Ladies and gentlemen, good day and welcome to Satin Creditcare Network Limited Q2 H1 FY24 earnings conference call. 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 the conference call, please signal an operator by pressing star and then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Aditi Singh, Head Strategy of Satin Creditcare Network Limited. Thank you, and over to you, ma'am.
Thank you, Marcus. Hello, everyone. Good evening, and thank you so much for taking out time to come and, listen to our, results highlights for this quarter and half year. One thing I would just like to request is, since we are in the middle of the fundraise activity, it will be not possible for us to give any futuristic guidance or commentary. So I request whoever want to ask a question, please refrain from asking any futuristic comments, guidance, or questions, and, otherwise, we are happy to clarify on any number or any clarification that you may have. With this, I request Mr. HP Singh, our Chairman and Managing Director, to give the opening remarks for this earnings call. Over to you, sir.
Thank you, Aditi. Good evening, everyone. Thank you for coming on a Friday evening to attend our earnings call for Q2 and H1 FY24. I trust you've had a chance to review our quarterly results and investor presentation. If you haven't had the opportunity yet, you can access them on our website or through the stock exchanges. I start the discussion on our Q2 FY24 performance with a word of appreciation for our board of directors, customers, employees, and all stakeholders for their unwavering support, perseverance, and confidence in our brand as we complete 33 years of business of existence. This is the 34th year of our remarkable journey, which thus far has been nothing but a resounding testament to our unwavering commitment to transforming lives and promoting financial inclusion nationwide.
The first half of FY24 reflects our consistent and robust growth momentum and sustained profitability, as is evident in our performance across all operational and financial metrics, sustained business momentum, and constant improvement in our asset quality. Consequently, we have concluded yet another quarter marked by the highest ever profitability in the past five years. We had a healthy disbursement for the quarter of INR 2,403 crore on a consolidated basis, up by 41% year-on-year. We are laying emphasis on acquiring new clients, and first cycle clients account for 49% of AUM as on Q2 FY24. Significant pickup in disbursement led to a 33% year-on-year growth of AUM, which now stands at INR 10,100 crore on a consolidated basis.
Coming to standalone numbers, we have been able to make strong net customer additions of 4.1 lakh in H1 FY24, which stood at 29.7 lakh in Q2 FY24, as compared to 25.6 lakh in Q4 FY23. It makes me really happy to share that we continue to be one of the most preferred financial partner to a large number of low-income households across rural India. At the time of disbursement, approximately 31% of clients have Satin as the only lender. We opened 17 branches in the quarter, taking the number of branches to 1,116 as on thirtieth September 2023. The on-book GNPA of the company stood at INR 157 crore, which is 2.38% of the on-book portfolio, down from 3.96% as of September 2022.
The company has sufficient on-book provision amounting to INR 124 crore as on Q2 FY24, which is 1.89% of its on-book AUM. During H1 FY24, collection against write-offs was around INR 28 crore. This is a result of our field team's persistent effort to collect back our bad loans. Gross cumulative collection efficiency for H1 FY24 stood at 99%. During the reporting quarter, we maintained the trend of a healthy collection and excellent asset quality. The performance of the new portfolio originated from July 2021 onwards, is performing impressively, which constitutes about 96% of the on-book MFI portfolio, with PAR 1 at 1.5% and PAR 90 at 0.7% as on thirtieth September 2023.
As for the report by CRIF High Mark for the NBFC MFIs, PAR 1 stood at 5.8% as compared to 4.4% in Q1 FY 2024. The same trend is seen in PAR 90 with NBFC MFIs. PAR90 stood at 3.6% as compared to 2.6% in Q1 FY 2024. This demonstrates the effectiveness of our underwriting processes. I'm happy to state that the company has raised around INR 33,000 crore in the last 6.6 years, with an absolutely clean repayment track record, with no delay of default since inception, indicating our financial stability and the confidence of the market in us. Coming to the numbers of H1 for this year, we raised INR 4,848 crore, which is up by 93% year-on-year.
Of the total funds raised during the period, around 76% was on-book loans. Further, the company has a healthy CRAR of 25.7% and sufficient liquidity of around INR 1,400 crore as on 30th September 2023. Our consolidated book value stands at INR 191 per share. Our PAT grew 89% year-on-year to INR 103 crore during Q2 FY24, marking the highest ever profitability in the second quarter. This has resulted in an ROA of 4.7% and ROE of 19.7%. Overall, looking at our H1 FY24 financial performance, we are in line with our annual performance guidance for financial year 2024. Along with the strong performance of the company, I would like to share a key development that took place this quarter.
Under the Category 3 of Assam Microfinance Incentive and Relief Scheme, 2021, AMFIRS, the company received the first tranche of INR 10.70 crore from the Assam government, reflecting the government support and their promise of ensuring credit, credit worthiness among lakhs of people. We would also like to inform that our inherent adherence to ESG, environmental, social and governance principles, and our strong compliance under that helped us to secure AA rating, the highest grade rating from ESG Risk Assessment and Insights Limited, a subsidiary of Acuité Ratings. We are the top company in the industry, securing the highest rating. This highlights our dedication to sustainable and responsible business practices, which is increasingly important in today's business landscape. Over the years, our IT team has been giving us relentless support, enabling us to establish sustainable and innovative solutions that champion eco-friendly practices.
Our digital solutions streamline processes from customer onboarding to loan completion, eliminating the necessity for physical paperwork, and I take pride in sharing that the company has gone paperless in its operation across the nation. Moving further, our company has garnered several prestigious awards and accolades that acknowledge our commitment to excellence across diverse domains. Notably, we received the Corporate Excellence Award at the Making India Employable Awards and Conference, recognizing our significant contribution in employment generation in India, notably for the unskilled or lesser-skilled labors. In addition, the company also got recognition by the Indian CSR Awards under the category Most Impactful Scholarship Program Initiative of the Year, 2023, underscoring a positive impact on multiple student lives. We believe our conviction, passionate workforce, experienced board, and healthy asset quality will help us achieve sustained growth and ensure the overall development of all our stakeholders.
Giving you the financial operational highlights of our company. Starting with the consolidated highlights, our AUM as on 30th September 2023, stood at INR 10,100 crore. We have a customer base of 32.1 lakh as on 30th September 2023, which presents across 1,335 branches in 96,000 villages and 412 districts of India. Our top four states contribute to 54% of total AUM in Q2 FY 2024, and the states are UP, Bihar, West Bengal and Punjab. Our disbursements for Q2 FY 2024 stood at INR 2,403 crore, as compared to INR 1,709 crore in Q2 FY 2023. The total revenue for the quarter stood at INR 530 crore, up by 39% year-on-year.
PAT for the quarter stood at INR 107 crore, ROA 4.8% and ROE of 23.6%. Now, coming to standalone highlights. Our AUM on 30 September 2023 stood at INR 8,894 crore. Our standalone disbursements for the quarter stood at INR 2,202 crore, as compared to INR 1,564 crore in Q2 FY 2023. Our average ticket size of our MFI lending for H1 FY 2024 stood at INR 45,000. We have a well-diversified customer base of approximately 29.7 lakh clients, with 76% rural exposure. On-book GNPA reduced to 2.8% as on September 2023, from 3.96% as on September 2022. In absolute terms, reduced from INR 198 crore to INR 157 crore.
As on 30th September 2023, 96.4% of our districts have less than 1% of our portfolio exposure. Our well-thought-out diversification strategy has enabled us to sail through difficult situations and capitalize on our idea of enriching our client base through financing of various products. We have disbursed around INR 80 crore during H1 FY 2024 under the product finance category, which includes loans for bicycles, solar products, home appliances, consumer durables, and wallet, water and sanitation. An update on subsidiary. Satin Housing Finance Limited has now reached an AUM of INR 567 crore, a growth of 57% year-on-year, and having a presence across 4 states with 6,028 customers. SHFL has a 100% retail book. The quality of portfolio remains intact, with GNPA of 0.79% as on September 2023.
The company has 22 active lenders, including NSBG Finance, CRAR of 51.5% and gearing of 2.2x. PAT for Q2 FY 2024 stood at INR 1.9 crore. Satin Finserv Limited, the company's MSME and BC lending arm, has reached an AUM of INR 638 crore, CRAR of 51.6% and gearing of 0.9x. PAT for Q2 FY 2024 stood at INR 1.4 crore. In conclusion, as we journey along the path of expansion, we stand ready to embrace increased profitability while maintaining cost efficiency. With this, I would like to open the floor for questions. Thank you.
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 are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Samir Grist. Please go ahead.
Yeah, hi. Thanks for the opportunity, and congrats, team, on a strong set of numbers. As I can see, sir, our OpEx is probably at a multi-year low as a percentage of AUM. Can you just elaborate what is driving these efficiencies and productivity in the business?
So, I think what we are trying to actually reengineer post our COVID, debacle, you know, whatever happened, is that we got ample time to look at optimum efficiency in terms of our loan officers. We re-engineered our processes through metrics of, various scorecards, various processes in terms of acquisition of our customer, collection of our customer, as well as disbursement to our customer. I think, you know, that probably is also bringing in the required efficiency in terms of, the growth as well as disbursements. Also, we are looking at various other metrics in terms of center efficiencies, in terms of increasing our additional clients, which are getting attached to the centers to improve the number of borrowers per center.
I think that is one of the key calls which we are trying to take in, and various other underwriting capabilities, you know, which are probably now emerging out once all this reengineering has started to happen, you know. Just to add, I think, you know, we are also focusing a lot on our in-house built software. So technology key, technology capabilities probably also give us a lot of impetus in actually looking at data analytics to take calls much more faster than we are able to do in terms of having not this kind of a capability process. So all these probably lead, practically to, whatever operational efficiencies are probably kicking in, for the institution.
So, when I look at GLP per branch, where do you think probably the metric stabilizes from an 18-24 months perspective? We are at roughly INR 7.7 crores of AUM or GLP per branch.
Sunil, it's again, you know, I think futuristic. You know, we probably will not be able to give you a-
Guidance on that.
Or guidance on that. But I think, you know, what we are trying to look at is, I think, you know, to improve our efficiency. That is what generally-
From here on.
From here on, in terms of even the branch metrics also, you know. So it's the complete parameter, the center efficiencies, the loan officer efficiencies, the branch efficiencies, you know. So all this is combined into one in terms of driving that optimum efficiency.
Okay. And, what is the quantum of amount remaining from the Assam relief scheme?
I think our guess is that we've got still about INR 100 crore, you know, which probably will be coming in the future tranches, which are going on. This is the first tranche which has come in. The balance three tranches have to still come in. There is a total of four tranches, which is there, and this was probably the lowest one, because this was still the over-overdue. Sorry, in terms of the ticket, I think it was about INR 45,000-25,000, which was the first go. I think, you know, there's going to be an increase from now for the further tranches which will come later on.
Okay. Okay. Great. This is good. I'll come back in the queue if I have further questions. Thank you and all the best.
Thank you so much.
Thank you very much. The next question is from the line of Nidish, from Investec. Please go ahead.
Thanks for the opportunity. So, first question is on the customer acquisition. The incremental customers that they're acquiring, what percentage of those, what percentage of those customers are new to credit, new to microfinance sector?
New to credit, I think technically would be about 20% odd, you know, which is going to be there, which you, which we technically call a no-head customer. That'll be close to about 30% odd, you know. I think that is probably the ballpark figure, which is there. You know, we don't have the exact percent, but this is closer to what we think, you know, is the, is the, ballpark acquisition of a new head customer.
Sure. Sure. And secondly, the entire sector is seeing pretty strong growth. Most of the companies are seeing asset quality quite stable asset quality. But are there any steps that we are taking to prepare for further shock events in microfinance which may happen in future? So in terms of provision build-up or in terms of some processes or cutting down on some geographies. Are we taking some steps to prepare ourselves for further shock event whenever it happens in the sector?
Well, I think it's a combination of both geography as well as the matrix of financial portfolio, the ECL mechanism, which we are trying to create a buffer. As we had said earlier, that we will create a buffer. We started to create a buffer. I think, you know, that buffer is being created in this quarter in itself. Besides looking at the way we are looking at the acquisition of our customers, so it's not I think, you know, the mantra is not just to disperse, but the mantra is to collect. I think, you know, that is probably our current focus, and not leaving the growth to chance.
So I think, you know, whatever steps we've taken in terms of our underwriting capabilities, whatever steps we've taken in terms of the geography where we are present, whatever steps we are taking in terms of our deep diving into the existing geographies, all that put together, including creating the buffer into our financial accounting system, basically, to do that. I think, you know, that probably is going forward in that direction where we are building a buffer for ourselves in terms of both the portfolio quality as well as the accounting treatment as such, you know.
Sure, sure. And, and last question is that, we have incubated two subsidiaries. One is SME loans for our graduating customer and housing loans, affordable housing loans. So are there any plans to launch, add any more lending products in future?
No, I think our hands are full. You know, we want to, you know, now, you know, focus on these two subsidiaries of ours and build up those subsidiaries. As we said, you know, that this is where we are looking at, this is our focus, you know. So the holding company and two subsidiaries, basically, this is what our focus is, no further, you know, for us to look at into any other products, you know.
Okay. Thank you, sir. Thank, that's it from my side.
Thank you. Thank you so much.
Thank you very much. The next question is from the line of Suyansh from Biz Enterprise LLP. Please go ahead, sir.
Congratulations on stellar results, sir. It might be neat to ask these questions as I'm new to this company. Having said that, after going through presentation, it seems you have implemented this best-in-class compliance system and processes in place. So, like, my question is, like, as it said that you are disbursing loans 100% digitally, so, like, do we turn off the customers who don't have bank account or, like, we try to help them opening those bank accounts?
We try and help them by opening the bank accounts, but no disbursement is made in cash. It is 100% into the bank account, so wherever if a customer doesn't have a bank account, we facilitate them to open up a bank account.
Okay.
So, one question is that, like, seeing the trend, like, with the whole microfinance industry is in up cycle, but, like, do we see our cost of borrowing going down? I'm not asking for guidance, but like in trend, can that happen?
It's again futuristic, and we-
We can't answer that.
We can't answer that.
Okay. Okay. Okay, okay, okay, okay, okay. One last question is that, sir, like, we are seeing that PM scheme, like Swani schemes, like the public sector banks are financing through those channels. Are we also doing that or are we using, like, those data to finance the customer?
No, microfinance customers is a huge base for ourselves. You know, I think, you know, for us to look at, any other possible, segment, I think, you know, doesn't look good, you know, so, so for us, you know, it's a huge base, you know, which, we cater to. So I think, you know, we probably do not have, you know, to look at the other segment.
Okay. Thanks for giving the opportunity.
Thank you.
Thank you very much. The next question is from the line of Prabhu Sharma from Lakhotia Investors. Please go ahead, sir.
Hello? Hello.
Yeah, yeah, we can hear you.
Okay. Namaskar, sir. Sir, last four quarters, INR 350 crore PAT generate here, okay? Or since 2008, equity capital raise here INR 1,287 crore, okay? And the net worth as on date, around 1,900 crore, okay. So, sir, [Foreign Language]
[Foreign Language] Microfinance industry, so, ten crises, practically, ten crises: demonetization, there is Assam crisis, there is COVID crisis. So there are a lot of write-offs in it, and if you add those write-offs, you will not see this figure in the way that you want to see it. So once you look at that, then you will get a clearer picture.
[Foreign Language] Okay. Second question, sir. MSME, last year, investor meet guidance, 50% growth, but this quarter degrowth our books this half. So are you standing by your growth guidance, sir, for the future?
So, Prabhu, [Foreign Language] if you have seen the presentation, so SME portfolio grow. There was some BC portfolio in that company, which has run down, and the reason is that now when the company has become an NBFC, it cannot have too much of non-interest fees, non-interest revenue. So BC revenue is non-interest revenue, so for the principal business criteria, meaning you have to have 50% or more as interest income. That's why we are running down the BC book, but retail MSME is growing.
[Foreign Language] growth, madam, quarter-on-quarter?
Quarter-over-quarter, we have grown by around 25%-30%, because we are stabilizing the infrastructure first.
Okay, best of luck. Thank you.
Thank you.
Thank you very much. The next question is from the line of Bhuvnesh Garg from Investec Capital. Please go ahead, sir.
Yeah. Good evening, sir. Congratulations for the number, and just one question from my side. So I was looking at the presentation. So though our GNPA has increased, I mean, improved QQ, but our Par One that seems to have increased by 20 basis, from 3% to 3.2%. So if you can throw some color on this, that what led to this increase, and in which states you are seeing this trend? Some color on PAR Zero trend. Yeah.
Bhuvnesh, there is just a marginal increase, and if you look at industry, industry grow has, PAR One has grown by 100 basis points. Looking at that, it is a natural phenomena of marginal, and it is not state specific. As such, it is just the more the portfolio is getting seasoned. Any which way we have, in past also, if you look at the commentary on microfinance. You can see that everyone is commenting about 1.5-2% kind of an overall credit cost. While we are not in a position to comment, we will try to overachieve on this, do better than that. 20 basis points is a normal,
The baseline technically is that the industry is talking of about 1.5%-2% credit cost. So I think, you know, the natural phenomenon, as you grow alongside this, I think, you know, this is what the credit cost is going to materialize, you know? The idea is to overachieve, you know, what the industry is performing at.
Hmm. Yeah. Got it, sir. Yeah. Thank you. Thank you. That's it.
Thank you very much. The next question is from the line of Puneet Taga from VT Capital. Please go ahead, sir.
Hello, am I audible?
Yeah, yeah, you are.
Yeah. So, so I just, I have two questions. I wanted to understand, like, like, I could see the cost of funds rising by around 1.13% on a potential basis. So, could you just throw some light on, like, why it, rose by such a high point?
So, you know, please do not see the finance cost on a standalone basis. Probably NIM is a better reflection of margin, because cost of fund does not take care of the cost on the Direct Assignment transaction. But if you see our NIMs, which are consistently being constant and improving, quarter-on-quarter, so for the half year, the NIMs are broadly at 12.81% is a right reflection of margin rather than seeing only the cost of funds.
Okay. And, sir, my next question is on this component of other income, net gain or revaluation of financial instruments. I have seen this component on a sequential basis, rising by around INR 42 crore. So, over the past few quarters, also, I have seen this this component being very volatile. So could you just explain what component is and why is it being so volatile?
So, you know, as per NDS, when we do the direct assignment transaction, which means we sell some part of our portfolio to a investor, and we transfer the entire risk and reward to the investor. As per the standard, we have to book the income at that point in time. So depending upon the quantum of direct assignment done during a particular period, there's a little bit of up and down. But if you see the number on a half year basis or nine-month basis, that will give you an average kind of income. But the quarter on quarter or period on period movement is depending upon the number of or the volume of direct assignment transaction that we do.
Okay. So next, further on, also, are we expecting it to be volatile, like, in a similar manner or like the way it is, or it could keep stabilizing around current levels?
So again, you know, we may not want to give a futuristic guidance, but our direct assignment portfolio is probably 25% of the total agreement for the last few quarters. So, so this is where we are.
Okay. Sir, last question is on, like, the Assam write-off. We have written off around INR 1,000 crore book, and previously, like, there was a guidance that on a yearly basis, you would be recovering around INR 50 crore on a yearly basis. Now, like, during the call, you are mentioning that we are expecting around INR 100 crore more from the Assam government. Sir, I was not able to understand this part. Could you just throw some light on this please?
So, you know, for this quarter, we have received net INR 10.7 crore from Assam government. And, you know, this was a clear-cut, whosoever was there, less than overall INR 25,000 in debt, now government has paid the entire amount. Going forward, you know, depending upon how the government will decide, et cetera, it is slightly challenging to very accurately estimate the payout from government. But this is the kind of money that we have to get for that period. So depending upon how the government will decide, the amount will come.
Puneet, I think you are confusing two things. INR 1,000 crore write-off was not on account of Assam, neither was the INR 50 crore recovery against write-off. That was the overall write-off of the organization. Assam was a part of it, but not this huge. The INR 100 crore that we say is Assam-specific number.
Okay. So could you just, like, say what was the INR 1,000 crore write-off, like, including what were the charges in that year? Could you just repeat once again?
So that's the complete write-off for the organization.
Covid, Covid.
For the COVID period.
That was the COVID hit.
Okay. And-
COVID hit for, I think, was almost INR 1,000 crore.
Okay.
Assam, we are expecting around INR 100 crore, which is the Assam-specific hit.
Okay, so we have basically written off Assam book for over INR 100 crore. This is what you are trying to say, right?
You're confusing yourself, Puneet. It, it's not that. We have to recover from the government technically about INR 100-odd crore. Now, that is what we are saying.
Okay. Okay, okay. Thank you so much.
Thank you.
Thank you very much. The next question is from the line of CA Kabuljit Singh from Balaji Finance Investment. Please go ahead.
Good evening. Congratulations for the good set of numbers. We have updated on the BSE that you will increase your authorized capital and preferential capital also. So what is the thought process on this? Is there any QIP in play or any rights issue?
You know, we have not done any change in the preferential capital. That was already part of our, how to say, existing authorized capital. We have increased the equity capital by adding INR 2 crore more shares. So, that is a change in the authorized share capital. You know, our board has approved, and we have already informed the exchange that board has given us authority to raise up to INR 300 crore through various channels, and we are evaluating our options. We'll keep the stock exchange informed, everybody about our progress there. This was an enabling resolution in our October 19th board meeting, that board has given us power to raise up to INR 300 crore of equity or equity-related instruments.
Whichever channel we want to, so we are evaluating our options.
Okay. So the capital adequacy is already at 25.7. So is there any need at this juncture to increase any capital? You can increase that capital when you get a good price on that. And having that kind of a capital adequacy, you should not go for a new capital at this stage.
Well, probably let me. That's a business call, you know, which we take technically. I think, you know, that is what we feel that right now we feel it's probably the right time to raise growth capital from. You know, I think that's the call which the business and management, that's the call which we're taking.
So you are going for a QIP?
As Vibhu mentioned, we are not, we are still evaluating our thought process.
Okay. All right. Thank you. So even that will be a good thumbs up from the market. Thank you.
Uh-
Thank you very much.
I can't know that. Thanks, yeah.
Thank you very much. The next question is from the line of Pranav Gupta, who's a retail investor. Please go ahead.
Hi. So, I say congratulations on a great quarter, first of all. And I was wondering, you guys mentioned that you're doing a fundraise. So how do we... What is gonna be the use of this, these funds? Is it for growth? Is it for working capital? And how do we see this impacting the top line?
So, you know, this is a growth capital. We are, so to say, want to evaluate and raise it at an appropriate time. As you have seen our performance for the last 5, 6 quarter, the business is coming back on track. So we feel that we should evaluate the capital as at this point in time. Of course, a better capital will have a better impact on the overall performance of the company, on rating, cost of fund, et cetera. So, you know, those things will happen in due course of time.
Okay, thank you.
Thank you.
Thank you very much. The next question is from Hrishikesh Oza, from Robo Capital. Please go ahead, sir.
Yeah. Hi, thank you for the opportunity. So my first question is: we have seen a spike in revenues for this quarter. Is there some one-off in this, or is it sustainable?
So there's no exception item. We keep doing the Direct Assignment, which is a regular part of our fundraising strategy. There's no exceptional item in there.
Okay. So we can see quarter-on-quarter growth on this base?
So again, you know, talking about futuristic is slightly challenging at this point in time, but means, you can see the past trend, and then we can clarify that in case there are any questions around that.
Okay. Also my next question is on credit costs. Currently, you have said 1.5%-2% credit costs are industry level. Just wanted to get a sense of what sort of sustainable credit costs do you see for next, you know, one to two years?
Again, futuristic,[audio distortion] .
There is a slide where we have talked about the guidance that we gave in September during our Analyst Day for the FY 2024 estimating. You may refer to those, but, again, we will not be able to comment on another two-year version.
You know, for the sake of repetition, just wanted to emphasize that the regulation does not permit us to speak about futuristic at this point in time, and that is why we are not maybe sort of clarifying some of these issues. But, in the past, we have done that after regulatory, can please replicate that.
Okay, no problem. Thank you.
Thank you.
Thank you very much. As there are no further questions, I would now like to hand the conference over to Ms. Aditi Singh, Head of Strategy, for closing comments, please. Go ahead.
So thank you everyone who took out time, and came to our call, listened to us. Thank you so much. I wish you all have a great weekend. We have tried to answer whatever we could, limited by the regulations, that we cannot comment on futuristic, any views. But still, if you want to discuss anything, you can reach out to me or to my colleague, Ms. Shweta Bansal, from the investor relations team. I wish you great festivities. Diwali is around the corner, so I will say enjoy, and may you and your family have a great festive season. Thank you.
Thank you.
Thank you very much. On behalf of Satin Creditcare Network Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.