HOMEFIRSTNSEQ2 FY23September 30, 2022

Home First Finance Company India Limited

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173turns

20analyst exchanges

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Management on call

Manoj Viswanathan

MANAGING DIRECTOR &

Nutan Gaba Patwari

CHIEF FINANCIAL OFFICER - HOME FIRST FINANCE COMPANY INDIA LIMITED

Manish Kayal

HEAD - INVESTOR RELATIONS - HOME FIRST FINANCE COMPANY INDIA LIMITED

Key numbers — 40 extracted

INR 702

alking about Q2 financial performance, the momentum is continuing on disbursals. • We disbursed INR 702 Crs in Q2 which is our highest till date, with a growth of 6.2% on q-o-q basis and 36.3% on y-o-y

6.2%

on disbursals. • We disbursed INR 702 Crs in Q2 which is our highest till date, with a growth of 6.2% on q-o-q basis and 36.3% on y-o-y basis. • AUM at INR 6,275 Crs, grew by 7.6% on q-o-q and 35.9

36.3%

bursed INR 702 Crs in Q2 which is our highest till date, with a growth of 6.2% on q-o-q basis and 36.3% on y-o-y basis. • AUM at INR 6,275 Crs, grew by 7.6% on q-o-q and 35.9% on y-o-y basis. • Por

INR 6,275

our highest till date, with a growth of 6.2% on q-o-q basis and 36.3% on y-o-y basis. • AUM at INR 6,275 Crs, grew by 7.6% on q-o-q and 35.9% on y-o-y basis. • Portfolio health has improved further.

rs,

t till date, with a growth of 6.2% on q-o-q basis and 36.3% on y-o-y basis. • AUM at INR 6,275 Crs, grew by 7.6% on q-o-q and 35.9% on y-o-y basis. • Portfolio health has improved further. a.

7.6%

with a growth of 6.2% on q-o-q basis and 36.3% on y-o-y basis. • AUM at INR 6,275 Crs, grew by 7.6% on q-o-q and 35.9% on y-o-y basis. • Portfolio health has improved further. a. 1+ DPD reduc

35.9%

6.2% on q-o-q basis and 36.3% on y-o-y basis. • AUM at INR 6,275 Crs, grew by 7.6% on q-o-q and 35.9% on y-o-y basis. • Portfolio health has improved further. a. 1+ DPD reduced to 4.7% from 5.0

4.7%

o-q and 35.9% on y-o-y basis. • Portfolio health has improved further. a. 1+ DPD reduced to 4.7% from 5.0% and 30+ DPD reduced to 3.3% from 3.5%. b. GNPA reduced to 1.9% from 2.1%. c. Profit A

5.0%

.9% on y-o-y basis. • Portfolio health has improved further. a. 1+ DPD reduced to 4.7% from 5.0% and 30+ DPD reduced to 3.3% from 3.5%. b. GNPA reduced to 1.9% from 2.1%. c. Profit After Tax a

3.3%

rtfolio health has improved further. a. 1+ DPD reduced to 4.7% from 5.0% and 30+ DPD reduced to 3.3% from 3.5%. b. GNPA reduced to 1.9% from 2.1%. c. Profit After Tax at INR 54 Crs saw a growth of

3.5%

alth has improved further. a. 1+ DPD reduced to 4.7% from 5.0% and 30+ DPD reduced to 3.3% from 3.5%. b. GNPA reduced to 1.9% from 2.1%. c. Profit After Tax at INR 54 Crs saw a growth of 25.9% on

1.9%

a. 1+ DPD reduced to 4.7% from 5.0% and 30+ DPD reduced to 3.3% from 3.5%. b. GNPA reduced to 1.9% from 2.1%. c. Profit After Tax at INR 54 Crs saw a growth of 25.9% on y-o-y basis. d. ROE impro

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Guidance — 20 items

Manoj Viswanathan

opening

“Physical branches will reach about 150 in 2 years.”

Manoj Viswanathan

opening

“• Over the medium term, growth will mainly come from 6 core states – Gujarat, Maharashtra, Tamil Nadu, Andhra Pradesh & Telangana and Karnataka.”

Nutan Gaba Patwari

opening

“As guided earlier, we expect this ratio to remain in the range of 3.0%-3.2% going ahead as we focus on expansion.”

Manoj Viswanathan

“A couple of years back we were at very low levels of LAP on the AUM while we were at about 6%-7% our origination was also in the range of about 6%-7% LAP contribution as a percentage of origination, which at that point also we had mentioned that this is likely to go up in the medium-term to maybe 10% to 15% and which is where we are currently, we are at about 15% on new origination and that catch up is now happening on the portfolio as well.”

Nutan Gaba Patwari

“Coming to the branch additions, we have 101 right now, we look to get to about 150 in about eight quarters time and that will be largely gradual, for this year probably another eight or nine branches for this balance year so let us take the number of 110.”

Nutan Gaba Patwari

“Coming to the overall cost we have been guiding a 3.0% to 3.2% opex to assets that is broadly where we will be for the rest of the year as well.”

Nutan Gaba Patwari

“Coming to the second part which is around rates very comparable, for example if you look at HDFC Bank we will be at one-year MCLR, very comparable rates when it comes to PSU banks and private sector banks.”

Karthik Chellappa

“Manoj Viswanathan: We are still cautious on LAP and we have always maintained that there will be some uptick in LAP as we increase our distribution and presence in the market and we had mentioned that we would probably reach a 15% kind of number on flow, which is where we are at this point of time but we continue to remain cautious on that product.”

Kunal Shah

“Secondly in terms of the assignment so in terms of when we look at it as a proportion of disbursements that is coming up so what would be the stance out there would we catch up towards the second half as you highlighted in the opening commentary that demand is still there but when we look at it compared to that of last year it is still low and maybe the related income which is there in P&L how should we look at it getting into H2 and the next year?”

Nutan Gaba Patwari

“Our guidance has been INR 100 Crores a quarter plus minus INR 20 Crores, so we will try and get closer to INR 100 Crores perhaps on this number.”

Risks & concerns — 11 flagged

I had a few questions, most of them were around the impact of the rising interest rates on the bounce rates, delinquencies and your spreads & margins.

— Abhijit Tibrewal

It looks like more of a customer behavior which is changing and if you also look at the 1+ DPD and the collection efficiency again, we are not seeing any impact of the bounce rate on that, it does not seem to be a phenomenon or a behavior which is because of difficulty in payment, it seems to be some other underlying change in behavior from the customer’s perspective.

— Manoj Viswanathan

Interest rate is not a big concern for customers, but there are other market forces which tend to push the interest rates, otherwise the rising interest rate phenomenon is not something that we think will affect the market.

— Manoj Viswanathan

In the past when the LAP used to be about 5% to 6% one of our stances was that we are slightly more cautious from an underwriting point of view given where the market is, given right now that on a incremental sourcing basis it is up to 15% can we say that our risk appetite and risk comfort level has improved at the margin?

— Karthik Chellappa

Manoj Viswanathan: We are still cautious on LAP and we have always maintained that there will be some uptick in LAP as we increase our distribution and presence in the market and we had mentioned that we would probably reach a 15% kind of number on flow, which is where we are at this point of time but we continue to remain cautious on that product.

— Karthik Chellappa

— Manoj Viswanathan

Yes, we have some headroom like you said in LAP and even in terms of a distribution because we are entering smaller markets, etc., some headroom is there but yes, we will have to balance that competitive pressure in the market and maintain our growth we’ll have to see how it plays out plus we also have the co-lending and so on, we are trying to balance all the tools that we have at our disposal to maintain our growth.

— Manoj Viswanathan

Lastly, on the AUM growth we have guided for about broadly 30% of growth for the next three years but just in the near-term in case interest rates continue to rise even from current levels would we be able to kind of deliver the similar kind of growth or would there be some bit of slowdown in the near-term?

— Franklin Moraes

I know in the past you have talked about some measures that you have taken in the form of giving ESOPs earlier and so on and so forth any other initiatives that you have in mind to improve this because I think this is also putting some pressure on your wage costs?

— Karthik Chellappa

No, I am not sure about wage cost because this would be largely attritions which happened within first year so there would not be really any difference in the wages it would probably put pressure on just the hiring cost because you have to hire more people and so on, but at this RM level it is difficult for us to provide ESOPs.

— Manoj Viswanathan

Just one question we have invested heavily in the distribution capacity and we see the impact of that on the P&L with opex going up by about INR 12 Crores via YoY how does this translate into the disbursals and the demand with we have moved up to about INR 515 Crores in same time last year to about INR 700 Crores is this a bit low as compared to the competition and where do we see this going in H2?

— Siddharth Jain

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Q&A — 20 exchanges

Thanks for taking my question. Hi! Manoj, Hi! Nutan good morning, congratulations on a healthy quarter and thanks for hosting this earnings call in the first half today. I had a few questions, most of them were around the impact of the rising interest rates on the bounce rates, delinquencies and your spreads & margins. While Manoj give out reasons while we saw an increase in the bounce rates during the quarter I just wanted to understand can there be some other reasons to this as well, what I am trying to understand here is given that you have just increased your PLR by 25 basis points until n

Manoj Viswanathan

The interest rate that has passed on till now has been passed on in the form of a tenure increase and not in EMI increase, we cannot really correlate the bounce rate to that. Practically no customer has had an EMI increase, we have analyzed the bounce rates across various metrics like bureau scores, the product category and so on and so forth, we are not really seeing any pattern there and it is kind of seems to be an across-the-board phenomenon and which is why we then went back and looked at customers who cleared their payments in July which was the lowest bounce month and we have subsequent

Hi! Just to take this question on the bounce rate forward, in terms of cushions, in terms of an EMI to income ratio and so on, are those comfortable as the way you see it, because at some point of time you will move from tenure to higher EMI right?

Manoj Viswanathan

Tenure to EMI there is sufficient headroom because as a company we have not really offered very high tenures to customers, most of our customers have taken a maximum of 20 years, we do not generally offer 25- or 30-year tenures to customers. We have some headroom to go before an EMI increase needs to be triggered off, plus we also had a very high penetration of the subsidy, the Pradhan Mantri Awas Yojana credit link subsidy, almost 30,000 customers out of 70,000 have actually availed that and all those customers anyway have a headroom on the EMI also because the EMI would have reduced by INR 2

On the growth front when I see last eight quarters our mix has shifted from home loans to now LAP this is a mix you said in Q2, I remember the incremental growth seems to be coming from LAP and also that leads to self-employed category being higher which is logical, but even the ticket size has been going up as the 15 to 25 lakh ticket size is increasing just want to understand that what is the reason for home loan growing slower than LAP and over the last two years any thoughts on this?

Manoj Viswanathan

No, the LAP is actually growing on a much smaller base, when we started out we were practically at very low levels of LAP penetration, it is more of a base effect nothing else other than that. Did you have a proportional shifting right like being 92% home loans have become 89% home loans so that is a reasonable one and 5% LAP becoming 10% LAP so I just want to understand why is the home loan growth is not in line with LAP because we have been growing our distribution which is going very well just want to understand like what is your comfortable mix in your sense on home loan versus LAP, indust

Thank you for the opportunity. Hi! Manoj and Nutan, congrats on the quarter. I have three questions, the first one is on opex if I were to look at the absolute opex in other opex the INR 150 million plus is the highest single quarter absolute opex that we have had and is significantly higher than what we saw in previous quarters, we also see salary costs going up quite a bit, now I know that we have accelerated our branch count apart from that what are the other big ticket opex items that got reflected this quarter and what is the medium-term target for branch addition at least for the next tw

Nutan Gaba Patwari

You are right the opex has gone up to INR 44 Crores, if you see the other cost line it has gone up by INR 4 Crores; largely this is an impact of expansion that we have been doing, so that particular line what gets booked is travel, you have had more travel through the quarter, more administrative spends on the branches that we have added, you are familiar that we have front loaded the branches, you do see some kind of cost that has come up front as well, higher legal and professional fees coming from higher amount of sanctions and originations that we are doing. On the salary line, also we hav

Hi! Manoj, Hi! Nutan. Few questions firstly with respect to when we look at it in terms of the stock of maybe the loans which are say for the apartment purpose as well as for the self- construction what would be the proportion and how is the flow if we have to look at it in last 12 months, how would have been the concentration over there?

Manoj Viswanathan

Flow of loans broadly falls in three to four categories: the self-construction is about 40% of our current flow of business then there is an additional about 15% to 20% which is resale transactions, which also largely are individual homes fewer apartments there, 15% is LAP, if you add this it comes to about 70% and then there is a 30% which is overall developer led but it is a combination of high-rise apartments and row houses probably about 15% - 15% each broadly that is a breakup of incoming loans at this point. In terms of the outstanding if we have to look at it in terms of this developer

Thanks for the opportunity. Sir, two, three questions first is on the co-lending arrangement how is the traction in this quarter how much disbursement we have done under co-lending?

Manoj Viswanathan

Co-lending as you can see, we have disbursals slightly higher than the previous quarter, I think we did a transaction of about INR 20 Crores this quarter of which about INR 16 Crores is reflecting in the charts, that is the portion that comes back to us, momentum is picking up, monthly originations have started going up, and you should see further increase in co-lending going forward. Secondly on the spreads can you guide how the incremental spreads are playing we have been able to maintain the spreads quite well despite increase in cost of funds in this quarter how were the incremental spread

Thank you for allowing me a follow-up question. Nutan you have already partly answered this question just wanted to understand that given that we have until now resisted taking any significant PLR increases but having said that it has started reflecting in moderation in your incremental spreads while during the opening remarks you also suggested that during the first half of this fiscal year we have not taken any new borrowings from the NHB and assuming that they will be there in the second half it will obviously aid your incremental as well as portfolio cost of borrowing but typically going a

Abhijit Tibrewal

Last data keeping question were there any PMAY subsidy that you received during the quarter and now what is the quantum of outstanding PMAY subsidy which is due to you but not yet disbursed? Nutan Gaba Patwari: We received about INR 50 Crores in Q2, we still have receivable of close to INR 250 odd Crores. Thank you so much and all the very best to you.

Hi! Manoj, Hi! Nutan. Just a question from my side you seem to have spoken quite a few times I heard you using the word competition and also at the same time mentioning that passing on yields and the interest rate is not a factor it seems that the limits is now being determined because it is more competitive intensity rather than the ability of the customer to borrow would that be a fair assumption and in this given the background that you have already taken a 25 bps PLR hike?

Manoj Viswanathan

Less of competitive pressure on the back book, the competitive pressure is more for new originations, the way we would put it because of various players operating in the segment and various price points, this tends to be competitive pressure at the time of origination. On the back book, we would not say that the competition is a big driver from the perspective of balance transfers, etc., we would not say that, that is a big driver because when there is a increase in prices or the increase in pricing or increase in rates overall then the balance transfer pressure actually comes down a little bi

Hello Sir, good morning and thank you for giving me the opportunity. Sir firstly the question was with respect to the bounce rates, so it has gone up but why is it not getting reflected in the 1+ DPD number so just want to understand the linkage there?

Manoj Viswanathan

Most of the customers if you see like for example let us take October, if you take the differential of customers who have bounced in October that for example cleared their payments in July through NACH that difference is about 2% of customers which is the difference in the bounce rate but those 2% of customers who all have made their payments through UPI within the first three days of bouncing the payment, if you take zero to three days from bounce, majority of these 2% of these customers have already made their payments which is why this number is not translating into higher delinquency bucke

Hi! Manoj, thanks for the opportunity. My first question was on the AUM side considering the next two to three years by Q1 or Q2 of FY2025 this 100 to 150 branches would be over in the similar phase most of our branches which are less than INR 100 Crores AUM would try and be mature by that time period so what is the aspirational AUM say from the next three to four-year perspective where we plan to get considering a strong 50% growth in the branch count as well as maturing of the existing branches also? Manoj Viswanathan: We are basically looking at a 30% kind of a growth on AUM year-on-year, i

Nilesh Jethani

My second question was on the RM side, so today most of the work that is sourcing, essay writing, collection, etc., is done by the single RM but as we mature say over the next three to four years, do we plan to segregate this work or we will continue to work with the same business model? Actually, a lot of a differentiation in the market comes because of our business process which a single point of contact, the speed of execution, the collection expertise and connect that the RM brings to the table, etc. We intend to continue these because these are our core competitive advantages in the marke

Thank you for the opportunity. Couple of questions. The first one is on the borrowings, what proportion of the borrowing on MCLR versus EBLR and what is the average duration right now versus on a Y-o-Y basis and a Q-o-Q basis, the second question is on opex, if we have to split the opex into cost of acquisition, cost of collection, and BAU expenses what is the split as of now, third is dwelling on LAP itself so what proportion would be on residential properties and what would be proportion on commercial properties and how do we source LAP these are the three questions? Thank you.

Nutan Gaba Patwari

Out of the 100%, the way we breakup borrowings is 20% broadly NHB, 20% assignment the balance out of the 60% (50% is on MCLR and 10% is on external, whether it is repo or T-bill) Shubhranshu Mishra: What is the average duration right now versus Y-o-Y versus Q-o-Q? As this duration as an average tenure of borrowing? Right. Seven years, our asset as well as our liability tenure is around seven years and hence that is the reason the ALM looks robust. Moving to opex, the question is cost of acquisition, cost of collection and BAU the broad split that we do internally is cost of acquisition and bec

Thanks for the opportunity. When you say 73% of connectors, would this be in terms of volume or value of the loans?

Manoj Viswanathan

Both, will be similar because it is all very granular, we do not release very high-ticket loans, we generally go only as high as INR 40 lakhs and the connector sourcing is very similar to normal sourcing that we get from other channels so whether you see value or volume it will be similar. In terms of the process could you explain a little bit how do we exactly source these connectors, what are the kind of key attributes that we look into while sourcing these connectors and also over the last three- four years what has been the growth of the connectors? Attributes that we look for is basically

Hi! Manoj, Hi! Nutan, thank you for taking my questions, couple of bits so on the co-leading side you said that you have initiated INR 20 Crores in this quarter out of it INR 16 Crores is on your book so is it broadly that you keep 80% of whatever initiation you do and 20% is funded by the bank or this is just a one-off in the quarter?

Manoj Viswanathan

It is other way round because this is what you are seeing is the inflow of funds INR 16.6 Crores in the investor presentation, the total loan value would be about INR 20 Crores out of which INR 3.6 Crores remains on our books and INR 16.6 Crores is taken on the book of whatever the bank has taken on their books they have refunded the money to us. So, it is funding that you are showing basically then. Yes, we are showing it sort of funding. The other question was most of this co-lending is in the same mix that you have right now which is 70% housing or it is pure housing what is the kind of it

Thanks for the follow-up. Just one data point after 3rd years of opening a branch what annual disbursement level that branch reaches?

Manoj Viswanathan

The output depends on the location and so on but broadly I can give you a range, generally it would be in the range of say INR 2 to INR 5 Crores per month kind of a disbursal level in a three-year timeframe. Sure, thank you Sir.

Hi! Thanks for the opportunity. My basic question is for branches we have opened in the last two quarters how is the connector addition going on there and how is the disbursement going on if we compare and when are we expecting the disbursement level to reach over to level of our mature branches and my second question is on the bounce what kind of charges this customer have to incur if an ECS bounces both on the banking front and anything you also charge there and going forward are we expecting the bounce rate to normalize or it might increase given more customer might opt for the UPI that is

Manoj Viswanathan

First question if I understood right you were asking about movement of connectors right how the number of connectors is migrated. Generally, the addition is around 100 to 200 numbers of active connectors per quarter, we are currently at about 2,000 range of active connectors per quarter. As far as the bounces are concerned, the banks do charge fairly hefty bounce charges to customers. Probably it could range between INR 100 to INR 500 as the bounce charge for the customer at the bank’s end and in our case, we charge the customer bounce charges only if the customer delays beyond a certain point

Thanks for taking my question. First is where you are looking net interest margin in FY23 and FY24 as a whole, second question how much amount as you write-off as a NPA during the quarter and in six months and also how much amount did you receive from selling assets that went into NPA and last question at what rate will you issue bond of INR 500 Crores and for what minimum time?

Nutan Gaba Patwari

I will take those questions one-by-one. The net interest margin that we are looking is around 6% for next year. Your second question was on write-off. In Q2 we do not have any technical write- off, we have some shorter recoveries of about INR 1 Crore. The amount that we have written back is around 40 lakhs this is the NPAs that we had written off earlier, those are the recoveries that have come. On the bond fund raise approval, there is a legal requirement to refresh the Board approval every six months so we have refreshed that, we are hopeful that we should be able to do this within this year

Hi! My questions have been answered. Thank you.

Management

Thank you for the opportunity. I just have one more follow-up question what was the attrition at the field level this quarter?

Manoj Viswanathan

Attrition amongst RMs was about 40%. This used to be something like about 35% I think from the annual report right for the full year last year so it looks like it is sticky and possibly at the margin has even risen? Yes, it is slightly higher than previous quarters. I know in the past you have talked about some measures that you have taken in the form of giving ESOPs earlier and so on and so forth any other initiatives that you have in mind to improve this because I think this is also putting some pressure on your wage costs? No, I am not sure about wage cost because this would be largely attr

Thanks for the opportunity. Just one question we have invested heavily in the distribution capacity and we see the impact of that on the P&L with opex going up by about INR 12 Crores via YoY how does this translate into the disbursals and the demand with we have moved up to about INR 515 Crores in same time last year to about INR 700 Crores is this a bit low as compared to the competition and where do we see this going in H2?

Manoj Viswanathan

This is on track with what we have planned and as we increase the distribution and the number of people, we also have certain benchmarks on productivity, etc., which are all being met, we are kind of happy with the progress and this is the pace at which we think we will keep growing. Any guidance for H2? In terms of the disbursals, you are talking about? Yes. Yes, we are at about INR 700 Crores this quarter and we are at a run rate of about INR 225 to INR 250 Crores per month and we should be growing by about 5% or so on disbursals quarter- on-quarter. Just one more question on the P&L, we see

Thank you everyone for joining on the call and wish you all a very Happy Diwali. I hope we have been able to answer all your questions. In case you require any further details, you can get in touch with Manish who heads the investor relations function or get in touch with Orient Capital who is our external investor relations advisors. Thank you so much.

Management

Speaking time

Manoj Viswanathan

Moderator

Nutan Gaba Patwari

Karthik Chellappa

Shreepal Doshi

Bhavik Dave

Kunal Shah

Nidhesh Jain

Nilesh Jethani

Abhijit Tibrewal

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Opening remarks

Manish Kayal

Thank you. Good morning, everyone. I hope that all of you and your families are safe and healthy. I am Manish Kayal and I look after Investor Relations for HomeFirst Finance. I extend a very warm welcome to all participants on our Q2 FY23 financial results concall. As usual, management is represented by our MD & CEO, Mr. Manoj Viswanathan, and CFO Ms. Nutan Gaba Patwari. I hope everybody had an opportunity to go through our investor deck and press release uploaded on exchanges and our website yesterday. We will start this call with an opening remark by Manoj and Nutan and will then have a Q&A session. With this introduction, I handover the call to Manoj. Over to you Manoj!

Manoj Viswanathan

Thank you, Manish. Good afternoon, everyone. I am pleased to showcase the strong business momentum that we are seeing in our business. Talking about Q2 financial performance, the momentum is continuing on disbursals. • We disbursed INR 702 Crs in Q2 which is our highest till date, with a growth of 6.2% on q-o-q basis and 36.3% on y-o-y basis. • AUM at INR 6,275 Crs, grew by 7.6% on q-o-q and 35.9% on y-o-y basis. • Portfolio health has improved further. a. 1+ DPD reduced to 4.7% from 5.0% and 30+ DPD reduced to 3.3% from 3.5%. b. GNPA reduced to 1.9% from 2.1%. c. Profit After Tax at INR 54 Crs saw a growth of 25.9% on y-o-y basis. d. ROE improved by 30 bps to 13.1% over Q1FY23. We will now focus on some of the key drivers and metrics of the business. Technology • During this quarter, digital adoption has further improved. Usage of the customer app for various activities has increased. 87% of our customers are registered on our app as of Sept'22 compared to 84% in Jun'22 and Unique Use

Nutan Gaba Patwari

Good morning, all. I will take you through the performance in Q2FY23. Starting with financials we continue to stay focused on our key operating matrices with an intention to deliver mid teen ROE in a couple of years. • Our Net Interest Margin is stable at 6.5% even in the increasing interest rate environment. Spreads have stayed flat as we increased our yield by 25bps effective 1st July and increase in book cost of borrowing has been on similar lines. • Net Interest Income has gone up by 51.3% on YOY basis and 9.8% on QOQ basis. • We did direct assignment of Rs 69 Crs during the quarter as a liquidity strategy. We continue to have a robust demand for our portfolio of assets. • Opex to Assets stands at 3.1% for the quarter. As guided earlier, we expect this ratio to remain in the range of 3.0%-3.2% going ahead as we focus on expansion. • Cost to income at 37.4% in Q2FY23, increase of 160bps on qoq basis. • Q2FY23 PPOP stands at Rs 74 Crs, growth of 6.0% on qoq and 24.3% on yoy basis. •

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