Ladies and gentlemen, good day and welcome to the Q4 FY 2024 earnings conference call of Aditya Birla Capital Limited. 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 signal an 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 Ms. Vishakha Mulye, CEO, Aditya Birla Capital Limited. Thank you, and over to you. Thank you so much. Good evening, everyone, and welcome to the earnings call of Aditya Birla Capital for Q4 FY 2024. Joining me today are senior members of my team, Bala, Rakesh, Stuart, Pankaj, Kamlesh, Mayank, Pinky, Vijay, Ramesh, and Sanchita. I will cover our strategy and approach across businesses, and Vijay will cover the financial highlights, followed by the discussion on the performance of our key businesses by our business CEOs. The Indian economy continues to remain resilient even as overall global outlook is challenging by continuing geopolitical conflict, discrepancies in trade routes, and high public debt burden. The real GDP growth rate of 8.4% in Q3 2024 exceeds all forecasts, leading to an upward revision in the growth estimate for FY 2025. GST collection crossed INR 200,000 crore in April. Inflation is moving closer to the target. At Aditya Birla Capital, we continue to focus on driving quality and profitable growth by leveraging data, digital, and technology. Customer centricity is the key element underpinning our strategy to grow our businesses. We had mentioned in our previous earnings call that we would build on a growth momentum across our businesses with emphasis on good governance and risk management and return on capital, and follow an omnichannel architecture for distribution. I'm happy to share our progress during the year against these targets. Growth momentum. Our consolidated profit after tax, excluding exceptional items, grew by 41% year-on-year to INR 2,902 crore in FY 2024. The total consolidated revenue grew by 30% year-on-year to INR 39,050 crore in FY 2024. Our NBFC portfolio grew by 31% year-on-year and 7% sequentially and crossed INR 100,000 crore milestone during Q4 of FY24. Our HFC portfolio grew by 33% year-on-year to about INR 18,400 crore. Our mutual fund average AUM grew by 21% to INR 3.3 trillion in Q4 2024. The total premium in life and health insurance grew by 18% year-on-year. Second, prudent risk management with focus on return of capital. Prudent risk management practices form the bedrock of our approach, which enables us to pursue growth while protecting our capital. Over the last few quarters, we have made several proactive interventions and tightened our underwriting norms to improve our customer selection. We believe that these practices have held us in a good space in this environment. The gross stage 2 and stage 3 ratio of NBFC portfolio declined by 135 basis points year-on-year and 36 basis points sequentially to 4.49%. Our total credit losses in NBFC businesses were 1.43 in Q4 FY 2024, which was in our guidance of 1.5%. The credit quality in our HFC business remains robust, with a gross stage II and stage III ratio declining to 208 basis points year on year and 63 basis points sequentially to 2.91% as of March end. Third, omni-channel architecture for distribution. We follow an omni-channel architecture for distribution and provide complete flexibility to our customers to choose a channel through which they wish to interact with us. We continue to expand our branch network to capture wide spaces across customer segments. Our overall branch count increased by 179 in FY 2024, and we had 1,474 branches across all our businesses at the end of March. In line with our One ABC approach, we continue to expand our co-located branches, which increased by 212 during the year to 796 branches across 220 locations. While we increase our physical footprint, we are also strengthening our digital propositions and launching new platforms and channels. Our ABCD app, which has been built in a record time of 12 months, went live about a month ago and is available for download in App Store and Play Store. It offers a comprehensive portfolio of more than 20 products and services such as payments, loans, insurance, and investments, along with a comprehensive personal finance tracking such as MyTrack. We have witnessed a robust response for our ABCD with more than 1 lakh registrations to date. Our comprehensive B2B platform for MSME ecosystem, Udyog Plus, has scaled up quite well with more than 8 lakh registrations within nine months of its launch. It has clocked disbursement of about INR 500 crore to date with an ABCD ecosystem contributing about 2/3 of the business. The total portfolio of Udyog Plus has reached about INR 250 crore to date. We are scaling up the business in the ABCD ecosystem as we expand our market footprint in MSME segments. Our only-channel collections platform for merchants, Payment Lounge, has crossed INR 2,000 crore GMV till March. We have started integrating Payment Lounge with the ABCD ecosystem, enabling the merchants to make collections seamlessly. Number four, data, digital, and technology. We leverage data, digital, and technology to build deep understanding of our customer profiles, provide simplified and holistic financial solutions to superior underwriting and drive cross-sell and upsell. This has helped us to increase our sourcing from ABCD and ABCD ecosystems, enhance customer engagement, and drive quality and profitable growth across our businesses. Our business CEOs will cover some of these initiatives and outcomes in detail during their discussion. During Q4 FY 2024, Aditya Birla Capital and Sun Life sold about 5% and 6.5% stake in ABSL and AMC, respectively, to an OFS with an objective of meeting the minimum public shareholding requirement by October 2024 as required by SEBI regulations. The sale received an overwhelming response from investors across domestic and foreign funds. It helped us to strengthen our balance sheet by enhancing the capital base by around INR 570 crore. Our board of directors had approved a proposed amalgamation of Aditya Birla Finance with Aditya Birla Capital in March. We have submitted our application to RBI and stock exchanges for their consideration and awaiting their approval. Going forward, we will continue with our approach of driving quality and profitable growth and sustain the momentum of the past two years. Now, I request Vijay to briefly cover the financial performance of our subsidiaries for the quarter and our approach going forward. Over to you, Vijay. Thank you, Vishakha, and good evening, everyone. The total consolidated revenue grew by 30% year-on-year to INR 39,050 crore in FY 2024. The consolidated profit after tax, excluding one-off items, grew by 33% year-on-year and 10% sequentially to INR 812 crore in Q4 FY 24, and by 41% year-on-year to INR 2,902 crore in FY 2024. In our NBFC business, disbursements grew by 16% year-on-year to INR 18,123 crore in Q4 of FY 2024. The loan portfolio grew by 31% year-on-year and 7% sequentially to INR 105,639 crore as of March end. The NBFC business had a healthy ROA of 2.46% and ROE of 17.1% in FY 24. Our housing finance business continues to see strong momentum with disbursements increasing by 64% year-on-year and 45% sequentially to INR 2,933 crore during Q4 of FY 2024. The loan portfolio grew by 33% year-over-year and 11% sequentially to INR 18,420 crore as of March end. ROA was maintained again at a healthy 1.92%, and ROE was 13.9% in FY 2024. Coming to our AMC business, the average AUM increased by 6.5% sequentially and 20.5% year-over-year to INR 31,709 crore. Of which, equity AUM was approximately 46% in Q4 FY 2024. In our life insurance business, our total premium grew by 15% year-over-year. Net VNB margin was 20.2% in FY 2024. In our health insurance business, our unique and differentiated health first model helped us to deliver a growth of 36% year-over-year in FY 2024. Combined ratio was 110% in FY2024. Going forward, we will continue to make investments in technology to strengthen our digital offerings and platforms and expand our branch network. Risk management, as Vishakha said, will remain the cornerstone across our businesses. Number one, in the NBFC business, we will leverage our digital platforms, ABCD and Udyog Plus, the extended ABG and ABC ecosystem, and our Pan-India-based branch network to grow our loan portfolio. We'll also look to grow the corporate and mid-market portfolios based on opportunities. As we have stated earlier, we remain confident of doubling the March 2023 portfolio by March 2026 and containing the credit cost within 1.5%. In the HFC business, we leverage the extended ABG and ABC ecosystem to accelerate growth in prime and affordable segments. We have made significant investments in hiring people and in improving our digital capabilities to enhance customer transacting experience and reduce turnaround time. We will build on these capabilities going forward to further accelerate the growth in the portfolio going forward. In our AMC business, we strengthened our team by hiring a co-CIO equity and a retail sales head to build on our strong presence in the distribution network. We have also strengthened our alternative assets team. We have seen strong momentum in Q4 on the back of an uptick in equity performance coupled with a well-established fixed income franchise and a robust sales engine. Going forward, we will scale up retail franchise, leverage digital platforms for seamless delivery, and grow alternative assets including AIF, PMS, and real estate. In our life insurance business, we will grow the traditional products in the retail segment and grow credit life in the group segment. We'll continue to make investments in direct channels and diversify our distribution mix and increase our productivity. Our endeavor would be to grow the top line at a CAGR of more than 20% over the next three years and sustain VNB margin in the range of 18%-20%. In the health insurance business, we will follow our differentiated health first and data-driven approach for better risk selection and risk pool management and diversify distribution with focus on proprietary channels. Our endeavor is to achieve a combined ratio of 100% by FY 2026. I'll now hand over the call to Rakesh Singh, MD and CEO of ABFL, to discuss the ABFL performance. Over to you, Rakesh. Thanks, Vijay, and good evening, everyone. In our NBFC business, we saw a 7% quarter-on-quarter and 31% year-on-year growth in our AUM, taking it to INR 105,639 crore in quarter four. Our retail and SME segment AUM grew by 31% year-on-year and now stands at INR 70,547 crore, contributing to 67% of the overall AUM mix. We continue to focus on growing business loans to MSME customers, and the AUM for this segment has grown at a healthy 13% quarter-on-quarter and 39% year-on-year and comprises 53% of overall portfolio. Large share of this growth has come from secured products and primarily through our direct sourcing channels. Secured loans to MSME customers grew 14% quarter-on-quarter and 42% year-on-year. In quarter four, we disbursed INR 18,123 crore, which is 16% higher than previous quarter. For the full year, we disbursed INR 64,387 crores, which grew at a healthy 31% year-on-year despite the calibrations initiated in personal and consumer loan segments in quarter three. Disbursements grew by 38% year-on-year in the business loan segment and by 19% year-on-year in the personal and consumer loan segment. We continue to focus on direct sourcing. Nearly 50% of the disbursement in the overall business loan segment in FY 2024 was done directly, and we expect this to continue to inch upwards as we scale up our B2B platform for MSME, Udyog Plus. We launched Udyog Plus last year, and as of date, we have nearly 800,000 MSMEs registered on this platform, and we have disbursed more than INR 500 crore in the last nine months on this platform. Our net interest margin was at 6.9% for FY 2024, which has grown by six basis points year-on-year despite an increase in cost of funds of 88 basis points. Last quarter, we passed on 20 basis points in our new disbursement deals across all product segments to accommodate an increase in our cost of funds. Our OpEx to AUM ratio is at a healthy 2.17% for the year and has decreased by seven basis points year-on-year despite our continued investment in branches to scale up direct sourcing in emerging markets. We added 89 branches in the year, taking our total branch count to 412 as of March 2024. Our cost-to-income ratio for the year stands at 31.08%, which has improved by 104 basis points year-on-year. Our profit after tax for the year was INR 2,221 crore, growing by 43% year-on-year. The return on equity for the year expanded by 233 basis points year-on-year to 17.10%. The ROA for the year was sustained at 2.46%. We infused capital of INR 1,600 crore in FY 2024. Our Tier 1 capital adequacy stands at 14.13 and has improved by 21 basis points year-on-year despite an increase in risk rates on personal and consumer loan segments in November last year. Our asset quality has also shown consistent improvement with our stage 2 and stage 3 books, reducing by 135 basis points year-on-year and 36 basis points quarter-on-quarter to 4.49%. The gross stage 3 books stood at 2.5% in quarter four compared to 3.12% for the same period last year. We have maintained our stage 3 PCR at 50%, which is higher by 374 basis points over quarter four last year. Credit cost for FY 2024 was at 1.5%, and it has been on a steady decline over the last two quarters. Going forward, we will continue to build a granular portfolio and enhance our retail and SME segment mix with scaling up of Udyog Plus B2B platform and investing in our distribution presence in emerging geographies to fuel growth. Our growth strategy in personal and consumer loan segments will pivot to a platform-based customer acquisition approach through our branches, ABG ecosystem, and our newly launched ABCD app. All our digital sourcing journeys on the app and on Udyog Plus are designed for end-to-end control from underwriting to collections, giving us complete ownership of the customers. As we build scale, enhance capacity, and invest in technology, we remain committed to delivering sustainable returns for the forthcoming quarters. With that, I will now hand it over to Mr. Pankaj Gadgil, MD and CEO of our housing business. Thank you, Rakesh, and good evening, everyone. I'm happy to share that at ABSL, we have made consistent progress across key aspects of book growth, asset quality, and profitability. Key highlights for FY 2024 are as follows. We witnessed accelerated growth in disbursements across product segments. In FY 2024, we disbursed INR 8,450 crore, marking a significant 59% increase YoY. Our AUM as of March 2024 stands at INR 18,420 crore, an increase of 33% YoY. The customer base is now at 64,900 and has grown by 90% YoY. We continue to focus on granularity with a ticket size of about INR 28 lakh. PPT for the year is INR 376 crore, an increase of 22% YoY. Average cost of borrowing for the year is at 7.66, and we are consistently rated AAA for the seventh consecutive year by both ICRA and Ind-Ra. Asset quality has improved with stage 3 reducing to 1.82%, which is a 141 basis points reduction YoY. The ROA for FY 2024 is 1.92%, and ROE is at 13.87%. For more detailed financial information, please refer to slide 28 of the presentation. Let me provide you an update on our organizational roadmap. You can find the details of the same on slide 29. In terms of distribution, we have witnessed impressive growth across segments with a 64% YoY increase in disbursements in Q4 FY 2024. Also, I'm happy to share that 9.8% of the retail disbursements are generated from the ABG ecosystem in FY 2024. Moving on to digital reinvention, as you can see on slide 26, we have launched four significant platforms during FY 2024. Our flagship platform, Finverse, an end-to-end unified digital lending platform which had gone live in record nine months, achieved 100% adoption within three months of its launch. With over 1,800 design hours invested, Finverse further enhances our predictability throughout the customer lifecycle. Our second platform, Sales CRM, has also shown promising results with a 24% increase in productivity and a 2.1-times increase in our channel partner base to 12,000+ today. Our third platform, ABSL FinServe, aids in our efforts to be the most preferred choice of our customers by ensuring service guarantee within hours, which has resulted in a significant rise in our net promoter score to 69 in March 2024. The fourth platform, ABSL FinCollect, is an end-to-end debt management platform offering mobility-led solutions for field staff, including system-generated payment links and instant receipting. With a robust debt service framework and pre-delinquency management, the collection efficiency is consistent at 99%+ in FY 2024. On data and analytics, we have successfully deployed 9 data marts and 16 models during FY 2024, spanning across the customer journey from demand generation to collection. For example, our pre-delinquency model and flow prediction model have played a very important role in improving our portfolio quality, resulting in a 208 basis points YoY reduction in stage 2 + stage 3 as compared to FY 2023. For further details on data and analytics, please see slide 27. As you can witness, we have demonstrated 7 quarters of consistent growth across segments with improved portfolio quality and customer advocacy. With these building blocks now in place, we would be focusing on increasing our scale of operations by accelerating investments in digital technology, analytics, and manpower while simultaneously improving productivity in FY 2025. Thank you for your attention. With that, I now hand over to Bala, MD and CEO of our asset management company. Thank you, Pankaj. In the AMC business, our focus has been to strengthen our multiples of growth in the organization by bringing the right talent and making strategic changes in certain leadership roles. In fact, our momentum in the last quarter is on the back of uptick in equity performance coupled with a well-established fixed income franchise, a robust sales engine, and close-to-the-ground connection, tech-enabled services, and a growing digital business network. Building on this synergy and energy, the business is on a meaningful momentum, and our team is geared to make the most of it. In Q4 FY 2024, our overall assets under management, encompassing alternative assets, reached INR 346,000 crore, reflecting 21% year-on-year growth. Notably, our mutual fund quarterly average AUM reached INR 330,000 crore, with the equity quarterly average AUM standing at INR 140,000 crore. I'm happy to say that our SIP numbers during the quarter have witnessed a good uptick, moving from INR 1,005 crore in the month of December 2023 to INR 1,250 crore in March 2024, marking a 28% quarter-on-quarter increase. We have added around 600,000 new SIPs, with approximately 2.5 times increase compared to the previous quarter. Individual investors with an average AUM of INR 170,000 crore now constitute about 52% of the total assets. Additionally, the contribution from B-30 stands at 17.5% as of March 2024. The alternate business, our good investment performance, experience in PMS helped us in getting our products being sold in some of the organized channels through the launch of ABSL Special Equity Opportunity Fund in the Category 3 AIF. Our passive assets stand about INR 20,900 crore and have built a strong customer base of around 685,000 fully used through our passive offerings. Moving on to financials, here at ABSL, I'm happy to inform that we have achieved our highest ever profitability in FY 2024. Profit before tax is at INR 1,008 crore, up 27% year-on-year. Profit after tax is at INR 780 crore, up 31% year-on-year. For FY 2024, total revenue is at INR 1,641 crore, up 21% year-on-year. In Q4 2024, total revenue is at INR 440 crore, up 31% year-on-year. Q4 FY 2024, profit before tax at INR 268 crore, up 48% year-on-year. Profit after tax is at INR 208 crore, up 51% year-on-year. I'm also pleased to announce that the board has proposed a dividend of 13.5% for the year FY 2024. With this, I'll now hand it over to Kamlesh Rao, MD and CEO of Sun Life Insurance Company. Thank you, Bala, and good evening to all of you. The premium growth for the life insurance industry was muted in financial year 2024 as compared to the previous year. Individual first-year premium growth for the overall industry was at 5%, and for the private industry, it was at 8%. Individual first-year premium growth of ABSLI was 2%. The growth in the policy count was 17% for last year, which was part of our strategy to manage the reduction of the greater-than-5 lakh business in our portfolio post-regulatory changes last year. Over a two-year period, ABSLI has clocked a CAGR of 18% in the individual business compared to the overall industry at 12% and the private industry at 16%. In the group life insurance segment, the private industry saw a growth of 20% last year, overall industry showing a growth rate of 1%, and ABSLI registered a growth rate of 9%. We continue to remain number one in the unit AUM in the industry at an AUM size of close to INR 12,000 crore. Our total premium of INR 17,260 crore has registered a growth rate of 15% over the last year's same period with a two-year CAGR of 19%, demonstrating our increasing business growth. This growth came from new business growth as well as renewal premium, which grew at 24% last year. Our digital collections now account for 80% of our renewal premium. We continue to work on customer lifetime value, which is reflected in our upsell ratio, which touched 29% and helped productivity growth in both our proprietary as well as partnership channels. In the product mix of the individual business, traditional business contributed 73%, and unit was 24%. The robust performance of the equity market saw an uptick in the sales of unit products across the industry. At ABSLI also, we witnessed a similar trend. The proportion of unit after remaining at about 21% for the first nine months of the year increased to 24% for the full year. I had mentioned in an earlier quarter's earnings call that there had been some slowdown of business sourced from our biggest banker partner in Q2, which slowed down our overall growth rate for last year. As the year has ended, the business has settled in this quarter. We continue to invest in higher capacity in our proprietary channels and other banker partners. Axis Bank will begin sourcing business for us as we speak in the month of May. Bank of Maharashtra and IDFC FIRST Bank, the other two banks that we signed last year, are already live from the last quarter of last financial year, and we are in the process of scaling them up. The decrease in GSEC rates in Q4, along with a higher proportion of units, led to a decline in net VNB margins to 20.2% in financial year 2024 from 23% the previous year. On the back of strong quality of the in-force book, the embedded value for ABSLI increased by 28% YoY, and we are now at an embedded value of INR 11,539 crores as on March 31st, 2024. The return on embedded value, the ROEV, was 18.8% last year. Persistency across all buckets did well, with the 13th month now at 88% and the 61st month at 65%. Our assets under management now stand at close to INR 86,161 crore with a YoY growth of 23%. 26% of this AUM is in equity and the balance 74% in debt. Our investment performance has been better than respective benchmarks across all three categories of equity, debt, or even balance funds, either from a one-year perspective or a five-year perspective. Our digital adoption across various areas is demonstrated in slide 47 of the presentation. 100% of the new business customers are onboarded digitally. 83% of all our services are now available digitally, covering about 67% of our customer transactions. Our customer self-service ratio now stands at 91%. Going forward, we will drive our premium growth from a diversified mix of both proprietary and partnership channels backed by both productivity and capacity. We will continue to invest in proprietary channels. Further, we expect to see new banker partners that we signed last year, which are Bank of Maharashtra, IDFC FIRST Bank, and Axis Bank, contribute 10%-15% of our top line in financial year 2025. We expect continued improvement in the quality of our book. Our endeavor is to grow the business at a CAGR of more than 20%, helping us to close to doubling our size from where we are present today over the next three years. We believe that the VNB margins will settle in the range of about 18%-20% based on our expectations of GSEC rates and product mix. Our absolute net VNB growth will also be close to double in line with our new business growth expectations. We will continue to be best in class in our digital infrastructure across prospecting and onboarding in sales, underwriting, customer service, as well as claims. With this, I now hand over to Mayank Bathwal, MD and CEO of our health insurance company. Thanks, Kamlesh. In our health insurance business, the growth and momentum which we witnessed in Q3 continued in Q4 as well, and we clocked in an impressive 52% YoY growth, solidifying our position as the fastest-growing private player during the quarter. For FY 2024, we achieved a gross premium of INR 3,701 crore, experiencing a strong 36% YoY growth. Over a three-year period now, our CAGR stands at 42%. As I had guided at the beginning of the year that we'll make some model changes, structural adjustments post-introduction of the new IRDAI guidelines. So after a slightly muted H1 with a 23% growth rate by our own standards, ABHI registered consistent high growth of 43% in Q3 and 52% in Q4, with an overall growth of 48% in H2. We were the fastest-growing insurer in both of these quarters. Our market share in SAHI in FY24 rose from 10.4% to 11.2%, an increase of 82 basis points for the year. The high growth in H2 is driven by a strong growth in the retail business, registering an impressive 34% growth in Q3 and 43% in Q4, with an overall H2 growth of 39%. The growth in retail is driven by our larger retail channels, especially the proprietary channels, which saw a 43% YoY increase. Our proprietary channels' share increased to nearly 31% compared to 27% in the previous year. In addition, all our large bank and digital alliance partners have experienced good growth. In FY24, we also activated large new relationships of India Post Payments Bank and Yes Bank. Our focus on diversifying our product portfolio saw the launch of Activ One, the most comprehensive indemnity product in the industry, seven variants targeting various customer segments. Positioned on a theme of 100% health and 100% health insurance, the product has been well received by the market and has, within a short period of five months, gained significant traction, which is reflected in our market share increase. The early success of the product gives us confidence of growth in the coming year as well. With an emphasis on product mix, our fixed benefit product contribution increased to 17% compared to 13% in the previous year, and this will contribute positively to our profitability in the coming quarters. Our corporate business experienced 49% YoY growth, driven by a sharp focus on profitability through careful customer segmentation, cross-sell upsell, corporate wellness initiatives, and our industry-leading OPD business. We are strategically concentrating on mid-corporate and SME segments to build a sustainable and profitable corporate and affinity business. We believe we have set up one of the very few profitable corporate businesses in the industry. Balancing growth and profitability, our net loss saw improvement with a loss of INR 183 crore from INR 220 crore in the same period last year. In fact, in quarter four, we had a profit of INR 88 crore. The limited movement in COR is on account of seasonality and business mix. Our claims and expense ratio at the company level have trended well, and we anticipate the COR to continue to improve in the coming years, and we expect a COR of 100% by March 2026. Our Health First model continues to show signs of maturity. The improved outcomes for some of the intervened cohorts are now visible. Customers participating in Activ Dayz exhibit lower loss ratios ranging from 10%-35% or more. Likewise, customer earnings for health incentives experience lower loss ratios of up to 35% than the baseline. Similarly, persistency trends for the intervened cohorts continue to be encouraging, with improvements of up to 800 basis points as compared to the baseline score. This is shown in slide 56. Overall, this has kept our loss ratio well in control, and our endeavor is to increase this effort over a larger cohort of our customers. We are sharing some more insights this time on our Health First model in slide 57. We have invested in building deep capabilities in managing customers with high health risk through a combination of first-of-its-kind product offerings and human touch digital capacities to manage the disease burden of this set of customers. Through a combination of our in-house health coaches and our partners, we have intervened in nearly 100,000 high-risk lives to improve their health vitals along with claims ratios. Our industry-leading claim settlement ratio of 96% reflects our commitment to prioritizing customer experience. To enhance the customer experience and, more importantly, manage claims costs better, we've invested in a state-of-the-art AI and ML-driven claims auto-adjudication engine, which went live in March 2024. As a tech-driven, digital-enabled, data-centric Health First business, we are committed to continuous investment in our tech and digital capabilities. Our consumer-facing app downloads have increased by 41% by OI, and MAU has also grown by 102% by OI. Our self-service transactions stand at an all-time high of 86% in the previous year. Leveraging high-end analytics tools, we make informed decisions that positively impact our customers' lives through personalized product offerings, targeted health and wellness interventions, and a personal service approach resulting in better customer experience. Investments in data augmentation and analytics are enhancing our cross-sell retention and fraud management, as is shown in slide 16. There are many changes being proposed by the regulator for the health insurance sector, which are pro-consumer and will help in increasing penetration for the category. However, some of them may lead to some adjustments in the short term. We continue to be very positive on the growth outlook for the industry, and more so given our differentiated and resilient business model. Our vision is to aggressively expand our franchise, but we will continue to hold our best-in-class unit economics. Thank you, and I will now hand it back to Vishakha for her closing remarks. Thank you, Mayank. This concludes our remarks on the Q4 FY 2024 for funds, and we will be now happy to take analysts' 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 the 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. We'll take a question from the line of Nischint Chawathe from Kotak Institutional Equities. Please go ahead. Hi. Thanks for taking my question, and I hope I'm audible. Yes. Please go ahead. Yeah. So first question, anyway, actually, we've kind of moved on the finance business to around 17% odd ROE for this year. And now with the merger, again, your ROE will come down. So what kind of an ROE guidance would you give us for the next three years? See, Nishant, right now, we are not making any ROE guidance. What we are focused on is that on each one of the businesses, we continue to improve our operating performance. And as we mentioned earlier also, Rakesh has been saying that the ROE that we have in the NBFC at 2.5% broadly right now, our endeavor is to expand it to about 3% over the next three years. So that's what we should be focused on. ROE will be a resultant of the overall capital structure, and I think that we will have to wait for how it will emerge. Well, I know, but I mean, if you really go back three, four years in time, there was a very strong concerted effort to improve profitability, take the ROE to sort of 17%-18% levels, and we have actually achieved that. And now, with big capital coming in, probably we'll probably take a couple of more years to get back to these levels, and that's where, I think, the question was. So Nischint, it's very natural that when you augment your capital and there is an augmentation in capital base, in the interim, the ROE may look in the mid-teens, but eventually, it will directionally move towards high-teens as the leverage keeps on going up. Just a second. Small question was essentially on the GNPA and GNPA in the consumer unsecured business. We have seen a fairly sharp rise on the sequential and the year-on-year basis. So any color or any commentary on this? Nischint, your question is on personal and consumer, the stage 2 and stage 3? That's right. That's right. If you look at that, it has gone from 2.2 to 2.9 and 2.2 to 2.8, but that's primarily on the reduction in the book. If you see, in quarter three, our personal and consumer book was INR 19,600, and it came down to INR 17,000-something. It's a denominator effect, and we haven't seen any increase in delinquency in personal and consumer. Okay. So if I look at the numbers, your loan book in this segment is down 11% quarter-on-quarter, but your GS2 is up 17% quarter-on-quarter, and GS3 is up 13% quarter-on-quarter. So the point essentially is that are we kind of closer to the peak? Do you see these ratios going up when you're really looking at the static pools? Probably that's what you have asked us to. No, so it's primarily a denominator effect. And as we had mentioned earlier, we looked at the small-ticket unsecured loan, and we calibrated below INR 50,000 ticket size. And that's what we had really and we continue to grow our personal loans through our branches, through our ecosystem, and now the ABCD app, which we have launched. So we will continue to grow this. Yeah? So is this the bottom and it picks up from here, or do you expect it to sort of run down a little bit more before the books start growing and the ratios start increasing? 50,000 and below, there is nothing which is left now. If you look at our BNPL book, it's less than 1%, so it's 0.7%, so INR 129-odd crore is left. And that also, by April, it would have gone off. There is nothing. This is already; it's not there in the portfolio now, the small-ticket less than INR 50,000 loans. The final one on the life insurance side, if I can squeeze in, and the margin compression that we've seen this year, is it purely because of the increase in share of units, or would you also kind of say that payouts to distributors have gone up, which is one of the things that some of the other players in the industry have been talking about? It has no impact on margins because of any payout to the distributor that has gone up. That's not the trend that we are seeing. Largely on two factors. One is that ULIP for the year went to 24%, which obviously means for the last quarter, it would have touched about 30%. So larger ULIP share in the last quarter and the fact that in Q4, the GSEC was lesser than where it is even standing today. Some impact of that on gross margins and product mix on account of ULIP is where the VNB is now at 20.2%. Perfect. Thank you so much, and all the best. Thank you. We'll take a next question from the line of Avinash Singh from Emkay Global. Please go ahead. Yeah. Hi. The first question is on your acquired portfolio. If I see you have almost acquired INR 4,500-odd crore consisting of 1,500,000 accounts over the last 1 year. If you can just help us understand about sort of what kind of a loan from what kind of a lenders or unitors you have acquired this portfolio. So that's question one. The second question would be if you were to look in the housing finance business, I mean, of course, the AUM is growing, but you are still sort of investing in your branch and people, so that cost ratio is also on the right. Right now, of course, the negative credit cost has kind of resulted in that ROE is still being comparable to where it did last year. If you can sort of provide clarity or color on how these cost income ratios are going to behave over the FY 2025? We understood your second question well. If you can reframe your first one, it will be helpful. Yeah. So first one, I mean, if I look at the NBFC disclosures, you have acquired nearly INR 4,500 crore of loan in the last one year consisting of some 150,000-160,000 number of loan accounts. So just wanted to know what kind of loans, I mean, product, customer you are acquiring in these sort of loans and what kind of a lender or slash originator from which you are acquiring. Thanks. Okay. Thanks, Rakesh. So these are small-ticket loans against property. Primarily, that's the nature of the business, nature of the loans which we would have acquired. These would be seasoned portfolio where we do 100% sampling, and we cherry-pick the portfolio. So that's how we really look at, and this can be across different institutions. But every ticket size, I mean, if I look at INR 1,500,000, every ticket size works out to be close to INR 3-odd lakh. And also, if I look at the disclosure in terms of the security cover, it suggests less than 100%. That means that reasonable size of unsecured also. That is where my question was, that I mean, if it's a mix of unsecured and secured, then what kind of unsecured book you're acquiring? Unsecured, if you look at it, out of this, is a small portfolio of unsecured, which, I can get back to you with the exact, but this is a small portfolio. INR 798 crore out of this is unsecured. Remaining is secured. Okay. Okay. My question on housing finance OpEx? I think the question that you had asked was about the ROE and how we manage the credit cost, and how is it going to be? No. OpEx has increased despite a strong increase in you. Yeah. Sorry. I'll come to OpEx also. So as you would have observed, I think the growth trajectory is clearly back at ABSL. And last year, we grew by 14%. This year, we grew by 33%. So while that is clearly happening, you would have also seen at the NIM for us, which is 5.3% of last year, we have actually grown it to 5.39% this year, which is, of course, a combination of how we've been able to price our loan products and also the other income that we are kind of capturing through what we are sourcing. So the way I think we've been articulating earlier as well, I think the strategy for us has been to focus on opportunities across the spectrum. So across the segments, prime, affordable, informal, and CF, I think we are looking at maximizing the opportunity. And when we do that, I think we are very, very conscious about A, working on our existing portfolio, and therefore, you would have seen that the credit quality has significantly improved in the last almost six quarters, both sequentially as well as on a year-over-year basis. That gives us, of course, room as far as credit cost is concerned. So the strategy for us clearly was to get the growth momentum back, which is a double tick that we have kind of got a very, very clear hold as far as the credit cost is concerned, both on portfolio and also on origination. And if you would know, each time we've been talking about what percentage of customers do we originate at 700+ in NTC. Clearly, that is significantly better as compared to the market. So while we have established both the origination as well as portfolio quality that we are talking here, the idea is as the book grows further, of course, the fixed costs will get apportioned towards the larger book. We'll get an operating leverage in times to come. And of course, then the ROE will stabilize further. So that's kind of the guidance. Of course, in short term, it may slightly come down because we are observing, as you would see in Q4, if you look at the ROE, it's at 1.76 versus 1.92. It's already there in the financials. So we are seeing some NIM compressions. As the book grows with the right portfolio quality, I think there are lots of reasons for us to come to the conclusion, and we are really, really focusing towards getting the ROE back to the trajectory of 2%-2.1% in the next 24-36 months. Okay. Okay. Okay. Yeah. Just one follow-up on life insurance. So in your EV work, I mean, if you can just help sort of a breakdown of your operating and economic variance and changing. And also, I mean, your rate of unwind at, I mean, 9%+ is relatively higher to your peers. So if you can shed some color on that. Thanks. So the 18.8% roughly is, yeah, unwind. Obviously, our operating variance has been positive for about contributing 1.5%, and it has been positive for the last three years consecutively. The remaining part is the net VNB contribution of about absolute INR 700 crore. So 18.8 is roughly 9.5, about 8 from there and 1.5 from the operating variance. The reason the unwind on the book is a little higher because we carry a reasonable book on non-par, and if the non-par book for a portfolio is slightly higher, then obviously, the rate of unwind in that we will see slightly about 100-150 basis points higher than some of the peers that you must be seeing. So that's the rough breakup in the ROEV of 18.8. Yeah. In operating variance, if you can sort of provide some breakup, like how much is coming from cost, persistency, and mortality, I mean, yeah, because it's a reasonably big number. So our mortality assumption is positive, but the bulk of the upside actually is coming from all our variances, which are better in terms of low lapses, better persistencies. So bulk of the operating variance is coming from our assumptions, experience being better than what we would have planned for, and mortality is not giving any negative dig in the operating variance. Okay. Thanks. Thanks. Thank you. We'll take a next question from the line of Manoj Bahety from Carnelian Asset Management. Please go ahead. Hi. Hi. Am I audible? May I request you to use your handset mode, please? Hello? Yes. Please go ahead. Is this better? Yes. Please go ahead. So hi, Vishakha. First of all, congratulations on a good set of numbers and as well as good asset quality. So I have two questions. First question is, if I see last four or five quarters, the kind of acceleration which we have seen in our overall loan growth, and especially a large portion of the loan growth is coming from retail, personal, SMEs, as well as the unsecured portion. So just one take to get some understanding. With this pace of growth, obviously, you need to introduce new risk controls, whether it may be technology-driven, whether it may be some other measures of control. So if you can help us understand what kind of additional risk controls at a corporate level you have introduced which will tackle your balance sheet, which will be 3X of its size in the next few years. So if you look at the growth, in fact, and that's what I mentioned in my opening remark, on the personal and consumer segment, especially unsecured small-ticket segment, we have really dialed down. And if you look at in December 2023, our book was INR 19,606, which we have brought it down. We tightened our underwriting. We tightened our scorecards and sourcing, and we have brought it down to INR 17,434. So it's almost 11% decline quarter-over-quarter. And if you look at we were growing quite strongly in quarter one, quarter two, and the trajectory has moderated because of this dialing down of the small-ticket unsecured credit. So we are very, very mindful of the credit quality. We will continue to grow within our risk appetite and in terms of managing our portfolios through the cycle. Tightening of underwriting, tightening of our scorecards, also the collections infrastructure, and the capacity building which we have done in collections. We have taken all the right calls in terms of building a very strong and robust underwriting process for our retail and MSME business. Yeah. So Manoj, now, of course, at a platform level about what is our approach, clearly, we have said that return on capital is important, but return of capital is going to be the cornerstone of our strategy. So a couple of things. One is controlling the origination, as Rakesh said. So we are very, very focused on to say which class of asset we originate. So if you see, we on our own, before even the whole thing started on the small-ticket side unsecured loan, we had started bringing down that portfolio for us in the last four quarters. We had also brought it out in our September call to say that most of these loans are less than 30-60 days, and we would be able to actually wind down that portfolio. As Rakesh said, today, that portfolio is virtually nil in our book. So one is identifying the allocation of capital to which class of asset is very, very critical and taking those swift decisions. Second is actually controlling your underwriting models. And we continuously look at our underwriting model, look at our experience, and really try to fine-tune them as we go forward. So that is the second thing that we keep doing. Third important thing is monitoring of the portfolio. So we have a separate team, whether it is on the retail side or an SME side or on the corporate side, who continuously monitor our portfolio to say that if we need to intervene and take certain decisions. And the fourth, as Rakesh said, is now we have virtually in-house our entire collection. We have something called pre-delinquency management. That is by using the data digital, we try to identify the customers whom we believe will have the propensity to default and start actually allocating those customers even before the due date. We start our engagement with a customer almost 30 days before even the payments fall due. Of course, there are various other initiatives that we have taken on the digital and analytics side to identify the customer. Also, in case of many customers, we do the scrubs much more frequently. We look at the total liability that the customer has at their level. We look at what are the loans that they have off us and on us. These kind of measures that we have taken, I think, will go a long way in managing our portfolio. I'm very happy to say that it has already reflected in our asset quality. But I think these are the four steps that we will continue to follow as we go forward. Great. Great. That's very insightful, Vishakha and Rakesh. I have two more questions. First one is a quick one. For our health insurance, what is the path to profitability? Already, I think we are at almost INR 3,600-3,700 kind of GWP. So when can we expect this to start contributing on a bottom-line basis? Yeah. So as I mentioned earlier and even Vijay mentioned that we're looking at 100% COR by FY 2026 in the next 24 months. Okay. Okay. Okay. Okay. Yeah. The fact that in last quarter of FY 2023, we had a marginal loss. In the last quarter of FY 2024, we had a profit of INR 88 crore. Clearly, to say that our unit economics are working very well, which should put us well on course for this guidance that I have just given. Okay. Okay. Next 24 months, we can expect this entity to start generating profits, right? Yeah. Okay. Okay. Last question is on our distribution strategy, especially personal loans or BNPL or SMEs. So earlier, I think everybody in the system was using aggressively fintech partners. With RBI tightening norms on fintech partners, is there a significant change in our strategy and how we are dealing with the situation? So if you can help me some insights into this. Thank you. So our distribution for personal loans, if you look at as I mentioned in my opening remark, we are looking at our branches, the branch distribution which we have, the direct sales team which we have, the entire ecosystem platform which we have created, now ABCD, which has gone live. It will have the entire loan journey end-to-end on this platform for personal loans and for business loans. So clearly, we are looking at in-house distribution for building our personal and consumer business. We will still leverage some ecosystems where we have comfort and where we have 100% ownership of the customers and 100% ownership of the processes. We will still look at those. But as you mentioned, clearly, post the DLG guidelines and all, we have relooked at all our partnerships. And BNPL, you can see the numbers. That's come down significantly. It's almost negligible at this point in time. So we don't have these small, so just to answer, we will look at our internal ecosystems, branches, ABCD app, Udyog Plus, all of these platforms on which we will really source business. Great. Thank you so much for taking my questions. Thank you. We'll take a next question from the line of Anuj Singla from Bank of America. Please go ahead. Thank you. Good evening, everyone. I think a couple of questions on the lending business first. I don't recall if I missed a growth target for NBFC and HFC side for the next year. Have you articulated any numbers there? On the loan book growth? Yeah. AUM growth for FY 2025. We have given a guidance that we will double our loan book in three years. From March 2023 to 2026, we will double our loan book. Okay. Okay. Okay. Got it. And Rakesh, the second question on the personal and consumer loan, obviously, you have managed the book well on the small-ticket side loans, and these constitute now 17%. How should we look at the growth trajectory from here? Should the proportion stabilize here in terms of the percentage of the AUM? And secondly, what does that imply for NIMs because this is obviously the higher lending book, and we also have seen some cost of funding pressure? So how should we see the NIMs trajectory maybe for FY 2025? So we are quite positive on the loan book growth, and we will continue to focus on MSME and retail and consumer segment. Yes, small-ticket unsecured loans come at a higher margin, so higher yield. So you have a better margin on that. But I think the credit cost also is associated in similar proportion. So if we slow down that and we will dial down on that business, the other business which we will onboard will have similar kind of margins, not high unsecured margins or yield, but our B2B and MSME unsecured business which we are growing now. And if you look at the B2B platform which we have built, and we are really looking at growing our small business loans on that platform, that also comes at a very attractive rate. And the credit cost also is quite well within control. We don't see any challenge on both growth and the margins. We should be able to manage both growth and margins. Okay. Okay. Got it. Secondly, on the health side, so just one question. You have guided for 100% combined ratio by FY 2026. Can you also give some more details? Is there some kind of price hikes we are building in this guidance, or this is more driven by gaining scale and operating leverage? Thank you. No. I mean, our growth has been consistent. As I said, we've had a growth of about 42% CAGR in the last three years. That growth will continue given the opportunity. Price hike is a subject of regular action that insurance companies take, and like all other health insurance companies, if the medical inflation does demand that the claims ratios are going up and we need to reprice, which has always been in line with market, we will do that. So it's not something unusual. All insurance companies do. In fact, our price hikes have been generally slightly below what you see in the industry, which means that we have managed our portfolio and the quality of it and the related loss ratios reasonably well. In fact, this year also, our retail claims ratio has trended very well because of all the actions that we have taken. Yeah. So Mayank, the context here is that one of the largest ABHI companies has taken a 25% price hike in one of the major products. They are talking about more price hikes in the coming quarter. So I thought that given that the industry price levels are going up, you might also be contemplating. So just to understand, is that one of the key drivers towards moving that 100% combined ratio? No. I'll not be able to comment on the other company. I can only say that we have managed our portfolio quality, business mix, product mix reasonably well for us to, in fact, our last price hikes have been in the range of 10%-12%, which is actually well below the medical inflation that we've seen. Okay. Okay. Got it. Thank you. Thank you, Mayank. Thank you. We'll take a next question from the line of Bhaskar Basu from Jefferies. Please go ahead. Yeah. Thanks. Good evening. I had three questions. So firstly, just dwelling back on one of the questions in the one of the earlier questions, essentially, around the portfolio acquired. This quarter, it seems you've acquired about INR 2,300 crore. It works out to average ticket size of about INR 6.5 lakh with an average tenure of about 12 years. So just wanted to understand, and this is, I mean, seems to be almost 50% of the sequential growth, if I assume this is all secured and coming from SME. So if you could give a little more texture around these loans, what kind of yields do they generate? Because at the ABFL level, there seems to be any yield compression on a sequential basis. So that was my question one. Yeah. Go ahead. Yeah. Secondly, in the same context, what is the product mix or loan mix in the next three years given that you're dialing down on the personal side? And third was just a housekeeping question on the write-off number for the quarter. So first of all, the buyout portfolio, these are in quarter four, all secured portfolio, which is what we have acquired. And in terms of what yield, it will differ, but it will be in the range of what we acquired. So the customer yield will be 11%-12% for these portfolios. Your second question was how do we see the product mix? We have guided for 75% of retail and SME product mix in the next two to three years. We continue to stay guided on that. We have dialed down our consumer and personal loan business primarily on the small-ticket unsecured business, especially below INR 50,000 ticket size. We will continue to do business in the consumer side, especially personal loans, business loans, and all. So we don't see any change in our guidance from 75% of retail and SME business. Okay. And just the write-off number, please. Write-off number. I will just give me a minute. Quarter four. So it's around INR 400 crore. It's in line with the earlier quarter. It's INR 411 crore. Okay. Thanks. Thanks. That's all from my side. Thank you. We'll take a next question from the line of Sameer Bhise from JM Financial. Please go ahead. Yeah. Hi. Thanks for the opportunity, and congrats on a good quarter. Just wanted to make sense on the coverage levels at ABFL. How do you see it moving ahead? We've stabilized at around 50% levels. So some direction here would be helpful. And also, if you could share stage 1 and stage 2 coverage on an overall basis. So if you look at and we have provided the segment-wise provision cover which we have provided in our presentation. And if you look at for personal and consumer, we have a provision cover of 83%. Unsecured business is 35.3%. But we have to take into account that business loans, out of this and that also, we have mentioned on a slide, where 43% of this book is covered under CGTSME, which is a guaranteed premium which we pay to SIDBI, and 75% of the principal is guaranteed. So if you exclude that, then the provision will look quite good in the unsecured business as well. Secured business is 38.8%. This is as per our ECL model, and our data which has been there over the last five, six years is there. And on the corporate and mid-corporate, it's almost close to 50%. We think since close to 70% of the portfolio is secured via real estate collateral and listed securities, we believe this is quite adequate provision coverage. Fair to assume that 50% is a good threshold to have over the medium term? Yeah. It also depends on how things pan out. But at this point in time, it looks quite adequate. Okay. That's helpful. That's all from my side. Thank you. Thank you. We'll take a next question from the line of Pranuj Shah from JPMorgan. Please go ahead. Thank you for the presentation. So three questions here. First one is on the construction finance. That book has grown very sharply year-over-year. So could you give a sense of the average ticket size year-over-year and what kind of vintage of the developers that you look at when you finance? And also, is there any difference in the customer profile between the NBFC construction finance and the housing finance book? Yeah. So I think there will be a difference between the two entities. Construction finance and the NBFCs is primarily two-category A developers. And this is primarily in Bengaluru, Chennai, Mumbai, Pune. So that's where the segment is. And see, this business, you might see from 18%, it might have gone to 20% of our but we sanction it throughout the year depending on when the construction and when the pickup demand is that the customer utilizes. So that's how it is. If you look at overall of our corporate book, this is 20% is what and the average ticket size will be around INR 60-70 crore in this segment. For us, Aditya Birla H ousing finance, the portfolio contribution is about 11% of the total book. The ticket size is quite granular here. Our ticket size on disbursement is about INR 24.5 crores. And on AUM, it is INR 9 crore. Typically, developers who are doing projects which are the cost of construction is about anywhere between INR 150-200 crore typically, for whom the requirement of the CF will be about INR 25-30 crore are the average profiles that we look at. Of course, it's very diversified. Across all the major centers of the country, starting from Ahmedabad to Bombay, Pune, Bangalore, Hyderabad, Chennai, Delhi, I think we are present in all these markets. I think when I was talking about the digital platforms, I think one thing that we have realized is that, of course, we have to make sure that the monitoring in this portfolio has to be top of the line. Therefore, we have launched a platform which is FinCF, which actually helps us to monitor the platform both on event-based and frequency-based triggers. I think that gives us the confidence to keep growing this book, of course, with fully keeping in mind the return on capital. For NBFC, this portfolio is around 6% of our overall loan book? Is there a vintage of developers that you also look at? They need to have minimum X number of years of development experience, and then you sort of filter them? Or there's no such criteria? So there are two things. One, we have kind of created a proprietary model which has both qualitative as well as quantitative aspects when we look at the developer. And we look at it from both the dimensions. One is the developer profile which includes the vintage, which includes the number of square feet that they have kind of already built in the market. We also look at type of projects that they have also undertaken, the quantum of residential units that they have done, the experience in commercial versus residential, the experience that they have in a particular catchment. I think those are the things that we anyways look at. Then we look at also the viability of individual projects. So it's going to be underwriting which is two-dimensional. One, it is developer profile. Second, it is to do with the project viability. I think both those dimensions are considered, and extensive interactions happen. The model that we have kind of created, we actually rate these developers internally. Then we appropriately take calls from the developers. Similar for NBFC, these developers are all A plus A category developers, so primarily the top developers in these markets which I mentioned? Thank you. Thanks a lot for that. Second one was on the yields. Could you explain what the average yields are over here? And assuming the RBI guidelines are implemented as it is, and if there's no relaxation over here, and if you pass it on 100% to the developers, what could be the rise in yields from there on if there's some sort of a calculation that's already done? 15 budget. So these are still in draft guidelines, and RBI has asked for the inputs from all the institutions. Since we are on Ind AS, and also, we don't see any impact on our books. But there would still be a capital requirement if I'm not wrong. No. It's a provision. It's a provision. It's a provisioning. It's a provisioning which is two, three, and a half, and five, three years. That's the recommended one. IRAC provisioning, not SME yield. It is 2, 3.5, and 5. Okay. Understood. Understood. One last question. On the unsecured business loans, your disbursals have moderated a bit quarter-on-quarter. On the year-over-year, it's also 6%. Is there a call that you're making at a company level just to stay away from unsecured loans in general, be it business or personal? No. We are not saying that. Again, I mentioned that if you look at personal and consumer portfolio was growing quite strongly. If you look at quarter four of not last year, before that year, we were growing at 21%. Then we brought it down to 15%, then 9%, then 1%. Last quarter was -11%. The reason for that was because of the risk weights and the noise around small-ticket unsecured loans because we had not seen any performance deterioration on our books. Still looking at the environment, looking at we dialed down, and we tightened our sourcing on this book. We still continue to be bullish on the consumer and retail business. We will continue to do that in a much more controlled environment, as I mentioned, through our branches, through our digital platforms, and through our ecosystem. I was looking more from an unsecured business loan perspective. Consumers, I think you well explained it in an earlier episode. Just on the unsecured business loans. So unsecured business loan, we will continue to grow that business. If you look at, it's INR 10,000-odd crore portfolio which we have in unsecured business. Out of that, if you look at INR 2,000-INR 2,500 crore, it's supply chain business which is a very short-term, 60-90-day loan within the ABG ecosystem also. So remaining, if you look at the business loans which we do, almost 80-odd% of our business loans is backed by a credit guarantee provided by SIDBI. So we take a guarantee premium. We pay a guarantee premium for these loans. So we are quite confident and quite and we have seen over the last six-seven years during COVID also, we have seen the performance of this portfolio, and we have managed it quite well. So looking at the way the formalization of economy is taking place and the way the GST collection is growing, and we have also built a B2B platform, Udyog Plus, to really onboard small businesses which grows as the economy grows. So we are quite confident and bullish on this segment. Understood. Thank you so much for answering my question. That's it from my side. Thank you. We'll take our next question from the line of Kunal Shah from Carnelian Asset Management. Please go ahead. None of my questions have been answered. Thank you. Ladies and gentlemen, due to time constraints, that was the last question for today. I would now like to hand the conference over to Ms. Vishakha Mulye for closing comments. Over to you. Thank you, everybody, for joining us today evening. If any of you have any questions, please feel free to reach out to any of us. Thank you. On behalf of Aditya Birla Capital Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.