Can Fin Homes Ltd at Equirus Virtual Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Shreepal Doshi - Equirus Securities Private Limited, Research Division - Analyst : Got it. Got it. so sir, in that case, we are open for the Q&A. (Operator Instructions) We'll just wait for the question sort of assemble. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 28, 2022 / 4:30AM, CNFH.NS - Can Fin Homes Ltd at Equirus Virtual Conference Girish Kousgi While, Shreepal, in the interim, if you have 1 or 2 general questions which have been asked by the clients, you can get that addressed right now. Thank you.

Question: Shreepal Doshi - Equirus Securities Private Limited, Research Division - Analyst : So we have the first question lined up. So that is from Mr. Dhaval Gada. Please go ahead with your question.

Question: Shreepal Doshi - Equirus Securities Private Limited, Research Division - Analyst : Sukriti Jiwarajka This is Sukriti from Laburnum Capital. I had a question more of a broad question on retail LGDs in mortgage finance. So this has come up a lot of times in various housing finance con calls. And the answer has sort of deferred from probably people doing more INR 30 lakh, INR 35 lakh sort of home loans in LIC Housing, for example, saying this is a single-digit retail LGD. And then you have more affordable housing players, let's say, Home First, who once in the con call said, it's about 25%, 30% for us. So what is -- it's a wide range for home loans. And where are we in this spectrum? And has this changed post COVID. Girish Kousgi Okay. Good question. Actually, LGD for different company would depend on what is the profile mix, what is the ticket size mix and what is the product mix, right? Now the most safest I'm saying would be probably our company because we are completely into affordable, almost 100% retail, right? And home is 95, nonhome is 5. So we have the profile advantage because we are more skewed towards salaried 72, where the default is less comparatively to SEP and SENP. We also have a skewness towards product favorably because our home is 95%, including the 5% of top-up because the characteristics of top-up is similar to home loan, right? And if you also look at geography mix, we are more skewed towards south. So whether it is geography, whether it is product, whether it is profile, whether it is ticket size, we are more on the affordable low ticket size. So on all the 4 parameters, we are on the positive side. And therefore, our LGD -- look, we can't compare LGD of one company with another because unless these parameters are in sync, we can't have the same LGD between companies. And therefore, there would be a difference between one company and the other company because all the mix would change from company to company, and therefore, we are the lowest. In our case, it is 7%. Sukriti Jiwarajka Got it. Got it. And okay, then clearly, I guess you've not seen any material deterioration? Girish Kousgi Okay. You asked one more question, actually after COVID, I'll tell you what. In fact, our morat was the highest, 28% vis-a-vis compared to market, which was 11.5%. Our restructured book was highest, it was about 2.4% vis-a-vis compared to market, which was 1.25%. When I say market, I'm talking about only housing finance industry, not the banks, whether it is PLC or public, right? So we actually double both in terms of moratorium and restructuring. I think that is what we thought we should try and support our customers. But if you look at the delinquency post that actually it has come down. During COVID, the deemed NPA had peaked to 0.99%. Again, it is back to about 0.65%, right? So post COVID, our asset quality has bettered and this is a vintage moratorium book. And with respect to restructuring, I think wherever the cases are due. Today, we don't have even a single case even in one DPD, a; b, about 18% of the customers are paying in advance of the restructured pool. Number three, about INR 50 crores of the restructured pool, these loans are close to the customers. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 28, 2022 / 4:30AM, CNFH.NS - Can Fin Homes Ltd at Equirus Virtual Conference Sukriti Jiwarajka Got it. So specifically, I think you mentioned right now that the affordable housing part of your sort of book skewness would help in default rates and recovery. Why is that compared to somebody who's doing closer to bank loans at, let's say, INR 30 lakh, INR 35 lakh ticket size, why will your LGD as maybe sub-20 ticket size be better? Girish Kousgi No. I think cosmetically, if you see, I think affordable housing should have a higher delinquency, especially on the salaried side. So what I mean to say is that I was talking more in terms of the profile mix more in terms of ticket size, which means I was talking about more than INR 1 crores. So I'm not talking about 35, 45, 50. If you ask me whether INR 50 lakh, INR 60 lakh, INR 70 lakh, 80 lakh of salaried, is it safe, definitely, it is much better, far better than INR 20 lakh salary in terms of behavior, on the repayment pattern. So I was basically talking about high ticket versus low ticket and a mid-sized ticket.

Question: Shreepal Doshi - Equirus Securities Private Limited, Research Division - Analyst : We have the next question from Mr. Ashwini. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 28, 2022 / 4:30AM, CNFH.NS - Can Fin Homes Ltd at Equirus Virtual Conference Unidentified Analyst Sir, you're experiencing the Can Fin Homes for the last 3 years. What's your take on Can Fin? Is it an individual-driven organization or more a process-driven organization? Girish Kousgi I think that we should tell because I think system is -- no one is indispensable. I think company has a very strong legacy, very strong balance sheet, and we have good talent at the management level, at middle level and across all the branches. So at any given point in time, no individual is indispensable and the company is much beyond anyone. Unidentified Analyst So it means that post whosoever comes, we can see the loan growth in the range of 17%, 18%, similar margins and everything.

Question: Shreepal Doshi - Equirus Securities Private Limited, Research Division - Analyst : We have the next question from Mr. Pranav Gupta. Pranav Gupta Just to continue on from the previous question actually. So like the previous participant indicated that before -- prior to you and earlier CEO, growth rate, it used to be much lower compared to either the industry or what we deliver today. So the question is, I'm trying to understand within your tenure, what kind of changes on an organizational level have you tried to implement which have sort of led to this increased growth? Obviously, barring the fact that we have seen an increase in growth across the industry post the initial phase in COVID. So if you can talk about some organizational level changes, branch level changes that you have implemented, which has led to the increased growth trajectory that Can Fin has delivered over the last couple of years. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 28, 2022 / 4:30AM, CNFH.NS - Can Fin Homes Ltd at Equirus Virtual Conference Girish Kousgi We have done a lot of changes. We have done changes in the sales structure. We have revamped the entire sales infrastructure. Earlier, we used to have 3 verticals that now we have 14 verticals and that will continue, right? So we have done a lot of work on the sales piece, on credit risk team, then IT infrastructure, then monitoring. And -- so I think across, you name it, I think every single space, we have done a lot of changes and all those changes are here to see and it will continue. Pranav Gupta So if you were to highlight the top 2 or 3 changes that has primarily driven this growth that we have delivered as an organization, what would those be? And if you can go in a little more detail, that will be a little more helpful to understand as to how things have been institutionalized and how it will continue even post your exit or probably in the future? Girish Kousgi So I will talk about what all we have done in the last 3 years and which is even there in the current environment. So on the sales thing, we had basically 3 people managing the entire country. So we have now that increased to 13 people, 14 clusters. So now we have gone deeper into the market in terms of understanding so that there is enough business development and sourcing, which happens from the field. Now we have strengthened on the credit side. Now we have a very, very focused central credit, which is the CPC centrally so that we can turn around the files faster. So we have a delegation which starts at the branch for the branch manager and in the next level at the cluster head and then it comes to the CPC. This is for more standardization and better at TATs. So on the IT, we have tied up with various FinTechs to try and fasten our processing capabilities. And we have worked both on network, on software, on front end to customers and stuff like that. Then with respect to central product and strategy, we had a focused team, especially for customer retention, so that the book depletion could be the lowest, and we have seen that post COVID. During COVID, we had a high book depletion, more to do with the external conditions, market conditions, but I think immediately after that. And you can see that our book depletion has come down to a very, very minimum level, and it got normalized many quarters back. So we have a very strong retention team. We have a very strong product and strategy team, which works on trying to generate alternate income. We significantly increased our third-party income, which is basically insurance cover on life and property. We saw our NIM going up drastically in the last few quarters. We also have a very strong investment policy. We don't have a treasury team. It's a small company, but our CFO Joishy takes care of it. We also try to have some additional buffer in terms of income from the LCR investment. So we have done a lot of work in every single team. So it's a continuous process. And the team is -- we have very low attrition. So we have a lot of people now who are vintaged in Can Fin, who are there for more than 2 decades, 3 decades in the company, right? I think all these things have ensured. We have not done anything drastic in the last 3 years. We've only worked on basics and we only got our house in order. I think that should help even to continue this journey in the future. Do you have anything else to add? Unidentified Company Representative No. Pranav Gupta Just one more question before I step back if that's okay? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 28, 2022 / 4:30AM, CNFH.NS - Can Fin Homes Ltd at Equirus Virtual Conference

Question: Shreepal Doshi - Equirus Securities Private Limited, Research Division - Analyst : We have the next question from Mr. Sunil Asnani. Sunil Asnani I will represent First Principles Fund. We are a small fund, but we've been investing in India for a long time. So I really respect the work you have been doing. I just wanted to understand, what advice would you give to the Board on changing the incentive structure for the next CEO or an MD? So that is one question. And second question is, how would -- what would you recommend to improve the relationship between MD and the promoters, right? That is the second question. And the third question is, I remember when we first invested, there was about 2 years ago, there was this idea of Can Fin Homes becoming a part of some other strategic or a financial buyer and not part of -- not part of Canara Bank. So what is the progress on that front? And do you think that unless we do that, the incentive structure of the MD cannot become market linked, right? So I think it's kind of that situation, right. Unless you have the right person at the top, you can't sell it to the right buyer. And unless you sell it to the right buyer, you cannot pay the right salary to the right person. So I know I'm asking a lot of questions. So feel free to start with that you can. Girish Kousgi See, I'll tell you on the first point, I don't think so since I'm in notice period, I'll not be able to comment on that. right? I think as far as the relation between Can Fin and Canara Bank is concerned, parent is concerned, I think we have a very cordial and formal relationship. Canara Bank has many REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 28, 2022 / 4:30AM, CNFH.NS - Can Fin Homes Ltd at Equirus Virtual Conference subsidiaries and associates. And I think since many, many years, since many years, they've been supporting all the associates and subsidiaries, and which is where we also have Amitabh from Canara Bank, representing management, he's the Deputy Managing Director. There is a lot of synergy between both. The rest of the questions, I don't think, sir, I'll be able to comment. Sorry for that.

Question: Shreepal Doshi - Equirus Securities Private Limited, Research Division - Analyst : We have the next question from [Mr. Sumit Aggarwal]. Unidentified Analyst Can you just guide us on the probable time line of the new MD because there's Deputy MD said that is probably from the market only that is the Board has decided. But we would like to know some certain at least timelines, 3 months, 6 months or... Girish Kousgi No, I think it's too premature. I think Board has taken and we have made it public also saying that we'll be hiring next CEO from the market. So at this point in time, it will be premature to talk anything there on the topic. Unidentified Analyst But sir, any visibility on the time line, at least, maybe if we were not in a position to comment, maybe Deputy MD can comment on this. We have some visibility at least ...

Question: Shreepal Doshi - Equirus Securities Private Limited, Research Division - Analyst : We have the next question from Mr. Bhavik Dave. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 28, 2022 / 4:30AM, CNFH.NS - Can Fin Homes Ltd at Equirus Virtual Conference Bhavik Dave 2 questions. One is on Can Fin. Just want to understand if you would have stayed back couple of things that you would want to improve in the company, like you said you made enough changes and teams have been looking up. But if there are certain things that you would want to maybe improve if you were around for the next -- like the next CEO for the company themselves, any areas of improvement that you think that you all were working on and still are work in progress? Girish Kousgi No comments on this question, please. I don't think so, no one will answer this. Bhavik Dave Because you were already around to... Girish Kousgi I'll tell you, I'll tell you whatever needs to be done, whatever had to be done, I think most of it is done. And that is why you've seen a phenomenal journey in 3 years despite of COVID, despite of morat, in spite of restructuring, I think our team held on together, and they've put up, I think, one of the best performance in the entire industry, which is there for everyone to see. At the same time, keeping our risk fabric impact, you can -- I think you can see a GNPA and net NPA, I think that's a testimony to what we've been talking about in last almost 11, 12 quarters. I think we have walked the talk. Even if you go back 10, 11 quarters back, and if you ask what is the guidance on margins, I've always maintained 2.4 and 3. And if you see last 12 quarters, not even 1 that margin has breached, right? And we always talked about 18% growth on disbursement and book, and I told you it will take some time to catch up because we were literally flat or negative from that stage we had to. I think whatever had to be done, we have done. Of course, having said that, it's a continuous process. So whatever deems with respect to changes required in future, I'm sure it will be done. Bhavik Dave I just asked because there are always 1 or 2 areas of improvement for everyone. So that was the primary reason, nothing to point out at all. Second is a broader question on the market, right? With increasing interest rates and we've been dealing with the salaried customer segment with now rates like almost touching pre-COVID levels, where 8%, 8.5% kind of home loan rates and like arranging towards 9 with the hikes. In your assessment, how do you look at the market, right? Because other demand -- is the footfall demand still reasonably high? Or do you think that -- and when do you think that can start getting impacted with the rising interest rates that you see in the market, not necessarily for Can Fin, but generally a very industry-specific question if you can like give us your wisdom. Girish Kousgi I talk about industry, not about the company. See, if you look at industry, I think in last 2 years, a lot of things have changed. Real estate, other space has -- is in the process of reviving. It started about 18 months back. So real estate is really good. And this boom will last for the next 5 to 6 years. In terms of affordability, even though there has been increase in rates in last 12 months, I think still it is very much affordable because just see the rates 2 years back, 3 years back, we were talking about yields of 11% and 11.5%. Now the yields have come down to as low as about 8.4, 8.5%. Even today, as we -- there'll be one more increase in the credit policy. Still I think we will be affordable. Loans will be affordable to the customers. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 28, 2022 / 4:30AM, CNFH.NS - Can Fin Homes Ltd at Equirus Virtual Conference It's a question of relativity, right? So market is robust. If you look at the construction cost, it has gone up, it is increasing. In spite of construction, the cost increase and also interest rate increase, affordability would be still very high and market is quite robust, well supported by good demand in the real estate space, and therefore, market should look, the entire sector should do well for the next few years. Bhavik Dave And sir, on the competitive intensity, have banks like pulled back a little on the home loan front, considering the broad-based demand visible in the market? Has the competition from banks lowered? Or do you think it's -- the business is as usual for Can Fin? Girish Kousgi See, I'll tell you -- I'm talking about industry. Banks had a particular level of focus on mortgage. And during pandemic, since the business was not available outside, there was heightened focus on mortgage. And therefore, I think the entire industry is of right of book from NBFCs, HDFCs to banks. Now that got normalized in quarter 4 of -- that's immediately after COVID. So we had -- 2020, '21, we had 2 quarters of COVID. Quarter 3 October, the demand started coming back; and the fourth quarter 2021, I think from that point in time, banks focus on mortgage and activity was back to normal. From then until now, there has been no change.

Question: Shreepal Doshi - Equirus Securities Private Limited, Research Division - Analyst : We have the next question from [Mr. Modan]. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 28, 2022 / 4:30AM, CNFH.NS - Can Fin Homes Ltd at Equirus Virtual Conference Unidentified Analyst Just a couple of questions on the growth plans. So how would we technically approach it from ground up. So which geographies are we specifically targeting? How much is the branch capacity to facilitate growth? And do we have some -- or did we plan some branch expansions which may or may not happen now, given that you would not be around for executing that strategy. So would that continue? Would that not continue? Girish Kousgi Basically, we are focusing on South only because South we have got a good number of branches. So a major part of our growth will come from South also. But North also, we are focusing. And going forward, as we'll be opening the branches. Unidentified Analyst Any -- could you quantify how many branches are you looking at? And what is planned? Girish Kousgi We'll be opening up to 10 branches, you can way. Unidentified Analyst Okay. Okay. And sir, do we think we have some branches where we feel that growth is an issue because it has already saturated in the capacity for AUM? Girish Kousgi Actually, if you look at last 3 years yes, the answer is yes. We found that many branches because when we opened those branches 20 years back, 25 years back, 15 years back, it was right for that particular pocket. We realize that the branch has reached the potential, and therefore, it wouldn't really make sense. Or rather, if I relocate the branch, I would reduce the OpEx and double our disbursement or maybe increase our business. So yes, we have been working with and we have done a lot of changes in the last couple of years, and we have relocated our branches. So we moved from within the city to outside the city where the pocket is very potential for our kind of business. So that we have done. In fact, that is one reason why we (inaudible) to open a lot of branches in the last 3 years in spite of our book growing and disbursement growing. So that definitely would be there because we are into affordable. We say affordable are, our brands probably will be very potential in the particular pocket for 10 to 12 years. And then certainly, it will become -- it will reach saturation point. Again, we have to move those branches. So every year, we will find a set of branches where we may have to relocate. Unidentified Analyst And what would be that saturation number where you feel as a AUM, it's tougher to grow? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 28, 2022 / 4:30AM, CNFH.NS - Can Fin Homes Ltd at Equirus Virtual Conference Girish Kousgi No, it is not on the number. It is basically -- for example, let's say, today open a branch in a particular pocket. So I would have only a couple of bank branches there. Now suddenly, let's say, 5 years later, they would have 20 bank branches there. So then I feel that the entire pie is being shared, and therefore, they would move further to a different pocket where I see that there is less competition. Unidentified Analyst Okay. Okay. Sir, just one question. I remember your reiteration on the spreads and NIM, so you kept seeing 2.4% spread and 3% NIM would be the lower risk that the company could go. Do you still feel that is the case? Or do you think there could be some change in that direction? Girish Kousgi As this is futuristic, I would request Amitabh to address.

Question: Shreepal Doshi - Equirus Securities Private Limited, Research Division - Analyst : We have the next question from [Mr. Shivraj]. Unidentified Analyst Sir, just a couple of questions. So FY '22 open staff was, let's say, number of employees were 909, right? What could be, let's say, within that senior people, let's say, the 13 sales manager you highlighted with the senior people there will be in the credit side, right, in the risk parameter. What could be the senior component of that 909 employees. Girish Kousgi Shamila, would you just tell them probably -- let say, the Chief Manager (inaudible).

Question: Shreepal Doshi - Equirus Securities Private Limited, Research Division - Analyst : We have the next question from Mr. [Prolin]. Unidentified Analyst I have 2 questions, 1 to Mr. Girish and second one to Amitabh. Mr. Girish, so you have been -- you have worked all your life private sector, right, before joining Can Fin. So how has been your experience, right? I mean, in terms of what have been the challenges to adopt to a very different culture in a way that private organization is run and in a way PSU is run? How long did it take for you to get used to it. And now that the Board has REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 28, 2022 / 4:30AM, CNFH.NS - Can Fin Homes Ltd at Equirus Virtual Conference decided that the successor will be from a private sector from the market, how -- I mean, will it be equally easy or difficult for him also to probably hit the ground running? Girish Kousgi I can talk about myself because -- see, I'm a very dynamic guy, very adaptable, right? So I think for me, it was right from the month 1, right? So I've seen -- I get good exposure in this company. And the way I've been gaining exposure in my -- all my previous assignments. So a lot of value add I could see in this company. I think any good leader should be able to go forward with the same zeal end effort. Unidentified Analyst Sure, sure. And the second question would be to Mr. Amitabh, right? I mean in the long history of Can Fin since we have been tracking this name, we have a very successful MDs, which have come from the bank as well, right? Mr. (inaudible) was somebody who has was instrumental in turning around the bank, Mr. Hota probably saved us from in terms of whatever the NBFC crisis that happened, we were probably relatively unaffected by the whole thing. So again, is there any reason why you have a preference towards market leader when we are looking to replace Mr. Girish? Or I mean, what is the thought process there in terms of looking at the market and not looking inside?

Question: Shreepal Doshi - Equirus Securities Private Limited, Research Division - Analyst : We have the next question from [Mr. Harshal]. Unidentified Analyst So just one question again regarding the fraud, which was kind of a one-off incident. So while you indicated that it's because of collusion. But in terms of any structural changes, which you could have done, if you can elaborate so that it should not happen in future. I'm not sure if you explained it already, but any structural changes, if you can elaborate? Girish Kousgi So actually, we feel that our system and procedures are adequate enough so that the system -- that do not recur. But what I said is that maybe we have been telling our branch managers to increase the more due diligence on their part. Otherwise, I think -- I don't think we need to put any REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 28, 2022 / 4:30AM, CNFH.NS - Can Fin Homes Ltd at Equirus Virtual Conference structural changes as of now. See any change would be warranted only if it is a lapse in system or process. Now this is collusion. And I'm sure all of you would appreciate, Collusion can happen in any company, any institution, anytime, anywhere.

Question: Shreepal Doshi - Equirus Securities Private Limited, Research Division - Analyst : We have the next question from Mr. Pranav. Pranav Gupta Just one question pending. So if we -- if I remember correctly, most of our borrowings -- bank borrowings are linked to 1-month and 3-month and that is the benefit that you got on the cost of fund side. And now with the NCRs going up, how do we look at managing this. And if you can give probably some examples based on what sanctions -- the recent sanctions that you have got. How -- A, how we are able to manage the cost of funds; and B, whether it is possible for us to sort of move to a higher tenure MCLR, say, probably 6 months, 12 months MCLR? Girish Kousgi See, the strategy, what you adopted in the past also, when there is increase in cost of funds, right? Now when there is an increase, you can see increase across, whether it is PLR-linked, whether it is (inaudible) whether it is [rate]. Depending on the -- irrespective of the source, I think there will be increase, right? So whenever there is the increase in cost, we are fixated on the margin. And therefore, we try to better the yield. And whenever the rates are going down, yields will come down so that we get the profitability, what we want. This is what we have been doing in the past. So I think the same thing should continue, Amitabh, right? So see, because we have built the capability of building book when the cost of funds were 9%, 9.5%, 10%. And today, we are talking about around 8%. So we have built that capability within Can Fin to build a book at a higher yield and also at a lower yield. And we have built the capability of sourcing business at the lowest possible rate, which was in March at 6.75%, and was the highest possible rates, right? So I'm saying we have built a way with within the organization to work under different scenarios.

Question: Shreepal Doshi - Equirus Securities Private Limited, Research Division - Analyst : Sure. So broadly, it could be from any sort of branches. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 28, 2022 / 4:30AM, CNFH.NS - Can Fin Homes Ltd at Equirus Virtual Conference

Question: Shreepal Doshi - Equirus Securities Private Limited, Research Division - Analyst : Got it, sir, got it. Thank you. Since there are no further questions, sir, we can conclude this conference. I thank the management for giving us the opportunity to host this conference. And I thank all the participants for being part of this call. Thank you so much. Girish Kousgi Thank you for participating. Thank you.