Ladies and gentlemen, good day and welcome to Aadhaar Housing Q2 FY27 earnings conference call hosted by Nomura. 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 this conference call, please signal an operator by pressing star then 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Shreya Shivani from Nomura. Thank you, and over to you, ma'am. Thank you. A very good evening to all. Welcome to the 2nd quarter FY27 earnings call of Aadhaar Housing Limited. On behalf of Nomura, I would like to thank Aadhaar management for giving us the opportunity to host this call. From management side, we have with us Mr. Rishi Anand, MD and CEO, Mr. Rajesh Viswanathan, CFO, and Mr. Sanjay Moolchandani, Head of FPA and Investor Relations. I, I'll now hand over the call to Rishi sir for his opening remarks, and then we can open the floor for Q&A. Over to you, sir. Great, uh, thank you so much, Shreya, and a very good evening to all of you. And thank you for joining us to discuss Aadhaar Housing Finance's Q2 and H1 FY27 performance. Before discussing our performance on Q2, I would want to take a moment and express my deepest condolences on the sad demise of our esteemed independent director and non-executive chairperson, Shri Raj Vikash Verma. On the 16th of this month. His invaluable contribution and guidance have been integral to Aadhaar's journey, and his insights and wisdom will deeply be missed across the organization. May he rest in eternal peace. Following this unfortunate event and in accordance with the applicable regulatory requirements, Shri Deo Shankar Tripathi, previously Executive Vice Chairman of the company, has been appointed as interim non-executive chairman. I would also like to welcome Shri Nikhil Goyal, Managing Director, Blackstone, who has joined our board as an additional director with effect from 12th of August. 2026. With his experience in private equity and investments, including banking and financial services, we believe he will bring in valuable investment perspective to the board and further strengthen our focus on disciplined growth and long-term value creation. Now coming to company's performance, during the first half of FY27, we continued to build on our, on our execution momentum with a focus on disciplined growth calibrated risk management, and improving, and improving productivity across our branch network. Our approach remains consistent: expanding access to affordable housing finance while maintaining asset quality, profitability, and sustainable returns. Our AUM as of 30th September 2026 stood at INR 32,643 crores, registering a YOY growth of 18%. Disbursement for Q2 FY27 stood at INR 2,577 crores, representing a YOY growth of 22%. As all of you would recall, from Q1 FY27, we transitioned into recognizing disbursement on cheque realization basis instead of cheque handover basis. Hence, on a like-to-like basis, disbursement growth in H1 FY27 on a YOY basis is 21%, and AUM growth is 20%. Looking ahead, we remain committed to our medium-term guidance of 18 to 20% disbursement growth and 20% AUM and PAT growth for the full year. Our portfolio continues to remain fully secured and retail in nature, with home loans accounting to 73%, non-home loans accounting to 27% of our AUM. Our average ticket size stood at INR 11.3 lakhs with a loan-to-value ratio at comfortable 61%. The salaried segment contributed 55% of our AUM. Reflecting a diversified nature of our portfolio. Balance transfer outflows during FY— during, during the Q2 FY27 was at 5.1%. which improved by 40 bps as compared to Q2 FY26, supported by focused retention efforts and AI-driven customer engagement. On asset quality, our portfolio continues to remain well secured, supported by disciplined underwriting and strong focus on collections. Collection efficiency for the said quarter stood at 99%. While gross NPA stood at 1.34% as of September 2026, which is an improvement of 8 bps on a YOY basis. We also remain mindful of external factors as we grow business, including geopolitical developments and on strength— and on the strengthening El Niño conditions. That can impact the borrower's cash flow, particularly in the semi-urban markets. Our approach to assess the risk at the customer and the branch level and respond appropriately without resorting to broad-based tightening of underwriting norms. In addition, we closely monitor customers' overall repayment obligations and credit exposures to ensure that lending decisions remain aligned with their repayment capacity. This is particularly impact— important as we deepen our presence in underserved market while safeguarding portfolio quality. Our AUM is well diversified across geographies, with no single state accounting for disproportionate, disproportionate large share of portfolio. During the quarter, we expanded our footprint to Jammu an important territory for us by adding one branch there, taking our network to 632 branches across now 23 states. And covering over 555 districts as of September 26th. We continue to follow a calibrated demand-based expansion approach. With a focus on markets where we, where we see sustainable demand and potential to build a productive business over a period of time. We also remain focused on improving our productivity of our existing branches. Our objective is to ensure that newer branches reach expected productivity levels within planned timelines while the established branches continue to improve sourcing productivity customer retention, and operating efficiency. During the quarter in question, I am proud to say that our credit profile was further strengthened. With India Ratings and ICRA upgrading our long-term rating to AA+ Stable. Now all the 3 rating agencies, that is India Ratings, CARE, and ICRA, have rated the company AA+ on a standalone basis. These rating upgrades recognize our scale strong capitalization, and diversified access to funding. They also strengthen our position to optimize borrowing costs over a period of time, subject to prevailing market conditions. On technology, we continue to leverage AI and data analytics to strengthen business operations across the lending cycle, including origination, underwriting, portfolio monitoring, collection, and customer retention. We are also building in-house platforms across document intelligence, voice intelligence, decisioning intelligence, enterprise access and management intelligence to improve information processing, decision-making, and support for our teams. As we scale, technology will be key to improving operating efficiency, strengthening risk management, and enabling growth without compromising on execution quality or governance. Coming to the industry, demand for affordable housing finance continues to be supported by structural need for homeownership and expansion of formal credit to underserved markets. We continue to see opportunities in Tier 2, Tier 3, and beyond in the emerging markets where first-time home buyers and customers with informal income profile require a specialized approach in housing finance. At the same time, competition is increasing, making it important for lenders to develop new catchments while improving productivity and customer retention in the existing markets. In the recent revision in RBI monetary policy with 25 bps increase in repo rate to 5.5% and a shift towards calibrated tightening, marks a change in the interest rate environment. While the impact on borrowing cost and housing affordability will depend on the extent and timing of transition, we remain mindful of its implication both for customers and lenders. In this environment, our focus will be to continue on prudent underwriting, disciplined funding, and margin management while catering to underlying demand for the affordable housing finance and maintaining the quality of our portfolio. Our approach is to protect spreads rather than chase yields. We continue to focus on emerging markets, maintain discipline in our loan against property portfolio, and improve productivity per branch and per employee to support sustainable growth. Overall, H1 FY27 has been a quarter of steady discipline— sorry, execution. We remain confident of delivering our medium-term guidance of 20% AUM and PAT growth, sustained profitability, and industry-leading asset quality. While staying alert, alert on the environment around us. We expect our disbursement momentum to continue and are confident of delivering a 20% plus disbursement growth growth in the second half of the year. Aadhaar remains committed to its mission of enabling homeownership for low-income families while delivering consistent and sustainable returns for its stakeholders. With that, I would now hand over to Rajesh, our CFO, to take you through the financial performance in detail. Thanks, Rishi. Good evening, everyone. I would like to take you all through the financial performance of Q2 FY27 and H1 FY27. In Q2, our disbursements have grown at 22% on a Y-on-Y basis. Adjusting for the impact of Q1 shifting to recognizing disbursement on a check clearance basis, the AUM at 30th September has grown by a healthy 20% on a Y-on-Y basis. Our overall borrowings on 30th September stood at ₹20,400 crores compared to ₹17,600 crores on 30th September 2025. The borrowing mix as at end of 30th September '26 is 53% from banks, NHP share is 22%, NCD share is 15%, ECB is 7%, and others is 3%. Our incremental borrowings for Q2 FY27 stood at ₹1,550 crores, which has come in at a competitive 7.5%. There was no fresh drawdown from NHB during Q2. We have 43 borrowing relationships. The exit cost of funds as at 30th September 2026 stood at 7.7%. In terms of fixed and floating nature of our book, broadly 75% of our assets and liabilities are, are floating in nature. This gives us the ability to reprice our assets whenever the change in interest rate happens and we get passed on by banks or other floating rate liabilities. Undrawn sanctions as at 30th September 2026 is ₹1,466 crores. Further, in this week we have received a fresh sanction of ₹1,000 crores from National Housing Bank. Liquidity at the end of Q2 FY27 stood at ₹2,040 crores. The portfolio yield exit is 13.4% as at the end of Q2 FY27, and the exit spread stood at 5.73%. Operating expenses includes a charge to the profit and loss of ₹28 crores in H1 and ₹14 crores in H— in Q2 FY27. on account of stock options under the employee stock option scheme, which started in Jan '26. This was given to employees at an exercise price of ₹425 per share. Adjusted for this item, the cost to income is 33.9%, which is a Y-on-Y decline of 230 bps, and 34% in H1 FY27, which is a Y-on-Y decline of 215 bps. The GNPA as at 30th September 2026 is 1.34% as compared to 1.42% in Q2 FY26. While the NNPA on AUM stood at 1% in Q2 FY27 versus 1% in Q2 FY26, the Stage 3 provision coverage ratio currently stands at a healthy 34.5%. Capital adequacy ratio for Q2 FY27 stood at 41.7% for Tier 1 and 0.5% for Tier 2. For H1 FY27, the PAT has come in at a healthy ₹591 crores compared to ₹504 crores in Q2 FY26. And for Q2 FY27, PAT has come in at ₹308 crores. Compared to 1— compared to ₹266 crores in Q2 FY26. Adjusted for ESOP cost, the PAT has grown by 22% in H1 and a growth of, of 20% in Q2 FY27. The Q2 FY27 ROA and ROE are 4.2% and 15.2% respectively. Again, adjusted for ESOP cost, the ROA and ROE will stand at 4.4% and 15.8% for Q2, and 4.3% and 15.5% for H1 FY27. The number of employees as at the end of 30th September '26 on roll was 6,112 employees. We are reiterating that we are focusing on maintaining a healthy book and delivering a consistent performance on a quarterly basis. With this, we— with that, we can open up for further 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 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 a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kunal Shah from Citi. Please proceed. Yeah, uh, hi, uh, season's greeting to the entire team. Uh, so, uh, 3 questions. Firstly, on GS2 in particular, anything to read into it in terms of the leading to this kind of an increase? So that's the first question. Second question is on overall assignment income. So that's been slightly on a higher side. So if you can just quantify in terms of how the overall assignment, the fresh assignment has been during the quarter, and is that traction going up? And thirdly, in terms of the overall cost of funds, so you— and it's a rising rate environment, there is credit rating upgrade as well. Next quarter we will have maybe the drawdown from NHB sanctions. So how should we overall see the movement of cost of funds and spreads, yeah, in the second half? increase which has been there on a quarter-on-quarter basis from 3.3 to almost 3.55. So anything to read into it, any particular states which are I'll take the third question, which is the easiest of the 3 questions. Um, uh, Kunal, heartiest season's greeting for the entire team over here. I think, um, as we said, um, in the current interest rate environment with NHB— with RBI increasing the rates, and since majority of our borrowings also linked to being floating rate, approximately 75%. There is going to be a time effect by which this is going to flow down to us, whether repo-linked, whether MCLR-linked. The best thing is that 75% of our assets are also floating. So this gives us the ability to pass on the rates to the customers. So as we have explained in the past, whenever the— whenever we see the higher cost of funds coming into our balance sheet, maybe a maximum with a quarter lag, uh, we will take it to the ALCO, and once the ALCO approves as per the RPLR model of the company, we pass it on to the consumer. So we have the ability to pass to the customers. So to that, to a great extent our spreads will not be really impacted because of this interest rate scenario. There could be an impact of maybe a quarter, which is an interim timing effect. Uh, in terms of assignment, the rate hike as of now No decision on rate hike as of now. We will have a meeting of the ALCO probably at the end, in the 3rd quarter, probably in, uh, in December or January, and we will take a call at that point of time. Depending how about the RBI announcement happening in January. Uh, your second question was assignment. The way of looking at assignment, uh, Kunal, you will appreciate, is not only the fresh assignment income but also the assignment, uh, unwinding, which happens in the, in the interest line. The net impact of new assignment income and unwinding quarter 2 versus quarter 2 last year is only about 10 crores higher. So in that sense, the way of looking at it is that the profit of the current quarter is only impacted because of assignment income by a 10 crore impact. Because of higher assignment that we have done. Broadly, the way of looking at assignment is that probably during the year we will, we will, uh, we will probably end up doing around ₹2,000 crores of assignment during the current financial year. This is in line with what we had predicted during the current year. add the September YOY, quarter on quarter, you know, a 3.5 versus a 3.55. So Kunal, you know, I think Rajesh has already answered that question. I don't see too much of worry, and not to be, you know, read between the lines, but it is more of a seasonality impact right now, and we are obviously closely monitoring the entire scenario. Last year we had done, I think, approximately ₹1,700 to ₹1,800 crores of assignment. Current year we'll be doing anywhere between ₹2,000 and ₹2,050 of assignment. Uh, in terms of GS2, I think it is more of a seasonality sort of a moment. We are not seeing any specific state or any cause of undue worry in terms of this, uh, this, uh, 30 bps movement on, on the GS2. I wouldn't, uh, at least for now, we do not have any reasons to for an undue sort of a worry on that. And if you look at it on a September '25 versus a September '26 basis, uh, in fact, it is fairly comparable. I wouldn't read too much. And Rishi wants to add something on that. No, no, I was wanting to just Okay, got it. Because last September it came down from 3.7 to 3.5, so I'm not sure if there is a seasonality. So last year from Q1 to Q1 it was down 20 basis points, this quarter it is up 25 basis points. Yeah. Yeah, you're right. But as I told you, you know, since we are monitoring it very closely, and, uh, you know, Rajesh also made that point that we are monitoring it by market and we don't see any spurt happening in any particular market. Hence, I would— and we're very confident of delivering the guidance numbers on a yearly basis that we've given. The teams are in control, money is coming in. As we look at it, I mean, just I'm preempting a question which may come up later in this call. I think we are quite confident, we have always been holding out a credit cost number as guidance of 25 bps. I think we are quite confident as we end the year, our credit cost will be aligned with the 25 bps and the headline NPA would be in the range of about 1.10% to 1.15%. We are quite confident of drawing these back and the credit cost, uh, back to our 25 bps as we end the financial year. Great, thanks, thanks. That answers all the questions. Yeah, thank you, thank you. Thank you. The next question is from the line of Sonal Gandhi from Asian Markets Securities. Please proceed. Hi, thank you for taking my question. Um, so just one clarification, uh, to start with. So when you mentioned that, uh, 20% PAT growth, um, is that adjusted PAT growth for the ESOP cost? For the overall PAT growth that we see, the reported PAT growth. The 20% is, uh, is after ESOP, is adjusted for ESOP cost. And so for how long will this cost continue in our P&L? So basically the, uh, the ESOP which has been given is given in Jan 26th. And the way the accounting standard plays is that it should be— the cost should be taken, the value of the option should be taken over a period of 5 years. And typically what will happen is the maximum charge actually comes in the first year. And as we go into year 2, year 3, year 4, the charge on this keeps on dropping. You know, on a very theoretical sense, if value of the options is 100, theoretically about 40% of the cost comes in first year and approximately 30% of the cost comes in the second year. So the first and the second year which are material, third year onwards the cost comes down. Drops down drastically. Uh, so third question was on disbursements. Um, so in home loans, obviously there is base impact also, but the growth seems to be very strong. Uh, but when I look at other mortgage loans or non-home loans, uh, over there, you know, the last 4-5 quarters Um, the growth has been, you know, lagging. Um, so, uh, you know, I, I understand that you have tightened, uh, you know, uh, the underwriting for non-home loans, uh, but just going ahead, how should we see growth coming in, uh, non-home loan segment? And, uh, if you could just help us with, uh, you know, the asset quality in home loans and non-home loans. Uh, so Sonal, if you— yes, you're right, and you recall that, you know, we had tightened, uh, you know, other— which is non-housing loans, uh, in Q4 of last year, and, uh, and I had made this comment in Q1 as well. That we have started to open the lever. And if you look at the Q1 to Q2 performance, I think the number has moved from a 24% to a 26%. Uh, we have opened whatever levers had to be opened. And from here on, I, I think we, we, by the end of this year, we should stabilize at about 28-odd percent, and next year we carry on to about 70-30%. As a 70-30 home loan to non-home loan. So that piece looks very comfortable. Yes, last year we looked a little— we looked at the markets very carefully and hence we had you know, shut down a few options of NHL funding that we used to do. But as I told you, we have already opened that. I don't see any reasons why the numbers should not be back to about 28% by the end of, end of Q4. Uh, you had a specific part of the— yeah, on the asset quality or GNPA. I think on the asset quality of GNPA, I think HL is broadly at 1%. NHL will be around 2%, and the blended comes in at 1.34%. And so, uh, if you could just help with the number last year, same quarter. It was 1.2% for HL and 2.01% for NHL. Okay, okay. And so just one observation, uh, in UP markets, you know, the growth seems to be a little low and, uh, pretty strong in Karnataka. So any challenges that you're facing in this market? Sorry, sorry, we missed the question. Repeat the question, please. Uh, so in UP market, uh, you know, when I look at your AUM growth, uh, it seems to be, uh, slightly lower at about 9%, uh, versus your blended growth at about 18%. And Karnataka seems to be very strong. Obviously, uh, the base is also lower. Um, so any challenges that you are facing in the UP market? Uh, Sonal, I, I, I, I don't see any challenge in the— if I look at my numbers, disbursement growth in UP has been about 23%. Karnataka has been similar, 23-20, because these are the 2 states that you touched. I think it is all about, you know, UP is a very old book, you know, that was the first state that we started. So it is a vintage book and rundown will be slightly faster. I think that is the impact that you are seeing, but Broadly on non-disbursement, as I told you, 23-24% in both the states. Yeah, so that answers my question. Thank you so much. Thank you. Thank you. The next question is on the line of Bharat Kumar Radhakrishnan from JM Financial. Please go ahead. Hi sir, thank you for the opportunity. This is Arun from JM Financial. Uh, just a couple of questions from my side. One, uh, if you can give the disbursement growth that is expected for 3Q? And like, if you have run rate numbers for maybe October currently for disbursement, that's my first question. The second, uh, is more on the insurance income piece. So with respect to the new IRDA regulations, what kind of impact are you expecting and how do you plan to offset that, etc.? Uh, and then, uh, with respect to the increase in Stage 2, uh, just to clarify, you already answered the question, but do you see any particular geographies that are kind of showing any signs of stress that are coming up? These are my questions. Thank you. Thank you, Bharat. Uh, your first question was on disbursement growth Q3, uh, then, and October numbers. October numbers, uh, are— we're very comfortable, uh, from average of about 800, we moved upward to about close to about 900. So numbers are stacking up good. Uh, in terms of disbursement growth for the quarter, we are looking at a minimum of 20% growth, uh, for, for Q3, as I all, you know, I indicated in my statement as well. Uh, Stage 2, while we've answered in detail, but your question was very specific to any particular geographies, and I answered that already, that no particular geographies we are seeing any, any, any undue movement in terms of Stage 2. And even if I would want to cover here that even on, on bouncing, which is my first line of defense, we are not seeing any undue movement across various states that we cater to today. Uh, the third one on insurance, I think, um, you know, these were, these were draft guidelines, uh, and the entire industry has sent out their recommendation. We will have to wait out for the final guidelines to come in. Having said that, you know, we work with multiple levers. There are levers like fee income, there are levers like OpEx. So if, if it were to be calibrated as, as and when the final guidelines come, we will do that calibration, ensure that, you know, our guidance numbers are stacked in comfortably. Okay, all right, thank you, sir. Thank you. The next question is from the line of Kishan Rungta from MK Global. Please go ahead. Thanks for the opportunity, sir, and congratulations on a good quarter. So, so my first question is with regards to your, uh, cost-up point, because as you highlighted on the opening remarks also that we have got the rating upgrade from all of the 3 agencies. So how do we see the cost of funds trending from here, though there's some rate hike, uh, repo hike that we have going to factor in? And also, like, are we going to pass on some of the benefits to the customer? So that's my first question. I'll take the first question. Uh, I think the way of looking at, uh, cost of funds post, uh, upgrade is that we get the benefit twofold. One is on the rating when we do an NCD issuance. An NCD issuance of an AA+ versus an AA could be anywhere 20-30 bps cheaper. You would be able to get that depending on the market. Sometimes it is 10-15, sometimes it is 20-30. So you can, you can look at an average of about 20 bps. Uh, the second is, more interestingly, it allows us to tap certain pools of lenders who normally do not lend to an AA company. For example, pension funds, for example, life insurance companies. They are more comfortable lending to AA+ companies and they need at least 2 rating agencies for the AA+. So now that we have had 3 rating agencies at AA+, it opens up new pools of capital and you will appreciate pension funds and life insurance come in with a higher tenor. And to that extent, it gives me more comfort on the overall ALM bit. Now, incremental cost of funds is always an input to our overall RPLR model. And in the current interest rate scenario where on one side the interest rate is going up, banks will pass on the interest rate on my floating rate book, which is approximately 75% of the liability. There is one element of my incremental funds getting some benefit on NCDs on fresh placement. We will take all of this input, put it into our RPLR model. And post that, whenever we see a benefit— sorry, whenever we see an impact occurring to the customer, positive or negative, we will pass it on. Secondly, incremental cost of funds is more baked in into our incremental lending rate. So if I consistently get incremental cost of funds at lower rate, this will benefit incremental lending of my consumers. And as I said, RPLR model finds the final source of truth. If RPLR model shows a benefit to the customer, it gets passed on. If it shows an impact to the customer, it gets passed on to the consumer. And currently the interest rate scenario is such that invariably you will have the interest rate going up from here depending on the RBI rate hike, and 75% of our assets and 75% of our liabilities are floating, and we have the full capability of passing the impacts back to the consumer. I think there was another question where when will we pass the benefit, uh, to the consumer, uh, you know, and, and we already addressed that, you know, we will wait out till December and look at the RBI policy. Right now the RPLR model within the company is not throwing a substantial increase to be passed on to the consumer. So as and when it happens post-December, the internal ALCO will meet and then At that time, we will decide on how to pass. Thanks for such a detailed answer. So second question would be on, uh, with regards to your remarks on opening remarks on the like calibrated underwriting some of the geographies. So if you can just give more colors with regard to which geographies are these? Are these like the states where like, uh, draws are declared, or it's like a business as usual, like, uh, you see, like some of the geographies where you haven't seen stress in the past, or, or anything of such. Uh, so when I, when I said the calibrated underwriting, I meant historically, you know, we are a 15-year-old company, we have various experiences in, in differential experiences in differential markets. That's what I meant calibrated underwriting. For example, in East, for example, in Kerala, you know, we always do calibrated underwriting. Uh, as far as you use the word drought, I would want to bring out a point here that out of, out of about 88 high-priority districts under El Niño You know, we are available only in 30 districts, so I— and, and close to 5-6% of my AUM would be in those districts. So in those districts, our risk team is already looking at— and I, I made this statement that our first line of defense happens to be bounds. So in the current cycle of EMI banking, that's what we are closely monitoring, that if bounce moves. Right now it is completely stable. Got it, sir. Thanks a lot for such a detailed answer, sir, and wish you all the best for the coming quarters. Thank you. Thanks. Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and 1 on their touchtone telephone. The next question is from the line of Chirayu Malu from Kotak. Please proceed. Oh, hi, uh, thank you for taking my questions. So I have 2 questions. Uh, first one is on credit cost. So in first quarter you reported 41 bps credit cost. on average AUM, and you guided for 23 to 25 bps. Second quarter credit cost was 30 bps, which was again higher than the guided range. So it was again due to seasonality and increase in stage 2, or there's something more to read into it? Uh, this was my first one. And the second one is more from the data keeping point of view. Uh, so first quarter you changed the disbursement recognition method. Uh, so can I get the AUM and disbursement in absolute amount on the, uh, old methodology for the second quarter? I will take the second call. The— our guidance on credit cost is always an annual number, so the annual number was 25 bps. We have shown 31 bps for Q2. We are confident of entering, uh, ending the whole year on 30, on 25 bps on assets. On an AUM, it will be around 22-23 bps. That is the first one. Yeah, the second one, uh, you know, uh, the differential— the way you should look at it is when we entered the quarter 1 this year, financial year, the differential between what we used to do previous year versus this year is about close to about ₹350 crores of, of reduced disbursement on account of moving to clearance. Okay. Yeah, and, uh, this time what is the difference? So there is no more difference now. Whatever is everything, the company has moved completely to clearance. There will be no more difference. So when we move to the current financial year, if I were to compare Q1 FY25 and FY26, Uh, the differential would be about ₹350 crores. Uh, and if I look at the number of disbursements, uh, on the old methodology for the second quarter, uh, the number would be different, right? 250 crore is higher. Uh, I think on a— I'll tell you what, uh, we were accounting for disbursements on check handover. We moved to clearance on 30th of— on 1st of April, right? So What has happened is in Q2 it has got evened out completely. Whether you do check handover or you do clearance, it has got evened out because what happens is typically if you do disbursement of ₹100 in a month, approximately ₹60 is cleared in the same month, ₹30 gets cleared in the second month, and the remaining gets cleared in the third month. So once you come to this, and if you do the math from April, when you come into Q2, you would see that in Q2 you would have evened out. So technically, in Q2, whether you are on check handover basis or on check clearance basis, it is a similar comparison. And that is why we have not called out a separate number for check handover and clearance in Q2. It will be, it will be much higher. Uh, and, uh, while I, I don't have a number what it could have been, because this is, this is anticipation of what it could have been, I, I, on a safer side, maybe a 200 The impact was seen only at the end of Q1. Yeah, if I can add to that, you know, uh, in the previous half of last financial year, we would typically as a metric monitor sanction disbursement, uh, check handover. In the current avatar, we monitor sanction, disbursement, and clearance. So as simple as that. Understood, understood. Uh, thank you for answering my questions. That's all from my side. Thank you, sir. Thank you. Our next question is from the line of Laksh from Share India Securities. Please proceed. Hello, thank you for the opportunity, sir. I just had couple of questions. Firstly, your branch addition has been, uh, seen declining. Like, we have opened only 4 branches since last few quarters. Any specific reason for this, or will we go down on the branch— go slow down on the branch additions going ahead? Second, okay, yeah, please continue. I'll answer it together. Okay. Secondly, our BT out has been 5.1% this quarter as compared to 5% in the previous. So how should we read into this since you also mentioned in your opening statement that we are seeing increased competition? Okay, first question first. Thank you, Raj. Uh, branch addition, uh, our, our guidance to the market and to all of you has been that we will add 40 to 50 branches for the current financial year. We've added about 5-6 branches as we speak, and there are close to about 40 branches in pipeline, which will be various category of branches. So we should be definitely ending the year anywhere between 40 to 50 branches. So that commitment stands. Uh, BT out 5 to 5.1, again seasonality. Generally in the quarter, quarter 1 of the financial year, the BT out activities are low, and this quarter 2, quarter 3 onwards when it picks up, I think we are in a very comfortable position. We've, we've shown a 40 bps drop in on a, on a YOY basis. There is a 40 bps drop on on annualized BT out percentage. I will not link it to competition because, uh, primarily competition because I, I think the industry today hovers around 6.5-7%. BT out percentages we have controlled through our, our technology, our data analytic and AI initiatives. And obviously there is a team out working on it. 5%, 5.1% is a very comfortable number to be in. Okay, sir. Thank you for the detailed answer. Wish you happy Diwali in advance and good luck for this year. Thank you. Thank you so much. Bye-bye. Thank you. The next question is from the line of Divyesh Trivedi from Omega Portfolio. Please go ahead. Yeah, so thank you for the opportunity. So there was an article suggesting that NHB may increase its outlay towards the affordable housing finance companies. So if this materializes, then what kind of benefit we can expect in terms of cost of funds? Okay, uh, so Divesh, yes, we read the article. We have been engaging with, with NHB. There is no circular from NHB as yet on an increased outlay. So I will leave media reports to media, but post that, obviously we have— we are engaging a lot with NHB, and hopefully, you know, indications are very on a very positive side, but there is no number to it right now. Oh, okay, okay, no issue. Thank you. Thank you, Divyesh. Thank you. The next question is from the line of Shreya Shivani from Nomura. Please proceed. Yeah, hi, thank you for the opportunity. I have 2 questions. My first question is on the lab book. So a couple— I mean, quite a few of our customers on the lab side will be business owners. Do we in any way have an idea of how many of them have any agri-related businesses that they are a part of? My second question would be, you had shared your 1+ DPD last quarter, which was at like about 7% or so. If you can share that that number for October or, or for September, that will be useful. Thank you. Uh, thank you, Shreya. Uh, the first question was on lab businessmen. We give— we extend lab to businessmen, you're right. Um, are they exposed to agribusiness? Uh, that's slightly difficult to find out on how— what percentage of our lab book will be exposed to agribusiness. But let me give you a very different perspective to it. In our credit policy underwriting, uh, a norm is very clear that if an— if a customer has an exposure to agri or oblique seasonality income that is capped to 25%. So he has to have 75% of income which is other business income and a regular flow income. And we, we apply a 45%, uh, sorry, 55% FIR on it. So even if there is agribusiness of 25%, we leave sufficient money in his pocket. Uh, to run his, his daily needs. So from a perspective of pure agribusiness, if that's where the question is leading to, we are very comfortably positioned as our, our credit policy caps it at 25%. Second question on, on OnePlus, a straight answer, it is very flattish. Uh, so, so we are in a comfortable zone. All right, I think that was quite useful. So, uh, let me just, just a clarity that, uh, that capping that you said of 25% of the customer's income cannot be like more than 25 cannot be from agri and any other form of seasonal businesses, right? Not just that. Okay, okay. Yeah, that's right. Okay, that is useful. Thank you so much and all the best. Thank you, Shreya. Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Uh, thank you all for coming in, uh, late, uh, on a Thursday evening for this call. Um, we hopefully we have answered all your questions. Uh, in our, in our view, we have delivered a strong quarter 2, and the initial trends of quarter 3 look very encouraging. Hopefully we'll have a good quarter 3 and we can meet up for a conference late Jan, early Feb. Uh, from the side of Aadhaar management, wishing everyone on this call a very happy Diwali and a very prosperous New Year. Thank you for joining in. Thank you. Good night. Thank you so much, everyone. Thank you very much. On behalf of Aadhaar Housing and Nomura, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.