I think management has explained this point in the concall- MFIN is becoming a high credit cost industry, but at the same time, ROAs and ROEs compensate them for the risk they are taking.
My sense is, in the past we have seen cycles like 2011-2016 with no credit events or 2003-08. If Macro remains strong, good credit cycle for lenders can continue. There is no high stress or systemic risk at the moment anywhere. Wholesale lenders are still seeing write backs
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