Ladies and gentlemen, good day and welcome to Aditya Birla Sun Life AMC Limited Q3 and 9M FY26 earnings conference call. 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 is being recorded. I now want to turn the conference over to Ms. Meghna Luthra from InCred Equities. Thank you, and over to you, Ms. Luthra. Thank you, Ranju. Good evening, everyone. On behalf of InCred Equities, I welcome all to Aditya Birla Sun Life AMC's third quarter, nine months, and FY26 ended earnings conference call. We have along with us Mr. A. Balasubramanian, MD and CEO, and Mr. Pradeep Sharma, CFO. We are thankful to the management for allowing us this opportunity to host them. I would now like to hand it over to Balasubramanian for his opening remarks. Over to you, sir. Yes. Thank you, Meghna, and good evening, everyone. And thank you for joining us today. Let me begin by extending my warm wishes for a happy and prosperous new year to everyone. I hope you all had the opportunity to review our earnings presentation, which is accessible on both the stock exchanges and our company website. Let me start by outlining the current economic outlook and providing an update on developments within the mutual fund industry. As is known, the global economy has entered a phase of recalibration. And despite persistent tariff tensions and policy volatility, growth is stabilizing towards trend levels of approximately 3.2% as estimated. Nations are fundamentally reassessing supply chains and trade partnerships in response to these restrictions and continuing. And meanwhile, inflation continues its moderating trajectory, allowing central banks to pivot their focus towards supporting growth. This convergence signals a shift from crisis management to strategic adaptation. India continues to outpace global peers with remarkable consistency of real GDP on track to expand by a robust over 1.4% in FY26, while CPI inflation has moderated to a favorable 2.2%. The Goldilocks moment of strong growth paired with low inflation continues. We maintain a positive outlook for FY27, projecting a nominal GDP growth of 9.75%. This optimism is underpinned by several factors: the transmission of monetary and fiscal stimulus, expectation of easing of tariff pressures, robust rural demand supported by strong agriculture output, and continued fiscal support for rural India. We anticipate inflation to normalize around 3.75%, well within the RBI comfort zone, and preserving space for growth-supporting markets. Conditions appear favorable for a capital expenditure cycle with capacity utilization at elevated levels and healthy corporate balance sheets. While global uncertainty remains the key risk, India's fundamental position is strongly for sustained growth momentum. Hopefully, the budget should also drive the future growth more aggressively. Indian equity markets told a tale of two forces in this quarter: external pressures testing resilience and domestic strength raising the question. There was intermittent volatility with global uncertainties, FPI outflows, and profit-booking pressures. These downward movements were largely offset by robust domestic institutional participation. Overall, equities concluded the quarter on a firm growth, showing the structural strength of India's equity ecosystem, despite short-term market fluctuations as we witnessed in the last few days as well. Continuing with the mutual industry update, the mutual industry quarterly average AUM stood at 81 lakh crores as of 31st December 2025, compared to 68 lakh crores as of 31st December 2024, witnessing year-on-year growth of about 18%. The industry recorded SIP inflows of approximately 31,000 crores for December 2025, reflecting quarter-on-quarter growth of about 6%. The total number of mutual portfolios stood at approximately 26.97 crores as of December 2025. During the Q3 FY26, the industry saw a collection of approximately 3,300 crores across equity and debt funds, with equity collection predominantly driven by sectoral and thematic and reflective funds. Individual average AUM for December 2025 stood at 49.28 lakh crores, contributing about 60.1% of the total AUM. B30 cities had an average AUM of 15.22 lakh crores, accounting for 18.4% of the total AUM, growing by 18% year-on-year. Aditya Birla Sun Life AUMC performance highlights. Our overall average assets under management, including alternate assets, now stand at 4.81 lakh crores, highest-ever AUM achievement, growing at 20% year-on-year. Our mutual fund quarterly average AUM has reached 4.42 lakh crores, representing a 14% year-on-year increase. And within this, our equity mutual fund quarterly average AUM stands at two lakh crores, growing by 11% year-on-year. As an AUMC, we firmly believe that the SIPs continue to remain a cornerstone of our long-term investing in India. Our SIP contribution for December 2025 stood at 1,080 crores, supported by 40 lakh contributions coming from SIP accounts. In alignment with these visions, we have launched a new SIP-led initiative under our Investor Education Program Plan for Life. This campaign goes beyond wealth creation. It encourages investors to think long-term, plan for life milestones, and, importantly, prepare for retirement through systematic retirement plans. Our total number of investor portfolios for December 2025 stood at 1.08 crores, witnessing a 3% year-on-year growth. We are driving growth by building scale through increased market attraction. Our overall fund performance has improved significantly, leading to better market perception and, importantly, stronger flows into our core product. That is, the momentum gives us the confidence. Building on these strong foundations, one of our key priorities continues to be strengthening our core equity offerings, particularly Flexi Cap Fund and Multi-Asset Allocation Fund and our Balanced Advantage Fund, as well as some of the thematic funds that we have been seeing flows like Conglomerate Fund as well as the Consumption Fund. These are some of the key product focus that reasonably improved flows coming on this segment. Our focus remains on scaling these flagship products through a combination of SIP inflows, robust contribution across all distribution channels, improved fund performance, and increased market engagement. Our drive to build scale through enhanced traction, coupled with improved overall performance, has led to better market perception and rising flows in core products, creating momentum for continued growth. Turning to the alternate business, the PMS and AIF equity segments have demonstrated robust momentum, supported by a steadily expanding suite of credit offerings. We continue to enhance and refine our solutions to address the evolving sophisticated requirements of HMIs and family offices and some of the institutional investors. Our PMS AIF category 3 assets experienced substantial growth, expanding from 3,853 crores a year back to about 22,000 crores in Q3 FY26, representing an eight-times increase in the size. Of course, the winning of ESIC mandate accounted for about INR 28,000 crores as of December 31, 2025, while our PMS and AIF AUM, excluding ESIC mandate, registered a strong year-on-year growth of about 70%, reflecting robust organic momentum in our core alternate business. During the quarter, we received EPF allocation letter appointing us as one of the managers for the fixed income mandate. We are now progressing through the required regulatory formalities and expect to be on board of the assets before the current quarter ending. On the fixed income credit side, we successfully completed the final closure of our ABSL India Special Opportunities Fund Series 1 commitment of around INR 500 crores during the quarter and currently have fundraising underway for Series 2 ABSL India Structured Opportunity Fund 2 and Money Manager Fund. We are also preparing to launch ABSL India Select Sector Fund under the AIF category in equity. Our real estate business has built significant momentum and gained considerable traction, driven by strong investor interest and robust deal pipelines, and during the quarter, we launched multiple Real Estate Credit Opportunities Fund Series 2 in a category 2 AIF which does lending to post-approval real estate across Tier 1 cities, accounting for INR 700 crores, registering year-on-year growth of approximately 44%. The offshore average AUM stood at INR 4,841 crores. We have incorporated our wholly owned subsidiary company, Aditya Birla Sun Life AMC International IFSC Limited in GIFT City to expand our GIFT City operations, and we are currently in the process of securing regulatory approvals and hopefully before the quarter ending, we'll be up and running. We continue to see flows through our current brand setup across our existing funds, such as ABSL India ESG Engagement Fund, ABSL Flexi Cap Fund for inward remittance, and ABSL Global Blue Chip Fund for outward remittance under the LRS scheme delivered, globally compared to solutions to our investors. Our passive business has continued to demonstrate good momentum with a quarterly average AUM touching INR 38,600 crores, representing a year-on-year growth of about 28% and customer base expanding to 15.1 lakh portfolios. Our ETF offerings have witnessed robust traction with the ETF quarterly average AUM growing by 40% year-on-year, significantly outperforming the industry ETF growth of a growth rate of about 25%. We are building towards better long-term outcomes by improving on tracking differences as a key focus, while also improving tracking errors. Last year, industry-wide, we witnessed good inflows in precious metals like gold and silver, and our offering in this space makes an exceptional case for diversification. As of today, our passive product suite comprises of 52 distinct offerings across fixed income commodities and multi-asset allocation fund, designed to address the diverse investment needs of our investors. Moving to the financial performance, Q3 FY26 revenue from operations stood at INR 478 crores, up 7%. Q3 FY26 profit after tax was at INR 358 crores, up by 19% year-on-year. FY26 profit after tax stood at INR 270 crores, up by 20% year-on-year. Our nine-month revenue from operations stood at INR 1,387 crores, up 10% year-on-year. Our nine-month profit before tax stood at INR 1,046 crores, up by 11% year-on-year, and profit after tax for the nine months stood at INR 788 crores, up by 12% year-on-year. With this, I would like to open the floor for any questions that you may have, and I'll be joined by Pradeep Sharma to answer any other questions that you may have. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and One on your 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'll wait for a moment while the question queue assembles. The first question comes from the line of Mohit Mangal with Centrum. Please go ahead. Yeah. Am I audible? Yes, you are. Yes. Please go ahead. Yeah. Thanks for the opportunity, so my first question is, what are the employee benefit expenses? So even if I remove that labor code extra cost, the employee benefit expenses were higher by around 20% YoY. So what explains this increase in employee benefit expenses? Yeah. Pradeep is answering the yeah. So Mohit, actually, employee benefit expenses have gone up YoY, basically on two counts. That is, one is the additional impact of the gratuity based on the new labor code, right, which amounts to around INR 2.82 crores. That is one. Second is on the ESOP cost. This is actually our parent company ABCL. Some ESOP was given to our select employees. So there is a cost of ESOP of around INR 4.66 crores for this quarter. So these are the two which are actually increasing the cost for the quarter. Okay. So going forward, we should expect this to be recurring, or is it one-time? No. So gratuity is a one-time cost. It's not recurring. The ESOP cost would be there for next four quarters, three more quarters on this account. And that is basically I suppose this rolling out of ESOP option for employees in the recent quarter. Yeah. Understood. And a second, if you can share segment-wise yield. Yeah. So equity, our yields are around 64, 65 basis points. And for that, it is around 24 basis points. And liquidity is around 13 basis points. Understood. Yeah. And in terms of this PMS and AIF, can you give me some revenue numbers for 9M and QC? Yeah. So the alternative revenue for Q3 was around 34 crores, which is around 4.5% of our total revenue. Understood. That is helpful. So lastly, on yield, so how do you see yields actually going forward for the next four to five quarters? Do you see a meaningful decline? How do we see the yield, basically? Yeah. I think broadly, Mohit, I think this time we estimate the impact of the circular would be minimal. And to the extent, very limited impact we should see. At the same time, since we are looking at building the size of the AIF things and got a momentum coming in the overall key portfolios in terms of traction. So to the extent that the size of the funds increases, there's a little bit corresponding increase in revenue, but may come at the marginal reduction on the other thing. But again, I don't see it very significant. At the same time, since we're also looking at building our other businesses, especially the alternates as well as PMS and broader and overall basis from the AMC point of view, we should see an improved performance rather than any significant reduction in the fees. Right. So when you say that yield is minimal impact because of the circular, do you mean to say that we'll be able to pass on to the distributors? No. I think we'll see it. I think as we come closer to the implementation date, of course, we will see how best it has to be optimally utilized for the benefit of everyone, keeping in mind the investor at the center. And basically, the preliminary assessment is actually we'll have to balance it out and ensure it has a minimal impact. Understood. Understood. So my last question is on SIF. So your thoughts and when will we be able to launch it? Yeah. So in the case of SIF, we have already filed applications and then approval also is, of course, awaited. We thought that it would launch this month. And since we have asked for the revised structure in the portfolio, it's likely to be approved this month. I think hopefully in the month of February, we'll launch it. By the time, budget would also be out. We'll be the first one to launch. Our first fund will be launched in the month of February. We'll also, of course, plan to launch the equity long-short fund. We'll make an application once we are confident that we have the talent pool to manage the fund once the person comes on board. I think at least one fund we'll launch, which is a hybrid fund, which is the equity taxation, sometime in February. Understood. This is very helpful. So thanks, and wish you all the best. Yeah. Thanks. Thank you. A reminder to all the participants that you may press Star and One to ask a question. Next question comes from the line of Prayesh Jain with Motilal Oswal Financial Services Limited. Please go ahead. Yeah. Hi. Good evening, sir. So firstly, our fund performance has been improving. And quite a few schemes are appearing in the top quartile on one-year return basis. And they contribute to a large portion of our equity AUM as well. But in spite of that, we kind of continue to lose market share on the equity side. As well as if I look at the SIP data that you've provided, that also keeps coming down. Now, generally, it does take a lag effect, I understand, from fund performance improvement to market share improvement. But still, it's been some time that our fund performance has improved, but we're still not seeing any even market share not being stable. We keep seeing decline month on month in terms of market share. So where do you see the effect of this fund performance translating into market share gains, both on SIP as well as normal market shares? Yeah. Thanks, Prayesh. See, I think the way I look at it is, I think if I look at the whole of last one and a half years, the market share loss has been coming down in terms of other basis points. That's something we are seeing. Now, we're almost come to stabilizing kind of thing. I mean, we're now almost come to a stage where it's now getting stabilized. That's one. Second is on the fund performance moving from one, two, two, and three. And that's something we are already seeing it start reflecting. Most of our funds, while we have done variable on one and a half years, is now start reflecting on the three-year. Normally, what happens is, as the short-term performance start reflecting the long-term performance, it comes as part of the recommendation list. We're already seeing that happening in the last two quarters. The number of approvals that is coming from the ordinary channel partners, that is something should be taken as a signal of product coming as part of the recommendation list and basis which it's coming in. And second, some of the online platform where we also saw significant flows on funds, which were top-performing funds. We're already start seeing some of our funds appearing in that segment as well. It takes some time for all these things to come in the so-called public domain. So I think these are some of the things we're already seeing it reflecting on net inflows coming in funds like Sun Life's equity, which is Flexi Cap Fund. Conglomerate Fund, we are seeing improvement in terms of flows. Balance Advantage Fund has seen good flows. And Multi-Asset Allocation Fund have got good flows. So I think that, of course, the category in which where we have even seen industry-wide the ELSS scheme, if I knock that off, and then other schemes we are getting, the flows already begin. See, SAP is dry. If I look at SAP number minus the SAP, SAP is something which comes from large-scale investors. They, of course, dynamically manage that. And therefore, minus the SAP, if you take it, I think we are already seeing that SAP numbers on equity getting better. Of course, there's no question that it has to gain further momentum given the fact that industry also coming in the segment. I think lastly, of course, from a sales team point of view, the high focus that we have been put in place in terms of improving the productivity of every arm across the country with improved fund performance and reasonably high level of engagement and bevy of activities in the retail segment, which our retail team is doing it, I think should start reflecting in terms of improved performance coming on the numbers as we move forward. That I'm reasonably confident the way things are shaping up. I think it will remain improved these numbers on a quarter-on-quarter basis. See, as far as the market share concerns, of course, if any look at top 10 players versus the rest of the players, we must also, of course, remember that overall market is expanding and more players are coming in. I think we also have to keep a close watch on our absolute performance improvement. In fact, when I look at this year, all of this year nine-month numbers, and close to about 16,000 gross of net sales that we got on the AUM of our equity as a product. And overall, as a fund house, we got almost about 45,000 gross of net sales. But these are numbers that are actually a reflection of the confidence which the team amidst the team is driving the whole thing. I think improved performance will only further boost the confidence of the entire team across the country and the distributing partners to bring the numbers up. And that's something I'm already seeing it as the reflection coming from our Prayesh. Are you there? Yeah. Yeah. Sorry. Sorry. So if I got your number right, you said 4,500 gross of flows in this year, in these nine months. No, no. Total is about 55,000 gross roughly is overall as a fund house, including fixed income. And equity will be close to about 16,000 gross of inflows net sales across all of our equity schemes in particular, including arbitrage funds. Okay. And so I show it as a trend. I'm just saying. I'm just saying why I'm saying Prayesh's number is not disclosed generally. It is a number which normally we keep track of, but how we are progressing on quarter-on-quarter basis. Those numbers are not generally disclosed anywhere. But I'm just going by the trend that I'm seeing. Like Flexi Cap Fund, I'm seeing some inflows. Multi-Asset Allocation Fund, we are seeing inflows. Maybe the rate of inflows could be lower. But I think what I see is actually the beginning of the reverse of the trend. Itself will gain momentum. Yeah. Right. Sir, anything on the distribution side where you would want to take action given that we are there in the top quartile performance? Any commission actions that you would want to take wherein you kind of increase a bit of commissions and take some pressure on your yields and get the volume growth which can help you? Is there anything of that sort as a part of the strategy? So that's something we keep doing it, Prayesh, as part of our strategy. Products which can generate the volume. At the same time, if one has to consider for a brief period in terms of supporting sales activities, that's something we do it. Already the focus product that I'm talking about it, the team do have some of the flexibility to push for the volume. That's something we keep doing it. I think as we start seeing, we keep in mind, even from an employee point of view, in order to motivate employees to run around the market, improve their productivity, we do incentivize them to drive with a lot of. But that's something we keep doing it. I'm sure this strategy will always be evolving. And nothing is one-time we have to do it. This anyway is a continuous process. We also run another segment-wise distribution partners which we call the Privilege Club. Something again we keep driving it in order to help them improve their overall ranking and whatever we can do in terms of various activities that we undertake. That remains as one of our focus areas. Got it. So last question. Is your flow market share coming closer to, or is it very close to your backbook market share, probably in the month of December or currently in January? How is it kind of panning out? Is it very close to your backbook market share? Yes. Somewhere we can say. I think it's this. See, the way I see is the moment we see the rate of falling comes down, then somebody will raise the equilibrium and then we start reflecting on the reverse trend. Got it. All the best. Thank you so much. Yeah. Thank you. A reminder to all the participants that you may press Star and One to ask a question. Next question comes from the line of Dipanjan Ghosh with Citi. Please go ahead. Hi. Good evening, sir. So a few questions from my side. On the expense side, if I look at your other expense run rate and not looking at quarterly volatilities, but looking at it more from a, let's say, rolling 12-month sort of a thing, it seems that the run rate has meaningfully been controlled despite your kind of growing your alternate suite. You're also kind of probably scaling up your sales personnel on the MX side given the traction in flows. So just wanted to get some sense of how should one think of the trajectory on the other expense side in case, let's say, you were to kind of scale up initiatives given that your performance is not back on track? The second question is on the flow share, and I'm trying to triangulate this math that your SIP market share is fully yet to stabilize. But obviously, your redemptions have probably kind of narrowed down, resulting in improvement in net flow trajectory. So just from a channel perspective, would it be fair to assume that when performance improves, maybe the MFTs or the more assisted channels are the fastest to pick up in terms of both net new money and maybe lower churn rate? I mean, are you seeing that, or maybe I can stand corrected in case that's not the trajectory? The third question is on the similar lines. I mean, you mentioned some number on the flow part in reply to the previous participant's question. But you included arbitrage also. I mean, is it possible to give some idea of the quantum excluding arbitrage? And just two housekeeping questions. If you can spell out the employee number and SIP AUM number as of December 31st. On the expense part, Pradeep, do you want to answer? Yeah. So Dipanjan, actually, the expense in our initial two quarters, we had our vantage summit and growth summits across the country. And actually, for this, increasing the engagement of our distributors and investors. Q3, those activities have been low. And that is why you see that there was no increase on quarter-on-quarter basis. In fact, it is flat. But if you see on a year-on-year basis, I think that average, I think, would continue to be in coming quarters. So these all activities of our field engagement with our distributors and investors will keep on happening. However, there would be some quarter-on-quarter fluctuation when some few quarters will have those events, few quarters may not have. But I think the right way to look at is the year-on-year average. Yeah. Okay, and the employee number is currently around 1,680. 83, to be precise. SIP AUM is around 87,000 approx. 86,984. Around 87,000 gross. Yeah. Just to answer the other question, Dipanjan, as far as the channel concerns, definitely the organized channel, which is the banking channel, MD channel, and MFD channel, which contributes roughly about 80% of the AUM. We do have a very strong relationship built historically. The performance improvement definitely improves the confidence of our partners and goes aggressively in pushing it. The MFD is one channel which we are already seeing some traction. Organized channel, of course, goes by the recommendation of the product, which I mentioned earlier. Some of the organized channel which sells, say, three, four products of each of the category, we are already seeing is coming as part of the recommendation list, barring one or two where we are in the borderline case for the product to become part of our list. And as for the MDs concerned, again, some of the products are now coming as part of the recommendation. As it comes as part of the recommendation list, then naturally, there is a higher responsibility, ownership, and incentive to sell the product from those channel partners. But that I see the trend is reversing. As for the online, which is digital platform concerns, while we do have a presence with each of these partners which built over a period of time, the strong partner for all of them. Given the fact they go by criteria they apply in selection of the funds. And some of the funds, again, coming as part of the recommendation list, and therefore build a strategy around it. How do we get higher volume? We have seen this kind of volume coming in a few quarters back on some of the funds. Based on their understanding and evolving situation, that's something we'll push. I think largely, if I look at it, it'll be a mix of all the channels because we can't say there's one channel. We have the fund house that have got separate responsibility for each of the channel partners with the people around it. And therefore, with respect to the flows, I just give you a broader trend in terms of though we don't give the individual fund-wise or category-wise flows. But overall, equity category, we just give the number. I think broadly, we can take it about 60 to 60, 40 kind of ratio, 60 for arbitrage and 40 for other funds. So we don't give the individual numbers. But broadly, that's the kind of motta-motta you can take as a breakup. Got it. So just to clarify, this was for 3Q or 9M, this data that you mentioned? The last data point was flows? We are 9M month, yeah. Correct. Correct. Correct. 2Q. Correct. For the full year, yeah. 9M month, yeah. Correct. And sir, if I can just squeeze in one small question, and thanks for the answers to the previous questions. Your performance is improving after some time, right? And what we've seen over the last few years for some of your peers where we saw a turnaround in performance, while AUM market share picks up, it never really recovers to the previous peaks. And maybe that's a function of market fragmentation or maybe changing industry dynamic and also distribution. Difficult to kind of pinpoint. Having said that, in this environment, given that your performance improvement somehow coincides with the time frame when there's a regulatory change also, would it be fair to assume that you would want to kind of maybe take a differentiated stance with respect to payouts to your distributors such that maybe there's a motivation to kind of aggressively push your products a little? How do you already kind of follow suit in terms of passing on the hit to the distributors? No, no. As far as it is going, the business concerns that commitment because if we have to grow a little faster, we're going to apply multiple strategies which includes temporary incentives that need to be provided for pushing the sales. Normally, we do that on a select basis. It is nothing new to us. At the end of the day, again, we should also, of course, have a profitability target that we generally keep. We have to do the balance between profitability versus overall growth in AUM versus the revenue. That's something we keep doing it. I cannot say this will not do that. I think our industry is so dynamic. It's very difficult to take a single stand and basically push it. Now, with that performance improvement coming, performance pull comes, recognition comes, the volume starts coming in. Therefore, we have to give a little bit of higher push. That means temporary adjustment on the pricing, which, of course, normally we are open. But again, we try to, of course, do the balancing between growing the size and maintain the overall profitability expectations. That's something we'll continue to keep. Got it. Thank you for all the best. Yeah. Thank you. A reminder to all the participants that you may press Star and One to ask a question. Next question comes from the line of Abhijeet Sakhare with Kotak Securities. Please go ahead. Hi. Good evening, everyone. My first question was if you could indicate how have been the yields on the fresh inflows that have come up in the last couple of months compared to the overall book yields. And the context is just to kind of check this with reference to your earlier comment that the idea will be to keep the yields intact, right? I mean, not just because of the telescopic decline, but also the new regulations that will set in from next year onwards. Yeah. On the incremental price, more or less the same. There's no difference. We have not done anyway, of course per se, in this quarter. Therefore, more or less, the yield remains the same as what Pradeep mentioned earlier. The intent of maintaining overall yield, I was just mentioning, given the fact, of course, the regulatory framework might have a marginal impact. But broadly, the intention is to keep the trend on the margins more or less the same. So that's the attempt we'll make through a mix of product, through a mix of momentum that we are bringing in certain high-margin asset classes. Got it, sir. And how should we think about the expense growth for next couple of years? Yeah. So, Abhijit, expense growth would be the normal expense growth. No shockers on that account, which would be in line with inflation and closer to that. Except, we may see impact of the new ESOP scheme which we have rolled out in the month of January, so next few quarters, we will have impact on the manpower cost on account of this new ESOP scheme. Yeah And the basis is the third quarter, right, sir? Sorry to interrupt. Sorry. Sorry, so otherwise, other expenses would be in line with the normal inflationary, except in employee cost on account of ESOP cost, and that's already kind of showing up in the third quarter employee cost, right? The impact of ESOP? No, third quarter is not completely showing because the new ESOP scheme of ABSL AMC has been rolled out in January. Third quarter actually is having the impact of the parent company ESOPs given to select employees. Yeah. Okay. And is that going to be spread over three years? It's not going to be spread over three years, which allowed to make operations. Yeah. Okay. And sir, last question. I missed the data on equity flows that you mentioned in the previous question with respect to the nine-month flows. Sir, if you could please repeat that. I said overall, the flows have been improving in the equity. And broadly, I said as a fund house, close to about 50% growth of inflows, which includes fixed income, equity, and arbitrage. And within the equity, I mentioned close to about 60% growth of kind of inflows, rough cut number. That's why I just mentioned. And within that, the focal product that we are pushing, which is the Flexi Cap Fund, Multi-Asset Allocation Fund. In fact, we also started getting flows on the small and mid-cap funds. But though may not be in the same order as what the industry is getting it. But these are some of the trends to go through. I'm seeing on at least about seven or eight products in terms of flows improvement. Got it, sir. Very useful. Thank you so much. Thank you. Ladies and gentlemen, as there are no further questions, we have come to the end of the question and answer session. I would now like to hand the conference over to the management for closing comments. Yeah. Thank you. And thank you, everyone, for joining. And with this, we conclude our Q3 FY 26 earnings call. If you have any query, of course, either call or write back to Pradeep Sharma and Shivani Manga. Yeah. Thank you. Thank you. On behalf of Aditya Birla Sun Life AMC Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.