Equitas Holdings Limited Investor Presentation Q1FY19 Quarter ended 30 June 2018 1
MISSION Empowering through Financial Inclusion VISION To Serve 5% of Indian Households by 2025 VALUES Fair and Transparent 2
Highlights ` 8,926 Cr Advances * ` 5,721 Cr Total deposits ` 35.4 Cr PAT 7.2 % NIM * Q1 FY19 27% YoY growth 2.84% Gross NPA 1.03% Credit cost * ` 1,834 Cr CASA 1.00% ROA 6.2% ROE 127% YoY growth 25.6% Tier I % 27.7% CAR % 11.2% Lending spread * 8.0% Cost of Funds * 49.2% Customer Deposits as a % of total borrowings * Advances = On-book and Off-book advances NIM = Net interest income as a % of avg. total assets Lending spread = [Yield on advances in %] [Cost of Funds in %] Credit cost = provision cost as a % of avg. On Book advances Cost of Funds = Total Interest Expense as a % of Average Total Borrowings 3
Highlights Advances of ` 8,926 Cr grew 27% YoY, in Q1 FY19. Sequential growth of 8.4% over Q4 FY18 Customer Deposits (CASA + Term Deposits) of ` 5,721 Cr, of which 32% CASA. This is 49% of total borrowings, bringing cost of funds down to 8.0% for Q1 FY19 Net Interest Income increased by 18% YoY, while Operating expenses increased by 6% YoY Pre-Provision Profits (PPOP) increased 10% YoY, to ` 76 Cr for Q1 FY19 GNPA stood at 2.84% vs. 4.91% last year. NNPA of 1.51% and Provision of 47% Profit after tax of ` 35.4 Cr for Q1 FY19, vs. ` 15.6 Cr for Q1 FY18 and ` 34.9 Cr for Q4 FY18 PSLC fee income of ` 7 Cr recognised in Q1 FY19; ` 28 Cr earned for full year % Return on Assets of 1.00% for the quarter vs 0.66% for Q1 FY18 and 1.12% for Q4 FY18. Return on Equity of 6.2% for the quarter vs 2.8% in Q1 FY18 and 6.2% for Q4 FY18 4
Banking Strategy 5
Banking Business lines Inclusive Banking Micro Finance (JLG loans) Loans to Micro & Small Enterprises Affordable Housing Loans Loans against Property Agri loans Consumer Banking Retail deposits Third party products (TPP) Wealth Management Digital Banking Gold Loans Retail Banking Emerging Enterprise Banking Commercial Vehicle Finance: Used & New Outreach Banking Business Correspondents Channel - linked to liability branches - Channel to source across all business lines MSE Banking Secured Business Loans Unsecured Business Loans - Term & Working capital finance Certificate of Deposits [CDs] Inter-Bank Participatory Certificates [IBPCs] Priority Sector Lending Certificates [PSLCs] G-Secs and other Securities Support functions Asset Liability Management Statutory Reserves Management Treasury 6
Banking Strategy Diversifying Credit offering Building up Liability Franchise National roll-out of Hub & Spoke High Performance model Primarily focusing growth from Bottom of the Pyramid Grow the secured loan portfolio: VF, Agri loan, Gold loan, Micro-LAP, working capital loan etc. Leveraging MFI network to handle related products like Agri and Micro-LAP Reducing cost of funds to facilitate new products across credit profiles Reach out to Mass & Affluent to garner deposits Market share to be driven by Product innovation Bundling of CASA with loan products like Business Loans & Home loans Differential pricing Fun Banking promise New opportunities for Fee Income opening up Pan India roll-out of liability branches in progress Hub & Spoke Model for servicing customers Hubs physical upmarket branches to extend branch banking services Spokes Each hub to have multiple banking through Business Correspondents (not company owned) Automated Service centres to enable Cash & Cheque deposits, self-serving kiosks etc. Market potential and under penetration provides opportunity for sustained credit growth over the next few years Diversified asset portfolio Liability customer pool in long term to be a strong value creator for the bank Returns landscape (5+ years) ROA: ~2.25% ROE: ~16% -20% 7
Business Evolution 8
Timeline 2018 392 liability centers across the nation 2011 Launched vehicle finance and housing finance GVC Rating of GVC Level 3 from CRISIL 2016 INR21.75bn (US$326m) IPO (oversubscribed 17.2x) Launched Equitas Small Finance Bank (ESFBL) 2014 Gross Advances crosses INR25.0 bn 2013 Launched SME and LAP business GVC Rating upgraded to GVC Level 2 2012 Gross Advances crosses INR10.0 bn 2017 RBI granted Scheduled Commercial Bank (SCB) status to Equitas Small Finance Bank in Feb 2015 RBI granted in-principle Small Finance Bank license 2010 Gross Advances crosses INR5.0 bn 2009 Concluded the first rated securitization by an Indian MFI 2008 Received MFI Grading of mfr4 from CRISIL Highest rating for a start-up Raised first round of capital INR60m 2007 Launched Micro Finance lending to the underbanked 9
Advances growth Unsecured lending reduction Robust growth in Advances in the past 5 years with a steady reduction in unsecured portfolio Advances CAGR (FY13 FY18) 41% Unsecured lending Business evolution FY13 to FY18 33% of book down from 76% 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000-76% 60% AUM (Rs. Cr) Unsecured Lending 53% 54% 1,484 2,486 4,010 6,125 7,176 8,238 8,926 47% 33% 32% FY13 FY14 FY15 FY16 FY17 FY18 Q1FY19 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% NII growth Stable Yields Healthy growth in Net Interest Income [NII] in the past 5 years. A moderate Yield reduction due to advances remix. 1,000 900 800 700 600 500 400 300 26.6% 24.4% 22.9% 21.8% 21.5% 19.7% 19.2% NII (Rs. Cr) Yield on Advances (%) 40% 30% 20% 10% 0% NII CAGR (FY13 FY18) 42% Yield on Advances 19.7% decline due to asset remix 200 100 0 160 262 408 601 856 924 254 FY 13 FY 14 FY 15 FY 16 FY 17 FY18 Q1FY19-10% -20% Cheaper funds Transitionary Cost-to-Income Significant reduction in borrowing cost as a result of converting to a bank. Cost-to-income increased during bank transition. Cost of Funds 7.6% - down by >400bps in 5yrs Cost-to- Income 80% reflecting bank transition 85% 80% 75% 70% 65% 60% 55% 50% 45% 40% 11.7% 12.1% 12.1% 72% Cost to income Cost of Funds (%) 55% 11.3% 54% 53% 10.1% 63% 80% 76% 7.6% 8.0% FY 13 FY 14 FY 15 FY 16 FY 17 FY18 Q1FY19 13% 12% 11% 10% 9% 8% 7% 6% 10
Advances Evolution 11
Advances evolution and Diversified book 460 5% 255 3% 106 1% 2,431 27% ` Cr Q1 FY19 Q1 FY18 YoY % Q4 FY18 QoQ% Micro Finance Property Finance 2,431 2,958-18% 2,288 6% 3,292 1,936 70% 2,934 12% 2,381 27% Total Advances ` 8,926 Cr Vehicle Finance Business Loans 2,381 1,952 22% 2,252 6% 460 141 226% 411 12% Corporate Loans 255 25 921% 194 32% 3,292 37% Micro Finance Property Finance Vehicle Finance Others 106 24 344% 160-34% Total Advances 8,926 7,036 27% 8,238 8% Business Banking Corporate Finance Others Others includes Loan against Gold 12
Advances Evolution Product-wise ` Crore FY15 FY16 FY17 FY18 CAGR FY15 - FY18 Q1 FY18 Q1 FY19 YoY growth Micro Finance 2,144 3,283 3,293 2,288 2% 2,958 2,431-18% Property Finance LAP 511 1,087 1,528 2,182 62% 1,611 2,397 49% Housing Finance 180 246 265 464 37% 262 551 110% Agri Loans 31 288 na 62 344 452% Vehicle Finance 1,175 1,510 1,928 2,252 24% 1,952 2,381 22% Business Loans 63 411 na 141 460 226% Loan against Gold 3 28 na 12 26 123% Corporate loans 194 na 25 255 921% Others 65 132 na 12 80 557% Equitas Total 4,010 6,125 7,176 8,238 27% 7,036 8,926 27% end of period figures Overall Advances = Advances On book + Off book 13
Margins Yields on advances (%) & Lending spreads (%) Net Interest Margin (%) & Lending spreads (%) 22% 21% 20% 19% 18% 21.0% 20.9% 11.8% 12.1% 19.9% 11.8% 19.3% 19.2% 11.4% 11.2% 16% 15% 14% 13% 12% 11.8% 12.1% 11.8% 9.1% 9.2% 8.6% 11.4% 11.2% 8.0% 7.2% 17% Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 11% Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Yield on Advances (%) Lending spreads (%) NIM on Average Total Assets (%) Lending spreads (%) 9.50% 9.00% Cost of Funds (%) & Cost of Deposits (%) 9.2% 8.8% 8.50% 8.00% Cost of Deposits = Interest paid on Total Deposits as a % of Average Total Deposits Cost of Funds = Total Interest Expense as a % of Average Total Borrowings Total Deposits = Customer Deposits + Certificate of Deposits [CDs] Customer Deposits = CASA + Term Deposits 8.50% 8.00% 7.50% 7.00% 8.0% 7.9% 8.0% 7.3% 6.6% 6.5% 6.6% 6.7% Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 7.50% 7.00% 6.50% 6.00% Total Borrowings = Total Deposits + Other External Borrowings Cost of Funds (%) Cost of deposits (%) 14
Asset Network 598 Centers Asset Centers 12 States 02 Union Territories Region No. of Centers North 146 West 150 South 302 Total 598 15
Liability Evolution 16
Update for Q1FY19 as on 30 June 2018 Customer deposits evolution CA [Current Account] SA [Savings Account] CASA [Low cost deposits] TD [Term Deposits] CASA+TD [Customer Deposits] Balance (` Cr) 509 1,325 1,834 3,887 5,721 as a % of total borrowings (` 11,635 Cr) 4.4% 11.4% 15.8% 33.4% 49.2% Number of customers ~ 55,000 ~ 2,65,000 ~ 3,20,000 ~ 17,000 ~ 3,37,000 Avg. balance (exc. Inclusive banking customers) (`) ~1,50,000 ~54,000 ~ 23,00,000 Customer Deposits evolution (` Cr) Cost of Deposits (%) 5,721 4,719 3,699 3,097 68% 2,255 65% 67% 72% 74% 26% 28% 33% 35% 32% Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 CASA TD 7.3% 6.7% 6.7% 6.6% 6.6% 6.5% 6.5% 6.6% Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Cost of Customer Deposits Cost of Deposits Cost of Customer Deposits = Interest paid on Customer Deposits as a % of Average Customer Deposits Customer Deposits = CASA + Term Deposits Cost of Deposits = Interest paid on Total Deposits as a % of Average Total Deposits Total Deposits = Customer Deposits + Certificate of Deposits [CDs] 17
As on 30 Jun 2018 1.6% 9.1% 2% Refinance 33.4% 15.8% 22.8% 13.0% 2.3% Debenture Sub-ordinated Debt CASA TD CBLO Certificate of Deposit Borrowing from RBI Funding profile In ` Cr 31 Mar 2018 30 Jun 2018 Term Loans 12 5 Refinance 1,731 2,653 Debenture 1,735 1,510 Sub-ordinated Debt 270 270 CASA 1,634 1,834 TD 3,085 3,887 CBLO 518 185 Certificate of Deposit 832 1,053 Borrowing from RBI 790 237 Total Borrowings 10,607 11,635 Quarter ended CASA (` Cr) Term Deposits (` Cr) Customer deposits [CASA + TD] (` Cr) CASA as a % Customer Deposits Certificate of Deposits (` Cr) Total Deposits (` Cr) Credit to Total Deposits (%) 30 th Jun 17 585 1,670 2,255 26% 2,255 271% 30 th Sep 17 878 2,220 3,097 28% 878 3,976 162% 31 st Dec 17 1,208 2,491 3,699 33% 829 4,528 159% 31 st Mar 18 1,634 3,085 4,719 35% 832 5,551 141% 30 th Jun 18 1,834 3,887 5,721 32% 1,053 6,774 124% 18
Liability Network 392 Centers Liability Centers 13 States 02 Union Territories Region No. of Centers North 95 West 92 South 205 Total 392 19
Income & Opex Evolution 20
Income Net income evolution (in `. Cr) 296 316 292 7 262 267 1 54 60 - - 43 34 33 19 216 228 234 249 254 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 NII Other Income PSLC Fee income Net Income Net income composition (%) Q1FY19 NII Other Income PSLC Fee income 17% 2% 81% Non-interest income * evolution Liability Fee (` Cr) & Liability Fee as % of total non-interest income * 4.0% 3.5% 3.0% 2.5% 2.0% 27% 3.4% Effect of PSLC income (unamortised in Q1FY18) 13% 12% 15% 19% 30% 25% 20% 15% 16 14 12 10 8 22% 28% 28% 21% 35% 30% 25% 20% 1.5% 1.0% 0.5% 0.0% 1.3% 1.1% 1.3% 1.7% Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Non-interest income as a % of assets Non-interest income as a % of Net Income * Non Interest Income = Other income + PSLC fee income 10% 5% 0% 6 4 2 0 4% 3.4 7.4 9.2 12.1 13.0 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Liability Fee income Liability fee as a % of Non Interest income 15% 10% 5% 0% 21
Opex in ` Cr Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Employee expenses 135.2 130.1 132.7 122.0 138.1 Other expenses 91.1 87.4 92.5 102.4 101.3 Total Operating expenses 226.3 217.5 225.2 224.3 239.5 No. of employees 13,473 13,401 13,455 13,541 13,241 Opex evolution 100% 9.6% 10% 95% 90% 8.8% 8.3% 10% 9% 9% 85% 80% 83% 84% 7.2% 6.8% 8% 8% 7% 7% 75% 77% 77% 76% 6% 6% 70% 5% Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Cost to Income (%) Cost to Assets (%) 22
Asset quality 23
Asset quality trend 400 7.0% 350 5.76% 6.0% 300 4.91% 370 4.95% 5.0% 250 200 150 100 50 300 2.36% 2.80% 356 1.62% 1.44% 2.72% 2.84% 213 239 4.0% 3.0% 2.0% 1.51% 1.0% 0 144 180 116 112 127 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 GNPA (Rs. Cr) NNPA (Rs. Cr) GNPA % NNPA % (including FP) 0.0% FP Floating Provision 24
Consolidated Financial Overview 25
Consolidated Financial Overview ` 8,926 Cr [` 7,036 Cr] Advances ` 14,731 Cr [` 9,486 Cr] Assets ` 5,721Cr [` 2,255 Cr] Deposits ` 254.4 Cr [` 216.0 Cr] NII Q1 FY19 27% YoY ` 76.1 Cr [` 69.3 Cr] PPOP 55% YoY 32% CASA 18% YoY ` 239.5 Cr [` 226.3 Cr] Opex ` 20.9 Cr [` 43.9 Cr] Provisions ` 35.4 Cr [` 15.6 Cr] PAT 10% YoY 6% YoY -52% YoY 127% YoY [] figures in brackets pertain to FY17 corresponding period figures 26
Consolidated Key Ratios Q1 FY19 7.2% [9.1%] NIM * 11.2% [11.8%] Lending Spread 75.9% [76.6%] Cost / Income 6.8% [9.6%] Cost / Assets 1.00% [0.66%] ROA 6.2% [2.8%] ROE 25.6% [31.9%] Tier 1 % 27.7% [34.9%] CAR 2.84% [4.91%] GNPA 1.51% [2.36%] NNPA 47.0% [51.8%] PCR 1.03% [2.94%] Credit cost * [] figures in brackets pertain to FY17 corresponding period figures * NIM = Net Interest Income as % of average Total assets Credit cost = Provision as % of average On Book advances 27
Consolidated Financial Performance 28
Consolidated Balance Sheet Particulars (in ` Cr) Jun 18 Mar 18 QoQ % Jun 17 YoY % Capital & Liabilities Share Capital 340.8 340.4 0% 338.2 1% Reserves & Surplus 1,973.1 1,935.9 2% 1,910.3 3% Net Worth 2,314.0 2,276.3 2% 2,248.6 3% Borrowings 11,634.7 10,606.7 10% 6,532.1 78% Other Liabilities & Provision 782.5 611.9 28% 705.1 11% Total Capital & Liabilities 14,731.1 13,494.9 9% 9,485.8 55% Assets Cash and Bank Balance 1,108.2 1,196.4 (7%) 639.6 73% Investments 4,553.7 3,856.9 18% 2,101.4 117% Advances 8,404.4 7,800.1 8% 6,104.9 38% Fixed Assets 317.1 330.4 (4%) 348.8 (9%) Other Assets 347.8 310.9 12% 291.1 19% Total Assets 14,731.1 13,494.9 9% 9,485.8 55% Total Advances [On Book + Off Book] 8,925.7 8,237.7 8% 7,036.1 27% 29
Consolidated Profit & Loss Particulars (in ` Cr) Q1FY19 Q4FY18 QoQ % Q1FY18 YoY % Interest Income 482.3 438.9 10% 374.4 29% Finance Cost 227.9 190.4 20% 158.4 44% Net Interest Income 254.4 248.5 2% 216.0 18% Other Income 61.2 43.3 41% 79.5-23% Net Income 315.6 291.8 8% 295.5 7% Operating Expenses 239.5 224.3 7% 226.3 6% Profit before Provisions 76.1 67.5 13% 69.3 10% Credit Cost 20.9 13.8 51% 43.9-52% Profit Before Tax 55.2 53.6 3% 25.4 118% Provision for Taxation 19.8 18.7 6% 9.8 103% Profit After Tax 35.4 34.9 1% 15.6 127% PSLC fee income of ` 7 Cr recognised in Q1FY19; ` 28 Cr earned for full year FY19 and will be amortised over 4 quarters of the year. PSLC fee income was recognised upfront in FY18 without amortization - ` 60 Cr recognised in Q1FY18 and ` 0.6 Cr in Q4FY18 30
Consolidated Key Ratios Net Interest Margin * (NIM) Lending spreads * 10.8% 8.1% 9.1% 8.0% 7.2% 11.5% 12.1% 11.8% 11.4% 11.2% FY17 FY18 Q1FY18 Q4FY18 Q1FY19 Cost / Avg. Assets 9.6% 7.8% 7.8% 7.2% 6.8% FY 17 FY18 Q1FY18 Q4FY18 Q1FY19 Cost / Income 80.0% 76.6% 76.9% 75.9% 63.4% FY17 FY 18 Q1FY18 Q4FY18 Q1FY19 FY17 FY18 Q1FY18 Q4FY18 Q1FY19 * NIM = Net Interest Income as a % of Average Total Assets Lending spread = [Yield on On book advances in %] [Cost of Funds in %] 31
Consolidated Key Ratios (contd.) Return on Avg. Assets (ROAA) Credit cost * 2.02% 2.60% 2.52% 2.94% 0.66% 1.12% 1.00% 0.74% 1.03% 0.27% FY17 FY18 Q1FY18 Q4FY18 Q1FY19 Return on Avg. Equity (ROAE) 8.9% FY17 FY18 Q1FY18 Q4FY18 Q1FY19 Asset Quality Gross NPA 4.91% 6.2% 6.2% 3.53% 2.72% 2.72% 2.84% 1.4% 2.8% FY17 FY18 Q1FY18 Q4FY18 Q1FY19 FY17 FY18 Q1FY18 Q4FY18 Q1FY19 * Credit cost = Provision as a % of average On Book advances 32
Equitas Technologies Private Limited [ETPL] - Highlights Operations started effective middle of Q2FY17 Driver App rolled out in Q3FY17. Customer App rolled out in Q4FY17 Operations currently in 2 cities in Tamil Nadu Transactions are only intracity movements and volumes are continue to grow steadily Full technology led integrated operations done in Q1FY18 Q1FY19 Operational revenue: ` 4.7 lakh Net Loss of ` 87 lakh 33
CSR Initiatives Social impact continues 34
Corporate Social Responsibilities Medical awareness and preventive healthcare programs 6mn beneficiaries from health and eye care camps 8 English-medium schools 5,800+ children from low-income households enrolled Job fairs for candidates form economically weaker sections 1,40,000+ candidates previously unemployed placed in jobs Equitas Birds Nest Pavement dwellers rehabilitation program 1,500+ families rehabilitated to organized housing Skills development program 5,00,000+ people trained on cottage livelihood skills 35
Annexures & General Information 36
EHL - Shareholding Pattern Type of Shareholder As on 31 st Mar 2018 As on 30 th Jun 2018 Foreign Investors 34.3% 33.5% Domestic Investors 65.7% 66.5% Mutual Funds 37.4% 37.3% Corporate Bodies, Banks, NBFCs, Trusts etc. 13.3% 13.7% Other 15.0% 15.4% Resident Individual & HUF 13.2% 13.9% Employees 1.8% 1.5% 37
Key Ratio Key Ratio FY15 FY16 FY17 FY18 Q1FY18 Q1FY19 Yield on "On book" Advances 22.9% 21.8% 21.5% 19.7% 21.0% 19.2% Cost of funds 12.1% 11.3% 10.1% 7.6% 9.2% 8.0% Lending spread 10.8% 10.5% 11.5% 12.1% 11.8% 11.2% NIM on Interest Earning assets 10.7% 10.1% 9.4% 8.0% 8.9% 7.3% NIM on Total assets 11.3% 11.1% 10.8% 8.1% 9.1% 7.2% GNPA 1.08% 1.34% 3.53% 2.72% 4.91% 2.84% Credit Cost 1.81% 1.39% 2.60% 2.52% 2.94% 1.03% Provision Coverage 25.7% 29.8% 58.3% 47.1% 51.8% 47.0% NNPA 0.80% 0.94% 1.47% 1.44% 2.36% 1.51% ROA 2.96% 3.09% 2.02% 0.27% 0.66% 1.00% ROE 11.2% 13.3% 8.9% 1.4% 2.8% 6.2% Notes: NIM on Interest Earning Assets = Net Interest Income [excluding securitisation income] as a % of Interest earning assets NIM on Total Assets = Net interest income as a % of avg. total assets Lending spread = [Yield on On book advances in %] [Cost of Funds in %] Credit Cost = Provision cost as a % of average On Book advances NPA recognition norms transitioned from 6 months recognition in FY15 to 5 months recognition in FY16 to 4 months in Q1FY17 and to bank norms (90 days) from Q2FY17; hence, NPA is not comparable across the periods presented above 38
Disclaimer The information in this document, including facts and figures, is being provided by the Company for informational purposes only and could be subject to change without notice. The information has also not been independently verified. No representation or warranty, express / implied, is made as to the accuracy, completeness or fairness of the presentation and the information contained herein and no reliance should be placed on such information. The Company or any other parties whose name appears herein shall not be liable for any statements made herein or any event or circumstances arising therefrom. This presentation or any part of it or the fact of its, form the basis of, or be relied on in connection with, any contract or commitment therefor. This document has not been and will not be reviewed or approved by any statutory or regulatory authority in India or any other jurisdiction or by any stock exchanges in India or elsewhere. This document and the contents hereof are restricted for only the intended recipient(s). This document and the contents hereof should not be (i) forwarded or delivered or transmitted in any manner whatsoever, to any other person, other than the intended recipients(s); or (ii) reproduced in any manner whatsoever. Any forwarding, distribution or reproducing of this document in whole or in part is unauthorised. 39
Disclaimer [contd.] Forward Looking Statements Certain statements in this document with words or phrases such as will, should etc., and similar expressions or variation of these expressions or those concerning our future prospects are forward looking statements. Actual results may differ materially from those suggested by the forward looking statements, due to a number of risks or uncertainties associated with the expectations. These risks and uncertainties include, but not limited to, our ability to successfully implement our strategies, change in government policies etc. The Company may, from time to time, make additional written and oral forward looking statements, including statements contained in the Company s filings with the stock exchanges and our reports to shareholders. The Company does not undertake to update any forward looking statements that may be made from time to time by or on behalf of the Company. 40
Investor Relations Equitas Holdings Limited Spencer Plaza, 4th Floor, Phase II No. 769, Anna Salai, Chennai 600 002 ir@equitasbank.com 41