Mahindra & Mahindra Financial Services Limited (MMFIN) Earnings Call Transcript & Summary

Good evening, ladies and gentlemen. Please note that this call is not for media representatives. All such individuals are instructed to disconnect now. Welcome to the Mahindra & Mahindra Financial Services Limited Analyst Call. This call will be recorded. Post this call, the recording will be made available on the company's website. Certain personal information such as your name and organization may be asked during the call. If you do not wish to be disclosed, please immediately discontinue this call. Please note that no unpublished price-sensitive information is proposed to be shared by the company during this call. [Operator Instructions] Please note that the conference is being recorded. We have on the call senior management of Mahindra Finance, Mr. Raul Rebello, Managing Director and CEO; Mr. Vivek Karve, Chief Financial Officer. I now hand the conference over to Mr. Raul Rebello for his opening remarks.

Thank you. Good evening, everyone, and welcome all to this call, taking out time, especially on a Friday evening. We don't intend to keep this call long. As we said, it's specifically for one agenda item. We will be discussing no business updates, et cetera. So diving straight in, as you would have seen from our exchange update, we have actually gathered to place on record our appreciation for Vivek's contribution for the last 4 years. As Vivek has expressed his desire to pursue personal, social and professional interests beyond this full-time employment, we would have wanted him to continue, but we respect his personal decision. And while we did give the exchange update, we said it would be fair to have a call like this, wherein we can take any of your questions, if you need to pose them to us. Happy to take them. But first, I would invite Vivek for his remarks.

So thank you, thank you so much Raul. And dear friends, thanks for joining this call at a short notice today. The decision to reboot for me has been the culmination of a thought process brewing in my mind for some time now. I must say, I have had a very satisfying and rewarding professional career of almost 30 years. And I've had the opportunity of working with some of the best governed thought leader companies and some of the best smartest leaders in corporate world. And I really feel blessed and lucky for this opportunity. But there are always moments in your life when you feel that inner desire to escape the gravity and reimagine your life, and I must say, this has been one of those moments for me. In my resignation letter, I had mentioned about professional, social and personal interests that have prompted me to take this call. And I would like to explain what I mean by that. At a professional level, I plan to freelance in the space of advisory assignments. Of course, I don't plan to get into any full-time employment. In the social space, areas like education and environment, they attract me. But let me admit these are early thoughts, and I will bake them further as I get more free time and better clarity. Lastly, on the personal front, I intend to hone a few of my hobbies in a serious manner while also giving more quality time to my family who have sacrificed all these years for my professional good. Life is a series of experiences, chances and serendipities, and I will discover the path ahead as I travel this journey. The decision to move on has been a tough one, though. It's difficult to let go of the brilliant opportunity to redefine the future of an institution as great as Mahindra Finance under Raul's able leadership. But what probably beckons is an equally exciting opportunity to pull yourself from your comfort zone and rediscover yourself. This has been a very personal decision, and I thank Raul, the Board and the larger organization for respecting my decision. I do not want to let go of this opportunity in thanking Mr. Iyer, who has mentored me during my stint at Mahindra Finance, and also my team and colleagues who have become friends for life. What Raul and the leadership are building is an institution, which I believe is going from good to great, which will last forever and create value for its stakeholders, and I wish them all the very best. Thank you.

Thank you, Vivek. Yes, moderator, I hand it back to you now. We can take questions.

[Operator Instructions] Our first question is from the line of Abhijit Tibrewal from Motilal Oswal.

First of all, Raul sir, rightly -- I mean, a lot of us were actually wondering that, I mean, why a call has been set up for the resignation of Vivek sir. But I mean, after hearing Vivek sir, right, I mean, I think it's a very, very good gesture where, I mean, he kind of articulated on this platform, I mean, about his personal decision, what does he plan to do. So I mean, our well wishes to Vivek sir. I just wanted Vivek sir, on this forum where, I mean -- in addition to all that he said, I think one line or one phrase that he mentioned about is, this institution going from good to great. So if you can just touch up on that, we'll be very obliged. That's the only question from my side.

Okay. So Abhijit, thank you for catching that line. And I truly believe that, that is where we are today. We have gone through ups and downs in the recent past, but I think what we have been trying to build over the last 2, 2.5 years is something, which will be far more sustainable, creating an engine, which will provide sustainable profitable growth for its own employees and for the investors. And as you know, we have been succeeding in that endeavor over the last 1, 1.5 years. And as we mentioned in each of our analyst calls also and investor calls also is, what we are looking for is a solid stability in asset quality, coupled with profitable growth. So that's what I meant when I talked about a journey from good to great. I hope I have clarified.

Yes, sir. I mean that's all from my side. And like I said, so even we -- I mean, our fraternity would have also liked you to stay back, but we really respect your decision. I mean, with all the things that you explained earlier today. So best wishes from our side as well as, I mean, our broader community.

Thank you, Abhijit. And I'd just second that Vivek has committed to be engaged with us even longer than the stipulated period, which you would have seen there. So he's completely committed to a smooth transition as someone who's been a solid citizen and a very key contributor to Mahindra Finance for a long time now.

[Operator Instructions]

Sagar, this is Raul here. If there are no questions, it might be fair to proceed and close the call.

Perfect. As there are no further questions, I would now like to hand the conference over for any closing comments.

Yes. So thank you, everybody, for -- as we said, it's Friday evening, but really appreciate your presence on this call. The objective was to keep a forum. You've known us to be always extremely transparent in our dealings and we thought it was right for us to besides having the formalities of what we have done so far, we thought keeping this call would be important for you to also engage with us, and we thank you for coming here and joining us on this call. And again, place on record, a sincere thanks to Vivek. Thank you, everyone, and thank you, Sagar, for hosting this.

Thank you so much, sir. On behalf of Mahindra & Mahindra Financial Services Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.