They should be able to do 1300+ cr PAT in FY24 if the status quo is maintained w.r.t. credit costs. H2 sees higher growth relative to H1. I expected a bigger reduction in the off-roll collections team this year, but that lever is yet to play in decreasing the OPEX. The management guided this, but the quantum of the reduction was never mentioned IIRC. Cost to income has already reduced even without this lever.
Honestly, I expected the PAT to normalize, and stagnate in FY24 itself, but the credit cost cycle had a mind of its own. I doubt anyone can predict when the normal will return. All we know is it will.
So, while it can happen, but H2 is not when the credit costs looks to normalize. If you go through the con calls of all MFIs, SFBs, they are all guiding 1-1.5% credit cost this year. Some are foolish to guide for next year as well, they can be ignored.
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