Embed Size (px)
Citation preview
Commercial Vehicle Finance: Sector outlook
J u n e 2 0 1 9
AGENDA
1. Commercial Vehicles – Sector performance
2. CV Finance – Landscape
3. Asset Quality Trends – CV focused NBFCs
4. Profitability trends
5. Financial risk profile – Capitalisation & Returns
6. IndAS – Impact on sector
7. Summary - Outlook for CV Finance
Commercial Vehicles: Sales trends
3
Commercial Vehicles: Sales Trends
Source – SIAM
➢ The overall CV market has seen robust growth over the past
two years – 20% in FY 2018 and 18% in FY 2019 – driven by
growth in vehicle categories across tonnages
➢ But there have been divergence in the sale trends between
HCVs and LCVs over the past decade.
➢ HCV sales picked up from July 2017 (post GST
implementation) and showed high growth till June 2018.
➢ LCV Sales, however, has seen secular growth from FY 2016
➢ HCV Sales are a function of the following factors:
▪ Road network expansion
▪ Growth of the freight generating sectors
▪ Fleet utilization rates / freight rates
▪ Regulatory developments
➢ LCV sales derived mostly from the consumption segment
• Globally, there are 3 LCVs for every HCV whereas in
India it is around 2 indicating less redistribution
demand. Correction of this anomaly owing to the
increase in per capita income is driving LCV sales
Source – SIAM
4
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
0
2
4
6
8
10
12
FY12 FY13 FY14 FY15 FY16 FY17 F18 FY19
LAK
H U
NIT
S
Annual Sales in India - CVs
MHCV LCV CV - Total Yoy %
14.30%
-13.88%-3.13%
4.10%
-31.63%
21.00%
45.70%
19.34%
83.53%
-49.13%
-12.02%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Q2FY19 Q3FY19
Quarterly Sales Trends
M&HCV Total CV
Commercial Vehicles: Sale Determinants
Road Network - Growth
5
Source – NHAI
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
FY13 FY14 FY15 FY16 FY17 FY18 10M 19
MACRO DATA / CV SALES
Eight Core Industries Port Traffic MHCV Sales (RHS)
• The total road network stands at 59 lakh km as of
January 31, 2019.
• The National Highways network with 2% of road
network handles 40% of the total traffic.
• NHAI has budgeted large investments to expand
the national highway network to over 200,000 km. in
next 5 years’ time. A large road network will result in
higher CV sale numbers and will also result in the
industry transitioning to higher tonnage vehicles
Impact of Economic slowdown
• The adjacent chart shows the close correlation of
CV sales to key industries such as Mining, Cement,
Power, Coal and Construction.
• Starting July ‘18, sales of CVs have fallen
drastically driven by the weak macro conditions
• The HCV sales for April and May 2019 are 14% and
20% lower respectively as compared to the previous
periods in 2018 indicating deep slowdown in the
industry
0
5
10
15
20
25
30
0
20000
40000
60000
80000
100000
120000
140000
2013-14 2014-15 2015-16 2016-17 2017-18
NATIONAL HIGHWAYS
Length (km) Per day construction (RHS)
Commercial Vehicles: Sale Determinants
REGULATORY DEVELOPMENTS
6
• Starting April 2020, only BS VI compliant vehicles can be sold as per a Supreme Court order
• India is transitioning from BS IV to BS VI standards directly - BS VI vehicles would be safer andconsiderably less polluting than the current vehicles
•Vehicle costs would be significantly higher given the additional spending done by auto majors
• Impact - Major pre-buying is expected in FY 2020 to avoid buying costlier vehicles. This wasobserved in FY 2016 as well prior to implementation of BS IV.
•Even though sales are trending lower in the first few months, the overall growth rate for FY 2020is expected to remain moderately strong due to this transition
BS VI
• In July 2018, the Ministry of Road Transport & Highways issued a notification increasing the axleweight loading by 20-25% for different vehicle tonnages
•This had overnight increased the carrying capacity of the on-road fleet by that extent
•However, practically, since most of the fleet was already overloading, there has been only aminimal impact on the freight rates
• Impact - The sales bump seen in the states where overloading ban was implemented previouslyhas tapered away resulting in overall reduction in the CV sales numbers
Axle weight increase
•The Government of India is working on a Compulsory Scrappage policy for vehicles older than20 years
• Impact - As per various sources, 7 lakh such vehicles (7% of overall fleet) are plying on theIndian roads and these would be scrapped providing a modest bump to the CV sales numbers
Proposed scrappage policy
Commercial Vehicles: Market share trends
7
Tata44%
M&M 22%
Ashok Leyland17%
Force Motors8%
Eicher6%
Others3%
CV - MARKET SHARE - 2018
LCVS SOLD AS OF JUN ‘18
Passenger Total North Zone East Zone West Zone South Zone
Force 39.20% 34.19% 26.21% 50.51% 37.67%
Tata 37.28% 48.35% 64.43% 28.70% 23.69%
Goods
Tata 41.89% 43.31% 48.08% 39.66% 39.81%
M & M 40.99% 42.98% 45.13% 44.06% 34.21%
M&HCVS SOLD AS OF JUN ‘18
Passenger Total North Zone East Zone West Zone South Zone
Ashok Leyland 43.23% 38.87% 30.79% 33.98% 59.93%
Tata 37.58% 46.02% 59.50% 45.69% 14.85%
Goods
Tata 50.74% 59.40% 66.15% 49.83% 29.42%
Ashok Leyland 34.43% 23.27% 26.23% 35.35% 51.92%
• The HCV market is dominated by Tata Motors and Ashok
Leyland whereas Tata and M&M hold most of LCV market
• Ashok Leyland has been increasing its market share at the
expense of Tata in the trucks segment.
• LCV market is seeing increased competition due to product
launches by most players – Maruti Suzuki has also ventured
into this space
• Given the harmonization of vehicular norms with other
countries with BS VI, there is increased likelihood of
competition from global players
• There are wide regional disparities in market shares of
various players (as shown in the table below) and
companies have been trying to address these.
Commercial Vehicle Finance: Landscape
8
CV Finance: Exposure Trends
District wise Exposure
RJ
MH
MP
TL
UP
PB
JH
9Source – Credit Bureau Dara Source – Credit Bureau Data
as % of total CV financing
➢ Market for CV financing in India is estimated to stand at Rs
5 trillion and this has grown in tandem with the increasing
numbers of trucks and LCVs sold over the years.
➢ New vehicle financing is dominated by banks and captive
financiers (Auto OEMs) whereas used vehicle financing is
dominated by NBFC segment. NBFC dominance is skewed
by certain big players such as Shriram, Sundaram, and
Cholamandalam
➢ It is pertinent to note that an estimated 50-60% of the used
CV financing is in the unorganised sector (dominated by
moneylenders) and the NBFC’s share could expand in the
future due to formalisation of finance.
NBFC, 56.2%
Other, 2.1%
PSU Bank, 1.9%
Pvt. Bank, 39.8%
CV LENDER TYPE – JUNE 2018
• The exposure is concentrated along the industrial corridors
due to concentration of vehicle movement in these sectors
CV Finance: AUM Growth drivers
RJ
MH
MP
TL
UP
PB
JH
10
Key factors behind AUM growth in a mature market are:
• Higher tonnage – As the Indian CV market matures into
higher tonnage vehicles, the prices of the vehicles are
increasing and concurrently the loan size of the financiers
• Higher LTV – As players gain more understanding, they
have lent higher LTV in specific less risky sub-segments
• Diversification – Most players are still focused in the
urban centres. Hence, penetration to deeper pincodes is
driving industry growth. NBFCs have also found new
avenues of growth by lending to new small LCVs and taxi
segments in the recent years
F Y 2 0 1 7 F Y 2 0 1 8 F Y 2 0 1 9
76552 91826 98644
2363131440
4058811010
1306015217
AUM GROWTH - VF PLAYERSShriram Chola Sundaram
46%31%
54%
19%
22%
16% 35%
23%
18%17% 25%
4%
9%18% 10%
5%26%
10% 11%
S H R I R A M C H O L A E S S K A Y K O G T A
AUM MIX
HCVs M&LCVs Passenger Vehicles Tractors & CE Others
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
0
2000
4000
6000
8000
10000
12000
14000
16000
STFC - Disbursement
Disbursements QoQ growth %
In times of stress, such as the current liquidity tightening, the
LTVs are lowered which will result in lower growth
Asset Quality Trends – CV focused NBFCs
11
Asset Quality
Asset Quality Trends : CV focused NBFCs
RJ
MH
MP
TL
UP
PB
JH
12
Key Determinant(s)
➢ The single most important factor determining asset quality
in this sector is the freight rate / availability. Majority of the
market operates on a spot rate basis given the absence of
regulatory oversight or formal contracts
➢ Though, fuel cost increases stress the cash flows, in
periods of high economic activity, it gets passed on.
➢ India experienced a benign fuel cost climate from 2015 to
mid-2018 given the lower international crude prices.
However, with crude prices rallying (albeit with high
volatility), the fuel cost has increased from H2 2018.
➢ This coupled with the slowdown in economic activity from
Q3 FY 2019 has resulted in a significant impact on freight
rates. As per Indian Foundation of Transport Research &
Training (IFRTT), the truck rentals have dropped 15% from
November 2018 to May 2019 across India.
➢ This is expected to result in higher PAR for the players
active in the sector as unit economics turn adverse for CV
operators. Asset quality has steadily improved over past
few quarters and hence trend reversion can be expected.
48.9%42.6%
41.2% 40.9% 39.5%35.4%
39.2%38.2%
29.8%28.9%28.0%
24.9% 24.0% 24.0% 23.2%19.8%
23.5% 21.7% 18.8% 16.5%
9.2% 5.7% 5.7% 5.7%5.5% 3.5%
4.5%4.6% 4.0% 3.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%PAR - EMERGING NBFCS
PAR 0 PAR 30 PAR 90
0.00%2.00%4.00%6.00%8.00%
10.00%12.00%
PA
R 9
0
PAR 90 - LARGE NBFCS
Shriram Chola Sundaram
Asset Quality: Regional Variations
13
PAR 90 (without Write-off) PAR 90 (with Write-off)
Asset Quality: Regional Variations
14
Roll Forward X-90 DPD (Dec 17 – Jun 18) Roll Backward 90-X DPD (Dec 17 – Jun 18)
Asset Quality: Regional Variations
15
Key Observations
➢ Given that PSU and other lending categories are
negligible, performance of NBFCs is worse off with a
~2% difference compared to Private Bank performance
– including write off.
➢ The delinquencies for the overall industry was very high
in CY 2017 due to demonetisation and GST related
disruptions. However, there has been a noticeable
decline in the PAR levels since then.
➢ The portfolio quality of NBFCs well diversified across
product segments are much better compared to
monoline NBFCs focusing on only used HCVs
➢ TN is the best performing among the Southern states,
and eastern states have slightly higher levels of
overdues. Telangana, Karnataka and Bihar having
higher levels of PAR 90% driven by lower ticket size
vehicles (likely more used CVs)
➢ Given the concentration of certain industries in clusters
across India, build-up of stress can be predicted. For
example, Mumbai and TN clusters are mostly
consumption led and hence would be more resilient to
macro stress as compared to Gujarat
Industrial cluster PAR analysis
Gujarat corridor
NBFC Pvt Bank PSU Bank Other
Exposure 50.80% 44.74% 0.64% 3.81%
PAR 90 % 4.60% 2.60% 7.40% 5.40%
Industrial corridorsGood produced and moved out for
export/consumption
Mumbai-PuneAutomobiles, Pharmaceuticals,
Chemicals and Textiles
Bangalore-Tamil NaduHydraulics, Heavy tools, Metal,
Aerospace, Biotechnology
Vishakhapatnam-GunturSteel, Ship building, Navy weapons,
Pharmaceuticals, Fishing
Delhi – Gurgaon –
Meerut
Food processing, textiles, electricals,
chemicals and auto components
GujaratMetals, Power, Petro chemicals,
jewellery, machinery
ChotanagpurMining, Heavy metals, Industrial
chemicals, railway fabrication, power
Profitability – Yields, Borrowing & Credit cost trends
16
Profitability: Outlook on Yields and key costs
17
Yields
Typical lending ranges in the industry are:
➢ New CVs: 12 – 16%
➢ Used CVs: Less than 5 years vintage: 14 – 16%
➢ Used CVs: Older than 5 years: 16 – 24%
All the industry players have been targeting new-to-credit and rural customers.
Hence the yields on loans have increased continually over the past few years.
Credit Costs
➢ Given the secured nature of lending, asset repossession becomes an important consideration post default wherein the CVs arerepossessed and sold back in the market to recover the dues. When looked at from the actual write-off / credit cost point of view,
the costs trend between 1-3% for most of the players.
➢ Large listed players such a STFC and Chola have transitioned to the Expected Credit Loss model where the Stage 3 assets. The
provision made for against these Stage III assets represents the Loss Given Default (LGD). This would be a proxy for the
repossession losses to be expected for CV players. The LGD rates assumed have converged to 35% (and lower) in the last year.
➢ Controlling credit costs would be a function of PAR control as also the reduction of repossession losses. The industry players have
developed detailed internal grids over the years which captures the valuation of every vehicle model over its lifetime. Having a
robust grid, which is updated frequently, would be critical to keep the credit costs low.
➢ Vivriti evaluates the Internal grids of CV players to assess the valuation and LTV strategies. This reveals the preferences of
various lenders for different OEMs and models and also reveals whether any particular NBFC is aggressive
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Q 1 - 1 8 Q 2 - 1 8 Q 3 - 1 8 Q 4 - 1 8 Q 1 - 1 9 Q 2 - 1 9 Q 3 - 1 9 Q 4 - 1 9
LGD
STFC Chola
Borrowing profile & Costs
18
➢ The outstanding stock of NBFC borrowings mostly constituted market instruments with the share being 58% as of March 2017.
➢ However, there has been a reversal witnessed from 2018. Higher than expected government borrowings and surging crude prices
have contributed to higher yields.
➢ In September 2018, post the IL&FS default, the yields increased significantly due to the liquidity concerns. Especially, most NBFCs
which had ALM mismatches have found it difficult to refinance short term borrowings. Hence there has been a sharp shift towards
bank borrowings in the recent past given that the bank MCLRs have not increased as much.
NBFC ND-SI Share of Borrowings
Mar-17 Mar-18 Sep-18
Debentures 48.6% 46.2% 42.5%
Bank Borrowings 21.2% 24.2% 26.1%
Borrowings from FI 2.2% 1.6% 1.8%
Inter corporate 3.4% 3.7% 4.5%
Commercial Paper (CP) 9.4% 8.9% 9.7%
Govt. borrowings 1.6% 1.3% 0.0%
Sub-debt 2.8% 2.6% 2.3%
Others 10.8% 11.5% 13.1%
Total Borrowings 100.0% 100.0% 100.0%
35%
39%
49%
31%
24%
21%
4%
6%
7%
15%
18%
12%
15%
13%
11%
M A R C H ' 1 8
D E C ' 1 8
M A R C H ' 1 9
CHOLA - BORROWINGS
Term Loans Bonds CP Other borrowings Securitisation
Borrowing profile & Costs
19
➢ The pull back of liquidity from the market has impacted some financial sectors more than others. HFCs have been the most
impacted considering their inherent asset-liability mismatch and the unavailability of rollovers for the short term maturities. In
comparison, Vehicle finance entities have a better ALM profile with no major cumulative liquidity mismatches. ALM of a sample
large listed player has been provided as of March 2019.
➢ Though there are no mismatches, majority of the short-term funding (1-6 months) is being done through the market borrowing
route. Hence, the short term liquidity squeeze in the debt markets has resulted in most companies re-aligning their borrowing
profiles with higher bank debt.
➢ The cost of funds all the NBFCs has gone up from anywhere between 0.4-1.0% depending on the mix of borrowings.
➢ The NBFCs with higher share of bank debt will see the cost of funds rise significantly from Q4 FY 2019 as the full impact
of the MCLR reset would be realised. Despite the repo rate cuts by RBI, banks have not cut their lending rates much and
hence the cost of funds will trend higher for FY 2020.
➢ Vehicle financiers have started lending at higher yields commencing from Q3 FY 2019. However, the full impact of this
would be felt only post a couple of quarters given that the AUM mix will trend only gradually towards new advances.
Hence, the profitability of the sector is expected to be impacted in the near term due to the liquidity scenario.
ALM Analysis <1 month 1-3 months 3-6 months 6-12 months 1-3 years 3-5 years > 5 years Total
Advances 3% 5% 10% 17% 44% 10% 10% 100%
Borrowings 3% 5% 9% 19% 46% 12% 6% 100%
Cum. Mismatch 0% 0% 1% -1% -3% -5% 0% 0%
% share of market borrowings 81% 74% 61% 37% 20% 30% 65% 35%
Financials – Returns and Capitalisation
20
Return on Assets / Equity
21
Returns across yield spectrum
ROA Tree NBFC 1 NBFC 2 NBFC 3 NBFC 4 NBFC 5 NBFC 6
Yield 14.60% 15.36% 19.30% 22.90% 23.40% 28.50%
Less: Cost of Funds 8.20% 7.90% 8.60% 10.00% 10.30% 11.20%
Less: Opex Ratio (Employee+Dep+Tax) 1.50%4.50%
5.60% 8.50% 9.50% 11.40%
Less: Credit Cost 1.90% 0.70% 0.60% 2.20% 1.20%
ROAA 2.92% 3.06% 4.40% 3.80% 1.40% 4.70%
Leverage 5.95 8.22 3.2 3.1 1.8 2.6
ROAE 17.40% 16.10% 11.00% 12.30% 3.50% 9.70%
➢ The large NBFCs operate both in the used and new vehicle financing spaces and typically fund vehicles with an average age of 5-
6 years. Hence the yields are lower.
➢ Smaller / Emerging NBFCs operate in rural geographies and fund only used vehicles which are close to 10 years of age and
hence the yields are substantially higher.
➢ However, the operating costs for the rural focused NBFCs are substantially higher which restricts the ROA. Also, since the smaller
NBFCs are in a growth phase with substantial branch additions, the overheads are higher
➢ With substantial equity infusion in the recent past, the leverage of the high yield players are lower resulting in lower returns
Capitalisation
22
Recent equity investments in the CV Finance sector
➢ Till 2014, most of the investments were directed towards the larger players like STFC, Chola and M&M. However, over the past 5
years PE / VC funds have been investing in smaller vehicle financiers demonstrating the attractiveness of the market.
➢ The larger NBFCs have substantial accruals which are adequate to meet the regulatory CRAR stipulations
➢ All the CV Finance NBFCs effectively utilize the securitization route given that cost of funds continue to be low considering that
this segment qualifies as PSL. Average % of AUM that is securitized is 20% which provides enough legroom for growth.
Entity Investor(s)Amount invested
($ million)
2018
Kogta Financial Morgan Stanley PE, IIFL 22
Ess Kay Fincorp TPG Growth, Norwest, Evolvence 42
IKF Finance India Business Excellence Fund 4
2017Mahaveer Finance Banyantree Growth 4
Loanzen KAE Capital, Angels 1
2016
Hinduja Leyland Finance Everstone 12
Kogta Financial IIFL Seed 4
Loanzen Angel 0.1
2015IKF Finance India Business Excellence Fund 13
M&M Financial Services Temasek 52
2014 Cholamandalam Apax Partners 103
IndAS – Impact on the sector
23
Capitalisation
24
Impact of IndAS
Securitisation
➢ Amortised cost accounting for the transferred assets, while continuing to report the same as on BS
➢ No capital relief as it is on BS advances
➢ Should be used as a liquidity tool, an alternate borrowing channel
Line item Previous GAAP Ind AS Impact on Net Worth
Loan Provisioning RBI guidelines ECL (Expected Credit Loss) Increase
Income recognition on
balance sheet assets
Upfront recognition of processing
fees
EIR (Effective interest rate) amortisation of
processing feesDecrease
Financial expensesUpfront recognition of processing
fees on loans availed
EIR amortisation of processing fees on
borrowingsIncrease
Valuation of assetsLoans were booked as at principal
outstanding amountFair valuation approach Increase
Income recognition on
assignment dealsRecognised over loan contract Recognised on transaction date Increase
Employee costs Part of Employee expensesActuarial adjustments reclassified to other
comprehensive incomeNA
Capitalisation
25
Impact of IndAS
➢ There is a sharp reduction in the provision created for PAR 90 assets; however, this is mostly compensated by the higher
provisions demanded for Stage 1 & 2 assets.
➢ STFC’s provision coverage ratio used to be higher pre-IndAS and hence the actual provision outgo has reduced in the ECL
method. However, Chola’s provision outgo has increased mainly towards Stage 1 and Stage 2 assets.
➢ Smaller NBFCs (with net worth greater than Rs 250 crore) will also transition to IndAS shortly and provisions would change basis
current provisioning policy
Cholamandalam Shriram Transport
Q1-19 Q2-19 Q3-19 Q4-19 Q1-19 Q2-19 Q3-19 Q4-19
GNPA 3.1% 3.0% 2.8% 2.3% 9.0% 8.8% 9.0% 8.3%
NNPA 1.8% 1.6% 1.5% 1.1% 2.7% 2.8% 2.8% 2.6%
Provision Coverage 43.9% 44.6% 45.5% 49.8% 71.4% 70.6% 70.9% 71.0%
Standard Asset provision 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4%
Total Provision 792 797 831 806 5629 5793 5730 5359
ECL Stage 3 3.6% 3.4% 3.3% 2.7% 9.1% 8.6% 8.8% 8.4%
Stage 3 Provision 555 566 576 546 3118 3113 3187 2967
Provision - Stage 1 & 2 367 348 371 384 2341 2604 2651 2604
ECL Provision 922 914 947 930 5459 5717 5838 5571
Difference in Provision 130 117 116 124 -170 -76 108 212
Outlook - CV Finance
26
Outlook – Large NBFCs
27
Outlook Remarks
CV – OEM Sales Subdued
growth
➢ HCV demand has fallen sharply in H2 FY 2019 due to slowdown in industrial
activity. In H2 FY 2020, BS VI related pre-buying will aid in demand recovery.
➢ LCV demand has been robust as it is consumption-led. However, initial stress is
visible in the performance of FMCG majors.
CV Finance – AUM growth Moderate ➢ Overall, disbursement and AUM growth is expected to remain subdued as
compared to FY 2018 & 2019 given the slowdown in CV sales
Asset Quality Moderate ➢ Asset quality of all the players has witnessed improvement in 2018. Key
contributor to the improvement in the asset quality is the diversification of the
overall book away from HCVs and towards LCVs.
➢ However, the freight rates have reduced continually now for more than 6 months
which could result in stress on the smaller operators. Loans are also being offered
at higher yields currently which can slightly aggravate the financial stress
Funding availability &
Capitalisation
Moderate ➢ Given the healthy ALM profile of the Vehicle Finance segment, the prevalent
liquidity stress has not impacted funding availability
➢ The larger NBFCs have continued to tap domestic and foreign sources of capital
to fund their growth
➢ However, a marked change has been witnessed from market borrowings towards
banks for short term liabilities
Outlook – Emerging NBFCs
28
Outlook Remarks
AUM Growth Healthy ➢ Though the new CV sales have declined sharply in the last few quarters, the used
CV market continues to remain active.
➢ Many of the smaller NBFCs operate in geographies where there is scope for
higher growth given the domination of informal finance.
➢ NBFCs like Ess Kay, IKF & Kogta are expected to maintain their growth trajectory
Asset Quality Moderate ➢ Delinquencies of the small and mid-sized NBFCs are at multi-year lows as of
March 2019
➢ Though there could be some uptick in PAR in the near term because of the
current macroeconomic conditions, credit costs are expected to be under control
due to tighter focus on collections / repossession.
Funding availability &
Capitalisation
Relatively
Healthy
➢ The liquidity squeeze has increased the cost of funds of the NBFCs in this space
anywhere from 0.4-1%. Hence the profitability is expected to see a slight
moderation.
➢ Given the scale and appetite, there are lesser issues of debt availability relative to
larger NBFCs
➢ Most of the emerging NBFCs have raised substantial equity capital in the recent
past and are poised for the next phase of growth
Thank You!
