Yes sir, thank you for taking my question. Just one question….
Is this better?
Questions across 22 calls
Jigar Jani
B&K Securities
Mahindra & Mahindra Financial Services Limited
Two questions from my side. One is on the disbursement growth. So last quarter, we have guided for about 14% to 15% growth for the full year of FY '25. If you just back calculate the numbers and the run rate comes to almost 17000 crores run rate. I understand second half is a little bit heavy for us as compared to first half, but do you still stand by that guidance, or you think that there will be a slight moderation still? And my second question is on write -off, so we had also guided that write -off would see a continuous decline going ahead. But if you compare the write-off on a year-on- year basis, it's marginally higher. So, any guidance on what kind of write-off we could see for FY '25 that would be better.
Can Fin Homes Limited
Just a simple one. The IT Cap ex cost you will be taking completely in FY'26 or this will be apportioned over FY'26 and FY'27? And the INR35 crores that you're talking about every year will start from FY'27 once the Capex is completed. Is that understanding correct?
Okay. Understood. And this disbursement target doesn't include any benefit from PMAY, right? You have not included anything from that?
Couple of questions, on the OPEX front because you said that most of the tech investment over the last three quarters you have done 3 crores every quarter. Do we see any material change in the cost to income ratios going ahead? Do we expect an improvement? And I believe there was another big project wherein we were trying to kind of revamp the entire IT system also. Any update on that because I believe 6 months back, we were talking about that as well and whether that could be taken up in FY26 and correspondingly what would be our cost to income assumptions for FY26? Similarly for credit cost, this year we have seen significantly lower credit cost of 10 to 12 bps. Do we maintain the same guidance for FY26 as well on the credit cost front? These were my two questions.
For the project which we had mentioned last time ? The CAPEX estimate was about 60 crores for the IT project?
Yes, hi. Thank you for ta king my question and Congratulations on a great set of numbers. Sir, on your Slide 14, when you mentioned the yield and cost of borrowing on our overall for the March quarter, you have seen a sequential decline in spreads, but your limbs are actually moving up by 4 bps when you compared to the December quarter. So I just wanted to understand this are what incremental needs and just as a follow-up, so do we see like incremental spreads being at 2.28% overall?
So this is a discount that you have given to push growth?
Muthoot Finance Limited
Just one question.
So congratulations firstly on a great set of numbers. Just one question. What would be our guidance on credit cost, because now over the last 2 quarters, we have seen about a 1% credit cost in the first half significantly higher than what we have seen over several years. So would this continue? Or do you see that kind of normalizing in the second half or...
Just one clarification. The incremental cost of borrowing , bank borrowing is 9%, right? That is what you mentioned, right?
And currently, it is, on a blended basis, what would be the incremental cost of borrowing?
Bajaj Housing Finance Limited
Yes, hi. Thanks for taking my question.
Yes, sorry about that. So I was asking regarding the provision coverage ratios. So we have seen from Q1 FY '23, the PCRs on stage 1 dropping from about 0.6% to now about 0.34%. So do we have a minimum criteria beyond which we will not drop the stage 1 PCR or we will be driven by the model itself? Similarly on the stage 3 assets as well, so it has fluctuated between say 58 to at max 66 also. So any internal limits beyond which you will not drop the PCRs on stage 1 and stage 3?
LIC Housing Finance Limited
Just one clarification, is 20% book movement to non-individual? This will be on -- you're talking on disbursement for FY '26 or for the entire book, you might see it? And what is the time frame in that we're looking at?
Right. So FY '24 to '25, you will be 13% to 20% in terms of disbursement.
So in terms of margins, like you said, right, in Q4, we'll be maintaining 2.8% to 3%. Would you be kind enough to guide for FY'25 as well if we'd be able to sustain these kind of margins? Or considering competition, we might look for more growth and probably some compression on margins?
Right. And sir, how much of our asset book would be EBLR mix? And how much woul d be MCLR mix on the IHL side? Yes. So I was asking, sir, how much of our IHL book is EBLR linked and how much is MCLR linked?
I joined the call a bit late, so apologies if you've already answered this. But what would be the sustainable level of NIM say in FY '25, '26 once this entire repricing benefit kind of flows through? And what kind of sustainable credit cost are you looking ahead also probably say in FY '25-'26?
So normalized, say, I'm just trying to figure out what will be th e normalized credit costs going ahead?
REC Limited
Yes, hi sir. Congratulations on a great set of numbers again. Just two questions. One, on the rooftop solar, see, I believe we were planning to finance certain CPCs involved in the scheme. So what are the plans on that? And the second is a bookkeeping question. Out of the seven assets, which are under liquidation, what is the quantum of that?
Okay. Understood, sir. Thank you so much for answering my questions.
Just two. One, have you got or done some calculations on what would be the impact existing on the Tier 1 capital based on this guideline? And secondly, on your target for disbursements next year, what would be our target and how that would be split across the different segments of and the infra? And how much of it would be like greenfield and how much would be refinanced if you have some ballpark figures?
And any disbursement targets for next year? And how much would be greenfield and how much will make refinancing next year and in businesses?
Aavas Financiers Limited
Yes, hi, thanks for taking the question. So, on the opex front, we were guiding for 20 bps to 25 bps each year progression. But if I compare on a FY '24 basis, we were at 3.58%. This quarter, we are already at 3.27%. So, we are well below what we had guided for the full year. So how should we see the opex to asset number for the full year FY '25? That's the first question. And secondly, the growth guidance that we making in this is 22% to 25%, how much upside would be there because of the CLSS announcement in the budget? And if you could also simultaneously share in what format if you have had any discussions with NHB on this in what format is the CLSS -- CLSS scheme going to come in?
Okay, sir. Thank you.
Thank you for taking the question . Can you please share what would be the disbursement figure for the month of December and January?
But the previous full year guidance on disbursement has been..
Manappuram Finance Limited
One data-based question. In the Vehicle Finance, what would be your collection efficiency?
The other income in the quarter was sig nificantly lower, almost 24 million, if you look at Q3 it was about 176 million and even last year it was 130 million. The one -offs captured in this other line on the consolidated numbers?
Home First Finance Company India Limited
Congrats on a good set of numbers. Just one question or clarification. Your guidance on yield of 13.5% and cost of borrowing as on IGAAP, or is it ex co-ending IGAAP?
So essentially, you were saying that this 5.2% will probably end up near 5% on an IGAAP basis all sides.
IIFL Finance Limited
Yes, hi, thanks, sir, for taking my question. Just wanted to understand our stage one provisioning is down sequentially from 1.9% to 1.5%. So having revised the ECL model, this quarter?
The provisioning on stage one assets, which was in Q2, 1.9%, that’s' come down to 1.5% this quarter. So have you revised the ECL model this quarter?
Aptus Value Housing Finance India Limited
Yes. Hi sir, thank you for taking my question. So, on the interest rate hike, I believe we had also taken a 50-bps rate hike on the non -HL portfolio and SBL portfolio from 1, August. That is implemented, right??
Okay. And this, we are not doing any hike on the housing portfolio. This is only the one which you are mentioning is for the same one that we mentioned in the last conference, or the last con call?
PNB Housing Finance Limited
Sorry to just continue with the previous participant question. If I look at your prese ntation in terms of the ECL provisioning, Q -o-Q, your total ECL provision has dropped from INR 1,485 crore to INR 1,196 crore. This is despite you taking the INR 245 crores kind of pr ovisioning, which is the INR 199 crores write- back and the INR 45 crores to the P&L. So, is it fair to understand that the overall write-offs would be somewhere around INR 400 crores to INR 450 crores?
So, can you just e xplain me the bridge as to why our ECL pr ovision is kind of going down despite having write-backs and provisioning to the P&L?