Ladies and gentlemen, good day and welcome to Q2 and H1 FY27 earnings conference call of Choice International Limited. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then 0 on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Phorum Goshul from Adfactors PR Investor Relations. Thank you, and over to you, ma'am. Good evening, everyone. I am Phorum Goshul from Adfactors PR Investor Relations. On behalf of Choice International Limited, it is my pleasure to welcome you all to the Q2 and H1 FY27 earnings conference call. Joining us on the call today from the management team are Mr. Arun Poddar, Chief Executive Officer, Mr. Suyash Patodia, Joint Managing Director, and Mr. Ayush Sharma, Chief Financial Officer. We will begin today's call with opening remarks from the management, following which we will open the floor for Q&A session. Before we begin, I would like to remind everyone that certain statements made during this call may be forward-looking in nature. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Choice International Limited undertakes no obligation to publicly update or revise any forward-looking statements based on subsequent events or developments. With that, I would like to hand over the call to Mr. Arun Poddar to deliver his opening remarks. Thank you, and over to you, sir. Thank you. Good afternoon, everyone, and welcome to Choice International Limited's earnings conference call for Q2 FY27. For those joining us for the first time, Choice is building a diversified financial services and a consulting institution positioned around three long-term opportunities in India: the growing financial need of household, the capital requirement of the businesses, and the country's infrastructure and the public sector development. Our strategy is to build multiple source of earning with each business benefit from the group's distribution, relationship, expertise. Our businesses are organized into three broad categories. First, broking and distribution, which brings together our broking, wealth, and insurance distribution businesses. Today, it serves more than 17.5 lakh customer through our 200-plus branches and supported by a wider network of more than 70,000 business associate. This reach enable us to deepen customer relationship by addressing a broader share of their investment and the protection need. Second, advisory. Advisory comprising investment banking and government consulting. Investment banking help businesses access capital, while government consulting provide expertise across infrastructure and public financial management. Together, these businesses allow us to participate in corporate growth and India's development priorities. Third is NBFC. In NBFC are retail and MSME lending businesses, which addresses the financial need of selected borrower segment through focused underwriting and local market understanding. Let me now turn to the environment in which these business operates. The geopolitical backdrop has created uncertainty through disruption by energy supplies, shipping cost, and global capital flow. Despite these pressures, India's domestic growth driver remain resilient, with the finance ministry projecting 7.3% of real GDP growth for FY27, supported by domestic demand, sustained investment activities, and resilient financial sector. While energy price volatility and tighter global financial condition remain risk, this outlook provide an encouraging foundation for India's financial service and consulting industry. Indian equity market have tested investors' patience, with FII remaining net seller for 16 consecutive months and the Sensex declining approximately 11% despite sustained DII support. However, monthly SIP contribution of INR 32,490 crore in September 2026 demonstrate the resilience of domestic investor flow, providing an improvement counterbalance to foreign selling, and while prolonged weakness challenges conviction. We believe it also create an opportunity for a patient investor to acquire quality businesses at more attractive valuations. Moving on now to infrastructure spending. Public investment continue to provide a strong foundation, with the center budgeting of approximately INR 12 lakh crore in capital expenditure for FY27 and spending approximately INR 6.5 lakh crore during the first half. Private investment is also contributing to the pipeline with infrastructure accounting of approximately INR 2.4 lakh crore to project cost sanctioned by banks and financial institution, led by power, road, and business. Turning to Indian capital market, investor participation has remained encouraging with approximately 1.6 crore demat account added in H1 FY27. Supported by strong primary market activity, main board IPO mobilized approximately INR 1.4 lakh crore in FY27 through October, demonstrating investor appetite despite challenging condition. I would also like to congratulate the Jio Platforms team on its INR 30,213 crore public issue, the largest IPO in Indian history. Looking ahead, a substantial pipeline of companies awaiting approval or preparing a launch provide an encouraging backdrop for investment banking, with realistic valuation and issuer readiness remaining essential to successful execution. Second, the industry's MTF book moderate from approximately INR 1.6 lakh to INR 1.5 lakh crore at the October end. I recently read one article raising concerns about MTF unwinding. However, similar adjustment have occurred during previous market conditions. With the current book spread across more than 2,200 stocks, we do not view the moderation alone as a sign of systematic risk. Moving to insurance, India's relatively low penetration continue to offer a long-term growth opportunity, although the industry is facing uncertainty around proposed changes in commissions and distribution expenses. These proposal could affect intermediary revenue and margins, with the extent depending on the final framework and product mix. Moving to NBFC, RBI's August data showed credit growth of approximately 16% year-on-year, including growth in retail lending. However, the October repo rate increase from 5.25% to 5.50% could raise funding cost as a borrowing rate, reinforcing the importance of protecting lending spread, maintaining the underwriting and monitoring collections. Against this backdrop, let's performance. Q2 FY27 was the strongest quarter in our history, with a revenue of INR 379 crore, up 33% year-over-year basis, and PAT of INR 69 crore, up 23% year-over-year basis. These results reflect the collective contribution of our businesses and the strength of our diversified business model. We have also announced a bonus issue in the ratio of 1:1, and I would like to thank our shareholders for their continued trust and support. Our CFO will take you through the detailed financial performance of each business later in the call. I will focus on the key operating and strategic development, beginning with the landmark partnership in our broking business. Last week, we completed the INR 900 crore strategic investment by NH Investment & Securities of South Korea in Choice Equity Broking, marking an important chapter in Choice's journey. This investment strengthens our capacity to expand the MTF book, while the partnership opens opportunities across institutional broking, wealth, investment banking, and asset management. Moving to the wealth distribution, an encouraging trend is the growing scale of our product distribution. Product distribution reached INR 1,636 crore in H1 FY27, over three times the year ago level and more than double the full year FY26 volume. Moving on to government advisory, our closing order book stood at INR 710 crore, providing revenue visibility as we focus on timely execution, quality delivery, and disciplined collections. An important milestone in the proposed acquisition of Feedback Infra was the receipt of a letter of intent from the resolution professional, confirming the committee of creditors' approval for our resolution plan that advances the acquisition process, with completion remaining subject to NCLT approval and other applicable requirements. Moving on, in investment banking, Q2 FY27 was a special quarter for us, with five IPOs aggregating approximately INR 680 crore listing across the main board and the SME platform. Investor response was encouraging, with one offer subscribed approximately 177 times. This execution momentum continued into October as well. In insurance, during Q2 FY27, we generated INR 81 crore in premium across over 75,000 policies, while remaining watchful of proposed regulatory changes that could reshape distribution economics. Moving to our NBFC business, the total loan book stands at INR 935 crore. Our focus remains on growing the retail businesses, supported by disciplined underwriting and prudent risk management. Moving to our AMC business, today marks the closure of our NFO for our first actively managed scheme, the Choice Large & Mid Cap Fund. The initial response has been encouraging despite challenging market conditions, and we will share the collection figures shortly. I will now request our CFO, Mr. Ayush Sharma, to take you through the consolidated results, the financials, and the operating performance of these businesses. We will then be happy to answer all your questions. Over to Ayush. Thank you, sir. Good afternoon, everyone. I will begin with our consolidated financial performance for the quarter ended September 30, 2026, compared with the corresponding quarter last year, before taking you through our business verticals covering the key financial results and operating drivers for each. Q2 FY27 was the strongest quarter in Choice's history, with record consolidated revenue of INR 379 crore, which is up 33% from INR 284 crore in the corresponding quarter last year. EBITDA stood at roughly around INR 131 crore, growing 32% YoY, while maintaining a margin of 34.5%. Profit after tax reached to approximately INR 70 crore, increasing 23% YoY, with a PAT margin of 18.3%. Let me now take you through the revenue and profitability of our business verticals, beginning with broking and distribution. Broking and distribution segment contributed close to around 52% of consolidated revenue during the quarter, reporting revenue of INR 178 crore and a profit before tax stood at approximately INR 42 crore. We added roughly 1.73 lakh demat accounts, taking our total count to 13.78 lakh number of demat accounts, which is representing a 14% YoY growth. Our distribution network now comprises 218 branches, while client assets under custody stand at INR 66,300 crore. Our ADTO across all segments declined by 12% during the quarter, broadly in line with the market trends. Our MTF book now stands at INR 463 crore and remain a key growth priority, with funds received from NH Investment & Securities intended primarily to support its expansion. Turning to our platforms, we are proud of the progress we continue to make with FinX, constantly improving its clean, intuitive interface to bring trading, investments, research, and portfolio access together in one place. Building on FinX, we have developed StrikeX, which caters to sophisticated retail traders seeking deeper market insights, with features such as order flow analysis, volume bubbles, etc., that highlights buying and selling activity at every tick and larger trades respectively. Order flow analysis is currently offered by only two other brokers in India, positioning Choice's platform for its next phase of growth. Moving to wealth distribution, our total AUM stood at approximately INR 6,000 crore, comprising mutual fund AUM of approximately INR 4,100 crore, PMS and AIF at around INR 291 crore. Within mutual funds, equity AUM grew 49% YoY to around INR 3,000 crore from INR 2,000 crore a year ago, while PMS and AIF AUM increased 127% from INR 128 crore. Structured and fixed income product distribution reached INR 1,636 crore in H1 FY27, compared with INR 512 crore a year earlier, and surpassing the full year FY26 volumes of INR 745 crore. A quick update on our partnership with India Post Payments Bank. The pilot launched in selected cities has received an encouraging response, onboarding over 25,000 customers and generating an AUM of roughly around INR 1.12 crore. While it is too early to assess the revenue contribution, our immediate focus is on building awareness and establishing a foundation for growth. These numbers of customers and AUM has been recorded over a pilot of roughly around 38 number of days. On the insurance front, we sold roughly around 75,000 number of policies, generating premiums of INR 81 crores during the quarter. If the proposed framework is implemented, there could be some pressure on the commission's income, with the extent depending on the final guidelines and our product mix. Moving to advisory business, it contributed approximately 36% of consolidated revenue during the quarter, with revenue of INR 145 crores and profit before tax of INR 45 crores. On the advisory side, our existing order book stands at INR 710 crores. Looking ahead, once the Feedback Infra acquisition is completed, its credentials and expertise should help us enter new markets and bid for larger value contracts, with the potential for better margins. On the investment banking, we had a strong year so far, with momentum continuing into October as we take on larger IPO mandates. Looking ahead, our pipeline comprises 24 IPO mandates, with an estimated fundraising of INR 6,210 crores. Moving to NBFC business, it contributed approximately 12% of consolidated revenue during the quarter, with a revenue of INR 46 crores and profit before tax of INR 4 crores. Thank you for your continued interest in Choice International. We will now open the floor for questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question, they press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking the question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you are requested to restrict your questions to only one or two questions per participant. Should you have a follow-up question, we request you to rejoin the question queue. The first question is from the line of Aniruddh Sharma from Acank Investments. Please go ahead. Good evening, sir. Am I audible? Yes, Aniruddh. Good evening. You are very well audible. Okay. I just had a couple of questions. First of all, sir, your demat accounts are up 14%, but active accounts are flat. Roughly one in six of client is active. What is holding back activation, and what active to demat ratio do you think is realistic over the next few quarters? On the demat accounts acquisition, it is a continuous process where this is a 12 months long tenure as per the NSE's active UCC list. The clients are holding the equities in their demat, but may not be trading for some or other reason. That is why the activation status goes out of the overall counting for the existing customers also. The idea is to keep acquiring newer customers from the semi-urban or the deeper geographies who gets activated upon acquisition and during the course of their trading or investing life cycle as well. We expect that we are at the right level of activation currently. However, we still have a dedicated team which is continuously engaged in activating more and more number of existing customers as well. These activation efforts include a lot of dedicated analysis for the investor's portfolio, which is generated by our tech systems and sent to the customers as notification on their mobile app, as well as sending personalized research reports based on the holding of their portfolio. These efforts are continuously going on, even if the customer is holding stocks in their portfolio and not doing the trading activity and is classified as inactive as per the NSE's active UCC guidelines. Okay, sir. Understood. Sir, one more question. How should we think about the revenue from CBA and branch-led clients compared to the digital direct clients, and what is the payout on the CBA side compared to your cost of acquiring additional clients? Which channel is scaling faster? Think of CBAs as an additional hands of a branch itself. Our model comprises in a way that branch itself has a target to onboard more and more number of CBAs, and whatever revenue is generated by the CBAs, it is counted in the branch's overall profitability itself. In a way, these are the non-fixed cost business originators for the branch. It is difficult to segregate CBA versus branch, but on the branch side, depending on the level of business which the CBA generates, they get a payout of anywhere between 15% to up to 40%, depending on the product which they sell. Okay, sir. Understood. Thank you for the opportunity, sir. That is from my side. Yeah. Thank you. Next question is from the line of Nayan from Artega Wealth. Please go ahead. Yeah. Hello. Sir, congrats on a good set of number. I had a question with respect to the Feedback Infra. Just wanted to know what is the status and what is the approval that are still pending. And once the deal is completed, what is the priority in terms of integration, execution, and scaling of the business. So, if you can just share some update on that. Sure. So, as I mentioned in my statement, we have received the letter of confirmation from the committee of creditors for our resolution plan, and our case is with the NCLT court. Almost all the IAs have been heard, and now in the next hearing, our plan also will be planned to hear. So, in terms of Feedback Infra, I believe after the Feedback Infra, Choice will have the largest credential. So, after the Feedback Infra, we will have the largest credential in terms of government advisory and the development advisory piece. After the Feedback acquisition, our target sector will be the railway, metro, and the large infrastructure project. I feel after the Feedback Infra, the margins will improve, the reason being in the higher project side, there is some barrier kind of entries because of the credential. So, we will get the better margins in the large projects. In next quarter or so, Feedback Infra will be the part of Choice. Okay, sir. Okay. Also, in terms of revenue, top line, order book, what is the- Yes. Yeah. Existingly, they have around INR 300 crore plus order book in hand. In the last year, their turnover was around INR 70 crore. The net worth is negative, they have not filed the new project in last couple of years. In any case, around INR 200 crore plus order book will add after the Feedback acquisition. The new book and the new order only will be added in future only. Okay. Yeah. Thank you. Thank you so much. All the best. Thank you. Thank you. Next question is from the line of Mohit Sukhani from IIFL Capital. Please go ahead. Hello, gentlemen. Good evening. First of all, congratulations for the great set of numbers. I have a question that, what is our strategic rationale behind focusing on customers from tier 3 and beyond cities? Ayush, may I answer? Yes, sir. Please go ahead. See, our focus on tier 3 and the smaller cities is more or less driven by the fundamental belief that the major wave of growth in India's financial sector will come from the Bharat only. Beyond the traditional metropolitan cities. If you see, major metropolitan cities are already over-penetrated, so our target is to go in the deeper market so we can get the better client long-term visibility with us. If you see, our strategy to build around three key principles. One is untapped market potential. In tier 3, tier 4, and at the gram panchayat level even also, the financial awareness and the financial disposable income is good, but in terms of awareness, there is a less, so we are targeting untapped market potential. Our distribution-led model, this is one of the key differentiators with the peers, so we will have an additional strength in terms of our physical strength and all. As I said, the customer value, lifetime customer value is comparatively in a digital segment or in a physical segment, the lifetime value is much higher than the digital player. We are targeting tier 3 and accordingly in that way only. It is not just a geographical expansion strategy, it is a financial inclusion and the long-term customer acquisition strategy, and we believe the new customer entering in this financial ecosystem will need an RM or a wealth manager who can assist for next two to three-year time to evolve to get the knowledge. These are the main of the reasons. We do not see tier 3 market as the smaller opportunities. We see them as tomorrow's major wealth creation center. Our strategy is to reach customer early, earn their trust, and participate in financial growth. Choice, this is about building a sustainable institution. I believe I have answered your query rightly. Yes, you have surely answered my query. Further, are we expecting any growth, like how much the client base would increase in tier 3 and beyond the cities? Ayush, do you have the numbers? Yeah. Mohit, we have been growing almost at a rate of approximately 30% to 40% on overall number of customers. We will continue to maintain the 30% to 40% number of customers on these geographies. Additionally, since we have also got the capital to expand our MTF portfolio, we will be acquiring those set of customers who are more active because of the MTF limits which are offered to them. So, that customer segment will also grow significantly. That will add on, in percentage terms, that will add on close to around another 10% to my overall growth rate. Okay. Sure. Thank you. Thank you. Next question is from the line of Riya Patel from Family Office. Please go ahead. Good evening, sir. Thank you for the opportunity. Am I audible? Yes, you are audible. Okay. Sir, I have a question regarding the IPO segment. On the five IPOs this quarter, what fee as a percentage of issue size do you earn on main board versus SME deals? If you could also give some color on if this percentage would be under pressure as our deal size gets bigger. It varies from industry to industry, sector to sector, and depending on the size of the company. This is a very company-specific kind of benchmark, which cannot be a generalized number. However, we can still give you a range where the fees generally ranges between 3%-8%, 9%, depending on the sector, depending on the company. That's broadly the range within which we operate. However, we foresee that there are enough number of pipeline companies which are adequately placed to come into capital markets, and it is just a matter of time where we will see more and more number of companies coming in from, again, from the tier 2 cities or state capitals, which are still untapped, and for access to the capital markets. We don't foresee a major pressure on the margins in this particular business, and we are very confident, given the current pipeline, that we will be able to maintain the margins and we'll be able to grow at the historical growth rate, and even better than that. Got it. Okay, sir. Just a follow-up question regarding that. Since you have 24 ongoing IPO mandates, how many are already filed or received SEBI observations, and how many are we expecting to hit the market in H2? Can you also give us a sense on how our IB revenue in H2 could look like? We have not disclosed those numbers yet, but out of the 24, we expect at least 4 to 5 more IPOs within the second half, depending on the regulatory approvals timeline. Got it. Okay, thank you so much. That was really helpful. Yeah. Thank you. Participants, you may press star and 1 to ask questions. Next question is from the line of Vedant from Vinayek Capital. Please go ahead. Hello. Hi. Yeah. Am I audible, sir? Yes, Vinayak, you are audible. Perfect. Thank you for the opportunity. My first question is, what stakes does NH get on a full conversion, and what valuation does that imply on the broking business? We have issued them the CCPS. Conversion is still far. There are certain conditions depending on which the conversion ratio will be decided. Currently, we do not have the exact conversion ratio because it will be decided in future. Okay. And over what timeline, sir, does the preference share get converted? After 3 years. Understood. And one last question, sir. Of the INR 900 crores, roughly how much is for the MTF and settlement funding versus CapEx? These are mixed end uses, not segregated end uses, where the entire INR 900 crore can be either utilized for MTF, settlement funding, capital expenditure, working capital, et cetera. So, there is no segregation per se. Money can be used across all these categories. Oh, one last question if I can squeeze in. What ROCE are you targeting? On the ROE numbers, we are expecting close to around 20% ROE, which we will expect to maintain. Oh, okay. Thank you, sir. That's all from my end. Yeah. Thank you. Next question is from the line of Dhanraj Tolani from Kuber Advisors. Please go ahead. Yeah. Hi, sir. Sorry to interrupt, Mr. Tolani. We cannot hear you clearly. Audible now? Hello? Go ahead. Yes, go ahead. Okay. Sir, got a question on the NH. Could you share segment-wise profitability, EBITDA, or Sorry to interrupt, sir. We cannot hear you clearly. Okay. I am saying, could you share segment-wise profitability for broking, advisory, and NBFC? We have shared the segment-wise PBT, which is part of our results, and the profitability is driven by both broking and advisory businesses equally. Okay. Which part is currently impacting the margins, diluting the margins? No, NBFC is one business where we have seen the cycles in the recent couple of years. Since we are into micro LAP kind of business, this product is impacted because of the microfinance turbulences which we have seen in the industry. That has impacted the margins slightly over the last couple of quarters. Now, since the microfinance industry is showing a revival soon, we foresee that the impact of that will also come in the micro LAP portfolio also. Going forward, that should also stop impacting the margins. Okay. Also, for revenue, as I see the revenue, sir, advisory contributes more than 30% of the revenue, which is majorly the government link. You can say the broking and IB are market link. Do we have a target mix for our, you can say, FY 2030, and do we wish to reduce dependence on market-linked revenue? Yeah. As you rightly mentioned, advisory contains both government advisory as well as the investment banking. Our focus, as I answered in the previous question also, is that our focus is to bring in more and more companies to capital markets from tier 2 cities or the hidden gems which we always keep trying to identify in terms of companies suitable for the capital markets. So, definitely that is a focus. In terms of target mix for FY 2030, we are expecting almost 50-50% contribution from government advisory and investment banking to the overall advisory revenues. Okay. Thank you, sir. That is all from our side. Yeah. Thank you. Participants, you may press star and 1 to ask questions. A reminder to all participants, you may press star and 1 to ask questions. Next question is from the line of Vivek Chala from Chala Family Office. Please go ahead. Thanks for the opportunity. I have few queries. As we enter H2 FY27, what are the three key priorities for the business over the next two quarters? Which areas, whether it is broking, wealth, lending, investment banking, or new initiatives, do you expect to be the biggest growth driver? What should investors watch out for? Okay. Vivek, there are a couple of priorities for H2, which we as a management are focusing on. One focus, as I mentioned in my remarks as well, that we have launched StrikeX, which is a product for sophisticated retail F&O traders. For that, the promoting and increasing the usage of StrikeX in the traders community, that is one of the priority for the second half. Additionally, we are also working on couple of digital products, which we will also launch in the coming second half of the year for acquiring the suitable customer segments. Another priority will be to expand the MTF portfolio using the capital which we have raised, and also accelerate our distribution network, distribution business for the NCDs and other fixed income products. These are largely the broking businesses, broking and distributions priorities. In advisory, as the Feedback Infra acquisition is completed, our focus will be to acquire more and more higher margin projects because of the credentials which we will get after the Feedback's acquisition. Since we have recently launched our first actively managed scheme for our AMC business, that will also be a priority to grow the AMC's active products presence in the second half of the year. That's all from my side. Thank you. Okay. Thank you. Next question is from the line of Mandira A. from Investo. Please go ahead. Thank you for the opportunity. Couple of questions, if you could help me with. What is the current blended revenue yield on your wealth AUM, and how do you see it evolving amid the industry-wide pressure on commission and expense ratio? It varies. Currently, the blended yield on the wealth AUM varies depending on the product. In case of distribution-focused products, the yield ranges from 1.2% to 1.5%. In case of trail income products like mutual funds or PMS, the income ranges anywhere between 60 basis points to 75 basis points. As far as the pressure from the regulatory changes are concerned, we believe that even today, the investing is in relationship-focused product, irrespective of the geography or irrespective of the customer segment. Because of the human capital involved in onboarding and servicing these customers, regulator will definitely keep those things in mind while designing their policies to decide the expense ratios, et cetera, et cetera. We are very confident that we don't foresee any such major impact on the commissions in this particular space in near future. Got it, sir. Secondly, how do you expect SEBI's introduction of CAS to impact the broking volume and clients' participations and revenue? Will this require any operational changes? No, no. We don't have a comment on that for now. Okay, sir. That was helpful. Thank you, and all the best for the coming quarters. Thank you very much. Thank you. A reminder to all participants, you may press star and 1 to ask questions. A reminder to all participants, you may press star and 1 to ask questions. Next question is from the line of Raghav from Raghav & Company. Please go ahead. Namaste, Ayush ji, kaisa hai? Hi, hi, Raghav ji, how are you? I was waiting for this call, sir. Sir, char paanch sawal hain, please allow me. It might take 5 minutes. Sir, sabse pehle sir, advisory book sir apni normally average INR 100 crore rehta tha, top line, matlab contribute karta tha consolidated numbers mein, advisory INR 100 crores. Theek hai, ab yeh 145 aapne diya hai Q2 mein, kya yeh maintainable hai? Like 140 will be the run rate or it will come back again to 100? Is it one time or it will be maintainable? This quarter, we had five IPOs where the subscription was there during the quarter. Depending on the number of IPOs, advisories number will be maintained. But the government consultancy is still there, na? Around 100. Yes, yes, yes, it is there. Okay, I would take it as a one-time only, na? Because it would be IPO numbers only, na? Okay. Jaise jaise IPOs during the quarter approvals and listing ke liye jaldi jayenge, we will be able to maintain this. Okay, sir. Second question hai, sir, MTF book ka. Current MTF book is around INR 460 crores, I think. Haan ji. Toh sir, apna Q3 mein, like October is gone, like 2 months are left, November and December. INR 900 crore, I am assuming majority will go in MTF funding, right? Right. I am expecting like INR 60 crore, INR 70 crore is the bottom line 100. So, even waiting for 20% interest rate for 2 months on INR 900 crore, it gives around INR 28 crore. So, can we expect that Q3 would be above 100 bottom line? Simple math. As the MTF portfolio grows, the corresponding revenue will certainly be added to the overall P&L, sir. The MTF book will grow, like it will take time, couple of months, or it will grow like drastically? We have put the money to use after October 27. It has almost been a week only. We are confident that this money will be put to use in this quarter. What would be the like expect after the December end MTF book? Sorry to interrupt, sir. Yeah, ma'am. Could you please join the queue for follow-up? Sorry? Could you please join the queue for follow-up question? Sure, ma'am. Sure, ma'am. No, no. Thank you. Ladies and gentlemen, due to time constraint, that was the last question of the day. I would now like to hand the conference over to Mr. Arun Poddar for closing comments. Thank you, everyone, for joining this. As we look ahead, our priority is to build on the quarter's performance by putting the NH Capital to work, strengthening the customer relationship, and strengthening execution across our businesses. We see opportunities to scale MTF, wealth distribution, and asset management while expanding our advisory capabilities. Our approach will remain disciplined, with growth supported by the prudent capital allocation and the risk management. Thank you for your continued trust and the support. Thank you, everyone, and we are open for any question directly also. Thank you. On behalf of Choice International Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.