearing this discussion on pressure on margins for the last six quarters. And if you go back and see our margins, it’s been very consistent around 4.25. The beauty of a book is it is self-balancing. And now if the cost of deposits goes down, the retail book will start giving higher margins because we book the loans at a higher yield, at this point in time on the fixed rate book.

Q: There have been repeated warnings from the Reserve Bank of India on unsecured loan books. And just recently, there was a CIBIL press release, which was indicating some pressure with credit card loans. Of course, this is a dated report, it dates to the period ending March 31. But still, if the trend has continued, there is a problem with unsecured loans and Reserve Bank has sent out those letters to NBFCs and banks. Do you think that we should worry about what is growing very well for your unsecured loans?

A: Look at the business – while the percentage growth may be higher, the unsecured which is a non-MFI book is only 5 percent of our book. So we’ve always been static on that growth. Of course, we were 4.2 percent and we’ve gone to 4.8 to 5 percent. But that’s where we will be. So we have always been consistent in our commentary that because we have an MFI book, which is at least 12 to 13 percent of our books, our unsecured businesses other than MFI will be 5 percent of our book. And that’s where we are on this book. So we don’t have such a big exposure on cards as what the market seems to be because we’re not growing that book very rapidly. When you see a percentage growth, it is coming from a very small base. And that’s why you see the percentage growth.

Q: How are you looking at the year ahead the next three quarters, what are likely to be the growth levers for you, and for that matter, even profit levers?

A: I think there are three levers that will drive our growth. One is, of course, the loan growth. And we’ve always said that our loan growth will be in the range of 18-23 percent. Our domains are coming from cyclical loans, and we believe our domains will continue to give us growth. We have not grown on microfinance book last quarter and you will see that growth coming back this quarter. New additions of products, which we’ve added will also give us growth like merchant acquiring business, and mortgage business and I think you will start seeing that growth.

Number two, our cost of deposits will start tapering down. From quarter three onwards, you will start seeing a smaller decline in the cost of deposits. But by quarter four of this financial year, you’ll start seeing – and that will start increasing the margin. And the rest we’ve said is our credit cost will be between 110-130 basis points (bps). So we still have a way to go. We are at 132, we should be at 110 to 130. And of course, the operating leverage, which is the cost-to-income ratio will be settled down at 45 percent for this year, against 45.6, which we provide. So if you look at it, we’re heading towards the 2 percent RoA business. And those are the levers that will play for us.

Q: You’re carrying a contingency buffer as well. So I guess there is still some elbow room for a lower credit cost. This is more an industry question as a veteran in the sector – do you see major disruption because of Jio Financial Services on the one hand? Is that likely to be disruptive and push down the rates, undercutting possible?

A: Competition is always healthy. It depends on which segments you’re playing. I’ve always said lending business is not a prepaid business, it is a postpaid business, you have to collect what you lend. So I think every lender has understood that while it is easy to grow the book, the balancing of the portfolio, and the quality of the portfolio is what sustains the business.

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Infosys aims to become an AI-first company, says CEO Salil Parekh

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Infosys, a major IT company, unveiled its results for the first quarter of the 2023-24 on Thursday. The company’s Managing Director and CEO, Salil Parekh, made a significant announcement, highlighting Infosys’ commitment to embracing generative AI and transforming its business operations.

Parekh revealed, “We are working with clients on both open source generative AI platforms and proprietary generative AI platforms and these pan from different tech companies. Our training internally is many of these different platforms.”

Moreover, Infosys has made a major stride in implementing generative AI into its internal processes. Parekh mentioned, “Additionally, we have built some tools on an open source generative AI platform which we are using internally for areas where we do software development, for example in our products business, in some other areas of services where we are doing new core development, enhancements or migration. For all of these, we have built some tools on open source platform.”

Parekh further explained the significance of AI assistants in their transformation journey, stating, “We have rolled out what we call AI assistants for our employees who are focused on delivery work which is in the software development area, on the sales work, on training, on knowledge management, etc. So we are becoming an AI-first company and driving through the change internally as well as externally.”

While Infosys refrained from disclosing the specific percentage of AI within its portfolio, Parekh shared that the company is doing work related to software development, which is related to “new code enhancements, migration, maintenance”.

“It is also related to other areas for example voice, video, text, these are areas where we do work and AI is expanding the type of work we are doing,” Parekh added.

Parekh also talked about Infosys’ generative AI tool Topaz which the company launched. “It is the leading platform or set of capabilities for generative AI and I think we will make a huge impact. We have 80 active projects and it is moving with rapid speed,” he said.

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TRAI releases recommendations for AI regulatory body in India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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TRAI releases The Telecom Regulatory Authority of India (TRAI) on Thursday, July 20, released a set of recommendations aimed at establishing a regulatory framework for the use of artificial intelligence (AI) in the country.

TRAI has proposed the creation of an independent statutory authority, the Artificial Intelligence and Data Authority of India (AIDAI). The primary role of AIDAI would be to develop regulations and guidelines for the responsible use of AI across various sectors.

AIDAI will be tasked with framing regulations that ensure the responsible and ethical use of AI technologies. These regulations will set forth guidelines to safeguard individual privacy, promote fairness and transparency, and prevent bias and discrimination in AI-driven systems.

To effectively regulate AI applications, TRAI suggested classifying use cases based on the risks they pose. Categorising AI systems according to their potential impact on society and individuals will enable targeted oversight and supervision.

TRAI recommended the formation of a multi-stakeholder body consisting of government officials, industry representatives, legal experts, cyber experts, academia, and research institutes. This body will advise AIDAI in formulating policies and ensuring a balanced and inclusive regulatory approach.

TRAI has also recommended that the Ministry of Electronics and Information Technology (MeitY) be designated as the administrative ministry responsible for overseeing AI usage in the country.

It also encouraged the deployment of AI by telecommunication companies to combat the menace of unsolicited commercial communication (UCC). By leveraging AI and machine learning (ML) technologies, telcos can proactively detect and prevent spam, safeguarding the interests of their customers, TRAI said.

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India’s growth remains the highest among major economies: DEA Secretary Ajay Seth

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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At the recently concluded G20 Summit, Ajay Seth, Secretary of India’s Department of Economic Affairs (DEA), spoke about India’s economic performance and the challenges posed by inflation. He emphasised that “India’s growth rate continues to be robust and remains the highest among major economies.”

Seth highlighted that while India’s inflation rate increased compared to the previous month, it is currently at a subdued level. He attributed some of the inflationary pressures to potential seasonal impacts, but assured that the government is closely monitoring the inflation numbers to address any potential challenges.

“This can be because of some of the seasonal impacts which are there, and it is something which a close watch is being kept.”

During the G20 meetings, the robustness of India’s growth rate was acknowledged and appreciated by global leaders. However, Seth expressed concern over certain specific factors that may affect the country amidst the subdued global growth and trade volumes.

Furthermore, the G20 deliberations focused on spillover effects and how to manage the impact of inflation on different sectors, especially in light of slower global growth rates and elevated energy and commodity prices. The meeting acknowledged that global inflation continues to be fairly elevated, leading to restrictive monetary policy rates and stances in many advanced countries.

“It is quite obvious that the global economy was discussed and one full session was there on discussion on the economy, considering that the energy and commodity prices are off their peak,” he said.

“Nevertheless, inflation in major economies, especially in advanced countries, continues to be fairly elevated. As a result, the monetary policy rates and monetary policy stance remain restrictive. Inflation rates are high and are likely to remain higher. This creates a spillover to other sectors as well.”

While G20 leaders discussed various measures to address these spillovers, there were certain geopolitical issues that prevented the adoption of a complete communique. Concerns raised by Russia and China specifically led to the omission of three paragraphs from the final document.

One of the notable issues was Russia’s reluctance to associate with a G20 study on the macroeconomic impact of energy and food insecurity, as it referenced the Russia-Ukraine war. Nonetheless, the majority of the G20 members reached a consensus on other aspects of the meeting.

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No proposal to change language of courts from English to Hindi, says centre

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The government informed Rajya Sabha on Thursday that there was no proposal to change the language of functioning of courts from English to Hindi.

As part of a question on the issue of uniform civil code, a member asked whether the government proposes to change the language of functioning of courts from English to Hindi so that the common people can understand proceedings in their own language.

In his written response, Law Minister Arjun Ram Meghwal replied in the negative.

In April 2022, then Chief Justice of India N V Ramana had said there were “certain barriers” as regard to the introduction of local languages in the respective High Courts in the country but had expressed confidence that the issue may be “solved in the near future” with the help of scientific innovation including artificial intelligence.

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AI jobs take centre stage — 12% freshers hired in last two quarters

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The hiring landscape is in the midst of a transformative journey, steering towards a future that heavily relies on AI-related jobs. According to a recent report released by Spectrum Talent Management, there has been a seismic shift in the recruitment sector. As per the data on its platform, there has been a growth of 12 percent in AI job postings for freshers in the last two quarters.

The report was based on an analysis of a substantial sample size of 500,000 candidates.

Over the past few years, AI-related job postings have experienced a momentous surge, doubling in interest when compared to the previous three years, the report stated.

Interestingly, the job postings in AI technologies are across a wide range of industries, including IT, manufacturing, telecom, and many others.

Another recent report compiled by job search portal Indeed revealed that there has been a 150 percent surge in job postings on the platform related to artificial intelligence (AI) in India over the last five years. Similar trends in job searches were also seen in other countries like Singapore and the United States.

What are the most in-demand AI job?

The most sought-after AI-related jobs include machine learning specialists, data scientists, database administrators (DBAs), software engineers, and systems engineers, stated the report.

“The shift towards AI-related hiring has begun to change the overall recruitment landscape. As certain processes become automated through AI, the recruitment scenario has had a moderate impact. However, the overall effect is currently on a downward trend. We anticipate that as organisations adapt to AI-driven practices and realise the benefits of efficient and accurate talent acquisition, the recruitment scenario will improve over time,” said, Vidur Gupta, Director of Spectrum Talent Management.

Interestingly, the study revealed a ratio of 1:2 in favour of experienced professionals when it comes to job seekers expressing interest in AI-related openings. While freshers demonstrate undeniable enthusiasm and curiosity for these roles, experienced professionals possessing a background in AI or related fields bring along the essential skills and industry experience, rendering them highly desirable candidates for employers.

The study acknowledges that the overall effect of this transformation is currently on a downward trend. However, the future appears bright, with the recruitment scenario projected to improve over time as organisations increasingly adapt to AI-driven practices.

Interestingly, recently, Tata Consultancy Services (TCS), Infosys and Wipro have announced billions in AI investments and training.

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Infosys ADR drops over 8% on Wall Street after full-year revenue growth guidance cut

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The American Depositary Receipts (ADR) of Infosys ended 8.4 percent overnight, marking its biggest single-day drop in three months. The ADR had fallen over 9 percent on April 13, when the company had reported its March quarter earnings.

Infosys’ US-listed shares fell as much as 13 percent intraday, which was their biggest single-day drop since March 2020. Thursday’s drop came after the company slashed its financial year 2024 revenue growth forecast.

The country’s second-largest software firm now expects its current financial year revenue to grow between 1 percent to 3.5 percent, a sharp cut from the 4-7 percent growth in constant currency terms that it had projected during the March quarter.

“Overall decision-making is slowing down and start dates being pushed to back end of the year which is why we are seeing the impact on revenues,” said Salil Parekh, managing director and CEO of Infosys.

The $100 million-plus clients of Infosys declined to 38 during Q1FY24 from 40 such clients reported at the end of March 2023. The company observed that decision-making across large programs has slowed down.

The net profit of Infosys slid 3 percent sequentially to Rs 5,945 crore, which was lower than the CNBC-TV18 Poll of Rs 6,193.5 crore. Further, the EBIT margin for the quarter stood at 20.8 percent, which was marginally lower than the CNBC-TV18 Poll of 21 percent.

The total contract value of large deals in Q1FY24 stood at $2.3 billion against $ 2.1 billion in March 2023. Before the results announcement, shares of Infosys closed 1.7 percent lower at Rs 1,449.50 on the NSE

The ADR ended 8.4 percent lower at $16.22..

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B’luru, H’bad, Chennai contribute 59 pc to total office leasing across 7 cities in Apr-Jun: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bengaluru, Chennai and Hyderabad — three top southern cities — contributed 59 per cent to the total gross office leasing across seven major cities during the June quarter, according to real estate consultant Vestian.

Bengaluru-based Vestian on Thursday released its quarterly office market report The Connect Q2 2023, stating that the combined office leasing in Bengaluru, Chennai and Hyderabad stood at 8.2 million square feet, out of a total of 13.9 million square feet office absorption in the April-June quarter this year.

Across seven major cities, the total office leasing fell 6 per cent to 13.9 million square feet during April-June against 14.8 million square feet in the year-ago period due to delays in decision-making by large domestic firms and MNCs amid global uncertainties.

However, the demand was up 17 per cent compared with the previous quarter.

Vestian CEO Shrinivas Rao noted that absorption and new completions increased significantly during the June quarter compared to the preceding quarter.

“The resilience of the Indian economy was reflected in the Indian office market as well, with increased absorption and a fading impact of funding challenges,” he said.

He highlighted that the technology sector dominated leasing activities, followed by engineering and manufacturing, while flexible spaces also gained traction due to cautious leasing decisions amid market uncertainty.

“Hiring intentions for Q3, 2023 have improved, indicating optimism about India’s growth prospects…As global markets stabilise, the second half of the year is expected to see increased real estate activities across the country,” Rao said.

As per the data of April-June 2023 against April-June 2022, Chennai saw an 83 per cent rise in leasing to 2.2 million square feet from 1.2 million square feet.

The leasing in Bengaluru decreased 12 per cent to 3.7 million square feet from 4.2 million square feet.

Hyderabad witnessed a marginal fall of 4 per cent to 2.3 million square feet from 2.4 million square feet.

The leasing in Mumbai fell 25 per cent to 1.8 million square feet from 2.4 million square feet. But in Pune, the demand was up 6 per cent to 1.8 million square feet from 1.7 million square feet.

Vestian data showed that office leasing in Delhi-NCR remained subdued and fell 5 per cent to 2 million square feet from 2.1 million square feet.

In Kolkata, the leasing activities plunged 88 per cent to 0.1 million square feet from 0.8 million square feet.

The technology sector captured the highest market share of 26 per cent in the June quarter. While the engineering and manufacturing sector accounted for 19 per cent of the leasing activity, flexible spaces captured a share of 18 per cent, the report said.

Vestian said the South dominance was seen in the January-June period as well, with a share of the three south Indian cities at 57 per cent.

The combined leasing in Bengaluru, Hyderabad and Chennai stood at 14.6 million square feet out of the total 25.8 million square feet across seven major cities during the January-June period.

Commenting on the trend, NCR-based realty firm AIPL Group Director Ishaan Singh said there has been a steady increase in demand for Grade A office space.

“We anticipate this positive trend to persist, given our strong optimism about India’s growth prospects. The Indian economy’s resilience is evident in the office market, as there has been a notable rise in demand and absorption rates,” Singh said.

Vestian is an occupier-focused workplace solutions firm specialising in commercial, residential, industrial, retail and hospitality sectors. Headquartered in Chicago, Vestian has offices across the US, India, China, UK, Sri Lanka and the Middle East.

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LODR disclosure amendments: Companies, promoters gear up for compliance, experts weigh in

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Market regulator, Securities and Exchange Board of India (SEBI) has made amendments to the norms governing promoter disclosures for listed companies.

The amendments to the Listing Obligation and Disclosure Requirements (LODR) pertain to aspects that impact the management and control of listed companies. These changes now encompass all binding and non-binding agreements involving the promoter family, as well as material rights of investors and any agreements between them.

The deadline for disclosing these agreements to listed companies is set for the 31st of July. As this date approaches, the question arises about the level of preparedness among companies and promoters to comply with the new regulations and the potential impact of this development.

Cyril Shroff, the Managing Partner at Cyril Amarchand Mangaldas, acknowledged that the SEBI LODR regulations have already been amended and came into effect from the 14th of July. He emphasised two specific clauses that are particularly relevant to the current discussion: regulation 30 A and 31 B.

“Regulation 30 A pertains to disclosures of agreements at the shareholders’ level, involving not only promoters but also other investors and related parties. On the other hand, regulation 31 B deals with special rights.”

Shroff explained that SEBI’s intent behind these amendments is two-fold. “Firstly, it aims to enhance transparency so that public shareholders are made aware of these agreements that they may not be privy to otherwise. This information will now be in the public domain. Secondly, the amendments are designed to improve governance in public markets by increasing the level of disclosures.”

Dinesh Kanabar, CEO of Dhruva Advisors, pointed out that while the new requirement may seem novel, it builds upon an existing one. He said, “Previously, listed companies were obligated to disclose all binding agreements, including family agreements that fell outside the ordinary course of business. However, there were two key conditions for disclosure: the agreements had to be binding, and they had to be beyond regular business practices.”

With the recent amendments, companies are now required to disclose any agreements that could impact management, control, or impose significant liabilities on the company, far broader than the previous scope. As a result, companies need to review and reassess the arrangements they have entered into to ensure compliance with the expanded disclosure mandate.

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