SBI Cards and Payment Services Ltd — Q4 FY26

SBI Cards and Payment Services Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=ZDURKUusFuQ Published: 2 weeks ago

0:00 Ladies and gentlemen, good day and welcome to SBI card and payment services limited Q4 and FI26 earning conference 0:09 9 seconds call. As a reminder, all participant line will be in the listenon only mode and there will be an opportunity for you to ask question after the presentation 0:18 18 seconds conclude. Should you need assistant during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please 0:26 26 seconds note that this conference is being recorded. I now hand the conference over to Miss Salila Pande, MD and CEO SBI cards. Thank you and over to you ma'am. 0:37 37 seconds Thank you Danish. A very good afternoon to everyone on behalf of the board and management of SBI card. I would like to 0:45 45 seconds welcome and thank you for joining us today. I would like to extend our gratitude to all the stakeholders for their continued support and trust in the 0:53 53 seconds company. At SBA card, we remain focused on supporting India's rapidly evolving digital payment landscape while further 1:01 1 minute, 1 second reinforcing our position as India's largest pure play credit card player. 1:06 1 minute, 6 seconds The Indian economy continues to demonstrate resilience despite ongoing geopolitical uncertainties with real GDP 1:14 1 minute, 14 seconds projected to grow at around 6.9% for the financial year 2627. 1:20 1 minute, 20 seconds As per IMX, Indian economy is likely to remain a bright spot in an increasingly uncertain global environment with growth 1:28 1 minute, 28 seconds running at more than twice the global average supported by strong underlying fundamentals. At the same time, some 1:35 1 minute, 35 seconds moderation may be seen due to elevated energy prices and external headwinds. As per the recently released government 1:43 1 minute, 43 seconds data, India's retail inflation inched up to 3.4% 4% yearonear in March from 3.21% in February. 1:53 1 minute, 53 seconds Over the past few years, India's digital payments ecosystem has witnessed rapid transformation. Digital transactions are 2:00 2 minutes becoming an integral part of everyday payments supported by growing digital infrastructure, supportive regulatory initiatives, and a thriving fintech 2:09 2 minutes, 9 seconds ecosystem. The shift has reshaped customer behavior with payments becoming more frequent, smaller in terms of 2:16 2 minutes, 16 seconds ticket size, and increasingly integrated with credit channels. Digital transactions have grown almost 11 times 2:25 2 minutes, 25 seconds between 2021 to 2025 with UPI accounting for almost 80% of overall digital transactions. 2:35 2 minutes, 35 seconds Within this evolving payment landscape, credit cards continue to play a significant role facilitating a rewarding, simple, safe, and seamless 2:44 2 minutes, 44 seconds payments experience. According to RBI March 2026 data, credit card spends during the year grew roughly 12% 2:53 2 minutes, 53 seconds year-over-year to 23.62 trillion. The number of cards in F force have crossed 118.6 3:01 3 minutes, 1 second 6 million during this period reflecting continued adoption across India's expanding base of aspirational 3:08 3 minutes, 8 seconds customers. As an agile organization, we at SBI card recognize these opportunities and are committed to 3:15 3 minutes, 15 seconds capitalizing on them to fuel growth. We continue to strengthen our position as India's largest pure play credit card player and second largest credit card issuer. 3:26 3 minutes, 26 seconds As a customercentric organization, we are focused on delivering seamless customer journeys, differentiated product offerings, and personalized experiences. 3:36 3 minutes, 36 seconds Hyperpersonalization continues to be a key strategic lever for us. During the year, we enhanced datadriven customer 3:43 3 minutes, 43 seconds engagement capabilities, helping enhance customer lifetime value through the SBI card mobile app and digital channels. 3:52 3 minutes, 52 seconds Digital acquisition has gained momentum with SBI card sprint. A growing share of new account acquisitions is now 3:59 3 minutes, 59 seconds initiated digitally improving the speed and experience of customer onboarding journey. During the year we enhanced our 4:07 4 minutes, 7 seconds product portfolio to meet evolving needs of aspirational and techsavvy customers. 4:13 4 minutes, 13 seconds For instance, during the year, we launched several co-branded credit cards such as Tata New SBI card, Flipkart SBI 4:21 4 minutes, 21 seconds card, Indigo SBI card, and Phone Pay SBI card selects. Hundreds of national and regional offers were rolled out across 4:29 4 minutes, 29 seconds all key spend categories in partnership with reputed brands to increase spend and engagement. 4:36 4 minutes, 36 seconds One of the key priorities during the year was to control and reduce credit cost. Our focus remained on maintaining 4:43 4 minutes, 43 seconds portfolio resilience while supporting sustainable growth. We augmented our risk management framework, enhanced 4:50 4 minutes, 50 seconds policies, procedures, models and analytical capabilities across areas including underwriting, portfolio 4:58 4 minutes, 58 seconds management, collections, fraud risk management and provisioning while ensuring alignment with evolving regulatory expectations and industry 5:07 5 minutes, 7 seconds best practices. We further strengthened our collections infrastructure both digital and physical. The focus was on 5:15 5 minutes, 15 seconds encouraging customers to make timely repayments. In case of a difficulty, we supported the customers with financial 5:22 5 minutes, 22 seconds hardship tools. Technology investments in artificial intelligence and machine learning are playing a key role in transforming our product development and 5:31 5 minutes, 31 seconds service delivery. From optimizing internal processes, attaining insights into customer behavior and preferences, 5:38 5 minutes, 38 seconds upskilling employees to risk management framework among others, we are poised to harness full potential of these advancements in financial year 27. 5:49 5 minutes, 49 seconds Our ESG approach is based on four cornerstones of our commitment to a sustainable future. Social prosperity, 5:56 5 minutes, 56 seconds building trust, impactful integrity, and climate action. This financial year we also declared an interim dividend of 2 6:04 6 minutes, 4 seconds rupees 50 pesa per equity share enhancing shareholder value. As regards the business performance in Q4 and for 6:13 6 minutes, 13 seconds the whole year the results trajectory is well in line with what we had expected and conveyed during the year. Let me 6:20 6 minutes, 20 seconds share some key metrics. As per RBI March 2026 data, we continue to be the second largest credit card issuer in the 6:28 6 minutes, 28 seconds country with cards in force market share of 18.6%. 6:34 6 minutes, 34 seconds During the quarter, we added 9 lakh 17,000 new accounts while maintaining a 6:40 6 minutes, 40 seconds strong focus on quality acquisition. Our digital onboarding platform SBI card Sprint continues to deliver encouraging 6:49 6 minutes, 49 seconds results by enabling faster and seamless customer acquisition. 6:54 6 minutes, 54 seconds In terms of the new sourcing mix, our share from open market and bank channels in SI26 stands at 54% and 46% respectively. 7:05 7 minutes, 5 seconds As for RBI's 2026 data, our spend market share has further grown to 18.1% 7:12 7 minutes, 12 seconds in financial year 26. Overall spends in Q4 FY26 exceeded 1.15 trillion with a 7:20 7 minutes, 20 seconds strong 31% growth yi. During FY26, overall spends were 4.3 trillion, 7:28 7 minutes, 28 seconds setting a new benchmark. Retail spent witnessed steady growth driven by rising adoption of digital payments and ongoing 7:36 7 minutes, 36 seconds expansion of payment ecosystem. In Q4 of the FI26 retail spend reached 89,786 7:45 7 minutes, 45 seconds crores with 13% growth y 7:56 7 minutes, 56 seconds during FI26. Retail spends reached the highest ever level of over 3.54 trillion with a 15% growth yi. 8:06 8 minutes, 6 seconds 30-day retail spend active rate continues to be healthy at over 52% in Q4 of FYI 26. During the quarter, we 8:16 8 minutes, 16 seconds have seen growth momentum across both pass and online channels. Key spent categories that particularly performed 8:23 8 minutes, 23 seconds well include customer consumer durables, furnishing and hardware, apparel and jewelry, travel and entertainment among 8:32 8 minutes, 32 seconds others. Online spends contributed 62.5% of the total retail spends of FY26. 8:41 8 minutes, 41 seconds UPI on credit card usage continued to gain momentum, witnessing 10% growth in Q4 of FY26 8:49 8 minutes, 49 seconds compared to Q3. Department stores and grocery, utilities, fuel, apperal, and restaurants continue to be among the top five categories for UPI spends. 9:01 9 minutes, 1 second Additionally, the ability to use rupe credit cards through QR based UPI acceptance terminals is gaining traction 9:08 9 minutes, 8 seconds particularly in tier 2 plus markets that have the highest UPI active cards and force and UPI spends adding to the growth momentum. 9:19 9 minutes, 19 seconds As regards the financial performance of the company during Q4 and FI26, total revenue during Q4 was 5,187 9:29 9 minutes, 29 seconds cr with 7% growth YI. Total revenue for FY26 was 20,78 cr registering 11% growth YI. 9:40 9 minutes, 40 seconds Increased spends this year resulted in higher spend based income contributing to healthy revenue growth with lower credit costs this quarter over the 9:49 9 minutes, 49 seconds previous quarter. We delivered a profit after tax of 609 crores in Q4 with 14% growth yi for the financial year 2026. 10:00 10 minutes SBI card achieved a profit after tax of 2,167 crores with a 13% worth y 10:09 10 minutes, 9 seconds during Q4 FY26 our receivables were at 56,926 10:15 10 minutes, 15 seconds cr around 2% growth yi the interest earning assets were 54% with revolver balance at 22%. 10:26 10 minutes, 26 seconds Revolve rates have been in the range of 22 to 24% over the last two years and we expect this to have a slight downward bias in FY27. 10:36 10 minutes, 36 seconds We will continue to focus on building our EMI book. 10:40 10 minutes, 40 seconds The cost of funds during Q4 was 6.4% lower by 82 basis points. Y 10:50 10 minutes, 50 seconds for FY26 it was 6.7% lower by 71 basis points. The net interest margin for the 10:57 10 minutes, 57 seconds quarter has improved to 11.1% versus 11% in Q3. For FY26, it has improved to 11:04 11 minutes, 4 seconds 11.2% higher by 31 basis points by we. We expect NIM to remain stable though at 11:13 11 minutes, 13 seconds risk from any significant increase in cost of fund as a result of uncertain macroeconomic conditions. 11:20 11 minutes, 20 seconds In Q4 FY26, the OPEX has been lower compared to the previous quarter owing to lower spend based costs. However, for 11:28 11 minutes, 28 seconds FY26, the OPEX was 22% higher Y on account of higher corporate spends. The 11:36 11 minutes, 36 seconds cost to income ratio for Q4 was 57.2% and 55.3% for FI26. 11:44 11 minutes, 44 seconds The cost to income ratio was impacted by higher operating expense on account of higher corporate expense. 11:52 11 minutes, 52 seconds In terms of the asset quality, our gross credit cost has improved by 55 basis points quarter over quarter to 7.7% 12:01 12 minutes, 1 second continuing with the reducing trend as witnessed in the last two quarters. As well, GMPP for the quarter was reduced 12:08 12 minutes, 8 seconds by 46 basis point quarter over quarter to 2.41%. 41%. The NPA stock has reduced 12:16 12 minutes, 16 seconds by 268 crores quarter over quarter and 348 crores Yi to 1,370 12:25 12 minutes, 25 seconds crores. Stage 2 balance with his portfolio at significant increase in credit risk have reduced by 149 cr quart 12:34 12 minutes, 34 seconds quarter over quarter and 711 cr y to 2,90 crores. SBI car delinquencies have 12:42 12 minutes, 42 seconds continued to reduce in this quarter too as witnessed in the previous six quarters. Keeping in view the annual ECL 12:49 12 minutes, 49 seconds model refresh and uncertainty due to geopolitical turmoil. We are retaining an overlay of 220 crores for ECL 12:59 12 minutes, 59 seconds provision. Owing to strengthened underwriting standards, portfolio management and collections. Asset quality continues to improve with better 13:08 13 minutes, 8 seconds portfolio mix reducing NPA and portfolio delinquencies. 13:13 13 minutes, 13 seconds We expect the credit cost to moderate further in FI27. 13:17 13 minutes, 17 seconds However, the rate of moderation in credit cost and asset quality will depend on the evolving geopolitical landscape and its impact on the 13:25 13 minutes, 25 seconds macroeconomic factors and the unsecured lending ecosystem. We are vigilant and monitoring our portfolio for any likely 13:32 13 minutes, 32 seconds impact of dynamic macroeconomic variables. At the same time with adequate capital and provision buffer, 13:40 13 minutes, 40 seconds we do not foresee any significant impact in the coming quarter. 13:45 13 minutes, 45 seconds Our capital adequacy ratio for Q4 was strong at a comfortable level of 25.5%. 13:52 13 minutes, 52 seconds The ROA for Q4 was 3.6% 6% 29 bits higher yi while the while for fi26 14:01 14 minutes, 1 second a was 3.2% 11 bits higher yi was 15.6% 14:08 14 minutes, 8 seconds 8 bits higher yi and 14.6% 6% for FI26, lower by five basis points by a while. 14:17 14 minutes, 17 seconds As we close FI26, we remain optimistic about the long-term trajectory of India's consumer credit and digital payments ecosystem. Looking ahead to 14:25 14 minutes, 25 seconds FI27, we are ready and wellprepared with adequate buffers to pursue profitable growth in a disciplined manner. 14:34 14 minutes, 34 seconds It is important to reiterate that we remain vigilant regarding the geopolitical and economic landscape and will adapt our strategy if warranted. 14:43 14 minutes, 43 seconds With that, we are now happy to take questions. Thank you. 14:47 14 minutes, 47 seconds Thank you ma'am. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on 14:56 14 minutes, 56 seconds their touchstone telephone. If you wish to remove yourself from the question question, you may press star N2. 15:03 15 minutes, 3 seconds Participants are requested to use hand tips while asking a question. 15:08 15 minutes, 8 seconds Ladies and gentlemen, we'll wait for a moment while the question to assemble. 15:29 15 minutes, 29 seconds Mr. Aira, you may please proceed with the question. 15:37 15 minutes, 37 seconds Yeah. Hi, thank you for the opportunity. Am I audible? Yes, sure you are. Please go ahead. 15:43 15 minutes, 43 seconds Yeah. Uh, so my first question is regarding new account addition. Uh, our new account addition has been significantly lower than let's say 15:51 15 minutes, 51 seconds previous year. So how do you see attributed going forward? 15:59 15 minutes, 59 seconds So as Mr. Mirror we had mentioned during our previous earning calls that we will target a acquisition of 9 lakh to a 16:08 16 minutes, 8 seconds million for the quarter and we have ended this quarter with around 9.17 lakhs. So we are on track and we had said that the growth will be calibrated. 16:19 16 minutes, 19 seconds uh we uh look uh at the ne next quarter acquisition to be somewhere in the similar range uh and uh continue with 16:28 16 minutes, 28 seconds the uh adding high value good quality customers which uh ultimately uh add value to the overall financials of the company. 16:40 16 minutes, 40 seconds Okay. My second question is regarding cost to income ratio. Uh this year is it is uh around let's say 57.2 2% uh which 16:50 16 minutes, 50 seconds is uh let's say 6% almost higher than previous year. How do you repeat this going forward? You want to respond? 16:58 16 minutes, 58 seconds So we expect the cost to income to be in the range of 55 to 58 for the next year as well. 17:06 17 minutes, 6 seconds Okay. Previously it used to be around 51 52%. So what has changed into the company? So the change has largely be on 17:15 17 minutes, 15 seconds account of the corporate spends uh because the corporate spends this year have been way higher than what they were last year and there as you can see from 17:23 17 minutes, 23 seconds the deck there's a substantial increase in the corporate spend this year compared to the last year. uh they add more uh on the uh they basically add a 17:33 17 minutes, 33 seconds few percentage points on the cost to income. Next year since it's not the growth will be a very BAU kind of a 17:40 17 minutes, 40 seconds growth uh we don't expect therefore a very significant increase in the cost to income because of the corporate spend 17:47 17 minutes, 47 seconds and so it will largely be the BAU uh revenue and the cost line which will determine the cost to income ratio. 17:55 17 minutes, 55 seconds Okay. And the magnitude of change is uh majorly due to employee cost addition or there is some another element applied to it. 18:05 18 minutes, 5 seconds No no no. So there's employ it's not employee cost uh there's normally a passback involved in the corporate 18:13 18 minutes, 13 seconds spends uh on account of which the cost goes higher and uh that is the reason overall the business is profitable but 18:21 18 minutes, 21 seconds the margins are comparatively thinner which basically boost both on the cost and the income side and that is why the cost of income is higher it's not 18:30 18 minutes, 30 seconds because of the implied growth okay and Any take on the card closure? 18:40 18 minutes, 40 seconds Card closure you mean attition? Yeah. 18:44 18 minutes, 44 seconds No, I think we are doing in fact uh we are at par or in fact doing better than the industry and would also like to add 18:52 18 minutes, 52 seconds that if we look at the way the uh we have been working very extensively on customer engagement which has also benefited us in terms of uh ensuring 19:01 19 minutes, 1 second that the customers are retained and that is also witnessed by the improvement that we are seeing in our market share in terms of the transaction numbers as 19:10 19 minutes, 10 seconds well. So nothing significant there I would say that we are if anything up par 19:18 19 minutes, 18 seconds or maybe better than the industry overall. 19:21 19 minutes, 21 seconds Okay. Thank you for Thank you. 19:25 19 minutes, 25 seconds Thank you ladies and gentlemen. In order to ensure that the management will be able to address all the question from the participant we request you to kindly 19:34 19 minutes, 34 seconds limit your question to two question per participant. If you have a follow-up question please rejoin the queue. Our next question come from the line of 19:43 19 minutes, 43 seconds Piran Engineer from CLSA. Please go ahead. 19:46 19 minutes, 46 seconds Yeah. Uh hi team, congratulations on the strong improvement in asset quality. Uh I have a couple of questions to ask. Uh 19:53 19 minutes, 53 seconds probably more industry related but uh also applies to you. Uh now just firstly in terms of growth how should we think 20:02 20 minutes, 2 seconds about uh you know cards in force growth now slipping to mid single digits from double digits over the last couple of 20:10 20 minutes, 10 seconds years. Uh it's true for you all and the industry. Is it uh simply put just underwriting tightening and uh as those 20:18 20 minutes, 18 seconds filters are loosened growth picks back up or is it just that applications itself are slowing down at the other end? 20:27 20 minutes, 27 seconds So uh applications are definitely not slowing down. Uh your first point was correct. Overall I think the issuers are 20:36 20 minutes, 36 seconds had seen in the last couple of years back some asset quality issues. So there's more tightening which has 20:43 20 minutes, 43 seconds happened on the underwriting side and uh that uh overall it is also being seen that to a very large extent 20:51 20 minutes, 51 seconds very few new customers are being brought into the fold. It's normally the existing customers, credit tested customers who are getting new cards 21:00 21 minutes issued by another new issuer. So yes, there is a little bit of a caution which 21:07 21 minutes, 7 seconds has uh resulted in comparatively muted growth in the industry. 21:13 21 minutes, 13 seconds So then it's fair to say that out of this 99 lakh customers we acquire every quarter bulk of them are existing to 21:21 21 minutes, 21 seconds credit card like very few would be new to credit card as such. Uh not in our case because see we also have a strong 21:29 21 minutes, 29 seconds banker channel where uh we have visibility over uh customers who maybe 21:36 21 minutes, 36 seconds new to credit or new to credit card and we also have separate uh underwriting models for them on which we work and we bring them on as well. 21:47 21 minutes, 47 seconds Okay. So ma'am what was the split fee then just a ballpark uh split between new to credit card and existing to credit card. 21:56 21 minutes, 56 seconds So pan we usually don't give that but open market uh numbers are primarily uh credit tested customers. It is only in 22:04 22 minutes, 4 seconds banka where we have view to the customer statements and debits and credits that we look at NTC and NTCC. As of now 22:13 22 minutes, 13 seconds primarily we are look we are looking at NTCC there also. Okay. So you can fairly estimate that anywhere between 20 to 30% 22:22 22 minutes, 22 seconds customers which we get from banka as of now are uh from NTC or NTCC. 22:29 22 minutes, 29 seconds Understood. Understood. Okay. That's your my second question is just on uh revolvers. Now uh you all have been highlighting this for the past couple of 22:37 22 minutes, 37 seconds quarters that revolver is on a downward bias and I understand it's hard to predict uh what an exact number would be 22:44 22 minutes, 44 seconds let's say four quarters later. But let's say 22 becomes 19 or 20 hypothetically. 22:50 22 minutes, 50 seconds What's the game plan here really? Do we start massively cutting our reward points etc for everyone? Do we hike the revolver fee further from 3.75 to four? 23:02 23 minutes, 2 seconds My question is how do we just protect profitability in a hypothetical scenario where revolver say falls to 20 or below. 23:12 23 minutes, 12 seconds So Pan, we have not indicated uh a specific number as to where it's going to go. Okay, there will be a downward 23:20 23 minutes, 20 seconds bias. We are looking at our portfolios very carefully. Last two years acquisition as we have been saying we 23:27 23 minutes, 27 seconds have been selective. So they are showing a lower revolving behavior. However, first attempt that we will do is to 23:35 23 minutes, 35 seconds compensate it through the installment lending portfolios rather than cutting a uh a rewards program or doing something 23:43 23 minutes, 43 seconds else. You already have mentioned two or two ideas but there are multiple such things that can be done but whenever we 23:51 23 minutes, 51 seconds do that one has to keep an eye that a engaged spending customer should not get 23:57 23 minutes, 57 seconds negatively impacted. So uh uh there are multiple ways and means to balance these and uh we will look at that but as I 24:05 24 minutes, 5 seconds stated installment spend to lend the installment lending would be our first chosen preference and we would like to 24:12 24 minutes, 12 seconds invest heavily there to get the asset build up there. 24:16 24 minutes, 16 seconds Got it. Got it. And just on last I'll squeeze in one last question for Rashmi. 24:20 24 minutes, 20 seconds How do we think about cost of fund year on uh it actually quite good that cost of funds declined in an environment 24:26 24 minutes, 26 seconds where GC yield was rising. Uh so getting into FI27 what's the outlook? 24:34 24 minutes, 34 seconds I I don't think it's it'll be a little too early for me to give you any guidance on the cost of funds given that we are still not sure as to the RBI 24:43 24 minutes, 43 seconds stance uh given the geopolitical uh tensions and the uncertainties in the environment. uh obviously needless to 24:52 24 minutes, 52 seconds say we will continue to manage our portfolio well keep looking at opportunities to reduce cost in all possible manners but I think it's too 24:59 24 minutes, 59 seconds early for me to give you any kind of an indication for the full year okay fair that's that's okay yeah that's 25:07 25 minutes, 7 seconds it from my end uh thanks and wish you all the best thank you thank you our next question come from the line of 25:15 25 minutes, 15 seconds suan goa from please go ahead Hey. 25:25 25 minutes, 25 seconds Yes. 25:27 25 minutes, 27 seconds Yeah. Thank you so much for the opportunity. So I just follow up on the cost of fun question from Pan. Uh how about next one to two quarters? Is there 25:35 25 minutes, 35 seconds still kind of bricing left on our cost of funds? Can you still decline? 25:42 25 minutes, 42 seconds Sorry, can you repeat the question? Uh not very care. 25:46 25 minutes, 46 seconds Yeah. Yeah. On the cost of Yeah. on the cost of fund just for next one to two quarters do we still have room to repric 25:52 25 minutes, 52 seconds our our borrowings uh so that the cost of fund can still decline oh you you put 26:00 26 minutes yeah so uh so we as you've stated earlier as well that our uh uh borings 26:07 26 minutes, 7 seconds uh do repric anywhere in a uh 60 to a 90day bucket so yes there will be some repricing that will happen over the next uh quarter or so Yes. 26:21 26 minutes, 21 seconds Okay. 26:21 26 minutes, 21 seconds Uh is is your question that will the repricing help us in a declining cost of funds? Is that your question? Yes. Yes. 26:30 26 minutes, 30 seconds Okay. I don't know about that right now. 26:31 26 minutes, 31 seconds That's what I said earlier in the an answer to the earlier question as well. 26:35 26 minutes, 35 seconds It all depends upon where we see the rates uh given the uh macro environment. 26:43 26 minutes, 43 seconds I see. Uh and just a technical one just can you help me understand uh what's the denominator for your uh reported margin 26:53 26 minutes, 53 seconds of 0.1% i.e. Is it a daily average basis or the perm uh average basis? Because you know it's 27:01 27 minutes, 1 second a bit confusing given the uh book is fixed quarter on quarter is down 5% and the margin is up five years. 27:11 27 minutes, 11 seconds So the NIM and the cost of funds that you see in the table is on a 13point average. Though separately I we do give 27:20 27 minutes, 20 seconds out a daily average cost of funds but the NIM that we publish is on a 13point average. 27:28 27 minutes, 28 seconds Yeah. Uh for inflamm on the uh other income uh these two quarters the other income is 200 or crores which used to be 27:38 27 minutes, 38 seconds 100 crores. I'm just wondering uh uh is there any uh one components or sustainable from here? 27:47 27 minutes, 47 seconds Uh your voice is not clear. Uh John, if you can are you saying that it's I didn't get the question. 27:54 27 minutes, 54 seconds Other income is Yeah. Your other income is up 60%. Yeah. 28:01 28 minutes, 1 second It used to be 100% year. 28:04 28 minutes, 4 seconds Yeah. I know. Okay. So, so this year this year in the other income there have been some one-offs as well which we have 28:12 28 minutes, 12 seconds uh disclosed in the exchange filing uh on account of certain provision relief and uh another uh provision around the 28:21 28 minutes, 21 seconds tax matter where uh that uh number has been added to the other income for FI26 and therefore when you look at uh yearon 28:31 28 minutes, 31 seconds year um that number is higher and quot uh that number is higher for this quarter year on year. 28:40 28 minutes, 40 seconds Thank you so much. Thank you. 28:46 28 minutes, 46 seconds Our next question come from the line of Goro from MLP. Please go ahead. 28:53 28 minutes, 53 seconds Yeah. Hi. Uh good evening and thanks for the opportunity. Uh three questions from my side. Firstly, u uh if I recolct uh 29:00 29 minutes about 70% of your borrowings were linked to P bills. Uh is that still the case? 29:06 29 minutes, 6 seconds That's right. Yeah. T bills or repo rates uh about 70 75% of a borrowing bill is growing. 29:14 29 minutes, 14 seconds Understood. Understood. So assuming that the rate stays here uh there's no further movement from it. Uh what do you expect? Let's say from next two quarter 29:22 29 minutes, 22 seconds perspective where your cost of fund uh move should stay stable in that case. Should stay stable. Understood. 29:30 29 minutes, 30 seconds Sure. Sure. Second question. Uh so just just to stretch this a bit on margin uh while you maintain that limbs book 29:37 29 minutes, 37 seconds remains stable. Uh if I look at uh 1 percentage point of revolver mix while we don't know what is the mix change that will happen at 527 but assuming 29:46 29 minutes, 46 seconds even if there is a 1 percentage point drop uh there is a and and that gets converted into EMI uh there is still a 29:53 29 minutes, 53 seconds 25 27 basis point sort of hit on on uh on on the interest income line or or on margin or on margin. So how do we plan 30:00 30 minutes to offset this? Uh if cost of funds remains stable u uh then then what is the other offset that we looking at when 30:09 30 minutes, 9 seconds we say the margin remains to you you're right uh because revolvers are at a much higher rate and 1% decline in revolver 30:18 30 minutes, 18 seconds has to be compensated obviously with a larger mix on the uh uh installment 30:25 30 minutes, 25 seconds lending side. You you're absolutely right. uh uh so maybe we'll not be able to uh take care of it fully but uh uh 30:34 30 minutes, 34 seconds try to compensate it in some other matters or manner. There are ways and means as was being discussed two questions back to be able to uh uh 30:43 30 minutes, 43 seconds whether we look at some other free income sources or some other other scenarios. But this kept aside as of now 30:50 30 minutes, 50 seconds we look see a downward trend in the revolvers but as the things start improving okay and we have seen that our credit classes crate cost is on a 30:59 30 minutes, 59 seconds downward trajectory. As the thing starts improving, we will look at uh uh certain pilots or certain experiments with with 31:06 31 minutes, 6 seconds the segments which are marginal in in in nature to be able to see where we can build the asset. 31:14 31 minutes, 14 seconds Understood. 31:16 31 minutes, 16 seconds Got it. That's helpful. Uh my second question is with respect to cost of income. Uh now that you've clarified that the other income has a couple of 31:23 31 minutes, 23 seconds one-offs which I could read from notes notes to accounts. uh the adjusted cost to income for this quarter uh is surprisingly at 60%. Uh typically in 31:31 31 minutes, 31 seconds fourth quarter we see a lot of improvement uh versus 3Q because 3Q has a faster base. Uh but in this quarter we saw the cost of income move up to 60. Uh 31:40 31 minutes, 40 seconds for the next year while they're riding 55 to 58 uh how confident are we uh to be at the lower end of this guidance uh versus the high end of this guidance? 31:51 31 minutes, 51 seconds Um yeah, you're right that this particular quarter had a a one-off which obviously added to the denominator and 31:59 31 minutes, 59 seconds therefore it's adjusted for that the cost to income would go up. Uh but given the um I mean as of now as you look um 32:07 32 minutes, 7 seconds internally as you look at FI27 there are various initiatives on to ensure that uh the expense lines are contained. uh as 32:15 32 minutes, 15 seconds Virish and ma'am mentioned earlier there are initiatives on to ensure that we actually book higher uh revenue line 32:22 32 minutes, 22 seconds items both on the interest income and the fee income and given all of that we do think that this number should stay 32:29 32 minutes, 29 seconds between a 55 to 58 okay got it and given that corporate 32:36 32 minutes, 36 seconds spends would be in the base largely uh why would it still remain elevated uh because in this quarter or this year we saw that uh corporate expense were high 32:45 32 minutes, 45 seconds and hence probably the cost of income went up. But next year I would have assumed that since that is in the base there would be some improvement in cost to income. 32:53 32 minutes, 53 seconds So so the fact that already in the base would mean that the variation in the cost to income between this year and next year will not be very high. But 33:01 33 minutes, 1 second because they are part of our business and therefore contributing both on the numerator and the denominator will keep the actual metric high. 33:12 33 minutes, 12 seconds Got it? you won't see a big jump the way you saw it between last year and this year. But uh actually if you go two years back you 33:20 33 minutes, 20 seconds saw a very this used to be broadly in slightly higher than actually present number. So it has uh it saw a very big 33:28 33 minutes, 28 seconds decline a drop when the corporate spend went off right okay so this is just the 33:35 33 minutes, 35 seconds normalization uh with cost uh with with corporate spend at 25%. Is that perfect? 33:47 33 minutes, 47 seconds Yeah. 33:47 33 minutes, 47 seconds I'm sorry but you may you can rejoin the queue for more question. Sure. Sure. Sure. Thank you. 33:54 33 minutes, 54 seconds Thank you. 33:57 33 minutes, 57 seconds Our next question comes from the line of Maruk Adajana from Tara Capital. Please go ahead. 34:03 34 minutes, 3 seconds Yeah. Hi. Uh so I had a couple of questions. Probably this is discussed earlier on the call also. So our 34:10 34 minutes, 10 seconds receivable's growth is now 2% year on year and given the war situation and given that even other banks in their 34:19 34 minutes, 19 seconds commentary were not sounding um uh uh very optimistic on credit cards growth 34:27 34 minutes, 27 seconds or to put it in other words uh they were more bullish on other segments than cards. Uh so how do you view your 34:35 34 minutes, 35 seconds near-term growth you know because of uncertainties uh and also because of lack of festive season growth is likely to remain 34:44 34 minutes, 44 seconds subdued in the near term right one to two quarters and then we look up for the festive pickup we look forward to the 34:51 34 minutes, 51 seconds festive pickup is that the correct assessment so Maruk uh right now we are not giving 34:58 34 minutes, 58 seconds any guidance on asset growth and if you recall in the Last earnings call we had said that the asset growth will follow 35:07 35 minutes, 7 seconds card acquisition growth. So we are building on card acquisition and uh we expect that the asset growth will follow 35:14 35 minutes, 14 seconds the card acquisition growth. Uh apart from that as far as the war situation is concerned I would say we are keeping a 35:21 35 minutes, 21 seconds very close eye but uh we have not as such we have been cautious. So we there's nothing additional in terms of 35:29 35 minutes, 29 seconds you know putting the brakes or reducing the growth that we are working on. 35:33 35 minutes, 33 seconds Having said that we will continue to monitor the position and take action corrective action if need be. But as of now we are not giving any guidance on the asset code side. 35:46 35 minutes, 46 seconds Got it. And uh regarding the provisioning reversal uh so uh we've had 47 cr of uh credit cost reversal right 35:56 35 minutes, 56 seconds and we've seen that in the past few quarters as well. So you have write offs uh which are possibly coming down and 36:03 36 minutes, 3 seconds then you are seeing a reversal on provisions. Is that likely to continue because it's very difficult to forecast 36:10 36 minutes, 10 seconds that number right it's it's either zero or it's been zero or negative for quite some time. 36:18 36 minutes, 18 seconds So uh uh this these numbers as actually we rose back 47 crores but as we 36:25 36 minutes, 25 seconds mentioned 220 crores of management overlay is being retained to a very 36:31 36 minutes, 31 seconds large extent the overall ECL number is a function of my stocks in stage two stage three and the provision rates and as we 36:40 36 minutes, 40 seconds have uh shown in our financial results also stage two stage three stocks have gone down substantially on account of 36:47 36 minutes, 47 seconds which we have taken a small ride back of 47 crores but we are still holding uh buffers because uh to be ready and 36:56 36 minutes, 56 seconds resilient for any uh I would say stress which may come in the environment because of the geopolitical risk uh 37:03 37 minutes, 3 seconds ultimately it's the model which informs how we are retailing the ECO provision 37:10 37 minutes, 10 seconds okay thanks a lot thank you and thank you reminder to all the particip participant to limit the question to two 37:18 37 minutes, 18 seconds question per participant. If you have a follow-up question, please rejoin the queue. Thank you. 37:26 37 minutes, 26 seconds The next question come from the line of Rohan M from EQU securities. Please go ahead. Uh good afternoon. Thanks for the 37:33 37 minutes, 33 seconds opportunity. Based on this uh 220 crores of additional provisions that we are carrying uh the 100 crores increase that 37:40 37 minutes, 40 seconds happened during the quarter is it on account of the ECL refresh or have we made any incremental provisions there 37:48 37 minutes, 48 seconds whatever provisions we are making it is not because of the asset quality at all. 37:54 37 minutes, 54 seconds You can see our stage two stage three is going down we are selective in our underwriting. So there is no additional provision for that asset quality. 38:03 38 minutes, 3 seconds However, because of the ECN model is is still under is still under refresh and 38:11 38 minutes, 11 seconds uh our geop you can ma'am as already mentioned in the last question that geopolitical environment is also 38:18 38 minutes, 18 seconds asserted. So whatever model provisions are cases we are keep we have kept 100 38:25 38 minutes, 25 seconds cr for that future also to take anything which which is uncertain as on date. So, 38:32 38 minutes, 32 seconds so what I was trying to understand was this additional 100 crores increase that has happened in this quarter on the management overlay that is in routine of the P&L. 38:42 38 minutes, 42 seconds Yeah, definitely. 38:43 38 minutes, 43 seconds Or is it a release of the provision from the ACL refresh? 38:48 38 minutes, 48 seconds No, no, no. Every provision is uh from the PNLB. 38:52 38 minutes, 52 seconds Okay. Okay. So, so the core uh if you had not increase the management overlay then uh the reported provision would have been lowered by 100 crores. Okay. 39:00 39 minutes Second is that Yeah. Correct. Correct. Correct. Yeah. Profit will be higher by 100. Profit would have been higher therefore. Yeah. 39:07 39 minutes, 7 seconds Sure. Got it. And sir, uh secondly on the fresh uh slippages number if you can quantify what was it for 4Q versus 3Q. 39:15 39 minutes, 15 seconds See we don't declare any slippages number but you can see from the stage three his stock has reduced by 268 K. So 39:25 39 minutes, 25 seconds that means are also going in a improved trajectory quarter report. 39:32 39 minutes, 32 seconds Sure sir. And uh just on the one-offs that happened this quarter uh how have they been accounted for in the P&L? 39:39 39 minutes, 39 seconds Which line item are they impacting? And if you can just help me refer PF what was that funded? 39:45 39 minutes, 45 seconds No the PF is uh sorry which one of are you talking about? The PF and GST. 39:52 39 minutes, 52 seconds Okay. So the PI the the PF actually is um uh was reduced from the expenses 39:59 39 minutes, 59 seconds because it was a provision that we were carrying along with the expenses and since the expense didn't happen or the payment didn't happen it has been 40:07 40 minutes, 7 seconds reduced from the expenses the GST has been u in is is a part of the other income lines. 40:15 40 minutes, 15 seconds Okay, got it. And what was this PF? Uh sorry uh to interrupt you please. 40:23 40 minutes, 23 seconds You guys follow operation. Thank you. 40:29 40 minutes, 29 seconds Our next question comes from the line of subbranch from Philip Capital. Please go ahead. 40:35 40 minutes, 35 seconds Um, hi G. Shi Rashmi. So a couple of questions. The first one is on the open market both in terms of sales as well as new sourcing. We are much above 50% now. 40:46 40 minutes, 46 seconds So this would also reflect on our OPEC and uh the uh why while we talk about 40:54 40 minutes, 54 seconds banka the open market is uh varying on RF as well as new sourcing. First you can speak about that. Second is that out 41:02 41 minutes, 2 seconds of the EMI pool uh how many guys or what is the percentage of PL on PC? Uh uh 41:11 41 minutes, 11 seconds that is my second question and third is that we have barely grown in terms of our bottom line by around 13%. And yet 41:18 41 minutes, 18 seconds we are uh giving out a dividend. Uh was that necessary? We could have possibly not given a dividend and retained it and deployed it back into the business. 41:27 41 minutes, 27 seconds Nice. 41:31 41 minutes, 31 seconds So I will try and I'll give give you the answer for the first and second part before I give it to MD ma'am for the third. 41:39 41 minutes, 39 seconds Okay. So the uh on the banka and open market the strategy has been consistently that we would try and do 41:46 41 minutes, 46 seconds 50/50 from both the channels uh and if possible 55 from banka and uh 45 from 41:54 41 minutes, 54 seconds open market. That's the range that we we will look at. 41:58 41 minutes, 58 seconds uh in the last one year we have been broadly in the same range. However, what uh our tie-ups with uh some of the part 42:06 42 minutes, 6 seconds digital partners like Phone Pay, Flipkart, uh Tata New, Indigo, some of these 42:13 42 minutes, 13 seconds partners numbers are working in a very good direction and they give a flip up to the overall open market numbers. So 42:22 42 minutes, 22 seconds that's why you see some amount of shift in the favor of open market but on a consistent long-term basis our strategy 42:29 42 minutes, 29 seconds is to remain 50 to 55% banka and 40 to uh 45 to 50% open market that is the 42:36 42 minutes, 36 seconds part first one secondly on the installment lending uh portfolio we have never given the breakup of uh PL on CC 42:46 42 minutes, 46 seconds however there are three uh uh kind of installment lending uh are there in the book. Uh one is uh as you said PL on CC. 42:56 42 minutes, 56 seconds The second is uh what we call installment at the point of sale itself and people convert at the point of sale 43:02 43 minutes, 2 seconds uh while purchasing a electronic good or others. And the third part is before the payment due date. Uh a whole lot of 43:11 43 minutes, 11 seconds people convert their uh outstandings into installments. 43:16 43 minutes, 16 seconds uh so that is uh these three constitute the overall uh book of the installments of the dividend part I'll 43:25 43 minutes, 25 seconds sub dividend I think uh shareholders and investors are very critical and important stakeholders for the company 43:34 43 minutes, 34 seconds and they need to be rewarded for the capital and the belief and the trust that they put in the company in if uh we 43:42 43 minutes, 42 seconds don't have any asset quality issues we don't have any capital adequacy issues. 43:47 43 minutes, 47 seconds We are underleveraged actually if you look at that. So uh I would say that 2 rupees 50 pesa per share is a pretty 43:56 43 minutes, 56 seconds decent uh dividend or a return which is due to the stakeholders and accordingly that has been the view has been taken by 44:03 44 minutes, 3 seconds the board to provide it to the stakeholders. Thank you. 44:08 44 minutes, 8 seconds Right. Sure. Thanks. Uh the new uh UI of the e store is really great on the app. 44:13 44 minutes, 13 seconds That's just a a comment. It's not a question. 44:16 44 minutes, 16 seconds The new UI on the app he's commenting on that that store that that's that's revamped. It's really great. 44:24 44 minutes, 24 seconds The install has been revamped. Yes. So you should check our website also. Uh now that is fewer people are coming there but we've revamped that also completely. 44:37 44 minutes, 37 seconds I'm done with my question. Thanks. 44:41 44 minutes, 41 seconds Thank you ladies and gentlemen. Anyone who wishes to ask a question may press star and one 44:58 44 minutes, 58 seconds is there. 45:01 45 minutes, 1 second Okay. Our next question comes from the line of Rashad Doohi from Ningiti Investment Advisor. Please go ahead. 45:09 45 minutes, 9 seconds Yeah. Hi. I just wanted to understand uh how rent as a spend spending category is doing and how much impact does it have on the total spend. 45:21 45 minutes, 21 seconds So rent as a uh category used to be very large till 2 years back we started laying a fees on it. For us rent uh 45:30 45 minutes, 30 seconds rental spends is hardly uh uh uh it's a very low spending category as of now. 45:37 45 minutes, 37 seconds Okay. So there is no impact on us of any kind. In fact when uh guidelines that come in that the third party uh websites 45:46 45 minutes, 46 seconds or apps should do the KYC for the landlord and without that they should not allow the rental payment. By that time we had our rental payments were 45:54 45 minutes, 54 seconds already fairly low. So all the growth that you see is actually despite rental degrowing to a large degree. Okay. 46:04 46 minutes, 4 seconds Thanks. That's all from my Thank you. Our next question comes from the line of Anut Singla from JP Morgan. 46:12 46 minutes, 12 seconds Please go ahead. 46:14 46 minutes, 14 seconds Yeah. Uh good afternoon. Thanks for the opportunity. Uh so first question is on the receivable growth. Obviously we have seen a deceleration there to 2%. Uh but 46:22 46 minutes, 22 seconds if I recall uh we have been uh flagging that we will see a increase in the new card acquisition and receivable growth 46:29 46 minutes, 29 seconds will follow. So should we see that FI27 the new card acquisition and the receivable growth acceleration only in 46:36 46 minutes, 36 seconds FI28 is that the scenario we should be looking at. 46:40 46 minutes, 40 seconds So Anoj right now as I mentioned earlier also I would not give any guidance on the asset growth. Uh we continue to 46:47 46 minutes, 47 seconds stick with what we had said uh earlier that we are working on the card acquisition. uh the guidance is around 9 46:55 46 minutes, 55 seconds lakh to a million in a quarter and as you mentioned that will lead to asset growth in the coming days right now uh not giving any guidance on the numbers. 47:06 47 minutes, 6 seconds Fair enough. Fair enough. And the secondly on the asset mix uh while revolver has been trending down for the past many quarters. One offset was 47:14 47 minutes, 14 seconds supposed to be EMI and I think Gish has talked about in the past that there have been various initiatives to incentivize conversion to EMI. uh but when I look at 47:23 47 minutes, 23 seconds this quarter even emi has been pretty weak. So can you talk about the trends there and should we is that one of the 47:30 47 minutes, 30 seconds offset we should be looking for u towards offsetting the lower revolver in FI27 or 28. Thank you. 47:38 47 minutes, 38 seconds So Anoj you're right uh uh what happens is during the festival season a whole lot of installment lending at the point 47:47 47 minutes, 47 seconds of sale happens. So uh in the month of September or October a large quantity of spends which happen during the festival 47:55 47 minutes, 55 seconds period gets converted into installment and uh most of these installments because average tenor is around 7 and a 48:04 48 minutes, 4 seconds half 8 months. So either it people pick up 6 month 9 month or 12 month teners. 48:09 48 minutes, 9 seconds So what happens is by the end of February March uh the first slot of six month tenor cases uh come uh come up for 48:19 48 minutes, 19 seconds full completion. So that is why you see a a decline on the uh installment asset but this is uh typically a trend over 48:28 48 minutes, 28 seconds years and it gets built up. Yes, it is a continuous treadmill and we have to continue to get new uh asset buildup 48:37 48 minutes, 37 seconds here but that is the nature of the business. So uh some uh as I stated earlier some amount of revolving uh we 48:44 48 minutes, 44 seconds would be able to offset with installment lending not fully we have we'll have to see at other mechanisms to be able to uh 48:52 48 minutes, 52 seconds balance and uh look at income sources so follow up on that when I look at the y trend which will take care of the 49:00 49 minutes seasonality which you spoke about there also it's declined from 35 to 32 right so I'm assuming that if you include the festive seasonality in both the 49:09 49 minutes, 9 seconds Still we should have seen a stable or improving performance even you know that's not the uh case. So um so just trying to understand if is there 49:17 49 minutes, 17 seconds something uh beyond initiated uh no no uh we when we looked at the data this was one part second part was 49:25 49 minutes, 25 seconds there was a year on year there was some impact of uh uh uh we were doing Apple offer last year this year we were for the last quarter it was not there so 49:34 49 minutes, 34 seconds there was some amount of impact of some of those things okay but uh these are uh I would say transient and can be taken care of within next 3 to 6 months. 49:46 49 minutes, 46 seconds Okay. Okay. Got it. Thank you. Thank you. Thank you. 49:55 49 minutes, 55 seconds Our next question comes from the line of Prusha from 3P Investment Managers. Please go ahead. 50:02 50 minutes, 2 seconds Hi, thanks for taking my question. Uh just a couple of them bookkeeping ones. 50:06 50 minutes, 6 seconds Your recoveries have shown pretty good traction now nearing almost 190 crores. 50:11 50 minutes, 11 seconds So could I give a sense of how large your perhaps written off book is where you expect still sizable maybe 10 to 15% recoveries to happen? 50:21 50 minutes, 21 seconds So we don't disclose the written off portfolio that we have but yeah we have intensified efforts on recovery in terms 50:30 50 minutes, 30 seconds of the written off to that is reaping benefits for us. 50:35 50 minutes, 35 seconds But you expect this number to keep inching up from this 190CR levels. 50:40 50 minutes, 40 seconds uh so it will be somewhere in a similar range because now we are seeing a downward trajectory in terms of the write offs as well uh but the efforts will continue to recover the most. 50:53 50 minutes, 53 seconds All right, understood. And generally in your presentations, you used to disclose the salary self-employed breakup if you could for this quarter. 51:02 51 minutes, 2 seconds Salar in new sourcing. 51:07 51 minutes, 7 seconds Do you have the salary during during the quarter 7? 51:15 51 minutes, 15 seconds 70% of salary. Yes. 51:18 51 minutes, 18 seconds Uh so actually like if I look at the last two quarters I think even last quarter 72% this quarter are 70%. Like you used to uh this is on the salary 51:27 51 minutes, 27 seconds side. I think a self-employed used to be in that 40 or 50% range. So do you in in intend to increase sourcing in the self-employed segment or it's a 51:35 51 minutes, 35 seconds conscious choice to slow down that crisis? 51:38 51 minutes, 38 seconds See as we as from the beginning of the call we are mentioning that we were quite selective in our selection of the customer due to our asset quality or 51:46 51 minutes, 46 seconds other uh portfolio management. So we are mindful while selecting the customer and onboarding for the card. So in the last 51:55 51 minutes, 55 seconds quarter it was shown that no application from the solid customer and good customer are from the solid one that's why we onboarded them. So it is not as 52:04 52 minutes, 4 seconds that we are declining self-employed customer but whatever good customers are coming we are onboarding them. 52:11 52 minutes, 11 seconds All right understood. Thank you. Thank you. 52:20 52 minutes, 20 seconds We'll take the last question from the line of Abdul Kumar from Salvation Capital. Please go ahead. 52:30 52 minutes, 30 seconds Yeah. Hi, thanks for the opportunity. 52:32 52 minutes, 32 seconds The question uh was on the side of trade cost. So uh I mean what kind of moderation can be expected uh and uh 52:42 52 minutes, 42 seconds given that credit costs have been higher for some time and uh related to that in 52:48 52 minutes, 48 seconds terms of uh ROAS uh at one point of time we used to have like a 5% from there a 52:55 52 minutes, 55 seconds moderation to three three and a half% so uh on that side I'd like to know thanks 53:02 53 minutes, 2 seconds so although we are not giving any guidance in terms of the credit cost numbers right now but uh we will 53:09 53 minutes, 9 seconds continue to see moderation in terms of the credit cost which is very evident from the if you look at the stocks also 53:17 53 minutes, 17 seconds uh we are seeing continuous reduction in our stage three and stage two stocks so accordingly uh the credit cost will 53:24 53 minutes, 24 seconds continue to uh trend downwards on the ROA again we have said in the prior earning calls as well that we are aiming 53:33 53 minutes, 33 seconds towards four to four and a half% of ROA in the medium term and that is 53:40 53 minutes, 40 seconds achievable and we are working towards it. Okay, thank you. Thank you. 53:47 53 minutes, 47 seconds Thank you ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to Miss Sinda Pande for closing comments. Thank you and over to you ma'am. 53:59 53 minutes, 59 seconds Thank you Danish. I would like to sincerely thank shareholders, customers, partners and employees for instilling 54:06 54 minutes, 6 seconds their trust, support and confidence in the company. Thank you once again and wishing all a successful financial year 2026. 54:15 54 minutes, 15 seconds Thank you ma'am. Ladies and gentlemen, on behalf of SBI card and payment service limited, that conclude this conference. Thank you for joining us and you may now disconnect.