Ladies and gentlemen, good day and welcome to Capri Global Capital Limited Q2 FY 2025 Earnings Conference Call hosted by Go India Advisors. As a reminder, all participant lines will be in the 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 email our operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Hardik Doshi from Capri Global Capital Limited. Thank you, and over to you, sir. Good afternoon, everyone, and welcome to Q2 FY 2025 Earnings Call for Capri Global Capital. This is Hardik Doshi, Head of Corporate Finance and Investor Relations. I shall read out a brief disclaimer for today's call. The discussion on today's call regarding Capri Global Capital Limited's earnings performance will be based on judgments derived from the declared results and information regarding business opportunity available to the company at this time. The company's performance is subject to risk, uncertainty, and assumptions that could cause actual results to differ materially in the future. Given these uncertainties and other factors, participants on today's call may observe due caution while interpreting the results. The full disclaimer is available on slide 42 of Q2 FY 2025 earnings presentation. Participants are requested to note the same. With us today on the call, we have Mr. Rajesh Sharma, Managing Director of the company, Mr. Partha Chakraborty, CFO, Mr. Sanjeev Srivastava, CRO. Ms. Divya Sutar, Head Business Strategy. With that, I now request our Managing Director, Mr. Rajesh Sharma, to present the opening remarks. Over to you, sir. Thank you. Good afternoon, everyone. I hope you all are doing very well. First of all, let me wish you all a very happy Diwali. We declared our unaudited consolidated results for Q2 FY 2025 yesterday, and I hope you had a chance to go through the earnings presentation, which is uploaded on our website. As you all know, Capri Global Capital Limited continues to serve under-penetrated, underbanked customers in high-growth segments like substantial untapped market potential while maintaining a strategic focus on building a retail, granular franchise with secured lending book. We are a diversified NBFC with robust presence in MSME loans, housing loans, gold loans, and construction finance. We continue to further diversify ourselves by identifying newer opportunities and expanding our product offerings. In the last quarter, under our MSME loan segment, we have launched Micro LAP, a small-ticket secured loan product for self-employed customers, and in this quarter, we launched Rooftop Solar Loan Series, part of Green Financing in partnership with Credit Fair, leading renewable energy fintechs with ticket size ranging from INR 50,000 to INR 25 lakhs. In addition to interest income, we are also focusing on increasing shares of high-quality recurring fee income through insurance distribution and also car loan origination. We believe that our digital-first approach and superior technology processes that we are implementing will be the key differentiator, enabling us to serve our customers more effectively than our peers. We also implemented several AI-driven initiatives in this quarter, which I will mention subsequently. We believe this will benefit us meaningfully going forward. I shall now move to the commentary on business and earnings performance. With regard to business, please refer to slides 3, 4, 5, and 6. We maintained strong growth momentum in Q2 FY 2025 with our AUM reaching INR 19,273 crore and an increase of about 56% year-on-year and 10% quarter-on-quarter. This growth was primarily driven by a strong growth of 225% year-on-year gold loans and 33% year-on-year housing loans. Our disbursement touched INR 5,465 crore during the quarter, reflecting 55% year-on-year growth. We remain focused on retail lending, with retail AUM constituting over 80% of our portfolio. We are well-positioned to drive growth and are confident of crossing our target of INR 30,000 crore AUM by FY 2027. Our co-lending AUM continued to surge during Q2 FY 2025, increasing to 18.3% of AUM compared to 16.3% in Q1 FY 2025 and 11.6% in Q4 FY 2024. We have further strengthened our bank partnerships, significantly increasing the acceptance ratio of loans with our partner bank compared to a year ago. We expect to continue this momentum in co-lending as an efficient tool for high ROE accretion and liability management. We continue to build a granular and well-diversified portfolio for MSME housing loans with an average ticket size of around Rs. 2 million. Our MSME AUM reached Rs. 4,824 crore, and our housing loan segment AUM reached about Rs. 4,271 crore, up by 33% year-on-year. MSME and housing together continues to constitute 50% of our overall AUM. With our strategic initiative and focus on underserved markets, we are confident that our MSME and housing loan portfolio will continue to deliver robust and sustainable growth in the coming quarters. Our gold loan AUM increased by 225% year-on-year to cross Rs. 6,500 crore, supported by our extensive gold loan branch network of 758 branches across nine states and UT, along with co-lending partnerships with four banks. These branches have started to scale up and are achieving a productivity level of INR 8.7 crore AUM per branch. We are confident that our expanding reach and partnerships will continue to fuel sustainable growth and further strengthen our position in the gold loan segment. Our construction finance AUM increased by 63% year-on-year to cross INR 3,346 crore, driven by uptick in the real estate sector and a strong pipeline of new projects. Our disbursement in construction finance stood at INR 924 crore, up 51% subsequently. In construction finance, our focus will remain on residential projects within the affordable housing sector while maintaining a granular book in indirect lending. As regards earnings, let me now provide an update on core earnings. Our yields and spread remain steady this quarter at 16.2% and 7% respectively. Net interest income for Q2 FY 2025 reached INR 305 crore, marking a 22% year-on-year increase driven by robust growth in our loan book. Our non-interest income comprises three components: car loan distribution fee, co-lending income, and other non-interest income. Our non-interest income was INR 103 crore in Q2 FY 2025, up by 29% year-on-year, supported by co-lending fee income of INR 41 crore and net car loan origin fee of INR 18 crore. We have scaled our car loan origination network within a very short period of time to become a meaningful player in this segment, with pan-India presence across 780 locations in 31 states and UT. We work with 12 partner banks and financial institutions for car loan origination. Our car loan origination in Q2 FY 2025 was INR 2,563 crore, up by 8% year-on-year. On the insurance distribution front, we have tied up with 18 insurance companies and started accruing fee income. We are looking to generate around INR 40 crore in net fee income from insurance distribution FY 2025. We anticipate this strong foundation will sustain the impressive growth trajectory of our non-interest income. Following our branch expansion, we are now shifting our focus on improving the efficiency and productivity, effect of which has already started to reflect in our cost-to-income ratio, which has improved to 64.3% in Q2 FY 2025, down from 70.5% in Q4 FY 2024, and improvement of about 6.2%. We expect further benefits to accrue in operating leverage with KKN. As a result, our pre-provisioning operating profit increased significantly to INR 146 crore, up by 34% year-on-year. As regard asset quality, our credit cost normalized in the quarter and was at INR 17.5 crore, an improvement of 24% year-on-year. A 62% quarter-on-quarter is thereby a one-off technical write-off in construction finance book in Q1 FY 2025. Gross NPA ratio improved to 1.6% in Q2 FY 2025 from 2% as of Q1 FY 2025. Net NPA ratio improved to 1% from 1.2% in Q1 FY 2025. PCR on Stage 3 loans is today 40.1% in Q2 FY 2025. We would like also to share that we have sold about 71 crore POS to Asset Reconstruction Company at 90% of its value. As regards capital adequacy and liquidity position, as part of our resource diversification strategy, we have taken board resolution to raise up to INR 1,000 crore via NCD issuance. We continue to maintain a strong liquidity position and have got new credit line of INR 3,750 crore extension for a CGCL entity and INR 700 crore for CGHFL entity. Our capital adequacy ratio for CGCL is today 23.7%, and for CGHFL is today 31.9%. As regards profitability, we reported a consolidated net profit of INR 97 crore, which increased by 49% year-on-year and 28% quarter-on-quarter. Our effort over the past two to three years to diversify our business and income streams are now beginning to yield results. As seen in our Q2 FY 2025 performance, we reported an annualized ROA of 2.3% and an annualized ROE of 9.8% in Q2 FY 2025, up by 0.4% and 2% quarter-on-quarter respectively. We expect this to improve further going forward with the improvement in cost efficiency, employee productivity, and operating leverage. As regards technology, our technology initiative, including the in-house LOS, SelectQ, LMS, Pragati Sales App for customer onboarding, Collect Express App for managing collection, and CapriGrah App for customer engagement, which went live in Q1 FY 2025, have now stabilized and are being extensively used by our sales and collection staff for managing the customer loan journey end-to-end digitally, thus improving their efficiency and productivity. We have also gone live with our data science-driven BRE and scorecard-based underwriting, which will help us improve our login-to-sanction ratio, better customer risk profiling, and offer risk-based pricing to our customers. Our sophisticated collection dashboard for real-time monitoring, combined with the use of advanced AI/ML models for identifying early delinquency, are expected to further improve our collection efficiency and asset quality. During the quarter, we also launched several artificial intelligence-driven initiatives such as AI-driven Data Genie, which equips key decision-makers with real-time actionable insights enhancing agility and precision. Capri Global.ai, with its AI Dost chatbot, provides instant multilingual support to our customers, ensuring seamless engagement 24/7. Our Hire Right AI, which optimizes RM-level hiring by ensuring unbiased, efficient recruitment. Our AI-driven call center analytics with in-house voice-to-text conversion system adapted for Indian languages helps in cost-optimizing call center operations and increases efficiency over telecalling staff. Lastly, our focus on real-time system will drive significant improvement in tech, enabling us to meet our customers' expectations faster through hassle-free and timely disbursements. Now I come to ESG. On the ESG front, Capri Global has established a robust ESG framework, aligning our policies with international standards and ESG guidelines. We applied for the Dow Jones Sustainability Indices rating, with results expected soon. Additionally, we published our Business Impact Report 'Business of Progress', highlighting our achievement in financial inclusion and sustainable growth. Our second sustainability report for FY 2024 highlighted Capri Global's integrated approach to ESG, centered on financial inclusion, operational efficiency, and governance. To support our commitment, we are actively training internal teams and aligning business processes and ESG requirements. With that, I conclude my remarks. We shall now take questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Taran Gupta from Elara Capital. Please go ahead. Thank you for taking my question. So my first question is, the company has set a target of reaching an AUM of INR 30,000 million by FY 2027. So can you please share insight into the primary growth drivers for this target and which segments are anticipated to contribute the most to this trajectory? So thank you, Taran. As I said, our current AUM after Q2 result is about INR 19,272 crore. And with the growth coming in from our new segment, which we added as a Micro LAP, MSME will start again growing, adding a few more branches in the coming financial year. And our gold loan, also we are adding more branches. Besides that, we also launched this rooftop solar product. So we'll continue to grow through our branch expansion in our existing product, as well as the new product will continue to grow. From INR 19,272 crore to reaching in almost 10 quarters, I think we will be able to achieve. We are already on this path. Okay, very helpful. And second question is, so Capri mostly focused on evolving into a technology-led NBFC. So could you elaborate on any recent digital initiatives or technology upgrades aimed at enhancing customer experience or boosting operational efficiency? Additionally, how is technology being leveraged to facilitate deeper penetration into rural area or underserved markets? We have devised our entire journey of technology in five segments: onboarding a customer, credit evaluation, then collateral evaluation, collection, and customer engagement. This completes the journey right from onboarding to customer servicing. Now, while our LOS is in-house developed, where for sales mobility, we have built a Pragati mobile app. For underwriting purposes, we have built our in-house scorecard and various processes we have automated, which is helping the team to do the work with better precision in a lesser number of hours, so we are saving the time, and our pace is much better, and then third element is our evaluation of collateral, where the collateral property, whatever is being mortgaged in housing finance and MSME, is being evaluated through our in-house technical app, where a lot of other features are there, where they can see the transaction data, they can see the delinquency data of the nearby surrounding area where we intend to lend, then it comes to the collection because we believe the collection is the major focus of our company, so we have divided collection into three parts. One is the collection through chatbot calling, number two from the telecaller unit, and three collection agent on the field. So with combination of three, with the precise data analytics, real-time tracking, and proper incentive schemes, I think we are able to do it better. We are driving the efficiency among them. And fifth is the customer engagement. For customer engagement, we have telecaller unit. Besides, we have given it a customer app. So a lot of features can be activated and serviced through the customer app. We also have one WhatsApp chatbot where all the queries can be sorted out. And besides that, as I said, our AI initiative of Capri Global.ai, where the customer can ask anything and their query can be addressed. So there are a lot of initiatives happening internally to improve the process efficiency and externally on the customer service side. And you will see quarter on quarter, the difference is coming in not only cost-to-income ratio, but our other features in terms of efficiency in the collection and also our efficiency in the productivity. Thank you so much. Very helpful. Thank you. All the best. Thank you very much. The next question is from the line of Aman from Dolat Capital. Please go ahead. Yeah, hello? Yes. Yeah. With the target of building a thousand crore loan book and rooftop solar financing, can you elaborate on your partnership with Credit Fair? And how will this facilitate faster loan approvals and disbursal in the solar finance phase? And second question, with the anticipated rise in credit costs across the NBFC sector, how are you managing these increased provisions given that we have normalized credit costs during the quarter, particularly in your MSME and affordable housing portfolios? Your first question is on the rooftop solar. We have tied up with one fintech, but we are also in the process of tying up with various business correspondents and dealers' network and others. Since we launched the project recently, now we'll be scaling up. This year-end, we will be doing about INR 50 crore, but we'll continue to grow our network, and through that network, next year should be a full year of operation where significant books should be built. And here the model we intend to follow is we build the book, downsell it much lower yield while generating a profit because a lot of banks have this product in demand to build a portfolio. And if you're seeing the central government have a very high focus on this product. We feel that the policy push is there. We want to take the advantage of that, not only in terms of pricing of getting the lower-cost funding through sell down of the portfolio or otherwise. We see that by next year, we should have a significant portfolio in this. In the near term, we should be able to achieve the 1,000-crore book. The first target is 1,000-crore book. By March, we'll be able to give you the clear guidance by when it will be achieved. We are building the network. I can say we are building the technology. We are building the network of BC and building our internal team. We already launched the product. Current run rate is about 4-5 crore a month, which is getting increased month after month. Your second question was, how do we address our delinquency in the MSME and the home loan? So I think MSME segment, last one year, we have not grown. So that effect was visible in the delinquency. Now we are coming back, growing those branches. And plus, our restructure pool is now reduced from earlier 200-plus crore rupees to about 103 crore rupees. And out of that, some pool we have transferred to ARC. So I think combination of this will be that growth will be back. And housing finance, if you talk about delinquency, they are more or less stable. And in the price segment we operate, we believe that that kind of a GNP and NPA will continue to be stable. Thank you very much. The next question is from the line of Aryan Oswal from Fintrust Capital. Please go ahead. Hello. Hello, sir. Hello. Yes, yes, Aryan. Go ahead. Yes, sir. So sir, my question was on the side of that. Could you please share the net fee income generated from our insurance business this quarter? And also, how much of fee income can we expect from insurance over the next couple of years? So, this quarter, in the first half, we generated about INR 25 crore. And the whole year, we should be crossing about INR 40 crore of a fee income alone from the insurance segment. Next year, hopefully, it should further go up. So, next year's guidance, we should be able to give you by the last quarter when we come back with the result. But current year, we should cross about INR 40 crore in the insurance income. Okay. And sir, what are the new partnerships we have secured for insurance distribution and the expected impact on future growth? So, we have now almost about 11, 18 partners in the insurance. I think these are good enough to cater to our needs. It is not that more and more partnerships are going to help us. But it is about the kind of product you get to cover all kinds of customers. A gold loan customer might require a policy, and he should be able to sustain only INR 4,000-INR 5,000. Whereas a car loan customer can still take a policy life insurance policy, which he might pay a premium of INR 50,000 plus. So depending on the customer profile, we use the product. And I think we have wide coverage of the product along with these partners. Okay. One last question from my side. We have spoken about our goal of achieving a mid-teen ROE, primarily through enhanced fee income and improved operational efficiency. So could you provide more clarity on the timeline for when these efforts will transfer into visible improvements? And specifically, when do we expect us to consistently reach the 15% ROE mark, as it's been a target for some time now? So if you have seen that now this year, our initiative on the technology side and the branch expansion, we already received the breakeven, especially the gold loan vertical. All 750 branches have done profitable. I think quarter on quarter, you will clearly see an uptick in our ROE. This year, we should be in the close vicinity of about 11%. And I think by March 2027, we should achieve our mid-teen ROE targets. Okay. Thank you so much. That's all from my side. Thank you. Thank you very much. The next question is from the line of Satyaprakash Pandey from Haitong. Please go ahead. Oh, hi. Good afternoon. Hope I'm audible. Yes, please. Go ahead. Yeah. So I have two questions. First is, how has the acceptance rate from partner bank in co-lending evolved over the past few quarters? And what growth do you expect in this segment next year, given that we continue to see strong growth here? Also, can you elaborate on the risk-sharing mechanism and how you balance expanding credit reaching with maintaining asset quality? The second question is, you started expanding into Micro LAP with plans with some new branches. How has this initiative progressed into Q2? What has been the early response from rural customers, and what challenges are you facing in scaling this segment? Those were my two questions here. So on the partner bank, you are asking what is the arrangement we have. So we have arrangement where 20% we fund, 80% bank fund. And the cost of those lines in housing loan are sub-9.5%, and gold loan is anything between 9.5% to 9.75%, and MSME in the range of 9.5%. With that, Micro LAP, we I think already gone live with the 70 branches. And those branches, we have an experienced team from good background of a similar product. We have a strong risk framework in place. So we should be able to achieve the full scale next year, the full year of the operation. And I think we should be able to do this year about I think currently we already received a book of about INR 30 crore. And by March, we should be able to cross about INR 60 crore. Next year is something which we are likely to cross about INR 300 crore. Okay. Okay. Thank you so much. That's helpful. Thank you. Thank you very much. The next question is from the line of Jay Mistry from Equirus Securities Private Limited. Please go ahead. Hello sir. Am I audible? Hello? Am I audible? Thank you for the opportunity, sir. Now, I had two questions. First question was that since now that our gold loans is profitable, and you have been gradually expanding the branches too, so I just wanted to understand, are the new branches meeting the expected performance level? So I would say the new branches, we will not know only in three months. New branches ideally should achieve the AUM of about four crore rupees in 15 months. If we are able to achieve a 15-month four crore rupees, then I will say they have achieved the breakeven. So all the old branches, I think most of the branches are already over 15 months, and all the branches have already been profitable. There are a few branches, some of the branches are three-month-old, some of the branches are four-month-old. So we believe that by the end of the 15 months from the date of their opening, they should turn breakeven or profitable. Thank you, sir. And my second question was that since you have implemented the new loan originations and management systems, so how has the transition impacted the loan disbursement and turnaround time in second quarter? Are the teams fully adapted to the new systems? Yes. So first quarter, we launched this new LOS in the month of April, and it has taken almost three, three and a half months to stabilize. Q2 is completely stabilized, and I would say these are the normal numbers. They are not much impacted by the LOS. As far as now is concerned, it is business as usual. So there is no reason that there is no impact of the new LOS. It has gone smooth and functioning fully. Okay. Thank you, sir. That's it from my side. Thank you very much. The next question is from the line of Shalin Kapadia from IIFL Securities. Please go ahead. Hello. Am I audible? Yes, yes, sir. Okay. Thank you for the opportunity, sir. I have two questions. So with recent conditions in the auto sector and a dip in car loan volumes over the past couple of quarters, do you see the car loan business shaping better in second half, or do you believe we can surpass last year's performance despite the current challenges? So what is happening that some of the competition of CarDekho and others, they are, I think, giving more commission than they get. This is what the market we have experienced. So there is a pressure of the competition on the commission side in sharing the commission with the DSAs and connectors. So that is where our cost has gone up. But we are going to add the used car finance also with the same team without additional new manpower. And with the help of the additional product, this year, it will be profitability slightly lower than the last year because of various transition from old CGCL to the new company. But next year, I think our profit will be all-time high, and our even volume will be high. This year, it will take some stabilization in the new entity along with the launch of the new product, where we'll see some operational cost eating up the profit of this vertical. Okay, sir. That's helpful. And second question is on gold loans. With Capri's recent strong momentum in the gold loan segment, given that we have almost tripled our AUM in the last year or so, are there any plans to accelerate this growth by expanding into new regions or opening more branches? And also, how do you see your growth in gold loan business over the next two-three quarters? We'll see that now the expansion will be moderate. We will be adding about 50-70 branches this year. And the expansion will continue to be in the next year, but it will be in moderation. However, already we have achieved per branch AUM of about eight crore rupees, and I think that those branches will continue to grow along with these new branches, which take some time. So we clearly see that we should be crossing 12 crore rupees of AUM by the end of next year per branch except the new branches. So growth will continue to happen despite competition, and we see the data is everybody's aware is still good. Monetization is still in the range of 5%. And most of the market is still with the foreign brokers and the local jewelers and local money lenders. So there's a huge growth is possible for everybody in this segment. Okay. Okay. That's helpful, sir. Thank you. Thank you very much. The next question is from the line of Jay from Manya Financial. Please go ahead. Yeah. Hi. Am I audible? Yes, sir. Yes. Okay. What is the outlook of maintaining net interest margins? What are the strategies you are trying to optimize the margins? Hello. So yes. So the strategy for optimizing the margin will be our biggest differentiator will be technology and data science capabilities, which we significantly invest in. Our Gurugram Tech Center, we have almost about 125 engineers and 25 data scientists across Gurugram and Bengaluru. I think these are the two aspects where we see that our processes will be better, our tech will be faster, and our efficiency of decision-making will improve the overall cost-to-income ratio. Further, NIM margin will be improving. Currently, NIM margin, you see the lowering because the leverage is going up. If you look at the spread, that is being maintained at 7%. So if we leverage more, the NIM will go lower side, but spread so far we are maintaining improving. I think overall ROE, it will have a positive impact despite NIM going down. Okay. With the current regulatory framework, which is going on in the NBFC space, how does Capri Global ensure compliance while continuing to grow? And are there any recent regulatory changes which have impacted the business operations? So I think all these regulatory changes which are coming, they are there to make the company very robust when you are scaling up. It might give you some short-term pain, but long-term, it is helping us to meet the compliance and strengthen the risk management. In regards to our compliance is concerned, that we have strengthened our compliance team, keeping in mind the RBI's attention on the enhanced compliance focus. We have added a few more resources in the compliance team. We are hiring senior people. We have engaged outside the Big Four consulting firm to make the automated compliance tool, which will track which are the compliances done, which are not done on time. And besides the technology compliances, also we have given outside firms for telling us to make them better and perfect. So there's a sharp focus. I will share with you that our board of directors, and specifically chairmen, always want us to follow the compliance first and business leader policy. So with the focus of the board and our focus on engaging the best of the consultant to make it better, we feel that compliance, we will be able to meet the RBI norms. And plus, we are driving a culture also inside in every department to comply everything based on the rules of whatever regulator, be it RBI, be it SEBI guideline, be it listing guidelines or BSE or NSE. Okay. And none of the current regulatory changes or recent regulatory changes have impacted your business, right? No, no. There's no regulatory changes that impacted our business. In fact, regulatory changes, they bring to being more you be informative, you more formally recording anything and formally conveying to the team how they should do the business. So it is all about following the proper processes. So there is no impact on the business. Slightly compliance number of people will increase and slight cost goes up, but in such a large volume, I don't think it is very insignificant. Okay. And about the microfinance business, do you see any pressure on your microfinance business? We are not into microfinance business. We are in. Not at all? No. We don't have any unsecured money yet such. No unsecured money. Perfect. Perfect. Perfect. Thank you so much. Thank you very much. Before we take the next question, we would like to remind the participants that you may press star and one to ask a question. The next question is from the line of Rohit shinde from Market Memories Wealth Advisors Private Limited. Please go ahead. Yeah. Good afternoon, sir. Can you hear me? Yes, please. Yes, sir. So sir, my first question I have two questions. So my first question is that we have seen strong growth in co-lending, especially in the gold loan business. While our focus was initially on MSME and housing, most co-lending in the past year has been in gold loans. So is this shift driven more by demand, or does the fee structure and margins make it more advantageous? Okay. And what is the second question? Yeah. Second question is, sir, non-interest income as a percentage of total income continues to decline for past couple of quarters despite our push in co-lending, insurance, and car loans. So how do you view the overall mix of non-interest income, and what do you see as the main drivers for growth in this area? Thank you, sir. So let me ask you a second question first, which talks about non-interest income in going down. If you see the slide number 15, our non-interest income, which is comprised of the car loan distribution, insurance, and co-lending, it is in Q2, it has come to INR 25.3 crore. Insurance is INR 25.3 crore. Yes. The share of non-interest income, 25% of net income is 25%. Yeah. So it is 25%. So I think it is more or less stable. It has not gone down yet, sir. If we talk about absolute income. So there's a slight dip in the car loan income, but if you take the overall income from INR 108 crore, it has come to INR 103 crore. So I think the first and two quarter in the car loan is always slightly lower side. If you see the. In comparison to last year to this year, it has gone up significantly. Okay. Q2 FY 2024, our fee income was INR 80 crore. Again, Q2 FY 2025, fee income is about INR 103 crore. Is that clear now? Yes, sir. And the first question, sir? Yeah. Your first question was, why does co-lending have gone up in the gold loan? So I will say that gold loan here scaled up. The number of branches are much higher, and there was a co-lending product where we can cater to those customers also, which can be catered at a slightly lower margin, but since co-lending lines are available, which are highly ROE equity, we'll use those lines there, and there is separate co-lending lines for the gold specifically by our lending partners, so we utilize them, and that is the reason you will see the co-lending in the gold loan has been higher percentage as compared to MSME home loan, and in regards to growth, there is no shift in our strategy. If you see, our home loan portfolio is also growing at a pace of about 35%-40% year on year. Gold loan, because the base was lower and number of branches have been high, so that is showing you very high growth. But if you see from current quarter onwards, the base is already in the range of about INR 6,000 crore. The growth will get normalized unless we open more number of branches significantly. Okay. Thank you very much, sir, for answering my questions. Thank you. Thank you very much. As there are no further questions, I would now like to hand the conference over to the management for the closing comments. Thank you, and over to you. So thank you so much for spending time and coming on the call to understand more about us. And we would like to assure you that we will continue to grow our secured retail lending portfolio on the back of strong branch network across Micro LAP, MSME, gold loan, and home loan. And with the effective co-lending line in place, where about 20% plus portfolio will remain under the co-lending arrangement, which will continue to give us our equity, our lower allocation of the equity capital and high ROE. I think our technology initiative will also drive the cost efficiency. The combined effects of this will. You will see that quarter on quarter, we will see that our operating cost coming down, income percentage, and our ROE continue to improve, and we will be on the guided path. Thank you so much. On behalf of Go India Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.