Despite lower sales, the company’s EBITDA grew 12% to ₹134 crore, with the operating margin improving to 28% from 23%. Sanofi attributed the growth to cost optimisation and a better product mix. The company continues to focus on diabetes and cardiovascular treatments as part of its restructuring in India.

Alongside the results, the board announced an interim dividend of ₹75 per share for FY25, with November 7 set as the record date. Sanofi India also named Deepak Arora as Managing Director for a three-year term starting October 27, succeeding Rachid Ayari.

Arora, with over 30 years of global pharma experience, will drive Sanofi’s strategic vision in India. Shares of Sanofi India closed nearly flat at ₹4,747 on Wednesday. The stock has risen 22% this year, even as the Nifty Pharma index declined 4.5%.

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The company’s annualised premium equivalent (APE) fell 2 per cent to Rs 2,450 crore from Rs 2,500 crore. Despite this, gross premium income grew 19 per cent to Rs 13,320 crore, driven by steady retail business growth. Total premium income rose 10 per cent to Rs 12,297 crore during the quarter, while the Value of New Business (VNB) increased slightly to Rs 592 crore. The VNB margin improved to 24.4 per cent, reflecting better profitability.

In product mix, linked savings formed 48 per cent of APE, while non-linked savings and protection contributed 22 and 19 per cent respectively. Retail protection APE rose 2.4 per cent, and annuity APE increased 11.8 per cent. Agency and direct channels both reported 23 per cent growth, while bancassurance APE dropped 21 per cent.

Operational efficiency also improved, with the cost-to-total premium ratio for savings declining to 17.7 per cent. The company’s solvency ratio stood at 213.2 per cent, and AUM reached Rs 3.21 lakh crore. Following the results, ICICI Prudential shares rose 3 per cent to Rs 610.65 on the BSE.

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Despite the sale, SBI will retain a 10.8% stake in Yes Bank, continuing its involvement with the private lender. SBI initially acquired a 49% stake in Yes Bank in March 2020 for ₹7,250 crore as part of RBI’s restructuring plan for the troubled bank. Later, in July 2020, SBI further increased its holdings through a follow-on public offer by Yes Bank.

SBI Chairman, CS Setty, expressed pride in their partnership with Yes Bank and praised the 2020 restructuring plan as an innovative collaboration between the public and private sectors. Setty also welcomed SMBC as a strategic partner, noting their global expertise will complement Yes Bank’s future ambitions.

The transaction is the largest cross-border investment in India’s banking sector. SMBC is Japan’s second-largest banking entity with assets totaling $2 trillion.

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