Emerald Finance Limited ($538882)

Ladies and gentlemen, good day, and welcome to the Emerald Finance Limited Q4 and FY '26 Earnings Conference Call hosted by Kirin Advisors Private Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand conference over to Mr. Karan Thakur from Kirin Advisors Private Limited. Thank you, and over to you, Mr. Karan Thakur.

Thank you. Good afternoon, everyone. On behalf of Kirin Advisors, I welcome you all to the Q4 FY '26 earnings call of Emerald Finance Limited. We have with us the senior management of the company led by Mr. Sanjay Aggarwal, Managing Director; Ms. Gurmeet Kaur, Chief Risk Officer; and Mr. Talin Aggarwal, Head of Business Development. We will start with brief opening remarks, which will be followed by a Q&A session. Thank you. And now I hand over the call to Mr. Sanjay Aggarwal. Over to you, sir.

Hi, good afternoon, everyone, and a very warm welcome to all our investors, analysts and stakeholders for joining us today for the Q4 and FY '26 earnings call. Joining me on the call is Ms. Gurmeet Kaur, our Chief Risk Adviser; and Mr. Talin Aggarwal, who heads our Technology and Business Advisory initiatives. On behalf of the management team, I sincerely thank all of you for your continued trust and support in Emerald Finance. FY '26 has been a very decent year for Emerald Finance as we continue strengthening our position across digital lending, Early Wage Access solutions and the gold loan and other syndication business. During the year, our focus remains on scaling our technology-led financial services platform, strengthening our strategic partnerships and improving operational efficiencies across all the 3 business verticals. Our Early Wage Access business continued to witness healthy traction during the year, supported by increasing adoption among corporates and employees seeking flexible digital financial solutions. During Q4, we continued expanding our corporate ecosystem and strengthening employee engagement across onboarded partners. We strongly believe that EWA continues to be scalable and a recurring use platform with strong long-term growth potential driven by increasing focus on employee financial wellness and digital value-added solutions. Operationally, we have continued to invest in digital infrastructure automation and platform integration capabilities to improve scalability and turnaround times across our -- all the 3 business verticals. Our proprietary API-driven technology platform enables seamless onboarding salary validation, disbursement and customer services while maintaining prudent risk management and operational discipline. During the year, we also strengthened customer accessibility and digital engagement through the rollout and scaling of the Emerald EWA mobile application. Also, we are one of the few companies who are disbursing through WhatsApp mode. In our gold loan syndication business, we disbursed about INR 375 crores during the last quarter through our banking and NBFC partners, including ICICI, HDFC, RBL and Muthoot Finance. Our partner ecosystems remain one of the key strengths of the company. Today, Emerald works with more than 40 financial partners and is supported by relationships with 14 lenders across multiple lending products and financial services category. Coming to the financial performance of Q4 FY '26, the company reported total income of INR 9.76 crores as compared to INR 6.49 crores in Q4 FY '25. Our net profit is at INR 4.364 crores and -- net profit is at INR 4.364 crores with an EPS of INR 4.36. For the full year FY '26, the company delivered total income of INR 31.2 crores, reflecting healthy growth over FY '25. EBITDA margin stood at INR 3.3 crores while the net profit came at INR 15.15 crores, translating into EPS of INR 4.36. During the year, we continue to strengthen both our operational and financial performance while simultaneously investing in technology, infrastructure, platform capabilities, customer acquisition and strategic partnerships to support the next phase of scalable growth. I'm very pleased to share that CRISIL has upgraded our rating from BB+ to BBB-. Looking ahead, we remain optimistic about the opportunities emerging across India's fintech and digital lending ecosystem, increasing digital adoption, growing financial inclusion, rising demand for alternative lending solutions and deeper fintech penetration continue to create meaningful long-term opportunity for technology-led NBFC platforms like ours. Going forward, our focus will remain on expanding our corporate network, strengthening technology capabilities, deepening strategic partnerships and scaling transaction volumes while maintaining prudent risk management and operational discipline. Before I conclude, I would like to sincerely thank to all our shareholders, lending partners, customers, employees and regulatory authorities for their continued trust, confidence and support throughout the year. With a strong business pipeline, expanding partnerships and increasing digital trends, we remain confident about sustaining our growth momentum and building Emerald Finance into a scalable technology-driven resilient financial services institution. Thank you, everyone. I would now request the moderator to open the floor for question and answer session.

[Operator Instructions] We have first question from the line of [ Manish Kunwar ], an individual investor.

Congratulations on a great set of numbers. My concern is about that in the last concall, you have called that NPA of INR 26 lakhs, you have achieved INR 9 lakhs and remaining INR 17 lakhs was scheduled to be received in the -- before the March, how much amount has been received since?

Come again. Repeat the question, please?

Sir, in your last concall or quarter, it was mentioned that NPA of INR 36 lakhs that you have collected the INR 9 lakhs and the remaining INR 17 lakhs was yet to be collected. So has that amount has been collected.

Okay. So I'll give you full year figure. Will you give or should I give?

I can do that, Sanjay.

Yes.

Okay. So we had a gross NPA last year, which is including EWA plus our business loan and personal loan of INR 66 lakhs. We recovered INR 38 lakhs from our NPA pool and remaining as of March 31, we had written off INR 23 lakhs.

So Ma'am, then another INR 16 lakh yet to be recovered?

So this is the gross NPA number, which is across EWA and business loan and personal loan.

So how much amount is...

So we had the total gross NPA for the financial year was INR 66 lakhs. Out of the recoveries that happened during the year before we could write it off was INR 38 lakhs already. And then we have written off as of March 31, we had written off INR 23 lakhs. And out of this INR 23 lakhs also, Sanjay, we were just discussing, we have already post write-off collection that has happened in April, that is of about INR 6-odd lakhs. So those are the write-offs at the portfolio level, including EWA, business loan and personal loan, what we finally wrote off is INR 23 lakhs. However, the recovery process does not stop. So the recovery -- that particular recovery would be shown as a post write-off recovery and it will come into the income...

Okay. Got it. Ma'am, another question as by EWA program, Ma'am, how many -- after onboarding so many, confirm please. How many are write-off or closed, Ma'am? Can you tell me the exact number?

No, I don't understand the question. So what do you...

In EWA program, you are onboarding the new companies -- yes ma'am. So, yes...

Talin, can you please give that number? How many of them are active currently with us?

Okay. Active are about 180, 185.

Got it. Got it. And in this year, what will be the strike rate, sir, to add the companies...

Sorry, this year you're asking, for the year...

Yes, yes.

So we're looking at an addition of anywhere between 150 to 200 companies depending on the market environment and the quantum and the size of the company we are getting.

So on average, last year, only about 31 companies per quarter. So that is a bare minimum number we are looking at. I think the numbers will increase this year given our penetration of the market and now people are slowly becoming aware of this product. I think this number should be more than that only.

The next question from the line of [ Harshul Sood ] an individual investor.

Congratulations sir, on such a great set of numbers. My question is from 2 statements, which were from your old concall. The first statement is you said that in your -- old concall that you planned to onboard large corporates, is there any update on that?

Yes, we are in talk with a few large corporates. We cannot disclose the name until the MOUs are not signed with them. But yes, we have a bit of a focus from onboarding everything. So [indiscernible] in the past quarter.

So there has been progress. That is in pipeline, that thing.

Yes, yes.

Okay. And my second question is before the app was rolled out, your app on Play Store, you said that the app was reviewed by a big banker in Mumbai. And in the shareholder pattern of September 2025, there was a name that came up Vishal Sudhir Kampani. That name is also in promoters of JM Financial, is there any correlation or it's coincidence?

I'm not aware of any such linkage there.

No linkage, right?

No, no, not aware of any such linking.

Okay. Okay. But my last question is that the -- I was going through the downloads on the Google Chrome and the download for the app was still very low just over [ 500 ] so my question is how do the customer avail the -- how do they use the app, how do they avail it to do they have website, WhatsApp or app, what's the [indiscernible]

I would say these are healthy mix of all 3 so Android users can get the app, the iOS users are using either WhatsApp or the portal. And anyone who is logging from a desktop is using the portal.

Okay. Is there any advantage of one over the other or it's all the same?

I mean, it's just multiple channels we're giving to our customers and from where they can access. It's a better reach for us as well in the future when we add more products, we can showcase it on all the portals/channels at the same time. It is just a matter of reach...

[Operator Instructions] The next question from the line of [ Bibhor Halan ] an individual investor.

My question is that you stated in your presentation that you have got INR 22 crores of disbursal in EWA plus cross-sell. Can you provide the split of this INR 22 crores, how much was disbursal in EWA and how much is cross-sell?

I would say INR 10 crores and INR 12 crores. INR 10 crores is EWA and INR 12 crores cross-sell.

Okay. So while the disbursal run rate is -- quarter by quarter growth is slowing down. In the last quarter, you had guided that we will do something around INR 11.5 crores to INR 12 crores by the end of this quarter and we are only INR 10 crores right now. Why the run rate is quarter on quarter dropping this much of EWA disbursal.

The market is very finicky. The markets become highly volatile since the last quarter in the past 3 to 4 months. Our corporate rejections rate is almost 60% down, we tend to reject [indiscernible] so I think overall we call this market very choppy at this moment and aiming to particularly large disbursement as well.

Okay. So next question is what is the actual EWA revenue in the last quarter including disbursal and cross-sell? What was the EWA revenue in the last quarter?

For EWA?

Out of the total INR 8.2 crores of average that you have done in the last quarter, how much got attributed to EWA per se?

About 6%.

Only EWA, 6%.

Yes, 6%.

But in the presentation it was said that on the overall you [indiscernible] 8% of revenue from EWA. So how come the last quarter [indiscernible] 6 percentage and in the last call, you had said that [indiscernible] 5% from EWA till December. The number should be approximately 10% to 12%, right? [indiscernible] for the entire year to be 8 percentage.

[indiscernible] EWA only. Only the proceeds from EWA. The number given in the presentation is...

I'm asking total EWA. EWA plus cross-sell?

I think we calculated that, I will share.

You are saying only EWA disbursal it is 6%. And what is the average yield you get from the cross-sell of EWA of the INR 12 crores of the disbursals that you have given from cross-sell, what is the average yield you get?

1.3.

1.3?

Sir, that is keep on changing across production. Personal loan [indiscernible] if it's gold loan, we will have 1% and if it's home loan [indiscernible] again 1%, 1.25%, it depends, what is the mix of that [indiscernible] 3% to 4% that just keeps on changing every quarter.

Okay. Got it, sir. So if I assume your average yield to be 1.5% for EWA disbursal and 1.3% for EWA cross-sell then can I assume for total EWA revenues will be somewhere around INR 22 crores multiplied by 1.4%, which is approximately may be what INR 22 crores into -- so INR 22 crores for only [indiscernible], right?

It is.

So if I take that -- so can I assume it to be somewhere around INR 70 lakhs to INR 80 lakhs for the quarter for the EWA revenue.

Right, right.

That is only for the month of March, right? If I paid for the quarter, it should be around INR 70 lakhs, ballpark number?

We can share -- no, no worries. We understood the point. We can share the exact numbers if you want main data.

Got it. And the next question is basically in the last quarter, your cross-sell percentage was around 25% to 30% that was shared. So what has led to such a sharp jump in the cross-sell revenues because on the INR 10 crores disbursal if you have done INR 12 crores of cross-sell, what is the reason of such a sharp jump in the cross-sell?

Right. Because we actually made some changes within our app and portal. We added a cross-sell [indiscernible] our customers from the very front end reasonable eligibility criteria that we -- could apply for the loan and [indiscernible] instantly with the respective bank.

Sir, we are focusing now majorly on the cross-sell part also, no?

[indiscernible] focusing on cross-sell. Earlier we [indiscernible] that much of focus on cross-sell. Now, we have systems are in place and our major focus right now is on cross-sell also.

Got it, sir. Sir, you had said that in your previous calls for FY '27 guidance, right, of INR 32 crores to INR 40 crores of profit where are we on that for FY '27 guidance?

Yes, I think so. See, [indiscernible] the foundational skills of Amazon was slow, smooth and smooth is fast. Slowly and smoothly they are moving forward. If you look at -- I was looking at the slide, in Q1 '25, our total PAT revenue was INR 4.39 crores and in Q4 '26, our total PAT is INR 4.39 crores. We have moved very slowly and smoothly and across the 2 years, what was our revenue at one point is now our PAT. We continue to move very slowly as well as smoothly. The main thing is we should move smoothly and don't do any major goof ups given the market...

That is absolutely well appreciated. But from the guidance perspective, since we had given that guidance, so just wanted to understand the update on that. So what is...

Last year, we were 4.36. I'm pretty decent if all things go well, we should be crossing INR 7 crores this year. We crossed [indiscernible] pretty decent.

Sir, just one more suggestion, if you can make the PPT a little more data oriented, which will help a lot to understand the numbers -- So I think the PPT this time has come around very well, just one small suggestion, if you can make the PPT a little more data oriented and we will built up at a quarter level, right [indiscernible] and gold loan since you have given at an year level, if you can give it at a quarter level and provides a breakup of the revenue components and the traffic components, it will help us to understand the segment-wise business well at a quarterly level.

Sure.

The next question is from the line of Rohit from [ Optum Capital ]

Sir, what is the average salary of employees who use EWA as a product...

About INR 55,000 to INR 60,000.

And sir, how much loan amount did we give to them?

On a portfolio level, INR 25,000 is the average.

And highest or lowest...

Highest INR 1 lakh. We don't go beyond INR 1 lakh as per our policy. Lowest people, as low as INR 100...

[indiscernible] INR 100.

And sir, what the cross-sell opportunities.

On cross-sell primarily right now, we are doing personal loans, home loans, gold loans, but we're looking to expand into various other categories as well, including small ticket mutual funds and insurance.

Mutual funds to your clients?

Small ticket, small ticket.

Small ticket mutual funds, fee income from expense ratios -- are we looking to earn distributor fees from the existing client base of EWA.

Absolutely.

Okay, sir. And sir, any guidance for FY '27?

I think we'll stick to the guidance we had given a couple of quarters back.

Sir, I have recently said, like [indiscernible] crossing 7 EPS this year.

The next question from the line of [ Devesh Rathi ] from Capital [indiscernible]

Congratulations on the great set of numbers. First of all sir, I would like to ask you whether there has been any reduction in the cost of funds post the rating upgrade that we got.

Not yet, but we are receiving a lot of offers from financial institutions to take funds from them. I think you should hear from us shortly.

So in the near future, you are expecting that there should be a reduction in the cost of funds, right?

Yes, yes. We'll be updating you shortly. I can't say right now. We will be updating pretty shortly.

Okay. Any disbursement guidance for EWA in the next year or next 1 to 2 years?

See, we are focusing on increasing the number of corporates, onboarding [Foreign Language] but number of corporates [indiscernible] our network is expanding so I would not like to comment on that. I think we will continue to grow [Foreign Language] we should continue to grow in that manner.

[Foreign Language]

[Foreign Language] network is expanding and our systems are in place. [Foreign Language] she has a lot of own network.

[Foreign Language] if you look at diversification [Foreign Language]

Correct, correct. We do multi-cap here. The maximum is [indiscernible] 50% of earned salary to an employee and on a corporate level, we have cash. That too corporate level not exposed more than [indiscernible] corporate is shut for the month till we don't receive the payment.

Just on the previous participant, what I understood was, the salary level of the employee is INR 50,000, INR 60,000 and we give loans up to a INR 100,000. So how does the 50% cap work out?

So, it is either 50% of the earned salary or INR 100,000, whichever is [indiscernible] having higher salaries applied. The maximum they can avail is INR 1 lakh.

So maximum -- okay, the cap is 50% and supposingly the salary is more than INR 2 lakh, then he can avail a maximum of INR 1 lakh, is the understanding correct?

Correct, correct. 50% of the salary or INR 1 lakh, whichever is the lower. This is subject to overall cap of the company. Let's say if an XY company will keep a cap of INR 50 lakh. So the moment [indiscernible] withdrawn this INR 50 lakh so next employee cannot withdraw [indiscernible] unless and until we quote [indiscernible] INR 50 lakhs...

Okay. So that would help us the concentration with the concentration risk, right, sir?

Absolutely, absolutely. These are done in line without business loan [indiscernible] so these are the financials and banking [indiscernible]

Next question from the line of [ Harshul Sood ], an individual investor.

I had one more question on number of employees currently covered under the EWA platform and among these covered employees, what percentage of them actually were [indiscernible]

15%.

Okay. How many employees are there in total covered under our program?

About 35, 40 -- 30,000, I believe.

How many? 40,000?

About 30,000.

Okay. 15% actively available. And what percent of these like -- 15% of these 30,000 people, how many of them have been able to cross-sell any of our product, or services.

I think what the beauty is the cross-sell is actually taken by the balance 85%.

Pardon, I couldn't understand.

So, out of the 100% pool that I have, out of the 30,000 I have, 15% is EWA on a month-on-month basis, but the cross-sell is specially been driven from the balance 85%.

85%?

So the people who were not using EWA, they were taking the cross-sell products.

Okay, okay. So they are using the partnership for the product more than the EWA?

Yes. So and being able to monetize the larger [indiscernible]

So our tele-calling team has been in touch with all these -- let's say there are 100 employees in a company and 10% to -- 12% to 15% take EWA so there are -- the rest 85% also so they take -- they may not take EWA, but they take other work from us.

Okay, okay. And one last part of the question. What is the -- what are the repeat customers? Like what's the retention if one person takes EWA for 1 month, what are the chances we'll do it again in the next...

90%.

90%, okay.

[Operator Instructions] The next question from the line of [ Nitish Rajput ] from SMIFS Limited.

First of all, congratulations on your results. I wanted to ask the question. So my first question will be regarding the EWA platform. So it is essentially your cheapest customer acquisition, right? Yes, so what does the actual conversion look like? Like out of every 100 active EWA users, how many go on to take a loan or other financial products from you and has this number been improving over the last few quarters?

So as you mentioned out of the 100 onboarding the company, 15% is EWA and the balance 85% are into cross-sell products. The percentage of people taking cross-sell we will have to check from the database.

So, what is the average revenue that has been generated per EWA [indiscernible] customer today? And as you add products like insurance, mutual fund, and digital loan, where do you see that number going over the next 2 or 3 years?

We do expect the number to increase, we expect that number from the cross-sell [indiscernible] at a much higher rate than EWA itself.

We are in touch with those -- once we get the database from the employees, we are in touch with all of the them through the month. They may not take EWA from us and most of other products which may cross-sell to them. And we have a dedicated team for doing this thing.

Okay. So can you just give a simple revenue split like how much is coming from EWA fees or how much from loan distribution commission and how much from your own [indiscernible] book? And where do you see like each of these buckets in FY '28?

So we just see the numbers from our database and share with you on mail. We will have to segregate all of them. The cross-sell piece just included within the [indiscernible] so we have to take that out and segregate it from the entire piece.

Okay. Understood.

The last part -- pretty decent in terms of top line. We almost have a 25% growth from the last quarter.

The next question from the line of Rohit from [indiscernible] Capital.

Sir, what is total number of corporate clients as on today?

Sir, about 185 -- 214 [indiscernible]

214 as on 31st March 2026. I'm asking about 1 June, 2026.

Sir, we cannot disclose, it's a listed company. You will see the numbers in the next quarterly results.

Sir, we are disclosing as we add every client.

That should inform the BSE.

Yes.

[indiscernible]

We have to share that, but we can't hear the number.

Sir, there are a lot of clients in between who ask us not to report to BSE for the compliance issues. When we disclose in the next quarter, I mean next month rather, then we will share the update there.

And sir, what is the process, how we actually onboard a client?

Sir, our team follows up with the client either through their own network or through a channel partner. We convince the client, we get the formalities done. There's a bit of paperwork involved a bit of an agreement to be signed with the client, post which then we start with the onboarding of the employees. When we onboard employees, we give them a demo of the entire process. We get the KYC done and then we can start disbursement.

And sir, our biggest corporates, how many employees does it have?

In total, 30,000.

No, out of our 214 corporates, which is the biggest corporate in terms of employees, sir.

Ind-Swift Labs and IDS Infotech.

Sir, how many?

Ind-Swift Labs and IDS Infotech.

And how many employees do they have?

1,000 each.

The next question from the line of from [indiscernible] Capital.

Sir, I want to understand more about our NPA one more time. Sorry, I missed that time. Yes. As I said, ma'am, around INR 36 lakh we recovered and INR 20 lakhs we write off and rest INR 10 lakhs, we continue recovering. Am I right?

Yes.

And my next question on your client addition -- corporate addition. As on March, close to around [ 214 ] corporates. Any target for next 2 years?

I think the next 2 years, we're just looking to add about 120, 150 corporates a year. Hopefully [indiscernible] quarter on quarter.

120 to 150...

Yes, 120 to 150 corporates per. And we look to increase this rate quarter-on-quarter subject to market condition.

So there is no limitation on the number of corporates we can onboard. So as of 2 quarters, but these are bare minimum we like to target because this is the bare minimum, upper limit is not there. Our systems are prudent and robust enough to handle even, we are able to onboard about 400, 500 corporates this year -- the question is finding new corporates, good credit-worthy corporates in the market.

Next question from the line of [ Chetan R. Khera ], retail investor.

Sir, my first question is with respect to the upcoming products that you have mentioned in your presentation, the insurance products, the mutual fund, the gold and silver, digital gold and silver. So I understand you are going to do distribution of these products. Is that understanding correct?

That is correct.

Okay. And what kind of commissions would we expect to get from these distributions?

We are negotiating the commercial -- with the vendors.

Sorry, say again?

We are negotiating the commercial with the vendors.

Okay. The other question is with respect to the disclosures, would it be possible for you to mention in the assets under management for the loans that you are giving from your own balance sheet like you have personal loan, gold loans...

All loans are on balance sheet.

Sorry, say again?

We have no loans under management, all the assets were on our balance sheet.

We are not managing any asset on behalf of anyone else.

Right. So what I'm asking, sir, as of now, for example, you've got the personal loans, gold loans, home loans, business loans so what is the assets under management at the end of every quarter or at the end of every year, if you could start giving this disclosures, it would help us to track what is the movement of the assets, we will right now what you see in your results and presentation is what is the interest income that [indiscernible] but if you can also provide the regular disclosures of the assets under management, but also would help the community to evaluate our business better?

No worries. From next time onwards, we [indiscernible] the total AUM of the company.

[Foreign Language] of the syndication business. No, no, loans that you are giving yourself not the distribution so much. But the loans which you are giving yourself, what is the assets under management, what is the book of personal loans.

You're talking about our book, right?

Yes, your book, Yes. Yes. The other question I have is right now, when you are adding so many corporates every year under your EWA program, could you also share that what is the churn rate in the sense how many corporates kind of dropped out, if at all, any are dropping out from your EWA program?

Till now, there are 7 corporates who dropped out from the program or we have dropped them due to nonpayment or due to other liquidity risk which we take seeing it with the corporate.

So there are 7 numbers for the year of FY '26?

Overall, overall. [indiscernible]

You mean in discussion?

Yes. Overall, till now. We have closed business in 7 corporates.

Okay. And do you also track in terms of how many corporates even though they are still -- I mean within your network, but they've kind of gone dormant.

Sorry.

I'm saying do you track this metric that corporates or number of employees that you have onboarded, how many actually go dormant after some time or in a year or something like that?

Yes, [indiscernible] all of that. And we actually have workflow stated at our end just to keep them active. As mentioned earlier, our [indiscernible] 90% a month M-O-M. So the idea is just to activate employees that cooperate and then we have them...

Okay. And in terms of revenue are bottom line, are you providing any outlook for FY '27?

We just look to grow it at [indiscernible] FY '25 to '26 subject to market condition as the market has been very volatile in the last 3 months. [indiscernible] lot of new corporates for EWA program.

Sorry, I didn't get that.

[indiscernible]

The next question from the line of [ Bibhor Halan ], an individual investor.

My question is what was the incremental NPA in Q4 FY '26 that you recognized from EWA individually and from the SME yield, can you give that number?

So we just check the book and get back to you. We just need to check our database...

I appreciate, but these are very, very important numbers to understand in the last call also we discussed the same that we will provide this in the presentation. Without these numbers, it becomes very difficult to understand the business so -- if the reporting kind of make it comprehensive and transparent otherwise it becomes very difficult to understand the business at an open level because every time if I am discussing the same thing and you say that we will provide, but [indiscernible] so sorry to say this, but these are very important and [indiscernible] from the last call also we discussed.

[indiscernible] No worries. [indiscernible] and we will get back.

Yes, I just want to understand the NPA numbers, the impairment of the financial, the impairment numbers that you had given in the Q4. If you can provide the breakup of that impairment that how much of that was from the EWA and how much of that was from the business loan?

[indiscernible] but if you want from [indiscernible]

No, that is from last year, sir. The numbers that you have divided earlier -- no, that is from the last year NPA you are saying the data. you are saying out of the [indiscernible] that you provided last year, what is the makeup of that. I'm talking about in the Q4...

[indiscernible] last concall, but we recovered that money along with overdue. We recovered the entire money along with overdue returns.

So, is there any slippage in the Q4 sir [indiscernible] in the last quarter of about INR 23 lakhs, is there any incremental in the Q4 also.

Come again.

Is there any payment issue in corporate [indiscernible] that's what I'm saying?

That problem was what happened in December was problem with one major university that money at that time also we said we will recover and in this quarter, we recovered the entire money along with the overdue.

Let me just answer that. Have we added any new customer to an NPA? No, we have not added any new customer to the NPA.

Got it. The next question is basically what is our -- what is the loans that we are cross-selling loans that we giving to EWA customer, what is the percentage that we are underwriting in our own book and what is that we are distributing from the other revenue partners?

[indiscernible] 100% distribution. We are not giving any [indiscernible] loan to our EWA customers.

[indiscernible] from our books, these are not large customers what we have given [indiscernible] EWA customer, loans up to INR 4 lakhs to INR 5 lakhs were given [indiscernible] that also where the promoter [indiscernible] and all these are short term loans up to 12 months.

Got it. And sir, there is a good [indiscernible] in the other expenses line item in the Q4 most at [indiscernible] Q-on-Q level, so what is the reason for that?

See lot of conclusions are there, we would have written off the entire expenditure plus [indiscernible] included that this thing, in that additional, other expenses. And plus the credit landscape, in NBFC sector, input [indiscernible] the 50% we have to write it off then that other [indiscernible] other expenses.

Okay. And sir, the last question is basically on the SME loans, what is the plan to grow the SME loan, the current book is approximately INR 120 crores to INR 130 crores, if I'm not wrong. What is the plan...

INR 111 crores.

INR 111 crores. So what is the plan to take this book in the next 1 year?

I think there should be good growth in this year. I cannot comment on the numbers right now, but there should be decent growth this year. A lot of proposal in the pipeline. There should be decent growth in this year.

Okay. And any...

We are also asking on business loans [Foreign Language]

Got it. Sir, can you provide the revenue mix for the next year? I think in the last call, you had mentioned you will do some -- your target is somewhere around 7 to 8 percentage for next year and...

We have next question from the line of [ Mr. Jashwanth ] an individual investor.

Like I observed from last 1.5 year like most of the customers -- most of the clients are from North India only. I'm not seeing anything from like Hyderabad or majorly from South India. Like is there any plans to expand in the South side as well.

We do -- based on the opportunities right now, we are focusing primarily on the North and West given that we have a very strong distribution presence here. And these are the markets which we know very well, given that our own office is in Chandigarh. But if the opportunity arises, we will definitely love to expand towards the southern and eastern states as well.

We have already signed up with one or two corporates in the eastern side and we have recently onboarded one company in South India, but nothing has not started as yet. I think it should start this month or maybe next month.

Okay. So one more question, is there any plans to start with IT giants like TCS, Infosys, HCL, like that?

No, no. Those are very large corporates. There are multiple complications in targeting such huge giants. We're not looking to expand our [indiscernible]

That was the last question. I now hand conference over to Mr. Karan Thakur for closing comments.

Thank you for joining the call of Emerald Finance Limited. Should you have any queries, you can drop an e-mail to [email protected]. Thank you for joining the call. Thank you.

Thank you.

Ladies and gentlemen, on behalf of Kirin Advisors Private Limited, that concludes this conference. Thank you for joining us, and you may disconnect your line. Thank you.

Thank you very much.