Unaudited Financial Results - 30.09.2023

Federal Bank Ltd (The)

31 October 2023

 

________________________________________________________________________     

SD/LSE/286/2023-24                                                                                        31.10.2023

To

The London Stock Exchange

10 Paternoster Square

London

Dear Sir,

We enclose herewith the Un-Audited Standalone and Consolidated Financial Results of the Bank for the Quarter and Half year ended September 30, 2023 which was approved at the Bank's Board of Directors meeting held on October 16, 2023.

Kindly take the same on your record.

For The Federal Bank Limited

Sd/-

Samir P Rajdev

Company Secretary

M S K A & Associates	Suri & Co
602, Floor 6, Raheja Titanium	Guna Complex, No.443 & 445,
Western Express Highway, Geetanjali,	4th Floor Main Building,
Railway Colony, Ram Nagar, Goregaon (E),	Anna Salai, Teynampet,
Mumbai 400 063.	Chennai  600 018.

Independent Auditor's Review Report on standalone unaudited financial results for the quarter and half year ended September 30, 2023 of The Federal Bank Limited pursuant to the Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

The Board of Directors of

The Federal Bank Limited

1.   We have reviewed the accompanying statement of standalone unaudited financial results of The Federal Bank Limited  ('the Bank') for the quarter and half year ended September 30, 2023 (the 'Statement') attached herewith, being submitted by the Bank pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 as amended ('the Regulations') except, for the disclosures relating to Pillar 3 as at September 30, 2023, including leverage ratio, liquidity coverage ratio and net stable funding ratio under Basel III Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in the Note 8 to the Statement and have not been reviewed by us.

2.   This Statement, which is the responsibility of the Bank's Management and has been approved by the Bank's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 'Interim Financial Reporting' ('AS 25') prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, in so far as they apply to the Banks, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India ('the RBI') from time to time ('RBI Guidelines'), other recognised accounting principles generally accepted in India and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review.

3.   We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries primarily of persons responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing under section 143(10) of the Companies Act 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4.   Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the recognition and measurement principles laid down in AS 25, prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, the RBI Guidelines and other recognised accounting principles generally accepted in India has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed or that it contains material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by the RBI in respect of income recognition, asset classification, provisioning and other related matters, except for the disclosures relating to Pillar 3 disclosures as at September 30, 2023, including leverage ratio, liquidity coverage ratio and net stable funding ratio under Basel III Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in the Note 8 to the  Statement and have not been reviewed by us.

5.   The Statement includes the standalone financial results of the Bank for the quarter ended June 30, 2023 and corresponding quarter and half year ended September 30, 2022, which were reviewed by another auditors whose report dated July 13, 2023 and October 14, 2022 respectively, expressed an unmodified conclusion on those standalone financial results. The Statement also includes the standalone financial statements of the Bank for the year ended March 31, 2023 which were audited by another auditors whose report dated May 05, 2023 expressed an unmodified opinion on the standalone financial statements.

Our conclusion is not modified in respect of this matter.

For M S K A & Associates	For Suri & Co
Chartered Accountants	Chartered Accountants
ICAI Firm Registration Number: 105047W	ICAI Firm Registration Number: 004283S
Swapnil Kale	G. Rengarajan
Partner	Partner
Membership Number: 117812	Membership Number: 219922
UDIN: 23117812BGXRCG7931	UDIN: 23219922BGWKLY5781
Kochi	Kochi
October 16, 2023	October 16, 2023

M S K A & Associates	Suri & Co
602, Floor 6, Raheja Titanium	Guna Complex, No.443 & 445,
Western Express Highway, Geetanjali,	4th Floor Main Building,
Railway Colony, Ram Nagar, Goregaon (E),	Anna Salai, Teynampet,
Mumbai 400 063.	Chennai  600 018.

Independent Auditor's Review Report on consolidated unaudited financial results for the quarter and half year ended September 30, 2023 of The Federal Bank Limited pursuant to the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.        

The Board of Directors of

The Federal Bank Limited

1.     We have reviewed the accompanying statement of consolidated unaudited financial results of The Federal Bank Limited ('the Bank') and its subsidiaries (the Bank and its subsidiaries together referred to as 'the Group'), and its share of the net profit after tax of its associates for the quarter and half year ended September 30, 2023 ('the Statement'), being submitted by the Bank pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Regulations') except, for the disclosures relating to consolidated Pillar 3 as at September 30, 2023, including leverage ratio, liquidity coverage ratio and net stable funding ratio under Basel III Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in the Note 7 to the Statement and have not been reviewed by us.

2.     This Statement, which is the responsibility of the Bank's Management and has been approved by the Bank's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 "Interim Financial Reporting' ('AS 25'), prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder, in so far as they apply to the Banks, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India   ('the RBI') from time to time ('the RBI Guidelines') and other recognised accounting principles generally accepted in India and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review.

3.     We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Regulations, to the extent applicable.

4.     The Statement includes the financial results / financial information of the Bank and the following entities:

Sr. No	Name of the Entity	Relationship with the Bank
a.	Fedbank Financial Services Limited	Subsidiary
b.	Federal Operations and Services Limited	Subsidiary
c.	Ageas Federal Life Insurance Company Limited	Associate
d.	Equirus Capital Private Limited	Associate

5.     Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review report of the other auditor referred to in paragraph 6 below and based on the financial information certified by the Management for the subsidiary and the associates as stated in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in AS 25 prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, RBI Guidelines and other recognised accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulation, including the manner in which it is to be disclosed or that it contains any material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by the RBI in respect of income recognition, asset classification, provisioning and other related matters except, for the disclosures relating to consolidated Pillar 3 disclosure as at September 30, 2023, including leverage ratio, liquidity coverage ratio and net stable funding ratio under Basel III Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in the Note 7 to the Consolidated Statement and have not been reviewed by us.

6.      We did not review the interim financial results of one subsidiary included in the Statement, whose interim financial results reflect total assets of Rs. 2,940.31 lakhs as at September 30, 2023 and total revenues of Rs. 1,906.56 lakhs and Rs. 3,692.30 lakhs and total net profit after tax of Rs. 142.58 lakhs and Rs. 279.58 lakhs for the quarter and half year ended September 30, 2023, respectively, and net cash flows of Rs. (505.62) lakhs for the half year ended September 30, 2023, as considered in the Statement. These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the Management of the Bank and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors.

Our conclusion is not modified in respect of the above matter.

7.     The Statement includes the interim financial information of one subsidiary which have not been reviewed by their auditor, whose interim financial information reflect total assets of Rs. 10,01,246 lakhs as at September 30, 2023 and total revenues of Rs. 39,415 lakhs and Rs. 76,721 lakhs and total net profit after tax of Rs. 4,540 lakhs and Rs. 9,683 lakhs for the quarter and half year ended September 30, 2023, respectively, and net cash flows of Rs. 46,042 lakhs for the half year ended September 30, 2023, as considered in the Statement. The Statement also includes the Group's share of net profit after tax of Rs. 654.63 lakhs and Rs. 870.57 lakhs for the quarter and half year ended September 30, 2023 respectively, as considered in the Statement, in respect of two associates, based on their interim financial information which have not been reviewed by their auditors. These interim financial information have been furnished to us by the Management and our conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of these associates is based solely on such management prepared unaudited interim financial information. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group.

       Our conclusion is not modified in respect of the above matter.

8.    The Statement includes the consolidated financial results of the Bank for the quarter ended June 30, 2023 and corresponding quarter and half year ended September 30, 2022, which were reviewed by another auditors whose report dated July 13, 2023 and October 14, 2022 respectively, expressed an unmodified conclusion on those consolidated financial results. The Statement also includes the consolidated financial statements of the Bank for the year ended March 31, 2023 which were audited by another auditors whose report dated May 05, 2023 expressed an unmodified opinion on the consolidated financial statements.

          Our conclusion is not modified in respect of the above matter.

For M S K A & Associates	For Suri & Co
Chartered Accountants	Chartered Accountants
ICAI Firm Registration Number: 105047W	ICAI Firm Registration Number: 004283S
Swapnil Kale	G. Rengarajan
Partner	Partner
Membership Number: 117812	Membership Number: 219922
UDIN: 23117812BGXRCF4558	UDIN: 23219922BGWKLZ3968
Kochi	Kochi
October 16, 2023	October 16, 2023

THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023
							(₹ in Lakhs)
Particulars		Quarter ended			Half Year ended		Year ended
		30.09.2023	30.06.2023	30.09.2022	30.09.2023	30.09.2022	31.03.2023
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1. Interest earned (a)+(b)+(c)+(d)		5,45,528	5,02,453	4,02,078	10,47,981	7,64,964	16,80,363
(a)	Interest/discount on advances/bills	4,35,548	4,03,958	3,22,272	8,39,506	6,10,954	13,49,184
(b)	Income on investments	89,397	81,486	66,737	1,70,883	1,29,686	2,79,557
(c)	Interest on balances with Reserve Bank of India and other inter bank funds	9,028	7,093	6,017	16,121	10,497	20,625
(d)	Others	11,555	9,916	7,052	21,471	13,827	30,997
2. Other income		73,042	73,241	60,952	1,46,283	1,06,214	2,33,000
3. TOTAL INCOME (1+2)		6,18,570	5,75,694	4,63,030	11,94,264	8,71,178	19,13,363
4. Interest expended		3,39,886	3,10,594	2,25,895	6,50,480	4,28,330	9,57,147
5. Operating expenses (i)+(ii)		1,46,239	1,34,865	1,15,911	2,81,104	2,24,287	4,76,777
(i)	Employees cost	62,631	61,674	51,563	1,24,305	1,01,495	2,17,300
(ii)	Other operating expenses	83,608	73,191	64,348	1,56,799	1,22,792	2,59,477
6. TOTAL EXPENDITURE (4+5) (excluding provisions and contingencies)		4,86,125	4,45,459	3,41,806	9,31,584	6,52,617	14,33,924
7. OPERATING PROFIT (3-6)  (Profit before provisions and contingencies)		1,32,445	1,30,235	1,21,224	2,62,680	2,18,561	4,79,439
8. Provisions (other than tax) and contingencies		4,390	15,558	26,786	19,948	43,454	74,989
9. Exceptional items		-	-	-	-	-	-
10. Profit from Ordinary Activities before tax (7-8-9)		1,28,055	1,14,677	94,438	2,42,732	1,75,107	4,04,450
11. Tax expense		32,673	29,303	24,067	61,976	44,670	1,03,391
12. Net Profit from Ordinary Activities after tax  (10-11)		95,382	85,374	70,371	1,80,756	1,30,437	3,01,059
13. Extraordinary items (net of tax expense)		-	-	-	-	-	-
14. Net Profit for the period (12-13)		95,382	85,374	70,371	1,80,756	1,30,437	3,01,059
15. Paid-up Equity Share Capital (Face value ₹ 2/- per Equity Share)		47,032	42,360	42,191	47,032	42,191	42,324
16. Reserves excluding Revaluation Reserve							21,07,799
17. Analytical Ratios and Other Disclosures:
(i)	Percentage of shares held by Government of India	NIL	NIL	NIL	NIL	NIL	NIL
(ii)	Capital Adequacy ratio (%)
	Under Basel III	15.50	14.28	13.84	15.50	13.84	14.81
(iii)	Earnings per Share (EPS) (in ₹)
	(a) Basic EPS  (before and after extraordinary items)	4.17*	4.03*	3.34*	8.20*	6.20*	14.27
	(b) Diluted EPS (before and after extraordinary items)	4.12*	3.98*	3.31*	8.10*	6.14*	14.13
(iv)	NPA Ratios
	a) Gross NPA	4,43,605	4,43,477	4,03,106	4,43,605	4,03,106	4,18,377
	b) Net NPA	1,22,981	1,27,459	1,26,235	1,22,981	1,26,235	1,20,501
	c) % of Gross NPA	2.26	2.38	2.46	2.26	2.46	2.36
	d) % of Net NPA	0.64	0.69	0.78	0.64	0.78	0.69
(v)	Return on Assets (%)	0.34*	0.32*	0.30*	0.66*	0.58*	1.28
(vi)	Net Worth	26,03,207	22,24,775	19,61,782	26,03,207	19,61,782	21,41,949
(vii)	Outstanding Redeemable Preference Shares	NIL	NIL	NIL	NIL	NIL	NIL
(viii)	Capital Redemption Reserve	NIL	NIL	NIL	NIL	NIL	NIL
(ix)	Debenture Redemption Reserve	NIL	NIL	NIL	NIL	NIL	NIL
(x)	Debt - Equity Ratio #	0.74	0.95	1.04	0.74	1.04	0.90
(xi)	Total Debts to Total Assets #	6.67%	7.72%	8.61%	6.67%	8.61%	7.42%
(xii)	Operating Margin	21.41%	22.62%	26.18%	22.00%	25.09%	25.06%
(xiii)	Net Profit Margin	15.42%	14.83%	15.20%	15.14%	14.97%	15.73%
* Not Annualised
# Debt and Total Debts represents Total Borrowings of the Bank

Segment Information@
							(₹ in Lakhs)
Particulars		Quarter ended			Half Year ended		Year ended
		30.09.2023	30.06.2023	30.09.2022	30.09.2023	30.09.2022	31.03.2023
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Segment Revenue:
	Treasury	88,824	77,243	67,069	1,66,067	1,21,933	2,53,996
	Corporate/Wholesale Banking	1,81,524	1,64,245	1,23,736	3,45,769	2,31,494	5,24,048
	Retail Banking	3,42,915	3,31,117	2,68,416	6,74,032	5,11,777	11,20,482
	a) Digital Banking	36,622	30,340	22,729	66,962	40,028	90,354
	b) Other Retail Banking	3,06,293	3,00,777	2,45,687	6,07,070	4,71,749	10,30,128
	Other Banking operations	5,204	2,949	3,630	8,153	5,753	14,350
	Unallocated	103	140	179	243	221	487
	Total Revenue	6,18,570	5,75,694	4,63,030	11,94,264	8,71,178	19,13,363
	Less: Inter Segment Revenue	-	-	-	-	-	-
	Income from Operations	6,18,570	5,75,694	4,63,030	11,94,264	8,71,178	19,13,363
Segment Results (net of provisions):
	Treasury	16,790	11,255	18,469	28,045	31,049	50,577
	Corporate/Wholesale Banking	44,512	40,024	14,850	84,536	29,355	95,399
	Retail Banking	62,228	60,751	57,855	1,22,979	1,09,592	2,45,789
	a) Digital Banking	4,680	3,520	3,203	8,200	2,795	11,359
	b) Other Retail Banking	57,548	57,231	54,652	1,14,779	1,06,797	2,34,430
	Other Banking operations	4,423	2,507	3,085	6,930	4,890	12,198
	Unallocated	102	140	179	242	221	487
	Profit before tax	1,28,055	1,14,677	94,438	2,42,732	1,75,107	4,04,450
Segment Assets:
	Treasury	57,46,602	55,44,511	43,88,999	57,46,602	43,88,999	52,30,629
	Corporate/Wholesale Banking	1,05,93,983	98,95,207	89,70,342	1,05,93,983	89,70,342	96,99,651
	Retail Banking	1,16,79,738	1,12,69,975	95,72,293	1,16,79,738	95,72,293	1,04,41,427
	a) Digital Banking	5,54,182	4,82,219	2,69,151	5,54,182	2,69,151	4,16,592
	b) Other Retail Banking	1,11,25,556	1,07,87,756	93,03,142	1,11,25,556	93,03,142	1,00,24,835
	Other Banking operations	-	-	-	-	-	-
	Unallocated	7,22,279	7,09,865	7,79,609	7,22,279	7,79,609	6,62,476
	Total	2,87,42,602	2,74,19,558	2,37,11,243	2,87,42,602	2,37,11,243	2,60,34,183
Segment Liabilities:
	Treasury	29,66,715	30,91,221	22,74,543	29,66,715	22,74,543	29,13,818
	Corporate/Wholesale Banking	29,69,197	26,25,089	19,85,235	29,69,197	19,85,235	24,24,409
	Retail Banking	1,98,83,203	1,91,51,679	1,71,10,829	1,98,83,203	1,71,10,829	1,82,77,723
	a) Digital Banking	13,71,578	12,74,681	8,90,517	13,71,578	8,90,517	12,03,720
	b) Other Retail Banking	1,85,11,625	1,78,76,998	1,62,20,312	1,85,11,625	1,62,20,312	1,70,74,003
	Other Banking operations	-	-	-	-	-	-
	Unallocated	3,11,604	3,14,055	3,65,759	3,11,604	3,65,759	2,67,609
	Total	2,61,30,719	2,51,82,044	2,17,36,366	2,61,30,719	2,17,36,366	2,38,83,559
Capital Employed:
(Segment Assets - Segment Liabilities)
	Treasury	27,79,887	24,53,290	21,14,456	27,79,887	21,14,456	23,16,811
	Corporate/Wholesale Banking	76,24,786	72,70,118	69,85,107	76,24,786	69,85,107	72,75,242
	Retail Banking	(82,03,465)	(78,81,704)	(75,38,536)	(82,03,465)	(75,38,536)	(78,36,296)
	a) Digital Banking	(8,17,396)	(7,92,462)	(6,21,366)	(8,17,396)	(6,21,366)	(7,87,128)
	b) Other Retail Banking	(73,86,069)	(70,89,242)	(69,17,170)	(73,86,069)	(69,17,170)	(70,49,168)
	Other Banking operations	-	-	-	-	-	-
	Unallocated	4,10,675	3,95,810	4,13,850	4,10,675	4,13,850	3,94,867
	Total	26,11,883	22,37,514	19,74,877	26,11,883	19,74,877	21,50,624
@	For the above segment reporting, the reportable segments are identified as Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations in compliance with the RBI guidelines. As per the RBI Circular DOR.AUT.REC.12/22.01.001/2022-23 dated April 07, 2022 on establishment of Digital Banking Unit (DBU), for the purpose of disclosure under 'Accounting Standard 17 - Segment Reporting', 'Digital Banking' has been identified as a sub-segment of the existing 'Retail Banking' segment by Reserve Bank of India (RBI). Accordingly the bank has disclosed the business involving digital banking products acquired by DBU, together with existing digital banking products, under the Digital Banking segment. The business  operations of the Bank are substantially concentrated in India and for the purpose of Segment Reporting as per Accounting Standard-17, the bank is considered to operate only in domestic segment.
	Statement of Assets and Liabilities of the Bank as at September 30, 2023 is given below:
					(₹ in Lakhs)
	Particulars		As at 30.09.2023	As at 30.09.2022	As at 31.03.2023
			Unaudited	Unaudited	Audited
	CAPITAL AND LIABILITIES
	Capital		47,032	42,191	42,324
	Reserves and Surplus		25,64,851	19,32,686	21,08,300
	Deposits		2,32,86,843	1,89,14,571	2,13,38,604
	Borrowings		19,18,084	20,41,318	19,31,928
	Other Liabilities and Provisions		9,25,792	7,80,477	6,13,027
	Total		2,87,42,602	2,37,11,243	2,60,34,183
	ASSETS
	Cash and Balances with Reserve Bank of India		15,00,131	12,65,431	12,59,085
	Balance with Banks and Money at Call and Short Notice		4,98,462	2,33,946	5,09,783
	Investments		55,16,914	43,57,131	48,98,335
	Advances		1,92,81,669	1,61,24,032	1,74,44,688
	Fixed Assets		93,754	71,693	93,397
	Other Assets		18,51,672	16,59,010	18,28,895
	Total		2,87,42,602	2,37,11,243	2,60,34,183
Notes:
1	The above Standalone Unaudited Financial Results for the quarter and half year ended September 30, 2023 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on October 16, 2023. These results have been subjected to limited review by the Joint Statutory Auditors of the Bank and an unqualified review report has been issued.
2	The Bank has consistently applied its significant accounting policies in the preparation of the interim financial results as those followed in the annual financial statements for the year ended March 31, 2023.
3	The financial results have been arrived at after considering provision for standard assets (including requirements for exposures to entities with unhedged foreign currency exposures), provision for Non-Performing Assets (NPAs), provision for non-performing investments, provision for income-tax and other usual and necessary provisions.
4	Other income includes fees earned from providing services to customers, commission from non-fund-based banking activities, earnings from foreign exchange and derivative transactions, selling of third-party products, profit on sale of investments (net), profit / loss on revaluation of investments, dividend received from subsidiaries / associates, recoveries from advances written off, etc.
5	The Capital Adequacy Ratio is computed on the basis of RBI guidelines applicable on the relevant reporting dates and the ratio for the corresponding previous period is not adjusted to consider the impact of subsequent changes if any, in the guidelines.
6	During the quarter and half year ended September 30, 2023, the Bank has allotted 3,098,755 and 4,913,875 equity shares of ` 2 each respectively, pursuant to the exercise of stock options by employees.
7	During the quarter and half year September 30, 2023, the Bank has issued 230,477,634 equity shares of ` 2 each for cash pursuant to a Qualified Institution Placement (QIP) as per the relevant provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 at ` 131.90 per share aggregating to ` 304,000.00 Lakhs (including share premium). This resulted in an increase of ` 4,609.55 Lakhs in Share Capital and ` 295,416.80 Lakhs (net of issue expenses) in Share premium account.
8	As per extant RBI guidelines, banks are required to make Pillar 3 disclosures including leverage ratio , liquidity coverage ratio and Net Stable Funding Ratio (NSFR) under the Basel III framework. Accordingly, such applicable disclosures have been placed on the website of the Bank which can be accessed at the following link: https://www.federalbank.co.in/regulatory-disclosures. These disclosures have not been subjected to audit or review by the Joint Statutory Auditors of the Bank.
9	Details of resolution plan implemented under the Resolution Framework for COVID-19-related Stress as per RBI circular dated August 06, 2020 (Resolution Framework 1.0) and May 05, 2021 (Resolution Framework 2.0) are given below:
				(` in Lakhs)
	Type of borrower		Exposure to accounts  classified as Standard  consequent to  implementation of resolution  plan  - Position as at the end of the previous  half-year ended March 31 , 2023 (A) (1)	Of (A), aggregate debt that slipped into NPA during the  half-year	Of (A) amount  written off during the half-year	Of (A) amount paid  by the borrowers  during the half- year(2)	Exposure to accounts  classified as Standard  consequent to  implementation of resolution  plan  - Position as at the end of this half-year ended September 30 , 2023 (1),(3)
	Personal Loans		1,71,125.31	10,550.34	-	14,932.29	1,46,913.60
	Corporate persons		18,780.68	170.67	-	4,836.81	13,902.19
	Of which, MSMEs		-	-	-	-	-
	Others		26,890.61	1,145.23	-	3,771.09	22,325.98
	Total		2,16,796.60	11,866.24	-	23,540.19	1,83,141.77
	1. Excludes other facilities to the borrowers which have not been restructured.
	2. Represents net movement in balance outstanding.
	3. Includes accounts which were classified as NPA earlier and subsequently upgraded to standard during the half year ended September 30, 2023.
10	Disclosures as per 'Master Direction - Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021' dated September 24, 2021 for the loans transferred / acquired during the half year ended September 30, 2023 are given below:
	i) Details of loans not in default acquired through assignment during the half year ended September 30, 2023 are given below:
	Particulars			Value
	Aggregate amount of loans acquired (` in lakhs)			91,253.22
	Weighted average residual maturity (in years)			9.15
	Weighted average holding period by originator (in years)			1.35
	Retention of beneficial economic interest by the originator (` in lakhs)			10,139.25
	Tangible security coverage			172.30%
	The loans acquired are not rated as the same are to non-corporate borrowers.
	ii) Details of non-performing assets (NPAs) transferred are given below:
					(` in lakhs except number of accounts)
	Particulars				To ARCs	To Permitted Transferees	To other Transferees
	Number of accounts				6	-	-
	Aggregate principal outstanding of loans transferred				1,824.09	-	-
	Weighted average residual tenor of the loans transferred (in years)				1.83	-	-
	Net book value of loans transferred (at the time of transfer)				167.77	-	-
	Aggregate consideration				1,200.00	-	-
	Additional consideration realized in respect of accounts transferred in earlier years				-	-	-
	Provisions reversed to the profit and loss account on account of sale of stressed loans				492.29	-	-
	iii) During the half year ended September 30, 2023, the Bank has not acquired any stressed loans and not transferred any loan not in default / Special Mention Accounts (SMA).
	iv)  During the half year ended September 30, 2023, the Bank has invested `510.00 lakhs in Security Receipts (SR) issued by an Asset Reconstruction Company (ARC) pursuant to transfer of Non-Performing asset to ARC, which is unrated.
11	On October 11, 2023, the Bank has issued 72,682,048 equity shares of ` 2 each for cash pursuant to a Preferential Allotment as per the relevant provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 at `131.91 per share aggregating to ` 95,874.89 Lakhs (including share premium).
12	The figures for the quarter ended June 30, 2023, quarter and half year ended September 30, 2022 and year ended March 31, 2023 were reviewed / audited by previous Joint Statutory Auditors.
13	Previous period's figures have been regrouped / reclassified, wherever necessary to conform to current period's classification.
			SHYAM SRINIVASAN
Kochi			MANAGING DIRECTOR & CEO
October 16, 2023			(DIN: 02274773)

THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
STANDALONE UNAUDITED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2023
		(₹ in Lakhs)
Particulars	Half Year ended  September 30, 2023	Half Year ended  September 30, 2022
Cash Flow from Operating Activities
Net Profit Before Taxes	2,42,732	1,75,107
Adjustments for:
Depreciation on Bank's Property	10,366	7,423
Provision / Depreciation on Investments	(1,958)	1,537
Amortisation of Premium on Held to Maturity Investments	8,645	8,687
Provision / Charge for Non Performing Advances	24,250	35,500
Provision for Standard Assets and Contingencies	(3,900)	8,104
(Profit)/Loss on Sale of Fixed Assets (net)	(156)	(5)
Dividend From Subsidiaries / Associates	(1,525)	(771)
Employees Stock Option Expense	74	50
	2,78,528	2,35,632
Adjustments for working capital changes:-
(Increase)/ Decrease in Investments [excluding Held to Maturity Investments]	(2,36,878)	50,081
(Increase)/ Decrease in Advances	(18,61,231)	(16,66,700)
(Increase)/ Decrease in Other Assets	(19,714)	(1,40,188)
Increase/ (Decrease) in Deposits	19,48,239	7,44,512
Increase/ (Decrease) in Other Liabilities and Provisions	3,16,666	2,66,496
	1,47,082	(7,45,799)
Direct taxes paid (net)	(65,039)	(44,069)
Net Cash Flow from / (Used in) Operating Activities	3,60,571	(5,54,236)
Cash Flow from Investing Activities
Purchase of Fixed Assets	(10,795)	(15,820)
Proceeds from Sale of Fixed Assets	227	103
Dividend From Subsidiaries / Associates	1,525	771
(Increase)/ Decrease in Held to Maturity Investments	(3,88,388)	(4,99,489)
Net Cash generated / (Used in) Investing Activities	(3,97,431)	(5,14,435)
Cash Flow from Financing Activities
Proceeds from Issue of Share Capital	4,708	140
Proceeds from Share Premium (Net of Share Issue Expenses)	2,99,486	4,011
Proceeds from Issue of Subordinate Debt	-	-
Increase/(Decrease) in Borrowings (Excluding Subordinate Debt)	(13,845)	5,02,006
Dividend Paid	(23,491)	(37,866)
Net Cash generated from Financing Activities	2,66,858	4,68,291
Effect of Exchange Fluctuation on Translation Reserve	(273)	(1,278)
Net Increase / (Decrease) in Cash and Cash Equivalents	2,29,725	(6,01,658)
Cash and Cash Equivalents at the beginning of the period	17,68,868	21,01,035
Cash and Cash Equivalents at the end of the period	19,98,593	14,99,377
Note:
Cash and Cash Equivalents comprise of Cash in hand (including foreign currency notes), Balances with Reserve Bank of India, Balances with banks and money at call and short notice.
	SHYAM SRINIVASAN
Kochi	MANAGING DIRECTOR & CEO
October 16, 2023	(DIN: 02274773)

THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023
							(₹ in Lakhs)
Particulars		Quarter ended			Half Year ended		Year ended
		30.09.2023	30.06.2023	30.09.2022	30.09.2023	30.09.2022	31.03.2023
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1. Interest earned (a)+(b)+(c)+(d)		5,79,128	5,34,977	4,25,893	11,14,105	8,10,202	17,81,178
(a)	Interest/discount on advances/bills	4,69,147	4,36,293	3,46,427	9,05,440	6,56,847	14,50,788
(b)	Income on investments	89,237	81,475	66,308	1,70,712	1,28,842	2,78,188
(c)	Interest on balances with Reserve Bank of India and other inter bank funds	9,028	7,093	6,017	16,121	10,497	20,625
(d)	Others	11,716	10,116	7,141	21,832	14,016	31,577
2. Other income		75,692	74,131	62,765	1,49,823	1,10,273	2,43,623
3. TOTAL INCOME (1+2)		6,54,820	6,09,108	4,88,658	12,63,928	9,20,475	20,24,801
4. Interest expended		3,54,414	3,25,451	2,34,904	6,79,865	4,45,280	9,97,524
5. Operating expenses (i)+(ii)		1,60,378	1,46,944	1,25,639	3,07,322	2,43,219	5,21,120
(i)	Employees cost	71,349	69,326	58,047	1,40,675	1,13,884	2,44,024
(ii)	Other operating expenses	89,029	77,618	67,592	1,66,647	1,29,335	2,77,096
6. TOTAL EXPENDITURE (4+5) (excluding provisions and contingencies)		5,14,792	4,72,395	3,60,543	9,87,187	6,88,499	15,18,644
7. OPERATING PROFIT (3-6)  (Profit before provisions and contingencies)		1,40,028	1,36,713	1,28,115	2,76,741	2,31,976	5,06,157
8. Provisions (other than tax) and contingencies		5,757	16,469	28,452	22,226	45,973	79,863
9. Exceptional items		-	-	-	-	-	-
10. Profit from Ordinary Activities before tax (7-8-9)		1,34,271	1,20,244	99,663	2,54,515	1,86,003	4,26,294
11. Tax expense		34,255	31,070	25,572	65,325	47,612	1,08,718
12. Net Profit from Ordinary Activities after tax  (10-11)		1,00,016	89,174	74,091	1,89,190	1,38,391	3,17,576
13. Extraordinary items (net of tax expense)		-	-	-	-	-	-
14. Net Profit for the period (12-13)		1,00,016	89,174	74,091	1,89,190	1,38,391	3,17,576
15. Minority interest		1,260	1,378	1,164	2,638	2,268	4,510
16. Share in Profit of Associates		654	216	407	870	633	3,406
17. Consolidated Net Profit of the group (14-15+16)		99,410	88,012	73,334	1,87,422	1,36,756	3,16,472
18. Paid-up Equity Share Capital (Face value ₹ 2/- per Equity Share)		47,032	42,360	42,191	47,032	42,191	42,324
19. Reserves excluding Revaluation Reserve							21,69,416
20. Analytical Ratios and Other Disclosures:
(i)	Percentage of shares held by Government of India	NIL	NIL	NIL	NIL	NIL	NIL
(ii)	Capital Adequacy ratio (%)
	Under Basel III	15.92	14.72	14.30	15.92	14.30	15.24
(iii)	Earnings per Share (EPS) (in `)
	(a) Basic EPS  (before and after extraordinary items)	4.35*	4.16*	3.48*	8.51*	6.50*	15.01
	(b) Diluted EPS (before and after extraordinary items)	4.29*	4.11*	3.45*	8.40*	6.44*	14.85
(iv)	NPA Ratios
	a) Gross NPA	4,61,712	4,61,079	4,17,310	4,61,712	4,17,310	4,34,352
	b) Net NPA	1,36,278	1,40,434	1,36,396	1,36,278	1,36,396	1,32,344
	c) % of Gross NPA	2.27	2.37	2.45	2.27	2.45	2.35
	d) % of Net NPA	0.68	0.74	0.82	0.68	0.82	0.73
(v)	Return on Assets (%)	0.34*	0.32*	0.31*	0.66*	0.58*	1.28
* Not Annualised

Segment Information@
							(₹ in Lakhs)
Particulars		Quarter ended			Half Year ended		Year ended
		30.09.2023	30.06.2023	30.09.2022	30.09.2023	30.09.2022	31.03.2023
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Segment Revenue:
	Treasury	89,241	76,433	66,222	1,65,674	1,20,927	2,53,555
	Corporate/Wholesale Banking	1,80,218	1,63,630	1,22,907	3,43,848	2,29,691	5,20,704
	Retail Banking	3,78,773	3,64,558	2,94,019	7,43,331	5,60,624	12,28,710
	a) Digital Banking	36,622	30,340	22,729	66,962	40,028	90,354
	b) Other Retail Banking	3,42,151	3,34,218	2,71,290	6,76,369	5,20,596	11,38,356
	Other Banking operations	6,485	4,347	5,331	10,832	9,012	21,225
	Unallocated	103	140	179	243	221	607
	Total Revenue	6,54,820	6,09,108	4,88,658	12,63,928	9,20,475	20,24,801
	Less: Inter Segment Revenue	-	-	-	-	-	-
	Income from Operations	6,54,820	6,09,108	4,88,658	12,63,928	9,20,475	20,24,801
Segment Results (net of provisions):
	Treasury	17,793	11,024	18,243	28,817	31,243	52,460
	Corporate/Wholesale Banking	44,463	39,858	14,371	84,321	28,733	94,335
	Retail Banking	66,419	66,019	62,871	1,32,438	1,19,115	2,61,538
	a) Digital Banking	4,680	3,520	3,203	8,200	2,795	11,359
	b) Other Retail Banking	61,739	62,499	59,668	1,24,238	1,16,320	2,50,179
	Other Banking operations	5,494	3,203	3,999	8,697	6,691	15,817
	Unallocated	102	140	179	242	221	2,144
	Profit before tax	1,34,271	1,20,244	99,663	2,54,515	1,86,003	4,26,294
Segment Assets:
	Treasury	57,25,569	55,42,708	43,66,944	57,25,569	43,66,944	52,06,924
	Corporate/Wholesale Banking	1,05,29,830	98,40,909	89,31,093	1,05,29,830	89,31,093	96,72,729
	Retail Banking	1,26,26,779	1,21,32,226	1,02,55,021	1,26,26,779	1,02,55,021	1,12,56,964
	a) Digital Banking	5,54,182	4,82,219	2,69,151	5,54,182	2,69,151	4,16,592
	b) Other Retail Banking	1,20,72,597	1,16,50,007	99,85,870	1,20,72,597	99,85,870	1,08,40,372
	Other Banking operations	351	1,413	851	351	851	1,313
	Unallocated	7,22,279	7,09,865	7,79,609	7,22,279	7,79,609	6,62,476
	Total	2,96,04,808	2,82,27,121	2,43,33,518	2,96,04,808	2,43,33,518	2,68,00,406
Segment Liabilities:
	Treasury	30,05,480	31,49,951	23,14,458	30,05,480	23,14,458	29,42,093
	Corporate/Wholesale Banking	29,71,838	26,28,875	19,88,499	29,71,838	19,88,499	24,14,080
	Retail Banking	2,05,96,656	1,97,95,561	1,76,03,969	2,05,96,656	1,76,03,969	1,89,28,892
	a) Digital Banking	13,71,578	12,74,681	8,90,517	13,71,578	8,90,517	12,03,720
	b) Other Retail Banking	1,92,25,078	1,85,20,880	1,67,13,452	1,92,25,078	1,67,13,452	1,77,25,172
	Other Banking operations	356	330	483	356	483	294
	Unallocated	3,11,604	3,14,055	3,65,759	3,11,604	3,65,759	2,67,609
	Total	2,68,85,934	2,58,88,772	2,22,73,168	2,68,85,934	2,22,73,168	2,45,52,968
Capital Employed:
(Segment Assets - Segment Liabilities)
	Treasury	27,20,089	23,92,757	20,52,486	27,20,089	20,52,486	22,64,831
	Corporate/Wholesale Banking	75,57,992	72,12,034	69,42,594	75,57,992	69,42,594	72,58,649
	Retail Banking	(79,69,877)	(76,63,335)	(73,48,948)	(79,69,877)	(73,48,948)	(76,71,928)
	a) Digital Banking	(8,17,396)	(7,92,462)	(6,21,366)	(8,17,396)	(6,21,366)	(7,87,128)
	b) Other Retail Banking	(71,52,481)	(68,70,873)	(67,27,582)	(71,52,481)	(67,27,582)	(68,84,800)
	Other Banking operations	(5)	1,083	368	(5)	368	1,019
	Unallocated	4,10,675	3,95,810	4,13,850	4,10,675	4,13,850	3,94,867
	Total	27,18,874	23,38,349	20,60,350	27,18,874	20,60,350	22,47,438
@	For the above segment reporting, the reportable segments are identified as Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations in compliance with the RBI guidelines. As per the RBI Circular DOR.AUT.REC.12/22.01.001/2022-23 dated April 07, 2022 on establishment of Digital Banking Unit (DBU), for the purpose of disclosure under 'Accounting Standard 17 - Segment Reporting', 'Digital Banking' has been identified as a sub-segment of the existing 'Retail Banking' segment by Reserve Bank of India (RBI). Accordingly the bank has disclosed the business involving digital banking products acquired by DBU, together with existing digital banking products, under the Digital Banking segment. The business  operations of the Bank are substantially concentrated in India and for the purpose of Segment Reporting as per Accounting Standard-17, the bank is considered to operate only in domestic segment.
	Statement of Assets and Liabilities of the group as at September 30, 2023 is given below:
					(` in Lakhs)
	Particulars		As at 30.09.2023	As at 30.09.2022	As at 31.03.2023
			Unaudited	Unaudited	Audited
	CAPITAL AND LIABILITIES
	Capital		47,032	42,191	42,324
	Reserves and Surplus		26,33,166	19,85,210	21,69,917
	Minority Interest		38,676	32,949	35,197
	Deposits		2,32,83,278	1,89,11,141	2,12,98,850
	Borrowings		26,35,991	25,49,788	25,86,198
	Other Liabilities and Provisions		9,66,665	8,12,239	6,67,920
	Total		2,96,04,808	2,43,33,518	2,68,00,406
	ASSETS
	Cash and Balances with Reserve Bank of India		15,01,697	12,67,727	12,60,424
	Balance with Banks and Money at Call and Short Notice		5,90,148	2,43,013	5,19,969
	Investments		54,91,392	43,30,736	48,70,224
	Advances		2,00,38,969	1,67,29,924	1,81,95,675
	Fixed Assets		98,326	75,546	97,171
	Other Assets		18,84,276	16,86,572	18,56,943
	Total		2,96,04,808	2,43,33,518	2,68,00,406
Notes:
1	The above Consolidated Unaudited Financial Results for the quarter and half year ended September 30, 2023 were reviewed by the Audit Committee and subsequently approved by the Board of Directors at its meeting held on October 16, 2023. These results have been subjected to limited review by the Joint Statutory Auditors of the Bank and an unqualified review report has been issued.
2	The Consolidated Financial Results of the Group comprise the financial results of The Federal Bank Limited and its subsidiaries viz. Fedbank Financial Services Limited & Federal Operations and Services Limited and its associates viz. Ageas Federal Life Insurance Company Limited & Equirus Capital Private Limited.
3	There has been no material change in the accounting policies adopted in the preparation of the interim financial results as compared to those followed for the year ended March 31, 2023.
4	The financial results have been arrived at after considering provision for standard assets (including requirements for exposures to entities with unhedged foreign currency exposures), provision for Non-Performing Assets (NPAs), provision for non-performing investments, provision for income-tax and other usual and necessary provisions.
5	Other income includes fees earned from providing services to customers, commission from non-fund-based banking activities, earnings from foreign exchange and derivative transactions, selling of third-party products, profit on sale of investments (net), profit / loss on revaluation of investments, recoveries from advances written off etc.
6	The Capital Adequacy Ratio is computed on the basis of RBI guidelines applicable on the relevant reporting dates and the ratio for the corresponding previous period is not adjusted to consider the impact of subsequent changes if any, in the guidelines.
7	As per extant RBI guidelines, banks are required to make Pillar 3 disclosures including leverage ratio , liquidity coverage ratio and Net Stable Funding Ratio (NSFR) under the Basel III framework. Accordingly, such applicable disclosures have been placed on the website of the Bank which can be accessed at the following link: https://www.federalbank.co.in/regulatory-disclosures. These disclosures have not been subjected to audit or review by the Joint Statutory Auditors of the Bank.
8	During the quarter and half year September 30, 2023 , the Bank has issued 230,477,634 equity shares of ` 2 each for cash pursuant to a Qualified Institution Placement (QIP) as per the relevant provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 at ` 131.90 per share aggregating to ` 304,000.00 Lakhs (including share premium). This resulted in an increase of ` 4,609.55 Lakhs in Share Capital and ` 295,416.80 Lakhs (net of issue expenses) in Share premium account.
9	The figures for the quarter ended June 30, 2023, quarter and half year ended September 30, 2022 and year ended March 31, 2023 were reviewed / audited by previous Joint Statutory Auditors.
10	Previous period's figures have been regrouped / reclassified, wherever necessary to conform to current period's classification.
			SHYAM SRINIVASAN
Kochi			MANAGING DIRECTOR & CEO
October 16, 2023			(DIN: 02274773)

THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
CONSOLIDATED UNAUDITED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2023
	(₹ in Lakhs)
Particulars	Half Year ended  September 30, 2023	Half Year ended  September 30, 2022
Cash Flow from Operating Activities
Net Profit Before Taxes	2,52,747	1,84,368
Adjustments for:
Depreciation on Group's Property	11,195	8,215
Provision / Depreciation on Investments	(1,954)	1,502
Amortisation of Premium on Held to Maturity Investments	8,645	8,686
Provision / Charge for Non Performing Advances	27,307	39,576
Provision for Standard Assets and Contingencies	(4,679)	6,582
(Profit)/ Loss on Sale of Fixed Assets (net)	(156)	(5)
Employees Stock Option Expense	38	49
	2,93,143	2,48,973
Adjustments for working capital changes:-
(Increase)/ Decrease in Investments [excluding Held to Maturity Investments]	(2,39,471)	65,083
(Increase)/ Decrease in Advances	(18,70,601)	(17,74,354)
(Increase)/ Decrease in Other Assets	(23,776)	(1,44,610)
Increase/ (Decrease) in Deposits	19,84,428	7,43,389
Increase/ (Decrease) in Other Liabilities and Provisions	3,03,425	2,64,128
	1,54,005	(8,46,364)
Direct taxes paid (net)	(68,882)	(47,956)
Net Cash Flow from / (Used in) Operating Activities	3,78,266	(6,45,347)
Cash Flow from Investing Activities
Purchase of Fixed Assets	(12,421)	(16,650)
Proceeds from Sale of Fixed Assets	228	105
(Increase)/ Decrease in Held to Maturity Investments	(3,88,388)	(4,99,489)
Net Cash generated / (Used in) Investing Activities	(4,00,581)	(5,16,034)
Cash Flow from Financing Activities
Proceeds from Issue of Share Capital	4,708	140
Proceeds from Share Premium (Net of Share Issue Expenses)	2,99,767	4,074
Increase / (Decrease) in Minority Interest	3,264	2,390
Proceeds from Issue of Subordinate Debt	20,000	-
Increase/(Decrease) in Borrowings (Excluding Subordinate Debt)	29,793	5,91,049
Dividend Paid	(23,491)	(37,866)
Net Cash generated  from Financing Activities	3,34,041	5,59,787
Effect of Exchange Fluctuation on Translation Reserve	(274)	(1,277)
Increase/(Decrease) in Cash and Cash Equivalents	3,11,452	(6,02,871)
Cash and Cash Equivalents at the beginning of the period	17,80,393	21,13,611
Cash and Cash Equivalents at the end of the period	20,91,845	15,10,740
Note:
Cash and Cash Equivalents comprise of Cash in hand (including foreign currency notes), Balances with Reserve Bank of India, Balances with banks and money at call and short notice.
	SHYAM SRINIVASAN
Kochi	MANAGING DIRECTOR & CEO
October 16, 2023	(DIN: 02274773)

 

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