Good day, ladies and gentlemen, a very warm welcome to the IIFL Finance Q1 FY 2020 earnings conference call. As a reminder, all participant lines will be in the listen only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the 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 the management. Thank you. Over to you.
Good afternoon, everyone. On behalf of Team IIFL, I thank all of you for joining us on this call. I'm Prabodh Agrawal, CFO, accompanied by Nirmal Jain, our Chairman, R. Venkataraman, Managing Director, and Sumit Bali, CEO of IIFL Finance. I will now pass the mic to our Chairman to comment on the overview of the group's strategy and plans.
Thank you, Prabodh, and welcome to the call. I shall take a few minutes to share my thoughts on current macro environment as it is relevant for our business and what our strategy going ahead is. Globally, we are seeing negative yield on 10-year and 30-year government bonds, and that pool is getting to trillions of dollars. A very unusual phenomenon, but it suggests impending recession or a huge liquidity, which is coupled with risk aversion. Therefore, conservative investors are not only compelled to reconcile with negative return on long-dated security, but also risk of a huge MTM loss if interest rates were to rise even a little. In contrast, India is still a long-term growth story and has ability to generate good long-term returns. One would have expected India to attract huge capital, given very low negative return outside.
However, at least in the near future, investors are concerned about economic slowdown here. IIFL Finance is a non-banking lender. As all of us know that NBFCs and SFCs have passed through trial by fire in the wake of IL&FS default. The first anniversary of IL&FS default is just about a month away. In this last one-year time period, we haven't seen any default of significance or anything which is major. Most NBFCs and SFCs have slowed down the loan growth, given their inability to raise debt resources on reasonable terms. RBI and government measures will have far-reaching implications for the industry's future. In particular, the onward lending scheme can be a game changer. Also, of course, there's a scheme to underwrite the first losses up to 10%. This can also be a significant booster. Historically, NBFCs grew with two different strategies.
One is opportunistic by wholesale funding at high interest yield to developer in the real estate sector and loan against share to promoters. Two, by complementing banks' effort in fulfilling the credit gap for productive activities as well as for retail consumers. The onward lending scheme clearly is not a bailout. I mean, it's for future loan. I mean, it is not to ease liquidity stress. The scheme is very clearly to spur growth and is for future lending. If you see all the schemes and the measures that government is doing, it's very clear that RBI, as well as all the banks in government, recognize the indispensable role that NBFCs can play in filling the credit gap and delivering last-mile credit for growth. Thereby, they can partner and complement banks' effort. Other than onward lending, sometime ago, we also saw core lending scheme.
I think policymakers also realized that the economic slowdown to some extent is caused by NBFC squeeze. The sector has passed through a kind of crisis, and a crisis should not be wasted. At IIFL Finance, we have sharpened our focus on core retail loan assets. We are reducing our exposure to real estate sector. Our strategy is to bring it down to single digit share in our total loan AUM, and that too focused on affordable projects, especially where we can be a partner for home loans to end user buyers. We are insured all the real estate projects and have funded and also adequately provided for. Our INR 3,800 crore loan book in our NBFC carries more than INR 400 crore of provision, although the current GNPAs are just about INR 139 crore.
We've been very cautious in making sure that all the projects basically are monitored carefully and we don't end up with any additional losses there. Other than that, on the retail core assets, the core products, that's where we have seen the significant volume growth or significant AUM growth. On a year-over-year basis, if you look at our loan AUM, there's a 28% year-over-year growth in this quarter in the core retail assets, which are focused for growth, including home loans, the small business loan, microfinance loan, and gold loan. Even in business loan, there's a small negative growth. If you break it up into the large ticket LAP and the small ticket business loans, the large ticket LAP has de-grown, but the small ticket loan, which is our focus, has grown positively.
When we look at our GNPAs in June over, say, previous quarter or previous year, you might see a marginal increase or small increase in all the retail assets. There are two reasons. One is our assignments have increased significantly. When you assign it to the bank, obviously they will not take any delinquent assets. They will take assets which are good performing. To that extent, if you look at our GNPAs and the loan AUM, they are lower. There is a marginal dip also because of seasonal nature of the business. Our June quarter, the June end is typically an NPA slightly higher than March end, and this is industry-wide phenomena, particularly for the home loans. Our operating cost has gone up significantly, that is in line with the growth in our branch network and people.
Our branch network also has grown by almost 500 number branches, which is close to a 25%-30% increase, and there's a similar increase in our number of people also. These growth initiatives were taken about a year back. We have completed them. We increased our footprint to make sure that our retail asset growth remains robust. Now I think it's the time to make sure that we derive the operating benefit, we spread these branches and improve productivity of these branches. We don't have plans for expansion, at least in the near future. In terms of liquidity, if you look at our balance sheet, which is given in our annual presentation, we have cash in bank of over INR 2,000 crores. Besides that, we have INR 2,000 crores of committed funding or credit lines.
We are quite well-placed or reasonably comfortable in terms of our liquidity and our ability to fund the near-term growth as well as all the obligations that we have. The market sentiment has swung from irrational exuberance to feeling of eternal gloom, but we remain focused on our retail business and, in this crisis, we have not only sharpened our focus on the core product, but also taken several steps to reduce operating costs and sharpen our technology edge as well. We hope that as things recover, we are well-placed to seize the opportunity. With this, I'll pass it on to Prabodh to take you through the financial numbers in greater detail, and then we'll take Q&A. Thank you.
Thank you, Nirmal. Asset Finance net profit was INR 181 crore in first quarter FY 2020, up 7% quarter-over-quarter and down 7% year-over-year. This is after adjusting for one-off gains on sale of CV business in the last quarter. When we just consider profits from continuing business, that is ex-CV businesses, the net profit of INR 181 crore was up 43% quarter-over-quarter and 2% year-over-year. Loan AUM grew 19% year-over-year and was flat quarter-over-quarter at INR 24,920 crore. Our Tier 1 CAR stands at 18.4% and total CAR at 22.1%. Primary drivers of our AUM growth are small-ticket home loans, which grew by 33% year-over-year, gold loans, which grew by 46% year-over-year, business loans, which grew by 1% year-over-year, and within that, small ticket MSME loans grew by 13% year-over-year, while LAP declined by 4% year-over-year, and microfinance loans which grew by 112% year-over-year.
On the other hand, construction and real estate finance and capital market loans declined both on Q-on-Q and Y-on-Y basis. In home loans, our focus remains primarily on small-ticket loans to the salaried and self-employed section. The fastest growing segment in home loans is the affordable home segment or Swaraj Loans with average ticket size of INR 13 lakhs-INR 14 lakhs. IIFL Home Finance has been a significant player in Pradhan Mantri Awas Yojana credit-linked subsidy scheme. Till date, it has provided benefits to 30,000 customers and disbursed subsidies of nearly INR 700 crores. The company is also expanding its footprint and currently has 120 branches across 17 states. The customer base for our HFC has crossed 88,000 this quarter. Retail loans, including consumer loans and small business finance, constitute 86% of our loan book.
Another strong characteristic of our loan book is the large proportion of loans that are compliant with RBI's priority sector lending norms. About 57% of our home loans, 47% of business loans, and 95% of our MFI loans are PSL compliant. In aggregate, nearly 43% of our loans are PSL compliant. The large share of retail and PSL-compliant loans are of significant value in the current environment, where we can sell down these loans to raise long-term resources. We completed securitization assignment transactions amounting to INR 4,595 crores in first quarter, compared to INR 2,562 crores in fourth quarter last year. We sold down both PSL and non-PSL loans in five product categories, including home loan, LAP, SME, gold, and microfinance to government, private, and foreign banks. Our average cost of borrowing rose by 16 basis point Q-on-Q and 68 basis point Y-on-Y to 9.26% in first quarter.
Access to long-term funding sources is still scarce, and we continue to manage the tight liquidity conditions by tapping new borrowing channels like dollar-based funding, public issue of NCDs, market-linked debentures, and assignment deals. Of late, banks are warming up to term loan proposals, and few of our proposals with banks are in advanced stages. We also expect incremental refinance from the National Housing Bank. We have been able to reprice our loans and protect our net interest margins. Our NIM was at 8.25%. We currently have 2,110 branches, primarily for our HFC, gold, and microfinance businesses. Consolidated gross NPA and net NPA, recognized as per RBI's prudential norms and provision as per expected credit loss method prescribed in Ind AS, stood at 2% and 0.8% of loans respectively.
The NPA ratios appear higher, primarily because the loan book has declined 6% Q-on-Q and 13% Y-on-Y due to portfolio sell downs. Provision coverage under the Ind AS norm on Stage 3 assets stood at 131%. Return on assets for first quarter FY 2020 was at 2.3%, and return on equity was at 17.3%. Some update on liquidity. We have significantly cut down our borrowings through commercial paper over the last three quarters. In end June, CPs of INR 1,790 crores were outstanding, which was 5% of our total borrowings. This has been further reduced to almost zero as on date. Our funding mix is well-diversified, including 22% from NCDs, including subordinate debt, 37% from bank term loans, working capital finance, and NHB ref inance, 36% from securitization assignment, and 5% from commercial papers. We had raised INR 1,200 crores in tranche one of public issue of bonds in January this year.
The second tranche of the bonds issue is currently open. Last month, we raised $100 million through ECB from EDC Canada. This is a prestigious new addition to our list of investors. We have a positive ALM whereby inflows cover or exceed expected outflows across all buckets. We had committed credit lines totaling INR 1,949 crores in end June. On the digital front, 99% of the 6.4 lakh accounts boarded in first quarter FY 2020 have been acquired digitally. We have focused on back-end process digitization through multiple innovations as well as partnerships, helping us achieve process efficiencies. We have integrated new CRM with IIFL LoanFab. This helps in providing better service to our customers. On the analytics front, we continue to drive the use of credit scores and automated pre-seasoning across products and strengthen risk mitigation by developing and deploying behavioral scorecards for upsell and collection scorecards for collection prioritization.
There is increased focus on cross-sell and win-back by using analytics to maximize cross-sell opportunities within the group and by deeper integration of cross-sell campaigns with CRM to improve lead conversions. New fraud scorecard is in place to eliminate fraud at pre-acquisition stage, along with regular development and fine-tuning of fraud triggers to manage fraud at both pre-disbursement and post-disbursement stage. With that, now we will open the floor for Q&A.
Thank you very much. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the attached phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Shubhranshu Mishra from BOB Capital Markets. Please go ahead.
Hi, sir. Thank you for the opportunity. First question with regards to your developer financing. I just wanted a little more flavor as to how many loan contracts, and out of them, how many of them are in the top seven cities, and what proportion of these developer finance is still under construction, and how much is ready for completion in the fiscal 2020? That's my first question, sir.
Hello. Hi, this is Balaji Raghavan here. I handle the construction finance and real estate financing for the group.
Right.
To answer your questions, one is that we would have about 56 to 58 contracts which are there in the entire book of about INR 3,800 odd crore, which are currently live and running. To answer your second question is that all of these projects would be under various stages of construction. Some would be, let's say, at a commencement stage of, let's say, 10 to 15, and some would be at a closure stage of, let's say, about 80%-90% and so on. The moment the construction is completed, which is, let's say, 100%, and the occupation is obtained, the obvious result of that being is that we exit the project completely. That's where we are. As far as the percentages go, these would be equally spread across the various stages.
There would be some which would be, I would say, let's say, 20%-30%, some 50%-60%, and some which would be, let's say, 70%-80%. It would be a little difficult at this juncture to answer exactly specifically the number as to which stage would be where, but just to sort of give an overall view, this would be more or less equally spread across the various stages.
Sir, how many in top seven cities?
All of them are in the top seven cities. We don't have much which is beyond the top seven cities. In fact, I would reduce that further. We would have most of our exposure focused in the top about four to five cities across the country.
This is INR 3,800 crore portfolio, and we have another INR 1,200 crore portfolio, which is also classified as part of developer real estate, which is done through HFC. For housing finance, we can fund only after the approvals have been received. These are relatively smaller projects, they might be in 20% to 20%, 25%.
Here are the ticket size that Mr. Jain just mentioned would be in the range of around INR 10-12 crore, where these are very small developer finance, very small projects, and these might be, let's say, in Tier 2 cities. However, the bulk of the portfolio, which I am talking about INR 3,800 crore, would be in the top about four to five cities. These being namely Bombay, NCR, Bangalore.
Pune
Pune. In fact, it would be about six to seven cities.
Yeah, six to seven cities are correct.
Sure. My next question is with regards to your gold loan as well as MFI. Is there any pin code correlation between both the businesses, as in the branches are coexisting or there are separate branches and you're targeting different target market segments?
Gold loan business we started about eight years ago, nine years ago actually. Microfinance, we acquired the company about, in a way, practically we got full control and started expanding only two years ago.
Right.
We're trying to map out and have the synergies wherever physical locations can be together. As of now, the Gold Loan branch network is much wider.
What I'm trying to understand is the future synergy that you find between both the businesses. Will the branches be co-located?
Yeah. Now the expansion that we've done in last one year, there are few branches that are co-located. One difference is that in microfinance, we go rural but in Gold loan, we are into tier 2, tier 3 towns and cities. There are some locations where there can be co-location advantage. Okay, it's not something which can be given. It's there in some cases, but not all cases.
Right. Sure, sir. I'll come back and with you. Thank you.
Thank you. The next question is from the line of Dipanjan Ghosh from Kotak Securities. Please go ahead.
Hello. Hello.
Yeah, go on.
Yeah, hi. Just two, three questions from my side.
Dipanjan, you're not audible.
Hello. Am I audible now?
Yeah, I can hear you. Go on.
Okay. First I wanted to get a sense of the assignment income booked in this quarter and also FY 2019.
In this quarter, INR 72.4 crores.
The corresponding quarter of last year was INR 35 crores.
The full year is half of this year, last year.
INR 58 crores.
Full year INR 58 crores.
Okay, Thanks. Just to get a sense of, so the IndusInd, the book that you sold down in the last quarter, how much of the receivables are still pending, and how much have you already received?
INR 11 crores still outstanding, and I think the total transaction was around INR 400 crores. More than half is received. INR 11 crores is still outstanding.
Okay.
There is a monthly payment schedule, so they are paying as per the schedule.
Okay, sure. Just one last clarification. If I'm not wrong, the listed entity basically holds around 85% of the NBFC business. Am I correct?
That's right.
Sure.
85% are listed entity and 15% is the CDC. Going back to your question about IndusInd, the receivables come to escrow from where we pick it up, so most of the premium and other amount was paid upfront. These monthly installments come through normal repayments of the loans also.
Okay, sure. Thanks. That's all from my side. Thanks and all the best.
Thank you. The next question is from the line of Keshav Kumar from Unifi Capital. Please go ahead.
Yeah. Thank you for the opportunity. Can you take us through the movement in the GNPA from the developer constructor finance segment as to what are the number you started with, what are the resolution, and what are the recoveries you made, and finally, what is the number you ended with?
Okay. There are many cases, if you see from last quarter to this quarter, it has fallen from some 4.4% to 2.9. Primarily, some of the developers who might be in the 90-day plus, they might come back. Some of the cases have been resolved and acquired by some other developers with some more collaterals. Totally, if you see, there is a decline of about INR 140 crore or something, and some, one or two cases are at stale also.
Because last quarter you said that you started with around INR 418 crores, and recovered about INR 210 crores. You're left with something like INR 205 crores. Now that number has fallen to what number now? Has it fallen to INR 150 crores?
139, yeah.
Yeah.
130 odd crores is the total now.
Okay. INR 205 crores has become INR 139 crores over the quarter, right?
That's it.
Okay. Any updates on recovery you covered from the erstwhile write-offs you did?
No, recovery from the erstwhile write-offs. Not in this quarter, actually. Maybe last quarter we had some, but not in this quarter. Nothing of significance.
Okay. Sir. This INR 130 crore is spread across how many projects? How is the lumpiness in the GNPA?
Four projects.
Four projects. Okay. Going forward, sir, what's the outlook? Are you seeing additional stress coming into the books or do you think this is the bottom?
I think we have seen the bottom since we start recovering. Last time also I said that we have seen some recovery this quarter. As I explained in last quarterly, this thing that our exposure is not in the central Mumbai, where I personally see stress continuing for much longer. We are mostly in the suburbs of the larger cities. If you see our exposure in Mumbai, Delhi, NCR is all in, say, Mumbai's Borivali to Vasai or Thane or Boisar or maybe Nallasopara onwards. There we have seen that the project, if they get executed, they are in a good sell. They sell at a price, but they sell.
Right.
Other cities like Pune, Bangalore, they are also doing pretty okay. Not that the sales are booming, but they are not as bad as if everything is over. They are moving.
Okay. You don't expect additional stress to be added to the GNPA number?
Yeah, I think remain at similar level by till two or three years' time.
Okay. Since you have taken complete write-off, what is the timeframe you expect over which you can see some recoveries coming back?
Some of the write-off, we'll see some recovery. Our SARFAESI, all those things are also. This next couple of quarters, you should see some recovery.
Okay. Since there are two segments within the developer finance, one is for the HFC support, wherein you do more smaller size loans and all. The bigger ticket size happens in the NBFC. You will continue the HFC, but you will scale down the NBFC part, right?
NBFC, we have not done anything incremental. Yeah, you are right, we'll continue with But even HFC last quarter or last couple of quarters has slowed down. If you ask me for a longer-term strategy, that might continue and NBFC will move to the fund structure. As you're aware that we have a fund set up through our wealth subsidiary, which is asset management company, AIF structure. Most of the larger projects might get funded through fund, and the smaller projects we can figure on our own NBFC.
Got it. Sir, one question on the business loans. We see that there's a slight bump up in the GNPA number. Anything that is concerning over there, or is this just a seasonal phenomenon?
This is Sumit Bali here. As we said in the beginning, typically, we see that the Q1 numbers are slightly higher than the Q4 numbers. That's what is at play here. Typically, these do get resolved over the next two-three quarters. Given the fact that within the business loan, which is growing is a higher margin business loan, I think we are in control of the book, and you should see the number moderate from there on.
Got it. Thank you, sir. I'll join the queue.
Thank you. The next question is from the line of Deepak Poddar from Sapphire Capital. Please go ahead.
Yeah. Thank you very much, sir, for the opportunity. Sir, my first question relates to your funding thing. Is there any problem or as such growth hindrance you are facing in terms of getting your funding or the liability profile? What sort of securitization run rate are you going to maintain going forward?
Funding, of course, everybody knows that historically industry could take money from mutual fund by way of CP, and also the bank term loans are more or less available on tap. That situation changed in last nine months.
To my mind, it's been a correction which was overdue in the way that, what triggered is a different point of debate. Many of these short-term liabilities were funding long-term assets.
Correct.
As a typical problem of finance sector, which has played out world over at many different times in different countries. That in a way, it's a blessing in disguise to the industry that has been fixed. That is one part of it. In fact, we are certain 85% of our loan book is retail, and which after a time gap, three months, six months, depending on the seasoning required, almost entirely becomes eligible for being sold off to banks. Even the securitization assignment that we have done have been in the range of 9%-9.5%. Most of the banks are very willing buyers. They need these assets as much as we need liquidity. We haven't seen any issue there. Also, I must add that recently, last couple of weeks, we've seen that the environment is easing.
Even bank term now opening up for term loans. ECBs also have started moving. The ECBs actually always depend on the cost of funding in dollar terms and also the arbitrage cost.
That also has become viable with the easing of policies and the regulatory. As I said just a few minutes ago that I think the worst should be behind us, and even the funding should become much better from here.
All sources should be open from your ECB to retail to bank loans to securitization assignment. Also, the onward lending guidelines are very good because if you look, most of our assets are less than INR 20 lakh, and there if banks lend to us, then that becomes a priority sector loan. These kind of guidelines were there before 2008, actually. I think Usha Thorat or some committee recommended, and they were taken away, but they've come back. For banks, it's very win-win because for banks, if they lend a pure term loan to us, it meets their Priority Sector Lending norms. Most of the banks are not able to meet the 40% quota of priority sector. They end up paying penalty by way of low-cost deposits to NABARD or others.
I have a feeling that now that government, RBI, everybody has become conscious, things should get much easier from here.
Okay.
Just to add one more thing. If you see overall, the system liquidity also has turned positive for the last few weeks. It's a matter of now, I think, just building up of confidence that liquidity will start flowing.
Kind of growth we are still maintaining kind of a growth we have seen in FY 2019, because that's what we have said in the past, that we look to maintain this kind of growth going forward, what we have achieved in FY 2019.
I think if you look at our presentation, we have divided our asset classes into core and synergistic. As far as our core retail asset products are concerned, we expect to maintain the growth.
I think 45% growth is what we have seen. Is that what we are maybe looking at going forward as well?
If you see even on quarter on quarter the Core growth has been positive at 2%-3%. The synergistic segment has declined. We will continue to grow that business.
Right.
After this something as the liquidity panel, we will look at that.
Okay.
Should be a good assumption I hear.
Sir, come again. I could not get that last one, yeah.
No, I think in the core loan assets that we have-
We should look at on an annual basis, 15%-20% volume growth.
Okay. 15%-20% volume growth on the core. Your core asset would be microfinance, small business with gold and home loan, right? These are core sector?
That's right.
Okay. I understand. Due to PSL, because a large portion of our loan book will be PSL compliant, so how much impact does that have on our NIMs?
Overall, if you see these 4 core growth segments, microfinance, MSME loan and gold loan, these are all well above 7%-8% NIM products.
Okay.
Home loan typically is lower NIM, so on a combined aggregate basis to maintain NIMs between seven % to eight % is something which we are confident of.
Okay. This quarter it was around 8.5%, around about, yeah.
This quarter it was higher. 7%-8% sustainable is what we believe.
Seven to eight % sustainable. Even in terms of credit cost, this quarter was quite low. I think maybe also contributed due to your sale of asset, the CE Finance. Is this going forward kind of a credit cost that one must look at?
See, if you look at our last 12 years, our loan losses and provisions are at 0.4% every year.
Last quarter was an aberration where we took a larger write-off because we had one-time gain, we tried to use it and took write-offs and higher provision in our CRE exposure.
I think under normal circumstances, in a year our loan losses and provisions should be around 0.4%-0.5%. Last year was an aberration actually. Last quarter was an aberration.
Mm-hmm. It is 0.4%-0.5% per annum, right?
Per annum, that's right.
Okay. Fair enough. Understood.
Which is line with what we see this quarter.
Mm-hmm. Sure. I got that point. Yeah, sure. That's it from my side. All the way here.
Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Ashwin Balasubramanian from HSBC Asset Management. Please go ahead.
Yeah. Hi. My question was with regard to the slide on ALM. In that slide, in terms of the inflows which you mentioned, is that coming only from the loan book or does that include the securitized portion as well?
This is the current. This slide is based on if you don't do anything incremental and you get your repayments of existing loan assets as per the behavior pattern what we are seeing and all the contracts of which is going to repay based on that.
Correct. It does not include the off-balance. Are the off-balance sheet, both the liabilities and assets included in this or it's only the on-balance sheet?
It includes the committed off-balance sheet inflows also.
Okay. If I look at, let's say one-year bucket, it comes to about INR 15,000 crores is what you mentioned as inflow. In that, what would be from the repayments and prepayments combined and what would be the remaining sort of number? Because if I just divide that by the loan book, that's about 60% of the loan book. I'm presuming that this includes the bank lines and unutilized bank lines and other stuff also in this INR 15,000 crores.
Just one second. I'll tell Prabodh to ask me for the explanation, just one second.
Yeah.
This includes, the major inflows will include the term loans that we have contracted. The total lines of committed credit is INR 1,945 crore. That is there. Then it will include the inflows that we expect from the securitization deal. We have about INR 11,000 odd crore of securitization which we have done. A lot of these are short-term. Why you see in the first less than one year bucket is because about INR 4,000 crore of gold is outstanding, which will be all received in the next six months. That is what is reflected in the cash flows.
Basically this inflow and outflow both include the securitized portion also. I mean, that is the understanding, right?
Yeah, that's right. Both ways, yeah.
Okay, got it. In terms of this committed bank lines, this is only term loans or does it also include any securitization lines which you have that?
money we have got in the month of July, which was INR 700 crores.
Total amount.
Yeah, then it will include committed lines of credit include the overdraft facility that we have with the bank which are undrawn and it will also include some securitization deal which we have secured where we have received the letter of sanction but which has not been completed.
Okay. Thank you.
Sorry. Correction. Securitization not included in 1949, only the committed loans.
Okay. Yeah. Thanks.
Thank you. A reminder to the participants, anyone who wishes to ask a question, please press star and one at this time. Anyone who wishes to ask a question may press star and one.
Okay. We can say binder is an okay for that.
Sure. As there are no further questions, I hand over to the management for the closing comments.
Thank you. Thank you all of you and as always if you have any more queries, questions, please feel free to get in touch with our investor relation. Thank you so much. Have a good day.
Thank you. Ladies and gentlemen, on behalf of IIFL Finance that concludes this conference call for today. Thank you for joining us and you may now disconnect your lines.