Aadhar Housing Finance Ltd — Q4 FY26

Aadhar Housing Finance Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=Y0G5xVF17nM Published: 8 days ago

0:02 2 seconds Ladies and gentlemen, very sorry for the delay which has happened by good day and welcome to other housing finance Q4 FI26 0:09 9 seconds earnings conference call hosted by JM Financial Institutional Securities Limited. As a reminder, all participant lines will be in the listenonly mode and 0:18 18 seconds there will be an opportunity for you to ask questions after the presentation concludes. 0:23 23 seconds Should you need assistance during the conference call, please signal an operator by pressing start and zero on your touchstone phone. I now hand the 0:31 31 seconds conference over to Mr. Rajut Kumar from JM Financial Institutional Securities Limited. Thank you and over to you. 0:38 38 seconds Thank you Rita. Uh good evening everyone. Apologies for the slight delay. Uh welcome to 406 call of Adhar Housing Limited. On behalf of James and 0:47 47 seconds I would like to thank Aadhar management for giving us the opportunity to host this call. Today we have with us the entire top management team of Aadhaar represented by Mr. Dshan Katriati 0:56 56 seconds executive vice chairman, Mr. Rishi Anand ND and CEO, Mr. Rajesh Vishakan CFO and Mr. Sanjay Mujandani head financial 1:03 1 minute, 3 seconds planning. I'll now hand over the call to Rishi sir for his evening remark and then we can open the floor for Q&A. Over to you sir. 1:11 1 minute, 11 seconds Thank you so much Ajit and a very good evening to all of you. First of all apologies for this slight delay. Technology sometimes plays its own role. 1:19 1 minute, 19 seconds Uh but there we are. 1:21 1 minute, 21 seconds Thank you for joining us today to discuss other housing finance performance for the fourth quarter and full year ending March 31st 2026. 1:30 1 minute, 30 seconds We are pleased to close the financial year on a very strong note with consistent execution across growth, asset quality and profitability 1:37 1 minute, 37 seconds metrices. I am happy to share that during the year we had we have achieved a critical milestone with our asset under management crossing 30,000 crores. 1:48 1 minute, 48 seconds This reflects the strength of our business model and our continued focus on affordable housing segment. In addition, we have delivered our highest 1:57 1 minute, 57 seconds ever dispersement of rupees 3,87 crores in a single quarter in Q4 FI26 driven by 2:05 2 minutes, 5 seconds steady demand and improved execution across our branch network. The operating environment during the quarter remained 2:12 2 minutes, 12 seconds very very supportive for the housing finance sector as a whole. We saw healthy demand momentum across markets. 2:19 2 minutes, 19 seconds Importantly, demand in our segment continues to remain largely enduserdriven with significant share coming from firsttime home buyers particularly across emerging markets. 2:30 2 minutes, 30 seconds This provides stability to growth and limits speculative activity in the segment. At the same time, competitive 2:37 2 minutes, 37 seconds intensity remains elevated in certain segments, particularly in the urban segment where banks continue to be active. However, in the low income 2:46 2 minutes, 46 seconds segment where we are we operate, demand trends remain very steady with wellsupported structural drivers. 2:54 2 minutes, 54 seconds Overall, the combination of supportive policy measures, stable demand and healthy asset quality trends provide a 3:02 3 minutes, 2 seconds constructive backdrop for affordable housing finance segment. Now coming to Aadhaar's performance for the quarter 3:08 3 minutes, 8 seconds and full year. As of 31st March 2026, our AUMUM stood at 30,571 3:15 3 minutes, 15 seconds crores crossing the 30,000 cr milestone which I just mentioned registering a 20% YI growth. Disbburments for FI26 stood 3:24 3 minutes, 24 seconds at 9,556 crores, a 17% YI increase, reflecting steady lending momentum across our core 3:34 3 minutes, 34 seconds markets and a pack of 1,96 cri growth. On all the three critical 3:41 3 minutes, 41 seconds parameters, we have stood by our guidance and commitment to the market. 3:46 3 minutes, 46 seconds As we go ahead, we would continue with similar guidance of 20% AUM, 20% profit and 17 to 18% disbbursement growth. 3:55 3 minutes, 55 seconds Dispersements during the quarter 4 was highest in the company's history with 3,87 crores which was 20% Y increase 4:03 4 minutes, 3 seconds supported by strong on the ground execution and consistent sourcing through branch network. Our portfolio 4:11 4 minutes, 11 seconds continues to remain fully secured and retail in nature with a balance between home loans which is 73% and non-housing 4:19 4 minutes, 19 seconds loan which is loan against property at 27%. We continue to maintain a well diversified book with an average ticket 4:26 4 minutes, 26 seconds size of 10.9 lakhs and a 60% loan to value uh value ratio which is well within comfort levels. The salaried 4:34 4 minutes, 34 seconds segment continues to be at 55% share of the AUM. balanced transfer outflows during the during the financial year FI 4:41 4 minutes, 41 seconds 26 improved by 60 60 pips as compared to FI25 supported by focused retention 4:49 4 minutes, 49 seconds efforts uh and datadriven customer engagement. Asset quality remains pristine with gross NPS standing at 4:57 4 minutes, 57 seconds 1.08% a sequential improvement of 30 BIPS versus quarter 3 FY26. 5:04 5 minutes, 4 seconds Collection efficiency continues to remain strong above 99 uh 99.8% reflecting consistent on the ground 5:11 5 minutes, 11 seconds execution. Importantly, early bucket delency remains stable and stage two asset continue to show improvement by 30 5:19 5 minutes, 19 seconds bits compared to last quarter. OnePlus DPD also reflects improvement of 78 bits on a sequential basis. Our underwriting 5:28 5 minutes, 28 seconds discipline combined with strong field level collections and analytic le monitoring continues to support overall 5:35 5 minutes, 35 seconds portfolio quality. We continue to expand our distribution footprint in a calibrated manner. We have added five 5:42 5 minutes, 42 seconds new branches in quarter 4 and 46 branches in the full year. In line with our strategy, taking our total network 5:49 5 minutes, 49 seconds today to six as of March 31st to 626 branches across 22 states covering over 5:57 5 minutes, 57 seconds 550 plus districts. We are beginning to see increasing traction in our urban markets along with continued support uh 6:05 6 minutes, 5 seconds sorry continued strong performance in the emerging markets. This gives us confidence in our approach of building a balanced presence across geographies. 6:13 6 minutes, 13 seconds Our deep local presence and branchled sourcing model continue to be key key strengths enabling us to understand 6:20 6 minutes, 20 seconds customer profiles better and drive consistent growth. Our geographical diversifications remain strong with no single state contributing 6:29 6 minutes, 29 seconds disproportionately to the AUM. We continue to maintain less than 15% exposure in any state on all three 6:36 6 minutes, 36 seconds critical parameters that is AUM, dispersement and distribution. Our approach of combining branch expansion with productivity improvement of 6:44 6 minutes, 44 seconds existing branches continues to support sustainable growth. 6:49 6 minutes, 49 seconds Technology continues to be a key enabler in our growth during the year. We are increasingly leveraging AI and analytics 6:57 6 minutes, 57 seconds across sourcing underwriting collections which is helping us improve turnaround time strengthening risk assessment and enhance collection efficiencies. 7:08 7 minutes, 8 seconds We have also started incorporating AIE tools in select part of our loan life cycle and while this is still evolving 7:15 7 minutes, 15 seconds we are seeing early benefits in terms of productivity and decision-m looking ahead we remain confident about about 7:22 7 minutes, 22 seconds the operating environment. The affordable housing segment continues to benefit from structural drivers including favorable demographics 7:30 7 minutes, 30 seconds increasing formalization and continued policy support such as PMA. We believe demand in our segment will continue to 7:38 7 minutes, 38 seconds remain stable and end userdriven supported by first-time home buyers and increase penetration in underserved 7:45 7 minutes, 45 seconds markets. While we remain mindful of competitive intensity in certain segments and in the evolving markets, 7:52 7 minutes, 52 seconds our current portfolio trends and operating metrices give us confident in our growth trajectory. With a strong balance sheet, stable asset quality, 8:01 8 minutes, 1 second diversified distribution network, and continued focus on execution, we remain we remain well positioned to sustain our 8:09 8 minutes, 9 seconds performance and deliver on our medium-term guidance. Aadhara remains committed to its mission of enabling home home ownership for low-income 8:17 8 minutes, 17 seconds families while delivering consistent and sustainable returns to all the stakeholders. With that, I would now hand over to Rajes, our CFO to take you 8:26 8 minutes, 26 seconds through the financial performance in detail. Rajes, over to you. 8:32 8 minutes, 32 seconds Thanks SJI. Good evening everyone. I would like to take you all through the financial performance for quarter 4 FI26 and full year FI26. 8:41 8 minutes, 41 seconds In quarter 4 FI26, our AM has grown by 20% on a bond by basis. Our overall 8:48 8 minutes, 48 seconds borrowings on 31st March 2026 stood at 18,744 crores compared to 16,322 crores 8:56 8 minutes, 56 seconds as at the previous year end which is a growth of 15%. 9:00 9 minutes The borrowing mix at the end of 31st March 26 is 51% from banks. NHP share is 9:06 9 minutes, 6 seconds 22%. NCD share is 19%. ECB share is 5% and others is 4%. Our incremental 9:14 9 minutes, 14 seconds borrowing for quarter 4 FI26 stood at 2430 crores coming in at 7.6% 9:21 9 minutes, 21 seconds and for the full year it was 6396 crores which came in at 7.8%. 9:27 9 minutes, 27 seconds Currently we have 42 strong and diversified borrowing relationships. In quarter 4, fresh NHP borrowings were 705 crores which came in at 6.9%. 9:40 9 minutes, 40 seconds Of this, the affordable housing finance fund was 141 crores which came in at a at a at a rate of 4.3%. 9:49 9 minutes, 49 seconds Full year FI26 NHP borrowings were 1,34 crores which came in at 7.2% 2% of which 9:56 9 minutes, 56 seconds the affordable housing finance fund was 261 crores which came in at 4.7%. 10:03 10 minutes, 3 seconds As a strategy to diversify the funding mix during quarter 4 fi26 we have availed term loan of 500 crores which 10:11 10 minutes, 11 seconds came in around 7.5% from the domestic DFI NAB fit which is national bank of financing infrastructure and 10:18 10 minutes, 18 seconds development. The exit cost of funds on 31st March 2026 stood at 7.71%. 10:26 10 minutes, 26 seconds In terms of fixed and floating nature of our book, 76% of our borrowings and 73% of our assets are on floating basis. 10:35 10 minutes, 35 seconds Undrawn sanctions as 31st March 26 is 1,687 crores of which we have 246 crores 10:44 10 minutes, 44 seconds undrawn from NHP. Liquidity at the end of quarter 4 FI26 stood at 1425 crores. 10:52 10 minutes, 52 seconds The exit spread at sto at the end of 31st March 26 was 5.82% as compared to 5.7% at the previous year 11:02 11 minutes, 2 seconds end. Our cost to income ratio for FI26 came in at 35.9% 11:08 11 minutes, 8 seconds as compared to 36.4% in FI25. An improvement of approximately 55 bips. 11:15 11 minutes, 15 seconds This is in is in line with our guidance of dropping cost to income uh ratio by about 50 bips in the current financial 11:22 11 minutes, 22 seconds year. GNPA has seen a margin improvement which is also a seasonality impact in quarter 4. G&PA came in at 1.08% as compared to 1.05% in quarter 4 FI 25. 11:36 11 minutes, 36 seconds Capital adequacy ratio for quarter 4 FI 26 stood at 42% for tier 1 and 0.5% for tier 2. 11:44 11 minutes, 44 seconds Finally, the PAT came in at 1 1108 crores without the impact of the new labor law code. This is compared to 912 11:53 11 minutes, 53 seconds crores in FI25, rendering a y-on growth of 22%. 11:57 11 minutes, 57 seconds Quarter 4 PAT came in at 311 crores as compared to 245 crores in quarter 4 FI25, a growth of 27%. 12:07 12 minutes, 7 seconds FI26 ROA and ROE again without the impact of the new labor law code is 4.4%. 4% and roe is 15.9%. 12:16 12 minutes, 16 seconds For quarter 4 the ro and roe is 14 4.8 and 17.1 this is compared to 4.4 and 12:23 12 minutes, 23 seconds 15.9 in quarter 4 fi 25. Now the impact of the labor law code which we have 12:30 12 minutes, 30 seconds already taken in quarter 3 FI 26 uh is 16 crores which as per the ICI 12:37 12 minutes, 37 seconds guidelines is shown as an exceptional item. Also included in the manpower cost for quarter 4 FI26 is an amount of 13.5 12:46 12 minutes, 46 seconds crores both in quarter 4 FI26 and full year FI26 which is the impact of fresh ESOPs that we have granted to employees 12:54 12 minutes, 54 seconds in the in the quarter 4 of the current financial year. The impact of this is in the quarter and full year is 13.5 13:00 13 minutes crores. number of employees as at 31st March 26 onroll was 5,400 and off roll 13:07 13 minutes, 7 seconds was 3,900 as compared to 4,600 onroll last year and off roll was 4,300 in 13:14 13 minutes, 14 seconds March 25. We are focusing on maintaining a healthy book and delivering consistent performance on a quarter and yearly 13:21 13 minutes, 21 seconds basis. With that we can open up for questions. 13:27 13 minutes, 27 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone 13:35 13 minutes, 35 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a 13:44 13 minutes, 44 seconds question. Ladies and gentlemen, you may we will wait for a moment while the question cue stumbles. 14:01 14 minutes, 1 second The first question is from the line of Reanish from ICACI. Please go ahead. 14:06 14 minutes, 6 seconds Uh yeah, hi sir. Uh congrats on a good set of numbers. Uh just two things are one uh on this uh impact of uh Asia war. 14:16 14 minutes, 16 seconds uh so uh I mean do you foresee or do you see any impact on ground let us say in 14:22 14 minutes, 22 seconds month of March uh April and if yes I mean are we intended to calibrate businessment in near term just as a you 14:31 14 minutes, 31 seconds know sort of measure uh hi Res uh thank you for your question 14:38 14 minutes, 38 seconds uh okay um West Asia uh war or the current geopolitical issues uh you know the first line of defense and I always 14:46 14 minutes, 46 seconds make this statement for us the first line of defense is always you know if there was something to be going wrong it would be the bounce rate uh you know increase or decrease in the bounce rate. 14:55 14 minutes, 55 seconds Uh fortunately uh the last uh the current current month uh three cycles of bounce rates have not seen any trend whatsoever. You know our our bounce 15:04 15 minutes, 4 seconds rates have been stable for the last six quarters. Uh so from that perspective uh we are we are I would say safe as we 15:10 15 minutes, 10 seconds speak. Uh that is one. Second is from a groundup perspective you know all our 2,000 people in the collections have been given heads up to be very careful 15:19 15 minutes, 19 seconds and closely and connect with the customers that is point number two point number three is most of our customers actually deal in essential commodities 15:27 15 minutes, 27 seconds and if I can go back and relate to various situations that we have all seen for example the covid situation etc you know the essential commodities was was 15:36 15 minutes, 36 seconds people dealing in essential commodities got hardly impacted because that's what you know you know that the cycle of essential commodities continues. That is 15:44 15 minutes, 44 seconds number three. And lastly, you know, our belief and the way we look at uh the West Asia crisis is, you know, the first 15:52 15 minutes, 52 seconds people who will get impacted are companies which would be highly exposed to NRI communities. Fortunately, in our case, we hardly have any exposure to NRI consumers. 16:03 16 minutes, 3 seconds I hope that helps. 16:05 16 minutes, 5 seconds Yeah. shots writing. Uh most of these indicators are actually showing us no sign of stress at as of now. That's right. 16:14 16 minutes, 14 seconds Okay. uh and my second question is on this uh you know growth right so I'm not uh too much he ke on asking you about 27 16:22 16 minutes, 22 seconds but just from a 32 to5 perspective uh I mean can you share just you know your thoughts on the broader uh industry wise 16:31 16 minutes, 31 seconds data points you know in a sense less than 25 and 50 size the total resource market and our market share and how that 16:40 16 minutes, 40 seconds market share has been trending over the last two to three years uh So, so just to get get some idea about how we are 16:48 16 minutes, 48 seconds positioned and you know whether at this 50,000 of AVM on 20% plus growth you 16:55 16 minutes, 55 seconds know sustainable or not right right okay so re few data points total outstanding 17:02 17 minutes, 2 seconds of the entire housing portfolio across uh various financial institution will be close to about 37 trillion you know if I if I break that structure down into 17:11 17 minutes, 11 seconds low-inccome housing that's where we belong so low-inccome housing basically would be average ticket size of the book at the book level below 15 lakhs that's 17:17 17 minutes, 17 seconds where we belong uh you know uh and if I were to further which which approximately housing finance companies in the total pool is holds about 20% 17:26 17 minutes, 26 seconds market share and if I come to uh uh low-inccome housing finance companies and look at our share in that that peer group we have been trending around 16 17:35 17 minutes, 35 seconds 17% if I look look at the current numbers we are at about 18% market share u and these are ballpark numbers um how 17:43 17 minutes, 43 seconds we look at our numbers and how do we look at our our our growth strategy as we go ahead you know we've been delivering constantly we've been 17:50 17 minutes, 50 seconds delivering you know an AUM growth of upward of of close to about 20 22% uh and I have just in my opening statement clearly mentioned that we will look at 17:59 17 minutes, 59 seconds similar numbers from a short-term to medium-term perspective and as an organization on a lighter note we work on something called milestones you know 18:07 18 minutes, 7 seconds I when we opened this year and I remember interacting with you as well that you know we had a milestone number of 30,000 crores We fortunately cross cut numbers with 18:15 18 minutes, 15 seconds all the efforts of the entire Aadhaar team. you know if I look at the the trajectory of numbers that I have I've guided 20% uh uh growth if I look at 18:22 18 minutes, 22 seconds three years from now you know the next milestone obviously in three years should be 50,000 crores that is one perspective number two the third point 18:30 18 minutes, 30 seconds is you know there is there is and I I've been making this statement and and the more I travel and go out to state levels etc I I get more pulse about it that 18:39 18 minutes, 39 seconds there is there is little too much that is happening at the ground level right now right from state level state level government authorities to central level 18:47 18 minutes, 47 seconds and then recently I was in the state of Orisa last week itself and I happened to catch up with the or I was fortunate to meet up with the additional chief 18:55 18 minutes, 55 seconds secretary housing development finance secretary Orisa and I and you could really see you know how the BLC projects under PMI and AHP projects which is 19:04 19 minutes, 4 seconds affordable housing projects are shaping up 25 plus thousand units up for grab and similar is the is is the situation across multiple state you talk about you 19:13 19 minutes, 13 seconds know Tamil Nadu you talk about Karnataka you talk about MP you talk about Gujarat you know every state government is sitting on on uh almost ready 19:22 19 minutes, 22 seconds constructed houses BSP advanc is being given already you know so there is there is too much that is happening at the ground level and I I I I don't foresee 19:31 19 minutes, 31 seconds any reason why a demand should be under question it can be unless you know unforeseen situations like etc happen which obviously touchwood we we are not 19:40 19 minutes, 40 seconds you know looking at those situations but steady state you know 50,000 crores 3 years from Got it. Got it. This very very helpful 19:48 19 minutes, 48 seconds sir. Thank you for such a detailed insights. Thank you and best of luck. Thank you so much Vish. 19:56 19 minutes, 56 seconds Thank you. The next question is from the line of Kala from City Group. Please go ahead. Yeah. Uh thanks for taking the question. 20:05 20 minutes, 5 seconds So three questions. Firstly with respect to the lab growth uh both in terms of disusements I think maybe it is lagging 20:13 20 minutes, 13 seconds a bit on the home loan side would it be more kind of a seasonal phenomena any particular reason like last two three 20:20 20 minutes, 20 seconds quarters in fact uh uh the overall uh non retail home loan part maybe non-h home loan part that is uh uh growing 20:28 20 minutes, 28 seconds relatively slower so if you can address that and how should we look at it in terms of the overall AUM growth uh second is u on uh uh on the fee income 20:38 20 minutes, 38 seconds side or maybe on the non-interest income side both the assignment income is quite high. So was it like equally larger 20:46 20 minutes, 46 seconds proportion of assignments done during the quarter or it was more in terms of the spreads which have led to this assignment and even other income uh 20:54 20 minutes, 54 seconds seems to be slightly higher. Is there any one-off out there? Yeah. Uh so that's the second question and thirdly on job cost. So this is just a uh Q4 21:03 21 minutes, 3 seconds cost which is there. This is not going to acrue uh even in FI27. This is like a onetime cost which we had taken and it 21:10 21 minutes, 10 seconds is uh over. There will be no uh uh impact getting into FI272. 21:17 21 minutes, 17 seconds Hey Kunal. Uh okay so I'll I'll uh take the first question first. Lab growth. Um you know and and you're right when you 21:25 21 minutes, 25 seconds read at the data that you know lab growth has been slightly slow. I would say this was deliberate and it was it was uh kind completely planned and this 21:33 21 minutes, 33 seconds plan or or deliberation started when the tariff issue happened you know and we we cautioned our teams to you know be very 21:40 21 minutes, 40 seconds careful and go I will not say go slow it might be the wrong choice of words but be very careful you know we don't want to do something in h which will go out 21:48 21 minutes, 48 seconds and look at our valuy numbers so we kind of cautioned them um uh right now also I would say given the current situation uh 21:57 21 minutes, 57 seconds of West Asia and I spoke about it a while back. uh I don't want to again h things we are today at the book level at the EU level we are 7327 22:06 22 minutes, 6 seconds uh we have a lever of about 3% and we would want to play at the right time you know we are still incrementally doing 22:14 22 minutes, 14 seconds about uh incrementally doing about uh 23 24% uh loan against property uh and we 22:21 22 minutes, 21 seconds want to maybe take it to about 25% in the current quarter uh and we'll wait out as I said so there is I wouldn't say there is anything which is growth or 22:29 22 minutes, 29 seconds degrowth in in London property it was purely our our management call to wait and watch and we still kept doing 23 24% 22:37 22 minutes, 37 seconds but do we have a room of increasing it yes we have a room of increasing it but we'll wait for the right time uh on your 22:43 22 minutes, 43 seconds next question Rajes will come bouncer trend between lab and pure home 22:51 22 minutes, 51 seconds loan uh fortunately no but when it comes to stage three we all know that there is a differential of about uh 23:00 23 minutes 75% uh the loan against property is always 75 to 1% in our current book it will be 23:06 23 minutes, 6 seconds 7% higher NPA but risk adjusted spread will be about 3.3 and a half%. So obviously that sets off completely. 23:14 23 minutes, 14 seconds Got yeah uh uh in case of DA income you're right. 23:21 23 minutes, 21 seconds Uh the total DA that we did for the whole year was in the range of what 17 25 crores both the years was a similar figure. Uh and the uh upfront income 23:30 23 minutes, 30 seconds which seems higher is on account of better spreads that we have got. It is the spreads were better in the range of about 80 to 85 bibs. So that's a benefit 23:38 23 minutes, 38 seconds that we got. uh quarter 4 DA looks slightly higher because some of the deals which ideally we would have liked to consume in quarter 3 got pushed to 23:46 23 minutes, 46 seconds quarter four. So to that extent it looks slightly higher but otherwise if you look at it this would be broadly divided by four in in our case the the impact 23:56 23 minutes, 56 seconds and the way we look at DA income uh is that the net impact of DA uh in FI25 24:03 24 minutes, 3 seconds when I say net impact of DA it is the upfront income that we book on fresh assignment and the unwinding of the of the existing book. If you look at it for 24:11 24 minutes, 11 seconds FI25 and FYI 20 FI25 and FI26 is exactly the same figure. So the overall impact on P&L is actually positive to that 24:19 24 minutes, 19 seconds extent in the current financial year. Um so and the other and the the way we look at DA is probably you will see in 24:27 24 minutes, 27 seconds overall uh DA compared to the 17 25 crores that we did in the current year probably next year we would be trying to grow that in the range of anywhere 24:35 24 minutes, 35 seconds between 10 to 15% in terms of overall DA. In terms of other income you are right there was there was some two one-times to the extent of about 6 to 7 24:43 24 minutes, 43 seconds crores. One was an IT refund of about two and a half crores that we have taken back to the P&L. Uh and the second was some old rightbacks that we had uh which 24:52 24 minutes, 52 seconds we had not done for a long time and that that is about to the extent of about three and a half crores. So put together it was in the extent in the range of 24:59 24 minutes, 59 seconds about 6 to 7 crores that we had as a one time which is sitting in the free income. Sorry it refund was it was a 2 and a half crores. 25:10 25 minutes, 10 seconds Okay. And total was 7 o00 crores. Yeah. 25:12 25 minutes, 12 seconds That's right. That's that's right. Okay, thanks. Yeah, that's helpful. Yeah, thank you. Thank you. Yeah, thank you. 25:20 25 minutes, 20 seconds Thank you. The next question is from the line of Shria Shivani from Nomura. Please go ahead. 25:26 25 minutes, 26 seconds Yeah, thank you for the opportunity and congratulations on a good set of numbers. I have one question uh uh for 25:33 25 minutes, 33 seconds for you on the yields. Uh so can you help me understand you've taken a PLR um 25:40 25 minutes, 40 seconds uh reduction from February 26. Um the interest rate environment seems very I 25:47 25 minutes, 47 seconds mean it's very volatile depending versus what you would have how you would have thought in February 2026. Uh so how are 25:54 25 minutes, 54 seconds we thinking about the yield uh for the year of FI27? Also as as you uh spoke about the lap book uh can you just 26:03 26 minutes, 3 seconds clarify does how much does that uh if if you increase your lap mix for example how much of that how much boost does 26:10 26 minutes, 10 seconds that give to our yield so just the commentary on yield this is the interest rate environment we are in right now and what would we do with that P&R cut we 26:19 26 minutes, 19 seconds have taken in F26 um uh Shivani Rajes here I will I will chip in and probably she will top it up 26:27 26 minutes, 27 seconds uh the February rate passed on that we did 15 bits was the impact that we had received over the financial year that we 26:35 26 minutes, 35 seconds passed on. Uh as per our RPLR formula that we had uh and as is guided by the ALCO and the and our board we had to 26:44 26 minutes, 44 seconds pass it on and there was no questions on that pass on. Um yes things have changed significantly when we look at February 26:50 26 minutes, 50 seconds and when we look at now uh our view is that that the interest rate cycle has stagnated and to a certain extent will 26:59 26 minutes, 59 seconds be uh will be stagnant for at least two three quarters uh and we post that if inflation doesn't come under control 27:07 27 minutes, 7 seconds then there may be some interest rate surprises on the other side but as we look at it at least on the next two three quarters I think to a certain extent there will be status quo now 27:16 27 minutes, 16 seconds coming to the Other important thing the way we like to look at it instead of wheels is basically spreads. Uh as we look at it our exit cough was about 7.7% and our exit spreads were 5.82%. 27:28 27 minutes, 28 seconds We have always guided that our spreads uh year on year will we'll probably see some contraction to the extent of about 27:35 27 minutes, 35 seconds 8 to 10 bits. This is predominantly because our incremental business that we do in terms of yields is lower than the book yield that we are carrying. our 27:43 27 minutes, 43 seconds booking is if I'm not mistaken about 13.52%. 27:46 27 minutes, 46 seconds Uh and and if you look at our incremental yield the incremental yield will be in the range of about 13% 13 27:53 27 minutes, 53 seconds 13%. So uh yes the other question which you asked was will there be a kicker that you will receive by doing uh more 28:01 28 minutes, 1 second of laps. So for example the benefit that we get by doing more NHL versus HL is almost to the extent of 400 bips. uh so 28:08 28 minutes, 8 seconds if I if my incremental dispersements was theoretically 25% lap and if I swing 5% towards uh towards uh NHL uh I would 28:18 28 minutes, 18 seconds obviously get a benefit of 400 on that particular portfolio uh that I disperse uh and to that extent of uh that we 28:26 28 minutes, 26 seconds think that we have one lever that is available for us uh to ensure that this ped doesn't contract in a very fast 28:34 28 minutes, 34 seconds manner I can add to that you know uh Rajin spoke about spreads and uh you know another data point at 28:43 28 minutes, 43 seconds the company level is 74% of our uh asset side is floating in nature and similar 73% of our liability is floating in 28:50 28 minutes, 50 seconds nature. So while you know we talking about the current scenario etc and if if at all there is there is a you know substantial increase in in our CV you 28:59 28 minutes, 59 seconds know we being a majority floating book it's going to be passed on to the consumer of course subject to alcohol and board approvals etc. So at any stage 29:08 29 minutes, 8 seconds we will try and we will definitely protect our uh spread. Sir right. Uh just just one clarification 29:16 29 minutes, 16 seconds you wanted uh the uh the uh part you mentioned about 8 to 10 bits yearonear reduction in spread is is the mix 29:24 29 minutes, 24 seconds between lap and home loan stays where it is. If you do anything about the lap that does that reduction still play out for you? So when we talk about 8 to 10 29:33 29 minutes, 33 seconds bit reduction we are we've been the data that we worked on is about 25 26% lap but yes you are right we have we still 29:39 29 minutes, 39 seconds have room of about 3 4% uh of enhancing lab and that can be a play area but I also if you remember my opening statement I said in fact to the first 29:48 29 minutes, 48 seconds question I I said that you know on lap we are wanting to look at it very carefully we are not in a hurry uh so so 29:57 29 minutes, 57 seconds we I I I'm sure in the current quarter I'm not going to be taking substantial jump on lap we will wait out but yes we 30:04 30 minutes, 4 seconds have a room so if push comes to shove that's the play area right right this is uh very uh useful uh thank you and all the best 30:12 30 minutes, 12 seconds thank you thank you the next question is from the line of Arun Anthony from JM Financial please go ahead 30:21 30 minutes, 21 seconds hi hi thank you for the opportunity uh first of all congratulations on a good set of numbers and crossing the milestone of 30,000 crores uh just a 30:30 30 minutes, 30 seconds couple of questions from my side. Uh first of all, I just wanted to know what has led to the uh increase in oneplus 30:36 30 minutes, 36 seconds TPD by approximately 80 bits. Uh and then another question would be on the dispersement growth. So dispersemental 30:44 30 minutes, 44 seconds growth has been quite robust in this quarter uh approximately 30% QQ. So is there any specific states or state which has led to this strong momentum? 30:55 30 minutes, 55 seconds And then uh one last question is that the incremental cost of borrowings have also gone up gone up by approximately 10 bips. Is there any reason which uh why it has gone up during this quarter? 31:07 31 minutes, 7 seconds That's all from my side. 31:09 31 minutes, 9 seconds Great. Uh thank you Arun. Uh one correction public clarification. Uh you mentioned one of increasing by 80 pips. 31:17 31 minutes, 17 seconds Actually it has reduced by 80 pips. So I just wanted to clarify that. uh I you know I I will not I can't be singling 31:25 31 minutes, 25 seconds out any one effort on on singling on a reduction of 80 bits of one plus I think it is a continuous effort you know all 31:32 31 minutes, 32 seconds our foot soldiers in collection side about 1,800 of them you know on a daily basis track that as an organization I would say you know about 18 months back 31:40 31 minutes, 40 seconds is when we started driving down one plus as as as a deliverable number you know from from purely focusing on NPA to also 31:49 31 minutes, 49 seconds coming back to to OnePlus because you know OnePlus gives you that bulge of 6190 and we wanted to avoid that at any 31:56 31 minutes, 56 seconds given point in time. So I I think it is it is it is a combination of concentrated efforts multiple efforts right from our our basics of call center 32:04 32 minutes, 4 seconds calling to the customer banking cycles uh field efforts it's a combination of multiple things which has reduced the 32:11 32 minutes, 11 seconds oneplus by by 80 grips. uh your second part of the question was 30% uh overall growth in for the quarter on the 32:19 32 minutes, 19 seconds sequential basis. Uh has any particular state given me a huge jump on reinforcement? U I would say uh you know 32:28 32 minutes, 28 seconds if I can I don't want to single out any state but I will still give you some names which have which are standing out. 32:33 32 minutes, 33 seconds Maharashtra standing out for us. Madhya Pradesh standing out for us. Tamil Nadu did the surprisingly well. Delhi, Karnataka, 32:42 32 minutes, 42 seconds Uttarakand. So these are you know few topline numbers I thought I I'll mention but you know the these states have given 32:49 32 minutes, 49 seconds um the required numbers. Uh the third part was on cough Raj in terms of cough uh the cough for quarter three as you 32:57 32 minutes, 57 seconds rightly said was 7.45 and quarter 4 was 7.54. 33:01 33 minutes, 1 second Uh this is predominantly because uh uh the we had kept bank borrowings to the 33:07 33 minutes, 7 seconds extent possible. We had we had deferred the draw downs of that some of the draw downs or incremental highly higher draw 33:15 33 minutes, 15 seconds downs happened in quarter 4 visa v quarter three and that is pre precisely the reason the 10 bits is playing out 33:22 33 minutes, 22 seconds anyhow we are saying that our exit uh cough which is 7.7% and we believe that for a significant point of time there is not going to be a 33:30 33 minutes, 30 seconds significant downward movement on this uh cough considering the interest rate scenario that uh that we just talked about if you are able to maintain 33:38 33 minutes, 38 seconds maintained 7.7% cough throughout the entire next year. I'll be very very uh happy to be very honest. Uh as we said we will have to wait and watch for the 33:47 33 minutes, 47 seconds interest rate movements. Rishi says we any of we are a floating uh significant floating book. If we see uh any uh any 33:56 33 minutes, 56 seconds uh incremental interest rate movements uh which is very significant uh we have an ability to pass it on uh to our 34:03 34 minutes, 3 seconds borrowers based on our internal alco and board approvals. uh and uh we will we will then wait and watch and do it. But we personally believe that there is 34:12 34 minutes, 12 seconds going to be a stagnancy in interest rates at least for the next two to three quarters. 34:20 34 minutes, 20 seconds All right, that that's all from my side. Thank you. 34:25 34 minutes, 25 seconds Thank you. The next question is from the line of Pratil from Investor. Please go ahead. 34:32 34 minutes, 32 seconds Yeah. Hi, thanks for the opportunity. So I just uh I was looking at the opex to aum and it is uh increased sequentially. 34:41 34 minutes, 41 seconds So I just wanted to know like the branch count has grown by only around four branches. So what has led to this growth? Have we added on new employees here? 34:51 34 minutes, 51 seconds I think 2 a.m. it is always a uh quarter 4 phenomenon because uh uh we we we run 34:58 34 minutes, 58 seconds uh various competition and contests uh uh in quarter 4 uh for our employees. 35:03 35 minutes, 3 seconds And if you look at uh uh I'm just flipping it to cost to AM. Uh so or or or even the cost to income ratio. If you look to the cost to income ratio, if you 35:12 35 minutes, 12 seconds look at quarter four last year and quarter four of current year, there has been an improvement in cost to income ratio from quarter four to quarter four. 35:19 35 minutes, 19 seconds sequentially between quarter three and quarter four. There will always be a growth because um there are some uh one-timers which typically get booked 35:26 35 minutes, 26 seconds into quarter four which are predominantly uh related to contest and uh competitions that we roll out for uh for our uh sales employees in the field. 35:35 35 minutes, 35 seconds the bow by reduction 50%. 35:37 35 minutes, 37 seconds Yeah, on a bio and by basis if you look at cost to income ratio there has been a reduction in cost to income ratio from about 37.9 to 37.1 and even if you take 35:46 35 minutes, 46 seconds the full year it has reduced from 36.4 to about 35.9. 35:53 35 minutes, 53 seconds Sure. Thank you. And what is the employee count uh as of March 26? Uh the oper uh the oper on roll is 5430 off ground is 3965. 36:07 36 minutes, 7 seconds Sure. Thank you. Thank you. 36:11 36 minutes, 11 seconds Thank you. The next question is from the line of Sha Chhatti from Ageless Capital Finance. Please go ahead. 36:17 36 minutes, 17 seconds Uh hi, thank you for taking my question and congratulations on a good set of numbers. So my first question is a bit uh if you could get give a bit more 36:25 36 minutes, 25 seconds granularity of the 20% area growth that you're guiding for on the basis of the states which you see uh the higher number of growth or which you think will 36:34 36 minutes, 34 seconds grow faster and also on the ticket size meaning your average ticket size is 1.1 per million it's 11 lakhs around but uh 36:43 36 minutes, 43 seconds uh in the EWS and LI space like are you seeing a higher amount of growth in the 2 to five lakh space or higher than five 36:51 36 minutes, 51 seconds lakhs if you could give some color to that. 36:55 36 minutes, 55 seconds Hi Shria. Uh one is you wanted the first part of your question was 20% AUM growth which are the states that are going to 37:02 37 minutes, 2 seconds contribute. uh to broadly you know all of the states are going to be contributing substantially where we are present but as in the previous question 37:09 37 minutes, 9 seconds I had highlighted you know if I can call out few states Uttar Pradesh will keep contributing the largest chunk for us 37:16 37 minutes, 16 seconds followed by it is not in any order so I'm just naming few states Maharashtra Madhya Pradesh Tamil Nadu DelhiNCR 37:24 37 minutes, 24 seconds Karnataka Hana uh Uttarakhand uh Rajasthan these are the top eight or 10 states which contribute the largest 37:33 37 minutes, 33 seconds chunk for our business followed by the other states. Uh and on a lighter note we see some potential now in West Bengal 37:40 37 minutes, 40 seconds too as we as we look at uh the political change. Uh that is one. Second is you 37:46 37 minutes, 46 seconds spoke about u 10.8 11 lakhs of our ticket size EWS LI below 37:54 37 minutes, 54 seconds five lakhs hardly any traction and even if I if I talk about our AUM numbers below five lakhs will be close to about 38:00 38 minutes 3% not not much the real traction is actually between five lakhs to I would say 25 lakhs and that's where we are 38:08 38 minutes, 8 seconds able to with our concentrated efforts across urban and emerging we are able to maintain that 11 lakh kind of average ticket so incrementally our average 38:15 38 minutes, 15 seconds ticket size will be about 12 and a half lakhs got Right. And so my second question is on the uh this uh opex toum ratio or the 38:24 38 minutes, 24 seconds cost to income ratio. So where do you see it going forward and like what will contribute to it like what is your branch productivity right now and how 38:32 38 minutes, 32 seconds many uh branches are above that average branch productivity and how many branches are you could uh just elaborate 38:39 38 minutes, 39 seconds a bit more to that. So the way we look at uh cost to income is and if you look at it consistently over the last two financial years we have dropped almost 38:47 38 minutes, 47 seconds to the extent of about 150 160 pips. Uh we're looking at another 50 pips probably in the in the next financial 38:54 38 minutes, 54 seconds year. Uh what will be driving this? It's a combination of productivity. some of the some of the projects that we have 39:02 39 minutes, 2 seconds taken up on sales productivity which will come from uh come from our AIdriven models that we will be able to deliver 39:10 39 minutes, 10 seconds on productivity. uh in terms of uh in terms of how productive are our branches typically the branch that we set up in a 39:17 39 minutes, 17 seconds in a 9 to 12 month period if it's a it's a small branch they become they become profitable or productive if I can use the word and the slightly bigger urban 39:26 39 minutes, 26 seconds branches they take anywhere between 12 to 15 months to become productive so going by that scenario I think majority of the branches that we have set up to 39:35 39 minutes, 35 seconds quarter one of last financial year uh have in that sense becoming uh become productive I would I would say and the 39:42 39 minutes, 42 seconds way we the way we look at contribution of uh the branches is how fast they can achieve this 9 months and 12 to 12 39:50 39 minutes, 50 seconds months for a smaller branch and for a bigger branch 12 to 15 months and uh I dare say that majority of the branches do turn productive within this period of 39:58 39 minutes, 58 seconds time. If I can come in there quickly, Isaiah, you know, I think Raj explained it very nicely, but just as a point when we talk about branches, you know, at 40:06 40 minutes, 6 seconds Adar, we follow a very differentiated structure as against anybody else in the market. We follow something called the four categories of branches starting 40:14 40 minutes, 14 seconds from a very small, you know, 50 60 foot office called ultra micro moving to a micro branch, small branch and then main branch. So that's the category Raj spoke 40:22 40 minutes, 22 seconds about 9 months to 18 months. every branch will have a different trajectory of becoming break even or profitable. 40:30 40 minutes, 30 seconds Thank you that was really helpful. Just my last part of the question is on the cost of funds do you see any meaningful improvement in FI27 or will it continue? 40:39 40 minutes, 39 seconds Uh as I said considering the overall macro I would be very happy if you're able to maintain the the exit rates of the current year. uh uh to be very 40:48 40 minutes, 48 seconds honest uh uh we we don't think uh that anyone is expecting a drop in the cost of funds from here uh in or a drop in 40:56 40 minutes, 56 seconds interest rates from here and the pass on for us also has come through majorly uh so I think there will be a to a great extent next two three quarters at least 41:03 41 minutes, 3 seconds we see a status quo uh right through our cost of funds and uh if we are able to uh pull the lever on on the lab business 41:10 41 minutes, 10 seconds that we do and some of the uh emerging market business that we do uh we believe that we will be able to take the yields is a bit higher and technically our 41:18 41 minutes, 18 seconds spreads protected is yeah spreads will get protected that is that is basically the strategy we are trying to play out 41:26 41 minutes, 26 seconds thank you thank you next question is from the line 41:33 41 minutes, 33 seconds of Nash Tavate from Kota please go ahead hi uh thanks for uh taking my question uh if you could give some color uh in 41:41 41 minutes, 41 seconds terms of how your incremental ticket sizes have moved uh you know in the last four quarters I You mentioned the number of 10 and a half lakhs uh in this 41:48 41 minutes, 48 seconds quarter but how would this be like a year back just a minute distance they're just pulling it out just a minute. 41:56 41 minutes, 56 seconds Yeah sure okay so uh the movement has been uh in 42:05 42 minutes, 5 seconds the range of so 10 and a half lakh as I told you is uh 10.8 is on the book uh I will do a club of home loan and non-h 42:13 42 minutes, 13 seconds home loan so 13.6 6 uh was in quarter 3 FI26 uh 12.6 is the last quarter slight drop. 42:25 42 minutes, 25 seconds Uh prior to that was uh 13.8 814. 42:32 42 minutes, 32 seconds Got it. So you actually come down it's been in the range of it's been in the range of I would say 12.5 to uh 13.5 M 42:39 42 minutes, 39 seconds and Mr. the the point to note over here is our lap contribution uh has dropped uh slightly in quarter 4. We have done 42:48 42 minutes, 48 seconds only about 24 21% of our dispersements in lap. Uh typically we do about 28 29%. 42:54 42 minutes, 54 seconds If you did more lap probably that uh ticket size would have come in slightly more lower. 43:01 43 minutes, 1 second Uh got it got it. So you're actually going down the ticket size. You're not going up the ticket size, right? I mean is that uh No, I will I will not say we're going 43:09 43 minutes, 9 seconds down the ticket size and you know that is where our emerging and urban strategy plays out. You know when we focus more on emerging locations and I have called 43:16 43 minutes, 16 seconds it out in the previous call as well. Uh emerging ticket sizes will be much lower. You know today my emerging C ticket size will be in the range of 43:25 43 minutes, 25 seconds about 8.5 8.6 lakhs. Emerging B will be again 10 lakh. Emerging A will be 12 lakh. So that's what plays out. So if if 43:33 43 minutes, 33 seconds the if the team start and and urban will be typically 17 18 lakhs depending on which city we are talking about. But if 43:40 43 minutes, 40 seconds if the strategy that we want to drive of urban emerging is right, the ticket size should be under control. You know the 43:47 43 minutes, 47 seconds intent is to maintain the book level ticket size even when in the shorter term in the range of 10 to 11 11 and a half lakh. So that's the aim. 43:57 43 minutes, 57 seconds Some quarters some quarters it will go up some quarters it will come down. If emerging performs in in one quarter emerging performs over the targets your 44:06 44 minutes, 6 seconds ticket size suddenly will jump a little bit. So that's how it works. 44:10 44 minutes, 10 seconds So basically you are emerging essentially deep impact branches right? 44:15 44 minutes, 15 seconds Sorry. Yes. These are basically deep impact. Yeah. Smaller deeper impact branches. Right. Right. 44:20 44 minutes, 20 seconds Yeah. So, so you are comfortable to go down the ticket sizes is what we are saying. But probably uh you know the deep impact strategy doesn't change but 44:28 44 minutes, 28 seconds maybe in terms of focusing on lap that's something which we probably you know kind of be a little bit more careful at this. Is that a fair way to read it? 44:36 44 minutes, 36 seconds No I will not say we are comfortable by ticket size going down. We are very very comfortable by sustaining the ticket size and we know by with with you know 44:45 44 minutes, 45 seconds cost of cost of construction etc going up there will be a slight increase in the ticket size which we are fine with you know to today at a book level 10.8 44:53 44 minutes, 53 seconds moving to 11.5 eventually you know doesn't bother me too much so and you know the dis so the reason 45:00 45 minutes I'm asking all of this is the disbbursement growth in the retail side or or essentially the in the in the in the core portfolio is almost 26% on on 45:08 45 minutes, 8 seconds the home loans is almost 26% this quarter which is obviously a phenomenally good number so he is curious as to you know what is it that 45:15 45 minutes, 15 seconds has driven this and uh uh you know how should uh one think about it I mean it's something which I guess is way ahead of 45:22 45 minutes, 22 seconds uh probably you know your peers. So I I would say two two two things N one is you know just as a slight correction we 45:30 45 minutes, 30 seconds just do retail so not on retail side we just do retail we don't don't do anything sorry I I was mean home loans sorry yeah yeah so in in home loans yes this 45:39 45 minutes, 39 seconds quarter has been uh there has been a 26% growth on home loans I think it is also to credit should also go to the various government initiatives like PMI you know 45:48 45 minutes, 48 seconds we we are the the largest player in PMI play today close to about 50 crores of our uh subsidies have gone to the consumers about 15,000 16,000 customers. 45:57 45 minutes, 57 seconds So that obviously obviously started playing out and and I will come back to my emerging uh word again you know a lot of thrust and focus from the senior 46:05 46 minutes, 5 seconds management on emerging is giving uh you know a little push on more home loans and that is also evident that is point number two point number three is I I 46:13 46 minutes, 13 seconds called out saying that for the last three quarters since the tariff issue happened post that we've been really careful on on non- home loans the non- 46:21 46 minutes, 21 seconds home loans you see a slight dip in the way the quarteron quarter non- home loans has moved um but the teams still have to do business. They still want to 46:29 46 minutes, 29 seconds meet the budgets and and incentive structures. So, so you know home loan started started coming in which is good news. You know higher the home loan the 46:37 46 minutes, 37 seconds better it is but at and and with a with a clarification that we will want to maintain at about 7030 in the medium term. 46:46 46 minutes, 46 seconds And this finally so this also means that there could be some small lever to your margin or basically yields if the uh you know if the if the emerging uh kind of loan book goes up. 46:56 46 minutes, 56 seconds Uh sorry uh miss you allow to repeat that please. 46:59 46 minutes, 59 seconds No no so this also means that there could be some small defer to eels if your emerging book uh goes up. 47:05 47 minutes, 5 seconds Yeah yeah yeah absolutely. the the two levers that we have got to ease is obviously pushing more business in in in emerging BNC one lap and the second 47:14 47 minutes, 14 seconds lever is actually as Rishi said lap uh if you can take the disbbursements uh rates in a calibrated manner back to uh 47:21 47 minutes, 21 seconds back to 28 to 30% that is a good uh person and say third is our uh our overall strategy where we always tell that always have guided that 47:30 47 minutes, 30 seconds self-employed business will as a percentage of the AM will move uh uh towards self-employed overall book will move towards self-employed by 1 one and 47:38 47 minutes, 38 seconds a half% every year. Uh and the more emerging BNC that we do the more self-employed business that we will underwrite. So I think this all works 47:46 47 minutes, 46 seconds out to a slightly higher uh year generating strategy. Yeah. 47:51 47 minutes, 51 seconds Got it. Uh thank thank you very much and thank you for patiently answering all the questions. All the best. Thank you. Thanks. 48:00 48 minutes Thank you. The next question is from the line of Rakkesh Kumar from Ventus Advisor. Please go ahead. 48:06 48 minutes, 6 seconds Uh yeah hi thanks sir. Uh so the first question is uh you know uh with regards to the funding sources. So just wanted 48:16 48 minutes, 16 seconds to know that in the last one years or so like in this declining interested scenario. 48:22 48 minutes, 22 seconds So what portion of non-banking funds would have got repriced and to what extent? 48:34 48 minutes, 34 seconds A significant portion of our floating funds are only banking funds and NHP funds and NHB also approximately 50% of 48:42 48 minutes, 42 seconds our NHP is fixed and 50% is floating. Uh so that NHP floating portion will always get repriced. Uh it would have got 48:50 48 minutes, 50 seconds repric in the range of about 50 60 bits if I'm not mistaken NHP and in the terms of banking funds uh I think banking funds once I can just get the number to you. banking funds would have got 92%. 49:02 49 minutes, 2 seconds like in terms of bits it would have got repriced by uh in the range of about 50 bips 49:09 49 minutes, 9 seconds uh and the non-bank so like from like from uh Q4 FI25 to Q4 FI26 we have a 49:18 49 minutes, 18 seconds drop of approximately 80 bits of uh interest rate the borrowing cost number correct come again sorry come again 49:27 49 minutes, 27 seconds the interest rate number for us the diversified funding number that has fallen from 8.4 to 7.6. 49:35 49 minutes, 35 seconds That's right. That's the incremental that is the incremental uh cost of fund has fallen from 8.4 to 7.6. And the 49:43 49 minutes, 43 seconds benefit which has been passed on to the banks to us is about uh anywhere in the range of 70 to 75 bits. It was not 50 bits, it is 70 to 75 bits. 49:52 49 minutes, 52 seconds So if I take like 75 bits and so basically 30 so out of this 80 bits 35 49:59 49 minutes, 59 seconds bits uh benefit has come from bank. That is what you're saying. 50:04 50 minutes, 4 seconds Yeah. The other way of looking at it is my exit cost of funds in last year was 8.14%. 50:09 50 minutes, 9 seconds And the exit cost of funds in the current year is about 7.72%. 50:13 50 minutes, 13 seconds So that is the the benefit of the entire book that has actually come through to us and we have passed on 15 bits to the customers also. 50:22 50 minutes, 22 seconds So uh passing on to customer is just like now we uh so this is the secondary thing. So what I'm just trying to 50:29 50 minutes, 29 seconds understand is that non-banking resources that we have what portion of that can 50:36 50 minutes, 36 seconds get further repriced and uh to what extent so so that is what I wanted to 50:42 50 minutes, 42 seconds arrive at see our our NCD is about 22% is our NCT so NCTs typically are three 50:49 50 minutes, 49 seconds year four year NCDS which typically don't get repric these are all uh uh these are NCDS are broadly broadly fixed 50:57 50 minutes, 57 seconds type of instrument ments. Now when it comes to banks, banks are 51% which gets repriced which are all floating rate. 51:03 51 minutes, 3 seconds NHB as I said 22% is NHB. NHB 50% is floating 60% is fixed. Now NCDs will also include a small portion which will 51:12 51 minutes, 12 seconds which will also get fixed. So typically out of our NCDs approximately 15 to 16% will get one thing 51:20 51 minutes, 20 seconds of of the of the of the NCDS of the NCDS 32% sorry my bad of the NCDS 32% is floating and 68% is fixed so we have 22% 51:30 51 minutes, 30 seconds of our overall portfolio borrowings NCDS of the NCDS 32% is floating and 68% is fixed 51:38 51 minutes, 38 seconds okay okay sure sir thank 51:45 51 minutes, 45 seconds Thank you ladies and gentlemen. That was the last question for today. I now hand the conference over to the management for closing comments. 51:55 51 minutes, 55 seconds Uh thank you all for coming in uh quite late uh for this for this call. Uh uh and uh I hope that we have been able to 52:03 52 minutes, 3 seconds uh answer and manage to answer all your questions as per your expectations. If there are any pending questions, you can always reach out to Sanjay Munagani, our 52:11 52 minutes, 11 seconds head of FPNA and we'll be happy to answer these questions. Thanks and uh happy to meet again in part one of the next financial year. Thank you very much. Thank you so much. 52:22 52 minutes, 22 seconds Thank you ladies and gentlemen. On behalf of GM Financial Institutional Securities Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.