Bajaj Finance Limited · NSE:BAJFINANCE
Bajaj Finance — Q1 FY23 Earnings Presentation
66 slides from Bajaj Finance's earnings presentation, Jul 27, 2022
Slide 1: Bajaj Finance Limited – Investor Presentation Cover Letter
BAJAJ FINANCE LIMITED 27 July 2022 THE MANAGER, THE MANAGER, BSE LIMITED LISTING DEPARTMENT DCS - CRD NATIONAL STOCK EXCHANGE OF INDIA PHIROZE JEEJEEBHOY TOWERS LTD. EXCHANGE PLAZA, C-1. BLOCK G, DALAL STREET, BANDRA - KURLA COMPLEX, BANDRA MUMBAI - 400 001 (EAST) MUMBAI - 400 051 SCRIP CODE: 500034
Slide 2: Q1 FY23 Investor Presentation
Q1 FY23 Investor Presentation 27 July 2022
Slide 3: Presentation Path
Presentation Path Section 01 Section 03 Section 05 Section 07 Executive Financial Customer franchise Update on summary – Q1 performance – Q1 and distribution credit quality FY23 3 FY23 31 reach 42 48 Section 02 Section 04 Section 06 Bajaj Finance Asset liability Business segment wise Limited overvie
Slide 4: Section 01 – Executive summary – Q1 FY23
1.1 Quarter gone by Section 01 Lead financial indicators Executive summary – Q1 1.2 FY23 1.3 Omnipresence strategy update 3
Slide 5: Quarter gone by
Quarter gone by An excellent quarter for the Company across balance sheet growth, portfolio quality and profitability. Highest ever new customer acquisition in Q1. Overall, strong start to the fiscal. Back to all long term guidance metrics for the last 3 quarters. On track to go fully digital across
Slide 6: Lead financial indicators
Lead financial indicators Consolidated performance 1. Strong core AUM growth* of ₹ 11,931 crore in Q1. AUM growth continues to be secular across all lines of businesses. 2. Core AUM was up 31% at ₹ 2,04,018 crore as against ₹ 1,56,115 crore as of 30 June 2021. 3. In Q1, the Company booked 7.42 MM ne
Slide 7: Lead financial indicators
Lead financial indicators 11. Deposits book stood at ₹ 34,102 crore as of 30 June 2022. In Q1, the net deposit growth was ₹ 3,302 crore. Deposits contributed 20% of consolidated borrowings as of 30 June 2022. During the quarter, with rising interest rates, the Company has revised its deposit rates u
Slide 8: Lead financial indicators
Lead financial indicators Bajaj Housing Finance Limited (BHFL) 21. AUM was up 40% at ₹ 57,425 crore as against ₹ 40,941 crore as of 30 June 2021. Home Loans AUM grew by 41%, Loan against property grew by 33%, Lease Rental Discounting grew by 43% and Developer Finance grew by 68%. 22. In Q1, overall
Slide 9: Lead financial indicators
Lead financial indicators 33. Overall stage 2 assets stood at ₹ 492 crore as of 30 June 2022 as against ₹ 604 crore as of 31 March 2022. Non overdue one-time resolution (OTR) assets classified as stage 2 as of 30 June 2022 stood at ₹ 244 crore. 34. Overall stage 3 assets stood at ₹ 134 crore as of 3
Slide 10: Omnipresence strategy update
Omnipresence strategy update 9
Slide 11: Omnipresence strategy update
Omnipresence strategy update Geography 1. Total geographic footprint stood at 3,586 locations and 1,38,900+ distribution points. The Company continues to invest deeply in UP, Bihar and north-eastern states. App platform update 2. Phase 1 of app platform is live on both the app stores. Phase 2 will h
Slide 12: Omnipresence strategy update
Omnipresence strategy update Payments 7. Sprint 2 is planned to go live by 15 November 2022. This release will have significantly better experience on UPI registration and payments transactions enabled through direct API with PSP Bank, PPI interoperability through UPI railroad and unified dispute an
Slide 13: Omnipresence strategy - Key metrics
Omnipresence strategy - Key metrics Particulars Unit Q4 FY22 Q1 FY23 FY23 estimates Geography New locations added – in the quarter # 81 82 400-450 Locations - Cumulative # 3,504 3,586 3,900-3,950 Gold loan branches – Cumulative # 132 155 232 App Metrics Downloads – In the quarter # in MM 5.83 11.01
Slide 14: Omnipresence strategy – Key metrics
Omnipresence strategy – Key metrics Particulars Unit Q4 FY22 Q1 FY23 FY23 estimates App business metrics Digital EMI card acquisition – In the quarter # in ‘000 12 69 300-325 Personal loan disbursement – In the quarter In ₹ cr 1,800 2,109 9,000-10,000 Credit card acquisition - In the quarter # in ‘0
Slide 15: Section 02 – Bajaj Finance Limited overview
2.1 Bajaj group structure 2.2 What do we stand for 2.3 BFL - Consolidated long-term guidance on financial metrics Section 02 BHFL long-term guidance on 2.4 financial metrics Key strategic differentiators Bajaj Finance Limited 2.5 overview 2.6 Our shareholder profile 2.7 15-years financial snapshot 2
Slide 16: Bajaj group structure
Bajaj group structure Bajaj Holdings & Investment Ltd (BHIL) (Listed) 1 2 39.16% 33.43% Bajaj Auto Ltd Bajaj Finserv Ltd 2 (Listed) (Listed) Auto business arm Financial services arm 80.13% 100% 74% 74% 52.49% 3 Bajaj Finance Ltd Bajaj Allianz Life Bajaj Allianz Bajaj Finserv Direct Bajaj Finserv Hea
Slide 17: What do we stand for
What do we stand for “Non-bank with strategy & structure of a bank” “Focused on mass affluent & above clients with a strategy to cross sell” “Diversified financial services strategy with an optimal mix of risk and profit to deliver a sustainable business model” “Business construct to deliver a susta
Slide 18: BFL - Consolidated long-term guidance on financial metrics
BFL - Consolidated long-term guidance on financial metrics AUM growth Profit growth GNPA in corridor of in corridor of in corridor of 25%-27% 23%-24% 1.4%-1.7% NNPA Return on assets Return on equity in corridor of in corridor of in corridor of 0.4%-0.7% 4%-4.5% 19%-21% 17
Slide 19: BHFL long-term guidance on financial metrics
BHFL long-term guidance on financial metrics AUM growth Profit growth GNPA in corridor of in corridor of in corridor of 26%–28% 28%-30% 0.60%-0.80% NNPA Return on assets Return on equity in corridor of in corridor of in corridor of 0.30%-0.40% 1.7%-2.0% 13%-15% 18
Slide 20: Key strategic differentiators
Key strategic differentiators Part of the Bajaj group – one of the oldest & most A trusted brand with strong brand equity respected business houses Focus on mass affluent and above clients Total customer franchise of 60.30 MM Centre of Excellence for each business vertical to bring Strong focus on c
Slide 21: Our shareholder profile
Our shareholder profile Top 20 investors & their holdings As on 30 As on 31 As on 30 S.No Name of Shareholder Jun 22 Mar 22 Jun 21 1 BAJAJ FINSERV LTD 52.49% 52.49% 52.65% 2 GOVERNMENT OF SINGAPORE 3.29% 3.19% 4.09% FII & FPI 3 MAHARASHTRA SCOOTERS LIMITED 3.13% 3.13% 3.14% AXIS MUTUAL FUND TRUSTEE
Slide 22: 15-years financial snapshot
15-years financial snapshot ₹ in crore CAGR Financials snapshot @ FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 (15 yrs.) AUM 2,478 2,539 4,032 7,573 13,107 17,517 24,061 32,410 44,229 60,196 82,422 1,15,888 1,47,153 152,947 1,97,452 37% Income from operations 503 599 91
Slide 23: Product suite
Product suite BAJAJ FINANCE LIMITED Partnerships Consumer SME Commercial Rural Deposits Payments & Services 1. Consumer Durable Loans 1. Unsecured 1. Loan against securities 1. Consumer Durable 1. Retail Term Issuance 1. Life Insurance Working Capital Loans Deposits 1. PPI Distribution 2. Digital Pr
Slide 24: Executive summary – Consolidated
Executive summary – Consolidated Overview • 35-year-old non-bank with a demonstrated track record of profitable growth • Diversified financial services company focused on Urban, Rural, SME, Commercial, Mortgages and Payments • Focused on mass affluent client with a strategy to cross sell • Strong fo
Slide 25: Executive summary – Bajaj Finance Limited
Executive summary – Bajaj Finance Limited Overview • Focused on Urban, Rural, SME, Commercial and Payments businesses • Strategic business unit organization design supported by horizontal common utility functions to drive domain expertise, scalability and operating leverage • Focused on cross sell,
Slide 26: Executive summary – Bajaj Finance Limited
Executive summary – Bajaj Finance Limited SME Business • Offers unsecured working capital loans to SME and self-employed professionals • Secured offerings include enterprise loans against property • Focused on accelerating used car financing business (average ticket size of ~ ₹ 7 lakhs) • Focused on
Slide 27: Executive summary – Bajaj Housing Finance Ltd.
Executive summary – Bajaj Housing Finance Ltd. Overview • A 100% subsidiary of Bajaj Finance Limited, registered with National Housing Bank as a Housing Finance Company • Independent organization design having all dedicated functions and units to drive domain expertise, scalability and operating lev
Slide 28: Executive summary – Bajaj Housing Finance Ltd.
Executive summary – Bajaj Housing Finance Ltd. Lease Rental • Offers loan against lease rentals to high net-worth individuals and developers on commercial property leased mainly to Discounting corporate tenants • Offers construction finance for commercial properties to existing LRD customers • All l
Slide 29: Executive summary – Bajaj Financial Securities Limited
Executive summary – Bajaj Financial Securities Limited Overview • A 100% subsidiary of Bajaj Finance Limited, registered with Securities and Exchange Board of India (SEBI) • Member of Stock Exchanges (NSE and BSE), Depositaries (NSDL & CDSL) and AMFI for distribution of Mutual Funds • Offers Capital
Slide 30: Executive summary – Bajaj Financial Securities Limited
Executive summary – Bajaj Financial Securities Limited Q1 capabilities Gone live with below capabilities on web and mobile during Q1 FY23 update • Bonds: Online investments in Bonds in partnership with Golden Pi • Scanners : Stock analysis and filter basis key parameter and matrices to find new trad
Slide 31: Section 03 – Financial performance
Financial statement summary – 3.1 Consolidated Section 03 Financial statement summary – Financial performance 3.2 Bajaj Finance Limited Financial statement summary – 3.3 Bajaj Housing Finance Limited 30
Slide 32: Financial statement summary – Consolidated
Financial statement summary – Consolidated ₹ in Crore Financials snapshot Q1 FY23 Q1 FY22 Y-o-Y FY22 FY21 Y-o-Y Assets under management 2,04,018 1,59,057 28% 197,452 152,947 29% Assets under finance 1,98,352 1,53,143 30% 191,423 146,687 30% Interest income 7,920 5,954 33% 27,270 23,304 17% Fee and o
Slide 33: Financial statement summary – Bajaj Finance Ltd.
Financial statement summary – Bajaj Finance Ltd. ₹ in Crore Financials snapshot Q1 FY23 Q1 FY22 Y-o-Y FY22 FY21 Y-o-Y Assets under management 1,49,981 1,19,567 25% 1,46,743 1,15,418 27% Assets under finance 1,47,679 1,17,372 26% 1,44,276 1,13,090 28% Interest income 6,828 5,171 32% 23,729 20,419 16%
Slide 34: Financial statement summary – BHFL
Financial statement summary – BHFL ₹ in Crore Financials snapshot Q1 FY23 Q1 FY22 YoY FY22 FY21 YoY Assets under management 57,425 40,941 40% 53,322 38,871 37% Assets under finance 50,039 35,762 40% 46,482 33,419 39% Interest income 1072 777 38% 3,482 2,877 21% Fee and other income 136 29 369% 226 2
Slide 35: Section 04 – Asset liability management
4.1 Conservative leverage standards – Bajaj Finance Limited 4.2 Resilient business model – Consolidated Section 04 Behaviouralized ALM – Bajaj Finance 4.3 Limited Asset liability management Behaviouralized ALM – Bajaj Housing 4.4 Finance Limited 4.5 Disciplined ALM Management – Bajaj Finance Limited
Slide 36: Conservative leverage standards
Conservative leverage standards 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 6.8 28.34% 6.6 6.3 27.22% 6.2 6.3 26.16% 24.7% 25.0% 25.10% 24.75% 23.84% 5.4 5.1 20.3% 20.7% 4.7 4.9 4.8 * 19.5% 19.7% 21.3% 19.1% 18.0% 16.2% 16.1% 16.3% 14.2% 14.6% 5.7% 5.0% 4.4% 3.8% 3.4% 3.7% 3.24% 2.9% 2.47% 2.32% Mar'14
Slide 37: Resilient business model – Consolidated
Resilient business model – Consolidated 46.5% 46.0% 45.0% 43.1% 42.5% 41.4% 41.8% 38.4% 37.6% 36.0% 35.4% 33.3% 35.3% 35.9% 34.6% 29.9% 33.5% 28.4% 27.2% 30.7% 9.85% 9.87% 9.47% 9.00% 8.24% 8.27% 8.39% 7.84% 6.81% 6.64% 5.3% 3.6% 3.3% 3.5% 3.7% 3.9% 4.1% 4.1% 4.2% 3.1% Mar'14 Mar'15 Mar'16 Mar'17 Ma
Slide 38: Behaviouralized ALM as of 30 June 2022 – BFL
Behaviouralized ALM as of 30 June 2022 – BFL ₹ in Crore Particulars, 1-7 D 8-14 D 15-30 D >1-2 M >2-3 M >3-6 M >6 M-1 Y >1-3 Y >3-5 Y >5 Y Total Cash & Investments 6,078 799 831 1,100 1,893 36 598 2,385 34 8,868 22,621 Advances 5,874 1,720 3,075 7,910 7,218 17,189 24,208 51,007 19,852 13,238 1,51,29
Slide 39: Behaviouralized ALM as of 30 June 2022 – BHFL
Behaviouralized ALM as of 30 June 2022 – BHFL ₹ in Crore Particulars 1-7 D 8-14 D 15-30 D >1-2 M >2-3 M >3-6 M >6 M-1 Y >1-3 Y >3-5 Y >5 -7 Y > 7Y - 10 Y > 10Y Total Cash & Investments 1,467 290 600 748 173 222 - 0 - - - - 3,500 Advances 489 351 538 1,000 1,098 2,715 4,734 13,414 8,305 5,661 5,336 6
Slide 40: Disciplined ALM Management - BFL
Disciplined ALM Management - BFL Cumulative gap upto 1 month Cumulative gap upto 12 month 220% 216% 141% 119% 120% 117% 96% 61% 80% 71% 51% 48% 57% 50% 54% 31% 44% 43% 32% 4% Mar'14 Mar'15 Mar'16 Mar'17 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Jun'22 39
Slide 41: Consolidated liability mix
Consolidated liability mix 3% 4% 3% 3% 5% 5% 4% 3% 10% 5% 8% 13% 12% 13% 7% 9% 3% 7% 3% 2% 2% 3% 6% 4% 33% 38% 25% 36% 35% 40% 35% 36% 40% 45% 36% 31% 31% 28% 58% 54% 48% 34% 35% 25% 17% 20% 19% 20% 12% 13% 6% 8% 1% 4% Mar'14 Mar'15 Mar'16 Mar'17 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Jun'22 Deposits Ba
Slide 42: Section 05 – Customer franchise and distribution reach
5.1 Customer franchise Section 05 Geographic presence Customer franchise and 5.2 distribution reach 5.3 Strong distribution reach 41
Slide 43: Customer franchise
Customer franchise Q1 FY22 Q1 FY23 Q4 FY22 Total Franchise 60.30 MM 57.57 MM 50.45MM 39.82 MM Credit segment filter 47.27 MM 45.21 MM 38.32 MM Overall Cross sell franchise 45.66 MM 43.62 MM Non delinquent 33.15 MM customers 40.31 MM 38.60 MM Cross sell franchise 27.43 MM 34.66 MM 32.77 MM (54.4%)* (
Slide 44: Geographic presence
Geographic presence 30 Jun 30 Jun 30 Jun 30 Jun 31 Mar 30 Jun Geographic Presence 2018 2019 2020 2021 2022 2022 Urban lending branches 793 944 1,049 1,368 1,368 1,368 Rural lending branches 693 951 1,359 1,745 2,136 2,218 Total Bajaj Finance presence 1,486 1,895 2,408 3,113 3,504 3,586 Map not to sc
Slide 45: Strong distribution reach
Strong distribution reach Active distribution 30 Jun 2019 30 Jun 2020 30 Jun 2021 31 Dec 2021 31 Mar 2022 30 Jun 2022 Consumer durable stores – Urban 22,000+ 24,200+ 26,900+ 29,500+ 30,600+ 31,000+ Consumer durable stores – Rural 15,200+ 19,600+ 24,000+ 27,900+ 29,800+ 31,500+ Digital product stores
Slide 46: Section 06 – Business segment wise AUM
Section 06 Business segment wise AUM 45
Slide 47: Business segment wise AUM - Consolidated
Business segment wise AUM - Consolidated ₹ in Crore Composition Composition AUM as of BFL as of BHFL as of AUM as of Growth Assets Under Management as of as of 30 June 2021 30 June 2022 30 June 2022 30 June 2022 YoY 30 June 2021 30 June 2022 Auto Finance Business 11,347 9,962 - 9,962 (12%) 7% 5% Urb
Slide 48: Business segment wise AUM - Mortgages
Business segment wise AUM - Mortgages ₹ in Crore Bajaj Housing Finance Limited Mortgages - All Composition Composition AUM as of AUM as of AUM as of AUM as of Assets Under Management Growth as of Growth as of 30 June 2021 30 June 2022 30 June 2021 30 June 2022 30 Jun 2022 30 Jun 2022 Home Loans busi
Slide 49: Section 07 – Update on credit quality
7.1 Provisioning Coverage - Consolidated 7.2 Stagewise ECL provisioning – Consolidated Section 07 7.3 Provisioning Coverage - BHFL Update on credit quality 7.4 Stagewise ECL provisioning - BHFL 7.5 Portfolio credit quality - Consolidated 48
Slide 50: Provisioning Coverage - Consolidated
Provisioning Coverage - Consolidated ₹ in Crore AUM PCR GNPA % NNPA % Particulars 30 Jun 22 GNPA NNPA (%) 31 Dec 21 31 Mar 22 30 Jun 22 31 Dec 21 31 Mar 22 30 Jun 22 Auto Finance Business 9,962 1,110 555 50% 11.04% 11.01% 10.15% 5.84% 5.83% 5.35% Urban Sales Finance Business 16,475 53 10 82% 0.30% 2
Slide 51: Stagewise ECL provisioning - Consolidated
Stagewise ECL provisioning - Consolidated ₹ in crore Gross Assets Receivable ECL Provision PCR % Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 OTR* Normal OTR* Normal OTR* Normal Auto Finance Business 8,709 - 1,117 1,110 139 - 280 555 1.6% - 25.0% 50.0% Urban Sales Finance
Slide 52: Provisioning Coverage - BHFL
Provisioning Coverage - BHFL ₹ in Crore AUM PCR GNPA % NNPA % Particulars 30 Jun 22 GNPA NNPA (%) 31 Dec 21 31 Mar 22 30 Jun 22 31 Dec 21 31 Mar 22 30 Jun 22 Home Loans business 35,910 75 29 61% 0.31% 0.27% 0.23% 0.15% 0.12% 0.09% Loan against property 6,417 30 14 54% 0.68% 0.65% 0.59% 0.39% 0.33% 0
Slide 53: Stagewise ECL provisioning – BHFL
Stagewise ECL provisioning – BHFL ₹ in crore Gross Assets Receivable ECL Provision PCR % Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 OTR* Normal OTR* Normal OTR* Normal Home Loans business 31,792 157 117 75 164 41 20 45 0.5% 26.5% 17.1% 60.6% Loan against property 4,867 5
Slide 54: Portfolio credit quality – Consolidated
Portfolio credit quality – Consolidated Consumer Durable & Lifestyle Two & three-wheeler Stage 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket Stage 1 98.65% 92.10% 98.92% 99.52% 99.05% 99.58% 99.72% 97.89% 99.66% 1 86.00% 72.62
Slide 55: Portfolio credit quality – Consolidated
Portfolio credit quality – Consolidated Business & professional loans Rural B2B Stage 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket Stage 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 1 98.27% 93.43% 97.19% 98.50% 97.30% 98.51% 98.73% 98.93% 99.02% 1 99.33% 92.84% 99.21% 99.75% 98.
Slide 56: Portfolio credit quality – Consolidated
Portfolio credit quality – Consolidated Home loans Commercial lending Stage 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket • Commercial lending business portfolio is 99.85% current 1 99.60% 98.31% 98.67% 99.56% 98.31% 99.05% 99.07% 99.45% 99.37% 2 0.11% 1.40% 1.03% 0.24% 1.36% 0.69
Slide 57: Thank You
BAJAJ FINANCE LIMITED Q1 FY23 Investor Presentation Thank You
Slide 58: Annexure
BAJA) FINANCE LIMITED Annexure
Slide 59: Purpose of business transformation
As a Company, we believe that the purpose of any business transformation is a means to an end. It should result in stronger growth momentum, superior customer experience, better cross sell, lower risk and/or improved operating efficiencies. We are pursuing business transformation singularly with tha
Slide 60: Business transformation phase 1 status
At the outset, “All business transformation takes time, team and technology.” It’s been 15 months since we started phase 1 of business transformation project. Due to wave 2, it got delayed by 3 months. Phase 1 of the digital platform has now gone live with a staggered release methodology. The Compan
Slide 61: Digital App platform – Phase 1 feature set
Digital App platform – Phase 1 feature set Payments UPI Wallet EMI Card Credit Card 6-in-1 Payment Checkout Bill Payment Network CD Network DPF Network REMI Network LSF Network LCF Network E-Com Network Coaching Network Marketplace & Health RX No cost EMI Marketplace Insurance Marketplace Investment
Slide 62: Digital App platform – Phase 1 enablers
Digital App platform – Phase 1 enablers Stimulation Offers and Promotions Search Service Sales Engagement Utilities • Notification Engine • Dynamic Banners • Search • Raise a Request • 5 Mins Call Back • Social Share • Locate Us- Maps Core Components • Nudges • Offers • Content Streams • FAQ • Track
Slide 63: Phase 2 of transformation journey
Previous 2 slides have covered the phase 1 of transformation journey. Phase 1 was focused on creating a strong, stable and scalable foundation. Phase 2 will focus on new to Bajaj customer journeys, introducing new features and functionalities, augmenting current feature sets and nuanced journeys for
Slide 64: Digital app platform – Phase 2 feature set
Digital app platform – Phase 2 feature set 4-in-1 Payment 4-in-1 Check Out QR Based P2M Payments UPI Wallet EMI Card Credit Card Bill Payment POS terminals checkout for Partners Transaction Coaching Network CD Network DPF Network REMI Network LSF Network LCF Network E-Com Network P2M Network QR Netw
Slide 65: Digital app platform – Phase 2 enablers
Digital app platform – Phase 2 enablers Stimulation Offers and Search Service Sales Engagement Utilities Promotions • 5 Mins Call Back • Social Share • Locate Us- Maps Core Components • Notification Engine • Dynamic Banners • Search • Raise a Request • Track and Resume • NPS/Feedback • QR (23) • Nud
Slide 66: Disclaimer
Disclaimer This presentation has been prepared by and is the sole responsibility of Bajaj Finance Limited (together with its subsidiaries, referred to as the “Company” or “Bajaj Finance”. By accessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation doe