Sammaan Capital Ltd

- Retail disbursements expected to grow from ₹ 7,800 Crores in FY2023 to at least ₹ 12,000 Crores in FY2024. - Net interest income increased to ₹ 3,089 Crores, supported by asset-light model and sale of investments. - Management targets expanding ROA from current 1.4% towards 3%+ over next 2-3 years. - ROE expected to grow from current 7.7% to mid-teens (~15%) by FY2026. - Cost-to-income ratio to remain above 20% through FY2024-25, then decline, supporting ROE growth. - Net disbursements predicted to be flat in first half of FY2024, with net growth starting in second half. - Earnings accretive asset-light model with strategic bank partnerships provides scalable and sustainable growth. - Strong provisioning and capital adequacy (31%) underpin stable profitability. - Continued recoveries (~₹ 400-500 Crores per quarter) contribute positively to earnings outlook.

- The wholesale book liquidation process is nearly complete with a residual pool of approximately ₹ 4,000 to ₹ 5,000 Crores targeted for liquidation over the current year. - Retail disbursements are expected to scale up by another ₹ 300 Crores to ₹ 400 Crores net growth to start happening soon. - Retail disbursals have grown from about ₹ 3,000 Crores last year to nearly ₹ 8,000 Crores this year. - The goal for the current year is to disburse at least ₹ 12,000 Crores in retail loans. - Monthly retail disbursal run-rate expected to be ₹ 800 Crores to ₹ 900 Crores in H1 FY2024 and increasing to ₹ 1,300 Crores to ₹ 1,400 Crores per month in H2 FY2024. - Some wholesale loans will still be disbursed through the AIF vehicle in Q2 and Q3, with fund approvals expected within 2-4 months.

- Indiabulls Housing Finance has created a dedicated vehicle for wholesale lending funded by Alternative Investment Funds (AIFs) and global funds, generating returns and attracting partners. - Over the last three years, the company has done transactions worth ₹15,000 to ₹16,000 Crores with various global funds, indicating strong fund-raising through debt partnerships. - The management is open to both equity and debt financial partnerships but has not announced any specific new fundraising at present. - The company is focusing on growing retail disbursements and prefers equity or debt partnerships that are specific and focused. - No current or planned broad promoter-related debt issuances; management is confident in the current fundraising track record and partnerships. - The reorganization and structure changes are based on investor feedback to make the company more investable and attractive for future capital.

- The company is undertaking a reorganization to create specific entities focused on retail and wholesale lending, aiming for better capital allocation and partnerships. - A rebranding exercise is in progress, expected to be unveiled in about 120 days, to improve corporate identity and stakeholder resonance. - Investment in building a co-lending marketplace tech platform is ongoing to improve efficiencies, resulting in higher ROA and supporting ROE goals by FY2026. - Focus on scaling retail disbursements steadily, targeting ₹12,000 Crores for the current year. - The company continues to invest in institutionalization processes, ESG initiatives, and improved corporate governance standards. - While there is potential for opportunistic large-scale wholesale disbursements requiring specialized capital, no significant strategic large-scale wholesale capital raise is planned in the near future. - Capital expenditure on human resources and branch expansion is being carried out in a calibrated manner to ensure productivity.

- Retail disbursements aim to grow from ₹7,800 Crores in FY2023 to at least ₹12,000 Crores in FY2024. - Retail disbursements expected to average ₹800-900 Crores per month in H1 FY2024, increasing to ₹1,300-1,400 Crores per month in H2 FY2024. - Net growth in loan book anticipated from Q3 FY2024 as disbursals reach ₹1,200-1,300 Crores per month. - Co-lending and loan sell-downs (CLM) expected to contribute significantly, with CLM increasing from 34% of AUM in FY2023 and growing further. - Focus on maintaining asset quality and calibrated expansion of branches and workforce to sustain growth. - Wholesale book liquidation mostly complete; future growth expected through strategic partnerships and dedicated vehicles. - Overall, FY2024 anticipated to be flattish in first half, followed by net growth in second half, with stronger growth in FY2025 and beyond.