The provision coverage is seen at 73.48% as on September 30, 2021, from 70.20% for Q1FY22 and 84.89% in the year-ago period.
CSB Bank on Monday reported a 72% year-on-year jump in its net profit to Rs 118.57 crore for the second quarter due to lower provisioning for bad loans. The Thrissur-based lender had reported a net profit of Rs 68.90 crore in the year-ago period and a net profit of Rs 61 crore in the first quarter of the current fiscal.
Provisions were written back for the quarter in review with recoveries and upgrades seen higher than slippages.
The asset quality improved, with gross non-performing assets (NPA) as a percentage of gross advances being reported at 4.11%, compared with 4.88% in the preceding quarter and 3.04% in the year -ago period. Net NPA as a percentage of gross advances stood at 2.63%, against 3.21% in the preceding quarter and 1.30% in the second quarter of FY21.
The provision coverage is seen at 73.48% as on September 30, 2021, from 70.20% for Q1FY22 and 84.89% in the year-ago period.
CVR Rajendran, managing director & CEO, said with the opening up of the economy, positive trends are visible on the asset quality front. “Out of the gross NPA of Rs 586.83 crore, Rs 287.52 crore is gold NPA where recovery is almost assured.”
“The uptick in demand is expected to be strengthened by the upcoming festive season, resilient agri sector, increased government capex and exports. Visible growth is also happening in gold loan portfolio. In terms of growth, we look forward for better traction and results in the third quarter. With both the product and process improvements being implemented/proposed, we intend to capture a better share of the retail segment and grow both retail liabilities and assets. So, we look forward to improve our performance in both the top line and bottom line parameters,” Rajendran said.
CSB Bank reported a 72 per cent year-on-year (yoy) jump in second quarter net profit at ₹119 crore due to healthy growth in net interest income and other income, and write-back in total provisions.
The Thrissur (Kerala)-headquartered bank had recorded a net profit of ₹69 crore in the year ago quarter.
Net interest income (the difference between interest earned and interest expended) was up 21 per cent yoy at ₹278 crore (₹229 crore in the year ago quarter).
Other income, including fees earned from providing services to customers, commission from non-fund based banking activities, earning from foreign exchange transactions, selling of third-party products, profit on sale of investments (net), etc., rose about 36 per cent yoy to ₹60 crore (₹44 crore).
The bank saw a write-back of ₹9.2 crore in total provisions, including towards non-perfoming assets (NPAs) in the reportng quarter. In the year ago quarter, it made provisions aggregating ₹26.90 crore in the year ago quarter.
As of September-end, total advances grew 12.57 per cent yoy to ₹15,097 crore.
Growth in advances
The growth was mainly on the back of increase in agriculture & microfinance industry loans, gold loans, corporate loans, two-wheeler loans, new MSME loans. However, retail loans, MSME general loans and assignment loans saw a decline.
Total deposits were up 9.09 per cent to ₹19,055 crore. The proportion of low-cost current account, savings account (CASA) deposits in total deposits improved to 32.60 per cent (29.39 per cent as at September-end 2020). During the reporting quarter, fresh slippages were lower at ₹205 crore (of which ₹170 crore is on account of gold loans) against ₹435 crore in the first quarter.
Non-performing asset (NPA) reduction, including via upgradation and recoveries, was higher at ₹305 crore (₹142 crore in the preceding quarter).
CVR Rajendran, Managing Director & CEO, said: “…in terms of profitability, Q2 is a much better quarter than Q1FY22…Lot of good work has gone in managing the portfolio stress both in gold and non- gold portfolios and SMA (special mention accounts)/NPA levels were kept under control.”
He observed that CSB Bank saw return of demand in Micro, Small and Medium Enterprise (MSME), SME and Whole Sale Banking segments during the last part of the quarter. Further, visible growth is also happening in Gold loan portfolio.
As the impact of Covid is not fully ascertained, the bank decided to continue with the accelerated provisioning policy for stressed and NPA accounts, Rajendran said.
BK Divakara, CFO, emphasised that this is the first time that the bank has posted over ₹100 crore profit in a quarter. Net interest margin improved to 5.22 per cent, from 4.48 per cent in the year ago quarter.
CSB Bank on Monday reported a 72 per cent jump in net profit at Rs 118.57 crore in the second quarter ended September. The Kerala-based private sector lender had reported a net profit of Rs 68.90 crore in the corresponding quarter of the previous fiscal.
Total income during July-September in FY22 rose to Rs 555.64 crore, as against Rs 513.77 crore in the year-ago quarter, CSB Bank said in a regulatory filing.
On the asset front, the bank’s non-performing assets (NPAs) rose to 4.11 per cent of the gross advances as of September 2021, as against 3.04 per cent a year ago.
In absolute terms, gross NPAs stood at Rs 586.83 crore, higher than Rs 387.42 crore.
Net NPAs or bad loans stood at 2.63 per cent (Rs 370 crore) as against 1.30 per cent (Rs 163.52 crore).
Stock of CSB Bank traded 1.41 per cent up at Rs 310.10 apiece on BSE. PTI KPM RUJ RUJ
The second Covid-19 wave has impacted the recovery and lending activities of commercial banks. From tackling scattered lockdowns to managing recovery and collections, banks are expecting a recovery phase in the coming quarters.
Private lender Federal Bank recorded the highest ever operating profit of Rs.1135 Cr with 22% Y-o-Y growth in Q1FY22. The total business of the bank reached Rs. 299158.36 Cr registering Y-o-Y growth of 8.30% as of 30th June 2021.
Shyam Srinivasan, Managing Director, and CEO, Federal Bank said in a statement, “The external environment continues to be challenging however we have managed to keep our operating momentum intact by delivering our highest ever operating profit, for the quarter. Our CASA ratio is at an all-time high and we continue to build a granular liability franchise with more than 90% of our deposits being retail in nature. Our relationship with the NR diaspora continues to blossom with our share in personal inward remittances increasing to 18.20%. We have also managed to keep asset quality in check with only a marginal uptick in GNPA and NNPA.”
Shyam Srinivasan (File Pic)
On similar lines, IDFC FIRST Bank in its Q1FY22 financial results announced the highest ever core pre-provisioning operating profit at Rs. 601 Crore. Total Income grew by 36% YoY basis to reach Rs. 3,034 crore in Q1FY22.
V Vaidyanathan, Managing Director, and CEO, IDFC FIRST Bank, said in a statement, “Our CASA ratio is high at 50.86% despite reducing savings account interest rates by 200 bps recently. Because of our low-cost CASA, we can now participate in prime home loans business, which is a large business opportunity.”
“Regarding the loss during the quarter, we have made prudent provisions for COVID second wave, and expect provisions to reduce for the rest of the three quarters in FY 22. We guide for achieving pre- COVID level Gross and Net NPA, with targeted credit loss of only 2% on our retail book by Q4 FY 22 and onwards, assuming no further lockdowns.” Vaidyanathan added. South-based lender CSB Bank in its First Quarter results announced a profit after tax at Rs 61 Cr in Q1FY22 as against Rs 53.56 Cr in Q1FY21 and Rs 42.89 Cr for the sequential quarter. Net profit increased by 14% YoY. The operating profit of the bank is Rs 179.78 Cr with a Y-o-Y -growth of 39%.
CVR Rajendran, Managing Director & CEO at CSB Bank said in a statement, “COVID second wave coupled with the LTV management of gold loans did pose some challenges in the first quarter of FY 22. Lockdowns, alternate holidays, slowing down of economic activity, controlled movements due to strict social distancing norms, lack of transport, etc restricted the customer access to branches which in turn impacted both the fresh pledges and releases. Thankfully, the worst seems to be over now and recoveries are happening in full swing. The portfolio LTV that was at 83% has been brought down to 75%. The aggressive vaccination push and controlled localised lockdowns have helped in managing the second wave to a great extent and we are optimistic to catch up the business opportunities on a larger scale from this quarter. Bandhan Bankalso announced its Q1FY22 results with pre-provision Operating Profit (PPOP) at 9.3%; up from 8.6% in the Q4FY21.
Chandra Shekhar Ghosh, Managing Director, and CEO of Bandhan Bank said in a statement, “Despite the challenging environment due to covid second wave, we have delivered the best-ever quarter in terms of operational performances. Collections continue to improve with covid restrictions getting relaxed. Typically, the second half of the financial year is always better for the bank in terms of growth and collections. With the easing of the covid second wave and upcoming festive season, we are confident of achieving better performance going forward.” While Axis Bankreported a 94 percent year-on-year rise in standalone net profit at Rs 2,160 crore as against Rs 1,112 crore reported in the same quarter of last year (Q1FY21).
Amitabh Chaudhry, MD & CEO, Axis Bank said, “Despite second wave headwinds, we made tremendous progress this quarter on our strategy of building a high-quality granular franchise, increasing our relevance in the lives of the customers and the communities we serve, and building the best digital bank in the country,”
“The journey we started two years back is gathering momentum with a strong balance sheet, conservative provisions, and a steady operating performance supporting our aspirations. We have also set a bold mandate for our long-term ESG goals. We continue to monitor the macroeconomic environment closely and we remain confident about our strategy and the road ahead,” Chaudhry said.
Amitabh Chaudhry (File Pic)
The country’s largest lender, The State Bank of India recorded its highest-ever quarterly profit at Rs 6,504 cr. in Q1FY21. This implied a 55-per cent year-on-year (YoY) rise in net profit compared to Rs 4,189.34 crore in the year-ago period. Dinesh Khara, chairman of SBI said, “Around 50% of our home loan book is to non-salaried customers which belong to the SME segment,” “The slippages are largely because of the disruption in the SME segment.” He also said, “SBI is expecting a credit growth of 9% during this financial year. The under-utilization of credit lines by borrowers in our corporate clients group has dropped to 25%,” Khara said. “That’s a positive,” he added.
SBI says that the bank is gearing up on several fronts to mitigate all the challenges posed by the spread of the COVID-19 pandemic.
Net interest income of the lender is seen higher by 44.5% y-o-y at Rs 267.8 crore for Q1. (Picture courtesy: IE)
CSB Bank on Thursday reported a 14% year-on-year increase in its first quarter net profit to Rs 61 crore, even as bad loans surged in the gold loan portfolio. The Thrissur-based lender had reported a net profit of Rs 53.56 crore in Q1 of FY21 and a net profit of Rs 42.89 crore in the fourth quarter of the previous fiscal.
The asset quality of the lender deteriorated, with gross non-performing assets (NPA) as a percentage of gross advances standing at 4.88% for Q1FY22, from 2.68% in the preceding quarter and 3.51% in the year-ago period. Net NPA as a percentage of gross advances was at 3.21%, against 1.17 % in the preceding quarter and 1.74% in the first quarter of FY21.
CVR Rajendran, managing director and CEO, said the bank is confident of managing NPAs as the challenges are mainly from the gold segment where recovery is only a matter of time.
Fresh slippages in the quarter under review was seen at Rs 435 crore, of which Rs 337 crore was from gold loans. The gross NPA at the end of Q1 stood at Rs 686 crore, against Rs 401 crore in the year-ago period.
“COVID second wave, coupled with the LTV management of gold loans, did pose some challenges in the first quarter of FY 22. Lockdowns, alternate holidays, slowing down of the economic activity, controlled movements due to strict social distancing norms, lack of transport, etc restricted the customer access to branches, which in turn impacted both fresh pledges and releases. Thankfully, the worse seems to be over now and recoveries are happening in full swing,” he added.
Net interest income of the lender is seen higher by 44.5% y-o-y at Rs 267.8 crore for Q1. Provision coverage is seen lower at 70.20% as on June 31, 2021, compared with 81.73% in the year-ago period.
CSB Bank reported a 14 per cent year-on-year (yoy) increase in net profit at ₹61 crore in the first quarter ended June 30, 2021 even as it saw a rise in delinquencies in gold loans, which account for a major share of its credit portfolio.
The Thrissur-headquartered private sector bank had reported a net profit of ₹54 crore in the year-ago quarter.
CVR Rajendran, Managing Director and CEO said, “Covid second wave coupled with the LTV (loan to value) management of gold loans did pose some challenges in the first quarter of FY22.
“…We are confident of managing the NPAs as the challenges are mainly from the gold segment where recovery is only a matter of time.”
During the reporting quarter, fresh slippages rose by ₹435 crore (₹188 crore in the fourth quarter/Q4FY21), with gold loans alone accounting for 77 per cent of the slippages.
Loan loss provisions were higher at ₹104 crore in Q1FY22 against ₹14 crore in the year-ago period and ₹91 crore in Q4FY21.
Rajendran emphasised that stable gold market trends and the centralisation of recovery processes at the bank’s end will mitigate this adverse situation to a large extent.
NII and NPAs
Net Interest Income (the difference between interest earned and interest expended) rose 45 per cent y-o-y to ₹268 crore (₹185 crore in Q1FY21).
Total non-interest income, comprising fee-based income, trading income and other income, nudged up 3 per cent yoy to ₹76 crore (₹74 crore).
Gross NPA position deteriorated to 4.88 per cent of gross advances as at June-end 2021 against 2.68 per cent as at March-end 2021. Net NPAs position, too, showed a similar trend, increasing to 3.21 per cent of net advances against 1.17 per cent.
“Increase in GNPA level when compared to Q4 of FY21 is mainly because of increase in Gold NPAs and we are optimistic of recovering the same without much losses/haircuts,” the bank said in a statement.
Total advances increased 23 per cent y-o-y to ₹14,863 crore as at June-end 2021. Total deposits rose 14 per cent yoy to ₹18,653 crore.
CSB Bank, having a strong presence in Kerala, Tamil Nadu & Karnataka is looking to expand its presence in the areas which have a significant opportunity to tap SME and LAP business.
Shyam Mani, Head – NRI & SME, CSB Bank in a conversation with ETBFSI talks about how they’ve drawn their strategy to expand in the key SME hubs and extend credit and strengthen LAP portfolio.
Shyam Mani, Head – SME, NRI Banking, CSB Bank
As of June 30, 2021 the bank’s gross advances increased 23.71% to Rs 14,146 crore as against Rs 11,434.65 crore as of 30 June, 2020. Further its advances against Gold and Gold Jewellery accounts for 39.71% of the gross advances totaling to Rs 5,617.68 crore (increased by 46.16% on a Y-o-Y basis) as of June 30, 2021. Hub & Spoke Model for SMEs
The bank is tapping SMEs with a turnover of Rs 250 crore and below excluding export turnover and up to ticket size of Rs 50 crore maximum. It has set up exclusive teams primarily to focus on leveraging existing branch distribution channels.
Mani said, “We have created a hub and spoke model and identified 42 key hub branches (or SME branches) and linked to 220 respective spoke branches, and the strategy is centered around the businesses in these specific catchments. Currently, we might not have large books in these areas but do have our presence like for e.g. Peenya, Bommanahalli in Bangalore and other SME markets like Delhi, Mumbai, etc.”
The demography in these branches are SME or business-led and where the bank’s SME assets will reside. Post identifying these areas they moved their key resources with teams working on relationship management and acquiring business and other team taking care of the portfolio. These branches are the bank’s primary funnel for our SME business.
He adds, “Beyond branch networks we also work with state bodies and industry associations. In each of these hubs, we have drawn connections to funnel for business. So the idea has been to identify and set-up distribution followed by prioritising our product offerings which are segment and ticket-size specific.”
The bank is creating scorecards by mapping segment, ticket size, and different parameters along with bureau checks to make quicker decisions. It also intends to simplify the process through technology and go maximum paperless as it progresses.
“Once all processes are in place from distribution to product offering to simple processes at par with peer banks, we are looking to complete the entire cycle of requirement of SME customers and build a good portfolio,” he added.
Mani has also observed that a lot of businesses are coming to India from different countries and is seeing an uptake in export-oriented businesses like auto ancillaries, engineering goods, etc. These companies are running with double shifts and are the ones who have built capacity and have large export orders.
Mani said, “We are focusing on recession-proof sectors and are particular about the sector we want to capture. Food-processing, healthcare, pharmaceuticals, engineering works, and specific markets which have export orders are some of the key sectors we are looking at. We don’t restrict our lending to top branches only, if there’s a requirement and an opportunity for a specific economy, we are able to take on their requirements as a lot of processes are centralised.” Expanding LAP Business
CSB Bank is looking to strengthen their LAP offering by focusing on Top 10 cities to start with and do LAP business even within their SME presence.
Mani said, “Bombay, Delhi, Pune, Ahmedabad, Bangalore, Hyderabad, Chennai, Kochi, and Coimbatore are key markets for our LAP business. Within these markets, we have picked up top 60 branches having exclusive teams focusing on LAP disbursements on retail and large ticket size in parallel with SME business.”
He adds, “It’s an opportunity for us as we find a lot of NBFC business is moving into banks in terms of balance transfer because of two key reasons, one is pricing, and second, customer convenience. We are particular in handpicking cities because while our predominant distribution is in Kerala and Tamilnadu, nationally LAP is a potential business irrespective of your book size and distribution.”
The bank takes a combination of internal rating & external rating to take the credit calls.
He explains that they have to be careful of real estate prices and the stability of the market. “We are conscious about it and keep tracking the market from a risk perspective and have tied up with industry experts to gather inputs on market trends and take calls on industry and location-specific details,” he concluded.
CSB Bank reported the highest-ever net profit of Rs 218.40 crore for the FY21 and a net profit of Rs 42.9 crore in the fourth quarter. CVR Rajendran, managing director & chief executive officer of CSB Bank, tells Rajesh Ravi about the bank’s performance and outlook.Excerpts:
What is your outlook for the current fiscal given that you grew by 24% in the last fiscal and the second wave of the pandemic is seen as strong? No guidance given that the situation is very unpredictable at this point of time. Our desired growth is 25% for the year. Our balance sheet is still very small and growth will not be a problem. First quarter will be very mild and then the Indian economy will come back with a vengeance. I have seen that happen. We will have much more opportunities when the economy is opened up.
From which sector do you see growth coming? Your gold loan has grown 61.3% year-on-year (y-o-y), but sequentially it has slowed down. Gold loan will continue to be focus area for some more years. We are still a marginal player and my outlets are increasing. More business would be possible with more distribution points. We are also focusing on SME and retail banking.
How is demand for credit, especially gold loans ? At present, the demand is negative mainly because of gold loan. We have brought down the loan-to-value (LTV) from March 2021 and are focusing on collections of loans given on a high LTV. This will bring down the gold loan portfolio of all players. But then again, in this market gold loan is the only available product. Personal loan is not encouraged and unsecured loans are not there in the market. So, we are moving to the next segment, which is where people who earlier never took a gold loan accept it. Today my average ticket size is Rs 1-1.25 lakh and now we will move to an average ticket size of Rs 3 lakh.
What is your average LTV now and how much gold is under your custody? Average LTV has come down to 68% and it was 83% at the peak. Gold loan portfolio has grown by 61.3% y-o-y to touch Rs 6,131 crore and the bank has 17.28 tonne of gold in its custody.
Are you worried about NRI remittance slowing down with people returning back from the Middle East? My market share of NRI deposit is very low. Even though it is 24% of my total deposits, CSB has hardly 3% share of the total remittance coming to Kerala. CSB Bank can still grow in the market because of our small share. We are working hard to increase our market share.
What about slippages in the coming Q1 of the fiscal ? Gold loan slippages are more, and I am seeing such slippages in the gold loan segment for the first time. Gold loan caters to the lower segment. Corporates are doing well but the daily wage earners are doing badly. We are going slow on collections in the gold loans, but beyond a certain level we cannot do anything. But, our March NPA is lower than December NPA. Corporate loans are doing well. SME is doing alright in selective sectors, it is only small ticket loans that are doing bad. In April 2021, my collection is 93-94%, but that should not be an indicator. We will have to wait further to know the impact. Definitely, there will be an impact.
CSB is planning 200 new branches. What about new products like credit cards? In Kerala, we will open in the northern side, where we don’t have much presence. We will open more branches in Tamil Nadu, Karnataka, Goa, Andhra Pradesh and Gujarat. Our high focus area will be southern states and the West.
We are also planning to introduce credit cards in tie-up with bigger banks. We are too small to introduce our own credit card. So, we are talking with a leading public sector bank and a private bank to introduce co-branded cards.
New Delhi: Private sector CSB Bank on Saturday posted an all-time high net profit of Rs 218.40 crore for the fiscal ended March 2021. “The bank recorded an all-time high net profit of Rs 218.40 crore in FY21 as against Rs 12.72 crore in FY20, an increase of 1,617 per cent,” CSB Bank said in a regulatory filing.
During the last quarter ended March of FY21, the lender reported a net profit of Rs 42.89 crore against a loss of Rs 59.70 crore in the same quarter of 2019-20, CSB Bank said.
Total income during the reported quarter grew to Rs 609.45 crore as against Rs 475.49 crore in the same period a year ago. Interest income moved up by 28 per cent to Rs 497 crore.
The full-year income too increased to Rs 2,273.11 crore in FY21 from Rs 1,731.50 crore in FY20. Interest income during the year was at Rs 1,872 crore as against Rs 1,510 crore.
Bank’s asset quality improved as the gross non-performing assets (NPAs) fell to 2.68 per cent of the gross advances as of March 31, 2021 as against 3.54 per cent by end of March 2020. In absolute value, the gross NPAs or bad loans amounted to Rs 393.49 crore, compared with Rs 409.43 crore a year ago.
Net NPAs also fell to 1.17 per cent (Rs 168.81 crore) from 1.91 per cent (Rs 216.94 crore).
Provisions for bad loans and contingencies were down in Q4FY21 at Rs 70.95 crore as compared with Rs 84.32 crore parked aside in the year-ago period.
CSB Bank said its advances grew by 27 per cent mainly contributed by gold loan growth of 61 per cent.
Deposits at end of March this year grew to Rs 19,140 crore as against Rs 15,791 crore a year ago, while the advances were up at Rs 14,438 crore as against Rs 11,366 crore.
Total business has grown by Rs 6,421 crore or by 24 per cent year-on-year, it said, adding, thus in the centenary year the bank has grown a fourth of the total business it grew in past 99 years.
The lender said it has a comfortable liquidity position with liquidity coverage ratio of 210.39 per cent which is well above the RBI requirement.
“While the industry grew by approx 12 per cent in deposits and 6 per cent in advances, we could outperform by recording 21 per cent and 27 per cent growth in deposits and advances, respectively. In terms of overall business, bank has grown a fourth…We could also open 101 branches in this 101st year of existence. In terms of profitability, we could break all the past records by crossing the Rs 200 crore mark,” said C V R Rajendran, Managing Director & CEO, CSB Bank.
He said gold loans, two wheeler loans, agri loans, MSME abd SME loans will continue to be the main focus areas of the bank.
While digital will be the main mantra, the bank also plans to add close to 200 branches to its network in FY22 so that there is proper mix of brick and click banking, Rajendran said.
“Though we may have to wait for a month or so to fully understand the impact of second wave of Covid-19, we are optimistic in our outlook to continue the good work in FY22 as well,” he added.
Total income of the bank during the period rose to Rs 609.45 crore from Rs 475.49 crore in the -ago period.
CSB Bank on Saturday reported a net profit of Rs 42.9 crore in the fourth quarter of FY21 largely on higher interest income. The Thrissur-based lender had reported a net loss of Rs 59.7 crore in Q4 FY20 and a net profit of Rs 53 crore in the third quarter of the last fiscal year.
CSB reported the highest-ever net profit of Rs 218.40 crore for the full financial year 2020-21 as against a net profit of Rs 12.72 crore in FY 2019-20. Net interest income of the lender is seen higher by 75 % year-on-year (y-o-y) to Rs 275.7 crore for the fourth quarter of FY21, while non-interest income grew by 30 % y-o-y to touch Rs 112.3 crore. Total income of the bank during the period rose to Rs 609.45 crore from Rs 475.49 crore in the -ago period.
C VR Rajendran, managing director & CEO of the bank, said the bank can now fully focus on growth in FY 22 without any baggages of the past.
“While the industry grew by approximately 12% in deposits and 6% in advances, we could outperform by recording 21% and 27% growth in deposits and advances respectively. In terms of overall business, the bank has grown a fourth of the total business it grew in past 99 years. We could also open 101 branches in this 101st year of existence,” he added.
The bank has plans to open 200 branches in the current fiscal.
Gross non-performing assets (NPA) as a percentage of gross advances is seen at 2.68 % from 1.77 % in the preceding quarter and 3.54% in the year ago period. Net NPA as a percentage of gross advances stands at 1.17% for the fourth quarter as against 0.68% in the third quarter and 1.91% in the fourth quarter of FY20.
However, the bank’s proforma Gross NPA ratio and proforma Net NPA ratio is seen at 3.42 % and 1.93 % respectively for the third quarter, bank sources said.
Gold loan portfolio of the lender has grown by 61.3% y-o-y to touch Rs 6131 crore and the bank has 17.28 tonnes of gold in its custody. Provision Coverage of the bank has improved to 84.89 % as on 31.03.2021 from 80.02 % as on 31.03.2020.