Good afternoon, ladies and gentlemen. I'm Palsheya, moderator for the conference call. Welcome to 5paisa Capital Limited Q4 FY2025 earnings conference call. We have with us today Mr. Gaurav Seth, MD and CEO; Mr. Gourav Munjal, Whole- Time Director and CFO; Mr. Ameya Agnihotri, Whole- Time Director and CTO from 5paisa Capital Limited. As a reminder, all participants 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 signal an operator by pressing star and then zero on your touch-tone telephone. Please note that this conference is being recorded. I would now like to hand over the floor to Mr. Gaurav Seth. Thank you, and over to you, sir. Thank you. Thank you all. Good afternoon. Welcome to Q4 FY2025 earnings call. Capital markets have undergone significant transformation last quarter, influenced by multiple factors, most notably the implementation of SEBI F&O regulations aimed at curbing speculation and derivative volume. These changes have notably impacted trading volumes and overall income across the board in the broking industry. As a result, the industry has seen a substantial reduction in ADTO, additionally a sharp reduction in market indices driven by global uncertainties and increased volatility. Further affected cash segment volumes and new customer participation. Industry overall added 7.13 million new customers in Q4 FY2025 compared to 9.87 million in Q3 FY2025, which is a 28% QoQ quarter-on-quarter decline. While these changes may have a short-term impact, we believe they empower investors and will contribute to the long-term sustainable growth, both for the capital markets in general and our business specifically. We continue to invest in technology to improve customer experience and remain focused on giving the best product to the customers and acquiring high-quality customers to ensure a healthy LTV and sustainable payback period. Now, I'll come to business and financial performance. This quarter, which is Q4 FY2025, marked a full first quarter following the implementation of SEBI new directives on F&O reform. Our broking revenue declined 23% quarter-on-quarter, primarily due to industry-wide drop in derivative volumes. In an effort to remain competitive, we reduced our MTF interest rates effective November 1st, leading to an 11% decline in the MTF income of the quarter. Allied income and other operating income dropped by 8% and 11% respectively, reflecting impact after increase in market volatility and index correction. We've aligned our variable expenses with income trends and with further optimized costs, resulting in a 9% reduction in total expense to INR 580 million for this quarter. For the full fiscal year FY 2025, which is closing 2024/2025, we recorded revenue of INR 3.6 billion which is a 9% decline from last year on a year-on-year basis, and a profit of INR 680 million which is a 25% increase on a year-on-year basis, with our margins improving from 14% - 19%. Our net worth crossed INR 6 billion on March 31, 2025, and we believe that the markets and our business will normalize over the next few quarters, allowing us to return to historical profitability levels. Further, for Q4 FY 2025, we acquired 91,000 new customers, which is a 19% quarter-on-quarter decline, reflecting the broader industry trend of reduced retail participation. Our total customer base stands at INR 4.83 million, and our ADTO declined by 36% QoQ to INR 1.93 trillion, again primarily due to the impact of regulatory changes. Our client funding book remained stable at INR 2.6 billion, which is a very minor 2% QoQ drop, while our mutual fund AUM crossed INR 13.92 billion. Now, spend a few minutes on what we are doing on the product and tech side. Continue to enhance our digital platform to deliver superior trading experience and superior trading and investing experience. Some of the key product rollouts have been an F&O 360 upgrade, which is a completely enhanced, upgraded F&O trading platform, ordering advanced option strategies, expert research calls, and the launch of QTE, which is a live expert-led streaming and trading module. We also introduced something known as Intrads, which is an AI-powered intraday stock basket recommendation with built-in risk management and quick flips through the app. Starting upgrades in which users can view multiple charts alongside orders and market depth, and trade visualization adding to TradingView on Trader Terminal, enabling a lot of users to see trades mapped on charts. We have also launched SIP via UPI Autopay, streamlining the whole SIP setup through automated techniques mandated in mutual funds, and most importantly, achieved a 15-millisecond reduction in order placement latency. This significantly boosts execution speed and platform reliability, particularly beneficial for high-frequency and intraday traders. Lastly, our core objective remains to build the fastest, most reliable, and intuitive tech platform. We continue to enhance our product features, the user experience, and leverage cutting-edge tech, including APIs and AI tools to help investors make better decisions. We are confident these efforts will continue to attract high-quality customers and with stronger LTV while we continue to provide them an outstanding experience. That is it from our end. Happy to answer any questions. Thank you, sir. Ladies and gentlemen, we will now begin the question-and-answer session. If you have a question, please press star and one on your telephone keypad and wait for your turn to ask the question. If you would like to withdraw your request, you may do so by pressing star and one again. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. We will wait for a moment while the questions do appear. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. Moderator, if there are no questions, then I think if there are any questions later on people have, they can reach out to us at ir@5paisa.com. Again, it's ir@5paisa.com. I'm sorry to interrupt. We have one question, sir. Okay, great. The first question comes from Prathik Mohra, from Share India. Please go ahead. Hello. Yes, sir, please go ahead. Sir, what's the reason behind that the quarterly brokers have been fallen by 22%? You're right, yes. Quarterly brokers have been reduced by 22%. Yeah, what's the reason behind that? Primarily, the biggest reason behind this is the implementation of, I think I would say two reasons in general, specifically look at last quarter. One is the last quarter was the first quarter in which you had the complete impact of the steady F&O regulation we started in Q3, and also the muted market to a large extent in parts of Q4. Those are the two major reasons. Okay, any plans for increasing mutual fund AUM? Are you asking the performance, or are you asking the plans? I didn't get it. Plan, plan. Our hypothesis there is that because of people being a little bit more risk-averse, including even the trading cohort, some people have actually withdrawn from the market, especially when talking about the F&O trading community, right? While you can argue that, look, there are a lot of people who would continue to be in the market, a lot of them will take losses, etc., and start to withdraw from the market, become a little bit more risk-averse. That is a primary hypothesis that why people have put money back in mutual funds, some of them. Also, you could assume that the markets also gave good opportunity for people to enter the mutual fund segment, specifically around quality equity stocks for that matter, right? We kept on holding that. That's why we actually see an increase in our mutual fund AUM during this period. Okay, thank you, sir. Thank you. The next question comes from Rajvansh Bhatia from Share India Securities Limited. Please go ahead. Yeah, hi. Yes, hi. Just wanted to ask one thing about that Intrads platform, which is the AI-powered one. What is the development there, and how are we looking upon when are we going to introduce that? Talking about AI? Yeah, that AI-powered built-in risk management product. Intrads, I guess that's the name, if I'm not wrong. Yeah, so it is in the pilot phase, and we have a full rollout shortly. Okay, so when can we expect Q2 or head to head in regarding that? Yeah, I think by early Q2, we should be ready. Okay, early Q2. You think that would give you the edge in terms of both revenue and other broking? Look, some of these enhancements are there as a product company on an ongoing basis. We have to do to make sure that the customers are getting a good experience, and we are adding value to them. It does not necessarily mean that that one particular feature enhancement or tool will necessarily have a huge material impact on us. We have an existing base of intraday traders. I think the idea is to actually serve them better. Yes, we believe that this will be a positive for our overall broking revenue. We can say that. Okay, okay. One last follow-up. Is there any other similar product in the line which you think from which it can stand out as an investor's point of view? No, we have not. I mean, you're talking about your question is more about compared to what we have or compared to what's there in the industry? What the industry has. Talking about what you are planning, is there any existing trading platform or website for similar kind of services? I am not aware personally. I have, as a scale customer, gone and used something like this. This would be your first breakthrough, we can say, for such a technology. Yeah, you should consider that. I am sure there is something, I mean, other competitors might actually also be working on. I would not go and make that statement. I think from our perspective, we definitely think it would be a good value addition. Okay, okay. Thank you. Thank you. Thank you. Ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. I repeat, ladies and gentlemen, if you have any questions, please press star and one on your telephone keypad. There are no further questions. Ladies and gentlemen, this concludes your conference call for today. Thank you for your participation and for using Dur Sabah's conference call service. 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