Mahindra & Mahindra Financial Services Limited CC-Sep24.pdf · 2024-10-22
Good evening, everyone. First things first, I mean, just kind of taking the last question again, you have guided for credit cost of 1.3% to 1.5%. I'm sure some of this is pencilling i n recoveries from the tractor segment ones which have slipped in this quarter. And the other thing that you said is also that from the improvement in LGDs, you might see the release in ECL provisions coming through. So, I mean the second part, the release in ECL provisions coming through, can you throw some more light on that versus where we are in terms of provision coverage ratio? What could it trend at, and will it be more back ended in terms of more coming in 4Q or we will see it to be more gradual in 3Q and then in 4Q?
Got it. Got it. And then the other two questions that I had was, again, in terms of margins, H1, we closed at 6.5% and the full year, we have guided for 6.5% to 6.7%. We are essentially talking about margins to improve from here. So we're just trying to understand is part of this because of the trade advances, which typically were given in 2Q and will get converted into retail loans in Q3. Does it have some bearing on this or how are we thinking about margin improvement coming in the second half? And the second thing is you also -- I mean, if you look at our disbursement mix, given that large proportion 40% comes from PVs, and PVs, I mean, among all segments, right, I mean it seems like it's slowing down now. So I mean, while you've already commented on the outlook of 15% to 20% over the next 3 years that you're looking to grow at, including some of the newer business uses that we are incubating, on vehicle alone, how are we thinking about growth for the next second half and the next couple of years?