Ladies and gentlemen, good day and welcome to the Indiabulls Housing Finance Q4 FY 2023 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. For the call we have with us Mr. Gagan Banga, Vice Chairman, MD and CEO, Mr. Sachin Chaudhary, Chief Operating Officer, Mr. Mukesh Garg, Chief Financial Officer, Mr. Ramnath Shenoy, Head IR and Analytics, Mr. Pinank Shah, Deputy CFO, Mr. Ashwin Mallick, Head Treasury, Mr. Vikesh Gandhi, Head Markets, and Mr. Hemal Zaveri, Head Banking. I now hand the conference over to Mr. Gagan Banga. Thank you, and over to you, sir. A very good day to all of you, and welcome to the quarter four and full year financial year 2022, 2023 earnings call. In the fiscal year 2022, 2023, we have consolidated on the foundation laid in the previous year, which was fiscal 2022. Co-lending an asset-light path of growth, which amongst our peers we were the first to pick up on, has now been accepted and adopted by all industry stakeholders, including banks, other non-banks, rating agencies, et cetera. This year we have disbursed retail loans of almost INR 8,000 crore under the asset-light model. This is over 2.5 x of what we had disbursed in fiscal 2022. We now work with eight partner banks. For each of these partners we are a strategic relationship as we make meaningful contribution to their incremental retail book within the product segments that we have tied up with them for. For us, in turn, this is highly earnings accretive model and gives us access to a relatively unlimited and ALM matched resource pool. Our balance sheet and loan book as a result are now stabilizing. In fact, we registered a slight growth over quarter three fiscal 2023, with balance sheet at almost INR 75,000 crore and loan book at over INR 54,000 crore. I will firstly cover an important update on the reorganization and rebranding we discussed last quarter as one of our strategic focus areas for the fiscal year, fiscal and the year ahead. Please refer to slide four of the earnings presentation. The exit of the country's largest housing finance company from the non-bank space, by the end of the current quarter, which is quarter one fiscal 2024, provides the company with a unique opportunity. Aside of the largest housing finance company, which is vacating the non-bank space, we are probably the only mortgage-focused player that has done at scale home loans, retail LAP loans to developers, as well as other loans backed by real estate. To put these numbers in perspective, in the last eight years, we have disbursed over INR 1 lakh crore of home loans to over INR 4 lakh home loan borrowers, with an average ticket size of approximately INR 25 lakh. In the same period, we have disbursed about INR 44,000 crore of retail LAP loans to over 60,000 companies, small businesses, at an average ticket size of just under INR 75 lakh. We've contributed to the country's housing stock by disbursing nearly INR 60,000 crore loans to developers, et cetera. Thus we see a unique opportunity for Indiabulls to emerge in this space, which is getting vacated. For the to achieve the same, we are focusing on creating dedicated structures, separate structures, which will enable co-lending to capture the retail opportunity where on an incremental basis we are generating 3%+ ROA. As wholesale loans were historically through the cycle, and you're well aware now that we are at the positive end of the cycle. Through the negative end and through the entire cycle, we made a 5%+ ROA on the developer loans. The endeavor is to create an organizational structure which is giving us an opportunity to capture both of these opportunities, which is the 3% ROA retail opportunity and the 5% ROA wholesale opportunity. By doing so successfully, we expect that our current ROE, which is under 10%, should double to mid-teens by fiscal 2026. What is also helping is the fact that over the last three to four years, as an outcome of change, various regulatory changes, the difference in regulation between housing finance companies and non-bank finance companies has largely been harmonized. Today, the company can work on a plan of reorganization without any financial or operational disadvantage. As a result, consolidate its balance sheet into one large NBFC focused on asset-light retail origination engine, disbursing home loans and retail MSME loans. This reorganization will result in great consolidation, enhancement of capital levels, a reduction in gearing, all of which will give great comfort to our lenders and rating agencies. I'll explain this point in a minute. This will also lead to a simplified structure, reducing compliance requirements of multiple entities and improve transparency and governance standards. Especially as we look to fold in all non-operational subsidiaries of the company as well. All of this is obviously subject to the requisite approval from shareholders, lenders, regulators, and the other statutory approvals. We are essentially taking advantage of the harmonization of the various regulations and ensuring we have a NBFC structure where we can do MSME and LAP loans, and then AIF structure should allow us to continue to work on the opportunity around the wholesale loans. To just put this in perspective, when lenders, local lenders, which is banks, which are our primary source of capital, look at lending to us, they do not look at consolidated numbers, they look at standalone numbers. Indiabulls Housing standalone capital adequacy is 23% with a Tier 1 of 18.6%. Once we go through this exercise of consolidation, then our capital adequacy rises to 31% with a Tier 1 of 26.6%. Obviously, this higher capital adequacy and Tier 1 is going to look more interesting and solid to any entity which is focused on lending around these numbers, which is essentially our banks. In parallel, we are also undertaking a rebranding exercise. The company over the last three years has walked the path of evolution, of changing its governance framework. As we do the reorganization of our business and the entities involved, we want the name of the company and the entire corporate identity to resonate with our lenders, with our rating agencies, the various other stakeholders, with our customers, as well as with our employees. It should also reflect the mortgage-backed products which are being offered by the company, especially as the company expands into the hinterland. Subject to requisite regulatory and statutory approvals, we expect the new brand to be unveiled in about 120 days. Getting on to the operational part. I'll go through the fiscal 2023 and quarter four numbers. As I mentioned, our AUM and loan book have stabilized and marginally gone up. the balance sheet and the loan book have marginally gone up quarter on quarter. Our net interest income is standing at about INR 3,089 crore, versus INR 2,752 crore for last year. This growth was supported mainly by income from the asset-light model and sale of investments. The profit after tax was marginally lower, about INR 50 crore lower, basically on the back of the increased OpEx that we did on people and branches of approximately INR 86 crore. Even though year-on-year the book declined, we were able to preserve our margins to make sure that our operating pre-provisioning operating profit came in strong at INR 2,270 crore versus INR 2,019 crore. As I explained, because our OpEx increased by 12% to INR 819 crore versus INR 733 crore, it had a marginal impact on our net profit for the full year. Retail disbursements were up from INR 3,000 odd crore last year to almost INR 8,000 crore this year. The net interest margin is at a strong 4%, and the ROA has expanded to 1.4%. Asset quality has been stable, and I believe this is one of our biggest victories for fiscal 2023, besides the scale-up in the retail business. The gross NPAs on percentage basis are the lowest over the last six quarters, on absolute value basis are the lowest over the last 12 quarters at INR 1,918 crore. Net debt to equity is very nominal at 2.2 x only, and the consolidated capital adequacy is at over 31%. Please refer to slide six of the earnings presentation, which lays out our strategic focus areas going forward and the action points within each. Retail lending will continue to be our growth engine. Along with our banking partners, we will continue to grow the retail AUM in the asset-light model by originating under co-lending arrangements and also selling down loans. At the end of fiscal 2023, the contribution of CLM, which is co-lending and loan sell downs, increased to 34% of our AUM versus 10% in fiscal in quarter four fiscal 2018. We continue to sustain the 3% ROA through last year even though we scaled up. The high level, high quality assets that we are originating will ensure sustainability of this business such that we can reach business volumes which will generate an ROE in the mid-teens, 14%-15% against the 7.7% where we are at right now, thus doubling the ROE. We will also through fiscal 2024 and 2025, continue to expand our reach and continue to hire people. We've added almost 15% to our workforce and 30% to our branch network last year, and we will continue with that exercise through fiscal 2024 and 2025 also. Thus, cost to income through these two years will remain at 20%+, but by fiscal 2026 it should start coming down, which will help us in the ROE targets that we are setting of about 15% for fiscal 2026. The de-risking of the legacy wholesale book would continue. That book continues to run down. This book has performed extremely well for us, and it has been a 5% ROA asset class for us. In the last five odd years, we've also built a pool of over INR 10,000 crore of non-performing and written-off loans from the wholesale book. The good thing is, in these last five years, we've already recovered INR 2,500 crore out of this INR 10,000 crore pool. Over the next six quarters, this is very, very important. Over the next six quarters, we are now confident that we will recover another INR 2,500 crore. Of the INR 10,000 crore, INR 2,500 crore is already recovered. On the basis of this success, we are confident that in the next six quarters itself, over the next 1.5 years, we will receive, recover another INR 2,500 crore. There are other provisions and write-backs which are expected, totaling to a provisioning, implied provisioning cover of around INR 6,500 crore, which covers our gross NPAs 3.4 x. If you look at a combination of our Stage 2 and Stage 3 loans, then we have an implied provision of 88%. Not only is the capital adequacy very, very high, at 31%, the provision coverage is much more than comfortable. The ALM liquidity management has been something which the company has been focused on. We've been talking about a rock-solid balance sheet with adequate capital buffers and liquidity buffers, and we continue to proactively manage our ALM. The company had created a reserve fund to repay $270 million of ECBs, which are due later in August this year, as well as $170 million of FCCBs, assuming that they will be put on us due in fiscal 2024 and 2025. We've already deposited two tranches amounting to INR 966 crore, which represents 50% of the total repayments for the ECBs, and an initial tranche of INR 314 crore, which represents 25% of the repayment for the FCCBs. We will continue with this practice as we did when we had to repay our dollar bonds last year, which we very successfully did, and this type of a buffer creation will continue as a practice for all such instruments where we are not allowed to prepay at our choice. The other area of focus is the institutionalization process, which is an endless process in some ways. We are reaping the benefits of that. Now, with the de-promoterisation behind us, we would like to start moving forward on various other aspects of ESG and continue to improve our various goals, and scores and in true letter and spirit, become a more social, environmentally and socially responsible financial institution with high standards of corporate governance. If you can now please turn to slide seven. We are sourcing now close to about over INR 800 crore of loans per month, which allowed us to disburse for the full year INR 7,800 crore. For this year, our goal is to disburse at least INR 12,000 crore. We will retain only 20% of these loans, and we are fairly confident that we should be able to grow this to INR 12,000 crore this year, given the fact that we've already, over the last year and a half or so, disbursed over INR 11,053 crore through this model. We are fully focused on maintaining asset quality right at the start, where we focus on loans with a higher CIBIL score, which is reflected in the 90-day past due of this pool, which is below 0.10%, which is 10 basis points. We standardized our policies, processes, documentation, et cetera, across all of our partner banks. Our eventual objective here is to have a co-lending marketplace tech platform where we source loans which are made available seamlessly to all our partner banks on this platform. This will vastly improve efficiencies, which will result in higher ROAs and support the ROE goal that we have set for fiscal 2026. Now moving on to the ALM management, which is detailed on slide eight. We carried liquidity, which is cash of approximately INR 4,500 crore. This includes sanction but undrawn lines. As access to funding has eased, we have rationalized our on-balance sheet liquidity to minimize negative carry. The ALM is shown on a cumulative basis up to each bucket. We are positive across all buckets, and we'll have a positive net cash of INR 6,833 at the end of the first year. Our detailed 10-year quarterly ALM is in the appendix slides on slides 20 to 24. As per the RBI's master direction for housing finance companies, we are mandated to maintain a liquidity coverage ratio of high quality liquid assets as have been defined by the RBI, which even exclude bank fixed deposits. Against the desired 60%, we are at a comfortable 108%. What's very interesting is that since September 2018, we have repaid debt and securitization liabilities of over INR 1,52,242 crore on a gross basis and over INR 70,000 crore on a net basis. This is probably the largest debt repayment by a corporate entity in India across both financial and non-financial companies. This, in some ways, is reflective of the quality of the portfolio we've built and also our approach to asset liability management. We will continue to adopt this conservative approach towards ALM management. We do not assume any sort of refinance, be it domestically or internationally. While we seek refinance, we do not assume so. That is how we build our ALM. As we move forward, we will continue to maintain strong capital and liquidity buffers to provide both comfort as well as confidence to our bondholders. This entire exercise of reorganization will provide greater capital buffers for our local bankers. Now moving on to slide 10 on asset quality. Our gross NPAs were at INR 1,918 crore, which translates to 2.86%. Net NPA is at 1.9%. As I mentioned earlier, asset quality is steady. Our gross NPAs are the lowest they have been for 6 quarters. In absolute value terms, they are the lowest for 12 quarters. This is despite becoming fully compliant last year with the RBI circular on NPA recognition based on daily DPD. These NPAs will not be regularized unless all overdues are prepaid. At the end of March 2023, our Stage 2 loan assets declined to 8% of our AUM compared to 31% of our AUM at the end of quarter four fiscal 2022. Reduction in Stage 2 loans are due to strong repayment traction as well as on the back of the pickup in the real estate sector. Between the provisions we carry and our conservatively estimated recoveries over the next three years and some other releases, we carry imputed provisions of 12.1% of the loan book or INR 6,559 crore, which covers our gross NPAs 3.4 x and our Stage 2 plus Stage 3 loans by 88%. To quickly put all of this together, our retail asset-light strategy has proven to be a game changer for us and has been able to create a nimble and high ROA retail ecosystem. We are back to being the third-largest non-bank originator of retail loan mortgage loans in the country and soon shall go up to being the second-largest. The wholesale book is showing strong repayment traction, which also aids recoveries from previously written-off loans and presents a very interesting opportunity of partnering with foreign institutions to cater to the incremental requirement that this segment has of debt capital. Between rundown and wholesale loans and growth in retail AUM and our strategic imperatives, it is appropriate that we are tracked on our retail disbursements and our CLM and sell down in the overall liability mix. This is something that I had requested last time also. As I said, we've already expanded the contribution of this to 34%, up from 10% at the end of fiscal 2018. We expect the ROA, which is currently at 1.4%, to continue to expand in the direction of 3% which is where the flow of loans is happening. As that happens over the course of the next two to three years, by fiscal 2023, the ROE will also expand to about 15%. Just to put some numbers in perspective. Over the course of the last five years, our balance sheet, which was at the end of fiscal 2018 at INR 132,000 crore, has run down by 43% to INR 57,000 crore. That's the quantum of repayment that we have done. Our balance sheet is now at about INR 75,000 crore down from INR 132,000 crore. This has all happened by loans coming back and is thus reflective of the asset quality of our borrowers to whom we had given loans as of fiscal 2018 and thereafter. Loan AUM is down by INR 54,000 crore, again by about 45%. What's interesting is that despite the fact that we have done a INR 10,000 crore classification of loans as either NPAs or technical write-offs, our net worth has gone up 30% in the same period by over INR 4,000 crore from INR 13,400 crore - INR 17,316 crore. Even last year, from March 2022 to the March 2023, the net worth has gone up by over INR 650 crore, while our balance sheet was still down by about INR 7,000 crore. Net-net, the important thing is that despite NPAs, which were down, despite the cleanup that we have done and the recoveries which have happened, we are still expecting further recoveries of INR 2,500 crore in the next six quarters. This enhancement in net worth and this management of asset quality has happened in an environment where we've undergone 15 inspections by regulators and other statutory auditors. Since October 2019, we have been going through a concurrent audit by our lenders for of every rupee in and out of the company. We have fully adopted a much stricter NPA recognition and upgradation policy. We've gone through COVID. We've gone through a period of unprecedented liquidity squeeze for non-banks as well as the real estate sector. Despite that, not only have we increased our net worth by INR 4,000 crore, we continue to recover and recover handsomely. Year-on-year, we have grown our retail dispersals 2.5x. We've gone through a perfect storm much more than the most stringent stress tests. Believe now that fiscal 2024 should be a period where we reorganize, rebrand, and restart the growth journey such that we can get back to a respectable ROE over the course of the next three years. Through this period, and even recently, our engagement with the rating agencies continues to remain positive. All of them have only recently revalidated our ratings. To conclude, as we shift further and further towards co-lending on the retail engine scales up, we believe there's a large opportunity of doing co-lending on the wholesale side also, and we are creating dedicated vehicles for that. We believe Indiabulls Housing, having done scaled-up business of home loans, LAP loans, as well as wholesale loans, is in a unique position amongst NBFCs to take advantage of the emerging opportunity. Thus, we should be able to grow our retail AUMs. We should be able to grow the assets under management of our AIFs and target a 3%+ ROA very shortly. This was the update for the quarter. We are now open for questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Anyone who wish to ask a question may please press star and one. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Craig Elliot from NWI. Please go ahead. Good evening, sirs. Thank you. Congratulations on the excellent results. I'm especially excited about the turning point that we've got past in this previous year, where growth from the new business more than makes up for the rundown of the legacy business. Congratulations especially on that. My question has to do with slide 10. The asset quality is excellent. We talked a lot about realizations from the old book. I see that we're now seeing, you know, about 0.1% delinquency 90+ days. What do you think that number looks like through an entire cycle? Higher, lower? How do you foresee things developing please? Yeah. If, thanks, Craig, for the kind words. You know, to answer your question, the way that, through the cycle, the retail asset typically performs is that. In about five years from origination, home loans will settle at somewhere between 1%-1.5% of the disbursed amount as NPAs, and retail SME loans will be about 100 basis points higher to that. These are 90 days past due numbers at peak, and then the recovery start, and eventually the loss given default is only about 4 basis points-5 basis points, since all of these loans are secured, and the recovery process takes about 12-18 months after the loan gets classified as an NPA. What is 10 basis points? This is on concurrent basis. If you look at it on a static basis, this will probably be closer to 20 basis points. This is a book with a blended average of about 12 - 14 months on our book. By the time it is 60 months on book, it will get to between 100 basis points - 150 basis points. We will start the process of recovery on the static book, and we will start recovering. The wholesale piece, where we're not incrementally doing a lot of business, we are doing only a little business through the AIF. There, typically the delinquencies will go much higher. They'll go as much as 7%-8%. Loss given default will be about 1.5%-2%. As I said, there the pricing power is such that you still make about 5% ROE. The INR 10,000 crore of write-offs and NPAs that we took, we expect that through the cycle over the next further three years or so, the total recovery will be between 60%-70% of that. 25% has already happened. Over the next six quarters, 25% more will happen. We got delayed by almost three years in the whole process because for three years, two years of COVID and then certain forbearances continued by the courts, et cetera, you could, recovery proceedings practically came to a standstill since the SARFAESI Act in India was put on in abeyance. It's been about eight months that we are being able to again restart on the recovery proceedings, and we are already seeing good traction on that. These are broadly the numbers which will play out through the cycle. I hope I've answered your question. Yeah, thank you very much. All the best. Thank you. The next question is on the line of Rishikesh Oza from RoboCapital. Please go ahead. Hi, sir. Thank you for the opportunity. My first question is regarding the loan book growth. When exactly will we see the loan book degrowth, you know, stop at some point? How can we grow the loan book in FY 2024 and FY 2025? My sense is that by the third quarter of this fiscal year, the next two quarters, our retail disbursements will average at about a dispersal of about INR 800 crore-INR 900 crore a month. In the second half, it will average at about INR 1,300 crore-1,400 crore a month. The moment it goes about INR 1,200 crore-1,300 crore or higher per month, we will start regrowing. Net of the monies that come back from retail as well as on the wholesale side. For that to happen, unless we get some opportunity of being able to very profitably do some large-scale disbursement, for which we can also raise the right kind of capital, which will not come from banks, which has to come from other sources on the wholesale side. Apart from that, which is more opportunistic at this stage, and not strategic over the last, next six months, I would imagine that we will be flattish in the next six months, from a sharp decline. We've kind of flattened out over the last six months. Over the next six months, we should remain flattish. In the second half, as we reach dispersal numbers of about INR 1,200 crore-1,300 crore a month, we should be able to start growing on a net basis. Now, if the co-lending platform on the AIF side is to grow to the level that I personally see that the opportunity is there, then, you know, this can happen much faster, perhaps by a quarter or so, not that much faster. It's something that we will start working on in terms of net disbursements in quarter one itself. We've done small business in fiscal 2023. Whatever we did in fiscal 2023, we will do as much as that in quarter one. Quarter two, we will accelerate more. By quarter three, some of the partnerships that we have struck, even on the wholesale side, should start, you know, approving the loans that we are proposing to them. The typical approval cycle by a fund for any wholesale type of a loan is around two months, and then the paperwork takes about two months. We know exactly what we're going to disburse by June. We even know what we're going to be disbursing in July, August. That pipeline is already ready. It's on that basis that I'm giving you all of this guidance. Net-net, first half of the year, we should be flattish. Second half, we should be growing on a net basis. Once you do start doing that, obviously fiscal 2025 will grow further. Okay. Thank you, sir. My second question is, with regards to dividends. Can you, like, give an update on dividends? Can we, like, expect dividends in this financial year? Now even for, we are now technically able to give dividends even for fiscal 2023. It's a matter that has to be. First there's a technical qualification, then the matter has to be taken up by the board and subsequently by the shareholders for a final dividend to be declared in the AGM. The only update I can give to you is last year we were not technically enabled since we had dipped into the reserve. This year also, we had dipped into the reserve, but we are still technically enabled given the various calculations. The decision has to be taken by the board by and subsequently by the shareholders. We will discuss this in the Board, and if the Board so approves, then it will be put up to shareholders for a final dividend. Okay. Thank you, sir. Thank you. The next question is from the line of Elesh Gopani from Gopani Securities & Investments Pvt Ltd. Please go ahead. Hi, sir. Thank you for the opportunity. I want to ask the question, this reorganization, can we not induct a big financial partner and grow the business fast? Since there are no promoters now, can we not search a good promoter and enhance the business? The whole idea of the reorganization is to be able to have specific entities, one which is pursuing a retail business and another which is pursuing the wholesale business. We would need strong financial partners on the wholesale side. On the retail side, we already have financial partnerships in terms of banks which are providing us the capital on the co-lending side. It's a question of putting one foot in front of the other. There is, you know, we run a listed company, so we have to make our investments in people and branches in a calibrated manner. We can only allow our OpEx to go up by so much. It's ultimately a human-based business, human beings take a certain time to understand policies, processes to become productive. All of those lags one has to bear. It's not that I can make 5,000 people, 10,000 people, and the business will double from tomorrow morning. It has to be done in a calibrated manner. Some of these partnerships are in play for the wholesale side. On the retail side, they're already in play. As far as equity partnerships are concerned, if you have a structure which is very dedicated and focused, you obviously become interesting to people who are looking at a specific opportunity. Some people are more convinced about the retail opportunity in India, some others around the wholesale opportunity in India. We have created a structure. We've also built a track record. We have become without a promoter. Management team does not feel it needs a promoter. Financial partnerships is something that we will be, equity or debt, we are certainly open for. We, if there is anything which is more specific, we will obviously inform you. We are obviously taking feedback from the various investors who already either own us or have in the past owned us, and we are doing all of this reorganization based on the feedback such that the structure becomes more investable. Thank you, sir. Thank you. Ladies and gentlemen, we'll be taking the last two questions. The next question is from the line of Kayur Asher from PNB MetLife. Please go ahead. Yes, sir. Thank you. Thank you for the opportunity. Just wanted to understand, if you could talk about, the progress from the liquidation of the wholesale book. Where are we on that front? If you could quantify the size of the residual wholesale pool, and what is the target that we are setting for, the coming quarters? Yeah. Thanks. The liquidation process which we started, I think more or less is now done. We don't have to liquidate a lot. Another maybe INR 4,000 crore-5,000 crore on net basis is something that we will look forward to doing through the course of this year. At the same point in time, that kind of dispersal we would like to see happening from the AIF and through the second half or the second and third quarter itself should materially produce some of these numbers. As I mentioned a short while back, there's no gross reduction in anything which is happening. We have to just make sure that the correct pool of capital is backing the right asset. What is very clear for me is that debt capital can't back wholesale lending done by the company. It has to be done in a more specific and dedicated vehicle, which we have created. We've scaled up. We've generated returns there and so on. We are confident that that track record will is getting us partners, will continue to get us partners. We've also done transactions of over INR 15,000 crore-16,000 crore with various global funds over the last three years, and they have seen the success of those portfolios. There is, that additional bit of traction which comes by people lending out money and receiving their monies back. My sense is, the numbers are not going to be very significant going forward. There could be one or two chunky loan repayments which come back, but aside of that, it's more or less normalized now and which should allow as soon as our retail disbursements scale up by another INR 300 crore-400 crore, net growth to start happening. Thank you. I'll take the last question from the line of Kanwaljit Singh from Balaji Investments. Please go ahead. Good evening. My question is regarding how much recovery that you have made on your wholesale book in the current quarter. Is there anything to be recovered from the previous promoter? We have never lent to the previous promoter. We have no debt issuances to the promoter or any of his companies in which he is a promoter. The promoter, incidentally, the erstwhile promoter, incidentally, till the time that he was a promoter, to the best of my knowledge, anyways, did not have any debt. As far as recoveries are concerned, I think last year we recovered about INR 600 crore. In the years prior, in the three years prior to that, we recovered about INR 2,000 crore. As I mentioned, in the next six quarters, we expect to recover another INR 2,500 crore fairly steadily over each quarter. So about INR 400 crore-INR 500 crore per quarter, including quarter one, is the expected recovery that we hope to see. Yeah. Thank you everyone for attending this call and thank you for your support. As is evident, you know, we are doing fairly well. Now, step by step, we are also moving in a direction where we can start to materially enhance on our franchise. As we do that, we'll be in touch and look forward to seeing you next quarter. Thank you. Thank you very much. Ladies and gentlemen, on behalf of Indiabulls Housing Finance, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.