Stockrabit · Analysts
Questions across 59 calls

Rajiv Mehta

YES Securities

LIC Housing Finance Limited

LIC Housing Finance Limited CC-Mar25.pdf · 2025-05-16
Congratulations on a good performance. Sir, firstly, need some color on growth because in this quarter, our disbursement growth rate was healthy. So which markets drove home loan disbursement growth in fourth quarter? And how was the performance of Hyderabad and Bangalore versus previous quarter wherein we had an issue? And if you can also comment about whether the traction in growth is kind of sustaining in April and May? And what kind of disbursement and loan growth a re we targeting for the current year?
Okay. Great. Sir, PSU banks have been very swift in cutting new home loan pricing. They've cut it by 50, 60 basis points in the last 3 months. So now is this starting to impact our BT request and BT out rates in April, May? And hence, can that also drive m ore upfronting of a decision with regards to cutting rates? I know that a large bulk of the decision-making rest with how the funding cost should move. But because of this competition down their rates pretty fast, is the BT pressure increasing and hence, would we need to move slightly in an accelerated fashion in cutting our PLR and new home loan pricing?

CREDITACCESS GRAMEEN LIMITED

CREDITACCESS GRAMEEN LIMITED CC-Mar25.pdf · 2025-05-16
Sir, hi. Good evening. Just a couple of things. Sir, when I look at the ECL coverage, I think they seem to have come down across Stage 1, 2, and 3 assets in this quarter versus the previous quarter. If you can just throw some light about has there been any revision in the ECL model and then what levels of EC L coverage have been carried forward in the guidance of the credit cost. Second is on, when I look at, even excluding Karnataka, when I look at the other geographies and when I look at their monthly PAR-15 accretion rates, they are still 20 -30 bps above, exactly one year back in March and April. So when we give out the guidance of a certain credit cost, while you've broken up the guidance of credit cost, are we factoring that this 20-30 bps of slightly above normal accretion trend to further normalize or you have taken that this will be the new normal credit cost?
Even the ECL coverage of Stage-1 and Stage-2 assets has come down? Nilesh Dalvi Rajiv, Nilesh here. So, on Stage-3, as Udaya said, obviously, on the partial paying customers, we have taken a lower ECL in line with the approach we had taken even in earlier times. In Stage-2, you see the ECL has come down because there is a higher proportion of delinquency from Karnataka. And Karnataka historically has a higher number of low -risk and medium-risk districts. So that's where as you know that our ECL percentages vary, this is the district level risk profile. So that's where the Stage-2 percentage has come down.

Muthoot Finance Limited

Muthoot Finance Limited CC-Mar25.pdf · 2025-05-14
Yes, hi, sir, good evening. Just two things. Sir, when I look at your quarterly run rate of new customer acquisition and even the existing customer reactivation , in the last two quarters, the run rate seemed to have fallen versus what it was in the first two quarters of the year. There ca n be some seasonality. As you pointed out that there is increasing competition because of increas e in gold prices and many players are entering the industry, are we seeing some pressure in terms of customer acquisition, your old customer reactivation which is why we need to step up on the A&P spend, business promotion expenditure, maybe even employee variables in that case. So is it slightly becoming a trade-off between keeping growth high and giving away some cost?
Yes, they are increasing, but the rate at which they were increasing in the firs t two quarters, that seems to have slightly come down?
Muthoot Finance Limited CC-Dec24.pdf · 2025-02-12
Congrats on very strong numbers. Sir, my first question is on, I mean, the employee expenses were higher Q-on-Q and Y-on-Y by a significant extent but when I look at the employee base, it's fla t. There is 0% growth in employee base. So, can you please elaborate on how this growth in employee costs have come about? Maybe if you can slightly elaborate about the variables, the incentives which was there or maybe any new plans or new schemes of vari ables or incentives, which was introduced for growth?
And can you also comment on the growth outlook now because you have already achieved your full year guidance. We are already up 29% in the year. But what is the incremental growth outlook from a pure volume perspective? Of course, value -wise gold is going up, but from a volume perspective and from a competition perspective, do you remain very confident about delivering very similar performance in the coming quarters also?
Muthoot Finance Limited CC-Sep24.pdf · 2024-11-14
Congrats on strong numbers. Sir, I heard your comments and replies on various regulatory risk- related questions. So we don't perceive any overhang or risk to any of our practices on the ground. That's the current reading we have? I'm saying. I heard your comments and reply on various regulatory risk -related questions. And so, it seems that we don't perceive any overhang or risk to any of our practices on the ground at this point in time.
Okay. And sir, there's been a significant uptick in new customer acquisition in the past two quarters. Would this hold up and why?
Muthoot Finance Limited CC-Jun24.pdf · 2024-08-13
Hi, good evening. Congrats on a very strong set of numbers. Sir, we have seen a clear uptick in new customer acquisition volume, even the fresh loans to inactive customers even that volume has increased. So if you can elaborate on the drivers of this bette r numbers coming through in this quarter. Is it one of the competitors not being present that has helped us? Or is it some competition moderation from bank or do you see that demand is coming because there is lesser availability of unsecured credit for the borrower?
And sir, what is the reason for holding back revising the guidance upward after this stellar show? Because from March to June, we've already seen 11% growth in the gold loan portfolio. We're still guiding for overall 16% for the year. So I mean, have we seen the trend slightly moderate a bit on the growth side in July and August and if not, then what is holding us back from revising the guidance because out of 15%-odd, 11% is already done in the first quarter.

Manappuram Finance Limited

Manappuram Finance Limited CC-Mar25.pdf · 2025-05-09
Hi, good evening. Sir, when was this pricing moderation done in gold loans, which was done selectively in certain locations? Which month? And post that, have you experienced any increase in growth in terms of AUM? Because when I look at the customer base in Q4, your customer base is actually flat to negative growth. So if you can tell us when was it done and whether is there any improvement in terms of new customer addition? It's not because you are chasing high value customer, so maybe not exactly in the customer count, but actually in terms of disbursement number on a monthly basis, is that picking up and how much it is picking up? And are you also further thinking of taking it further ahead in terms of reduction of portfolio yield or lending rates to spur growth?
Okay. And so when you are talking about, expecting growth in gold loan portfolio, you are obviously factoring in whatever impact has to come from the implementation of draft guideline. And so what is the, I mean, any range in the growth number, if we put any range for the growth number for the current year and if you can also comment simultaneously on the composition intensity from banks and from peers, because I think one year back you w ere calling out at the competition from the banks is kind of stabilizing or receding, but what is it now? If you could quantify the growth number for the gold portfolio?
Manappuram Finance Limited CC-Sep24.pdf · 2024-11-05
Hi, good evening. Congrats on a good quarter. Sir, I have a few questions. Sir, you spoke about the September 30 circular of RBI. Now post that have you changed any practice on the ground with regard to our operations in gold loans, say in particular in the practice of rolling over loans at the end of the tenure with only part payment or even valuing you in the overdue loans or issuing a fresh loan to overdue clients? Has there been any change in any factors on the ground since that circular?
Okay. And incrementally for fresh g old loans or even in case of renewals, are we offering o r going up to 75% LTVs o r are we calibrating LTVs because gold has run up pretty sharply. So are we trying to build in more margin of safety in the new LTVs in case of fresh loans or in case of renewals or we are still comfortable going up to 75% LTV on the current price?
Manappuram Finance Limited CC-Jun24.pdf · 2024-08-13
Congrats on good numbers. I've got a few questions on the gold loan business. So we are talking about demand having increased for gold loans. But when I look at the customer acquisition number or volume, it is 4.2 lakh customer acquired in Q1. And it it is pretty similar to Q4. Q4 was 4.1 lakh customers that we had acquired. So it doesn't show up in volume. And the math behind the gold customers growing by 4% Q-on-Q. Because when we had a similar addition in the previous quarter, the customer base did not grow as much. So was it that auctions were zero? Or was it that releases of the gold pledged were much, much less in the quarter?
Can you share that number? Can you share that number of old customers reactivating in this quarter? And what was it in the previous quarter?

Aptus Value Housing Finance India Limited

Aptus Value Housing Finance India Limited CC-Mar25.pdf · 2025-05-07
Congratulations on good performance. My question is on disbursement growth. So while first half of the year was impacted, but when you look at second half, which was pretty normal, even in second half, the disbursement growth was 15% by and large. So I mea n, can you share disbursement growth figures, say, at the state level? Because when you look at the state -wise growth momentum, then Tamil Nadu seems to be coming back, but AP seems to be losing some steam. So firstly, if you can comment on how can we improve the disbursement growth on an overall basis from 15% ? And are there any geographies which need to be focused and to improve the disbursement growth, particularly AP?
Okay. Sir, basically, I was actually looking at the second half only because the second half was pretty normal, and that kind of adjusts the way for making it more comparable. So even in the second half, the disbursement growth is 15%. So the point is, if we were to grow at 25%, 30% in the next year, if that is the aspiration, then given the current runoff rate, we need to grow our disbursement next year by 26%, 27% on the current year base of FY '25. So can we scale up to that kind of disbursement growth in FY '26 a nd what can be the sources of growth improvement? If you can talk about branch addition plans, if you can talk about how the productivity at the sales officer level can be improved, whether do we need to do more sourcing from ordinary channels and how could that be driven? Just wanted to get more clarity on how the growth in disbursement will come about at a much higher level for us.
Aptus Value Housing Finance India Limited CC-Dec24.pdf · 2025-02-03
Congrats on a good stable quarter. My first question is an observation related to employee cost so -- which has been stable in the last 3, 4 quarters despite sizable AUM increase and addition of 36 branches. So why is this? And can you also share the emplo yee count now versus 1 year back? And some color on attrition trends? And typically, what is the variable component in a monthly salary of a field officer?
Okay Sir, just coming back to asset quality. And when you look at the collection efficiencies, they are still running 30, 40 basis points below normal level that we used to have. So, any particular issues for this slightly lower collection efficiency? Is it pertaining to the particular locations if you would want to pinpoint where the collection efficiency is slightly lower than optimal levels? And a follow-up is whether, generally in Q4, we are able to pull back 30 plus and even the NPAs by a significant extent. So, can one expect that collection efficiencies and recoveries will improve and hence, that usual pullback will also play out in this Q4?
Aptus Value Housing Finance India Limited CC-Sep24.pdf · 2024-11-06
Congrats on strong performance. So many of my questions are already answered, only a few left. Sir, firstly, on the employee cost, it was flat on a Q -on-Q basis despite a very sharp jump in disbursements. So, can you share the employee count change on Q -on-Q basis? And how are the incentives structured for employees?
Sir, on this opex to asset ratio, I mean, we are at 2.65% and we are talking about being the lowest cost -to-asset and cost -to-income ratios in the sector. So, what is the juice left? And what will be the key drivers here? What can drive it further down and to up to what level do you see it going?

Home First Finance Company India Limited

Home First Finance Company India Limited CC-Mar25.pdf · 2025-05-02
Congrats on strong results in QIP. My question is on Tamil Nadu. If I were to calculate growth on a sequential basis, we are seeing some moderation in growth of Tamil Nadu market. And we also have not been adding many branches in the last few quarters out there. How should we read this? Are we seeing any competitive pressure, pricing pressure out there or any delinquency issue? And the reverse question is for Madhya Pradesh, where we have been growing very fast and by adding a lot of branches. Is that market, besides the opportunity, behaving well in terms of early delinquency trends and hence, that is giving us confidence to grow there?
About borrowing mix. When I look at from a lenders profile, we have reduced our dependence on private banks and increased our dependence on P SU banks pretty significantly over the last 7-8 quarters. How does it help us in the rate easing cycle? Does it help us in terms of benchmarking of loans or negotiations? If you can explain that?
Home First Finance Company India Limited CC-Sep24.pdf · 2024-10-25
Congrats on the very good numbers. My first question is on disbursements. When I look at disbursements on a q-o-q basis, there is a growth, but the growth has been lesser than what we have generally seen in Q2 over Q1. And generally, what we have been delivering in the past few quarters. In terms of momentum, there seems to be a slight slowness. Any markets or locations where we are calibrating growth approach on our own for reasons like pricing, competition or initial quality indicators? Or otherwise, if y ou can tell us whether can we revert again to the growth momentum that we've been delivering so far in the next quarter or so?
Understood. On an annual basis, that 28%, 30% disbursement growth run rate should continue, right?

Cholamandalam Investment and Finance Company Limited

Cholamandalam Investment and Finance Company Limited CC-Mar25.pdf · 2025-04-28
Hi, good morning. Just one question on vehicle finance. So, there is a clear pickup in new LCV and HCV financing in the past two quarters. So, if you can comment on that. And second, when I look at your growth in car and UV financing also, you are significantly outperforming the underlying industry sales. So, what is driving this? Have we tied up with more OEMs or otherwise for more models?
Yes. That is, it from my side. Thank you.

Aavas Financiers Limited

Aavas Financiers Limited CC-Mar25.pdf · 2025-04-24
Hi, Good Evening. Just a couple of things. Sir, you spoke about incremental business yield being higher to 22 basis points in FY25 versus previous year. But this will also have a product mix benefit in play. So, if I would ask you about incremental business yield in pure home loan, how much has that improved in FY25 versus FY24?
Correct. And are you seeing right now competition moving down where incremental lending yield has yet either in home loan or LAP? Or do you believe that they will only move down once they see their own cost of funds going down?
Aavas Financiers Limited CC-Dec24.pdf · 2025-01-30
Congrats on good results. I have a couple of questions. Sir, this 30% -odd boost to productivity from a reduction in log in to sanction TAT. So , have you raised business targets for ROs and branches since they can execute much higher volumes now? And on the same lines, can one expect that disbursement growth be much higher in FY26 than the usual run rate of 17%, 18%?
No, sanction TAT has come down, right, from 10-odd days to 7-odd days. Yes. So, the efficiency and productivity has gone up?

Shriram Finance Limited

Shriram Finance Limited CC-Dec24.pdf · 2025-01-24
Sir, this degrowth in gold loan book, while you had explained something before, but is it also related to any change of p ractices on-the-ground in the business? I mean, because in the very same quarter, the regulator had also highlighted a few things for the industry which warranted correction. So is this de -growth related to any operational adjustment being done in the mode l or in the practices?
And sir, on the personal loans, we were -- the book was de-growing in the preceding three quarter and in this quarter again there is some growth while also in this quarter you have seen some material increase in Stage 2 also. So is there any change of growth approach here and what is making us comfortable to grow it again?

Can Fin Homes Limited