Status update

Dec 23, 2025

Summary

Management reaffirmed robust liquidity, capital and unchanged guidance, while rejecting allegations and defending its disclosed related-party dealings and audit controls. Vehicle finance and loan-against-property disbursements improved, with a decent Q3 expected and delinquencies easing.

Hi. Good morning, everyone. Welcome to interaction with management of Cholamandalam Investment and Finance Company Limited. The senior management of Chola is represented by Mr. Vellayan Subbiah, Chairman and Non-Executive Director, Mr. Ravindra Kundu, Managing Director and CEO, Mr. Arul Selvan, Chief Financial Officer. I would now like to hand over the call to Vellayan for his opening comments. Executive Chairman. You can mention Executive Chairman. Yeah. Executive Chairman of the company. Okay. Yeah. Nischint, thank you. Thanks so much. Yes, sir. Vellayan Subbiah is our Executive Chairman. I am sorry. I did wrong, executive. Sorry. My bad. Yeah. Good morning, everybody, and thanks for joining the call at short notice. This is basically with reference to the blogs and posts carried out by an agency in their website, where they have several charges and allegations that have been made against both Chola, its associates and subsidiaries, and some of the other Murugappa Group entities. To avoid market speculation and then obviously pending examination of all the various allegations they are putting out, we wanted to give our summary responses. First is that the entire allegations are malicious and baseless, and they basically seem to be stated with some other motives in mind, they are kind of clearly ulterior. From a financial health perspective, the company really wishes to reassure all of you that the performance of the company, its asset quality, and its liquidity position continue to be very robust, as disclosed in the audited financial statements of the company for the half-year ended September 2025. There is no revision in our guidance provided in the past, and the company will continue to deliver as per its board-approved business plan. Liquidity also continues to remain strong, with cash and bank balances of INR 14,900 crores as of November 30. ALM across time buckets is also positive. All buckets. And CAR for the period ending November 30, 2025, was at 19.79%, with Tier I capital of 14.53%. The rating continues to be double A plus from ICRA India Ratings Ltd. The net worth of the company stood at INR 26,783 crores as of November 30, 2025, which is an increase of more than INR 3,000 crores over FY 2025 closing levels. This includes conversion of INR 300 crores of the CCDs issued in FY 2024. The rest is also expected, the balance of INR 1,700 crores are expected to be converted in the next 3 quarters, which will further strengthen the net worth. Second, a few clarifications relating to malicious and fraudulent queries and allegations. We are holding the conference call because we are happy to take any questions from you and respond specifically to any of those questions that you might have as well. There were queries in various mails sent to us. There is also some primarily related to our financial practices, related party transactions, and compliances generally. The first one, the first set of things seems to be around large cash deposits by the company. I think as you all know, in our business, because we cater to the needs of SENPs and self-employed non-professionals, and over 50 lakh of them spread over 1,700 branches. Basically, our categories of lending are mortgage, unsecured, and vehicle finance. Therefore, they bring in financial inclusion for underserved segments in rural and semi-urban geographies across the country. Thus, some of these borrowers obviously earn and pay in cash, including for their EMIs from us. The amounts we collect in cash have to be deposited in banks. So this has been put as an accusation as to why we are dealing with cash. But obviously, this is a business that I think all of you as investors have already understood. There has been a clarification also that has been put out by some of the analyst firms, which is that this is less than, and I will guess the exact number, but it is less than 20% of our overall collections. This collection process and amount has been subject to, and continues to always be subject to, internal and external scrutiny. This is also covered by our robust internal systems and subject to statutory audit. All KYC and income tax compliance for such collection is done in compliance with applicable legal requirements. This was one of the central points they basically raised. The second has been with regard to related party transactions, and they have talked about 3 sets of entities broadly, as we can understand. Basically, just to give you all comfort in compliance with legal and accounting requirements, all of our RPT are fully disclosed and in complete detail in our financial statements. So for example, CIFCL has transactions covering the borrower's accident and hospitalization, et cetera. The premium on such policies collected from the borrowers are paid to a fellow subsidiary company, Chola MS General Insurance, Ltd. These policies, firstly and primarily, help our borrowers with certain hospitalization fees. They also help CIFCL to ensure that there are no losses are faced on our loan accounts in case borrowers meet with immediate health requirements that are expensive. They have also talked about payments to other related parties, such as entities like CBSL and Murugappa Management Services. Basically, we have always had relationships with these companies. These companies have provided manpower, provided strategic services, IT, across a set over time. This also has been in the ordinary course, and we have always disclosed this over different points in time. Whenever the entities have been related parties, the requirements of laws has been complied with. Allegations have also been made that certain individuals are benefiting from the above transactions. The company categorically rejects these statements. All payments to board members, KMP, SMP of CIFCL, have been made in compliance with law and have been fully disclosed. There have been queries raised with relation to payments to rating agencies. As you all know, all borrowings are subject to ratings. Without such ratings, lenders will not lend money to the company. This is standard industry practice. In some years, where the borrowing figures are higher or the company is on more borrowing, there will be more ratings and therefore the higher ratings costs have been paid to such agency. The final set of related party transactions seems to be around CSR contributions, which are made to respective NGOs and implementation agency in the form of works contracts. This is also the standard practice in the industry. CSR, like you all know, is mandatory under law. So these are the broad categories of questions raised. As we can see from this, a lot of these are facts that have been distorted and presented selectively. They have taken standard industry practice and been pressed in a way that kind of seems like there has been malintent. We confirm that all operations of the company are carried out per the laws of the land following due compliance of applicable regulatory guidelines. We are committed to transparent communication with our investors and other stakeholders and have released this clarification. We also reserve the right to take action against such agency for causing damage to our reputation and stakeholders. So that is an overall summary of it. The reason we are having this call is if any of you have any specific concerns or you want to get into any specific line item where you would like our response, we are very happy to give it to you. So let me stop with that, and I will turn it over to you for any specific questions that you might have so we can give you specific responses. Hello? Those who have questions, you can raise your hand and ask a question. Those who have questions can raise your hand. We have one or two questions in the queue. I am just unmuting them. Viral, your line is unmuted. You can ask your question. Hello. Yeah, you can ask your question. Yes. Hello, Viral. How are you? Hi. Good morning, Viral. Thank you so much. Yeah. I think your clarificatory note also is quite apt, but go ahead, please, Viral. Happy to take any questions from you. Well, thank you so much, Viral, first of all, for being so proactive and doing this at such a short notice. I think most of the allegations, as we have highlighted, don't seem to carry the weight. Just wanted to understand, Viral, from you, what is, in your opinion, likely the motive of such a, kind of, say, a hit job, if I may. What are the actions that you intend to take? That is one. Just second, as a clarificatory, there's also an entity called Murugappa Management Services, which has been mentioned that it has also paid fees to credit rating agencies. If we can clarify, that was pertaining to the borrowings done by that specific entity and not for the other group entities. Correct. Right. First in terms of what is the motive and what. So Viral, like you know, we were also first informed about this yesterday evening, right? We are trying to assess the motive, including whether there's any kind of financial motives or kind of, you know. Some of this we're going to also leave to the regulators to help assess for us. But whether there has been any financial motive or kind of anything related to intent to kind of. So that's something that we don't want to speculate on, but we want the regulators to basically look at and provide a perspective on. Second, in terms of action that we want to take. I think the thing where we are quite clear, it definitely looks like there is a clear scope where given such erroneous reporting, that there is scope for libel. We are going to basically engage with legal advisors that will basically help us in terms of taking action against the agency, which we definitely think is warranted given the nature of how they've kind of just gone out with all this erroneous information and created a stir around it. So that's definitely something that we're evaluating right now, Viral. I'll just give you some context on MMS and then Arul will address that specific question in terms of the ratings agency question. So basically, MMS was incorporated as a company to provide consulting and review services to all the 29 businesses of the Murugappa Group. So basically, at the group corporate level, several functions were centralized and focused. Everything that included review of business plans, large M&A, any CapExes, corporate communication, group level HR, group level finance, governance, laying down any group governance norms, all of this were functions provided by MMS. MMS was staffed with professionals in the area of finance, HR, strategy, PR, IT. In addition, family members were also on the rolls of MMS, and their services were deputed to various group companies as the situation warranted over time. Basically, that was the nature of this thing. So in that situation, in order to defray some of the expenses at MMS, companies did contribute to MMS, and that's kind of part of what they've also seemed to kind of allege in their statement. It's been a fairly standard mechanism of operation, and MMS works on a no-profit model. So basically, the charges were matched to the cost incurred. So that's the quick point on that. To the specific question on ratings, Arul? Viral, you're referring to MMS rating or Chola's rating? No, I think one of the accusations they have made is that MMS paid ratings agencies. Correct. So the question was, did MMS pay for Chola's rating? MMS had its own borrowing. Exactly. Because at points in time, that's what I wanted. At points in time, they have to invest in the group companies for their capital requirement and so on. Towards those borrowings, the rating has been taken by MMS for itself. No rating agency will take a fee from that- From one entity for another entity. another company. Chola's rating, we have paid, and you all know our borrowings from the market and even bank borrowings require rating, so towards that, we have paid. And we have ratings from all the four larger rating agencies, and the payments have been made to them towards the rating, and ours is one of the kindly priced rating fees, incidentally. No, perfect. I guess that- Yeah, sorry, Viral. Please go ahead. Viral, I do not know if that provides clarity to the questions that you had asked. No, I think this is perfectly very clear. Just last, if I may. Please. Again, with the kind of, I would say, our financial performance has been, and now it has been some time since ICRA has also kind of upgraded the outlook for Chola. Do you anticipate an AAA credit rating upgrade maybe in the next 6-12 months? Yeah, I mean, the rating is a little, it will be very, a lot of objective decisions also taken by the individual rating committees. So we will leave it to their return to take the call. While we are talking to them, we keep updating them our performance and our various criteria that they try to evaluate and so on from a quantitative perspective. The qualitative perspective is for them to take a view and give us the rating. Yes, we are in discussions with them, but I cannot give an assured timing for this update. We always aspire for that. No, fair enough. Thank you so much. Thank you. All right. Thank you, Viral. Thank you. Participants, if there are any more questions, please do raise your hands. Participants, if there are any questions, please do raise your hands. Shreya, Shivani, you can go next. Hello, hope I'm audible. Yes. Yes. Just wanted one clarification. You just mentioned that they've also put in their blog that they have reached out to you all with the relevant questions. Was it yesterday only after they published their blog? Yesterday evening. Oh, okay. They first- The first communication, Shreya, we got from them was yesterday evening, and it was a simultaneous mail that came out from this contact@cobrapost.com. It was sent out to almost more than, what, you think 25- That we sent to the company, sent to different- Yeah. It was sent out to different- Available email ID. Yeah. They found email IDs, and often they found wrong email IDs. They sent the wrong emails to the wrong people also. So, and just basically send one of these things saying, "Please respond by X, otherwise we're going to do this thing. So in essence, a blog was published before they sent out the mails. I am just trying to understand why they operated and how they operated. Honestly, you have to tell us when the blog was published. I think in the afternoon. Yeah, sometime in the afternoon, sir. It sounds like it is gone in parallel, Shreya. Yeah. Because I think the first mail was received around 3:30 P.M. 3:30 P.M. No, they said they will do it today. They released parallel. Yeah. Yeah. It sounds like they have done everything in parallel, Shreya. Okay. I just wanted that clarification, and thank you for holding this call. That is it from me. Yeah. Again, I think if anybody has. The one thing we want to do is ensure that if you all have any specific concerns on any of the points they have raised, we address them head-on. Right? Please ask any question that you have, and we will be happy to address. Okay. Sure. Next question is from Ketav Shah. Ketav, you can unmute and ask your question. I think Pranav Shah has also asked some question. Okay, go ahead, Ketav, and then Pranav. Yes, good morning, and thank you for taking the time out to address this at such a short notice. I think it is commendable, including the reply that you have already given. Just one question was on the related party transactions. Of course, there is a lot more on the policy that is available. But in terms of the numbers that they have probably given out in upwards of INR 10,000 crores versus INR 2,000 crore reported, do you have any understanding on how they arrived at that number, or would you like to dispute it in some factual way? That would be great for us to understand. Ketav, this INR 10,000 crore number seems to be over a stretch of years, which- 2017 to 2025. 2017 to 2025. Okay. They seem to have taken 8 years and cumulated 8 years' data. Yeah. During the earlier part of this period, certain companies need not be classified as related party as per the regulations by itself, because they were not either a subsidiary or associate in terms of the definition of related party, and hence, in the earlier part of the years, these were not published as related party transactions. Right. After FY 2022, because the regulation also required, we started including them. That is, they are playing on this regulatory requirement to say that it is not disclosed. This is the fact, and every point in time, as per the prevailing regulation, we have disclosed all the transactions with any institution we are dealing with. Awesome. Thank you. I think this was the only question. Thank you. Yes. Next question comes from Nitin Dhyani. Nitin, you can ask your question. You can unmute and ask your question. Yeah. Hello, am I audible? Yeah, go ahead. Yeah, go ahead. Yeah. Thanks for the opportunity and for doing it so early. Just one thing, we are just going through the documents, whatever the post is and your responses against that. In case we have further clarifications, can you tell us whom to reach out, any contact points? Nitin, you can reach out to Sujatha. Sujatha. Company secretary. Company secretary and CFO. Sorry, there is an echo. Nitin, you might have to mute. Basically, you can reach out to the Company Secretary or the CFO. Okay. Yeah. Thank you. Sujatha, one question with Jack Nishow. Since you have to mute Nitin. Yeah, sorry about that. Yeah. Just one question. Nitin, there are some chats also open. Yeah, I am just reading that. It says that- Okay, great. Does CBSL primarily provide DSA services? The CBSL is providing feet on street to the- People. Main company. People. Manpower. Manpower. Not a DSA. It is a feet on street provider. So it is hiring and maintaining the feet on street. Since we are actually operating in the rural market, tier 4, tier 5, tier 6, then the employees whom we recruit in the feet on street as a sales executive, collection executive, too many times they have not completed their graduation. For that, all those things. Since we are into the financial inclusion, we are providing also employment in those market as well as also grooming them to becoming a manager over time. So that is the process. First they come in CBSL, and then they get promoted, and then they join in Chola. And that kind of from 5 to 6 years training we give them. And that is the reason CBSL is there for many years. It is not that now. I think it is 20 years they are there. Correct. It is an exclusive manpower company. Yeah, it's a practice by many in the industry in financial services, you would see that. It's an outsourced entity published to- Yeah. RBI. Correct. Rating agencies fees. What is the quantum of fees paid to rating agencies? I'll dig out the details and give you a reaction. It should be in the range of around INR 10 crores, if I'm not mistaken. So as per year versus what they've tried to do is sum up like 8 years. Sum up over years. This is how much you paid in 8 years, right? They have used a different period for different numbers they have given. We are trying to reconcile that, but it will be approximately INR 10 crores per agency in a given year. Correct? Sure. I think since we have you, this is one of the questions. This is for ICRA, for the past eight years, it is INR 38 crores. It will be progressively increasing based on the volume of transaction. INR 38 crores. Over 8 years. For ICRA. That was- For ICRA. ICRA, likewise, ICRA is the largest rating agency for us. Crisil is INR 17 crores. Crisil is INR 17. Crisil is INR 17 crores. The others will be lesser, but just to give an indication. Yes. Primarily, we run with Crisil for the short-term rating, ICRA is for the long-term and the short-term, because we need dual rating and India Ratings and Research for PTC and some of the securitization transactions. Depending on securitization transactions, the rating fees may go up, go down over the years, where we have larger transactions or lesser transactions, because during COVID period, we had very less securitization transactions. In that period, you would have seen a little bit of a lower fee payment to them. Yeah. Got it. Could you talk about payments to Isha Foundation and sports bodies? That is standard CSR, right? This is one of the things that they seem to have raised. All our CSR is disclosed in the annual report, is there every year by project. All our projects are audited. Per the requirement, all projects above INR 1 crore are fully audited. They seem to have indicated that CSR payments, CSR is payments to entities. Yeah. They have asked, why are there payments to NGOs? Why are you paying NGOs, right? CSR is mandatory, right? Implementation agencies. Yeah. The implementation agencies will have works contracts, and that has been the standard process. If we don't give it as donation, we give it as works contract, because we also need to monitor the completion of the project and then give a report. That is why it is given as works contract. If I give donation, then we will have no right to monitor it because they can use it for anything they want. So we give them specific, for example, Sightsavers or sight- Sightsavers. Sightsavers. Where we give for eye surgery, then we say, how many people- surgeries are performed have contacted eye surgery over the period, and that into the rate, that is what we pay. That is why this is sounding as a works contract. Got it. Are there any plans to simplify and streamline related party or group structure? Related party, wherever it is required, we are engaging with them. Chola Insurance gives us the best insurance premium possible either from the borrower's perspective or from our perspective, because borrower gets the best coverage and we get a good commission on that. Likewise, Net Access provides the Network services. IT services. CIFCL provides the manpower. We have been engaging and they are giving them this thing. From a total expenses perspective, these costs are very minuscule or not of significant nature and wherein critical requirements only we move. Even if you see CIFCL also, we have been progressively moving large part into the main company itself because for various considerations, because some of the employees would like to work in CIFCL rather than an associate company. So according to their wishes, we also keep shifting them over a period. We have reduced the volume of people engaged through them in CIFCL, but it is a process that will take time. So these will be continuing for some time, but I think these are all perfectly disclosed as per the disclosures and pricing is at arm's length. We've even done a third-party verification of the pricing this year, that is last year, and this was also verified by the statutory auditors that the pricing for them are at arm's length. Just to add, as far as the insurance is concerned, we are also working with many other insurance companies like HDFC Life, ICICI Prudential. We are providing term insurance to our customers. We are also working with Niva Bupa, providing health insurance to our customers. So it is not only the These are also extra activity, which are also subject to inspection by RBI. They have already gone through each and every engagement. Sure. Can you explain the quantum of payments made by Murugappa Management Services to family members and other members of the management? We don't have that. Part of the thing is that, this call is for Chola, but I think we can definitely get that information for you. If there's a specific request, we can get that information for you. Just so you all know, all they're referring to is the salaries paid to all of these people over time. They're talking about everybody's salaries over an eight-year period, which have always been reviewed. That MMS specific information we don't have yet, which we will kind of share with you. MMS is actually getting fees from all the companies. Yeah, we talked through that, right? It's not that only from Chola. Yeah, that's the other thing Nischint that has to be clarified, which is MMS. Is not only taking Chola and distributing to them. Every one of the 29 companies in the group. Right. Contributes to MMS. Shares All the professionals who are part of MMS and the family members that are part of MMS draw their salaries from there. Yeah. Is there any plan to change the corporate structure so that such allegations don't reoccur? We've already done that. As you know, now, no longer do we basically significantly, the role of MMS has been pared down only to do group corporate communication and manage- FY 2022. Yeah. From FY 2022 onwards. Since then, including my compensation, everybody. My compensation was always- Salary. At Chola, I am just saying. I am just saying, all of the others also, their compensation now is fully disclosed because it is done in the companies in which they work. Actually, over the last three years, payouts to MMS has reduced to less than INR 1 crore per annum. Which were taken by the individual companies. Right. Because the activities have been taken by the individual companies. Individual companies themselves. The Murugappa Corporate Board has been sort of broken into the three large verticals handled by senior members here. That is why the payments to MMS has been largely reduced over the last three years after this sort of distribution of responsibility has happened. Sure. The numbers quoted is for the period, again, 2017 to now, where the large part of it is for the earlier periods, where the corporate board structure was prevailing with external and internal members being part of the corporate board, as well as support, that is the- Support function. Group HR. Group support function. Group IT head, group corporate communication, et cetera. Currently, only corporate communication is our group strategy. Capital allocation, all this was handled at the group level. But now it has been sort of, because of the voluminous growth of the group across all different verticals, this has now been broken into three large subgroups and with their respective- Yeah. And there also, Nischint, also to give the different people comfort anyway, obviously, MMS has also been filing income tax returns, and their affairs are also subject to scrutiny, right? So basically- They are also a CIC under RBI. They've also passed MMS was not a CIC, but they've also basically passed whatever authorities were basically regulating them. Are there any steps taken to reduce cash collection, and what proportion of collections? Cash collection. Are in cash in the last- Cash collection is coming on, Nischint. You know that, no? Our vehicle- Yes, of course. Finance customer, irrespective of funded by Chola or any other finance company, they are collecting cash in the month-end also because the customers are depending on the market, and the market is also paying them cash. That is going on. But the cash collection, which used to be 50% sometime back, a long time back, has come down to now 15%. Correct. That is a significant improvement in my view. Cash collection is going to be there. Cannot avoid that, because these are the market load operator in tier 5, tier 6 town. They are supplying the vegetable and paddies and then collecting the cash from the customer. He is going to pay the money also through cash only. It is not only for us, all companies are doing like that. Yeah. The market practice. Sure. Nitya, your line is unmuted. You can ask the next question. Thank you. The question from my side is, sir, you mentioned INR 10 crore expenses to credit rating agencies. Also the clarification, you said that borrowings are subject to ratings. Can you highlight on an average, what is the percentage of this expense as a percentage of borrowings? Also, are there any deviations from the market practices here? Total borrowings is bordering around INR 187,000 crores, but that is the current borrowing. What is the total kind of cost that we would have? Total borrowing versus total cost. Total- No, total fees paid. Total fees versus total. Yeah. Sorry. How much is it? INR 175,000 crore. That's the borrowing. What's the total fees paid on it in the last year? INR 20 crores across all the three. So INR 20 crores of fees, Nitya, against a borrowing of INR 1,74,000 crores. Okay. Okay? So as a percentage, you can do the maths there. Sure. Are there any deviations from the industry practice? Nitya, that is totally in line. I would actually say that it is lower than the fees that I mean, Arul gets better rates than anybody else in the industry. It is 0.01% of the borrowing. Yeah, it is 0.01% of the borrowing, and it definitely is kind of in line with industry, Nitya. There is nothing out of line. Slightly lower than industry. Okay. Thank you. You can get independent verification of this, Nitya. We've given you the numbers, so you can get independent verification. Sure. Thank you so much. Jai, your line is unmuted. You can go next. Good morning. This is Vinod Rajamani from Nirmal Bang. Just one question on this, in what Cobrapost has put up. They have said that 38 borrower entities have paid CIFCL interest, out of which charge registration declaring outstanding debt, only some of them have filed. Did the management get the list of the entities to which this lending was done, and what proportion would that be of the lending? Any color on this? They are the rule. See, most of our borrowers are self-employed non-professionals and small organizations like partnerships or firms or proprietorships. They do not really follow like a corporate borrower of getting their borrower's- Charge charge registration, which is only applicable for corporate, sir. I think they are trying to correlate this without understanding the nature of the customer profile we are handling, which I think most of the investors and research analysts like you would know. Trying to correlate this with the charge creation will not be feasible because these are self-employed non-professionals who are taking independent loans on their private residential properties, which is mortgaged. I am talking one sector of the business. It is a LAP. That is what kind of struck me as being very, that just did not make sense in what they had put up. Thanks a lot, sir, for clarifying this. Understand the situation. Yes. Okay. There's just two more questions. One says that, the report stated that GNPAs disclosed by the company may be understated. Do you have any clarification on that? No, I do not know. GNPA is being verified by the RBI auditors. GNPA is verified by statutory auditors, and the GNPA is also verified by the internal audit. internal auditor and the ASM auditors, who is also a bank. When banks lend, there is an ASM audit also done by an independent agency appointed by the bank. All of them are verified, and all of them are seen, and there can be no secrets about it. I think- No, I think more than that, we have been totally transparent. We have shown so much data on our GNPA, kind of- Business channels scale, every business, every this thing, right? I think some of these where they just kind of put out these blanket statements, it is very easy to say, "Listen, you are whatever. You are kind of under-reporting all of the bad news, this thing," right? I just think some of these are just like totally blanket statements without any fact or honestly, quite, I would be surprised if they can even tell you what GNPA is, right? Because you see some of the level of, kind of some of the activity, and it is quite bizarre. But definitely, I think that for all of you who know us, you know the level of disclosure we provide on GNPA and the level of audit that we go through. I don't think that there is anything there which can potentially- It is not under inspection, so it is- Yeah. We just finished an RBI six-week inspection. No correlation. Yeah. I do not think that, it just seems to be totally speculative as a comment. Sure. Just one question is essentially on some trends that you could share for third quarter. Now I think that we have you. Hey, Nischint we don't- You don't have a question at the end. No, that's first call. Yeah, we just want to stay keeping to the response to this thing. It's all, like we've said, we don't see anything. Anything. Disbursement has picked up. We expect a decent quarter, but not too far, or it could be better than the results of the first half. Yeah. We have mentioned it in even the earning call. It happened after the October month, and we said that the vehicle finance business picked up. The disbursement has gone up. LAP. LAP has also picked up. Overall disbursement side, this quarter will be turnaround quarter. We have been saying that always the quarter three, quarter four are good for the delinquency, and the delinquency goes down this quarter. We are in line with that, two ways. It's going to be a little better than November. Yes. Perfect. Those were the questions for today. We do not have any more questions in the queue. We can end the call now. Thank you, everyone, for joining us today. Thank you very much, management, for providing us an opportunity to host the call. Nischint, thank you for hosting, and thank you everybody for joining at short notice. Please, like we said, any other questions or the queries that you have, please address them to the Company Secretary or to the CFO, and we will be happy to clarify. Thanks again for all your support and for joining at short notice. Thank you.