Religare Enterprises Ltd — Q4 FY26

Religare Enterprises Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=R_7_ecuskdU

0:00 Ladies and gentlemen, good day and welcome to the Q4 and FI26 earnings conference call of 0:08 8 seconds relegator Enterprises Limited hosted by AD factors PR. As a reminder, all participant lines will be in the 0:15 15 seconds listening mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:22 22 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on 0:29 29 seconds it at stone for please note that this conference has been recorded. I now hand the conference over to Miss Anisha Jen from Apac. 0:39 39 seconds Thank you and over to you Miss Jen. 0:42 42 seconds Thank you Slnami. Good day everyone and thank you for joining us today to discuss the Q4 and full year 26 business performance of Relegar Enterprises and 0:51 51 seconds its subsidiaries. We have with us today the management of Relegar Enterprises Limited and its subsidiaries. Before we proceed with this call, I would like to 1:00 1 minute mention that some of the statements made in this call may be forward-looking in nature and may involve risks and 1:07 1 minute, 7 seconds uncertainties. The company undertakes no obligation to update any forward-looking statements to reflect the developments that occurs after the statement is made. 1:18 1 minute, 18 seconds Documents related to company's financial performance including investor presentation have been uploaded on the stock exchanges and on the company's website. I now hand over the call to Mr. 1:28 1 minute, 28 seconds Pratul Gupta, chief financial officers at Rele Enterprises Limited. Over to you Pratul. 1:36 1 minute, 36 seconds Thank you Anisha. Good evening ladies and gentlemen. Welcome to our quarter four and full year FI26 earnings 1:43 1 minute, 43 seconds conference call. I am grateful to you for your participation and continued interest in enterprises and its 1:51 1 minute, 51 seconds subsidiaries. FY26 has been an important year for relegare. We move from recovery to rebuilding with significant progress 1:59 1 minute, 59 seconds across leadership, governance, capital availability and regulatory response. 2:05 2 minutes, 5 seconds During the year the board of was substantially reconstituted with the appointment of Mr. Rajendra Moan Mala 2:12 2 minutes, 12 seconds and Mr. Shri Sumani as independent directors followed by onboarding of Mr. 2:17 2 minutes, 17 seconds Arjun Lama, Mr. Guru Morti Ramanatan and Mr. Suresh Manam as promoter nominee directors for the RA approval in July 2:25 2 minutes, 25 seconds 2025. Mr. The lava has subsequently been redd designated as executive director of from 2026. 2:34 2 minutes, 34 seconds Across all the operating subsidiaries, the respective board has been strengthened with enhanced membership from uh the nominee directors as well as 2:43 2 minutes, 43 seconds the segment directors. I now take this opportunity to invite Mr. Arjun Lama to give his opening remarks. Over to you. 2:50 2 minutes, 50 seconds Thank you. Good evening everyone. As I stated earlier in our press release, we are building a foundation on which we 2:57 2 minutes, 57 seconds hope to build a profitable, scalable and sustainable business and remain committed to the same. To get to this stage, we are hiring the right talent, empowering them, incentivizing them. 3:07 3 minutes, 7 seconds Some of the people you'll be interacting with on this call are in the room with us and many more will be joining us in the future. As a part of this process, 3:15 3 minutes, 15 seconds we are also streamlining the group structure for efficiencies both from a capital and shareholder perspective. Adequate capital has also been raised. 3:23 3 minutes, 23 seconds The platform is now getting ready to give shape to the above vision for all four businesses and you will hear more 3:30 3 minutes, 30 seconds of this going forwards. I will now hand it over to K from here. Thank you Arjun. 3:37 3 minutes, 37 seconds Uh so I am joined in the room by leadership of all the operating businesses and uh uh once we get into 3:45 3 minutes, 45 seconds individual businesses I'll mention about them. Let me walk you through our investor presentation. The presentation 3:52 3 minutes, 52 seconds has already been shared with you uh uh and is available in the investor relations section on our website as well 3:59 3 minutes, 59 seconds as has been uploaded on board. Uh the respective speakers shall also be referring to this presentation during discussions. I am now referring to slide 4:08 4 minutes, 8 seconds four. While some of the audience may have seen the slide earlier, I would just like to refresh everyone's memory on our business overview. 4:17 4 minutes, 17 seconds Enterprises serves as the listed holding company CIC which states in India's second largest standalone health insurance company called care health 4:25 4 minutes, 25 seconds insurance as well as financial services businesses across ele the lending platform housing finance which focuses on affordable housing. 4:38 4 minutes, 38 seconds Moving to slide uh next slide these are the key highlights for FY26. 4:44 4 minutes, 44 seconds As mentioned earlier, we have strengthened our leadership across different businesses and I'll cover the details in the next slide. 4:52 4 minutes, 52 seconds There is a strong promoter commitment from German group for relegate. The promoters have subscribed to 50% of the preferential rights issue with 5:00 5 minutes commitment of rupees 750 cr during the year. I must also mention here that during the last quarter the promoter group also increased stake in the 5:08 5 minutes, 8 seconds company through open market purchases and the current shareholding is around 30.3%. 5:14 5 minutes, 14 seconds Upon conversion of outstanding warrants this case is expected to rise further. 5:21 5 minutes, 21 seconds During the last quarter, the respective goals of Religia Enterprises Limited and Religious Indust Limited approved a de merger scheme to create two separately 5:29 5 minutes, 29 seconds listed focused entities. Under the proposed de merger, RAL's lending, broking and ancillary financial services 5:37 5 minutes, 37 seconds business will move to RFL while RL will become a pure play health insurance holding company through its peer health 5:44 5 minutes, 44 seconds insurance business. Post the implementation of de merger RFL will operate as a integrated financial 5:51 5 minutes, 51 seconds services platform and shareholders shall have received one RFL for every share. 5:59 5 minutes, 59 seconds Referring to slide six uh this just gives a snapshot of key management changes during the pro uh uh during the 6:07 6 minutes, 7 seconds year. Uh you have already been introduced to Mr. Lamba. He represents uh the uh uh promoter family and as I 6:15 6 minutes, 15 seconds mentioned earlier he is now the executive director. Um the other key appointments are Mr. Aay 6:22 6 minutes, 22 seconds Kumar Sha a founding team member of care with over 30 years of industry experience. He has been appointed as MD 6:29 6 minutes, 29 seconds and CEO of care health insurance in April 2026 and satisfies Mr. Anj gulati who built care as India's second largest 6:39 6 minutes, 39 seconds health insurer during his tenure alongside Mr. Vish Manish Vishnu doa a member of founding team and an industry 6:47 6 minutes, 47 seconds veteran has also been appointed as executive director of health at rea Mr. 6:53 6 minutes, 53 seconds Sinasan Kartik with nearly three decades of banking and financial services experience has been appointed as the 7:00 7 minutes CEO. He joins us from HPV financial services wherein he spent the last decade to build consumer and asset 7:08 7 minutes, 8 seconds finance portfolio across several products. He also played a key role in the digital transformation of the 7:14 7 minutes, 14 seconds company over last few years. At relegate broking, Mr. Vijay Kumar Guel joined us as managing director of RBL in February 7:24 7 minutes, 24 seconds 2023. Vijay has spent over 14 years at Motilal Oswald managing different lines 7:30 7 minutes, 30 seconds of businesses and an is industry veteran at Delier Housing Finance. Mr. 7:36 7 minutes, 36 seconds Panchagarati has been appointed as chief financial officer and executive director to spearhead the growth and expansion of 7:43 7 minutes, 43 seconds the franchise. Mr. Rati served as CFO of Graham Housing Finance just before joining really care. 7:51 7 minutes, 51 seconds Now moving on to numbers. We are on slide seven. Slide seven gives an overview of the financial performance of 7:58 7 minutes, 58 seconds ARL and it subsidiary for Q4 as well as FI26. 8:02 8 minutes, 2 seconds In Q4 FI26, ARL reported a total income of rupes 2473 crores on a consolidated 8:09 8 minutes, 9 seconds basis. The for for the full year the income total income was rupes 8,493 8:17 8 minutes, 17 seconds crores and the reported pack is at rupees 73.16 cr 8:23 8 minutes, 23 seconds significant subary care reported a GWP of rups 3511 crores during the last quarter of the 8:31 8 minutes, 31 seconds fiscal and a pbt of rups 274 crores both these numbers are on n basis for the 8:39 8 minutes, 39 seconds full year care reported a GWP of 11,417 crores and a PGP of rupes 539 crores. 8:48 8 minutes, 48 seconds RFL reported a profit of rupes 89 crores in quarter 4 on account of improved recovery and has a cash balance 8:56 8 minutes, 56 seconds including liquid investment of over rupes 591 crores. Currently relegate broking limited reported an 9:04 9 minutes, 4 seconds income of rupes 99 crores for quarter 4 and for the full year rups 373 crores with 22 crores as fat reported for the 9:13 9 minutes, 13 seconds year. Releear housing finance reported a total income of around rupees 30 crores for fy6 and 8 crores for the quarter. 9:23 9 minutes, 23 seconds The business reported a loss of rupees 18.6 crores for the year. I'm on slide eight now. 9:32 9 minutes, 32 seconds This is just a snapshot of uh our income statement. As I mentioned earlier, AR 9:38 9 minutes, 38 seconds reported total income of 8,493 against a total income of 7,45 9:45 9 minutes, 45 seconds reported last year. The total expenses is 8,47 crores for this district and a PBT of 87 9:53 9 minutes, 53 seconds crores. The last year corresponding number for the PBT was 243 crores. 9:59 9 minutes, 59 seconds On slide nine, we have got the segmental reporting. The insurance business clocked a revenue of rupees 2,313 10:08 10 minutes, 8 seconds cr for the quarter and 7,969 crores for the entire fiscal 2026. 10:16 10 minutes, 16 seconds Financial services were at rupees 166 crores approximately for the quarter 10:23 10 minutes, 23 seconds and 537 crores for the entire year. The profitability for the insurance segment 10:29 10 minutes, 29 seconds is at 41 crores for the last quarter while it reported a loss of approximately 46.8 crores at PBT level for FY26. 10:40 10 minutes, 40 seconds For the financial services segment uh PVP of 1275.5 crores was reported for the last quarter 10:48 10 minutes, 48 seconds and 152.3 crores on the annual basis. 10:54 10 minutes, 54 seconds The corresponding assets and liabilities are also detailed in line. 11:02 11 minutes, 2 seconds Now we will get into uh each operating business. I will hand over to Mr. Ambri Jindel the CFO of air health insurance 11:11 11 minutes, 11 seconds to take us through the details of health insurance company performance. Over to you. 11:18 11 minutes, 18 seconds Thank you brother. Good evening everyone. 11:21 11 minutes, 21 seconds This has been a transformative transformative year for India's insurance sector. The exemption of GST on individual health insurance policy 11:29 11 minutes, 29 seconds materially improved affordability for customers by removing the 18% expenses which supported stronger demand across the segment. As a result, the industry 11:37 11 minutes, 37 seconds is s of robust momentum in retail health and grew at 30% in H2 of the financial year 2627 and care grew by 8% more than what industry grew in the same year. 11:49 11 minutes, 49 seconds This financial year we achieved multiple milestones. Our top line crossed 10,000 K mark as we delivered cross premium of 11:56 11 minutes, 56 seconds 11,417 K against 9,200 K in the previous year. Our profit before tax both under 12:03 12 minutes, 3 seconds NDS and on end basis crossed 500 cr profit before tax under NDS grew by 55%. 12:11 12 minutes, 11 seconds Excluding the impact of marktomarket on financial instrument while on end basis it grew by 38%. 12:18 12 minutes, 18 seconds It continued to deliver mid teams for the fourth consecutive financial year and this year our credit rating was upgraded to double A family from AM 12:26 12 minutes, 26 seconds which helped us in raising a sub date of 100 this year. Now highlights for the quarter. Our retail business grew 37% 12:33 12 minutes, 33 seconds year on year on a full present basis with continued market share gain in retail health insurance. Total GWP grew 12:40 12 minutes, 40 seconds by 29% again on basis. Profit before tax for the quarter is 275 K and on a one by 12:46 12 minutes, 46 seconds basis it is 107 K. Our digital transformation continues. 96% of our policies are issued digitally and over 12:54 12 minutes, 54 seconds 87% of cashless schemes are purchased in less than one hour. Customer complaints and given we keep on focusing on that 13:01 13 minutes, 1 second this area. It has declined in quarter 4 as compared to previous year. Now let me walk you through the presentation. I am 13:08 13 minutes, 8 seconds on flight 12. The company delivered a top line of 11,417 crores on a full season basis reflecting 24% growth while retail health grew by 34%. 13:19 13 minutes, 19 seconds Our even crossed 10,000 cr milestone and stood at 10,944 crores. We have a market share of 6.7% among industry and 22% 13:28 13 minutes, 28 seconds within Sahi segment. Our solveny ratio stood at 1.68. 13:33 13 minutes, 33 seconds However, due to mark to market losses in the equity book, solveny was lower by two point. Excluding this impact, solveny ratio would have been 1.70 and a clean settlement ratio of 97%. 13:45 13 minutes, 45 seconds Moving on to next slide, sphere of 53. 13:48 13 minutes, 48 seconds Over the past four financial year, the company has delivered a strong CG of 30%. In the current year, the growth stand at 25%. 13:55 13 minutes, 55 seconds Our retail health market share continue to expand reaching 11.6% of the overall industry and 19.7% within Sah. 14:05 14 minutes, 5 seconds While investory data for retail health is not available just to give you a perspective, industry grew at 20% on one by basis and tier grew 9% higher than 14:13 14 minutes, 13 seconds the industry leading to gaining market share. organization is a multi- channelannel organization focusing on all channel where emergency channel 14:20 14 minutes, 20 seconds contribute almost 42% of the total GWP against 40% in the previous year. 14:26 14 minutes, 26 seconds Additionally, the retail mix has improved by 5% this year and which takes it to 66% basis. Moving on to the next 14:34 14 minutes, 34 seconds slide here on slide 14. The investment book increased by over 2500 crores compared to March 25 given by strong business growth and capital inclusion of 14:42 14 minutes, 42 seconds 322 crores in September 25. Investment leverage stand at 4.07x portfolio mix consists largely of bonds 14:51 14 minutes, 51 seconds and G which constitute 93% of the entire group and investments are predominantly allocated to sovereign and highest rated instruments with only 6% of the 14:59 14 minutes, 59 seconds portfolio system. 15:03 15 minutes, 3 seconds Moving on to the next slide. The company benefit from strong promoter commitment with a planned capital chapter infusion of 600 cr of which 256 cr has already 15:11 15 minutes, 11 seconds been infused in September 55. We operate as a multi- channelannel organization with a strong focus on retail offering products across all customer service. 15:20 15 minutes, 20 seconds Our distribution network is extensive with approximately 4.11 lakh agents. 15:25 15 minutes, 25 seconds During the year we added around 50,000 agents and currently we have 239 corporate agents and backward. 15:32 15 minutes, 32 seconds A continuous focus on discipline underwriting and efficient management has led to an improvement of under 20 basis points in the combined ratio which is inbased accounting. 15:42 15 minutes, 42 seconds Now in slide 16 this slide highlights the key capabilities of company's robust mobile app platform. There are 12.5 15:49 15 minutes, 49 seconds million app installations and currently we have 1.2 million monthly active users. 15:55 15 minutes, 55 seconds 70% of active retaining customers are now available on the mobile. 16:03 16 minutes, 3 seconds This slide 17 it compares company's financial performance across all three accounting methodology 1 by N M and India and India 16:12 16 minutes, 12 seconds on a 1 byN basis. Profit before tax stood at 18 KES compared with 200 K in the previous year. However, these figures are directly not comparable as 16:20 16 minutes, 20 seconds the previous year reflected only 6 months on a 1 by basis whereas currently it represents a whole year on a 1 by9 basis. On a n basis, profitability 16:28 16 minutes, 28 seconds improved by 38% with profit before deck rising to 539 cr in the previous year. 16:34 16 minutes, 34 seconds Under India's profit before excluded 519 crores compared with 388 cr in the previous year. During this year profit 16:42 16 minutes, 42 seconds was impacted by a marktomarket loss of 64 K on equity investment as of 31st March due to geopolitical reasons at the 16:48 16 minutes, 48 seconds end of March. Excluding this impact profit forecast would have been 583 crores against 377 K in the previous 16:56 16 minutes, 56 seconds year. The combined ratio under India improved by 120 basis point to 101.2%. 17:03 17 minutes, 3 seconds Return on equity based on profit before tax increased to 19.9% from 17.7% in the previous year. Moving 17:12 17 minutes, 12 seconds on to slide 18. Number on this slide they are on one by n basis and is not comparable with previous year. Under 1 by n methodology our top line is lower 17:21 17 minutes, 21 seconds by,000 curve and profitability is lower by 521 cr compared with n basis. 17:25 17 minutes, 25 seconds Combined ratio basis 1 by is 1006 7% against 102.8%. 17:31 17 minutes, 31 seconds Again the numbers are not comparable and basis one by line is profitable with 107 cr profitable indexes. 17:40 17 minutes, 40 seconds Moving on to slide 19. This slide presents a bridge between company financial and number reported in India. 17:48 17 minutes, 48 seconds The impact of India's 117 is 565 crores for the current year. As highlighted ear the impact of India's 109 arising from 17:55 17 minutes, 55 seconds the mark to market loss on equity investment is 64 crores. As a result, profit would not expand at 519 crores. 18:01 18 minutes, 1 second Excluding this impact, profit would be 58. 18:05 18 minutes, 5 seconds Within other comprehensive income, a portion of the debt portfolio has been classified as held for sale resulting in into a mark to market impact. However, 18:12 18 minutes, 12 seconds since most of these securities were held in maturity and hence the mark to market effect on the other comprehensive income is only notional in nature. 18:21 18 minutes, 21 seconds Combined ratio improved by 120 basis point driven by 100 basis point reduction in the loss ratio and 20 basis point improvement in the operating 18:28 18 minutes, 28 seconds expense ratio. Our underwriting loss basis in days is 114 cr which has improved in this year by almost 50 crores. 18:38 18 minutes, 38 seconds On the next slide this slide summarize the equity between Indian gap and IND as highlighted in the previous slide. The key difference arise primarily from the impact of India's 117 and the mark to market effect on securities. 18:51 18 minutes, 51 seconds Handing over back to and thank you for this overview. I now invite Mr. Vijay Kumar Go uh MD relegate broking limited 19:00 19 minutes to give his remarks on uh Thank you. Good evening everyone. Uh 19:07 19 minutes, 7 seconds slide number 22. During the quarter we saw a sharp rebound. Our PBT grew by 79% 19:14 19 minutes, 14 seconds Y to 12.9 crores. Our uh 41% growth we saw in the brokerage on 19:22 19 minutes, 22 seconds the topline side. 44% growth we saw in the interest income. Another 31% growth we saw Yi in the egovernance business. 19:30 19 minutes, 30 seconds Overall, our funding book, the client debit book grew by 75% YI on the fullear 19:38 19 minutes, 38 seconds basis for financial year 26. Our overall top line saw marginal decline by 2% and it came down to 373 crores. We saw our profit uh coming down by 26%. 19:52 19 minutes, 52 seconds Segment our egovernance business grew by 13% and our interest income grew by 9%. 19:58 19 minutes, 58 seconds During the year, our egovernance business saw a business partner expansion from 52,000 to about 61,000 20:06 20 minutes, 6 seconds and we had a one-time charge our uh regarding the new labor codes. Slide number 23. Uh this is just uh you all 20:16 20 minutes, 16 seconds know about it. Overall industry saw about 3 million accounts getting added uh in the last financial year. Overall 20:23 20 minutes, 23 seconds the activity ratio has been falling from 2020 to when it was 40% is now 20:34 20 minutes, 34 seconds sorry to interrupt in between sir I just speaking I 20:47 20 minutes, 47 seconds sorry to interrupt so you're not audible to 21:03 21 minutes, 3 seconds Ladies and gentlemen, the line for the management has been disconnected. Please stay connected while we join them back. 21:24 21 minutes, 24 seconds We know be 21:52 21 minutes, 52 seconds Hello. 22:18 22 minutes, 18 seconds There's nothing. 22:55 22 minutes, 55 seconds Ladies and gentlemen, thank you for patiently waiting. I have joined the management back. Over to you, sir. 23:03 23 minutes, 3 seconds Thank youali. Uh uh Mr. Go will just uh finish his remarks. Uh I think 23:12 23 minutes, 12 seconds sorry for this interruption. Good evening once again. I'll quickly uh repeat what I spoke about on the slide 23:19 23 minutes, 19 seconds 24 please slide. Thank you. So our total income Y grew by 18% from 83 crores to 23:28 23 minutes, 28 seconds 98 crores on our yearly basis. Our total income grew from 382 came down from 382 23:35 23 minutes, 35 seconds cr to 373 crores. Our profit Y was up by 79% from 7.2 crores to 12.9 crores. And 23:43 23 minutes, 43 seconds for the year our profit before tax came down by 31% from 42.9 crores to 29.6 crores. Our network saw an increase by 23:52 23 minutes, 52 seconds 6% from 354 crores to 376 crores and RSS under custody remain flat uh in 26 over 25. 24:01 24 minutes, 1 second Slide number 25 our daily turnover on the in the cash segment uh y was up by 13%. 24:11 24 minutes, 11 seconds And on a yearly basis our cash turnover daily average daily turnover came down by 20%. So last quarter we did well but 24:19 24 minutes, 19 seconds overall during the year had come down on the derivative side we 24:25 24 minutes, 25 seconds saw our growth both y basis by 61% and on the yearly basis also our derivative turnover daily turnover was up by 8%. 24:36 24 minutes, 36 seconds our active clients, the NC uh active clients on a yearly basis came down by about 2% from 2 and a half lakhs to 2 24:45 24 minutes, 45 seconds lakh 455,000. But the unit traded clients on a Y basis were down by from 24:51 24 minutes, 51 seconds two by 2% on a yearly basis uh they were down by 5%. as compared to lakh 48,000 24:58 24 minutes, 58 seconds clients who traded in 2025. Last year we saw about 140,000 clients trading on a yearly basis. 25:08 25 minutes, 8 seconds Our financials as I have already mentioned uh you will see that our revenues are 98 k rupees for this quarter and for the year 373 cr rupees 25:17 25 minutes, 17 seconds and our profit uh after tax is 11 cr rupes for for the last quarter and for the full year it is 23 cr rupes. 25:27 25 minutes, 27 seconds I'll just quickly cover that. Uh now what are we trying to do in Delhi we are broken uh we are now trying to repair 25:35 25 minutes, 35 seconds the business the work is already started and put it on a high growth path. There are few initiatives that we have already taken. I'll just give you quick brief 25:44 25 minutes, 44 seconds but the first focus is to increase the traded clients. We have around 1 million registered clients around two two and a half lakh clients who are active clients 25:52 25 minutes, 52 seconds with us and there are lot of dormant accounts who can be reactivated. So there are resources and plans have been made to increase the activated clients. 26:02 26 minutes, 2 seconds Second, we have already started the work on improving our technology uh the core trading technology as well as the mobile 26:09 26 minutes, 9 seconds and digitization including some AI related initiatives and we are adding more products on the platform and 26:16 26 minutes, 16 seconds improving the client experience as well as our our team experience. 26:21 26 minutes, 21 seconds There will be a sharp focus on growing the non-broking revenue through the interest income as well as the non-broking third party distribution 26:29 26 minutes, 29 seconds products like like investment products and insurance products. We already do those those products but uh we are going to ramp it up significantly in the 26:37 26 minutes, 37 seconds coming years and process execution. We already have hired a person joint uh who is a six sigma lead methodology expert 26:46 26 minutes, 46 seconds having experience long experience in in financial services and similar organizations uh with an objective to improve lot of processes and automate 26:55 26 minutes, 55 seconds lot of things to improve the experience and deliver consistent uh uh experience. Thank you. 27:03 27 minutes, 3 seconds Thank you Vijay for this detailed uh overview. Uh we will now move to relegare invest limited. Uh we are on 27:11 27 minutes, 11 seconds slide 29 which gives you an overview of RFL. RL is part of the financial services segment of gear and is 27:19 27 minutes, 19 seconds categorized as a middle layer NDC. RFL currently has a core SN book of approximately 6 o along with surplus fund balance of over rupees 590 crores. 27:32 27 minutes, 32 seconds The strong liquidity position has been made possible because of consistent focus on collections and recovery with 27:39 27 minutes, 39 seconds collection efficiency remaining stable at around 98%. 27:43 27 minutes, 43 seconds The NNPA stands at approximately 0.8% and car is at 261% well above regulatory requirements. 27:52 27 minutes, 52 seconds For the 2-year FI26, we have delivered a PAT of rupees 139 crores on account of 27:59 27 minutes, 59 seconds improved collections and recoveries with quarter 4 PA alone coming in at 89 crores. The NOF which is the key 28:08 28 minutes, 8 seconds regulatory requirement stands at rupees 821 crores. The tangible net worth of the company is approximately 900 crores 28:16 28 minutes, 16 seconds providing ample headroom for future growth. The quarter marks continue recovery from the loan book following 28:23 28 minutes, 23 seconds regulatory cleanup and asset quality remains stable reflecting close portfolio monitoring. With the joining 28:31 28 minutes, 31 seconds of uh carpik the CEO of RFL the focus of the entire team is now towards building rebuilding and um growing the company. 28:43 28 minutes, 43 seconds The cash is available. Uh capital is in place. People are there. Platform is now ready to do the business for the various business lines. Coming to slide 30. 28:54 28 minutes, 54 seconds While it may seem like a slightly busy slide, the key takeaways are straightforward. All legacy issues have 29:01 29 minutes, 1 second been conclusively resolved. There are no cumulative and mismatches. Balance sheet is entirely debtree. IT platforms are 29:09 29 minutes, 9 seconds getting refurbished to support future business needs and RFL is now slated to emerge as a strong governance capital 29:19 29 minutes, 19 seconds strong institution that is ready to serve its clients. Moving to 31 some of the key ratios total income for Q4 as I 29:28 29 minutes, 28 seconds said earlier stands at 42.6 6 crores compared to 22 crores for the same period last year nearly double year on 29:37 29 minutes, 37 seconds year. This growth again has been driven primarily by strong uptick in interest uh which moved from 18.2 crores as of 29:46 29 minutes, 46 seconds last uh quarter of last fiscal to 40 40.6 crores uh in the previous quarter uh reflecting 29:54 29 minutes, 54 seconds um uh sustained improvement in collections and recoveries. 30:00 30 minutes network has grown steadily and is now at 900 crores. Uh these ratios collectively reflect the financial strength of the 30:08 30 minutes, 8 seconds platform and how the business has been managed during this entire turnaround phase. On slide 32, it is just a profit 30:18 30 minutes, 18 seconds and loss statement. We provision operating profit stood at 17.6 6 crores for quarter 4 compared to rupees 2 30:26 30 minutes, 26 seconds crores in quarter four of last fiscal uh in substantial improvement driven by disciplined cost control along with 30:35 30 minutes, 35 seconds revenue growth for the full year total income was at 121.9 crores again 75.4 4 30:42 30 minutes, 42 seconds crores for the previous year. The turnaround as I said earlier is driven by 30:49 30 minutes, 49 seconds recovery momentum in the loan book, improved collections and resolution of all legacy provisions. These numbers collectively reflect the strength of the 30:59 30 minutes, 59 seconds company to collect from NPA pool and the cash collection should now position RFL well for the next phase of 31:07 31 minutes, 7 seconds I will now hand over to uh Mr. Rati, chief financial officer housing for his remarks. Over to you, Pankachi. 31:15 31 minutes, 15 seconds Thank you. Uh good evening everyone. Uh I've recently taken over as a CFO for the housing finance business. Uh my immediate focus will be strengthening 31:24 31 minutes, 24 seconds the foundation of a business, putting the right building blocks and creating a scalable platform for sustainable growth. A housing finance company 31:32 31 minutes, 32 seconds primarily operates in affordable housing finance segment offering home loans and loan against property with an average ticket size of about 10 to 11 lakh 31:40 31 minutes, 40 seconds rupees. Uh at the end of the quarter uh the asset and management stood at 243 crores uh with product mix comprising of 31:48 31 minutes, 48 seconds about 70% home loan and 30% loan against property. The company continues to maintain a healthy capital adequacy ratio of about 130%. 31:57 31 minutes, 57 seconds We continue to hold investment grade ratings of triple B minus from IKRA and care uh reflecting the stability and resilience of the business. Currently 32:06 32 minutes, 6 seconds the company operates through a network of about 15 branches in eight states in India. Our focus remains firmly on 32:13 32 minutes, 13 seconds granular retail portfolio supported by a strong capital base which is about 186 crores. From a industry uh perspective, 32:21 32 minutes, 21 seconds the affordable housing finance segment continues to benefit from strong structural tailwinds supported by favorable government initiatives and 32:28 32 minutes, 28 seconds increasing demand for affordable housing. In parallel, we also are undertaking a comprehensive IT 32:36 32 minutes, 36 seconds transformation initiatives uh aimed at strengthening operational efficiency, enhancing customer experience and building a future ready organization. 32:45 32 minutes, 45 seconds Moving to slide 35. Uh the Indian retail rate growth story remains robust with affordable mortgage segment continuing 32:52 32 minutes, 52 seconds to witness healthy momentum. The affordable housing finance industry has been delivering aum growth nearly about 20% annually. Even India's mortgage 33:01 33 minutes, 1 second penetration stands at only about 11% of GDP compared to significantly higher levels in developed economies. The sector offers substantial long-term growth opportunities. 33:12 33 minutes, 12 seconds Moving to slide 36 which highlights the key operating and financial ratios of the company. For the quarter ended March 26, the company reported revenue of 33:21 33 minutes, 21 seconds about 7.9 crores with the average yield on portfolio about 15%. During the quarter, we witnessed improvement in 33:28 33 minutes, 28 seconds asset quality both in GNPA and NNPA numbers declining to 3.5% and 2.5% respectively. The company continues to 33:37 33 minutes, 37 seconds maintain a comfortable capital position well above the regulatory requirements. 33:41 33 minutes, 41 seconds Coming to slide number 37 which presents companies quarterly to financial performance. The total revenue witnessed 33:48 33 minutes, 48 seconds is a marginal increase of about 7.9 cr from 7.1 cr. Uh at the same time operating expenses were reduced to 33:55 33 minutes, 55 seconds rupees 11.5 crores from 13 crores reflecting improved cost discipline and operational efficiencies. For the 34:03 34 minutes, 3 seconds quarter the company reported a loss of 3.6 crores as compared to a loss of 5.9 crores in the previous quarter. On a familiar year basis, the loss is about 34:12 34 minutes, 12 seconds 18.6 crores uh versus 12.8 crores within the previous year. Going forward, our focus will remain on driving business 34:20 34 minutes, 20 seconds with sustainable growth. Uh improving operational efficiencies, strengthening the asset quality numbers and progressively improving profitability. 34:29 34 minutes, 29 seconds Uh that's all from my side. Hanging over to thank you. 34:35 34 minutes, 35 seconds With this we end our presentation and we are now open to take your questions. Back to you. Thanks. 34:46 34 minutes, 46 seconds Thank you very much. We will now begin with the question and answer session. 34:51 34 minutes, 51 seconds Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove 34:59 34 minutes, 59 seconds yourself from the question queue, you may press star then two. Participant, you are requested to use handset while 35:07 35 minutes, 7 seconds asking the question. Ladies and gentlemen, we will wait for a moment while the question is assembles. 35:17 35 minutes, 17 seconds A reminder to all, you may press star and one to ask a question. 35:31 35 minutes, 31 seconds We will take the first question from the line of Sesh Gupta from Maximal Capital. Please go ahead. 35:39 35 minutes, 39 seconds Hi, thank you for the opportunity. Um, so so my am I audible? Yes. Yes, you're audible. 35:47 35 minutes, 47 seconds Yeah. So the first question is directed towards Mr. Arjun Lamba since he representing the promoters. So I think 35:55 35 minutes, 55 seconds in the last call also there were concerns raised regarding this de merger process and the holding company discount 36:02 36 minutes, 2 seconds which can be created because of this sort of a structure. So now in this last quarter we have seen promoters 36:10 36 minutes, 10 seconds increasing their stake uh by open market purchase as well as this impending preferential allotment. So this would 36:18 36 minutes, 18 seconds significantly increase their shareholding in the in Delhi there and um hence we wanted to understand if 36:26 36 minutes, 26 seconds there is any uh further views on how we can u avoid the holding company discount 36:33 36 minutes, 33 seconds u because of KR being subsidiary to a listed firm. 36:38 36 minutes, 38 seconds Yeah. Hi I thanks for the question. Uh yes the promoters have increased their stake in the last quarter. I think uh the increase has been to the tune of 36:46 36 minutes, 46 seconds roughly 4%. And uh post conversion of the warrants uh assuming everybody converts their warrants I mean promoter should be close to about 34%. 36:57 36 minutes, 57 seconds uh and this is a I mean it's a logical step uh and uh we believe that the structure that we put in place sets a 37:05 37 minutes, 5 seconds path and for the current moment that's the right structure as and when as and when things uh sort of materialize or 37:12 37 minutes, 12 seconds change we will get back to you but we understand your concern and we we we well acknowledge what the investors are saying I'll stop it at that and for us 37:21 37 minutes, 21 seconds number one has been to separate the FS business from the insurance business and to provide a clean structure so that the shareholders can understand and the 37:29 37 minutes, 29 seconds managements can be very focused in doing what they have to do and where is this question from yourself and other shareholders which was there in the call we will keep this at the back of our 37:38 37 minutes, 38 seconds minds and we will see what we have to do at an appropriate stage. 37:43 37 minutes, 43 seconds Okay. And if we were to go down on that path, can this be being done parallelly or it has to be done uh sequentially 37:52 37 minutes, 52 seconds once the current scheme of arrangement gets over which will take at least a year from now. 37:58 37 minutes, 58 seconds We we will evaluate all this. I mean we will evaluate all this and we'll get back to you and uh because these are complicated these restrictions are 38:05 38 minutes, 5 seconds complicated as you know and uh they're time consuming as well. a lot of uh regulations and regulatory bodies that have to approve the same ant works. So we'll get back to you on this. 38:16 38 minutes, 16 seconds Okay. Um one more question. 38:18 38 minutes, 18 seconds Sorry to interrupt in between surveys. I will request you to please rejoin the queue again for more questions. Okay. 38:27 38 minutes, 27 seconds Thank you. We will take the next question from the line of Adash from Imam Holden. Please go ahead. 38:35 38 minutes, 35 seconds Yes sir. So um the first question is on um care. Um we did um we put out our numbers on FRS. 38:46 38 minutes, 46 seconds Um so just wanted to understand um you know a lot of our peers obviously listed separately 38:53 38 minutes, 53 seconds um do indicate especially NEA uh does indicate their growth outcomes that they expect and uh where combines are likely 39:00 39 minutes to go and hence we get a good sense of kind of profitability. Uh things kind of turned a little bit for health insurance 39:08 39 minutes, 8 seconds at least on the underwriting side this year going by number of all the companies. So if you can provide some uh 39:15 39 minutes, 15 seconds clarity on that and maybe after this I'll take one question on the structuring 39:26 39 minutes, 26 seconds thanks others this is a sha from clear so on and the tailwinds have started 39:33 39 minutes, 33 seconds with the sector from October October to March we saw a healthy growth of 40% in 39:39 39 minutes, 39 seconds compared to 27% in half And we have no reason to believe why the stings will not continue. 39:48 39 minutes, 48 seconds So I'm bullish on the sector on the profitability. See currently our combined is at 101.4. 39:56 39 minutes, 56 seconds H I it should come down near 100 in two years downline. But more important this 40:04 40 minutes, 4 seconds combined ratio will not come because of claims or anything. this combined ratio will come because operating leverage 40:11 40 minutes, 11 seconds will be better and I expect renewal cost operating leverage will be the only game changer in this 40:21 40 minutes, 21 seconds so sir uh if you're saying 100 and closer to 102 goes to 100 40:28 40 minutes, 28 seconds uh broad sense who you think you know the profit of care goes closer to about 800 would that be a fair number maybe 7 40:36 40 minutes, 36 seconds to 800 crores Because that that you can take out very clearly that's okay but we are only balancing ourselves on 40:45 40 minutes, 45 seconds the combined issue that's the only measure we do. 40:49 40 minutes, 49 seconds Understood. Fair sir. Uh the second question again uh on this structure while you've tried to 40:56 40 minutes, 56 seconds clarify um was that as you said there has been a creeping acquisition and post conversion um for a separately listed life 41:05 41 minutes, 5 seconds insurance. believes the uh uh the promoter shareholding should be 26. In 41:12 41 minutes, 12 seconds this case, we would be um you know the double family would still be short of it in case shares are directly issued. Um 41:21 41 minutes, 21 seconds so what's the journey we can expect because even while we came out with the structure uh and a large part of the 41:29 41 minutes, 29 seconds value comes from care um there is still uh limited clarity on uh potential 41:37 41 minutes, 37 seconds timeline on one on when one can see a clean um care share for the shareholders. 41:46 41 minutes, 46 seconds I think the promoters have done uh what we we wanted to or they wanted to do. I think the warrants itself convert by uh 41:55 41 minutes, 55 seconds the end of uh March next year. Uh there is time there is time in that and the shareholding is what it is. I mean uh 42:02 42 minutes, 2 seconds that's a number that is there fixed and in stone and we will see at an appropriate time what we have to do. I mean I cannot give you a clear cut 42:09 42 minutes, 9 seconds guidance is when what will happen but we b you out and we'll see what we have to do and when we have to do 42:18 42 minutes, 18 seconds yes we understand that the value isn't care we are cognizant of that that's why we're separating the entities creating clear parts and we want to create value 42:25 42 minutes, 25 seconds on the other entity as well but well acknowledge what your question is but I hope I have been able to answer what you what you asked me 42:35 42 minutes, 35 seconds thank you before we take The next question. Ladies and gentlemen, in order to ensure that the management will be 42:42 42 minutes, 42 seconds able to address all the questions from the participants in the question queue, we request you to kindly limit your questions to two per participant. If you 42:51 42 minutes, 51 seconds have a follow-up question, please rejoin the queue again. 42:56 42 minutes, 56 seconds We will take the next question from the line of Niharika Kamani from Kadgur Capital. Please go ahead. 43:03 43 minutes, 3 seconds Uh yeah, I couple of questions. Uh so first is how do we plan to ramp up the NDFC division uh and how do we plan to deploy the excess capital there. 43:16 43 minutes, 16 seconds So Karthik uh is uh Karthik is here uh our new CEO uh who just joined us five 43:25 43 minutes, 25 seconds literally this week. So please excuse him. I mean he give a few thoughts. Uh we obviously want I'll just give a broad motherhood statement and then you can take it up from there. We want to 43:33 43 minutes, 33 seconds kickstart the NBC. We want to be a multi-product NBFC. We have this cash. 43:37 43 minutes, 37 seconds It's all unlevered. We have to get our credit rating where we want it to be. 43:40 43 minutes, 40 seconds Promoters are strong. So, I think with this uh preamble, I think we should be able to start and after that it all depends on execution. I'll ask Tarthik to fill us in a little bit. 43:51 43 minutes, 51 seconds Yeah, thanks Arjun. So the aim is to create a multi-line NBSC launching products over a reasonable period in 43:58 43 minutes, 58 seconds terms of conceptualization preparedness in terms of technology platform and uh eventual launch into the 44:06 44 minutes, 6 seconds market. So I think that's what we are going to see over the next couple of quarters from the NBSC. 44:15 44 minutes, 15 seconds Okay. Okay. And uh so my second question is uh as for ADA promoters or any should 44:22 44 minutes, 22 seconds hold 25% in health insurance. So our promoters contemplating 44:30 44 minutes, 30 seconds between your voice is not your voice is breaking in between. Can you hear me now? Yes please proceed. 44:40 44 minutes, 40 seconds Yeah. So as per IDA promoters of relegare should hold 25% in care health insurance. So are the promoters 44:47 44 minutes, 47 seconds contemplating increasing their stake in relegare to meet this regulatory requirement. 44:54 44 minutes, 54 seconds So I think it's 26% if my if I'm correct but yeah 25 26 that's the right thing. 45:01 45 minutes, 1 second We've increased our state quarter. We'll see as and when at an appropriate time we'll see what we have to do and we'll keep you guys informed as and when we do 45:09 45 minutes, 9 seconds something but we are well uh aware of these facts and figures. 45:17 45 minutes, 17 seconds Okay. Okay. Understood. So is there any plan of uh bringing in strategic investor on board given Kadara Capital 45:25 45 minutes, 25 seconds might want to exit or what are your thoughts on this? So we've not heard that Kadara wants to exit but that's a question that Kadara would answer but I 45:33 45 minutes, 33 seconds do not we've not heard that they want to exit. I think they are long-term partners u in this uh investment and I think they remain committed to the cause as well. 45:44 45 minutes, 44 seconds Understood. Understood. Thank you so much. 45:48 45 minutes, 48 seconds Thank you. We will take the next question from the line of Vikas Shivasa from RPC Financial Services. Please go ahead. 45:57 45 minutes, 57 seconds Yes. Thank you. Uh Arjun, you know, as you would have realized, there's only one thought on the shareholders mind 46:04 46 minutes, 4 seconds today. What about the reverse budget of care? And I think the previous people asked the same question. And to be honest, we haven't got a clear answer on 46:12 46 minutes, 12 seconds this. If Kara is a long-term, you know, uh I there's some legal issues which a previous person asked. Can we amend? Is 46:22 46 minutes, 22 seconds it possible legally to amend the current emerger in case you are able for example to either get Anoj as a promoter or Kara 46:31 46 minutes, 31 seconds as a promoter? It was good to hear that Kedara are long-term investors. That's one question and related to that can the 46:39 46 minutes, 39 seconds promoters buy more stock in this financial year considering that without violating the creeping acquisition takeover code? I'm 46:48 46 minutes, 48 seconds assuming you can't because you're already going up 2% because of his preferred a lotment. So there's a big gap between the look through from 19 to 26 that's 7%. 46:59 46 minutes, 59 seconds Every shareholder today has that. So I'm saying are there any conversations with either Anoj or Kara 47:07 47 minutes, 7 seconds is there is there a possibility that they could become promoters because I don't see the BAM family getting to 26. 47:15 47 minutes, 15 seconds Is there a possibility that they could join hands and become promoters? And the last question was a legal question. Can 47:21 47 minutes, 21 seconds the current scheme be amended if we were able to get to that number of 26%. 47:29 47 minutes, 29 seconds So I I'll answer your last question first. We don't want to amend the scheme. Uh whether a subsequent scheme can be done when it can be done, we 47:37 47 minutes, 37 seconds shall see at an appropriate time. Now whether we can increase our stake to 26%, that is speculative. Uh time will tell. uh uh we've taken a first step. 47:47 47 minutes, 47 seconds What can happen with our other partners? 47:49 47 minutes, 49 seconds That's an open question and then we've not sort of uh decided anything on this front just now and uh we'll take your thoughts uh on board and uh we here 47:59 47 minutes, 59 seconds again as I said to the last uh uh participant that we acknowledged and well taken and we listen we've just also 48:06 48 minutes, 6 seconds onboarded ourselves. We are streamlining everything and we are conscious of what the shareholders want and we will apply our minds and collectively and we'll 48:14 48 minutes, 14 seconds keep interacting with you and we'll we'll discuss this topic in detail when we have a plan in a week. 48:20 48 minutes, 20 seconds Okay. Thank you. My second question was on Anoj uh is he going to have any anali is he going to have any role now that 48:29 48 minutes, 29 seconds he's not he's resigned is there is there any conversations or any discussion you know considering with his experience and 48:36 48 minutes, 36 seconds being a founder of any continuing role in care going forward so I'll just answer that question before the care 48:45 48 minutes, 45 seconds folks also answer see Ano's term and 15 year term is what is allowed as per as perda and uh his term has come to an end 48:54 48 minutes, 54 seconds now and Amit remains a 5 and a half% shareholder. We are we are very thankful grateful to him. We have a great equation and I'm sure he and we all have 49:02 49 minutes, 2 seconds the best interest of the company at heart but that care an cannot be there for a period of two to three years if my memory serves me correct and that's for IDA guidelines. 49:14 49 minutes, 14 seconds Thank you. We will take the next question from the line of Dickshi from Whiteststone Financial Advisor Private Limited. Please go ahead. 49:24 49 minutes, 24 seconds Yeah. So, some of my questions have been answered. Just couple of things. Uh if you can uh broadly mention about the releg housing finance and the relegation. 49:33 49 minutes, 33 seconds Sorry to interrupt them between could you please use the handset mode? Uh yeah. Is it better now? Yes, please proceed. 49:41 49 minutes, 41 seconds Yeah. Thanks. So, some of my questions have been answered. Just couple of thing uh for the uh NBFC and the housing finance business. Uh if you can broadly 49:50 49 minutes, 50 seconds touch upon that uh for NBFC say which kind of product we are targeting or at what yield or name we are targeting and 49:58 49 minutes, 58 seconds uh will it be like a branchled model or a digital model if you can just uh give 50:04 50 minutes, 4 seconds uh some rough uh you know uh kind rough picture. 50:10 50 minutes, 10 seconds Yeah. So uh you karthik here I'll attempt at answering your question uh but I've arjen fet u these are early 50:17 50 minutes, 17 seconds days for me just getting my head around the entire uh structure in terms of uh the art of the possible gear but to come 50:25 50 minutes, 25 seconds to your question basically it be a mix of secured and unsecured products with a with a reliance on sec with a higher mix 50:34 50 minutes, 34 seconds for the secured products in terms of what is the distribution model I think today there are certain products which 50:40 50 minutes, 40 seconds require a local presence. There will be a need for a physical infrastructure, office plants etc. And there are 50:48 50 minutes, 48 seconds products which are basically location agnostic where entire onboarding, underwriting, uh servicing etc can be done digitally. 50:59 50 minutes, 59 seconds So it will be a combination. There are certain products which will require a physical presence. there will be branch left but there are many products which 51:07 51 minutes, 7 seconds are slightly typically low ticket products uh which will be completely done in a centralized manner. 51:16 51 minutes, 16 seconds Okay. Uh for the housing finance business uh you know as a as a housing finance company we are supposed to focus 51:22 51 minutes, 22 seconds on home loans uh because we have to meet a regulatory threshold of 60% principal business criteria. So our focus will be 51:30 51 minutes, 30 seconds home loans to the extent of about 60 to 70%, balance will be loan against property. These will be uh retail 51:38 51 minutes, 38 seconds granular secured uh of of course you know this is what we do and a ticket size would be about 10 to 11 lakhs right 51:45 51 minutes, 45 seconds now we operate and uh it could obviously uh you know it will be below 15 lakhs or so in terms of our strategy. uh it will 51:53 51 minutes, 53 seconds be both uh in terms of digital sourcing and branch list but largely because these are tier 2 tier 3 city play it 52:01 52 minutes, 1 second will be through the branch network and we will have adequate uh infra as we as we go along uh these are the products which we will g from housing branch 52:09 52 minutes, 9 seconds company all right that's it for 52:17 52 minutes, 17 seconds thank you take the next question from the line of Jan Ma family office. Please go ahead. 52:26 52 minutes, 26 seconds Thanks for the opportunity. Uh sir, I just want to tell you when we are going to uh start dispersement in our finest 52:33 52 minutes, 33 seconds and housing finance division. Currently we are doing um acquiring books or files or we have not started yet. any target 52:43 52 minutes, 43 seconds in mind in next two three five years kind of achieving any target of 5,000 or 10,000 current kind of I think so new 52:52 52 minutes, 52 seconds leadership to vision has been set up so uh if you have any yeah so currently we are doing 52:59 52 minutes, 59 seconds insignificant I would say about 10 crores a month less than that uh but as we go along and and get the first round 53:07 53 minutes, 7 seconds of capital we'll start putting in blocks in terms of our infra and expansion course uh and obviously uh you know it 53:15 53 minutes, 15 seconds will it will be supported by uh investment on the front line on the technology and all of that uh we can't 53:23 53 minutes, 23 seconds put a number right now in terms of how much we will going to do in other 5 years 10 years but yes the opportunity is really pretty large uh and I'm sure 53:32 53 minutes, 32 seconds uh you would agree to that uh but yes we will start uh business gradually and slowly and and increase the momentum 53:39 53 minutes, 39 seconds uh these observations uh for housing finance I think would like to add yeah for the NBSC division I think there 53:46 53 minutes, 46 seconds is a there is a period of preparation when we put the entire technology stack in place uh as probably are well aware 53:53 53 minutes, 53 seconds today's business is as much controlled by technology as much as like people process and uh internal systems uh so 54:01 54 minutes, 1 second there will be a period of buildup in terms of preparation time and once we do that I think the the scale up will be 54:10 54 minutes, 10 seconds fairly rapid in terms of distribution uh getting national and India. I think that's that's how we visualize this uh 54:19 54 minutes, 19 seconds and we'll definitely keep you posted I think more on a quarter by basis in terms of what the near-term visibility 54:25 54 minutes, 25 seconds in terms of specific products as we move forward. Yeah. 54:30 54 minutes, 30 seconds Okay. If you can do it early in your guidance that would be great. The second question is related to lux bank deposit 54:37 54 minutes, 37 seconds case where we are at and uh uh what was the last uh uh outcome whether 54:46 54 minutes, 46 seconds it lb case uh um lb case is subjected uh we are obviously going to make best efforts 54:54 54 minutes, 54 seconds uh to recover these money because it was an empty that was fraudulently taken away uh from RFL. So we have now 55:02 55 minutes, 2 seconds initiated proceedings in in the Delhi high court and uh we will keep you updated but be rest assured as as our judicial responsibility we'll be making 55:10 55 minutes, 10 seconds best effort to sort of get this money and we do believe over time we should hopefully be successful. 55:18 55 minutes, 18 seconds Okay. Yeah. Thanks. 55:23 55 minutes, 23 seconds Before we take the next question, a reminder to all. You may press star and one to ask a question. 55:30 55 minutes, 30 seconds We will take the next question from the line of Pares Patel from Patel Investments. Please go ahead. 55:38 55 minutes, 38 seconds Hi. So, thank you for taking the question. Uh my questions were more in the line of valuation perspective. So uh 55:45 55 minutes, 45 seconds the first one is that over the time to three years uh can you give me a strategic road map for 55:52 55 minutes, 52 seconds there is lot of eco there is lot of eco we couldn't understand your question but I request you to just keep your mouth away 56:00 56 minutes and uh can you can you try again there's a lot of echo please is it is it better now yeah yeah 56:07 56 minutes, 7 seconds yeah uh so my question is more on the valuation side of the and the modeling side of the business. So over medium 56:15 56 minutes, 15 seconds term let's say 2 three years can you help me with a strategic road map for for our verticles like insurance or broking NFC housing finance uh more so 56:24 56 minutes, 24 seconds in terms of uh growth aspiration and uh capital allocation so uh rich I think uh we obviously uh 56:33 56 minutes, 33 seconds raised capital at level uh to fund the growth of each of these businesses and I'll just break it up out of the 1500 cr 56:40 56 minutes, 40 seconds 600 is going to care 250 is going to the housing finance company 200 is going to the blocking entity and there's about 56:47 56 minutes, 47 seconds 375 W cr which is a general corporate purpose fund which can be allocated depends on the need of these businesses 56:54 56 minutes, 54 seconds RFLI and BSC well capitalized with about 900,000 cr network and 600 odd crores cash sitting with it so that obviously 57:01 57 minutes, 1 second does not require any capital our intent is to scale all of these business to make them meaningful and sizable and part of this demerge is on account of 57:08 57 minutes, 8 seconds this and as these business teams as who with Kartik and VJ and conquer and all get comfortable in their positions. We 57:16 57 minutes, 16 seconds will update you on the business plans on a quarterly basis and I think we'll be able to share more but be rest assured our aspirations are to grow these 57:23 57 minutes, 23 seconds businesses and uh that will be the endeavor of of the managements of each of these businesses. Okay, fantastic. 57:31 57 minutes, 31 seconds And care is in many case growing very strongly. They've grown healthy 24% plus. I think we plan to hopefully 57:39 57 minutes, 39 seconds maintain momentum and again can say a little bit about that. I think uh they best suited to say that thanks. 57:49 57 minutes, 49 seconds So statements remain in the sector and we should be able to capitalize on that. 57:56 57 minutes, 56 seconds Okay. 57:59 57 minutes, 59 seconds So uh so my second question was moving towards care itself. So as you said we have delivered a strong GWP uh uh 58:06 58 minutes, 6 seconds currently and we have also get share. So I just wanted to know moving forward what is the kind of sustainable growth 58:13 58 minutes, 13 seconds rate that you're looking at uh probably over the next 3 four years. 58:23 58 minutes, 23 seconds Yeah. So we are expecting a healthy growth rate but the way we measure it we should be growing better than the 58:30 58 minutes, 30 seconds industry that's the only benchmark that we carry. 58:36 58 minutes, 36 seconds Got it. Got it. If you could give a range to me that will be better. 58:41 58 minutes, 41 seconds So range can be anything between 18 to 24. 58:48 58 minutes, 48 seconds Thank you. We will take the next question from the line of Karina C from Star Capital. Please go ahead. 58:57 58 minutes, 57 seconds Um hi uh good evening. Uh my question is uh is the leadership and management largely in place or are you looking at 59:05 59 minutes, 5 seconds hiring more senior people and in which business? So that's a simple question to answer. 59:11 59 minutes, 11 seconds So most of our leadership at least at the CXO level CEOs and CFOs are there. I think what is required is the CEO for 59:18 59 minutes, 18 seconds the HFC business. We are in the process of that and CTOs will be coming in for each of these companies and then it will 59:25 59 minutes, 25 seconds be bou going from here. But uh that's ongoing process and I think uh we making good headway on this process as well. 59:34 59 minutes, 34 seconds Um okay my second question is uh do you expect the individual businesses to turn around in FI27 and report profit in the 59:42 59 minutes, 42 seconds same? So just uh our our MSC is already reporting profit. Our broking business is already reporting profit. Our HSC is 59:52 59 minutes, 52 seconds the only one that is not reporting profit. I think maybe give it another 12 to 18 months. I think that would be a fair ask because we have to scale up and 59:59 59 minutes, 59 seconds scale up will require some opex. So just uh give us 12 to 18 months on that. 1:00:07 1 hour, 7 seconds Um okay, thank you so much. 1:00:12 1 hour, 12 seconds Thank you very much. Ladies and gentlemen, we will take the last question. I now hand the conference over to over to Mr. Platal Gupta for the 1:00:20 1 hour, 20 seconds closing comments. Thank you and over to you. 1:00:24 1 hour, 24 seconds Thank you uh Sapnali and Anisha. Uh we thank our shareholders for their faith in us, our customers for choosing 1:00:32 1 hour, 32 seconds our products and services, regulators for their engagement, our employees for their dedication and hard work. I also 1:00:40 1 hour, 40 seconds thank the entire leadership team present here with me in the room for taking out time and responding to our request. 1:00:47 1 hour, 47 seconds Thank you everyone and wish you a good evening. Thank you. Thank you. Thank you. 1:00:53 1 hour, 53 seconds Thank you members of the management on behalf of Gleer Enterprises Limited that concludes this conference. Thank you all 1:01:00 1 hour, 1 minute for joining us and you may now disconnect your line. Thank you.