Manappuram Finance Ltd — Q4 FY26

Manappuram Finance Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=kGgF4_xNEjk Published: 9 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to Manapuram Finance Q4 FY26 earnings conference call hosted by 0:10 10 seconds Motilos Financial Services Limited. As a reminder, all participants will be in the listenonly mode and there will be an 0:17 17 seconds opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an 0:24 24 seconds operator by pressing star then zero on your touchstone phone. 0:28 28 seconds Please note that this conference is being recorded. I now hand the conference over to Mr. Abijit Dewal from 0:35 35 seconds Motilos Financial Services. Thank you and over to you sir. 0:41 41 seconds Yes. Uh thank you. Good evening everyone. I am Abijit Braval from Motila Losal and it is our pleasure to welcome 0:49 49 seconds you all to this earnings call. Thank you very much for joining us for the Mandapir Finance call to discuss their 0:55 55 seconds Q4 FI26 earnings. To discuss the company's earnings, I am pleased to welcome Mr. VP Nandanda Kumar, managing 1:04 1 minute, 4 seconds director, Dr. Sumita Nandan, executive director, Mr. Bhanesh Tarasankar, Group 1:10 1 minute, 10 seconds CFO, Miss Binddu Al CFO, Mr. Manoj Fasa, co-CEO Ashwad Micro Finance, Dr. Roy Wagis co-CEO Ashbad Micro Finance Mr. 1:23 1 minute, 23 seconds Rajes Namudi CFO Ashabad Micro Finance Mr. Kamal Parmar Head Vehicle and 1:30 1 minute, 30 seconds Equipment Finance Mr. Rakkesh Sharma co-CEO Manapuramura Home Finance Mr. 1:36 1 minute, 36 seconds Suil PS co-CEO Manapuram home finance and Mr. Robin Kurui, CFO, Manapuram Home 1:43 1 minute, 43 seconds Finance. On behalf of Motira Lowal, we thank the senior management and the investor relations team of Manapuram 1:50 1 minute, 50 seconds Finance for giving us this opportunity to host you today. I now invite Mr. 1:56 1 minute, 56 seconds Nandukumar for his opening remarks. With that, over to you sir. Thank you. 2:04 2 minutes, 4 seconds Good evening everyone and thank you for joining us 2:09 2 minutes, 9 seconds for bonra minance Q4 and full year FI26 training score. 2:18 2 minutes, 18 seconds I sincerely appreciate your continued engagement and support. Today I'll 2:25 2 minutes, 25 seconds briefly share our perspective from the operating environment, key highlights for the quarter and the 2:32 2 minutes, 32 seconds year and our strategic directions as we enter FI27. 2:40 2 minutes, 40 seconds In it geopolitical tensions, the fourth quarter of FI26 2:47 2 minutes, 47 seconds marked a relatively stable operating environment for the NBFC sector. 2:54 2 minutes, 54 seconds Though the macroeconomic indicators continue to show resilience 3:00 3 minutes supported by speedy consumption trends, improving rural demand and stable credit 3:07 3 minutes, 7 seconds growth. It is tempered by the headwinds arising rather geopolitical tensions 3:14 3 minutes, 14 seconds such as inflationary tendencies likely faving up of interest rates weakening of rupee etc. 3:23 3 minutes, 23 seconds The lending landscape remained competitive with sustained focus on improvements in asset policy and prudent underwriting standards. 3:34 3 minutes, 34 seconds The sector also continue to witness challenges in certain unsecured segments particularly micro finance albeit early 3:44 3 minutes, 44 seconds signs of recovery prices remains supportive during the quarter 3:53 3 minutes, 53 seconds reinforcing demand for secured lending products such as gold loans continue to offer liquidity flexibility 4:02 4 minutes, 2 seconds and lower risk Against this backdrop, our approach remained consistent 4:10 4 minutes, 10 seconds protecting asset quality and ensuring sustainable growth through the quarter. 4:17 4 minutes, 17 seconds We also observed sustainable growth in our colon portfolio 4:24 4 minutes, 24 seconds with AM improving sub sequentially after softer phase failures in the year. 4:33 4 minutes, 33 seconds Why competition remain elevated? 4:37 4 minutes, 37 seconds Higher grow higher economic activities, rural demands, shift in the consumer spending pattern 4:46 4 minutes, 46 seconds as supporters for go on dispersements across segments. 4:54 4 minutes, 54 seconds trends remain divergent while gold is largely instrumental to our growth. 5:04 5 minutes, 4 seconds Micro finance is still in a recovery phase with the modest AM expansion 5:11 5 minutes, 11 seconds and improvements in other quality. The housing finance business remains stable. 5:19 5 minutes, 19 seconds The portfolio growth is futile. 5:24 5 minutes, 24 seconds We remain focused on asset quality, operating efficiency and risk district growth. 5:33 5 minutes, 33 seconds We are taking a cautious stance in micro finance aligning expansion with improvements in 5:41 5 minutes, 41 seconds collections and borrow borrower leverage while continuing to scale other segments and prudently. 5:51 5 minutes, 51 seconds Looking ahead, we expect steady momentum in gold loans driven by consumer demand. 6:00 6 minutes Along with this, our diversified portfolio will will enable a balanced and resilient growth. 6:12 6 minutes, 12 seconds For Q4 FI26, finance delivered a strong performance 6:20 6 minutes, 20 seconds with growth anchored by core by our core role on business 6:26 6 minutes, 26 seconds and supported by disciplined risk management across portfolios. 6:33 6 minutes, 33 seconds Consolidated revenue for the quarter stood at 2,614 cr 6:41 6 minutes, 41 seconds reflecting Q growth of 6:49 6 minutes, 49 seconds 10.7% and 11% respectively. 6:55 6 minutes, 55 seconds Profit after tax stood at 405 crores 7:01 7 minutes, 1 second for the full year. FI26 we reported revenue of 9,59 7:08 7 minutes, 8 seconds groups P of 993 groups. 7:15 7 minutes, 15 seconds The capital position and liquidity buffers and provisioning coverage remain strong 7:23 7 minutes, 23 seconds providing resilience and flexibility as we move into next financial year. 7:32 7 minutes, 32 seconds Go on business. The course tank for golden segment continue to demonstrate 7:38 7 minutes, 38 seconds strong momentum in Q4 reaffirming its role as the cornerstone of our business. 7:48 7 minutes, 48 seconds gold on stood at 50,953 cringing 7:56 7 minutes, 56 seconds 99.1% uh year on year and 31.5% 8:04 8 minutes, 4 seconds quarteron quarter is the segment continue to contribute 8:11 8 minutes, 11 seconds the majority of our consolidated am and earnings 8:19 8 minutes, 19 seconds Asset quality in this portfolio remains robust 8:25 8 minutes, 25 seconds supported by conservative LTV norms, frequent monitoring and strong operational controls. 8:36 8 minutes, 36 seconds Introduction of the new lending against old collateral guidelines of the regulator has enabled us to 8:46 8 minutes, 46 seconds broaden our product offering in a structured manner. We have introduced consumption loans 8:54 8 minutes, 54 seconds catering to the household and personal financing needs and income generating loans 9:02 9 minutes, 2 seconds designed for small business and livelihood purpose. 9:06 9 minutes, 6 seconds allowing us to serve the differing needs of our borrow more effectively. 9:15 9 minutes, 15 seconds Each of these products operate within defined cartridges on LTV tener and customer eligibility. 9:26 9 minutes, 26 seconds is the new regulations requiring credit assessment of the borrowers will improve 9:33 9 minutes, 33 seconds our customer due diligence resulting in lower delquencies 9:41 9 minutes, 41 seconds crosselling of other products to our customers thereby improving their value chending 9:51 9 minutes, 51 seconds partnerships have added a further origination channel extending our reach 9:59 9 minutes, 59 seconds to geographies where we have limited presence. 10:05 10 minutes, 5 seconds We also continue to invest in digital capabilities, analytics and process efficiencies. 10:16 10 minutes, 16 seconds We are enhancing customer experience, improving turnaround time 10:22 10 minutes, 22 seconds and driving productivity gains across our branch network. 10:32 10 minutes, 32 seconds Asha micro finance continue to operate in a cautious environment during Q4 FI26. 10:42 10 minutes, 42 seconds The strategic actions we initiated over the past few quarters including tighter underwriting, 10:51 10 minutes, 51 seconds calibrated dispersements, strengthened collections and geographical optimization 10:59 10 minutes, 59 seconds are beginning to yield gradual improvements. 11:04 11 minutes, 4 seconds We expect the business to stabilize progressively with a sharper focus on sustainable 11:12 11 minutes, 12 seconds growth and the brute risk adjusted returns across virtual finance 11:23 11 minutes, 23 seconds and all lending and affordable housing finance. We are pursuing a calibrated 11:31 11 minutes, 31 seconds growth strategy that prioritizes risk adjusted returns or volumes. 11:40 11 minutes, 40 seconds Underwriting standards have been tightened. 11:44 11 minutes, 44 seconds Exposure in select segments have been moderated and collection infrastructure have been strengthened. 11:54 11 minutes, 54 seconds These se segments witnessed a moderation in portfolio levels reflecting a 12:01 12 minutes, 1 second calibrated approach that prioritizes portfolio quality and profitability over aggressive expansion. 12:16 12 minutes, 16 seconds Asset quality continues to remain the key focus area. 12:22 12 minutes, 22 seconds Consolidated GNPA stood at 2.14%age. 12:29 12 minutes, 29 seconds Provision coverage ratio remained at 27.34%age. 12:37 12 minutes, 37 seconds While stress persists in certain portfolios, our secured book continues to perform strongly. 12:46 12 minutes, 46 seconds Our balance sheet remains healthy. Capital adequacy at 21.3%. 12:53 12 minutes, 53 seconds Well above regulatory requirements strong liquidity position with diversified funding sources across 13:02 13 minutes, 2 seconds banks, capital markets and secretization. 13:07 13 minutes, 7 seconds We continue to maintain a conservative positioning stance and closely monitor 13:15 13 minutes, 15 seconds daily warning indications across businesses. 13:21 13 minutes, 21 seconds As we enter FI27, our strategic priorities remain clear. 13:29 13 minutes, 29 seconds Strengthen leadership in gold loans through scale technology and customercentric innovation. 13:40 13 minutes, 40 seconds Accelerate stabilization of micro finance and other micro lending segments with a strong focus on asset quality. 13:52 13 minutes, 52 seconds Maintain balance sheet strength with a disciplined capital and liquidity management. 13:59 13 minutes, 59 seconds Enhance operational efficiency through digital adoption and analytics. 14:08 14 minutes, 8 seconds Continue proactive regulatory engagement and uphold best-in-class governance standards. 14:19 14 minutes, 19 seconds While near-term challenges persist in certain segments, we remain confident 14:27 14 minutes, 27 seconds in the long-term structural opportunity in secured lending particularly good loans. 14:35 14 minutes, 35 seconds With our strong brand, extensive distribution network and disciplined execution, 14:44 14 minutes, 44 seconds we are well positioned to deliver sustainable growth. 14:50 14 minutes, 50 seconds I would like to thank our employees for their dedication, 14:57 14 minutes, 57 seconds our customers for their continued trust and our investors for their unwavering support. 15:05 15 minutes, 5 seconds We remain focused on building a resilient future ready franchise 15:13 15 minutes, 13 seconds while delivering long-term value to all stakeholders. 15:19 15 minutes, 19 seconds With that, I will now hand over the call to our group CFO 15:26 15 minutes, 26 seconds Mr. Buages for detail to financial performance statement after which we'll be happy to take your questions. Thank you. 15:39 15 minutes, 39 seconds Thank you sir. Uh good evening everyone. Thank you for joining us for the discussion on our 15:46 15 minutes, 46 seconds financial results for the last quarter and year ended March 31, 2026. 15:54 15 minutes, 54 seconds Our consolidated amum for Q4 at 26 was 63,798 16:02 16 minutes, 2 seconds crores up 22.4% sequentially and higher by 48.3% yearonear. 16:11 16 minutes, 11 seconds Gold continue to be our key growth driver with an AUM of 50,953 crores 16:19 16 minutes, 19 seconds up 31.5% quarteron quarter and higher by 99.1% yearonear 16:27 16 minutes, 27 seconds supported by the gold price and strong customer demand. 16:31 16 minutes, 31 seconds Gold loan business constitutes 80% of the consolidated AUM versus 59% in the pri prior year. 16:40 16 minutes, 40 seconds Consolidated PAT before OCI and minority interest was 405 crores for quarter 4 16:48 16 minutes, 48 seconds which was up by almost 70% quarteron quarter for FI26 16:56 16 minutes, 56 seconds our consolidated PAT before OCI and minority leaders 17:01 17 minutes, 1 second was at 993 crores down 17.5% yearonear coming to a standalone business. 17:12 17 minutes, 12 seconds Our standalone amum maf for Q4 FI26 was at 55,952 17:20 17 minutes, 20 seconds crores up 26.6% sequentially and 69.4% yearonear. 17:29 17 minutes, 29 seconds Gold loan in standalone business was 48814 crores up 31.4% 4% quarteron quarter and higher by 98% yearonear. 17:42 17 minutes, 42 seconds Gold constitutes 87.2% of our standalone AUM versus 75% in the prior year. For 17:49 17 minutes, 49 seconds the quarter, our standalone pack before OCI and minority interest was at 376 17:57 17 minutes, 57 seconds crores marginally down 1.5% sequentially and what 9.4% 4% yearon year. Standalone 18:06 18 minutes, 6 seconds pack included impact of a one-time write off on vehicle loans amounting to 84 crores 18:13 18 minutes, 13 seconds for the year. Our standalone pack before OCI was 1,525 crores down 14.5% yearon year. 18:26 18 minutes, 26 seconds Standalone GMPA as on 31st March 2026 was at 1.81% 81% versus 2.61% during the 18:36 18 minutes, 36 seconds previous quarter and the credit cost in the standalone entity for the quarter was 1.2%. 18:43 18 minutes, 43 seconds Standalone borrowing cost has gone down by 17 bits in Q4 FI26. 18:51 18 minutes, 51 seconds Coming to the gold loan business during the quarter we were able to add 3.16 lakh new customers and outstanding number of customers stood at 25.2 lakhs. 19:04 19 minutes, 4 seconds Tonnage grew by 3.82 tons in Q4. 19:10 19 minutes, 10 seconds Our average gold loan LTV was at 57% in Q4 FI26 and the online gold loan book accounts 19:19 19 minutes, 19 seconds for 92% of our total gold loan book. 19:24 19 minutes, 24 seconds Coming to the micro finance business, positive trends emerging in Q4. 19:30 19 minutes, 30 seconds Uh there was a growth in the MFI AM of 176 crores during the quarter. 19:38 19 minutes, 38 seconds Disbustals closed at,086 crores versus 680 crores in the prior quarter and the new book constitutes 19:46 19 minutes, 46 seconds approximately 55% of the MFI portfolio as of March 8th. 19:52 19 minutes, 52 seconds AIAD AUM stands at 6,794 crores which 19:58 19 minutes, 58 seconds includes gold loan amum of 2,139 crores up 11.9% 20:05 20 minutes, 5 seconds quarteron quarter and down by about 17% yearonear back before OCI 20:14 20 minutes, 14 seconds was at 13 crores in Q4 FI26 versus loss of 156 crores in Q3 3 FI26 20:24 20 minutes, 24 seconds adjusted for one-offs, losses were flat quarteron quarter. 20:29 20 minutes, 29 seconds GNPA is at 4.85% with net NPA at 1.6%. 20:37 20 minutes, 37 seconds Down sequentially uh versus the prior quarter CR currently stands at 20.2%. 20:48 20 minutes, 48 seconds Coming to the vehicle finance business. 20:50 20 minutes, 50 seconds In vehicle finance business, we have reported an AUM of 2,991 crores. 20:56 20 minutes, 56 seconds It's down 16.8% quarteron quarter and 37.3% yearonear. 21:04 21 minutes, 4 seconds The focus in the vehicle to several actions 21:11 21 minutes, 11 seconds including having separate collections teams handling soft and hard buckets. 21:16 21 minutes, 16 seconds uh focus on digital reminders to improve match clearance and focus on match 21:23 21 minutes, 23 seconds bounds collections to improve current bucket resolutions. 21:27 21 minutes, 27 seconds Total G&P showed a slight improvement sequentially. 21:31 21 minutes, 31 seconds Uh GNP percentage was at 10.4% 21:38 21 minutes, 38 seconds versus 13.7% in the prior quarter. Loans to MSME and allied businesses stood at 21:46 21 minutes, 46 seconds 3,351 crores with a disbbursement of 254 crores in the current in Q4 and GNPA was 21:55 21 minutes, 55 seconds at 7.1% versus 6.1% in the earlier quarter. 22:02 22 minutes, 2 seconds The home loan business with a total book of 1,852 crores was down 2.6%. 6% 22:11 22 minutes, 11 seconds quarteron quarter but higher year on year by about 1.5%. 22:17 22 minutes, 17 seconds The board has declared an interim dividend of 50 pesa for this quarter. 22:23 22 minutes, 23 seconds Company's well capitalized with a capital adequacy ratio of 21.32%. 22:28 22 minutes, 28 seconds And consolidated net worth stood at 16,51 crores as at March 31, 2026. 22:37 22 minutes, 37 seconds Book value per share stood at 170.9%. 22:43 22 minutes, 43 seconds We can now go for the Q&A session. Thank you. Thank you very much, sir. 22:51 22 minutes, 51 seconds We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. 23:00 23 minutes If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. 23:10 23 minutes, 10 seconds Ladies and gentlemen, we'll wait for a moment while the question queue assembles. 23:24 23 minutes, 24 seconds First question is from the line of engineer from CLSA. Please go ahead. 23:32 23 minutes, 32 seconds Yeah. Uh, hi team. Congratulations on the quarter. My first question is for Bindu. Uh out of the 215 cr standard 23:41 23 minutes, 41 seconds standalone provision, how much of a gold versus non- gold? Can you break that up please? 23:49 23 minutes, 49 seconds Okay. So I'll share the exact details separately but uh majority of it is from 23:56 23 minutes, 56 seconds uh non gold only. uh in that if you see the nodes to accounts uh almost 136 cr 24:05 24 minutes, 5 seconds uh is uh the the right of the vehicle finance book. So that has elevated the uh baddest in this quarter. 24:15 24 minutes, 15 seconds Okay. You said 136 cr off. 136. 24:21 24 minutes, 21 seconds Okay. Because I think in the opening comments I heard 84 cr oneet one time write off or was it 84 cr is one time and 50 is business as usual. 24:31 24 minutes, 31 seconds Is that the interpretation? 24:34 24 minutes, 34 seconds Yeah. Out of 136 cr uh 84 cr is net of provision. 24:42 24 minutes, 42 seconds Okay. Okay. Net of provision. Okay. 24:44 24 minutes, 44 seconds Understood. Uh secondly when you'll disclose your gold loan average ticket size of 1.27 27 lakhs that's on 24:52 24 minutes, 52 seconds dispersements or on aum aum okay fair enough and just thirdly I 25:01 25 minutes, 1 second wanted to understand this LTV thing now gold prices are up 8% Qoq 8 9%. Your 25:08 25 minutes, 8 seconds tonnage growth is 6 7% uh Qoq uh so if my LTV is stable AUM growth should be 14 15% QoQ not 30%. 25:20 25 minutes, 20 seconds So what am I missing here? Has the LTV gone up or uh what's wrong in the calculation here? 25:32 25 minutes, 32 seconds Uh so the gold price increase is around 20% during the quarter and uh and uh 8% 25:40 25 minutes, 40 seconds uh 7% on growth and the total growth is 31%. 25:46 25 minutes, 46 seconds Sir, you're saying from 20th December, sorry, 30th 31st December to 31st March, you're saying 20% gold loan growth. 25:56 25 minutes, 56 seconds Gold price. 25:57 25 minutes, 57 seconds Gold price. Yeah. Or are you taking an average of some periods? 26:06 26 minutes, 6 seconds Uh this is on an actual basis. Average the actual gold on price has gone up by 20%. 26:15 26 minutes, 15 seconds Okay. Okay. Uh yeah. Okay. That's it from my end. Uh thanks and wish you all the best. 26:28 26 minutes, 28 seconds Yeah. I'm done. Yeah. 26:33 26 minutes, 33 seconds Next question is from the line on Shijuan Gao from Sconefield. Please go ahead. 26:40 26 minutes, 40 seconds Hey, am I audible? Yes. Yes, please go ahead. 26:45 26 minutes, 45 seconds Yeah, thank you for the opportunity. Um I just want to understand uh how should we look at profitability versus growth 26:55 26 minutes, 55 seconds you know because if I look at either Q on Q or year on year our AUM on a stand basis of grow materially but then the 27:04 27 minutes, 4 seconds profit is down year on Q and year on year so despite 70% year on year our 27:11 27 minutes, 11 seconds profit year so how should we think about you know the trade between growth and profitability going forward. 27:22 27 minutes, 22 seconds Uh if you see the uh Candle uh the uh names improved during the 27:29 27 minutes, 29 seconds quarter uh but the main impact is on account of uh higher provisions especially from the non- gold portfolio 27:39 27 minutes, 39 seconds that impact profitability otherwise uh if we adjust this one time write off our 27:45 27 minutes, 45 seconds profit would have been 430 crores. Got it. And on the uh Ashabad um it's 27:56 27 minutes, 56 seconds quarter on credit cost is almost uh minimal. What's the uh what you think about the credit cost here uh for FL27? 28:11 28 minutes, 11 seconds Yeah. So uh the credit cost um has improved primarily on account of uh enhanced collection efficiencies uh and 28:19 28 minutes, 19 seconds it's also been complemented with an increase in our uh book. Um as in the opening remarks you would have heard 28:26 28 minutes, 26 seconds that uh the the v you know the rundown is reduced from how it was going in the previous three quarters and last quarter 28:34 28 minutes, 34 seconds we've increased our uh book and sim simultaneously increased our collection efficiencies. that way we've uh had our 28:41 28 minutes, 41 seconds credit cost in control and to add yeah what you think about course I don't 28:49 28 minutes, 49 seconds know whether the fourth quarter credit card is a sustainable level because it's almost close to zero 28:58 28 minutes, 58 seconds yeah completely sustainable okay and then um 29:05 29 minutes, 5 seconds so I just want to understand why is there uh positive uh EPL ECL 29:13 29 minutes, 13 seconds division change in the fourth quarter for Ash uh you know given that you know generally in the industry we see 29:22 29 minutes, 22 seconds negative ECR revision model change because of the uh you know a tougher environment in the in the in the trading 29:29 29 minutes, 29 seconds 12 months so I'll take that um so Ashwa Q4 29:37 29 minutes, 37 seconds profit of uh I mean the the provision was about 9 crores was largely on account of uh certain MTM uh credits 29:47 29 minutes, 47 seconds that we got on the security receipts. Um and uh the change in terms of the ECL 29:55 29 minutes, 55 seconds provisioning that we take took on the new pool uh because the new pool is performing significantly better than our 30:04 30 minutes, 4 seconds best performing cohorts that we had in our portfolio and and basically um 30:11 30 minutes, 11 seconds therefore you know we uh took a a right back on the provisions especially on the 30:18 30 minutes, 18 seconds new pool. So the impact of u the the MTM change and uh the ECL contributed to a 30:27 30 minutes, 27 seconds much lower provisioning in the in the fourth quarter. 30:32 30 minutes, 32 seconds How much is the MTM change plus ECR provision altogether? 30:37 30 minutes, 37 seconds So um MTM plus um the ECL change uh on a 30:44 30 minutes, 44 seconds pre-tax per uh basis is about 128 crores post tax it would be about 96 crores. So 30:52 30 minutes, 52 seconds sequentially if you look at quarter 3 versus quarter 4 and given that there was some noise in uh Q3 as well uh 31:00 31 minutes adjusted path for Ashir Q3 versus Q4 uh was approximately around 100 crores 31:06 31 minutes, 6 seconds loss uh sequentially Q and Q that's very clear and for just one last 31:15 31 minutes, 15 seconds question on that uh on the previous quarter third quarter slide the impairment of financial instruments of 31:22 31 minutes, 22 seconds the provision cost on Asher was 214 CR sorry 217 cr uh it seems to become 139 31:32 31 minutes, 32 seconds close on the uh on the slide uh for the fourth quarter 31:38 31 minutes, 38 seconds just difference 31:54 31 minutes, 54 seconds So we will get back to you offline if yeah you you uh just to clarify your question you wanted to know if there was 32:02 32 minutes, 2 seconds an reduced provision being taken in the fourth quarter no no 32:10 32 minutes, 10 seconds third quarter impairment of financial instruments so credit cost was 249 crores right I'm looking at the fourth quarter slice 32:18 32 minutes, 18 seconds but then in the slide that number was 217 to one fellow. I just want to understand what's the difference. 32:30 32 minutes, 30 seconds Yeah, we will get back to you. Thank you so much. Thank you. 32:40 32 minutes, 40 seconds Next question is from the line of Sepal Dhi from IQ Securities. Please proceed. 32:46 32 minutes, 46 seconds Hi sir. uh thank you for giving me the opportunity and congrats on a good quarter. Uh my question firstly was on the MFI portfolio. So in that segment 32:54 32 minutes, 54 seconds what is the current bucket collection efficiency and also wanted to understand what is the ECL 1 2 and three while we 33:02 33 minutes, 2 seconds do give stage 1 2 3 for that port for that uh franchise but also wanted to know the ECL 1 2 3 percentages. 33:12 33 minutes, 12 seconds Yeah. uh for the uh stage one the bill is at uh 1.47 percentage for stage two 33:22 33 minutes, 22 seconds it is uh 19.24 24 and for stage three it is 6850. 33:30 33 minutes, 30 seconds Okay, got it. And so what is the X bucket collection or current bucket collection efficiency for the for for the franchise or for the micro finance portfolios? 33:40 33 minutes, 40 seconds So overall for the uh both the new book and the old book put together it's uh it stands at 95% uh that's for the uh you know that's for 33:49 33 minutes, 49 seconds the old and the new book book put together. If you look at the new book collection efficiency alone uh which in the opening remarks it was said was at 33:56 33 minutes, 56 seconds 59% which is our current uh old book uh we have a an astounding percentage of 99.41% 41% which is the collection efficiency in the new book. 34:08 34 minutes, 8 seconds In new book you said it's closer to 58 59% of the portfolio. That is right. 34:15 34 minutes, 15 seconds Got it. Got it. 34:19 34 minutes, 19 seconds Sorry again. New book is 59%. And over book is 41%. 34:26 34 minutes, 26 seconds 59%. 34:29 34 minutes, 29 seconds Got it. Got it sir. The other question sir was on the gold portfolio. So in that now we have this LTV monitoring 34:37 34 minutes, 37 seconds as as a new regulation as required under the new regulation. So what are the changes have been made of to that guideline? 34:50 34 minutes, 50 seconds So the new regulation applicable from 1st April 2026 and we are adhering to the regulation um 35:00 35 minutes um based on ticket size interest acred for the contracted period will also be added that will be the loan amount and 35:08 35 minutes, 8 seconds there are two types of loans consumption in consumption loans and income rating uh and there will be a credit assessment in case of high value borrowers. 35:18 35 minutes, 18 seconds Uh so we have implemented this first April 2026 and uh for for the for a customer who is 35:27 35 minutes, 27 seconds you know who is highlighting that he will be making a bullet repayment in that case what is the LTV that we are sort of giving at the time of 35:35 35 minutes, 35 seconds disbbursement there will be a reduction in the LTV because uh in in the new under the new 35:44 35 minutes, 44 seconds regulation we have to factor the interest acred And it is his option to 35:51 35 minutes, 51 seconds um choose the tenure uh if his preference is a better LTV he can choose shorter tenor products also. 36:00 36 minutes Sorry he can choose uh the last part. 36:03 36 minutes, 3 seconds 3 month scheme or 6 month scheme uh is also available. 36:10 36 minutes, 10 seconds Okay. Okay. Uh got it. Got it. And know what is the incremental yield for the for for the gold business because we we 36:18 36 minutes, 18 seconds continue to see that that the net yield for the portfolio or for the standalone business has been coming off. So uh have 36:25 36 minutes, 25 seconds we further taken a price uh change in price strategy downward. 36:31 36 minutes, 31 seconds So last quarter uh there was a dip of almost 100 basis points. uh but with that we I think uh it is the bottom and 36:41 36 minutes, 41 seconds this quarter it will be uh similar or slightly better. 36:46 36 minutes, 46 seconds All right. So incrementally we have not taken any policy any any price strategy change but uh uh at a book level that is where we are in terms of reduction. 36:56 36 minutes, 56 seconds Yeah. 36:58 36 minutes, 58 seconds Got it. Thank you ma'am. Thank you so much for answering my question and good luck on the next. Thank you. 37:06 37 minutes, 6 seconds Next question is from the line of Rohit Auja from Lotus Leon Venture. Please go ahead. 37:13 37 minutes, 13 seconds Hi sir, thanks for the opportunity. 37:16 37 minutes, 16 seconds Uh sir could you clarify what's the quarterly profit or loss number for awaren 37:30 37 minutes, 30 seconds reported 156 cr loss and Q4 it is 13 cr uh profit 37:36 37 minutes, 36 seconds and I think the one-time adjustments all bonus are already uh explained uh the new portfolio behavior is much better 37:45 37 minutes, 45 seconds and the ECL is adjusted accordingly and there was a ride back from the ARC valuation. So against 249 cr Q3 uh 37:55 37 minutes, 55 seconds impairment of financial instruments this quarter stands at rupees 9 cr. So that 38:02 38 minutes, 2 seconds helps to report a profit of 13 cr for ashwad in Q4. 38:08 38 minutes, 8 seconds Okay. And uh if you could help us understand how much of this improvement is driven by structural factors like uh 38:15 38 minutes, 15 seconds you know new book mix and collection efficiency versus any one-off reversals and how how confident you are in 38:23 38 minutes, 23 seconds sustaining profitability on this over the next few quarters. 38:27 38 minutes, 27 seconds Yeah, as I explained, I'll just once again give you a a a brief I think this question will come up again. Our new 38:34 38 minutes, 34 seconds book stands at 59% of our overall book and our old book is at 41%. The overall 38:41 38 minutes, 41 seconds collection efficiency for the total book stands at 95%. 38:47 38 minutes, 47 seconds And if I were to look at the old book separately and the new book separately in my X bucket for the old book which is 38:54 38 minutes, 54 seconds 41%, in the old book itself in my X bucket is 98.65%. 38:59 38 minutes, 59 seconds And in my new book which is 59% my xbucket collection efficiency stands at 99.83%. 39:07 39 minutes, 7 seconds If I were to take the overall collection efficiency for my new book and the reason I want to stop talk talk about this new book again is because as I'm 39:15 39 minutes, 15 seconds talking to you at every quarter my increase in the new book is going to go such that by the beginning of the third 39:22 39 minutes, 22 seconds quarter I would have got rid of almost the entire set of old book say for about 10% which might be remaining. So from 39:30 39 minutes, 30 seconds the third quarter you're looking at an entire pristine book governed entirely with the M1 guardrails and the 39:38 39 minutes, 38 seconds collection efficiencies standing at if I'm standing at about 99.4% in the overall new book. This will reflect 39:46 39 minutes, 46 seconds something similar in the entire book post two quarters as well. So these are things which is uh which is going to be helping us in ensuring that our uh you 39:55 39 minutes, 55 seconds know our profits can be maintained whilst ensuring that our disbbursements also keep moving up our disbbursements 40:02 40 minutes, 2 seconds both in uh MFI and our AUM increase in gold because that's something which we tend to forget uh quite often because we 40:11 40 minutes, 11 seconds have also a a very good performing gold loan book in the Asharad books more than 2,000 crores of my book is actually gold 40:20 40 minutes, 20 seconds as well. So those upsets in my business in both gold and NFI will continue to 40:27 40 minutes, 27 seconds will continue to uh will continue to help us in uh you know ensuring that our profits are maintained with regards to 40:34 40 minutes, 34 seconds our uh you know our liquidity to ensure fund flow is there because now the problem is not about printing a book. 40:41 40 minutes, 41 seconds The problem is also not about ensuring our collection efficiencies proof of the pudding. You've seen it already. 40:47 40 minutes, 47 seconds Liquidity is by and large something which the industry would be talking about. The recently announced CGFMU scheme. Uh we have banks chasing us 40:55 40 minutes, 55 seconds asking us how much do you want us to lend to you in that particular CGFMU scheme. So at this moment we spoil for 41:02 41 minutes, 2 seconds choice. We'll be choosing uh two three banks that we will want to make ensure our liquidity is taken care of as well. 41:09 41 minutes, 9 seconds Thanks. So last followup on this uh so do we expect on a consolidated basis our roe is improving to 13 to 14% over the 41:19 41 minutes, 19 seconds next two years if if you look at the way the business is going I wouldn't be uh you know I wouldn't be able to give you a spot on 41:27 41 minutes, 27 seconds answer for that but the trends definitely show good results. 41:32 41 minutes, 32 seconds So we are expecting the consolidated RO to improve because the gold we are growing our opex 41:40 41 minutes, 40 seconds to the last one year has come down by 2%age opex to so uh the borrowing cost 41:48 41 minutes, 48 seconds yes at this stage is as you heard the last quarter it has come down by 17 basis points. 41:56 41 minutes, 56 seconds Yeah. So we don't expect any increase much increase in the 42:06 42 minutes, 6 seconds overall borrowing cost and the yield is expected to remain at this level of 17.5 42:12 42 minutes, 12 seconds to 18%. So the name we expect to be maintained at this level will definitely 42:18 42 minutes, 18 seconds improve the profitability and gold we are get continue to grow at the more or 42:26 42 minutes, 26 seconds less at the pace of better than the last year now. So things are we we expect to 42:36 42 minutes, 36 seconds stabilize somewhere around 13 to 16% in the next one or two years time. 42:45 42 minutes, 45 seconds Thank you sir for this uh all the best. Thank you. 42:52 42 minutes, 52 seconds Next question is from the line of Rajiv Ma from Yes Securities. Please proceed. 42:58 42 minutes, 58 seconds Yeah. Hi, good evening. Uh thank you for good numbers. uh uh sir any thoughts or any steps taken to pull back the gold 43:05 43 minutes, 5 seconds yield because I think we have seen a consistent fall in this quarter also we saw a further fall so have we taken any corrective actions in terms of you know 43:14 43 minutes, 14 seconds slightly adjusting pricing from March April onwards uh and second is the mix of the bond loan book in terms of ticket size uh can 43:24 43 minutes, 24 seconds we control the mix uh so that we don't have further dilution of the yield uh can we have that control over uh how the 43:31 43 minutes, 31 seconds growth incremental growth will come about in terms of the ticket size mix uh so I'm just wanting to understand how the league will play out basis the 43:40 43 minutes, 40 seconds action that you're taking on the ground is we expect the yield to remain 43:48 43 minutes, 48 seconds between 17.5 to 18 percentage we believe that it will not go down so the 43:54 43 minutes, 54 seconds strategies are taken uh shaped in such a way that to maintain at this level it will not go down 44:04 44 minutes, 4 seconds because you are getting a lot of growth from the higher ticket sizes at the lower rate. So if you don't control that growth on the ground or if you don't 44:12 44 minutes, 12 seconds rate increase the rates how we'll stay at the current level. 44:17 44 minutes, 17 seconds Yeah we we are targeting the lower ticket size also. So it will it is 44:23 44 minutes, 23 seconds improving. So the trends are even uh in the coming quarters we will see that the 44:30 44 minutes, 30 seconds trend remains at this level um and what what I can tell you what your expectation is the yield somewhere 44:38 44 minutes, 38 seconds stabilizing between this 17.5 to 18 percentage. 44:45 44 minutes, 45 seconds Okay. Okay. and uh on the asset quality in the non- gold businesses just wanted to understand where are we in terms of the cleanup cycle and are we seeing 44:53 44 minutes, 53 seconds structural improvements now uh in especially in the vital finance book if I were to remove uh you know the uh 45:00 45 minutes write off of 136 cr and still there's a reduction of gross NPA so I mean so can you just give some color about you know 45:09 45 minutes, 9 seconds over and above right off the nin reduction that we have seen uh have you taken control of you know revenue solution have the flows uh you know 45:18 45 minutes, 18 seconds stopped you know in the in the from the intermediate bucket into NPA uh can you give that confidence and second is also 45:25 45 minutes, 25 seconds in case of housing we have seen uh you know reduction in NPA is there any structural factor there and third is MSN in a right portfolio we've seen an NP 45:34 45 minutes, 34 seconds increase uh so how are we controlling the situation there and do we would we need to do some write off one time in 45:41 45 minutes, 41 seconds the coming quarters in MSP analy portfolio just like what we did in vehicle finance in this quarter. 45:49 45 minutes, 49 seconds I'll take that. So as far as vehicle was concerned, we had taken the onetime write off. Uh in this quarter, there are 45:58 45 minutes, 58 seconds number of steps that we have taken in the vehicle finance business in terms of you know focusing on collections. So one is in terms of the enhancements of the teams into soft bucket and hard bucket. 46:09 46 minutes, 9 seconds uh there is as I covered earlier also there is a lot of focus on the digital route especially on you know uh the uh 46:17 46 minutes, 17 seconds follow-ups on the Natch collections and uh in terms of focus on the uh match bounce cases uh so there's a lot of 46:26 46 minutes, 26 seconds focus around that uh due to all these actions which were initiated sometime uh in Q3 of last year we've seen a 46:35 46 minutes, 35 seconds sustained improved trend we see both in terms of uh you know the the collection efficiencies and you know the 46:42 46 minutes, 42 seconds collections on the match blonds cases going up from uh 75% to 90%. So overall 46:50 46 minutes, 50 seconds you know as you've said you know adjusting for the write off also there is a marginal decline as far as the G&PA is concerned by about 50 crores. So as 46:59 46 minutes, 59 seconds far as you know flow into NPA is concerned what we have observed in the last few months is is broadly flat. Our 47:07 47 minutes, 7 seconds NPA GMPA is broadly flat in terms of the overall stock. Yes you know from a percentage standpoint obviously there is 47:14 47 minutes, 14 seconds amplification because my overall AUM is coming down but the stock of NP is is is essentially uh you know flat. uh there 47:23 47 minutes, 23 seconds are further actions that we will uh take and and that will kind of play itself out in the in the coming quarters. Um so 47:32 47 minutes, 32 seconds that's as far as uh you know the uh vehicle finance is concerned uh on the home portfolio. Uh Rafish 47:40 47 minutes, 40 seconds hi see we continue to monitor the portfolio closely leveraging on early 47:47 47 minutes, 47 seconds warning system data analytics we are also identifying stress accounts sooner and we are taking corrective steps uh to 47:54 47 minutes, 54 seconds curtail that and we have you know uh intensified recovery efforts through dedicated team. 48:04 48 minutes, 4 seconds We have also hired collection agencies in few locations and faster legal escalation structured one-time settle 48:11 48 minutes, 11 seconds settlement in difficult accounts uh you know wherever it's so appropriate. We expect uh slip slippages to moderate 48:19 48 minutes, 19 seconds over coming quarter with gradual improvement in overall efficiency collei 48:34 48 minutes, 34 seconds portfolio also you know similar kind of actions are being uh initiated um so we will see the uh results uh the 48:42 48 minutes, 42 seconds improvement in the in the numbers in the subsequent quarters again you know in terms of enhanced you know collections team. So there's a lot of focus in the 48:51 48 minutes, 51 seconds non- gold portfolio with regards you know the enhancement of the collection team and leveraging of uh you know the digital means uh to improve collection 49:00 49 minutes efficiencies but the trends will play out early reads on these trends are very encouraging uh they're moving in the right direction so so we will see 49:09 49 minutes, 9 seconds sequential improvement as we as we see in the coming quarters. 49:14 49 minutes, 14 seconds M so then u I mean if I were to look at this portal's absolute credit cost I mean you had a benefit of uh you had a onetime impact of 84 crores because of 49:22 49 minutes, 22 seconds the write off in the right finance portfolio but you also had the benefit of uh you know SR rightbacks and some other kind of a ride back in the Ashad 49:30 49 minutes, 30 seconds portfolio which was about 120 odd crate both then uh would it mean that the 49:38 49 minutes, 38 seconds current run rate of credit cost uh should be maintained right in in Q1 Q2 uh and And the of course and the growth of the book will obviously have its 49:46 49 minutes, 46 seconds impact but otherwise on a collection uh and recovery effort basis uh the current run of credit cost should be maintained 49:56 49 minutes, 56 seconds the way I would look at it I mean if it depends on whether you're looking at console or you know a standalone maf no console console method of number yeah 50:03 50 minutes, 3 seconds of all the one console so for Q4 console number if you look at you know yes there were you know 50:11 50 minutes, 11 seconds credits that we got on the ash Shivad side offset by uh you know the build on the onetime write off on the vehicle finance largely canceled out each other. 50:21 50 minutes, 21 seconds So uh you know if you were to back out uh uh these two elements adjusted PAT uh we still had a improvement in our 50:29 50 minutes, 29 seconds adjusted PA by approximately 50 crores quarteron quarter and that was largely on account of uh you know the volume 50:36 50 minutes, 36 seconds growth that we saw on on MAF. uh coming quarters. You know, one thing you know what as uh you know, Manoja just alluded 50:45 50 minutes, 45 seconds on in terms of uh the improved numbers and the change in the uh portfolio mix on old versus new onel. We will see 50:54 50 minutes, 54 seconds continued improvement on u on the Asherwat portfolio and you know uh we 51:02 51 minutes, 2 seconds will see continued improvement in the non- gold portfolios as well. So overall if you see sequentially I think uh you 51:11 51 minutes, 11 seconds know the cost of credit uh we will see an improvement in the subsequent quarters uh and that will basically help 51:19 51 minutes, 19 seconds uh in terms of acreation uh as far as PAT is concerned. Thank you. Thank you. 51:32 51 minutes, 32 seconds Thank you. 51:34 51 minutes, 34 seconds Next question is from the line of Kamal from Jeff. Please go ahead. 51:40 51 minutes, 40 seconds Um hello sir. Uh thank you for the opportunity. I just wanted to confirm that uh is there any restatement done in 51:47 51 minutes, 47 seconds the interest income line uh because if I'm comparing the same with the uh release of uh December uh I can see some 100 crore uh restatement done um for Q3. 51:59 51 minutes, 59 seconds Uh so could you please advise on the same? 52:08 52 minutes, 8 seconds So you're talking about console financials. Yes, console financials. 52:14 52 minutes, 14 seconds Um so uh um in the Q4 release I'm able to see uh the interest income as uh 234 52:23 52 minutes, 23 seconds crores. uh but um in the last uh quarter's release it's roughly uh uh 52:30 52 minutes, 30 seconds 2,244 crores. So there is some difference uh um if which I'm able to see. So is there some restatement being done? 52:41 52 minutes, 41 seconds Yeah, I will share the exact details offline but there there is some regrouping. 52:47 52 minutes, 47 seconds Okay, cool. Um uh thanks. And um secondly like if you could just um guide on the overall console emum growth which 52:56 52 minutes, 56 seconds we are planning for FI27 and uh how much would be driven by uh different segments like how much should we expect from uh 53:04 53 minutes, 4 seconds gold loan and uh how should we see the Asherad AUM growth for FI27. 53:13 53 minutes, 13 seconds So we are seeing good opportunities to grow gold loan because now with the new 53:21 53 minutes, 21 seconds regulation two types of products consumption loan as well as income generating gold loan. Income generating 53:28 53 minutes, 28 seconds gold loans are targeted towards memes etc. So CQ is a good opportunity where 53:35 53 minutes, 35 seconds where there is no LTV cap for good customers with good underwriting higher 53:44 53 minutes, 44 seconds score etc etc we'll be able to offer slightly higher real TV 53:51 53 minutes, 51 seconds and another scope for this year would be to expand 53:58 53 minutes, 58 seconds our branch network we planned because recently The regulation has removed the 54:07 54 minutes, 7 seconds requirement of prior approval for regular approval for opening new branches that has been removed now. So 54:15 54 minutes, 15 seconds we plan to open some 500 to 550 branches 54:21 54 minutes, 21 seconds in gold in during this year. So that the places have been identified where 54:29 54 minutes, 29 seconds the group prospects are good. So this also will be a boost for the gold on growth. Regarding our other portfolios 54:38 54 minutes, 38 seconds already the the CEOs have already explained uh the 54:47 54 minutes, 47 seconds growth as in micro finance already it has been mentioned by Manoj the 54:55 54 minutes, 55 seconds dispersals quality dispersals with guard rails it is steadily improving where the 55:04 55 minutes, 4 seconds asset quality collection um for the this new book is steadily increasing which 55:12 55 minutes, 12 seconds has come to now 59% in another one quarter the expectation is that yeah 78%. 55:21 55 minutes, 21 seconds So in that the collection efficiency stands above 99%age 55:29 55 minutes, 29 seconds and hope to maintain that with the guard rails etc etc. This definitely uh gives 55:37 55 minutes, 37 seconds scope for improving that. As Ragesh also has said, actions have been taken uh for 55:45 55 minutes, 45 seconds the shifting from the micro home to uh the slightly larger ticket affordable 55:51 55 minutes, 51 seconds housing. uh the team has teams have been on boarded for with a shift in the focus 56:00 56 minutes area of lending where the asset quality is expected to be good. So with all these we expect the control am to grow 56:09 56 minutes, 9 seconds uh at a reasonably good level. We expect that to be maintained 56:19 56 minutes, 19 seconds much more than um um the during the current year with regard to volume. 56:26 56 minutes, 26 seconds That is our expectation. 56:30 56 minutes, 30 seconds Okay sir. Thank you so much for that and I'll take the details of the restatement offline uh from you. Thank you so much. 56:39 56 minutes, 39 seconds Sure. Thank you. 56:42 56 minutes, 42 seconds Next question is from the line of Hartik Dh from Grow More Credit Advisor. Please go ahead. 56:53 56 minutes, 53 seconds Yeah, good evening sir and thank you for uh taking my question. Just wanted to uh you know understand the going forward 57:00 57 minutes guidances in terms of AUM growth, AUM mix and you know what are the RO profiles that we are targeting for the next two years. 57:10 57 minutes, 10 seconds So that is already told to the with the opportunities with new gold lending nodes as a new products are coming in. 57:21 57 minutes, 21 seconds So we will place our products we are offering branches also about micro finance also uh it has the asset quality 57:30 57 minutes, 30 seconds steadily improving their bold portfolio is also improving. they are also targeting more and more quality. 57:38 57 minutes, 38 seconds Similarly with the product shift etc uh confidence also is expected to farewell. 57:46 57 minutes, 46 seconds So the we as as as I said this year's volume growth 57:53 57 minutes, 53 seconds in gold will be is expected to be more than what we have achieved during last year and there are other products 58:02 58 minutes, 2 seconds also the new phase has come the new leadership has taken the charge so who 58:11 58 minutes, 11 seconds have the expertise for a long number of years in leading being large companies etc. So we expect that 58:20 58 minutes, 20 seconds growth to be uh uh good. We we don't give any number but we expect that to be good. 58:33 58 minutes, 33 seconds Got it. Okay. Thank you so much. And sir any number for the you know FI28 RO that we are targeting? 58:41 58 minutes, 41 seconds We are targeting over 15%. Okay. Sure. Thank you so much. 58:50 58 minutes, 50 seconds Thank you. 58:53 58 minutes, 53 seconds Next question is from the line of Priti Raj Patil from Invest. Please proceed. 59:01 59 minutes, 1 second Yeah. Hi. Uh I just had one question. I just wanted to know the option number for this uh particular quarter. 59:09 59 minutes, 9 seconds Yeah. About 29 crores 15 crores during the quarter. 59:16 59 minutes, 16 seconds Okay. Thank you. Thank you. 59:24 59 minutes, 24 seconds Next question is from the line of Agam from Agam Investments. Please go ahead. 59:31 59 minutes, 31 seconds Thanks for the opportunity and congrats on a good set of numbers. So you mentioned one point that the new leadership has come in. So can you talk about that? 59:41 59 minutes, 41 seconds So which areas have we have person come in and also the second question was is 59:48 59 minutes, 48 seconds on uh the status of ready uh is he planning to join in early or how is it 59:57 59 minutes, 57 seconds can just you know on that also two things ready is undergoing treatment in Singapore. 1:00:06 1 hour, 6 seconds So uh yeah we we are not uh very sure when he will join but his health is 1:00:15 1 hour, 15 seconds improving but we are not able to say when the the exact time of his joining 1:00:23 1 hour, 23 seconds regarding the leadership new leadership etc uh in micro finance 1:00:32 1 hour, 32 seconds manager has taken the charge as a CEO. 1:00:37 1 hour, 37 seconds Similarly, in my home, Mr. Rages 1:00:45 1 hour, 45 seconds has taken the charge. So, they have long experience in running large portfolios 1:00:52 1 hour, 52 seconds etc. The actions taken by Manoji's the positive results are already evident and 1:01:01 1 hour, 1 minute, 1 second he has char taken the charge 3 months back. So um in the next one year you can you you can expect dramatic change. 1:01:12 1 hour, 1 minute, 12 seconds Similar is the case with target also to in leading number of opens. 1:01:22 1 hour, 1 minute, 22 seconds And any anyone else are we also considering if people get 1:01:29 1 hour, 1 minute, 29 seconds at the group level we bes has joined this uh uh group for CFO 1:01:38 1 hour, 1 minute, 38 seconds similarly Ashish has joined as the group for CCU 1:01:45 1 hour, 1 minute, 45 seconds then um the there's a SIMA group legal council and such as 1:01:54 1 hour, 1 minute, 54 seconds the CEO and we expect more some more leadership to join 1:02:02 1 hour, 2 minutes, 2 seconds for the positions of HIA and head of risk facance 1:02:18 1 hour, 2 minutes, 18 seconds and CT also have joined. So these are all senior leadership who has proven their their capabilities 1:02:27 1 hour, 2 minutes, 27 seconds leadership in their previous organizations. 1:02:32 1 hour, 2 minutes, 32 seconds Okay. Uh just the last question. So if uh deeper ready appointment gets you know come back gets delayed so are we 1:02:41 1 hour, 2 minutes, 41 seconds looking at anyone else to fill in the role or something like that or we'll just wait it through? No, we will wait 1:02:49 1 hour, 2 minutes, 49 seconds for uh his to see his health is improving and also he'll be able to take 1:02:56 1 hour, 2 minutes, 56 seconds the we are hopeful that uh uh he will have the 1:03:03 1 hour, 3 minutes, 3 seconds situ healthy situation to take on the charge of the company. Okay. Okay. Mission must be recovered. 1:03:13 1 hour, 3 minutes, 13 seconds Thank you. Yeah. Thank you. 1:03:17 1 hour, 3 minutes, 17 seconds Next question is from the line of Yash Bandari from Neo Markets. Please go ahead. 1:03:32 1 hour, 3 minutes, 32 seconds The line from the current question got disconnected. Ladies and gentlemen, with that we will end the question and answer 1:03:39 1 hour, 3 minutes, 39 seconds session. I now hand the conference over to the management for the closing comments. 1:03:45 1 hour, 3 minutes, 45 seconds So thank you for your questions. I hope we have answered your questions. Uh and 1:03:52 1 hour, 3 minutes, 52 seconds any clarification any details required so we are available. Thank you. 1:03:59 1 hour, 3 minutes, 59 seconds Thank you sir. On behalf of Manapuram Finance and Motilos Financial Services Limited that concludes this conference. 1:04:07 1 hour, 4 minutes, 7 seconds Thank you all for joining us and you may now disconnect your lines. Thank you. Thank you.