Questions across 18 calls

Kushan Parikh

Morgan Stanley

Home First Finance Company India Limited

Home First Finance Company India Limited CC-May26.pdf · 2026-05-07

Thanks for taking my question. Just wanted to understand how you are seeing asset quality on the ground in the month of April and I mean what is your assessment for the year? An d also, what is your guidance on the credit cost side? Lastly, one specific question around collections. I mean, peers have been highlighting some collection issues in the state of Karnataka. I just wanted to get your assessment. Yes, those are my questions?

Thanks for that. Just a guidance on credit cost for the next year?

Home First Finance Company India Limited CC-Nov25.pdf · 2025-11-04

Thanks for taking my questions. Two questions, both for Nutan. Just looking at the reported borrowing costs, which have gone from 8.4% in Q 1 to 8.1% in Q 2. When I compare that to basically my calculations, I mean, we have the quarterly averages. We do not see a similar drop in the borrowing costs. So, just reverse calculating that, when I take the interest expense for the quarter and the reported borrowing costs for the quarter and compute out the average borrowings during the quarter, what I am seeing is that on a q-o-q basis there is about 5% Q-o-Q increase in the average borrowings versus the period end number increasing by only about 2.7% Q-o-Q. Actually, even in the previous quarter in Q 1 there was about a 5% increase in the computed average borrowings versus the period end borrowing decline of 1.6 %. So, I am just trying to understand the missing piece over here. Why the average borrowings are growing at a faster pace than the period -end borrowing? And, if you could give us some directional sense around this piece. Should I ask my second question as well? Or would you like to answer?

Okay. So, my second question is around the asset quality and the provision coverage. So , over the last few quarters, we have seen provision coverage coming down across the different stages, whether Stage 3, Stage 2, or even Stage 1 provisioning. I understand that this is more computational and driven by the ECL model and the experience that we have for the data that we are using for the ECL model. But directionally, if you could give us some guidance as to where do you see th ese coverage numbers settling at? And I me an, does this go back up going forward given the current environment that we are seeing in terms of asset quality? Yes, those are my questions.

Aptus Value Housing Finance India Limited

Aptus Value Housing Finance India Limited CC-Nov25.pdf · 2025-11-01

Just a couple of questions. One is I just wanted to check on the incremental yields. I mean, given that we are getting a benefit on the borrowing cost side, have we taken or are we looking to take any PLR cuts on our incremental yields? Also wanted to unde rstand on the growth side, this quarter, I mean, we laid out that the BT outs have not really changed from the long-term trends. However, I mean, when we just look at on a quarter-on-quarter basis, the runoff in the portfolio has increased from INR373-odd crores to INR463 crores. I mean is this -- I mean, is the INR463 crore-odd number the normal run rate that we should take going forward as well in terms of the runoff from the portfolio? These are my 2 questions.

Understood, sir. And on the incremental yields.

Aptus Value Housing Finance India Limited CC-Jun25.pdf · 2025-08-01

I just have one question a nd two data keeping questions. So the first one is essentially on the assignment. So over the past two quarters, we've started doing direct assignment. So just wanted to understand, I mean, how we are looking at this piece going forward? And what should we expect from a steady-state basis in terms of the pace of direct assignment going forward because quarter-on-quarter that has nearly doubled in 1Q. So just wanted to understand on that the income from the assignment. And secondly, a couple of data keeping questions. If you could just repeat the incremental borrowing cost that you are seeing at the NBFC and HFC level. Sorry, I missed that number. And second -- thirdly, the reconciliation on the operating cost between the NBFC subsidiary and the consol level because at the NBFC subsidiary over the last two quarters, we have seen higher operating costs. However, at the consolidated level, that remains pretty much in line with the historical trend. So just wanted to understand if there is some reapportionment to the NBFC. That's it from my side.

Yes. The next was on the opex between the NBFC and the consolidated level. But just before that, one follow -up on the incremental borrowing cost. The reduction in the incremental borrowing cost is purely due to the repo rate cut. So we are yet to see any benefit from the rating upgrade. Is that fair understanding and that will also come in going forward.

Aptus Value Housing Finance India Limited CC-Mar25.pdf · 2025-05-07

Thank you for taking my question. I just had questions around the credit costs. So, I mean, there seems to be some reconciliation between the prior quarters, essentially when we look at the 9 months reported number versus the full year number in the other income line, which gets knocked off in the credit cost. If you could just help us explain that? And also secondly, if you could help us explain the reconciliation between the stand-alone credit cost and the asset finance NBFC credit cost, which came in higher this quarter, whereas the consol credit cost seemed largely in line with what you had in the previous quarter. So if you could just help us explain that as well. Those are my two questions. Thank you.

Sure. I'll just repeat my question. So essentially, we had about INR80 million credit cost in the NBFC subsidiary and a small INR 20 million credit cost in the stand -alone book, whereas the consol credit cost has come at around INR79 -odd million. So if you could just help us with the reconciliation math on that?

Aptus Value Housing Finance India Limited CC-Dec24.pdf · 2025-02-03

My question is largely around the insurance license that we have gotten. Essentially, we'll be looking for both credit life as well as health insurance. And also around that, if you could just provide some statistics in terms of how much credit life penetr ation do we have amongst our customers and what is the potential there? And also from an overall insurance penetration amongst our customers. I mean just trying to understand the potential of this to accrue to the company.

Understood and will we be doing health insurance as well from a distribution perspective?

Muthoot Finance Limited

Muthoot Finance Limited CC-Jun25.pdf · 2025-08-13

Just had a few data-keeping questions and a couple of queries as well. So just on the borrowing costs, we saw 11 basis points Q-o-Q benefit in 1Q. What would our incremental borrowing cost be now? And if you could also share the external benchmark linked rate borrowings? Just trying to understand how much benefit we can get on the borrowing cost in coming quarters. And secondly, also on the ARC sale, we accrued about INR100 crores interest in 1Q. Is there more benefit in terms of interest accrual in coming quarters that we expect, if you could quantify that? Lastly, just a few data keeping questions. If you could share the AUM by ticket size as you usually do on the call and also the auction numbers for 1Q? Yes. That's from my side.

Understood, sir. Just the last question on the auction for the quarter.

Muthoot Finance Limited CC-Dec24.pdf · 2025-02-12

I had three questions. The first on the loan growth guidance. We understand your guidance for F '25 but if you could also refresh your g uidance for F '26 in terms of loan growth? My second question is around the credit cost. On the credit cost, basically, we are looking for maybe stable or slightly better asset quality GNPA in the next quarter. Does that mean that credit costs for fourth quarter will remain broadly in the same range as 2Q and 3Q? And if you could also, I mean given the non -gold portfolio is growing faster at the standalone level, if you could give some credit card guidance going forward as well for the s tand-alone book. And lastly, just one data keeping question, if you could give the loan book split by ticket size for the gold loan?

Yes, I'm listening.

Muthoot Finance Limited CC-Dec23.pdf · 2024-02-14

I just had a couple of questions. One, just a data keeping question. Could you tell us what the auctions were for the September quarter, the auction amount? And also, if I could just put my second question as well. Basically, how should we think about loan spreads and margins going forward given that we are saying that cost of funds could increase from 8.55% to 9% over the next 1, 2 quarters? I mean, will we be increasing our yields to also sustain our margins?

And the auction for September quarter, the auction number?

Manappuram Finance Limited

Manappuram Finance Limited CC-Jun25.pdf · 2025-08-08

So just to harp on the previous participant's question. We have -- in the past, we have not seen for ourselves or for the industry that cutting prices -- cutting lending rates has helped gold loan growth. Just wanted to understand why are we more confident of getting growth by cutting yields this time around? And secondly, if you could just share the gold loan yields for 1Q and the gold loan auctions as well. And lastly, if you could provide some guidance towards the trajectory of credit cost moderation and accrual, that would be helpful? Yes. Those are the questions from my side.

And the goal loan yield for the quarter?

Manappuram Finance Limited CC-Mar25.pdf · 2025-05-09

Thanks for taking my questions. So I have mainly two questions. So the first question is around the loan growth. Basically this quarter we have seen loan growth sequentially decline for most of the non-gold sectors. MFI is understandable, it gives the ongoing stress over there, but if you could just help us understand the sequential slowdown in the vehicle segment or the on lending segment or even the slowdown in growth in the HFCs. So some color around the slowdown and what the future outlook for the segments will look like and what direction the overall loan mix will take in the near to medium term as we transition to the main capital management? And the second question is around the Asirvad credit cost. If you could just help add some color to the credit cost in this quarter, I mean, how much of it was pertaining to write-offs and also if you could give some direction around incremental stress recognition that is left in the Asirvad loan book and also any additional provisioning requirements? So I mean, what direction should we think about credit costs going forward? So those are my two questions and a third data keeping question if you could just give the number of gold auction with this quarter?

Thanks, that was helpful. If you could just give some guidance around the credit costs at Asirvad going forward as well. I mean should we expect that what else, I mean the 4Q credit costs are sufficient and incrementally we should see significantly lower credit costs or there is still some still stress recognition left that would come into spillover into Q1 as well?

Manappuram Finance Limited CC-Sep24.pdf · 2024-11-05

Hi, sir. Thanks for taking my question. I just had two data-keeping questions. One was if you could share the stand alone as well as Asirvad total ECL numbers for 1Q as well as 2Q. And second question was on the write -offs if you could share the write -off in standalone as well as for Asirvad for this quarter as well as Q-o-Q and Y-o-Y numbers. That's all.

Ma'am, I was asking for the stock of provisions, Stage 1, Stage 2 and Stage 3 stock of provisions for standalone as well as Asirvad for 2Q as well as 1Q?

Manappuram Finance Limited CC-Dec23.pdf · 2024-02-07

So I had questions around two sets. One is yield. On the yield part, I just wanted to understand, I mean, since we've been increasing gold loan yields for a couple of quarters now and we expect the cost of fund to increase as well next quarter, will we see another increase in gold loan yields going forward? And also wanted to understand from you if that has any impact on the growth of the gold loan portfolio. My second question was on the Asirvad MFI yields. Even there, we have con sistently seen the yield increasing. Even this quarter, AUM growth was about 6 -odd percent Q -o-Q and revenue growth has been about 11% Q-o-Q. A couple of peers have, in fact, reduced their rates in this quarter, so just wanted to understand what are the yi elds that we are charging? How are they compared to the market? And will we also have to come up with such a reduction going forward? And thirdly, if you could take one more question was, if you could give some guidance around the credit cost of Asirvad MFI business going forward. I mean given the situation in the various states, will the elevated credit cost persist going forward?

Understood. So then if you could just give any indication on the MFI credit cost ? If the situation from a collections point of view in the problem sta tes has improved in the January month or it has persisted in January as well?

Can Fin Homes Limited

Can Fin Homes Limited CC-Mar25.pdf · 2025-07-21

Thank you for taking my questions. I have two questions. One is on the opex side. If you could just help us understand t he differentiation between the recurring and the non -recurring part of the employee cost. So out-of-the INR42 crores, how much should we expect to recur in the next quarter, given the several changes that we have had in terms of team size, etc? And also the second question is around the asset quality. So, we maintain our 15 basis point credit cost. If you could just elaborate on that as in, where do you see the GNPA ending up at exit F '26 and what is the provision coverage that we would like to mainta in? And also, on the sticky accounts that we allowed to slip to NPA, what is the current provisioning against those accounts?

Those are my questions.

Can Fin Homes Limited CC-Sep24.pdf · 2024-10-23

I have two questions largely around the asset mix. So, obviously you said that we are comfortable with taking salaried down to 65% and 35% self-employed. Do we have a similar target mix that we are looking at between housing and non-housing, essentially LAP? And just also from a data keeping perspective within LAP, could you help us with the collateral share as in how muc h would be against residential property and how much against commercial? That's my first question. Should I put in my second question as well?

That answers my question. And if I can put across my second question to understand basically on the Telangana part. So, on the Telangana situation just wanted to understand if you started seeing an improvement in 3Q and when you target (+100) billion disbursements for the full year F25, does that include any improvement in the Telangana situation or that is irrespective of the current situation?

Aavas Financiers Limited

Aavas Financiers Limited CC-Mar25.pdf · 2025-04-24

Thank you for taking my question. This is more on again, the margins. Just wanted to understand what is the current differential between the disbursement yields and the book yields? And also, I understand that we'll probably bridge this gap in the next 3 to 4 quarters, but is there a strategy to increase the disbursement yield over the book yield? And what would our threshold be? Will we just look for 5% plus kind of spreads or can we go even higher than that?

Understood. So that should mean that the spreads will continue to increase even beyond 5% or probably the mix will be stabilized at around the 5% threshold?

Aavas Financiers Limited CC-Sep24.pdf · 2024-11-07

Thank you for taking my question. I have two questions. One is around the operating cost. Basically, we have seen a considerable improvement in this quarter and obviously, guides for 20 to 30 bps improvement in opex-to-asset. Just wanted to know, if you could elaborate, how have we driven this improvement on a Q-o-Q basis, especially on the employee expense side, which has had a sequential drop . And how should we think about opex going forward in context of the 2Q improvement that we have seen? Should I also put forward my second question?

Sure. So, the second question is around the credit cost. So, we guide for less than 25 bps credit cost over the longer period. Last two, three quarters, we've had a couple of quarters with lower credit cost around 11 odd bps. Just wanted to understand, obviously, this would be the outcome of the ECL model. Are we seeing better asset quality outcomes than what we had modelled in the ECL and hence the provisioning requirement is reducing? Or is there an overlay component that was present earlier, and which is not there now? Wanted to understand the reasons for the, the dip in credit cost as well.

Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited CC-Dec24.pdf · 2025-01-28

Sorry to just keep harping on the provision coverage part. I appreciate your point that you would like to refrain from giving specific guidance on how the new pool of loans essentially is performing from an LGD perspective. But could you just give us a picture on how should we view the glide part? I mean, ap preciate your point that you could see a slight uptick in provision cover given the environment and rising PDs and the LGD performance of the new pool. But will this be more in nature or over many quarters? Or should we expect a sudden spike again few quarters down the line?

And this will be happening gradually over the quarters, not a one -time change or a refresh?