U GRO Capital | An OverviewOctober 2020

The Indian SME Lending Market

A large yet untapped market opportunity

2

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

6

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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94

-2

01

7

De

c 2

01

7

De

c 2

01

7

Au

g 2

01

8

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%

16

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

22

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

25

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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32

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