Hi, thanks for taking my question. A couple of questions actually. Any strategy or any guidance on branch expansion year and after?
Okay, maybe 200 -300 versus 170. And this will be at Muthoot Finance level, right? I mean, maybe if you could give some, some guidance on consolidated gold branches across all the companies.
Hi, on the incurred claims amount of around INR5,000-odd crores, can you break this between actual claims and claim management expenses?
And the ratio remains similar this year, is it?
If you could give some color in terms of how your incremental ticket sizes have moved over the last 4 quarters. I mean you mentioned a number of INR12.5 lakhs in this quarter, but how would this be like a year back?
Got it. Got it. So you're actually going down the ticket size. You're not going up the tic ket size, right? I mean is that?
Hi, just thanks for the opportunity. Just continuing with Bajaj Finserv Health , based on the current business trajectory, when do you really, expect a break- even?
Sure. And in Finserv Markets, , are you also looking at a sort of an aggregator model like probably what a Paisabazaar is doing?
Thanks for taking my question. Maybe I can go back to Life and the question on essentially the Term business. I'm not sure whether you've convinced us in terms of what could be the reason for the margin expansion basically driven by Term business. And on the face of it, it appears that your Term business margin is probably 2x, 3x of what maybe some of the other peers are reporting. So just curious, which channels you are selling this product through? And if you could give some colour on ticket size and sum assured over here. I believe you also said that almost one third of the customers acquired through agency are in Term, which means probably this will be a higher ticket policy. So just some more colour on this will be helpful.
And is there any increase in ticket size? I mean, I didn't know what the ticket size...
One was on the yield side, when you mentioned that we expect that yields have bottomed out and will go up from here on. What gives you that confidence? You know given the fact that your incremental yields are going down, I understand the book composition but apart from that?
Sure. Any color you could give as to how the BT out ratios have trended over the last four quarters?
Yes, hi most of my questions have been answered, just a small one on competition. On the affordable side, you have kept the incremental rates stable sequentially. Do you see competition in the sector? And do you see these rates going down? And likewise in the prime side given the fact that we are probably towards the fag end of rate cuts, do you see the intensity of competition to reduce?
Have you called out a difference in rates between salaried and self-employed?
Thanks for taking my question. The first one was actually on growth. It has almost been like 3 years since our disbursement growth is in single digits. We have seen some of the peers, some of the banks kind of growing faster. So, what is your view out there? Is it something that we are losing out? Is it something that you will probably make a step up in investments, in disbursements to kind of go ahead and gain market share? I understand a part of it is to do with the industry. But still, even on a market share basis, you could probably step up a bi t. In that sense, what is your strategy or what would be outlook for growth out there? And in the backdrop of this plus the capital position that we are sitting, do we really see dividend payout ratios going up?
Got it. So, let me put this a little differently. See, what I was really looking at is a growth on a 2-3-4 year basis. I mean, if you are growing at 5% to 6%, probably you step up, maybe you can grow at around 8% or 9% or maybe 10%. The point is that is there a plan to kind of say as to what gives trajectory to grow at a mid-teen level or not at a significantly higher level to step up over there over maybe more from a 2–3-year period. And if the visibility even from a 2-3 years period is at low levels, then probably there can be some thought process in terms of capitalization levels as well. I think that's where I was really coming from.
I was just looking at your cost of borrowings, and that's almost flat on a sequential basis. So if you could give some colo ur in terms of where are we placed in terms of repricing or do we expect this kind of ratio to remain at these levels going forward? And in that backdrop, how do we really think about margins? I know you commented on the competition pa rt, but maybe if you could give some colour in terms of how do you expect the near-term product mix to sort of change your yields and trajectory on cost of borrowings?
Got it. And anything to read in the decline in gross stage 2 loans?
Hi, Nischint here. Just one question, and this is actually on product mix. If I kind of try to break this between proprietary and partnerships, I mean, one common thing that we see is that on a year -on-year basis, ULIP has gone down. But within the proprietary channel, what we can see is that there has been some meaningful improvement in protection and health and par book. But when I look at partnerships, there is bigger increase in the non-par savings book. So is it something by design? And I think if I look at structurally as well, the share of protection and health and proprietary is much higher than that of partnerships. So is this something which is there by design, by strategy o r is it something that you would want to kind of equalize at some point of time? How should one think about it?
Got it. So the question is that the offline proprietary looks similar to partnership or does it…
I was just looking at the impact on EV because of the GST change and likewise on the margins. And I understand that you shared a part of the margin impact basically happening to the renewal business. But if I try to really do the ratios, the way it works out to be is that the impact on EV is around 40-odd basis points, 40, 45. But if I pick up the renewal business for the -- basically, it works out to something like around 67, 70 basis points. So first of all, is my math accurate? And why would there be distraction?
I understood what you're trying to say.
Just a couple of questions. One was, again, if you could just remind us about your growth kind of target for the year. I believe you had in the past mentioned that you look at the agency to grow in kind of mid -teen levels. And is that kind of any change over there? And any specific cohort or segment of agency that has seen slow down?
Sure. The other one is , if I look at the margin expansion this quarter, which product has actually contributed to highest to expansion because if I understand rightly, your margins in ULIP have actually been higher than margins in the par business. So I was just curious what are the expansion drivers this quarter?
Hi, thanks for taking my question. Just on the MTM loss, I believe that you said that there is some investment variance in the EV walk. But I mean, if I look at the 10-year G-sec, there's hardly any movement during the last 6 months. So, I am just curious, what would be the reason for that?
Sure. And maybe this is a little more academic question. But, I was looking at your P&L statement. And I was just curious, if there is going to be some ITC loss, which line items should it affect? I know there's practically no impact in this quarter, but which line items, it would affect or it would have already affected?
Yes. So, we are just trying to understand a little bit on the margins front. And if I just look at the increase in protection share between the last year and this year, and apply the 50% odd margin for this business, which was, I guess, reported towards the end of last year. Even then you should probably have had a much higher expansion in the overall margin. So, I was just trying to see if there's a way to reconcile these numbers.
But if I look at just the protection level margin, there's almost like a 400 basis point rise in protection, right? And if I just look at the protection level margin, you should have got the Y-o-Y expansion in margins. So, I was just wondering whether I am missing anything.
Just one or two questions. See, one was on the Banca side, what we can see is that fresh GWP has come down a little bit on a year-on-year basis. Anything to read in this?
Anything to read in the reduction in telecallers?
Karnataka is just around 6% of the business. So if you could spell out in terms of how much of the incremental stress during the quarter came from Karnataka? Was it anything meaningful?
We had done a scrub, I think, a couple of quarters back, where we did highlight that the overlap with microfinance customers was not very large and the exposure to stressed customers, again, over there or overleveraged microfinance customers was in single digits. So I was just curious what has really changed? Have people taken loans since then or the same kind of borrowers have defaulted? Or do you see the borrower set who is kind of under stress being completely different this time around?
Hey. My question was essentially on competition in affordable and prime segments. And I think as the BT out trends for you and your peers seems to suggest that competitive intensity seems to have actually gone down, while in the prime segment has gone up. So, what could be the reason for it? And how long do you think it could be sustainable?
Sure. Putting it differently, there are some of the high -rated NBFCs who are now entering into the affordable space. Their cost of funding comes down, I think, much faster than you and some of the other peers. Do you see them getting more aggressive on rates?
Hi. Thanks for taking my question. If I look at the growth rate in home loans and that is kind of consistently sort of slowing down from 30% in the first quarter of last year , now going all the way to like around 20%-20.5%. So, I am curious, is this because of just heightened competition or is it to do with the fact that demand has not yet picked up? What is it that is happening over here? And I know you do not give break-up of disbursements, but some color in terms of whether there is any growth in disbursements or not.
Got it. And any sense in terms of, I know you explained the competitive dynamics changing aspect, but any sense in terms of any revival in demand that you would probably expect?
Hi. Thanks for taking my question. If I look at the growth rate in home loans and that is kind of consistently sort of slowing down from 30% in the first quarter of last year , now going all the way to like around 20%-20.5%. So, I am curious, is this because of just heightened competition or is it to do with the fact that demand has not yet picked up? What is it that is happening over here? And I know you do not give break-up of disbursements, but some color in terms of whether there is any growth in disbursements or not.
Got it. And any sense in terms of, I know you explained the competitive dynamics changing aspect, but any sense in terms of any revival in demand that you would probably expect?
Hi. Thanks for taking my question. I was just wondering, looking at the momentum in 1st Quarter, what kind of growth do we really pin down for the year? And maybe over the medium term as well? And in that backdrop, post the recent rights issue, how do we sort of expect to scale up to a mid-teen kind of an ROE?
But would you look at the inorganic route in terms of gold or housing or any of these entities?