Record Q1 profit eclipses deposit headwinds; PSL cliff ahead

Delivered ₹75.2Cr; ROA 1.6% vs 1.3-1.4% annual target

Yield compressed to 16.1% from 17.2%; guided back to 17% but pending secured mix growth to 45%+

Advances +32.5% YoY vs deposits +29.4%; acknowledged deposit lag

Bank-level slippages ₹92Cr (improved from ₹106Cr QoQ); MFI ₹53Cr (from ₹73Cr); CV stress emerged (PAR 11.5% from 10.1%)

Delivered 32.5% advance growth; ₹387Cr CGFMU claim received (bulk of FY claim); only ₹13-15Cr remaining

Expected 17%+ but Q1 16.1% achieved; guided back to 17% only if secured mix plateaus (unlikely given 30-35% retail growth)

No new deposit growth guidance; CFO acknowledged challenge to maintain 21% CASA at 30% asset growth; pure retail focus <₹2L per customer

1.3-1.4% annual target unchanged; MD explicitly cautious, not upgrading on strong Q1 (PSL cliff ahead)

80% of monthly onboarding now VL (from progressive move in prior calls); JLG exposure to reduce over 1-1.5yr

₹90Cr PSL, ₹46Cr PSLC gain. Q2-Q3 PSL ₹10-15Cr, Q4 ₹20Cr. Steady ₹55Cr other income ex-PSL.

IF share down 4% (-75bps), Q4 higher MFI recovery vs Q1 (-25bps). Going forward, stabilize at 17%.

Bank slippages improved QoQ ₹106Cr→₹92Cr. Couple mortgage stress but collateralized. Expect resolution next Q.

75-80% used CV; fuel prices + Middle East load shortage Q1. Monsoon Q2 seasonal. Expect normalize by Q3.

Selective bulk deposits; focus granular SA and 2-2.5yr FD. IBPC opening up. Challenging but doable.

Not a shield; premium may exceed claims. Insurance for inclusion, not business model. Well-funded but prudent underwriting still paramount.

6L users now; onboarding 1.5-2L/month. 5-10% MoM scaling. Target 12L users by FY27. Potential high.

VL yield 25-25.25%. No immediate price change, but evaluating across products. Cost of fund stable ~7.5%.

On track for ₹75Cr/quarter. Q2 soft due to PSL, but IF paying book ₹120-150Cr growth offset. CASA/deposits challenging.

No stress last 6-8 months. 80% IL target; reduce JLG over 1-1.5yr. Continue current ratio going forward.

IF book ₹500Cr/Q organic growth; secured retail 30-35% YoY; CLOU scaling 5-10% MoM

Yield guidance back to 17% but secured mix growing to 45%+ (lower yield 12%); cost of fund ~7.5%; offsetting effect uncertain

MFI slippages <₹20Cr/month; improved from prior cycles; CGFMU provides cushion

Includes technology, personnel, footprint; mortgage presence 25%→40-45% by year-end

₹46Cr PSL income + ₹387Cr CGFMU claim inflated Q1; Q2-Q3 PSL drops to ₹15-20Cr (₹25-30Cr miss vs Q1 run-rate). Core PAT must offset ~₹25-30Cr headwind.

Advances +32.5% but deposits +29.4%; asset-led growth straining liability franchise. Maintaining 21% CASA at 30% total growth 'challenging' per MD.

Vehicle finance PAR 11.5% (up from 10.1%); driven by fuel price spikes + Middle East load availability crisis. 75-80% used CV exposure. Monsoon Q2 seasonal headwind.

Yield fell from 17.2% (Q4) to 16.1% (Q1). IF share down 4% (-75bps); lower MFI recovery vs Q4 (-25bps). Secured book growing 30-35% but yields only ~12%.

If 30-50% of industry ensures under CGFMU, future claim payouts may face pressure. MD notes insurance is 'last resort', not business model shield.