{"id":181704,"date":"2026-04-21T13:45:58","date_gmt":"2026-04-21T17:45:58","guid":{"rendered":"https:\/\/alphastreet.com\/india\/lt-finance-ltd-ltf-q3-2026-earnings-call-transcript\/"},"modified":"2026-04-21T13:45:58","modified_gmt":"2026-04-21T17:45:58","slug":"lt-finance-ltd-ltf-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/lt-finance-ltd-ltf-q3-2026-earnings-call-transcript\/","title":{"rendered":"L&T Finance Ltd (LTF) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

L&T Finance Ltd (NSE: LTF) Q3 2026 Earnings Call dated Jan. 19, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Sudipta Roy<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Sachinn Joshi<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Mahrukh Adajania<\/strong> \u2014 Analyst<\/em><\/p>\n

Kunal Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Praful Kumar<\/strong> \u2014 Analyst<\/em><\/p>\n

Kaitav Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Avinash Singh<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Bhavik Dave<\/strong> \u2014 Analyst<\/em><\/p>\n

Abhijit Tibrewal<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Chintan Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day, good morning and welcome to the LNT Finance Limited Q3FY26 earnings conference call. 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. Should you need assistance during the call, please signal the operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. We have with us today Mr. Sudipta Roy, Managing Director and CEO, Mr.<\/p>\n

Sachin Joshi, CFO and Mr. Raju Dottie COO and other members of the senior management team. Before we proceed, as a standard disclaimer, no unpublished price sensitive information will be shared during the call. Only publicly available documents will be referred to for discussions during interaction in the call. While all efforts would be made to ensure that no unpublished price sensitive information will be shared in case of any inadvertent disclosure, the same would in any case form part of the recording of the call.<\/p>\n

Further, some of the statements made on today’s call may be forward looking in nature. A note to this effect is Provided in the Q3 results presentation uploaded I would now like to invite Mr. Susipta Roy to share his thoughts on the company’s performance and the strategy of the company going forward. Thank you. And over to you sir.<\/p>\n

Sudipta Roy<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Thank you. A very good morning everyone and thank you for joining us today. I’d like to wish you all a very happy and prosperous New Year on behalf of the entire leadership team at LTF. Joining me today on the call are our CFO, Mr. Sachin Joshi, our Chief Operating Officer, Mr. Raju Dotti and other members of the senior management team of L and T Finance. Similar to our previous calls, today’s call is divided into two sections taken up sequentially by myself, followed by our CFO Mr. Sachin Joshi who will be talking about the overall business metrics and financial performance.<\/p>\n

Our last interaction during the Investor Digital Day on 6th November 2025 was well received wherein we outlined in detail our business and technology transformation roadmap for the next few years. We also had a chance to share with you the headline Business Updates. In today’s call we will focus on the performance update for Q3FY26 alongside sharing our outlook for the rest of the year. At the outset, I’m happy to state that our core retail franchise continues to be resilient and we are confident that the momentum we have created for the business during the recent quarters will sustain through the remainder of the fiscal year and would continue into FY27 post our opening commentary.<\/p>\n

We’ll be happy to take questions on the call. Before we delve into the highlights of the quarter, I would like to give you some flavor of the current macroeconomic scenario and sectoral outlook. Global uncertainties persist at a highly elevated levels. The Indian economy, though not fully immune to the external headwinds, has demonstrated remarkable resilience on back of coordinated fiscal, monetary and regulatory policies and bolstered by a strong domestic demand. Real GDP registered a strong growth of 8.2% in the second quarter of FY26.<\/p>\n

NSO’s first advance estimates project that India is set to deliver a 7.4% year on year real growth of GDP in FY26 fueled by robust private consumption and capital investments. The growth in private consumption is being sustained by robust rural demand and easing inflationary pressures. Headline inflation has remained below RBI’s low tolerance level for four consecutive months and is projected to remain Benign well into FY27. Overall demand condition has remained robust, building up on the festival season pickup.<\/p>\n

First advance estimates for Karif 2025-26 project a record food grade production Monday arrivals started late due to delayed monsoon and harvest cycle and lower crop prices. However, it is catching up fast in the last three weeks as government agencies have begun direct procurement at various APMC Mandis Rabi sowing is near complete as well and stands 2.8% higher on year till date. This bode well for rural cash flows. Urban consumption demonstrated strong acceleration in Q3 FY26 owing to the GST 2.0 reforms and supply side debottlenecking was able to cater to the increased demand.<\/p>\n

As food inflation remains benign and consumption indicators remain robust. We are confident that the growth momentum of the Indian economy will sustain well into FY27 to start up this quarter’s highlights. I am pleased to inform you that we have achieved the highest ever quarterly core pat or rupees 760 crores up 21% year on year before a one time exceptional impact of the New Labour code amounting to rupees 29 crore PAT even after the one time impact stood at a highest level of rupees 739 crore up by 18% year on year.<\/p>\n

This profitability has been recorded on the back of highest ever quarterly retail disbursements of Rs. 22,701 crore up 49% year on year. This has led to the retail group growing to 1.11,990 crore at the end of this quarter reflecting A growth of 21% year on year and an ROA of 2.37% 2.31% for Q3 FY26 after the impact of exceptional items reflecting our growth of 10 basis points year on year, this quarter showed a strong growth in total income up 18% on a year on year basis and 8.4% on a QQ basis and a stable operating cost trajectory with increased only 7% on a year on year basis including the one time labor code impact leading to a PPOP growth of 25%.<\/p>\n

This was aided by a 19 basis point sequential improve in net interest margin plus fees at 10.41% driven by a continuous focus on yield and fee improvement and efficient liability management strategy. We are pleased to share that in line with our guidance we have not used any macro prudential provisions during this quarter indicating the return of our rural business finance vertical to a near normal credit cost trajectory. The positive dividends from the early implementation of Cyclops in two wheeler SME and farm business continue to accrue well and will show up in meaningful reduction in credit cost through FY27.<\/p>\n

The credit cost this quarter has moderated from 2.98% that was before macroprudential provision utilization last quarter in Q2 FY26 to 2.83% in Q3 FY26, a reduction of 15 basis points and 8 basis points year on year. It is to be noted that this includes a one time charge of Rupees 23 crores on certain core borrower provisions. Excluding this one time impact, the core credit cross from operations came in at 2.74% at 24 basis points reduction on a QQ basis. Our CO credit cost in the prior three quarters has been 3.8%, 3.43% and 2.98% respectively followed by 2.74% this quarter.<\/p>\n

This trajectory of paring of credit cost will culminate in the achievement of the guided 2 to 2.2% corridor by Q4FY27. In my previous call I had mentioned that the microfinance sector had shown green shoots of recovery and in this quarter I’m pleased to inform you that we have seen sustained resilience and uptake in both disbursement volumes and collection efficiencies in our microfinance portfolio. The quarter saw 38 basis points improvement in Karnataka monthly collection efficiency which increased from 99.18% in September 25 to 99.56% in December 25.<\/p>\n

The pan India zero DPD collection efficiency improved 20 basis points to 99.7% from 99.5% during the previous quarter and the abatement of this specific event risk has resulted in nil utilization of the macroprudential provisions during the period. Please Refer to slides 34 of the investor presentation for a detailed flavor of the RBF business. I would now like to share an update on the newly acquired Gold Loan business which has gained significant momentum with quarterly disbursements of rupees 1408 crores or for up 43% QQ we continue to expand our geographical footprints and have added 64 new gold loan branches this quarter focused on areas with high cross sell potential.<\/p>\n

By the end of FY26 we plan on establishing a distribution strength of 330 plus gold loan branches. In line with our earlier guidance, Cyclops is now implemented in our personal loans business and will complete a full rollout by the end of Q4FY26 the engine continues to perform exceedingly well in our two wheeler business and is exhibiting the first green shoots in the Farm and the SME business. The net non starter of the two wheeler portfolio went down from 2.36% in December 24to 0.41% in December 25 and in the Farm business the net non starter reduced from 1.5% in December 24 to 0.42% in December 25.<\/p>\n

We are confident that as disbursements through this engine scales up across businesses, our portfolio quality will get enhanced with lower bounce rate and non starters leading to lower roll forwards and thereby reducing the overall cost of credit administration for the organization. Our next digital initiative, Project Nostradamus, an industry first AI driven automated real time portfolio management engineering, went live in beta mode in two Wheeler Finance in August 25th and the engine has started delivering real time actionable insights for proactive portfolio management to monitor performance down to an individual micro market cluster.<\/p>\n

We also initiated two primary AI initiatives, Project Helios and Project Orion. Project Helios serves as an agentic AI platform that enables underwriters to make faster, consistent and accurate decisions. This has already processed 5,000 plus cases resulting in a 30% reduction in turnaround time and saving 1.5 hours case in our SME business. This will slowly be extended to all our other lines of business as well. Project Orion is a conversational Nostradamus copilot designed for automated portfolio monitoring allowing credit teams to query complex delinquency and vintage data in real time which is currently live in the two Wheeler business.<\/p>\n

I would like to add that adherence to the RBI’s guidance regarding provisioning for coverover exposures has contributed to an increase in provision coverage ratio this quarter from 70% in Q2FY26 to 72% in Q3FY26. Now I would like to share an update on our quarterly performance against the Laksha 2026 goals. The first milestone was to achieve retailization of greater than 95% by FY26. We have achieved a retailization of 98% in Q1FY26 which has remained at the same level during Q3FY26, the second milestone of retail book growth, we had set ourselves a retail book growth target of 25% CAGR against which we achieved a CAGR growth of 28% between FY22 and FY25.<\/p>\n

The third milestone which is on asset quality front, we maintained the retail GS3 and NS3 levels closer to the threshold levels of 3% and 1% respectively and our console GS3 and NS3 stood at 3.19% and 0.92% respectively. On the fourth and last milestone of ROA, we achieved an ROA of 2.31 in Quarter 1 Quarter 3 FY26. This includes a one time exceptional item impact of the new labor code of rupees 29 crores. An ROA before exceptional items is 2.37% which has been achieved without the use of any macro prudential provisions.<\/p>\n

I would like to reiterate that we continue to work towards achieving our Laksha 2026 target of 2.8 to 3% ROA in Q4FY27. As mentioned earlier, I would now like to give a brief update on the five pillars of execution that we had enumerated in October 2023 and continue to be implementation mode against the same customer acquisition. The focus continued to be on expanding our customer base both by deepening our reach in existing segments and broadening our geographical and digital footprint through partnerships.<\/p>\n

The implementation of GST 2.0 coupled with a favorable monsoon served as a catalyst for robust festive demand this quarter. Leveraging this tailwind, we successfully onboarded 7 lakh new customers up from 5.9 lakh last quarter. For a deeper dive into our acquisition metrics and repeat customer share, please Refer to slides 14 and 15 of our investor Presentation. Sharpening Credit Underwriting we have given extensive details on the design and performance of our new age underwriting tools in our Investor Digital Deck on slide six to seven and our focus remains on implementing Cyclops in our mortgage and our Rural Business finance verticals in FY27, the model risk Management framework and team has been significantly boosted to guard against any unforeseen pockets of execution risk arising from the plethora of machine and deep learning models running across our state of the art AI based credit tools futuristic digital architecture.<\/p>\n

We continue to work on upgrading our technical capabilities and our focus on continuously strengthening our IT framework remains unabated. I have already spoken about Project Cyclops and Project Nostradamus Full Stack Nostradamus implementation will be completed in the two wheeler business by March 2026 and be implemented in Personal Loan and the Rural Business finance vertical in H1FY27. Under the Planet 3.0 initiative, the company has achieved significant digital penetration with over 2.2 crore app downloads which now features a multilingual conversational voice agent for real time loan servicing.<\/p>\n

This quarter we also launched Partner Planet Mobile app with a complete service suite for our dealer partners to strengthen the cross sell engine. A new digital tool called Loan Offer Pod was operationalized in Q3 FY26 and would be scaled up in the coming quarters. These operational efficiencies are further bolstered by KAI Voice and Chat, an agentic AI solution currently handing automated collection calls in 11 languages across multiple lines of business. Please refer to slide number 59 and 60 in their investor presentation for operating metrics on the app.<\/p>\n

Brand Visibility we continue to focus on our targeted customer engagement leveraging our brand ambassador Jaspreet Bumra. During the quarter we also ran campaigns for our two wheeler and Pharma finance business. While participating in major agricultural expos in Gujarat and Indore. We successfully concluded the second edition of our flagship BFSI AI Event race which attended four and a half thousand attendees and 40 speakers. A key highlight of the event was launch of Pitch Point, an AI startup pitch platform to cultivate the FinTech AI entrepreneur ecosystem capability.<\/p>\n

Building on the capability front to strengthen our presence and to be a Pan India player, we’re expanding our Gold Loan branches to over 330 plus new branches in FY26. Central to this strategy is the integration of some Goldfinland branches into multi product Sampurna Branch network where we inaugurated our first Sampurna branch in Ujjain, thereby creating a more comprehensive service ecosystem for our customers. Till date, out of the new branches Gold Loan branches we opened, 11 are in the Sampurna Branch format.<\/p>\n

I will now request Mr. Sachin Joshi, our CFO to take you through the financial update.<\/p>\n

Sachinn Joshi<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you Sudipta. As always, I’ll be walking you through the financial performance of the company for the quarter. Consolidated NIM plus fee for the third quarter improves 19 basis points QoQ to 10.41% from 10.22% in Q2FY26. This has been contributed by stable yields and cost of borrowing reduction due to treasury ambition which resulted in lowest ever weighted average cost of borrowing at 7.25% Consolidated PAT after one time exceptional item for the quarter is at 739 crores. This is up 18% year on year.<\/p>\n

Quarterly retail disbursement stood at 22,701 crore. This is up 49% year on year and 20% quarter on quarter. Retail book stands at 1.11990 crore up 21% year on year and 7% quarter on quarter. Our consolidated book stands at 1,14,285 crores up 20% year on year and 7% Quarter on Quarter. Consolidated ROA after one time exceptional item stands at 2.31% up 4 basis points year on year and down 10 basis points quarter on quarter. Consolidated ROE at 11.07% up 86 basis points quarter on YOY and down 26 basis points quarter on quarter.<\/p>\n

Talking about overall businesses, let me start with Rural Business Finance. This business registered quarterly disbursements of 6740 crore delivering a strong momentum with a growth of 47% year on year and 7% quarter on quarter. This growth was driven by improved collection efficiency and sectoral trends. The book size in turn reached 28,976 crores. This was up 10% year on year and 6% quarter on quarter respectively in the third quarter. In the pharma finance vertical quarterly disbursement stood at 2007.83crores and in third quarter this was up 12% year on year and 68% quarter on quarter.<\/p>\n

The book size reached 16671crore reflecting a growth of 11% year on year and 5% quarter on quarter. GST 2.0 along with favorable monsoon fuel the robust festival demand. This resulted in all time high disbursement for the farmer tracts the urban finance business. The segment comprises two wheeler personal loan and home loan lab. Let me begin with two wheelers. The business registered quarterly disbursements of 3,217 crore in the quarter. This was up 33% year on year and 28% quarter on quarter. GST 2.0 and robust vegetable demand resulted in all time high disaster.<\/p>\n

Notably 87% plus of two wheeler disbursements in December 25th were to customers from the prime segment as against 53% for the month of March 24th. This reflects our focus on quality growth and risk adjusted return. The book size reached 13,913 crore, an increase of 10% year on year and 7% quarter on quarter. In the personal loan business we achieved a quarterly disbursement of 3574 crores. This translated into a growth of 118% year on year and 23% quarter on quarter with the book size reaching 12810crores, an increase of 64% year on year and 18% quarter on quarter attributed to the successful scale up of big tech partnerships.<\/p>\n

Moving on to housing, we achieved quarterly disbursements of 200879 crores up 16% year on year and a growth of 6% quarter on quarter with the book size at 28,682 crores, an increase of 22% YoY and 5% QoQ. Growth in the segment was supported by new partnerships and a strong network of distribution channels. In the SME business, quarterly disbursement stood at 1,550 crores up 24% YoY and 6% quarter on quarter. The book stood at 7,946 crore, up 37% YoY and 6% QoQ. In the gold loan business the quarterly disbursement stood at 1408 crores up by 43% quarter on quarter and the closing book stood at 1738 crores at the end of third quarter, up by almost 18% quarter on quarter.<\/p>\n

Let me now hand over the call back to SUDIPTA to make his closing statements.<\/p>\n

Sudipta Roy<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Thank you Sachin. In closing, I’d like to state that Q3 FY26 was a robust quarter driven by macro tradewinds and I expect the structural momentum to continue into Q4FY26. The normalization of the RBI business augurs well for our business momentum and we expect to make gains in the same. All our businesses have been primed for execution over the last couple of quarters and we can expect the positive outcomes to continue through FY27. Our asset quality will continue to improve through FY27 as cyclops underwritten portfolios take center stage and their share continues to increase.<\/p>\n

The improved business momentum, reduced credit cost and continuous focus on operating efficiency should lead to a continuous improvement in ROA and improving ROE trajectory as the leverage increases. We thank you for your support throughout our transformation journey thus far and look forward to continuation of the same. The floor is now open to questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use their handsets while asking a question. Ladies and gentlemen, in the interest of time, we request you to restrict to one question per participant and rejoin the question queue. One moment please. While we poll for questions, we take the first question from the line of Praful Kumar from Diamond Asia.<\/p>\n

Please go ahead. Praful, if you can please unmute your line and proceed with your question. Since there is no response, we will move on to the next question which is from the line of Maruk Ajania from Nuama Wealth Management. Please go ahead.<\/p>\n

Mahrukh Adajania<\/strong><\/p>\n

Yeah, hello, I just had a couple of questions. Firstly on credit cost. So you have explained that you know. The incremental portfolio is doing well and. You know, you’ve given detailed explanation on the credit cost. But your annual reset would happen every year in the fourth quarter. So how would it pan out in FY27, fourth quarter? I mean what will be the pull and push factors? Because there will be a reset even then next year. So that’s my key question.<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

Yeah, thanks Maruk Sachin here, let me take this question. So yeah, you are right. Every year, end of the year in fourth quarter we do the, we revisit the ECL models and if I, if I recall you mentioned and how will it pan out in FY27Q4, right?<\/p>\n

Mahrukh Adajania<\/strong><\/p>\n

Yes.<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

So FY24, FY27 Quarter 4 we believe will be a much better revisit. We are in fact waiting for that day and that quarter because by then most of our book would have been seasoned through the, you know, using the Cyclops underwriting to. Which would mean that directionally the overall models would start taking into account the benefit flowing through, slowing down of slippages which are quite evident. If you look at the slippages between first and the second quarter the slippages were lower by about 160 crore.<\/p>\n

Between Q2 and Q3 the slippages have come down further by about 190 to 200 crores. So clearly it’s evident that as more and more newer portfolio is getting created using Cyclops, the flow forward has been slowing down. And it’s not just Cyclops, there are lots of other tweaks done to various underwriting models which are now leading to improvements being Seen across the whether it’s two wheeler, whether it’s farm personal loan and on the rural business finance. Although Cyclops is not yet implemented, we have already showcased to the world how we have been better than the other industry players.<\/p>\n

So we believe that come quarter four FY27 we will be in a far more comfortable position compared to where we are today. I hope I have answered your question.<\/p>\n

Mahrukh Adajania<\/strong><\/p>\n

Yes, that’s, that’s, that’s good enough. Thank you. Thanks a lot.<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Kunal Shah from Citigroup. Please go ahead.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Yeah. Hi. So again getting on to the credit cost trajectory given that MFI collection efficiency has improved. Plus when you look at it in terms of two wheeler as well as farm equipment, the non starter rate has also improved from say compared to that of September. But still in terms of credit cost, maybe it was like 15 odd basis points. Anyone adjusting for that 25 basis points. So was it equally satisfactory from your end and would this be the run rate of improvement or there was anything specific during the quarter and the run rate of improvement should actually accelerate from here on to get towards your guidance of 2.2 odd percent by Q4 of FY27.<\/p>\n

Sudipta Roy<\/strong><\/p>\n

Thanks Kunal for the question. So if you see and then I like to point out the overall credit cost effect because the last three quarters, right. So you know at the peak of the microfinance crisis we’re actually, and these numbers are without factoring in the macros, right. At peak we had gone up to 3.83%. 3.8%. From 3.8 we came down to 3.43. Right. From 3.43 we came down to 2.98. Now obviously in unsecured, especially when the pool which is there, which is the unsecured pool, the speed at which goes up and it flows quickly.<\/p>\n

So when you see an improving trajectory, normally the pace of improvement would be very rapid in the first few quarters of the portfolio normalizes and the slope will slowly tend to flatten out. And so that is what you see if I take away the 23 crore one time impact that we have got because of the co borrower prudential provisions that we have taken this quarter, the degrowth is around a 25 basis points degrowth right in credit cost. So if you see directionally the trajectory of pairing of credit costs remains unabated.<\/p>\n

Now for example next quarter and over the next couple of quarters, right we will see improvements and we are very confident. See when we guide to 2 to 2.2. See our net non starters as I said in my net non starter two wheeler is down to 40 basis point levels. Net non starter in farm is basically down to 40 basis points level. Sachin spoke about the slippages coming down. The gross slippages this quarter between last quarter is lower by almost 200 crores. So the slippages also have been coming down with every passing quarter.<\/p>\n

So I do believe that the credit cost trajectory will continue to improve. Now some quarter it might be significant improvement, some quarter it might be a less than significant improvement. Because you know, this also depends upon the collections efficiencies in that particular quarter and the efficacy of the entire how the collections team have been able to do it during that quarter. So the only thing is that you know, credit cost, you know, if your expectation is that the credit cost will actually move in a metronomic regularity in a straight line fashion, you know that sometimes in real life does not happen.<\/p>\n

Right. So you know, but what we are very, very confident is that 2 to 2.2% reaching that 2 to 2% guided trajectory by Q4 FY27. Right. If the tailwinds are with us, we might reach it before, even before Q4 to FY27 also. Right. But the fact is that on a conservative basis I would like to say that we are very very confident of reaching the trajectory by Q4.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Sure. And just a related one, why this? Please<\/p>\n

Operator<\/strong><\/p>\n

Rejoin the question here for follow up question. Yeah,<\/p>\n

Kunal Shah<\/strong><\/p>\n

Just on the same one, just wanted to check why this 23 crores is a one time given that the co borrower exposure prudent provisioning would be business as usual every quarter.<\/p>\n

Sudipta Roy<\/strong><\/p>\n

This is a little different from that. What is<\/p>\n

Kunal Shah<\/strong><\/p>\n

The nature? Yeah, if you can just highlight that. Yeah,<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

The co borrower fees, you know, at industry level there were different ways of either taking it into account or not. The example I can give you is that if there is, you know, a husband and wife who have taken exposure in one particular business, the wife has. Taken exposure to another business loan, you know, completely different. And that loan was standard. You know, we did not consider that because that was a co borrower taking a fresh loan. Those loans were, because they were standard, were continued to be shown as standard.<\/p>\n

And hence the provisioning was as per. The normal stage one provision. You know, at this quarter post RBI. Interactions at the time of inspection, we. Were advised that we should take into. Account account all such accounts as well. So the cumulative effect of this has been about 23 odd crores. And because it’s cumulative, the going forward on a quarter, on quarter basis, these will be very minimal. I mean you, you can also understand this. They are all retail loans. So the overall impact will be very minimal and which will get subsumed within the normal costs that we take.<\/p>\n

Got<\/p>\n

Kunal Shah<\/strong><\/p>\n

It. Perfect. Yeah. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Prasul Kumar from Diamond Asia. Please go ahead.<\/p>\n

Praful Kumar<\/strong><\/p>\n

Hi. Am I audible now?<\/p>\n

Sudipta Roy<\/strong><\/p>\n

Yeah, Praful, you’re audible.<\/p>\n

Praful Kumar<\/strong><\/p>\n

So many congratulations on a great transformation and turnaround. Just couple of questions. One, very strong delivery on NIM and fees. And as the structurally lower credit cost regime starts to play out, do you think that there is a trade off between NIM and fees and credit cost as a business model?<\/p>\n

Sudipta Roy<\/strong><\/p>\n

Thanks Praful, for the question. You know, I go back to what I had said during my analyst call that we are a risk first, tech first diversified financial services plan. So obviously, you know, many of our decisions on customer segment choices have been driven by this tech first, risk first philosophy. Having said that, you know, we are also very, very cognizant of the fact that we need to balance our NIMS and fees and give a predictability to our NIMS and fees trajectory. And that is why our continuous guidance has been that we will put the NIMS and fee, we will try to deliver the NIMS and fees in the corridor of 10 to 10.5%.<\/p>\n

Now you can see that there has been an improvement of NIMS and FEES by about 18 basis points this quarter, which is primarily driven by two things. First and foremost, core lending businesses have improved their NIMS and fees trajectory primarily because the rural business finance vertical has seen a resurgence after sort of resolution of the microfinance industry issues. Plus also all our businesses have been pushing their yields northwards also. So because the flows have been lower, the NPA reversals that we normally get, which is sort of a negative drag on the NIMS and fees, also has been lower this quarter, which also shows the improving resilience of our book.<\/p>\n

And last but not the least, on a QQ basis, There has been a 7 basis points improvement in our funding costs. And we do believe that the full transmission of the current round of rate cut has still not even been transferred. So there remain possibility of some more rate transmission this particular quarter. Right. So given the fact that the businesses are on sort of upward trajectory across most of our lines of businesses, we are very hopeful that we should be able to maintain the trajectory that we have sort of of being on this particular quarter.<\/p>\n

And I’m hopeful that it should be able to sustain over the next couple of quarters. However, in terms of guidance, our guidance is that we will maintain it between the corridor of ten to ten and a half percent.<\/p>\n

Praful Kumar<\/strong><\/p>\n

Please rejoin the question for<\/p>\n

Operator<\/strong><\/p>\n

Follow up question. Thank you. We take the next question from the line of Kaitif Shah from Anandrati. Please go ahead.<\/p>\n

Kaitav Shah<\/strong><\/p>\n

Yeah. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, please go ahead.<\/p>\n

Kaitav Shah<\/strong><\/p>\n

Yes. Congratulations. Good set of numbers. So just one question. If you can break up also your credit cost into couple of other components like Standard Asset Provision act and what is the M2M loss you have on the treasury book that would be helpful.<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

Actually you know, if you, if you. Look at the presentation itself we give. Stage one, stage two, stage three, you know, full details on the retail credit cost. That already has the breakup in the flag.<\/p>\n

Kaitav Shah<\/strong><\/p>\n

In terms of standard asset provisioning, if you are doing has that number now moved up and also if there is. Any investment book loss that you are looking at.<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

Yeah. So standard asset provision, you know the amount will go up based on the. Increase in the fresh book. Right. As our book starts growing it will first reflect the increasing stage one.<\/p>\n

Sudipta Roy<\/strong><\/p>\n

Yeah.<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

And depending on the quality of assets it will lead to change.<\/p>\n

Kaitav Shah<\/strong><\/p>\n

Sure. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of avinash Singh from MK Global Financial Services Ltd. Please go ahead.<\/p>\n

Avinash Singh<\/strong><\/p>\n

Yeah. Hi. Thanks for the opportunity. So one on your NIM plus fee, I mean currently if I understand broadly a 6,000 odd crores of received that will be there and if this is the console name plus fee that you are disclosing, is it fair to assume, I mean once say in FY27, once you are this thing 6004 SR if they got resolved broadly that would lead to close to a 40 basis point improvement in an impulse fee or 30% 30 basis point improvement in ROA. So that’s particularly. And how is sort of visibility around the resolution of these SRs and secondly on credit cost if I look your book, I mean the 30% is like now nearly 30% is going into very very low credit cost like a mortgages lap and incrementally in gold then and your STD state guidance is coming close to say to 200 to 220 basis points.<\/p>\n

Is it fair to assume, I mean in STD state you are a gym in certain businesses to be somewhere close to say a 3 to 4% credit cost. Thanks.<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

Okay. So thanks Avinash. So talking about the NIM plus fees first NIM plus fees, you know have different components being or the first being the yield which depends on the kind of mix. Because we already initially it was retail wholesale. Now we are in 98% retail. So that impact is gone. The second impact now is in terms of the overall mix. Rural business finance being the highest yielding in percentage terms. It will keep coming down but a bit slowly because as you fire up the other businesses.<\/p>\n

But we also have similar high yielding businesses that we have started of. Microlap is one such business. Followed by personal loans, SME, all these businesses are. And gold loans which we recently took over the business. So all these are equally or maybe at a slightly lower level. But high yielding businesses as because these businesses have started growing you have seen that the yield also have gone up by a few basis points. The second component of course is the weighted average cost of borrowing.<\/p>\n

In a low interest regime. We are now actually reaping the benefits of the overall weighted average cost of borrowing going down. Our businesses are such that we really don’t tweak the yield. In fact when the interest rates were going up, when the RBI repo rate had gone up by 250 basis points, we did not increase the yields on most of our businesses. Except for mortgages. Same thing is happening as we are seeing the interest rates coming down. Only the mortgages business is where the, you know, interest is being.<\/p>\n

The benefit of interest going down is being passed on. So you know, at the NIM level I think there is a fair play between yield and cost of borrowing. We may have something more coming up because the repo rate reduction has still not been completely. I don’t think the banks have started or fully passed on the benefit. And if there is any further reduction also in repo rate that also will be available. But it also depends on what is your treasury status. So we have wherewithal to utilize the short term paper which comes in slightly at a lower cost compared to medium to long term instruments that we use to raise funds from the market like term loans or NCDs.<\/p>\n

So our CP exposures right now are in the 8% range overall of the borrowings we can go as per our alma. You know we can go right up to 14 15%. Although we have kept it range bound that 8 to 9%. We can surely take advantage of that. PSL is one big advantage that a company like L and T Finance has especially because of PSL qualifying assets with farm as well as micro finance assets. The third component is of course the fees where right now fee dependent on two things. One is the disbursements which leads to increase in processing fee and Number two, the cross selling in terms of the CLI income that we have, the credit linked insurance as and when we start off some other fee related businesses, we will surely see some prop up on the fee part as well.<\/p>\n

So I think the NIM plus fee, at least because of so many moving parts, we conservatively, you know, give a guidance of a range to be met which is ten to ten and a half. When things are favorable we will be more tending towards ten and a half. And when things turn unfavorable, maybe we’ll move towards then I think we will be able to successfully be within this range going forward. The second question, I<\/p>\n

Sudipta Roy<\/strong><\/p>\n

Will take second question. You know, I think your question was that you know, if you mortgage at a much lower credit cost than you know, if your overall credit cost is a particular level where the other businesses are at higher credit cost. Obviously if you look at, you know, the microfinance business for example, you know the steady state is short credit cost that you should accept. About the microfinance business, you have a 99.7%, you know, collection efficiency, you know 0.3% is flowing, you know, every, every month right across the 12 month period, that’s 3.6.<\/p>\n

So that naturally gives you a credit cost threshold of about 3% in that particular line of business. Now the fact is that if you are suddenly your collection efficiencies go northwards from there you will have a much lower drag. But for modeling purposes etc. It is fair to assume that in that business you can expect a 3% credit cost. A two wheeler business in your industry operates at a much higher credit cost level. But the fact is that for us, Cyclops, with Cyclops, we are very confident that over a period of time and when I over a period of time, I mean in the next couple of quarters, next three to four quarters, the headline credit cost trajectory of this business for us will drop below 3%.<\/p>\n

But will it go below 2%? We’ll have to wait and watch. Right? So when we do our modeling and when we do our predictions, obviously there are certain businesses, we are at a higher credit cost trajectory. There are certain businesses lower cost rates and the weighted average will obviously come between that 2 to 2.2% level.<\/p>\n

Avinash Singh<\/strong><\/p>\n

Yeah, thanks. And any sort of a timeline or security resolutions. And what is the amount currently sitting on your balance sheet?<\/p>\n

Sudipta Roy<\/strong><\/p>\n

About 5000 crores is sitting on our balance sheet right now. And the way we have guided is that it will take us anywhere between the next two to three years for a full resolution of the, that Right. So we are seeing good amounts of resolution. Typically we give details on our security receipts in our Q4 annual results. So please wait for next quarter to get a full update on that. But you will be reasonably sort of satisfied to see that there has been good amount of progress on resolutions this year throughout this year.<\/p>\n

And we expect that resolution trajectory to continue. And we are hopeful that this thing will be a thing of the past post the next three years, not next three years. But yes, you know, it will take between two to three years to fully resolve.<\/p>\n

Avinash Singh<\/strong><\/p>\n

Okay, thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Jijuan Gao from Schoenfeld. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hey, thank you for the opportunity. Just want to understand why did our, you know, stage two and stage three coverage increase quarter on quarter this quarter? Is it because of some ECR refresh or is it because of the mix of the LGD on the skippages?<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

Yeah, so the pcr, you know, PCR increases more to do with the higher provisions done for the stage three assets. As I mentioned, the co borrower issue basically meant that if there were some stage three assets and related borrower or a co borrower had taken an exposure to some other business, we have made those provisions the incremental provision. And that incremental provision has led to increase in the overall provision on stage three assets. So whatever assets moved to stage three, the provision made was slightly higher than the GS3 incremental GS3 which happened and leading to the PCR being high.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Thanks. And sorry, just one of the. We talked about the fourth quarter 27 ECR refresh. How should we think about the fourth quarter 26 ECL refresh? Is it likely to be a negative impact or positive impact on the. On the overall credit cost?<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

Like I mentioned in the earlier, you know, when I was explaining what, what we believe is that as. As we move from quarter to quarter, the the benefits of Cyclops will start flowing in and once the benefits start flowing in, the models also will look at a lower PD LG coming into play because of a better performing book. And naturally that would. Ideally if that happens over the next four quarters. Naturally when we do the similar exercise in quarter four of FY27, we should see the numbers actually turning much more favorable than they are today.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, in the interest of time, we request you to restrict to one question per participant and rejoin the question queue for follow up questions. We take the next question from the line of ABHISHEK M from hsbc please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi, good morning everyone. So couple of questions, Sudipto can you speak about the asset quality trends and you know, general leverage etc in the digital PL book especially you know, for the disbursements that are coming from your digital tie ups. We’ve seen some of the other peers in the industry backtrack on this so I just wanted to get an update of how that is going. The second question I wanted to throw in there is if I back calculate your write offs it’s about 600 crores for the quarter, how much of that was MFI?<\/p>\n

And I’m guessing some of the write offs in MFI would be from the legacy book. So if that goes away next quarter then what happens to the MFI write off number? How much can it fall by? The two questions over to you.<\/p>\n

Sudipta Roy<\/strong><\/p>\n

Yeah, so the first question, you know our digital partnership continue to do very well with every passing quarter, you know, passing actually month. You know the credit metrics continue to improve including the gross non starters and the net non starters. So and the disbursements continue to increase. So for example, if I were to talk about the gross non starter for our portfolio in the month of December, especially in the personal loans business, it was a low of 2.69%. Right. So you know, and the same number probably in the month of August was about 3%.<\/p>\n

So you can see that, you know, the quality of the portfolio continues to improve with every passing month and we are extremely confident of the quality of the book that we’re building because. Because contrary to maybe many other players, we do not play in the BNPL space or the near prime or the subprime space. Most of our sort of offers on the digital partnership is basically in the prime PL space with good ticket sizes and that is why our portfolio continues to remain stable in that particular sort of cohorts.<\/p>\n

So overall we have had very, very encouraging results on the personal loans credit quality and we remain quite stable in that particular line of business. The next one was Sachin on the.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

If I can just check on this. So on a 6 mob, 9 mob basis also. So it’s good because you know your portfolio growth is quite high. So the denominator. Yeah. On a six mob and<\/p>\n

Sudipta Roy<\/strong><\/p>\n

A nine mob basis. So couple of things Abhishek. We look at, we look at overall portfolio bounce rate that means, you know, whether you’re on a 6 mob and a 9 mob basis we remain stable. Right? Yeah. And the fact is that the portfolio bounce rates, which means the Number of people who bounce their payments at the end of the month has been actually falling with every passing quarter. Right. So you know, okay, and to be specific, you know the partner book bounce rates, right. Is sub 2%. Right. So you know, that means out of 100 checks that we present in the partnership book in the month of December, less than 2% of people bounce their checks.<\/p>\n

Right. Now if I were to look at the industry average for a pure salary prime personal loans book, this number ranges between 3 to 4%. So in a way we are very, very happy with the leading metrics of this business. And as I have said, we are not chasing numbers here. We are chasing quality across all our lines of business. And if you find that if there is a little sort of bubble of risk at any point in time, we will ruthlessly shut it down. Right. And one of the important things is that we implemented Cyclops in the personal.<\/p>\n

Loan business this quarter. Obviously on a small portion of the business we have initially implemented. We’ll finish full implementation at the end of the Q4 FY26. So we are very confident that the quality credit origination that we are seeing already in the personal business will continue to improve. So in a way we are reasonably confident that our personal loans business will not go any shocks or any upheavals which might have been prevalent elsewhere in the industry.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Yeah,<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

Abhishek, on the write off, I think I’m happy to state that you have gone wrong on your assumption. The slippages, as I mentioned earlier, the slippages have been much lower and write off book accordingly is also much lower than what you, you know, you have mentioned it’s about 470 odd crores. So that’s where we are.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And bulk of it would be mfi?<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

Yeah, I would say so<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Because that was the legacy book. This is from the legacy. Does this come off significantly in 4Q as well? That’s what I was trying to get.<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

So see like we mentioned 99.7% capital, you know collection efficiency would mean that only going forward between Jan to March, it’s only the 30 basis point which is moving forward. So yeah, the, the book which is going to get into 90 plus is going to naturally become trickles. We have also shared in our, in the presentation that only 2.5% of our total exposure of 28,000 is you know, LTF plus three or more which means four exposures of that customer. Those are the risky ones. But that’s just two and a half percent of the overall thing.<\/p>\n

Sudipta Roy<\/strong><\/p>\n

See ABHISHEK just to add to what Sachin says, our MFI book continues to is actually stabilized reasonably well right now. Right. And frankly we are very confident of the go forward trajectory of this business. Extremely confident. If I were to sort of stick my neck out. Right. So you have seen the collection efficiency improve secularly as we had guided and I, you know we are happy with 99.7%. Right. But obviously you know we will try to, we will try to push not for northwards.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Perfect, perfect. Thank you for the clarification and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Bhavik the way from Nippon Mutual Fund. Please go ahead.<\/p>\n

Bhavik Dave<\/strong><\/p>\n

Yeah, hi. Hi sir. Good morning sir. Just quickly on your operating expenses right like this like trended quite well. The cost to income ratios are like coming off the 40% to 38 odd percent. Just wanted to understand where are we? Like how do we. I understand we see this directionally going down but what is your view on this one? And second just on this is like when I look at your slide which talks about the cross sell right and cross sell upsell and look at your farm and personal loan cohorts there.<\/p>\n

The repeat customer percentage in terms of value that you’re giving out is reducing anything that’s happening out there. If you could just talk about that as well, that will be helpful. Thank you.<\/p>\n

Sudipta Roy<\/strong><\/p>\n

The first question is on opex. Sachin, you want to take OPEX question.<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

On the operating expenses. You know earlier also we have guided that looking at quarterly numbers. You know the all ups and downs that are there should not really, you know, you should not get too much meaning out of it. Very clearly we are in investment mode. We are investing in technology. We are investing in setting up new branches, you know gold loan. We are setting up one branch a day. We also are setting up branches to do rural lab. We are, we have some purna branches coming into play. So the investments will continue to happen this quarter.<\/p>\n

You know the, the cost income ratios are below 39% but I would still suggest that we should assume that it will be somewhere in the range of 40% odd. We are now going to focus on you know the top line. As the top line start growing the collection the, the cost income ratios both will continue to define I think directionally medium term we are target would be to move below 40% but I think that we will get when we are sharing with the Laksha 31 target that we will be taking up for achievement.<\/p>\n

Sudipta Roy<\/strong><\/p>\n

Yeah on the personal loans, you know value to existing customers. You can See that it has gone down primarily because the origination to fresh customers in increased. So as a proportion of the value of personal loans cross sell in the overall personal loan spy obviously has reduced, right? But though the volume, the volume more or less remains similar, right? The actual value more or less remains similar because personal loans right now we are doing about 1300 crores a month, right? The amount of cross sell roughly, I’m giving you a roughly number, right?<\/p>\n

We were doing about 300 crores so that number remains more or less constant because one of the things is that our primary personal owns cross sell is to our season two wheeler customers, right? So because, and that will depend on the ingress of the velocity of ingress of the two wheeler customers of late. You know the velocity of ingress of our two wheeler customers has gone up primarily because our two wheeler volumes have gone up. So you will see probably a quarter or two from right now that number might tick upwards.<\/p>\n

That means you know, as more and more two wheeler customer gets seasoned, you know the two wheeler cross sell number might, might, might increase as a percentage of the total personal loans. But as personal loans overall disbursement continue to increase, you know I do believe that this percentage will remain more or less stable at around this 25 to 30% level.<\/p>\n

Bhavik Dave<\/strong><\/p>\n

So my question was more on farm equipment which is a more seasoned port portfolio. There the number is 16% versus like 27.<\/p>\n

Sudipta Roy<\/strong><\/p>\n

Of the things is that we also have a farm variant which we call Kisan Suvida which means you know, for a customer who has sort of finished off paying a large proportion of the farm loan we normally tend to give an unsecured line of credit to that particular customer which he can take as a license. Now the Kisan Sueda because see the focus on fresh originations because of GST Crud Auto was very, very high during this quarter, right? So the focus of that on, on, on converting Kisan Suvida slipped a bit, right?<\/p>\n

So you know, because on fresh factors was so large that we are really focused on that, right? So that is why the Kissan Suvida slipped a bit this quarter. That has shown up in that.<\/p>\n

Bhavik Dave<\/strong><\/p>\n

Perfect, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Avicheet from Motilal OSWAL Financial Services Ltd. Please go ahead.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Yes, good afternoon everyone and thank you for taking my question. So this two clarifications on what we have already discussed until now. So first thing on provision cover you explained earlier that this time the increase in the COVID was more to do with certain higher provisioning. That we did on the co borrower exposures. Just trying to understand in this, at the end of this fourth quarter when you revisit your ECL models, are you expecting a further increase in the provision cover given what we have seen especially in MFI in the last one one and a half years?<\/p>\n

And then I mean when is it that you plan to start creating macro prudential provisions? I remember you had shared with us earlier that you look to you look to start creating these macro provisions only when you see some benefits flowing through from SR resolutions. And then the second question I had was more on the Nimplus fee which we have discussed extensively your guidance of 10 to 10.5. We are already at the higher end of that guidance range. So new expansion in the coming quarters that you spoke about earlier, is it going to be more a function of an improvement in the product mix?<\/p>\n

Because like you mentioned micro lab, PL SME gold loans, they all continue to become a higher proportion of your loan mix. So is that how we should think about it?<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

Yeah. Yeah. Let me take the first question first on the overall pcr. In fact what you mentioned on the micro loans actually does not apply to us because micro loans the moment it goes to 90 plus we have been providing 100%. Okay. We have, you know we used to have the macro prudential which was at some point of time 975 crore and that used to sit in against the stage 1 and stage 2 assets overall portfolio. You know because 90 plus is already being provided for and it’s if there is a technical write off required we used to do that.<\/p>\n

It was, it was more of a finance decision with regard to the tax benefit but going forward. So which means that the PCR increase will not be required for stage three. I am anyways providing 100% on that portfolio going forward. You know we will have to revisit each and every business to figure out how the businesses have performed and how, you know, how what is the future track which these businesses would take. And as I was mentioning earlier, the Cyclops delivery which is the early signs of which are very good, good will frankly decide on the PCR bit upfield because if you look at the past we had challenges starting off with the ILFS debacle Covid and you know last about a year, year and a half or maybe around five quarters we have seen challenges on the micro loan piece.<\/p>\n

So we have actually come out of major, you know, various crisis which actually going forward we can safely assume that all these crises are not going to come up on an immediate basis which. And if our portfolio start showing improvement over the next few quarters. I was mentioning that next financial year Q4 FY27 we will be in a much better position to really relook at the PG PD LGD coming slightly down. Even if you take a good decent future into account. We possibly may, if at all we have to bring it down.<\/p>\n

The PCR may only come down because at industry level you would see that there are various players having PCR in the range of 50, 50 by. So we are yet to really look at. Because we will start the work now that we have closed the third quarter. We will start the work on revisiting the ECL models and you know, thankfully even RBI has prescribed the ECL to be made applicable to banks. Now everyone will be at on the same level playing field and we will also perhaps get some clarity from the regulatory side how it.<\/p>\n

How things are applying to banks. And also there will be various, various inputs which will be taken into account to really finally conclude whether you know whether these PCRs are really required. They need to go up or down. But as I speak I think that we are anyways slightly higher on the PCR side. So if at all we have to take a call it will be on slightly lowering it rather than increasing from.<\/p>\n

Sudipta Roy<\/strong><\/p>\n

On the macro. On the macro prudential, you know I’ll just like to add, you know obviously it is our objective to build back the macro prudential as fast as possible. What we are also doing is that in the microfinance business, especially in the markets where we feel that there is a risk overhang or there is a historical track record of event crisis, we have also started taking a CGFMU guarantee as well on those portfolios. Right. So that even before we start building back the macro potential provisions, there’s a secondary protection that is, that is put in obviously as we have said as our SR portfolios move towards realization, we expect some over realization from that as we move and whatever we get from that, we will put that towards the macro prudential provision port.<\/p>\n

That is always what we have maintained. So our objective is to build back this macro prudential provision coverage as fast as possible. Though this time you know, from as a matter of strategy we might do it at an unsecured assets level rather than a single single line of business level. Right. You know, last time the 975 crores of macro prudential provisions ought we had had was specifically targeted towards microfinance business or the RBF business. This Time when we build it, we will build it for the overall unsecured asset business of LNT Finance.<\/p>\n

So that will be our strategy. So as and when we get that window of opportunity to build those provisions, we will definitely build those provisions and we are committed towards the same.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Thank you. And then the last question that I asked was on how should we think about margins and wheels. Will the expansion in wheels be more a function of the improvement in product mix?<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

Yeah, absolutely. The product mix will ultimately decide where, which way it would move. I think we will be doing significant. Work on this when we work on. The five year plan. And we’ll be better off talking about this maybe after the end of next quarter when we unveil the Laksha 31 fresh set of goals.<\/p>\n

Abhijit Tibrewal<\/strong><\/p>\n

Got it sir. That’s very useful. Thank you. And I wish you a new. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Nadesh Jain from Investec. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thanks for the opportunity. So my question is on unsecured loans. The share of unsecured loans is around 45% of AUM. How do you see the share moving over next two to three year perspective? Also I see that there is a very strong growth in personal loan portfolio around 17 18% Q1Q and acquired portfolio growth on a Q1Q basis. So what is driving that and how should we see growth in these two portfolios?<\/p>\n

Sudipta Roy<\/strong><\/p>\n

Sorry, personal loans and acquired portfolio you said? Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes.<\/p>\n

Sudipta Roy<\/strong><\/p>\n

Yeah. Okay, so what was the first question? Okay, so unsecured share. Yeah, currently it’s about 44%. Our stated objective is to have the secured unsecured ratio at 60:40. So that is our stated objective. So obviously you know, if you see some of our business lines like the microfinance business, the personal loans business, the unsecured business loans originations there of the unsecured link. But we are trying to balance it by secured gold loans. And you see the speed at which Gold loans has been growing and that is why we are focusing on rolling out more and more branches of gold loans.<\/p>\n

200 plus gold loan branches we will roll out this year new branches, 330 plus new gold loan branches next year. So the focus would be on growing that business. We are also starting the process of semi secured as well as secured business loans as, as well. Well so to bring down the proportion of unsecured in the business loans and the SME segment as well. So that is what we are also starting. So over a period of time, you know we would want to move it to closer to about 40% in terms of unsecured.<\/p>\n

And even in SME business loans also, even if they are unsecured, you know, we are looking at taking the cgfmu, sorry, cgt MSA guarantee for, you know, to partially secure some of the those loans. So structurally, within the tools available at our disposal, we are also trying to secure some of the downside risk of some of the unsecured loan portfolios by subscribing to some of the government credit guarantee schemes. So that is what is being done. But to cut the long story short, guidance growth and final sort of share is 60, 40 between secured and unsecured.<\/p>\n

And we will work towards achieving the same. That might take a couple of years to get to there, but you know, that is what our management has guided. Was that the end of the question?<\/p>\n

Bhavik Dave<\/strong><\/p>\n

Yeah, so<\/p>\n

Sudipta Roy<\/strong><\/p>\n

Pl, we have grown quite well, you know, but the fact is that you have to understand that the high growth is PL is on a low base. The PL business is low base. So when you go from 1000 crores per month to 1300 crores per month, the growth seems high. One of the reasons our personal loans business has been growing very high is that when we put in the digital partnerships, like when you do a partnership with Google Pay or Amazon or for that matter indoor supermoney, or what happens is that initially you take a couple of months to stabilize the systems and processes and then that businesses start delivering the numbers.<\/p>\n

So that is why there is a rapid scale up in initial phase which will settle down to sort of a much more seated pace over a six to nine month period. So the sort of the near vertical trajectory that you see in growth in personal loans will attenuate over the next couple of quarters as volumes tend to step right. And all of these channels tend to reach their funnel maturity. So that is what will happen. And in terms of the acquired portfolio, obviously acquired portfolio is primarily portfolios purchased from the market.<\/p>\n

And we normally do this as a process and just to, you know, we obviously have, you know, a good amount of surplus capital available. So we want to deploy that capital into productive assets. For example, you know, at times it might make sense for us to acquire a market portfolio or you know, an affordable housing portfolio, primarily because the cost of origination is not part of the business. Right. So we have previously done acquisition of portfolios and that continues this quarter. We focused on it.<\/p>\n

So that is why you see a sharp growth, you know, the previous quarter, if you see there was a degrowth. Right. So this does not form a normal sort of steady State trajectory, you know, it depends upon the portfolio pools which are available in the market, which portfolio pool meet our income as well as risk thresholds and benchmarks. So you know, it’s, you can consider this business which will be there, but the trajectory of this business will be, you know, sinusoidal. You know, there is no particular.<\/p>\n

We do not chase any number target for the acquired portfolio. Whenever we get a portfolio which is our benchmark, we buy it. Right. So just to make sure that our capital is deployed more efficiently and our leverage continues improving.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure, sir. Thank you. That’s it for my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Chintan Shah from ICICI Securities. Please go ahead.<\/p>\n

Chintan Shah<\/strong><\/p>\n

Thank you for the opportunity. So sir, one thing firstly on the rural business finance portfolio. So given that there are now guardrails on the JLG lending piece. So are we looking to refer to individual lending in mfi? That’s the first question. And secondly s on the average yield, if you could just share the average disbursement yield for gold loans for the current quarter. So that would be helpful. Yeah.<\/p>\n

Sudipta Roy<\/strong><\/p>\n

First question, you know, individual loans, not in terms of individual consumption loans. We are not looking at individual consumption loans though, you know, we might work on micro business loans somewhat in the lines of micro lab that we do so. But it will be a very slow start. You know, this is something that we will, we will sort of very carefully trade on. To answer your question right now we are not doing it right. But the fact is that in our plan for FY27, we might look at some pilots. In FY27 we might look at some pilots because, because we want to trade very cautiously on this and we want to sort of do very small pilots, see the efficacy, see the, you know, the top line credit parameters that are building before we build it up.<\/p>\n

But we’ll be very, very clear, we will not be giving individual loans for consumption. We’ll be very, very focused on linking it to our business outcome or a sort of micro business loan, if I were to term it right. So that is why a good amount of pilot and seasoning is necessary. So this might not be a relevant item for FY27, but if you are successful, this might be a relevant item for FY28.<\/p>\n

Chintan Shah<\/strong><\/p>\n

Okay, sure. So just one thing or follow up on that. In terms of steady state growth for the MFI business, would we be looking at the 2025 growth for MFI or lower than that? And if lower given mfi. Okay, sorry, no,<\/p>\n

Sudipta Roy<\/strong><\/p>\n

We will not be. Looking at a 2025% growth rate for the MFI business we will be happy to hit happy if we hit somewhere between 15 to 20%.<\/p>\n

Chintan Shah<\/strong><\/p>\n

Sure. So given that this is almost 25% of our portfolio and a high yielding business for us as well, so how are we looking to compensate the yields for the from the mfi lower growth in the AMFI business? Yeah.<\/p>\n

Sudipta Roy<\/strong><\/p>\n

So again gold is obviously a compensating block and that is why we made the acquisition of the gold loans business. And then we are trying to optimize our yields upwards for all our lines of business. We are trying to optimize yields upwards for our two wheeler business. We are trying to optimize yield upwards for our SME business. We are trying to optimize yield upwards for our personal loans business. So but also if you see our micro loan against property business is also been growing very well.<\/p>\n

We crossed 1000 crores of book size this quarter. Right. And we are improving our branches branch presence on micro loan against property as well. So overall whatever, the question on that is that whatever sort of growth, sort of of missing part of the jigsaw that we might get from our MFI business, we will try to cover it up by our high yield secured business elsewhere.<\/p>\n

Sachinn Joshi<\/strong><\/p>\n

Just to add Chintan, you know earlier also we mentioned about the kind of mix that we tend to see over a period of time. It will be having three components, right? The yield cost of funds as well as fee. The yield part we are already working on and it’s already started showing results. The reduction in book of rural business loans is not going to be at a significant pace. It will continue to grow standalone but it’s only because of the other businesses growing in percentage terms it may come down and that will be more than compensated by the growth of other high yielding businesses like gold loan, microlab, SME.<\/p>\n

And one more thing which one should not miss out is that we are, you know, not going to focus only on the NIM P because directionally you may find NIM P slightly lower over a period, over a medium to long term, but which will be more than compensated by reduction in operating expenses which is the collection cost and the credit cost. So we will still have the roas intact in spite of this coming down a bit. I’m not saying that it will, but if at all in your models, if you’re trying to factor in, you should also factor in that if the yield goes down a bit because we have moved more towards prime, you should factor in a reduction in credit cost and collection cost accordingly.<\/p>\n

Chintan Shah<\/strong><\/p>\n

Sure. That is very helpful. Just last thing on, if you could. Please<\/p>\n

Operator<\/strong><\/p>\n

Rejoin the question.<\/p>\n

Chintan Shah<\/strong><\/p>\n

Okay. Okay, thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, ladies and gentlemen. With that, we conclude the question and answer session. I now hand the conference over to Mr. Sudipta Roy for his closing comments.<\/p>\n

Sudipta Roy<\/strong><\/p>\n

Thank you everyone for giving us the opportunity and patiently hearing us out. As always, you know, we remain focused on execution. We remain focused on, as I’ve said in a recent press item, you know, relentless execution. Our focus is to make sure that the initiatives on the credit side that we are currently running, especially Cyclops and Austin Dumas, actually are completely pushed out across all our business lines. And we will be focused on. Focused on disbursement growth. Q4 FY26 will be also a focused quarter for disbursements.<\/p>\n

And we are very hopeful that the growth trajectory that you have seen in Q3FY26 will continue unabated in Q4FY26. We will announce our Laksha 31 plans in the April quarter. So as part of our April quarterly results, we will also announce the Laksha 31 plans. And I am looking forward to discussions on the LAKSHA 31 plans in our next analyst call. I wish all of you a very happy new Year once again. And with that, we will bring this call to a close.<\/p>\n

Operator<\/strong><\/p>\n

Thank you on behalf of L and T Finance Ltd. That concludes this conference call. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. L&T Finance Ltd (NSE: LTF) Q3 2026 Earnings Call dated Jan. 19, 2026 Corporate Participants: Sudipta Roy \u2014 Managing Director and Chief Executive Officer Sachinn Joshi \u2014 Chief Financial Officer Analysts: Mahrukh Adajania \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-181704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":142292,"url":"https:\/\/alphastreet.com\/india\/kpr-mill-ltd-kprmill-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":181704,"position":0},"title":"KPR MILL LTD (KPRMILL) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 21, 2023","format":false,"excerpt":"KPR MILL LTD (NSE:KPRMILL) Q3 FY23 Earnings Concall dated Feb. 7, 2023. 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