P.N. Vasudevan

The X bucket collection efficiency on a POS basis has moved up to 99.4% in December and the percentage of book slipping into NPA over the last few months has seen a sharp reversal.

We have delivered a better than expected ROA of 0.65% for Q3 after taking into account around 29 crores of impact due to the new labor code implementation.

We should expect the next year fourth quarter exit at 1.5%.

This is the first time since 2008 that we have reported a loss and hopefully the last time too.

The thought behind creating a management overlay provision and increasing the provision norms was to speed up the credit cost cycle and showcase the new Equitas going forward without the current drag on the system.

We have started calibrated lending in microfinance balancing the long-term goal of reduced dependency on microfinance and the short-term goal of improving collection efficiencies.