Good morning, ladies and gentlemen. Welcome to the Satin Creditcare Network Limited Q3 and 9M FY 2022 earnings conference call. This conference call may co ntain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as on the date of this call. These statements are not guarantees of future performance and involves risks and uncertainties that are difficult to predict. 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 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. Thank you, and over to you, sir. Thank you. Thank you for taking the time to learn about our Q3 and nine-month FY 2022 results. I'm hoping you've already gotten our quarterly results and investor presentation. For individuals who haven't seen them, they are available on our website and at stock exchanges. The microfinance sector in India has traversed a very turbulent journey until H1 FY 2022. However, we are ple ased to report that collection efficiency and business has improved dramatically in Q3 FY 2022, with overall collection efficiency of 97%, excluding Assam, as compared to 90% in Q2 FY 2022 and 84% in Q1 FY 2022. The collection efficiency in top four states, which comprises of UP, Bihar, Madhya Pradesh, and Punjab, which account for 51.5% of the company's AUM, stood at 99%. This growth in our collection reflects the strength of our underwriting and collection systems, as well as the tenacity of our customers' base. There is also a very promising sign in the form of reduction of non-paying clients to 3%, which was 4% in the preceding quarter. During the quarter, the company employed a cautious and calibrated approach in disbursing loans to new customers throughout, emphasizing more on disbursing loans to existing customers with regular repayment cycles and healthy credit history. Our average ticket size of MFI lending for the quarter stood at INR 43,000 crore, since we focused only on repeat customers. Our disbursements for the quarter were at INR 1,348 crore on a consolidated basis, up 2.5% sequentially from INR 1,315 crore in Q2 FY 2022. The consolidated assets under management amounted to INR 7,280 crore, allowing us to focus more on fresh disbursement and get back on the path of growth. The company believes that the worst is behind it and that robust industry demand and rising economic activity will lead to long-term success. In this regard, the company has successfully raised INR 225 crore by way of allotment of equity shares and fully convertible warrants with the promoter and non-pro moter entities in January 2022. We at Satin are really grateful for the opportunity, as this investment will not only help us reach our medium-term objectives, but will also accelerate our long-term strategic aspirations, such as strengthening our footprint and driving the company's planned growth across key metrics. These investments also underline the market's belief in Satin, even in these difficult circumstances, that is, it is well-positioned to achieve profitable long-term growth without compromising on portfolio quality. This fundraise of INR 225 crore will boost our strong position in the lending ecosystem and help us retain our firm footing and recapitalize in these uncertain times while keeping an eye on opportunities ahead. As on December 2021, the company's financial liquidity remains strong with INR 1,069 crore in surplus funds and INR 320 crore in undrawn tranches. Till date, the company has raised INR 2,329 crore from various lenders. The CRAR as on December 2021 stood at a strong 24%. We've consistently developed over the years by putting a significant emphasis on customer service. Our technology integrated process, solid domain knowledge, motivated team, and visionary leadership are the foundation of Satin. Our primary goal is to make a positive difference in the lives of underserved communities while also empowering and transforming the lives of over +INR 28 lakh crore clients. Going ahead, using a calculated approach, the organization aims at building a solid portfolio with few delinquencies and expanding its reach in existing and new locations. Now let me give you the financial operational highlights of the company. Our disbursements for the quarter stood at INR 1,348 crore as compared to INR 1,822 crore in Q3 FY 2021, and INR 1,315 crore in Q2 FY 2022, registering a sequential growth of 2.5%. Microfinance disbursement for the quarter stood at INR 1,224 crore as compared to INR 1,744 crore in Q3 FY 2021, and INR 1,221 crore in Q2 FY 2022. Continuing our cautious and calibrated approach in disbursement activity, we are gradually inching towards a pre-COVID disbursement level and have majorly disbursed loans to clients with regular repayment cycles and healthy credit history. The company's collection efficiency trend without Assam for the first three quarters of FY 2022 was as follows. Q1, 84%, Q2, 90%, and Q3 was 97%. Our term portfolio stood at INR 771 crore as on December 31, 2021. As on December 31, 2021, 100% of our disbursements are made through cashless mode, while cashless collections stood at 4%. We at Satin aim to adopt and use more of digital channels as it largely mitigates cash handling and increasing operational efficiency. In this regard, we have also adopted website payment options and UPI auto debit. Net interest income for Q3 FY 2022 stood at INR 194 crore as against INR 164 crore in Q3 FY 2021. Our Q3 FY 2022 pre-provisioning operating profit stood at INR 59 crore as compared to 52 crore in Q3 FY 2021. Our loan book as on 31 December 2021, we have made adequate on-book provision of INR 427 crore on account of COVID-19 pandemic and other external factors. Tax for the quarter stood at INR 34 crore as against the loss of INR 80 crore in Q3 FY 2021. Our cost income ratio for the quarter stood at 69.64, while our OpEx to GLP ratio stood at 7.4%, which is expected to come down gradually. Broadly on our collection efficiency, cumulative pan-India collection efficiency for Q3 FY 2022 stood at 109.7% without Assam, whereas collection efficiency in top four states stood at 99%. 97% of our MFI customers have paid at least one installment as of December 2021 as against 96% in September 2021. We are also witnessing consistent improvement in customers that have made full payment. 91% of our customers have paid in full as of December 2021 versus 76% in September 2021. We have a well-diversified customer base, well-penetrated branch network across states and 76% rural exposure. We've taken a number of proactive steps to improve portfolio quality and reduce portfolio stress. As of December 31, 2021, our GNPA stood at 8.6% of our AUM, and we had made more than adequate provisioning of 8.1%. Our overall branch network counted 1,214 branches as of December 31, 2021, making it one of the largest in the business. We use our physical branch network across India to reach more clients and lend to the country's financial inclusion goals. Our branch network stretches approximately in 387 districts in 23 states and union territories. As of December 31, 2021, 97.2% of our districts have less than 1,000 portfolio exposure. We have seen a significant reduction in our portfolio risk in terms of average exposure per district, 0.26% in Q3 FY 2022 versus 0.45% in FY 2017. Exposure of top ten districts, 14% in Q3 FY 2022 versus 21% in FY 2017. Exposure of top four states contributes 51.5% in Q3 FY 2022 from 77.3% in FY 2017. Women account for a large portion of SCNL customers, with 75% hailing from the country's rural areas. Our supporting business, our financing support helps underserved women in rural and semi-urban areas. We've been able to disburse close to INR 29 crore under the product finance category, which includes loans for bicycles, solar lamps, home appliances, consumer durables, and water and sanitation over the years by leveraging our idea of cross-selling products to these women. An update on our subsidiaries. Business Correspondent Service under Taraashna Financial Services has reached an AUM of INR 676 crore. As of December 31, 2021, the company operates through 152 branches and more than INR 3.4 lakh crore active loan clients. Satin Finserv, our MSME lending arm, has reached an AUM of INR 144 crore. Satin Housing Finance Limited has now reached an AUM of INR 275 crore, including GEAR of INR 22 crore, having presence across four states with 3,888 customers. Satin Housing has a 100% retail book comprising 71% affordable housing loans and 29% LAP. The company has 12 active lenders, including NHB refinance, CRAR of 74.9% and gearing of 1.8x for total equity capital of INR 100 crore. The board of directors of the Company's two wholly owned subsidiaries, Taraashna Financial Services Limited and Satin Finserv Limited, at their respective meetings, considered and approved a draft scheme of arrangement for amalgamation of Taraashna Financial Services transferor company with Satin Finserv Limited transferee company, and their respective shareholders' agreement, the scheme under Section 230 to 232 of the Companies Act, 2013. The company has filed the first joint motion application before the Honorable NCLT bench earlier in January 2022. Now, before we open the floor to questions and answers, I would want to emphasize that as a responsible firm, we are constantly working to improving the lives of our stakeholders by promoting financial inclusion. We are guided by our long-standing commitment to reaching out to society's underprivileged. We are well positioned to achieve development and reclaim lost ground in the next quarter, pushed by our utmost sincerity, compassion and long-term goal of providing support where it is most needed. I would like now. Questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is the line of Rishikesh Oza from RoboCapital. Please go ahead. Hi, sir. Very good morning. My first question is, if you could indicate about our loan book growth for FY 2023 and FY 2024, and by when can we get our pre-COVID quarterly disbursement numbers of around INR 1,900 crore? See, the pickup has started during January. In fact, you know, December, January, we were a little cautious in terms of the Omicron variant. Giving a growth number technically for 2023, FY 2023, we are looking at a 15%-20% growth for FY 2023. The disbursements have started picking up now, and hopefully, I think, you know, there is no more wave coming in, you know, in the future now, but we are now well-capitalized as well as looking forward towards a growth of about 15%-20% for FY 2023. Okay, that's great. Sir, if you could, like, give a credit cost outlook for FY 2023? On an overall level, you know, we hopefully think that, you know, the way we have actually put in our teams and we are looking at the complete system, you know, it'll be close to about 1.5%, 1%-1.5% as a credit cost on a yearly basis. Okay, that's great. Also, sir, if you could give a reason for our increase in OpEx for this quarter, and what would be your outlook, like maybe if you could quantify any cost to income basis? You know, on OpEx, you know, our expenses are broadly under control, but because of the reduced volume, the percentages look high. If you see the number for nine months, it was close to about 6.3%. The cycling increase in AUM, these will come to in the range of some 5.5%-5.75%, very soon, and we'll work on continuing it. We are working on it, you know, that's the reason why I mentioned in my opening remarks that, you know, we're looking at bringing it down gradually. Hopefully everything is settled down in terms of our infrastructure, in terms of our human resources, in terms of the complete system, as well as, you know, the way we are looking at growth now since the third variant, the third wave, practically also looks now completely diminished, you know. It is very positively set that, yes, the cost income ratio will definitely come down now. Okay. Sir, the INR 427 crore on book provisions that you have specified is for standalone basis, right? Yeah, that's standalone. Yeah. What would be the consensus basis number? Consolidated numbers are also there in the results. You know, the other businesses, MSME and housing, they make their own provision because as on today major business is microfinance. That number has been mentioned in the presentation. But if you see t otal of, I think, will be close to about. I don't remember the exact, but it's close to about INR 490-odd crore. Okay. That would be great. Sir, my last question is, if you could provide any slippages data, you know, for this quarter, compared to whatever it was last quarter and what we used to do in pre-COVID? Sorry. Can you- Slippages data compared to quarter We don't have data. I think you can I think you can look at that. Like we've already shared that data. I think Stage Three data provided we need like slippages data. Could you just you know broadly comment on whether slippages are higher this quarter compared to your pre-COVID or were they stable? It's been stable. That's That's the reason why the GNPA is practically at the same level, whether it was 8.7%, it's down to about 8.6%. You know, it's practically on the same level. Okay, no problem. That will do. Thank you. Thank you. Thank you. The next question is from the line of Tejas Mehta from Omkara Capital. Please go ahead. Hi, thanks for taking my question, and congrats on a fantastic set of numbers. Just a couple of questions. One is, there's this new investor, Florintree Ventures, who have subscribed to your warrants last month, that is in the month of December. Could you just elaborate if there's any role that they are playing in running the ship from here? Well, I probably am not the right person to give you a comment on that. Yes, they are active good investors with a good pedigree, and our sense is that any investor who comes on board definitely has some value addition to be made to the company. This is what we are looking forward toward Florintree also, because the pedigree and the legacy is pretty good, and we look forward to their constructive approach toward the well-being and the value addition to the company definitely, yes. Great. The other question is your book that you have about INR 7,200 crore. I think your presence is very wide across the country. Probably that is one of the reasons why your OpEx bills are also so high. Is there any thought process to consolidate the operations, rationalize the branch infrastructure or any of those things? See, I think, you know, when we actually diversified, this was post the demonetization, you know. At that point of time and I can just give you a broad base, you know, that our UP was about 50% of our total portfolio. Now, for us to do a diversification was like an impending thing to really, you know, avoid any further crisis which could come in. This has probably served us also very well in terms of our, you know, looking at the crisis across in the last few years and such, you know. We have actually no plans, but we are looking at growth, which will now happen because since our geography is so diversified, and for us to take a deep dive into all these existing geographies will give us maybe a far more easier reasons to actually grow now from here on. Right. What would be your growth ambitions over the next couple of years? How do you see the MFI cycle from this point onwards? See, the MFI cycle still has a lot to deliver in terms of its reach. You know, it is still not picked up, you know, as what a lot of people would really say. This is what my forward-looking statement is, that it is still not picked up. It still has another 10-15 years before it finally picks up, you know. In terms of our growth, you know, we're looking at a 15%-20% year-on-year next year. I think my own sense is, you know, if I can give a forward-looking statement to this, you know, it could probably be in the same range for the next at least four to five years. You know, this is what we are looking at. A 15%-20% kind of a run rate in AUM growth, right? Is what you're thinking? Right. Okay. Got it. Thank you so much. Thank you. Thank you. A reminder to the participants, anyone wishing to ask a question, ma y please press star and one. The next question is from the line of Priyanka Singh from Athidhan Securities. Please go ahead. Yeah, good morning, sir. First of all, have you faced any impact of, COVID third wave with any specific state that has been impacted? Your presentation indicated a collection efficiency in Punjab, which has been relatively subpar. What are the reasons for the same? I think, you know, if you look at the third wave, you know, technically for us, we took a preventive measure in terms of looking at it. The collection efficiency did hold up pretty well and in fact this is holding up even till now. Now it's on a decline. The third wave is practically on a decline. The reason why we had maybe a slight dip in the disbursements was because of we wanted to be very, very cautious in terms of how we really look at the disbursements for the December particular month as such. December and January were, you know, went through the effect of the third wave. Thankfully, the collection efficiency was in fact, you know, better during these times, you know. Uh, and looking at- Yeah, Punjab has an overhang. Punjab has an overhang, you know, technically from the farmer's agitation and there's been technically what you call it, overhang in terms of overdues which are still there. However, you know, looking at it, the collection efficiencies have increased from about 86% in December to about 91% in January. It's a slight uptick which is happening now across those. Then we feel that in the next couple of months, two to three months, we'll be able to recoup back, you know, whatever we've lost during the entire session of about one and a half years of the pandemic as well as the farmer's agitation which was there. Are there any other states that are showing signs of delinquency due to third wave or any other reason? No. There aren't any. Okay. Going forward, what is our plan for the Assam portfolio? Like, are we looking to maintain the portfolio share or reduce it further both like going forward? It's already been reduced and we're just waiting for the state government to. They've already distributed checks for the first category of borrowers. We're now waiting for the second category of borrowers to be paid the amount from the Assam government, and they are on course to probably do that. However, there's been a dip since the last one and half to two years since all this crisis started in Assam. Our portfolio has already dipped from there. We started our disbursements on a very low key in Assam also just to maintain and see how the ground recovers. In fact, we are very hopeful that the first signs of disbursement which have happened in Assam have held up pretty well, you know, and this will now hold up. We'll do it once this whole thing by the state government actually finishes off, then we'll start our full term disbursements from there. Right now, yes, there's been a slight dip in terms of the AUM which is there. Okay. Lastly, what are your views on disbursement of new loans? How much is post-COVID? Post-COVID, it's been significantly less. You know, earlier what we used to have, we used to have close to about 40%-50% of our loans, which was new customers, you know. Right now, I think it's in the range of about- 24%. 24%, you know. I think we are just now catching up, you know, once this third wave is completely finished off and it, which is right now with the declining numbers being shown now on a constant basis. I think this will come up to the levels which is pre-COVID to about 40%-50%. Got it. Thank you. Thank you so much. Thank you. The next question is from the line of MB Mahesh from Kotak Securities. Please go ahead. Hey, good morning. I just had two questions. One, in terms of the borrowers that you have in terms of their job availability or the kind of wages that they had pre-COVID and what they are generating today, if you could just kind of give us a color as to how that has progressed in, as we've seen, the last couple of months. Secondly, now that you've been speaking to the borrowers quite consistently, have they also taken a fair amount of debt outside the MFI to sustain their livelihood in the last two years? Thanks. Mahesh, I think, you know, there has practically been not that a challenge in terms of the wages earned as well as the monsoons giving us a good agri crop as well as the other related factors which are there in the rural economy. There was that initial distress in the first wave of COVID, which did impact the borrowers to a certain extent, and that's the reason why this whole pool has really come up, you know. The second wave, which was far more harsher in terms of lockdowns as well as in terms of human lives. I think post that it has been a slow and a cautious approach of coming back into the economic scenarios in the rural space. Now I can probably say that in terms of the income generating capacity of our borrowers, they are all now back to the pre-COVID levels as such. That decline is not there anymore in terms of wages as well as the output of the agri economy as such, you know, on a macro level. What was the other question, Mahesh? Indebtedness. I don't have an idea technically, you know, whether they are borrowing from the other sources as such, because again, you know, I think that distribution outreach, you know, the reach which is being presented by banks, SFBs as well as the MFIs. I think it's very hard to replicate by any other, you know. I will not be able to give you a comment on the unorganized sector, because we don't have numbers which could justify, and my take on that, you know. But besides that, I don't think that, you know, there would be borrowing from the other lenders besides the financial inclusion. No, no, it was just a very, very general question in the sense that things on the ground was fairly challenging in the last one year. Did they have to resort to some form of indebtedness outside of the formal financial system that is there? I really don't think so because the credit bureau records which we are getting are still giving us practically the same amount of indebtedness which we used to see close to about a year back. Okay. Maybe that is a kind of indicator which is there, you know. Perfect, sir. This is useful. Thanks. Yeah. Yeah. Bye. Thank you. The next question is from the line of Sarvesh Gupta from Maximal Capital. Please go ahead. Good morning, sir. Thanks. Sir, first question is, your non-paying customers are 3%, and I think the partially paying ones are like 6%, so that is 9% of the customers. It has reduced over time. On the ground, sir, any feedback that you are getting from these two categories as to what are the reasons behind, you know, continued non-repayment, and when can they start paying up to MFI as you? My own sense is that, you know, this drop, whatever has happened in terms of, you know, non-paying customers, I think could largely be an issue of maybe the income generation as well as maybe a forward-looking or maybe a blunt statement like of the intent issue. It could also possibly be there, you know. The reasons of bringing it down probably also attributes towards the strong team which we have put on the ground and the way we've really been handling this crisis as such, you know. We feel that going forward also, I think, you know, we'll be able to let the. If we go forward by that, you know, we'll be able to get, you know, at least, you know, our collection efficiencies back on track, which are already on track, as compared to the four top states which we said about 99%. My sense is, you know, I think, you know, this could probably be the reasons why these non-paying customers are still there and the partial paying customers are there. Even as it is, what happened is after crisis, the credit culture does dilute. If you remember, five years before this industry used to have a credit c ost of less than 50 basis, which gradually became 1%. Now also remembering the earlier question, sir commen ted that it will be around 1.5%. Yes, there is a dilution in the overall credit discipline and culture also, and that has been because of whatever economic downturn we've been facing. Okay. I think the other thing was, I think the spread caps which were supposed to be removed for the MFIs. What is the timelines for that? Do you see that as resolving some of the problems for MFI industry, etc.? Of course, if you all you guys can actually tell the RBI to probably give it to us as fast as possible, you know, it'll be probably pretty good. We are also waiting for that, you know, it's been some time, you know. Going by the initial drafts which are there for the harmonization code, we feel that it is going to be a benefit for the MFI industry for sure, because if the margin caps are not there, it definitely gives us maybe some room to give advance on whatever we want to pass on, maybe, have a risk-based pricing for ourselves also, rather than not having it right now. Our sense is that once it comes in, you know, I think, you know, it will probably be far more positive to the MFI industry. Understood, sir. Sir, any guidance on your overall gross NPA numbers? Now I think last two quarters we have been around 8%. What's the guidance for, let's say, the end of this year and end of next financial year? The next, I can't give a GNPA because, you know, there are so many moving parts to it, you know. You know, I think we have probably done whatever we've done in terms of provisioning and everything. I think we should probably be good from here, you know. That's the only thing which I can let you know because that's what we are also sensing and feeling, you know, across in terms of our numbers. Understood. Other, some of your other subsidiaries, we have seen, you know, much larger credit cost coming in. In this quarter. What's happening on that front, and why? It was basically on a BC model, you know, where BC was exactly what the microfinance industry was facing. BC is a replica of the microfinance industry, what we face in SCNL, the parent company. That's the reason why it is there, sir. The other two are probably, you know, if you look at Satin Housing, it's just for a GNPA of about 0.34%, which is far, far less than even the industry peers all across. MSME is about 6%, you know, which is again a slight overhang of this thing. They are also back to the collection efficiency of about 98% now. Slight impact of the RBI circular. On the MSME book. On the MSME book, yeah. Understood, sir. Thank you, sir, and all the best. Thank you so much. Thank you. We move on to the next question that is on the line of Balkrushna Vaghasia from Axanoun Investments. Please go ahead. Good morning, sir, and congratulations for good performance in this quarter. Thank you. I have two questions. First is related to, I mean, how far we are from pre-COVID levels in terms of slippages or is there any new normal where NPA will be substantially higher than pre-COVID levels? I think we're right there now knocking at the doors of pre-COVID levels, you know. If you look at maybe in entirety as such it will be FY 2023, I think where we can look at maybe things to probably stabilize in the fullest form as such. Okay. Is there any, I mean, fundamental change in terms of what the average NPA levels, I mean, what it is in comparison of what it used to be pre-COVID? No, I think we're not giving any guidance on the NPA levels. You know, we're just watching the situation. I think, you know, as we've reiterated so many times, I think, you know, we are now probably looking at the end of the cycle of the impact of the crisis, you know. In spite of whatever cycles we saw, there is a 100% decline year-on-year in terms of the GNPA. That too, while we actually take two more loans. Yeah, things will be better with the growing base, et cetera, et cetera, but no guidance as on date. My second question is related to Taraashna Financial Services. Basically, in quarter three, it has posted pre-tax loss of INR 9.5 crore. What I understand from the business model of Taraashna is that it is doing business correspondent services. Basically, we would be doing a lot of efforts on the ground to raise loans in this company. Is it, I mean, the whole purpose of adopting this business model to avoid losses or maybe to have very minimal losses in comparison of revenues? What is happening over there in terms of the credit costs and the actual losses that we are continuously posting? See, Taraashna is a BC company. The first loss guarantee which normally we give is about close to about 5%. You know, in terms of if you look at the comparison between the parent company of SCNL and Taraashna, you know, SCNL has probably got a 100% provisioning to be done across over there. It is based on 5% first loss which probably is to be given to the partners, you know. In terms of that, of such a crisis of a huge magnitude, you know, we've been able to sort of settle ourselves with about a INR 10 crore loss, I think, you know, speaks very well for the ground effort which has been put in by Taraashna in terms of getting the money back from across over there. There has to be some loss after such a huge crisis which was there, you know. Our sense is that, I think, you know, we've really been able to curb it to this kind of a level and going forward, I think, you know, it'll be much better, you know. The other factor is once it gets merged with the SFL, which is going to happen in due course of time, I think the leverage of capital as well as the entire ecosystem of both the companies merging together with each other, I think it's going to show up a far more positive as compared to Taraashna just being standalone, looking at just pure microfinance as a business model. Okay. Basically, we have around INR 20 crore of revenue in quarter three in Taraashna, right? I mean, as you say that, okay, Taraashna would be sourcing loan for parent, right? I just want to confirm that this company is also raising loan from other like IndusInd Bank or something like that, right? Yeah. It is for both, you know, for us also as well as for the others. Can you give me rough idea, like, how much of this INR 20 crore of revenue would be attributable to in-house sourcing and for the other people? In-house is very negligible. You know, I think it'll be just about, you know, maybe about 2%-3%, you know, at the maximum of that INR 20 crore. Okay. Yeah. Yeah. Basically considering this, do you think there is a, I mean, risk reward ratio in this business is not particularly in this time we are not in our favor because we are doing, we are putting lot of efforts in raising loans and still we have like, you know, we have to bear a lot of losses. Yeah, I told you know, the FLDG is just about 5% of the first loss, you know, as compared to the 100% we carry in SCNL. That's a huge advantage, you know. You know, the magnitude of the crisis was so huge that the entire portfolio of whatever it was, you know, was was down at times, you know, if you really look at it, you know. Out of that, if we come out with a loss of about INR 10 crore at the maximum, I think, you know, it's pretty heartwarming, you know, to really look at it. That's what our statement is. All right. That's all from my side. Thank you so much. Thank you. Thank you. A reminder to the participants, anyone wishing to ask a question, may please press star and one. The next question is on the line of Vibha Batra from FairConnect. Please go ahead. Yeah, thank you for taking my question. My question on NPA movement, can you give the gross slippages, recoveries, for the quarter? You know, we mentioned earlier we are giving the, you know, GNPA number quarter-over-quarter, which is broadly consistent. Actually, it has come down by roughly 1% in the last 12 months. Provision has been made, so this is what we have shared. Whatever slippages are happening means there are, you know, collections improving, so there's no additional slippages happening. Probably the NPA numbers are stable or coming down. Okay. Have you taken effect of the changed RBI norms on NPA recognition? On microfinance book, there is hardly any impact of that RBI circular. There is roughly 1% increase in MSME gross NPA number because of that. Housing NPA is just 0.34% primarily because of that circular only. Okay. What would be your exposures, in terms of equity and loans to Taraashna? Have you done mark to market, on that exposure since Taraashna has been recording losses? Mark-to-market, we do that. Mark-to-market is being done every reporting date for all the assets that we have. That is an ongoing process that we do on an ongoing basis. What is your total exposure, equity and loan, exposure? Investment is about INR 85 odd crore, which is mentioned in our annual report also. There's some amount of debt off and, I do not have the numbers, but that we'll share. Okay. Thank you. All the best. Thank you. The next question is on the line of Riya Verma from Oracle Securities. Please go ahead. Hi, sir. Thank you for this opportunity. I wanted to ask what are our yields in the respective segments? Yield, in microfinance we have a 10% margin cap. We, when we price our product, we keep that 10% margin. While doing that, it is cost of funds plus 10% margin. We are broadly lending at 21.6%-21.7% right now. It includes the cost of funds, etc., also that we have raised in the past, and then some fixed cost funding. In housing, including that, the blended yield is close to about a little less than 15%. MSME is broadly around 20%-23%. Okay. When can we expect our margins to normalize? What kinds of operating margin numbers are we looking at? Also, how do we see our NIMs pan out in the next quarter and the next fiscal? The NIM has improved. On one side, the NIM has improved. There's a little bit of impact of overdues as on today on the yield because, you know, generally in the sector, people don't charge interest for the delayed payments. Once that improves, the yields would automatically improve, which will have a result on NIM as well. As on today, you know, about 8.6% is gross NPA. The moment that it will come down to acceptable level, you know, the yields will automatically improve. Okay. Okay. We work on 10% margin, so. Thank you, sir. Got it. Thank you. Ladies and gentlemen, that is the last question. I now hand the conference over to the management for the closing comments. Hi, good morning, everyone. I take this opportunity to thank everyone for joining this call, and I hope we were able to answer all of your questions. In case you have any more queries, you can contact us. My name is Aditi Singh. I head the strategy and IR for Satin. Alternatively, you can also get in touch with our IR advisors, Strategic Growth Advisors, SGA. Stay safe, stay healthy. Thank you once again. Have a great day. Bye-bye. Thank you. Ladies and gentlemen, on behalf of Satin Creditcare Network Limited, that concludes this conference call. We thank you for joining us, and you may now disconnect your lines. Thank you.