Icici Bank Limited · NSE:ICICIBANK
Icici Bank — FY2025 Earnings Presentation
74 slides from Icici Bank's earnings presentation, Apr 20, 2025
Slide 1: Cover letter to stock exchanges: investor presentation
April 15, 2025 General Manager Vice President Listing Department Listing Department BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Tower, ‘Exchange Plaza’, Dalal Street, Bandra-Kurla Complex, Mumbai 400 001 Bandra (East), Mumbai 400 051 Dear Sir/Madam, Subject: Investor pre
Slide 2: Performance update: FY2025
Performance update: FY2025 April 15, 2025
Slide 3: Agenda
Agenda • Company strategy & performance • Opportunity & industry overview
Slide 4: Agenda
Agenda • Company strategy & performance • Opportunity & industry overview
Slide 5: 3C Framework
3C Framework Customer centricity Competency Catalyst Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational distribution efficiency Risk & Prudence Deliver sustainable VNB growth by balancing business growth, profitabilit
Slide 6: Performance snapshot: FY2025
Performance snapshot: FY2025 APE 13M Persistency1 VNB ₹ 104.07 bn FY2025: 89.1% ₹ 23.70 bn 15.0% Y-o-Y growth FY2024: 89.0% 6.4% Y-o-Y growth 22.8% VNB margin RWRP Claim settlement2 Profits after tax ₹ 83.07 bn FY2025: 99.3% ₹ 11.89 bn 15.2% Y-o-Y growth FY2024: 99.2% 39.6% Y-o-Y growth Cost/TWRP: T
Slide 7: 3C Framework
3C Framework Customer centricity Competency Catalyst Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational distribution efficiency Risk & Prudence Deliver sustainable VNB growth by balancing business growth, profitabilit
Slide 8: RWRP growth vs. industry
RWRP growth vs. industry RWRP FY2024 11M-FY2025 (Y-o-Y growth) Overall industry 4.8% 12.1% Private industry 8.0% 17.4% ICICI Pru Life 7.1% 22.3% Strong performance in FY2025 RWRP: Retail Weighted Received Premium Y-o-Y: Year-on-year 7
Slide 9: Product wise growth
Product wise growth Q4- Y-o-Y Y-o-Y Q4- Segments FY2025 FY2025 FY2025 Growth Growth FY2025 Savings 30.31 (4.8%) 87.69 16.6% 86.5% 84.3% Linked 15.19 (3.4%) 50.26 28.5% 43.4% 48.3% Non-linked 10.01 13.8% 22.06 (5.6%) 28.6% 21.2% APE (₹ billion) Annuity 2.59 (57.8%) 8.75 (8.2%) 7.4% 8.4% Mix Group fun
Slide 10: Channel wise growth
Channel wise growth Q4- Y-o-Y Y-o-Y Q4- Channels FY2025 FY2025 FY2025 Growth Growth FY2025 Agency 9.27 (20.2%) 30.12 14.2% 26.5% 28.9% Direct 4.37 (7.8%) 14.94 17.0% 12.5% 14.4% APE (₹ billion) Bancassurance 11.53 6.8% 30.64 18.2% 32.9% 29.4% Mix Partnership distribution 4.35 (10.7%) 11.35 (3.2%) 12
Slide 11: Product & Distribution mix: FY2025
Product & Distribution mix: FY2025 Product mix Distribution mix 6% | Group funds 16% | Group 30% | Agency 8% | Annuity 49% | Linked 11% | 16% | Partnership Protection distribution 29% | 21% | Non-linked Bancassurance 14% | Direct Well diversified product & distribution mix Based on Annualised Premiu
Slide 12: Segment in focus: Protection & Annuity
Segment in focus: Protection & Annuity Protection Annuity Y-o-Y 2-yr (₹ billion) FY2024 FY2025 CAGR 31.4% Growth Protection APE1 15.25 16.38 7.4% 5.9% 10.5% 8.4% Mix4 Retail protection 9.53 4.78 5.98 25.1% 8.75 APE (₹ billion) Sum assured 10,221.11 11,944.01 16.9% 5.07 Retail sum 2,427.51 3,324.49 3
Slide 13: Persistency ratios
Persistency ratios Month FY2023 FY2024 FY2025 13th month 86.6% 89.0% 89.1% 25th month 77.8% 80.5% 82.6% 37th month 72.8% 72.3% 75.2% 49th month 65.9% 70.5% 69.5% 61st month 67.4% 66.0% 64.1% Healthy persistency ratios 12 month rolling persistency from March to February measured at March 31 12
Slide 14: Productivity improvement
Productivity improvement (₹ billion) FY2024 FY2025 Y-o-Y Growth Total APE 90.46 104.07 15.0% Total expenses 78.74 88.69 12.6% Cost/Total Premium 18.2% 18.1% - Cost/TWRP1 24.0% 25.1% - Cost/TWRP1 (savings LOB) 15.8% 15.4% - Improvement in cost ratios 1Total Cost including commission/ TWRP TWRP: Total
Slide 15: Risk & Prudence
Risk & Prudence High quality Strong solvency Insurance risks Interest rate risk asset1 ratio • Persistency • 69.3% of liabilities • 95.4% of fixed • Solvency ratio of experience & largely pass on income in sovereign 212.2% at March 31, mortality experience market performance or AAA; 0.3% of 2025 mon
Slide 16: Financial metrics
Financial metrics (₹ billion) FY2024 FY2025 Value of New Business (VNB) 22.27 23.70 VNB margin 24.6% 22.8% Profit after Tax 8.52 11.89 Embedded Value1 423.37 479.51 AUM 2,941.40 3,093.59 Solvency ratio 191.8% 212.2% 1As per Indian Embedded value (IEV) method AUM: Assets under management 15
Slide 17: VNB & EV movement
VNB & EV movement Value of new business (VNB) margin Embedded value (EV)1 2.0% (3.3)% 24.6% (0.6)% 22.8% 479.51 423.37 ` billion 143.85 115.80 307.56 335.66 FY2024 New Operating Economic FY2025 Mar-24 Mar-25 Business Assumptions Assumptions Profile* Change Change Value of Inforce (VIF) Adjusted net
Slide 18: Analysis of movement in EV
Analysis of movement in EV 23.70 0.17 0.05 0.05 (0.24) 1.04 479.51 33.90 (2.54) 423.37 ANW EVOP1 = 55.34 143.85 ANW ROEV2 = 13.1% 115.80 ` billion VIF VIF 335.66 307.56 EV (Mar 31, Unwind Operating VNB Persistency Mortality Expense Economic Net Capital EV (Mar 31, 2024) Assumption and Other and vari
Slide 19: Sensitivity analysis
Sensitivity analysis Change in VNB margin % Change in EV Scenario FY2024 FY2025 FY2024 FY2025 Increase in 100 bps in the reference rates (2.9) (3.7) (3.5) (3.5) Decrease in 100 bps in the reference rates 2.7 3.9 3.8 3.8 10% increase in the discontinuance rates (1.2) (1.6) (0.4) (0.4) 10% decrease in
Slide 20: 3C Framework
3C Framework Customer centricity Competency Catalyst Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational Deliver superior customer distribution efficiency value through appropriate product propositions, seamless onboar
Slide 21: Customer centricity at the core
Customer centricity at the core ~76% of policies issued using digital KYC1 in FY2025 Claim settlement ratio of 99.3% Ranked no. 1 in the industry for FY20252; settled within wide customer experience NPS ~50% of savings policies issued 1.2 days3 study for 3rd year in a row4 on same day in FY2025 Asse
Slide 22: 'C'ompetency: Comprehensive product suite
‘C’ompetency: Comprehensive product suite • Provide right product to right customer • Offer innovative product propositions addressing dynamic customer needs across life stages Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified O
Slide 23: Products across life stages
Products across life stages… Married with Nearing retirement Young & single Married children & retired • Protection • Protection • Protection • Retirement planning • Savings • Health • Child education • Pension • Savings • Retirement planning • Legacy planning • Wealth • Health • Wealth Age 25 - 30
Slide 24: Catering to varied customer needs
…catering to varied customer needs Linked Part Guaranteed Linked & Non-linked Guaranteed Long-term Life savings protection Customer needs Retirement Healthcare planning Linked & Non-linked Available to sell products compliant with IRDAI Q4-FY2025 product/variant/rider launches (Insurance Product) Re
Slide 25: Innovative value propositions
Innovative value propositions Assures continuity of base policy even • Guaranteed income with return of premium after death by providing on policy maturity • benefits when due to nominee • Increasing income option • without the need to pay any future • Instant cashback feature premiums Increasing An
Slide 26: 'C'ompetency: Diversified distribution
‘C’ompetency: Diversified distribution • Create depth & width in multi partner shops • Invest & grow in proprietary channels • Deeper penetration in micro markets • To be the “most partnerable insurer” Comprehensive product suite ESG integrated with Customer business management centricity People Tec
Slide 27: Most partnerable Company
Most partnerable Company • ~50% of savings policies ICICI Pru Stack issued on same day in Array of platform FY2025 capabilities to help • Same day commission us deliver superior available for select value propositions distributors to our customers, in collaboration • New distribution partner with ou
Slide 28: Distribution reach & strategy
Distribution reach & strategy 48 banks 29% | Bancassurance 1 Strategy: Build profitability 1,300+ partnerships 14%1 | Direct • 5 bank tie-ups done in FY2025 11%1 | Partnership Distribution Strategy: Digital focused • Access to >23,000 bank branches Strategy: Create depth & upsell campaigns • Protect
Slide 29: 'C'ompetency: Operational efficiency
‘C’ompetency: Operational efficiency Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational distribution efficiency • Enable simplified & Risk & Prudence frictionless processes across policy life cycle 28
Slide 30: Simplified & frictionless onboarding process
Simplified & frictionless onboarding process Leveraging external data Financial underwriting through sources for KYC ecosystem enablers Digital consent (CKYC & Aadhaar) • EPFO, Vahan, Digital GST, ITR and MF based eKYC, Bank pre population statement for income estimation • Document processing throug
Slide 31: Superior customer value at every stage
Superior customer value at every stage Onboarding Payouts Simplified digital Deliver quick, secure, customer onboarding seamless payout • Same day issuance of experience savings policies: ~50% • Digital payout: 92.2% • Digital KYC1: ~76% Persistency Claims3 Seamless renewal Single day claim settleme
Slide 32: 3C Framework
3C Framework Customer centricity Competency Catalyst Comprehensive product suite ESG integrated with Customer business management centricity People Tech Analytics Diversified Operational distribution efficiency Risk & Prudence 31
Slide 33: People strategy aligned to business strategy
People People strategy aligned to business strategy Impact on leadership Organisation design for risk calibrated & profitable growth 78% 91% 100% Learning & growth Leadership cover2 Leadership stability Leadership depth1 Foster Build Leadership positions with Our More than 10 years vintage More than
Slide 34: Leveraging technology to deliver value
Technology Leveraging technology to deliver value 99% digital logins & 100% ~9.3 mn digital service e-insurance account for interactions every month eligible base 96.4% service interactions are via self-help / digital 3.8 mn+ app downloads modes 99.8% of pages with system uptime of more than 99% Hig
Slide 35: Technology enabled new business & growth
Technology Technology enabled new business & growth Pre-sales Onboarding & issuance Partner integration • Collaboration platform • InstaPlan • Retail partners: Online meetings, joint sales calls, Pre-sales tool to create customised Partner integration portal | Easy UI invite experts & share content
Slide 36: Technology enabled customer service & claims
Technology Technology enabled customer service & claims Empowering customers Omni channel • Self service • Customer mobile application 1. ~9.3 mn digital service interactions monthly 3.8 mn+ app downloads with best app rating among the 2. 96.4% service interactions are via self-help/ digital modes p
Slide 37: Analytics powering new business
Analytics Analytics powering new business Understanding Satisfying Identifying right Seamless process customer customer need distribution Intelligent Product ML based Longevity & risk customer recommendation upsell/cross sell profiling models segmentation engine propensity models Micro market Person
Slide 38: Analytics powering business & product
Analytics Analytics powering business & product Agency Banca/PD Direct Product Analytics driven Analytics driven ML based leads Geographic agent activation campaign strategy assistance product segments Incentives efficacy Pre-issuance Personalised online Market household framework journey integratio
Slide 39: Analytics powering customer service & claims
Analytics Analytics powering customer service & claims Enabling Driving customer Faster settlement Managing maturity renewals satisfaction of claims & foreclosure ML based lapse Early warning Robust claims Smart propensity model model for customer investigation reinvestment dissatisfaction framework
Slide 40: AI & ML fueling business excellence
Analytics AI & ML fueling business excellence Persistency management AI based risk management Focus on extensive utilisation of AI & ML along Utilising AI across policy life stages to provide with data analytics to mitigate insurance risk at superior customer experience onboarding stage Model based
Slide 41: Integrating ESG into business management
ESG Integrating ESG into business management Disclosure under IR1 E S G ESG rating by MSCI framework FY2024 nvironmental ocial overnance Integrated Focus areas AA AA annual report since FY2020 • Environment • Human • Governance & A A capital business • Responsible ethics investing • Data privacy B •
Slide 42: Environmental initiatives
Environmental initiatives • End to end digital • Green energy expanded to • E-waste disposal solutions for our 59 branches in through government business activities Maharashtra, Odisha & certified vendors • 99% of new business West Bengal • No single use plastic applications logged • Move towards 5
Slide 43: Social initiatives
Social initiatives • Innovative value • High quality leadership: 78% • 73.7 mn lives impacted by propositions (refer slide 24 leadership stability3 , 91% micro insurance products for details) leadership depth4, 100% (91.7 mn lives total) • 96.4% self-help usage leadership cover5 • Providing financia
Slide 44: Governance structures & policies
Governance structures & policies • Diverse Board composition • Compliance policy: Quarterly • Code of conduct • 60%* IDs with two women certificate to the Board • Framework for managing Compliance, Risk & Internal Audit IDs • Risk policy: Financial, conflict of interest • Board Committees sustainabi
Slide 45: Agenda
Agenda • Company strategy & performance • Opportunity & industry overview
Slide 46: Opportunities in the Indian life insurance industry
Opportunities in the Indian life insurance industry Long-term savings Protection Strong multi-decadal Steady growth opportunity growth opportunity • Significant allocation: 64% of household savings • Protection gap of $16.5 tn for FY20202 towards financial assets for FY20241 • ~13%3 of addressable p
Slide 47: Long-term savings: Favorable demography opportunity
Long-term savings Favorable demography opportunity Large & growing population base1 High share of working population in India1 Population in mn Population in mn (age group 25-59 years ) 1,422.6 1,438.1 777.5 281.2 343.5 124.4 145 211.1 679.6 51.7 63.2 India Japan Brazil Indonesia S Korea USA S Afric
Slide 48: Financialisation of savings opportunity
Long-term savings Financialisation of savings opportunity Household savings1 Distribution of financial savings (including currency)2 80% 85 ` tn 71% 61% 63% 60% 65 57% 64% 17% 52% 52% 56% 60% 18% 17% 45% 41% 38.44 17% 17% 18% 45 40% 35.46 17% 36% 20.86 28.28 39% 17% 23.70 40% 19.54 25 13.64 29% 29%
Slide 49: Low protection penetration opportunity
Protection Low protection penetration opportunity Sum assured as % of GDP1,2 Addressable population# Protection gap(%)4,5 332% coverage3 (%) 83 61 55 54 76 71 74 55 252% 251% 16.5 153% 143% 13% 127% 8.4 USD tn 3.9 24% 2.8 2.0 0.9 0.7 0.6 Thailand* USA* Japan* South Korea* India** Malaysia* Singapore
Slide 50: Low sum assured as % of GDP opportunity
Protection Low sum assured (SA) as % of GDP opportunity A SA as % of GDP (SA growth @ 20% CAGR) SA as % of GDP1,2 68% 332% India: FY2035 40% 252% 251% 24% 26% B 153% 143% A 127% 111% FY2023 FY2025 FY2030 FY2035 68% 24% B SA as % of GDP (SA growth @ 25% CAGR) Thailand Singapore South Korea (25%CAGR)*
Slide 51: Addressable population opportunity
Protection Addressable population (%) opportunity 15% CAGR in new policy count1 20% CAGR in new policy count1 in mn in mn 213.5 213.5 CAGR* CAGR* @10% @10% CAGR* @10% 132.6 CAGR* 132.6 CAGR* 18% CAGR* @10% 25% @10% @10% 82.3 82.3 74.8 74.8 53.5 38.5 19.7 10.9 22.6 9.8 10.9 9.8 FY2024 FY2025 FY2030 F
Slide 52: Strong growth in retail credit opportunity
Protection Strong growth in retail credit opportunity Retail credit1 ₹ bn 53,313 41,828 33,870 26,126 25,534 21,916 17,026 19,085 13,922 12,144 10,097 9,339 27,188 6,454 19,912 4,711 13,390 16,844 7,468 9,746 5,386 Mar'14 Mar'16 Mar'18 Mar'20 Mar'22 Mar'23 Mar'24 Home Loans Others • Healthy growth i
Slide 53: Rising retirement population in India
Retirement Rising retirement population in India opportunity Demography shift over next ~25 years1 Faster growth of ageing population2 Age group 2024 2050 100+ 95-99 Future client 90-94 ~35% of the base seeking 85-89 overall annuity 234 population income 80-84 75-79 Today’s 70-74 client base 65-69 ~
Slide 54: Retirement needs are under-served
Retirement Retirement needs are under-served opportunity Retirement savings gap projections1 Pension assets/GDP2 5.0% 7.4% 3.7% 2.3% 9.6% 143.4% 146.4% Projected retirement savings gap widening CAGR 130.3% $ tn 170 81.1% 130 96 55.7% 58.7% 46 32 19 22 10.6% 12 12 8 6.9% US China UK Japan India 2022
Slide 55: Indicators of health opportunity
Health Indicators of health opportunity opportunity Health insurance premium trend1 % of population covered by health schemes2 ₹ bn Uncovered population 1,077 895 322 30% 731 253 582 200 345 508 449 252 51% 151 107 137 201 159 107 124 391 410 9% 272 329 235 246 10% FY2019 FY2020 FY2021 FY2022 FY2023
Slide 56: Evolution of life insurance industry in India
Evolution of life insurance industry in India Industry overview FY2002 FY2010 FY2015 FY2024 21.5% (5.8%) New business premium1 (` bn) 116 550 408 11.5% 1,090 10.9% Total premium (` bn) 501 23.2% 2,654 4.3% 3,281 8,299 Penetration (as % to GDP) 2.1% 4.1% 2.6% 2.8% 12.6% 11.4% Assets under management
Slide 57: Historical product & channel mix
Historical product & channel mix IndustryIndustry overviewoverview Industry Private sector 18% 20% 22% 19% 15% 39% 40% 32% 32% 44% Product mix1 Linked 82% 80% 78% 81% 85% Non-linked 56% 61% 60% 68% 68% FY2020 FY2021 FY2022 FY2023 FY2024 FY2020 FY2021 FY2022 FY2023 FY2024 12% 13% 13% 14% 16% 22% 22%
Slide 58: Annexures: Others
Annexures: Others
Slide 59: Awards & Accolades: Q4-FY2025 (1/2)
Awards & Accolades: Q4-FY2025 (1/2) Best Innovations led by Life Insurance Company Best Customer Service Claims for Sure Technology and Insurtech Of The Year Provider Best Claims Management 5th ICC Emerging Asia 4th Edition Bharat BFSI 4th Edition Bharat BFSI 100th SKOCH Summit & Insurance Conclave
Slide 60: Awards & Accolades: Q4-FY2025 (2/2)
Awards & Accolades: Q4-FY2025 (2/2) CX Strategy Of The Year Customer Experience Digital Experience Best Use of Data Analytics Team Of The year Strategy Of The year (Risk Management) 19th Edition CX Strategy 19th Edition CX Strategy 19th Edition CX Strategy 2nd Edition Data Analytics Summit & Awards
Slide 61: Retirement focus: ICICI Pru PFM
Retirement focus: ICICI Pru PFM Total subscribers Assets under management Net inflows growth growth growth 27% 27% 73% 59% 80% 81% Y-o-Y Y-o-Y Y-o-Y ₹ billion ₹ billion 143.47 in ‘000 959 452.75 753 284.19 79.24 Mar-24 Mar-25 Mar-24 Mar-25 FY2024 FY2025 NPS retirement corpus: A pool for future annui
Slide 62: Trend in protection APE
Trend in protection APE FY2023 FY2024 FY2025 ₹ 3.26 bn | ₹ 4.78 bn | ₹ 5.98 bn | ₹ 6.97 bn | Retail ₹ 4.45 bn | Retail ₹ 4.32 bn | Retail Group term protection Group term protection Group term protection 46.3% 21.7% 29.2% 31.3% 26.4% 36.5% ₹ 15.04 bn ₹ 15.25 bn ₹ 16.38 bn ₹ 4.81 bn | ₹ 6.02 bn | ₹ 6
Slide 63: Interest rate risk management
Interest rate risk management Guaranteed return savings product • Derivatives used to lock in yields for future premiums • Underlying bonds for derivatives selected based on tenure of liability Retail protection business • Asset liability duration matching Annuity products • Duration matching & cash
Slide 64: Retail persistency: FY2025
Retail persistency: FY2025 Persistency across product categories 13th month 49th month 90.9% 86.8% 92.5% 76.6% 72.5% 65.0% Linked Non linked Protection Persistency across channel categories 13th month 49th month 89.6% 93.2% 90.7% 85.8% 75.9% 77.7% 67.8% 64.2% Agency Direct Bancassurance Others 12 mo
Slide 65: Average APE by product categories
Average APE by product categories Average policy term (years) 35 35 Segment (₹) FY2024 FY2025 26 19 ULIP 182,940 182,844 Savings Protection Non-linked savings 114,033 140,693 Average customer age* (years) Protection* 36,284 33,759 43 43 35 34 Total 130,593 136,122 Savings Protection FY2024 FY2025 *P
Slide 66: Channel wise product mix
Channel wise product mix1 Channel category Product category FY2023 FY2024 FY2025 ULIP 57.0% 58.6% 62.8% Non-linked savings 31.7% 30.3% 28.5% Bancassurance Annuity 7.3% 5.2% 2.4% Protection 4.0% 5.9% 6.3% Total 100.0% 100.0% 100.0% ULIP 35.6% 46.0% 54.2% Non-linked savings 55.4% 30.6% 24.8% Agency An
Slide 67: Product wise channel mix
Product wise channel mix1 Product category Channel category FY2023 FY2024 FY2025 Bancassurance 46.6% 38.8% 38.3% Agency 26.1% 31.0% 32.5% ULIP Direct 23.7% 24.6% 23.1% Partnership distribution 3.6% 5.5% 6.1% Total 100.0% 100.0% 100.0% Bancassurance 25.0% 33.6% 39.5% Agency 39.1% 34.5% 33.9% Non-link
Slide 68: Annexures: Embedded value
Annexures: Embedded value
Slide 69: Analysis of movement in EV
Analysis of movement in EV1 ` billion FY2021 FY2022 FY2023 FY2024 FY2025 Opening EV 230.30 291.06 316.25 356.34 423.37 Unwind 16.61 20.85 27.08 30.71 33.90 Value of New Business (VNB) 16.21 21.63 27.65 22.27 23.70 Operating assumption changes + Operating variance 2.24 (10.56) 0.15 (2.81) (2.26) Oper
Slide 70: Economic assumptions underlying EV & VNB
Economic assumptions underlying EV & VNB Reference rates Tenor (years) March 31, 2024 March 31, 2025 1 7.2% 6.6% 5 7.3% 6.7% 10 7.2% 7.2% 15 7.3% 7.4% 20 7.3% 7.5% 25 7.4% 7.5% 30 7.4% 7.5% EV: Embedded value VNB: Value of new business 69
Slide 71: Glossary (1/2)
Glossary (1/2) • Annualized Premium Equivalent (APE): APE is the sum of the annualized first year premiums on regular premium policies, & ten percent of single premiums, from both individual & group customers • Retail Weighted Received Premium (RWRP): Premiums actually received by the insurers under
Slide 72: Glossary (2/2)
Glossary (2/2) • Value of New Business (VNB): VNB is used to measure profitability of the new business written in a period. It is present value of all future profits to shareholders measured at the time of writing of the new business contract. Future profits are computed based on long-term assumptio
Slide 73: Safe harbour
Safe harbour Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'would', ‘indicating’, ‘expected to’ etc., & similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward
Slide 74: Thank you
Thank you FY2024 Annual Sustainability FY2024 ESG Report factsheet Report