Earnings Call Transcript - HDB Q4 2025

Operator, Operator

Ladies and gentlemen, good day and welcome to HDFC Bank Limited Q4 FY '25 Earnings Conference Call. Please note that this conference is being recorded. I now hand the conference over to Mr. Srinivasan Vaidyanathan, Chief Financial Officer, HDFC Bank. Thank you, and over to you, sir.

Srinivasan Vaidyanathan, CFO

Okay. Thank you. Good evening and welcome to all. We have with us Sashi Jagdishan, MD and CEO. We'll request him to give some opening remarks before we can jump in. Sashi, over to you for any remarks that you have.

Sashidhar Jagdishan, MD and CEO

Thank you, Srini, and thank you all for joining in on a Saturday evening. You probably would have seen the press release and the investor presentation that the team would have put it up. So let me give you a very brief context as to how we have done on a broad basis before Srini takes over some of the finer points. Within the global context, we believe India is well placed. RBI has recently commenced cutting rates. The moderation in food inflation and headline inflation also augurs well. We've already seen two rate cuts, and the change in stance from neutral to accommodative is a welcome relief to all of us. RBI intends to increase durable liquidity, which is followed by concrete actions, which, along with rate cuts, will help support the GDP growth. For FY '26, we expect the GDP to be supported by a pickup in rural spending, discretionary consumer demand, and investment activity. Of course, the goods exports may be impacted until the global trade and tariff situation becomes much clearer. We acknowledge that the global macroeconomic outlook has become more uncertain due to the recent trade tariff-related measures and the volatility surrounding them. This may potentially impact global inflation, leading to lower growth across economies. Corporates have adopted a wait-and-watch stance, and we are awaiting more clarity. We remain watchful. Coming to the bank. As you recall, we spelled it out in Q4 of last year, around February. We continue to be on the journey that we spelled out. Our credit deposit ratio has been reduced from the highs during the time of merger, which was about 110%, to around 96% as of March 2025. Our deposits have grown faster than the system, and so have our loans. Next year, in line with what we had committed, the adjustment in the CD ratio will not be so steep, supporting the loan growth for the bank, but it will be on a downward path. Cost remains under tight control, and we expect this to continue. Asset quality, one of our unique selling propositions, remains pristine. As liquidity and growth improve, we are well placed to grow in both assets and deposits. We have been doing a lot of work on technology over the last few years, and we should start reaping the benefits of the same gradually during the course of the year. This is a space to watch out for and we shall unveil at the appropriate time. I would like to express my gratitude to all our employees for their hard work and performance and to our shareholders and all of you who are on this call for being very patient with us during this period of adjustment. Thank you so much. Srini, over to you.

Srinivasan Vaidyanathan, CFO

Okay. Thank you, Sashi, for those remarks. With that, we can open it up for questions. Please go ahead. Whoever is in the queue, please.

Operator, Operator

We'll take a first question from Chintan Joshi from Autonomous.

Chintan Joshi, Analyst

Can I start with NIM? Some expansion coming through this quarter, if you could explain what the drivers of that expansion were. And also, how we can think about NIMs progressing over the next year? On one hand, you've got the rate cuts, but on the other hand, your funding synergies are gradually coming through. Do you think if we see a 100 bps rate cycle, NIMs can be higher than where we are today? That's on NIMs. And then the second question I have is more on the corporate sector. If I look at cash and investments on the corporate sector balance sheet over the last 3, 4 years and how they park it in the banking system, that's kind of gone up significantly. But these deposits are short term in nature. We don't have the LCR benefit like we have with the household sector. How does the bank take on these deposits? How do they use them? I assume they can't really be used for term lending. It would be helpful to understand in this period where we've got geopolitical uncertainty, there will be even more corporate deposits. How does the banking system or yourselves use that?

Srinivasan Vaidyanathan, CFO

Okay, I'd like to address two points. First, regarding our net interest margin (NIM), it's been quite consistent over the last year, ranging between 3.4% and 3.5%. To provide specifics, our NIM last year in the March quarter was 3.44%, currently sits at a core level of 3.46%, with the last quarter at 3.43%. This stability reflects minor fluctuations of about five basis points. Looking at the NIM components, our cost of funds has also remained steady at around 4.9%. We’ve experienced a reduction in our borrowing mix; it was 21% back in December 2023, dropped to 18% by March, and is now at 14%. This reduction has positively influenced our cost of funds, although we've faced a challenge with increasing customer preferences for time deposits. Over the past year, time deposit growth has reached INR 2 trillion, with about INR 0.8 trillion in the latest quarter, indicating a robust growth rate of around 20%. This has negatively affected our CASA ratio, contributing to an unfavorable variance. However, we've managed to keep our cost of funds stable by opting for retail deposits without raising prices on non-retail ones. Now, concerning the yield on assets, it has also remained consistent, fluctuating between 8.3% and 8.4%. The retail segment tends to provide higher yields than non-retail, factoring in credit costs accordingly. Our approach has focused on balanced growth to maintain this yield. In recent months, we've noticed that competitive pricing for larger corporate and SME loans, particularly from some public sector institutions, has pushed down loan spreads, even as bond spreads fluctuate. Our selection criteria prioritize quality first; if a loan does not meet our standards for risk-adjusted returns, we are willing to forgo it rather than inflate our balance sheet unnecessarily. In terms of recent fluctuations, we see annual movement in basis points influenced by various factors. Changes to the cash reserve ratio in December had a positive effect, as did changes in non-performing assets related to agricultural loans. However, these changes remain within a narrow margin. While I won’t provide specific forward-looking projections, I want to communicate our perspective on margin management. When policy rates shift, it affects loans tied to those rates right away, presenting a challenge; however, deposit rates tend to adjust more slowly. It's essential to avoid analyzing quarter-by-quarter results given these dynamics and instead to consider stability over a longer timeframe, as shown on Page 15. Secondly, on the topic of cash and investments and how corporate balance sheets deploy these resources, certain deposit categories have lower lendable value, and they aren't priced appropriately in the market. Typically, such deposits are expected to be lower in value than retail ones, as retail deposits have the highest lendable capacity. Unfortunately, we see higher pricing on these types of deposits. Therefore, we only engage with larger relationships when we can align with other product offerings and also maintain relationships with certain affiliated institutions. Maintaining and growing our wallet share in lending is crucial, as we hold the position of the largest working capital bank in the country.

Chintan Joshi, Analyst

So quick on your NIM point, how much of the time deposits will reprice within the first year?

Operator, Operator

Chintan, I apologize for the interruption, but please return to the queue as we have other participants awaiting their turn. We'll now move to the next question from Mahrukh Adajania from Nuvama.

Mahrukh Adajania, Analyst

Congratulations. I had two questions. The first one is on deposit growth. So large banks have cut deposit rates in the most popular buckets by 30 to 45 bps, which is, of course, transmission. But are you comfortable that the liquidity position has changed enough to support healthy deposit growth for the system and yourself? Because tight liquidity was really a big issue for the last 1.5 years, except in the last 2 to 3 months. So that's my first question. And my second question is on your priority progress. Of course, your CRB has been growing faster than your other loans. But if at all there are any shortfalls, how would that be managed? Would that have any ROA impact? So just a focused discussion on how priority will be managed.

Srinivasan Vaidyanathan, CFO

First, regarding rates and deposits, the change in deposit rates has been influenced by the broader industry response to policy rate changes. While our competitors may have announced changes quickly, managing deposits requires careful consideration. We've noticed that the ability to attract new customers and engage with them through our relationship managers is what sets us apart. Over the past year, we've experienced a deposit growth rate of approximately 15.8%, totaling INR 3.4 trillion. We remain optimistic about continuing to capture market share, as we believe that rates have not been a differentiator in the past, nor do we view them as such moving forward, since that would be a short-term strategy. We're confident in our competitive positioning. Regarding priority sector lending, our annual report includes details on this, and we currently exceed the required 40% in aggregate priority sector lending. Specifically, we focus on small and marginal farmers and the weaker sections, which sometimes requires us to explore inorganic options, such as purchasing certificates or using on-lending programs. If these options don't yield the desired results, we have the RIDF as a last resort, though we prefer not to rely on it. The cost implications of these options are generally similar to our overall profit and loss dynamics. Historically, we've been about 1% short in these segments, and we are actively seeking ways to close this gap, particularly for the small and marginal farmers and the weaker sections. We have strategies in place to handle any shortfalls effectively.

Operator, Operator

We'll take our next question from the line of Anand Swaminathan from Bank of America.

Anand Swaminathan, Analyst

I have a couple of questions. Sashi, first question is on CRB. There has been a lot of media noise around senior management and some changes. Would be great if you could give us some confidence around what's happening and give us some clarity around that. That's number one. And number two, on ROA. We have successfully defended the 1.8% ROA we've been guiding for the last several quarters. Srini, as we go into the rate cut cycle and growth slightly improving in FY '26, do we have enough levers to defend this 1.8% level? Or should we expect a brief decline and then come back above 1.8% when growth eventually recovers?

Srinivasan Vaidyanathan, CFO

I'm going to start by explaining what’s happening. We recently had a reorganization. Rahul Shukla, who is in charge of commercial and rural banking, is currently on sabbatical for personal reasons. This reorganization aims to achieve a few key objectives. For instance, in the rural segment, we are looking to leverage certain synergies and seize growth opportunities to enhance productivity. This means better customer engagement and improved employee productivity. A good example is in agriculture, which is now integrated into the retail management team that oversees the 2-wheeler and auto business. The same leadership managing agriculture will also help us connect with farmers effectively. Previously, we expanded our reach to 225,000 villages. The next step in our growth strategy is to establish an active presence in those areas to capture business opportunities. We recognize that farmers in those villages often need not only agricultural loans but also loans for 2-wheelers, cars, and other vehicles. In line with this approach, we're making various financial products accessible to meet these needs. Additionally, this strategy aligns with our Gold Loan business, as many farmers possess gold that they can use for financing their agricultural requirements. Through these synergies, we expect to maintain regular connections with farmers and their communities in rural areas through our diverse product offerings. I hope this provides clarity on our commercial and rural banking efforts.

Sashidhar Jagdishan, MD and CEO

I would like to add to whatever you have said. Rahul was one of our very good business managers. He expressed, as Srini mentioned, his desire to go on a sabbatical because he had personal matters to attend to regarding family and academics of his children. Having said that, he built a very strong team. As you probably heard Srini, we have reorganized the entire asset side of the balance sheet under an even more capable leader. Kaizad now handles the complete asset side of the balance sheet and the investment banking business. All the heads who have been with us now handle larger businesses and report to the Deputy Managing Director. I'm quite excited about this reorganization, and I'm sure we will harness the most optimal way for growth, and as Srini mentioned, synergies between various asset groups will help us optimize resources at the grassroot levels to avoid overlap. This is going to be an exciting period for us, and you will start to see greater efficiencies and even more hunger than what we have seen from the CRB and the entire asset side of the balance sheet, obviously, optimizing yields, maintaining priority sector requirements, and other aspects as well. This is a year to watch out for in terms of the type of benefits that will arise from this extensive reorganization that we have undertaken during the year.

Srinivasan Vaidyanathan, CFO

Thank you for that additional color. Now to the second aspect of ROA. If you see our ROA has operated around that 1.9% level, plus/minus a few basis points. Ever since we accomplished the merger on July 1, 2023, it has been consistent at this level. When you asked what this will do in a different rate scenario, I discussed margin in a couple of questions before in terms of managing that margin to maintain a stable range. ROA similarly can move around 5-10 basis points. Our long-term ROA averages, if you see over a 10-15 year period, anywhere between the merger and pre-merger or post-merger, whichever way you look at it, stays at 1.9% to 2.1%. For many cases, frequency at about 2% is the highest. Sometimes we have had 1.9%, and sometimes we have had 2.1%. That’s the optimal level at which it operates. If ROA tends due to better cost of credit or better margin and cost efficiency, there is always a reinvestment opportunity to grow. Our market share on deposits is 11%. Our market share is 6% on distribution and 14% on loans, indicating we have enormous space and need to invest appropriately for long-term growth. Thus, in a narrow band we operate. No one particular can lead to a 10-basis point change in a year, which is possible; however, far greater movements are not likely.

Anand Swaminathan, Analyst

That's very useful. Just a quick follow-up on that. To achieve the 2% level...

Operator, Operator

Anand, I request you join back the queue for follow-up questions, please, as we have other participants waiting for their turn. We'll take our next question from the line of Rikin Shah from IIFL.

Rikin Shah, Analyst

Two quick questions. First one for the repo-linked loans. Do they get repriced immediately once the repo rate changes, or is there usually a lag of a few months from the change in the repo rate? And secondly, does the number of days impact your reported margins? That's the first question. And the second one is, was there any reversal on AIF provisions in this quarter?

Srinivasan Vaidyanathan, CFO

Okay. So in terms of the timing of the repo rate change and the subsequent impact, by product, it varies. For example, mortgages, which account for about 30% of the book, it can happen in the immediate cycle, resulting in immediate changes. For corporate loans, it can occur very quickly as well. It varies by product and with the contractual arrangements in terms of the repricing frequency. Generally, it will not take a year to transmit. It can be within months. Regarding your second aspect of the number of days, yes, it can impact margins by a couple of basis points. That happens regularly.

Rikin Shah, Analyst

Got it. And the reversal of AIF provision, please?

Srinivasan Vaidyanathan, CFO

There was nothing significant this quarter regarding the contingency. If you recall, the AIF provision from last year was approximately INR 1,200 crores. After the RBI clarification at the beginning of the recent financial year, it was reduced. It may fluctuate with varying volumes, but there has been nothing significant this quarter.

Rikin Shah, Analyst

Okay. The context of this question, Srini, is that in Note #15 to your results, it mentions that AIF-related provision stock is around INR 288 crores right now, while last quarter it stood around INR 350 crores. Just wanted to clarify whether there was any reversal or if some of the AIF investments matured, hence they were not necessary to carry.

Srinivasan Vaidyanathan, CFO

Yes, it was not required, but it didn't carry through to the P&L to the bottom line because many ins and outs occur in the provisions. That’s how it has moved. The way of the contingent provision didn’t accrue to the bottom line because there were some net additions for various other reasons.

Operator, Operator

We'll take our next question from the line of Kunal Shah from Citigroup.

Kunal Shah, Analyst

A couple of questions. Firstly, again, sorry to focus once again on margins. The balance sheet construct you’ve indicated allows us to operate margins within a narrow band. Does that really shift with a relatively higher repo rate cut? Do we have additional levers to manage margins relatively better compared to that of peers?

Srinivasan Vaidyanathan, CFO

Yes. It’s a good question, Kunal. Thanks for asking that. When the policy rate changes steadily over a longer period, the adjustment in the cost of funds catches up to normalize and keeps the margin safe. If policy changes quickly, matching adjusts in the cost of funds take longer. It means you cannot examine whether it operates in a narrow band from one quarter to another. When extending over a year, it stays in a narrow band.

Kunal Shah, Analyst

Sure. And regarding CASA, we've been indicating that in the falling interest rate cycle, we would tend to improve the CASA. But the rate action both for savings and for FD seems to be relatively similar or savings is even higher. Would it be reasonable to assume that the overall structurally declining SA phase may continue? And as a follow-up on the LDR, when you indicated that LDR will not see a steep decline, are we changing stance that we need to get it to the pre-merger level at an accelerated pace, and even if it holds relatively higher at 90%-92%, we would be comfortable over the next 18 to 24 months?

Srinivasan Vaidyanathan, CFO

First is the CASA. I want to emphasize that the empirical study of both the industry and us, which is published CASA ratio and policy rates over a 15-year period shows that when the rate increases, CASA ratio decreases. When the rates decrease, CASA ratio starts to increase. There’s some lag; it’s not instantaneous but within a few quarters, CASA increases. This is what we've observed historically. If this empirical trend is repeated, we have every reason to believe that it will occur. However, we aren't rushing, as we have seen two rate cuts already. We need to observe how this stabilizes, alongside various macro effects, inflation, and purchasing power for our customers. We've seen the impact in the last 12-18 months. The middle to lower segments had insufficient disposable income for savings as they were using funds for day-to-day needs. This explains the recent CASA decline. Regarding the LDR, the perspective we shared last quarter or even a year ago indicated that the LDR will come down to the pre-merger level, which was 85%-90%. More accurately, it was at about 87% prior to the merger. We expect this to come into that range by FY ‘27. The loan growth in FY '25 was lower than the prior year for the industry. We saw this opportunity: with the industry loan growth declining and pricing not meeting our preferences, we decided to slow down even more. We grew by 7.7% in assets under management in this recent period. In FY '26, we are prepared to grow at market rates based on appropriate pricing; always prioritizing quality.

Operator, Operator

We'll take our next question from the line of Abhishek Murarka from HSBC.

Abhishek Murarka, Analyst

So a couple of very quick clarifications and then one question. The first is when you say repo cut gets passed on right away, does it happen exactly right away or does it happen on a particular day in a month or a particular day in a quarter? When does the transmission actually happen?

Srinivasan Vaidyanathan, CFO

It can happen if your repricing date is set for the 15th; that will be when it occurs. If Bhavin's reset date is the 25th, it will apply then. My reset date would apply if it is set for the 5th, and this product has different arrangements based on the segments. There isn't a single rule, but most of these reprices occur within three months.

Abhishek Murarka, Analyst

Perfect. Therefore, in terms of NIM trajectory, Q1 would not have any benefits from TD cuts; thus, there should be a bigger impact in Q1. Subsequently, you would observe some benefits from TD rate cuts that you're implementing, which should build up throughout the year.

Srinivasan Vaidyanathan, CFO

That is correct, but I do not want to talk about quarterly performances at all. You should look at it on an annual basis. We do not know what will arise next week or next month, so we will handle it as management appropriately aligns with market and customer needs.

Abhishek Murarka, Analyst

In terms of the 2% ROA target, is this a 2-year or 3-year target? It will take time for cost of funds to catch up and for policy rates to stabilize; does this align with 2027 or 2028 for you? Or are there other levers aiding you to get there?

Srinivasan Vaidyanathan, CFO

We have not set a target of 2% ROA. We have indicated that frequency achieving 2% over the last 10 to 15 years has been maximized. Therefore, considering the various factors, we expect that achieving or sustaining that can be possible but we don’t want to specify a target or our approach. Investing wisely is essential for long-term growth.

Abhishek Murarka, Analyst

So that is why I was wondering if it can improve even further given that you are already very efficient compared to your peers.

Srinivasan Vaidyanathan, CFO

We are efficient and continue to embrace new technologies and improved productivity.

Operator, Operator

We'll take our next question from the line of Harsh Modi from JPMorgan.

Harsh Modi, Analyst

First is on CASA market share. Could you provide some details over the next 18 to 24 months? How do you see your CA and SA market shares evolve? Is there any specific metric we could think about regarding CASA ratio over this period?

Srinivasan Vaidyanathan, CFO

This is similar to the prior question about an outlook or a target that we should specify. The opportunity exists. Our total market share is 11%. CASA market share fluctuates roughly around that level. We see time deposits could be 11.5%, while CASA might be 10.5%. The opportunity exists across both. Please remember, though, the penetration of time deposits in our customer base is low. Thus, we find room for getting customer relationships through those time deposits. Instead of setting a ratio or goal, we aim to achieve a predominant share of customer wallet, and this is how it operates when viewing market share of 11%.

Harsh Modi, Analyst

I understand, Srini. Let me rephrase the question about the incremental savings account market share over the next 18-24 months. With your investments in branches, technology, and distribution network, do you anticipate making significant progress in savings account market share during this period, or is it acceptable to maintain your current market share?

Srinivasan Vaidyanathan, CFO

Our ambition and historical experience have always been to gain market share. However, how much we gain depends on market conditions and disposable incomes during various situations. Trends like inflation and wage growth significantly influence those factors.

Operator, Operator

We'll take our next question from the line of Parameswaran Subramanian from Investec.

Parameswaran Subramanian, Analyst

Just a few data-keeping questions. Firstly, what is the maturity of the term deposits on books? I don't mean on sourcing, but on the books. And similarly, how much of your borrowings mature over the next year?

Bhavin Lakhpatwala, CFO

You’ll get these details, but some of these things are not handy because of the multiple buckets involved. We can't really have a conclusive number for maturity. Sorry, could you repeat your second question, please?

Parameswaran Subramanian, Analyst

On borrowings over the next 12 months.

Srinivasan Vaidyanathan, CFO

Regarding borrowings, two aspects are relevant. Last published maturity profile indicated that about INR 0.5 trillion of legacy bond borrowings will mature. We have opportunities for new borrowings, particularly infrastructure, which can be more cost-effective. The market rates will influence this strategy. A combination of both balance sheet growth and maturity will lead to modest replacement using more cost-effective borrowings.

Parameswaran Subramanian, Analyst

Just on that, one additional part. How much of your borrowing is floating rate hedged as we navigate this rate cycle? Just a relevant question there. And secondly, in the last quarter, you indicated a PSL shortfall in SMF and the weaker section of about 1%. Where are we there broadly?

Srinivasan Vaidyanathan, CFO

About that percent, it remains near the same level. We continue to pursue closing that shortfall as we navigate different categories. On your first part about borrowings, it stands at approximately 60%-65% of the borrowings that are hedged. This is derived from the HDFC Limited book.

Operator, Operator

We'll take our next question from the line of Deekshant from DB Wealth.

Deekshant Boolchandani, Analyst

Sir, considering the larger macro cycle for the last 2 decades or 15 years, where do you think we are on our growth and credit to NPA cycle? Are we at a stage where credit growth is up, and we will see NPAs cross a certain level? Or are we in a range-bound period for NPAs, thus enabling good credit growth?

Srinivasan Vaidyanathan, CFO

Yes, you are referring to industry levels, right? We've been steady through various cycles. NPAs have stayed relatively consistent other than the COVID years when it moved slightly up. We've sustained a narrow band on non-performing loans. Your inquiry seems philosophical regarding what’s happening in the industry. Our chief credit officer analyzed and disclosed the credit cycle may have bottomed out perhaps several quarters ago, with NPLs increasing and credit costs climbing. We noted that recoveries occurred with previous legacy loans but did not fully reflect through industry P&L. Therefore, NPAs should normalize over the next one to three years, but at lower levels than historically observed.

Sashidhar Jagdishan, MD and CEO

To add on what Srini said, our segmentation of customers, whether corporate, SME, or retail, is clear. We've tested these segments over long periods and have a good grasp on expected credit losses. The opportunity exists to expand within these customer segments. Thus, we're sticking to segments where comfortable and expect no significant proportional loss increase as we grow, while sticking to segments offering growth potential.

Deekshant Boolchandani, Analyst

There seems to be early signs of some SME growth that could emerge. As you noted earlier, some metrics have bottomed. Given this potential growth if it occurs, will the incremental market share be taken at the lower end or at the higher end of our NPA cycle?

Srinivasan Vaidyanathan, CFO

No, our credit policies will remain unchanged for volume pick-up. Stability is key, credit policies have stayed unchanged, and we aim for market opportunities without degrading standards. Price, as well as credit quality, determines our lending; maintaining a relationship bank perspective accompanies all transactions.

Operator, Operator

We'll take our next question from the line of Piran Engineer from CLSA.

Piran Engineer, Analyst

Congrats on the very strong numbers. Firstly, I know it's early days, but have we started cutting lending rates on fixed-rate products like vehicle loans or personal loans after the recent repo rate cuts?

Srinivasan Vaidyanathan, CFO

No, we have not seen significant changes. Competitive pricing in the market has remained consistent, similar to what we observed six months earlier for product pricing. Therefore, we maintain a risk-based pricing model where risk profiles dictate price bands for various clients.

Piran Engineer, Analyst

So it’s safe to say we haven’t cut rates for auto loans, etc.?

Srinivasan Vaidyanathan, CFO

Correct, we have not cut rates, but we have a risk-based pricing model contingent on customer risk profiles. Thus, pricing varies among profiles.

Piran Engineer, Analyst

Could you please provide some insight into our unsecured loan book, roughly INR 2 lakh crores? What percentage represents unsecured business loans? Additionally, can you discuss the customer profile—are these repeat loans to existing customers?. Also, are there stress signs in unsecured business loans, particularly as the retail asset quality cycle evolves?

Srinivasan Vaidyanathan, CFO

Yes, approximately 75-80% of personal loans, which are close to INR 2 trillion, consist of salaried customers, primarily those with us or market loans. The remaining portion would be nonsalaried customers, such as self-employed individuals. Notably, we've not observed any stress in this category; performance has remained strong overall. This encompasses various segments from individual customers to small to medium enterprises. We maintain performance across all these segments.

Operator, Operator

Ladies and gentlemen, we have come to the end of the time allotted for the call. I would now like to hand the conference over to Mr. Vaidyanathan for closing comments. Over to you, sir.

Srinivasan Vaidyanathan, CFO

Thank you. Thank you all for participating in the call today. Appreciate your time. It’s late; have a great evening and weekend. If you have anything more, feel free to connect with us. Bhavin and the Investor Relations team and us will be available for any questions over the next few days. Thank you. Have a great day.

Sashidhar Jagdishan, MD and CEO

Thank you all. Thank you.

Operator, Operator

Thank you. On behalf of HDFC Bank Limited, that concludes the conference. Thank you for joining us, and you may now disconnect your lines.