Karur Vysya Bank Limited analyst Q&A

The first question is from the line of Rakesh Kumar from B&K Securities.

Very good set of numbers for this quarter, sir. Especially on the margin front, we managed to hold the margin, like comparing that we had one -off in the Q3. So quite good set of numbers. Sir, just on the TD cost, term deposit c osts, so how do we see term deposit cost being out in FY '25? Because you have given the guidance for the first half. So just to understand that part slightly better.

Thanks, Rakesh, for the participation and good words. So TD cost, if the current position continues, it may be continued at the more or less same level. As I was mentioning in the remarks -- opening remarks, liquidity is not an issue. cost is an issue. Tomorrow, if we get better opportunities there to deploy the money, then it makes sense for us to raise the money even at a higher cost, then we can go for that. Or alternatively, if the liquidity is under strain, only by raising the deposit cost, we'll be able to get the deposits. At that time we need to think. Otherwise, currently, so we don't feel that there is a need to increase the TD deposit rates at this stage. So if this be the case, in next three months, more or less with the inflows, what we have, the TD cost will remain more or less the same. And above all, the inflow o f time deposits, if you look at it also, majority of them are coming below two years. So that way, it will more or less be same and until unless, we have a problem with the liquidity.

Understood, sir. Sir, like suppose there is no rate cut even in this entire financial year, then what would be our stand on margin in second half, sir?

I'll have to see that. The reason is how the deposit cost, how it was -- because there may not be any rate cut, but the liquidity is under st rain. Then we, say, had to raise the deposit cost, then automatically, the margins will be compressed. So if something is not there, at the most, we think between 3.80 to 4% if at all, these sort of situations come up also, at that range, we'll be able to maintain. That's what we feel.

The next question is from the line of Prabal Gandhi from Ambit Capital.

Congratulations on a very good quarter. So my first question was, even adjusting for the one - offs in employee cost, the ki nd of initiatives that you have been highlighting on the productivity side, that does not seem to translate into operating leverage for us. So how to think about this because our opex to asset even adjusted for all this is extremely high. So how are you looking on this front?

Yes. So Prabal, it's a good question. Thanks for the compliment. No w, you see there are two components as far as the employee cost is concerned. One is on account of the onetime one account of IBA agreement and wage rev ision what we had to provide. And second thing also I mentioned about the rate reduction, that way also we had to provide. This is one part. Second thing is we have been investing on the resources. During the year itself, around more than 2,300 people we have recruited a different position. But more or less, everyone are linked to sales. So your point is what all we are spending is not getting reflected into the numbers. It is simple. Suppose you see the CASA, the fresh acquisition is going on. But simulta neously, other side, the existing to bank, the money is flowing out either into the real estate or next to the market -- our stock market, these sort of things that is happening. So that way, had we not commenced this sort of initiative, we would have lan ded into a big negative. So that way, we could insulate ourselves from this. This is one part. Second thing, if you look at it, this is not the question of onetime CASA what we have got. It is acquisition of the relationship. Once we've got the relationshi p this one, perennially, we'll be able to get deepen this sort of relationship. So overnight, we cannot look at saying that this opex has not been reflected straight into this one. Next thing also, I'll tell you. It is very easy to balance the ratio of opex to Assets. Suppose if we go for a pool purchase from different organizations around INR10,000 crores. So straight away, there is no additional staff cost is involved there. But the problem there is, I may have to pay around 8.5%, 8.75%. If I raise the deposits at 7.25% and 7.5%, and 8.75% -- suppose if I take this pool, my existing NIM is 4% and spread is also around that, and this 1% will dilute my NIM. So in that way, I may be reducing the staff cost on one front. Other side, it will be having a bearing on the NIM. There, it will come down by 20 basis points. So that's why what we thought, rather than all these things, the low-yielding assets on the corporate, if we reduce it. If we have not reduced our INR1,600 crores corporates, in addition to that , another INR3,500 crores have we grown there, our opex to assets ratio would have been much better, much better. So if both the ratios also, if you look at it, other expenditure is not concerned, there is not much growth. Employee cost has gone up. If we do not spend on this employee cost for the branches what we are going to open and the marketing of these CASA accounts what is there, and in addition to that, we have taken more than 1,000 people within the branches for deepening the savings bank accounts . So it may be transitory now because of the market conditions and the real estate phase what is going on, but the initiative what we have taken is going to give and yield results. So we need to bear with it for the time being, but you need to appreciate one thing, with all these rigmarole and the working what we have, we are able to achieve our ROA what we have committed.

I can broadly tell you this way. So let us say, if you see our yield on a dvance is around 10% plus, okay? Let us say, our commercial is at 11%. Now corporate, if I'm getting out of 8.5%, 8.75%, on a back of the envelope, if you look at it, straight 2%, 2.5% straight you will get on that. So the money what all I'm getti ng back from a big corporate, INR200 crores, if I deploy straight in the commercial, 10.5%, something like that, they'll get that. So it is around 1.75% to 2% straight we can get that. So that is the reason, it was a very hard call for us to get out of INR1,600 crores when every bank is striving for top line growth. But we thought saying that we need to bite the bullet. If we need to get these margins well and the same money what all is available if you are able to deploy well other side, why should we go for that? We have gone, negotiated, pleaded with theses corporates, we got out of INR1,600 crores.

All right. So this improvement yield is more a function of loan mix change rather than say...

Prabal understand one thing, INR1,500 crores is not going to change the INR75,000 crores loan mix complexion. This is one of the factors I'm telling.

No, my question was more generic because this quarter also, loan -- the corporate book as overall share was down 1%. So I just want to understand that...

This is the reason. That is why I told clearly, INR1,600 crores when we have lost, this quarter also, we have lost in the sense that they are willing to continue with us. We have told them it made more sense for us to rebalance this one.

Okay. So the intent was to understand are there levers available in terms of yield improvement going ahead? Or the loan mix is the only one that we are sticking to?

So agreed, but other levers are available like, let us say, with partnership -- fintech partnership, we have gone for MFI, okay? There the yields are better, but we do not want to go overboard. So 15%, 16% over, because we have started with the baby steps. And o ur current portfolio under MFI is around INR135 crores, one year back, we have started. And initially, we started a partnership with one partner, having got some experience and all, two more new partners who are good, they have entered into partnerships. Those numbers also will kick in over a period of time. Next thing is about the B NPL where the margins are relatively better. So progressively, we have moved to around INR1,000 crores, which we used to have around INR200 crores, INR300 crores continuously. So with some more experience there, rather than going for a plain vanilla of personal loans where, without any background we do it and all, this B NPL where Amazon also has a background check and our partner has a check, we also have a check. If we grow in those sorts of areas , our margin improvement can be much, much better. And the third one is our commercial banking. Commercial banking, the yields, particularly small business group are relatively better. That is the reason you would have seen that prog ressively, the loan mix has moved from 32% to 34%, it may reach 35%. So these are a few levers, but undue calls and undue risk, we will not take at this stage for the sake of improving the margins.

Can I have one more question, please?

Please, please continue. Yes.

Sir, on the retail portfolio -- retail loan portfolio, there are only a few segments, which seems to be driving growth for us. When can we expect a more broad -based kind of -- because Dolphy has been driving this business and he has been trying to scale all the parts of this business. So when can we start seeing that -- translating that two numbers?

Prabal, if you can look at the previous numbers two years back, the retail was growing i n single digits, sometimes in 6%, 8%. That has moved to 18%, okay. Now it is for us to have this priority, how we need to go for that. We can start with personal loans straight. The growth will be terrific, but we thought we need to grow in a secured way. Secured way, it happened that way. The mortgages, if you see, around 27% to 30% that is growing that way and home loans also started growing, and you can see some sort of a growth in Jewel loans. Now consciously, the vehicle loans, we are slow. The r eason is very simple. The market is so cluttered, the dealer margins what you pay and the delinquencies what you have, the capital cost what you need to maintain on these and the recovery of these vehicle loans once they become NPA are very meagre. Keeping all these things in mind, we thought we will give priority to the existing customers. There should not be a priority area. It may be a priority area for few banks. We consciously thought that if my other products are not firing actually, I can come here. So you compare a vehicle loan with that as a mortgage loan. The mortgage loan lag with cash flows are there, and the yields are much better. And with my LTV of around 75% to 80% is there, tomorrow something happens, my chances of 100% recovery are fair with higher yield. Naturally, as long as I'm able to get the benefit there, we will go ahead. So jewel loan is another area where we can work on. And personal loans, already I have clarified to you, rather than going for plain vanilla, we will work on this BNPL. Educational loan in another area we are working. We have entered a partnership with a good firm. A partner who are experts and having this experience in the educational loan, we will be working for high -end loans on this. And over a period of time, you'll be able to see some sort of numbers there.

Next question is from the line of Anand Dama from Emkay Global.

You have reported a pretty strong set of results during the current quarter, so hearty congratulations for the same. So my question was on the floating provision. So you -- this quarter also, basically, you have created some floating provisions. Is it more of a precautionary measure? Or do you see some asset quality risk cropping up, number one? Number two, you said that you have a BNPL tie -up with Amazon. How are the delinquency trends shaping up over there? How are basically you sharing -- or basically, the Amazon is basically sharing the risk on these loans with you? Whether there is any FLDG arrangement over here? And third, basically, is that what is your ROE expectation for FY '25, wherein basically how the overall your cost and particularly your provisions are going to look like?

Yes, Mr. Anand, thank you, thanks for the compliment. So regarding the f loating provision, we are not visualizing and foreseeing any sort of stress, though our past numbers also, we have given guidance on each of the front. You would have seen our SMA 30 plus also, which is around less than INR300 crores on a book of INR74,000 crores. So that way, if something account is not in SMA 30 plus as at the end of 31st March, the chances of that slipping into NPA is remote. So that way, we don't foresee. And the entire team, more or less, they are geared up for monitoring collecti ons, and we have formed a collection team also. Last year -- before last year, I have explained. So that is working well. And across the verticals, they have this awareness that monitoring is very important. I'm not saying that the number will be at INR300 crores. Whatever it is, may go up also here and there. But it is absolutely under control. Floating provision has nothing to do with our share of getting these higher numbers under the stress. So floating provision, prudentially, we provided. It can be for any purpose. Particularly, what we thought, last year, there was a lot of discussion on the ECL from the Reserve Bank of India. So we thought there are many unknown unknowns how these guidelines will come up and all, how it transpires is not known. As a precautionary measure, we started making the INR25 crores, and we have created the INR100 crores provision. It has nothing to do with the loan loss. Second thing, coming to BNPL. BNPL, agreed. So the delinquencies are absolutely under control. And it's not the question of Amazon, we are taking the FLDG. The partner who is an NBFC, we have re -entered into an arrangement for the last six months with FLDG arrangement as per the new guidelines, which we have got from Reserve Bank of India. So we have got an FLDG of 5% under that. And the delinquencies what all are there are much below that, and we are absolutely covered under that. Now coming to the return on assets. So we also mentioned saying that our last whole year is around 1.63%. So we do not know what are the unknown unknowns during the year, which is going to come up. That is the reason we still say that at around 1.6% something like that, we can think of our ROA. If -- you must be seeing our numbers for the last 18 quarters, more or less, what we hav e been indicating, we are better than that. So our intention is to excel everywhere and no where a possibility and scope is there, we will leave that. So that way, we will continue to strive well and grow well.

Sure, sir. Sir, secondly , you basically have talked about adding about 80 -odd branches in FY '25. Happy to hear basically the branch expansion from your side. So what is your thought process in terms of why you want to add branches incrementally? Is it more that you're going to focus more on the liability side of it? Which are the areas where basically you could add these branches? What is going to be the overall impact of this branch addition on the cost metrics?

Yes, you are perfectly right in saying that. Okay, because you may think that digitally you can acquire, but the Indian mindset is somewhere a nearby physical branch is there, in case of necessity, I'll be able to have touch base, and I can get it clarified. But that situation and necessity may not come up at all in the digital world, but the feeling that I can approach someone is much better. So that is the reason what we thought, let us go for 20 branches full -fledged where they'll grow very well, both in advances as well as the lia bilities. And rest of the 80 branches where they will be lite branches, their major focus will be on the liabilities with a lean structure and all, but they'll be going simultaneously for the cross -sell as well as upsell. We will be going for a hub-and-spoke arrangement, wherein they'll be linked to a hub. So that hub will be taken care of the sort of requirements of the advances and other things and all. So the feeder will be the spoke and how we'll handle these things, so there's the experiment we wish to make so that our presence is being felt in different locations.

Next question is from the right of M.B. Mahesh from Kotak Securities.

Sir, just one question. These guidelines with respect to the infra one, it also covers comme rcial real estate. We know that most banks do have this particular book, including yours. Can I just clarify as to whether this guideline is applicable based on the exposure norms that you give to us in the annual report? Is it a meaningful one or not a meaningful one?

Yes. So you are basically talking about that infrastructure and the DCCO, right, Mahesh?

And also for commercial real estate, sir. Because if you look at the annual report, your commercial real estate exposures tend to be high because you have some collateral there. So if you just kind of clarify on that one as well?

Yes. So there is a regulatory guideline on what is a project. So if you are doing your real estate, taking a land and constructing a build ing with large scale, we can classify under the project. Similarly, for the other manufacturing companies, wherever they are starting from the scratch, we call it as a project. So there is basically an infrastructure project like putting up the industr ies or the real estate construction projects. This is what normally we classify. And if you take in our bank, both put together, both the infrastructure manufacturing and the real estate put together, it will be a very less than 12 or 14 numbers. And if you talk about in terms of DCCO out of that, so only hardly 1 or 2 DCCO cases we are facing. As such, these circular guidelines are not material to our bank.

Textile company wants to put up a project...

Yes. So that's what I'm saying. For example, if they are acquiring some more machineries, for example, existing textile unit, buying a solar or this windmill, we don't classify it under the project. But if a textile business is starting from the scratch, buying a plant, putting up the building and buying machineries, entire infrastructure creating it, normally, we call it as a project.

Next question is from the line of Suraj Das from Sundaram Mutual Fund.

Congratulation on a good set of numbers. Sir, a couple of questions. In terms of non -interest income over the last couple of years, obviously, you have done the franchisee a nd non-interest income growth has been very good, but what is the trajectory from here on? Can we expect still higher the loan growth income in the non -interest side? And also within this, I think last year, we did something like INR200 crores of T .W O recovery. This year, nine month, the number was something like INR220 crores. So I'm assuming for the full year, that number would be higher. So I mean, what is the visibility there in terms of this TW O recovery supporting the overall non-interest income also. So yes, that is the first question.

I think the first point I need to clarify. In our in my initial guidance note itself, I have mentioned, this year, the write-off recovery is INR342 crores. So it is much, much higher than the last ye ar number, okay? So that way, it is much better. And coming to the non -interest income, there are many levers. It can be the letters of credit, guarantees and cross-sell. So cross-sell income also, if you look at it, compared to last year, it has grown ve ry well. And we are trying to have few more partners and grow it much better. Whereas under the LCs and guarantees, if the textile sector is doing well, we would have got good business under the letters of credit, import and all these things. For the last three years, textile sector is actually struggling. One good thing is we didn't have any other stress on account of the textile because our customers are good, but the transactions which have come up are down. So that way we may not expect much from the L C, but we are focusing on the guaranteed business. So wherein the non-fund-based business will be there. So that may give us some sort of an edge over that . Coming to the recovery and the write -offs, that is one of our focus areas and we are further strengthening our recovery wing for the growth -- for the recovery in the write -off. So that way, what I feel this trajectory, what we had for the last two to three years, it will continue, and we'll be able to do better.

Okay. Sure. Understood. And s ir, on the floating provision, so for last quarter, you have done it. So will it continue for next financial year as well since this is a good time, and you will continue to create provision in the next...

Okay. Understood. And sir, last question on the CASA side. I mean, anything -- any initiatives there. You are working on in terms of this CASA? I know -- I mean, overall franchise is very granular in terms of liability. But still, I mean, in terms of, let us say, current accoun t growth, I mean, has been relatively slower versus, let's say, overall, the SME segment loan growth. So in terms of, let us say, on the CASA side, what are your thoughts to improve this CASA going ahead?

So there are many initiatives we ha ve taken that one. So what we thought is on the sales channel, what we have created. So first level, we have taken around 1,200 people. And it took some time for us to activate them because many of them have come from different banks. When they have come f rom different banks, understanding our culture and having a unified approach was difficult. And one good thing is they have brought out the best practices what others are following, we could get that. In the process, more than 24 variants of products we h ave structured internally. The team itself they did and all. We have brought into forth. And IT deployment is going on. With that, we'll be taking it forward. So that way, once these are in place, so the fresh acquisition will start working. Next thing what we thought was revitalizing the branch channel. The branch channel currently, they were acquiring some sort of an NTB who comes once in a way, but with the sales channel doing these sort of things, we thought we can ask the branches to focus more on the deepening. So for that reason, we started taking customer relationship management and branch relationship managers into the branches so that they will look after the deepening as well as the cross - selling. So we want to further increase the number of Fee t on Street on the sales channel that more number of branches can be covered. We also took another set of people. It's around 1,200 people at the branch level. We call them as a branch sales and service executives. These people at the lowest level we have taken. Their job is to deepen these accounts and to get more balances under the CASA. So digital is becoming -- this one and all both integration is happening. And the next is focusing on the business correspondent channel. There also, we have got the platform now. IT integration is getting completed. By June, once we complete, more or less around 500 business correspondents at different locations, we would like to go further. So that way, we are trying to take many initiatives to take care of the N R, HNI, BC, forex, Trade Finance, all these different sub-vertical we have created. Each ones, once they start firing, so we'll be able to see some sort of attraction on all these fronts.

Next question is from the line of Jai Mundra from ICICI Securities.

Congratulations on a very steady performance quarter after quarter. Sir, my first question is on employee head count, right? So they have increased to around 9,000 odd. What is the sense, sir? Are we still adding more people on the F eet on Street at overall level? Or this is likely to stabilize there?

Thanks for the compliment. No w, agreed. Just now in the earlier question, I was responding, Jai. So we have taken sales channel around 1,300 people. And at the branch lev el around 1,200 at the lowest level, we have taken. So now earlier, we thought of going for actually 2,600 for the sales channel, but we stopped it at 1,300 for one reason. When we started the process, we understood saying that the products what market re quires are not there and the digital enablement's what we need to do to make these people to deliver were not there. Then suddenly, we stopped the recruitment more or less at 1,300. And these people with the available infrastructure started mobilizing the business now. So now during the process of last 8 months, these 24 new products have been added and the digital enablement 's have completed. So now we are well off to take it forward to the next level. We may see another 600, 800, we had to take it. But because with the earlier 1,300, a set of branches are covered. Now, there is a potential in many other branches. By taking these sales channels, we'll be able to cover other branches also. These are first side on the sales channel. Second thing on the bran ch level channel also, if the branches are extremely busy with the routine transactions, their ability to actually handle and meet the customer will be difficult. At the lowest level, what we have taken BSSC, we are trying to have another channel ca lled virtual relationship managers. Beyond a cutoff, there will be centralized virtual relationship managers. They'll be handling a set of customers. And so that is another channel we may be adding that. So that way, if you look at it, both we may be adding, but we will ensure saying that the mobilized deposits what all there are properly deployed. And overall, we'll be able to maintain our ROAs.

Understood. Understood, sir. And sir, secondly, on growth, right? So I heard you that you have said that the FY '25 growth would be 14% plus, considering that we have best of the asset quality, our cost of deposit is still one of the lowest amongst peers. 14% growth, of course, you are focusing on profitability as well. But could this be, I mean, a lower end number? Or you would -- at this point of time, you would think that 14% is a good enough number? Or it can actually move up as we deliver or as the new people join, etc.

Jai, you would have remembered, last year also, we quoted more or less around 14%, okay? We landed more or less at 18.5%. If I add back the 2.5%, what consciously we left it out. So that way, so the lower end, it will be. Our intention is always to grow much better. But only point is that there is no point in tak ing a deposit 7.5% and lending at 8.5%. So that only adds my CRR, SLR, capital cost, PSL, opex, provisioning, with all these things. Our top line may be growing and my ratios may be growing, but it will not make any sense for the bottom line. So this, we are mindful of the fact. So that's why growing in advances because all engines are firing now. The 21% under the commercial banking, if you see, so year -on-year how the growth is coming there. A new set of branches are coming into the fold and existing branches, they have understood how they need to do the business and the TAT has improved. With all these things, we will be able to grow well, but provided other side, we need to look at because another constraint is the 85% LDR, loan -to-deposit. So if that is not there, the surplus SLR what all is there, on that we can raise and the borrowings, we can raise and we can lend. So with this framework what all is available, we need to work on this. That is the reason we felt saying that let us give a guidance of 14%.

Great, sir. And sir lastly, if you can highlight what is the run rate of NEO on maybe monthly or quarterly disbursement. Has that gone up significantly? Or how is this debt trending?

Now. As I said, NEO we are integrating with the main bank now. So from now onwards, both of them will be working together. We have an open market channel working there. So on an average, I can say around INR200 crores, I can say that. So that way, the growth will be coming from that channel. And because they are integrating, overall, the growth will be much better together.

Next question is from the line of Chintan Shah from ICICI Securities.

Congratulations on very good set of numbers, 1.7% ROA. Sir, just I had one question on the loan rundown. So basically, we are letting go some low -yielding advances in the corporate. So is that now done? Or do we expect some another advances, probably which we could let go in FY '25 with a low yielding? Or some wea k asset, as we told around INR1,600 crores of loan we have let go for this year. So any ballpark number. Or is there any still thing in the pipeline? Or now we are done with this?

It is a work in progress, Chintan. In fact, if you can look at it, so we have done that. I cannot say anything saying that a readymade list is there where we'll be getting out. It is the question of opportunities other side available. If other side on the RAM front, particularly commercial banking, the engines are firing much better, then automatically the least yielding, which is the asset I need to look at it, and we need to engage with them. We need to get out of that. While on the other side, mobilizing the deposit and lending will go. Here by rebalancing and redeploying the money from that side to this side, if you are able to get 2% more, why should we leave it? So because there is an ongoing process we see, till such time, the deposits growth improves. And just like a tap, as and when I want If I am able to get the deposit, then growing in corporate should not be an issue. Otherwise, we have to be mindful of the fact saying that which is making sense only we need to grow. So this work will be continued, though I will not be able to quantify what is the number at this stage.

Sure sir, sure. This is very helpful. And sir, secondly, just follow -up on this. So the weak accounts, as we said, so what makes us believe that this account is weak. So how do we arrive at that comment of weakening. INR200 crores, I think, we let go because they were weak accounts. So basically, some stress or some delays in payments or how do we quantify that?

Yes, yes. We have a concept called early warning signals. Early warning signals, we have different parameters are there -- around 40 scenarios are there. If this -- continuously, our systems will be generating the sort of early warning signals. Based on that, we'll be knowing through a predictive analysis, what can happen for these people. And suppo se incipient sickness is there or tomorrow it's going to have a problem, while engaging with them with the market intelligence, what is hearing and all, with all these things, we felt saying that it is better much in advance, we engage with them, we get ou t of these accounts rather than getting stuck with these things. So that's why it is a question of analytics, early warning signals, market intelligence, all these constraints together, we have come to a conclusion yes saying that we need to exit these accounts. In fact, the yields there were extremely good, extremely good. So there's another cause of concern. If someone just like that, they are paying that much of yield or pricing, that itself will be the first line of early warning signal for us.

sir, we can say that these are standard accounts. We are paying accounts, but only thing is we believe that they might turn bad or they might give some stress, and that is why we are exiting it early?

Very correct. Absolutely, you are correct.

Okay. But sir, then how do we exit. So for example, if the repayment is after three years. So do we ask the customer to close the loan? Or how does it work that way?

The customer will go to some other bank and it will be taken over by some other banks.

So basically, we just -- if the customer comes with a BT out proposal, then we let it go, and we don't ask to retain the customer that way, yes?

Not only coming with BT proposal. Few cases, we are initiating the process. For you to engage with some other bankers, they may go to NBFC also. If the banker is not willing to do -- take it and NBFC has a better risk appetite, he may pay a higher price and he may go there. So we initiated the dialogue with the customer that they have to leave it and all. This has been going on for more or less -- because overnight, if you come and tell the customer tomorrow, no one will leave. It's a question of six months to one year, the discussions will b e happening. Then progressively, they will leave.

Okay. Understood. And sir, just last thing on the recovery from TWO number, can you just -- sorry, data keeping question, the recovery from TWO number for the quarter, if you could just help on that?

INR132 crores and for the whole year, it is INR340 crores.

Ladies and gentlemen, we will take that as our last question. I'll now hand the conference over to Mr. B. Ramesh Babu, MD and CEO, for closing comments.

Thank you all for your interest in the bank and for the good wishes and the compliments what you have conveyed. We will try to live up to your expectations and take the bank forward. Thank you once again for sparing time for us. Thank you.

Thank you very much. On behalf of Karur Vysya Bank, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.