Conference Call with Edelweiss Financial Services Management and Analysts on Q4FY25 & Full Year Performance and Outlook. Listen to the full earnings transcript.
Financial Services company Edelweiss Financial Services announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: EFSL post MI Consolidated PAT of Rs 105 crore EFSL post MI Ex-Insurance PAT of Rs 90 crore Revenue (consolidated) - Rs 2,343 crore FY25 Financial Highlights: EFSL pre MI Consolidated PBT of Rs 802 crore; growth of 83% YoY EFSL post MI Ex-Insurance PAT of Rs 545 crore Revenue (consolidated) - Rs 9,519 crore Board of Directors have recommended a Dividend of Rs 1.50 per equity share Speaking on the occasion, Rashesh Shah, Chairman, Edelweiss Financial Services said: “This quarter unfolded amidst a complex global environment characterized by moderating growth forecasts, heightened trade policy uncertainty and geopolitical tensions worldwide. Despite these headwinds, the Indian economy has showcased notable resilience, with steady momentum driven primarily by robust domestic consumption and easing inflationary pressures. At Edelweiss, we remain confident in India’s structural strengths and are strategically positioned to navigate the macroeconomic trends in order to deliver long-term value to our stakeholders. Our consolidated PBT grew 83% YoY to Rs 802 crore, while our ex-insurance PAT for the year stood at Rs 545 crore. We continue to deliver healthy profitability, underpinned by steady growth across key business metrics. Staying focused on our key priorities, our EAAA and Mutual Fund businesses have recorded robust YoY growth of 31% and 40% respectively, with continued scale-up in profitability. Our Insurance businesses remain on track to achieve breakeven by FY27, supported by operational efficiencies that have meaningfully reduced losses. We have also reduced our consolidated debt by ~40% over the past three years. Our balance sheet remains strong, with all businesses well-capitalized, and we reaffirm our commitment to further reducing corporate net debt. Our customer franchise continues a strong growth trajectory – this year alone, we added nearly 3 million customers, taking our total reach to 10 million, a 36% YoY expansion. We remain committed to listing our EAAA business and will continue to keep our stakeholders updated as we move forward.” Result PDF
Financial Services company Edelweiss Financial Services announced Q3FY25 results EAAA Annual Recurring Revenue (ARR) AUM stood at Rs 42,140 crore. Its AUM grew 11% YoY to Rs 57,775 crore. Mutual Fund Equity AUM was up 56% YoY to Rs 62,200 crore and AUM increased by 14% YoY to Rs 1,40,300 crore. Asset Reconstruction businessrecovered Rs 1,446 crore in the quarter and Rs 4,303 crore in nine months. Share of retail in recoveries was 15% in nine months, up 200 bps YoY. Retail disbursals in NBFC of Rs 52 crore in the quarter and Rs 318 crore in nine months. Wholesale book reduced by 12% YoY to Rs 3,650 crore. Disbursements in Nido Home Finance of Rs 412 crore, up 37% YoY in the quarter; Rs 1,023 crore, up 32% YoY in nine months. Gross Written Premium for Zuno General Insurance grew by 27% YoY to Rs 754 crore in nine months, one of the fastest growing in the industry. Losses declined by 52% YoY in the nine-month period. In Life Insurance, Gross Premium stood at Rs 1,203 crore in nine months. AUM grew by 19% YoY to Rs 8,948 crore. Rashesh Shah, Chairman, Edelweiss Financial Services, said: “The headwinds in the Indian economy persisted this quarter. While rural consumption has been gradually recovering, driven by government support and strong agricultural output, the key to driving economic momentum and supporting GDP recovery lies in the revival of private investments and the sustained momentum of demand in the rural and urban sectors. Despite the near-term challenges posed by geopolitical risks and energy price volatility, India’s structural strengths and policy reforms continue to provide a solid foundation for long-term growth.” We reported an ex-Insurance PAT Rs 185 crore this quarter and Rs 455 crore in the nine-month period. We continue to see healthy profitability with steady growth in key business metrics. Further, the balance sheet remains robust with all businesses being well capitalized. Customer reach expanded by 45% YoY, growing to 9.7 million. At Edelweiss, we remain steadfast in delivering on our key priorities and are pleased to provide important updates on our progress. In line with our strategy of creating and unlocking value at opportune moments, EAAA recently filed its DRHP and is on the path of listing, with its IPO comprising an Offer for Sale of up to Rs 1,500 crore. Additionally, both the EAAA and Mutual Fund businesses have demonstrated strong growth, with their ninemonth PAT reflecting a robust 35% and 65% YoY growth, respectively. The Insurance businesses are on track to achieve breakeven by FY27, driven by enhanced operational efficiencies that have resulted in reduced losses. Moreover, our consolidated debt has been reduced by nearly Rs 28,000 crore in the last five years, and we remain committed to reducing the Corporate Net Debt. With a continued focus on building a high-quality, wellcapitalised franchise, Edelweiss is strategically positioned to contribute to India’s long-term growth trajectory.” Result PDF
Financial Services company Edelweiss Financial Services announced Q2FY25 results EAAA Annual Recurring Revenue (ARR) AUM increased 13% YoY to Rs 44,900 crore. Its AUM grew 15% YoY to Rs 57,250 crore. Mutual Fund Equity AUM was up 73% YoY to Rs 59,200 crore and AUM increased by 23% YoY to Rs 1,40,500 crore. Asset Reconstruction business recovered Rs 1,526 crore in the quarter. Net D/E improved to 0.2x from 2.8x in March’19. Retail disbursals in NBFC of Rs 66 crore. Wholesale book reduced by 34% YoY to Rs 3,750 crore. Disbursements in Nido Home Finance of Rs 292 crore. Partnership with State Bank of India continues to deepen. Gross written premium for Zuno General Insurance grew by 27% YoY to Rs 243 crore, one of the fastest growing in the industry. Losses declined by 66% YoY in the quarter. In Life Insurance, Gross Premium stood at Rs 481 crore. AUM grew by 21% YoY to Rs 8,722 crore. Net Worth at Rs 6,386 crore. Net Debt reduced by Rs 2,250 crore YoY. Liquidity of Rs 4,000 crore. Strong capitalization across businesses, with capital adequacy of over 37% across credit entities. Rashesh Shah, Chairman, Edelweiss Financial Services said: “The Indian economy is witnessing a temporary slowdown, with this quarter’s growth projected to be 20 bps lower than the target. While India Inc is expected to record a 16-quarter low revenue growth, the momentum is expected to recover owing to demand surge in the festive season and strong private investments, particularly in real estate and corporate capex. India's ability to self-correct, rebalance, and adapt to the realities of the global market further strengthens our outlook. Looking ahead, India's prospects are well-supported by policy stability, sectoral incentives, and infrastructure investments, giving us confidence in a steady trajectory amidst global uncertainties. This quarter, we reported an ex-Insurance PAT of Rs 163 crore. We continue to see healthy profitability with steady growth in key business metrics. Further, the balance sheet remains robust with all businesses being well capitalized. Customer reach expanded by 45% YoY, growing to 9.1 million, while customer assets grew by 12% YoY, reaching Rs 2.3 trillion. At Edelweiss, our roadmap constitutes of four building blocks – Asset Management, Insurance, Credit and Corporate Debt and we remain committed to delivering on them. In Asset Management businesses, significant intrinsic value has been created over the last 5 years, with the value unlock process for EAAA in the pipeline and the Mutual Fund business building preparedness for listing. In Zuno General Insurance and Life Insurance businesses, we are on track to break even by FY27 while in Credit, comprising Asset Reconstruction, NBFC and Nido Home Finance businesses, our focus is to generate double-digit ROE by building an asset-light, tech driven co-lending platform while enhancing productivity and efficiency. Lastly, our consolidated debt has reduced significantly over the years and going forward our focus remains on reducing the Corporate Net Debt.” Result PDF
Financial Services company Edelweiss Financial Services announced Q1FY25 results: EFSL post MI Consolidated PAT of Rs 59 crore, 17% growth YoY EFSL post MI Ex-Insurance PAT of Rs 107 crore Revenue (consolidated) – Rs 2,337 crore Alternative Asset Management business AUM grew by 17% YoY to Rs 56,350 crore; profitability up by 44% YoY to Rs 66 crore Mutual Fund business AUM incroreeased by 24% YoY to Rs 1,36,000 crore; profitability grew by 147% YoY to Rs 26 crore Asset Reconstruction business grew its profitability by 6% YoY to Rs 85 crore Gross Written Premium for General Insurance grew by 56% YoY to Rs 236 crore Gross Premium for Life Insurance incroreeased by 10% YoY to Rs 275 crore Net Worth at Rs 6,052 crore Net Debt reduced by Rs 2,670 crore YoY Liquidity of Rs 2,090 crore Strong capitalization acroreoss businesses, with capital adequacy of over 36% acroreoss croreedit entities Customer reach expands further on the back of a retail scale up, growing 38% YoY to 8.2 million. This has also aided a 13% YoY growth in customer assets to Rs 2.2 trillion, led by the asset management businesses. Overall businesses saw a significant growth in customer base – demonstrating the continued trust reposed in us by our customers. Speaking on the occasion, Rashesh Shah, Chairman, Edelweiss Financial Services said: “India’s economic growth has been robust and resilient despite global uncertainties. With the government’s focus on job croreeation, infrastructure development, MSME empowerment and digital transformation acting as a catalyst for long-term sustainable growth acroreoss sectors, India is well-positioned to propel towards a USD4 trillion economy. At Edelweiss, we reported an ex-Insurance PAT of Rs 107 crore. We continue to see healthy profitability and a stable trend in operating metrics acroreoss the businesses. Further, the balance sheet remains robust with all businesses being well capitalized. Customer reach experienced a 38% YoY surge, growing to 8.2 million, while customer assets grew by 13% YoY, reaching Rs 2.2 trillion. The quarter saw the businesses continue to showcase steady growth. Industry dominant Alternative Asset Management business showed a steady rise in its AUM, with a growth of 17% YoY to Rs 56,350 crore and 32% YoY growth in FPAUM to Rs 32,350 crore. Mutual Fund business recorded AUM growth of 24% YoY to Rs 1,36,000 crore and Equity AUM growth of 71% YoY to Rs 52,500 crore. The General Insurance business has recorded a 56% YoY growth in Gross Written Premium to Rs 236 crore, one of the fastest growing in the industry and the Life Insurance business incroreeased its Gross Premium by 10% YoY to Rs 275 crore. We are well poised to leverage on the opportunities presented by India’s economic growth story and remain focused on our key priorities. Our belief in India's potential is unwavering, and we are confident that the country's economic trajectory will continue to inspire and croreeate value for all.” Result PDF
Financial Services company Edelweiss Financial Services announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: EFSL post MI Consolidated PAT of Rs 169 crore, 13% growth YoY EFSL post MI Ex-Insurance PAT of Rs 212 crore Revenue (consolidated) - Rs 3,027 crore FY24 Financial Highlights: EFSL post MI Consolidated PAT of Rs 421 crore, 22% growth YoY EFSL post MI Ex-Insurance PAT of Rs 661 crore, 8% growth YoY Revenue (consolidated) - Rs 9,602 crore Board of Directors have recommended a Final Dividend of Rs. 1.50 per equity share Alternative Asset Management business AUM grew by 18% YoY to Rs 54,700 crore; profitability up by 32% YoY to Rs 210 crore in the year Mutual Fund business AUM increased by 21% YoY to Rs 1,27,000 crore; profitability grew by 112% YoY to Rs 38 crore in the year Asset Reconstruction business grew its profitability by 12% YoY in the year to Rs 355 crore Gross Written Premium for General Insurance grew by 54% YoY in the year to Rs 851 crore Gross Premium for Life Insurance increased by 15% YoY in the year to Rs 1,926 crore Speaking on the occasion, Rashesh Shah, Chairman, Edelweiss Financial Services Limited said: “India continues to grow at a healthy pace, driven by a significant government-led investment in infrastructure and robust corporate profitability. While there could be some short-term uncertainties due to geopolitical tensions, resurgence in inflation, volatility in energy prices, and upcoming elections in many countries, the overall outlook for the Indian economy remains positive with expectations of a continued growth momentum. At Edelweiss, we continue to leverage on India’s longstanding potential, focusing on growing sustainably over a long period of time. The year saw our ex-insurance PAT grow to Rs 661 crore and our consolidated PAT by 22% YoY This year witnessed strong growth in the Alternative Asset Management, Mutual Fund and General Insurance businesses. Alternative Asset Management grew its AUM by 18% YoY to Rs 54,700 crore and its FPAUM by 39% YoY to Rs 32,200 crore. The business was conferred with the “Market Award India category” by the Asian Investor Asset Management Award. The Mutual Fund business recorded AUM growth of 21% YoY to Rs 1,27,000 crore and a strong Equity AUM growth of 61% YoY to Rs 43,700 crore. The General Insurance business recorded a 54% growth YoY in Gross Written Premium to Rs 851 crore and the Life Insurance business increased its Gross Premium by 15% YoY to Rs 1,926 crore, this year. Our balance sheet remains strong with all businesses being well capitalized. Customer assets increased by 13% YoY to over Rs 2.1 trillion, meanwhile customer reach grew by 35% YoY to 7.6 million customers. We are focused on our key priorities and will scale up profitability in Alternative Asset Management and Mutual Fund businesses, grow retail credit via the co-lending model, focus on break-even in the Insurance businesses by FY27 and further reduce net debt.” Result PDF
Edelweiss Financial Services announced Q3FY24 results: Q3FY24 Financial Highlights: EFSL post-MI Consolidated PAT of Rs 125 crore, 24% growth YoY. EFSL post-MI Ex-Insurance PAT of Rs 186 crore, 12% growth YoY. Revenue (consolidated) - Rs 2,415 crore. Business Highlights: Alternative Asset Management business AUM grew by 16% YoY to Rs 52,100 crore. Mutual Fund business Equity AUM increased by 47% YoY to Rs 40,000 crore. Gross Written Premium for General Insurance grew by 70% YoY to Rs 254 crore. Gross Premium for Life Insurance increased by 12% YoY to Rs 422 crore. Retail croreedit disbursements via co-lending doubled YoY; collection efficiency at 97%. Customer Franchise continues its growth trajectory: Customer reach expands further on the back of a retail scale-up, growing 33% YoY to 6.7 million. This has also aided a 17% YoY growth in customer assets to Rs 2.1 trillion, led by the asset management businesses. Overall businesses saw significant growth in the customer base – demonstrating the continued trust reposed in us by our customers. Balance Sheet Highlights: Net Worth at Rs 6,046 crore. Debt reduced by Rs 3,350 crore YoY. Liquidity of Rs 3,455 crore at 18% of debt. Strong capitalization across businesses, with capital adequacy of over 34% across credit entities. Key Performance Highlights: Alternative Asset Management AUM grew 16% YoY to Rs 52,100 crore. Its FPAUM increased 22% YoY to Rs 29,500 crore. Mutual Fund AUM saw consistent growth, expanding by 23% YoY to Rs 1,23,000 crore, and Equity AUM was up 47% YoY to Rs 40,000 crore. Asset Reconstruction business acquired debt assets of Rs 1,910 crore of which ~40% were retail. Further, the share of retail assets in capital employed increased to 15%. Gross written premium for General Insurance grew by 70% YoY to Rs 254 crore. The business issued ~1.25 lakh new policies in the quarter, an uptick of 12% YoY. In Life Insurance, Gross Premium increased by 12% YoY to Rs 422 crore, claim settlement ratio at 98%, and 13m persistency improved to 77%. Wholesale book reduction was on track as per planned, reduced ~65% since Dec 21. Disburseals in NBFC of Rs 250 crore in the quarter with ~80% under CLM. Signed co-lending partnership with Godrej Capital. Disbursements in Housing Finance of Rs 300 crore in the quarter, of which 32% has been under CLM. Partnerships continue to deepen with Standard Chartered Bank and State Bank of India. Speaking on the occasion, Rashesh Shah, Chairman of Edelweiss Financial Services, highlighted the following points: "In the quarter gone by, India's economy showcased strong growth with a 7.6% GDP rise and positive indicators like a stable rupee and robust foreign exchange reserves. We saw all-time highs in Indian indices and significant growth in GST and Net Direct Tax collections. These factors reinforce our optimism about India's economic path. However, we are also aware of the contrasting global economic environment, including recessionary pressures in some regions and upcoming elections in many countries. This backdrop guides our cautious yet optimistic outlook for Indian markets in the near future. At Edelweiss, we're strategically focused on long-term growth, aligning with India's economic strengths while navigating the global landscape. Our approach is to build and nurture businesses with a 20-25-year horizon, reflecting our belief in India's enduring potential. This quarter, we reported an ex-Insurance PAT of Rs 186 crore, with a growth of 12% YoY. We continue to see healthy profitability and an upward trend in operating metrics across the businesses. Further, the balance sheet remains robust with all businesses being well capitalized and holding comfortable liquidity, while we continue to focus on debt reduction. Customer reach has experienced a 33% YoY surge, growing to 6.7 million, while customer assets have grown by 17% YoY, reaching a milestone of Rs 2.1 trillion. The businesses continue to demonstrate a robust growth trajectory. Alternative Asset Management business showed a steady rise in its AUM, with a growth of 16% YoY to Rs 52,100 crore and 22% YoY growth in FPAUM to Rs 29,500 crore. Mutual Fund business recorded AUM growth of 23% YoY to Rs 1,23,000 crore and Equity AUM growth of 47% YoY to Rs 40,000 crore. The General Insurance business has recorded a notable 70% growth YoY in Gross Written Premium to Rs 254 crore and the Life Insurance business increased its Gross Premium by 12% YoY to Rs 422 crore, this quarter. We remain focused on scaling the Alternative Asset Management and Mutual Fund businesses while continuing to build a path to profitability in the Insurance businesses and grow the retail credit book through the co-lending model. Additionally, our focus will remain on progressing further in our reduction in net debt." Result PDF
Other Financial Services company Edelweiss Financial Services announced Q1FY24 results: EFSL post-MI Consolidated PAT of Rs 51 crore, 96% growth YoY EFSL post-MI Ex-Insurance PAT of Rs 110 crore, 7% growth YoY Revenue (consolidated) - Rs 1,996 crore Net worth at Rs 6,230 crore Debt reduced by ~Rs 2,800 crore YoY to Rs 15,380 crore Liquidity of Rs 2,100 crore at 12% of Debt Speaking on the occasion, Rashesh Shah, Chairman, Edelweiss Financial Services said, “The Indian economy continues to demonstrate promising resilience, stability, and positive indicators of progress amidst global economic volatility and a macroeconomic slowdown. While geopolitical tensions are still running high causing uncertainty in the near-term global macros, India’s economy and market performance displays an encouraging trajectory of growth ahead. At Edelweiss, we reported an ex-Insurance PAT of Rs 110 crore this quarter. We continue to see healthy profitability with upward trends in the operating metrics across our businesses. Our value unlock journey for Nuvama is in its last leg with the demerger and subsequent share allotment to our shareholders completed and listing on track for Aug 23. Our balance sheet continues to showcase strength, with all our businesses being well-capitalized and holding comfortable liquidity. Additionally, our customer reach has grown by 26% year on year, reaching nearly ~6 million, while our customer assets have seen growth of 21% year on year, reaching approximately Rs 2 trillion. The quarter saw our Asset Management businesses continuing to demonstrate a robust growth trajectory, with profitability of 138% YoY. Industry-dominant Alternatives business continued to steadily scale its AUM, with 33% growth YoY to Rs 48,300 crore and 23% YoY growth in FPAUM to Rs 24,600 crore. Mutual Fund business recorded AUM growth of 25% YoY to Rs 110,000 crore and Equity AUM growth of 35% YoY to Rs 25,400 crore. The Insurance businesses continue to gain scale consistently to continue to build a high-quality franchise. The General Insurance business has recorded a 31% growth YoY in GDPI this quarter. We continue our focus on reducing wholesale credit assets consistently, with a reduction of 43% YoY to Rs 4,850 crore. We remain well-poised to leverage the opportunities presented by India’s growing economy. In the coming quarters, we will continue to progress on our priorities, focus on profitability, and maintain the strength and resilience of our balance sheet while being committed to scaling our businesses for growth." Result PDF
Edelweiss Financial Services announced Q4FY23 & FY23 results: Q4FY23: EFSL post-MI Consolidated PAT of Rs 149 crore EFSL post-MI Ex-Insurance PAT of Rs 208 crore Revenue (consolidated) - Rs 3,027 crore FY23: EFSL post-MI Consolidated PAT of Rs 344 crore, 82% growth YoY EFSL post-MI Ex-Insurance PAT of Rs 610 crore, 51% growth YoY Revenue (consolidated) - Rs 8,633 crore Board of Directors has recommended a Final Dividend of Rs 1.25 per equity share. The total Dividend for the year stands at Rs 1.50 per equity share. Asset Management AUM growth of 31% YoY and profitability at Rs 177 crore for the year Alternatives AUM at Rs 46,500 crore, 52% growth YoY; over 3x growth in YoY PAT Asset Reconstruction profitability at Rs 318 crore for the year, 26% growth YoY Credit business profitability at Rs 153 crore for the year, 38% growth YoY Gross written premium for General Insurance business at Rs 552 crore, growth of 53% YoY Life Insurance business achieved embedded value break-even Speaking on the occasion, Rashesh Shah, Chairman, Edelweiss Financial Services said: “The India growth story remains strong. Despite global macroeconomic slowdown and uncertainty, India’s economy remains resilient with a quadruple balance sheet advantage that reflects across government, banks, RBI, and corporates. At Edelweiss, we have been committed to delivering on our stated priorities. Our ex-Insurance PAT for the year grew 51% YoY to Rs 610 crore and nearly doubled YoY for the quarter. The demerger of Nuvama is well underway and the Record date for allotment of Nuvama shares to our shareholders has been announced as June 2, 2023. The year also saw significant growth in our asset management and insurance businesses. In the Mutual Fund business, AUM grew 24% YoY to Rs 1,05,000 crore and Equity AUM grew 16% YoY to Rs 22,700 crore. The Alternatives platform continues to be a strong performer with profitability of Rs 159 crore, AUM growth of 52% YoY, and fee-paying AUM growth of 32% YoY. The General Insurance business recorded 53% growth in GDPI, securing the highest growth in the industry. The Life Insurance business achieved a significant milestone of Embedded Value (EV) break even and recorded the highest ever Claim Settlement Ratio of 99.2%, a testament to the high-quality franchise we are building. Our wholesale loan reduction is on track with a ~40% reduction achieved in the year and we expect this momentum to continue with a planned reduction of ~50% in the coming year. Over the next financial year, we will continue to create value by building and scaling asset-light and retail-focused businesses, unlock value when opportune for our business & all our stakeholders and further strengthen our balance sheet.” Result PDF
Other financial services firm Edelweiss Financial Services Q3FY23 result: Q3FY23: EFSL post-MI consolidated PAT of Rs 101 crore, 44% growth YoY EFSL post-MI ex-insurance PAT of Rs 166 crore, 31% growth YoY Revenue (consolidated): Rs 2,142 crore Healthy profitability across businesses and strong growth in Q3FY23: Asset management AUM growth at Rs 13,000 crore and profitability at Rs 68 crore, 209% growth YoY Alternatives AUM at Rs 45,000 crore, 49% growth YoY Asset reconstruction profitability at Rs 85 crore, 26% growth YoY Credit business profitability at Rs 40 crore, 8% growth YoY Gross written premium for General Insurance business increases by 27% YoY Balance Sheet Q3FY23: Net worth at Rs 8,369 crore Debt reduced by ~Rs 6,000 crore over last 2 years to Rs 24,690 crore Conservative provisioning of credit assets Comfortable liquidity of Rs 6,465 crore at ~26% of debt Strong capitalization across businesses, with capital adequacy of over 34% across credit entities Speaking on the occasion, Rashesh Shah, Chairman, Edelweiss Financial Services Limited, said: “India continues to remain resilient despite the global headwinds and it is indeed a matter of great honour and pride for our country to enter the league of the top five global economies. At Edelweiss, our ex-Insurance PAT grew 31% YoY to Rs 166 crore for the quarter. Our customer franchise continues to expand with customer reach growing to 6 million and customer assets growing to Rs 4 trillion. Our Asset Management businesses have seen good growth in both AUM and profitability. We tripled our Mutual Fund AUM over the last three years to Rs 100,000 crore, clocking the second-highest growth in the industry during this calendar year. Retail folios have quadrupled in the past three years, while the SIP book has nearly tripled, aiding the predictability of income and annuity nature of the business. Our market-dominant alternatives platform saw a stellar 209% YoY growth in PAT, aided by a robust 50% YoY growth in AUM and 34% YoY growth in fee-paying AUM. We launched our first InvIT with an AUM of Rs 2,300 crore and signed definitive agreements to acquire road and transmission assets of L&T;, further bolstering our position as a market leader in the space. Our General Insurance business clocked a GDPI growth of 55% YoY and continues to leverage technology to enhance product offerings, while our Life Insurance also continues to be amongst the fastest-growing business, outpacing industry benchmarks. We continue our focus on the asset-light model in retail credit with our co-lending relationships growing from strength to strength. We remain well-placed to build scale by leveraging opportunities through our wide spectrum of well-capitalized businesses which have long runways for growth." Result PDF