Cholamandalam Investment and Finance Company Limited (CHOLAFIN.NS) Earnings Call Transcript & Summary

Hi. Good morning, everyone. Welcome to interaction with management of Cholamandalam Investment and Finance Company Limited. The senior management of Chola is represented by Mr. Vellayan Subbiah, Chairman and Non-Executive Director; Mr. Ravindra Kundu, Managing Director and CEO; Mr. Arul Selvan, Chief Financial Officer. I would now like to hand over the call to Vellayan for his opening comments. Brief intervention, Executive Chairman.

Executive Chairman.

Okay. Yes, Nithin, thank you. Thanks so much.

Mr. Vellayan Subbiah is our Executive Chairman.

I'm sorry, I didn't say Executive, sorry. Sorry, my bad.

Yes. So good morning, everybody, and thanks for joining the call at short notice. This is basically with reference to the blogs and posts carried out by an agency in their website where they have several charges and allegations that have been made against both Chola, its associates and subsidiaries, and some of the other Murugappa Group entities. The -- to avoid market speculation and then obviously kind of pending examination of all the various allegations they're kind of putting out, we wanted to give our summary responses. First is that the entire allegations are malicious and baseless, and they basically seem to be stated with some other motives in mind, right, kind of clearly ulterior. From a financial health perspective, the company really wishes to reassure all of you that the performance of the company, its asset quality and its liquidity position continue to be very robust as disclosed in the audited financial statements of the company for the half year ended September 2025. There's no revision in our guidance provided in the past, and the company will continue to deliver as per its Board-approved business plan. Liquidity also continues to remain strong with cash and bank balances of INR 14,900 crores as of November 30th. ALM across time buckets is also positive, all buckets. And CAR for the period November -- ending November 30, 2025, was at 19.79% with Tier 1 capital of 14.53%. The rating continues to be AA+ from ICRA, India Ratings and CARE. The net worth of the company stood at INR 26,783 crores as of November 30, 2025, which is an increase of more than INR 3,000 crores over FY '25 closing levels. This includes conversion of INR 300 crores of the CCDs issued in FY '24. And then the rest is also expected -- the balance of INR 1,700 crores is expected to be converted in the next 3 quarters, which will further strengthen the net worth. Second, a few clarifications relating to malicious and fraudulent queries and allegations. And obviously, we are holding the conference call because we are happy to kind of take any questions from you or respond specifically to any of those questions that you might have as well. The queries in various mails and in the blog -- there were queries in various mails sent to us and then kind of there's also some primarily related to our financial practices, related priority transactions and compliances generally, right? So the first one -- the first set of things seems to be around large cash deposits by the company. And I think, as you all know, in our business, because we cater to the needs of SRDOs and self-employed nonprofessionals and over 50 lakhs of them spread over 1,700 branches. Basically, our categories of lending are mortgage, unsecured, right, and vehicle finance. And therefore, they bring in financial inclusion for underserved segments in rural and semi-urban geographies across the country. But some of these borrowers obviously earn and pay in cash, including for their EMIs from us. And obviously, the amounts we collect in cash have to be deposited in banks. So this has been put as an accusation as to kind of why we are dealing with cash. But obviously, this is a business that I think all of you as investors have already understood. And there's been a clarification also that's been put out by some of the analyst firms, which is that this is less than -- and I'll guess the exact number, but it's less than 20% of our overall kind of collections. This collection process and amount has been subject to -- and continues to always be subject to internal and external scrutiny. And this is also covered by our robust internal systems and subject to statutory audit. All KYC and income tax compliance for such collection is done in compliance with applicable legal requirements. right? So this was one of the central points that they basically raised. The second has been with regard to related party transactions, and they've kind of talked about 3 sets of entities broadly as we can understand. So basically, just to give you all comfort in compliance with legal and accounting requirements, all of our RPT are fully disclosed and in complete detail in our financial statements. So for example, CIFCL has transactions covering the borrowers' accident and hospitalization, et cetera. And the premium on such policies collected from the borrowers are paid to a fellow subsidiary company and then Chola MS General Insurance Limited. These policies, firstly and primarily help our borrowers with certain hospitalization needs. They also help CIFCL to ensure that the no losses are faced on our loan accounts in case borrowers meet with immediate health requirements that are expensive. They've also talked about payments to other related parties, such as entities like CBSL and Murugappa Management Services. Basically, we've always had relationships with these companies. Basically -- and these companies have provided manpower, provided strategic services, IT across kind of a set of -- over time. And so this also has been in the ordinary course, and we've always disclosed this over different points in time. Whenever the entities have been related parties, the requirements of laws has been complied with. Allegations have also been made that certain individuals are benefiting from the above transactions. And obviously, the company categorically rejects these statements. All payments to Board members, KMP, SMP of CIFCL have been made in compliance with law and have been fully disclosed, right? There have been queries raised with relation to payments to rating agencies, right? And obviously, as you all know, all borrowings are subject to ratings. Without such ratings, lenders will not lend money to the company, and this is standard industry practice. In some years where the borrowing figures are higher, the company has done more borrowing, there will be more ratings and therefore, the higher ratings costs have been paid to such agencies. And then the final set of related party transactions seems to be around CSR contributions, which are made to respective NGOs and implementation agencies in the form of work contracts. This is also the standard practice in the industry. And CSR, like you all know, is mandatory under law, right? So these are the broad categories of questions raised. And as you can see from this that a lot of these are like facts that have been distorted and presented selectively. And they've taken standard industry practice and have been twisted in a way that kind of seems like there's been maligned. We confirm that all operations of the company are carried out per the laws of the land following due compliance of applicable regulatory guidelines. And we're committed to transparent communication with our investors and other stakeholders and have released this clarification. We also reserve the right to take action against such agency for causing damage to our reputation and integrity. So that's an overall summary of it. Obviously, the reason we're having this call is if any of you have any specific concerns or you want to get into any specific line items where you like our response, we're very happy to give it to you. So let me stop with that, and I'll turn it over to you for any specific questions that you might have, so we can give you specific response. Hello.

[Operator Instructions] Yes, Viral, your line is unmuted, you can ask your question. Yes, you can ask your question, yes.

Hello, Viral, how are you?

I think kind of your clarificatory note also is kind of quite up. But go ahead, please, Viral. Happy to take any questions from you.

Thank you so much, Vellayan, first of all, for being so proactive and doing this at such a short notice. I think most of the allegations, as we have highlighted, don't seem to carry the weight. Just wanted to understand, Vellayan, from you, like what is, in your opinion, likely the motives of such a kind of, I would say, kind of say a head job, if I may. And what are the actions that you intend to take? That is one. And just second, as a clarificatory, there's also an entity called Murugappa Management Services, which has been mentioned that they -- it has also paid fees to credit rating agencies. If we can clarify, that was pertaining to the borrowings done by that specific entity and not for the other group entities.

Correct. Right. So first, in terms of kind of what is the motive and -- so Viral, like you know, we were also kind of first informed about this yesterday evening. We are trying to assess the motive, including kind of whether there was any kind of financial motives or kind of -- so some of this we're going to also leave to the regulator to kind of help kind of assess for us, whether there has been any financial motive or kind of anything related to intent to kind of -- so that's something that we want to -- we don't want to kind of speculate on, but we want the regulators to basically look at and provide a perspective on. Second, in terms of action that we want to take, I think the thing we are quite clear -- definitely looks like there is clear scope that will -- where they -- given such erroneous reporting that there is scope for liable. So we will -- we are going to basically engage with legal advisers that will basically help us in terms of taking action against the agency, which we definitely think is warranted given the nature of how they've kind of just gone out with all this erroneous information and created a stir around it. So that's definitely something that we're evaluating right now, Viral. I'll just give you some context on MMS and then Arul will address that specific question in terms of the ratings agency question. So basically, MMS was incorporated as a company to provide consulting and review services to all the 29 businesses of the Murugappa Group. And at the -- so basically, at the group corporate level, several functions were centralized and focused. So everything that included review of business plans, large M&A, any CapExes, corporate communication, group level HR, group level finance, governance, laying down any group governance norms, so all of these were functions provided by MMS. MMS was staffed with professionals in the area of finance, HR, strategy, PR, IT. In addition, family members were also on the roles of MMS and their services were deputed to various group companies as the situation warranted over time. And basically, that was the nature of the stake. And so in that situation, to defray some of the expenses of MMS, companies did contribute to MMS, and that's kind of part of what they have also seemed to kind of alleged in kind of their statement. It's been a way that -- it's been a fairly standard mechanism of operation and MMS works on a no-profit model. So basically, the charges were matched to the costs incurred. So that's the quick point on that. To the specific question on ratings, Arul, kind of...

Viral, you're referring to MMS rating or Chola's rating?

No, I think one of the accusations they have made is that ratings -- that MMS paid ratings agencies.

Correct.

So the question was, did MMS pay for Chola's ratings?

No, no. MMS had its own borrowing...

Exactly.

Because they had to -- at point in time -- that's what I wanted. At point in time, they have to invest in the group companies for their [indiscernible] So towards those borrowings, the rating has been taken by MMS for itself. No rating agency will take a fee from one company...

For one entity for another entity.

Other company. Chola's rating, we have paid and that is -- you all know our borrowings from the market and even bank borrowings require ratings. So towards that, we have paid. And we have ratings from all the 4 large rating agencies and the payments have been made to them towards rating and ours is one of the timely priced rating fees incidentally.

Perfect. Sorry, Vellayan...

Viral, as you know that -- go ahead, please. Viral, I don't know if that provides kind of clarity to the questions that you had asked.

No, I think this is perfectly very clear. Just last, if I may. Again, with the kind of say, I would say, our financial performance has been and now it has been some time since ICRA has also kind of upgraded the outlook for Chola. Do you anticipate, say, a AAA credit rating upgrade maybe in the next 6 to 12 months?

Yes. The rating is a little it's not a [indiscernible] lot of objective decisions also taken by the individual rating committee. So we will leave it to them in terms to take the call. While we are talking to them, we keep updating them our performance and our various criteria that they try to evaluate as one from a quantitative perspective. The qualitative perspective is for them to take a view and give us the rating. Yes, we are in discussions with them, but I cannot give an assured timing for this upgrade.

We always inspire for that.

[Operator Instructions] You can go next. Yes, Shreya Shivani, you can go next.

Sir, just wanted one clarification. You just mentioned that they've also put in their blog that they had reached out to you all with the relevant questions. Was it yesterday only before -- after they published their blog?

Yesterday, late evening.

Okay. So, they...

The first communication share we got from them was yesterday evening, and it was a simultaneous mail that came out from this contact, [email protected] and it was sent out to almost like more than I think 25...

Directly sent to the company, sent to different...

It was sent out a different...

Available e-mail ID.

Yes. So they found e-mail IDs and often they found wrong e-mail IDs, they sent the wrong emails to the wrong people also. So -- and just basically kind of sent one of these things saying, please respond by X otherwise we're going to this thing. So...

So in a sense, it was -- a blog was published before they sent out the mails. I'm just trying to -- like I'm just trying to understand why they operated and how they operated?

Honestly, when was -- you have to tell us when the blog was published...

I think in the afternoon, yes, sometime in the afternoon. So...

So it sounds like it's gone in parallel, Shreya, because I think the first mail was received around 3:30 PM.

Though they said they will do it today, they released parallelly.

Yes. So it sounds like they've done everything in parallel, Shreya.

Okay. I just wanted that clarification and thank you for holding this call. That's it for me.

Yes. And again, I think if anybody has -- see, the one thing we want to do is ensure that if you all have any specific concerns on any of the points they've raised, we address them head on, right? So please ask any questions that you have, and we'll be happy to address.

Sure. Next question is from Kaitav Shah. Kaitav, you can unmute and ask your question.

I think this, Pranuj Shah, has also asked some question. Okay. Go ahead, Kaitav, and then...

Thank you for taking the time out to address this at such a short notice. I think it's commendable, including the reply that you have already given. So just one question was on the related party transactions. And of course, there is a lot more on the policy that is available. But in terms of the numbers that they have probably given out in upwards of INR 10,000 crores versus INR 2,000 crores reported, do you have any understanding on how they arrived at that number? Or would you like to dispute it in some factual way that would be great for us to understand.

Kaitav, this INR 10,000 crore number seems to be over a stretch of years, which -- 2017...

2017 to 2025. It have taken 8 years and cumulated 8 years' data, Kaitav.

And during the earlier part of this period, certain companies need not be classified as related party as per regulations by itself because they were not either a subsidiary or an associate in terms of the definition of related party. And hence, in the earlier part of the year, these were not related party transactions. After 2022, we started -- FY '22, we started -- because the regulation also required and we started including them. So that is -- they are playing on this regulatory requirement to say that it is not disclosed. This is the fact. And every point in time, as per the prevailing regulation, we have disclosed all the transactions with any institution we are dealing with.

The next question comes from [indiscernible] You can ask your -- you can unmute and ask your question.

Just one thing, we are just going through the documents, whatever the post is and your response is against that. So in case we have further clarifications, can you like tell us whom to reach out, any contact points?

Nithin, you can reach out to...

Company secretary and CFO.

Company secretary and CFO. Sorry, there's an echo. Nithin, you might have to mute for this. You can reach out company secretary or the CFO.

So we have one question from the chat window.

I think we have to mute Nithin.

Sorry, about that. So just one question.

Nithin, there were some chats also open. So...

Yes, I'm just reading that. So it says that CBSL primarily provide DSA services.

The CBSL is providing feet on street to the.

People...

The manpower...

The DSA, it is a feet on street provider. So it's hiring and maintaining the feet on street.

Since we are actually operating in the rural market, Tier 4, Tier 5, Tier 6, then the employees who we recruit in the feet on street as a sales executive, collection execute, many times, they have not completed their graduation for that, all those things. We -- since we are into the financial inclusion, we are providing also employment in those market as well as also grooming them to becoming a manager over time. So that's the process. First, they come in CBSL and then they get promoted and then they join in Chola and that kind of 5 to 6 years training we give them. And that's the reason CBSL, they are for many years. It is not that now.

I think 20 years they are there.

It's an exclusive manpower company.

Yes, it's a practice by many in the industry in financial services, you would see happening.

It's an outsourced entity published to...

Yes.

RBI...

Correct, rating agencies...

What is the quantum of fees paid to rating agencies.

I will dig out the details and give you [indiscernible] It should be in the range of around INR 10 crores, if I'm not mistaken. Again...

It's per year versus what they've tried to do is sum up like how much you paid in 8 years, right? So...

So they have used different period for different numbers they have given. So we are trying to reconcile that, but it will be approximately INR 10 crores per agency in a given year, correct?

Sure. And I think since we have you -- and this is one of the questions...

Nithin, part of ICRA, for the past 8 years, it is INR 38 crores. So it would be progressively increasing based on the volume of transaction. So...

INR 38 crores over 8 years.

INR 38 crores over 8 years.

For ICRA, that was...

For ICRA, late night -- actually, ICRA is the largest rating agency for us.

CRISIL is INR 17 crores...

CRISIL is INR 17 crores...

CRISIL is INR 17 crores. So likewise, the others will be lesser, but just to give an indication, primarily we [indiscernible] CRISIL for the short-term rating, ICRA for the long term and the short term because we need dual rating and India rating for Tier 2 and some of the securitization transactions. So depending on securitization transactions, the rating fees may go up, go down over the years when we have a larger transaction or lesser transaction because during COVID period, we had very less securitization transactions. In that period, you would have seen a little bit of a lower prepayment to them.

Could you talk about payments to Isha Foundation and Sports bodies?

So that is standard CSR, right? I mean so this is one of the things that they seem to have raised out. All our CSR is disclosed in the annual report, it's there every year by project. All our projects are audited per the requirement, all projects above INR 1 crore are fully audited. And so they seem to have indicated that CSR payments -- I mean, CSR is payments to entities? So they've asked why are their payments to NGOs -- why are you paying NGOs, right? So CSR is mandatory, right? I mean...

Implementing agencies...

Yes. So the implementation agencies will have work contracts, and that's been the standard process.

We don't give it as donation. We give it as works contract because we are also need to monitor the completion of the project and then give a report. That is why it is given us works contract. There is no -- if I give donation, then we will have no right to monitor it because they can use it for anything they want. So we give them specific, for example, site seekers or site -- tables where we give for eye surgery. Then we say how many...

Surgeries have been performed...

Conducted eye surgery over the period and that into the rate, that is what we pay. Like that is how it is -- why this is sounding as a works contract.

Got it. Are there any plans to simplify and streamline the related party or group structure?

Related party wherever it is required, we are engaging with them. Like Chola Insurance gives us the best insurance premium possible for period, either from the borrower's perspective or from our perspective because borrower gets the best coverage and we get a good premium, good commission on that. Likewise, Net Access provides the.

Network IT services.

IT services, TPSL provides the manpower, we have been engaging and they are giving them. So these are very -- I mean from a total expenses perspective, these costs are very, very minuscule or very -- not of significant nature. And in critical requirements only [indiscernible] Even if you see CBSL also, we have been progressively moving large part into the main company itself because -- for various considerations because some of the employees would like to work in CIFCL rather than an associate company. So according to their vision, we also keep shifting them over a period. We have reduced the volume of people engaged through them in CBSL, but it is a process that will take time. So this will be continuing for some time, but I think it is -- and these are all perfectly disclosed as per the disclosures and pricing is at arm's length. We have even done a third-party verification of the pricing this year, that is last year, and this was also verified by the statutory auditors that the pricing for them are at arm's length.

Just to add, as far as the insurance is concerned, we are also working with many other insurance companies like HDFC Life, ICICI Prudential. We are providing term insurance to our customer, then we are also working with Niva Bupa, providing health insurance to our customer. So it is not only the...

These are also activities, which are also subject to inspection by RBI...

And we are also doing the -- we have already gone through the -- each and every engagement.

Sure. Can you explain the quantum of payments made by Murugappa Management Services to family members and other members of the management?

So part of the thing is that this call is for Chola, but I think we -- I mean, what we can definitely get that information for you, right? So there's a specific request, we can kind of get that information for you. What -- just so you all know kind of all they're referring to is the salaries paid to all of these people over time, over -- so you're talking about everybody's kind of salaries over like an 8-year period, which have always been kind of reviewed. But I mean, that MMS-specific information we don't have yet, which we will kind of ready with...

MMS is actually getting fees from all the companies.

We talked -- yes, we talk to that, right?

Not that only from Chola, right?

Yes, that's the other thing, Nithin, that has to be clarified, which is MMS.

It's not taking Chola and distributing to them.

Every one of the 29 companies in the group, right, contributes to MMS. And then all the professionals who are part of MMS and the family members that are part of MMS get -- draw their salaries from them.

Is there any plan to change the corporate structure so that such allegations don't reoccur?

So we've already done that. So as you know, now, no longer do we basically like -- so significantly, the role of MMS has been fell down only to do group corporate communication and manage...

FY '22...

From FY '22 onwards. Since then, kind of all of our -- including kind of my compensation, everybody -- and by the way, my compensation was always kind of -- Chola, I understand. But I'm just saying all of the others also kind of their compensation now kind of is fully disclosed because it's done in the companies in which they work.

Actually, over the last 3 years, payouts to MMS has reduced to less than INR 1 crore per annum.

Taken by individual companies.

Right because the activities have been taken by the individual companies.

Individual companies themselves. And we -- the Murugappa Corporate Board has been sort of broken into the 3 large verticals handled by senior members here. So that is why the payments to MMS has been largely reduced over the last 3 years after this sort of distribution of responsibility has happened. The number quoted is for the period, again, 2017 to now, where the large part of it is for the earlier periods where the corporate Board structure was prevailing with external and internal members being part of the corporate Board as well as support that is...

Support HR, Group HR, Group support function.

Group IT head, group corporate communication, et cetera. Currently, only corporate communication is our group strategy, capital allocation, all this was handled at the group level. But now it has been sort of -- because of the volume has grown of the group across different verticals, this has now been broken into 3 large subgroups and it's respective -- yes.

And there also, [indiscernible], also to give the different people comfort. Anyway, obviously, MMS has also been filing income tax returns and their affairs are also subject to scrutiny, right? So basically...

They are also with CIC under...

So they've also passed -- MMS was not a CIC, but they've also basically passed must have -- whatever authorities were basically regulating them.

Are there any steps taken to reduce cash collection? And what proportion of collection...

Cash collection...

Cash collection Is coming down, Nithin. You know that, now our vehicle finance customer, irrespective funded by Chola or any other finance company, they are collecting cash in the month end because the customers are depending on the market and the market is also paying them cash. So that is going on. But the cash collection, which used to be 50% sometime back -- a long time back, has come down to now 15%.

Correct.

So that is a significant improvement in my view. But cash collection is going to be there, cannot avoid that because these are the market load operator in Tier 5, Tier 6 towns, they're supplying the vegetable oil and paddies and then collecting the cash from the customer, is going to pay the money also through cash. And it is not only for us, all companies are doing like that. Market practice...

Sure, Nithya, your line is unmuted. You can ask the next question.

The question from my side is, sir, you mentioned INR 10 crore expenses to credit rating agencies. And also the clarification, you said that borrowings are subject to ratings. Can you highlight on an average, what is the percentage of this expense as a percentage of borrowings? And also, are there any deviations from the market practices ahead?

Total borrowings is borrowing bordering around INR 1,87,000 crores, but that is the current borrowing...

And say like what is the total kind of cost that we would have...

Total borrowing versus total cost.

No, total fees...

Total fees versus total -- yes, so.

How much is [indiscernible] crores...

That's a borrowing. And what's the total fees paid in the last year.

INR 20 crores, sir, across all the...

INR 20 crores of fees, Nithya, against a borrowing of INR 1,74,000 crores.

Okay.

Okay. So as a percentage, you can do the math there.

Sure, and are there any deviations from the...

Actually -- and -- but, Nithya, out of INR 10 crores...

Nithya, so that is totally in line. I would actually say that it is lower than the fees that -- I mean like I know we get better rate than anybody else in the industry...

It's 0.01% of the borrowing.

Yes, it's 0.01% of the borrowing, and it definitely is kind of in line with industry, Nithya. There's nothing out of line.

Slightly lower than industry.

And obviously, you can get independent verification of this, Nithya. We've given you the numbers, so you can get independent verification.

Jay, your line is unmuted, you can go next.

This is Vinod Rajamani from Nirmal Bang. Just one question on this India, in what Cobrapost has put up. They have said that 38 borrower entities have paid CIFCL interest, out of which cash -- sorry, charge registers declaring outstanding debt, only some of them have filed. So did the management get the list of the entities to which this lending was done? And what proportion would that be of the lending? And any color on this?

Jay, there's a rule. See, most of our borrowers are self-employed nonprofessionals and small organizations or like partnerships or sole proprietorships. They don't really follow like a corporate borrower of getting their borrowers.

Charge...

Charge registration, which is only applicable for corporate structure. So I think they are trying to correlate this without understanding the nature of the customer profile we are handling, which I think most of the investors and research analysts like you know. So that trying to correlate this to -- with the charge creation will not be feasible because these are self-employed nonprofessionals who are taking independent loans on debt. Private mortgage -- private residential properties, which is mortgage. I'm talking one sector of the business, which is the LAP loan.

Yes, that is what kind of struck me as being very -- that just didn't make sense in this -- in what they had put up. But thanks a lot, sir, for clarifying this.

This tells the situation, yes.

There's just 2 more questions. I think one says that the report stated that GNPAs disclosed by the company may be understated. So do you have any clarification on that?

Notions to RBI.

No, I don't know. GNPA is being verified by the RBI auditors. GNPA is verified by statutory auditors, and the GNPA is also verified by the...

Internal auditor.

Internal auditor and the ASM auditors who is also bank -- you know, of banks and banks when there is an ASM audit also done by an independent agency appointed by the bank. So all of them are verified and all of them have seen and this cannot be -- there can be no secrets about it. I think...

No, I think more than that, you know, we've been totally transparent as we've shown so much data on our GNPA kind of...

Business wise...

Scale, every business, every listing, right? So I think some of these where they just kind of put out these blanket statements, it's very easy to say, listen kind of your -- whatever, you're kind of under reporting kind of all of the bad news this thing, right? So I just think some of these are just like total blanket statements without any fact or -- honestly, quite -- I would be surprised if they can even tell you what GNPA is, right, kind of because you see some of the level of kind of some of the activity, it's quite bizarre. But definitely, I think that for all of you who know us, the level of disclosure we provide in GNPAs and the level of audit that we go through, I don't think that there's anything there which can potentially.

[indiscernible]

Yes. We just finished 6 week inspection.

Revisions.

So I don't think that, that is -- it just seems to be totally, totally speculative as a comment.

Sure. And just one question is essentially on some trends that you could share for third quarter, now I think that we have you...

Hey, Nithin, we don't want...

We don't want the questions that...

You know, this was call...

Yes, we just want to state people this is the response to this thing, but it's all -- I mean, like we've said, right, we don't see any...

Disbursement has picked up, and we expect a decent quarter, not too far or -- it will be better than the results of the first half.

Yes, yes.

We have mentioned it even in the earnings call, it happened after the October month, and we said that the vehicle finance business picked up, the disbursements have gone up. HL has also picked up. So overall disbursement side, this quarter will be a turnaround quarter. And then we have been saying that always that quarter 3, quarter 4 are good for the delinquency and the delinquency goes down this full quarter. So we are in line with that. So it's going to be a better number, yes.

Perfect. Those were the questions for today. We don't have any more questions in the queue. So probably we can end the call now. Thank you, everyone, for joining us today. Thank you very much, management, for providing us an opportunity to host the call.

Yes. Nithin, thank you for hosting, and thank you, everybody, for joining at short notice. And please, like we said, any other questions that you have, please address them to the Company Secretary or to the CFO, and we'll be happy to clarify. And thanks again for all of your support and for joining at short notice. Thank you.