Sid,
In the Pic you attached of the “sample illustration”, They are assuming a 1 lakh crore Book. Line 1 (Loan Amount). I think you are tying this to their guidance of 20,000 crore and that’s why the numbers don’t make sense.
Basically the entire point of the sample illustration is only and only to show how the co-lending model helps boost the return ratio’s, RoA & RoE. To illustrate this point they took random numbers like 1,00,000 cr as the AUM. This is NOT to be juxtaposed with their FY25 guidance of 20,000 cr AUM guidance.
So in the sample illustration – Since 80% of the 1 Lakh Cr Aum is “off Book” and they earn a 4% spread on that, 4% of 80,000 is 3,200 cr. Additionally in the “On book” portfolio as you correctly stated, they earn a 14.5% interest income on that. So 14.5% of 20,000 = 2,900 cr. That’s shown as interest income (Line 3) in the illustration screen shot you posted.
The Math is correct. Hopefully this helps 
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