Evening, ladies and gentlemen, and welcome to the Housing and Urban Development Corporation Limited Q3 FY 2026 earnings conference call, hosted by DAM Capital Advisors. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sanket Chheda from DAM Capital Advisors. Thank you, and over to you, sir.
Hi, good afternoon to all of you. We have with us today the management team of HUDCO to discuss their Q3 results. From the management side, we have Mr. Sanjay Kulshrestha, who is the Chairman and Managing Director, Mr. M. Nagaraj, who is the Director, Corporate Planning, and Mr. Daljeet Singh Khatri, who is Director, Finance, and Mr. Achal Gupta, who is our General Manager, Finance. Without further ado, I'll hand the call over to Sanjay sir for his opening remarks. We'll follow that up with question and answers. Over to you, sir.
Yeah, Sanket, thank you. So let me give the background of today's earnings call. As we proceed, whatever guidance we had already given to the market from last two years, from time to time, we are adhering to those guidances. We are continue to grow around 25% in our loan book. At the same time, we are reducing our cost of funds and diversifying. By the time RBI has given us the mandate to become infrastructure finance company, we are extending and diversifying our asset base into the various segments. We are adding up a lot of new borrowers in our kitty. We are working very extensively and aggressively towards the resolution of the NPA assets and we are, we have successfully resolved most of them.
Quite a few are also there balanced and now our net NPA is just close to zero. It is around 0.06%. Continually, we are working and making out efforts to supplement the effort of the Government of India towards the Viksit Bharat and identifying our role and responsibility, and supplementing the efforts through debt financing, as well as the creation of the value across the value chain, and working very closely with the urban local bodies. Recently, you may have aware, we have launched a very big platform, you can say, in terms of urban invest window, which will become a one-stop solution for from creation of the projects, to make it bankable, financial closure, inviting the investors, HUDCO loan, and convergence from the Government of India schemes.
Government has also announced one big program to upgrade and enhance the capacity of the project implementation for ULB, that is Urban Challenge Fund. So very shortly, we are hopeful that the policy will take its shape, which is under discussions from last nine months. So many stakeholder discussions had already happened. Now, the ULBs are on board, and very soon the guidelines will come. At the same time, if you have seen the budget, because if you see the last week, there are three, four important events that has done in the Indian economy. Starting from the economic survey to the general budget and the Sixteenth Finance Commission. So if you see the intent of all these conversations and the documents, everything is focused towards the sustainable urban, the bankable urban, and the viable urban.
Because we all believe that, we have to create cities of the global standard. We have to see that how the rural economy will work, and that's why, if you have seen, the Finance Commission has put in lot of emphasis on the rural development, lot of emphasis on the urban reform. Starting from the conservation of the resources like water, logistics, books, financials. So lot of emphasis has been given, and at the same time, lot of financial incentives have also been given. So this is an era of urban development, because we have to create that kind of urban body, which will look at the project as a bankable options. And HUDCO as a premium institution, which is not agnostic to any sector.
So we are very hopeful that it will further reinforce our business, it will ensure our business, and at the same time, we will see the bankable projects are coming up at the national landscape. Thank you so much. Now we are ready for the question answer. So anything, we are ready as a management to answer the questions.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants, you are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue is sending. We have our first question from the line of Arul from Kesma Wealth Private Limited. Please go ahead.
Hi, thank you for the opportunity. Am I audible?
Yes, you are audible.
Yes, of course.
Yeah. Yeah, regarding this, the net loss on fair value changes, which is INR 470 crore in the nine months of 2026. So I believe this is from the FCNR borrowings, right? So what is the plan going forward? Because we have already reduced this FCNR outstanding significantly from INR 15,000 crore to INR 5,000 crore. So are we going to completely come out of this? So what will be the impact on the cost of that in that case? That's my first question.
Yes, you are right. You are right, it is the impact of that FCNR borrowing on which we had taken a lot of incentive in around first six months or seven months and then because of the currency fluctuations.
Okay, sir.
Things has gone out of the hedging limits, and
Okay.
This is, I think, this may be the last quarter.
Okay.
The current quarter will be the last quarter, and now we have decided to not take the one-year FCNR.
Okay, so completely, it will be zero in the going forward, right, future?
Yeah, yeah, it will be. This will be the last quarter.
Fine.
From next quarter, there will not be any impact. Yeah.
Clear, sir. O ne more thing regarding these ECBs, I think it is 100% hedge, right, sir? External borrowings. So there will not be any rental, rental impact on that. Sir, the average cost you have mentioned is around, 6% . So this 6% is including the hedging cost or the hedging cost is not included in the 6% , sir?
Yeah, these are long-term loans, on which we had taken a hedging, and we had taken the protection level as high as whatever the best is available for next five years, 15 years.
Okay.
On the historic values only, we have taken the protection level, and these are hedged kind of resources.
Okay. So, it included the hedging cost, sir, whatever the 6% you have given?
Yes, yes. It includes.
Thank you, sir.
These are Japanese currency loan.
Uh, okay.
That's why we have the cheaper option.
Okay, sir. Thank you. Thank you for the opportunity. Wish you all the best. Thank you.
Thank you. Thanks.
Thank you. We have the next question from the line of Sumit Rohra from Smartsun Capital Limited . Please go ahead.
Yeah. Hi, sir. Wish you a very good evening to you and the entire team. Now, sir, I have a few questions, so I'll just take it slowly. I'll just take it step by step. So, sir, firstly, you know, if I recall correctly, in this budget, the government has actually authorized more money to the states, which is to the tune of INR 2 trillion. Okay, now, this is actually a 33% increase in the allocation to states. Now, sir, since we basically lend, you know, to states, and, you know, we focus on infrastructure, is my understanding correct that, you know, this will be very, very positive for us? That's my first question, sir.
My second question, sir, is basically that if I see your nine months, the earlier participant did touch upon the FCNR issue. So, sir, if I just put the entire, you know, foreign exchange loss, what we have, is for the nine months, my understanding is that is it INR 350 crore, so that means our PAC is actually at about INR 2,400 crore versus INR 1,900 crore in the nine months preceding last year. So effectively, it means that your growth in profit is actually equal to your growth in loan book. So is our understanding correct on that front, sir?
My third question, sir, is basically that, you know, if we have a spread of about 2% or ROEs are about 2%, and, you know, we are targeting a INR 300,000 crore loan book, which is basically what you guided for in the past, which I think will happen much earlier than what you've said. My sense is by FY 2029, you could get there. So that means, sir, is my understanding correct, that our profits will be higher than the INR 6,000 crore mark in the next couple of years, which today should be about INR 3,000?
So is that, you know, also understanding correct? And my last question to you, sir, is basically, can you please highlight, you know, what is the total amount of MOUs which we have signed today? What is the conversion of the MOUs into basically, you know, sanctioning and then the duration from you know, sanctioning to disbursement, sir? Thanks. Thanks a lot, sir.
Yeah. Thank you, Sumit. I think very pertinent questions, I think. First you had asked regarding the FCNR. The total loss on FCNR for nine months is INR 470 crore. So if you add this value of INR 470 crore in our profits, it will be around INR 2,500, against INR 2,000-odd crore. So, there is a loss which is one time, and this quarter will be the last, for that. So yes, you are right. It was, actually, it is, it is not INR 360 crore, it is INR470 crore. And second is, we are trying to achieve this INR 3 lakh loan book, which we are trying by 2030, and a lot of efforts we are taking.
There are a lot of support from the Government of India schemes, policies or legislations and, capital infusion. So a lot of clarity had came in the urban sector that definitely there will be a push for creation of urban infrastructure. So with 2% of the spread, it's arithmetic on INR 3 lakh, which will be double from INR 1.5 lakh- INR 3 lakh. So you are right, we will be something around that, with 2% of the spread. Total MOUs that we have signed around INR 7 lakh crore-INR 8 lakh crore, but of late, now we had, we had made a slight change in our policy, that first we need to identify the project, and after identification only, we will be, we will be going for, the MOU signing.
Because we need we want to see that what is the preparedness of the states. Already INR 7 lakh-INR 8 lakh crores MOUs are signed, and out of which, we have a committed loan sanction pipeline of around two point INR 5 lakh crores. So it is not like that everything is coming out of MOU. There are many other projects which are not the part of the MOU, but since we are working through our regional offices and understanding the need of the utilities and the states, so other than the MOU also, there are a lot of projects that we have sanctioned during the current year. And if you have seen, in the present year only, we have sanctioned around INR 1.4 lakh crores. With commitment sanctions of around INR 2.5 lakh crore, I am very sure that we will be achieving the figures of INR 3 lakh crore.
So sir, I mean, if I may ask you that this INR 2.5 lakh crore, which is now sanctioned, so you should disburse this by when, sir? So normally, what's the timeline between sanctioning and disbursement?
Generally, if I sanction one project, so it takes six to one years of the time to start the disbursement. Generally, 20% disbursement comes in the first year, and these projects are long gestation infrastructure projects, so it takes three to four years of the time. So for INR 2.5 lakh crore, you can say, starting from the INR 30,000-INR 40,000 crore in the last sanction project, it will continue to rise from 30%, then 40%, and the balance one, then the last year will be around 20%-25% only.
Understand. Understand. Okay, great, sir. And, sir, just on the first point, which I asked you about the state, you know, in, in the, in this budget, because today only, you know, I, I was just on a, on a call with one of the, global analysts, and, you know, they highlighted this, statistic very clearly, that, you know, the, the money allocated to states is about 33% higher than the preceding, year, you know, so, I mean, will that actually help stimulate our growth as well?
Yeah, you are very right. These are the SASCI loans extended by the Government of India, and this is, this initiative has been taken three years back, and now it, it stands at INR 2lakh crore. Actually, these loans are long-term loans, 50-year loans. Earlier also, it was around INR 1.5 lakh crore in the last financial year, which has raised to INR 2 lakh crore. Because if you see, government wants to push the reforms. These are all reform-based kind of incentives that the government of India is extending to the state government. And SASCI loan is one of that, which has a lot of strings attached, but I am very happy that the states are complying to those strings, and they are developing that kind of sustainable infrastructure. I will just like to extend.
In this Finance Commission also, there is a grant of INR 56,000 for, say, water recycling, which will be extended to the ULBs for coming up with the water kind of projects. There is another grant for the performance or issuance of the bonds also, that INR 100 crores or INR 1,000 crores of the bond issuance will be given. So all these things which are supporting the cause of creation of the urban infrastructure, I think HUDCO will be the best beneficial institution out of all these initiatives. Because, you know, without borrowing, completion of the big infrastructure project is not possible. So this will become a catalytic kind of agent. This will become a VGF kind of support. This will come as a viable to create a viable kind of project for the state.
Got it. And sir, and just one last thing. I mean, firstly, you know, many congratulations to you and your team, because you had guided for INR 1.5 lakh crore by FY 2026, but you've crossed INR 155,000 crore already. So what's your guidance now, sir? I mean, so, you know, now what, I mean, how are you looking at guidance for, I mean, end of this quarter, plus for next year? So if you can just share your guidance then that'll be wonderful, sir.
We have made an internal policy that we will divide the disbursement across the year, and the same principle we are following. For this financial year, our target is around INR 50,000 crore of disbursement. And with this, you can calculate the kind of loan book, and we are giving a result of around 25%. So I think it's a simple arithmetic that you can do.
Okay, fine. Thank you so much, sir, and wish you all the best, sir. Good luck, sir.
Thank you so much, Sumit. Thank you so much.
Thank you. A reminder to all the participants, you may press star and one to ask a question. We have the next question from the line of Rati Pandit, from Nirmal Bang. Please go ahead.
Hello, thanks for taking my question. My first question is that you have given a guidance of INR 50,000 crore disbursement this year, but for this year and next year, what will be your repayment trend like? And my second question is on the net interest margins. We have seen them falling to around 2.88% in nine months of FY 2026. So is it because the growth has been backended or there is some other reason? And what is our outlook ahead, and what are the factors which will drive the NIMs ahead? Yeah, so these two questions I'm having.
Repayment is around INR 5,000 crore that we are getting.
INR 17,000-INR 18,000.
Around INR 4,000 crore-INR 5,000 crore every quarter, so you can say around INR 17,000 crore-INR 18,000 crore per annum. This is our repayment. Regarding the NIMs, as you have asked, you are right that there are some disbursements which were backloaded. On year-to-year basis, you will see that it will be around 3%-3.1% kind of NIM that we will maintaining, and there is no internal issue on that.
Okay, and, with respect to bank borrowings, what part of them are, EBLR linked, and MCLR linked?
All are EBLR. All are EBLR linked, the banks.
All are from the banks, they are EBL. EBLR linked.
Okay. Okay, thanks.
Hi, good afternoon, I'm Daljeet Singh Khatri, Director, Finance. As CMD sir has said, most of my bank borrowings are linked with external benchmark. Only the bonds, they are of fixed nature, but entire banking is of variable nature, linked to repo rate or the T-bill.
Okay. On the asset side, what part of the assets are fixed, and how many are on one-year reset and three-year reset?
I think around 60% of my book is one-year linked, and 30%-40%-- 30% is three-year linked, and rest is fixed also, around 5%-7% is fixed rate.
Okay, okay. My last question is on the NPA resolution. So for the remaining lot of projects which we are having, which are under consortium and outside consortium, how does the resolution trajectory look like ahead?
As CMD sir has said in the beginning, that our total focus is on resolution of NPA assets, and we have resolved around INR 500 crores in the previous financial year. In this current financial year also, NPAs aggregating to around INR 385 crore, we have already resolved. Now we are left with only INR 1,600 crore of NPAs, gross NPAs, out of which around INR 800 crore is under liquidation through NCLT. So we'll be left with around another INR 700 crore-INR 800 crore, and we are hopeful that we'll be able to resolve most of them by the end of next financial year.
Okay, sir. That's it from my side. Thanks a lot.
Thank you. We have the next question from the line of Devam Joshi, from 93 Capital. Please go ahead.
Hello, sir. Congratulations. I wanted to ask you that as we are pivoting towards financing infrastructure beyond housing, so you are entering a space crowded by aggressive commercial banks and other NBFCs, right? So what yield differentials on this new infrastructure? What is the yield differential in these new infrastructure loans?
So, I think we have our own space of working, and that's why our loan book is continually increasing, even though the competition is there. But I think the competition is good for the country. And, I think every institution, if you are talking about the, the competition from the banks, we are working in some of the projects along with the banks also. There are some forte where only HUDCO can fund and because of our reach and penetration across the state and the understanding of their policies, supporting the government of India projects in terms of, say, counterpart requirement under AMRUT or Swachh Bharat. Generally, these kind of products didn't work well with the bankers. So we have our niche kind of projects identified for HUDCO. Banks have their own.
But apart from that, we are working with the banks, and now we had came out with the financing of the private sector also, the PPP models, and, we had identified five sectors, where we generally will work with the bankers and other financial institutions, like real estate, road, port, airport, and the energy transition. Other than that, for metro projects, we are converging with other financial institutions working in the same space of metro. So it is not like that there is only the competition, it is the collaboration also. It is the specific area also where the HUDCO works.
Okay. Okay, thank you so much. One last question: What is the total value of loans under moratorium or restructured status that have not been classified as Stage 3 NPAs yet?
No, there is no asset.
I mean, in the last eight to 12 quarters, we have no addition of Stage 3 assets in our book.
Okay. In future, are we planning to add any?
No, never. We will never plan to add some to Stage 3 Assets.
I don't think because of the strict monitoring being adopted by the company, and from starting from the cash flows to security, to the progress of the project, cost, quality. So extensive monitoring is being done. And if you see, the SMA-2 is also continuously reducing, and as we speak, all the SMA-2 has been resolved.
Okay, okay, okay. Thank you so much, sir, and have a great year ahead.
Thank you so much.
Thank you. A reminder to all the participants, you may press star and one to ask a question. Participants, you may press star and one to ask a question.... We have the next follow-up question from the line of Sumit Arora from Smart Sync Capital Limited. Please go ahead.
Sir, just only one thing. So effectively, that, the fourth quarter will be the last quarter where it will have, you know, some amount of Forex impact or whatever. So is my understanding correct, that from next, from April onwards, we will have no currency, no foreign currency impact at all?
Yes, that's true. This will be the last one.
That's what, sir, I mean. Okay, fine. I just wanted to get that clarity. Okay. Thanks a lot.
Thank you.
Thanks.
Thank you.
Thank you. We have the next question from the line of Parth from Dam Capital Advisors. Please go ahead.
Hi, sir. Thank you for the opportunity. Sir, just wanted to understand, how is the ground level change going in terms of infrastructure pickup, and how are the state spends, in terms of building the roads, metros, airports, where HUDCO is seeing an enormous opportunity to open up?
Right. Our Director, Mr. Nagaraj, will be answering this.
Yeah, good afternoon. Very rightly you asked that. Let me give you a small example of HUDCO's portfolio. To begin with, the metro. So we're already planning to have a two metro. Already, we have given a sanction under, like, Indore, Bhopal. In addition, that we are working with many number of metros in consultation with other like-minded parties. Then let me come to airport.
In the state of Andhra Pradesh, in Tier 2, Tier 3 cities, they are coming out with a big, big airports. We have funded four airports, and also one international level airport at Kangra, we are funding it. So this is in the airport sector. When it comes to construction of water supply and sewage, like Godavari Water Supply Scheme in Andhra Pradesh, and also Jal Jeevan Mission in two states, we have funded in a water supply.
One more very unique area, desalination of water in the state of Tamil Nadu, nearby the coastal cities, we are doing it. Plus, in the city of Chennai, transit-oriented development across four metro stations, which is a very unique project we have funded. Plus, also like a tourism, we are into different sectors in different places. I didn't touch upon land acquisition for transport sector. Number of projects we are funding it in the transport sector. Some of the highways, I would like to give an example, from Nagpur to Goa, this is called Shaktipeeth Expressway, and many such projects we are in the funding, already funded, plus also in the pipeline. This is a small list of projects which I've just narrated. There are new scope of funding, infra.
Yeah. Just to-
Got it, sir.
Give you a general perspective... Yeah.
No, no, sir, please continue.
Am I audible?
Yes, yes, sir. Yes, sir.
Give you a general perspective, as Nagaraj sir has given you the specific project. If you see the ecosystem in the country, like, every state wants to develop, they don't want to miss the opportunity. All states have a very diversified resources available with them. If AP has some geographical resource available with them, from the coastal line to, say, solar radiation, to truncation of the national highways, then if you see, the UP has land monetization, lot of new towns being developed. So every state is working to monetize their assets, coming up with big infrastructure projects. And if you see, all the states are coming with the theme of some investment plan, state investment plan, or Swarnim Andhra Pradesh or Viksit Rajasthan.
So every state is coming with a roadmap of development, and that's why we are talking about the Viksit Bharat. A lot of FDI is coming continually. Government of India is working on that. A lot of interest is coming. And now the aspirations of the public, that they need, as a right, that there should be good road, there is good sewerage, there is good water, tapped water, there is good energy, that is clean, green energy. So all these kinds of aspirations are putting pressure on the system, that they need this kind of infrastructure. And our models, starting from the BOT, EPC, HAM, all these things are so matured that now we are trying HAM model even in the housing sector.
So, I think it is an era of development and another 22 years, by 2047, a lot of infusion will come, a lot of new infrastructure will come, and the way we are growing, the economy will grow on that part.
Got it, sir. Thank you so much, sir. One more thing I just wanted to understand, just to... Sorry to double-touch on this. You mentioned that translation losses would likely get over by Q4, more so because of your, one, your, FCNR borrowings being, I mean, completely running down. Just, on the ECB borrowings, which we still have, which you said you are hedged like for 15 years or so. So those are complete hedging, and how confident is it that from next year we wouldn't have any specific, translation losses or minuscule translation losses from there? Just some details here would be really helpful.
Sure. Our Director of Finance will answer this.
Yeah, Sumit, these ECBs aggregating to around INR 10,000 crores, they are having a maturity of roughly original maturity of five and five and a half years, and they will be due for redemption after three and three and a half years. Coming to your question on hedging, we have hedged the entire ECB borrowings through the option structures with extended protection under the E-KIKO options, like European knock-in knock-out options are there, which provide additional safeguard over and above the forwards.
Which are shown in the Bloomberg based on the date of maturities. So and in the near term, we see this kind of volatility, volatility which we have seen in the last one year or so, but considering the period of five years or 10 years, there has been only an average depreciation of 3%-3.5%. So we are confident that these protection levels are sufficient to protect us from any kind of volatility over a period of three to four years.
That's r eally it, thank you. That's it from my side.
Thank you. We have the next question from the line of Naman Doshi from Potters Club. Please go ahead.
Yeah. Hi, sir, thanks for the opportunity. Firstly, sir, if I look at our debt to equity, currently it's at a range of 6-6.5, and looking at the growth, at what levels are we comfortable with debt to equity?
Presently, my debt-to-equity ratio as at the end of December 31st, 2025, is 7.28 x, right? But we are in, and we understand, we are continuously monitoring it, that it is going up. But, as such, being an NBFC, there is no upper cap on my debt-to-equity ratio, except that in case of external commercial borrowings, there is a cap of 10:1. But we are already on the job, and we will shortly be coming out with the instruments to improve our debt-to-equity ratio. Primarily, we are going to focus on coming out with the perpetual debt instruments, which qualify as Tier 1 capital. And then we'll think about other options which are available to us, and we plan to bring it back to less than 6% in the next two, three months.
So just to add, since there is a growing, growing demand in the market and we also want to grow. So definitely, you are right, there is a pressure on debt equity, but there are measures to attend. They are slightly costly measures, so that's why we have not yet decided. We will decide regarding that measure, and the call will be taken at the right time, and we are aware that it is around +7%, and we have to be remain at around 7%. But if you see, you have to see on the yearly basis.
So please wait till our results are out for the 2025, 2026, and you will see that the figures are slightly improved. At the same time, we will take a call on improvement, as Director of Finance said, to review, to revisit this, through the perpetual loans or something like that.
Okay, sir. Got it. Secondly, sir, if I look at your overall loan book, your PMAY, any updates on PMAY 2.0, and how are we focused on growing this housing pie, and any talks or MOUs with the states on this front?
So PMAY 2.0, little slow it has started up. I think gradually we are picking up. Most of the states have started doing an assessment. This time, what they're planning is that very structured way they are going it. They're making an assessment, then coming out as scheme by scheme. So majority of these states are in the northern sector, has already started up in a way. Maybe, I think, next financial year, it will pick up in a big way.
Got it. And lastly, sir, what do you... In your sense, what could be your potential competitor in this space? Because the kind of growth and the kind of contract that we are witnessing coming from states, is there a thing that government could come up, or there would be another organization who would, there would be a duopoly or, you know, players coming up in this space?
See, there are already, organization and institutions, starting from the banks to NAFED, NABARD, to some extent, REC and PFC. So I think, institutions are already there, working with the urban infrastructural segment. But if you see, the demand is too much. We need the multilateral loans, we need the investors, we need the FDI.
So, if you see, as per the high-level committee report, the urban investment to the tune of around INR 80 lakh crore is required between 2021-2036. It amounts to around INR 7 lakh crores -INR 8 lakh crores on annual basis. Presently, we are doing only INR 2-INR 2.5 crore yearly. So there is a long jump that we need to do. All these institutions are gearing up to support this, and that's why this Urban Challenge Fund or a lot of new, new activities like issuance of the bonds to attract the investors, all these activities has been started by the Government of India.
Got it, sir. Just a follow-up on this. What would be our right to win, considering the competition? Like you said, there is PFC, REC also coming up with a merger soon. So, I mean, just to understand our right to win in this space, in urban development, urban infra development space.
So, REC, PFC are a big organization.... And they are primarily working towards the power and energy. And if you see the requirement in power, energy, distribution, transmission, renewable energy transition, hydrogen, it is enormously high, enormously high! And these institutions are catering to that kind of demand, and at the same time, they are supplementing our efforts in some way. So maybe 10%, 15% or 30%, whatever they can take, they are taking, but they are not taking 100%. The requirement is of 100%. So that's why I will start from my last answer only. That's where the method is required, NaBFID is created, NaBFID is required, HUDCO is required, IIFCL is required. So I think all these institutions have their own roles and responsibilities.
Since we are an institution of strategic importance working under MoHUA, who is actually taking care of the urban infrastructure, knowingly, the policies of the government of India from, say, Urban Challenge Fund or metro or water or waste or sewerage, all these things are the domain of HUDCO. So their domain is energy, our domain is urban infrastructure.
Perfect, I got it. Thank you so much. All the best for your, yeah, for the company.
Thank you. Thank you.
Thank you. A reminder to all the participants, you may press star and one to ask a question. A final reminder to all the participants, you may press star and one to ask a question. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for the closing comments.
Thank you so much. It was very good answering the questions from the fraternity, and we had taken note of the concerns, and we had answered, and I'm sure that you will be satisfied with the answers. And if there is any follow-up information required, then Mr. Achal Gupta and his team will be there to support you. We are open for all the market information from time to time, and I hope we will be meeting very soon. At the same time, whatever guidance we give to the market, we adhere to that guidance. So we don't want that we will be overachieving or underachieving.
So whatever we have planned, we come out to the market in a very transparent and very clear terms, whether it is Forex losses, whether it is cost of funds, whether it is loan book, whether it is different kind of infrastructure that we are re-doing. Or whatever works we are doing on, I think, on week-to-week basis, we have a very close kind of interaction through the media, through electronic media or through interviews. So please stay connected with HUDCO, and I can assure you that the growth path that we are continuing, it will be continued for the year. And thank you so much for having interest in the HUDCO. Thank you so much.
Thank you very much. On behalf of DAM Capital Advisors, that concludes this conference. Thank you for joining with us today, and you may now disconnect your lines. Thank you very much, everyone.