Ladies and gentlemen, good day and welcome to the Q1 FY25 earnings conference call of Manappuram Finance, hosted by Dam Capital Advisors Limited. [Operator's Instructions]. I now hand the conference over to Mr. Sanket Chheda from Dam Capital. Thank you, and over to you. Very warm welcome to all of you, to Manappuram's Q1 FY25 conference call. We have with us management team today, with starting with V.P. Nandakumar, who is MD and CEO, Sumitha Nandan, who is the ED, Ms. Bindu A.L., who is the CFO, Mr. Raveendra Babu, who is MD of Asirvad Microfinance, Rajesh Namboodiripad, who is CFO of Asirvad MFI, Basavaraj Shetty, Senior VP and Head IA, Kamal Kumar Parmar, Head of Vehicle and Equipment Finance, Suveen P.S., who is the CEO of Manappuram Home Finance, and Robin Karuvelil, who is the CFO of Manappuram Home Finance. Without further ado, I will hand the call over to Mr. V.P. Nandakumar for his opening remarks. We'll follow that up with question and answers. Over to you, sir. Thank you. Good evening, ladies and gentlemen. It is my pleasure to welcome you all to our conference call to discuss the first quarter FY25 financials. Amidst the global uncertainties and geopolitical conflicts, our country remains a standout, poised to achieve a sustained real GDP growth rate of 7%. Against this backdrop, I present our Q1 financial results. At a macro level, forward-looking economic agenda and political stability create a conducive environment for building a Viksit Bharat by 2047. Several initiatives outlined in the Union Budget are expected to have a multiplier effect on the economy. The Affordable Housing Scheme, incentives for first-time employees, measures to enhance youth skills, and student internships in the top 500 companies, will boost employment and income, leading to increased credit creation and sustained aggregate demand. Despite a slowdown in economic activity due to general elections during the quarter, we achieved a substantial growth in both AUM and profits. I am pleased to report a net profit of INR 557 crore, an improvement of 11.7% year-on-year, driven mainly by the profitability in our gold loan. The standalone AUM of the entity at INR 31,035 crore, grew by 20.6% year-on-year, with a consolidated AUM of INR 44,932 crore, an increase of 21% over the same quarter last year. Our gold AUM reached INR 23,647 crore, an improvement of 14.8% over the same quarter last year, and 10% sequentially. You may recall that I have been promising just this kind of a growth in our gold portfolio. Our gold holdings increased during the quarter, despite heightened competition. As you know, the Union Budget slashed the import duty on gold from 15% to 6%. As a result, there is an expectation that domestic gold prices may see a moderation, leading to higher retail sales. Though this does not have any direct correlation with our business, an increasing volume of gold with households will be positive for our business, since the gold loans are the go-to sources of households to meet their emergency financial requirements. Coming to the non-gold segments, our microfinance subsidiary, Asirvad, posted an AUM of INR 12,310 crore, showing a growth of 21% year-on-year, and a profit of INR 100 crore. As in previous quarters, our microfinance business continues to show, recording 63.4% increase year-on-year, with an AUM of INR 4,541 crore, followed by home loans with an AUM of INR 1,587 crore, registering 32% increase over the corresponding quarter of FY 2024. We are closely monitoring the affordable housing segment, which holds significant potential. Our non-gold business now account for 47% of the total portfolio. It is true that there is an industry-wide trend of collection challenges in these sectors. We have not been immune to such challenges, but in our case, these are restricted to certain specific products. A close examination has shown that climatic challenges, such as floods and heat waves, affected the optimal functioning of establishments, and this in turn caused a delay in repayments. We are taking all possible steps to identify the bottlenecks and increase collection efficiency. Going forward, we also plan to focus on secured lending in MSME and allied verticals. So overall, we are well capitalized as per the industry norms, with an asset quality in the standalone book contained below 2%, and we have a consolidated ROE of 4.5% for the quarter. For more comprehensive review of our financial performance, I now hand the floor to our CFO, which is Bindu A.L. Thank you, sir. Good evening, ladies and gentlemen. Thank you for joining us for the discussion on the financial results for the quarter ended June 2024. Restrictions on disclosing Asirvad financial numbers continues as the IPO is in progress. Coming to the performance, our consolidated AUM for Q1 FY 2025 was INR 44,932 crore, representing 6.8% sequential growth and 21.2% YoY growth. This is with a strong growth in gold loan book. Consolidated profit after tax was INR 556 crore, which was down by 1.2% and up by 11.7% YoY. ROE on a consolidated basis was 19% and ROA 4.5%. Standalone GNPA at 1.96% versus 1.93% during the previous quarter. With regard to liquidity, cash and cash equivalents at INR 5,383 crore on a consolidated basis, and undrawn bank line was INR 3,530 crore as on 30th September. Our CP exposure is only 3% in the standalone entity. Borrowing cost has gone up by 18 basis points. As you may be aware, we have raised $300 million under Reg S in May 2024 for the business growth. On the gold loan business, which is improved to 52.6% of consolidated AUM, the AUM stands at INR 23,647 crore, up by 9.7% QoQ and 14.8% YoY. During the quarter, we were able to add 4.21 lakh new customers, and the number of outstanding customers gone up to 24.5 lakh from 23.76 lakhs. Online gold loan book stands at 70% of total AUM, and the standalone profit after tax, INR 440 crore, which is up by 2.9% sequentially and up by 15.7% YoY. Asirvad microfinance subsidiary, the AUM stands at INR 12,310 crore, including gold loan AUM of INR 1,016 crore, QoQ growth up by 3.6% and 21.4% YoY. PAT was INR 100 crore versus INR 102 crore in Q4 FY 2024, which is marginally down 1.8% and YoY, 10%. Net NPA stands at 1.36%, and the CRAR currently stands at 21.81%. Coming to vehicle finance, we have reported an AUM of INR 4,541 crore, which is up by 10.5% QoQ and 63.4% YoY. The GNPA stands at 3.6%, and the AUM comprises of CV, commercial vehicles at 56%, passenger vehicles at 28%, and two-wheeler, 16% of total vehicle finance AUM. The home loan business, INR 1,587 crore, which is up by 5.2% QoQ and up by 32% YoY. Subsidiary reported a profit of INR 6 crore during the quarter, and the GNPA at 2.88%. Home finance AUM comprises of home loans of 72% and LAP book of 28%. Loans to MSME and allied at INR 2,946 crore, with a disbursement of INR 311 crore during Q1. GNPA at 2.7%, excluding digital personal loans, and this portfolio is largely secured. On-lending AUM stands at INR 916 crore, with a disbursement of INR 95 crore, and the ROI on this book is around 3.6%. Considering the consistent earnings, board has declared an interim dividend of INR 1 for this quarter. Our capital's position is strong at a CRAR of 29.6%. Net worth at INR 12,020 crore, and the book value of INR 142.02. Thanks. Now we can go for the Q&A session. Thank you very much. [Operator's Instructio ns]. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Adarsh from Enam Holdings. Please go ahead, sir. Hello. Hi, sir. Congrats on good numbers. So the question is, you know, I have two questions. So first is on the gold book. After a very long time in the last few quarters, we are seeing some decent customer addition. So just wanted to understand, like, what have you done for this trend to change? You know, the customer growth has come after many years, so that, and have you benefited from the ban on a competitor? And the second question is, you know, many MFIs have reported their first quarter numbers. Things seem quite tough for the sector now. Our Asirvad numbers seem okay, so just wanted to understand what are you seeing on the ground on the MFI business? Okay. Adarsh, the gold, about gold loan, I used to tell, post-COVID, what has happened is that demand from our target audience went down. And, yeah, after that, it started coming. That's why, the number of customers also has increased. So we, we have not done anything different from what we, whatever we have been doing, but the demand has gone up. Our, average ticket size remains around INR 70,000-INR 75,000. From that class of customers, the demand started coming up. The ban on our, some of the competition, I don't think, the effect is material. Why? Because even if it is there, it is getting distributed to so many players, and by most, many of these are going to banks only. So, it is not because there is a ban on one of the competition. It is because our segment, the customer requirement has gone up, the demand for some, their working capital, et cetera, has gone up. About Asirvad, we have a challenge that IPO and DRHP, we're in the DRHP stage. But in the sector, yes, you have said is right. It is... Yeah, there are some challenges in collection because of factors like, yeah, the Punjab, Rajasthan farmer education. The then general election. And connected with that, there were some rumors spread by the interested party about loan waivers. More than these two, because of the climatic reasons, such as heat waves, that has led to some of the establishments to close for so many hours, and so the business has been impacted. That has led to the collection. As you know, the sector has some cyclical challenges, and the- Mr. Management? Management, can you hear me?... Hello? Sanket? Yes, hello sir. Okay, so, Kerala disconnected. They are not able to hear anything. Can you please reconnect them again? Yes, I'm connecting Kerala's line. Is there any issue or, Hello? Ladies and gentlemen, please hold while we reconnect the management line. Yes, ma'am, you are in the call queue. Sir, you got the answer? Yes, ma'am. So just, just a follow-up, sir, on our customer growth. What is your expectation now, right? Do you expect now, unlike the last 3-5 years, that we didn't have customer growth, we should, like the last 1 year, get back to having some 5% to 7% customer growth? It is, it is slowly growing. So this, before COVID, we were growing at around 10%-15%. But then demonetization had some impact. Then after that we have come back, et cetera, et cetera. So, so, I have been maintaining that this year we may grow just 12%-15%. So, yeah, yeah, I, judging from the current trend, we hope we may grow around 15% this year. The growth in the number of customers also. Perfect, sir. This is good. Thanks. Thank you. The next question is from the line of Piran Engineer from CLSA. Please go ahead. Yeah. Hi, team. Congrats on the quarter. A few questions. Firstly, this INR 20 crore exceptional item, why have we added it to our profits instead of deducting? I didn't get that logic in the standalone financials? This fraud is on account of unauthorized access by our subsidiary employee, and as it is an outsourced vendor, we are in the process of recovering from the subsidiary, as it is committed by the subsidiary employee. So the loss is already factored in our financials over the years, and now this is coming as an income to the quarter financials. So this is like some insurance income? But consolidated, there is no difference. Consolidated, the subsidiary, it has come down, and parent company, it is gone up. It is totalized. In the consolidated numbers, this INR 20 crores is part of the OpEx? No, no. This INR 20 crore in consolidated, this will be a group adjustment, because in subsidiary, this is, this is booked as an expense, claims payable, and- [crosstalk]. Okay. In the main entity, it is booked as a receivable. So in group adjustment and in the consolidated, only the tax impact, because in Manappuram Finance, the tax liability is there, but in the subsidiary there's no tax. So in consolidated, tax impact of INR 4 crore, standalone it will be- Sorry, Bindu, I'm confused. The employee has done a fraud of INR 20 crores, b ut there is no impact on the financials? Yeah. Because this, she has done the readjustment from the interest income which is already factored in the financials over these years. Okay, okay. So it's, it comes in the interest income. Okay, fine. Fair enough. Secondly, just on Microfinance, I know you can't talk a lot about Asirvad, but broadly talk about which geographies are stressed, any particular ones? Yeah, yeah. So, say places like Punjab, Gujarat, Rajasthan, Madhya Pradesh, these are the main states. While saying so, I also wish to add another, one more thing. In these places also there are branches which are showing good collection. So these are the... Even though these are mainly in these states, the all the branches in these states are not affected. Some places, like where heat, the heatwave conditions were more or farmer agitation was more, et cetera, et cetera, and the spread of false news, like farm waiver, et cetera, loan waiver, et cetera, et cetera, these places are were affected. Now, having seen that, there is no loan waiver, and good monsoon, et cetera, hopefully, as we have witnessed in the past, all these years, these may slowly come back. Okay, and what is our portfolio in these states, sir? The full details, whatever is disclosed in public domain only can be discussed because of the constraints of DRHP. But these are not our main concentration. [Crosstalk]. As you're aware, Tamil Nadu, these are our main states, but the states where we face the collections, these are not bigger states for us. Okay. Okay, fair enough. And just lastly, on slide 18, you mentioned that you've taken some cost rationalization measures for the gold loan business. So can you just elaborate on that, please? It is a cost rationalization. What we were discussing, as the Gold Loan branch set up or, those costs are fixed, additional business will help and, help us into, reduce the, OpEx stay. Okay, okay. Fair enough. Fair enough. Okay. Thank you so much, and wish you all the very best. Thank you. The next question is from the line of Rajiv Mehta, from YES Securities. Please go ahead. Yeah, hi, good evening. Congrats on good numbers. I've got a few questions on the gold loan business. So we are talking about demand, you know, having increased for gold loans. But when I look at the customer acquisition number or volume, it is 4.2 lakh customers acquired in Q1, and it was... It is pretty similar to Q4. Q4 was 4.1 lakh customers that we had acquired. So it doesn't show up in volume. And the math behind, you know, the gold customers growing by 4% QoQ, because when we had a similar addition in the previous quarter, the customer base did not grow as much. So was it that auctions were zero, or was it that releases of the gold, you know, pledged were much, much lesser in the quarter? So, the live you want? Apart from the new customer, what we've seen that 4.2 lakh is new customer number only, but apart from that, existing customers are also started coming back. That is, this customer, this happened during this quarter compared to the previous. And on the auction side, it is not large on similar to last quarter, only the auction is there. But that is not the exact reason for this. Existing customers are also come back apart from new customers. Yeah. Sir, can you share that number? Can you share that number of old customers, you know, reactivating in this quarter, and what was it in the previous quarter? We will send you. We will send to you, because these details are not there. So, yeah, the new customer acquisition remained the same, but [crosstalk] overall, overall live customer base has gone up. Understood. Understood. This increasing ticket size, you know, average ticket size by 6% QoQ, can you explain this? I mean, is it more driven by, you know, the LTV headroom being availed by some of the existing customer base, is there, you know, incremental need for money? Because I also see LTV, you know, going up. Or is it also driven by the fact that, the customer mix has changed, that you acquired, you know, slightly more, slightly higher value customers? What has kind of driven this increase in ticket size on QoQ basis? The number of details we have. I t is a mix of both. One is that LTV, some percentage is increased, and also the portfolio mix also. About 200,000 customers percentage is increased from 33% to 35% during this period. So it's a mix of both. One is that LTV slightly increases there. Secondly, that's a slightly bigger ticket, INR 200,000 above ticket size we started getting more. Okay. So which is why your net yields on the Gold Loan portfolio has also come off from 22.5% to 22.2%? Yeah. Marginal decrease is because of this one. In gold loan, customers are coming, they are pledging gold, that they have in mind this has to be redeemed within 1 month, 2 months, 3 months. The average life is around 100 days. They don't simply pledge, because the LTV is high, because they have a bunch of ornaments at their hands, at their home. They come with the necessary quantity of gold just to have the loan of their requirement, because they are very clear that this should be redeemed. But they are getting more money on the same collateral, it's not a big attraction for them to an increased borrowing. Why? Because they are sure that they have to be redeemed within a short time. Mm-hmm. Mm-hmm. And just lastly, sir, what can be the likely impact of, you know, one of your competitors coming back or restarting his operations? Yeah, yeah. Let them come back. See, earlier, the old players, they didn't, they didn't have a level playing field to with them, because, yeah, they have their own practice, which, which are seen, which are, yeah, in whatever is there, we have seen the reports, et cetera. Well, I rely on the reports. But when they come back, yeah, they are coming with the necessary practices or fair practices as laid down by the Reserve Bank of India's fair practices law. But then there will be level playing field for them as well as for us, because still 60, more than 60%, 65% of the loan is from, yeah, the informal sector. This informal sector transition will happen. It is the natural process of transition which is happening now. Then again, as I mentioned earlier, India is importing 1,000 tons of gold every year. The major portion of these are going for jewelry. That means, jewelry sale is also increasing. That means people have more gold with them for availing loan at the time of their emergency requirements.. Mm-hmm. Mm-hmm. Sir, this customer acquisition trends and this existing customer reactivation trends, which were very good in Q1, are they continuing in July and August as well? Yeah. So see, there will be some seasonal changes. Some seasons, this happen because of the harvest season or school reopening season, there will be an increased demand. So some, yeah, there will be some cycles. But compared to the same period during the last year, we see the demand better. Okay. Thank you, sir. Best of luck. Thank you. The next question is from the line of Abhijit Tibrewal from Motilal Oswal. Please go ahead. Yeah. Thank you, and good evening, everyone. Good evening. The first question is more of a data-keeping question. What were the gold loan disbursements in this quarter, and what proportion of those gold loan disbursements were top-up loans? We don't have the details right now, so if you want, we can share it later. Sure, sir. The second question again on gold loans was, since the last question itself, you kind of referred to seasonality, which is typically there. So, from what we understand, typically Q4, Q1, Q4 and Q1 tend to be seasonally stronger quarters, because of the reasons that you yourself have explained multiple times on these calls. Now, Q2, Q3, I mean, just trying to understand, are we kind of heading into slower growth for the next two quarters before it kind of picks up again in Q4? Yeah. It will, we feel like it will be slightly lower than the peak period, which is over now, but still the growth will be there. Got it. Got it. And just then, just one last question on microfinance. So while we touched upon some states where problems are there, and we kind of attributed it to a lot of things, Punjab farmer agitation, general elections, rumors about loan waivers, heat waves as well. So I mean, there are MFIs today who started acknowledging the problem of customer over-leveraging that has happened. So what is our view on this problem of customer over-leveraging, which could lead to more stress in the coming quarters? And two related questions on microfinance only. I mean, in terms of the asset quality, stress, credit cost in microfinance, are we kind of done taking the hit? Or do you think there are couple of more quarters ahead we will see? Because in this quarter also we did an ARC transaction of almost INR 200 crore in the microfinance business. So are we kind of going to be seeing that stress pan out over the next couple of quarters? Or do you think things will start improving from second quarter itself? And sir, lastly, if you can share, that data on microfinance, which I'm sorry, you have started sharing about, customers unique to Asirvad, Asirvad plus one, two, three and four. See, as you, you yourself has mentioned, that, we are in the DRHP stage, we have data constraints in, giving you all the numbers other than the published numbers. And so the MFI industry has challenges, and I am talking something general, that, as we cannot disclose more in our case because of the obvious reasons. So the some states, the heat wave conditions, the farm laws, et cetera, et cetera, was high. And thereafter, the rumors of loan waiver, et cetera, was also intensely spread, et cetera. These are. And And because of the heat waves, as I also told, the productivity of lost man days were lost, et cetera. That is the challenge, and, the, that is what is seen in the industry. As I said, these are not completely in states. These are the states, like Punjab, Rajasthan, Madhya Pradesh, et cetera, Gujarat, et cetera, where some parts of the states are doing pretty well. So these are where these issues have impacted. And these issues, the industry has seen in the past. And after realizing that, you know, the news spread was false, and also, because of the monsoon coming, et cetera, et cetera, as these people will come and repay, because this microfinance is helping them to manage their cash flow to meet some requirements, et cetera, et cetera. The history shows that they will not completely ditch. When the problems were there, so technical challenges were there, their repayments are affected, but still come back. Then coming to overleverage, the SROs have guided us to reduce the... to ensure that the overleverage is not promoted. They have said that, yes, the maximum income per the family to be capped at this thing and maximum lenders to be capped at this. We have already implemented that. And you see that if you take our growth compared to some of the peers, where the reports were already published, our growth was relatively lower during the last quarter. Got it, sir. And sir, there was just one last question from Bindu, ma'am. But before that, sir, earlier during the call, you kind of guided for 15% goodwill growth this year and the same number for growth in customer acquisitions as well? Yeah, yeah. We expect 15%, somewhere around 15%+ growth this year. Got it. So thank you. And sir, ma'am Bindu, ma'am, now looking at where we are and the expectations that rate cuts might also start happening in the near future, how should we look at the borrowing costs going ahead? Borrowing cost at this stage, it is continuing at a similar level only. So once I think, we are also looking at the, like expecting rate reduction, let us see, I think in September, what is happening. Got it. This is useful, ma'am. Thank you so much, and all the very best to you and your team. Thank you. The next question is from the line of Gaurav from Capital Farming. Please go ahead. Hi. Thanks for taking up my question. I hope I am audible. Yes. Yeah. I have a question on, first on the Asirvad Microfinance. It has been observed that its provisioning for bad assets has been increasing consistently, right? And similarly, it has been observed with the other microfinance listed entities as well. There has been a significant increase in the stress assets across the category. So, what's your opinion as management that how far it can go? Is it the peak of the provisioning, or there is still some room left, which we can see in the coming quarters so that this provisioning can increase from here onwards? Again, I repeat, because of the DRHP, we cannot disclose beyond whatever is disclosed. But, I will tell you a few things where Asirvad is better risk managed. One, in no state we have an exposure of 10% of the total AUM, and in no district we have an exposure of more than 1% of the AUM. The second thing, is gold loan also is coming to around 10% of the portfolio, where, you cannot expect because that's why, the regulation also has facilitated, the non-gold lending, that has been enhanced from 15% to 28%. So this, we have 520 branches as disclosed earlier, and that's doing pretty well along with the gold loan segment, et cetera. We hope because of the de-risking like this, the company will be able to perform better compared to the previous one, area. The geographical concentration is not there. It is spread across the country with the loan segment. Just to clear is the geographical concentration. The second, gold loan will definitely support. Asirvad is unique as far as risk management is concerned. Yeah. And my second question is on the other segment, other than the gold loan, like, we are into the affordable housing finance, commercial vehicle finance. Now, we are also talking about lending to the MSME, which I think in the last couple of annual reports also we have been mentioning, right? But lending to these segments require different skill set in terms of the underwriting team, recovery team, right? And the entire infrastructure. So how Manappuram at a consolidated level, the management is bringing in the expertise on the board, right from the ground level to the mid and senior management level, how you are ramping up those teams so that what you are talking in the annual reports as well as the quarterly calls is actually getting implemented on the ground also. So your views on that please? See, these are whether it is vehicle finance or MSME, these are specially trained people who are exclusive for that from top to bottom. Their underwriting requirement, these are all if you take the MSME, 95% of these are micro LAP. Their average ticket size is around INR 5-6 lakh. So these are used by small businesses. Our checkpoints is around 7% only. That means 92%-93% is collected by merely presenting the NACH or a check. The balance 7%, we are collecting. So we around 5%, we have unsecured lending to MSME. These are all small ticket lending, up to INR 3-4 lakh. Now, the stress is in that segment only. Sorry, if at all any stress is there, that is in that segment only. But now, we have reduced that further, and gradually we are making this to 97%-98% secure. So we have a team for each of these. Our business model is slightly different. We are not sourcing customers through DSA much. Of course, some percentage, a small percentage is being sourced through DSAs. But our branches attract nearly 50,000-60,000 customers every day, Gold Loan. And these businesses are co-located along with the Gold Loan business. They even though done by separate team. So when there is so much of footfall by simply presenting some banners, et cetera, et cetera, attention is caught by the customers. We are acquiring majority of the customers directly from them or through them, from their communities, et cetera, et cetera. This is our major channelizing of customers. So that's why these customers have been with us for some time in gold loan. Now, these are being done by separate team who are highly skilled in this regard. Thanks a lot for this elaborative answer. Last question, if you allow me to ask with respect to, if it is not violating any guideline of Asirvad Microfinance listing. But there was some news that you have appointed a new CEO for Asirvad Microfinance, and within a very short span of time, I think, CEO resigned. So is the listing getting delayed just because we do not have a CEO in place, or is it something else? See, we have the MD in place. Yeah, just to support him, so we appointed a CEO who is a Mumbai-based person. He has his family connections in Kerala. He thought of coming over here just to support his aging parents. Then he had the health problems. His family is in Mumbai. Yeah, they had challenges. So, his plan didn't work out as the family challenges were there, et cetera. That's the reason why, yeah, he thought of going back to Mumbai. But the company has the MD who is also the CEO. Okay. Okay. But, but, not having a regular CEO is not the reason of not going with the IPO listing, because I think SEBI has given an approval, but, but there has been a significant delay in getting the company listed, right? It is, it is not because of that. There were other issues like the election, general election. Then outcome of the election, just after that, there was some uncertainty. Then everything has come back. Then, we have started the roadshow. So this is how it, it is moving. Oh, thank you now. Because the CEO has come up, gone back. Thank you. The next question is from the line of Bunty Chawla from IDBI. Please go ahead. Thank you, sir. Thank you for giving me the opportunity. First one, on clarity. If, sorry, I missed that. Gold Loan growth guidance, have you revised to 15% for a year, for full year FY 2025? Yeah. So, from the current trend, we expect the gold will grow, yeah, beyond. Okay. So for overall consolidated AUM growth guidance will be now? Now, gold will grow 15%. The others will grow in a similar way. Other non-gold, like or affordable housing, et cetera. During the first quarter, but [Inaudible]. Okay. A few data points. One auction during this quarter, and as well as it seems to be higher write-offs we have taken in MFI portfolio. So can you share both the data, auctions and write-offs in MFI? MFI, MFI, whatever is there, can only be disclosed now because of the DRHP stage. The auction details or, yeah, we can- INR 12 crore. INR 12 crore. 12. And one more. What we have observed during this quarter, in the non-gold portfolio, vehicle financing, MSME and standalone, there has been an inch up in the gross NPA levels. Though I agree it's a seasonality, but if we compare on a YoY basis, there has been a huge rise in NPA. For example, MSME and personal loan, there has been almost doubling of the gross NPA numbers. Vehicle financing also on a YoY basis increased by 70-80 basis points. So any specific reason behind that, and how one should see next three quarters for these NPAs? The climatic reasons, like heat, have affected the productivity of the people, and loss of. This has affected across all the sectors, particularly, in the lower end of the pyramid. The middle class, the lower middle class, are generally affected. That is the reason. That doesn't mean that they will not pay, delay some payments. As I mentioned, in MSME, et cetera, we had around 5-6% unsecured loans. The damage was around INR 31 lakh, et cetera. We have reduced that portion also. We are gradually. Our intent is to make sure that their lending in under MSME is secured over a period of time. Wonderful. We are coming to that level gradually. Can we say there should be a decline in NPA from 2 to 1 onwards, as these factors has been out of the picture now? Yeah, yeah, yeah. Gradually, gradually. There will be some delay, no? Okay. They have to remit the regular installments plus old installments. These are all genuine customers who are being paid promptly, but because of this loss of man days, et cetera, the situation has changed. They will come back slowly. And lastly, on the cost of borrowing, if we see it on a consolidated basis, it remains stable. But in a standalone basis, there has been an increase in the cost of borrowings. So how one should see the cost of borrowing? Can we say that this 9% should move to 9.3% for standalone as well? And ultimately, what will be the margin impact then for us? See, T he cost of borrowing depends on the source of borrowing. During the quarter, we have done a Eurobond, where the maturity is 3.3 years, and that money we as a diversification and that are also helping us to grow the business. So that is the reason it came at a slightly higher cost. So that is the main reason for increase in cost of borrowing during the quarter. So we are not expecting it to go to 9.3, so still in the standalone level, and we are hearing about the possible rate cuts should help us, but we are not seeing much change. It is currently running at a similar level. Okay, so we can say that, margins at least should remain stable now? Yes. Yeah. Thank you. Thank you very much for that. Thank you. The next question is from the line of Mohit Jain from Tara Capital Partners. Please go ahead. Hello? Hello. Please, go ahead. Yeah. Yeah, good evening, sir. So I just wanted to know, here looking at the different segments in which we are operating, the overall NPA has increased in all the segments apart from the MFI. Is it purely because of the fact that we have written off the portfolio? I agree that you- The MFI portfolio. Hello? The MI, are you audible? Yes, MFI. I cannot, yeah, give you more details than the, yes, than saying that, there are some challenges in some places, but, we are spread across the country, no state has 10, 10%, more than 10% of the AM, no district has 1% of the AM. So this way, we are spread across. But the sector, because of the heat waves and so many other conditions, like from, from non-weaver, for the, false messages such as from non-weaver, etc., and, etc., and general election, etc., has affected and loss of mandates. So there is something. About the other, MF- MF, etc., it is because of the delay on account of the same reason. As I told you, yes, it is going to come down only because we earlier had around 5% of the unsecured portfolio in MSME. Now, that is being reduced. Fair enough, sir. Yeah. So principally, like, obviously not, not asking for the figures, but principally, had we not written the portfolios in MFI, the net NPA would have been slightly higher than what we have reported? But, MFI, whatever is there, it is shown up. It is already there. It is already out of INR 71 crore write-off. INR 71 crore write-off. Whatever can be disclosed, INR 71 crore write-off. Yeah. It is already disclosed. Thank you, sir. Thank you. The next question is from the line of Darshil Jhaveri from Crown Capital. Please go ahead. Hello. Good evening, sir. Thank you so much for taking my question. A lot of my questions have already been answered. So I just had, like, one question, like, on a broad basis. Like, I think we have seen good loan growth and maybe stable cost of borrowing. So what kind of like ROA will we target, like, for the full year, sir? So we had an ROA of 4.5. So yeah, we are bringing down the cost to AUM gradually because of the growth in AUM. It could come down, yeah, in the next one year, we hope that it will go down further, so that there will be an improvement in the ROA. We expect, our target is to... We are targeting 5% ROA. Yeah, it takes a few quarters to reach that level. It's a 5% ROA by end of the year? Yeah. Right? It may take another one year for the five quarters. Oh, okay. Okay. Fair, fair, fair enough, sir. And I just want... Yeah, yeah, fair, fair enough, sir. And so I just wanted to know, like, at least I think in the, on the consolidated level, there has been an increase in provisioning. So just wanted to, you know, in a like, pick your brain, like, so you were saying the GNPA will decrease, but then, are you seeing structurally, you know, this might be more sticky, that, you know, we might need more provisioning or something? Like, how do you see, sir, credit cost going forward? Yeah, yeah. The standalone book, it will gradually come down because, as I mentioned, because of the climatic situation and other situations, whatever has been told already, the mandates, losses, etcetera, etcetera. So, we believe that it has picked up and it should come down gradually. Okay. Fair, fair enough, sir. Yeah, that's it from my side. Thank you so much, sir. All the best. Thank you. Thank you. you. The next question is from the line of Shubhranshu Mishra from PhillipCapital. Please go ahead. Hi, sir. Thank you for this opportunity. The first question is on the options that we have done in gold loan. What is the quantum of that? And what is the gold price per gram that we had in the quarter? And when we look at the AUM split, what percentage of AUM is less than one lakh, one to three lakhs, and more than three lakhs in first quarter? And when we look at the growth, sir, you mentioned that this really hasn't come from one of the competitors going off, so not competing. So what is the organic growth that we have had in this particular quarter from our own sources? And if we have the split of south versus non-south, sir. Thanks. See, this micro details will be sent to you, but I can tell you only. In this competition, yeah, one of the competition amongst the larger players banned for some time, they may come back. But, as I told earlier also, when they come back, they will come with the what, with whatever guidelines have been issued by the regulator. Then we'll have, we all will have a level playing field. So when somebody does something beyond that, we are losing level playing field. Now, even when they come back, we welcome that. We'll all have the same level playing field. We don't have much worry. But, this is mainly due to the demand from our target audience is slowly showing improvement. It is slowly getting back to the pre-COVID level now gradually. That is actually driving growth. The other details, Mr. Mishra will share with you. Sir, if you can give me the auctions and the AUM split on the call, I'll come back for the rest, sir. The INR 12 crore auction, which is up to INR 1 lakh, 42%. One to two lakh, 23%. Above two lakh, 33%. You're not audible, sir. Say that again. Up to INR 1 lakh, 42%. Am I audible? Yes. INR 1-2 lakh, 23%. Okay. Above INR 2 lakh, 35%. Okay. The price between two quarters has gone up by 5%. It was six to seven-five as of 31st of March. Okay. As on June, it was INR 6,625. From last quarter's average, they've gone up by 5%? Yeah. Okay. Thank you. As there are no further questions, I would now like to hand the conference over to the management for the closing comments. Thank you so much for the active participation in our investor call. Anybody want that details about that whatever can be disclosed, meaning as per we have limitation in other places, stwhatever can be disclosed, please feel free to ask. We are happy to share. Thank you.