Speaker #1: Hi, thank you. good morning, everyone, and welcome to the Earnings Conference call of Indian Railway Finance Corporation Limited for the 2nd quarter and half-year end date September 2026.
Speaker #1: We are privileged to have with us today the Senior Management Team of IRSP, represented by Shri Manoj Kumar Dubey, Chairman and Managing Director and CEO; Dr. Ranjay Chaudhary, Director Finance; and Ms. Deepa Kutne, Executive Director Finance and Chief Financial Officer, along with other distinguished members of the Senior Management Team.
Speaker #1: With this, I would like to invite Shri Manoj Kumar Dubey to share his remarks on the company's financial and operational performance for the quarter and half-year end date September 2026, followed by the Management's outlook on the business going forward.
Speaker #1: Over to you, sir.
Speaker #2: Over to you, sir. From Puneet, and good morning, friends. We're attending this phone call, so as CEO, this is one of the heartening mornings for me, when numbers of the companies are beating the guidance and as well as the expectations that the job of CEO becomes easier.
Speaker #2: So today is one of the easier days for me, after a lot of difficult times, and difficult days, to reach these numbers as I was told in the morning with one of the TVs.
Speaker #2: Numbers are not manufactured; they are earned. So IRSP, on embarking on its 2.0 journey, that is, diversification journey, if you look at the last 6 quarters of the company, out of 6, 5 quarters the profit after tax has grown in double digit.
Speaker #2: Except the Q4 of last FY, where provisions were made for new businesses where 1% for greenfield and 0.4% for groundfield provisions are to be made as per earlier norms.
Speaker #2: So it's a very satisfying day talking in the phone call that consistently for the last 6 quarters, in our diversification mode, this company is growing, and as I always say, that when you talk about all the ratios, every ratio animates from profit after tax.
Speaker #2: If a company is not making healthy profit, healthy growth in profit, none of the ratios will show positive trends. So if I give a picture that in the last 6 quarters, 5 quarters, the company's profit after tax has grown in double digits, you can see here the numbers that all the ratios and everything will be having a positive trend, including net interest margin.
Speaker #2: Apart from the good numbers, that is, for H1, more than 20% rise in revenue and more than 10% rise in PAC, I would like to also talk about and share my other views to the shareholders at large, where in the past, when we embarked on the journey of diversification, few questions were really coming to the mind of the investors, that for the first time we are going on diversification apart from single client model, what is the team that we're re having for appraisal.
Speaker #2: So I want to inform all of you that in the last 1 year, the number of employees in IRSP has grown almost double. So you can think of the kind of manpower required that we have added.
Speaker #2: And, you know, in my company, I always say the way we cherry-pick the assets, we cherry-pick the tail ends. So every tail end that we have added to our system, they're all best-in-class that we could get in the country.
Speaker #2: Top of it, I also want to share a very unique model that I follow as CEO here, that is a that is a model of mentoring.
Speaker #2: I'm mentorship. To put a record, my chief risk officer is a veteran from the NBFC business. He has been Director Finance of REC. And after that, he is DRS Chief Risk Officer, and he is also joining the heart of mentoring all the young minds.
Speaker #2: Making them very, very alert about the kind of compliances that is required. We have got our advisor chief, he was our Director Finance earlier, and he comes from the festival of PFC, working there for the last 30 years.
Speaker #2: She brings all the knowledge that is required for growing aid, and she is not only mentoring, she is giving very active advices to the company on those lines also.
Speaker #2: My chief compliance officer is a veteran from the industry, coming from the PNB side. We have got our advisor, one more advisor from REC side, who is retired, and they are advising us on the appraisal side.
Speaker #2: So we have created the grid of mentors who are shaping, guiding, the young minds who are doing the appraisal, borrowing, everything. So this is something that I wanted to share, and let my investors be assured that the kind of team that IRSP has created now is one of the most robust that one can think of.
Speaker #2: The other thing I wanted to share with you, that with the training of the railways, we are very, very particular about oversight and compliances.
Speaker #2: So whatever RBI wanted us to do, whatever CNAG wanted us to do, whatever internal auditing wanted to be done, in fact, I forgot to mention to you that our head of internal auditor auditing is a veteran from government, with all the experience of more than 35 years.
Speaker #2: So we have put all the compliance things right in the place, and we are trying to be best in the class in the country, in relation to any of the bankers or NBFC system.
Speaker #2: We have gotten the positive feedback from RBI as well as CNAG, where consecutive third-time meal comment has come. So oversight, compliances, ERP, all go hand in hand with robust results.
Speaker #2: And top it off, top of it, we also have to look for a long pipeline, and while doing the phone call, I'll be talking about the exciting time that we are going to have, with all the announcements from the railways also, and apart from that, the good business that we are doing in non-railways, entities in the railway ecosystem, where we are garnering higher margins, so taking two together, we'll be talking about the exciting time going ahead, and maintaining and sustaining the growth that we have done in the 6 quarters, trailing 6 quarters, including this particular one.
Speaker #2: So with this, I invite you all to have a discussion. Thank you.
Speaker #1: Thank you so much, sir.
Speaker #2: Thank you so much, sir.
Speaker #1: Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question, may press star and 1 on their touchstone telephone.
Speaker #1: If you wish to remove yourself from the question queue, you may press star and 2. Participants may request to use handsets while asking a question.
Speaker #1: Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Our first question comes on the line of Sukriti D. Patil from ISET FinTech Private Limited.
Speaker #1: Please go ahead.
Speaker #2: I have two questions. The first question to Mr. Dubey is, beyond the regular Outlook, just want to understand what are the top 2, 2, 3 execution priorities you are focusing on in the next few quarters, and alongside that, what do you see as the biggest risk in terms of railway capex, asset growth opportunities, or funding, and how are you preparing to manage them while rendering IRSP's role in the finance space?
Speaker #2: That's the first question. I'll ask the second question after this. Thank you. So you talked about risks of the railway funding or what? I didn't get that.
Speaker #2: Can you repeat again the second part of your question? Yeah, I just want to understand the keys to strategic actions you are focusing on, such as maybe expanding the asset-based diversifying the finance opportunities, you know, along those lines.
Speaker #2: Can you give some guidance? No, I got your question. So yes, immediate first part was first part of the question was, what are our immediate disbursement targets?
Speaker #2: So yes, last year when we started diversifying, all 35,000 crores that we disbursed, that were non-IR disbursements. This train will continue for this FY.
Speaker #2: Next H2, you'll find that will be lending to metro, we'll be lending to ports, we'll be lending to renewable energy, we'll be lending to thermal power generators who are having link with the railways.
Speaker #2: We'll be lending to maybe few road linkages also. These are all in pipeline. Almost ready to be disbursed in Q3 or early Q4. And to answer your question in a very clear manner, the guidance that we're given that in FY27 also, we will be surpassing our disbursement that we did last FY, and that guidance remains intact.
Speaker #2: Now, the second part of the question that you asked is more exciting, because these funding that we're doing right now, it is that will be finishing.
Speaker #2: It won't be continuing for long, because ticket size is not more than 20,000 crores or 10,000 crores like this. But the second part that you mentioned about railways, it's the following our honorable minister railways, and also the honorable prime minister of what he announced.
Speaker #2: There is a sanction of dedicated freight corridor from Dankoni in eastern part to Surat in western part. This costs around this 2,000-kilometer plus, this costs around more than 3 lakh crores.
Speaker #2: There are 7 high-speed rail corridors that are already sanctioned, and very actively being pursued, because country is moving towards a bigger kind of thing.
Speaker #2: Railways has also announced 8 freight lines where they will be going on JB Joint Venture model or TTP model. So overall, pie that comes out to me is more than 20 lakh crores.
Speaker #2: Now, once we have our hand on these pies, these are going to continue for next minimum 10 years. And precisely, the first half of this FY, we are actively engaging with all the stakeholders within the railways, as well as the bilaterals, because you see, the pie is so big that IRSP alone also won't be able to fund all everything.
Speaker #2: So what is happening is that we are kind of being the sole financing arm of Indian railways. We are acting as aggregators. We are only talking to my team is only talking to World Bank, to other multilaterals.
Speaker #2: As well as domestic players, and we believe that by end of this FY, this whole model will be in place, and the way you follow the government, because our disbursement is completely aligned to the aspirations of government of India.
Speaker #2: So if you believe that, yes, government of India is going to have this dedicated rail corridors. If you believe that government of India is going to have these high-speed rail corridors, if you believe that government is really going to have more lending of the tracks, then you believe that our hands are completely full with the kind of business coming in the next 10 years.
Speaker #2: So that is what I'm talking to you. Maybe Q3, when we come out to you, we'll be giving you clear numbers and the guidance is what model is going to be followed.
Speaker #2: But right now, what is available in the public domain, I'm only repeating that, that we are completely in sync with the ministry, both ministry, Ministry of Railways, Ministry of Finance, as well as other multilaterals, bilaterals, trying to get a solution where IRSP will have the first right on the pie.
Speaker #2: And that pie, I can give you a flavor. That pie will be going forward maybe from FY28 onwards for next decade, minimum 50,000 crores every year coming from the Indian reversible.
Speaker #2: But also to mention to you, now that we have started diversification, we are not going to stop funding to non-railway entities in the railway ecosystem.
Speaker #2: So you'll see hand by hand, looking at us funding the metros, looking at us to funding government ports, looking at us to fund the renewable requirement of the Indian railways.
Speaker #2: So it is now that we have started our journey, maybe 20 FY28 onwards for nonstop 10 years, you'll find that this kind of disbursement maybe in tune of 50,000 crores plus minus will be continuous growth for Indian railways, Finance Corporation.
Speaker #2: Thank you. My second question to Mrs. Deepa Kotle is, from the financial point of view, what key risks or challenges do you anticipate in the coming quarters?
Speaker #2: And what specific measures are being taken to manage less interest margins of borrowing costs asset quality and balance sheet strength, especially in an environment of changing interest rates and large funding needs?
Speaker #2: Thank you. So your questions are akin to asking questions for her that she will take over as CEO of the company, on the lighter way.
Speaker #3: Thank you, Mr. Patil, for your question. IRSP has already got a very diverse borrowing portfolio. We are very actively looking at reducing our WATC by increasing the share of 54EC bonds and also ECB, so that borrowing costs we already are least cost among other NDFCs, and we hope to continue the same thing.
Speaker #3: We hope to continue in the same way, because we are like at the moment, we are 6.55 percent of our WATC compared to other NDFCs, which is much higher.
Speaker #3: So 50 is lower. So we hope to continue the same way.
Speaker #2: Thank you. And best wishes.
Speaker #3: I mean, you can ask me again, because I think I noted down borrowing costs and NIM. The question went a little fast, so you can repeat back.
Speaker #2: No, if you have any guidance on that, please share. Otherwise, my questions are being answered.
Speaker #3: Okay. Okay, fine.
Speaker #2: Good, good.
Speaker #4: Thank you. Ladies and gentlemen, anyone who wishes to ask a question, may press star and one. Next question come from the line of Priyamshah with Trine's asset managers.
Speaker #4: Please wait.
Speaker #5: Hi, sir. I just wanted to understand what is our internal 340 target in terms of EUM growth and how aggressive we will be in terms of disbursement, because I think the 5 lakh crore EUM target for this was supposed to be for this year, but I think we've missed it once or twice.
Speaker #5: So just wanted to understand the internal vision and our growth targets.
Speaker #2: So as I mentioned to you, we stand by the target of reaching near about 5 lakh crore, maybe more than that, maybe 1,000 or 2,000 missing on that is fully intact.
Speaker #2: If you look at our journey in IRSP 2.0, we started at 4.60 lakh crore. I mean, 4 lakh 60,000 crore on the beginning of FY26.
Speaker #2: We ended up the year at 4.85 lakh crore. So that upward journey was there. And this year also, taking into account of whatever payment capital recovery that we're getting from the railways, we are completely comfortable.
Speaker #2: Hopeful. We know what assets we are going to disburse in next S2. So I can assure you that the way we have beaten the guidance for our revenue, the way we have beaten the guidance for our path in not one quarter, but consistent two quarters at S1, the rest we have showed that assets and the management also will be reaching near 5 lakh crore or maybe crossing it.
Speaker #2: By end of maybe by the end of Q3 only, you'll get the flavor that we are almost there. But end of the year, for sure, the way we did last year, because bulk of our disbursements are done in S2, we have already things in place to disburse.
Speaker #2: Now, I'm again repeating, very clearly for all the investors, we are not chasing growth of AUM just for it. There is a reason behind that.
Speaker #2: You see, all my assets and the management, nearly 90% plus today also, stands with the railways, where the name is only 1.3% or in absolute terms 35% margin on cost plus.
Speaker #2: You look at the beautiful and sweet spot for this company, whatever non-IR business that we are garnering, here the margin is minimum two times and at times it is three times the 3.5 times also.
Speaker #2: So what will happen that even if my AUM growth is not very robust, it won't be growing in double digits. That's fine. But my path will always be growing near to double digits for the fact that whatever assets we are replacing was of 35 bips, whatever assets I'm adding is more than 100 bips.
Speaker #2: So the yield will be nearly three times of what we were doing with the Indian railways. So understand very carefully that even if I'm maintaining the AUM size of 5 lakh crore, you rest be assured that my path will be growing nearly to 10%, not for a year or two, but if we continue with this mode and the way we have forecasted the way that by 2030, our mix will be 60% pure rail wage and 40% will be diversification.
Speaker #2: Rest be assured that till 2030, there is no look back. Path of this company will be keep growing year to year on that line.
Speaker #2: So I hope I've answered your question.
Speaker #5: Sure, sir. Thank you.
Speaker #4: Thank you. Ladies and gentlemen, anyone who wishes to ask a question, may press star and one. Our next question comes from the line of Manish Agarwal.
Speaker #4: Let's fill it capital. Please go ahead.
Speaker #5: Yeah, hi. Good morning, sir. And congratulations. Just want to understand how is our loan price in the non-railway businesses? Like, how frequently are the interest rates revised there?
Speaker #5: The context was, you know, in the rising interest rate scenario, how fast can we pass on if there is an incremental increase in the cost of funds?
Speaker #5: So that's one.
Speaker #2: Manish, you are very nice question, because nobody was talking about these things. You are very right. There is a repo enhancement by 25 bips.
Speaker #2: And not only that, I must add that also for you and other people who are listening to us or who will be reading my on-call later on, because most of the people read the on-call later on.
Speaker #2: So there is increasing toner also. By two back-to-back toner increases at 25 to 25 bips. And we are one of the aggressive consumers of yen.
Speaker #2: But I tell you the numbers. In terms of last year, we did nearly 2 billion worth of dollars. So we started with 1.8%, with toner increase also we are landing somewhere at 2.25%.
Speaker #2: The things which are passed on on cost plus model, there is good for its agreement scenario for both, because nobody gets a loan less than 3% in the country.
Speaker #2: Even where we are taking it on our books when we are doing a very conservative hedging, my cost of hedging has not crossed 6.3%.
Speaker #2: They are hedging at 5.9 also. They are hedging at 6% also. And the latest that we did, during this turmoil of Hormuz also, it is 6.3%.
Speaker #2: So you see, our overhead cost is nearly 15% only. So we don't add much to the cost of borrowing that we get. So on yen side, I want to confirm to you that despite the fact that toner has gone 50 bips ahead in only three, four months, maybe one more revision comes.
Speaker #2: We are extremely comfortable with those kind of rates that yen is offering to us. Now, coming to domestic markets and answer to your question, there are resets of three months.
Speaker #2: There are resets of one month. There are also resets of one year. So it acts both ways. It at times helps us also. At times helps the borrower also.
Speaker #2: But rest be assured that it doesn't impact negatively to us much for the fact that our total borrowing portfolio, as my CFO mentioned, is very we are not only having the term loan from the bank only.
Speaker #2: It is only around 25% of my total mix. So overall, we always have discussion of 20, 30 bips of any kind of such happening.
Speaker #2: But the beauty is, on the both sides, when we were funding the Indian railways, all these the Indian railways. So we remain insulated. Either for positive or negative, my margin of 35% only was there.
Speaker #2: It was on the lighter and not very exciting business that, you know, that your profit is fixed, whatever happens in the world, it doesn't affect your profit as a company.
Speaker #2: Now, when we have started diversification, we have taken into account all these fluctuations that can take place. And, you know, in every scenario, what strategy we have followed is that we must make at least a margin of 90%, 85% minimum, and my ALM team is very, very particular.
Speaker #2: They are monitoring it on a real-time basis, maybe on a weekly basis, reporting to the top management. So not much of impact as I told you.
Speaker #2: Yes, we also have the flexibility of switching away from the term loans when there are getting costlier to other instruments. And if RTL becomes cheaper, we have the flexibility to go back to them and use that also.
Speaker #2: That is what the borrowing team does in a very smart manner. As my CFO mentioned to you, we are maintaining country-best WSEC, rated average cost of capital, that is 6.55% that we did last year.
Speaker #2: This year also, we hope to maintain that despite the hardening of the rates. So if we are able to garner 30 or 40 bips cheaper resources and the peers, you can know you can understand why I wonder if it can do to us in terms of ensuring our margins as well as competing for RSP for the best plus effect and winning it.
Speaker #2: And precisely, that is the foundation from where RSP is doing consistently excellent results within terms of PAC for last six quarters. And ideally, leading the management team here that this success story will continue in the similar manner as you have seen in the last six quarters.
Speaker #2: Thank you.
Speaker #5: That was helpful, sir. One more question I had was on prepayment rates. So two of your, you know, competitions I won't say competition, maybe government lenders have been facing prepayment pressure in the last one and a half year.
Speaker #5: Is there any kind of prepayment pressure for us visible right now? Yes, sir, I'm there. Am I audible?
Speaker #3: Yes, yes, you are audible.
Speaker #5: Yeah. So my question was on the prepayment rates. So some of the, you know, government lenders were facing prepayment pressure in the last one year.
Speaker #5: Is there any prepayment risk for us in our business, especially in the non-railway business? Sir, would you able to listen to my question?
Speaker #2: Yes, sir. Please go ahead.
Speaker #5: Yeah. So my question was on the prepayment. Risk is, so some of the, you know, state lenders are facing prepayment risk like RSP, PSP of the world.
Speaker #5: Are you also looking at any pressure on the prepayments?
Speaker #2: Yeah. This is the only pressure that I'm not having. I'm having all the other pressures with me. But thank you for asking this question and making me feel good about it.
Speaker #2: So I'm perhaps the only NBSC in the country who is not having this pressure. And there is a reason behind it. The reason is, you know, I'm my unique selling point wherever I have gone for the last two years, I have given three comforts to my borrower.
Speaker #2: Number one, there is no prepayment penalty. Listen to it very carefully. I have given first proposition to all my prospective borrowers that, listen, we are not putting any prepayment penalty while others you know better than me that what kind of penalty is being put on that.
Speaker #2: Number one. Number two, we are saying that there is no floor price. If the benchmark is having a decrease, I'll pass on the benefit to you.
Speaker #2: If the benchmark is going up, I will pass on the risk to you. So these two things have really gone up well with my customers, my borrowers.
Speaker #2: And they have got tremendous confidence and rapport with us. And answer to your question, why we are not finding the pressure of prepayment for the fact that we are cheapest in the market?
Speaker #2: We sell ourselves like this. If we are cheapest in the market, why somebody will prepay my loan? And, you know, I was morning over thinking about it.
Speaker #2: You know, the basic thing that were taught in the management school is that leveraging the business is always a profitable business. Obviously, everybody would not like to put all their equity in the business.
Speaker #2: And when you want to leverage, if you are getting a best-in-class kind of lending rate, why somebody will prepay? So on the lighter end, asking your questions, I get the feedback that for the last two years, we are disruptors in the market.
Speaker #2: But we call we say that we are positive disruptors in the market. So the fact that we are a government company, and if we are bringing in our efficiency of low head cost, small team, taking bigger responsibilities, and serving the government entity entities, it is always good to pass on the money on the winning scenario where I'm making a handsome profit, and I'm passing on the loan at a very cheaper rate.
Speaker #2: So in fact, if you see my last year portfolio, the other prepayment majority we have we are refinancing it. So that's a business proposition for us.
Speaker #2: Now we have proven in the country that if anybody wishes to have a lower rate, proving to us that they are best-in-class estates, they are ratings are A, then we are looking for them and we are arranging cheaper loan as my CFO mentioned.
Speaker #2: We are having the lowest WSEC perhaps in the country. I hope I have answered you.
Speaker #5: Yes, sir. Thank you very much. That was helpful, sir.
Speaker #3: Thank you.
Speaker #2: Thank you.
Speaker #3: And next question comes on the line of Sunil Kumar and individual investor. Please go ahead.
Speaker #5: Hi. Thanks for giving me an opportunity to ask a question. And I was following this company and performance quarterly basis. And it felt good.
Speaker #5: Every time I saw the results and the kind of improvement in the margin and everything happened, I'm a bit concerned as in it's just what happened in last two years in terms of stock price and the way it has moved in the in two years.
Speaker #5: Due to either OFS or anything else. So what are your suggestions to government or even for shareholders to understand how we can have better value in near future or even a longer term in terms of share price and dividend distribution?
Speaker #2: Really up Hindi में सुनना चाहेंगे या Hindi में सुनना चाहेंगे?
Speaker #5: आप जितने comfortable हो, मुझे okay है दोनों.
Speaker #2: नहीं, मैं तो आप मैं आपसे पूछ रहा हूँ. मैं तो आपके service में हूँ. It is your company. You are shareholder. आप जिस भाषा में बोलेंगे, मैं उसी में बात करूँगा.
Speaker #2: आप बताइए.
Speaker #5: आप आप Hindi में भी बता दीजिए. चलिए.
Speaker #2: हाँ. मैं आपको सुनेंगे एकदम. हाँ, हाँ. आप पहले तो बहुत धन्यवाद आपको कि आप हमको follow कर रहे हैं और हमें numbers को appreciate कर रहे हैं.
Speaker #2: देखिए, दो चीज़ बड़ा important है. मैं आप दो साल के बाद से मैं आपको चार साल पीछे ले जाता हूँ. चार साल पीछे ये company का share 26 रुपये का था और अचानक ये 200 cross कर गया.
Speaker #2: वो एक वर्ष की बात है. मैं तभी से follow कर रहा हूँ. तभी मुझे पूछा. मैं आपको उसी का answer दे रहा हूँ. देखिए, हम लोग this is this is a government company.
Speaker #2: तो हम लोग बहुत transparency के साथ अपनी investor को exact सही बात बताने की कोशिश करते हैं. अगर जो concord में आता है. तो आप जब जब जब 30 रुपये का share था, वो 200 चला गया.
Speaker #2: तो parameters तो वही थे. उस समय profit वही रहा होगा. उस समय growth आप देख लीजिए. क्यों गया? ये management के हाथ में नहीं है.
Speaker #2: Market capital market कैसे react करता है? क्या sentiment बनाता है? वो बड़ा complex है. उसको tame करना, समझना बहुत कठिन है. क्या आसान है?
Speaker #2: और क्या fundamentals हैं? एक आप share market में आप एक बात सुनते होंगे, fundamentals. एक एक run होता है कि bull run हो रहा है.
Speaker #2: Bear run हो रहा है. वो run को भूल जाइए. अगर आप लंबे अवधि के लिए share में रहना चाहते हैं, तो मैं आपको लंबे अवधि की बात बताता हूँ कि आप देखें कि पिछले पाँच वर्षों में इस company का profit बढ़ा है कि घटा है?
Speaker #2: अगर profit बढ़ रहा है, तो दूसरी चीज़ देखिए कि भाई, इस company का profit का percentage क्या बढ़ रहा है? 2 percent बढ़ रहा है?
Speaker #2: 1 percent बढ़ रहा है? 10 percent बढ़ रहा है? फिर आप देखिए कि कितनी companies हैं भारत में जिसके profit जो हैं double digit में grow कर रहे हैं?
Speaker #2: आपको इसका नहीं करना पड़ेगा. AI का जमाना है. आप young investor मुझे दिख रहा है आवाज़ से. मुझे नहीं पता आपका उम्र क्या है, but I can tell you AI tool आ गया है.
Speaker #2: आप डालिए, पूछिए आप. Voice note से पूछिए कि आप मुझे भारत के 50 companies बताइए जिसका कि growth 5 का 10 percent में हो रहा है.
Speaker #2: अगर RFC उस 50 companies में है, तो आप समझिए आपको इस company में general सलाह है आपको. मैं company के board के तरफ से आपको ये assumption दे सकता हूँ कि हम अंग्रेज़ी में बोलते हैं walking the talk.
Speaker #2: Hindi में बोलते हैं कि जो हम आपको promise कर रहे हैं, वो करके दिखाएँगे. तो आज सुबह मैं कह रहा था कि numbers cannot be manufactured.
Speaker #2: Number ऐसे नहीं कुछ बना लीजिएगा. Number आप कमाई करते हैं, उसको इस company में दो-दो auditors हैं, उसको देखते हैं. फिर वो numbers आता है.
Speaker #2: तो अगर लगातार ये company पिछले छह quarter में से पाँच quarter में अपना profit double digit में दे रहा है, और business model बदलने के बाद भी नए model में अच्छा कार्य कर रहा है, तो मुझे लगता है कि लंबी अवधि में आपको कोई चिंता नहीं होनी चाहिए.
Speaker #2: अब मैं कोई market prediction नहीं कर सकता. मैं आपको management head की तरफ से ये बता सकता हूँ, ये guidance दे सकता हूँ कि आने वाले दिनों में company का performance कैसा होगा और क्या business का परिवेश है.
Speaker #2: तो जैसा मैं अगर आप सुन रहे होंगे पहले से, मैंने बताया कि भारत जो है विकसित भारत की तरफ जा रहा है. विकसित भारत का मतलब होता है कि सारे infrastructure जो दुनिया के सबसे बड़ी आबादी के लिए चाहिए, वो जगह पर हो.
Speaker #2: और उसके खर्चों का जो estimate GDPR ने बनाया है, वो भारत सरकार ने बनाया है, वो बहुत बड़ा है. Trillions में है. एक अभी हम परसों figure देख रहे थे, वो कह रहा है कि कम से कम 200 लाख करोड़ चाहिए.
Speaker #2: तो इतना बड़ा pie है, उसमें से हमको तो 50,000, 70,000 करोड़ हर साल ही देना है. तो वो बड़ा आसान है. उतना ये company का balance sheet size पाँच लाख करोड़ का है, वो हम करते रहेंगे.
Speaker #2: और business because एक मैं आपको last summary बताता हूँ, क्योंकि हम infrastructure company हैं और सरकारी infrastructure को हमको lend करना है. तो अगर आपको भारत के विकास में confidence है, आपको लगता है कि हाँ ये देश विकसित भारत बनने जा रहा है, आप figures देखिए, आपको लगता है कि GDP 7 percent में हर साल grow करेगा, तो यकीन मानिए अगर आप मेरे shareholder हैं तो आप सही जगह पर हैं.
Speaker #2: और आपके value creation में कोई कोई कमी नहीं रहेगी. रहा dividend की बात. आप अगर dividend तीन साल में देखिए, आपका dividend घटा है कि बढ़ा है.
Speaker #2: मैं जवाब नहीं दे रहा हूँ. आप खुद बताइए. कि पिछले वर्ष हमने 30 percent ज्यादा dividend दिया है. improve हो रहा है तो आप answer दे रहे हैं.
Speaker #2: अगर तीन वर्षों में लगातार पिछले साल हमने एक रुपया पाँच पैसा दिया था, वो interim dividend इस साल हमने एक रुपया पंद्रह पैसा दिया है.
Speaker #2: पिछले साल हमने पैंसठ सौ करोड़ का profit किया था, उसके बाद हमने सात हजार का profit किया है. Half year में हमने छत्तीस सौ करोड़ का किया है.
Speaker #2: अड़तीस सौ करोड़ का profit किया है. तो अगले साल हम आपको dividend दे रहे हैं. और आप आप ये भी देखिए, बाकियों का percentage dividend देखिए.
Speaker #2: पूरी कमाई का लोग 30 percent के आसपास dividend देते हैं. आपकी ये company पिछले दो सालों से करीब चालीस स percent मुनाफे का dividend बाँट रही है.
Speaker #2: तो ये सब signals हैं आपको देखने पड़ेंगे. और आप सतर्क investor बनिए. जो RBI कहता है ना कि आप समझदार और सतर्क निवेशक बनिए.
Speaker #2: तो मेरा आपसे मेरी आपसे गुजारिश है कि आप हमें भी follow करिए. और आप Google को बोलिए कि भाई compare करिए आप RFC के numbers को दूसरे company numbers से.
Speaker #2: और आपको लगता है कि अगर नहीं भाई, ten percent growth में ये company लगातार चल रही है, तो आप यकीन मानिए हमारे साथ रहिए और पचास लाख से ज्यादा निवेशक हैं.
Speaker #2: आप एक number बता रहा हूँ मैं. इस देश में हम top five total company में हैं जिसके shareholders fifty लाख से ज्यादा हैं. और कल एक data mining हम कर रहे थे.
Speaker #2: जितने CPSCs हैं जो सरकारी companies में आप सबसे बड़ी company हैं, जिसके कि share धारक पचास लाख के ऊपर हैं, दूसरी companies बहुत पीछे हैं.
Speaker #2: तो ये जो confidence है मेरे share धारक का इस इस company पे, management का तो मेरा काम है अच्छा number लाना. अच्छा व्यवसाय करना, profit बढ़ाना.
Speaker #2: Market कब और कैसे react करेगा, वो आप देख आपने देखा है. दो साल तक share का price छब्बीस रुपया रहा और फिर अचानक बढ़ने लगा तो दस गुना बढ़ा.
Speaker #2: तो हम market predict नहीं कर सकते. हम आपको ये predict कर सकते हैं कि आपका dividend आसार है कि बढ़ता रहना चाहिए. ये हम अच्छा आपको predict कर सकते हैं कि हम व्यवसाय अच्छा कर रहे हैं और आने वाले दिनों में भी आपको अच्छा pack, अच्छा revenue देखने को मिलेगा.
Speaker #2: तो समीर जी, मुझे लगता है मैंने आपको काफी confidence दे दिया है. Thanks. Thank you sir. And actually मैम, मैं इसीलिए call पर join भी की थी कि I want to hear long term suggestion what is going to be in next ten years or twenty years kind of.
Speaker #2: So that if there is a chance to build a wealth, I can be there. Right. I think we have given enough enough flavor to you.
Speaker #2: I think we have given enough flavor to you. Rest I I I I request and advise you that you keep following us. We keep communicating very proactively.
Speaker #2: And we are very transparent in sharing what all we are doing and what railways is doing. Also you kindly follow what railways is doing also.
Speaker #1: Thank you.
Speaker #2: Thank you.
Speaker #3: Thank you so much. Ladies and gentlemen, anyone who wishes to ask a question, may press star and number. Reminder to all the participants, if anyone wishes to ask a question, may press star and one.
Speaker #3: Thank you. Is there no further question from the participant? I now hand the conference over to the management for the closing remarks. Thank you and over to you too.
Speaker #2: Thanks for it. I think I've spoken enough with all clarity. So nothing more to add. Just to sum up that the way we are giving out the numbers, that if someone can just acquire for H1, we very seriously believe that this growth story will continue.
Speaker #2: And the numbers that you have shown in H1 will be kind of replica of what is going to be next to. Our A1, yes, will be we are all geared up that we will be doing better than what we did last year.
Speaker #2: And all ratios that people follow, we believe that the the way ROCE of this company in this H1 to H1 has grown in double digits, nearly fourteen percent.
Speaker #2: So even ROTA has also grown near five percent. So we believe that return on equity is also positive. So all ratios, as I always say, that if you follow the profit numbers, pack numbers, every ratio comes out of that.
Speaker #2: So we believe that the diversification story that RFC has started on will continue in a positive manner. And when we meet after Q3 results, we come out with the same number or even better number.
Speaker #2: Thank you so much.
Speaker #3: Thank you so much sir. Ladies and gentlemen, on behalf of Philip Castle, India Private Limited, that concludes today's call. Thank you for joining us and you may now disconnect your lines.
