Jio Financial Services Ltd Q1 FY2024-25 Earnings Conference Call

Summary

Geo Financial Services, Limited held a virtual meeting to discuss their Q1 results ending June 30th, 2024. They highlighted the launch of the Geof Finance app, secured lending initiatives, and digital banking solutions. Shareholders' approval allowed for the commencement of operating lease business and the conversion to a Core Investment Company. The company aims to democratize financial services with a focus on digital expansion and customer-centric solutions.

Takeaways

• 📈 Geo Financial Services, Limited has reported its results for Q1 of the financial year 2025, showing a robust economic growth and positive outlook for the country.
• 🚀 The company has achieved key milestones in Q1, including the launch of the GEOF Finance app in beta version, which consolidates the offerings of the JFS group on a digital platform.
• 💼 The company has been focusing on governance, policy framework, talent acquisition, and cost-effective technology to support product launches and distribution.
• 🏦 The launch of loan against mutual funds and home loans in beta mode indicates the company's acceleration in secured lending propositions.
• 🗳️ Shareholders have shown strong confidence in the company's initiatives, with 99.9% voting in favor of the postal ballot notice dated May 23, 2024.
• 🔄 The Reserve Bank of India has granted final approval for the conversion of GEOF Financial Services from an NBFC to a Core Investment Company (CIC), marking a significant regulatory milestone.
• 📱 The unified app offers various payment features, including UPI, digital bank account, auto insurance, and loan against mutual funds, with plans to expand the product suite.
• 🏢 Geo Finance Limited, the non-banking financial entity, is capitalizing on opportunities in the lending market with new products and services.
• 🏛️ The payment bank has opened over a million Kasa accounts, emphasizing the company's commitment to providing simple and robust digital banking solutions.
• 📊 Geo Payment Solutions Limited, the payment service company, offers a payment aggregation platform with innovative solutions like embedded payments and tailored point of sale systems.
• 🛡️ Geo Insurance Broking Limited aims to establish itself as a key player in the insurance market by leveraging digital distribution channels and offering a diverse portfolio of insurance products.

Q & A

What is the purpose of the virtual meeting mentioned in the script?

The purpose of the virtual meeting is to discuss the results for the first quarter ended June 30th, 2024, and to present the business developments and financial performance of Geo Financial Services, Limited.

Who are the key speakers in the virtual meeting?

The key speakers in the meeting are Jill Devi Prasad, the head of investor relations, Mr. Hes SAA, the MD and CEO, and Abishek P, the group Chief Financial Officer.

What is the significance of the geof finance app launch mentioned in the script?

The geof finance app launch is significant as it consolidates the offerings of the JFS group, providing a digital, simple, and unified platform to distribute products to consumers, marking a vital digital channel to reach target customers.

How many downloads has the geof finance app achieved as per the script?

As per the script, the geof finance app has achieved approximately half a million downloads.

What is the role of the merchant app launched in December 2023?

The merchant app, launched in December 2023, complements the consumer app by providing another digital channel for Geo Financial Services to reach and serve its target customers.

What is the strategic significance of launching loan against mutual funds and home loans in beta mode?

The strategic significance lies in accelerating the secured lending proposition of Geo Financial Services, offering customers more financial products and enhancing the company's market position.

What was the shareholder approval percentage for the postal ballot notice dated May 23, 2024, and what does it indicate?

The shareholder approval percentage was 99.9%, indicating strong shareholder confidence in the company's initiatives and strategies.

What regulatory approval did Geo Financial Services receive that is considered a key milestone?

Geo Financial Services received the final approval from The Reserve Bank of India for converting from an NBFC to a Core Investment Company (CIC), which is a significant milestone from a regulatory perspective.

What are the features of the unified app mentioned in the script?

The unified app features various payment options including UPI, a digital bank account with end-to-end online account opening, auto insurance offerings from partner companies, and loan against mutual funds from the NBFC.

How does Geo Financial Services plan to expand its product suite and customer engagement in the coming quarters?

Geo Financial Services plans to expand its product suite with more launches across business verticals, including the bank, NBFC, and insurance solutions. They also aim to build engaging layers to keep the customer experience best in class while solving their financial needs.

What is the current status of the physical distribution network expansion for Geo Payment Bank?

Geo Payment Bank has received approval from The Reserve Bank of India to expand its network by about 16,000 business correspondent outlets, which will be implemented in a phased manner.

Outlines

00:00

📈 Business Milestones and App Launch

Jill Devi Prasad, head of investor relations for Geo Financial Services, Ltd., welcomes participants to the virtual meeting discussing Q1 results for the financial year ending June 30, 2024. The company has made significant progress in governance, talent acquisition, and technology. Key achievements include the launch of the Geof Finance app, secured lending propositions, and the commencement of an operating lease business. The speaker, Mr. Hes, highlights the importance of these digital channels and the support from shareholders, which is crucial for the company's strategic growth and product development.

05:00

🏢 Expansion of Digital and Lending Services

The company has received approval from the Reserve Bank of India to convert from an NBFC to a Core Investment Company (CIC), marking a significant regulatory milestone. The unified app offers various payment features, including UPI, digital banking, auto insurance, and loan services. The app is designed to be modular and can be embedded in other platforms. Geo Finance Limited has strategically positioned itself in the lending market, with new products like loan against mutual funds and an upcoming home loan service. The company also started an operating lease business with air fiber devices, enhancing convenience and affordability for customers.

10:02

💼 Financial Services and Innovations

Geo Payment Bank and Geo Payment Solutions Limited are expanding their services with innovative solutions such as UPI, digital savings accounts, and physical debit cards. The bank aims to declutter primary bank accounts with a second daily expense account. Business correspondents will facilitate account opening, payment services, and money transfers. Geo Insurance Broking Limited is establishing itself as a key player in the insurance sector, leveraging digital distribution channels and offering a diverse portfolio of insurance products. The company is also working on obtaining regulatory approvals to sell insurance policies online.

15:02

🏦 Asset Management and Financial Performance

The asset management company, in partnership with Black Rock, is focused on integrating advanced technology platforms for superior services. The company is in the process of obtaining necessary regulatory approvals. CFO Abishek Pak provides a financial overview, highlighting the company's conversion to a CIC and the establishment of business teams with robust governance. The company's financial performance for Q1 shows a profit after tax of Rs. 313 CR, with a total income similar to the previous quarter, driven by interest income, fair value changes, and fees and commission income.

20:04

📊 Financial Results and Strategic Focus

The financial results for Q1 of FY 2024-2025 show a consolidated profit after tax of Rs. 313 CR, with a total income of Rs. 418 CR. The income is derived from interest-bearing investments, fair value changes on money market and liquid mutual funds, and fees and commission income. Total expenses were reduced due to one-time setup costs in the previous quarter. The company's strategic focus is on building a comprehensive product portfolio across financial services segments, leveraging technology, and optimizing cost-to-income ratios. The company aims to enhance accessibility, affordability, and financial literacy through customer-centric solutions.

25:06

🤝 Closing Remarks and Future Outlook

The closing remarks express appreciation for the continued interest and support of shareholders and colleagues. The company is navigating opportunities for growth and value creation in its businesses. The detailed earnings presentation is available on the company's website, and the call concludes with an invitation to explore it for further insights into the company's performance and future plans.

Keywords

💡Investor Relations

Investor Relations refers to the communication and relationship management between a company and its investors. In the script, Jill Devi Prasad, the head of investor relations for Geo Financial Services, Limited, is facilitating a virtual meeting to discuss the company's financial performance and future strategies, which is a key aspect of maintaining a transparent and engaging relationship with the company's stakeholders.

💡Financial Services

Financial Services encompass a broad range of economic services provided by the finance industry, including banking, insurance, asset management, and more. The script discusses Geo Financial Services' various entities that operate within this sector, such as a non-banking financial entity, a payment bank, and an insurance broking company, each offering different services to meet the diverse financial needs of customers.

💡Digital Transformation

Digital Transformation involves the integration of digital technology into all areas of a business, fundamentally changing how a company operates and delivers value to customers. The script mentions the launch of the Geof Finance app and the digital savings account, which are examples of how the company is leveraging digital platforms to enhance customer experience and streamline financial services.

💡Regulatory Compliance

Regulatory Compliance is the adherence to laws, regulations, guidelines, and specifications relevant to a business. In the context of the script, Geo Financial Services has received approval from the Reserve Bank of India for converting from an NBFC to a Core Investment Company, demonstrating the company's commitment to following regulatory frameworks to ensure its operations are legitimate and trustworthy.

💡Strategic Oversight

Strategic Oversight refers to the high-level direction and control that a company's management or board exercises over its operations and strategy. The script discusses the conversion of Geo Financial Services into a Core Investment Company (CIC), which will allow for better strategic oversight across its businesses and improved synergies, ultimately leading to enhanced group performance.

💡Shareholder Approval

Shareholder Approval is the consent given by a company's shareholders for various corporate actions, such as mergers, acquisitions, or changes in corporate structure. The script highlights that 99.9% of the shareholders voted in favor of the postal ballot notice, showing strong support for the company's initiatives, including the commencement of the operating lease business.

💡Operating Lease

An Operating Lease is a type of lease agreement where the lessor retains ownership of the asset, and the lessee gains the right to use the asset for a certain period. In the script, Geo Leasing Services Limited (JSL) has started its operations with air fiber devices under an operating lease, offering an innovative solution that integrates device charges, connectivity, and content for customers.

💡Payment Solutions

Payment Solutions refer to the systems and services that enable the transfer of funds between parties. The script mentions Geo Payment Solutions Limited, which is a payment aggregation platform offering services like QR codes, point of sale devices, and support for various payment options, aiming to provide comprehensive solutions for enterprises and merchants.

💡Insurance Broking

Insurance Broking involves acting as an intermediary between an insurance buyer and an insurance company. The script discusses Geo Insurance Broking Limited, which offers a diverse portfolio of life, non-life, auto, and health insurance products from multiple companies, leveraging digital distribution channels to cater to varying customer needs.

💡Asset Management

Asset Management is the process of making investment decisions and managing a portfolio to meet specified goals. The script refers to the asset management company in partnership with Black Rock, which is focused on integrating advanced technology platform solutions to deliver superior asset management services, indicating the company's commitment to professional investment management and technology utilization.

💡Financial Performance

Financial Performance refers to how well a company is doing financially, often measured by its profit, revenue, and other financial metrics. The script provides an overview of Geo Financial Services' financial highlights for the first quarter, including profit after tax, total income, and expenses, which are crucial indicators of the company's financial health and operational efficiency.

Highlights

Jill Devi Prasad, Head of Investor Relations for Geo Financial Services, welcomes participants to the virtual meeting discussing Q1 results.

MD and CEO Mr. Hes SAA and Group CFO Mr. Abishek join the call to discuss business details.

Geo Financial Services has been working on governance, policy framework, talent integration, and technology architecture.

Launch of the Geof Finance app in beta version on iOS and Play Store consolidates JFS group offerings.

Achievement of half a million downloads for the Geof Finance app.

Introduction of secured lending with Loan Against Mutual Fund and Home Loans in beta mode.

99.9% shareholder approval for postal ballot resolutions, enabling the commencement of the operating lease business.

Final approval from the Reserve Bank of India for converting Geo Financial Services into a Core Investment Company.

Unified app features include UPI, digital bank account, auto insurance, and loan against mutual funds.

Geo Finance Limited positions itself to capitalize on lending market opportunities with new product launches.

Geo Payment Bank's digital savings account has over a million active customers.

Geo Payment Solutions Limited offers payment aggregation with embedded payments and tailored POS solutions.

Geo Insurance Broking Limited aims to be a key player in insurance by leveraging digital distribution channels.

Asset Management Company in partnership with Black Rock focuses on integrating advanced technology for superior services.

JFS's strategic focus includes building a comprehensive product portfolio and leveraging the group's internal ecosystem.

The company's commitment to four core business principles: reputation, regulatory compliance, return of capital, and return on capital.

Consolidated profit after tax stood at 313 CR, with a total income of 418 CR for Q1 FY25.

Standalone profit after tax for the company was 72 CR, with total income at 134 CR for Q1 FY25.

JFL's focus on expanding digital footprint and optimizing process efficiency through innovation.

Transcripts

good evening everyone my name is Jill

Devi Prasad and I'm the head of investor

relations for geo Financial Services

Limited on the Declaration of the

results for the first quarter ended June

30th 2024 for fi

242 it gives me immense pleasure to

welcome the analysts investors and our

colleagues to this virtual meeting we

have with us today our MD and CEO Mr hes

SAA and our group Chief Financial

Officer m abishek p in this call all

participants will be in a listen only

mode the earnings presentation is

uploaded on our website

estimates or other words of similar

meaning all statements that address

expectations or predictions about the

future including but not limited to

statements about strategy for growth

product development Market position are

forward looking statements based on

rationale and data actual results May

Vary materially given Market

circumstances I will now hand over the

call to hes to discuss the business in

detail thank you Jill good evening

evening and a warm welcome to all

joining this call today we are delighted

to discuss the exciting developments of

the first quarter of fi

2425 in the backdrop of what continues

to be a robust economic growth and a

positive outlook for our

country over the last three full

quarters of uh Geo Financial Services as

a listed

company uh we made

we've been working on multiple fronts

importantly setting the governance and

policy framework in line with the

highest regulatory standards hiring and

integrating the right Talent at all

levels across all our operating entities

and setting a modern fit for purpose

cost effective technology and data

architecture to enable product launches

at PACE and distribution at scale while

strengthening these pillars will

continue to be an ongoing Journey I'm

happy to note that on the back of these

foundational blocks that have been

established we have reached certain

critical milestones in q1 of fi

2025 key key amongst these Milestones

was the launch of the geof finance app

in a beta version on May 30th

2024 on the iOS and Play Store this app

consolidates the offerings of the JFS

group setting a digital simple and

unified platform to distribute our

products to the consumers this consumer

app is in addition to the merchant app

which was launched in December

2023 with both these apps in place we

believe now we have created a vital

digital channel to reach our Target

customers I'm happy to update that as on

date we have approximately half a

million

downloads in addition to the app launch

as mentioned in our earlier calls we

have also been working towards

accelerating our secured lending

proposition and to this effect we have

launched loan against mutual fund for

our customers from our

nbfc we have also launched Home Loans in

a beta mode which will be generally

available to our consumers in due

course thanks to the overwhelming

approval from our esteemed shareholders

on our postal ballot for the related

party trans transactions we were able to

commence our operating lease business

with air fiber

devices on our payments Bank the digital

reamp undertaken over the last quarters

has led to over a million Kasa accounts

in the bank underscoring our commitment

to provide simple and robust digital

banking

Solutions before we move to each of the

businesses I would like to mention two

more points firstly I would like to to

express our deepest gratitude to our

shareholders who have voted on our

postal ballot resolutions I very pleased

to announce that

99.9% of our shareholders have voted in

favor of our postal ballot notice dated

May 23

2024 demonstrating strong shareholder

confidence in our

initiatives amongst other items as

mentioned earlier this shareholder

approval has indeed enable AED us to

commence the operating lease business in

the first quarter of this financial year

second and very importantly we have also

received the final approval from The

Reserve Bank of India on our application

for converting geof financial services

from an nbfc to a core Investment

Company or a cic this completes a very

important milestone for JFL from a

regulatory

perspective before we get to the various

businesses a quick overview about our

unified app this app has various payment

features including UPI a digital bank

account where the account opening can be

done end to endend online in just a few

minutes an auto insurance offering from

our partner insurance companies and Loan

against mutual funds from our nbfc this

app is modular and parts or whole of the

app can be embedded in other apps such

as my geio app to offer an embedded

experience to our

customers we will continue to expand our

product Suite in the coming quarters

with a few more launches across all our

business verticals the bank the nbfc and

the Insurance Solutions and also build

interesting engagement layers to keep

our customers experience Best in Class

while Evol while solving for their fin

itial

needs in line with our philosophy of

being customer first we have launched

the app in a beta version and will

evolve the app into a world-class

offering with active participation and

support of our

customers turning to our subsidiaries

and starting with Geo Finance limited

our non-banking financial entity has

strategically positioned itself to

capitalize on opportunities in The

Lending Market recently we successfully

launched loan against mutual funds

following an extensive beta testing

phase this is now available to our

consumers on our JFS

app in parallel the vendor financing

business which was kickstarted earlier

continues to add customers which fit our

risk and return criteria in this quarter

we've also introduced Enterprise

solutions for providing device Finance

solution Solutions to the employees of

our customers we are progressing with

Home Loans which is currently in a

sandbox and slated for Consumer launch

post our beta phase moving forward our

Focus remains on expanding secured

lending products such as loan against

Securities and Loan against property in

all the areas we will leverage the vast

ecosystem in which we operate certain on

an arms link basis and within risk and

Regulatory card

rates during the last quarter and as

mentioned earlier thanks to the approval

from our esteem shareholders on the

postal ballot we have kickstarted the

operating lease business with air fiber

devices this an Innovative solution is

actually an integrated offering for our

customers with a single interface across

device charges connectivity

and content this not only enhances

convenience but also expands

affordability for our

customers for go leasing Services

Limited or JSL this gives us access to

potentially a large customer base at low

acquisition and collection cost while at

the same time mitigating risks given

that asset ownership is with our Leasing

Company the necessary leadership

management and teex stack have all been

put in place to scale this

business additionally JSL also has a

50/50 JV with Reliance strategic

business Ventures Limited in the gift

City uh and this entity is called

Reliance International leing ifsc

Limited this entity was formed with an

intent to undertake leasing in the if

the International Financial Service

Center in gift City this gift City JB

has already initiated the operations of

ship leing in q1 of fi

2025 with the revamp text tag the geop

payment bank is now able to open a

digital savings account for its

customers online only in a few minutes

the bank also offers a virtual rupe

Platinum debit

card this digital savings account uh

though in its very nent phase has

garnered over a million active customers

till date and the customer value

proposition is as follows proliferation

of UPI as we all know as the dominant

payment method in daily use has now

indeed created the need for a second

daily expense account which in turn

helps customers declutter their primary

bank account our product road map for

the payment bank here includes

interesting variance of the savings

account and physical debit cards in the

near

future in addition to our digital

distribution which I spoke about JP has

also been working towards expanding its

physical distribution Network through a

network of business correspondents to

this effect the geop payments bank has

received approval from The Reserve Bank

of India to expand its Network by about

16,000 business correspondent Outlets

this roller

will be undertaken in a faced manner by

leveraging the vast distribution network

of our

ecosystem these Outlets will primarily

facilitate three things in the first

phase an assisted account opening Adar

enabled payment service and domestic

money

transfers this physical Channel We

Believe will serve a complimentary

Target customer segment compared to the

digital channel which I spoke about

earlier

Geo Payment Solutions limited our

payment Service Company is a payment

aggregation platform that aims to

specialize in comprehensive solutions

for Enterprise and delivery Merchants

our services include QR codes and point

of sale devices integrated with payment

Gateway supporting over 100 plus payment

options key Innovations here include

embedded payments enabling UPI Solutions

on existing point of sale devices used

by large Merchants which can further

enhance Sous customer

experiences we have also piloted

tailored point of sale Solutions such as

pin PA for Home Delivery Service

Merchants ensuring secure Payment

Processing further the geob Barat phone

also facilitates peer-to-peer Merchant

onboarding for or msmes and unorganized

retail empowering the small businesses

across the country with seamless Payment

Solutions our affordability Suite will

offer brand Emi for white goods thereby

expanding accessibility and promoting

affordability through these initiatives

uh JPS SL drives operational

efficiencies and delivers targeted

insights across its customer segments

and this we believe will be reflected in

the growing net margin of our

business moving on to our insurance

subsidiary at Geo Insurance broking

limited we aim to establish ourselves as

a key player by leveraging digital

distribution channels our diverse

portfolio today includes life non-life

auto and health insurance products from

over 30 insurance companies catering

comprehensively to the varying customer

needs in the last few months we have

worked towards obtaining necessary

regulatory approvals from the insurance

regulator Ira to sell insurance policies

online in parallel we have also

established a modern fit for purpose

technology stack essentially to create a

two-sided platform at one end we will

now have the capability to tie up with

our Insurance Partners digitally and at

the other end we are able to offer to

our customers a choice of insurance

policies best suited for their needs our

first offerings on the app is in the

category of auto insurance in the coming

months we will be able to expand this

offering across both the dimensions I

increase the number of insurance

companies and the number of products to

offer a full range of policies to our

customers given our modular technology

architecture across the app we will now

have the capability to embed Insurance

digitally in a customer's Journey which

will not necessarily be in our app

couple of examples of embedded Insurance

offerings are in Reliance Digital and

Metro Cash and Carry where extended

warranty and shopkeeper insurance policy

respectively are optionally en enbl to

cater to the customers requirement in

the core underlying Commerce

transaction in addition to laying the

foundation for digital channels we have

also launched an Institutional sales

channel to strengthen our Market

presence shifting years our asset

management company in partnership with

black rock has made significant strikes

we have identified top talent and are

focused on integrating Advanced Tech

technology platform solutions to deliver

Superior Asset Management Services our

process with the regulator for the

necessary approvals is well

underway I take this opportunity to

extend my heartfelt appreciation to all

our colleagues at geof Financial

Services across our subsidiaries and

partner companies whose unwavering

commitment has been instrumental in

building and fortifying our business

foundations additionally I also express

our very sincere gratitude to our

shareholders for their steadfast support

and confidence as we advance our mission

to democratize financial services Across

the Nation now I would like to invite Mr

abishek Pak our group CFO to provide a

comprehensive overview of our financial

performance abishek over to

you thank you hes uh good evening

everyone

I'm pleased to present the financial

highlights for the first quarter ended

June 30th 2024 for financial year fi2

2425 our financial results for this

period are prepared in compliance with

Indian accounting standards as

prescribed by the ministry of corporate

Affairs as indicated earlier by Hesh on

July 11th 2024 we received the RBI

approval for conversion to a key to a

cic a key milestone in our journey this

conversion will allow us to maintain

strategic oversight across our

businesses leading to better synergies

improved resource allocation and

enhanced group

performance during the past year a

strong Foundation has been laid and

business teams are in place for each of

our businesses the legal entities are

managed by independent boards with a

robust governance structure as part of

the governance framework the company has

established comprehensive group level

compliance audit and risk functions for

Effective oversight and

monitoring during the quarter green

shoots were observed in each of our

businesses setting the stage for

business

growth our operating lease business

entity JSL began its operations post

receipt of rated party approval from its

shareholders similarly r i our entity

established in GIF City sez has also

commenced operations with ship leasing

transactions coming back to our

presentation JFL aims to holistically

address the four core needs of our

customers borrowing transacting

investing and protecting through its

wide array of financial services the

company is a holding company and

consolidates the results of its various

businesses this includes the consumer

facing entities namely Gio Finance

limited Geo Insurance broking limited GE

Payment Solutions limmited goo payments

Bank are JV with State Bank of India

gooing Services Limited further the

Consolidated financial statements also

include the results of three more

entities Reliance Industrial Investments

and Holdings Limited which is an

investment holding company accounted for

on a fully Consolidated

basis Reliance services and Holdings

Limited which has been accounted for a

for as an associate and Reliance

International leasing ifsc limited our

entity in GIF city scz which has been

accounted for as a joint venture in

accordance with indas

110 moving on to the financial

performance for q1

fi25 our Consolidated profit after tax

stood at rupees 313 CR as compared to

rupes 311 CR for Q4 FY

24 the total income for the quarter was

rupees 418

CR this amount was similar to the

previous quarter that is Q4

f524 the total income is represented

by interest income on interest bearing

Investments predominantly income from

your treasury book net gain on Fair

Value changes on money market and liquid

mutual funds and fees and commission

income on the treasury income High

yielding fixed deposits matured in this

quarter and the proceeds of which were

reinvested in money market and Li liquid

mutual fund Investments this was done to

ensure that liquidity was available at

all times given the evolving business

needs therefore there was a reduction in

treasury income

and a corresponding increase in net gain

on Fair Value changes resulting in a

treasury increase of R 380 cres as

compared to rupees 388 crores in the

previous quarter that is Q4

f524 the reduction of 8 crores between

q1

F525 and Q4

f524 is broadly due to fall in ELD in

the treasury book and the overall

increase in the average treasury book

size during the quarter this was offset

by an increase in Insurance Brokerage

commission classified under fees and

commission

income total expense for q1

fi25 was rupes 79 crores as compared to

rupees 103 CR in Q4 FY

24 decrease in total expenses can be

attributable to expenses incurred in Q4

f524 which were done on account of

setting up new

businesses going forward the Standalone

profit after tax for the company for q1

F525 was rupees 72 cres as compared to

rupees 78 cres for Q4

f524 the total income for this quarter

was rupees

134 CR compared to rupees 141 CR in Q4

f524 as indicated earlier the total

income is represented by interest income

on interest bearing Investments net gain

on Fair Value changes on money market

and liquid mutual fund Investments and

fees and commission income the total

expenses for q1

fi25 was rupees 36 crores as compared to

R 37 cror in Q in Q4

f524 of the total expenses of rupes 36

crores rupees 6 crores pertains to

provision recognized on standard asset

on Intergroup

loans there has been decrease in other

operating expenses which can be

attributable to one-time expenses

incurred in Q4 f524 on account of new

businesses

setup our Endeavor is to optimize cost

to income ratios across entities by

leveraging technology and efficient use

of

resources lastly before I conclude I

would like to reate our guiding

principles our commitment to the four

Core Business principles remains

unwavering prioritizing between

reputation above all adherance to

regulatory compliances return of capital

and return on

Capital JFS sl's strategic focus is on

building a comprehensive product

portfolio across promising Financial

Services segments furthermore the

company's direct to Consumer approach

aims to Leverage The group's internal

ecosystem to drive low acquisition cost

born in the new digital era JFL is

uniquely positioned to leverage emerging

Technologies and drive innovation in the

financial services sector looking ahead

the company Focus remains on expanding

its digital footprint and ow and and

empowering its digital infrastructure to

optimize process and Elevate

efficiency we are dedicated to enhancing

accessibility affordability financial

literacy and prosperity for all our

customers simplifying Financial Services

through Innovation and customer Centric

Solutions we appreciate your continued

interest and support as we navigate

opportunities for growth and value

Creation in each of our businesses with

this I would like to hand over the call

to Jill thank thank you so much for your

time thank you hites and abishek and

thank you everyone for joining this call

as we conclude our earnings call we

invite you to explore the detailed

earnings presentation available on our

website and the stock exchanges have a

good evening