Latest news with #DeepakReddy
Business Standard
12-05-2025
- Business
- Business Standard
Manappuram Finance rises on appointing Deepak Reddy as CEO
Manappuram Finance rose 1.14% to Rs 231.30 after the company announced that its board of directors has approved the appointment of Deepak Reddy as the chief executive officer (CEO) of the company, effective from 1 August 2025. Reddy brings over 30 years of experience in the financial services industry. He has held leadership positions at leading institutions including Bajaj FinServ, where he served for 17 years, American Express Bank (approximately 9 years), Standard Chartered Bank (1.5 years) and MIRC Electronics (JVC Onida) for about 4.5 years. An alumnus of a program, Reddy also holds a Post Graduate Diploma in Management (PGDM). The company clarified that Reddy is not related to any of the directors on the board and is not debarred from holding any directorial position by SEBI or any other regulatory authority. Following this appointment, the designation of Nandakumar V.P. will change from Managing Director & CEO to Managing Director, effective 31 July 2025. He will continue in his role as the managing director, and the newly appointed CEO will report directly to him. Founded in 1949, Manappuram Finance is a leading non-banking financial institution and the 2nd largest financier in the gold loan segment in India. It has grown to serve over 6.59 million customers through an extensive network of 5,357 branches and a workforce of 50,795 employees. It has expanded beyond gold loans into microfinance, vehicle finance, housing finance and SME lending, establishing itself as a diversified financial services provider. On a consolidated basis, the company reported a net loss of Rs 191.17 crore in Q4 FY25 as against net profit of Rs 561.53 crore in Q4 FY24. Total income for the quarter remained largely unchanged at Rs 2,363.25 crore, marginally up from Rs 2,362.22 crore reported in Q4 FY24.
The Wire
11-05-2025
- Health
- The Wire
In Andhra, Arogyasri Data Reveals Alarming Surge in Alcohol-Related Ailments
Visakhapatnam: Andhra Pradesh faces a major public health crisis as official data shows a sharp rise in alcohol-related illnesses and healthcare costs under the Dr NTR Vaidya Seva (formerly Arogyasri) scheme. The increase has been particularly dramatic between 2019 and 2024. The data, compiled by the Dr NTR Vaidya Seva Trust, whose statistics were made available to The Wire , shows a startling rise in patients treated for alcohol-related liver, neurological and kidney conditions compared to the preceding five-year period (2014-19). Specifically, patients treated for alcohol-related liver diseases under Arogyasri increased from 14,026 in 2014-19 to 29,369 in 2019-24, representing a 109.4% rise. The total expenditure for these cases grew from Rs 68.98 crore to Rs 141.20 crore during the same periods, a 105% increase based on the accessed statistics. Similarly, alcohol-related neurological conditions saw an alarming surge, with patient numbers rising from 1,276 to 12,663 – an increase of nearly 892.4%. The financial burden for these treatments rose from Rs 19.14 crore to Rs 49.27 crore, representing a 157.5% increase. Cases of alcohol-related kidney ailments also rose substantially, from 49,060 patients in 2014-19 to 90,385 in 2019-24, an 84.2% increase, with cumulative expenditure rising from Rs 598.77 crore to Rs 941.65 crore, indicating a 57.2% rise. The new National Democratic Alliance (NDA) coalition government has expressed grave concern about these trends, attributing the increase to liquor policies implemented during the previous YSR Congress Party (YSRCP) government. 'The data is alarming,' Deepak Reddy, national spokesperson for the Telugu Desam Party and chairman of the Society for Employment Generation and Enterprise Development in Andhra Pradesh, told The Wire . 'We have consistently warned that the YSRCP government compromised the health of Andhra Pradesh's people. We repeatedly stalled the assembly to highlight this issue and presented samples publicly demonstrating compromised quality.' He alleged that 'the Andhra Pradesh liquor scam from 2019 to 2024 is one of the biggest scams in recent times,' adding, 'By replacing national brands with their own 'J brands' [a reference to former chief minister Jagan Mohan Reddy], they have severely compromised the health of AP's people.' Reddy outlined corrective measures: 'The NDA coalition government has taken comprehensive steps to restore quality alcohol. We've announced a new excise policy that welcomes back national brands. We've also implemented stringent quality checks and IT systems to track individual bottles.' The state health department confirmed its scrutiny and analysis of the raw data. Krishna Babu, special chief secretary in the Andhra Pradesh government's Department of Health, Medical & Family Welfare, explained the methodology. 'The health department periodically assesses disease burden. After discovering a spike in certain liver, kidney and neurological issues, we appointed a three-member committee of general physicians to analyse the increased disease burden related to alcohol consumption. They identified procedures in Dr NTR Vaidyaseva that are typically caused by excessive alcohol consumption,' he told The Wire . 'Analysis of admissions data over the past decade revealed a substantial increase in alcohol-related disease treatments during the last three years,' he added. Regarding consumption levels, Krishna Babu noted, 'Our consultation with the excise department showed that alcohol consumption during the past five years has actually been lower than levels recorded in 2019-20. The health department is currently investigating potential reasons for this spike in cases.' To strengthen support services, he explained, 'The health department has proposed 13 new de-addiction centres while enhancing our existing 25 facilities. We've established a committee of senior secretaries and police officers to oversee these centres and recommend facility improvements.' Dr Bhargav Ram, a senior drug safety physician, advised caution in interpreting the data. 'From a public health perspective, the significant increase in cases could be attributed to either increased alcohol consumption over time or improved case reporting,' he told The Wire . 'We must consider patients' baseline health and disease severity. With patients who have predisposing factors or underlying conditions, can we attribute neurological diseases solely to alcohol? 'Take fatty liver disease, for example – it's a lifestyle disorder that affects many people. While alcohol can contribute to it, other factors play crucial roles, and the condition is often relatively mild. To properly assess the severity of alcohol-related cases, we need more careful examination of the study group criteria. Without a control group, it's difficult to establish a strong correlation with alcohol consumption, though a general correlation does exist,' he added. Ram outlined several potential additional contributing factors that need more disaggregation and scrutiny. 'First, post-COVID social psychology – particularly isolation and depression – likely led to increased alcohol consumption. Second, social challenges such as unemployment and industrial crises in the state could have driven more people to drink. Third, changes in both alcohol policy and insurance coverage for liver and kidney diseases may have increased case reporting. Fourth, the new volunteer scheme provided more manpower to identify health issues in communities.' He also struck a note of caution regarding data sources. 'Reports from healthcare professionals like doctors and therapists are more reliable than those from patients or village volunteers, where reporting methods may be inconsistent.' Regarding the specific claim about liquor brands, Ram said that 'in the current situation where legal alcohol is subject to minimal policy checks and controls, the brand's impact on health outcomes is not particularly relevant. This is especially true when comparing different legal brands, as the chances of adulteration in legal liquor are much lower. 'When dealing with state-controlled brands, the basic constituents – including alcohol percentage – remain largely the same across different types of liquor. Unless there are issues with packaging or transport that could lead to adulteration, the specific brand is not a significant factor in health outcomes.'
Time of India
09-05-2025
- Business
- Time of India
Manappuram posts Rs 203 crore loss on Asirvad stress, names new CEO
The Manappuram Finance group, in which Bain Capital is set to buy a 42% stake, has suffered a Rs 203 crore consolidated loss for the fourth quarter on account of its subsidiary Asirvad Micro Finance, which is reeling under severe asset quality stress . The Manappuram group earned a Rs 564 crore net profit in the year-ago period. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Moose Approaches Girl At Bus Stop In Lanao Del Norte - Watch What Happens Happy in Shape Undo On a standalone basis, Manappuram however reported a net profit of Rs 414 crore for the quarter under review which was 3.2% down as compared with Rs 428 crore earlier. Separately, Asirvad suffered Rs 794 crore loss as compared with Rs 138 crore profit in the year ago-quarter. In the third quarter too, the microfinance lender reported a loss of Rs 253 crore. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. With this, Manappuram, which owns 98% in Asirvad, failed to comply with all the financial covenants as mentioned in the debenture trust deed, independent auditor Chokshi & Chokshi LLP said in a note. The The consolidated financial results of the group include the audited financial results of the holding company and subsidiaries namely, Asirvad Live Events Micro Finance, Manappuram Home Finance, Manappuram lnsurance Brokers and Manappuram Comptech & Consultants. Manappuram Finance however declared an interim dividend of Rs 0.50 per equity share of the face value of Rs 2 each. The record date for dividend will be May 15. The parent company has decided to infuse Rs 500 crore in equity of Asirvad. Meanwhile, Manappuram has announced the appointment of Deepak Reddy as chief executive officer, effective from August 1, 2025. Consequently, the designation of Nandakumar VP , will change to managing director from MD & CEO from July 31. Reddy currently is a Bajaj Finserv executive.
Hans India
24-04-2025
- Business
- Hans India
SEEDAP aims at employment opportunities for youth
Vijayawada: An agreement has been signed between SEEDAP and LIDCAP to provide free training in modern technological knowledge to leather workers and create job opportunities, said Deepak Reddy, Chairman of the Society for Employment generation and Enterprise Development Corporation of Andhra Pradesh (SEEDAP). Speaking at a press conference held here on Wednesday, Deepak Reddy stated that free skill development training will be provided to unemployed SC youth and women, along with job opportunities. As part of this initiative, free skill development training will be offered through LIDCAP. Trainees will be provided with free meals, accommodation, and other facilities during the training, and employment opportunities will be arranged afterward. SEEDAP has signed agreements with 46 agencies and will provide training at 92 centers. He also noted that leather used internationally is exported from Andhra Pradesh. LIDCAP chairman Pilli Manikyala Rao stated that the coalition government is taking steps for the development of leather workers. This project has been undertaken to provide free training to improve the livelihoods of unemployed SC youth in the leather-related industry sector. He said that the LIDCAP has signed an agreement with SEEDAP to provide free training to unemployed SC youth allocating Rs 1 crore for this purpose. Free training will be provided to youth to manufacture footwear, belts, and shoes using modern machinery. All government departments, utilising leather products, such as belts and shoes for the police department, leather bags for RTC conductors, and other leather goods, are required to procure them from LIDCAP. Manikyala Rao urged SC youth to make the most of this free training which provide free accommodation, and travel expenses will be provided to candidates. SEEDAP will spend Rs 32,000 per candidate to provide free training. Leather-based manufacturing units are being established in Giddaluru and J Konduru. He noted that Andhra Pradesh used to be the leader in leather industry products, but due to the negligence of the previous government, Tamil Nadu has taken the top spot.
