However, net interest margin (NIM) will remain a key monitorable in the March quarter too as the borrowing cost has continued to rise.
Analysts note that the Reserve Bank of India's (RBI's) move to increase the risk weights on bank loans to NBFCs and a rise in the marginal cost of funds-based lending rate of banks have led to the rise in borrowing cost for NBFCs.
"The continued rise in the cost of borrowings has prevented NIM expansion, which was previously envisaged for fixed-rate lending like vehicle finance," brokerage firm Motilal Oswal Financial Services said in a pre-earnings report.
The brokerage expects margins to remain stable for vehicle financiers, even as housing finance companies will witness a compression.
Jio Financial will on April 19 kick-start the January-March earnings season.
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