Hi, good afternoon. Thanks for taking the questions. My first question is on the sourcing rate. Is the 13% number average for the quarter or is that the exit sourcing rate?
And where are we at the quarter-end, the exit rates?
Questions across 6 calls
Gaurav Khandelwal
JP Morgan
Home First Finance Company India Limited
IIFL Finance Limited
Hi, good evening. Thanks for taking my questions . If I can just understand a bit more on the mortgage loans. Number one, why was the growth almost kind of muted at INR32,000 crores, INR33,000 crores in FY26? How are we thinking about it going forward? And the other part of my question is, how are we looking at competition in this space? So competition is always tough, but do you see the competition accelerating and especially from where I'm coming is that some of the other companies, housing finance companies like Bajaj Housing, PNB Housing, they've been actively entering the affordable and the lower ticket size near prime housing, which is in the INR15 lakh, INR20 lakh, INR25 lakh zip code. So do you think that the competition incrementally tightens further? And how, what are you trying to do to mitigate that? Those are all my questions. Thank you.
Got it. Thank you for that. That's very helpful. And if I can just ask for your short-term borrowing at the shorter end of the curve, how are the money market rates behaving today for you versus, let's say, the fourth quarter average, if you could give us some sense?
Lodha Developers Limited
I just wanted to better understand this guidance on moving to gross debt zero and prioritizing free cash flows. Is it going to be more operating cash flow driven? Or we will be pulling back on capex to an extent because we've already done a lot of BDs and hence, the capex need in the incremental years in FY '27, '28 will be lower and hence, we see positive FCF. So, what's the kind of combination on OCF and capex on how we get to a positive FCF at some point? And my second question is, I don't see a guidance for OCF for FY '27. Is there a specific reason for that?
I just wanted to understand the expenditures on construction this quarter. So , we are at INR 8.6 billion of construction spend, which is the lowest in the last 7 quarters, if I'm not wrong. And my understanding was that some quarters of last calendar year, we were stuck with environmental issues, which is behind us now. So ideally, construction ex penses should have moved up in quarter ending December, whereas the number actually came down. So , can I just understand this better?
Got it. But is it fair to assume that the construction momentum has increased since last quarter, as in third quarter onwards?
Bajaj Housing Finance Limited
Hi, hi, good evening. Thanks for taking my questions. I've got a couple of those. First on the margin decline by 12 bps, a lot of this came from asset yield decline. Can we know which product segments drove this? Was it largely home loan or are we also seeing some sort of decline in the corporate on the non -home corporate side? And how much was the, what was the lowest sourcing rate in home loans in the quarter? That's my first question and I've got one more after this.
Got it. And given what we know right now, Gaurav, is it fair to assume that at least of first quarter the yields should broadly remain stable if not fall down?
PNB Housing Finance Limited
I've got a couple of questions. I'll ask those one by one. First if I can just understand that our focus is to grow Affordable, but if I look at the disbursements on Affordable side it was quite weak in FY 26, 4Q in fact affordable disbursements came down minus 3% visa-vis Prime which is not our key focus area but we still see higher disbursements. Is this something to do with the ongoing rates in the market or is this more to do with asset quality?
Got it. In that case sir, is it fair to say that because the incremental yields have been so low at minus 75 bps Q-o-Q, that was one of the key reasons of disbursing Affordable at a slower pace?