Ann: Preliminary Final Report, page-9

It's time to call a turd a turd.

BizmoLoan repayment defaults are terrible. If the loan default numbers reported in the Preliminary Final Report continue for another quarter then BizmoLoans is not viable and would need to be culled.

BNPL in developing countries has come up against the same problem of how to get borrowers to adopt a western attitude to loan repayments. So far it looks like borrowers have taken the money and ran, and it's the best agents who have done that leading to the collapse in revenue in the June quarter.

Thankfully, there's not a huge quantum of loans outstanding so getting rid of BizmoLoans would not be terminal for PIL. But it's time for the BOD to really question whether it's on a loser and immediately halt the bleeding.

Of course, it doesn't help shareholders that defaults on Trade Receivables and Loans Receivable have been aggregated. They should report default numbers separately for each category of receivables because the risk of each is different.

Maybe it was done that way intentionally to conceal the bad news. It reminds me of the disrespectful way the announcement of AK's sale of 10 million shares was released on new year's eve hoping that nobody would notice.