Ladies and gentlemen, good day, and welcome to the Aditya Birla Sun Life Asset Management Q2 FY 2025 earnings conference call hosted by Incred Equities. 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 touchtone phone. Please note that this conference call is being recorded. I now hand the conference over to Mr. Jignesh Shial from Incred Equities. Thank you, and over to you, sir. Yeah. Thank you, Siddhant, and good evening, everyone. On behalf of Incred Equities, I welcome all to Aditya Birla Sun Life AMC Q2 FY 2024 earnings conference call. We have along with us Mr. A. Balasubramanian, Managing Director and CEO, and Mr. Prakash Bhogale, Head, Investor Relations. We are thankful to the management for allowing us this opportunity. I would now like to hand it over to Mr. A. Balasubramanian, Managing Director and CEO of Aditya Birla Sun Life AMC, who is opening remarks. Over to you, sir. Yeah. Thank you, Jignesh, for the introduction, and good evening, everyone, and thank you for joining us on today's investors call. I trust you all have had the chance to review our earnings presentation, which is available on both the stock exchange's website and our own website. Let me begin with the economic outlook and update on the mutual fund industry. The global economy continues to be resilient and is expected to grow by a healthy 3% in 2024. The global inflation has moderated in major economies, leading to the easing of monetary policies. We believe that this trend of easing of monetary policy will continue as we move forward, embraced by most central bankers. In India, the macroeconomic outlook remains solid, with a consensus expectation of approximately 7% growth in FY 2025. Recent GDP data indicates a pickup in private consumption, supported by a pickup in agriculture economy. India continues to be the fastest growing major economy in the world, supported by progressive economic policies and healthy macroeconomic stability parameters. The abundant and well-distributed monsoon rainfall has fostered a positive outlook for agriculture output, enhancing rural income and stabilizing food inflation, which will contribute to a more resilient economy. With the overall inflation momentum moderating, the RBI Monetary Policy Committee recently changed its stance from withdrawal of accommodation to neutral, opening the door for potential rate cut in the second half of the current fiscal year. The government fiscal position remains robust, supported by strong revenue receipts. The external account continues to be stable, marked by a low current account deficit and foreign exchange reserves scaling new highs. The Indian market for the quarter ended September 2024 was marked by a period of volatility and uncertainty. The resurgence of China with a meaningful easing of policies has further added to the volatility in the Indian market. While we have witnessed the FII flows being negative, increased participation from domestic institutional investors and retail investors has brought in the much-needed stability in the market, with the market moving in a narrow range. At the same time, we are on board with the current quarter corporate earnings. We might see a slight moderation in the overall growth expectation, therefore leading the expectation of returns in the time to come. With respect to the mutual fund industry, as of 30 September 2024, the mutual fund industry quarterly average AUM reached 60.1 lakh crore as compared to 46.98 lakh crores as of 30 September 2023, growing 41% on a year-on-year basis. During the quarter, the mutual fund industry witnessed net equity sales, excluding index funds, of around 1 lakh 43 thousand crores through new fund offerings and inflows in existing funds. The total NFO collection in equity funds, in fact, were around 36 thousand 800 crores, majorly coming from sectoral and thematic funds. The industry SIP flows grew by 50% year-on-year from around 16 thousand crores in September 2023 to 24 thousand 500 crores in September 2024. The total number of overall mutual portfolios stood at around 21 crores, with a year-on-year increase of 34%. The individual average AUM grew by 50% year-on-year from 20.1 lakh crore to 42.1 lakh crore and contributed 62% of the total AUM. B30 cities, with an average AUM of 12.59 lakh crore, accounted for 19% of the total AUM. At Aditya Birla AMC, our overall assets under management, including alternate assets, reached 4 lakh crore, reflecting 20% year-on-year growth. In fact, we just crossed 4 lakh crore the first time ever in the history of Aditya Birla Mutual Fund. Our mutual fund quarterly average AUM reached 3.83 lakh crores, growing 23% year-on-year. The quarterly equity average AUM stood at 1.81 lakh crore, growing at 39% year-on-year. The SIP book during the quarter crossed INR 1,400 crores, a 47% year-on-year increase from INR 960 crores in September 2023 to INR 1,423 crores in September 2024. We also added around 1.55 lakh new SIPs, five times increase compared to the previous year. I'm also happy to share that our total investor folio has crossed 1 crore, with around 19 lakh new folios being added during the last quarter. On the investment side, during the quarter, we have witnessed an uptick in the performance of our equity fund. Higher number of funds are beating the respective benchmark and also peer averages in the respective categories. This has, in fact, created a positive perception among our distribution partners and investors at large, leading to an increase in the overall net promoter score. We are expanding our fund management team, which will enhance our capability of managing our core equity funds effectively further. I'd also like to mention that the increased level of engagement at the ground level, supported by the return of strong investment performance, is helping us narrowing the dip in the equity market share on a quarter-on-quarter basis. On the fixed income front, we continue to deliver robust returns across most categories and be the preferred choice of investors. We've also taken some steps in offering products to meet the investors' expectation by planning to launch a number of target maturity funds, as well as promote our duration funds. As interest rates start falling, duration funds also, we believe, will start picking up. As we have been highlighting about our commitment to building our alternate assets and passive business, we are making good progress on this segment of our business vertical. The alternate segment, PMS and AIF, remains a key focus. Our PMS and AIF assets grew by 66% from 2,300 crores to 3,900 crores in the current quarter. Our offshore assets also had witnessed some flows during the current quarter, which grew by about 31% from 9,700 crores to 12,700 crores. Our GIFT City operations, the gateway for inward and outward remittances, has also gathered momentum. We'll be closing soon our first emerging market product under the LRS scheme by February, wherein we already have collected $50 million. The ESG fund created for inward remittance, we got the first collection of $25 million, U.S. dollar, and more fundraising is currently underway. On a similar line, we also created the ABSL Flexi Cap Fund for inward remittance for NRI investors. Further, we also taken off-roll from the GIFT City authorities to launch yet another product called the ABSL Global Blue Chip Fund under the LRS schemes, ODI and OPI schemes. During the quarter, we also launched the Performing Credit Opportunity Fund under AIF. In order to build size in this category, both from domestic and global investors, we also committed our own capital to support both of these fund out of our treasury portfolio. On the passive front, as of 30 September 2024, our assets total to approximately 31 crores. Our customer base has also grown over 9.5 lakh folios, and we also have a diverse product portfolio of over 47 products. We're also planning to launch a new fund in the coming quarter to expand our passive offering for investors. I'm also happy to share that during the quarter, we have, we also won the ESIC mandate under the advisory route and documentation on the progress to get the actual funds into our account so that we can start managing this portfolio effectively very soon. In the current quarter on the people front, we have made few changes to further strengthen our leadership team to drive some of our core support functions for growing our business. We've added a new head of digital and data analytics, a new head of marketing. These strategic additions will drive innovation and enhance our customer engagement and service, and helping us expand the customer wallet share, as well as the mind share, ensuring that we stay ahead in a rapidly evolving market. Moving on to the financial for the quarter. Our total revenue is about INR 520 crores versus INR 391 crores in the Q2 of FY 2024, up 33% year- on- year. Our profit after tax is at INR 242 crores versus INR 178 crores in Q2 FY 2024, up 36% year-on-year. On the first half FY 2025, our total revenue is about INR 1,001 crores, up by 28% year- on- year, and profit after tax was at INR 478 crores, up 32% year- on year. With this, I would like to conclude and open the floor for any questions that you may have. I'll be joined by Prakash to answer any of the questions, that you may have related to the financials and other numbers that you may have. Thank you. Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone 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'll wait for a moment while the question queue assembles. Our first question is from the line of Dipanjan Ghosh from Citi. Please go ahead. Hi, sir. Good evening. So first, two data keeping questions. One is if you can give the overall employees for the quarter, as in the period ending. Second is SIP flows for the quarter, and third is the revenue from the non-MS businesses since they have been doing quite well. And, apart from the data keeping questions, I have two more questions, which is, if I look at, you know, some of the peers, especially some of the leading ones, they have undergone certain changes or are undergoing certain changes in terms of the payout structure to the distributors, either on the back book or on incremental flows, in certain cases. So I just wanted to understand, have you taken any such exercise or envision taking any such exercise, in the near future? And my second question is, on the non-MS businesses, what sort of incremental investments, be it on the investment team, sales team or other teams, that one should kind of factor in, going ahead? Sure, so the overall employees, including our approval, Prakash will answer this question in a while. In terms of SIPs, we have about INR 1,425 crores inflow per month. That's something we ended in the month of September. With respect to the alternate assets, revenue, how much is the increase? Dipanjan, I'll answer the data keeping questions which you have asked. Number of employees as of September is around 1,552. Our SIP flow for the quarter is around 1,171. The last question, which you asked, is alternate asset income for the quarter is in the range of around INR 44 crores. Okay. So SIP is close to a thousand seventy-one or one one seven? ... four thousand one seventy-one. You asked for the quarter, no? Yeah, yeah, four thousand one seventy. Okay, okay. For the full quarter. Full quarter. Full quarter, yeah. Yeah. With respect to alternate asset revenue or the incremental revenue? It's around INR 25-26 crores incremental revenue we have got in this quarter because our AUM has increased on the alternate space, mainly in the PMS and AIF segment. Yeah. Okay. With respect to the question that you asked about commission structure, which I think you referred about competition. In our case, of course, we keep evaluating it on an ongoing basis. Wherever we need to moderate, keeping in mind the growth expectation that we have set. I think we have two tasks in our hands. One is growing the pie continuously, and that's one of our high priority in terms of increasing our market share, as well as increasing our overall liquid assets and management. And given also the fact that we have been increasing or working towards improving our employee productivity by increasing the sales. Therefore, keeping this in mind, whenever we feel the appropriate time for us to revisit this, and looking at the overall, the competitive landscape, we will consider the suitable step at that point of time. As it stands today, right now, we've not thought about anything of that kind of reduction. But anyway, there's an ongoing exercise that we keep doing it, looking at the overall profitability contribution, and combined with the growth expectation that we have. With respect to the non-mutual fund sales team, of course, with respect to the overall people management, as well as the investment team, been highlighting for quite some time the changes that we have made. In fact, the last addition that we have done, getting one person on board, with reasonably good experience in managing, mid and small cap segment of the market. So he's coming on board, by end, by middle of November. So with that, we will complete the addition as per the investment concern. Given the fact that, SEBI also has given the, new idea of, the new fund category we have created using the derivative, we will build some capability, getting some talent pool on that space. If at all we have to manage some assets in that same space, we will have some kind of readymade talent pool available for that space. The other areas where we'll further beef up on the alternative space, of course, with respect to selling alternative business as a key sales people, we have roughly about some of our team across the country, the core country sales force. We will probably look at increasing that by whenever there's a need. At the same time, direct sales team, we have roughly about 45 people currently, and we keep thinking about that number can actually go up little higher. This year, we have, of course, accounted for about 50 people addition that we have thought about, out of which we currently have 45 people. And if you think that segment will have to further improve, we'll probably beef up the team, depending upon which part of the year we might do it. And lastly, of course, to bring the overall alternate space next level, we also, of course, evaluating person who could help us in build alternate business jobs, not just only in domestic markets, including reaching out to the global investors. Given the fact that we are also looking at seeing some kind of momentum coming in our offshore business, we'll probably look at a talent pool who can actually work both domestic investors, institutional investors, and family offices, as well as global investors. That's something we are in the process of finding some company, and they'll hopefully should come on board by January, February types. Got it, sir. So just, one follow-up. So now, if I look at your SIP, discontinuance rate, that seems to have, kind of gone up meaningfully, whereas your, overall quarter-wise, this flows has been broadly stable, or marginally improving. How should one really reconcile this? Yeah, I think the SIP cancellation, generally what happens is, generally in the thumb rule for the industry is roughly about 40%-50% kind of cancellation happens. Of course, it also gets re-registered. The way I look at it is the registration number. I think if you look at our presentation, the SIP registration numbers from 233 has gone about somewhere about 1,113 number you'll see. That's one way to measure the factor I keep looking at. The new customer addition should actually help in improving the overall base. The 19 lakh new customer folios that we've added is all actually with the intention to increase the overall growth pipe. While we have a great opportunity to retain customers, we have redemption stopping, et cetera. We actually formed a small set of team, given the fact that we have strengthened our analytical capability, wherein we can create some kind of predictive model, basis which we can tell the customers before they canceling the SIPs, which is called the win back. So we have got a separate team of people to drive the win back initiatives, as well as the people who are looking at the market volatility, they're redeeming unknowingly. Therefore, how to actually reach out to those customers instantaneously, so that before the money gets credited to their account, we can highlight to the investors how important for them to stay invested for long term, and how important to continue the SIPs. Therefore, that's something we are driving into the pre-s ales RM activity that we have, as well as the data analytics person who has come on board. He of course came on board from one of our ABSL unit only and who understands the entire customer behavior using data analytics. I think he's also, of course, going to help us in terms of improving the return ratio by way of win back strategy. So that's the way we are looking at it. Of course, broadly, the way I look at it is the top line number should keep improving. That's one of the task. At the same time, retaining our assets, both should help simultaneously, if we do it effectively, should help in improving the overall momentum. Got it. Thank you and all the best. Then only one clarification. The alternate, which I told you, 34 crores, which was increased by around 13, which was 21 crores last year quarter, same year. Yeah. 21 crores in 2Q24, and this compares with 1H? You're telling 2Q or 1H? Sir, I'm telling last year, same quarter is 21, so in the current quarter, it's 34. Okay. So and one Q, twenty-five will be around the same number as in the previous quarter? Yeah. It's around thirty, thirty, twenty-nine. Okay. Thank you. Thank you. Our next question is from the line of Lalit from Equitas Securities. Please go ahead. Yeah, hi, sir. Yeah, hi, sir. Good evening, and so just two questions. So if we just try to exclude the revenues from the non-MF business, then- Yeah, Mr. Lalit, if you can speak a bit louder. Yeah. Am I audible? Yes, you're audible now. Yeah, please go ahead. Yeah. Yeah, so, so, just wanted to ask, like, like, if we exclude the revenues from the non-MF business, then our yield, broadly, our yields have remained stable as, as it has, and then at the same time, our share of equity AUM has slightly stuck. So just wanted to understand the segment-wise revenue yields over there. Sure. I'll ask Prakash to answer this question. So, Lalit, as you rightly pointed out, because of the increase in our mix, our yield has remained stable compared to last quarter. So you would have you can see in our presentation, our mix has increased from around 42% - 47%. This is one of the reason for you know maintaining the margin even though the size in the equity assets has increased. So on the asset class-wise yield, in the case of equity, it is around 26.67 basis points. On the debt, it is around 24 to 25 basis points. On liquid, it's around 12 to 13 basis points. Sure. So second question was that on, so in, like, like, in the SIP flows, so while the industry has grown at a much faster pace, and, like, we have grown on an absolute basis, but in terms of market share, we have lost some market share over there, and at the same time, where we are seeing some improvement in the scheme performance. So what could be the reasons for a little slower growth as compared to the industry growth in the SIP flows? Yeah, I think if you divide the SIP flows into two parts, one is the online digital platform sales, which currently contribute about 50-50% of the sales come from the segment. The traditional channels other than direct contributes roughly about 30. In fact, the traditional channel, other than MFDs, there has been a bit of slowdown in terms of the SIP contribution. Large contribution coming from the online channel in terms of customer additions. As you know, online channels comes in on the basis of the top three performance among the competition. In fact, we have seen some of our funds which are performing well, being part of the online channels, wherein we have seen good momentum coming in, both in terms of SIP, new customer addition, as well as the overall number of portfolios rising in the space. Of course, they don't contribute to the significant in terms of value. Most of the value come from both the direct and as well as the traditional channel. I think that is one of the reasons why you would have seen our absolute number has been rising, overall portfolio number has been rising. But the rate of growth in terms of value compared to the industry would be marginally lower. But the way we look at it is, the... While, of course, that's the case so far, we also, of course, have a separate target for each of the channels to measure the success of our sales productivity, and therefore, focus on average ticket size sales coming from the traditional channel, which remains, of course, the key. However, the performance improvement that is being, which I mentioned about, and general perceptions is also moving quite significantly on that side. It should also lead to another should get a sufficient backup from the point of, from the SIP ticket size also raising. Of course, in terms of count, it is one part of it. I think ticket size also should come. We have increased participation coming from the traditional channels. Right, sir. So just one clarification, like, when we, when we say that 50%-50% comes from the online channels, is it for us or is it for the overall industry? Are we talking over here? No, it is for the industry as well. Industry also is more or less similar number. I think, for us also, would be roughly about 45-50% will come from the online channels, and it can gain momentum, like, in terms of giving new customer addition, it can definitely give momentum, but of course, we all go by the whole industry. There are so many funds out there, they'll select only top three, top four on a basis of one year, three years performance. Therefore, some will get, some will not get. If you look at the industry-wide, if you look at the numbers, there has been a significant growth is coming from non-top 10 players as well, and this would be as a function of these dynamics. ... Right, right. So, and just, just two data-driven questions. So one, could you give us the SIP AUM as of September twenty-fourth? And just wanted to understand, like, in this quarter, we have seen some increase in our other OpEx expenditures, other OpEx. So any reasons, any particular reason for that? That, that- SIP AUM is INR 83,900 crores as of September 24. The increase in the other OpEx is mainly on account of the software charges, plus database research. There are some expenses on the CSR, and there is some increase in traveling costs. These are the main heads wherein the cost has increased. Sure. Thank you. Thank you. Before we take our next question, we would like to remind participants that you may press star and one to ask a question. Our next question is from the line of Abhijeet Sakhare from Kotak Securities. Please go ahead. Yeah, hi, good afternoon, everyone. So my question is, again, coming back to flows, so which funds are, you know, leading the revival in flows for us, if you could, you know, name top three, four funds which are doing well, last few months? Yeah, sure. So while we are seeing increased attractions in some of our key main funds, built on the back of the one is performance improvement, as well as general acceptance of these funds have got over the long years of track record, which is the Frontline Equity, Flexi Cap Fund, Multi-Asset Allocation Fund, we are getting flows. Of course, we, till last month, we used to get extremely good flows from thematic funds, especially in the PSU fund, we used to get extremely good flows till last month. Even this month, too, we have seen inflows, but there is a margin reduction given the fact that segment of the market have seen some bit of hit. We're also seeing some flows coming on the Balanced Advantage Fund, given the fact that one segment where we are seeing increased attractions given the market volatility. And of course, Arbitrage Fund continues to see inflows. They're also counted as an equity that continues to see inflows. Among the thematic category, of course, the Quant Fund, which we launched recently, we continue to see some kind of flows coming in. As well as we see flows coming in the thematic fund which we launched about three months back, three or four years back, which is the Transportation Logistics Fund, also have seen flows. Got it, sir. Thank you so much and again, from a channel point of view, clearly direct will be, you know, most responsive to start with. But are you already seeing, you know, response from some of the traditional channels like MFDs or IFAs, or you know, that is still to come through? MFD, I'm seeing improvements that I mentioned about the performance perception on performance improvement, which I mentioned about. Largely, it's coming from the distributors' voice across the country, wherever the team has been traveling, and myself, I've been traveling. At least, there is an increased acceptance by the clientele. Which is also leading to the activation number, which I talked about. The AIF activation number that we are talking about is also a reflection of participation coming from MFD. That's a traditional channel. They are close to us. We have a lot of loyal distribution community with whom we work with on multiple areas in improving their knowledge levels, work closely with them in helping them improving the overall businesses. That's something we are seeing in our pick. Banking channel, of course, one or two banking channel, which is traditionally large bank for us, of course, they go by one or two products as part of the recommendation, while some of the products are on hold. But one good thing that I'm seeing, some of the products which are already part of the recommendation in some of these channels versus our product, we are already seeing some of our products are doing better than the products that are part of the recommendations in these channels. And hopefully, as we review and revise, and as we start seeing our products getting incorporated whether at the cost of somebody else moving out, should actually lead to increase in contribution coming from these large banking channels. Sir, again, last one, clarification on the banking channel. Is it true that, you know, that channel actually puts much more weightage to the three-year returns or, or one year, you know, strong performance is good enough to drive flows there as well? Yes, we look at both. It gives a weightage for one year's improvement performance and also give weightage for... The way CPR ranking is done, where 20% weightage is given for the one-year performance and balance is given for three-year performance. So the same model we ran. But the moment they see a similar on the same lines, some of the funds are already part of the recommendation as they move out, then they bring in new fund. That's traditionally I've seen them doing this. And, of course, definitely they recognize the improvement on the performance in the one year and 18-month period. It helps them to put under top of the consideration to get them on board faster. Got it, sir. Thank you so much. Thank you. Thank you. A reminder to the participants that you may press star and one to ask a question. Our next question is from the line of Mohit from Centrum India. Please go ahead. Yeah, hi. Thanks for the opportunity. My first question is that, you know, what are the NFOs that we are targeting, you know, over the next two to three quarters? Hello? We are taking approval from, so the one diversified equity fund with a thematic nature. That's something we will plan to launch sometimes post this fiscal, current fiscal season. Second, on the passive side, we also taken approval for launching one fund again under thematic category with reasonably close to the sector that drives the Indian economy. That is something we have really taken approval, and these two funds we have part of the pipeline. On the fixed income side, of course, we have planned launch of few products, as I mentioned in my opening remark, target maturity fund, series of funds that we have planned. That is again, across the credit market as a fixed income core. On the GIFT side, we have, of course, taken approval from, we already have a product in place for inward remittance, which is a Flexi Cap Fund that will fit into my existing funds. That's something we have already set it up. We should see somewhat of momentum coming in that space, though the minimum ticket size is a little higher. It's not meant for retail, it's actually more than $100,000 somebody can put in from overseas. That's something, we have set it up. We also have a plan to launch one fund for outward remittance, which I just mentioned about, from India to overseas under the LRS, ODI and OPI. That's something also we have set it up, and hopefully, that fund we should launch sometime in the month of January, upon closing the existing funds, which is coming to close in the month of February. So these are the plans that we have. In addition to that, on the AIF side, we are in the process of fundraising for the Performing Credit Opportunity Fund, which I again mentioned about in my remark. Okay. That's great. And then, basically, any idea as to how this NFO, as in the size of NFOs may be, on the more passive as well as on the fixed income and equity, any indication on the size of that? Of course, too early to give you the size, Mohit, given the fact that, I think we have to play it as we start launching this fund. Definitely, our endeavor would be to create the high level of engagement that we have at the ground level, add to the overall outcome of these funds in terms of collections. All right. All right. Thank you, and wish you all the best. Thank you. Participants who wish to ask questions, may please press star and one at this time. Our next question is from the line of Bhavin Pande from Athena Investments. Please go ahead. Hi, would it be possible to quantify in terms of percentage of AUM and/or how the categories are behaving and in buckets how they are outperforming their respective- Sorry to interrupt, Mr. Bhavin. Your voice is a bit muffled. If you can please repeat your question. Yeah, sure. Am I clear now? Yes, sir. Please go ahead. Yeah. Yeah, it would be great if you could shed some light on how funds as a percentage of AUM are outperforming vis-à-vis the benchmarks and also in terms of buckets, three months, six months, and one year. Sure. I think, Bhavin, the way we keep looking at our AUM on a quarterly basis, and we keep reviewing it. Roughly about 60%-68% of our funds today are not only beating the benchmark, they're also doing, performing better than the peer average in the respective category. We look at peer average, both the fund, funds that are comparable to us. Second, we also have to look at the broader, all funds are put together, and both the categories and peer average outperformance-wise, is roughly about 60% of total assets. The other good thing is, the funds with generally, since we have many funds, that we are managing it, the funds, which of course sometimes for a variety of reasons, could be in the bottom of the quartile. In fact, we don't have many funds in the bottom of the quartile, which also change in the overall overall improvement that I'm seeing. The number which I'm saying is it is both on the six months and one-year basis. In fact, even on a three years basis, the number of funds which is outperforming the index is almost almost now coming close to about 45%-50% on a three-year basis, also reflecting on the overall overall improvement. I think, as I always believe that as you start improving in every every short-term performance, moving from three to six, six to nine, nine to one, and one to one and a half years, naturally, it actually pulls up the long-term performance as well. That's what we are seeing it happening. Okay. And sir, I think you shed some light a bit on the digital channel mix, but, if you look at the participants across industry, everybody has seen robust flows, contribution via digital channels. So when do you think our digital channels would start picking up and would start contributing meaningfully? See, we already started seeing the momentum in the last two quarters. If you have listened to my earlier some of my narrative that I have given, the last six to eight months, we have seen started from the March quarter ending, and we have seen it in strengthening in June, as well as the current quarter, in terms of increased participation coming from our digital channel, both in terms of the portfolio getting added, as well as new customer addition, and as I mentioned, the current improvement or performance that we are seeing in the key categories, we would also, of course, take enough steps to ensure that these products are being highlighted in this platform, and therefore, it comes as a part of the recommendation list. Therefore, we get some incremental AUM from this segment, going forward, and some of the product that we are confident of getting more money. But we are already seeing that the engagement that we have with the digital channel partners have been reflecting in terms of momentum. In fact, the last few quarters, improved traction that we are seeing on the SIPs, it is a combination of digital channel as well as MFD channel. Okay. And so across channels, are we seeing that, flow share is higher than the stock share? Now what did you ask? The flow share, is it higher than the stock share across channels? Yes, flow- Flow market share, is it higher than the stock market share? No, stock market share, I didn't get your point. So, sir, so, let's say we have XYD market share in terms of AUM - so the incremental flows. I'm talking about that. Yes. Flow market share, no, at this point of time, I think from industry market share flows versus us, we're of course below the industry industry share. Our attempt is, of course, to improve the number further. See, I think the way I think industry is also growing so fast, as long as we get our deserving market share, not necessarily it has to be higher than the market. As long as we get a deserving market share, which is what our attempt is, that itself will be sufficient actually to bring in incremental further growth. Okay. Great, great. Good luck, sir. Yeah. Thank you. As there are no further questions, I would now like to hand the conference over to the management for closing comments. Yeah. Thank you everyone for joining, and with this, we conclude our Q2 FY 2025 call. I'll also take the opportunity to wish you all a very happy and prosperous Diwali, and do feel free to reach out to our IR head, Prakash Bhogale, for any queries that you may have. Thank you. On behalf of the Incred Equities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.