U GRO Capital | An OverviewOctober 2020
The Indian SME Lending Market
A large yet untapped market opportunity
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The Indian Government is looking to bolster the MSME sector to greatly increase financial inclusion | The MSME Credit Gap is a barrier to growth and inclusion in the MSME space | U GRO is targeting the Credit Gap using an innovative mix of Knowledge + Technology
3
Small Businesses in India Face a Severe Credit Availability Problem
US$300B | SME Credit Gap
50MMSMEs in India
$560BGross Value Add
10%MSMEs with Access to Credit
29%(2019)
MSME Contribution to India’s GDP
50%(Proj. 2024)
111M(2019)
Number of People Employed by MSMEs in India
150M(Proj. 2024)
The Government of India has proposed the above aggressive growthtargets for the MSME space and has installed significant incentives forIndian MSMEs. These include a favorable tax regime, interestsubvention, and the MUDRA and CGSTME schemes.
287.1338.5
642.941.4 10.0
Banks NBFCs Otherinstitutions
Total FormalSupply
TotalAddressable
Demand
$ B
Potential Addressable Credit Gap: $304.4B growing at 7%+ per annum
Difficult to understand businesses/cash flows
Fragmented set of customers
High dependence on the ecosystem
Lack of data
Challenges in lending to the SME segment…
High cost of customer acquisition
4
?
…leading to a Frustrating Borrowing Experience for Small Businesses
Time consuming offline process
Non-tailored credit assessment
Rigid collateral requirements
Product mismatch
Traditional Lenders continue to find mid market and large corporate more rewarding – not necessarily true!!
Traditional Lenders remain unfocused on SMEs due to Business Model Diversity
U GRO Lies at the Intersection of Technology Focused and Specialized NBFCs…
Fintech PlatformsSpecialized NBFCs
Sector Specialization
Product Specialization
Geographical Specialization
Supply Chain Platforms
Digital Lenders
Off-Balance Sheet Lenders
U GRO intends to create a specialized, scalable platform optimized for end-to-end lending5
▪ Scale a challenge
▪ Restricted to niches
▪ Opex heavy models
▪ High credit costs
▪ Liability challenged
▪ Mostly loss making
…Leveraging the Best of Both Worlds to Create a Truly Scalable Lending Model
Traditional – Fin-Touch Alternative – Fin-Tech
Adopting a hybrid model comprising best practices of
traditional lenders and modern fin-tech companies
Traditional credit assessment models like CIBIL scores
Alternate credit assessment models leveraging analytics + publicly available data
Physical processes such as visits to customersLeverage technology to automate processes
thus reducing manual errors
Focus on collateral driven lending Unsecured credit solutions
Limited to term loans Variety of loan products
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The U GRO Incarnation
The Assimilation of Aspirations
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Our Mission
‘To Solve the Unsolved’
India’s $600B+SME Credit Availability Problem
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U GRO Capital | Who We Are
Knowledge Technology
Large Institutional Capital~$130M Of Equity Raised
Strong Corporate GovernanceBoard Controlled, Management Run
Experienced Management Team250+ Years of Experience
A highly specialized, technology enabled small business lending
platform
Deep domain expertise of target segments to better understand the customer
A scalable, data driven approach to ensure
dissemination of knowledge
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26 years of experience in providing strategic direction to institutions across the financial services domain
Mr. Shachindra NathExecutive Chairman and Managing Director
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Lending Capital Markets Asset Management Insurance
SME LendingSaw the evolution of India’s 4th largest Non-Banking Finance business, focused on SMEs with a book size of over USD 2.3 billion
Housing FinanceStarted the housing finance arm focused on funding the affordable housing segment
Retail BrokingCreated a platform with over 1,350 points of presence across India
Wealth ManagementJV with Macquarie providing wealth management solutions to ultra HNI clients
Investment BankingMid-market focused institutional equities and investment banking platform with presence in 8 countries
Asset ManagementLargest alternative asset management out of India : Over $ 21 B of AUM with presence across the US, Europe, Asia and Africa
Marquee funds included Northgate, IBOF, Landmark Partners and Quadria Capital
Life InsuranceLife insurance JV with AEGON NV of the Netherlands
Health InsuranceOne of India’s first specialized health insurance companies which achieved scale and significant value creation.
▪ Born in a small town –worked first 10 Years inrural market outsidefinancial services.
▪ Worked 15 Years inFinancial Services acrossdifferent segments.
▪ Worked in leadership rolefor 5 Years and waspresented the “CEO of theYear” award at the AsiaBanking, Financial Services& Insurance ExcellenceAwards in August 2015
▪ Exited on misalignment ongovernance and dedicatedhimself to build ainstitutional platform.
▪ Started his entrepreneurialjourney in 2016.
Founder With Experience Creating Institutions Across Financial Services…
As entrepreneur in financial services realise that focus on governance and the desire to create impact on social ecosystem are the best way to create institution – which created UGRO : An Institutional platform dedicated to small businesses.
Manish Agarwal
Chief Risk Officer
AUM Managed: $17B
Rajni Khurana
Chief Human Resources Officer
AUM Managed: NA
Anuj Pandey
Chief Operating Officer
AUM Managed: $2B
Kalpesh Ojha
Chief Financial Officer
Liability Raised: $10B
J Sathiayan
Chief Business Officer
AUM Managed: $1B
Abhijit Ghosh
CEO and Whole Time Director
AUM Managed: $3B
181employee
count
Fully formed
team
4/5Rated
employees
Deep and large ESOP
pool
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…Supported by a Leadership Team With a Strong Track Record of Execution
Sunil Lotke
Chief Officer – Legal & Compliance
AUM Managed: NA
Strong Corporate Governance Framework Enshrined in the Articles…
▪ High degree of regulatory oversight and transparency
▪ An institution created with a long-term view, designed
for continued operational efficiency
▪ Access to permanent capital
▪ BDO appointed as the statutory auditor and Deloitte
appointed as the internal auditor
▪ Independent directors to comprise majority for perpetuity
▪ Any shareholder holding >10% to qualify for a board seat
▪ Key committees to be headed by an independent member
with required credentials
▪ The majority of the NRC, ALCO and Audit Committees to
comprise of independent directors
▪ Any proposed loan >1% of net worth or to a related party to
require unanimous approval of ALCO and the Board
▪ Board approved multi-layer credit authority delegation
▪ Removal of key management (including CRO, CFO) to
require 3/4th board approval
▪ Any significant action by the Company to need 3/4th
approval of the Board
Special Resolution of Shareholders required for effecting any changes to the AoAPromoters/Management do not have unfettered rights to divert business strategy
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…Supervised by an Independent Board Comprising of Industry Luminaries (1/2)
▪ Ex-Chairman, MCX, Ex-CIC, GoI, Ex-Director - SIDBI▪ Over 40 years with the Indian Administrative Services▪ Indian Administrative Services (Batch of 1973)▪ M.A., Utkal University, M.Sc., London School of Economics
▪ Ex – DMD, SIDBI▪ Over 38 years with experience with SIDBI, UCO Bank and IDBI▪ PGDM from MDI▪ Currently a director with MUDRA, MFIN, NSCCL, Aye Finance,
member of the advisory committee at Ivy Cap and Lok Capital
▪ Board Member – ICRA, Ex-Senior Partner, Deloitte▪ Over 30 years of experience with Deloitte, Vaish and Associates▪ CA from ICAI and a BA from Delhi University▪ Currently an independent director at ICRA, Shubham Housing, Indo
Ram Synthetics, Joyville Shaapoorji Housing
NK Maini - Chairman, Risk Management Committee
Satyananda Mishra - Chairman, CSR Committee
Ranjana Agarwal - Chairman, NRC Committee
▪ Ex-CFO, Citi-India▪ Over 40 years of experience with Citi, CEAT, Tata▪ PGDM from IIM Kolkata and B. Tech from IIT Kharagpur▪ Advisor to EY, Independent Director at Trent, Cashpor
Microcredit, Kalyani Forge, India First Life Insurance
S. Karuppasamy - Chairman, Compliance Committee
▪ Ex-Executive Director, RBI▪ Over 40 years of experience with the RBI▪ PG Diploma in Bank Management, Indian Institute of Banking &
Finance, CAIIB (Honorary Fellow) & MA (Economics)▪ Currently a member of the RBI services board, and a director at
ARCIL and Vidharan (MFI)
Abhijit Sen - Chairman, Audit Committee
Board members selected for the specific skillsets they bring to the table
Specialization: Personnel Mgmt
Specialization: Credit, SME
Specialization: Finance Function
Specialization: RBI Regulations
Specialization: Audit, Tax
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Legend: Independent Directors, Non-executive Directors
Shachindra Nath – Executive Chairman and Managing Director
▪ 26 years of experience in creating institutions across the financialservices domain
▪ 6-year stint as the Group-CEO of Religare Enterprise▪ Qualified lawyer and a University Rank holder from the Banaras
Hindu University (India)
Supervised by an Independent Board Comprising of Industry Luminaries (2/2)
U GRO’s Board also includes CEO Abhijit Ghosh as an Executive Director
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Legend: Independent Directors, Non-executive Directors
Specialization: Retail Banking
▪ Ex-Head of Branch Banking, HDFC Bank▪ Over 30 years of experience at HDFC Bank and ANZ Grindlays Bank▪ B. Com from St. Xavier’s College Calcutta, MBA from Texas Christian
University and CA from ICAI▪ Currently a member of the Equitas Small Finance Bank board
Navin Puri
▪ Founding Partner of NewQuest▪ B.Tech. from Regional Engineering College, Kurukshetra University,
Haryana. PGDM from Indian Institute of Management (IIM),Bengaluru, Karnataka.
▪ Was the Non-Executive Director of Ujjivan Financial Services Limited
Amit Gupta
▪ Managing Director at Samena Capital▪ Chartered Financial Analyst (AIMR), Chartered Alternative
Investment Analyst and holds a master’s in management (Finance)from the University of Mumbai.
Chetan Gupta
▪ Partner at ADV▪ 22 years of experience in financial services across private equity
investments, structured finance, distress debt acquisition &resolution, corporate and financial restructurings in India
▪ Chartered Accountant (C.A.) from Institute of CharteredAccountants of India. B. Com (Hons) from Delhi University
Manoj Sehrawat
▪ Partner and PM at PAG▪ 27 years of experience in financial services across investment
banking, trading and distressed asset investment.▪ MBA from NYU Stern School of Business
Kanak Kapur
Rajeev K. Agarwal - Chairman, Stakeholder Committee
▪ Ex-Whole Time Member, SEBI▪ Over 30 years with experience with SEBI, FMC, IRS▪ Indian Revenue Service (Batch of 1983)▪ B. Tech, IIT Roorkee
Specialization: SEBI Regulations
Formation of Chokhani Securities Preferential Allotment Qualified Institutional Placement
Birth of U GRO Capital Preferential Allotment
1994: Formation of Chokhani1995: Listing on the BSE2004-Present: 14-year track-record of profitability
$62.1M raised from global privateequity firms - ADV Partners,NewQuest and IndGrowth
$16M raised from public marketfunds, insurance companies
Acquisition of Chokhani SecuritiesRevamp of the management teamDemerger of the lending business ofAsia Pragati approved – $25M
$27.4M raised from large familyoffices / HNIs through a preferentialallotment of shares
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7
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De
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Au
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Disbursements started in
January, 19
May
20
18
15
Private Equity Funds Public Market Funds Insurance Firms Family Offices
Chhattisgarh Investments
MK Ventures
Group family
Taparia family
Jaspal Bindra
Backed by Diverse and Marquee Shareholders
Where We Stand Now
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Data as of 30 September 2020
We have achieved scale prudently, while maintaining our dedication to conservative underwriting standards in these challenging times
Metric
CorporatePartners
Disbursals
Employees AUM
Active Lenders on Book
GRO Partners
Customers
Branches
Secured
Total Liability Book
₹1,696Cr9
₹978Cr
₹697Cr
69%
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7,690
518181
53
Know More, Grow More
Sector based approach to specialization
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Deep Analysis of Macro and Micro Economic Factors…
Reached Targeted 8 Sectors
Future business prospects
Size of lending opportunity
Relative competition
lending
Impact of regulatory developments
180+ Sectors
20 Sectors
Interest coverage
Asset Turnover
ratio
Demand supply gap & cyclicality in
demand
Impact of change in
technology
Working Capital Cycle
Revenue Growth
EBITDA Margins
Upgrade & downgrade
ratio
Median rating
Gearing
Sector specific government
policy
Environmental issues
Input risk
Criteria
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Criteria
An 18-month process involving extensive study of macro and micro economic parameters carried out in conjunction with market experts like CRISIL
…to arrive at a set of 8 sectors
38 identified sub-sectors within 8 sectors
Focus on SME clusters in India
~50% - Contribution of the 8 sectors to the overall SME lending market in India
Partnership with CRISIL to deep dive into sub-sectoral developments on a monthly and quarterly basis
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Large lending opportunity
Lower impact of regulatory changes
Secular consumption driven growth
Low geographical concentration
Relatively less competition from
banks
Keen focus on lending to Micro SMEs
We Further Narrowed Down on Select Sub-sectors
Healthcare Education Chemicals
Food Processing/FMCG
HospitalityElectrical Equipment
and Components
Auto Components Light Engineering
Key sub-sectors: General nursing homes, eye clinics, dental clinics, diagnostic labs, radiology/pathology labs, pharma retailersKey clusters: NCR, Mumbai, Bengaluru, Hyderabad and Chennai
Key sub-sectors: Fine dining (standalone), QSRs, fine dining chains, manpower agencies, boutique hotels, guest housesKey clusters: NA
Key sub-sectors: K-12 schools, play schoolsKey clusters: NCR, Mumbai, Coimbatore, Chennai, Hyderabad and Pune
Key sub-sectors: Dyes and pigments, bulk and polymers, agrochemicalsKey clusters: Mumbai, NCR, Ahmedabad, Vadodara and Surat
Key sub-sectors: B2B, B2CKey clusters: NCR, Pune, Bengaluru, Chennai, Aurangabad and Rajkot
Key sub-sectors: Engine parts, drive transmission and steering parts, body and chassis, suspension and breaking parts, electrical parts, other equipment, tradersKey clusters: NCR, Mumbai, Kolkata, Hyderabad and Bengaluru
Key sub-sectors: Dairy and dairy products, non-alcoholic beverages,consumer foods, poultry, sea food, food and beverage tradersKey clusters: NCR, Mumbai, Chennai, Hyderabad and Pune
Key sub-sectors: Casting and forging, medical equipment and devices, pipes, process control instruments, tradersKey clusters: NCR, Chennai, Pune, Ludhiana, Bengaluru, Ahmedabad and Rajkot
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Sub-sectors selected basis the contribution to the overall sector credit demand and risk profiles
India’s First Sectoral and Sub-sectoral Statistical and Expert Scorecards
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A Seamless, Customized Customer Journey
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File Flow for a Secured Loan
~8 segment specific statistical scorecards
Log-In
▪ Plug and play distribution module
▪ Machine learning based OCR software
Pre-defined Criteria Met?
Loan Approved Pre-approval checksQuarterly
Monitoring
Feedback Loop
▪ Defined ticket size, sectors, turn-over
▪ Geographical location▪ Borrowing history
~38 sub-segment specific
scorecards
▪ Legal Verification▪ Fraud Control Unit Check▪ Field Investigation▪ Valuation
Criteria1,000+ Parameters
evaluated
20+ Data Sources
Data Enrichment~Sub-sector Specific PD Templates
Statistical Scorecards
Expert Scorecards
In Principal Approval in 60
mins
Final Approval in 48 to 72 hours
Sub-sectorPolicies
Data and Analytics
Touch and Feel
Experience
Disbursement
Statement Analyzers
Utilization of Big Data to Arrive at U GRO’s Sectoral Scorecards
Default rate across score ranges
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3.45%
1.23%
0.75%
0.56%
0.40%
0.45%
0.26%
0.12%
0.08%
0.00%
718
751
798
823
846
871
907
980
1,341
1,500
‘Bad rates’ across intervals8M+
850
60%+
70%
U GRO Behavioral ScoreParameters per loan
Loan records
GINI coefficient
‘Bads’ eliminated by removal of bottom 20% by score
Look-alike based application scores for each of our 8
sectors
Ability to estimate risk enables the company to
move to a risk-based pricing model
U GRO has received the 2020 Finnoviti Award for Business Model Innovation for the Development of Sector-specific Scorecards
Supplemented by Industry First ‘Expert Scorecards’ for all Sub-sectors
Parameters Factors Case A Case B Case C
Facilityrelated
Vintage of the entity 20% 15% 10%
Doctor’s Experience 20% 15% 10%
Arrangement with pharmacy unit 30% 30% 40%
NABH accreditation 30% 40% 40%
Operational
Share of IPD revenues in overall nursing home revenue 15% 20% 20%
Share of insurances cases in overall IPD admissions 15% 20% 20%
Govt empanelled cases in overall insurance admissions 10% 10% 10%
Occupancy rate 30% 20% 20%
Revenue per occupied bed 30% 30% 30%
Financial
Operating margins 15% 15% 15%
Return on Capital Employed 20% 20% 20%
Interest coverage 30% 30% 30%
Asset turnover ratio 20% 20% 20%
Receivable days 15% 15% 15%
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Facility40%
Operational 40%
Financial20%
Case A: Less than 20 bedded nursing home
Facility30%
Operational 30%
Financial40%
Case B: 20-50 bedded nursing home
Facility20%
Operational 20%
Financial60%
Case C: 50-100 bedded nursing home
Sector: HealthcareSub Sector: Nursing Homes
▪ Combination of operating and
financial parameters
▪ Scorecards developed in
consultation with CRISIL market
experts
▪ Methodology
▪ 1,000+ personal interviews
across 9 locations
▪ Responses for over 50+ curated
questions for each sub-sector
Large and Scalable Distribution Platform Enabled by Technology
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Four Distribution Channels that Drive Our Asset Engine
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▪ 518 intermediary GRO-Partners onboarded in 9branches across key SME clusters in India
▪ Facilitated by our proprietary GRO-Plus app, anUberized distribution model which enables GROPartners and allows Principle Approval within one hour
▪ Our nascent direct distribution focuses on highlygranular loans reaching underserved SMEs in Tier II/IIIcities and towns and sub-urban areas
Traditional Channel | GRO-Plus
▪ Our Ecosystem Channel involves partnering withAnchor companies, to gain access to their base ofvendors, dealers, distributors
▪ This model allows for credit provision to reach vendors,dealers, distributors and tier 2 suppliers who are noteligible for traditional financing
Ecosystem Channel | GRO-Chain
▪ BFSI partnerships spanning co-lending andsecuritization. We have partnered with 27 BFSIs, tobest serve ‘bottom of the pyramid’ SMEs
▪ Digital alliances signed with several fintechmarketplaces, service providers and aggregators
▪ Machinery loan alliances forged, disbursing term loansagainst hypothecation of the machinery purchased
Partnerships & Alliances | GRO-XStream
▪ Our proprietary Digital Lending Platform GRO-Directaims to allow SMEs to directly apply for credit,increasing borrowing ease and further reducing TATs
▪ GRO-Direct was launched in beta phase in December2019 across two sub-sectors, and will be scaled up tocater to our full target demographic in future
Direct Digital Channel | GRO-Direct
U GRO’s distribution model is geared towards catering SMEs across all geographies and ticket sizes. We create tailored products which allow for highly structured deployment of capital – optimized for both the distribution channel and customer
Turnover: ₹0.2-200 CrTicket Size: ₹1-15 lakhs
Turnover: ₹0.2-200 CrTicket Size: ₹0.01-5 Cr
Turnover: ₹2-200 CrTicket Size: ₹0.1-2 Cr
Turnover: ₹0.2-200 CrTicket Size: ₹0.05-5 Cr
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Development of System Architecture for Full-Suite SME Lending
GRO-ProtectCore Engine
GRO-Xstream
Partnerships
Core LMSSystem of Records
GRO-Direct
Direct Interface
GRO-Chain
Supply Chain
GRO-Plus
Intermediaries
Anchor
Buyers
Suppliers
Banks/FIs/DFIs
Insurance/Mutual Funds/HNIs
NBFCs/Fintechs
An uberized distribution model capable of
onboarding DSAs, CAs and other intermediaries
Direct to customer (Online) channel – went live in beta phase in December 2019
Supply chain financing platform for vendor and
dealer/distributor financing
An online marketplace for large banks to partner with smaller NBFCs to either co-
originate or purchase assets
A comprehensive set of modules that will allow for maximal lending outreach within our mandate
Leading to a Portfolio that Caters to the Needs of a Diverse Set of Liability Providers
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Our Liability Strategy | A Tri-Pronged Approach
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U GRO PlatformKnowledge | Technology
U GRO Capital Larger Banks/NBFCs
Balance-sheet Co-origination
Insurance Firms/Mutual Funds
Assignment
| Ability to generate significant fee income | More competitive interest rates | Ability to cater to customers of all risk profiles | Increased scale | Minimize ALM mismatch
Partnerships already signed with SBI, ICICI Bank and Bank of Baroda
Specialized programs for DFIs/multi-lateral organizations
Policy of actively securitizing the loan book to ensure that the mismatch in the greater than 5-year bucket is funded by
equity
Co-origination with larger banks to originate higher
ticket loans
Healthcare, education, female entrepreneurs, clean energy
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Continued Scale-up of Liability Book, with Borrowing Costs Lowering
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105
178
257
387
Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21
EOP Sanctioned Liability on Book (INR Cr)
11.6%
11.5%
11.5%
11.3%
10.5%
Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21
Weighted Average Rate (papm, %)
12%
50%
27%
11%
Liability Type by Volume on Book (Q1 FY21, INR Cr)
Cash Credit/OD Term Loan NCD PTC
U GRO has built up a strong liability book and pipeline while utilizing government schemes such as TLTRO and PCG to achieve lower borrowing costs | The Company has built a diversified loan portfolio of varying tenors for optimal asset-liability management
Sustained and Controlled Early Growth
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21%
17%
16%
15%
9%
9%
8%5%
Sectoral Mix*
Education
Light Engineering
Electrical Equipment
Hospitality
Food Processing
Auto Components
Chemicals
Healthcare
Portfolio Snapshot (As on June 30, 2020)Geographical Mix*
*Does not include Onward Lending or Portfolio Buyouts
▪ Delhi/NCR▪ Karnataka▪ Gujarat▪ Telangana▪ Maharashtra▪ Rajasthan▪ West Bengal▪ Tamil Nadu▪ Haryana▪ Uttar Pradesh▪ Punjab
21%
12%
7%
7%
16%
9%
8%
10%
1%
4%
3%
69%
31%
Secured Mix
Secured
Unsecured
Our portfolio mix remains largely unchanged from last quarter due to COVID disruptions in Q1 FY21
Balance Sheet
▪ Remain liquid with over ₹300 crores of
immediate liquidity on the balance sheet
▪ CRAR: 99.4%
▪ GNPA: 1.02%
▪ NNPA: 0.57%
▪ Book Value per Share (BVPS): 131.31
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Balance Sheet (₹ Lakhs) Q4 FY20 Q1 FY21
Financial Assets 114,441 116,530
Loans* 83,238 82,789
Cash and Investments 8,448 1,368
Other Financial Assets 22,755 32,373
Non-Financial Assets 6,805 7,250
Total Assets 121,246 123,780
Financial Liabilities 28,745 30,789
Trade/Other Payables 1,420 954
Borrowings & Debt Securities 25,454 27,919
Other Financial Liabilities 1,871 1,915
Non-Financial Liabilities 349 377
Total Equity 92,152 92,614
Equity Share Capital 7,053 7,053
Other Equity 85,100 85,561
Total Liabilities + Equity 121,246 123,780
*AUM as of end Q4 FY20 and Q1 FY21 are ₹861Cr and ₹847Cr respectively, the ‘Loans’ figure adjusts for net payouts and ECL as per Ind-AS
Income Statement
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Ind-AS accounting standards have been in place since Q1 FY20*The Company has recorded Deferred Tax of Rs. 1,391 lacs on the tax losses transferred from Asia Pragati Cap Fin Private Limited on account of acquisition based on the reasonable certainty of the future taxable profits
Income Statement (₹ Lakhs) Q4 FY20 Q1 FY21
Interest Income on Loans 2,763 2,748
Other Operating Income 952 331
Financing Costs 642 684
Net Income 3,073 2,395
Operating Expenses 1,884 1,867
Provision 603 115
Profit Before Tax 586 413
Tax (1,449)* 40
Profit/(Loss) for the period 2,035 373
▪ Other operating income for Q4 FY20 included
a one-time income of INR 5.55 crores
▪ Financing costs have gone up despite
weighted average borrowing costs reducing
due to our desire to build out our liability
book, which includes incurring negative carry
▪ Absolute value of provisioning expense has
come down in Q1 FY21 because the majority
of the COVID-19 provisioning was accounted
for in Q4 FY20