0 3QFY20 Transcript

Company Name: CreditAccess Grameen Ltd Market Cap: 116684.
383248 Bloomberg Estimates - EPS

Company Ticker: CREDAG IN Current PX: 811 Current Quarter:
Date: 2020-01-23 YTD Change($): 43.05 Current Year:
Event Description: Q3 2020 Earnings Call YTD Change(%): 5.606 Bloomberg Estimates - Sales
Current Quarter:
Current Year:
Q3 2020 Earnings Call

Company Participants
• Udaya Kumar Hebbar, Chief Executive Officer
• Diwakar B.R., Chief Financial Officer
• Sandeep Agarwal, Analyst
Other Participants
• Ishan Shah, Analyst
• Antariksha Banerjee, Analyst
• Nidhesh Jain, Analyst
• Renish Bhuva, Analyst
• Aakash Dattani, Analyst
• Parag Jariwala, Analyst
• Arpit Shah, Analyst
• Unidentified Participant
• Kislay Upadhyay, Analyst
• Tushar Sarda, Analyst
• Jignesh Shial, Analyst
• Kaitav Shah, Analyst
• Rajesh Ranganathan, Analyst
• Rohan Advant, Analyst
• Harsh Agrawal, Analyst
• Akshay Ashok, Analyst
• Saurabh Dhole, Analyst
• Deepak Poddar, Analyst
Presentation
Operator
Good morning, ladies and gentlemen. Welcome to the Q3 FY '20 Earnings Conference Call of CreditAccess Grameen
Limited. Today we have with us from the management Mr. Udaya Kumar Hebbar, Managing Director and CEO; Mr.
Diwakar B.R. Director Finance and CFO; and Mr. Nilesh Dalvi VP, Investor Relations.
As a reminder, all participant lines will be in the listen-only mode. (Operator Instructions) I now hand the conference
over to Mr. Udaya Kumar Hebbar for opening remarks. Thank you. And over to you.
Udaya Kumar Hebbar, Chief Executive Officer

Good morning to everyone. I thank you for taking your time and joining us today to discuss our Q3 FY '20 financial
performance. We recorded a robust business growth along with improved of profitability in the third quarter. Gross
loan portfolio increased by 45% YoY to INR8,872 crores, driven by 22.5% YoY growth in for borrower base to
INR27.7 lakhs.
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Company Name: CreditAccess Grameen Ltd Market Cap: 116684.383248 Bloomberg Estimates - EPS
Current Quarter:
Current Year:
Disbursements grew by 68.9% YoY to INR2,977 crores. Our total brand network grew by 40.8% YoY to 928 branches
and total employees grew by 34% to 10,645 at the end of December '19.
During nine month FY '20, we opened 258 branches totally. 80% higher compared to 143 branches during last year
nine months. Our branch implementations during first half has enabled us for this robust growth during Q3, and this
expanded brand network will further provide strong growth in fourth quarter and next financial year.
We continue to hold comfortable liquidity position and INR2,354 crores funding is in pipeline. This will take care of
our growth over coming two quarters.
Interest income increased by 30.4% Y-o-Y to INR416.7 crores. Portfolio yield was 19.7% compared to 20.9$ in Q3 FY
'19.
Weighted average cost of borrowing was 10% compared to 10.7%. Marginal cost of borrowing was 9.4% compared to
10.7% in Q3 FY '19.
We successfully raised INR2182.3 crores of fresh funds in the quarter at the weighted average cost of 9.3%, which also
included INR398 crores raised through direct assignment.
Net interest income increased by 28.1% to INR3,300 crores. Cost to income ratio of 34.8% and OpEx/GLP ratio of
5.1% in Q3 FY '20 were lower compared to Q2 FY '20 on the back of robust business growth.
Pre-provisioning operating profit increased by 22.3% Y-o-Y to INR200.6 crores. Provisions were at INR54.7 crores,
the profit after tax increased by 8.2% to INR108 crores.
Provisions in Q3 FY '20 are not directly comparable with the Q3 FY '19, primarily on account of more conservative
provisioning policy adopted in March '19 and the evolution of stabilized -- stabilization of ECL methodology over last
four quarters. However, we note that there was an increase in provisioning -- provisions compared to Q2 FY '20.
During the second quarter, we had seen impact of floods in certain districts of North Karnataka and South Maharashtra,
the situation has been improving over time and currently 75% to 80% of customers have regulated their accounts. We
have been constantly engaging you with the customers, building awareness and focusing on collections.
During the third quarter since November, there has been an external interference in two districts in Coastal Karnataka.
The heavy rains in Q2 FY '20 had caused the stress in certain customers in August '19. This issue was magnified by
certain external elements, who started misguiding customer for loan waiver under Karnataka Debt Waiver Scheme,
which impacted the portfolio of the industry.
The situation is now under control and ring-fenced within the two districts. Both SROs, MFIN and Sa-Dhan and AKMi
supporting all the lenders with their extensive work with State Administration. State Administration continuously
supporting us on this issue.
We continue to display patience and maintain cautious -- continuous customer connect. We -- many customers have
come back and resumed payments. We have less than 1% each of our portfolio in these two districts, and our collection
is around 70% in these districts. And our conservative recognition of GNPA at 60 days DPD and conservative policy,
enabled us to have much higher provision coverage against these delinquencies.
This policy also enables us to early recognition of impact and provide adequately instead of waiting for 90 days after
delinquency. With situation already under control, we do not see any further delinquencies due to this impact.
Our overall asset quality continue to remain strong, where GNPA at 60 days DPD was at 0.85% in Q3 FY '20
compared 0.52% in Q2 FY '20 and compared to 1.1% an year before, which was at 90 days DPD.
ECL provisioning was 1.61% in Q3 FY '20 compared to 1.23% in Q2 FY '20. Credit cost of INR54.7 crores in Q3 FY
'20, included INR28.4 crore on account of normal business growth and INR26.3 crore on account of these specific
issues. Overall collection efficiency was at 98.3%, the ROE is at 4.6% -- sorry ROA is at 4.6%, ROE at 16.5%, debt
equity at 2.4% and capital adequacy at 32.4%.
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With this brief overview, I would now like to open the forum for question-and-answer session. Thank you.
Questions And Answers

Operator
Thank you very much. We will now begin the question-and-answer session. (Operator Instructions) The first question
is from the line of Ishan Shah from Macquarie. Please go ahead.
Ishan Shah, Analyst

Hi, sir. Thank you for the opportunity for the question. Just on this Karnataka and Maharashtra issue. Could you maybe
talk about what is the kind of portfolio that you have, which is affected in those districts? And maybe what -- how big
are these districts from an industry point of view?
And secondly, whether you're seeing this gather steam or is it now completely dying down? Those two questions first
please.

Sure. See Maharashtra issue, which was basically flood impacted during August '19. So it went to a bit of peak with the
delinquency up [ph] about, about INR80 crores for us at that point of time and come down now about only INR20
crores is around there in the 60 plus DPD and almost 80% of that we have collected actually. So from an industry point
of view, I don't have full idea, but it could be about -- maybe about INR200 crores, INR300 crores of the total issue, but
I'm not sure about the correct numbers.
But for entire industry, this has come down, because it's a eventually -- with almost five months now, it has come
down. It's not that too much impact right now. Let' us say, I just gave the update on what it is there right now. Whereas
coastal district which started along with the flood situation, there also had the flood at that time, we had small
delinquency at that time.
But overall industry in this place is maybe -- maybe about INR400 crores to INR500 crores. And we have about totally
INR120 crores portfolio there, and we are collecting -- our collection efficiency is almost 70% there at this point of
time. So which is less than what I mean, less -- has actually less than 1% each of our portfolio in both the districts. And
the actual actual 60 plus is actually not very high at this point of time, whereas credit cost we recognized well in
advance that is why INR26 crores we are already recognized credit cost for this -- for this portfolio even though, it is
not gone into 90 days DPD or so.
Ishan Shah, Analyst

Perfect sir. And just one follow-up question. Are there any other regions also similarly which have flooded which have
not yet seen intervention, which may potentially see intervention?

No, actually, whatever the impact is only these two, which is already got flood, particularly Kolhapur, Sangli and
Belgaum, which was happened in August, which has come down, which is today maybe 120% we had to recollect, it's
going on.
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Whereas these two districts, which is ring-fenced completely. So no, we were no -- [ph] the Hyderabad districts
impacted and we believe this will actually come down eventually. So -- and we are not seeing any other place in our all
the 13 states, any other place we have any other issues we are seeing.
Ishan Shah, Analyst

Okay, sir. And just one last question, I want to sneak in. There was -- there were some headlines about the District
Collector of the State of Kolhapur district asking for microfinance companies to submit data, which was then to be
tabled with the -- with the Chief Minister. Is that something which just usually happens or could you -- any qualitative
comments over there? Do you think that situation can escalate a little bit?

Okay. This is actually part of the flood risk [ph] district actually, where the delinquent customer requested the DCs that
they need waiver from the government. That is why they asked the data, which are delinquent customer to give to
government, because government is -- I mean planning to do some support to customers not waving the loan, but to
support patrials. For that purpose, they have collected the data. It is not for waiver of loans, because government is
already provided some facilities or providing some facility that is why they collected the delinquent customer data.
Ishan Shah, Analyst

Okay. What do you mean by support service -- like support?

They would support building the house or buying something. I don't know what exactly material for.
Ishan Shah, Analyst

Okay. So and basically in kind of situation. Fair enough. Thank you so much. I have more questions, but I'll come back
in the queue. To do that, they need data, that is why they collected data. Perfect.

Okay.
Operator
Thank you. (Operator Instructions) The next question is from the line of Antariksha Banerjee from ICICI Mutual Fund.
Please go ahead.
Antariksha Banerjee, Analyst

Yes. Thank you, sir. The first question was just...
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Operator
Sir, can you speak closer to the handset please. Your voice is not audible.

Is it better?
Operator
Yes.

Yeah. So the first question is related to the previous point, regarding the two districts. So if I heard it correctly INR120
crores is in the coastal Karnataka and INR20-odd crores is your delinquent account in the South Maharashtra,
Karnataka, is that right?

Yeah. You are right.

And the total provision on this INR140 crores together is INR26 crores, what you have taken one-time is that correct?

No, no. We said only credit cost increased in this cost -- in this quarter is the addition. Our provision is one point -- see
actually our 60 days DPD is 0.85% and our provision cover is 1.61% of the portfolio, that's almost 200% coverage we
have.

Sure. So the point I was tiling [ph] at is, because you have taken such a high cover and you're also seeing your
collection efficiency pick up. Do you expect these to reverse in the coming quarters, because your PAT guidance that
you have is unchanged for the last two, three quarters.

Yeah. We don't see any significant increase or -- increase of any provision for next quarter. Maybe we will have a
normative, business growth will continue to have, because we always provide for standard asset as well. Every growth
in our business will have to cover additionally that is what the way we made our policy, but we will be definitely in a
position to meet our annual guidance.
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Sure. And the other question is, what is the direct assignment pipeline we have for the year? And how do we grow that
pipe?.

Direct pipe assignment is not, I mean, targeted number it's only based on relationship from some banks, specifically,
request forest [ph], along with our term loan we will do, otherwise direct assignment is not our regular plan, because it's
short-term fundings. We always control this within our 10% to 15% of our total portfolio, but it's only relationship
benefit, if there is a specific need for any bank which they -- which they want to do in the quarter and we will do
otherwise normally we don't do much direct assignment.

(inaudible) demand will pick up in the fourth quarter, right?

Yes, of course, but we may not do much actually, we may do -- maybe over 10% over raising you may do DA if
required that's all.

And on cost wise, it's at par with our other borrowing costs?

It is -- it is lower, because it is a short-term funding.

Okay. That's all. Thanks
Operator
Thank you. The next question is from the line of Nidhesh Jain from Investec. Please go ahead.
Nidhesh Jain, Analyst

Thanks for the opportunity, sir. Sir, firstly, the INR28 crore run rate over the normal business is also on the slightly
higher side versus our historical run rate. So should we assume that this would be a normal 1.3%, 1.4% credit cost run
rate on a sustainable basis?
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Nidhesh, the issue is our conservative provision policy will actually keep on providing even the growth also, right? So
that is why our total provision will go up because of that even for standard asset, we provided 4.6%, even for 15 days,
60 days, we provided 40% [ph] that is why it keep going up. So, but overall credit cost should not be more than 1%
actually.

Sure, sir, sure. Secondly, I have noticed that we have grown -- we have added a lot of branches, we have added a lot of
employees in last nine months, which is a very different trajectory of growth versus last few years. At the same time,
we are -- we will be doing integration with Madura. So what is the rationale of growing at a fast pace, when next year
we will be -- we'll be integrating with Madura also?

See, normally, we would -- normally we grow by about 25% to 30% infrastructure, but we did a little higher this year
just because we entered into four, five states -- new states. We thought we should have at least a significant number of
-- at least 15 to 20 branches in each of the states, that's why we added some 30, 40 additional branches as against our
original plan. Which also will be a -- will be a position of advance opening for the next financial year also.
So because we have a sufficient bandwidth needed for integration and everything probably we will not do the similar
infrastructure for next year, because this infrastructure will give us growth next year automatically. So our next year
growth. I mean, infrastructure growth maybe a little less than the current year, because we have to do all these
integration. So we are -- we are well planned on this point of view.

And sir lastly on the ticket size for the customer, I've noticed that it has grown almost 7% sequentially. Customer
growth is not commensurate to the infrastructure growth. So should we expect substantial client growth in next few
quarters? And this -- so that this ticket size will again moderate to 30,000 odd levels?

See the customer will grow definitely in the next two quarters, actually, because of the growth in infrastructure what we
put in, but there will be a small increase in ticket size will happen, because of the retained customer base is
continuously going up actually. Let's say if you observe in the last five years, our ticket GLP for customer kept on
going between 10% to 12%. So one is because of that, because we have more than 40 plus almost close to 41 customers
are more than three years with us. So which will keep increasing, however, also one more point is regulator also
allowed the -- cap to INR1.25 lakhs now, which is another reason that GLP per customer might go up on -- in -- even in
the industry level also. However, we thought that it may not be good to increase beyond INR1 lakh beyond a point, we
would retain within INR1 lakh.
But in between INR40,000 to INR50,000 level probably you may increase a small INR5,000 kind of increase because
to remain in competition also. So that is why there will be kind of 10% increase on an annual basis, will remain a
normal -- normative increase of ticket size for the customers.

Sure, sir. That's it from my side.
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Operator
Thank you. The next question is from the line of Renish Bhuva from ICICI Securities, please go ahead.
Renish Bhuva, Analyst

Yeah, hi, sir.

Hi.

Thanks for taking my questions and congrats on great numbers specifically in difficult environment. So sir, first one on
the industry dynamic, so, so we are hearing lot of articles in the newspaper and people are kind of giving sort of soft
commentary on few states, Northeast and a few in South. So, sir, what is our reading at what is happening at the
industry level? And how CAGL is placed to navigate all these issues?

Yeah. I think the commentary what you heard is about not Northeast basically not very relevant to our current business
actually, where we are not operating, but however, we need to, we need to keep watching such issues to get the early
warning signals that is definitely important for us to keep reading and keep understanding and re-validate with our
business.
Whereas Karnataka coastal, I already specified, a specific event within two districts and we are able to control that.
And then our -- and our district specific risk control of not having too much portfolio per districts also saving us in this
case, because our portfolio per district is less than 1%. If you see close to 90% of our districts, we are operating less
than 1% of our portfolio, which itself is a big risk control mechanism what we put in.
And within our own business, we always looked at a resilient business with the customer-centric, high touch, weekly
collections, continuously innovating and designing products at the customers' requirement to their life cycle, these are
the very strong propositions to have the high customer connect actually, which will eventually will help us -- which has
helped put us in every earlier events, and we believe this will help us in all the -- even if there's a event.
But however, at this point of time except these twp districts, which had an issue, which is already controlled other than,
we don't have any issue. Whatever happened because of the flood in Maharashtra, that Kolhapur, Sangli, Belgaum,
we're able to come back almost 70%, 80% by the last five months, so that itself shows that our readiness even if one or
two such events in any districts.

Yes. Thanks a lot, sir. Sir second question is on basically, the -- our stage-wise asset portfolio. Sir if you can just give
us the stage 2 asset number as of now?

Stage 2, we have about INR90 crores.
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Is INR90 crores.

Approximately, yes.

Okay. And what is the...

It is 16 days to 60 days.

This is 16 days to 60 days.

Yeah, correct.

Okay. And sir, what is the...
Operator
Mr. Bhuva?

Yeah.
Operator
For any follow-ups, I request you to rejoin the queue please.

Connected to this only. Okay anyways, I'll come back.
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Operator
Thank you. The next question is from the line of Aakash Dattani from HDFC Securities,. Please go ahead.
Aakash Dattani, Analyst

Hello?

Hello.
Diwakar B.R., Chief Financial Officer

Yeah. Go ahead.

Yeah. Hi, and good morning, and thank you for taking my questions. My first question is the progress on shortage
module rate Madura Microfinance there is, is there any change in the timeline or anything of that sort or does
everything stand as is?

There no change in the timeline, it's going as per schedule and as per plan. We have submitted our application to RBI
and to the exchanges. And the normal process in terms of the merger approval is going on, and it's -- we expect it to be
going as per our timelines.

Okay. And Madura Microfinance I believe also has some presence in these areas that you had mentioned in your
investor presentation. So would you be able to comment if they have seen any issues any similar issues?

No, actually. We are in touch with the business. We have not seen any developments in any district, where they're
operating. So majority of the -- all the places, where they are operating, we are also there. So we have the first-line
information of the geographies.

Okay. That's it from my end. Thank you very much.

Thank you.
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Operator
Thank you. The next question is from the line of Parag Jariwala from White Oak Capital. Please go ahead.
Parag Jariwala, Analyst

Yeah. If you can just update me on two things, one is the personal loan portfolio, which we are doing in addition to
microfinance. I know our endeavor is to grow it slow and steady, but any update there that's one.
And secondly, how are you handling the -- the acquired entity, if the merger process is complete. So are they doing the
business on their own or you have people along with the outgoing management team to handle the growth and other
aspects.

So I'll handle the second question, which is related to the merger Parag. So here, the point is till we get our approvals,
till we do the first part of the merger process, which is essentially the acquisition, they will operate as per their original
schedule business plan, and we are actually not even getting into any of that at any point of time, it's not really required
nor its allowed. So they will continue to do their business as normal, and we continue to do our way. That said, once
the acquisition is done, again, there is a process, there is an integration management and there is a,program where there
is a process in which we will integrate the two entities, leading to an eventual merger. So till such time, they will be
doing the business on their own. First part, Udaya will answer.

Yeah, yeah. On the first part is basically you're talking about individual loan portfolio if I understand correctly.

Yeah.

So our growth is not less, but we are going little slow, because this is a new business no, of course, we have to be quite
careful in growing it. So this will take -- even the speed of the growth will pick up only and maybe after one year or so,
because that's why we keep growing slowly, make the right business model, so not to just grow there. So that is the
whole idea, that's all.

And lastly, if I can chip in, basically on the capital raising plan on the equity side, anything which we want to highlight
or probably just one thing is that whenever we raise capital, how much tenure you think that should be sufficient before
you raise the next round. So will you raise for two years, three years capital requirement at a go?
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So Parag, as I said, in the last con call, we are yet to finalize our capital raising plans in terms of timing, size and all
that. Having said that, typically, when you raise capital as you rightly said, it will be for slightly a horizon, which is
more palatable for both the coming investors and also the existing ones, and which will take care of reasonable level of
growth for at least a few years. We will apprise you as and when we finalize our capital raising plans.

Sure. Thank you.
Operator
Thank you. The next question is from the line of Arpit Shah from Stallion Asset. Please go ahead.
Arpit Shah, Analyst

Yeah, I have two specific questions. One, what would be your PAR 30 or PAR 60 in this Karnataka portfolio? And
why is the finance cost in absolute terms have gone higher when your marginal cost of borrowings is 60 bps
sequentially?

So can you repeat the second question, please?
Arpit Shah, Analyst

Yeah. Why your finance cost have gone higher in absolute terms as compared to interest income?

Okay. Okay. Our PAR 30 in Karnataka is about INR90 crore and PAR 60 is about INR35 crore and PAR 90 is INR21
crore.
Arpit Shah, Analyst

Okay.

And cost of finance in absolute terms, because our cost of -- I mean volume of borrowing has gone up, because we
have not done many deals [ph] or something till December, only December we did some transactions. So with the
volume growing up, the portfolio grown up by 40%, our borrowing also gone up the same way. So that is why the
actual value of interest been [ph] definitely increased.
Arpit Shah, Analyst

No, we had about 10% in Q2 FY '20, we had about -- Q3 FY '19, it was about 10.7% and for this quarter 9.4%.
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You are talking about cost of borrowing -- if you're talking marginal cost, which is the borrowing for that quarter.
Arpit Shah, Analyst

Yeah.

In that quarter, our borrowing cost was less, because we got up funding from MUDRA at about 6.5% also INR250
crores. This is the cost of that average on during that quarter, that is why it's showing little low for that quarter --
specific quarter.
Arpit Shah, Analyst

Even for the borrowing this quarter was up 72% so major part would have been replaced by this lower cost right?

No, there are many borrowings we did, even the DA we did about 8 point something percent and the term loan from
SBA, we did about 9.05%. On average cost, it is -- the total -- replacement cost will not come in this marginal cost.
What is the fresh borrowing during that quarter what is the cost, that is what comes under marginal cost.
Arpit Shah, Analyst

Okay. Okay. Thank you. Thank you so much.
Operator
Thank you. The next question is from the line of Omkar Kulkarni, an individual investor. Please go ahead.
Unidentified Participant
Hello.

Hello.
What would be our targeted growth once you receive the approval as and when you get it as a combined entity and
what would be your target ROE for the combined business as well as for the standalone business in the coming two
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years.

See Omkar ji, the way we look at this business and acquisition is that, they are very similar business and similar line
and the way the two entities have culturally done the business has been on a very similar path. So historically, the way
we have built this business in terms of the growth and also the ROEs, we don't see any significant difference in terms of
the potential impact or a change in the future as well. We expect these two be normative as much as possible in the
coming quarters also.
This proposition of acquisition or (inaudible) will not in any manner impact our growth rates or ROEs.
So it will remain the same as it is now?

Yeah. It is value accretive fundamentally as -- because of acquisition, mainly because the difference in pricing between
what we are and what they are, and therefore the ROE differential will accrue automatically and normatively. That
aside, there won't be any additional piece in terms of the average comes -- comes through, and therefore, that the
benefit of that merger will come through. So that ROE change is inevitable, but over and above that, we don't see any
significant difference in growth rates and ROEs.
Okay. And in terms of provisioning, what would you expect in the next financial year? See would it be continue to rise
or would you be able to contain it?

We did not expect increase in provisioning, because, this time it is one-time event. We don't estimate any provisioning
more than 1.25% of ROE [ph] that is with the conservative provisioning policy what we have right now.
Okay. Thank you very much.
Operator
Thank you. The next question is from the line of Kislay Upadhyay from Abakkus. Please go ahead.
Kislay Upadhyay, Analyst

Hi, sir. Congratulations on the robust growth. My first question is on yield. The 45%, 46% increase in GLP did not
translate into increase in interest income because family [ph] of increase is going down. Can you give a commentary
and outlook on how that yields would be going ahead?
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Yeah, actually we had mentioned about this in the previous quarter. The yields had essentially been sort of coming
down a couple of quarters, essentially because of the revision in interest rates, which we had done, but in November
'19, we have revised our interest rates on our repeat loans to 20% from 19%.
So therefore, the drop in yield at the rate at which it has foreign actually has come down and you actually have started
seeing reversal in terms of the increasing yield now. So we expect the yields to stabilize around this level, because of
the increase in rates of interest from November '19.

Okay. And sir, what was the rationale for the -- for the decrease that we did and then the subsequent increase?

Yeah. As you know, our industry is essentially driven more by the regulatory spread cap, which is around 10%, that is
the cost of borrowings plus 10% is the maximum at which we can charge. So as and when we have a reduction in cost
of borrowings, we need to as an entity pass its benefit to our borrowers by reducing the on lending rates, which is what
we have done last year. Whenever we see that we have a cushion to when the -- when there is a case for us to improve
our yields and that the regulatory spread we are going down a little bit more than what is tolerable, we can increase our
rates, and that's one of the reasons why the yields have gone up.

Okay. So it was almost entirely for the regulatory spread.

Yes.

Sir, if I see PAR 90 and if I'm right in understanding that the two events won't have a major role to play in the PAR 90
numbers. The PAR 90 has gone up by about 20 basis points. Is it -- could help us understand, is it general economic or
increased delinquency across all districts or how we should see it?

PAR 90 of 0.6% is by and large a normative in microfinance actually. There was a slight increase, because of the last
whatever the flood situation what we had, some part of that mode whatever beyond 60, is also in the part of 90 also,
that's why, otherwise it's a normative increase.

Okay, sir.
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It is (multiple speakers) industry comparison is GNPA of 0.6% right?

Yeah. That's true, sir.

So it is equal to by and large -- industry comparison of 0.6%. Yeah.

Sure, sir. Okay. Thanks a lot.
Operator
Thank you. The next question is from the line of Tushar Sarda from Athena Investment. Please go ahead.
Tushar Sarda, Analyst

Yes. Thank you for the opportunity. I wanted to understand how does the risk management happened, for example the
situation in Karnataka or in Assam, when you come to know that there is disturbance, do you recall the loans quickly or
you have to stick to the schedule of repayment? And if not then, how much does it translate in terms of loss and all
that?
And if you get early signal, then what are the steps you take? Because there is tough [ph] money already out in the
system, you can control your disbursement, but what is out in the system how do you manage that?

Yes. What you say is right. Now what is out in the already disbursed, you cannot control immediately, wherever we
find early warnings, then obviously we will slow down the business in such districts or locations or villages actually,
but wherever it's disbursed, when we find some situations, we cannot recall a loan, this is not the loan which is based
on assets or something. So we need to convince and continuously connect to the customers, keep them awareness about
the issues and work with them to come back to normalcy. So the further disbursement we will stop in such districts, but
existing disbursement till the normalcy comes, we will not do many disbursements there. To that extent, normally in
our all the experience, 60%, 70%, 80% 90% or even in the demonetization time, we recovered almost 90% of our
delinquencies. So eventually we get back the money, reason being, one is these customers are -- all their datas in credit
bureau, they cannot borrow any money from any MFI post such delinquency with us or any others. And even other
lenders will don't lend to them, banks are not lending to them. So eventually, they will come back, but still about 5%,
10% may -- maybe a lot, that is what the loss we, we always eventually come back within -- overall within 1% that is
what the way we maintained our credit card so far, because of such small events, but it takes away some money.
Page 16 of 32
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Tushar Sarda, Analyst

Okay. Thank you. That's it from my side.
Operator
Thank you. The next question is from the line of Jignesh Shial from Emkay Global. Please go ahead.
Jignesh Shial, Analyst

Yeah. Hi. Thanks for taking my question. I had two questions. One was on data and another was on strategy. So if I see
your PPT on Slide 17, I am able to see that borrowers per branch and borrowers per loan officer sequentially has been
declining. So whether it's group or whether it is retail finance. So, any color on this?

Okay. I will answer that, because this is basically a numeric, because we opened 258 branches, and we added almost
4,000 customers, obviously, the current data get divided by these additional numbers. So that is what the reason, it gets
normative once these branches become full productive.

That is what I was also thinking.

Yeah. You are right.

(Multiple speakers) because of this additional branch openings, this has been reducing and this should start picking up
once your overall branch openings should normalize right?

Yes, exactly. That will -- as the branches become productive, normally the branch gets productive between 14 to 18
months time by that time all become normalized actually.

So with your acquisition happening, this will remain under pressure for a while can we assume that? Because you won't
had enough...
Page 17 of 32
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We won't see any such, I mean, impact on our acquisition, because of this, because that is only 20% of our business this
is 80% actually.

Okay, understood. And my second question, I mean, more on a theoretical basis, now what we are seeing is there has
been a significant checks and processes as far as CIBIL check or is your Equifax check and everything is concerned.
My concern remains with technically with two set of customers. One, which are completely new to banking. So for
those guys there won't be any data available to you right? Then how do you assess those guys? And number two, the
customers which are already there with some SHG, self-help group, and those customers, if comes to you, so how do
you assess whether that particular set of customers are over leveraged or under leveraged and all. Because for -- new to
bank or new to system, they could have taken money from some money lenders and all. So how do you assess that? Or
what's your process to check or to be tab such kind of customers or how to -- how you deal with them? If you can...

I would request you to go through the Slide number 26 in our presentation, which clearly defines the way of how we
actually acquire our customers and how we apprise the group, how we -- when -- this is equal for a new customer as
well as old customer. But I agree with your view that the credit bureau, when the new customer, it could be CIBIL
score zero right, there is no other borrowing against her. But in such case, we are actually not lending also too much,
we are lending only maybe INR25,000 or INR30,000 to test them initially. And eventually, they -- once they want
build the business, once they are able to showcase the credit worthiness and repayment track record, then it keep
increasing by 10%, 20%. So there is a different methodology between the new customer and old customer.
Old customer would have already displayed the repayment capacity, repayment trace with data are available from
credit bureau. And the new customer we have our own views within one year time, we know exactly how they
behaved, because we have a check of their cash flow, we have utilization check, we have a repayment check, we have
multiple information available by the next one year's time.

Okay. And SHG, by any way can you check with that particular customers taken loan from SHG or not, are you the
same way, that smaller ticket will start with it and then probably based on that lending you will grow? Same
methodology.

Yeah. Methodology is same, but in SHG case, in some cases, we get the credit bureau data, but in some cases, we may
not get credit bureau data. We assume that in SHG, they will not be any multiple and large loan, because normally this
is bank led funding, one loan over a period of time, there is no guarantee that they will renew the loan. So we check
only to the group and methodology. Wherever credit bureau data available, of course, it gets added and cash flow
mechanism when we check with customers, we get certain inputs to arrive the repayment capacity of them along with
that loan also.
So long, it is within the total overall about INR1 lakh rupees, we still go ahead if we have the data with them.
Sometimes, we may not have data, but it is insignificant actually.
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Understood. And just lastly, who will be your this personal loan customer? Will this be the -- this will be the existing
customers only, right?

We do not how personal loans. We -- the individual loan is basically a business loan for graduated customer, who are
already in the group experienced, we tested them, who have stable business and stable cash flow. We gave the higher
than MFI loans to them on an individual basis, that is called the retail finance. So this is basically our captive
customers, who have shown the good repayment capacity as well as good cash flow and good business.

So on an average, how many cycles this customer would have completed?

Minimum three cycles.

Minimum three cycles should have -- so that is (inaudible) nothing look into...

We start with that, start with that.

Perfect. Sounds great, sounds great. Thanks a lot, sir. And all the best.

Thank you very much.
Operator
Thank you. Next question is from the line of Kaitav Shah from Equirus. Please go ahead.
Kaitav Shah, Analyst

Congratulations, and thank you for taking my question. Sir this relates to over a three-year period, how do you see your
geographic concentration reducing, which states look better today for lending over a three-year period?
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See, our concentration basically, we started in Karnataka and then stepped in next state. Obviously Karnataka,
Maharashtra, Tamil Nadu looks little higher. And eventually as we grow more and more, this will automatically comes
down.
In three years down, our view is that Karnataka will come around, I mean, less than 30%, Maharashtra would remain
about 20%. So that will happen actually.

Okay. And any specific a couple of states, where you all are focusing today more?

See, one was our view was to do exposure, I mean, take a higher exposure or do higher business in Tamil Nadu, which
we achieved through this acquisition route, that's the one we achieved actually. Other states, we are not continuously
exploring more districts. The new states we entered particularly Gujarat, Rajasthan or UP, Bihar, we keep on evaluating
each districts, which are contiguous to us and keep on exploring it.
So there is no specific state that is targeted state or targeted district for us. We will target on the contiguous district and
explore it. That is what the way we have been growing, and that is a good methodology, which is very strong in our
point of view and we'll continue to explore such way.

Okay. Sure. Sir, my second question is, are there any district stress or states where you have slowed down or exited in
the last six months, apart from what we have already discussed? Are there any visible signs of stress in any other states
that you will see districts?

No, actually, we have not -- see what happens is some time when we start district, if we no that districts may not be
good. We may end up with only one branch. We have about 20-odd such districts, where we end up with only one
branch. We are not expanded beyond. So that is what the beauty of this, actually, I mean contiguous expansion. Or
some districts, we not even enter, because we find the signs of problem, we will not even enter that district. There are
several districts within our own operating area we not entered also. So that -- the process helps us to do that, but there is
no -- within so far that we actually stopped business in the districts and come back or closed our business that we are
not done so far. We have not found such situation so far.

Okay, fair enough. One last question, what would -- of the percentage of your customers, what would be first time
credit takers, new to credit?

New to credit is last financial, we had about 46%. This financial, it maybe about 40%. However, maybe the other point
of view, is our 42% of our customers are lonely with us. I mean they operate only with us.
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Okay. Wonderful. Thank you so much. That's it from my side.
Operator
Thank you. The next question is from the line of Rajesh Ranganathan from Dolat Capital. Please go ahead.
Rajesh Ranganathan, Analyst

Hi. Thanks a lot for the call. Just you already answered the question with respect to the lower productivity in terms of
per branch numbers mainly because you've opened lot of branches. Typically your branch opening stops in the first
half, this year, it hasn't actually, you've continued to be quite aggressive in third quarter as well. Can you help us
understand what is the reason for that?

Yeah, Ranganath, what happened is, since we entered into five states, we thought that we'll have a little significant
number of branches in each state, so that we can evaluate properly for that at least 15 to 20 branches in each states. So
that's why, though, we have completed from a target point of view we have finished, but we thought we will add some
other 10 branches in each states, that is why we thought to have a significant numbers in the states. So about 40
branches we have added later basically as an advance from the next year point of view.

Okay. Because that is different from your normal SOP so to speak?

Exactly. It is -- basically advance, for the next year, we opened this year itself.

And the concentration in the top 10 districts, that is something which have been reducing previously, but if you look at
this presentation, you can see that, that process has stopped in the sense, the concentration in the top 10 districts has not
dropped anymore. And is there a plan or a target for you to do that, because that number I would say is relatively
something which is cope to reduce?

I think it is not that value of the district will come down, because we continue to grow -- we continue to service the
customer there. Percentage-wise, it's already come down.
Page 21 of 32
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Yeah, but it hasn't in the sense, if it's -- I think the top 10 districts this quarter versus say previous two quarters, it isn't
falling anymore. Internally, do you have a target on what that number should be?

Rajesh, look at the Slide number 19, where we have the data, the top 10 districts, top one, top three, top 10, what is the
percentage and what is the contribution of growth there, which clearly shows percentages are coming down
contribution from -- of the growth from those is also coming down, even in this quarter.

Okay. I'll re-look at it, maybe I -- but anyways, if the points (inaudible) what is your target though in say and what time
frame?

I'll give you. Today, we have only four districts having portfolio more than our 3% actually. While we had 5%, it's a
minimum, in districts, we are eventually moving into minimum less than 3% per district. So within next one to two
year, we will be less than 3% per district for concentration, which was 5% earlier. Our target is to keep moving down
actually, maybe in three, four years coming down to 2% per district.

Okay. Thank you so much. That was helpful and wish you best of luck. And this problem that you've had in Karnataka
couple of districts, did I hear you correct in saying that the problem have been sorted out already or not yet?

It's controlled and ring-fenced, we are not seeing any more disturbance at this point of time.

Okay. Thank you so much.
Operator
Thank you. The next question is from the line of Rohan Advant from Multi-Act. Please go ahead.
Rohan Advant, Analyst

Yeah. Sir, thanks for the opportunity. Sir, my first question is data point question. Our collection efficiency that we've
reported is 98.3%. I just wanted to understand how is this calculated, because one of your peers report something called
on-time repayment rate and another reports cumulative repayment rate. So I just want to understand what are the
differences in these terminologies or it's just the same thing called differently?
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The two -- these two are two different terminologies. On-time repayment is due and on that day due and collection.
Okay? Whereas cumulative is probably last weeks due, we're collecting today that become cumulative, it can go
beyond 100% also, right? So what we published is on-time collection rate, today it is due and today it's collected that is
on-time collection. Something is due off yesterday if I collected, I will not add to this collections.

Okay. Okay. Sir, so if something is due off yesterday, and they have only paid last weekly installment but not paid this
weekly installment. So if they are behind by a week, will that be -- yeah, what will be...

No. I will give examples, today, 10 customers supposed to pay INR10,000 rupees you collected. Then it is on-time
okay? For example, today, somebody is not, one is not paid, you become 99.9%. Whereas last week somebody
defaulted, paid today and it can become, then it become 100% cumulative, but on-time will be 99.9% only.

Okay.

Okay. So. -- okay.

Sir, my second question is, sir, during times of stress like you are seeing say in -- you have seen in Karnataka, do you
see any meaningful difference in collection efficiency based on the collection frequency as in say weekly, bi-weekly or
monthly group is behaving better than the other and be in terms of the cycle that the customer is in?

See, all the events so far, whether it is demonetization or any other stress situation, we found that higher customer
connectivity will yield better. So that is where the advantage what we have, collection weekly meeting. So that is why
our collection behavior is much better than the collection of fortnightly or a monthly behaviors.
So which is proven all the time actually. So I think that chance already -- this business is basically high touch business.
So, high touch institutions will have advantage always.

Sir, but around 40% of our collection is still bi-weekly. So, any thoughts on shifting it to weekly?
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No, I think what I said is weekly meetings. So they would have chosen to pay fortnightly, but that still connect weekly.

Okay.

So we uniquely position our repayment to the customer, then we give them the choice to pay. But the meeting will
happen every week.

Got it. Okay. Sir and on the cycle of the customer. Is there any difference in (multiple speakers)

No. Actually no, that's little tricky to say, because the higher the cycle, there is a chances of higher repay or higher
borrowings also including one or two, three institutions also. I think the higher the outstanding, the delinquency, even
number of borrowers left but the volume can be higher. So it's quite difficult to say, which you said, but there is no
much difference in terms of total volume point of view.

Okay. Thank you, sir. And all the best for the (multiple speakers)

Thank you.
Operator
Thank you. The next question is from the line of Harsh Agrawal from Infina Finance. Please go ahead.
Harsh Agrawal, Analyst

Hello, sir. Sir, thanks for the opportunity. Just wanted to understand, in this two districts of Karnataka, where we have
an outstanding of around INR128 crores. Are we still disbursing in these areas?

70% of customers are paying, where -- in any village and any locality, where there is no disturbance, customers are
normal, they pay back. So we do their -- do disbursement. Where in a village where even one center is default and the
surrounding center is default or some problem, in that location, we avoid. So we will choose and disburse to them.
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So our growth is very less there, actually if you see, Q-o-Q, I think our growth is just 1% there. But it is not that we just
stopped disbursement to everybody in the district, because one village maybe working, one village may not be working.
So where the village is working properly, we disburse money.

Sure. And sir, just a follow-up on this, like when you say 70% of the customers are paying. We are talking about the
OTR of 70% or it is the cumulative rate of 70% we are talking about?

It is OTR.

Okay. So...

On-time repayment.

So the 70% is as on December 31, 70% for the month of December?

Correct. Exactly, yeah. It is -- on-time means is on a daily basis, they are due and paying.

Yeah. But this 70% would be for the whole of the December right?

As of December, yeah you can say that way, right.

So, but still, they might be...

No, no. There is some -- see October, November, October is much better, November is slightly reduced but December
end, by that time, it is 70% on-time.
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Current Quarter:
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Great. But that 70% is only of the dues which were -- so the amount which were due in December right?

Exactly. Okay.

70% of that, but there were some amounts, which were due in November and...

No, no. Those are -- it is not that, basically, if 70% of customers that due, they are paying regularly.

Okay.

Okay. So there may be 30% of customers are not paying on a regular basis. On-time, they are not paying, some time,
they pay late, some time, they don't pay, that's why that the - that delinquency is there.

So sir, just for a broad understanding, like we have just INR120 crore outstanding so would it be fair to understand that
say around 30% of this, which is around INR35 crores is what is not been collected on time or like which is..,

Yeah, you are right.

Some payments are delayed and we have made...

Delayed or not paid, some people are not paying, some people have paid it partly or intermittently, all these together it
is.
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Yeah. So together that would be around say INR35 crores, INR40 crores and that is where we have made INR26 crores
of provisions?

Correct.

Sure. Thank you, sir. That's all.
Operator
Thank you. The next question is from the line of Akshay Ashok from Dalal & Broacha. Please go ahead.
Akshay Ashok, Analyst

Yeah, hi sir. Congratulations on very good set of numbers.

Thank you.

In your Q2 numbers, your retail loans have gone up by almost Y-o-Y 128%, and will the proportion of your IGL and
retail loans continue to remain the same going forward, that is your target or could there be -- where in Q3, Q4 the
retail loans percentage will increase and your IGL will decrease?

No.

Is it between that IGL percentage?

We -- I think currently, we are maintaining 95%-5% [ph] only.

Yeah.
Page 27 of 32
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Current Year:

95%-5% [ph]. I think at least for next two, three quarters, it will remain there only.

It will remain there only. Okay. And last one more question, this Madura timeline by when you expect the approvals to
come to mostly?

Yeah. We have targeted at least the first part, which is acquisition part hopefully to be completed by the end of this
financial year, expecting the approvals from RBI and SEBI to come through for the first part essentially before this
time, that's our expected timeline.

Thank you so much, sir. Thank you so much.

Thank you.
Operator
Thank you. The next question is from the line of Saurabh Dhole from Trivantage Capital. Please go ahead.
Saurabh Dhole, Analyst

Yeah. Sir, thank you so much. So I have two questions, one is on the average ticket size or maybe the average
outstanding amount per borrower. As you already mentioned that this has been inching up in the last few quarters
partly, because more number of customers are moving to the non-first cycle and also because the regulator has raised
the cap on ticket sizes. But just to understand from you, what is the growth in this average outstanding per customer
that we can foresee in the next one year?
So right now, it's about INR31,000, it was at about INR26,000 last year. So what is the growth that you're seeing in the
next one year on the average outstanding per customer? So that is question number one. Question number two is on this
Madura acquisition, as I understand, the book there is largely TN-based book and we are already quite heavy on the TN
side. So what is it that this acquisition brings to you in terms of synergies or in terms of complementarity, if you could
elaborate on that? Thank you.

Yeah, I'll take the second question first, before Udaya gets onto the average ticket size piece. See the Madura piece,
incidentally, if you -- if you had gone through the details of our previous call, post the announcement, we had
mentioned that there are about 11 lakh borrowers and the overlap with the borrowers per se is hardly around 50,000,
60,000.
Page 28 of 32
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Current Year:
So essentially, we were having around 5% of overlap, and all the geographically, there could have been an overlap in
terms of branches, the fact that there is not much commonality between borrowers essentially meant that we are
technically getting a 10 lakh borrower straight away into our fort. So the merger per se is actually helping us to straight
away increase our customer base without much effort. So that's one of the key reasons.
So the synergies of the merger, if we come to it, culturally Madura has been a very old organization and built with the
right principles in terms of customer centricity, which aligns very well with CreditAccess Grameen's methodology and
approach to building business, so no better combination in terms of the right type of entities to get merged. And the fact
that it combines well with us in terms of our diversifying our current portfolio in different states.
Thanks to their presence in Tamil Nadu, which is currently are at -- as of September 70% of their portfolio is in Tamil
Nadu. It's not that they are exclusive in Tamil Nadu, they are also in other states. So it brings a good variety for us,
ability to diversify ready set of customers, and mainly, they're fully leveraged and that brings in -- and they are a high
ROA, ROE company. So it gels very well with our current set of numbers also, and its value accretive from day one. So
that's the reason why we are going ahead with the -- this particular acquisition and merger. Udaya?

Yeah, on the ticket size, if you observe in the last five years, we are actually our ticket figures gone up -- outstanding
for customer has gone up almost 10.5% CAGR. So it is a natural that the more you have the customer retention, which
is supposed to be the most important thing in microfinance to that extent, it keep going. So with this change of the
policy, there is a slight change, while RBI told up INR125,000 we said, we will not take the INR125,000 on the top
level, we will restrict at INR1 lakh. Whereas in the mid and the start and middle, we will probably tweak a bit.
So with that change, maybe it will go up by about 15% from on a year on year [ph] basis for next two to three years
time. So it won't change too much, but it's our linked back to retain customers who are, who have more experience and
better handling the cash.
Saurabh Dhole, Analyst

Okay, sir. Thank you so much.
Operator
Thank you. The next question is from the line of Sandeep Agarwal from Naredi Investment. Please go ahead.
Sandeep Agarwal, Analyst

Thank you, sir. Sir my question is regarding in our liability mix securitization portfolio reduced 2.1%. Sir, any specific
reason?

No, there is no reason as such. During the course of the year we do DA direct assignment and securitization transaction,
and it is just that we did very few transactions in the last 18 months. And that has actually run down. And in this
particular financial year, we did more of DA, and that's it, it's a normative reduction and nothing specific.
Page 29 of 32
Current Quarter:
Current Year:
You always need to see both together actually, so not independently, because both are the similar characteristics of
short-term funding.
Operator
Sir, sorry to interrupt, but the line for current participant is disconnected.

Okay.
Operator
We move to the next question from the line of Deepak Poddar from Sapphire Capital. Please go ahead.
Deepak Poddar, Analyst

Yeah. Thank you very much sir for the opportunity. Sir, my first question is regarding your Madura Microfinance. Sir,
you mentioned that there is no significant difference of growth rate. So that...

Sorry.
Operator
Sir, Deepak Poddar, your line is in talk mode kindly go ahead with your question.

Hello, hello. Am I audible?

Yeah. Please.
Operator
Yes, sir. You are audible.

Yeah. Sir, my first question is regarding your Madura Microfinance, now you mentioned that there is no significant
difference in terms of growth rate, so that particular business is also growing it in the range of 40%, 45% that we are
growing?
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Current Year:

Yeah. They have actually grown in that range last year and the previous year also around that -- that same range.

In the same range. And then we -- and in terms of our base business, do we expect the current run rate in terms of our
AUM growth to basically continue as we go into next year FY '21?

As I told earlier also that the growth will steamed in a bit, I mean, reduce a bit. So today if you see, when you see it is
45%, it is 45% at the base of December '18. If you see the annualized growth of the current year, it's 31% only. So we
would not be growing 45% on an annual basis, but it's a correct, I mean arithmetical.
So our view is, so the growth will actually tapered down from 40% to 35% to 30% like that next over the next four, five
years, where we may have a CAGR of maybe 25% to 30% growth for the next five years point of view.

25% to 30% growth, right?

Yeah.

So -- and in terms of PAT, I think PAT has always lagged and especially in this year, maybe it might be because of
your impairment of financial instruments. So is that the PAT which should also be following our AUM growth or will
there be any other factor that might impact your PAT tracking your AUM growth?

That should be in similar range actually unless exceptional circumstances.

That's it from my side. Thank you very much.
Operator
Thank you. As there are no further questions, I now hand the conference over to Mr Udaya Kumar Hebbar for closing
comments.
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Current Quarter:
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Thank you very much for your questions and hope you're all -- I mean, we answered the question to your satisfaction.
We look forward for the next quarter in the month of April or May. Thank you. Have a nice day.
Operator
Thank you. Ladies and gentlemen, on behalf of CreditAccess Grameen, that concludes this conference. Thank you for
joining us. And you may now disconnect your lines.
This transcript may not be 100 percent accurate and may contain misspellings and other inaccuracies. This transcript
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Company Name: CreditAccess Grameen Ltd Market Cap: 116684.

383248 Bloomberg Estimates - EPS

Q3 2020 Earnings Call

Udaya Kumar Hebbar, Chief Executive Officer

Questions And Answers

Ishan Shah, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Ishan Shah, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Ishan Shah, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Ishan Shah, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Ishan Shah, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Antariksha Banerjee, Analyst

Antariksha Banerjee, Analyst

Antariksha Banerjee, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Antariksha Banerjee, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Antariksha Banerjee, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Antariksha Banerjee, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Antariksha Banerjee, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Antariksha Banerjee, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Antariksha Banerjee, Analyst

Nidhesh Jain, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Nidhesh Jain, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Nidhesh Jain, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Nidhesh Jain, Analyst

Renish Bhuva, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Renish Bhuva, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Renish Bhuva, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Renish Bhuva, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Renish Bhuva, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Renish Bhuva, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Renish Bhuva, Analyst

Renish Bhuva, Analyst

Renish Bhuva, Analyst

Aakash Dattani, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Diwakar B.R., Chief Financial Officer

Aakash Dattani, Analyst

Diwakar B.R., Chief Financial Officer

Aakash Dattani, Analyst

Udaya Kumar Hebbar, Chief Executive Officer

Aakash Dattani, Analyst