Small Industries Development Bank of India

(Established under the Small Industries Development Bank of India Act, 1989)
Head Office: SIDBI Tower, 15, Ashok Marg, Lucknow-226 001

Standalone Financial Results for the Quarter and Year Ended March 31, 2024
(₹ crore)
Particulars Quarter Ended Year Ended
31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023
[Audited] [Reviewed] [Audited] [Audited] [Audited]
1. Interest earned (a)+(b)+(c)+(d) 8,835 8,230 5,703 31,310 17,954
(a) Interest/disc. on advances/ bills 7,814 7,190 5,057 27,182 15,173
(b) Income on investments 568 522 286 1,974 975
(c) Interest on balances with Reserve 453 518 360 2,154 1,806
Bank of India and other inter bank funds
(d) Others - - - - -
2. Other Income 185 82 120 632 531
3. Total Income (1+2) 9,020 8,312 5,823 31,942 18,485
4. Interest Expended 6,532 5,925 4,084 22,881 12,406
5. Operating Expenses (i)+(ii) 530 304 301 1,366 824
(i) Employees’ cost 301 157 180 828 507
(ii) Other operating expenses 229 147 121 538 317
6. Total Expenditure (4+5) excluding 7,062 6,229 4,385 24,247 13,229
provisions and contingencies
7. Operating Profit before Provisions 1,958 2,083 1,438 7,695 5,256
and Contingencies (3-6)
8. Provisions (other than tax) and 1,469 160 397 1906 858
Contingencies [Net of write back]
9. Exceptional Items @ - - - (500) -
10. Profit (+)/ Loss (-) from Ordinary 489 1,923 1,041 5,290 4,398
Activities before tax (7-8+9)
11. Tax expense [Net of DTA/DTL] 87 465 226 1,263 1,054
12. Net Profit(+)/ Loss(-) from 402 1,458 815 4,026 3,344
Ordinary Activities after tax (10-11)
13. Extraordinary items (net of tax - - - - -
expense)
14. Net Profit (+)/ Loss (–) for the 402 1,458 815 4,026 3,344
period (12-13)
15. Paid-up equity share capital (Face 569 569 569 569 569
Value `10 each)
16. Reserves excluding Revaluation 30,831 30,559 26,935 30,831 26,935
Reserves
17. Analytical Ratios
(i) Percentage of shares held by 20.85% 20.85% 20.85% 20.85% 20.85%
Government of India
(ii) Capital Adequacy Ratio 15.94% 16.69% 19.29% 15.94% 19.29%
(iii) Earnings Per Share (Basic & Diluted) 7.08# 25.63# 14.34# 70.82 58.81
(EPS)
(iv) NPA Ratios
a) Amount of Gross NPA 100 200 33 100 33
b) Amount of Net NPA 0 98 9 0 9
 c) % of Gross NPA 0.02 0.05 0.01 0.02 0.01
d) % of Net NPA 0.00 0.02 0.00 0.00 0.00
(v) Return on Assets (after Tax) 0.32% 1.24% 0.90% 0.87% 1.00%
(annualised)
(vi) Net Worth 28,900 29,567 25,465 28,900 25,465
(vii) Outstanding Redeemable - - - - -
Preference Shares
(viii) Capital Redemption Reserve - - - - -
(ix) Debenture Redemption Reserve - - - - -
(x) Operating Margin 21.71% 25.06% 24.70% 24.09% 28.43%
(xi) Net Profit Margin 4.46% 17.54% 14.00% 12.61% 18.09%
(xii) Debt - Equity Ratio * 9.36 8.41 7.88 9.36 7.88
(xiii) Total Debts to Total Assets (%) * 51.78 51.21 49.87 51.78 49.87
# Not annualised
*Debt denotes total Borrowings (excluding Deposits)
@Contribution of `500 crore made to CGTMSE

Statement of Assets and Liabilities:

(₹ crore)
Particulars As at 31.03.2024 As at
[Audited] 31.03.2023
[Audited]

CAPITAL AND LIABILITIES

Capital 569 569

Reserves, Surplus and Funds 31,148 27,241

Deposits 2,06,384 1,65,036

2,70,545 2,00,658
Borrowings
13,875 8,879
Other Liabilities and Provisions
Deferred Tax Liability - -

Total 522,521 4,02,383

ASSETS
Cash and Bank Balances 23,309 12,109
36,410 29,089
Investments
4,56,015 3,56,439
Loans & Advances
Fixed Assets 286 296

Other Assets 6,501 4,450

522,521 4,02,383
Total

Statement of Cash flow:

(₹ crore)
Particulars 31.03.2024 31.03.2023

Audited Audited

1 Cash Flow from Operating Activities

Net Profit before tax as per P & L Account 5,290 4,398
Adjustments for:
Depreciation 61 26
Provision for net depreciation in investments - 26
Provisions made (net of write back) 2,190 919

Profit on sale of investments (net) (87) (45)

Profit on sale of fixed assets (0) (1)

Income Received on Investments (44) (32)

 Cash generated from operations 7,410 5,291

(Prior to changes in operating Assets and Liabilities)

Adjustments for net changes in:
Current assets (1,445) (1,280)
Current liabilities 3,221 1,639
Bills of Exchange (882) (518)
Loans & Advances (98,769) (1,53,609)
Net Proceeds of Bonds and Debentures & other borrowings 69,888 1,24,945
Deposits received 41,348 24,158

13,361 (4,665)

Payment of Tax (1,870) (1,260)

Net Cash flow from operating Activities 18,901 (634)

2 Cash Flow from Investing Activities

Net (Purchase)/Sale of fixed assets (51) (28)
Net (Purchase)/sale/redemption of Investments (17,805) 842
Income Received on Investments 44 32

Net cash used in Investing Activities (17,812) 845

3 Cash flow from Financing Activities

Proceeds from issuance of share capital & share
- -
premium
Dividend on Equity Shares & tax on Dividend (114) (80)

Net cash used in Financing Activities (114) (80)

4 Net increase/(decrease) in cash and cash equivalents 975 131

5 Cash and Cash Equivalents at the beginning of the period 2,638 2,507

6 Cash and Cash Equivalents at the end of the period 3,613 2,638

7 Cash and cash equivalents at the end of the period includes

Cash in Hand 0 0
Current account balance with Bank 196 631
Mutual Funds - -
Deposits 3,417 2,007

Notes:
1) The Significant Accounting Policies followed in preparation of these financial results, in all material aspects, are
consistent with those followed in preparation of the annual financial statements for the year ended March 31, 2023.
2) The above results have been approved by the Board of Directors at their meeting held on May 29, 2024.
3) The figures of the last quarter in each of the financial years are the balancing figures between audited figures in respect
of the full financial year and the published year to date figures upto the end of the third quarter of the respective financial
year.
4) The financial results for the year ended March 31,2024 have been arrived at, after considering provisions for Non-
Performing Assets, Standard Assets, depreciation on Fixed Assets, amortization of discount, income on investments/
bond issue expenses and Investment Depreciation on the basis of prudential norms issued by Reserve Bank of India.
Income Tax, Deferred tax and other usual and necessary provisions, including employee benefits made on an estimated/
proportionate basis, wherever required and subject to adjustment at the year-end.
5) During the year ended March 31, 2024, the Bank has made an additional provision on standard advances at rates higher
than minimum stipulated under IRAC norms, as per Board approved Accelerated Provisioning Policy. Accordingly, the
 Bank holds additional provision on standard advances (including restructured accounts) of ₹1,539 crore on March 31,
2024.
6) Details of Resolution Plans implemented under the RBI Resolution Framework for COVID-19 related stress as per RBI
Circular dated 6th August, 2020 (Resolution Framework 1.0) and 5th May 2021 (Resolution Framework 2.0) as at March
31, 2024 are given below:
(₹ in crore)
Type of borrower Exposure to Of (A), aggregate Of (A) amount Of (A) amount Exposure to
accounts classified debt that slipped written off paid by the accounts
as Standard into NPA during during the half- borrowers during classified as
consequent to the half-year year the half-year $ Standard
implementation of consequent to
resolution plan – implementation
Position as at the of resolution
end of the previous plan – Position
half-year September as at the end of
30, 2023 (A) March 31, 2024
Personal Loans --- --- --- --- ---
Corporate persons 24.66 0.00 0.00 (15.54) 9.12
Of which MSMEs 24.66 0.00 0.00 (15.54) 9.12
Others --- --- --- --- ---
Total 24.66 0.00 0.00 (15.54) 9.12
$ Represents net movement in balance outstanding.

7) Details of loans transferred / acquired during the Year ended March 31, 2024 under the RBI Master Direction on Transfer
of Loan Exposures dated September 24, 2021 are given below:
Transfer of Loans:
i. Details of Non-Performing Assets (NPAs) transferred:
(₹ in crore)
Particulars To To permitted To other
ARCs transferees transferees
No. of accounts 2 - -
Aggregate principal outstanding of loans transferred 939 - -
Weighted average residual tenor of the loans transferred NA - -
Net book value of loans transferred (at the time of transfer) 0 - -
Aggregate consideration 455 - -
Additional consideration realized in respect of accounts transferred in earlier years 0 - -
During the year ended March 31, 2024, investment made in Security Receipts (SRs) was `56.77 crore. The Security Receipts
are provided for and hence the net book value is nil. Excess provisions reversed to the profit and loss account on account of
sale of stressed loans was nil.
ii. The Bank has not transferred any loans not in default / Special Mention Accounts (SMA).
Purchase of Loans:
iii. The Bank has not acquired any stressed loan.
iv. Details of loans not in default acquired during the year ended March 31, 2024 through Assignment are given below:
( ₹ in crore )
Particulars 2023-24 2022-23
Aggregate amount of loans acquired (₹ in crore) 48.94 Nil
Weighted average residual maturity (in months) 106.84 Nil
Weighted average holding period by the originator (in months) 13.31 Nil
Retention of beneficial economic interest by the originator 20% Nil
Tangible security coverage 266.45% Nil
Rating-wise distribution of rated loans NA Nil

8) Floating provision is not considered for computation of net NPAs.

9) Status of Investors’ Complaints: As on 1st April,2023 the Bank had "Nil" pending investors’ complaints for disposal.
During the current financial year "18" complaints were received from Investors and "18" complaints were disposed off
during the year. Accordingly, "Nil" complaint was pending for disposal as on March 31, 2024.
10) Previous period’s figures have been regrouped / reclassified wherever necessary to conform to current period
classification.
11) As per RBI’s letter dated May 15, 2019, implementation of IND-AS has been deferred for AIFIs until further notice.
12) In terms of RBI Circular No. RBI/2023-24/90 DOR.STR.REC.58/21.04.048/2023-24 dated December 19, 2023 -
Investments in Alternative Investment Funds (AIFs) and subsequent clarification vide Circular No.RBI/2023-24/140
DOR.STR.REC.85/21.04.048/2023-24 dated March 27, 2024, Bank has assessed the impact and made provision of ₹
111 crore for the year ended March 31, 2024.
13) The above results have been subjected to Audit by the Statutory Auditors.

By order of the Board

Sd/-
Dated: May 29, 2024 [Sudatta Mandal]
Place: Mumbai Deputy Managing Director
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- SIDBIOfficial Visit our website: www.sidbi.in @sidbiofficial
 Small Industries Development Bank of India
(Established under the Small Industries Development Bank of India Act, 1989)
Head Office: SIDBI Tower, 15, Ashok Marg, Lucknow-226 001

Consolidated Financial Results for the Year Ended March 31, 2024

(₹ crore)

Particulars Year Ended Year Ended

31.03.2024 31.03.2023
[Audited] [Audited]
1. Interest earned (a)+(b)+(c)+(d) 33,611 19,482
(a) Interest/disc. on advances/ bills 28,485 15,918
(b) Income on investments 1,981 976
(c) Interest on balances with Reserve Bank of India and 3,142 2,585
other inter bank funds
(d) Others 3 3
2. Other Income 621 519
3. Total Income (1+2) 34,232 20,001
4. Interest Expended 23,900 13,157
5. Operating Expenses (i)+(ii) 1,390 842
(i) Employees’ cost 834 513
(ii) Other operating expenses 556 329
6. Total Expenditure (4+5) excluding provisions and 25,290 13,999
contingencies
7. Operating Profit before Provisions and Contingencies 8,942 6,002
(3-6)
8. Provisions (other than tax) and Contingencies [Net of 2,087 854
write back]
9. Exceptional Items @ (500) -
10. Profit (+)/ Loss (-) from Ordinary Activities before tax 6,355 5,148
(7-8+9)
11. Tax expense [Net of DTA/DTL] 1,542 1,251
12. Net Profit (+)/ Loss (-) from Ordinary Activities after 4,813 3,897
tax (10-11)
13. Extraordinary items (net of tax expense) - -
13.1 Profit/ (Loss) from Associates 9 34
14. Net Profit (+)/ Loss (–) for the period (12-13) 4,822 3,931

15. Paid-up equity share capital (Face Value ₹10 each) 569 569

16. Reserves excluding Revaluation Reserves 33,245 28,569

17. Analytical Ratios

(i) Percentage of shares held by Government of India 20.85% 20.85%
(ii) Capital Adequacy Ratio 17.86% 21.11%
(iii) Earnings Per Share (Basic and Diluted) (EPS) # 84.82 69.15
 (iv) NPA Ratios
a) Amount of Gross NPA 121.50 55.05
b) Amount of Net NPA 0.00 8.56
c) % of Gross NPA 0.03 0.01
d) % of Net NPA 0.00 0.00
(v) Return on Assets (after Tax) (annualised) 0.96% 1.07%
(vi) Net Worth 31,188 27,071
(vii) Outstanding Redeemable Preference Shares - -
(viii) Capital Redemption Reserve - -
(ix) Debenture Redemption Reserve - -
(x) Operating Margin 26.25% 30.01%
(xi) Net Profit Margin 14.25% 19.66%
(xii) Debt - Equity Ratio * 8.67 7.41
(xiii) Total Debts to Total Assets (%) * 48.26 45.68
# Not annualized
*Debt denotes total Borrowings (excluding Deposits)
@Contribution of ₹500 crore made to CGTMSE

Statement of Consolidated Assets and Liabilities:

(₹ crore)
Particulars As at 31.03.2024 As at 31.03.2023
[Audited] [Audited]

CAPITAL AND LIABILITIES

Capital 569 569
Reserves, Surplus and Funds 33,578 28,877
Deposits 2,41,416 1,99,946
Borrowings 2,70,545 2,00,658
Other Liabilities and Provisions 14,478 9,203
Deferred Tax Liability - -
Total 5,60,586 4,39,253
ASSETS
Cash and Bank Balances 33,543 28,604
Investments 34,753 27,413
Loans & Advances 4,84,933 3,77,996
Fixed Assets 287 298
Other Assets 7,070 4,942

Total 5,60,586 4,39,253

Statement of Consolidated Cash flow:

(₹ crore)

Particulars March 31, 2024 March 31, 2023

[Audited] [Audited]

1. Cash Flow from Operating Activities

Net Profit before tax as per P & L Account 6,355 5,149

Adjustments for:

Depreciation 62 27
 Provision for net depreciation in investments 0 24

Provisions made (net of write back) 2,372 917

Profit on sale of investments (net) (93) (827)

Profit on sale of fixed assets 0 (1)

Income Received on Investments (1,001) (8)

Cash generated from operations 7,695 5,281

(Prior to changes in operating Assets and Liabilities)

Adjustments for net changes in:

Current assets (1,448) (1,493)

Current liabilities 3,295 6,492

Bills of Exchange (882) (518)

Loans & Advances (1,06,109) (1,55,199)

Net Proceeds of Bonds and Debentures & other borrowings 70,010 1,24,945

Deposits received 48,792 19,148

13,658 (6,623)

Payment of Tax (2,217) (1,418)

Net Cash flow from operating Activities 19,136 (2,763)

2. Cash Flow from Investing Activities

Net (Purchase)/Sale of fixed assets (51) (29)

Net (Purchase)/sale/redemption of Investments (17,806) 1,623

Income Received on Investments 1,007 6

Net cash used in Investing Activities (16,850) 1,600

3. Cash flow from Financing Activities

Proceeds from issuance of share capital & share premium - -

Dividend on Equity Shares & tax on Dividend (114) (80)

Net cash used in Financing Activities (114) (80)

 4. Net increase/(decrease) in cash and cash equivalents 2,172 (1,243)

5. Cash and Cash Equivalents at the beginning of the period 3,123 4,365

6. Cash and Cash Equivalents at the end of the period 5,295 3,123

7. Cash and cash equivalents at the end of the period includes

Cash in Hand 0 0

Current account balance with Bank 196 631

Mutual Funds - -

Deposits 5,099 2,492

Notes:
1) The above consolidated financial results include financial results of the Bank and 3 Subsidiaries viz., Micro
Units Development & Refinance Agency Limited (MUDRA), SIDBI Venture Capital Limited (SVCL) and SIDBI
Trustee Company Limited (STCL) and 5 Associates viz., Acuite Ratings Pvt Ltd. (Erstwhile SMERA), India
SME Asset Reconstruction Company Limited (ISARC), Delhi Financial Corporation (DFC), Receivables
Exchange of India Limited (RXIL) and KITCO Limited.
2) The above financial results have been approved by the Board of Directors at their meeting held on May 29,
2024.
3) Significant Accounting Policies followed in preparation of these financial results are consistent with those
followed in preparation of the annual financial statements for the year ended March 31, 2023.
4) The financial results for the year ended March 31,2024 have been arrived at, after considering provisions
for Non-Performing Assets, Standard Assets and Investment Depreciation, provision for Income Tax, Deferred
tax and other usual and necessary provisions.
5) During the year ended March 31, 2024, the Bank has made an additional provision on standard advances
at rates higher than minimum stipulated under IRAC norms, as per Board approved Accelerated Provisioning
Policy. Accordingly, the Bank holds additional provision on standard advances (including restructured accounts)
of ₹1,539 crore at March 31, 2024.
6) Floating provision is not considered for computation of net NPAs.
7) As per RBI’s letter dated May 15, 2019, implementation of IND-AS has been deferred for AIFIs until further
notice.
8) Previous period’s figures have been regrouped / reclassified wherever necessary to conform to current period
classification.
9) The above results have been subjected to Audit by the Statutory Auditors.

By order of the Board

Sd/-
Dated: May 29, 2024 [Sudatta Mandal]
Place: Mumbai Deputy Managing Director
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- SIDBIOfficial Visit our website: www.sidbi.in @sidbiofficial