MAM
AdEx zoomed 37% in 2021 despite Covid second wave: Pitch Madison Report 2022
Mumbai: The total advertising expenditure (AdEx) in 2021 grew at an unprecedented 37 per cent to Rs 74,231 crore, despite the treacherous second Covid-19 wave, which crippled the economy and AdEx for almost three months of May, June and July for the second year running. This is according to the latest flash figures of AdEx estimates released by Pitch Madison Advertising Report.
In a departure from the convention, the Pitch Madison Advertising Report 2022 released flash figures of AdEx estimates only for 2021. Contrary to its own forecast of 26 per cent growth in February 2021, which meant AdEx in 2021 would not even reach 2019 levels, AdEx has comfortably surpassed 2019 figures by 10 per cent, the flash report estimates. An exhaustive report giving medium-wise figures, forecast for 2022 and commentary will be released three weeks later, the agency said.
AdEx has not registered a 37 per cent increase in the last two decades for which figures are available. The closest it has registered was a growth rate of 22.9 per cent in 2007. For context, in 2020 AdEx had de-grown 20 per cent over 2019.
“The two Covid years of 2020 and 2021 have altered the structure of AdEx, but Indian AdEx has shown that it is resilient and contrary to expectation surpassed 2019 AdEx level,” says Madison World chairman Sam Balsara. “Whilst Covid Wave I had a disastrous impact on AdEx, India Inc has taken the more deadly Covid Wave II in its stride and despite a setback of four months has not only recovered during the year itself but also comfortably surpassed 2019 levels.”
Detailed medium analysis of AdEx in 2021 with a commentary along with forecast for 2022 will be released on 16 February in Mumbai at the hands of the newly appointed Godrej Consumer Products Ltd CEO Sudhir Sitapati, who will also deliver a talk on the “The New Marketing Playbook,” said the agency in a statement.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
