{"id":182353,"date":"2026-05-05T08:05:56","date_gmt":"2026-05-05T12:05:56","guid":{"rendered":"https:\/\/alphastreet.com\/india\/punjab-national-bank-pnb-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-05T10:01:16","modified_gmt":"2026-05-05T14:01:16","slug":"punjab-national-bank-pnb-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/punjab-national-bank-pnb-q4-2026-earnings-call-transcript\/","title":{"rendered":"Punjab National Bank (PNB) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Punjab National Bank (NSE: PNB) Q4 2026 Earnings Call dated May. 05, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Ajay Kumar Singh<\/strong> \u2014 General Manager, Strategic Management and Economic Advisory<\/em><\/p>\n

Dilip Kumar Jain<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Ashok Chandra<\/strong> \u2014 Managing Director & Chief Executive Officer<\/em><\/p>\n

Raman Grover<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

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

Ashok Ajmera<\/strong> \u2014 Analyst<\/em><\/p>\n

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

Jayant Kharote<\/strong> \u2014 Analyst<\/em><\/p>\n

Jai Mundhra<\/strong> \u2014 Analyst<\/em><\/p>\n

Param Subramanian<\/strong> \u2014 Analyst<\/em><\/p>\n

Ashlesh Sonje<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

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

Ladies and gentlemen, Good day and welcome to the Punjab National Bank Q4FY26 earnings call hosted by Alera Securities. As a reminder, all participants line 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 a touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms.<\/p>\n

Palak Shah maam. Thank you. And over to you.<\/p>\n

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

Hello everyone and welcome to Q4FY26 earnings conference call of Punjab National Bank. Today we have with us the management of the bank headed by Mr. Ashok Chandra, M.D. CEO Mr. Parma Sivan, Executive Director. Mr. Bibu Prasad Mahapatra, Executive Director. Mr. D. Surendran, Executive Director and Mr. Amit Komar Srivastava, Executive Director. With this introduction I would like to hand over the call to Mr. Ajay Kumar Singh, Strategic Management and Economic Advisory to read out the disclaimer statement post which the MD sir will address the conference.<\/p>\n

Thank you and over to you sir.<\/p>\n

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

Please go in.<\/p>\n

Ajay Kumar Singh<\/strong> \u2014 General Manager, Strategic Management and Economic Advisory<\/em><\/p>\n

Good afternoon ma’. Am. Just two minutes time is required. Just give us two minutes.<\/p>\n

Dilip Kumar Jain<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

There is just five minutes delay please. Please wait for five min. IT.<\/p>\n

Ajay Kumar Singh<\/strong> \u2014 General Manager, Strategic Management and Economic Advisory<\/em><\/p>\n

Sa. Yeah. At the outset. Let me read the disclaimer. This representation contains certain forward looking statements Apart from historical information. These forward looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward looking statements. Punjab national bank undertakes no obligation to update forward looking statements to reflect events or circumstances after the present date. Now I request MD sir to address the analyst. MD sir, please.<\/p>\n

Ashok Chandra<\/strong> \u2014 Managing Director & Chief Executive Officer<\/em><\/p>\n

Good afternoon ladies and gentlemen. Welcome to the Q4 and financial year 2526 analyst meet of the bank. During FY26 the bank delivered broad based sustainable performance across all core dimensions. Customer service, business growth, asset quality, profitability and operational efficiency. We met or exceeded our stated guidance for 202526 financial year across most key parameters. The only areas of variance were the CASA ratios and margins which were largely influenced by liquidity and interest rate dynamics. To drive growth, the bank is sharpening its focus on retail, agriculture and MSME segments through targeted outreach campaigns.<\/p>\n

A calibrated network expansion is complementing this. We added 144 branches in FY26 and plan to open 250 more in current financial year. These branches will be primarily in the southern and western regions. A new journal office in Bangalore has already been operationalized. To strengthen our presence and execution in the southern region. We are also leveraging digital enablers to accelerate growth and enhance operational efficiency. A key initiative is the Digi MSME prime schemes launched on our 132nd foundation day offering end to end digital MSME loan up to 10 crore.<\/p>\n

We remain highly vigilant on asset quality delivering a sharp reduction in both GNPA and nnpa. Our sustained focus on profitability has driven sequential growth in operating and net profit reaching their highest ever levels. Now I will touch upon the segment Wise Business Figures, Profitability Asset Quality First Business the bank’s financial performance for the period ending March 2026 reflects STD growth coupled with ongoing strategic realignment. Our gross Global business reached 29.7 lakh crore marking a healthy 10.7% YoY growth.<\/p>\n

On the asset side, advances grew by 12.7% YoY to 12.59 lakh crore. Despite 18,231 crore reduction in IGPC exposure which we have done consciously excluding the IBPC book, underlying average growth remains strong at 15% yui reflecting robust core business momentum. Our retail book excluding IBPC grew by 18.2% MSME by 19.9%. Agri priority sector witnessed growth of 16.2%. Future credit growth remains well supported by a strong pipeline. The bank sanctioned over 4 lakh crore in corporate credit lines during financial year 2526 with rupees 1.18 lakh crore still pending for disbursement.<\/p>\n

Global deposits of the bank have reached to 17.11 lakh crore up by 9.2% on a YoY basis. CD ratio of the bank is at comfortable level of 73.6% which gives us comfort to grow in advances while being mindful of raising high cost deposits on account of various customer centric initiatives and revamped products. The CASA ratio of the bank has stabilized at around 37% and was consistent around 37% in all the four quarters of the financial year. In CASA we strategically focused on enhancing our individual saving account balances.<\/p>\n

Over 35% of our customers are under 30 years of age giving us a strong foothold in the next generation segment. We are focusing on serving them across their financial life cycle with tailored digital first solutions driving long term relationship value. Coming to the profitability, our domestic NIM stood at 2.61% for Q4 whereas global NIM stood at 2.47%. In Q3 the impact of the December rate cut was limited to 26 days whereas in Q4 it played out over the full quarter. While we had anticipated an offset through moderation in deposit rates, deposit rates remained sticky and did not fully compensate for the compression in yield on advances.<\/p>\n

We expect the margins to improve moving forward and our NIM to witness QOQ increase from the level of Q4 2526. We expect our global NIM to remain in the range of 2.6 to 2.7 for financial year 2627. Operating profit of the bank increased on a sequential basis. Operating profits for the Q4 are 7500 crore as against 6776 crore for Q4 of 2025. This is witnessing a growth rate of 10.7% for the full year. There is a 9.2% growth well above the guidance of 8 to 9%. Net profit of the bank for Q4 of FY26 stands at 5225 crore as against 4567 crore for Q4 FY25 depicting a healthy YY growth of 14.4%.<\/p>\n

Coming to the efficiency ratio Efficiency ratios of the bank are increasing consistently. Our return on asset is at the level of 0.89% for FY26 as against 0.97 for FY25 as the bank has taken one time hit on account of switching to new tax regime in the Q1 of 2526. In remaining 3\/4 return on assets has consistently remained above 1% at 1.05% in Q2, 1.06% each in Q3 and Q4. Return on equity stands at 15.67% for FY26. Our tangible book value per share as on 31 March 2026 is 102.95 which was significantly improved from the level of 84.83 as on 31 March 2025.<\/p>\n

We are quite mindful of improving our cost to income ratio and the same has remained at reduced to 51.79% in FY26 as against 54.59% in FY25. Coming to asset quality Our asset quality is improving consistently and our GNPA has reduced to 2.95% as on 31st March 2026 from 3.95% in March 25th. Similarly, the net NPA percentage which was 0.40% in March 25th has reduced to 0.29% in March 26th. We are well within our guidance for gross NPA as well as net NPA ratio. Our PCR stands at 97.14% as on March 26 which is well above our guidance of more than 96% for financial year 2526.<\/p>\n

Total thread slippages during Q4 2026 was 2,674 crores as against 2,904 crore in Q4 of FY25. Our guidance for slippage ratio was to remain below 1% in FY 2026 and we are well within our guidance level as slippages ratio for the full year is 0.60%. Total recovery stood at 4,082 crore for Q4 2026 and for the financial year is 15,501 crore. Our recovery is 2.4X of the slippages in FY 2026. Reflecting our commitment towards improving asset quality, we have made additional floating provision of 270 crore on prudential basis in Q4 of this financial year of financial year 2526.<\/p>\n

I will provide and I will talk about some underwriting standards. I will provide analysis on underwriting standards which will provide confidence regarding the asset quality and underwriting standards of the bank. From 1st July 2020 to 31st March 2026 almost 5.75 years, we have sanctioned around 14.28 lakh crore loans out of which we have disbursed 12.46 lakh crore. The outstanding in this loan as on 31st March is 8.75 lakh crore which is close to 69.5% of our total outstanding loan book. The NPA in this book is hardly 5034 crore which is only 0.40% of the disbursed amount under phase underwriting.<\/p>\n

I will talk about the capital. Our Capital adequacy is 17.74% as on March 2026 compared to 17.01% as of March 2025 which is 73 basis points above March 2025. Our CET1 capital stands at 13.62% against the regulatory requirement of 8%. Tire1 capital stands at 15.15% against the regulatory requirement of 9.5% and Tire2 capital stands at 2.59% as on 31st March 2026. More than 85% of the total externally rated advance above 25 crore and above A rated and more than 52% are AAA rated which indicates our balance sheet strength from risk point of view.<\/p>\n

Institutional participation has strengthened progressively throughout the year underpinned by our proactive and structured investor outreach across both global and domestic markets FYI holdings increased from 5.71% to 6.39% while domestic investors and mutual fund shareholding rose from 14.67% to 15.95% signaling rising conviction in bank strategy, performance and future trajectory. I will talk about Digital banking. Punjab national bank is rapidly evolving into stepfather financial powerhouse, leveraging advanced AI, machine learning and analytics to drive unprecedented operational efficiency and growth.<\/p>\n

We have established end to end digital journeys across most lending products which are being leveraged to scale digital lending and drive growth. We have sanctioned and disbursed more than 20,873 crore through digital mode in Q4 to 4.8 lakh customers. Every third loan is being sanctioned in digital mode in our bank on gross basis bank has crossed a digital sanction of rupees one lakh crore demonstrating commitment for faster technology enabled credit solutions. The digital first approach has shifted the landscape of the bank’s operations with digital transactions now accounting for more than 95% of all transactions.<\/p>\n

The flagship PNB1 mobile app leads the charge offering 350 plus features and enterprise grade security like mobile threat detection and SIEM binding. There is a very good traction in our corporate mobile app PNB1 business which serves to 3 lakh customers with more than 200 features. Number of WhatsApp banking users has grown by 77% from 61.5 lakhs as on March 25 to 1.09 crore as on March 26. Combined with a robust WhatsApp banking platform and an Internet banking ecosystem, PNB is delivering a highly accessible, secure and automated banking experience built for the scale of modern India human resources.<\/p>\n

Under our UDAN Transformation Initiative, the bank is driving growth through a robust objective performance framework aligned with strategic priorities. We have revamped the digital performance management system to strengthen accountability integrating new age metrics such as conduct risk and customer feedback alongside launching the UNATI path to accelerate women’s leadership development. We have also announced the tentative dividend. I think we need to wait for the AGL approval but board has approved three rupees for every two rupees of the face value.<\/p>\n

The shareholding almost it comes to 150% of the face value. While concluding Punjab national bank is sharpening a strategic focus on core franchise strength with targeted efforts to build a stronger Kafa base and expand the RAM portfolio supporting better margins and operating efficiency. A disciplined approach towards risk management anchored on containing slippages and accelerated recoveries continues to reinforce asset quality trends while digital and workforce transformation are reshaping operational operating capabilities.<\/p>\n

Bank has extended three important verticals. Credit card cash management services and supply chain finance. We will see lots of transactions in current financial year in these segments. With these structural levels in place, the bank is poised to sustain growth momentum and progressively strengthen its competitive positioning across all the segments. Thank you very much. Along with me, all my security directors and the top management of our bank is there here. And I welcome any clarity or any query or anything which you would like to discuss about the financial result of our bank.<\/p>\n

25:26. Thank you very much.<\/p>\n

Questions and Answers:<\/h2>\n

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

Thank you very much. We’ll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. The next question. The first question is from the line of Ashok Ajmera from Edgephone. Please go ahead.<\/p>\n

Ashok Ajmera<\/strong><\/p>\n

Yeah. Thanks for giving this opportunity. Compliments to Ashok Dhanaji and the entire team of the Punjab national bank for achieving most of the. I mean parameters guidance on the main most of the parameters. And especially very heartening to note that the credit growth for FY26 has been 12.7% which is better than even the guidance which was given. And everybody was apprehensive about that which you achieved. Very good, even reasonably good deposit growth also and good business growth also. Having said that sir, I have added a couple of data point and some some discussion some comments of yours on a few points.<\/p>\n

So if you look at the slippages in this quarter, the slippages in this quarter had gone up little bit higher by almost about 800 crores. And SMA2 numbers have come down from 1800 crore to 450 crores in which measure is MSME and agree which has come down. So does it mean that many of these account have slipped because you have given only SMA2 numbers. So we would like to also know the overall color on the SMA book because of the present situation and also about the slippages. This is the first question sir.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Thank you very much Ajmera sir, first I will touch the three pages part. See in this financial year the slippages is 2758 crore. And if you compare it with the last financial year 2425 that time the slippages was 3001 crore. Almost 3000 crore. And we have seen the trend almost every year. Q4 because of the review renewal that falls in this particular month, the quarter from January to March and most of these MSME loans and AGRI loans that comes for the review renewal and because of those things in this particular quarter there will be slightly elevated slippages will happen compared to the Q1, Q2 and Q3.<\/p>\n

But still if you see the overall slippages which has happened in the bank it is well within the guidance which we had given 0.60% our guidance was below 1%. So we have kept the slippages fully under control. And I will give you the figure also in the retail 439 crore has slipped compared to 490 crore had slipped in 2425. In the same quarter agri it is 1069 crore which was 1400 crore which has slipped in 2425 and MSME 1100 crore whereas it was 995 crore. So almost in all parameters we have brought it down and it is fully under control.<\/p>\n

Absolutely. There is no challenge. Now SMA 2 you have mentioned that 5 crore which we have given in the analyst presentation. But I will give you what is the total SMA012 the actual number is 3.30%. It is lowest ever in our bank now so the everything is fully under control. Retail it is 8.21%. Agree it is 3.06%. MSME it is 6.43%. Others it is 0.28%. So almost all segment put together grand total is only 3.30% for SMA012 irrespective of the amount.<\/p>\n

Ashok Ajmera<\/strong><\/p>\n

Yes, the point well taken sir. And you explained it very well sir this now ECL guidelines have been finalized by rbi. So we have been talking about it for last four to six quarters about the preparedness of the bank, every bank on the ecl. So now the guideline having come out in full and final where do we stand to take care of the additional provisions which will be required? Like you already said that you have got a floating provision additional of 2045 crore. Is it to take care of the ECL provisions only and how are we prepared and how do we plan to take care of that in the coming years?<\/p>\n

Ashok Chandra<\/strong><\/p>\n

If you see our capital position and the CRAR and the CET1 both the parameter the capital is 17.74% in the CRAR and the CET1 is also 13.62%. So we have enough cushion to take care of any requirement which will come on account of implementation of ECL from first April 2027. That is first thing. Second keeping in view that additional provision which is likely to come we have already kept more than 2000 crore which already you have also mentioned 2045 crore in precise it is kept for the floating provision that can take care of by ECL requirements or any eventuality which comes because of the Middle east crisis or anything.<\/p>\n

So we have enough room to take care of anything which happens in the system. And since I have already mentioned the underwriting standards of our bank and the SMA position so we do not see any much challenge in implementation of the ECL from first April 2027.<\/p>\n

Ashok Ajmera<\/strong><\/p>\n

Okay, one thing I observed in the in the employee cost which has gone tremendously I mean down as compared to the last quarter of 5,089 crore to 3,747 crore. Does it mean that in the earlier quarters little more provision for the employee cost I mean were taken or is it because of the rate change in the pension and other this thing. What is the reason which can be for 1,342 crores reduction in this quarter and which is added to the profit and having. If that would not have been there then our profitability would have terribly affected.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

See in the financial ratios there is always if and things will be there. If this happens, see how I will tell you why and how it has happened. One is there is some additional provision which was kept during the Q1, Q2 and Q3. Definitely some blowback has happened because of the additional thing as 15 also what has happened? Bond yield has gone up. Now if it would have reduced it would increase my treasury income. Now my treasury income is very very subdued in this quarter. So impact will be there.<\/p>\n

So that impact has come on the AS15 positive way. So in the entire system somewhere some challenge will there somewhere some opportunity also will come. Now in the Q1, Q2 and Q3 we had calculated as per the yield which was prevailing at that point of time. Now the yield had hardened so that has affected my treasury income. But that has put me in the gain by the actual calculation which has happened through the actuarian. So we need to see the overall how the bank is performing. And it is not a one time the operating profit has happened in this particular order.<\/p>\n

See Q1, Q2, Q3, Q4 all four quarters we are more than 7,000 crore of operating profit more than 5,000 crore of the net profit we are giving. So it is the consistency will be there and you see our chart whether it is a net profit, operating profit or the roa all those ratios if you see very very consistent Growth is there and I can assure you to you and your entire investors who are here that this consistency will be there in the system.<\/p>\n

Ashok Ajmera<\/strong><\/p>\n

Yes sir, quite well taken. The treasury income has gone down and that is what is reflected here in the because of that reduction the treasury income loss is offsetted by the reduction in the employee cost. One thing we again see in the taxation also sir, in the first quarter the hit was taken of 5083 crores coming into the new regime. But thereafter it is 1700 crore, then 1200 crore, then again now 1852 crores. So, so is that some other sectors? Because in this quarter the profit before tax has increased only by 745 crore.<\/p>\n

On that the tax is increased by 621 crores. Almost 90% of the 85% of the additional profit before tax. So is there any still some. Some items which are going in the tax or some of the items which we do not know about?<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Yeah. I will ask my CFO Mr. Grover to answer this question.<\/p>\n

Raman Grover<\/strong><\/p>\n

Sir, last quarter our. This rate of. Actually we are paying at the rate of 25.168% last quarter quarter three so it was 19.44%. We also conveyed earlier in this investor miss that quarter three we got a refund of about 506.01. It was not a refund, it was a release of the earlier provisions which were made in anticipation of our higher tax outflow. So last quarter was this reversal and this quarter 26.16% is our rate against our 25.168%, 25.16% premium.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Even beyond 25.17% also it is more by about 6070 crore but anyway….<\/p>\n

Raman Grover<\/strong><\/p>\n

26.16%<\/p>\n

Ashok Ajmera<\/strong><\/p>\n

Okay, okay sir, now one point last is on the NIM that you had given a very good target of the NIM of 2.8 to 2.9% but we have landed up to 2.57% and that is what is the scenario. I mean everybody is under that pressure. But going forward, you have given the 2.6 to 2.7. Can we not think of again giving the guidance of 2.8 or 2.9 something and try to achieve it rather than slimming down or loading down the NIM target. This is one second is last is now what is happening in the West Asian crisis, the war which is going on between Iran and USA and Israel.<\/p>\n

Have you started seeing any impact on our account especially the MSMEs? Some pressure is being seen or we are almost neutral on that or muted on that.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

I will touch that. See we could have done that 2.8 to 2.9. But considering the prevailing situation which is there and the deposit rate which is still at a very elevated level even in the first month and first quarter of this financial year also we do not see much change happening in the deposit front as far as the rate is concerned. Deposit is available. There is no challenge in the liquidity rate is little bit high and you are seeing the totally environment the bond rate is very high. So things are totally different at this point of time.<\/p>\n

So we thought that instead of giving 2.8, 2.9 and showing a very rosy picture and coming down we thought let us keep that 2.6 to 2.7. We will watch the situation for Q1 and Q2 and then if it is any required to be modified we will do. We will take a call in the third quarter of this financial year. Now coming to the stress as of now we have not seen any challenge in our book now in fact we had interaction with my exporters and importers of the all these affected areas and we had conducted twice a webinar with all those people.<\/p>\n

And we have also told them that any challenge which comes in the system we are there to protect them, we are there to help them and any such eventuality comes definitely bank is there to take care of those requirements.<\/p>\n

Ashok Ajmera<\/strong><\/p>\n

Okay sir, thanks a lot sir.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Absolutely no challenge.<\/p>\n

Ashok Ajmera<\/strong><\/p>\n

Thanks a lot sir. And all the best to you sir. Thank you.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Thank you. Thank you.<\/p>\n

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

Thank you. The next question is from the line of Maru Ajania from Tara Capital. Please go ahead.<\/p>\n

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

Good evening. On your provisions, see earlier also there was a write back from ILFS one of the accounts and you had not taken it into the numbers. And now other banks this year have this quarter have taken another account, you know Sterling Biotech in their numbers as a write back have we accounted for the write backs on these two accounts in our numbers. Now were they both accounted for in 4Q and under which Line item.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Sterling has been factored? Madam, Sterling is technically right of account. So that amount is factored in our operating profit. The ILSS still it is in the standard provision. It is kept. We have not taken up in our the operating profit. So we will see that maybe Q1 or Q2 depending upon the situation we will take back in the operating profit.<\/p>\n

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

And there was a reversal in your standard asset provision also this quarter. Right? It’s a negative number. So what was that for?<\/p>\n

Ashok Chandra<\/strong><\/p>\n

That is because of the 7 June circular implementation the restructuring which we keep it or the and the account gets upgraded. So those things the. The reversal happens yeah. NPL also reversal has happened because of the RBI modified guidelines.<\/p>\n

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

No, no. Sorry, I didn’t get that. Sorry. Sir, could you please explain? Explain again.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

There was a release of 727 crore which was kept in the standard account provision because of the large borrower account framework Under The guidance guidelines of RBI which the RBI modified that guidelines and it was effective from 1st January 2026. So because of that there is a release of 727 crore in the standard account of provision as happened.<\/p>\n

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

Got it sir. Okay sir. So these were my questions. If I have more, I’ll come back. Thank you.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Yes ma’. Am. Thank you.<\/p>\n

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

Thank you. The next question is from the line of Jain Karate from Access Capital. Please go ahead.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

Thank you, sir. So first question is on the lcr. What was the average LCR during the quarter and what is the comfort for the next year at what levels we want to run it<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Around 125% we would like to keep it. And we are at the almost at the same level as on March 26th. 125%.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

Great. So the second question is in your guidance I can see that you are building in a NII growth of 7%. Despite the fact that you expect NIMS to be slightly better and credit growth of 12 to 13%. Which means essentially you are running down your non loan assets. Right? It could be investment book or others. But your LCR doesn’t have that headroom. So how do you plan to achieve that?<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Two things which we are planning now and we are already started working on that. One is if you see the CASA growth and especially in the CASA SB individual there has been a very significant growth has happened. 9.2% growth has happened in the SB individual fund which is the core deposit. And last year lot of initiative in the bank has taken entire CASA of products of the bank was revamped and more than 40 lakh new quality accounts were opened. And in that good traction has happened. Because of that 9.2% growth has happened.<\/p>\n

And we are expecting in those accounts further accretion will happen and the new account will get opened. So one is that we are expecting the good attractions should happen in the CASA deposit this quarter. Second is the retail term deposit. The bank is putting lot of focus now because of these two things. We are expecting that cost of deposit going forward it will come down. Second important from the asset side is that we have started putting last year onwards focus on mobilization in the ramp portfolio, retail, agri and MSME.<\/p>\n

And we have seen the impact that is happening. 20% every quarter there has been a growth in the MSME front. And we know that MSME is the largest contributor and highest contributor in the profitability of the bank. Not only our bank, in all the banks high yield will be highest in the MSME segment. So there we want to build up a good portfolio. Second is the agri sector. We have grown at 16%. In the agri priority sector, retail we have grown at 18%. So core retail, agri and MSME. Last year lot of activities have happened, lot of outreach plants have happened.<\/p>\n

And because of that this growth we have seen and this momentum is going to continue in this financial year. Also already in the first month itself, massive outreach activity for the retail has happened. In the more than 200 centers we have mobilized 9,000 crore of the retail portfolio. In the lead we have generated. 27th of April we had the MSME outreach activity at MSME clusters at 200 centers, 220 centers in the country, we have mobilized 21,000 crore of lead under that MSME segment. And then 8th March we are going to have a agreement, the expo at more than 200 cents.<\/p>\n

So these are the activities which we are doing it so that the dependency on the corporate loan book as of now, which is there to the extent of around 46 to 47% we want to bring that share down to. In the long term it is 40%. Short term it is 42%. And in the RAM we want to bring it to 60% in the long run and around 58% in the this financial year. So if that composition happens automatically my yield on advances will go up and that will contribute in a bigger way in our NII.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

This would be baked in your NIM guidance of 2.6 to 2.7, right?<\/p>\n

Ashok Chandra<\/strong><\/p>\n

We are definitely. Yeah, yeah, definitely we are going to do this.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

I’m just trying to understand why would you guide for an NI growth of only 7% then when you’re expanding, expecting NIM expansion and 12, 13% credit growth.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

You are talking about NII. Okay, now see, see. When. When we are talking about this growth to happen and it is not that the entire scenario will get changed when I. When my NIM will be in the range of 2.6 to 2.7. So I don’t think and we should not expect that NEEM will grow at 10 to 12%. It will not happen. So if my name is just a growing by 10 basis point improvement is going to happen, then definitely I think the NII also will be in the same range. We are going to Revisit because of the present situation, we have kept this for the next two quarters.<\/p>\n

We will watch the situation. How the deposit rate happens in the system and how the credit outflow happens. And based on that we will revisit in the month of October.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

Sir, just one data point. I don’t know if you given already what was the adjustment in the employee cost on the yield hardening the amount<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Total impact of positive impact is 2121cr.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

2121crores.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Yeah.<\/p>\n

Jayant Kharote<\/strong><\/p>\n

Thank you very much.<\/p>\n

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

Thank you. The next question is from the line of JJ. Mundra from ICICI Securities. Please go ahead.<\/p>\n

Jai Mundhra<\/strong><\/p>\n

Yeah. Hi. Good evening, sir. Continuing from the previous question, sir, it looks like mathematically you know the guidance if you were to break down. So loan growth will remain at 12, 13%. And NII we are saying will be lower than credit growth. So then mathematically MIM should decline. Right? So how these three things tally? If the nii. If the. If the NII growth is lower than credit growth then ideally your NIM should decline. Or if NIM is expanding then NII group should be higher than credit growth.<\/p>\n

So that is the question, sir. Or are the MIN number is exit quarter. Though it does not look like that. But just wanted a clarity there.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

No, no. See, we have kept this NII at 7% as a conservative level. Because the portfolio under the deposit and portfolio under the asset side. Still a lot of things have to happen in the system. See, our over a RAM growth ramp share in the overall credit is around 54%. Now in this financial year we are trying to at least from 54 to 56, 57%. We are trying to reach. Now if that happens there will be some improvement in our yield on advances. Because as of now bank is totally. We were towards the corporate side.<\/p>\n

We had in fact one year back we were having around almost 49, 50% in the corporate loan book. Which we have brought it down to around 46% now. So the moment my corporate loan book starts coming down and it comes to around 40% and the ramps there becomes 60%. I think the lever of the NII will definitely it will improve now. Because then we will have a total visibility that what rate we have quoted and what rate that the asset is started. I think that is going to continue. Corporate loan book. Every day there is a challenge.<\/p>\n

So there is uncertainty in the corporate loan book. And that is the reason we can’t forecast that my NII can grow at 12 to 13%. Since our credit growth is happening at 12 to 13%, that doesn’t happen. So we need to rebalance and redesign our portfolio in such a way that there has to be sustainable growth in the interest side. It should be there. So that is the reason we have kept conservative level at the NII level.<\/p>\n

Jai Mundhra<\/strong><\/p>\n

Okay, sure. And secondly sir, this portfolio, core retail, core RAM and the reported RAM, it looks like that IBTC portfolio is still 70,000 crore. Is that the number broadly correct? Sorry. No,<\/p>\n

Ashok Chandra<\/strong><\/p>\n

No, no. It has come down to 32,000 crore now.<\/p>\n

Jai Mundhra<\/strong><\/p>\n

Okay. And this will come down to almost a negligible level by let’s say FY27 India.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Yes, yes, yes. See last year almost 19,000 crore we have said. And that too in the retail segment because this was all the low yielding advances. So despite that we have grown at a reasonably well. So what we are doing it. We are going to replenish all those IVP at whatever is there at the lower range and around 18 to 20,000 crore. Further it will be reduced. We want to totally come out of this IVPC business. In fact, going forward, a lot of things you will see happening in the retail aggregate and MSME side.<\/p>\n

The core activities.<\/p>\n

Jai Mundhra<\/strong><\/p>\n

Right, Right. No sir, I’m just looking at the slide 10. So which says that retail two 80,000 crore and retail excluding IBCC is 251. So roughly 29,000 there and agree and agree ps. Okay, so only agree ps is priority sector. Right. The difference is not the IBCC. The only IBCC sitting is only in detail.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Okay. It is only.<\/p>\n

Jai Mundhra<\/strong><\/p>\n

Sure, sure. Okay sir, Sorry. Coming back to main question. So there are two components. One is yield which you explained. As the score core retail portfolio improves there will be uptake in the yield. On the cost of deposit side, this quarter the cost of deposit has only declined by 4 basis point. Maybe there was some activity on the wholesale bulk deposit short term also. So how should one look at cost of deposit? Will your cost of deposit keep declining or they will stay? They will be broadly stable or they will start moving up.<\/p>\n

How to look at cost of deposit?<\/p>\n

Ashok Chandra<\/strong><\/p>\n

I think we are seeing and we are very closely watching our incremental cost of deposit. And I have compared the January, February, March and April 30 April there had been some decline happening in the incremental cost of deposit. And that is one part. Second part is that 24, 25 we had one special scheme which I had mentioned last time also 7.25% and 7.75% people for days. Almost 95% of those things also have been repriced by end of the Q4. So what was the new deposit which we are garnering it and that too if it is happening at a lower cost.<\/p>\n

So we are expecting that the Q1 and Q2 definitely there will be some improvement count of this in our in our NII. So maybe around. Around 5 basis point. I’m expecting that definitely some improvement it will happen in the cost of deposit side.<\/p>\n

Jai Mundhra<\/strong><\/p>\n

Right? Right. Sure. And secondly sir, on let’s say on the SMA book and ECL, sir, last quarter we had said that 9,000 to 10,000 crore was the provisioning shortfall as per the draft guidelines. Now if you had a chance to look at the final circular, does that ECL transition impact of 9 to 10,000 crore does that broadly number remains or there is a revision to that?<\/p>\n

Ashok Chandra<\/strong><\/p>\n

I think for the final number I think we just wait for another two quarter because already we have onboarded the digital platform now and the modeling is also in place. But I can assure you one thing that the credit, the capital adequacy which the bank is having and the provisioning, the floating provision which we have kept it is sufficient to take care of my ECL requirement which will start from the 1st of April. Absolutely. We don’t see any any challenge and any the threat on our balance sheet at all.<\/p>\n

Jai Mundhra<\/strong><\/p>\n

Right? No sir, capital is very robust, maybe all time high and that NPA anyway has been coming down.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

And one more thing I will tell you towards this capital side. See last year we had taken permission for 4,000 crore CET1 and 4,000 crore of 81. 8,000 crore of capital raising which we had planned and we had taken the approval from the board and we didn’t get a opportunity or didn’t feel that we should go to the market and we have not raised any capital last year despite that 5489 crore got matured 81,495 crore and tied to 5000 crore maturity was there with all those things and not raising the capital. Our Capital position is 17.74% now.<\/p>\n

So to some extent the interest which we were paying on these bonds also we have calculated that how much additional gain which we are going to happen because of non raising of the bond. That amount is coming to around 175 crore that accrual will happen in this financial year. So we are very mindful and in fact this year also 5890 crore 81 bond plus Tire 2 is they are completing now and we are not going to raise any capital.<\/p>\n

Jai Mundhra<\/strong><\/p>\n

Okay, sure. Enter if you have this number in Absolute rupees crore for SMA 01 and 2. You had given 3% for total. But I just needed the 01 and 2 separately at the bank level.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

I will give you.<\/p>\n

Jai Mundhra<\/strong><\/p>\n

Yes, sir. Then I had one question to you. Yes sir.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

What you want a retail segment wise one or SMS012? You want<\/p>\n

Jai Mundhra<\/strong><\/p>\n

012, Sir.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Okay. SMS0 is 24,643 crore.<\/p>\n

Jai Mundhra<\/strong><\/p>\n

Okay.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

SMA1 is 13,970 crore. And SMA2 is 2922 crore. All put together it is 41,534 crores. 3.30%. This is irrespective of amount.<\/p>\n

Jai Mundhra<\/strong><\/p>\n

Right?<\/p>\n

Ashok Chandra<\/strong><\/p>\n

It is the entire SMS 012 portfolio.<\/p>\n

Jai Mundhra<\/strong><\/p>\n

Right. And last question, sir. On AFS reserves, right. So we have had some, I think 500 crores of revaluation. A negative number. But last quarter we also had one listed investment which keeps fluctuating. So was it due to that? And what was the change in AFS reserves? I mean what is the outstanding AFS result as of March 31 versus maybe December 31?<\/p>\n

Ashok Chandra<\/strong><\/p>\n

It is only because of that particular asset which you are mentioning. Mainly because of that only the fluctuation has happened. One is it only.<\/p>\n

Jai Mundhra<\/strong><\/p>\n

Okay. But we had taken the MTM him in last quarter also. And then this again we had a MTM hit. What<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Has happened March 6th. What has happened? Because of the. The crisis market had deeply. It has fall down in that particular day. And we take the figure as on March 26th. So. And now it has. It has gone up now. So that is the challenge in the system.<\/p>\n

Jai Mundhra<\/strong><\/p>\n

Right? Right answer. You save the number for outstanding AFS result as of March and maybe as of December. That will be it from my side, sir.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

AFS reserve will give. You can give now. Yeah, we’ll give you. We’ll give you,<\/p>\n

Jai Mundhra<\/strong><\/p>\n

Sir. No problem. I’ll take it from. Thank you. Yeah,<\/p>\n

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

Thank you. The next question is from the line of Param Subramanian from Investec. Please go ahead.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Yeah. Hi, good evening sir. Thanks for taking my question. Sir. Firstly on the ecl I think you spoke about the one time adjustment. You know, rough numbers about that. But on a say on a run rate credit cost basis, have you evaluated what can be the impact? So like you’re saying like credit cost is below 0.4. Is your guidance for FY27. But if you were to implement ECL, how much say would the impact be on your run rate credit cost?<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Yeah, yeah. We have roughly calculated and I will tell you that for ECL. Let us wait for another 2\/4 by July I think we will have a very clear visibility that what is going to happen in our system but calculation which we have done we are perfectly in line with the capital requirement what is to be done and the asset quality what should be there. We are perfectly. We don’t have any challenge floating provision. We have already kept more than 2000 crore 2045 crore so calculation which bank has done we are able to meet all those things which is going to happen in the system from first April 2027 actual number.<\/p>\n

Let us wait for some time and then we will discuss about the actual number which is there in the system<\/p>\n

Param Subramanian<\/strong><\/p>\n

Just a follow up on that I think capital I think we. We appreciate right that you are very well capitalized but the question is more how it affects your ROA will you be able to deliver over 1%? Yes, yes<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Absolutely. Why? I will tell you we have 97% PCR right?<\/p>\n

Param Subramanian<\/strong><\/p>\n

Yes.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Stage 3 I think sufficient releases can happen in the system now once we get. Once the ECL gets implemented so having 97% PCR 2000 crore of floating provision in the system and 17.477 for the capital adequacy I think these three things should give the confidence to all the investors that perfectly bank is in a very very comfortable position.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Perfect sir<\/p>\n

Ashok Chandra<\/strong><\/p>\n

That too has to be implemented in five years. We don’t require five years; I can tell you we will do it in one or two years itself.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Perfect. I look forward to the more detailed you know numbers that you’ll discuss from next quarter, sir. Secondly, on your NIM so last quarter you had given this. You know, on TD repricing, you had given some rough numbers that 70% of your term deposits had repriced. Where are we now roughly.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Now Those higher. Those. Yeah those special deposit which I had mentioned in our previous call that is almost 95% have been repriced in the end of March but we have not seen much the traction happening or the reduction happening in the cost of deposit because what has happened. We were expecting that the February and March the deposit rate will come down because of the reported cut and the inflation scenario but that has not happened in the system still the deposit rate is little bit elevated so that is one of the reasons why the impact we are not able to see in our NII and the neem But I will tell you incremental the deposit.<\/p>\n

Incremental deposit which we are mobilizing it in the month of February, March and April every month there has been reduction now of course two to three Basis point reductions are happening every month.<\/p>\n

Param Subramanian<\/strong><\/p>\n

So this improvement in name that you’re Talking about to 2.6 to 2.7 will mainly be funding cost but. Or it will mainly be the mix shift you are talking about on the loan book. I’m<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Talking one is the deposit side and second is the RAM share which we are planning to increase and the activity which we are doing it both side it will improve.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Fair enough. So one last question sir on the wage revision. So finance ministry has started, you know asking the public sector banks to start the negotiation. So by when can we, you know and where are we positioned? Say if you have any rough numbers that we can talk about. Yeah.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

See the due, the wage revision due itself is the 1st of November 2027.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Yes.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

So financial year 2627, it doesn’t impact at all.<\/p>\n

Param Subramanian<\/strong><\/p>\n

So it is not. You will not start making provisions for this.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Not.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Okay. Okay. Fair enough. So thank you so much and congrats on the quarter. Thank you.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. The next question is from the line of Ashleshonjay from Kodak securities. Please go ahead.<\/p>\n

Ashlesh Sonje<\/strong><\/p>\n

Hi sir, good afternoon. Firstly just a clarification on the AS15 provision number you gave of about 2100 crores. Is that the amount of. Amount of provision that you have reversed in this quarter? So it was a negative provision which you made in this quarter?<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Yeah. Correct. My CFO will respond to you.<\/p>\n

Raman Grover<\/strong><\/p>\n

Sir, we have a total provision of 1814 crore in AS15 for this financial year there was a reversal but not to that extent. It was in three digits only. It was up to 736 crores.<\/p>\n

Ashlesh Sonje<\/strong><\/p>\n

Okay. But in this quarter the provision towards AS15 was a negative 2100 crores. Is that understanding correct?<\/p>\n

Raman Grover<\/strong><\/p>\n

No. No it’s not. I tell you first quarter it was 1185 crore. We made the provision. Second quarter quarter we again made a provision of 700 crore. Quarter three again we made a provision of 700 crore. And this time because of the hardening of the government security rates there was no need of making the further provisions in AS15. So we treated as a prepaid AS50 to the extent of 736 crores. And the balance 1814 crores has been booked as an expenditure in the employee cost. Sir.<\/p>\n

Ashlesh Sonje<\/strong><\/p>\n

Understood. Okay. Sir. Secondly If you can share what is the average yield on your corporate book versus the average yield on the RAM book so that we can get a sense of how much benefit you can get from a loan mix shift.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Yes. Corporate yield is 7.55% and MSME yield is 9%. And if you see our domestic Yield that is 8.23% So corporate Loan book gives us lower than the domestic yield of all the sectors.<\/p>\n

Ashlesh Sonje<\/strong><\/p>\n

Understood, sir. Got it. Thank you, sir. Those are all the questions.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Thank you.<\/p>\n

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

That was the last question for the day. I now hand the conference over to the management for closing comments.<\/p>\n

Ashok Chandra<\/strong><\/p>\n

Thank you very much to all the esteemed the investors and analysts I think the way you are reposing fifth in our bank on behalf of the entire bank I can assure you that we have a very, very robust system in place and we are mindful of growth, profitability and asset quality. I think the faith which you have maintained I request that you maintain the same trust and confidence in pnb we will continue to give the very consistent profit performance. Thank you very much.<\/p>\n

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

Thank you. On behalf of Alara securities that concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Punjab National Bank (NSE: PNB) Q4 2026 Earnings Call dated May. 05, 2026 Corporate Participants: Ajay Kumar Singh \u2014 General Manager, Strategic Management and Economic Advisory Dilip Kumar Jain \u2014 Chief Financial Officer Ashok Chandra \u2014 Managing Director & Chief Executive Officer Raman Grover \u2014 Chief Financial Officer Analysts: Palak Shah \u2014 Analyst Ashok Ajmera […]<\/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-182353","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":166837,"url":"https:\/\/alphastreet.com\/india\/pnb-q3-2024-2025-call-highlights-stable-deposits-lower-credit-costs-and-digital-milestones\/","url_meta":{"origin":182353,"position":0},"title":"PNB Q3 2024-2025 Call Highlights: Stable Deposits, Lower Credit Costs and Digital Milestones!","author":"Praveen","date":"February 12, 2025","format":false,"excerpt":"Punjab National Bank, the second largest public sector bank in India in terms of business volumes, in its Q3 earnings call outlined the bank's stable growth path, targeting 13-14% credit growth with strong asset quality (97% provision coverage ratio). The bank saw lower other income in Q3 due to reduced\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":149845,"url":"https:\/\/alphastreet.com\/india\/punjab-national-bank-q1-2024-earnings-stay-tuned-for-the-live-earnings-call-and-real-time-transcript\/","url_meta":{"origin":182353,"position":1},"title":"Punjab National Bank Q1 2024 Earnings: Stay tuned for the live earnings call and real-time transcript","author":"Karan_Singh","date":"July 25, 2023","format":false,"excerpt":"Punjab National Bank is India's first Swadeshi Bank. PNB is a Banking and Financial service bank owned by the Government of India with its headquarters is in New Delhi, India. It is the Third largest PSU after IOB in India. 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Mallikarjuna Rao -- Managing Director and Chief Executive Officer Analysts: Bhavik Shah -- Batlivala & Karani Securities -- Analyst Sandeep Agarwal -- Naredi Investments -- Analyst Mahrukh Adajania -- Elara Securities -- Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"stock earnings conference call transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=525%2C300&ssl=1 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