Moneyboxx Finance Limited (MONEYBOXX) Q2 2027 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the Q2 and H1FI 27 on a conference call for Moneybox Finance Limited. As a reminder, all participants will win the lesson only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchstone phone. I invite the conference over to Ms. Shruti Vasani from Steller Investor Relations. Thank you, and over to you, Shruti.

Thank you. Good morning, everyone, and thank you for joining us today. To discuss the Q2 and H1 FY27 business performance, we have Trump's management, Mr. Mayur Modi, co-founder, Mr. Deepak Agarwal, co-founder, and Mr. Viral Sheh, finance controller. Before we proceed with this call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risk and uncertainties. The company also undertakes no obligation to update any forward-looking statements to reflect developments that occur after the statement is made. Documents relating to the company's financial performance, including the investor presentation, have been uploaded on the stock exchange and on the company's website. Thus, you have been able to go through the things. I would now like to hand over the call to Mr. Deepak, sir, for opening comments, and then we will open the floor for the Q&A. Thank you, and over to you, sir.

Thank you, Shruti. Good morning, everyone. And thank you for joining us for the Q2 and H1 FY27 earnings conference call of Moneybox Finance. I'm Deepak Agarwal, co-founder of Moneybox Finance, and I'm joined today by my co-founder, Mr. Mahoor Modi and Mr. Varun Seth, our finance controller. I would like to begin with a broader opportunity in the micro enterprise lending segment and the progress we have made in strengthening our business model. I will then cover our business performance, strategic initiatives, partnerships, funding position, and financial performance for Q2 and H1 FI27. India's MSME sector continues to play an important role in the country's economic growth and employment generation. Despite the expansion of formal credit, a significant section of our smaller businesses and individual entrepreneurs continues to remain underserved. Recent industry data Also highlights the growing importance of individual business borrowers and the opportunity to deepen formal credit access. This creates a meaningful role for NBFCs with strong last-mile distribution capabilities and a disciplined approach to lending. At Moneybox, we remain focused on addressing this opportunity by providing credit to underserved micro and small businesses, while steadily strengthening our portfolio quality, underwriting processes, and operating model. During Q2-FI27, our disbursements stood at 87 crore, representing a 14% sequential increase over 76 crore in Q1-27. Most importantly, we have witnessed a strong improvement in monthly disbursement momentum after the quarter. Monthly disbursement increased. From 24.5 crore in August 2026 to 32.4 crore in September and crossed 50 crore in October 2026. This represents more than a doubling of monthly disbursements in just two months. The improvement has been largely driven by established branch network, supported by initial contribution from our partnership-led channels. As of September 2026, we operated through 148 branches across 12 states with approximately 13,000 live customers and an AUM of 802 crore. Our total assets crossed 1,000 crore and stood at approximately 1057 crore as of September 26. During the quarter, we were also classified as middle-layer NBFC, reflecting the scale of our balance sheet. So, this is a good milestone to have going forward. Our focus will be on improving branch productivity, increasing the contribution from partnerships, and growing our AUM while maintaining the improvement in portfolio quality. One of the important developments during the quarter has been the progress in building multiple lending channels beyond our traditional MSME lending business. We are gradually evolving into a diversified NBFC platform with four key growth engines, MSME lending, livestock finance, rooftop solar finance, and digital small lending. These businesses operate on a common underwriting, technology, and collection platform, allowing us to leverage our existing capabilities across different customer segments. First, our core MSME lending business. This continues to remain the foundation of Moneybox. We provide secured business loans primarily in 3 lakh to 30 lakh range alongside unsecured lending to our existing and new borrowers with strong civil score, which is in the range of 1 lakh to 3 lakh. Our focus is increasingly on entrepreneurs with better credit profiles, stronger repayment capacity, and adequate collateral. We believe that this segment offers an attractive balance between lending yields and credit risk. Second, livestock and dairy finance. Although we cover livestock in our unsecured lending segment as well, but here, during Q2, FI 27, we commenced our partnership with Akshay Kalpa, marking an important step in expanding our business in dairy and livestock financing segment. Under this partnership-led model, we aim to leverage the partner's existing ecosystem and customer relationship to excess dairy entrepreneurs. The partnership is expected to help us improve customer acquisition efficiency and reduce the incremental operating infrastructure required for sourcing and servicing these loans. The partnership is also supported by FLDG, First Law's default guarantee arrangement, which provides an additional layer of credit protection. We are encouraged by the initial progress and continue to evaluate further partnerships in this segment to build a scalable livestock financing business. So here, with the dairy financing partnerships, we get the customer details, and at the same time, the partnership, the partner only helps us in collection, and there is a FLDG as well. So it's a low OPEX and almost zero credit loss partnership. Third is rooftop solo financing. It continues to be another. Important growth opportunity for us during the first half, our solar lending business reached an AUM of 17 crores. Last month, we dispersed about 5.5 crores. So this is growing. We are working with solar OEMs and EPC partners to finance rooftop solar installations for micro enterprises. The proposition is beneficial for both the borrower and the lender. For the borrower, installing solar capacity can reduce electricity expenses or diesel expenses and improve business economics. For Moneybox, it creates an opportunity to finance a productive asset through a partnership-led sourcing model. We are targeting to increase the contribution of renewable energy loans to approximately 10% of our AUM over the next year, supported by our existing partnership and the pipeline of new opportunities. Fourth is digital lending. During the quarter, we launched a SmartBiz digital lending platform in partnership with TrueSafe Fintech Private Limited, which is operating under the Bachat platform. Under this arrangement, Bachat acts as lending service provider, supporting customer acquisition, digital onboarding, operations, and servicing, while Moneybox remains the lender and retains responsibility for its underwriting and credit decisions. The product is aimed at nano and micro enterprises and self-employed borrowers who require convenient access to small ticket credit. This partnership is an important step in expanding our digital distribution capabilities. It is supported by FLDG, which provides additional protection to the lending portfolio. We believe these channels can become meaningful contributors to our disbursements growth and operating efficiency as they scale. As of September 26, approximately 73% of our AUM comprise secure loans, including loans supported by guarantee programs. We have also steadily increased the average ticket size of our loans. Our average ticket size for secure loans stood at 6.7 lakh in Q2 compared to 5.7 lakh in Q1. This transition towards higher ticket customers with better credit profile is an important part of our strategy to build a more resilient lending portfolio. On the collection front, our collection efficiency stood at 92.5%. This is on overall basis. X bucket stands at above 98%. Our asset quality indications have improved. The 90 plus part declined to 2.56 as of September 2026 compared to 6.25 as of March 2026. Our reported on-book gross NPS stood at 0.1%. So 0.01% as of September 2026. The improvement in deported asset quality reflects the combined impact of our ARC transactions and continued collection efforts. Going forward, our approach will continue to be focused on prudent underwriting, stronger customer selection, and disciplined collection rather than pursuing growth at the expense of portfolio quality. Technology remains an important enabler of our business model. Our in-house loan organization system, Moneybox One, along with Cattle AI, our AI-supported underwriting platform, is helping improve process efficiency, customer assessment, and underwriting, with Cattle AI reducing manual screening effort by approximately 30 to 40 percent. Our MBCollect application further supports field-level collection and monitoring. Together, these platforms provide a common technology. And underwriting infrastructure across our MSME, livestock, solar, and digital lending businesses, enabling us to scale operations with greater efficiency. On the liability side, we have continued to strengthen and diversify our funding profile. During Q2, we raised approximately 110 crore through NCD issuances, increasing the share of NCD. Two, 46% of our total borrowing. We now have a relationship with 36 lenders, including 12 leading banks, alongside NBFCs, development, focus institutions, and capital market participants. Our capital adequacy ratio stood at 26.35% as of September 2026, providing us with a reasonable capital buffer to support our growth plans. We will continue to focus on diversifying our liability profile, improving the cost of incremental borrowings, and maintaining adequate capital buffers as our lending business expands. Coming to the financial performance, Q2 reflected an improvement in operating momentum compared with the previous quarter. Our total income stood at 61 crore, resisting 11% year-on-year growth and 17% sequential growth. Net interest income and fee income increased 39 crores compared to 34 crores, representing a growth of 16% year-on-year and 28% sequentially. A pre-provisioning operating profit stood at 9.97 crore compared with 5.58 crore in corresponding quarter last year, reflecting a growth of 79%. Operating expenses stood at 29.67 crore during the quarter, remaining broadly controlled despite the investments required to strengthen our technology, people, and operating infrastructure. Consequently, profit after tax for Q2 stood at 0.9 crore compared to 0.28 crores in Q2, FY26, registering a growth of 229% year-on-year. For H1, total income stood at 3.14 crores, while net interest income and fee income stood at 70 crores. Pre-provisioning, profit for the first half stood at 12.41 crores, and profit after tax at 1.11 crores, compared to 0.52 in H1 FI26, again, increasing at 1.11 crores. 7% year-on-year, though at a lower base. On the margins front, our average lending IRR stood at 24.8 during H1, while the average borrowing IRR was 12.7. Our net interest margins stood at 11.9%. The moderation in lending yields reflect the transition towards a higher ticket and secured portfolio. As our partnerships led products and selective Lending to stronger existing customer base, scale-up, we expect the lending mix to support yields while maintaining appropriate risk-adjusted return. So now, from quarter-on-quarter, you will see the IRR moving up because we have started lending to our existing customers at higher yields and high-civil-profile customers as well, new, in unsecured. Our operating expenses as a percentage of average AUM stood at 14.3% during H1. This ratio has been impacted by moderation in AUM, while operating expenses have remained stable in absolute terms. As business momentum improves and existing infrastructure is better utilized, we expect operating leverage to progressively improve. Our medium-term objective is to bring the OPEX to AUM ratio below 10% over the next two years. Looking ahead, we believe Moneybox is entering an important phase where the investments made over the last 18 to 24 months can increasingly translate into business growth. Our priorities for the remainder of F527 are clear. First, we will focus on sustaining the improvement in disbursement momentum through higher branch productivity and the gradual scaling up of our partnership-led channels. Second, we will continue to strengthen the quality of our portfolio with the emphasis on higher ticket secured lending and customer with stronger credit profiles. Third, we will scale our four growth engines, MSME, livestock, renewable energy, and digital lending while leveraging our common technology and underwriting infrastructure. Fourth, we will remain focused on improving operating leverage by growing AUM without a proportionate increase on a fixed cost base. Our partnership-led sourcing model will be an important contributor toward achieving this objective. Finally, we will continue to strengthen our funding relationships, diversify our liability profile, and improve our borrowing cost over time. Our approach remains straightforward. We want to grow our business, but we want to do so with right customers, appropriate credit protection, disciplined underwriting, and scalable operating model. The improvement in monthly reimbursements, the progress across our new partnerships, and the strengthening of our portfolio quality are encouraging development. We have focused on converting this operating momentum into sustained AUM growth, better operating efficiency, and improved profitability over the coming quarters. With this, I would like to thank all our shareholders, lenders, business partners, and employees for their continued trust and support. Thank you. We now look forward to taking your questions.

Thank you so much. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may please press star and 2. Participants are request to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.

Reminder, if you have a question, you may please press star and 1.

First question comes from the line of Ria Shah with Shah Family Office. Please go ahead.

Hello. Hello, everybody.

Yes, she was.

Yeah. Hi. Thank you, sir, for the opportunity. My question is, the company has recently raised approximately 110 crore through NCDs during Q2. How comfortable is the current funding provision, and what is the outlook for borrowing costs and liability diversification?

Um, yeah, this is, this is real, right? Okay. Yeah. Thanks, Rhea. So, Rhea, you would notice in the results that our liquidity remains strong. We have a liquidity of about 170 crores, you know, ending September. So, liquidity remains strong, and you would also notice that Bandhan Bank is a new entry in last quarter. With top-up coming from IOB. And there are 36 lenders with 12 banks. So broadly, we don't see funding as a concern as of now. The existing lenders are supporting well. Then there is access to capital market plus DA. So across all diversified sources of funding, things are going well. As of now, we are sitting at a reasonable leverage ratio, which means that, you know, funding for, you know, next two, three quarters don't seem to be challenged, you know, because right now AEM is 800 crore, you know, even we have to grow it to 50 to 70%. I think funding will not be a concern. And then also notice that we are still not opting for co-lending or VC, wherein you can really scale up the business, which we are not doing as of now. So I really don't think funding as of now is a concern. Boring costs have increased a bit because of the changes in grade. We do see, you know, especially in Sydney space, we do see 25 to 30 basis points of increase as of now, while the bank funding should remain competitive, and we don't see that increasing.

Okay. Okay, understood.

We have been worrying at a higher rate, so that's where I don't see an increase, maybe some better, betterment only. Yeah.

Okay, okay, got it. Okay. So the second question is, right now the company is classified as middleware NDSP. Are there any material changes expected in regulatory requirements, capital planning, or operating processes?

No, no, nothing which is worth mentioning. Nothing which is worth mentioning. Because we have been following, you know, there is nothing which materially changes from here. There are obviously some compliance requirements which are additional. But having said that, you know, there is nothing, change of auditors will be required, but nothing which is very material on the normal business operations.

Okay. And so, if you could just guide, like, what are the key priorities for H2SI 27 in terms of development, AUM growth, aspect, quality, and profitability?

The AUM growth is the most important factor, as we see, because our OPEX is more or less stable now. The key is to grow the AUM, and that's where... We are working, you know, really hard. And some evidence is there in October disbursements. We have, starting, you know, end of September, we have started lending to our existing customers. So we had over one lakh customers, you know, build up over seven years. You know, in some cases, we have stopped lending for the time being, you know, given the market scenario, but, you know, having seen the repayment behavior, we have started lending to our existing customers, and in October, you know, 15 crores were disbursed. You know, there are these customers which, with high civil score, they have not defaulted with us or with any lender during the worst of the time. So that's one area, you know, where we really see a good growth because that's a large customer base which is available with us. Secondly, digital lending, I really believe, you know, because we have just started and could only disverse two crores last month. But this is one area, you know, once this settles down, this is a reasonably higher yield and disbursements could grow in this area. Solar is moving well, it's growing. We started with just 27 lakh rupees of business in April. And last month, it was 5.5 crores. So that's improving well. Every month it is increasing. So that's, again, you know, and that is largely loss covered. We have a second loss piece guarantee there, and it's a secured product. So that is also improving well. Branch secured MSME is also, you know, improving slowly. So, and then there are other partnerships which are coming up. So on the whole, it looks like Internally, our target is to disbursed anywhere between 500 to 600 crores in H2, which will lead to an AUM of between 1,100 to 1,200 crores. So that's the broader target on the AUM and disbursement side. And profitability is directly linked to the AUM. So when your OPEX is more or less fixed, Say, every 100 crores built up, you know, at an unsecured loan at a spread of 17% to 18%, and even in secured with a spread of about, say, 10%, profitability increases to that extent.

Okay.

So, yes, AUM is one where our focus is. Other things are going in line, you know, collections, we are improving. There's a 3x growth starting September in NPA collections. So slowly this will also move up as a lot of warrants have started coming up, Surfacy has started. So we really believe that NPA collections will also move up month on month. So things are getting better and better now.

Okay, okay.

It takes some time to, you know, show in the results, but yes, things are getting better. Okay. On all fronts. Yeah.

Okay. Okay. Thank you, Sush. Thank you for answering my question. And all the best for the future. Thank you.

Thank you. You're welcome. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and 1. Our next question comes from the line of Chainmapper of an individual investor. Please call it.

Hello.

Hello.

Yeah, yes, we can. Yeah, it is good.

Yeah. Thank you for opportunity, sir. I have a certain question, like in this quarter, our disbursement improved by 87 crores. And with October, it is crossing nearly 50 crores. So like, what is the sustainable in this momentum? And what is the expected monthly disbursement rate we will be expecting?

So, Chinwanya, historically, you would see, like, in FY24, we were regularly giving, like, 75 crore of disbursement monthly. And in January, February, March, we actually did an average of 100 crore disbursement per month. So, if you really ask me, that's the goal, that as soon as possible, we reach a monthly disbursement rate of 100 crores. So, yeah, so... There, as I said, in October, 15 crore just came from our existing customers in Topper, which we have stopped doing for approximately 18 months. You know, after the MFI guardrails, we were just looking at, you know, how these customers are performing. But as we saw, we realized that, you know, out of those... You know, one lakh plus customer which we have dispersed. We have a lot of customer, you know, which we have paid well across these cycles. So now we are reaching out to them as well. And as I said that October was just with a start, it was a 15 crore disbursement. So I'm not, you know, obviously it, it increases month on month. So from 50, I cannot go to 100 in November. But we are actually expecting a very strong growth going forward. Okay, understood. Digital lending, you know, multiple new venues coming up.

So, on AUM front, we have nearly 800 crore of AUM end of September. Correct. So, like, what will be the roadmap of rebuilding this AUM base, like, if you can give a 12 to 18 months of guidelines?

As of now, I can suggest that we are looking at an AUM of 1,100 to 1,200 crores by March 27. Okay.

In April 27, we are expecting nearly 1,000 to 100 odd crores of AUM.

March, we are expecting between 1,100 crore to 1,200 crore of AUM. Okay. Understood. Yeah, we are expecting H2 to pick up.

So what is the disbursement and the contribution to overall business?

So, Bachat started end of last month, which is September, last week of September, and we disperse about 2 crores there. This month, the target will be to disperse at least 5 crores. So, this should move up quite well, because this is pure digital lending, which we have been doing for the first time now, and, you know, every day we were changing things. On, you know, to get better profile customers, you know, improve efficiency. So this thing which once settled, you know, can be a big growth driver, the digital lending stuff. Akshay Kalpa has just started, so there is not much to talk about in terms of last month disbursements. It was just about 30 lakhs. So, but there is one more partnership which is getting started. So these will again, you know, because it's not digital, it will slowly move up. Like, like with Loom, we had like 27 crores, then 1.75 crores, then 3, then 4. Last one, it was 5.5. This one, it should get to 7. So, so every month improvement will be seen. So just with Loom, our expectation is That by January, minimum 10 crores per month should happen, if not more.

So, like, we're running off by the March, by 27, what scale we can see these partnerships can achieve? It's difficult to comment right now.

We have internal targets, but, you know, there could be, you know, some issues in terms of execution and all. Loom is now more sustainable where I can tell you that by January we should not be doing anything less than 10 crores here because it started in April. Bachat, again, I believe because it's a digital, once it takes off, it takes off. So, it will not be a surprise if we are able to do like, you know, 20 crore per month from January onwards. But it's still yet to be seen. Till it settles down, it's difficult to comment.

Understood.

But, yeah, broadly... In last quarter, if we get 90 to 100 crores just from partnership, so say about 30 crores per month, it will not be a surprise.

Okay, understood.

Yeah.

And there is one question, rooftop solar financing in which we have reached the AUM of approximately 17 crores, right? Correct. Yeah, in September.

And then now it's 22.5 after October.

Okay. Okay. So what is the growth plan for this segment of rooftop solar financing?

In terms of monthly disbursements, our target is to reach 25 crore per month. Okay. So, that's the kind of target we have in terms of disbursements.

And what are the yields in this? We are getting 22.7. Okay. And if we, like, compare with our poor MSME lending business and this, like, I want to understand about the credit risk in both.

So, so here, sorry, sorry, what's your name?

Chinnaya Param.

Okay. So Chinnaya, here, I think one are, because the leads are getting provided by the OEM. So, one thing here is that OPEX is lower versus our normal secured business or unsecured business, especially the secured business. The OPEX is lower. There is a second loss guarantee cover of 10%. So, the maximum first loss is 3%. So, that's one. There is a very high chance that we will get the first loss guarantee cover as well in the next few months. There is a high chance. Funding is relatively easily available because there are so many impact funds, and SIDBI is also evaluating our proposal on this. So credit cost is less, far less. OPEX is less. It's a four-year funding. So ALM mismatch doesn't happen. When you do a 10-year funding, there is an ALM problem also. This is a secured lending for four years. Generally, you don't see people doing BT here. So once you have taken from 1NB, BT these loans. So it's a 4-year stable kind of lending. And currently, actually, our yield is a little higher than, you know, what I was told. Current yield is 23 plus, 23 and a half. But take an approximate average of 22.7. That's the minimum we see here.

Okay.

Yeah, so, so if the question is, you know, in terms of credit cost, it's far more protected portfolio, and also on the OPEC side. So, in fact, the partner helps in collections as well.

I understand. Okay. You have answered quite well on our solar financing. So that's it. If I will join back the queue and wish you a very happy Diwali and New Year. Thank you so much. Same to you.

Thank you. Ladies and gentlemen, anyone who wishes to ask a question, press star and one.

Next question comes from the line of Rudvi, an individual investor. Please, Kurt. Hi, Ritri. Please proceed with the question.

Ruthi, if you're on mute, please unmute yourself and proceed ahead with the question.

Hello, yes. Thank you for the opportunity.

I'm sorry, Ruthi, but your voice is very... I mean, it's not audible. It seems that you are following.

Is it audible now?

Yes.

Yes. So thank you for the opportunity. So could you help us understand what is the current contribution of secured MSME lending versus the unsecured lending to the overall portfolio?

So, so basically, you know, what you can see is that our secured book overall is 73% of the EVM. So disbursements have been high if you, you know, just on the disbursements, if you see, there have been majority of disbursements happened in secured book. You know, in Q1, you would have noticed that it was as high as. It's 87%. But going forward, you know, as we start multiple partnership business, this portion of secured, when I say secured, if you're considering the secured by a property. May decline. Because, you know, so there is, say, for example, Akshay Kalpa, where there is a FLDG, right? There is one more partnership, which we are starting this month. Again, there is a strong FLDG collection support and customer acquisition support. And again, when we speak of solar, it's one, it is secured, then there is a guarantee program. So these are kind of... Because it is secured. When we are doing bachat, there also we have a FLDG covered. Soon, you know, there is a chance if CGFMU starts again, which is likely to happen in the near future, even the unsecured loans will be largely covered by the variety program. So, just to answer your question, current 73% of the book is secured, but more or less likely you will see majority of book will be secured by mortgage, but then there will be a very large part of book, which will be secured through guarantee programs.

Okay. Okay. So, the company has introduced the technology indicators. So, what measurable improvements have these initiatives delivered in underlying efficiency, loan processing, and collection productivity?

Exactly on the tech, maybe Mayur, Mayur, you want to contribute in terms of We've had a lot of work processes since the launch of HoneyWorks 1.

Yeah, sure. So, yes, you know, you know, we launched our LOS in the month of May sometime this year. And since then, you know, there has been a marked improvement across Functions, you know, because I can give you some examples. I'll take two, three minutes. One, in terms of origination, we have a better control over the customer acquisition now because we exactly know when the lead is getting generated, and we can track individual leads, individual RMs. The moment of file tracking is very, very robust now. Our secured tag, which used to be around, you know, 10, 11 days earlier, has come down to around six and a half, seven days in terms of end-to-end processing. This I'm talking about from origination to PD, to legal, technical, and then the final sanction. We do unsecured processing in less than one and a half, two days, which, again, is a marked improvement from four days that we were doing earlier. So this gives us full control over the processes. The tax have increased significantly. We own the whole process from end to end. So, that's one thing. The data analytics is much better. We exactly know, you know, which region, which geography is doing better, which is not doing better. We can take interventions there. So, that helps us. Plus, the cost of acquisition has also gone on what we were paying earlier to a vendor versus what we are now spending on each customer file acquisition is much, much less. I think in terms of productivity, in terms of unit cost of acquisition, it is getting much, much better. We have been able to launch multiple on the platform because when we created this platform, this was an integrated platform. We said this is not going to be on the LOS. The back end, the way we created, we created in a way which could cater to multiple different products. So on the same platform, we can do secure, we can do unsecured, we can do multiple lending partnerships. We have also developed our own app, which is in the process of getting launched in the end of this month. So there are multiple things that we have been able to do. So the turnaround time in terms of go-to-market, in terms of products, in terms of getting new features added has come down significantly. And it is helping us in terms of originating more, better quality, and tracking data, and it is getting much and much better. So that's in a nutshell. But yes, there are multiple other advantages that we intend to reap from this technology in the future.

Okay, that was it from my side. All the ways for the coming quarters. Thank you.

Thank you so much. Thank you. Ladies and gentlemen, that was the last question for today. I know I have the conference over to the management for the closing remarks. Thank you, and over to you.

Thank you, everyone, and thank you for all the support we had from you, and happy diwali to everyone. Thank you.

Thank you so much. Ladies and gentlemen, on behalf of Moneybox Finance Ltd, that concludes today's call. Thank you for joining us and you may now disconnect your lines.