Ladies and gentlemen, good day and welcome to Satin Creditcare Network Limited Q4 and FY2023 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. HP Singh, Chairman cum Managing Director of Satin Creditcare Network Limited. Thank you, and over to you, sir. Thank you. Good morning, everyone. Thank you for taking the time to join us and discuss our financial results for Q4 and FY 2023. I hope you went through our quarterly results and investor presentation. In case you couldn't, they are available on our website and stock exchanges. With great assurance, we would like to declare that FY 2023 has been a success, not only in terms of meeting our annual performance guidelines and guidance, but also showing positive development in all operational and financial metrics, which would continue over the coming quarters and years. This year's performance is because of our dedicated and persistent team who are pursuing the collective goal of development of families. Let me begin by discussing the fourth quarter's performance this year, which was outstanding for us and featured strong performance across all parameters. Disbursement for the quarter stood at INR 2,536 crore as compared to INR 1,622 crore in Q4 FY23, registering a growth of 57% year-on-year. This has been our highest quarterly disbursement ever. The profit after tax stood at INR 94 crore as against INR 60 crore in the previous year, a growth of 59% year-on-year. ROA stood at 4.9%, which was 3.3% in the previous year, and ROE at 20.3%, which was 15.5% earlier. This was our highest ever profitability. The cost-to-income ratio was 45% for Q4 FY23. With operating efficiency playing out for us, we observed a reduction of 90 bps in OpEx to average AUM in comparison to Q4 FY22. Our OpEx ratio stood at 6.1%. Coming to our annual performance, there was a substantial pickup in disbursements, which is up by 67% year-on-year at INR 8,087 crore on a consolidated basis. The standalone disbursement for the year stood at INR 7,390 crore, representing 83% growth from FY 2022. We have also started acquiring new clients. In Q4 FY 2023, first-cycle clients accounted for 61% of standalone disbursements. We concluded a significant milestone by surpassing INR 9,000 crore in AUM on a consolidated basis, up by 24%... 20% from FY 2022. The standalone AUM stood at INR 7,929 crore, which grew by 24% year-on-year and 17% quarter-on-quarter. In the fiscal year, the company centered its efforts on elevating the strength in the restructured book and the figure speaks volume of our results. The book has reduced to 2.5% as on book AUM. In the last 12 months, a total of 67 branches have been opened up, and we added 5,000 villages and a new state to our portfolio as part of our endeavor of giving financial inclusion for the emancipation of the bottom of the pyramid. Coming to our Assam portfolio, with the support of our prudent approach, we are witnessing good ground and are optimistic of a turnaround in this geography. We have disbursed loans amounting to INR 271 crore during FY23. The delinquencies in this book have been negligible, with PAR 1 at only 0.05% and PAR 90 at 0.01% as on 31st March 2023. The on-book AUM stood at INR 326 crore, that is 5.8% of on-book AUM. Under NSAS, category 1 and 2 have been successfully completed. The groundwork for category 3 borrowers, the sampling of data by credit bureau is going on. The asset quality and collection efficiency are testimony to the core strengths of our ground team and diligent assessment methodology. The new portfolio originated from July 2021 onwards is performing exceptionally well, which constitutes about 94% of the on-book MFI portfolio, with PAR 1 at 0.7% and PAR 90 at 0.32%, which is better than the industry standard as reported by CRIF High Mark. This demonstrates how effective our underwriting processes are. The on-book GNPA of the company stood at INR 185 crore, that is 3.28% of on-book portfolio, down from 8.01% as on March 2022. Assam constitutes INR 95 crore of on-book GNPA. Excluding Assam, GNPA as on March 2023 stood at 1.70%. The company has sufficient on-book provisions. Our net NPA is 1.50%. The collection efficiency remained stable quarter-on-quarter for the reporting period and stood at 99.6% excluding restructured portfolio. During the year, we experienced a strong recovery of INR 48 crore against the write-off too. This highlights the strength of our field street and their resilience towards business and their commitment towards recovering our bad loans by repeated follow-ups and client engagement and motivation. On the borrowing front, the company raised INR 6,846 crore during FY23 from various lenders, added seven new lenders, demonstrating the confidence the market has in us and our business activities.The company has ample liquidity of INR 1,029 crore as on Q4 FY23. The company has a healthy CAR of 26.6% as on 31st March 2023. Up to now, the company has received INR 137 crore out of INR 225 crore of professional allotment via the issue of equity shares and fully convertible warrants. Our performance at SCNL is constantly guided by our respect for strong business fundamentals, and we continue to focus on enhancing the quality of our balance sheet. Hence, this year we recorded our highest ever profitability and delivered standalone PAT of INR 264 crore, resulting in an ROA of 3.5% and ROE at 15% for FY 2023. In recent years, the social development goals have become the catalyst for accelerating the world's biggest challenges, ranging from poverty and gender inequality to climate change. We realized the importance a few years ago and thought it was crucial to embed the principles of sustainability in the rebuilding efforts. Hence, from there we leveraged our CSR activities to achieve the sustainable development goals. We are happy to share that we have been acknowledged for our work in the sustainability sphere and awarded by the Indian Social Impact Award 2023 for Best Education Support Initiative for the year 2022-2023. I would like to quickly touch upon a few awards and recognitions recently won by Satin Finserv. We have been recertified by Great Place To Work fourth time in a row and ranked among top 25 best workplaces across the BFSI sector, being a testament to our work culture. We won the prestigious ET Excellence Award for Best Operational Excellence Initiative of the Year for Train the Trainers initiative, this being evidence to our robust operational efficiency. Along with the strong FY 23 operational and financial performance, I would like to share a key development that took place this quarter, which is the merger of our two wholly owned subsidiaries, Taraashna and SHFL. The merger got effective for first March 2023. Through unwavering adherence to our organization values, we at Satin have always worked to establish a legacy of consistent growth and performance. We enjoy close long-standing relationships with our stakeholders, which has led to brand trust that endures. With our robust operating model, proven execution capabilities, strong customer relationships, and our robust balance sheet, we are well positioned to demonstrate good growth in the years to come. We are expecting to achieve AUM growth of 25%+ and our ROA of 3.5%+. Let me run through the financial and operational highlights of our company, starting with the consolidated highlights. Our AUM as on 31st March 2023 stood at INR 9,115 crore. We have a customer base of 48.3 lakhs as of 31st March 2023, with presence across 1,287 branches. Our disbursements for the year 2023 stood at INR 8,087 crore as compared to INR 4,856 crore in FY 2022. The total revenue for the year stood at INR 1,559 crore, up by 13% year-on-year. Pre-provisioning operating profit was up by 69% year-on-year at INR 414 crore. Standalone highlights. Our AUM 31st March 2023 stood at INR 7,929 crore. Our standalone disbursements for the year stood at INR 7,390 crore as compared to INR 4,031 crore in FY 2022. Our average ticket size on our MFI lending for the quarter stood at INR 42,000. We have a well-diversified customer base of approximately 26 lakh clients, a well-penetrated branch network across 24 states and UTs, and 77% rural exposure. On-book GNPA reduced from 8.01% as on March 2022 to 3.28% as on March 2023. In absolute terms, it re-reduced from INR 412 crores to INR 185 crores. Out of this, INR 95 crores pertained to SFL. As of March 31, 2023, our total branch network counts stood at 1,078 branches, which is spread across 384 districts. I'm sorry. We have a total state and UT count of 24, which makes us a well-diversified pan-India microfinance player. As of March 31, 2023, 96% of our districts have less than 1% of portfolio exposure. Our top 4 states contribute to 55% of total AUM FY 2023 versus 77.3% in FY 2017. Our well-thought-out diversification strategy has enabled us to sail through difficult situations and capitalize on our idea of enriching our client lives through financing of various products. We have disbursed around INR 221 crore during FY 2023 under the product finance category, which includes loans for bicycles, solar products, home appliances, consumer durables, and water and sanitation. An update on subsidiaries. Satin Housing Finance Limited has now reached an AUM of INR 505 crore, which grew by 59% year-on-year, having a presence across four states with 5,448 customers. SHFL has a 100% retail book. The quality of the portfolio remains intact with GNPA of 0.34% as of March 2023. The company has 21 active lenders, including NHB Finance, a CAR of 45.3%, and gearing of 2.3x. The company has a credit rating of BBB+. PAT for FY 2023 stood at INR 6 crore. Satin Finserv Limited, the company's MSME and BC lending arm, has reached an AUM of INR 682 crore. GNPA stood at 4.14%, CAR of 47%, and a gearing of 1.2x. PAT for FY 2023 stood at INR 6 crore. Credit rating of BBB+ stable. Lastly, as we continue the path of growth, we are prepared for the road of more profitability and cost efficiency. With this, I would like to open the floor for questions. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have our first question from the line of Vignesh Iyer from Sequent Investments. Please go ahead. Congratulations on strong set of numbers. Sir, I would like to know on this, on standalone basis, what does the management think for the future when it comes to a comfortable debt-to-equity ratio? Also want to know if the management is planning on raising any more funds going ahead. See, thank you so much, sir. Our CAR right now is at about 26.6%, you know. What we feel that, you know, having a 25% growth, you know, the guidance which we've given, we technically feel I think, you know, the requirement, the pressing requirement, you know, is probably not there for us to raise any more capital right now. Having said that, looking at the way the sector is growing and the way we are growing in microfinance, I think, you know, for us, if we tend to overshoot this guidance of ours, then only I think it's a cause and thing. We have a balance of about INR 83 crores which has to come in as our convertible warrants, you know, which are due by July this year. Once they come in, you know, I think that we'll get maybe an additional slight, more capital which will probably be infused, you know. For us right now we feel, that there is no pressing need for, raising further capital. Right. Just a number if you could give, what is your comfortable debt-to-equity ratio on the standalone management? We are at about 3 times our 4. It's about 4? Yeah. It's about 3. We can go up to 4.5, basically. You know, we still have room, for varying across over there. Fair enough. Fair Fair enough. Thank you, sir. I'm done. Back in the queue. Yeah, sure. Thank you. Thank you. A reminder to participants to press star and one to ask a question. We have our next question from the line of Amit Agarwal, an independent investor. Please go ahead. Hi, sir. Congratulations on good set of numbers. Sir, my question is like, we have written off so much assets in last two, three years. What is the total outstanding of written off assets we have in our balance sheet as on 31st March 2023? Based on our past experience, how much can we expect to recover in, say, next couple of years from that? You know, technically, if I start from the demonetization phase till now, my own senses are written off, who would be close to about INR 900 crore-INR 1,000 crore. See. Again, you know, this is how we operate as a DNA of our company. We still go to a client who has been written off because of demonetization or anywhere which is talked about pandemic, you know. We have had the highest write back, as I said in my opening remarks of about INR 48 crore, you know. Now, for us, we've got a separate team which looks only at write-off clients. The endeavor always is to get as much as possible as write backs, you know, because this is a straight PNL, you know, accretion which happens across over there. For us, going forward, we feel that we'll be able to at least manage about INR 48-50 crores year on year. That's the bare minimum. The endeavor always goes into get more and more, you know. The teams are always fished into, you know, contribute more towards that. That's what our endeavor is, because having a separate team or a separate, vertical which actually drives that, you know. So my sense is an INR 50 crore is bare minimum. More than that, I think, you know, we'll be happy to overachieve as we keep on overachieving everywhere else, you know. It'll be there. Okay. Okay, sir, one more question. Like, earlier we used to maintain a lot of cash in our balance sheet. How much cash and cash equivalents we are expecting to maintain going forward since the stress is now coming down? See, Amit, what has happened is during the pandemic, I think, you know, we were a little hard-pressed that we wanted to probably be very conservative during those two years of pandemic. You know, that's the reason why we had a lot of balances left. Moving forward, this is the first time in our entire history that, you know, we remain close to that about an INR 1,000 crore mark. We wish to probably be in the same range moving forward ahead. This is which we feel is sufficient liquidity for us. If you look at the static ALMs which we've been able to do, we still have, you know, about six to eight months, six to seven months of static ALM. My sense is that, gone are the days for us also when we used to keep a higher load of cash because of the pandemic and various other things which were going on. It remains gone, you know, and, what is there now as liquidity for 30 plus months. Okay. That is helpful. Thank you. Thank you so much. Yeah. Thank you so much. Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone now. Participants, may please press star and one to ask a question. I would now like to hand the conference over to Ms. Aditi Singh, Head of Strategy, for closing comments. Over to you. I think, Vignesh, there are some people in the, yeah, questions, queue to be taken. We have a question from the line of Vignesh Iyer from Sequent Investments. Please go ahead. Hello, sir. Thank you for the opportunity. Just to understand this unsecured MFI portfolio. I've been tracking your company only for 3 months now. If you could just explain us the strategy where you have ventured to, you know, put into and carry the unsecured part of your loan now. Just if you could explain some part of it. You want to know the unsecured part of microfinance basically that. Yeah, yeah. Correct. See, let me give you maybe, you know, since we have better questions, you know, to be asked, so let me just give you an insight into what microfinance is all about. See, it is a very, very dynamic business model, if you really ask me. You know, I've put in about 30-odd years in this, you know. It is unsecured by nature, but ultimately it has a lot of collateral which is attached because we follow the group model in terms of how we're working. When you look at this, you know, technically you've got 10 to 15 women who stand as a collateral guarantor to each other. It's a moral and a peer pressure which works, you know. In nature it will be unsecured, if you really ask me in terms of the joint liability which it emanates, I think it remains quite positive in terms of, in terms of the peer collateral which is there, you know. It's very gender-specific, one. That is also a huge advantage because if you look at, women are normally financially far more disciplined than men. You know, the positive which is there, which people tend to kind of slightly overlook, I think, is there, that it is peer collateral, it is gender-specific, and it is probably in the rural space, you know, which is far more insulated than the urban scenario in terms of, you know, the vagaries of what happens in terms of your activities or maybe the economic system which works in urban areas. These are advantages which, you know, the microfinance portfolio has. This diversifying your unsecured portfolio by floating subsidiary, I just want to know whether the holding company has given any guarantee regarding, you know, has any guarantee or any sort of such things for any funds that is raised by your subsidiary or it is, you know, operating on its own? They are operating on their own. It's a complete set of separate dynamics, you know. Since we are a parent, definitely, you know, we stand over there in terms of business dynamic effect. Could be guarantee, could be comfort letters, could be, you know, you know, when they look at the parent company, I think, you know, that's probably the way you should try and look at it. These are standalone entities operating through their separate CEOs, through their separate business models also. Definitely they do leverage the parent's legacy assets in terms of, you know, how they have to grow. You know, that is there. Okay. When it comes to expansion of branches, do you have any targets, sir, in your mind for next year? I mean, or, I mean, just to understand more on the part whether the OpEx to AUM is going to increase from here on due to expansion or we are done with expansion and we are more looking to stabilize around this level. See, as I told you earlier, 25% growth technically happens without, you know, doing too much on OpEx. Our OpEx reduced in the last year. It has come down to 16.1%. There's no question of any OpEx increase. In fact, it's gonna be a decrease from here on, you see, moving forward. How much branch expansion are we seeing from... If you could have some ballpark number? Very, very few. About 50, 60, 70 branches. That's the ballpark number which I can give. Okay. Thank you. That's all from my side. Thank you. All the best. Thank you, sir. Thank you. Thank you. We have our next question from the line of Hrishikesh Oza from RoboCapital. Please go ahead. Yes. Sorry, sir. Your voice is breaking. Hello, am I audible? Yes. Please go ahead. Question. I'm sorry. It's again cracking. Is it okay now? Yes. Okay. Sir, question from my end. Provide the I'm sorry, sir. It's cracking again. Are you using a handset? No. Let me check. No. Am I audible now? Yes. Two questions on our side. Could you provide any guidance for credit cost and cost in next two years? We've given a guidance for for our ROA basically, which would technically include credit costs coming in. You know, we don't have a separate guidance for our credit costs. Let me give you just maybe a slight insight. The industry is talking of about close to about 1.5%-2% credit cost. I think of the industry talks about 2%, I think we'll be also probably be better or maybe at their comfortably. That's my statement on this, you know. On cost to income, if you could guide, sir, please. Cost to income, again, you know, if you look at it, we are down to about 45%. You know, I think, you know, we've covered a lot of distance from there. In any case, you know, as the OpEx, you know, I've told the earlier question, you know, was that, you know, we are only looking at bringing it down as optimum efficiency and the denominator base of growth kicks in. I think the OpEx will also go down, so the cost to income ratio will technically also be on a downward trend. Okay, that was it. Thank you, sir. Thank you so much. Thank you. We have our next question from the line of Lalit Srivastava from Angel. Please go ahead. Hello, sir. Am I audible? Yeah, yeah. I can hear. Yeah. Okay. Good morning, sir, and thanks for the opportunity. Congratulations on a great set of numbers. My two questions are, first of all, if you can help us, you know, how do you see the sensitivity of your co-lending rates or the yield, as well as your cost of funds, especially in, you know, the present environment of interest rates and what is the sensitivity of that rate hike movement? First thing. Secondly, if you can help us understand, sir, this, if I understand correctly, microfinance is generally a very tax incentive business. It is, if I see your, you know, employees and other metrics, they have cost metrics also, they have trended down. What differently you are doing here, the changes in the business mix, the business that you are doing on the ground side, if you can help us understand? These are the two questions. Thank you. Lalit, the first question, the answer is, I think, you know, we've had rate hikes which have happened. I think, you know, they've already been done to a very large extent. You know, there are no further rate hikes coming in. Definitely, I think the cost of funds, you know, whatever it is, it will now probably inch upwards, you know. That's one. Secondly, in terms of us, you know, I can say not with certainty, but with a lot of confidence, you know. With this set of results, you know, which have been there, you know, I think, you know, we will have at whatever point of time maybe any kind of a rating upgrade or maybe a outlook which might change, which will also put, you know, this in the positive category in terms of how the cost of funds are probably viewed on this. That's probably the answer to your first question. The second question is, you talked about... Sorry, what's the second question? Yeah. In the second question, I basically asked that generally MFI is a tax incentive intensive business. Your, you know, employee numbers has been kind of stagnant or actually it has been trending down. We are seeing the effects on the cost side also. I would like to understand, as a business, what different you are doing on ground, and how do you see that, you know, the implications of, you know, lower employee profile in the headcount at least, panning out going forward on your business? If you see that, you know, I think, you know, we've increased our AUM and the headcount has in fact gone down in terms of our field employees, you know. This is probably what we had wanted to do since, you know, the pandemic finished off and we came into the being effect, you know. The optimum efficiency of the loan per loan officer, so borrowers per loan officer is the optimum efficiency which we always target in terms of our business, including, you know, I think the variables of how to increase the center size and all that. I think, you know, the effort has probably gone on to that, and this will continue. The optimum efficiency will technically move positive in that range. you know, this is how we've been able to achieve a better, OpEx, a better operating efficiency and a better profitability. I think, you know, this will keep on continuing and this is our endeavor which will run from here onwards, you know. Yeah. Thank you. Thank you so much. Thank you. We have our next question from the line of Vishal Gajwani from Aditya Birla Mutual Fund. Please go ahead. Hello, Mr. Singh. Good morning. Yeah. Just wanted to know, in terms of the business mix, between, let's say, MFI and non-MFI, what we can see is that, last three, four years, the non-MFI has gone up from 6.3% to 12.3% last year. How should one look at this business mix shaping up going forward? As a baseline, I think, you know, the both the non-microfinance book, you know, which is the MSME as in housing, has a lot of, you know, potential in terms of their growth. We are moving slightly ahead. If I say that from a 6% it has increased to 12%, I probably can, you know, maybe look at a crystal rate for the next few years or so, maybe in the next 3, 4 years. I think this will increase to probably about 20%-25%. In the next 3 to 4 years the mix will change because, you know, technically what MFI has is a larger denominator base. You know, I think, you know, the growth over there, if we do a 20%-25% increase, we are there. We have to do about 50% to sort of keep it at par. My sense is in the next 3-4 years, we'll probably be in the range of about 20%-25% overall AUM in terms of how the input subsidy results will shape up. Okay, sure. Sure. Thank you. Yeah. Thank you so much. Thank you. We'll take our last question from the line of Suraj Nawandhar from Sampada Investments. Please go ahead. Hello. Good morning, sir. Sir, what is your average cost of funds and average yield? You know, our top fund has gone up slightly, but we are getting most of the funds in the range of some 11.5%-11.75%. Lending rates are close to about 24.75%, ten years. Okay. Have you been able to pass on all the cost of rising cost of funds to our customers, or have you absorbed some of it? No, we don't reprice our existing customer. Whatever we do, we do it incremental, on an incremental basis. This is how the industry has been working towards such a small loan and repricing the existing customer is standing on the ground. This is how we do that. Our NIMs have improved over a period of time since our new portfolio is gaining funding, so yield losses are almost minimal. Okay. Just, and finally the last question is that the housing and the MSME group book will grow as a percentage of total AUM. In housing and MSME will have smaller spreads compared to microfinance. Can we expect a compression in NIMs going forward in next 2-3 years? See the portfolio range which we look at and the, you know, the environment which we work both for MSME as well as for housing finance to a large extent is the graduated microfinance customer, which needs a higher ticket size in terms of MSME lending, as well as a specific lending in terms of housing finance, where the yields are not compromised or under pressure, because of what you find in urban housing as well as in maybe, the urban space. This is predominantly rural, which is working in where the yields again, you know, range for this portfolio to a large extent, within about 20% plus, you know. Over there the pressure is not there and, you know, moving forward ahead I think, you know, when we talk about, you know, our housing finance, our average yield is about 15.5%-16%. Similarly for our MSME it is close to about, 21.2%. The pressure is not there because we do rural and a graduated microfinance customer to a large extent. can you just throw a bit light on broader perspective on the microfinance sector? We are hearing a very strong commentary from other players as well, maybe IF or trade excess of yield. what has changed in the overall microfinance as a sector and where this growth is coming from? See, it has become more of, I think, you know, two factors which are there. One, post the pandemic, I think the pent-up demand has really shot up in terms of income generation, you know, which has happened, of the rural GDP growing up, as well as the rural economics in terms of businesses growing up. That's one, you know. The second is I think, you know, there is a larger penetration by the NFI players at us overall, all across, you know, and that demand is probably increasing with a larger penetration in each state, you know, to a, to a large extent, you know. When we talk about I can just leave 1 thought with you is that we are talking for about a INR 300,000 crore plus, you know, industry right now. This industry is poised in the next 5 years to probably grow at least 4 times or 5 times higher than what it was, you know. That's the depth I'm talking about in terms of the microfinance sector's growth, which probably can be seen by these numbers. You are saying that the sector itself will grow four to five times in next five years? Yes. That's what my reading is. Oh, okay. Thank you, sir. Why I'm saying it very much just to, because everybody's talking of a 25% growth year-on-year, these are conservative numbers, you know, which the industry talks about. The depth of the market is that big, you know. The penetration levels per state, you know, if I tell you the average would be about 15%-20%, you know. There is a lot of room for microfinance players to probably have a solid growth in the next 4-5 years. Why we are not doing some aggressive branch expansion this year or probably next year? Because if sector itself is going to grow 5x in next five years, then we should be ready probably or max by next year. Why are we not doing some aggressive branch expansion? Of course why is very easy to say, but you have to actually have a perfect asset quality as well as various other factors which will kick in, you know. It's not just about growth, it has to be various matrix of optimum efficiency, cost efficiency, trade cost, asset quality, everything has to be taken into account. You can only do what you feel is the best for the organization. I think, you know, that's the reason why we set our guidance growth of 25%, you know, and rather to probably, you know, do 100% then trip and later on, you know, that, you know, probably went wrong on that, you know. Can we say 25% is a conservative guidance? Well, kind of. Okay. Thank you. Thank you. Thank you. Thank you. That was the last question for today. I would now like to hand the conference over to Ms. Aditi Singh, Head of Strategy, for closing comments. Over to you. Thank you. Thank you everyone who came on this call and they took out time. We have to right now conclude this call because there is a time constraint. I understand there are some people who still have questions and want to connect. Happy to connect with them offline. My name is Aditi Singh, I head Strategy. You can always reach out to me. You can always reach out to Ms. Shweta Bansal, who is DGM Investor Relations. We'll be happy to discuss, take your queries and run you through any numbers or clarifications if you may. For now, we shall say bye for now until next quarter. Thank you very much. Have a great day. Thank you. On behalf of Satin Creditcare Network Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.