Impact of Environmental Performance on Financial Performance: Empirical Evidence from Indian Banking Sector

Home > 2021, Vol. 12 No. 01 > Impact of Environmental Performance on Financial Performance: Empirical Evidence from Indian Banking Sector
Published:
Download PDF
Download XML | Download HTML

Authors

Parul Munjal, P. Malarvizhi

DOI Number
https://doi.org/https://doi.org/10.15415/jtmge.2021.121002
Keywords
Banking sector, Environmental performance, Financial performance, Content analysis

Abstract

There has been long-standing debate over whether or not firms gain economic competiveness from reducing their impact on the environment. Although ample literature is available on association between environmental performance and financial performance across various sectors, little empirical evidence is available in context of Indian banking sector. This research aims to analyze whether there is any significant relationship between environmental performance and financial performance of banks operating in India for a period 2013-14 to 2017-18. Secondary data has been collected for a sample of 83 banks operating in India. Content analysis was applied to extract information about environmental performance disclosed by sample banks followed
by construction of environmental disclosure score index. Hierarchical multiple regression was applied to analyze relationship between environmental performance and financial performance after controlling for effects of size, financial leverage and capital intensity. Results exhibit no significant relationship between environmental performance and financial performance of banks operating in India. Findings of this research are expected to provide insight to users and readers of financial statements to have better understanding about the environmental practices carried out by banks. It would also contribute significantly towards decision making for policy makers in Indian banking sector to establish mandatory environmental legislations for reporting on environmental practices in order to improve non financial disclosure and financial performance in Indian banking sector.

References

  • Aggarwal, P. (2013). Impact of Sustainability Performance of Company on its Financial Performance; A Study of Listed Indian Companies. Global Journal of Management and Business Research Finance, 13(11), 61-70.
  • Ahsan, A.F.M.M. (2012). Can ROE be used to Predict Portfolio Performance?. Journal of Academic Research in Economics, 5(1), 5-20.
  • Alikhani, R. & Maranjory, M. (2013). An Investigation on the Relationship between Social and Environmental Information Disclosure Level and Firms Performance in Iran. International Research Journal of Applied and Basic Sciences, 5(1), 125-128.
  • Arslan-Ayaydin, O., & Thewissen, J. (2016). The Financial Reward for Environmental Performance in the Energy Sector. Energy & Environment, 27(3), 389-413. https://doi.org/10.1177/0958305X15627547
  • Molina-Azorín, J.F., Claver-Cortés, E., Lopez-Gamero, M.D., & Tarí, J.J. (2009). Green
  • Management and Financial Performance: A Literature Review. Management Decision, 47, 1080-1100. https://doi.org/10.1108/00251740910978313
  • Balabanis, G., Phillips, H.C., & Lyall, J. (1998). Corporate Social Responsibility and Economic Performance in the Top British Companies: Are they Linked?. European Business Review, 98(1), 25–44. https://doi.org/10.1108/09555349810195529
  • Bansal, P. (2005). Evolving Sustainably: A Longitudinal Study of Corporate Sustainable Development. Strategic Management Journal, 26(3), 197-218. https://doi.org/10.1002/smj.441
  • Banuri, T. & Opschoor, H. (2007). Climate Change and Sustainable Development. Economic and Social Affairs, DESA Working Paper No. 56, 1-24.
  • Bayoud, N.S., Kavanagh, M., & Slaughter, G. (2012). Factors Influencing Levels of Corporate Social Responsibility Disclosure by Libyan Firms: A Mixed Study. International Journal of Economics and Finance, 4(4), 13-29. https://doi.org/10.5539/ijef.v4n4p13
  • Berman, S.L., Wicks, A.C., Kotha, S., & Jones, T.M. (1999). Does Stakeholder Orientation Matter? The Relationship between Stakeholder Management Models and Firm Financial Performance. Academy of Management Journal, 42(5), 488-506. https://doi.org/10.2307/256972
  • Bimha, A., & Nhamo, G. (2017). Measuring Environmental Performance of Banks: Evidence from Carbon Disclosure Project (CDP) Reporting Banks. Journal of Economic and Financial Sciences, 10(1), 26-46. https://doi.org/10.4102/jef.v10i1.3
  • Brammer, S., & Millington, A. (2008). Does it Pay to be Different? An Analysis of the Relationship between Corporate Social and Financial Performance. Strategic Management Journal, 29(12), 1325-1343. https://doi.org/10.1002/smj.714
  • Branco, M.C., & Rodrigues, L.L. (2008). Factors Influencing Social Responsibility Disclosure by Portuguese Companies. Journal of Business Ethics, 83, 685-701. https://doi.org/10.1007/s10551-007-9658-z
  • Brundtland, G. H. (1987). World Commission on Environment and Development: Our Common Future. Oxford University Press, UK.
  • Busch, T. & Hoffmann, V.H. (2011). How Hot is your Bottom Line? Linking Carbon and Financial Performance. Business & Society, 50(2), 233–265. https://doi.org/10.1177/0007650311398780
  • Chang, K. (2015). The Impacts of Environmental Performance and Propensity Disclosure on Financial Performance: Empirical Evidence from Unbalanced Panel Data of Heavy Pollution Industries in China. Journal of Industrial Engineering and Management, 8(1), 21-36. https://doi.org/10.3926/jiem.1240
  • Chariri, A., & Ghozali, I. (2007). Accounting Theory, 3rd ed., University of Diponegoro, Semarang, Indonesia.
  • Chen, K.H., & Metcalf, R.W. (1980). The Relationship between Pollution Control Records and Financial Indicators Revisited. The Accounting Review, 55(1), 168–177.
  • Chowdhury, R.K. (2018). Corporate Sustainability and Financial Performance of Bangladeshi Banks. Doctoral Thesis. University of Waterloo, Ontario, Canada.
  • Cordeiro, J.J., & Sarkis, J. (1997). Environmental Proactivism and Firm Performance: Evidence from Security Analyst Earning Forecasts. Business Strategy and the Environment, 6(2), 104-114. https://doi.org/10.1002/(SICI)1099-0836(199705)6:2<104::AID-BSE102>3.0.CO;2-T
  • Cyert, R., & March, J. (1963). The Behavioral Theory of the Firm. Englewood Cliffs: Prentice Hall.
  • Deegan, C. (2002). The Legitimizing Effect of Social and Environmental Disclosures: A Theoretical Foundation. Accounting, Auditing and Accountability Journal, 15(3), 282–311. https://doi.org/10.1108/09513570210435852
  • Deephouse, D.L., Newburry, W., & Soleimani, A. (2016). The Effects of Institutional Development and National Culture on Cross-National Differences in Corporate Reputation. Journal of World Business, 51(3), 463-473. https://doi.org/10.1016/j.jwb.2015.12.005
  • Delmas, M.A., Nairn-Birch, N., & Lim, J. (2015). Dynamics of Environmental and Financial Performance: The Case of Greenhouse Gas Emissions. Organization and Environment, 28(4), 374-393. https://doi.org/10.1177/1086026615620238
  • Field, A. (2008). Multiple Regression using SPSS. Research Methods in Psychology: Multiple Regression, 1-11.
  • Freedman, M., & Jaggi, B. (1982). Pollution Disclosures, Pollution Performance and Economic Performance. Omega, 10(2), 167–176. https://doi.org/10.1016/0305-0483(82)90051-2
  • Freedman, M., & Jaggi, B. (1988). An Analysis of the Association between Pollution Disclosure and Economic Performance. Accounting, Auditing & Accountability Journal, 1(2), 43-58. https://doi.org/10.1108/EUM0000000004623
  • Freeman, R.E. (1984). Strategic Management: A Stakeholder Approach. Pitman, Boston, MA.
  • Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profits. New York Times Magazine, 32–33.
  • Funk, K. (2003). Sustainability and Performance. MIT Sloan Management Review, 44(2), 65-70.
  • Gbadamosi, W.A. (2016). Corporate Social Responsibility and Financial Performance of Banks in United States. Walden Dissertations and Doctoral Studies Collection, Walden University, Minnesota.
  • Gilley, K.M., Worrell, D.L., Davidson, W.N., & El-Jelly, A. (2000). Corporate Environmental Initiatives and Anticipated Firm Performance: The Differential Effects of Process-Driven Versus Product-Driven Greening Initiatives. Journal of Management, 26(6), 1199-1216. https://doi.org/10.1177/014920630002600607
  • Global Reporting Initiative (2013). G4 Sector Disclosures. Retrieved from https://www.globalreporting.org/resourcelibrary/GRI-G4-Financial-Services-Sector-Disclosures.pdf
  • Goldstein, D., Hilliard, R., & Parker, V. (2011). Environmental Performance and Practice across Sectors: Methodology and Preliminary Results. Journal of Cleaner Production, 19(9-10), 946-957. https://doi.org/10.1016/j.jclepro.2010.12.012
  • Grimmer, M., & Bingham, T. (2013). Company Environmental Performance and Consumer Purchase Intentions. Journal of Business Research, 66(10), 1945–1953. https://doi.org/10.1016/j.jbusres.2013.02.017
  • Hackman, J.R. (1980). Work Redesign and Motivation. Professional Psychology, 11(3), 445-455. https://doi.org/10.1037/0735-7028.11.3.445
  • Haninun, H., Lindrianasari, L., & Denziana, A. (2018). The Effect of Environmental Performance and Disclosure on Financial Performance. International Journal of Trade and Global Markets, 11(1/2), 138-148. https://doi.org/10.1504/IJTGM.2018.092471
  • Hart, S.L., & Ahuja, G. (1996). Does it Pay to be Green? An Empirical Examination of the Relationship between Emission Reduction and Firm Performance. Business Strategy and the Environment, 5(1), 30-37. https://doi.org/10.1002/(SICI)1099-0836(199603)5:1<30::AID-BSE38>3.0.CO;2-Q
  • Hillman, A.J., & Keim, G.D. (2001). Shareholder Value, Stakeholder Management, and Social Issues: What’s the Bottom Line? Strategic Management Journal, 22(2), 125-139. https://doi.org/10.1002/1097-0266(200101)22:2<125::AID-SMJ150>3.0.CO;2-H
  • Horvathova, E. (2010). Does Environmental Performance affect Financial Performance? A Meta-Analysis. Ecological Economics, 70(1), 52–59. https://doi.org/10.1016/j.ecolecon.2010.04.004
  • Hull, C.E., & Rothenberg, S. (2008). Firm Performance: The Interactions of Corporate Social Performance with Innovation and Industry Differentiation. Strategic Management Journal, 29(7), 781-789. https://doi.org/10.1002/smj.675
  • IPCC (2014). Climate Change 2014: Synthesis Report. Contribution of Working Groups I, II and III to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change. Geneva: IPCC.
  • Jaikumar, G., Karpagam, M., & Thiyagarajan, S. (2013). Factors Influencing Corporate Environmental Performance in India. Indian Journal of Corporate Governance, 6(1), 1-17. https://doi.org/10.1177/0974686220130101
  • Jain, P., Vyas, V., & Chalasani, D.P.S. (2016). Corporate Social Responsibility and Financial Performance in SMEs: A Structural Equation Modelling Approach. Global Business Review, 17(3), 630-653. https://doi.org/10.1177/0972150916630827
  • Kayri, M. (2010). The Analysis of Internet Addiction Scale using Multivariate Adaptive Regression Splines. Iran Journal of Public Health, 39(4), 51-63.
  • King, A.A., & Lenox, M.J. (2001). Does it Really Pay to be Green? An Empirical Study of Firm Environmental and Financial Performance. Journal of Industrial Ecology, 5(1), 105-116. https://doi.org/10.1162/108819801753358526
  • Klossner, D. (2014). Factors that Influence Firms’ Environmental Performance: An Examination of Large Companies. Doctoral Thesis. Weatherhead School of Management. Case Western Reserve University, Ohio, United States.
  • Konar, S., & Cohen, R.A. (2001). Does the Market Value Environmental Performance? Review of Economics and Statistics, 83(2), 281-289. https://doi.org/10.1162/00346530151143815
  • Laskar, N., Chakraborty, T.K., & Maji, S.G. (2017). Corporate Sustainability Performance and Financial Performance: Empirical Evidence from Japan and India. Management and Labour Studies, 42(2), 1-19. https://doi.org/10.1177/0258042X17707659
  • Lin, C.-S., Chang, R.-Y., & Dang, V.T. (2015). An Integrated Model to Explain how Corporate Social Responsibility Affects Corporate Financial Performance. Sustainability, 7(7), 8292-8311. https://doi.org/10.3390/su7078292
  • Lioui, A., & Sharma, Z. (2012). Environmental Corporate Social Responsibility and Financial Performance: Disentangling Direct and Indirect Effects. Ecological Economics, 78, 100-111. https://doi.org/10.1016/j.ecolecon.2012.04.004
  • Makni, R., Francoeur, C., & Bellavance, F. (2009). Causality between Corporate Social Performance and Financial Performance: Evidence from Canadian Firms. Journal of Business Ethics, 89(3), 409-422. https://doi.org/10.1007/s10551-008-0007-7
  • Malarvizhi, P., & Matta, R. (2016). Link between Corporate Environmental Disclosure and Firm Performance–Perception or Reality. Review of Integrative Business and Economics Research, 5(3), 1-34.
  • Manrique, S., & Marti-Ballester, C.-P. (2017). Analyzing the Effect of Corporate Environmental Performance on Corporate Financial Performance in Developed and Developing Countries. Sustainability, 9(11), 1-30. https://doi.org/10.3390/su9111957
  • Maqbool, S., & Zameer, M.N. (2018). Corporate Social Responsibility and Financial Performance: An Empirical Analysis of Indian Banks. Future Business Journal, 4(1), 84-93. https://doi.org/10.1016/j.fbj.2017.12.002
  • McGuire, J.B., Sundgren, A., & Schneeweis, T. (1988). Corporate Social Responsibility and Firm Financial Performance. Academy of Management Journal, 31(4), 854-872. https://doi.org/10.5465/256342
  • Muhammad, N., Scrimgeour, F., Reddy, K., & Abidin, S. (2015). The Relationship between Environmental Performance and Financial Performance in Periods of Growth and Contraction: Evidence from Australian Publicly Listed Companies. Journal of Cleaner Production, 102, 324-332. https://doi.org/10.1016/j.jclepro.2015.04.039
  • Munoz, R. M., Pablo, J. D. S. & Pena, I. (2015). Linking Corporate Social Responsibility and Financial Performance in Spanish Firms. European Journal of International Management, 9(3), 368-383. https://doi.org/10.1504/EJIM.2015.069133
  • Nag, T., & Bhattacharyya, A.K. (2016). Corporate Social Responsibility Reporting in India: Exploring Linkages with Firm Performance. Global Business Review, 17(6), 1427–1440. https://doi.org/10.1177/0972150916653032
  • Naila, D.L. (2013). The Effect of Environmental Regulations on Financial Performance in Tanzania: A Survey of Manufacturing Companies Quoted on the Dar Es Salaam Stock Exchange. International Journal of Economics and Financial Issues, 3(1), 99-112.
  • Nakao, Y., Amano, A., Matsumura, K., Genba, K., & Nakano, M. (2007). Relationship between Environmental Performance and Financial Performance: An Empirical Analysis of Japanese Corporations. Business Strategy and the Environment, 16(2), 106-118. https://doi.org/10.1002/bse.476
  • O’Brien, R.M. (2007). A Caution Regarding Rules of Thumb for Variance Inflation Factors. Quality & Quantity, 41, 673-690. https://doi.org/10.1007/s11135-006-9018-6
  • Palepu, K.G., Healy, P.M., Bernard, V.L., Wright, S., Bradbury, M., & Lee, P. (2010). Business Analysis & Valuation: Using Financial Statements. (4th ed.). Mason: South-Western Cengage Learning.
  • Pallant, J. (2007). SPSS Survival Manual. 2nd ed., McGraw Hill, Maiderhead, Berkshire.
  • Palmer, K., Oates, W.E., & Portey, P.R. (1995). Tightening Environmental Standards: The Benefit Cost or the No-Cost Paradigm?. Journal of Economic Perspectives, 9(4), 119–132. https://doi.org/10.1257/jep.9.4.119
  • Preston, L.E., & O’Bannon, D.P. (1997). The Corporate Social-Financial Performance Relationship. Business & Society, 36(4), 419–429. https://doi.org/10.1177/000765039703600406
  • Rajput, N., Arora, S., & Khanna, A. (2013). An Empirical Study of Impact of Environmental Performance on Financial Performance in Indian Banking Sector. International Journal of Business and Management Invention, 2(9), 19-24.
  • Rowley, T., & Berman, S. (2000). A Brand New Brand of Corporate Social Performance. Business & Society, 39(4), 397-418. https://doi.org/10.1177/000765030003900404
  • Roy, S.S., & Mitra, S. (2015). Corporate Triple Bottom Line Reporting: An Empirical Study on the Indian Listed Power Companies. SDMIMD Journal of Management, 6(2), 33-45. https://doi.org/10.18311/sdmimd/2015/2657
  • Russo, M.V., & Fouts, P.A. (1997). A Resource-Based Perspective on Corporate Environmental Performance and Profitability. Academy of Management Journal, 40(3), 534-559. https://doi.org/10.2307/257052
  • Saeidi, S.P., Sofain, S., Saeidi, P., Saeidi, S.P., & Saaeidi, S.A. (2015). How Does Corporate Social Responsibility Contribute to Firm Financial Performance? The Mediating Role of Competitive Advantage, Reputation, and Customer Satisfaction. Journal of Business Research, 68(2), 341-350. https://doi.org/10.1016/j.jbusres.2014.06.024
  • Sandaruwan, H.M.T.G.C., & Ajward, R. (2018). The Relationship between Corporate Social Responsibility and Financial Performance: The Effect of Easy Access to Capital and Managerial Ownership. Sri Lankan Journal of Management, 22(2), 74-105.
  • Sarumpaet, S. (2005). The Relationship between Environmental Performance and Financial Performance of Indonesian Companies. Indonesian Journal of Accounting and Finance, 7(2), 89-98.
  • Sharma, S., & Vredenburg, H. (1998). Proactive Corporate Environmental Strategy and the Development of Competitively Valuable Organizational Capabilities. Strategic Management Journal, 19(8), 729-753. https://doi.org/10.1002/(SICI)1097-0266(199808)19:8<729::AID-SMJ967>3.0.CO;2-4
  • Singal, M. (2013). The Link between Firm Financial Performance and Investment in Sustainability Initiatives. Cornell Hospitality Quarterly, 55(1), 19-30. https://doi.org/10.1177/1938965513505700
  • Stanwick, P.A., & Stanwick, S.A. (1998). The Relationship between Corporate Social Performance, and Organizational Size, Financial Performance, and Environmental Performance: An Empirical Examination. Journal of Business Ethics, 17, 195-204. https://doi.org/10.1023/A:1005784421547
  • Stefan, A., & Paul, L. (2008). Does it Pay to be Green? A Systematic Overview. Academy of Management Perspectives, 22(4), 45-62. https://doi.org/10.5465/amp.2008.35590353
  • Tambovceva, T. (2016). Classification of Factors Influencing Environmental Management of Enterprise. Technological and Economic Development of Economy, 22(6), 867-884. https://doi.org/10.3846/20294913.2016.1160006
  • Templeton, G.F. (2011). A Two-Step Approach for Transforming Continuous Variables to Normal: Implications and Recommendations for IS Research. Communications of the Association for Information Systems, 28(4), 41-58. https://doi.org/10.17705/1CAIS.02804
  • Teoh, H.Y., Pin, F.W., Joo, T.T., & Ling, Y.Y. (1998). Environmental Disclosures-Financial Performance Link: Further Evidence from Industrialising Economy Perspective. Second Asian Pacific Interdisciplinary Research in Accounting Conference (APIRA). Paper presented at APIRA 98 in Osaka Conference, Japan.
  • Trudel, R., & Cotte, J. (2009). Does it Pay to be Good?. MIT Sloan Management Review, 50(2), 61-68.
  • UNEPFI (2019). Climate Action in Financial Institutions. Retrieved from https://www.mainstreamingclimate.org/unepfi/
  • Usman, A.B., & Amran, N.A.B. (2015). Corporate Social Responsibility Practice and Corporate Financial Performance: Evidence from Nigeria Companies. Social Responsibility Journal, 11(4), 749–763. https://doi.org/10.1108/SRJ-04-2014-0050
  • Waddock, S.A., & Graves, S.B. (1997). The Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18(4), 303–319. https://doi.org/10.1002/(SICI)1097-0266(199704)18:4<303::AID-SMJ869>3.0.CO;2-G
  • Wagner, M. (2001). A Review of Empirical Studies Concerning the Relationship between Environmental and Economic Performance: What Does the Evidence tell us?. Luneburg, Germany: Center for Sustainability Management, pp.1-52.
  • Walley, N., & Whitehead, B. (1994). It’s Not Easy being Green. Harvard Business Review, 72, 46–52.
  • Wisuttisak, P., & Wisuttisak, C. (2016). Comparative Study on Regulatory Requirements on Corporate Social Responsibility in Australia and Thailand. International Journal Economic Policy in Emerging Economies, 9(2), 158–168. https://doi.org/10.1504/IJEPEE.2016.077277
  • Worrell, D., Gilley, K. M., Davidson, W. N. & El-jely, A. (1995). When Green Turns to Red: Stock Market Reaction to Announced Greening Activities. Paper presented at the Academy of Management Meeting, Vancouver.

How to Cite

Parul Munjal, P. Malarvizhi. Impact of Environmental Performance on Financial Performance: Empirical Evidence from Indian Banking Sector. J.Technol. Manag. Grow. Econ.. 2021, 12, 13-24
Impact of Environmental Performance on Financial Performance: Empirical Evidence from Indian Banking Sector

Current Issue

PeriodicityBiannually
Issue-1May
Issue-2November
ISSN Print0976-545X
ISSN Online2456-3226
RNI No.CHAENG/2013/50088
OA Policy

Publisher's policy of the journal at Sherpa UK for the submitted, accepted, and published articles. Click OAPolicy

Plan-S Compliance

To check compliance, one has to use the Journal Check Tool (JCT). This tool provided by cOAlition S (European funders) for the researchers (fundee) to check the compliance with the journal.

Recommend journal to your library

You can recommend the journal being a researcher or faculty member to your library. We will post a copy of the Journal to your library on your behalf at free of cost.
Click here: Recommend Journal

Preprint Arxiv Submission

The authors are encouraged to submit the author’s copy (preprint) to appropriate preprint archives e.g. https://arxiv.org and/or on https://indiarxiv.org or institutional repositories (e.g., D Space) before paper acceptance by the editor of Journal. After publications of the paper author(s) should mention the citation information, title and abstract along with DOI number of the publication carefully on the required page of the depository(ies).

Contact: Phone: +91-172-2741000, +91-172-4691800

Email : editor.tmg@chitkara.edu.in;

Abstract and Indexing

Information

This work is licensed under a Creative Commons Attribution 4.0 International License.

Articles in Journal of Technology Management for Growing Economies(J.Technol. Manag. Grow. Econ.) by Chitkara University Publications are Open Access articles that are published with licensed under a Creative Commons Attribution- CC-BY 4.0 International License. Based on a work at https://tmg.chitkara.edu.in/. This license permits one to use, remix, tweak and reproduction in any medium, even commercially provided one give credit for the original creation.

View Legal Code of the above-mentioned license, https://creativecommons.org/licenses/by/4.0/legalcode

View Licence Deed here https://creativecommons.org/licenses/by/4.0/

Creative Commons License

Journal of Technology Management for Growing Economies by Chitkara University Publications is licensed under a Creative Commons Attribution 4.0 International License.
Based on a work at https://tmg.chitkara.edu.in/

Members

Chitkara University

Chitkara University

India’s top rated university

Chandigarh-Patiala National Highway, Punjab 140 401

Chandigarh Information Center SCO 160-161, Sector 9-C, Chandigarh 160 009

Publisher

Publisher: Chitkara University Publications, Administrative Office, Saraswati Kendra, P.O. Box No. 70, SCO 160-161, Sector- 9C, Chandigarh-160009, India. Phone: +91-172-2741000, +91-172-4691800 , Email: chitkarauniversitypublications@chitkara.edu.in; For all Journals please visit the website: https://publications.chitkara.edu.in/

The "Journal of Technology Management for Growing Economies" is a peer-reviewed, refereed, bi-annual open-access journal of "Chitkara University Publications".  ISSN (p):0976-545X, ISSN (e): 2456-3226, RNI No. CHAENG/2016/68678.

Copyright ©2023 Chitkara Educational Trust | All rights reserved
Explore Your Potential

Chandigarh-Patiala National Highway, Punjab 140 401

Chandigarh Information Center SCO 160-161, Sector 9-C, Chandigarh 160 009