Welcome to 360 ONE WAM earnings call for Q3 FY 2026. As a reminder, all participant lines will be on listen-only mode. In case you wish to ask any questions or require assistance during the conference, kindly signal the host by tapping on the raised hand icon. Please note this conference is being recorded. On the call today, we have with us Mr. Karan Bhagat, MD and CEO, Mr. Yatin Shah, CEO of The Wealth Business, Mr. Anshuman Maheshwary, Chief Operating Officer, and Mr. Sanjay Wadhwa, CFO. I now hand it over to Sanjay Wadhwa to take this conference ahead. Thank you. Thank you, Anil. Very good evening to all the participants. Over the past year, Indian capital markets navigated a period of heightened volatility shaped by evolving geopolitical dynamics and intermittent bouts of market consolidation. Encouragingly, even in such challenging market environment, the asset and wealth management ecosystem continued to demonstrate resilience with healthy inflows driven by record levels of mutual fund SIP contributions, sustained activity in terms of monetization events, and a growing investor preference for alternate asset classes. Coming to our business, our total ARR AUM increased to INR 317,906 crores, up 28% year-on-year, with Wealth ARR AUM at INR 218,957 crores and Asset Management ARR AUM at INR 98,949 crores. This growth was supported by strong net flows at INR 14,758 crores in Q3 FY 2026 and INR 46,890 crores for nine months FY 2026. We expect this momentum to sustain as our newly onboarded high-quality teams continue to mature and achieve scale. In asset management, flows remain firmly on track, supported by healthy demand across funds spanning all asset classes. The asset management business saw good mobilizations during the quarter, with over INR 2,000 crores raised in our real asset strategy, INR 2,500 crores of commitments in our private credit strategy, and INR 2,000 crores raised in our mid and small-cap-focused listed strategy. Our ARR revenue in the quarter grew 45.4% year-on-year at INR 619 crores, led by strong asset growth as well as improved retentions. Our ARR revenue, as a percentage of total revenue from operations, stood at 77%. ARR retention remained strong at 81 basis points. Incremental carry revenue during the quarter contributed approximately 6 basis points, and the retentions are expected to normalize in the quarters to come. Transaction and broking revenues rose by 4.2% to INR 186 crores. As stated in our previous quarter, revenue from institutional equities business of B&K, which is now being rebranded to 360 ONE Capital, is being classified as TBR. This business integration meaningfully enhances the sustainability of TBR revenues and is expected to moderate the periodic volatility experienced in the past, thereby improving the overall quality of predictability of earnings. Total revenue increased by 21.8% to INR 826 crores, driven by strong growth in both wealth and asset verticals, partially offset by lower other income. Total costs were flat as compared to previous quarter at INR 399 crores, with corresponding cost-to-income ratio at 48.3%. This is after factoring the estimated impact of the new labor code, which in our case was not very material at INR 7.5 crores. We expect gradual improvement in this CI metric for the consolidated business over the coming quarters as we scale up and drive synergies from strategic initiatives as well as the incoming teams in the wealth UHNI segment. We are very happy to report that the company recorded its highest-ever quarterly PAT at INR 331 crores, an increase of 20.3% year-on-year. Tangible ROE rose to 21% as against 20.4% in the previous quarter. This ratio is expected to improve in the coming quarters as additional capital deployed in our lending and alternate businesses in FY 2025 begins to reflect in the overall earnings. With that, I would like to hand over to Anshuman to cover key business and strategic highlights. Thanks, Sanjay. Good evening, everyone. Building on Sanjay's thoughts on our overall business performance, I would like to begin with some comments on our core businesses. Our nine-month net flows stood at approximately INR 47,000 crores, with robust organic flows at over INR 26,000 crores, having already equaled our full-year 2025 numbers. Despite attrition-related outflows that we spoke about earlier in H1, we've delivered strong organic net flows of INR 19,000 crores, or 12% of our opening ARR AUM in wealth management in this nine-month period. The strong performance reflects the fundamental strength of our franchise, the differentiated platform proposition and products, and most importantly, the continued ability to attract senior talent across our key geographies. The total net flows in wealth stands at approximately INR 40,000 crores, with the flows being spread across the different regions. Within asset management, we continue to witness strong flows across asset classes. Net flows of over INR 4,400 crores for this quarter were driven by new funds launched as well as inflows in existing strategies in the listed, unlisted, credit, and real estate space. While we maintain our leadership on advising global institutions on listed equities, we are excited to see increased interest and engagement from institutions seeking exposure to India's private markets. In this regard, we are happy to state that we have our first mandate from a global institution in the private equity vertical in quarter three. Leveraging our established alternative investment capabilities, we are well positioned to capitalize on such opportunities in the future. While in parallel, we continue to deepen our distribution footprint in the listed space, with a particular focus on expanding reach through the MFD channel. Looking ahead, visibility on multiple fund launches in the AIF and PMS segments, along with ongoing discussions around institutional mandates across strategies, reinforces our confidence in the strength and durability of the overall pipeline. A quick update on the key strategic initiatives. Starting with UBS, I'm pleased to announce that the signing of our comprehensive global collaboration framework for wealth was completed in November of last year. We are already witnessing encouraging early traction on cross-border client referrals and remain excited about emerging synergies in asset management as well as other areas. With strong leadership commitment from both organizations, we are well positioned to unlock the potential of this partnership and will continue to update on the progress over the next few quarters. Secondly, on the HNI segment, our conviction on the potential of that business segment continues to strengthen as we gain momentum in client additions as well as flows. With over 60 RMs across 12 locations, we are now well poised to accelerate the scaling up and build this segment as a vital feeder pipeline as well for our UHNI proposition. Thirdly, ET Money is undergoing a transition from a transaction-led investing app to a comprehensive wealth platform for the affluent segment, with monetization embedded at every stage. By combining choice-led engagement models and expanding product suite, which aligns with our core proposition and technology-enabled human advice, ET Money is continuing to build a differentiated yet scalable moat, which we are quite excited by. And lastly, we are pleased to share that B&K Securities is now rebranded as 360 ONE Capital, integrating corporate and institutional equities as core capabilities. This integration not only expands our capital markets footprint but reinforces our positioning as one of India's most comprehensive financial services platforms, spanning wealth management, asset management, alternates, lending, enhanced institutional and capital market capabilities, as well as superior global access. Overall, we remain focused on consolidating our multiple business lines to deliver a full-stack financial services offering aimed at further strengthening our leadership position with our core clients. At 360 ONE, technology remains a critical investment priority, spanning internal operations, cybersecurity, and client-facing innovation. We are advancing AI-powered pilots across key functions to drive efficiency gains and informed decision-making, positioning ourselves to expand these capabilities as they further mature. Lastly, I would like to thank our clients and stakeholders for their continued trust and confidence, which has been integral to our journey and progress. And with that, I'd like to hand it over to Karan for his thoughts. Thank you. Thank you, Thank you, Sanjay. Thank you, Anshuman, and thank you for everybody for joining in on a holiday. Let me start off by wishing everybody a Happy New Year. I want to spend two to three minutes quickly on broadly the last nine months and our continued focus areas for the next 12 months to around about three odd years and post that, take a pause and take questions from there. So I think as we look forward and look at the back, I think we continue to be super, super positive on the business lines we spent the last 15, 16, 17 years going deeper and deeper into. Over the last 17 years, I think we've spent a lot of time and energy on building two critical businesses. ONE's the ultra-high net worth wealth management business, and second is the alternatives business over the last eight to nine years. We continue to remain extremely buoyant about those two businesses. Our brand recall as well as our acceptability among clients above INR 50 crores continues to remain at the highest. Our proposition has become deeper and deeper. Our ability to provide clients advice across multiple asset classes, provide solutions across their entire asset portfolio, our ability to work and sit with them and build their investment policy statements for their entire life cycle continues to be the strongest ever. Both monetizations on the listed side, unlisted side, sometimes even change of wealth manager on the ground without liquidity events, all of them continue to be fairly active programs for us. Over the last quarter to the last nine months, one of the most active things for us has been the ability to add new clients and relationships. It's fair to say over the last three and a half, four years, we more or less doubled our entire, maybe 2.5x, our entire client base, which we kind of accumulated over the last 12 - 13 years preceding the last three to four years. The second portion of business, which we are really, really kind of excited about, continues to be the alternatives business. They were really thankful to the regulator, and SEBI has taken a lot of proactive steps where we've seen at least three very excellent kind of new initiatives on the AIF side. One, clearly the introduction of the core investment vehicles. Second is the introduction of large value funds reduced from INR 75 crores to INR 25 crores. And thirdly, the introduction of AIF investors on the alternative investment fund side gives us a lot of maneuverability and flexibility to be able to kind of keep building our AIF business across multiple strategies. Over the last eight odd years, we built four clear strategies on the AIF side and on the real asset side, on the unlisted side, pre-IPO, as well as recently on the listed side with the PIPE fund. So I think we continue to remain very, very buoyant about the alternative space. With the new regulations, both on the LVF side as well as on the core investment vehicle side, it gives us a lot of additional ammunition to be able to really take advantage of the INR 50,000 crores we've already kind of built in the space over the last seven-to-eight years. Performance there continues to be fairly robust. I think 95% of our funds are in the top-rated 90th percentile and above from a performance perspective. Most of our old clients continue to kind of come into the new schemes as the older schemes continue to mature. While we remain extremely excited about these two businesses along with our listed asset management business, we're eagerly looking forward to the new businesses we are squarely excited about. On B&K, the first fruits of our merger together will come through on the equity brokerage side over the next 12 odd months. We definitely would see a 25%-30% increase on our high net worth equity brokerage as we've typically seen over the last four to five years. There we are working very hard to ensure that the research product reaches our ultra-high net worth clients and family offices clients in the right way, and effectively, while they have been doing wealth management with us for the longest time, we're able to kind of get them to also looking at equity advice on our platform. Along with that, obviously, over the next six to 12 months, we'll build out good equities and a banking practice. Most of that would come in the second half of the next calendar year. But we're in the early days of attracting talent, and it's really heartwarming to meet talent, and we feel encouraged that we're seeing a lot of people who are aspirationally looking at building the business along with us over the next 12 - 18 months. On the segment side, I think obviously on the ultra-high net worth side, we've been fairly positive. We want to extend it to the mid segment between the INR 5 crores-INR 50 crores. And that's something which we are working very hard to build on the reserve side. Happy to say that business started off with less than INR 400 crores-INR 500 crores of AUM at the beginning of the current financial year in a very steady format. It's grown to around about INR 3,000 crores +. We kept the retention strong at 100-110 basis points in that business, building it in a very measured manner, ensuring that we get the building pillars of the business right. We've now got close to 58 relationship managers on that business, and we've got net new flows of nearly INR 2,000 crores-INR 2,200 crores for the financial year from that business. ET Money is a business we'll still kind of take a little bit longer, three to six months to kind of discover the exact monetization model. But what gives us a lot of confidence there is both brand recall as well as engagement on the platform continues to be at historic highs. Outside of these two, obviously, there's a fair degree of excitement in the ability of building the right inward platform from GIFT City. I think there are a lot of institutions across the world interested in being able to understand institutions as well as family offices and are able to, in the ability to understand how to access India through the GIFT City. Overall, if I just kind of combine these business lines together with our client segments, I think we have a large player across multiple asset classes, and it's not restricted only to listed equity. We've got a very, very significant opportunity to be able to play on listed equity, unlisted equity, real assets, including REITs, InvITs, yield-based assets, real estate, fixed income, performing bonds, AAA credit, sometimes structured credit, and all of these things put together kind of the entire global platform, so all put together has kind of given us a fairly wide platform to play with. It's kind of isolated us with a little bit of sensitivity to the capital markets also because we're able to kind of tug along in our business lines across multiple asset classes. So I think very focused business lines, multiple asset classes, and multiple segments. What we now want to kind of expand is to multiple geographies. I think we've again done extremely well in phase one and kind of building out Mumbai, New Delhi, Bengaluru, Chennai, Pune, and Kolkata over the phase. Second phase over the last five, six years, we've built out the next 10 cities, Hyderabad, Rajkot, Indore, Bhavnagar, and so on and so forth. We've kind of really focused hard on building out to those regions. I think today, honestly, if I can think of another 10 cities, including places like Dubai, Singapore, it's a big, big market. So fourth, obviously, we have to kind of ensure that we are able to build a much more significant geographical presence. In keeping and kind of ensuring that these four things, which are basically asset classes, business lines, segments, and geographies, we are able to go deeper and deeper, two things we'll have to constantly ensure. And that gives me the maximum, these two things give me the maximum amount of confidence. First is obviously the platform has to be super robust and has to be able to offer the right set of solutions to the client. We worked very, very hard over the last 17 years to ensure that our platform is very robust and we are able to meet every need of the client, whether it's on the advisory side, whether it's on the planning side, whether it's on the lending side, and whether it's on the brokerage side. And we're proud to say today we have a fairly fully aligned platform which is able to meet all the needs of the client. And second, obviously, we can't compromise on the depth of talent. And that's something which we've kind of worked very hard on. I think from pretty much 2008 as professional entrepreneurs, we shared our rewards in a very, very proportionate way, which has led us to having a very, very deep, deep, deep, deep bench of talent. And as we continue to grow, we are able to attract a phenomenal amount of talent also. And as we faced a little bit of attrition over the last 12-24 months, our own ability to add a fresh set of legs and an equally enthusiastic and capable set of legs in all our locations as Delhi and Bangalore has really kind of given us a lot of confidence to be able to kind of invest deeper and keep growing larger. And most importantly, I think the depth of talent gives us a lot of confidence. I feel much, much more confident as a professional entrepreneur compared to 10-12 years back where effectively we used to hear things like there are only 400, 500 people with similar talent across the industry. I think today that number across businesses is a much larger number. And it's something which we can kind of really invest with a lot of confidence saying we will have the right talent to back our aspirations. So all put together, I think four clear, clear, clear strong business lines want to kind of build ourselves mostly in a very, very, very large way on the ultra-high net worth segment, ensure that we do the right things with the different segments, expand ourselves to different geographies, and keep our talent as well as our platform as strong as possible. And a culmination of all of those things will hopefully kind of allow us to continue growing in the right direction. Thank you. So Anil, we'll just open it up to questions, please. Sure, sure. Thank you, Karan. To ask your question, kindly click on the raise hand icon. First in line, we have Mohit Mangal. Mohit, kindly unmute yourself and ask your question. Yeah, am I audible? Yes, go ahead, please. Yeah, thanks for the opportunity and congratulations on a good set of numbers. So I've got a few questions. Starting off with, we have a very good net flow this quarter. So just a couple of sub-questions into that. Has the growth come from increasing the wallet size of existing clients or the newer clients who are putting in more flows? And secondly, how do you see financial year 2027 now that financial 26 is on a very solid base? I think. Thanks, thanks, thanks for the encouragement. And I think on net flows, honestly, I think it's a culmination of many things. It's a lot of things kind of coming together. I think after many quarters, we've had a very strong net flow number, even in the asset management business, close to INR 500,000 crore. And we've kind of, to be honest, we've had a good gross flow number for the last three, four quarters. But it's just that our redemptions, or not our redemptions, but rather our distributions from our first PIPE fund, more or less, we've got kind of fully paid those funds out. Not more or less, we've actually fully paid those funds out to the last quarter. So in that sense, the net flow number on the asset management business at INR 4,500 crore-INR 5,000 crore looks very, very, very strong. Don't see it as a one-time. I think we've got a lot of new products on the anvil. So feel fairly, fairly confident about it. On the wealth management side, it's a combination, like you rightly said, of enhancement of wallet share as well as new clients kind of coming in. I think new clients obviously add to the net flow from a revenue perspective, kind of come into play only over the next three to six odd and three to six months as a part of the passive outflow, passive AUM, which comes in, kind of moves into active AUM over the next three to six months. But overall, I would say on the asset management side, it's INR 4,500 crores-INR 5,000 crores. The rest of the flows are largely a combination of increase in wallet share as well as new money coming in. Again, that's a ratio of around about 50, 50, 60, 40. Wonderful. So any revised upward guidance for financial year 2027? You know, I think, to be honest, guidance is kind of automatically revised upwards every year because I'm just going back to my old model that we need to grow our AUM by 22%-24% and assuming a 10-odd% kind of mark-to-market on a steady basis across all asset classes, alternates, listed equity. We've obviously averaged higher than that, but assuming a 9%-10%, we need to do 12%-13% of opening AUM as net flows. So I think as the opening AUM and closing AUM, there's a large gap. So obviously, the next year target automatically becomes 12% of the closing AUM. So to that extent, aspirationally, we would always want to get net flows in the region of 10%-12% of our closing AUM. So in some senses, our guideline, our kind of guidance is not changing in percentage terms, but in absolute terms, obviously, we need to work much harder to get to that 12% net flows. Understood. My next question is toward the TBR revenue. So if I look at the TBR revenue, even excluding B&K, they have been very, very solid. So can you just share some reasons for this kind of stronger growth there? So TBR revenue is a very interesting line item. I think while they are strong, if you see on a Q1, Q basis, and it's kind of come off a bit. And you sequentially on a year-on-year basis also, it's not really kind of grown dramatically. I think we've worked really hard. We've kind of more or less now, I would say, TBR revenue coming out of pure financial products in terms of managed accounts is practically zero, right? Because we are hardly booking any upfront from there. There's no upfront in mutual funds. AIFs are practically a really, really small amount. So the rest of the TBR revenue, which is really left, is largely in some ways brokerage and syndication, right? So the good thing there obviously is we've got brokerage and syndication across multiple asset classes. So if you look at brokerage and syndication today, we've got nearly six or seven lines on which we are booking income. The first line, which is obviously there, is the secondary brokerage coming on stocks, right? So there obviously now we're kind of covering two segments. We're covering the institutional segment and the family office segment through the B&K transaction. We're servicing and covering the high net worth individuals on the secondary side. So I think those three things put together today aggregate to around about a INR 60 crore-INR 70 crore kind of equity brokerage number on a INR 60-odd crore, INR 60 crore-INR 65 crore equity brokerage number on a quarterly basis. The remaining INR 115 crores-INR 120 crores, you've got unlisted equities, you've got fixed income and bonds, you've got real estate, you've got a little bit of real assets, and then you've got a really small portion maybe coming through, maybe a crore or two crores coming through insurance and stuff like that. So I think transaction brokerage revenue would really be a function of our ability to work through these five or six asset classes. Eventually, once we build it out a little bit more over the next three to six months, you'll see some revenue additions coming from things like investment banking and us taking on some ECM mandates and so on and so forth. So today, I think, to be honest, overall, I would say the quality of TBR is better than where it was 24 months back or even 12 months back. While the number itself might not have grown dramatically over 12 months, but I think from a quality and sustainability perspective, it's a much better number. I don't see it dramatically increase over the next two, three years. I think it shows a healthy inflation linked growth. But obviously, I think a part of that resultant growth will show up in the ARR AUM growth because it kind of gives us the ability to continuously add more to the ARR as compared to the TBR. Understood. So my last question is that now that the team is there, do you think operating leverage will kick in and maybe over the next 18 - 24 months, the cost-to-income ratio would look lower? No, no, we have to increase operating leverage. There's no doubt about it. I think because at the end of the day, I think today at around about 48.5%, 49% cost-to-income, I think one of the key objectives we would have for next year is obviously cost optimization. Now, cost optimization can happen through three, four things. It doesn't need to happen at the cost of growth, but obviously it happens out of three, four things. The first and most important is if I kind of break up the cost-to-income ratio of today, 48.2%-48.3%, we've got nearly 3.5%-4% coming out of two kind of businesses which are, I would say, not in the mature stage, which is ET Money and our reserve business, which is the HNI business. Those two kind of contribute to around about 3.5%-4% on the cost-to-income side. So on a steady state basis, the rest of our businesses are at 44.5%-45%. I see both businesses kind of being close to reserve, definitely HNI business, definitely breaking even next year or middle half of next year. ET Money, hopefully on a run rate basis, being close to break even next towards the end of next financial year. So I definitely see, let's say out of the 400 basis points, I see around about 200 basis points or on an annualized basis, 150-200 basis points recovery on the cost-to-income ratio on these two items put together. On the core business, I think we need some productivity gains. I think I wouldn't say productivity gains obviously comes in two formats. I think there are some places where we may have kind of over-recruited over a period of time over the last three to four years, which automatically kind of gets adjusted through growth and business. Second, obviously, as we build out new businesses, we have a lot of talent within the system, which we have the ability to kind of move around. So overall, I think we should be able to achieve 100-125 basis points or 150 basis points improvement in cost-to-income on the core business and potentially another 125-150 basis points on the new businesses. So we would definitely, as a team, want to target 45-46 for next year. Hopefully, we can get to 45 aspirationally, but otherwise 46 for sure compared to the 48.2 we are at now. Understood. This is very helpful. Thanks, and wish you all the best. Thank you. Thank you. As a reminder, you may click on the raise hand icon to ask your question. We'd really appreciate if you could restrict yourself to two questions. Next on line, we have Niranjan Karfa. Niranjan, kindly unmute and ask your question. I hope I'm audible. Yes, sir. Thank you for giving the opportunity and congratulations on the good set of numbers. So basically, I have two questions. One on the flows, on the retentions, where can we see the retentions for both the wealth management business and the asset management business? Second, carry income in PPT, it is mentioned it is six basis points. On what basis it has been calculated? Because my number is a little different from the number which is reported in the data book. That's it from my side. Sorry, what was the first question? Where do you see retentions settling? Retentions. Yeah, so retentions will be similar. I don't see any dramatic change in retentions. I don't think so there's any industry-wide change from a retentions perspective. I think on the alternate side, we continue to see approximately 70-75 basis points retention ex of carry. We see ourselves booking approximately 15-20 basis points of carry. And potentially, the listed side of the business will continue between the 55-60 basis points. Potentially, that's where it may go down to 50. So I think broadly, depending on the mix between the alternates and the listed side, we'll be approximately at the 73-75 basis points kind of retention. And wealth continues in a similar kind of orbit. So really, from a pure retention perspective, on the ARR AUM, I don't see much change at all. On the TBR side, obviously, it's not going to be linked to the AUM exactly. It's going to be linked to some of the parameters I spoke about earlier. On the six basis points, I'll just request either Anshuman or Sanjay to come in. Six basis points refers to the incremental, sorry, the six basis points refers to the incremental carry that has come in and that has got recognized in this quarter itself. There is a, we've shared earlier as well, we have a carry accrual policy, a relatively conservative carry accrual policy. And this is just referring to the incremental carry that's come in on a normalized basis. Therefore, we expect the retentions to go back to the 75-76 basis points level for next quarter onwards. Thank you, sir. That's it from my side. Thank you. Next in line, we have Nitesh Jain. Hi, sir. One question is on retention. So if I look at retention, managed accounts, the retention has gone up quite a bit. So is it because of carry that we have got in that segment? Yeah, a little bit because of carry, 3-4 basis points. But otherwise, it's broadly in the region of, sorry, one second. So it has gone up 80 basis points? Yeah, yeah, no. So three to four basis points is naturally. The rest is largely on account of carry. Okay. And is carry accounted on an accrual basis each quarter, or is it one of the quarters? Because I think last quarter. No, so broadly, the way we've been accounting for carry, we've kind of described it in a note earlier. But broadly speaking, we've kind of done it on a fairly conservative basis. So two or three things we kind of take into account. Number one, carry for the fund should have kind of crossed the hurdle more or less for the entire life of the fund. Okay, so effectively, the chance or the probability of the carry getting reversed is next to negligible. Because if it's a six-year fund, it should have crossed the hurdle for the entire time period. And secondly, the fund should be 18 months away from maturity. So I think these are the two things which we broadly follow from a recognition of carry perspective. And from a timing perspective, in any quarter where we reach this eligibility, then we recognize carry. Because I think last. Yes, yes. So right now, for example, I think we've got carry recognized broadly only in two or three schemes right now. Yeah. Secondly, in the net flow, I've seen pretty strong net flow in non-discretionary PMS. I think we have been highlighting in the past that we try to move these clients to discretionary PMS, but that is not playing out. So what is inhibiting that, and how do you see that? Yeah, I think discretionary PMS could improve for sure. I think that's, but let's kind of take it one step back. I think discretionary PMS or what's called kind of net owned funds across the globe, it's the toughest kind of franchise to build. And it kind of represents the maximum trust the client can have with you because he's kind of giving you full freedom on a multi-asset class basis, okay, to manage his money and kind of just do a review with him once in a quarter. So I think it's a slightly tougher mandate to build. Do we believe in it? The answer is 110%. Eventually, it's going to be one of the most important kind of platforms to build. I think if I look across the globe, whether it's in Europe or in Asia and the U.S., it started out very slowly. But fast forward to maybe five years from the time it started out, today it's a good 20%-25% of every large private bank's portfolio. So I would expect it to keep growing. I think performance has been good. Obviously, the ability to make a difference in performance is not as sharp as you have on the alternate side because discretionary PMS by definition is more or less a 100% liquid portfolio. But I think we've differentiated ourselves a lot by kind of diversifying, having the right quantum in REITs, in REITs, commodities, and so on and so forth. So I think it's just a question of time. I think every client will end up allocating a portion to the discretionary PMS side. But if there is one number which I would like to improve over the next 12, 24 months, it would be the discretionary PMS number. Sure. Thank you. That's it from my side. Thank you. Thank you. As a reminder, in case you wish to ask any questions, kindly click on the raise hand icon. Next in line, we have Abhijit Sakhare. Abhijit, kindly unmute and ask your question. Hey, hi. Good evening. Yeah, my first question was that over the last one year, there's been a lot of discussion with respect to talent, right? So when I look at things, you're like a large incumbent when it comes to the wealth business, right, which is considered to be slightly stickier, high quality. And the way the new businesses are getting built up, like equities or investment banking, right, there we are like a challenger, right, in terms of trying to acquire new talent. I mean, so how do you kind of look at the current phase of the industry with respect to being more aggressive or conservative between the two businesses in terms of protecting existing talent on wealth as well as kind of being more aggressive to chase talent to build the newer businesses? I think both are separate and great questions. I think from protecting existing talent perspective, I think it's a combination of three or four things like we've always maintained. Number one, I think obviously there's a certain culture to every organization. And from our perspective, we are 24/7 focused on managing money for clients. So I think just the ability to give comfort to our relationship managers and to our team leaders and to our heads of businesses that not only what they are promising to their clients, but the ability to keep the client money safe and deliver the right objective and outcome. And we are fully committed to it is extremely important. Second, obviously, they should have the ability to be kind of armed with the right set of products and platform to be able to go out and do business. Once these two things happen, there should be alignment of interest. And I think all our employees understand extremely well that there are three stakeholders in every business. There's an investor shareholder, there's a management, and there's a client. And ultimately, economics have to be kind of split in a right rational manner between the three stakeholders. I think as long as we can kind of continue to do that and explain that to our existing talent, I think most of them continue to kind of steady the ship and kind of ride the ship along with us. In terms of new talent, we are unlikely to be crazy aggressive. We're neither kind of we typically would take our time. I think even on the banking side, I think in total, we've kind of given out two offers as we speak over the last three to four months. Obviously, we've ended up meeting a lot of people, and we'll continue to meet a lot of people. We will be selective. We will focus on building out the top seven, eight of people, top seven, eight people in banking. And we really built teams around them. It's not going to be a quick hiring process, and if you honestly see our business model, also banking is really not even set out for a large revenue build-out over the next 12-14 months. From a B&K acquisition perspective, we really see the first fruits of our labor play out in the next 12 months on the equity side and the year after that, potentially on the banking side. We're going to take some time to hire banking. I think we would take anywhere from zero to six months to kind of get our six to eight business heads in. From a compensation philosophy for these six or eight people, it's going to be very much aligned the way we build our wealth business. So it is going to be a compensation, or it's going to be a combination of empowerment. That's number one. I think that's most important for people. And number two, obviously, kind of ensuring that there is alignment of interest and culture. And number three, along with that, ensuring that as business results get delivered, there is enough alignment of interest from a wealth creation perspective. And I think that's really the philosophy we've followed, whether we've built out the wealth business or even the more recently in 2017, 2018, the asset management business. So I think we continue with the same philosophy. We are unlikely to kind of change our compensation paradigm too much. Got it. Thanks for the detailed response, Karan. There's just one more question on when we think about next year's financials. Right. Like you mentioned, the growth on the ARR AUM, right, still seems on track to be between, let's say, 20%-30% based on how the market's too. TBR, I'm not sure how we should think about growth on current year's base, but definitely there's a lot of operating leverage, like you hinted. Does all of this sort of basically hint at or imply a fairly substantial earnings uplift as you see things today? It's really tough, but I'll try to answer it in the best way possible. I think, to be honest, I'll just go back to March, April 2025, right? So around about nine months back from today because these things happen in spurts, and they're not really as linear as we would want it. But I would like to believe April 2025, and if I look forward three years from April 2025 to April 2028, I would want to come back to my own old number of 22%-24% AUM growth, 16%-18% growth of revenues, and 22%-24% growth in profits. So if I just look at my INR 1,000 crore profit number of April 2025, I would be disappointed if we can't be in that zip code of give or take INR 1,800 crores-INR 2,100 crores of profit after tax in three years from there. So effectively 2025- 2026, 2026- 2027, and 2027-20 28. So I think that's really the way I would look at it. Obviously, it needs a lot of things to fall in place. But honestly, if you ask me as a management, we are really striving for a 22%-24% AUM growth, 16%-18% revenue growth, and therefore a corresponding 20%-24% profit growth there. Thank you. Super helpful as always. Thank you. Thank you. Next in line, we have Dipanjan Ghosh. Hi, Dipanjan. So just a few questions from my side. Karan is just taking cues from the last question. And maybe I've asked this question a few times in terms of the carry profile. Now, obviously, we don't have significant visibility on the funds that are about to exit, not now, but let's say FY 2027, 2028. So when you give this guidance of, let's say, or expectation of, let's say, INR 1,800 crore-INR 2,100 crore of expected Profit After Tax, depending on market conditions and multiple other things, what sort of sensitivity to carry does this number really hold? And if you can give some clarity on, at least for the next few quarters, how should one think? Because you're significantly above your stated guidance, at least for now. The second question is on the flow side. Obviously, the flows have been quite strong during the quarter. But if I just look at the wealth flows, obviously, you have onboarded a few new teams over the last six, seven months. And when some of the people exited from the firm, we saw outflows. So can you give some color on the quantum of flows that some of these new teams onboarded now or maybe in the last two years would be bringing in versus the existing ones? And just one factual question in terms of the product pipeline on AMC. So I think broadly, 20-25 basis points is the broad carry assumption we work with. Historically, we were used to work with 10-15 basis points. I think over the last couple of years, we made it 15-20 basis points. I think it's fair to say that now we are kind of factoring in 20-25 basis points because we've launched a lot of our schemes over the last two and a half, three years. And sorry? 20-25 basis points for ours. Yeah. So 20-25 basis points of the INR 50,000 crore number is effectively what we are. I think we expect, and just given the way we are accounting for carry on a fairly conservative basis, I think there will be more or less a symmetrical number of INR 25 crores-INR 40 crores of carry a quarter. Having said that, there obviously can be events and there can be listings and so on and so forth where there is a sudden, and if you have a concentrated position in that stock, that can lead to a little bit of an uptick in carry. But typically, if you see INR 25 crores-INR 40 crores a quarter is broadly the assumption. And I would say a healthy number to assume for us would be 25 basis points of our AUM. So for AUM today's around about INR 50,000 crores, INR 125 crores of carry is par for the course. We have around about 75 odd basis points of management fee. If you add the two, approximately 95-100 basis points of retention on the AIFs is pretty much the right way to look at it. Similarly, on the listed side, we would have around about 60 odd basis points. Both put together on a blended basis, 60 and 100 would give us around about 80 odd basis points. That's the way I would broadly look at the numbers. Second, in terms of flows, I think new teams have just about come in. They've mostly joined over the last 45 days. Large teams joined a week back. I think in terms of flows right now, the new teams have just started coming in. I don't think it's a massive contribution from new teams yet. But hopefully, we'll kind of step in over the next three to nine months. Obviously, we've got a large amount of clients, a large team already there, which is kind of firing. But if I look at both our markets, North and South, I think North this quarter is actually marginally positive in terms of flows. South is significantly positive. So overall, I think both North and South, or Delhi and Bangalore rather, not whole of North and South, which were kind of maybe a little negative, effectively become positive. But I think we will get back a lot more market share in the next couple of quarters in both these locations. Yeah. And lastly, on the product pipeline, I think no specific new product to talk about as such, but we've got something on the private side. We've got something on the mutual fund SIP side. We've got something happening on the real asset side. We've also got a product happening on the REIT side. So we've got four or five things happening through the quarter. Obviously, a lot of those continue to attract a lot of interest. We've also launched a couple of very interesting funds through the GIFT City. So overall, I think a fairly healthy product pipeline. And there's not something like one single big bang, but all of these things kind of, there are multiple asset classes and multiple formats, so they all kind of add up in their own way. Got it, Karan. And thanks for the answers and all the best. Thank you. Thanks, Ulrik. Thank you. Next in line, we have Lalit Deo. Lalit, kindly unmute and ask your question. Yeah. Yeah. Hi, Saurabh. Good afternoon. Yeah. Good Yeah. Good Yeah. Good afternoon, sir. Good setup. So So just two questions. So firstly, on the UBS, so last quarter, we highlighted that their products will start getting referred on both the platforms. So where are we in that journey? And could you also comment on the unit economics over there? So that was the first. And second was just a factual question. So in the ultra HNI business, we mentioned that we have the hired new team. So what would be the RM number over there, and how should we look at for the next year? So on the UBS side, I think, as Anshuman mentioned, we just signed the collaboration agreement three weeks back. So I think from a real business perspective, I think it starts from two, three weeks from today. But in all honesty, from a practical onboarding perspective, because for our products to get onboarded on the UBS platform itself is a massive due diligence exercise. We are launching one of the UBS products on our platform, which I think takes approximately, I think, six to eight weeks from today from a regulatory approval perspective. So I think we will see actual numbers kind of translating from April, May onwards. I think potentially April onwards. From a unit economics perspective, it's absolutely on a market basis. So pretty much where we are a manufacturer, we are like a manufacturer, and UBS also is a distributor. Where we are a distributor and UBS is a manufacturer, it works vice versa. And obviously, on the client referral side, in the first year, the economics is more biased towards the introducer. As time goes by, it becomes more biased towards the person who's managing the account. So that's as far as UBS goes. As far as the new what was the second question? Sorry. The RMs. RMs on the UHNI segment have grown to around about 191-odd relationship managers. Plus a few teams will get added over the next three to six months where the offers have kind of already been given. So it's grown from around about 155-160 to around about 191. I think our previous peak was around about 170-175. We lost around about 15-20 people, maybe 22-23 people in both the places put together, which has kind of got added back. Plus we've added maybe another 15-18 people. So around about 190-191 bankers. Going back to my old numbers, I think broadly would like to see a number around the 300-350 mark over the next three, four years. So I think we need to add around about 40-50 good, talented bankers e very year. Awesome. Thank you. Thank you. Next in line, we have Siddharth. Siddharth, kindly unmute and ask your question. Hi. Congratulations on a great set of numbers. Couple of questions. First, you mentioned about discretionary PMS really being sort of a tough one, right? But on that, one thing that I observed was there's a sharp retention drop in Q3 compared to the 40-45 basis points trend that we've been seeing over the last few quarters. So just wanted to understand if that was more a particular mandate. Are you seeing some competitive intensity increase there? That's question number one. Similarly, on the mutual funds side also, if we look at it, right, in terms of the retention of distribution assets on mutual funds, that's also slightly sloping down. That could be a function of just asset allocation between equity and debt. Just wanted to understand how we should think of that retention over the next four quarters or so, given that asset allocation will continue. That was on the retention side. Second was in terms of capital allocation right now with UBS warrants, etc., also coming in at one point in time on the capital front. How should we think through your capital allocation over, say, the next 18 months? Thanks. I think from our side, I'll start with the questions on the capital allocation, and then I'll move ahead on the retention portions. So I think broadly speaking, on the capital allocation perspective, nothing really big in terms of change. I think we continue to use our capital for two things. I think for the alternatives business as well as for our own NBFC. I see both continuing to grow, actually. So I think unless and until we get some real acquisition opportunity, none of which we see now, I think most of our capital will kind of go back into growing our NBFC book as well as kind of ensuring that we are able to deploy a little bit more capital into our own alternatives. From a dividend perspective, obviously, we continue to remain 45%-70% of our profits outside of our alts business and our NBFC business being declared as dividends. I think the aspiration, obviously, on a capital allocation basis is with the increase in profitability to move towards the mid-20s in terms of ROE on an intangible basis and including the goodwill assets and the other assets try to move towards the late teen numbers from an ROE perspective. From a retention perspective on the AUM side, I think no real change. I think we had some AUM and a single mandate, which was kind of transferred from UBS, which had a small impact. But otherwise, one of the larger impacts had a larger AUM had a five basis points reduction. So not really anything which is kind of not repetitive. So I think the discretionary retention remains around the 45 basis points, 50 basis points outside of these two. The non-discretionary will continue between the 28- 35 basis points. So no big change there. The discretionary mandate, honestly, is not a function of retention. I think it's just a function of a little bit more acceptance, and as acceptance kind of builds out, I see that we don't see really any pressure on the discretionary mandates from a retention perspective. It's just that it's a multi-asset class tool, so it needs acceptance from the client as well as the relationship manager, and from a relationship manager perspective, obviously, he needs to see some value addition over and above the core portfolio he's managing on his own. Got it. That's useful. Thanks, and on the HNI front, I just wanted to understand if you've been giving some very good color in terms of how each of these businesses have progressed, right? And there, the investments have stabilized for the last two quarters at INR 18 crores, but so has the top line, right? Therefore, are you envisaging a little not a delay really, but a longer time than what you had projected in terms of that HNI revenue growth sort of ticking upwards? Or how should we think of that? I wouldn't still measure the HNI business from a pure revenue perspective that quickly because I think the more important number there would be net flows and AUM growth as well as the relationship manager growth. Because the revenues really kind of, since it's fully trail-based and is running on a 100-110 basis points retention, the revenue numbers really don't they need to accumulate over a period of time for it to really increase. So for example, a INR 2,400 crore average AUM of Q3 versus a INR 2,700 crore average AUM of Q4 will not really kind of show up in revenue numbers. But it will have an element of INR 200 crores of mark-to-market growth and potentially a INR 4,500 crore element of net new flows, which on an average becomes INR 200, INR 250 crores. So overall, happy with the INR 450 crore opening AUM number going to INR 3,000 crores. Could it be faster? The answer is yes. But we just don't want to kind of quickly add 250 relationship managers across the country. We want to be sure of what parts of the client's volume share are we adding value to and then build it out. So I think we are at a place where we are fairly confident and we are going to pretty much break even in three to six months. Post that, you'll see us expanding in a slightly more disproportionate way. Glad to see the clarity in how this is playing out. Thank you very much and all the best. Thank you. Thank you. Thank you. And this brings us to the end of our earnings call. Thank you for joining us. Have a nice evening. Thank you. Thank you, everybody, for joining in. Happy New Year again. Thank you.