PTC India Financial Services Ltd (NSE: PFS) Q1 2026 Earnings Call dated Jul. 31, 2025
Corporate Participants:
Unidentified Speaker
R. Balaji — Managing Director and Chief Executive Officer
Dilip Srivastava — Director,:Finance and Chief Financial Officer
Sanjeev Kumar — Director of Operations
Analysts:
Unidentified Participant
Priya Chaudhary — Analyst
Vishal Mehta — Analyst
Amey Chheda — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Q1FY26 result conference call hosted by PTC India Financial Services Limited. As a reminder, all Participant 9 will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this call is being recorded with this. I now hand the conference over to to Ms. Priya Chaudhary from PTC Financial, please. Thank you. And over to you, ma’.
Priya Chaudhary — Analyst
Am. Thank you. Good morning everyone. I’m Priya Chowdhury. I’m Head Investor Relations at PTC India Financials. I would like to welcome all on today’s call for a discussion on Q1 FY26 quarter results of PSS. The past quarter has been marked by significant progress in our key focus areas. There has been visible results on the steps taken towards resolving the legacy issue with 38% of a broad stage 3 result in Q1 FY26. Now on the remaining broad stage 3, another 30% is in advanced stages of resolution. Our whole time Director, Operations, Business Head, SME and CIO were onboarded in the last quarter.
You will hear from a Director of Operations, Mr. Sanjeev Kumar. During the course of the call on the business update. While we witnessed disbursement momentum but AUM did moderate due to scheduled repayments and prepayments. The company remains focused on strengthening the portfolio with a balanced approach prioritizing sustainable growth, operational efficiency and customer centric solutions. As we navigate through a very exciting phase in our organizational journey. We remain committed to delivering consistent value to our stakeholders while upholding transparency and accountability. I will now like to introduce the top management present in today’s call. Mr. R. Balaji, MD and CEO Mr.
Dilip Srivastava, Director of Finance and CFO and Mr. Sanjeev Kumar, Director Operations. With this, I will now like to hand over the call to our MD and CEO Mr. R. Balaji for his opening remarks and update on the company’s performance. Over to you, Balaji.
R. Balaji — Managing Director and Chief Executive Officer
Thank you, Priya. Good morning all. So we are happy to have you all as a part of our Q1 investor call. Dilip will take you in detail through the financials and Sanjeev will share with you the operational highlights. I would just like to give some overarching remarks. 1. Firstly, the PFS continues on its transformation journey. The transformation consists of two parts, internal and external. And we’ve had some good positives on both the fronts and in some areas we could have done better. As far the internal transformation is concerned. One of the things which has been a strong positive for the organization in this quarter has been the strengthening of the top management leadership.
If you all recollect, we said earlier that our emphasis is on shifting from individual capability towards building institutional capability. As a part of that we have got Sanjeev who joined us as Director Operations. Apart from coming at the leadership level he comes with immense experience in the infrastructure space. He is joining us from India Infrastructure Finance Company and he’s got close to 30 years of experience in financial services split between institutions like icici, State Bank, Indian Infrastructure and also National Airways authorities. So with that if you look into it, we have got a strong leadership pipeline.
2 One of the areas which we have spoken about earlier was building a more granular book. So apart from intensifying our core traditional areas of infrastructure lending albeit with slightly model ticket sizes of 120 to 150 crores. We were also stating earlier that we’ll also start looking at certain other newer segments with 40 to 6070 crores of loan cases. So as a part of that Abhijit Kishore has joined us as business head of SME. So he’s also joined towards the end of May. And today the world is becoming more and more driven by technology and digital.
So we have added a new CIO who joined us in early May. Siddhartha Dutta. It comes with immense experience in financial services. He was earlier a CIO for a small finance bank. Initially initial part of his career he spent some 1012 years in SAP working on the financial services packages. So with this the leadership team is more or less ready. Now the going forward would be how do we augment the team capacity at the junior levels especially in the area of credit and risk. So that our ability to process higher quantum of cases is manifested.
Now as far as the overall business is concerned, one area where we did significant work and the results came through was in the area of the solution of stress assessment. All of you might recollect that in our call on May 10th we had stated that three cases I.e. nSL, Vento and ILFS. We expected these three to be resolved by September and another case Danu by in the second half of the year. We are happy to state that all the three cases are more or less achieved closure in the first quarter itself. Nsl the NCLT gave its verdict and we got the entire amount 125 crores back the winning bidder has paid it towards a successful resolution.
Applicant has paid it back to us. That’s a big positive. More importantly, while you got the entire principal back that’s an opportunity for getting some small additional money based on certain other securities extended by the erstwhile promoter group. As far as Vento is concerned, we went through a change of management. We had a two stage process wherein people were invited to bid. Subsequently, people who qualified and were above a certain threshold by invited for an auction process which was an electronically and the winning bid has come. So we got 115 crores. While the winner has paid the performance guarantee of 20 crores.
The remaining would come in the course of next few weeks. So by the end of August even this mentor would have come. So actually if you look into IT, our gross NPAs and net NPAs of around 10 and 4% includes Vento as a NPA since September it could go away. Third is ILFS. The company had met its performance obligations and in March it got investment based rating from two credit rating agencies. Consequently, post the approval of the RBI permission was obtained to upgrade it to standard. This was orchestrated by the lead bank Punjab national bank and accordingly we have now taken the information was received although after the end of June but before the publication of the result in accordance with accounting standards it has been upgraded to standard.
So all these assets have been resolved. More importantly some of the old assets which were written off we got certain recoveries deliput share about the same. This is as far as recovery is concerned. Two in terms of internal transformation I spoke about leadership augmentation senior leaders joining. We also taken certain steps towards developing the capabilities of our employees by senior leaders and middle management leaders went through assessment centers. So once the action area has been identified it will augment their ability to contribute better to the organization in the forthcoming future. The one area where we could have done better was in the area of disbursements total business done.
But here I would like to say there is two parts. The total disbursement which we gave in the first quarter is 138 crores. Compared to the fourth quarter which was only 50 crores. It was a significant increase. And we had stated earlier that in the full year our target is 4000 crores. So compared to that there’s been under delivery. But what we have done is in the we have evaluated significant number of proposals around 12, 1300 crores of proposals in the first quarter were evaluated and many of these quite a few of these cases that approved in the second quarter In July we hope to catch up whatever shortfall we had in the first quarter by September.
So in August and September, in the second quarter, July, August, September, we’ll be able to ensure that we are more or less in line. But more than the quantum of the proposals, what is being heartening is the fact that almost, not almost the entire disbursement has been to private sector entities. So that’s something which is very, very important because in this first quarter of a disbursement of 128, 138 crores was entirely to private sector entities. It is contrasted with last financial year FY25, only 296 crores was disbursed to private sector entities in the entire financial year.
So actually what we did in entire financial year and private sector entities nearly 40, more than 40%, close to 45% of that, we achieved it in the first quarter. And this disbursement to private sector entities is close to nearly 1.6, 1.7 times of what we disbursed in financial year 24. That disbursement to private sector entities or 1890 crores. So our trust towards getting business in the open market, focusing on relatively smaller cases so as to reduce the concentration risk continues and until the momentum is clearly stabilized. Because we are coming from adverse history now, the team is generating more business proposal.
The valuation is on. My systems are getting strengthened. It will take a couple of more quarters to stabilize. But we are confident that we’ll be able to get where we ought to go in the next couple of months. That’s what I have got now. Dilip would share some of the financial results and then Sanni will speak about operations.
Dilip Srivastava — Director,:Finance and Chief Financial Officer
Thank you Mr. Balaji and good morning to all of you, all the investors. So as we have already circulated the investor presentation as well. So our total income during the quarter Q1 of this financial year has been 142 crores against the Q4 of previous year of 155 crores. So there is a decline in the total income. On account of that our avium size has been reduced and which Mr. Balaji has already explained. And the pad, it’s a 137 crores. It’s a improvement from the previous quarter. It’s from 58 crore to 137 crores. Our graph stage 3 there is a lot of improvement, right from 15% grass.
Stage 3 it has reduced to the 10.22%. And net stage 3 from 6.56% it has reduced to the 4.13% in the current quarter our cost of borrowing has also reduced from 9.69% to 9.67% and we have been taking up with all the lenders, existing lenders as well as we have been taking up with the other lender as well to improve our debt borrowings and reduce the cost of borrowings. Our total this net NPA actually that has been increased on account of that earlier this case that this in case of the Hanu that there was a High Court stay, now it has been removed.
So it has been now it has been slipped to the npa although we have done already done the proper provisioning against that and our return on assets it is improved on analyzed basis from 4.02% to 9.77%. So overall financial performance in terms of probability and other parameters there are a lot of improvement. And now I’ll request our Director operation to brief about the proposals and other business prospects. Mr. Sanjeev.
Sanjeev Kumar — Director of Operations
Thank you Dilip Good morning all. I am happy to be the part of my first investors call at PTC Financial as Director of Operation of the company. I’m pleased to share a quarter update with you on business growth and initiatives in dressing path. There was a continued progress in strengthening our credit pipeline during the current quarter. As part of our focused effort to deepen origination and build a robust pipeline, there has been a steady increase in the number of quality proposals under evaluation during the quarter. We conducted detailed due diligence across diversified infrastructure segments during the quarter.
Company has undertaken multiple initiatives to strengthen its asset side performance and institutional capabilities. Efforts are being directed to boosting execution speed, responsiveness and overall delivery capacity. The team is being augmented with enhanced capabilities to activate venture across the infrastructure value chain covering both energy and non energy sectors. In this regard, SME Vertical has been set up with the onboarding of a dedicated head SME. He’s very experienced in this area and has started delivering and the team built up is currently underway to progressively scale the book with a focus on granular and diversified lending. Our origination efforts remain broad based with sectoral interest spanning renewable roads and conventional thermal sector.
Also along with growing inquiries in segments such as water treatment, solar parks and structured corporate banking proposals. In line with our calibrated approach, we continue to consciously moderate our average ticket size to ensure prudent exposure per borrower. Aligned with our current book size, the granular approach supports better diversification and risk adjusted returns. In this effort, the average ticket disbursement size disbursement ticket size has been around 35 crore in Q1, FY26 in next quarter. As we scale up our book in major manner, this disciplined approach to sanction and disbursement will remain a key focus area. The recovery efforts on stressed assets have also been encouraging as already shared by Balaji and Dilip also.
And we believe these will support sustainable growth going forward. We’ll be able to resolve our remaining stage three assets also in coming quarter. During the month of July already we have sanctioned something around 600 crore of loans. Loan proposals and proposals amounting to maybe a little more than 1000 crore are already in pipeline at different stages of sanction and due diligence processes. That may be covered in the month of in the first half itself. We hope for that. And efforts are being made to accelerate the disbursement of the sanction limits also. So it will be able to actually ramp up our disbursement and enhancement our books also.
And in coming one month the difference will be seen very soon. So fresh sanctions in new segments will continue to drive portfolio diversification and enhanced yield. The company is also deepening client partnership with increased in SaaS and group level borrowing. Repeat clients are actually coming back again to pfas. And sector specific structuring and servicing capabilities are being ramped up to actually cater that different segments of customer base. That is the efforts are being taken to actually enhance our book size in next quarter. With this I hand over to Priya.
Priya Chaudhary — Analyst
Thank you. Now we can open the session to the Q and A. Please.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourselves from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question comes from the line of Vishal Mehta from Oakland Capital. Please go ahead.
Vishal Mehta
Hello. Am I audible?
operator
Yes sir, you’re audible. Please go ahead.
Vishal Mehta
Hello sir. Congratulations on terrific performance on the resolution part. I just wanted to confirm you said that we will be ending about 4,000 crores of disbursement as we were guiding. And in Q2 we will kind of COVID up what we’ve lost in terms of the ground for the disbursement in Q1, is that right?
Dilip Srivastava
That’s correct. Okay. Balaji would like to actually take this up. Yeah, please.
R. Balaji
The plan for the full year terms 4000 crores of disbursement. And at this point of Time we are confident that we’ll be able to achieve it. First quarter has been below expectation, below the plan. And like what I reiterated in the opening remarks, we’ll be able to cover make up for the shortfall by September as per our plan is concerned.
Vishal Mehta
Great sir, that’s very encouraging. And sir, one more thing. If you could just explain. You know we have much larger peers that are also in this business. How are we differentiating ourselves in terms of, you know, what are the key parameters where we differentiate ourselves in whatever we are offering versus them and how will that help us grow better.
R. Balaji
Than he would answer that.
Sanjeev Kumar
Yeah, see there are so many bigger players are already there in the market. But you’ll understand that the market is so big that we have got sufficient of our targeted customers. Also there in offering are our offering would be differentiated in terms of speed by which we will deliver the sanctions and reimbursement and different segments in a structured finance as well as niche segments where other bigger players may not be very interested. So these are the focus area where we’ll have yield also we’ll have NIM also looking at our cost of fund. And apart from that we are focusing on a smaller ticket size business which is out of say favor by these bigger size infrastructure finance companies.
So we are differentiating ourselves from others in terms of area of delivery, speed of delivery and the structuring and servicing capacity what we’ll be offering. Being a very close knit team we have. So this way we hope that we’ll be there very soon in the market within a big way and everything is there in plate where we have got sufficient business to choose. There is no lack of business. We will definitely deliver on to that.
Vishal Mehta
Just follow up on that. You said that we focus on speed or delivery. Could you just give us a flavor of what would be our turnaround time in terms of a loan from the proposal to the disbursement stage. And how would that compare to maybe. Say larger players,
Sanjeev Kumar
Larger players having a larger ticket size loans right from the inquiry to first disbursement, their turnaround time is something around three and a half months. Whereas we are delivering in one month and one and a half month time. Though our ticket size is lower and we are expecting that to improve in that area even more. The target is to from right from inquiry to disbursement should be finished within 30 days time.
Vishal Mehta
Great sir, thank you so much and all the best for your performance. Your commentary has been quite encouraging. Thank you.
Sanjeev Kumar
Thank you.
operator
Thank you. The next question comes from the line of Chana Madhu, an individual investor. Please go ahead.
Unidentified Participant
Thank you for this opportunity. I’m audible, sir.
R. Balaji
Yes, yes, you are audible, sir.
Unidentified Participant
I increased my holding from 1 lakh 20,000 shares to 1 35,000 shares after listening your Chinese bamboo example for this company, Growth Partners. You already mentioned in last quarter Hong Kong that you held a Plan to raise 300 crores to 500 crores by issuing preferential sales. Why not you issue preferential sales at an early stage to a strong target player and inject them into the board to enhance the credibility of the company among the investors and vendors.
R. Balaji
Thanks for your query. So basically things like this as goes through multiple stages. What we had communicated last time was what we’re also in our budget and we are internally dialogue. Both the management and the board is seized of this issue at this point of time. The primary thing for us is to ensure that we get the business on to track. That’s what we are doing. The in quality has been improved. Improved sourcing leading to more business disbursements. This is also something that’s happening. I would just want to caution you that such activity we planned it for the course of this year.
As and when the time is right, we will take the necessary decision. Take the approval of the board once and subsequently the shareholder approval. Having said that, you can rest assured that the entire management, both Dilip Sanjeev are here. Even I am that all of us and the rest of the PFS employees are working actively to ensure that there is significant value creation for all the stakeholders by ensuring we build a sustainable and a world class financial organization.
Unidentified Participant
One more thing that I am very disappointed with. The loan book size last two quarters you have assured that 7 to 9% growth in the loan book size. And third quarter you assumed 15% growth in the loan book size. But that is not the visible thing. The achievements.
R. Balaji
You are right. Like in the. You’re perfectly right. On May 10th in our investor call I said N4 we are looking at the 7 to 9% quarter on quarter growth. We still hold on to that guidance. The only thing which we would like to ask from each of you is a little bit of patience. Because we are a small organization. The number of cases that we do on a quarterly basis keeps on changing because the numbers are not very large. And when you got a strong sourcing pipeline, some of the proposals got deferred to quarter two.
And like what we said in the introductory remarks, whatever disbursement target which we have taken for the year will be achieving that. And more importantly the shortfall for quarter one will be made in covered up in quarter two. So that’s something we are confident of soon. We hope to get back onto track. Now I’m sure you and the rest would appreciate that we have put significant effort and outcomes are shown in the reclusion of the stressed assets. Now with the entire management team in place and more importantly, the people have got significant experience from the financial services and infrastructure lending, the team’s bandwidth to seize the market opportunities is enhanced significantly.
So we’re confident of getting to what we said we would do. In the next few quarters, you’ll be able to see how we’re able to deliver and what we have committed.
Unidentified Participant
Okay, sir, thank you, sir.
operator
Thank you. Before we proceed to the next participant, a reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Gaurav, an individual investor. Please go ahead.
Unidentified Participant
Hello.
operator
Yes, sir. Audible.
Unidentified Participant
Ma’, am. I would like to know, because I. Read this in the Rationale of questioning. And Iqra, that there is a delay in fundraising on the company’s part. So I just want to know what is the response among all the bankers and investors who want to lend it to pss? What is the challenges that PSS is. Facing in using those fresh funds?
Dilip Srivastava
We have been taking up with all the existing lenders, right. As well as we have been approaching to the other lenders as well, who are not our existing lenders. And over and above we have, we have started taking up with the overseas lenders as well, considering the cost and you know, tenure, all those things that those things are under discussion. And as of now, we have a sufficient liquidity in the system, right? And close to 1500 cores, we have a liquidity and you know, that main issue for the purpose, it was a one of the three aspects that was there as a corporate governance as well as a size.
Corporate governance has already been cleared. Right. So now that audited financials of the previous year as well as this quarter results has also been shared with the lenders. We are, we have been taking up with the lenders and we are expecting in this quarter that we’ll be having sanctions in our hand. So as far as disbursement is concerned, we have a sufficient liquidity in the system so that arrangement of the additional facilities, it’s not, will not be a challenge for us.
Unidentified Participant
So are there any fresh pensions in pipeline? We can say that. Municipal approval or a final approval from the banker?
Dilip Srivastava
Yes, sir. As of now, we don’t have a copy of Sanction letters. But these are the very advanced days we have been discussing. We have been meeting with the senior team of the bankers and things are in a positive direction. We are expecting that we will be getting some sanctions this quarter.
Unidentified Participant
Okay. Okay. So if I may know what is. What, what is the cost of borrowing that we are targeting for the incoming sanctions?
Dilip Srivastava
Currently as I already explained that our existing cost, if existing cost of borrowing, it’s a. There is an improvement from the previous quarter. So average cost of borrowing 9.69% has been reduced to the 9.67%. And further we have been taking up with the existing lenders to reduce the spread. Right. So that our cost of borrowing is reduced. And we are also, we have been working to diversify our cost source of borrowings. Right. As I explained that we have started to taking up for the. Although that with the external commercial borrowing as well. We are in the discussion, right.
So although it’s not right time but we have started the discussion so that we can our diversify the source of borrowings. Right. And as I explained that in this quarter some, I mean that some sanctions would come in our hand.
Unidentified Participant
I want to know one thing. What is the future expected cost of borrowing from these incremental borrowings that we. Are trying to borrow from the market?
Dilip Srivastava
Our target is to lower the cost existing cost of borrowing. And I feel that we will be in the position to reduce our overall cost of borrowing.
Unidentified Participant
So no number as of now.
Dilip Srivastava
So giving the number. Actually you know that it. It all depends upon, you know that that means bank to bank but still giving the number. I think, don’t. Don’t think that it’s appropriate. But we have been trying to reduce it as much as possible. Our focus is on that part.
Unidentified Participant
Okay, thank you. Thank you.
Dilip Srivastava
Thank you. Thank you so much.
operator
Thank you. The next question comes from the line of Ame Chera from Banyan Capital. Please go ahead.
Amey Chheda
Thanks for the opportunity and congratulations on the NPA resolution. So my first question is now that you know three out of the four accounts are almost resolved, right. So are you like nudging the rating agencies for an upgrade?
Dilip Srivastava
Rating agencies that is due in the August September. So we have been informing or giving all the updates to the rating agencies and we are expecting that that when the. This renewal in the due renewal in the August and September. So things it should be in the improvement cycle. We have been discussing and meeting to senior team of the rating agencies as well. So we are expecting that improvement should be there.
Amey Chheda
So whatever conditions they have, you know to give us an upgrade. Are we, are we on track for those conditions?
R. Balaji
Let me jump in out here. See basically rating agencies don’t give any conditions. Each of these things, it’s a function of a few parameters. One, the intrinsic health of the business to the surround effects. Like this company was plagued by other issues, instability and legacy issues, etc. Three, what’s happening in the external environment as far as the intrinsic health of the business is concerned, we have enhanced significantly in two areas. One, ensuring the quality of the book improves significantly. So that’s a significant area of improvement to the quality of our sourcing that’s also happening. Secondly, if you look at the surround effect, they’ve also cleaned up significantly.
No qualifications, each of these things. But the external environment is very volatile and that we need to wait and watch. And more importantly, going back to the first one, intrinsics, quality of the business. One of the things which people would look for while you got some positives, the two areas where we need to demonstrate significant improvement while the green shoots are there. One is the quantum of disbursement and two is the ability to raise funds. In the first quarter, like what Dilip was saying, we have a significant liquidity. Therefore we did not press significantly on sourcing more liabilities because let’s extinguish it.
Because if you source more and if you hold more there will be a negative carry on it. But in the second quarter it would be happening. So we are hopeful. But whether it could happen in one month or two months we’ll have to wait and watch. But the realistic thing would be once the process is completed, definitely the quarter two results will come. We expect some significant good news.
Amey Chheda
Okay, so this 1500 crores liquidity was excluding the money that is going to be received from venture, right? The 90 crore balance amount.
Dilip Srivastava
So this is a legal, this is. A liquidity in the system available. So this is inclusive of our HQLA requirement. So I was just trying to explain that sufficient funds are available to meet our. This, this requirement of disbursement. And as Mr. Balaji explained that this we have been taking up with the lenders. But this quarter our focus will be more with the lenders so that we should be having in our hands sufficient for the sanctions as well so that our overall target is met.
Amey Chheda
Okay, so with 600 crores sanctioned just in the month of July, what is the disbursement target for Q2?
Sanjeev Kumar
We are, we are targeting something around 1000 to 1200 crore in Q2.
Amey Chheda
And so what was the repayments in this Quarter.
R. Balaji
Yeah. Yes, sir. Quarter One repayments. Quarter one.
Dilip Srivastava
Repayment to the lenders, existing lenders. You are talking.
Sanjeev Kumar
No, no. Repayments of the loans. Repayment of prepayment.
Dilip Srivastava
So a repayment as per the schedule is A. Was 553crores in the current quarter.
Amey Chheda
And what do you expect for the full year?
Sanjeev Kumar
So it’s a. We. We expect. We expect something around 1000-1500 crore prepayments and repayments scheduled and unscheduled both by the end of this year. So we’ll plan accordingly so that the balance sheet should grow covering all these prepayments and reschedule payments. Also should be covered up by the fresh disbursements.
Amey Chheda
Okay, just lastly, just one question. So we disbursed like 138 crores in Q1 and we are targeting 1200 odd crores in Q2. So if the disbursements would drastically improve in H2, is that what you’re targeting?
Sanjeev Kumar
This is being done on the basis of the proposals. What we are having in pipeline at different stages of due diligence. So we expect ramp up in sanctions and this will convert in disbursement immediately. The next month onward
R. Balaji
Here. I would like to add one thing. Just don’t think that from Q1 to Q2 we are going from 8, 9 times. Therefore Q2 to Q3 will be 8, 9 times. See, there’s been some spillover. From Q1 to Q2. Once we come to 1200 crores like what I said about full year target is 4000 crores. That’s what we are looking for. We are confident of achieving that.
Amey Chheda
Okay, thank you so much.
Sanjeev Kumar
Thank you, sir.
operator
Thank you. Before we proceed to the next participant, a reminder to all participants. You may press star and one to ask a question. The next question comes from the line of Mangesh Kulkarni from Almonds Financials. Please go ahead. Hello. As there is no response from the participant. Ladies and gentlemen, we’ll take this as the last question for today. I would now like to hand the conference over to Mr. R. Balaji for closing comments.
R. Balaji
Thank you all. Like what we said at the beginning, our organization continues its transformation journey. So we have put our internal outs in order. Quality issues have been resolved. Leadership has been augmented. Systems and processes are being strengthened. We are also undertaking a few significant IT initiatives. With all this we are internally geared up to meet the increased business requirements coming from sourcing now. Generating more business is the key objective of the company. Like what Sandeep spoke about. We are doing it across multiple dimensions 1. Reigniting our engagement with the existing past borrowers with whom we got an excellent relationship 2.
Diversifying into all parts of the infrastructure so as to reduce the concentration risk3. More importantly, reducing our customer responsiveness. This not only includes reducing the turnaround times, but like what Sanjeev also said, speaking about structuring the solutions, developing solutions based on customer requirements, we are focusing on this to ensure in this delivery we’ll be augmenting our internal capability by training them, but more importantly onboarding new resources so that our ability to handle a larger traction of cases manifest. This is what we are doing and going forward we expect to continue on this journey. What I would like to caution since our base is small, the number of cases which will be sanctioning and disbursing per quarter would be on 8 to 1012 cases on a quarterly basis.
Now a couple of cases here or there might make the quarter seem exceedingly good or sometimes might make it look it’s below par. So what I would like to caution is we are committed on the 7 to 9% quarter on quarter growth in terms of AUM, but when you’re evaluating the quantum of disbursements, we should always take a slightly longer horizon to see what is the trend. That’s what we are doing and next time in October we hope to come back to you with an equally set of good numbers and more importantly a PF’s that has grown significantly compared to end of quarter one.
Thank you.
operator
Thank you very much on behalf of PTC India Financial Services limited That concludes this conference. Thank you all for joining us and you may now disconnect your lines.
R. Balaji
Thank you.