Hi Shikhar, am I audible?
Yes. So also just on the war side, so you just told that the Q4 would be better if the war wasn't there. So, in Q1, are we seeing any impact of the war still? Because still the war is not closed or it is not -- all the negotiations are made. So maybe Q1 or maybe Q2 also, can we see the impact? So how are you seeing Q1 and full year FY27 in terms of volume growth, Visa volume growth?
Yes. So, as we saw in this quarter, our visa applications grew very well to 17% YoY. And the management also talking like for many quarters that many big contracts a re coming globally. So my question on that can you just say in next 1 year or 2 years, which of the country's contracts are going to renew and how much that will be worth like c ountry-wise, like I know that there will be opportunity of very big. But just country-wise that in next 1 or 2 years, which big country is going to give a big order?
Okay. And the second question is on employee expense. This quarter, the employee expense grew significantly from like QoQ, if I see, it was 108 to 123. So, is there any one -off or these are the expenses due to the UIDAI centres, I assume?
My question is about organic growth in the Visa segment. If I look at the Visa and Consular segment, the revenue is approximately 10% only, while the management is always telling that the industry is already growing at 14%, 15%. Our Y-o-Y growth is very slow down in the last 2 quarters. Last quarter was also around 11% and this quarter is also Y-o-Y around 10% only. Even my number of applications are growing, net revenue is also growing, but why my revenue is not suiting up?
I already understood about the EBITDA and all, but that is because of the partner acquisition, which we have done; our EBITDA and gross margin also shot up very nicely. I'm just concerned about the organic growth in the visa segment, why it is very stable even over the last 3 quarters, I see. In March also, it's INR440 crores, June also, it's INR460 crores and in September also it's INR460 crores only?
My questions are on the margin side. If we see the margins of the Visa and Consular segment and digital services segment separately on a Q-o-Q basis, then visa services are around 500 bps plus margin. So, I want to understand that in Q1, the management converted the more partnership model into self-run model during Q1. And also, digital services, the EBITDA margin has declined. Even ASPL is still a lower margin subsidiary, but it has full impact on a Quarter 4. So, why the margin is declined in Q1?
But the digital business has already, ASPL is already considered fully on a Quarter 4, I guess?
Yes, yes. So as we discussed and also you told that the IIFL Home Finance and Samasta needs to be demerged and it is a very logical thing here. Just want to understand your point of view. I know that it will be a Board's decision. But in your point of view, what will be a better way to demerge the company like while we have done the IIFL Wealth and IIFL Capital years ago and completely demerged without any cross holding, will that be a better way or just we will IPO out the Home Finance and Samasta?
Okay, okay. Thank you. That’s from my side.
Hello, good morning, management. Hope I am audible? So, I'm new to this company, so I want to understand the process of sourcing and underwriting with a collection. Like, I have read in many research reports, and also with the other companies , which I am tracking that the below INR5 lakh segment is very connector -based segment, and we have to generate the lead from connectors majorly. And, also, what is the turnaround time for our disbursements, and what kind of risk profile are we approaching in the below INR5 lakh segment and INR 5 lakh to INR10 lakh segment?
Okay, sure. And another question on, if I can ask here, or all the question I need to ask on the offline only?
Hello. Good afternoon, team. Am I audible?
Okay. And my last question is on the new labour code. So how much impact we have -- like onetime impact we have taken here?
Sir, my questi ons are on PSB merger which the government has recently announced. So any communication for a recent government to bank or any internal news about this?
Okay. And RBI also given new circular about M&A finance. So bank is going to in that field also?
Hi, PNB management team, very good to meet you. My question is on asset quality, mostly on credit cost. That credit cost for this quarter is around 14 bps. Okay. And in last three or four quarters also, we see the similar range of 10 to 20 b ps is going on and you have given guidance of the 50 b ps of the credit cost. So, can we think that these 10 to 20 bps range for a credit cost is normalized, like you can lower the guidance of the 0.58%, are there chances, is this a normalized range or what?
Okay. And can you just mention the sanctioned boo k which you mentioned before, but the voice broke down, can you just mention again?
Other than JLG, I just want to know the strategy about the wholesale and other secured retail banking, like how we see the other 2 segments of the bank going forward, not in the next 2, 3 quarters, but I'm talking about after 1, 2 years?
Yes, yes, yes.
Other than JLG, I just want to know the strategy about the wholesale and other secured retail banking, like how we see the other 2 segments of the bank going forward, not in the next 2, 3 quarters, but I'm talking about after 1, 2 years?
Yes, yes, yes.
Yes. So as the management mentioned in the previous call, we have already built our CC distribution in -house. And also we do the budget finance and stability. But still we see the numbers for credit card spend and our spends on a credit card are quite lower than the industry standards. So my question is just how the company is thinking to stabilize these numbers and when these will be stabilized and how the efforts are making its way?
Okay, thank you. And the second question was about the slippages that if we show the percentage of the growth slippages, it is quite normal and flat like 1.81 % to 1.15% Q-o-Q, but when we see the net slippage it is grown up from 0.81% to 0.99%. So is there some recovery in the last quarter which did not happen in this quarter or what?
Yes. So my question is that as we have a very new book of Micro LAP and gold loan, so our credit cost is in a limit in 70 bps you have told, it is very natural. But if I see next 2 to 3 years, is there a chance that this will go to 1% or more even when our book gets old and Micro LAP also will increase. So there is a chance that our credit cost will also increase, right?
And the second question is that you just guided for financial '27, is it AUM INR42,000 crores, that's really possible, 30% Y-o-Y growth you have mentioned, right? So will this be achievable because now the growth is also slowing down? When I see the last year, we have a growth in March '25 of 46% Y-o-Y. As of September '25 we are standing at 40% growth. So annually the growth percentage is coming down, and our book is getting larger in size. So will the 30% be achievable in FY'27 or FY'28 or so?
Actually, I have questions on project finance growth. So if we see in this quarter, it is quite muted. So is the LIC Housing Finance want to grow the project finance or both? And how we - - how the management is seeing the growth in that sector? And also, i f you see the overall growth, it is almost as stable -- same as Q1 of '24. There is no growth, you can say. So what are the -- in market -- and what do you say about this?
Okay. And the second question is on my liquidity. Is there any excess liquidity at the end of Q1 with us?
Hello sir. Very good numbers. I have two questions mainly. The first is that you have a lso told that there is excess liquidity in Quarter 4 and also you have also said that there is a five month excess liquidity as of now. So, what are the planning if you say in the Q uarter 2 or 3 that this will be continued or not and what about the additio nal borrowing you will take on a Quarter 2 or 3 if you can just guide us?
Okay. And the second question is about yield if you can specify for each segment for Quarter 4?
Hello, sir. Very good set of numbers. So first of all, my question is o n the yarn demand and pricing, like our GP margin is increased a little bit from March quarter. So does this mean that the demand has also started going up? And is there on ground deman d for yarn shipping? And also I want to understand the prices of the yarn, are they stable or g oing up? What kind of scenario is there on ground?
Okay, sir. And the second one is that our margin also improved very much from the March quarter because the international issues of the Red Sea and all may be going to stable. So can we assume that the 14% these margins will now range and this can come through the full year '26?