"This quarter has been challenging, with asset quality stress in microfinance, unsecured lending, and small-ticket LAP reflecting broader macroeconomic trends. Our gold loan portfolio yield remains under pressure as we work to regain customers. Economic headwinds persist, as seen in December 2024’s industrial output slowing to 3.2%. The recent 25 bps rate cut—the first in five years—signals policy support for growth. With fiscal and monetary measures driving recovery, we believe the worst is behind us, and performance should improve meaningfully in the coming quarters"