Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Paisalo Digital Ltd (NSE: PAISALO) Q4 2026 Earnings Call dated May. 11, 2026
Corporate Participants:
Santanu Agarwal — Deputy Managing Director
Harish Singh — Chief Financial Officer
Analysts:
Sandy Mehta — Analyst
Anurag Patil — Analyst
Unidentified Participant
Deepak Rao — Analyst
Presentation:
Operator
Ladies and Gentlemen, good day and welcome to Paysalo Digital Limited Q4 and FY 2026 earnings conference call hosted by Arihant Capital Markets Limited let me draw your attention to the fact that on this call discussion will include certain forward looking statements which are predictions, projections or other estimates about the future events. This estimate reflects management’s current expectations about the future performance of the company. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes.
From the esteemed management we have with us today Mr. Shantanu Agarwal, Deputy Managing Director Mr. Harish Singh, Executive Director and Chief Financial Officer Mr. Gaurav Chaube, Chief Business Officer I now hand over the call to Mr. Shantanu Agarwal, Deputy Managing Director for his opening remarks post which we can open the floor for question and answers. Thank you and over to you Sir.
Santanu Agarwal — Deputy Managing Director
Good afternoon everyone and thank you for joining us today for Pasalo Digital’s earnings call for the fourth quarter and full year ended March 31, 2026. I hope you have all had the opportunity to review our earnings presentation which has been shared earlier on the exchanges and available on our website. Joining me on this call is Mr. Harish Singh, our Executive Director and Chief financial officer, and Mr. Gaurav Chaube, our Chief Business Officer. We appreciate your continued interest in Pesolo and look forward to discussing our performance and outlook with you as we finish this financial year on a strong note.
India’s macroeconomic environment continues to provide a constructive and enabling backdrop for businesses like ours. Domestic demand remains resilient, public investment is sustained and the pace of economic formalization across rural and semi urban India continues to accelerate. The government’s continued policy focus on financial inclusion, MSME development and digital public infrastructure is creating a structurally larger and more accessible market for credit at the last mile, precisely the segment where Paylo operates and has built deep capabilities over three decades.
Demand for small ticket credit remains healthy and broad based, supported by working capital needs of micro entrepreneurs and small businesses, rising economic activity across informal and semi formal segments and the growing acceptance of formal credit channels even in India’s tier 3, 4 and 5 geographies. The rapid expansion of digital public infrastructure, greater availability of customer and transaction level data and deepening penetration of formal financial products, collectively making credit delivery more efficient, more targeted and more scalable.
On the regulatory front, the environment remains supportive of responsible credit expansion with continued emphasis on inclusion, digital enablement and prudent underwriting, all of which are central to Pesalo’s Operating philosophy While the global markets continue to monitor evolving geopolitical developments, including tensions in the Middle east and their implications for commodity prices and capital flows, India’s domestic fundamentals remain relatively insulated and resilient. We believe this combination of structural demand, increasing formalization and a supportive policy architecture continues to create a highly favorable long term opportunity for disciplined technology led lenders like Pesolo.
Now coming to the quarter’s performance against this backdrop, I’m pleased to report that Pesalo delivered a strong and broad based finish to FY26 one that reflects both the strength of our underlying business model and and the early fruits of our strategic investments across distribution, technology and liabilities. Our assets under management increased to Rs.61,009 million registering 17% year on year growth reflecting steady expansion across income generation and MSME lending segments. Disbursements for the quarter stood at rupees 13,440 million indicating sustained borrower demand and healthy sourcing momentum.
We reported highest ever quarterly profit after tax of rupees 722 million in quarter four FY26 up by 56% year on year supported by strong income growth and improving operating leverage. This quarter’s performance also demonstrates that we are scaling the business while continuing to build long term capabilities across distribution, liabilities and technology. We expect these investments to enhance productivity, improve cost efficiency and support a stronger earnings trajectory going forward. A defining pillar of our strategy has always been last mile reach and FY26 saw meaningful deepening of our distribution architecture.
During the quarter we added 427 new touch points taking our total network to 5299 touchpoints across 22 states comprising 422 branches, 3381 distribution points and 1496 business correspondents. Our branch network itself expanded from 402 to 422 during the quarter, adding 20 new branches and strengthening our on ground franchise visibility. Our customer franchise crossed approximately 16 million borrowers, a milestone that reflects the growing trust that underserved and financially excluded households are placing in PaySalo’s high tech high touch model.
This franchise has been built over three decades of consistent presence and responsible lending. From a geographic standpoint, our quarter 4 AUM mix reflected a strong contribution from Maharashtra and Uttar Pradesh underscoring the success of our calibrated expansion strategy. Maharashtra’s share expanded by 430 basis points to 21.70% while Uttar Pradesh grew by 122 basis points to 14.12%. Among other key markets. Delhi continued to lead with a 28.03% share, followed by Haryana at 14.94%, Rajasthan at 13.14% and other states collectively contributing 8.07%.
While our portfolio remains firmly anchored by strong positions in our core markets, we are steadily deepening our presence across newer geographies to build a more broad based, diversified and resilient footprint over time. FY26Aum remained diversified across business segments with food and hospitality contributing 24%, agree and allied agri and street vendors contributing 14% each, heavy industries 11%, technology 8%, health and education 5%, technology, textiles 4%, vehicles 3% and other segments 17%.
The portfolio continues to maintain a balanced presence across MSME and income generation categories and we remain focused on further broadening the business mix to support sustainable and well diversified growth. Overall, MSME SME loans accounted for 71% of the portfolio while income generation loans contributed the remaining 29%. Our BC channel remains an important part of this model, helping us deepen local reach, strengthen customer access and support scalable last mile delivery. During the quarter, we also expanded our banking as a service platform through our Business Correspondent partnership with Indian Overseas bank, further strengthening our ability to deepen customer reach and expand banking access at the last mile.
Technology and AI are no longer just enablers at Pasalo, they are becoming core to how we originate, underwrite, service and collect. Over the past year our focus has been building an integrated AI led operating backbone that drives both scale and efficiency. Today, EAI is embedded across customer acquisition, credit assessment, servicing, collections and portfolio monitoring supported by a strong data and analytics Foundation. During quarter four we processed approximately one 60,000 loan applications through AI enabled onboarding pipelines, while our AI assisted workflows handled over 1:25,000 servicing cases and 2:25,000 debt management cases.
In parallel, we automated nearly 250,000 quality checks, significantly improving consistency and control. On the customer acquisition side, we scaled AI led outreach through 150,000 outbound calls, two live text bots and five outbound voice bots. Improving lead sourcing efficiency and conversion rates. Front end digitization and AI assisted development are compressing turnaround times, improving field productivity and reducing per unit operating costs. The operating leverage from these investments is beginning to show up in our financial metrics.
Despite meaningful expansion in our branch network and strong double digit aum growth in FY26 headcount was down 3% during the year, an early but tangible sign that our technology and AI investments are translating into real productivity gains and a more efficient cost structure. We are also retraining and reskilling employees whose roles are evolving through technology, consistent with our long standing commitment to our people and and our belief that human judgment and field connectivity remains irreplaceable in the markets we serve.
Our Business Intelligence unit, which reports directly to senior management, continues to embed analytics into every layer of decision making from loan pricing and resource allocation to geo level risk management and early warning systems. We believe this data led operating infrastructure is a key differentiator and will continue to support productivity gains, sharper execution and a more efficient scaling as we enter the next phase of growth. FY26 also marked a significant year of progress on our liability franchise.
We completed our Made in ECB issuance of USD $15 million, a historic milestone that reflects growing international investor confidence in Peselo’s credit story and opens a new and diversified avenue of long term funding. We also reinforced our credit standing through dual rating of AA stable, further broadening our access to institutional capital at competitive terms. Asset quality remained healthy and stable during the quarter with GNPA and NNPA improving to 0.76% and 0.61% respectively, underscoring the strength of our underwriting and collection framework.
At the same time, our cost of borrowing moderated to 10.22% reflecting continued progress in liability optimization and funding diversification. Together, these trends support the resilience of our balance sheet and position us well to sustain profitable growth with disciplined risk management as we look ahead. Our three year strategic roadmap is centered on four interconnected priorities deepening last mile reach through an expanding distribution architecture, broadening our product suite, entering new markets with data led discipline while consolidating with existing geographies and continuously optimizing our capital structure through liability diversification, lending partnerships and reducing cost of funds.
Underpinning all of this is our growing use of AI and automation which we believe will be the single most important driver of operating leverage, productivity improvement and cost efficiency over the mid to long term. In conclusion, Q4, FY26 and FY26 as a whole represent a landmark chapter in Pesolo’s journey, a year where we delivered strong financial performance while continuing to build capabilities, partnerships and infrastructure that will define the next phase of our growth. We remain deeply committed to our founding mission of empowering India’s unserved and underserved communities with fair, fast and inclusive credit and we are more confident than ever in our ability to scale this mission in a responsible, technology led and financially sustainable manner.
We thank our investors and stakeholders for their continued trust and support as we build a more resilient, technology led and financially inclusive company. With this, I’ll now hand over to Harish Singh, our Executive Director and CFO to take you through the financial performance in further detail. Thank you
Harish Singh — Chief Financial Officer
Thank you. Shantinuji Good afternoon and thank you. I am pleased to present Pesaro’s digital financial performance for the fourth quarter and financial year 26. We closed quarter four financial 26 with a record asset under management of 61,009 million, registering a healthy 17% year on year growth. This performance reflects steady and broad based expansion across our core income generation and MSME lending segments. Disbursements during the quarter stood at 13,440 million, reaffirming the strength of underlying credit demand and the consistent momentum across our sourcing channels.
Total income for the quarter rose to 2,609 million registering a strong 35% year on year growth while net interest income increased to 1,733 million up 61% year on year. This performance is a reflection of the scale up in our portfolio, stable yields and continued improvement in funding efficiency. Coming to profitability, I am pleased to share that we have delivered our highest ever quarterly profit after tax of 722 million, a robust 56% year on year growth. Profit before tax stood at 970 million reflecting the benefits of disciplined cost management.
Even as we continue to invest meaningfully in distribution and technology to support future growth, our return ratios remain healthy with return on equity at 13.2% and return on asset at 3.8%, a clear demonstration of the strength of our business model and our ability to generate profitable growth while continuing to invest for the long term. Moving on to the full year performance for the year ended financial year 26, Paso has delivered a strong and consistent set of financials underpined by disciplined execution across sourcing, underwriting and balance sheet management.
Cumulative disbursements for financial year 26 came in at 42,622 million, growing by approximately 15% year on year supported by sustained demand across our income generation and MSME lending segments along with improving productivity across channels. For financial year 26, total income increased to 9,437 million, translating into a healthy 22% year on year growth driven by steady AUM expansion and improved funding efficiency. Net interest income for the year grew to 5694 million at 29% year on year increase which has flowed through to a cumulative profit after tax of 2,372 million for financial year 26.
Clearly reinforcing our ability to scale the business profitably. On the asset quality front, our portfolio continues to remain price time and best in class, supported by rigorous credit assessment processes and a well embedded collection architecture. Gross NPA and net NPA improved year on year by 23bps and 15bps respectively, settling at well contained level of 0.76 and 0.61%. In addition, our collection efficiency of 98.5% reflects strong repayment behavior and effective portfolio oversight across the book.
Turning to the balance sheet, it remains strong liquid and values, providing a resilient reform to fund future growth. As of financial year 26, total borrowing stood at 43,597 billion, supported by a diversified and steadily improving liability profile. The cost of borrowing moderating to 10.2% reflecting our enhanced credit standing and disciplined liability management. Leverage continues to be prudent at a debt to equity ratio 2.43x while our capital adequacy ratio stood at robust 35.8% together offering ample headroom to scale the business, strong loss absorption capacity and the resilience to pursue growth opportunity through any market cycle.
With sustained demand across our core segments, improving funding efficiency, pristine asset quality and a robust risk and operating framework, Pasalo enters financial year 26 from a position of strength. We remain confident in our ability to deliver calibrated, profitable and sustainable growth while continuing to create long term value for all our stakeholders. Thank you. And with that, let me hand over the call to the moderator.
Questions and Answers:
Operator
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 click on the raise hand icon from the participants tab on your screen. We’ll take our first question from Sandy Mehta of Evaluate Research. Please unmute your microphone.
Sandy Mehta
Yeah, good afternoon, can you hear me?
Operator
Yes, please.
Sandy Mehta
Yes. Congratulations on a very strong set of results. The loan yields were up, cost of borrowing is down. So overall your net interest margin improved nicely. Can you sustain your net interest margin at these levels? What is the outlook for this going forward, please?
Santanu Agarwal
Thank you. Thank you Sandy for taking the question. You know, we had already guided for the NIM that we have already preachieved at the current levels. So we are slightly, we have, you know, overachieved our expected guidance for the full year basis. We continue to say that, you know, we are going to maintain the same 6.5% sort of a NIM level even in the upcoming financial year as against the 6.83 that we are doing. So our target remains the same and we hope you, you know, overachieve the name in the upcoming financial year too.
Sandy Mehta
Okay, the NPA trends have trended down as you pointed out, but given the war situation I believe you don’t have much exposure to exports. But what trends are you seeing with SMEs and your overall book currently, you know, in the months of April in May.
Santanu Agarwal
So if you look at the global trend that is taking place, largely it is large SMEs or the mid corporate segment that we see which is having difficulty in terms of their export account primarily due to the cost of insurance, cost of freight and and the movement stoppage through the Strait of Hormuz. Even though if you look at what has been happening, the Strait of Hormuz has technically been open but is flowing only at a 5% capacity because of how the Iranian regime has been treating it over there.
So we don’t have any large concentrated exposure on any of our borrowers which are largely dependent on getting proceeds from there. So from that point of view we are considerably better looking in terms of the industry outlook as the same. I believe that the MCG segment may face some kind of difficulty in this quarter in comparison to the previous quarter, but that will totally depend on how the situation prevails from an insurance and freight movement point of view. Nothing for us to get affected by.
Sandy Mehta
And one final question, can you update us on the expansion of the coal lending with the State bank of India please?
Santanu Agarwal
So we have completed our side of compliance that was required. From the RBI circular point of view there are largely two relationships that are life. One is based on the completely back to back driven option one of co lending platform while the other is based on the new framework guidelines that are there. So Peso’s compliance on both the methods has been completed. One of the methods we are expecting it to get live within this quarter itself. While the second process we are awaiting the Bank’s confirmation on their compliance of the RBI circular.
So I’m expecting that the second one also should get live by the end of the quarter one of the new fiscal year or early next quarter.
Sandy Mehta
Great. Congratulations on the strong set of results and again I would like to commend you on your IR effort. The presentation is quite detailed and that’s great for us shareholders. Thank you.
Santanu Agarwal
Thank you.
Operator
Thank you. Participants who wish to ask a question they may click on the raise and icon from the participants tab. We’ll wait for a few minutes until the question queue assembles. We’ll take Anurag Patil, an individual investor for his question. Mr. Patil please unmute your microphone.
Anurag Patil
Yeah.
Operator
Yes, please. Please go ahead.
Anurag Patil
Yeah, I have a couple of questions. So my first question would be, as I understand about 93 of a portfolio is secured. So from a business and reporting perspective, I wanted to understand how the NPAs are being recognized. The NPAs primarily arising from the unsecured portion of the portfolio or are loans being classified as NPA first and and then due to regulation and then subsequently recovered through collateral and collection?
Santanu Agarwal
Is that the only question?
Anurag Patil
One more. I have one more question, but if you could answer those first.
Santanu Agarwal
So the NPA is not is recognized on both the segments combined and the process of NPA recognition and IRAC norms as defined by the RBI are being followed in both the cases. In case of a secured judgment, when the account turns np, we follow the necessary surface guidelines as laid by the by the act and then we proceed with the same.
Anurag Patil
Okay, thanks for that answer. And my second question would be, so what percentage of the outstanding loan value are we typically able to recover through the collateral realization once a loan turns into npa? And additionally, how does the recovery rate vary across different asset classes or borrower segments?
Santanu Agarwal
So in terms. So we typically follow a 50 to 60% LTV on the cases, secured cases. So that would typically mean that on a 100 rupee kind of a lending we are having an asset in our hand of 50 to 60% that is 50 to 60 rupees is what is being lended on a 100 rupee asset. So when there is an immovable collateral that is in place, we are able to make principal plus interest plus if there is some kind of additional penal or late fees that can be made that is there wherein the necessary RBI circular is followed on the same.
In cases where the security is on a movable asset basis, then there is an IDV calculator that is run which is the insurance depreciated value. We typically give LTV on the IDV value of the asset and are able to typically exit the position while recovering the principal plus a normalized yield which matches or out or outpaces our cost of funds on the asset that is being financed in case of an unsecured portfolio.
Operator
Sorry sir, we are unable to hear you.
Santanu Agarwal
So over there we are able to typically plus some marginal coverage of our cost of funds on assets which grow which have been NPA for more than one year.
Anurag Patil
Okay, yeah, got it. So basically on fully collateralized basis you are able to recover 100%, right? Or close to 100%.
Santanu Agarwal
So the investor or the company never suffers a A principal loss or a cost of fund loss. Typically the loss is only on the yield on the NIM. So assuming I have a 100 rupee outstanding with my cost of fund I am supposed to let’s say recover here 110 rupees. And my spread on it is about another 6%. So typically let’s say I’m supposed to recover 116%. I will only suffer a NIM loss, never a principal plus interest loss. So I will end up recovering between 1100. Between 111 rupees. 112 rupees in. Doesn’t matter what asset it is.
Whether it’s immovable, movable or only a primary collateral.
Anurag Patil
Got. Got. Thank you. And my last. Because of the West Asia crisis are you still sticking to your guidance of doubling AUM and your net profit in the next three years?
Santanu Agarwal
I was unable to. You. Can you please repeat the question?
Anurag Patil
Yeah. So due to the West Asia crisis are you still sticking to your guidance of doubling the AUM income and the net profit in the next three years?
Santanu Agarwal
Yes, absolutely. So we last quarter showcased how we are going to do it. And this quarter on a full year basis we have reaffirmed the guidance. So we are sticking with the same guidance for the upcoming three fiscal years.
Anurag Patil
Okay. Yeah. Got it. One last question. Any plans for the promoter to increase their stake further this financial year?
Santanu Agarwal
The promoters increased last fiscal year about 4.7% on a year to date basis of the stake. The promoters have also been increasing their stake in the company for the past three years. Wherein the journey started by issuance of warrants of 180 crores. Followed by two years of creeping acquisition of 5%. And last year being 4.7% as per. As to this year we cannot comment on the same. But we let the markets know whenever we do something.
Anurag Patil
Thank you for your answers. Yes,
Operator
Thank you so much. We’ll take our next question from the line of Sapna K of TNA Partners. Ms. Sapna, please go ahead. Miss Sapna, please go ahead and ask your question. We are unable to hear you. Please unmute your microphone. We’ll wait for the connection from Ms. Sapna.
Unidentified Participant
Hello. Can you hear me now?
Operator
Yes, please.
Unidentified Participant
Firstly congratulations for great set of numbers. Sir, I had two questions. One is so as we see that the industry wide small ticket size mif mi. So they are in stress is real, sir. So given pay Salo has around 98.5 collection efficiency. What could be the reason behind this? So this is my first question.
Santanu Agarwal
Thank you for coming, Sapnaji. So see you Know if you look at MFI as an industry we do not classify our lending as an MFI lenders. We are not an MFI lender. We are typically we stepping into the journey when the person becomes a micro enterprise. So this is beyond MFI but before his journey as a MSME is where our sweet spot lies. That is why we call them small income generation loans and do not classify them into either categories is because it’s a very niche segment. Where is where there is a 8 lakh crore untapped market opportunity that we are tapping over the next.
We have been tapping for the last three years and are going to be tapping it for the next three years too. In terms of the collection efficiency. It’s primarily because of our lending philosophy that we believe in is that we believe this is a collection first. As a business we have survived 35 years in the industry as a listed entity for more than 30 years is because we have had the approach of lend write and collect tight. That’s been the growing model that is there. So every single credit parameter or geopolitical or geospatial parameter or our credit decision engine or sanctionings, our process flow, our SOPs, they are designed as an elimination process and not as a servicing process.
That’s been the primary USP of our model.
Unidentified Participant
Thank you sir, that explains a lot. Sir, one more question I have. Do you have inorganic growth on the table? Do you plan anything like that?
Santanu Agarwal
Yes, we have. We have that on the plans. We are actively scouting for opportunities and partners to help us in the same.
Unidentified Participant
Noted sir. Thank you. I’ll get back in the queue.
Santanu Agarwal
Thank you.
Operator
Thank you so much. Requesting participants to click on the raise and icon from the participants tab. We’ll take our next question from the line of Deepak Rao of KNR Securities. Mr. Rao, please go ahead.
Deepak Rao
Thank you so much for the opportunity. Sir, am I audible?
Operator
Yes, we can hear you.
Deepak Rao
So my first question is so beyond coal and dink, what are the other structural modes that Pasalo have versus other listed NBFCs that could potentially lead to us achieving the guidance of doubling our AUM in the next three fiscal years. And secondly, another question I had was regarding the new products that we have announced. The eight new products in pipeline are these, you know, incremental verticals or repackaging of existing products. So which of these products will move the revenue needles for the upcoming FY27 financial years?
Santanu Agarwal
Thank you Deepak Ji for your question. So you know, we follow an approach where we typically don’t have any concentrated exposure of a significant industry or a parameter contributor more than 25% of growth in the portfolio. As for the new RBI circular which was released last year, Co lending across the industry has taken a slowdown. Whether you look at the, you know, latest crystal reports and Accra reports which have come on the same wherein a lot of NBFCs have been able to finish the compliance.
But we are just waiting clarification from the banks too on their own. The compliance as guided last quarter and reaffirmed this quarter. So last quarter we guided how we are going to do the three year doubling and this quarter we are reaffirming that now we are ready to double it for over the next span of three years. We have not taken co lending as the growth driver there. Co lending is going to be an addition on top of that because we are yet to get some clarity on it in terms of how the updated guidelines are going to perform this fiscal year.
So co lending contributes a small chunk of the AUM right now we have not taken it into account in our doubling process. So that’s number one. Number two in terms of the new segments that we have entered. So back in Q2 of the last fiscal year we started our process of adding couple of additional segments to name we added six new. We started the process of adding six new segments which was medical equipment in industrial equipment, alternative fuel, two wheeler agri equipment and small commercial vehicles.
We already do three wheelers. We are just adding small commercial vehicle and segregating that platform. The idea was typically if you look at our industry wise split that we have been maintaining no specific industry. So food and hospitality being the largest industry in the Portfolio contributes about 24% followed by the next industry which is agri and allied agri street vendors contributing 14% each. So the idea was to further diversify the portfolio by adding these six new segments into the space.
So quarter two we started this strategy process. Quarter three we announced it and finally in quarter four we ended up having our tie ups with roughly 18, maybe more. I’m sorry I don’t have the exact number but roughly 2018-20 partnerships which is spread across all six of these segments. And the idea over the next fiscal which is the the new fiscal year is to scale each of these relationships so the they have a specific contribution in the industry wise segment that we are doing. So overall at the end of three years that we have guided of the doubling of the aum, you will see that our split will further become better because we will have roughly 18 main products being contributed by about three sub products in each category across various products, terminologies and marketing segments.
So idea is to have that in place. Thank you.
Deepak Rao
Thank you so much. Sir, I just have one more question. On the sequential growth in disbursements it was only 3%. Any reason about the low single digit growth?
Santanu Agarwal
So the sequential growth was 3%. But if you look at the quarter on quarter growth it was about 27% from Q3 to Q4 and the cumulative full year growth was about 15 odd percent. So in terms of what our disbursement outlook and business outlook was for the full year basis, we have been fairly happy and healthy in terms of achievement of that. So nothing special over there because on a Q3 to Q4 basis we achieved our target of growing more than 25% and we grew at about 27%.
Deepak Rao
Thank you sir. That answers my question.
Operator
Thank you so much. Requesting participants who wish to ask a question to click on the raise and icon from the participants tab. We’ll wait for a few minutes. This is a reminder for all the participants who wish to ask a question. Please click on the raise and icon from your participants tab on the screen. Ladies and gentlemen, that was the last question. I will now hand over the conference to Mr. Shantanu Agarwal for his closing remarks. Over to you sir.
Santanu Agarwal
Thank you. You know, with sustained demand across our core segments, improving funding efficiency, pristine asset quality and a robust risk and operating framework, Pay Salo has entered FY27 from a position of strength. We remain confident in our ability to deliver calibrated, profitable and sustainable growth while creating while continue to creating long term value for our stakeholders. We thank our investors stakeholders and Arihant Capital for their continued trust and support as we build a more resilient, technology led and financially inclusive company.
Thank you so much.
Operator
Thank you members of the management. Ladies and gentlemen, on behalf of Paisalo Digital Ltd. That concludes today’s conference call. Thank you for joining us. You may now click on the leave icon to exit the meeting. Thank you everyone for your participation.