Please note that this conference is being recorded. I now hand the conference over to Mr. H.P. Singh, Chairman cum Managing Director of Satin Creditcare Network Limited. Thank you, and over to you, sir. Thank you. Good evening, everyone. We welcome you all to discuss our company's third quarter and 9 months of financial year 2024 performance. I trust you've had a chance to review our quarterly results and investor presentation. If you haven't gone through them yet, you can access them on our website or through the stock exchanges. Before we begin with our agenda of this earnings call, it is with great pleasure that I inform you about the newest member of the Satin family, Mr. Anil Kaul, who has joined our board as Independent Director, who's been the ex-MD of Tata Capital Housing Finance. His extensive, extensive experience and strategic acumen are certain to play a pivotal role in steering our company towards continuous growth and enduring success. We warmly welcome him and look forward to the valuable insights he will bring to the table. This quarter has proven exceptionally fruitful for us, marked by a series of notable achievements that stand as evidence to our strategic progress. Firstly, we successfully completed equity infusion of INR 250 crore through QIP, which was oversubscribed by nearly double the issue size. We were overwhelmed with a great response from market, domestic, and global investors. Our long-term credit rating got upgraded to A stable by ICRA from A- stable. On account of the strong performance, our company demonstrated consistently. In a significant stride towards empowering economically active women in rural and semi-urban areas, we have entered into a co-lending agreement with Karnataka Bank. Furthermore, adding to our laurels, we are happy to share that our company has been certified with the highest level of recognition, Gold level, by Microfinanza Rating in accordance with the new framework of SPTF and CERISE. Collectively, these successes demonstrate our resolution to excellence. Speaking about our performance, our AUM on year-on-year basis grew by 39% on consolidated basis, which now stands at INR 11,074 crore. Our disbursements stood at INR 7,445 crore, grew by 41% year-on-year and 65% quarter-on-quarter. Our footprint expanded with 94 new branches, taking the total branch network to 1,386 in 419 districts. This quarter witnessed robust improvement in business momentum, operating efficiency, and asset quality. Thus, we concluded the highest ever profitability of INR 308 crore in nine months FY 2024, up by 428% year-on-year basis. Consequently, this resulted in ROA of 4.5% and ROE of 21.1%. Coming to standalone numbers, our disbursement for nine-month FY 2024 stood at INR 6,881 crore, up by 42% year-on-year and 65% on quarter-on-quarter basis. In response to new customer addition and robust demand from clients, we successfully disbursed more than INR 1,000 crore in a single month. A strong month, a strong achievement as it marks first such instance. The strong momentum and disbursement led to AUM growth of 44% on year-on-year basis to reach INR 9,811 crore. This growth is a very healthy balance, fueled by new customer additions and an increase in average ticket size between 7%-8%. That is in line with inflation. A key driver of our growth lies in the expansion of our customer base. We registered an impressive addition of 6.3 lakh borrowers in 9 months FY 2024, up by 35% year-on-year, propelling our total client base beyond the 3,000,000 mark. This demonstrates the opportunities for growth in the microfinance sector, cementing our pivotal role in enhancing financial inclusion and inclusivity. At the time of disbursement, 31% of our clients have Satin as their only lender. The on-book GNP of the company stood at INR 175 crore, which is 2.40 of the on-book portfolio, down from 3.92% as on December 2022. The company has sufficient on-book provisions amounting to INR 146 crore as on Q3 FY 2024, which is 2% of its own book AUM. During 9-month FY 2024, collection against write-offs was around INR 36 crore. Gross cumulative collection efficiency for 9 months, FY 2024, stood at 99%. During the reporting quarter, we maintained the trend of our healthy collection and asset quality. The performance of the new portfolio originated from July 2021 onwards, is performing better than the industry, which constitutes about 97% of the on-book MFI portfolio, with PAR 1 at 2.1% and PAR 90 at 1% as on 31 December 2023. This demonstrates the effectiveness of our underwriting process. Talking about liquidity and capitalization, post QIP of INR 250 crore, our CRAR stood at 28.7%. The company has raised INR 7,470 crore, up by 56% in 9 months, FY 2024, indicating financial stability and the confidence of the market in us. Further, the company has more than sufficient liquidity of INR 1,800 crore as on 31st December 2023, and also has undrawn sanction in hand of more than INR 1,000 crore. Our consolidated book value stands at INR 205 per share. In our continuous pursuit of diversifying our liability profile, the company added 14 new lenders in nine-month FY 2024. Moving forward, our company proudly stands adorned with accolades that serve as a testament to our persistent efforts to financial inclusion, exemplary leadership, and our steadfast pursuit of facilitating improved access to water and sanitation programs for our clients. Notably, we won the Most Influential MFI of the Year award at the 16th NBFC FinTech Award 2023. We were conferred with the coveted title of Top 15 Companies with Great Managers at the Great Managers Award, and Best Innovative Financial Accessibility Model for WASH at the ISC Toilet Sanitation Awards in Mumbai, 2023. As we conclude Q3 and look ahead, our strategic priorities are geared towards optimizing our business model and fortifying our operational foundation. We are committed to fostering the growth of our subsidiaries by leveraging the robust infrastructure of SCNL, with a specific emphasis on maintaining a healthy ratio of secured assets. On technology front, we remain committed to invest in tech-enabled processes like IRIS-based eKYC, among many others. Furthermore, our dedicated effort will be placed on strengthening our process and risk frameworks, ensuring a resilient operational structure to navigate evolving market dynamics successfully. And lastly, in line with our strategic roadmap, I'm delighted to share that we are on the trajectory of surpassing our guidance on every parameter. Running through the financial operational highlights of our company. Starting with consolidated highlights, we have a customer base of 34.2 lakh as of December 2023, with presence across 1,386 branches in 97,000 villages and 419 districts of India. Our top four states contribute to 54, 54% of total AUM Q3 FY 2024, and the states are UP, Bihar, West Bengal and Madhya Pradesh. Our disbursement for Q3 FY 2024 stood at INR 2,912 crore as compared to INR 1,881 crore in Q3 FY 2023. The total revenue for the quarter stood at INR 1,594 crore, up by 42% year-on-year. Coming to the standalone highlights. Our standalone disbursement for the quarter stood at INR 2,698 crore as compared to INR 1,725 crore in Q3 FY 2023. The average monthly disbursement run rate is of INR 899 crore. PAT for nine months, FY 2024, stood at INR 298 crore, ROA, ROA at 4.5% and ROE at 17.8%. Our average ticket size of MFI lending from, for nine months, FY 2024, stood at INR 46,000. We have a well-diversified customer base of approximately 31.9 lakh clients, with 76% rural exposure. 53% of our clients belong to first cycle as on December 2023. We have added 32 branches during the quarter. On-book GNP reduced to 2.4% as on December 2023, from 3.9% as on December 2022. The company has sufficient on-book provision amounting to INR 146 crore as on Q3 FY 2024, which is 2% of the on-book portfolio. Phase three provision coverage ratio at 61% as on Q3 FY 2024. The operational efficiency is playing out. Opex to average AUM has reduced to 5.8% as compared to 6.8% in nine months FY 2023, decreased by 99 basis points. Cost to income ratio stood at 44.9% as compared to 57.5% in nine months FY 2023. Total borrowing stood at INR 7,488 crore as on 31 December 2023. Debt to equity ratio as on 31 December 2023 stood at 3x. As on 31 December 2023, 96.7% of our districts have less than 1% of portfolio exposure. In our constant endeavor to enrich our customer life, we provide financing of various products, which includes loans for bicycles, solar products, home appliances, consumer durables, and water and sanitation facilities. An update on subsidiaries. Through the collective efforts of our subsidiaries, we aim to extend our spectrum of financial services to our clients by harnessing the strength of our microfinance outreach. We endeavor to extend affordable housing and retail MSME, specifically to clients who have completed more than 2 loan cycles with the company and have higher credit requirements. This approach aligns with our broader strategy of customer lifecycle management. By servicing microfinance graduates, we are not only deepening our relationship with existing customers, but are also capitalizing on their evolving financial needs and capabilities. Satin Housing Finance Limited has now reached an AUM of INR 607 crore, which grew by 58% year-on-year, having presence across 4 states with 6,512 customers. SHFL has a 100% retail book. The quality of portfolio remains intact, with GNP of 1.1% as on December 2023. The company has 24 active lenders, including NHB refinance, CRAR of 74.95% and gearing of 2.1x. PAT for nine months, 2024, stood at INR 5.2 crore. Satin Finserv Limited, the company's MSME lending arm, has reached an AUM of INR 657 crore. We are systematically running down the business correspondent book to adhere to principal business criteria. CRAR of 47.8% and gearing of 1.1x. PAT for nine months, FY 2024, stood at INR 3.6 crore. In summary, as we progress on the path of expansion, we are poised to embrace greater profitability while upholding 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 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 a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. First question is from the line of Agastya Dave from CAO Capital. Please go ahead. Hello, am I audible? Yes, you are audible. Yes, sir. Yes, yes. Thank you. Thank you for the opportunity. Good evening, Singh sir, and hello, Deepa ji. Singh sir, congratulations. Thank you. A great, great performance. We are finally growing. Thank you. We spent a lot of time around that 6,000-7,000 AUM marks. It's good to see that we are growing. Thank you. But, sir, I have a question there. Up to what level are you comfortable with your internal processes, whether I look at the, HQ level or at the branch level? What kind of growth do you think you can handle comfortably without putting, without exposing us to any kind of process-related risk? So, I think, Agastya, I'll tell you one thing, you know, for us, the baseline has always been process as well as looking at underwriting capabilities for us when we acquire a customer. So for us, when we look at ourselves right now also, if you look at the portfolio quality as well as the credit cost, as well as the various other parameters in terms of acquisition of our customer through technology, technology enablement and everything, you know, I think, you know, we are well poised, keeping in all these factors of acquisition of our customer, underwriting of our customers, the back end operations, you know, which we probably are completely digitized to a, I would say, you know, we are digitized to about 90% of our extent, even in our branches across over there. Putting all that together, I think for us, an acquisition or a growth of about 30%-40% is something, you know, which we are can do it very easily across over there. So it doesn't compromise on any of our quality parameters anyway, which across, you know. Great. Great. So now, if I look at the external risks, so it seems that the political risks are off the table. We, we are not hearing any noises. Three major states came for elections, and there was nothing on... None of the politicians were promising loan waivers. So that's good to see. But, if I look at the indicators that we are getting from the rural side, right, whether on the consumption from the consumption companies, or if I look at what is happening to the milk prices or the agriculture side is not that great. Agriculture incomes have also been suffering. So in that light, the entire industry, it's not just you, but the entire industry is saying that we can grow at 30%-35% for the next 3-4 years easily. So I was just wondering, sir, the macroeconomic indicators are saying something, you guys are saying something else. So what is the reality, and is there a risk, is there an external risk, that the industry as a whole is taking now? So I think, you know, let me, you know, this question, I want to clear it once and for all. I think, you know, there is a difference between a credit demand and a demand for FMCG and the products which are there, you know. I understand that, sir. I understand. But I'm just talking about using that as an indicator for the health, the financial health of the rural household. Let me clarify. Let me clarify. Sure. So when you look at it, it's how the demand actually pertains up to it, you know? Whether I'm buying a mobile phone or maybe I'm buying a refrigerator or I'm buying anything which is there, or am I taking it for my business, you know? When the business maturity levels reaches to a stage when I think a customer looks at it enhancing his income levels, I think that is where I think the basic factors step in, you know. Now, having said that, if you look at even the budget which has come in right now, I think, you know, there is probably an emphasis on increasing the Mudra Loans, increasing the Ladli Scheme, which is there, you know. Now that, once it encompasses a larger spectrum of people in its fold, the income level definitely will be generated. That's one, you know. The second when you, what you said, I think, you know, with the rainfall now coming in, the rabi acreage has in fact increased, which will actually look at, you know, more income level. Now, these income levels are technically, which actually enhance the business capacities, not the purchasing power capacities, you know, which are, which are there in terms of the goods which is looked at. And that is a very, a very, very strong indicator, which gives us in terms of how the demand pertains, how the repayment pertains, and how we are looking at, you know, completely the credit costs and the various factors aligned to it. Right. Right. So one last question, the credit rating upgrade that we have seen, any impact on our cost of funds over the next, like, six months that you expect, what will that be? And my guess is that you'll be passing most of it to our customers. Am I right in that assumption? Yes. I think, you know, for us, it just happened in December. So I think, you know, now whatever further we are looking at, we are talking to our lenders to reduce our cost of funds from about 11.3% to 11.5%, down to about another 25 to 50 basis points. You know, so about 11-11.25% is what we are looking at. And definitely, as you, what you said, as long as our margins are intact at the levels where we are stable, we would pass on this benefit to our customers. Thank you very much for answering my questions, sir. I was just playing the devil's advocate here. All the best for the next quarter, sir. Thank you. I love that. Thank you so much, you know. Thank you. Next question is from the line of P.D. Sharma from Yes Investments. Please go ahead. Hello? Yes, Mr. Sharma, please go ahead. Hello, we can hear you. Namaskar Singh Saab, Thank you. Sir, ek toh, jo aap nayi branches open kiye hain, toh kaunsi geography mein open kiya sir aap? [Foreign language] Abhi humne jo nayi branches open kari hai, woh hamari existing geographies mein hi hai. Parantu hum ab jo agli open karne ja rahe hai, jaise aapko bata dun, ab hum, 2-3 states mein hum extra aur open karne ja rahe hai, woh hai, Telangana aur, Andhra Pradesh. Wahan pe hum, open kar rahe hai. Northeast mein bhi 1-2 choti jagah hai, jaise Meghalaya hai, uske andar aur Nagaland hai, uske andar hum open karne ja rahe hai. Toh ye further hamara expansion plan hai karne ke liye. [Foreign language] Okay. Sir, mera dusra question hai, sir, Punjab mein apna total loan book kya hai aur collection efficiency kya hai? Kyonki mera question isliye hai, sir, kyonki wahan pe kuch political issues aa rahe hai. Aisa mere ko sunne mein aaya hai, sir. [Foreign language] Toh, aap theek keh rahe hain, but Punjab mein jo issues aa rahe hain, woh takriban, 1 ya 2 district ke andar limited hain. Hamari practically agar total branches 70 hain, usme se 70 mein se 5 ya 6 total branches hain jo impacted hain thodi bahut. Jo hamari collection efficiency hai, Punjab ki, woh 98%. Hamara total port- toh hamare pe kuch khaas impact, main aapko 90+ ki figure bolunga, to hamari 90+ ki figure Punjab mein sirf INR 1.25 crore ke kareeb hi hai. Aur jo hamara total, wahan pe AUM hai, woh takriban INR 250 crore ke aas pass. Isme se practically agar main aapko bataun, ye jo paanch-chhe branches hain jahan pe effect hua hai, toh takriban aapko INR 1.25 crore ke kareeb maine bataya, 90+ ki hamari figure hai. [Foreign language] Collection efficiency, takriban 98% ke aas pass hai Punjab ke andar. [Foreign language] Okay. Sir, mera last question hai ki kuch loan jo bond issues ke through apan ne jo fund raise kiya hai, woh sir apan ne 12.75% monthly IRR pe raise kiya hai. Toh sir, ye high yield itna borrowing karne ka kya purpose hai? Jabki apan market mein public NCDs ke through 10 or around 10% pe apan easily borrow kar sakte hai, toh itna high yield pe borrow karne ka purpose sir? Sir, so idea ye hai, apna source of fund hum diversify kar rahe hai. Retail investor ke pass jaate hai, thoda mehenga paisa shuru mein milta hai, jo dheere-dheere karke cost theek ho jayegi. Toh ek naya segment ap apne liye khol rahe hai, fund raise karne ka. Woh dheere-dheere karke niche aayega. Jo humne successfully issue kiye hai, har ek ke andar cost dheere-dheere karke niche ja rahi hai. So, Sharma ji, ek naya introduce kara apne liye ki hum ne jaise sirf bank se borrow karte hai, NBFC se borrow karte hai ya foreign funder se karte hai, toh humne kaha is, is route se bhi karenge. Toh initially jo pehla raise karte hai, woh hamesha thoda high hota hai. Ab jaise, jaise hum subsequent raise kar rahe hai, woh niche jaata ja raha hai. [Foreign language] Woh ultimately usi parity pe aa jayega, jis parity pe hamare PSU banks aur private banks aur unse paisa aata hai. It's only a process which is happening. [Foreign language] Okay, okay. Best of luck, sir. Bahut, bahut shubhkamnaein future ke liye. [Foreign language] Thank you, Sharma ji. Thank you. Thank you. Next question is from the line of Prathamesh Sawant from Axis Securities. Please go ahead. Yeah. Thank you, sir. Congratulations for a great set of numbers. So my question was with respect to your OPEX costs. So going ahead that we are planning in expansion of new branches into different states. So what's your outlook on the OPEX cost, and where would be this? What's the next 18 month or a 2, 1 year, 2 year targets? So I think, you know, for us, our, our work is moving towards that we bring down our OPEX, down below 5.5%. That is what we are trying to look at. When I say that we open up new branches across over there, in my entire base of about 1,180 odd branches, you know, opening up another 100 branches, will have a slight jerk for a minimal period of time. The moment they come into, they finish off their gestation and they come into a breakeven category, I think my OPEX will probably not have any kind of an increase. You know, I would say, agar woh point 0.01 badta bhi hai ya point 0.2, 0.02 badta bhi hai, toh that is insignificant. But, you know, we are actually working on blueprints, you know, where we are able to look at various heads and are able to bring down this thing. And, my only answer to you is this, that we are looking at bringing this OPEX down in the next, I think 6-9 months below 5.5%. You know, that is what our first target is. And, going forward, I think, you know, for us, the endeavor is to, have our OPEX somewhere closer to 5%, you know. But that's all work in process, and we will... We are very, very positive. We are very, very hopeful that we will achieve this, you know. Okay, sir. Sounds good to hear. And sir, my second question is with respect to your disbursement. So can we expect a steady state INR 1,000 crore disbursements going ahead? We would love that, you know, honestly, you know, for us, you know. But yes, that's a benchmark we set for ourselves. We are looking at that. Definitely the boys are motivated, the team is motivated, the team is all excited. I think, you know, for us to cross that INR 1,000 crore mark in one month was a dream which we've been looking for a long number of years. I will definitely be doing that more often, you know. Sure, sir. Thank you, sir. That's it from my end. Yeah. Thank you so much. Thank you. Next question is from the line of Shweta Padhi from SBI Securities. Please go ahead. Hello, am I audible? Yes, yes, you are. Congratulations, sir, on this great set of numbers. Thank you. Actually, during the quarter, some of your peers have reported slight increase in the delinquency, especially in the southern part. So, where do you think your credit cost is going to be, going ahead? Ma'am, we've given our guidance in terms of our credit costs for this year, at least in the range of 1.25-1.5. That's what our range is. And I think, you know, we've fared very well until now by at about 1.1. Our own sense is that I think we will remain within that, you know, our guess is within that lower range, you know, I think, you know, we'll be there. For the next year, our guidance is again at about 1.5-1.75. By the way, the kind of underwriting capabilities which we are putting in across, and our constant endeavor is always to look at credit costs very minutely across over there and work upon it, including write-backs, you know, which is there. I think, you know, we'll be below that range, you know, even in the coming quarters, you know. Okay. Miss Shweta, does that answer your question? Yes, yes. Thank you. Thank you. Thank you. Next question is from the line of Rajiv Mehta, from Yes Securities. Please go ahead. Yeah, so firstly, I must congratulate you on very strong performance. ... and coming to the two questions I have. Firstly, thank you for clarifying on this Punjab issue. So, I mean, as for what you've described, the issue in Punjab is basically restricted to a couple of districts, and it is not a larger, it's sort of very widespread issue in the state itself, right? No, no, it is not. It's just, you know, as I said, you know, out of few odd branches in Punjab, we are probably impacted. Can you name the district, sir, if you don't mind? This is Gurdaspur district, you know. Gurdaspur, okay. Amritsar. Are we seeing similar issues of what you are seeing in those two Punjab districts in some other states as well, adjacent states like Rajasthan or Haryana? So, let me clarify, you know, so- Yeah. This is limited only to these two districts of Amritsar and Gurdaspur. Not even districts adjoining to these two districts have been affected in Punjab. That's one. Rajasthan, we don't have any kind of stress issue, which has probably been there. No, I think, you know, agitation or stuff like that. You know? Understood. So I think it is just limited. Yeah, it's just limited to this. Got it. Just my last question is, sir: how are we assessing the quality of new growth, the new customers being onboarded? See, one of the parameters is whether, you know, how many loans he already has, and of course, FOIR, household level FOIR data. But, anything, from our side, you know, you know, any other parameters that we're using so as to ensure that even if the growth rate is slightly higher, but we are very confident about the asset quality going forward. So, Rajiv, you know, besides this, statutory mandatory thing, you know, which is there in terms of FOIR and all, you know, we go beyond that, you know. And that is also one of the key reasons why I think, you know, if you look at the complete, ecosystem of, credit cards, we are faring, at least better than, than the industry, you know? I think, you know, I can safely say that. Yeah. Yeah, yeah. The reasons are multifold. You know, we do a lot of data analytics in terms of how we actually acquire a customer. As I've been mentioning across, and it's not a game of disbursement now, it's a game of collection. Whatever you can do in terms of acquisition of a customer, you can do it rather than do anything post that, you know, because I think, you know, it becomes slightly challenging to do that. So we've got various data points. We've got various factors in terms of the branch, you know, PAR numbers coming up. We look at the scorecards which generate from the credit bureau, as well as our internal scorecards. I think, you know, for us, you know, we take immediate action because for us, since we have our own technology, our own data analytic teams which work on it. In fact, let me just mention across, you know, we've got a 20-member strong data analytics team, which just works on portfolio quality, branch by branch, center by center, you know, loan officer by loan officer. So I think that's how granularly we look at the data, and we are able to take action based on these, you know. Understood, sir. Thank you so much for answering my questions and, you know, best wishes for sustained strong performance. Thank you. Thank you so much. Thank you very much. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. Participant, to ask a question, you may press star and one. Next question is from the line of Saroj Kumar from Doha Bank. Please go ahead. Good evening, and congratulations- Sorry to interrupt, Mr. Saroj, but there is a disturbance in your line. Good evening, and congratulations for your very good number in Q3. So my question is about that, as regarding... Sorry to interrupt, Mr. Saroj. Your- Particularly in Q3. You are just not audible, sir. It's very hard to hear you. You are not audible. Hello? Am I audible now? Yes, you are audible now. Please proceed. Yeah, yeah. My... First of all, good evening, and congratulations for, I mean, it's very good number in Q3. My question is about that, particularly for Assam portfolio. So how the collection efficiency means matter in the Q3? I mean, how it was, I mean, about the portfolio. I mean... Hello? Regarding particularly for the Assam portfolio, I'm talking about. Is there any, any, update? Sir, maybe please request you to reconnect, as your line is not audible, please. Let me answer this, you know, basically. Okay. So Assam portfolio, gentleman, I couldn't get your name, but Assam portfolio- Yeah, my name is- We have 100% collection efficiency. If you look at the overall ecosystem, for us, the PAR is absolutely, you know, 0.10%. It is closer to that only. So in fact, the PAR numbers in Assam, as well as the portfolio quality, as well as, the factor of growth, whatever we are looking at, I think is doing exceptionally well, in, in Assam, you know? Right. That's the answer. Yeah, yeah, yeah. Because last time when we, we got an update, you know, from almost INR 100 crore is on, you know, in the last quarter. So that was the question whether it has been- I think... Mr. Saroj? Okay. Your line is breaking. Please reconnect. 连 again. Thank you.... Next question is from the line of Ronak Sangvi from Retail Investor. Please go ahead. Hi, good evening, Singh sir. Hello. Evening. Congratulations on a very good set of numbers. Thank you, sir. Just a couple of questions, because historically, we have said that we will try to diversify the portfolio and the percentage of the non-MFI business, we aspire to go to 25%. But over the last one year, because the base has been low, the growth has been low in MFI, but last one year since the growth has been very good, the share has continuously come down for the non-MFI portfolio. So are we and I read that press release on the INR 250 crore fundraise, that we want to infuse more equity. So just wanted to understand what is the growth trajectory now for the non-MFI business? Because it is not, it is not in that line, in the direction. No, no. So, so let me clarify, Ronak. You know, for us, you know, our endeavor, since the base of the parent company is pretty large enough, you know? We are making these both our companies grow at about 50%-60% year-on-year, and that's what our trajectory is. In fact, housing is growing at the same rate, about 50-60% year-on-year, and that is where we will continue to do both the companies. The only thing which has happened in SFL is basically because of the principal business criteria, we are running down our BC book. You know, that is probably one of the key reasons why you do not see that uptake in terms of the same. But the retail portfolio is growing. In fact, the BC portfolio is going down. Overall, I think we still have a 5% net growth, you know, in the single crossover there. We grow both these businesses at about, my sense is, 40%-50% or you know, 50%+ year-on-year, at least for the next few years, till the time they reach a critical mass and become a significant addition to the overall consolidated, you know, I think AUM for the three companies. Okay, thank you. So one more question, which is around provision coverage ratio. Our provision coverage ratio is around 50%, and, this year has been, obviously very good. So do we want to increase the provision coverage ratio to around 75%-80%, or do you want to maintain it as... Because the last quarter is generally where the financials are finalized. Just wanted to understand that. We have increased our provision coverage ratio from, you know, September quarter onward and all. So we'll continue to be, so to say, realistic and conservative in terms of making the provision, and then slowly increase that. If you see, our overall provision coverage is 82%, on 90+ is 61%. But we'll slowly increase that. This idea is to be properly provided for. Yeah. So I understand, because the provision also, probably the book, the 90-plus book also has that Assam book, which is due to get recovered from the government. So is that the reason why the provision coverage ratio is at 60%, or, for the net provision coverage ratio? Ronak, you know, that's exactly what we are waiting for. You know, if we get that amount, basically, you know, we are saying that if we write off, you know, then I think, you know, for us to get the money back from the government will probably be a challenge again. So, so we've wrote for that, you know, and hopefully, I think, you know, the moment we get that, then I think, you know, probably we will not have anything significant left in Assam. You know, so I think we'll be able to achieve what we tend to really achieve, you know, by increasing our provision coverage and 90 plus also. Okay. Okay. Thank you. Thank you. Thank you. All the best, and take care, I guess you are- Thank you. having a bad cold. Thank you. Take care. I know, I know. It's Delhi's weather and pollution is all adding up, you know? Please take care. Thank you. Thank you. Next question is from the line of Rahul Mishra from ITI Investments. Please go ahead. Yeah, thank you for taking my question. So first, I just wanted to check, is there any communication with the regulator on pricing and the ANIs that we're making? No, there's no, there is nothing which is going on with the regulator. I think, you know, for us, since the time I think, you know, we've all been looking at risk pricing, and I think the regulator understands the difference between the cost of funds and the operating cost, and the credit cost, and the margins left for us. You know, I think there's, I think, you know, clarity between us and the regulators, you know, you know, which is- Okay. And secondly, just following up on this PCR thing. So obviously, you know, times are phenomenally good, and, I'm sure you have a higher number of credit costs if one were to look at through a cycle. So any thoughts on, you know, creating an extra buffer in good times, so that, you know, when the cycle turns eventually, you know, you can, in some sense, smoothen out the credit cost? So I think, you know, as we indicated in the earlier question, you know, we've increased our, PCR from 54% to about 61% now. We've still got the Assam hangover left in this, 90+, cycle, which is there. The moment we get clarity on that, you know, where we are getting that amount, I think, you know, the 61% will have a further increase, which is, which is going to be there. I think the industry talks about, my own sense is about 75, 80%, or 75%. 70, 70, 50. 75% on the higher side. I think, you know, we are well placed. Once we get clarity on the Assam thing, you know, I think, you know, we'll, we'll be there I think. If I could quickly squeeze in one more question. If I were to ask you on what your sense is on credit costs over the next cycle, would that number be in the two handle or higher or lower? We've given a guidance for the next five years. If you look at our analyst presentation, it is in the range of 1.5-1.75. That's what we are looking at in total. Got it. Thank you. Thank you. Thank you. Ladies and gentlemen, we will take this as the last question for the day. I would now like to hand the conference over to Ms. Aditi Singh, Head of Strategy, for closing comments. Hi, everyone. Good evening, and thank you so much for coming on our call. We have tried to explain all the commentary around our results through the investor presentation and this, earnings call speech, as well as the questions that we could take. I hope that satisfies most of your queries, and, as management has indicated, we are very confidently moving on a solid path going forward. Still, if you want to have any more discussions, you can always reach out to me or my teammate, Ms. Shweta Bansal, and, our details are mentioned on the, website as well. So you can write to us. We are more than happy to engage with you if you have any more queries, queries or, discussions, please. Thank you and have a great evening. Bye-bye, everyone. Thank you very much. On behalf of Satin Creditcare Network Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.