Can Fin Homes Limited (511196) Earnings Call Transcript & Summary

Dear shareholders, good morning, and warm welcome to you all to the 34th Annual General Meeting of Can Fin Homes Ltd. through videoconferencing. [Operator Instructions] Please note that as per the requirements, the proceedings of the Annual General Meeting will be recorded and available on the website of the company. Over to Mrs. Veena G. Kamath, Company Secretary of Can Fin Homes Ltd. Thank you, and over to you, ma'am.

[Foreign Language] Good morning, ladies and gentlemen. I welcome all the members, our Chairman, Managing Director, Deputy Managing Director and all the members of our Board of Directors; partners from Varma & Varma, statutory auditors of the company; scrutinizer; our secretarial auditor; our tax consultants; special invitees and the key managerial personnel to this 34th Annual General Meeting of the company on this -- the 8th day of September 2021, Wednesday. Our Chairman, Shri Lingam Venkata Prabhakar, is the Managing Director and CEO of Canara Bank. He is a nonexecutive promoter Director on the Board of our company. He is the Chairman of Corporate Social Responsibility Committee. Our Chairman is participating in this meeting from the boardroom of the company. Shri L.V. Prabhakar to preside over the meeting.

Dear shareholders, I welcome you all to this meeting. I hope all of you are safe and keeping well. This 34th Annual General Meeting of Can Fin Homes Ltd. is being held through videoconferencing in accordance with the circulars and guidelines issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India. Let me introduce you the members of the Board of your company participating in this meeting. Shri Girish, he is the Managing Director and CEO of the company. He is the Chairman of Managing Committee and a member of the Shareholders Relationship Committee, Risk Management Committee, Corporate Social Responsibility Committee and IT Strategy Committee. He's joining this meeting from the boardroom of the company. Shri Amitabh Chatterjee is the Deputy Managing Director of the company. He's a DGM in Canara Bank. He is a member of the Corporate Social Responsibility Committee, Risk Management Committee, IT Strategy Committee and Management Committee. He is also joining from the boardroom of the company. Shri G Naganathan is a practicing chartered accountant. He is an independent director. He is the Chairman of the Audit Committee and IT Strategy committee. He's also a member of the Stakeholders Relationship Committee, Corporate Social Responsibility Committee and Nomination, Remuneration and HR Committee. He is participating from Chennai. Dr. Y. Vijayanand, former Deputy Managing Director of SBI and former Managing Director of State Bank of Mysore, is an independent director. He is the Chairman of the Nomination, Remuneration and HR Committee and Stakeholders Relationship Committee, and he is a member of the Audit Committee. His tenure will come to an end on the conclusion of this Annual General Meeting. On behalf of your company and its Board, I thank Dr. Vijayanand for all his guidance and support. He is participating from Hyderabad. Shri Satish Kumar Kalra, the former Whole-Time Director of Andhra Bank, is an independent director. He's a member of the Nomination, Remuneration and HR Committee. He is joining from Gurgaon. Shri Ajai Kumar, the former Managing Director and CEO of Corporation Bank. The proposal relating to his appointment as an independent director is placed before the members. He's joining from Mumbai. Shri Debashish Mukherjee is the Executive Director of Canara Bank. He is the Chairman of the Risk Management Committee, member of the Audit Committee and Nomination, Remuneration and HR Committee. He could not join today due to medical emergency at home. Smt. Shubhalakshmi Panse, former Chairperson and Managing Director of Allahabad Bank, is an independent director. She is a member of the Audit Committee, Risk Management Committee, Stakeholders Relationship Committee and Management Committee. Madam could not join today due to medical emergency at home. I'm happy to welcome you all once again, on behalf of the Board of Directors, to this 34th Annual General Meeting of your company on videoconferencing. It is 11:00 a.m., and I have been informed that the quorum is present and I call the meeting to order. Participation of members through videoconferencing is being recorded for the purpose of quorum as per Section 103 of the Companies Act of 2013 and the circulars issued by MCA. The registrar of Directors and key management personnel and registrar of contracts or arrangements have been made available electronically on the e-voting platform arranged by NSDL for inspection by the members during the AGM. I request Ms. Veena, Company Secretary, to provide general instructions to the members.

Thank you, sir. Dear members, this meeting is being held through videoconferencing as already mentioned by the Chairman, in accordance with the circulars issued by the Ministry of Corporate Affairs, applicable provisions of the Companies Act 2013 and SEBI Listing Obligations and Disclosure Requirements Regulation 2015. The company has enabled the members to participate in this 34th AGM through videoconferencing facility provided by National Securities Depository Limited, that is NSDL. Facility for joining this meeting through videoconferencing or other audiovisual means is made available for the members on a first come, first served basis. The proceedings of this meeting are being recorded for compliance purposes. In accordance with the provisions of the Companies Act 2013 and SEBI listing regulations, the members have been provided with a facility to exercise their right to vote by electronic means, both through remote e-voting and e-voting during the AGM. Since the AGM is being held in accordance with the MCA circulars through VC, the facility for appointment of proxies by the members has not been made available. The annual report, AGM notice, together with instructions for remote e-voting, e-voting today, for attending the meeting on video conference and process to be followed by the members who have not registered their e-mail IDs and also general instructions, was sent to all the members who have registered their e-mail IDs by way of e-mail through NSDL platform on 13th of August 2021. We had received requests from 10 members for physical copies of the annual report, and we have dispatched the same. Members may note that the notice and annual report 2021 are also made available on the company's website, on websites of NSE and BSE. A copy of the notice is also made available on the website of NSDL. Remote e-voting facility was made available for all the 10 agenda items during the period commencing from 4th September 2021, Saturday, 9:00 a.m. till 7 September 2021, Tuesday, 5:00 p.m. All the members who are holding shares as on 2nd September 2021, the cut-off date, are entitled to vote in terms of the applicable rules. Members joining the meeting through videoconferencing, who have not cast their vote by using remote e-voting facility, may vote today through e-voting facility provided on the NSDL portal. The members who have already cast their vote by remote e-voting prior to the AGM, shall not be entitled to cast their vote again. The Board of Directors has appointed Shri S Kedarnath as the scrutinizer for this meeting. Based on the report of the scrutinizer, the combined results of remote e-voting and e-voting during the meeting today, will be announced and displayed on the website of the company and will also be submitted to the stock exchanges as per the requirements under the SEBI listing regulations. Regarding expression of views or questions from members, I wish to inform that the company has received requests from 10 members: Shri Manjith Singh, Shri Babu George, Shri Sadananda Sastry, Smt. Celestine Elizabeth Mascarenhas, Shri Santosh Kumar Saraf, Shri Ramesh Shanker Golla, Shri Ashit Kumar Pathak, Shri Sharadkumar Jivraj Shah and Shri [ Kankanala ] Bharat Raj and Shri Ashok Chakravarthi, to register them as speakers at the meeting. Accordingly, the moderator will facilitate the speakers one by one to express their views when the Chairman opens the floor for questions and answers. Members can post their views or questions in the chat box on their videoconference screen before 10:30 a.m. It may be noted that the company reserves the right to limit the number of members asking questions depending on the availability of time at the AGM. We request the members who are posting their queries in the chat box to type their respective e-mail IDs. In case of positive of time, the response from management will be sent by e-mails to them. I now request the Chairman to continue with the proceedings of the meeting.

I am satisfied that all the efforts feasible under the circumstances have been made by the company to enable members to participate and vote on the items being considered at this meeting.

Thank you very much. The Chairman will now present his statement.

Dear shareholders, as we welcome another fiscal, we remain focused on promoting our prime objective of making home ownership a reality for millions of Indians. While the last year was particularly challenging for people all over the world, our resilient approach enabled us to tide through the crisis. Over the years, we have earned the trust of people as a reliable and resourceful organization that is committed to promote home ownership in this country. We have played an instrumental role in fulfilling the dream of an affordable home that lends a sense of security and provides the freedom to lead a dignified life. As we complete 34 years in the industry, we are determined to contribute to nation building through our concerted efforts to provide a roof over every head. Along the way, we have established our credibility as a dependable lender and continue to expand our retail lending portfolio across the country. The year 2020 was a bit challenging. We are living in an era of extraordinary challenge, and the unprecedented events of 2020 tested the internal strength of the institutions world over. Despite difficulties, your company demonstrated flexibility to adapt to the challenging circumstances, which reflected in our performance during the year. The GDP of Indian economy contracted by 7.3% during the fiscal 2020/'21 due to the COVID-19 pandemic. During the year, the industry service sector output of the Indian economy witnessed a steep decline due to massive disruptions in the global supply chain following the countrywide lockdowns. Agriculture and pharma sector witnessed growth during this period. Nevertheless, the DGP -- GDP growth reversed in the latter half of the fiscal, mainly driven by the pent-up demand. The expansionary policy adopted by the Government of India and the Reserve Bank of India to infuse liquidity, lower the cost of borrowing and stimulate demand in the economy helped cushion the effects of the crisis. Some of the notable policy interventions include moratorium on loans, extended Emergency Credit Line Guarantee Scheme and emphasis on Aatmanirbhar Bharat. A significant corpus was also allotted for Pradhan Mantri Awas Yojana -Urban and the Affordable Housing Rental Complexes to stimulate growth in the housing sector. The Indian housing sector is witnessing continuous transformation since the turn of the century. A slew of systemic structural reforms and policy changes led to the elimination of weaker players, consolidation of the sector and entry of large corporate houses. The industry is now much more organized, demonstrates accountability and transparency in its dealings. Increasing population, rapid urbanization, migration to urban areas and greater purchasing power have contributed to the demand for affordable housing in India. The Affordable Housing Rental Complexes have also been designed to accomplish the objective of Housing for All, taking into consideration the needs of the urban poor and the aim to provide means for dignified living to a larger section of the Indian population. The demand for housing in urban areas have also increased due to the growing norm of working from home after the pandemic. This was aided by the availability of cheaper home loans facilitated by the RBI during the year to infuse liquidity in the system. The budget for financial year 2022 further supported the housing sector through the extension of the Affordable Housing scheme, additional income tax deductions, announcement of tax holiday for developers and reduction of customs duty on steel and iron. These are anticipated to provide influence first-time home buyers and people from low and medium income households to purchase new property. The government's attempt to boost infrastructure in the country will also help to create jobs over the next few years, which in turn is likely to foster the demand for the affordable houses. The cumulative effect of these factors is expected to act as an impetus for the affordable housing sector, improve supply and reduce housing shortage to a greater extent. During the period under review, your company focused on maintaining asset quality and stability. People from middle and lower income categories continued to be our primary lending segment as we focused on offering affordable housing loans to individuals. Can Fin has successfully established a pan-India presence with 165 branches, 21 AHLCs and 14 satellite offices across 21 states and Union Territories in India. Despite operational challenges in the year gone by, your company registered a remarkable performance. Your company's loan book reached about INR 22,105 crores in financial year '21, increasing by 7% Y-o-Y. The new approach -- approvals for loans stood at INR 4,631 crores, and we registered disbursements of INR 4,332 crore during the period under review. While 90% of our loan book pertained to housing loans, salaried people and professionals accounted for 73% of the loan book as on 31st of March '21. Top-up loans accounted for 4% and LAP covered 6% of our nonhousing loan in financial year '21. Your company recorded a 21.25% increase in profit after tax at INR 456.06 crore during the fiscal 2020/'21, in comparison to INR 376.12 crore in the previous fiscal. The return on average assets stood at 2.18% by the end of the fiscal, with a return on equity at 17.47% in the same period. The moratorium on housing loans have been extended to all borrowers who have sought this benefit. Your company is also determined to consistently improve collections and safeguard its reputation as one of the best HFCs in terms of asset quality. Can Fin is committed to fulfill its responsibility towards the society and continues to participate in activities that make a difference and improve the lives. Your company also contributed INR 4 crore to the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund and INR 1 crore to Karnataka State Disaster Management Authority-COVID-19 during the fiscal 2020/'21. The residential sector is showing marked signs of improvement. The enhanced role of Reserve Bank of India in the housing sector provide a better regulated environment for home loan buyers. The policy rates held by the Central Bank are kept low for the purpose of economic recovery, which help increase consumption and growth. As a result, mortgage rates are low, while prices are stagnant. These twin factors make it an appropriate time to acquire a home. Under the ambit of RERA, [Technical Difficulty] the end of another successful year, I would like to express my gratitude towards the members of the Board, the regulators, National Housing Bank and Reserve Bank of India, Canara Bank and the auditors, Varma & Varma, for their guidance, support and cooperation. I would also like to appreciate our shareholders, customers and employees for the faith and trust bestowed in our abilities. Together, we are prepared to scale new peaks of success in the days ahead. Thank you.

Thank you very much. The Chairman will now announce about the AGM notice and auditor's reports.

As already mentioned by the company secretary, all the relevant documents like AGM notice; annual report, including financials; necessary UOT and VC-related instructions, et cetera, have been sent by electronic mode to those members whose e-mail addresses are registered with the company or depositories. These documents have also been made available on the company's website. Considering the same, I would like to take the notice dated 31st of July 2021 relating to the 34th Annual General Meeting of the company as read. Now I request the company's secretary to present the auditor's report for the financial year 2020/'21.

Dear members, M/s Varma & Varma, statutory auditors, have given their unqualified auditor's report for the financial year ended 31st March 2021. There are no qualifications, observations or comments in the financial transactions or matters which have any adverse effect on the functioning of the company. Independent auditor's report on audit of Ind AS financial statements, together with Annexure A relating to report on Other Legal and Regulatory Requirements and Annexure B relating to report on the Internal Financial Controls are placed at page numbers 125 to 133 of the annual report. Shri S Kedarnath, practicing company secretary from S. Kedarnath & Associates, was appointed as the secretarial auditor as per Section 204 of the Companies Act 2013 for the financial year 2020/'21. The report submitted by the auditor is placed as Annexure 1 to the Report of Directors at page numbers 58 to 63. There are no qualifications, observations or other remarks made by the auditor. Hence, the auditor reports are being taken as read. Thank you.

Thank you very much. Chairman will take up the resolutions as set forth in the notice.

We now take up the resolutions as set forth in the notice of the 34th Annual General Meeting. I request the company secretary to take us through the business that are to be considered at the meeting.

The following items of ordinary business are to be considered at this meeting. Agenda item #1, adoption of accounts. To receive, consider and adopt the audited financial statements, including balance sheet as at 31st March 2021 and statement of profit and loss account of the company for the year ended that date, together with the reports of directors and auditors thereon. The complete financial statements with all annexures thereto are already provided to the members. Agenda item #2, to declare a dividend of INR 2 per equity share for the financial year ended 31st March 2021. The Board has recommended a dividend of INR 2 per equity share, duly considering the capital adequacy requirements, deferred tax liability, uncertainty on account of COVID-19, its impact on financial markets, the result and impact on the company and the dividend distribution policy, et cetera. Agenda item #3, to reappoint Shri Debashish Mukherjee, Director, who retires by rotation at this AGM and being eligible, offers himself for reappointment. Agenda item #4, to appoint 2 audit firms, namely M/s. B Srinivasa Rao & Co, Chartered Accountants; and M/s. B K Ramadhyani & Co., LLP, as the statutory central auditors in terms of the RBI guidelines dated 27 April 2021 for a tenure of 3 years on such remuneration as may be determined by the Board of Directors of the company and to authorize the Board of Directors to appoint branch auditors. The particulars of all -- and all information as required under SEBI listing regulations in respect of the proposed audit firm and LLP are provided in the explanatory statement forming part of the notice at page numbers 16 to 18. The following items of special business are to be considered and the related resolutions are already provided in the notice. Agenda item #5, appointment of Shri Amitabh Chatterjee as a Director and Whole-Time Director as an ordinary resolution. Agenda #6, appointment of Shri Ajai Kumar as an Independent Director as an ordinary resolution. Brief profile and complete particulars relating to Dr. -- sorry, Shri Debashish Mukherjee, Shri Amitabh Chatterjee and Shri Ajai Kumar, including the terms and conditions of appointment or reappointment are provided in the explanatory statement at page numbers 15 to 23 of the notice. Agenda numbers 5 and 6 require approval from the members as the additional directors hold office only up to the date of the Annual General Meeting in terms of Section 161 of the Companies Act 2013. Agenda item #7, acceptance of deposits from public as an ordinary resolution. The prior consent of the members is requested in terms of Section 73(2) of the Companies Act 2013 to accept deposits from public to the extent not exceeding 3x of the net owned funds, subject to the condition that the amount accepted in the form of deposits from public, together with the existing borrowings and future borrowings, would be within the limits specified by the members under Section 180(1)(c) of the Companies Act 2013. The details relating to the subject are provided in Page #23 of the notice of this meeting. The NOF of the company as on March 31, 2021, is INR 2,583.18 crore and the outstanding deposits as on the said date was INR 442.47 crore. The consent so obtained shall be effective and valid until altered, modified or rescinded in future. Agenda item #8, borrow amounts not exceeding INR 30,000 crore as a special resolution. The total borrowings of the company as on March 31, 2021 was INR 19,293 crore. As per the Regulatory Master Directions, the maximum amount that the company can borrow shall not exceed 12x cost of the net owned funds as per the last audited balance sheet for the financial year ending on March 31, 2022. As on March 31 2021, the NOF was INR 2,583 crore and hence, our borrowing limit shall not exceed INR 30,996 crore at the end of the year 2021/'22. The authorization to borrow to an extent up to INR 30,000 crore sought by the company, if approved, will be valid until the outstanding borrowings of the company reaches the limit. The details relating to the subject are provided in page numbers 23 and 24 of the notice of this meeting. Agenda item #9, offer or invitation for subscription of nonconvertible debentures or bonds, secured or unsecured, of any nature up to an amount of -- amount not exceeding INR 4,000 crore on private placement as a special resolution. Keeping in view the expected increase in business of the company, alternative sources of funds, cost of each of the sources and subject to the provisions of the applicable law, the company intends to offer or invite subscription of bonds or NCDs or Tier 2 bonds, up to an amount of INR 4,000 crore in 1 or more tranches on private placement basis for a period of 1 year from the conclusion of this meeting until the conclusion of the next AGM. However, it will be ensured that the NCDs, together with all other existing and future borrowings, would be within the limits specified by the members under Section 180(1)(c) of the Companies Act 2013. Complete particulars on the subject are provided in the explanatory statement forming part of the notice of this meeting at page numbers 24 and 25. Agenda item #10, further issue of shares not exceeding INR 1,000 crore as a special resolution. The company focuses on 4 key parameters, namely growth, asset quality, liquidity and profitability. The company expects that the market may open up and there is a scope for growth, and the company should be future ready when the growth picks up or opportunity opens up. The expected growth rate necessitates infusion of fresh capital, building adequate cushion in the borrowing capacity of the company for the next 3 to 4 years and to keep the leverage ratio at comfortable levels. There is a need to improve the leverage ratio considering the growth potential to be tapped. Government of India and the Reserve Bank of India have taken several measures to revive the economy in general and housing sector, in particular, including Housing for All initiative by 2022. It is therefore anticipated that there will be demand for housing, particularly due to reduction in property prices and reduction in rate of interest. Considering the cost, benefit, requirement of time, et cetera, with reference to each of the alternative modes of raising funds, the Board has recommended to raise funds not exceeding INR 1,000 crore through allotment of shares through QIP mode. Complete particulars of the resolutions placed before the members under the special business are provided in the explanatory statement annexed to the notice from page numbers 25 and 26 of the AGM notice. Approvals from members for Agenda #7 to 10 aren't necessary since the approvals given by the members at the 33rd Annual General Meeting are valid only up to this date. Approvals for all the agenda items are very important for the company to carry out its business smoothly during the current year too. Thank you.

Thank you very much. Chairman will now announce about discussion on annual accounts.

All the resolutions are put to vote through remote e-voting. Hence, in terms of Secretarial Standard-7, there will be no proposing or seconding requirement for any resolutions at the meeting. And also, there will be no show of hands. All resolutions are required to be voted electronically. The e-voting facility will now be activated for members who are participating in this meeting and who have not already voted through remote e-voting. The voting facility will remain active till 30 minutes after the conclusion of the meeting. We will open the floor for expression of views Or any questions on the financial statements for the year ended 31st March 2021, and other resolutions moved at the meeting. We will adhere to some basic guidelines for a smooth question-and-answer session. [Operator Instructions]. It may be noted that the company reserves the right to limit the number of members asking questions depending on the availability of time at the AGM. To avoid repetition, we will respond to all the questions at the end. I now request the moderator to enable our speaker shareholders one by one. Thank you.

[Operator Instructions] I now request the first speaker shareholder, Shri Manjith Singh to proceed with his questions.

[Foreign Language]

Thank you very much.

I now request Shri Sadananda Sastry to proceed with his questions.

Are you seeing me? No. Okay.

We're able to hear you.

Okay. I'm Sadananda Sastry from Bangalore. My number is 11702201. First of all, this virtual meeting is fit for nothing. Neither we can approach you properly nor you can reach us. However, company secretary, Veena, inspired us to participate in the meeting to give a color to your AGM. As per Page #16 of your report, you have said that housing loan and non-housing loan, housing loan is secured however, nonhousing loan may or may not be secured. Recovery may be difficult. NPA may increase. Why do you encourage non-housing loan? Page #20, percentage figure of gross and net NPA is all-time high. How do the bank reduce it? And what steps it is taking? There is an increase of 50 employees in the number, but loan approval, disbursal, revenue decrease and turnover also come down. What was the necessity of this increase of 50 employees to add to additional operational costs? Page #26, very important. You have given a designation to Madam Veena as the AGM and the Company Secretary. But in general terms, particularly in this annual report, the AGM implies Annual General Meeting. It is better to expand Assistant General Manager in the report. Let her enjoy the cream of the designation at least. Page #37, financial performance. From revenue to EBIT showing negative growth, but profit is positive. What magic the company has done, sir? Page #41, final results. As far as the account accuracy is concerned, this compilation is wrong. You can observe that profit after tax, if you add 3.92 lakhs and 0.99 lakhs, it results 4.91 lakhs. I feel 0.99 lakhs is bracketless, maybe the fault of blind printer. Even then, it should appear as 2.93 lakhs, but it is shown 2.94 lakhs. Further, 44,603.10 plus 13,126.55, the total sum is 58,729.65, but it is made 58,729.64. With this account will not affect, but the accuracy defects more. Page #45, deposits. Company has mobilized INR 173 crore more deposits, which is somehow expensive. And on the other hand, company is empowered to borrow INR 30,000 crores. Does it not affect the liquidity and interest expenses? Page #82, the level of women employee is only 20.41% of 887. As far as parliament proposal, 33%, and women empowerment policy is concerned, percentage is lower. Why can't the company reach the target? Page #134, balance sheet. Bank balances are allowed to continue high without use. Is it not interest loss? Property plant decreased, but the depreciation increased. How it is, sir? Because of reduction in finance costs and the deferred tax, profit is positive but not out of business. What about the current year's position? Page #160, unpaid overdue deposits of INR 11 crore is too high. Beneficiary put it into loss. Any attempts made by the company to trace them? Last one, Page #184. Company-assisted real estate sector, builders, developers. Nowadays, developers are in the habit of encroaching the -- grabbing the government lands and no such involvements are in the advances the company has to guarantee. Thank you very much, sir. And see you next year in [indiscernible] Convention Hall.

Thank you, Sadananda Sastry, sir. Very good inputs.

I now request Smt. Celestine Elizabeth Mascarenhas to ask her questions.

Can you hear me, sir? Hello?

Yes, ma'am. Please go ahead. Yes, we are good to hear you.

Respected Chairman, Lingam V. Prabhakar; MD, CEO, Girish Kousgi; other very, very honorable directors, forgive me in not taking the names, time constrained. My name and my fellow shareholders attending this virtual meet, my name is Celestine Elizabeth Mascarenhas. I am attending from Mumbai. First, I thank the petite company secretary, Veena G. Kamath and her team for sending me the annual report in PDF, very good; and also registering me as a speaker on my request and giving me this opportunity, especially the Chorus team for giving me this platform and audio and video. Thank you so much. Now I turn to the annual report. It is very good. It is well-documented piece. And with good information, everything with pictures, graphs, colorful financial highlights, which is making it very, very self-explanatory. Thanks very much to the secretary and her communications team. Now the working, sir, par excellence. Revenue, up; PBT, up; PAT up. EPS has gone up, 28.28, last year to INR 34.25. Interest spread up 2.45% to 2.78%. NIM also up 3.52% to 3.88%. Dividend is only same as last year, that is 100%, but INR 2. Another very strong point I saw in our balance sheet is no debt -- no bad debt return of for the last 5 years. This is very, very good. I really hats off to this team. That shows the strength of our balance sheet. Now I don't -- I have here one observation. Our share capital is 2,663.31 lakhs against reserve of 2,58,317.45 lakhs. What about the bonus to unlock more of small shareholder value as many companies have done these days, even if they don't give dividend to unlock the value, they have given bonus? So what about thinking in the next board meeting? When was the last bonus given? Next, I congratulate you for all the awards you've documented in the annual report. Also very good CSR work, all is there in the balance sheet. And what is nice is ESG also has been given very good importance, very good. Now my query is, of course, not that much, but it is very important. Our total loan book is INR 22,105 crores. Disbursement during this COVID or during the last year is INR 4,332 crores. So I would like to know how much percentage of these loans, INR 4,332 crores, are driven digital and automatic? As why I asked this, we are having, so far, the lowest NPA is 0.61%, not even 1%, and gross NPA is 0.96%. So next year, I will definitely ask what is the level of NPA from the digital platform, not this year. Now number two, on Page 7, core strengths of our business is beautifully spelled, namely focus, strategy, service, trust, investment, returns. Sir, I would like to know is our core competence and have given very good importance, because I like the vision/mission statement core values, given beautifully, I like that statement. With that reference also, I am asking you. Number three. Sir, we are in housing affordable wing, catering to a large number of middle-class people, trying to own their own home, not house, and ticket size at present, 20 lakhs, is very good. You can increase it for the small borrowers because my -- also for borrowers at least don't do so much of bad debt. My advice to you or my exposure, I have seen and I have also been learned very much, is our DHFL, second in the housing loan, where more shareholders lost just because they went on increasing in not in the same core competence, but they want something else, all other fields. And today, the small shareholder has lost everything. Second one, company. I can give you many. One, another very special case. Indiabulls housing, appetite for banking grew in them. They did a lot of restructuring. They got interest in Lakshmi Vilas Bank, where we saw the small shareholders to grab a good opportunity. We also invested and though DBS has taken, we have lost everything. We are in so. So please go on your core competence business, which is going through the affordable sector of housing loans. Next is, lastly, we have a well-defined whistleblower policy. How many came to life, especially staff involvement or the DSA involvement? And I would like here also to know whether the DSA is also using the digital automation platform. So future road map for next 3 years, CapEx plans. As it is, you are raising the capital to high-growth people, it is okay. But for on your only for competence, there is protocol in mind. I support all the resolutions. I wish you, sir, and the entire Can Fin Homes team good health, with all the team fully vaccinated. With this, I wish you all the festivities which are in the offering. Thank you very much for giving me this platform to speak and express my views. Thanks once again.

Thank you, Madam Elizabeth, for all your appreciation and very good observations. Thank you very much.

I now request Shri Babu George to proceed with his questions.

Hello? Hello? Can you hear me?

Yes, sir. Please go ahead. Yes, sir. We are able to hear you.

A very good morning to our Chairman, Managing Director and other shareholders. First of all, this is the first AGM after merger of Canara Bank with the Syndicate Bank. On this occasion, I am remembering the death of late Shri Ammembal Subba Rao Pai and late Dr. T.M.A. Pai, both legends of the 19th century and 20th century, founders of Canara Bank and Syndicate Bank. And I request all our executives to go along with the path shown by these 2 giants of banking industry and social workers in the future. Also, I am glad to note that the profit of the company has increased considerably, INR 456.03 crores; earnings per share INR 34.25; whereas, the dividend declared is only INR 2 per share. In this pandemic condition throughout the country when ordinary and middle-class shareholders are struggling to meet their both ends, that INR 2 is highly insufficient. I request the director board to consider and declare INR 4 per share. I also request to take steps for issue of bonus shares to the shareholders. There was a provision of INR 22 crores -- INR 22.27 crores shown in the balance sheet, for -- which part of the country these loans are granted? And is their sufficient securities not available? What was happened to this loan? The COVID-19 will be still exist in most parts of the country, and the medical experts informs that they will approach by the end of October. Hence, I request the management to utilize the CSR funds and deliver one good-quality oximeter to all the shareholders who attended the meeting as well as to the staff and officials of secretarial department of Can Fin Homes. This will be -- and also request the management to vaccinate all the employees and officials so that the health of the bank, along with the health of the employees, are asset of the bank of the company. Also inform how many persons, officials and the shareholders, lost their life due to COVID-19. The loan -- provision for nonperforming assets, INR 22.27 crores, please explain how it has happened? And I am happy no bad debts are of this year. It is a welcome step. I have a special congratulation to Smt. Veena Kamath, the AGM as well as the company secretary and her dedicated team for their exemplary and commendable service to the shareholders. I had sent a mail on 3rd, Friday morning. Immediately, she responded and contacted. This is a real example of Can woman. And I hope she will be -- she and her team will be an asset for the Canara Bank and Can Fin Home. The services of Canara Bank nowadays are coming to the low level after merger. Please take an example from this lady and improve the condition of Canara Bank also. I once again request the management, director board as well as the Chairman to consider my request favorably. With the best wishes, I am Babu George from north of Cochin, Kerala. Perhaps I may be the only Malayali attending this meeting. And also request the management to consider more loans to Kerala people and also consider some reliefs. You have donated INR 1 crore for Karnataka and another INR 4 crores or INR 5 cores to the central government. Please consider a portion of this relief amount to Kerala also. Kerala is a very close friend of Karnataka as well as after the merger of Canara Bank and Syndicate Bank, the number of branches increased considerably. Please look into it and to give 0.5% discount in the interest rate in view of the pandemic situation. Best wishes and all the best for your next 1 year -- next 6 months, and I hope good performance in the next balance sheet. Best wishes. Thank you very much.

Thank you, Shri Babu George, for you numerous suggestions.

I now request Shri Santosh Kumar Saraf to proceed with his question.

[Foreign Language]

[Foreign Language]

[Foreign Language] Santosh Kumar Saraf [Foreign Language]

[Foreign Language]

I now request Shri Ramesh Shanker Golla to proceed with his questions.

Okay. Very good morning, Mr. Chairman, and all of the directors and all fellow shareholders. Sir, [Foreign Language] 34th Annual General Meeting [Foreign Language] is very good sir in the virtual meeting. Sir, [Foreign Language] dividend, INR 2, [Foreign Language] payout is good, not so good? [Foreign Language] dividend payout [Foreign Language]. This is my request. Sir, [Foreign Language] business future [Foreign Language]. Sir, as shareholders, sir [Foreign Language] Can Fin Homes, [Foreign Language] housing loan [Foreign Language] up to 2% reduce [Foreign Language] housing loans of shareholders, I am asking, sir. Sir, if any salary cuts is there in this pandemic? Sir, in this pandemic, 100% staff is -- came to office and working, sir, or not? Please tell me. On our employees and totally Board of Directors and all of our family is 100% vaccinated or not? Please tell me, sir. Sir, bonus issue [Foreign Language]. And our company secretary, Veena G. is very good and a very responsible person, is very nice, sir. And our whole secretarial team [Foreign Language]. Wish you all the best, sir. And this is a great to me -- opportunity is given, sir. [Foreign Language] Thank you very much and have a great day, sir. All the best, sir. God bless you all, sir. Thank you.

[Foreign Language]

I now request Shri Sharadkumar Jivraj Shah to proceed his questions. May I request you to please unmute your audio and video.

Can you hear? Can you...

Yes, sir, we can hear you.

Yes, and can you see my video?

Yes, sir.

And I will start with Chairman's speech, sir, because all the time, Chairman was saying that affordable, affordable. So why not to add affordable word in our company's name? That is -- because that is our main business, sir, so I prefer to do that. And another thing is that I may -- this account holder of syndicate bank for last [ 12 ] years having 5 accounts and now it become a Canara Bank. Anyway, last 15 months, I don't visit any single bank because I don't need to go to the bank at all. Another thing, sir, I must say that we must appreciate services of RTA and company secretary and AGM [ services ], Veena G Kamath, because last year they helped me like left and right. And my observation is, sir, in this balance sheet, if I refer Page #20 and 21, most of the things, I get on the information from the balance sheet. Another thing, what my all previous speakers say, I am not in favor of increasing number of shares. So I will prefer to have reduction in share capital or buyback so that buyback will reduce the number of shares. Reduction in capital will keep the shares same from [indiscernible] that is very [indiscernible] And another thing, sir, when I refer Page #32 and 117, the share price has doubled or more than doubled in FY 2021. And I don't remember -- I -- for the balance sheet because soft copy, once you refer, then you go further pages, so I don't remember whether our revenue is higher or lower this year. But what I remember is, this year, the bank is very good. Earning per share is also good, and this is basically because of high PBT, which is in last 7 years. And this year, what we have done, total expenses are lower in this year, and if we take these things continuously in future also, definitely, our PAT, EPS will definitely will increase. And the debt equity ratio is lowest in the last 4 years, but I have not understood clearly how this ratio has come down. When [indiscernible] the company's investment is INR 49 crores in government securities, which it is this 6% to 7%. My opinion, one thing is there. I'm very happy that Can Home has not purchased Canara Bank Mutual Fund. That is my first point. That is a very good thing they have done. But whether it is compulsory for Can Fin Homes to invest in government bond [ with the company money ] [indiscernible] because 6% to 7%, we are investing. And another thing that we were [indiscernible] [ 29 ] you say that supply unit is 0. It means that the demand for housing is lower. Please just clarify on this point. Sir, our NPA is 0.61%. And NPA of housing loan, which is of INR 18,000 crores is 0.79%. NPA of nonhousing, if this is an information of great number of [ 1 87 ]. And NPA nonhousing loan is 1.5%. My [ paper ] also say that [indiscernible]. When we are not doing very well in non-housing, why we should continue? And if we discontinue this operation of nonhousing loan, definitely the NPA will increase, sir. Now the gross NPA is INR 201.91 crores, sir. And it is increased from 2 digit, 2 digits in last 3 years and it is highest. And how -- so I would like to know how much NPA from housing loan, from INR 201 crores and nonhousing loan is how much? We issue housing loans to individuals, sir, not to the society or total project. To inform number of housing projects in the individual book flags and the status of each project because if the project is not doing well, we are in problem. Page #35 says, sir, risk is an integral part of the business. And if you just see in Mumbai, what happens? 5,200 projects are incomplete and government came to help people and RERA. And under RERA also, 3,200 housing projects are incomplete. And in such cases, definitely, the housing companies comes to the problem that is risk increases. So this is maybe the part of the business, but we should not intentionally increase our business, sir -- risk, sir. And what I said here that we are giving loan to individuals. Why not to do -- why not to start our own redevelopment projects so that all control is with us and then we can reduce our risk? And the Mumbai, we see, is having a maximum redevelopment projects from 1-acre land to 30-acre land, so we can choose our capacity and decide what we should do. Another thing, what is happening in this redevelopment project, sir, that we are totally secured. That is one thing. And my -- another speaker, Sadananda, also said that we should look into such a way that we do not go for developers, but we should become a developer ourselves. And there are lot of construction. Contractors are available in the market, like capacity. These are developers -- you work with them. So we can definitely do a better job than them. This is my belief. And look into this and [indiscernible] in the last page of balance sheet, we have [ about ] 100 offices all over India, and the presence is not there. You have got [ Hosur ], Pune, Solapur, like that way. And the reason mainly is affordable housing cannot be possible in Mumbai. It is my feeling. And that is why you don't want to enter in the Mumbai region. But still, what I feel, that redevelopment business [indiscernible] and everybody is secured. Company is secured, those who give loan. The tenants are secured. People are secured so that -- and the project gets completed in time. So please lean to -- and HDFC is also having a division which they do themselves projects. And as I observed, the HDFC has given loan to Nirlon and with Nirlon in 21 years, it has come to [indiscernible]. So look in -- and that was a 21-acre plan. So look into this city and go ahead, sir. And with you, I'm very happy with RTA and company secretary. And I support all resolution.

Thank you, Shri Sharadkumar Ji. Thank you very much.

I now request Shri Ashit Kumar Pathak to proceed with his questions. We request you to please unmute your audio and video from your device.

Am I audible, sir?

Yes, sir. Please go ahead. Yes, you are audible and visible.

Yes. Yes. At first, my best wishes and to all the Can Fin Homes for good health and respected Chairman and Board of Directors, MD and CEO company, fellow members [indiscernible] GM of Can Fin Homes Limited. My name is Ashit Kumar Pathak from Dum Dum, Kolkata. Thank to company secretary, which is Veena G Kamath, for excellent service to shareholders and [indiscernible] efficient annual report very well in advance and allow me to speak and [indiscernible] also. Sir, I have already successfully casted all the resolutions mentioned in [indiscernible] apart from these views, which I like to share. [ Occupation ] status of all directors, executive, staffs and branch staffs, if possible for some highlights. And excellent, thank my company's management team for INR 22,000 crores milestone and also [ with ] channel partners, very, very important business operation and also oxygen supporting this pandemic and medicine on wheel, very nice [ season ] activities, INR 4 crores donation to PM – CARES funds and INR 1 crores also [ called across ] disaster management. And also, sir, this is my view. Sir, any expansion plan to other zones? Well, I am -- my residence is [ Eastern Jun ]. And [ Eastern Jun ] is very, very demanding, small-ticket side job housing loan where our housing loan ticket size mentioned 20 lakhs. And also other housing [indiscernible] is to do it in the [ Eastern Jun ]. And salaried person, government salaried person is very available. So any expansion plan to [ Eastern Jun ] post highlights. The financial performance, though revenue down but also profit after tax is INR 456.03 crores, 21.50 growth, excellent fulfillment. I appreciated what management teams and EPS also go on INR 34.25. I used to say, sir, I have that to be a member of this company, and I feel totally proud. You also, sir. And also net profit margin is 22.59% [indiscernible] also 200%. Only, sir, request, did you reduce from 8.72 to 7.39? So sir, my request to reduce the debt reduction policy because debt reduction policy is the very, very, very concentration into business progression and also capital market appreciation also. Sir, our capital expenditure in tech initiatives, if possible for some highlights. And sir, borrowing cost from banks mentioned 6.71%, as from NHB, that is 6.41%. My views is that from borrowing from NHB, it is because that we keep [ at present ]. And sir, affordable housing loan is for customer, how are they taking this opportunity? Because in this affordability, there is a risk factor or the provision factors. So if possible for some highlights, our concept in this affordability. And also, sir, reserve also very good INR 2,583.17 crores and the share capital INR 26.63 crores. Sir, any possibility? I don't asking for bonus shares because many companies rewarding the members with NCD bonus. So that will be rewarded. And for equity capital [indiscernible], this is my suggestion I am sharing with you. Any plan to issue ESOP? many companies are rewarding ESOP plans to directors and employees for enhance their financial activities. So any plan? Please throw some highlights. Sir, our number of branches is 186 and satellite branches, 14, is mentioned in the annual report. Sir, all the branches in positive financial activities more. And any planned rising of branches in this financial year? Please, possible, throw some highlights and present as per quarter 1 the total loan book status and disbursement status and capital ratio and NPA and [ if ] possible because RBI in financial stability report projected that is not good in this economy scenario where GDP also in negative and projection GDP growth is 8.5%. So -- and also GNPA disclosed to -- in the [ initial ] '22 is very high because [ 9.75 ] [indiscernible] business and also business progression in 3 years because government, various giving initiatives, INR 30,000 crores [ special ] for NBFC, HFC, smart city, all the initiatives and also union government budget session, tax exemption for 1.5 lakhs affordable housing and for the [indiscernible] credit subsidizing. All these positive parameters present in our business ecosystem. So what our company's [indiscernible] and road map for the financial year for enhanced business in housing because housing business is enhanced in this domestic market because overall sector also uprising and rural sector also in economic progression. So I think [indiscernible] [ South Jun ], that is the better enhanced business progression. And sir, [ think to see ] more and expect financial year -- enhanced financial performance apart from financial '21 and [ got ] everybody associated to Can Fin Homes Limited.

Thank you, Ashit Kumar Pathak Ji. Thank you very much.

I now request Shri Bharat Raj Kankanala to proceed with his questions. We request you to please unmute your audio and video from your device.

Yes. Sorry, sir, I cannot be on video, sir, due to technical results. I'll continue to do the audio. First of all, I'm happy to see you all safe and fine, Mr. Managing Director. Sir, first of all, I enjoyed the fiscal AGM of our company, sir. It is a very nice ambiance and a very well -- nice mixing of our employees. And it will be very good, sir. I wish that next year, we'll hope, we'll meet physically, sir. Sir, thanks for the management for the dividend payout, sir. Sir, may I know what is the dividend policy, sir? Because every year, you are giving only 100%. Can we expect 200%, 300% in coming years? Sir, as per this COVID, sir, my -- entire employee has been vaccinated. Any calamities happened? And how you are taking care of the employees, sir? That is my second question, sir. Sir, until now our company has not issued bonus, sir, and increase our share bonus, sir, because our share price is 600 and it is a very good price, sir. It is -- now it is the time for -- go for the bonus, sir. Please consider the bonus issue, sir. And regarding the branches, sir, any future branches going to the east, northeastern states and North Indian country -- states, sir, because [ at present we're ] very strong in North India. Sir, in future, any plans to, sir, give [ shares ] to the venture capitalist investors because slowly the bank is going to be [indiscernible] merger with some other banks. Can we expect that Can Fin Homes will be merging with some other public sector banks or maybe even speak to the private investors. That is my third question, sir. Once again, sir, all the best in coming year, sir. I wish be safe, be healthy and fine, sir. God bless you.

Thank you, Shri Bharat Raj Ji.

I now request Shri S Ashok Chakravarthi to proceed with his question. We request you to please unmute your audio and video from your device.

Sir, unmuted, sir.

Yes, sir. Now it's okay, sir.

Now we can hear you, sir.

Sir? It has broken...

We can hear you.

Sorry, sir?

Sir, we can hear you. Please proceed. [Foreign Language] Sir, please proceed with your question.

Sir, the share price has broken the year high price, and I hope that it will break all other records also. And the next subject I wish to inform you is that yesterday is our MD interview with the CNBC, has come out very well. And I'm very glad to know the projections for the year 2022, sir. Now at this time, I also just wish to know from the management whether any organic or inorganic expansion, any proposals or plans or if anything is there. Please inform me about the organic or inorganic expansion plans, sir. And at the end, I thank the management and the Company Secretary for the opportunity given to me to speak in this meeting, sir.

Thank you, Shri Ashok Chakravarthi Ji.

That was the last speaker shareholder. I now hand over the proceedings to the Chairman. Over to you, sir.

Thank you for all the questions. We have received questions in the chat box on some common topics. We will now answer your questions. I now request Shri Girish to respond to the questions.

Thank you, sir. Good afternoon to all the members. We have got series of relevant queries from all the 10 shareholders. We will try to address all the queries. We have very carefully jotted down every single query, which is sought by the shareholder. Just in case if we're short on 1 or 2 queries, we will ensure that we will come back to you. We will write to you immediately after the AGM. I thought it's very, very important to give you a background in terms of what we have done last year so that most of the queries which we have received on chat box and also queries raised by all of the members would be covered in that. And whatever is not covered, I will go through after this initial brief. As you're all aware, on 24th March, just before last year would begin, there was a national lockdown because of COVID-19. And from March 24 until about April 19, all the employees of your company worked from home. Even though all the employees were at home, they were in touch with the customer trying to understand what they're going through, what support all our customers need due to COVID, which probably could impact their income level. So we were in regular touch with all the customers. We worked from home until about April 19. And from April 20 onwards, in a phased manner, depending on the state regulation on COVID-19 and also severity, we took a call and we resumed coming to office. This was purely based on safety, safety of a particular location, safety of a particular state, keeping in mind what is the local regulation at that point in time with respect to COVID-19. Now our complete focus during COVID time was to ensure that we are in touch with the customer, understand customer needs. When there was moratorium announced by RBI, we were in touch with the customers to choose what option they want, completely focused on operations and customer engagement. Now when morat was announced by Reserve Bank of India, we got in touch with every single customer multiple times with the view of supporting our customers during tough times. If you look at our morat percentage, you would have probably heard this on various social media as well, our morat percentage was quite high compared to the industry standard. The only reason was we wanted to help each of our customer irrespective of the segment, whether a customer is employed or self-employed so that customer doesn't go through any hardship because of the installments, which customer is supposed to pay in spite of having an option to have a moratorium. So our moratorium was 28%. I think a lot of people had little concern since our morat percentage was quite high compared to the industry standard, but we always maintain that, at this point in time, need of the hour is to ensure that all our customers are safe, secure, both in terms of health and also in terms of financially. So we wanted to give that moral support, financial support, and therefore, we try to cover most of our customers. It's just 28%. The 28% moratorium has not resulted in any incremental on a comparative basis in terms of NPA. So it very clearly shows we wanted to support our customers, and that has actually paid off. Now until about third week of May, we were completely focusing on operations, accounts and customer engagement, trying to explain to the customer whether it is good or not good for the customer to avail morat [ redemption ] depending on the customer financial position and the employment of self-employment status. Now from fourth week of May is then we resumed [ going ] business. From then onwards, our business was slowly in progress. So basically, quarter 1, it was not that good for business. We focused on customer health, customer financial health in terms of choosing option. That, we completely focused. So quarter 2, moratorium was extended for 3 more months. Totally, it was for 6 months. So in quarter 2, we resumed business, but we thought your company should actually focus on asset quality. If you look at the degree of Can Fin, we've always been one of the lowest in terms of NPA, and in terms of portfolio health, we are the best. So we wanted to ensure on our portfolio and also our customers. Therefore, there was equal importance in quarter 2 given to the health of the portfolio, that is managing the book, and also managing our customers. So there was equal focus. Quarter 1, completely on customer safety, security, both financial and inquiring our customers' well-being and focus on operations. Quarter 2 was both. The quarter 3 was really good. We came back. There was robust demand. Most of the demand was because of pent up, which actually helped the company be very ready. Now what happened during this time was, because of COVID, because there was challenge in terms of mobility of people, both for the prospect customers as well as our employees, the book started depleting. There was flight of portfolio from HFCs in general, Can Fin in particular to banks, banks, basically both private and PSUs, because there's always a differential in the yields at which the book was at. And incrementally, the rates offered by these 2 set of institutions -- one is the banks, both private and PSU, and second is the HFC -- there are always a differentiator. So the last many decades, over 3 decades, Can Fin has managed to keep the yields higher than banks during this time because of mobility. Because of a lot of challenges in view of COVID, there was flight of book. And therefore, we thought that our company should ensure that we should protect the book and stop flight of book. And therefore, we changed our strategy. We changed our pricing strategy. So we had to revise our rates to ensure that we protect the book because, eventually, we make -- company makes profit on the book, return from the book; and therefore, we had to retain the book. So we did that very, very successfully. It paid off actually. We've reduced the rates. We -- also, we thought at this point in time, when there is COVID all over, we should reduce the rates so that we can extend to the extent possible and lower interest rate [ or the ] existing customers be incrementally also. This actually paid off. We maintained this pricing strategy until quarter 4. I'm happy to inform, I'm happy to communicate that your company -- your company's best ever performance in terms of disbursement was quarter 4 of last year. This is in the history of Can Fin in terms of disbursement. For the first time ever, your company crossed INR 2,000 crores of disbursement. We did INR 2,001 crore disbursement, the best ever. Having -- if I had to talk about NPAs, if you look at our morat percentage, if you look at our product mix and the segment mix, the increase in NPA over last 1 year is still considered to be one of the best in the industry. Even to date, your company asset quality is one of the best. In terms of NPA, it's one of the lowest in spite of vintage book. With respect to cost of funds, what we did was, since we had to reduce the price to our existing customers and also offer this benefit to the new customers, we renegotiated with all the bankers on the existing term loans. So we got the interest rate downwards so that our cost of funds have come down. We will be in a better position to offer that benefit to all the customers, both incrementally and to retain the existing portfolio. While we did all these things, we always held excess liquidity in terms of bank approvals but not drawn. So when we don't draw, there is no outflow. And therefore, we always had that cushion in terms of bank sanctions so that if at all company had to draw, we have readily available option. And this also helped us because we had always exist on liquidity. We were in a better position to strike a deal with all the existing bankers to reprice the existing term loans on the lower side. And we also managed, of course, very well, trying to balance between various sources of funds, between banks. Within banks, we also ensure that we have a mix of PSUs, private and also foreign. And similarly, overall, if I have to talk about liability basket between market and banks, within market, we also played very well between -- in terms of our NCD and also commercial papers. In the last year, your company has made a lot of efforts to improve its positioning and showcase how good the company is to investors at large and the larger public. We focused very clearly on electronic media in terms of appearances, both with respect to immediately after [ research ] and also as a general outlook. So there were a lot of appearances just to ensure that the company gets showcased. And whatever good job your company has done has to be showcased. And therefore, there was a concerted effort to showcase the company on various electronic media. Apart from electronic media, we also had very good coverage in social media like Twitter, Facebook and LinkedIn. In terms of print, we were more visible. We were more visible because we had the pricing part. And to attract customers, therefore, we thought this is the time that we should focus a little bit more on print media. So we focused both on advertisements and posters, both with respect to lending as well as deposits. We had collaborated road shows with many large investors to get a lot of funds to look at our company. We did a lot of road shows. We did several investor presentations. After every quarter financial results, we did con call with an average of around 175 to 180 investors on the call. And there was constant investor engagement. All these things probably has resulted, just to give you a couple of insights into the shareholding, corporate bodies, which held about -- I'm just talking about last 4 quarters and last 8 quarters, corporate bodies which held about 0.92% about 2 years back grew to holding of 13.47% in 2 years. If you have to talk about last 1 year, it went up from 6.18% to 13.47%. If you have to talk about mutual funds, it went up from 2.84% to 13.87% in last 8 quarters. Last 4 quarters, that is for the last financial year, it went up from 11.1% to over 13.87%. This is as of March. Now the point which I wanted to make is that we have made a lot of efforts to showcase how good the company's performance is so that, overall, all the investors and the company benefit and also there's a better understanding amongst all the stakeholders. In terms of future outlook, we are pretty positive. We work on 4 broad pillars. That is growth, profitability, liquidity and asset quality. This fabric of Can Fin was always maintained. As of now, there is a slight change in the priority. Now we thought this is a good time because, during COVID time last year, we were not able to do business as we had anticipated because of COVID. Still in comparison with most of the players in the market, we put up a decent effort. I think all the shareholders who spoke today, they've given comments on our performance. I would not repeat on that. So we thought there is pent-up demand still which will -- which is still being carried on, and we should try to seize that opportunity. So we feel that company will become very clearly focused on growth, maintaining asset quality with highest liquidity and with decent profitability. I think these 4 pillars, we will continue to work even in future as well. With respect to some of the COVID initiative, what we have done, your company was instrumental and -- in supporting COVID. Your company organized vaccination drive, vaccination drive for all the employees and their family members. As you're aware, we had made a lot of contributions to PM fund and state fund for COVID. We supported a lot of hospitals for COVID purpose with respect to providing oxygen cylinders, ventilators. So there was a lot of focus with respect to CSR spend towards COVID because that was the need of the hour. With respect to employees, we cover vaccination cost of all the employees and their families. Today, all the employees are vaccinated. In terms of the employee family vaccination coverage at -- we don't have the exact figure at this point in time, but I think at least about a few weeks back, the count was about some 70-odd percent. During the entire COVID period, there was no pay cut to any of our employees. With deep regret, I would like to say that we lost 2 of our employees during COVID time. Company had put up a lot of efforts and even the family members have put up a lot of efforts to save lives, but unfortunately, we lost 2 lives, in spite of reeducating all the employees time and again in terms of the dos and don'ts with respect to COVID-appropriate behavior. This is broadly on how we were able to manage last year. Now I will go to specific questions, which our members had raised. As a company, today, we are in an open market. We, as a company, face competition from banks, both private PSUs, HFCs and NBFCs, who actually focus on nonhome loan. So we very clearly focus on what is the growth prospect for us, what is our niche segment and where to operate, how to operate. So there is competition. So there is no specific competition either from the parent bank or any other bank in the market. There's competition across. And therefore, your company has managed to live with this competition from all the big credit banks, PSU banks, HFCs, big HFCs, mid-sized HFCs, small HFCs and NBFCs. So we will continue to compete with them, and I'm sure our company will come out successfully in the years to come as well. With respect to conducting virtual meeting, we are more than happy to conduct physical meeting. Due to COVID restrictions and also guidelines issued, we had to conduct virtual meeting. Hopefully, next year -- by next year, things would have changed. And if things change, we would be more than happy to conduct physical meeting, but of course, that depends on what the guidelines are at that point in time. There was one query on nonhome loan with respect to security. All our -- both home loan and nonhome loan are secured by the primary collateral, which is the property on which we fund. There was one query with respect to segmentation that is salaried and nonsalaried. Delinquency in salaried, by design, is lower compared to nonsalaried, which is self-employed, nonprofessionals. So your company has put in some checks and balances. One, to manage the risk in terms of higher delinquency, we charge a higher rate. So we get better yield on self-employed, nonprofessional so the incremental increase in delinquency is offset by the incremental yield, which this portfolio would hold, number one. Number two, we are very, very picky and choosy in terms of customer selection, geographical selection. So we operate mainly in very safe geographies. So we do some bit of analytics with help of bureau. We figure out which are the states where the repayment behavior of this particular segment is better comparatively. And in these -- and in those regions, we do self-employed, nonprofessional business. To that extent, both the risk is managed, one, in terms of the credit risk; number two, in terms of the differential [ in yield ] would support this business. Today, as a mix, we have largely home and, to a small extent, nonhome loan. Nonhome loan, it's a very good business, safe business as long as we are very clear on our various filters, whether it is policy or underwriting. And if we can operate in safe geographies, this would give us better return. So if you compare the yield versus the delinquency, it is still profitable, and therefore, your company thought it is good to continue with this strategy. In terms of employee hiring, what we have hired in last year were basically what was necessary, absolutely necessary. Some of them were actually committed and some of them were actually necessary. And also, it is against either retirement or resignations. To that extent, last year, there was some impact in terms of employee productivity. When I say impact, if I have to look at average business per branch, it was -- for 2021, it was INR 113 crores. For '19, '20, it was INR 105 crores. Now this would have been slightly better if we had a full-fledged normal year. Due to COVID, which all of us are aware, and therefore the increase in business is only about INR 8 crores for last year compared to its previous year. If I have to look at average business per employee, for '19, '20, it was INR 25.07 crores. For 2021, it was INR 25.4 crores. So here, it is almost flat. So this could have been a better increase provided what happened was, last year, in COVID 1, we lost about -- almost about 5 months. So 5 months was not productive. So initial 45 days was not productive at all. And then slowly things started resuming back, and therefore, the productivity level started from over 20%, then 30%, 50%,60%. So we lost about 5 months. And in spite of losing 5 months, your company, all the employees of your company, ensured that they put their best effort and put up a good show so that if we compare with the competition how we have fared whether in terms of growth, whether it is book, whether it is disbursement, in terms of degrowth or growth, all the critical parameters, we should be at least amongst the top 2 and not anything lower. To that extent, your company was instrumental in trying to withhold and coming out of this difficult phase successfully. There was a question on fraud cases, irregular cases. There were 19 cases amounting to INR 3.7 crores. This is spread across 6 branches. There was one more query with respect to provisioning of INR 22 crores. So basically, the idea was to understand was there any trend. We have analyzed that. There is no geographical bias. And all these have become NPA in the normal course of business. But for the 19 cases, what I mentioned, these 19 cases doesn't pertain to last year only necessarily because these 19 cases were identified last year based on some figure. So this INR 22 crores provisioning was, if you have to look at, there is no geographical bias, there is no segment bias and there is no trend, which is actually emerging. So this is in the normal course of business. In terms of branch expansion, we are very much open. If you look at last few years, we've been pretty aggressive in terms of opening branches. So we want to increase our reach. At the same time, we also have some work internally in terms of making all the branches profitable. Because of COVID -- and also since we thought we should not go a little aggressive on hiring, because of COVID, so we did go -- we did hire too many people. And we thought let us look on the branch profitability; and therefore, we did a lot of work in terms of existing branch relocation, trying to open the productivity and stuff there. Going forward, if there is a need, depending on the potential, we will expand every single year, but that should be profitable. What is more important to the bank, to the company is that any branch we open will become -- will break even in [ 12 ] months. After that, it'll start making profit. So now we are trying to see, by deploying more people in the existing branches, can I get more than what I would normally get if you open a branch. So we do that cost-benefit analysis and then take a vote. Just to address the query, we are very much open, and we will keep expanding as and when there is a need. We have sought members' approval for INR 30,000 crores, which is the borrowing limit. Now this will definitely not impact liquidity, since there was a question raised, because this is keeping in view of the mind our growth projections for this year, keeping in mind, profitability in mind, utility in mind and the way we do business, even our asset quality and NPA in mind. So this will definitely not impact liquidity at all. We would neither be too much excess on liquidity nor will be low on liquidity. We'll maintain liquidity. We have a strategy within that we need to maintain a few months of liquidity just to ensure that we get the negotiation power when we negotiate with various stakeholders and also with the bankers in terms of drawing. So we will keep that in mind, and this will definitely not impact liquidity on either side. There were a lot of questions on dividend and bonus shares. This is your company. And all of us know what, as a country, we have gone through last year. On one side, I'm very happy to say that your company did pretty well last year and declared 100% dividend. There could be questions as to why not more, why not less. I think what we thought, what the company thought was, is that, in this difficult time, tough time, it is better to plow back profit. In terms of bonus, we thought we might need that resources to grow in future. We want to be future ready. And therefore, we thought -- because if company grows, all of us could benefit; and therefore, we thought we will plow it back and we will conserve our reserves so that it will aid us in terms of growth in future. That is the reason why we thought we should adopt this strategy. There was one query on subsidized interest rate to all the shareholders. I think, basically, the way your company would operate is that yield depends on cost of funds. So cost of funds is linked to so many external factors. So your company would decide on the yields or the rate at which it has to offer to various categories of prospect customers, keeping in mind the cost of funds. And therefore, also, there is some regulation also which might probably come in the way which we have to differentiate in terms of our offering. I think the primary reason is that a company should ensure that they maintain decent spread and margins when they decide on the yields. So keeping that in mind, the rate of interest is decided. We take the suggestion. I'm afraid whether we can take that approach but very good suggestion. I appreciate for that suggestion. During the COVID time, we were pretty -- we were flexible in terms of our employees working from home because at different points in time, different states have different rules and regulations with respect to lockdowns, weekend lockdowns or maybe there was a limited time allowed for general public to move out. So we are very, very flexible, and we followed this to all our customers across all the locations during this entire COVID time. So there was enough flexibility given to the employees to work from home or to come to office depending on the local regulation, what it allowed. As a company, we will be focused on affordable. If you look at the ticket size, which was 18 lakhs has now -- is -- jumped to 20 lakhs. That's because of our change in pricing strategy. But still our main focus is on affordable. Now because of this pricing strategy, a lot of markets, a lot of segments have opened up, and it will aid company to do better numbers in future. But largely, as per the suggestion given by Mr. Shah, we will be completely focused on affordable. As a company, we have to invest in government securities. This is for the SLR requirement. That is the lead as to why we need to invest. I've already covered on the NPA because NPA for a self-employed is slightly higher compared to salaried, and that is offset with the higher [indiscernible] nonhome loan. In terms of debt reduction, I'm happy to say that your company was able to reduce debt equity ratio without raising any capital last year by doing good business, putting up good performance, making good profit so that the debt would reduce and, therefore, eventually the DR ratio. If you look at last year, your company was able to reduce debt equity ratio quarter-on-quarter. So our constant effort is to ensure that we always remain at a comfortable level with respect to debt equity ratio. We take the suggestion on NCD bonus and also ESOPs. So company would take appropriate decision at appropriate time in the years to come. At this point in time, we feel, I think, company has to largely focus on growth and delivering better results to stand out in the market during tough times. With respect to our dividend policy, our dividend policy, we have a certain percentage of net profit, which can be distributed as dividend subject to the minimum of 20% of [ developed ] capital, which is about INR 5.23 crores. So dividend, as I told you, our strategy was to ensure that we wanted to plow back so that company is future ready in terms of doing better and more business in the future. At this point in time, company is not envisaging any inorganic growth. Company would focus on growing in the normal way. Market is very good. We feel that we saw this immediately after COVID first wave. And again, after COVID second wave, market is quite robust. We get to know the market from various channels that market is quite robust. Real estate, other segment, is improving, and this will stay for the next few years. So your company will want to leverage on this opportunity and try to improve on business. With respect to women employees as a percentage, we are currently at 24%. We take your feedback. Company is putting all efforts to balance the gender within the company, and we will definitely work towards this. With respect to developers, I'm happy to share that our strategy is largely affordable. 99.96% or 99.97% of the loans are to individuals. It's completely retail. We don't have any exposure to developers directly as a construction finance. We have a very small amount, which is about less than INR 2 crores towards developers. Even the plan -- even if we plan to build that business, we might start building the business that will be hardly anything. As an overall exposure, it will be less than 0.5%. So to that extent, your company would be safeguarded with respect to exposing to developer finance in terms of the risk or risk of construction on project retail funding. So basically, when we offer to our customers to purchase a flat, which is under construction, I think that is where we have the completion risk. To manage that in the overall portfolio, I'm happy to share that 75% of our portfolio is independent house. 25% is by way of funding for purchase of an apartment. It could be a fresh purchase or it could be a resale. Now as far as resale is concerned, there is no completion risk because the property is complete. As far as fresh purchase is concerned, we don't do ADF, advance disbursement facility. So we typically take exposure even on a retail basis for purchase of apartment only when the project is nearing completion, which is about 80% to 85%. So at any given point in time, the risk of completion would be very less. We disburse based on progress, and we disburse at the far end of the completion. Therefore, exposure to developers or projects is minimal as far as your company is considered. There were a few queries on some of the differences between 2 pages in the annual report. That is largely because of accounting standards or it could be because of rounding. So we will get back to you on every single query, which we have made note through an e-mail to all the concerned members. I thank all the stakeholders for having reposed their confidence in the company and to the employees for their hard work and dedication. Thank you.

Thank you very much. Over to the Chairman for his closing note.

All items of business as per the notice of the 34th Annual General Meeting have been duly discussed. As mentioned earlier, the e-voting facility will continue to be available for 30 minutes from the conclusion of the meeting. Shri S Kedarnath, scrutinizer, will provide his report within the prescribed period. And I hereby authorize the Managing Director to declare the results of voting and place the results on the website of the company. The resolutions as set forth in the notice shall be deemed to be passed today subject to receipt of requisite number of votes. I now declare the proceedings of the Annual General Meeting has completed. On behalf of the Board of Directors and management of Can Fin Homes Limited, I convey our sincere thanks to all the members for participating in this meeting. Please stay healthy. Stay safe and take care. Thank you very much. Have a good day.

I request the members who have not cast their votes by using remote voting facility to exercise your votes now through NSDL, CDSL or through your DP within the next 30 minutes. Thank you. [Voting]

Dear members, the time for e-voting has elapsed, and members who are participating in the Annual General Meeting have been given adequate time and opportunity to vote at the AGM. And this concludes the proceedings of AGM. Thank you all for participating in the AGM and e-voting.