I was little surprised when management said the cost of funds for NBFC is only 25-50 bps higher. I kind of expected at least 100-150 bps. 26% per cent of overall consolidated borrowing is from NHB and HFC borrowing is 84% of overall borrowing, so 31% of HFC borrowings comes from NHB which is a much lower rate. Whereas NBFC does not have access to NHB and all 100% is at market rate. This feels like NCD and bank borrowing rate of HFC is higher than borrowing rate of NBFC
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