Ladies and gentlemen, good day and welcome to Satin Creditcare Network Limited Q2 and H1 FY 2022 Earnings Conference Call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal for an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. HP Singh, Chairman and Managing Director of Satin Creditcare Network Limited, to give his opening remarks. Thank you, and over to you, sir. Thank you for taking out time to discuss our Q2 and H1 FY 2022 financial performance. I hope you have received our quarterly results and investor presentation by now. For those who have not, you can view them on our website and stock exchanges. During the first half of FY 2022, our resilience and conviction considerably helped us navigate through these tough times. Q1 FY 2022 was a challenging quarter owing to the rising number of COVID-19 cases and the subsequent lockdowns. In Q2 FY 2022, we witnessed economic activities gradually returning to normalcy owing to the waning pandemic figures, as well as sustained and widespread vaccination drive. For the period under review, the company adopted the right strategies at the right time, offering the right solutions to the people who require these solutions, which helped us arrest de-growth. In Q2 FY 2022, disbursements started to pick up as things started to improve on the ground. Our disbursements for the quarter stood at INR 1,315 crore as compared to INR 717 crore in Q2 FY 2021 and INR 282 crore in Q1 FY 2022. Additionally, the company has a CRAR of 22.3%. The company continues to maintain healthy liquidity worth INR 1,500 crore of surplus funds and has undrawn sanctions worth INR 323 crore as on 30th September 2021. With the improvement in overall economic scenario, we believe the worst is now behind us. On our collections, we faced some challenges on the ground in Q1 FY 2022 due to regional lockdowns, restrictions and the inherent nature of NBFC-MFIs heavy reliance on cash collections for loan recovery, the need for physical proximity to customers for those collections. That posed a huge impediment under these circumstances. However, Q2 FY 2022 saw significant signs of improvement due to the proactive stance by the government and policymakers, initiation of a mega vaccination drive and quick recovery in the services sector along with growth in consumption and investment. Our collection efficiency is now 90% in Q2 FY 2022, excluding Assam, showing major signs of improvement. Our non-paying clients stood at 4% during H1 FY 2022 as compared to 11% in H1 FY 2021. As the current quarter economic activities seem to have largely resumed for most customers, we can say that we have endured the crisis well. The collection efficiencies has reached 96% during first to 22nd October 2021 and is inching towards pre-COVID levels. Disbursement too are close to normalcy. Over the years, we have grown steadily with a strong focus on customer centricity. We at Satin are underpinned by our technological integrated processes, strong domain knowledge, dedicated workforce and a strong team. Our core purpose is to drive a positive impact on the lives of underprivileged communities and to empower and transform the lives of 29 lakh customers. Let me give you a financial and operational highlights of our company. Our AUM as on 30th September 2021 stood at INR 7,381 crore. As of 30th September 2021, we have a customer base of 29 lakhs. Disbursement of INR 1,315 crores in Q2 FY 2022 grew 83% YoY and 366% quarter-on-quarter owing to waning pandemic figures as well as sustained and widespread vaccination drive. Disbursement activities are gradually inching towards the pre-COVID levels. Standalone disbursement for the quarter stood at INR 1,103 crores as compared to INR 632 crores in Q2 FY 2021 and INR 222 crores in Q1 FY 2022. As of 30th September 2021, our assigned portfolio stood at INR 811 crores, which includes INR 16 crores of housing finance portfolio. Net interest income for Q2 FY 2022 stood at INR 171 crores as against INR 184 crores in Q2 FY 2021. For Q2 FY 2022, our pre-provisioning operating profit stood at INR 53 crore as compared to INR 80 crore in Q2 FY 2021. For the quarter ended 30th September 2021, we have made provisions of INR 466 crore. Our cost to income ratio stood at 69%, while our OpEx to GLP ratio stood at 6.2%, which is expected to come down gradually with growth coming in. Broadly on our collection efficiency, as highlighted earlier, we are witnessing improving trends in our collections on ground. Our month-on-month collection figures starting July are as follows: July 2021, 86%, excluding Assam, 89%. August 2021, 87%, excluding Assam, 89%. September 2021, 90%, excluding Assam, 91%. 1st to 22nd October 2021, 96%, excluding Assam, 97%. Collection efficiency in top four states stood at 93%. We have a well-diversified customer base, well-penetrated branch network across states and 75% rural exposure. Our on-book gross non-performing assets, GNPA, stood at 8.71% as on 30th September 2021. Our ECL stands at 8.67%. The rights issue of INR 120 crore launched in August 2020 is fully paid as on date. Total borrowings stood at INR 5,920 crore as on 30th September 2020. Debt-to-equity ratio stood at 4.2 times. 59% of our borrowings are from banks. As of 30th September 2021, our total branch network count stood at 1,279 branches. Our branch network is spread across 400 districts in 23 states and union territories. As of 30th September 2021, 97.3% of our districts have less than 1% of portfolio exposure, which we aim to bring it down further in the coming time. All our MFI customers are women. 75% who belong to the country's rural pockets. Our credit support empowers poor women in rural and semi-urban regions by encouraging entrepreneurship. Over the years, we have leveraged the idea of cross-sell products to these women and have been able to disburse close to INR 19 crore during FY H1 FY 2022 under the product financing category, which includes loans for bicycles, solar products, home appliances, consumer durables and water sanitation. An update on subsidies. The business correspondent services under Taraashna Financial Services has reached an AUM of INR 682 crore. As of 30th September 2021, the company operates through 220 branches, has around 3.8 lakh active clients. Satin Housing Finance Limited has now reached an AUM of INR 246 crores, includes GA of INR 16 crores and has presence across 4 states with 2,711 customers. Satin Housing has 100% retail book comprising of 78% affordable housing loans and 22% of LAP. The company has 10 active lenders, including NHB Refinance. Capital CRAR is 89.3% and gearing is 1.6 times. Total equity stands at INR 100 crores. The company has knocked off all accrued losses since inception. Satin Finserv, our MSME arm, reached AUM of INR 138 crores, present across 8 states with 15 branches serving 2,296 customers. It's been profitable since last year despite difficult business environment. CRAR of 77.9%. Total equity stands at INR 107 crore. The board of directors of two wholly-owned subsidiaries of the company, namely Taraashna Financial Services Limited and Satin Finserv Limited, at their respective meetings have considered and approved a draft scheme of arrangement for amalgamation of Taraashna Financial Services, the transferor company, with Satin Finserv, the transferee company, and their respective shareholders and creditors under Section 230 to 232 of the Companies Act, 2013 and other applicable provisions of the Act and rules made thereunder. In line with our long-term strategy of diversification, non-MFI books stood at 9.7% of AUM as on 30th September 2021. We have laid a strong foundation for both SHFL and SFL during last three years and have created valuable institutions. We will build and scale these businesses in a calibrated manner to create value for our stakeholders. Before we open the floor for Q&A, I would like to highlight that as responsible organization, we are consistently striving to make a positive difference in our stakeholders' lives by driving financial inclusion. We are guided by our long-term standing commitment of reaching the underserved section of the society. We are propelled by our utmost sincerity, compassion and long-term vision of offering support where it is needed, and are well-poised to achieve growth and conquer the lost ground in the coming quarters. With this, I would like to open the floor for questions and wish you all a very happy Diwali and a prosperous new year. Thank you. Thank you very much, sir. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handset while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask a question, please press star and one. The first question is from the line of Srijan Sinha from Future Generali Life Insurance. Please go ahead. Good morning, sir. Thanks a lot for this opportunity. Sir, just wanted to check what changed between August when we had the last con call and now. We had only 0.5% of our book restructured in August, and we did not have the inkling of this kind of a stress sitting on our book, then. What has changed between now and then? I think, let me clarify first. You know, I think, you know, the restructuring is not of stressed assets. These are all non-NPA assets which are being restructured, you know. We gave it time from June till September for the clients to recoup back their lost you know EMIs you know. Wherever the client desired that the scheme of bigger you know restructuring which has been floated by the government be taken by them, I think they have availed that, and that is the reason why this has been restructured. This is how it has been done. It was close to about 18,000 loans which we just restructured in June. You know, the clients did want, after the lockdowns opened up, to repay their installment, but somehow if they were not able to do it, they wanted to avail the facility of restructuring. Okay. Sir, what are the terms of this restructuring? Have you given any kind of moratorium to these clients or? No moratorium. This is just the elongation of the 10 tenure? It's the elongation of the tenure. That's it. No moratorium is there. Oh, no moratorium has been given. Okay. Sir, second, is so which means that the collection efficiency that you calculate, it is calculated on the entire book and not just of the non-restructured portfolio, right? Yes, entire book. Okay. Secondly, sir, do we have any recourse to the CGFMU guarantee scheme that most of our other competitors are talking about? The guarantee scheme, we have not availed the guarantee scheme for our borrowers, but we have received money under the central government guarantee scheme. We have raised about INR 350 crore till date on the guarantee scheme, but have not taken anything for our borrowers. Okay. Which means that, we have not invoked that or we don't have recourse to that guarantee scheme itself? We have not done that for our borrowers. Okay. Sir, my next question would be on Assam portfolio. Where are we in terms of collecting the overdue book there? What's the status of the bill that the Assam government has passed, the relief bill? What's our guesstimate in terms of what could be our potential recovery from this? See, it's all work in progress right now. I think the first list which was to be given to the government in terms of people who were paying absolutely has been given to them. The second list of overdue clients is now being prepared and being given to the Assam government. We are very hopeful by the MOU signing and the way the process is being handled by the state government. We are very hopeful that the money which has been overdue would be recovered. Let's wait for some point of time that you know see how this turns out. You know, we are very positive and very hopeful of the state government, you know, possibly giving us back the overdues and the clients to be paying back their portfolio process. We started our disbursements also in Assam, which also shows a sign of confidence in the borrowing community of course there in Assam, you know. You expect that to happen in this fiscal year itself? Hopefully, yes. Okay. Sir, my next question, you know, on your capital adequacy. We have of course not grown our book over last two quarters, and yet our capital adequacy has declined from 25.3% in fiscal 2021 to 24% in Q1 and 22.3% in Q2. We have not made losses in Q2, right, at least. What explains the decline in the capital adequacy in Q2 over Q1? There is a 170 basis points decline in the capital adequacy. One that, you know, our on-book portfolio is growing slowly, the DA and the BC book is going down. To that extent, you know, the capital allocation is there on that portfolio. That's the prime reason, you know, and we have made the additional provisions because of which, you know, there's a tax disadvantage. Otherwise, you know, the capital is intact now. Okay. On-book portfolio is growing, so that's the prime reason. That is consuming capital, is what you're saying. Sorry? That is what is consuming the capital, is what you're saying. The on-book- Yes. portfolio is growing versus the decline in the DA. Right. Okay. Yeah. Sir, my another question was on the P&L itself. Your interest income has declined by about INR 20 crore quarter-over-quarter. Has there been any interest reversals that has taken place during the quarter? You know, there was a lot of overdues, and we restructured the book only on 30th September. In general, you know, in microfinance, we don't get you know interest for the delayed payment. That is where in spite of the you know flat portfolio, the interest income is slightly down. There's a bit of yield loss because of delays. Things are improving as the collection efficiency is improving. The revenue will start growing. Okay. Sir, one final question on the restructured book again. On the DA book, have you restructured anything on that book? That also has been restructured. We have taken the permission from all the DA investors, and we've got that, and then we have restructured that book as well. How big would that be restructured? We have taken the permission as from the investors and as we have done our on-book restructuring because on the ground people don't know which is on-book portfolio and what is a DA book. Yeah. We have to provide the same facility to all the borrowers and all the so to say banks who have done the DA transaction. They understand these dynamics. Then they have given us permission to restructure the books, so we have done that book as well. There also the tenure is extended, as we have done for the on-book portfolio. What would be the elongation? Sorry to interrupt, Mr. Sinha. Yeah. May I please request you to return to the queue for your follow-up questions, as we have several participants in the queue waiting for their turn? Yeah, sure. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address queries from all participants, please restrict your questions to two per participant. Time permitting, you may return to the queue for your follow-up questions. Next question is on the line of Rishikesh Oza from RoboCapital. Please go ahead. Hi, sir. Good morning. Sir, two questions from my side. One is if you could indicate what will be the loan growth for the rest of the year and for FY 2023 also. Loan portfolio? Loan portfolio growth, yes. We are targeting about 8% growth for this year. We are targeting close to about 20% growth for the next year. Okay. My second question is, our Q2 credit cost, will it remain same for the rest of the FY 2022 also? You know, we don't want to give any guidance on the credit cost at this stage. We have given the details in our investor presentation that collection efficiencies across the country is improving, with Assam getting sorted out. You know, we feel that, you know, the worst is behind us, but probably, you know. Look at the key indicator which we mentioned in the investor presentation of 4% non-paying clients, you know, declining from 11%. I think these are key indicative figures which probably give us an inkling how the credit cost will now pan out, you know, in the future. I think, you know, these are the broad parameters which we have already shown in our investor presentation to demarcate the way, you know, how credit costs are panning out. Fair to say our credit costs will be like less than what they were in FY 2021? See, that's what I said, you know, there's no indication as such. You know, technically, if you look at the broad metrics, you know, we would be, I think, you know, what Jugal said earlier, I think, you know, the worst is over for us. You know, I think we are looking at future growth as well as, you know, subdued credit costs now coming in the future quarters. Okay. No, no problem. Thank you. Yes. Thank you. Next question is from the line of Aditi Sawant from ADM Advisors. Please go ahead. Yeah, hi. Thank you for the opportunity. As most of my questions have already been answered, I have only one question. We have seen disbursements close to INR 1,300 crore in Q2 FY 2022, which fairly indicates that demand is on track. How do we see this planning in the quarters to come? You know, we've looked at the composite growth of 8% for this year, which indicates that, you know, definitely, yes, the further quarters, you know, which are coming ahead will be a good quarter in terms of disbursement. You know, we don't have any indicative number. It's gonna be better than what we've been able to do right now. It'll be better. As I said earlier, basically, the growth is back on track, disbursement is back on track, and in fact, even collection efficiencies are back on track, you know. Okay. No issues, sir. Thank you so much and all the best. Thank you. Thank you. Next question is from the line of Balkrushna from Axanoun Investments. Please go ahead. Good morning, sir. There is a charge in the Other Comprehensive Income for INR 35.46 crore. What does it represent, sir? Sorry, can you repeat the question? Yeah. There is a charge in other comprehensive income, right, for INR 35.46 crore. I just wanted to know what does it represent? You know, since we have done direct assignment transaction in the past, as per Ind AS, you know, we have to fair value the portfolio. This is the difference of the portfolio on book and the fair valuation of that. Since the credit cost is slightly inflated, there is a charge for the time being. As the portfolio quality will grow, the reversal will start happening. Okay. Do you think that any of the amount that have been charged because of fair value, I mean, valuation at fair value, so how much of this do you expect to be transferred to PNL in future, I mean, above the line? The you know, it depends on the collection trend and the write-off. This we do at the end of every quarter. This will slowly get corrected. In case the, you know, as the collection efficiencies are improving, the overall fair value of the portfolio will increase, and this will get knocked off. Okay. My second question is related to the margin money. At the end of financial year 2021, we had margin money on the balance sheet. We had margin money deposit of INR 706 crore as against the total loan and debt instrument and subordinated debt of INR 6,181 crore. Do you think this figure is high as compared to, I mean, generally market, or the lender require to give to them? I mean, when you compare with your peers or something like that. You know, we do take OD against FD facility. In case we take a OD against FD facility, we at times, you know, to manage our liquidity, et cetera, do that, where, you know, there is a lien marked on the FD. In case we want to temporarily use facility against that, we do that. It is not that we are offering that high cash margin for our borrowings. I mean, overall cash margins are varying between 0%-5% in most of the cases. We provide, you know, one-time hypothecation of book at times 1.05 times. It is not an entire security offer for the borrowing. It is part of it is OD against FD facility. Okay. My last question is related to the high cash balance, I mean, as compared to the total loan outstanding. Do you think what do you expect to be the cash position throughout the year or at the end of the year? You'll have to actually look at our history as such, you know. We've always maintained adequate cash and bank balances across the period of time, you know. Specifically, if you look at the way the pandemic had provided, I think, you know, for us this was a blessing in disguise which came in with the high liquidity balances we always carried. You know, we had the ALMs probably, you know, stretching out to at least about a year when the pandemic hit, when there was no, you know, money coming in at that point of time. I think, you know, for us, this is in the range which we always like to keep it around in, and this is how, you know, it plays out in our balance sheet, you know, all this. All right. Thank you so much. Thank you. Thank you very much. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Devendra Pandey from DC Financial Advisory Services. Please go ahead. Thanks for the opportunity. I have a couple of questions. My first question is on our average cost of borrowing. As of today, what would be our average cost of borrowing? The blended cost is around 11.25% or so, but you know, the overall borrowing cost for the first half of the year is a little over 10.5%. Because of the guarantee scheme, we have got some you know, concessional funds also, but overall it's around 11.25 or so. What would be our estimate on incremental cost of borrowing going forward? I think there's enough liquidity in the system available, and we don't see any major disruption in the cost of borrowing at this point in time. It'll broadly remain in the same only. Okay. Got it. Sir, my second question is on our secured portfolio, which is around 10% as of now. Are we planning to gradually move towards more secured portfolio? Would there be some shift going forward? I think exactly. I think you put, you've taken on the best point possibly be there. You know, this is exactly what we are trying to do that, you know. We are gradually, you know, taking our cue from an unsecured, which normally people call it the MFI portfolio to a non-MFI portfolio. We are there, yes. We are looking gradually increasing this up and wrapping up our subsidiaries and taking the non-MFI portfolio to a higher scale as such. Got it. Thanks. Thank you very much. Thank you very much. Next question is in the line of Ketan Saraf from SBI Capital Markets. Please go ahead. Mr. Ketan Saraf, your line is unmuted. Hello. Thank you for giving me an opportunity to ask a question in this platform. The first question I have is with regard to the restructured portfolio. I would want to see that, for the restructuring which you have done in this quarter, what would be the sacrifice in terms of, what will the hit, that you have increased the tenure. What can be the hit which Satin Creditcare gets on its own book for this restructuring, which is around INR 1,100 crores? Ketan, let me just give you then Jugal can probably add on. Let me just give you a brief snapshot of what happened in restructuring one, you know. Restructuring one, when we did our 18,000 loans were restructured during that point of time, 90% of them have started paying, you know. Technically, if you look at by that possibility of figures, you know, whatever has been restructured now, one, it is a non-NPA book which has been there. The second is if you look at take a cue from the restructuring one, which was done for 80,000 loans, where 90% of the people have started repaying and are back on the normal as such, you know. This is just an extrapolation of the figures which we can probably look about and talk about, you know. That is what I just want to put it across. Jugal, if you have anything to add. As we have extended the tenure, we'll get the contracted interest on the extended period as well. Because of restructuring, there'll not be any interest loss. There will be no sacrifice which the company will take on this case then. No, no. For the extended tenure also, we'll charge the interest. Okay. Got it. In terms of building the AUM, like, the second question, which I have, it's like, you have disbursed INR 1,375 crores of loan this quarter, but since then also the AUM has declined. What is the particular reason of this balance? See, you'll have to just give it a shot on the ground basically, because the moment lockdowns you know started finishing up in June, you know, you just can't pick up the disbursements in one go. Probably the quarter in itself was probably, you know, bifurcated within two parts when the lockdown was still coming off a phase as well as when near normalcy was recovering on the ground. That's the reason why I think, you know, it is still slightly, you know, flattish in terms of this thing. You know, I won't say that a 3% degrowth technically will be there, but now once we get a full quarter on, I think, you know, this will start improving from there on. Does that mean that around INR 1,000 crore of loan got matured? That's why the AUM is like, is only at a 3% degrowth. You know, the normal payments are coming. We used to disburse close to around INR 600 crore a month, you know, prior to the COVID. As the disbursement has started picking up, the portfolio will also start growing in the subsequent quarters. As Mr. Singh said that we are aiming for up to 8% AUM growth for this year, and most of the growth in microfinance happens during the second half of the year. Things are on track. Overall collection and ecosystem is improving, so portfolio will start growing. Also it's been one and a half years since, you know, any fresh, you know, real growth has really kicked in, you know, because of the COVID, you know. I think there will be cases which will be finishing off. You know, definitely it will be there, you know. That challenge I think will evaporate once the full disbursement quarter starts happening, you know, which is going to be from, this quarter onwards. Yes, understood. Just last one question. It was just regarding the other comprehensive income which one of my friends also put up. Every quarter we are recording this INR 30 crore-INR 40 crore of balancing figure with the quality. Like you said that it would be reversed once the quality improve. Like, just I wanted to know what is the, from the next quarter, you are assuming that this some of this amount would recover? You know, as I said earlier that we reevaluate the portfolio at the end of every quarter because, you know, there was an overhang of the first quarter, you know, collection efficiency, performance, et cetera. This will happen slowly over a period of time. The collection efficiencies are improving, so to that extent, the valuation, fair value of the portfolio will also improve. Whether the entire INR 36 crore will go away in one quarter or not, it's slightly challenging to say at this point in time, but as the collection efficiency and the portfolio quality is improving, the fair valuation will improve, and to that extent, this will get reversed. Sure. Thank you. That's all from my part. Thank you. Next question is from the line of Manish Dhariwal from Fiducia Capital Advisors. Please go ahead. Yeah. Thank you very much for this opportunity. Sir, we understand that, you know, these are tough times, and these are times where, you know, one really needs to kind of take all the steps possible, and I can see that the company are doing those. Now my desire is to understand that, see, that is the complexion of the company changing over the next 3-4 years because the initiatives that you're taking on this are creating a secured book, the initiatives that you're creating on the other side, and you know, the restructurings of mergers, de-mergers that you're doing. Please give us a flavor of what Satin is going to be looking like, let's say three years hence or four years hence, in terms of the NIMs that you will be targeting, in terms of the book size that you will be targeting, and in terms of the complexion of the book. That. This is basically as of today's plans of yours. We understand that it could change, things can alter, but obviously what is the understanding and the plan today? Yeah, I think, you know, so what you rightfully asked for is what I would like to maybe put it over here across for everybody's interest is. Yes, it's not a quarter-to-quarter game, you know, which normally people try to look at. You know, for us, this journey started about three years back when we actually, you know, made our subsidiaries across over there. We have now reached a cusp where these subsidiaries have started firing on in terms of our product as well as our portfolio, which is different from just being a pure microfinance institution. This is now taking shape in terms of how we look at the future in the next forthcoming years of how Satin plans out to be along with the subsidiaries across. As we said, 10% non-MFI portfolio means that, yes, the exponential growth is going to be far more positive in terms of our non-MFI book as compared to MFI book. The MFI book will also grow, but since the base is pretty large, I think, you know, the chances of the non-MFI growth going to be slow, but yes, definitely that change is going to be there. That's one. The second part is when we looked at the way we are trying to amalgamate and try and bring up our subsidiaries together, and that's the reason why the BC book was merged into our MSME book, because for us, that's how we are looking at housing as well as MSME and the other product lines along with the other asset class in the SFL book to probably also come up in terms of the way microfinance has panned out in the years which had gone by. That's exactly what our whole thesis is, and we really want to monetize both our subsidiaries in the coming future and look at microfinance portfolio as also one of the product lines which are there going across. Thank you so much, sir. Just to kind of take this conversation forward, with your permission, so say three years hence, what do you think is going to be the complexion of the book in terms of the categories? Okay. No, I can't probably give you much forward-looking statement, but I can probably say, yes, it's going to be fairly be very, you know, it'll be significant in terms of where the percentage will stand. Yes, I think in the next four to five years, we're looking at, you know, maybe a two-third, one-third kind of a scenario or maybe something like that. You know, let's say, but that's future. Right. No, that's very helpful. What will the blended NIM look like? The blended NIM. I will not know. Affordable housing also, you know, if I just can give you a cue, you know, for us, technically we are not in that section. You know, it's again a microfinance plus plus borrower, which we look at again, people who are there in the rural pockets and we're doing rural housing to a large extent. Over there, as compared to the other housing books, I can just give you probably a broad indicator. Normally the yield rates are close to about, you know, 12%-13% at the max, you know, which is, but over here, our housing portfolio is at about 15.5%-16%, you know. That's how we are looking at the asset class in our subsidiaries also, you know, moving forward ahead. It'll be fairly worthwhile in terms of our yields as well as this. Sir, the next, you know, a point that emerges from this is that, see, we've been an MFI organization and, you know, the team, the processes, the whole thought process has been created around that. Now, on a tactical basis, because of the events that were out of control, like COVID, you did not know, I did not know it's gonna happen like this. Assam, we did not know, you know, something like this is gonna happen. You know, these things happen. What you are now looking at is changing the complexion of the organization. What do you think is going to be the bearing of this on the cost structure of the company? Because you'll have to create a new cost structure for this. No, I don't think so. You know, that's what I said. You know, if you look at this, we've already spent three years of our life, four years of our life on housing and MSME. For us, we've understood what the technicalities of the gains are, everything which is there. We have identified that. The other thing which I would like to also put across is we just didn't want to remain just a pure, monolithic product of microfinance, you know. A vast, bouquet of financial services is what we are probably looking at. You know, Satin just doesn't become, you know, on the top just being an MFI, you know. We want to also enter the other asset class which we feel are also very necessary thing to be done in the financial services sector. That's what we've been able to create in the last 3-4 years, and we take this forward, you know, across it there. What will be the geographies of focus, say, three years from now? Meaning where your asset book will be concentrated. See, our leverage in terms of geography has always been very diversified in terms of 23 states. You can very well imagine once the infrastructure has already been created for us to leverage that infrastructure for both our subsidiaries is also an easy task, not a difficult task for anybody who would be starting new in this space over there. That's the big advantage which we have. Manish, maybe we can have a detailed discussion offline, and I can see you have a lot of questions. I'm happy to discuss this at length. Okay, ma'am. Thank you so much. How do I go about it? You can get in touch with me and I will announce at the end of the call how to get in, like, contact us. Okay. Maybe we can discuss further. Thank you. Thank you so much. Thank you so much for this opportunity and your patient responses. Thank you. Thank you so much. Thank you. Next question is a follow-up from the line of Srijan Sinha from Future Generali Life Insurance. Please go ahead. Yeah, just two small questions. One, what is the status of our SMA one, SMA two book? How big would they be, the overdue book? You know, we have restructured most of the book, which was eligible and standard. You know, SMA, PAR one is close to around 9.7% or so. PAR 1 is only 9.7%, which is only Yeah. 100 books over the GNPA. Yeah. Yeah. Okay. Sir, my second follow-up question is on, what's the kind of FLDG that we would have given to our DA, investors? In DA we have no sort of say risk participation. It's a true sale transaction. Whatever we have sold, we are left with no risk. As per the guidelines, we generally keep 10% of the portfolio, but that is our on-book portfolio, part of our on-book portfolio. On the DA book, we have no risk here. Not even on the securitized part of the portfolio? Securitization is part of the on-book portfolio that does not meet the true sales criteria. That's part of our on-book portfolio, and we don't have- That is anywhere less than INR 800 crore and part of the SMA that is shared with you, the numbers. Oh, okay. Yeah, thanks a lot for this. Thank you. Thank you very much. Ladies and gentlemen, we will take our last question for the day today, which is a follow-up from the line of Balkrushna from Axanoun Investments. Please go ahead. Sir, you have total disbursed INR 6,500 crore from quarter two of financial year 2021 to quarter two of financial year 2022. What is the GNPA on the post-first-wave disbursement? We don't have that, you know, Current GNPA we have. Current GNPA we have, but if you know, technically want to take a look at that, I think, you know, we can probably just calculate it and, you know, get probably. Anyway, we will always declare on the current portfolio. So the- You know, on the blended basis, you know, it is 9.7%. The new book is surely performing much better than the old portfolio. Blended basis, GNPA, we have already given the number and I think, you know, this whole book probably would comprise, you know, majorly what we have right now, you know? I don't think so there could be anything which is there from April 2020, you know, beyond that, you know, so. I can safely assume or conclude that whatever the GNPA percentage is there, majority of that comprises of new disbursement after post first wave. No, no. This could be. The new disbursements are roughly 70% of the portfolio, and we have given the overall GNPA and collection efficiency. That gives you the entire picture. This is inclusive of the first wave also. Yeah. Since first wave, whatever we have disbursed, that comprises of 71% of our portfolio outstanding. All good. All good. Thank you. Thank you very much. I now hand the conference over to the management for closing comments. Over to you. Hi, good morning, everyone, once again, and thank you. I thank everyone for joining this call today, and I hope we've been able to address all your queries. For any further information, you can get in touch with me. My name is Aditi Singh. I handle the investor relations for Satin, and my email and phone number are there on the website for you in case you don't have my coordinates. You can also get in touch with Strategic Growth Advisors, who are our investor relations advisors. Thank you all, and wishing you a very happy Diwali and a prosperous New Year. Stay healthy, stay safe. Thank you. Thank you very much, ma'am. Ladies and gentlemen, on behalf of Satin Creditcare Network Limited, that concludes today's conference call. Thank you for joining us, and you may now disconnect your lines. Thank you, guys.