Ladies and gentlemen, good day, and welcome to the Anand Rathi Wealth Limited Q4 and FY 2022 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as of the date of this call. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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 hand the conference over to Mr. Anand Rathi, Chairman and Promoter. Thank you, and over to you, sir. Thank you, Rujuta, and very good afternoon, ladies and gentlemen. Welcome to our earnings conference call for the first time after our listing for the full year results and obviously the quarter four results. We welcome you all. I'm very happy to inform that I also am joined by our senior management team, Mr. Rakesh Rawal, who is the CEO. Mr. Feroze Azeez, who is the Deputy CEO. Mr. Jugal Mantri, who is Group Financial Officer, and Mr. Rajesh Bhutara, who is the CFO of the company. As you must have seen, our results have been very good. The way we'll proceed, Mr. Mantri, Jugal Mantri, will brief you about the results which have already been perhaps in your hands. Then it will be followed by question answer. All my senior colleagues will be very happy to Mr. Rakesh Rawal, Mr. Feroze Azeez, Mr. Jugal Mantri, Mr. Rajesh Bhutara to take all the questions, which you have in mind. Thanks, once again, for joining us, and over to you, Jugal. Thank you very much, sir. Good afternoon to all. I am happy to share that the company and its subsidiaries all have posted robust performance for the financial year March 2022, backed by the accelerated growth across businesses. Our revenue for the year ended 31st March 2022 stood at INR 426 crore as against INR 279 crore in FY 2021, registering a growth of 52% compared to the same period last year. Our EBITDA for the year stood at INR 177 crore, registering a growth of 155% as compared to INR 70 crore during same period last year. Our EBITDA margin, that is very healthy, and it stood at 42.4% in FY 2022. Profit after tax for the year stood at INR 127 crore, registering a growth of 184% as compared to INR 45 crore during same period. Our quarterly revenue, EBITDA and PAT stood at INR 115 crore, INR 46 crore and INR 35 crore respectively, registering a strong growth of 49%, 216% and 239% over same period last year. The basic earnings per share for the company for financial year 2022 stood at INR 30.49. The return on equity, which is one of the most important parameters, stood at healthy 41.7% for financial year 2022. The company has declared a final dividend of INR 6 per share, which is subject to approval of the shareholder. Earlier, the company has declared and paid interim dividend of INR 5 per share. All put together, the dividend for the financial year FY 2022, if it gets approved, it will be INR 11. That will translate to 220% of the face value of shares. Going forward with broad-based recovery throughout the economy, improved market condition and growing awareness of a dedicated wealth management advisor, we expect an increase in flow of funds and consistent growth in our AUM in the coming quarters. With this, we will now open the floor for question and answer. Thank you. 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 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 will wait for a moment while the question queue assembles. The first question is from the line of Madhusudan Kela from MK Ventures. Please go ahead. Hi. Good afternoon. Good afternoon. Yeah. Members. Good afternoon, Anand. Brilliant set of numbers to you and your team. I think you have lived beyond the promises which you made at the time of IPO. Congratulations on that. Anand, I had one simple question. Yeah. You know, we continue to generate substantial cash in the business, and of course, the business doesn't require money. We have seen by international examples that buyback is a far more effective way than dividend in overall wealth creation for all stakeholders. Will you, A, consider buyback as and when the company becomes eligible? B, generally speaking, what kind of quantum of profit we can expect to be distributed by the company over the next two, three years? Let's say if we make INR 100 profit, what kind of distribution can happen? Thank you, Madhu, for the compliments. I think in accordance with our policy to reward shareholders, obviously we will definitely consider the buyback option at the appropriate time, depending on, you know, the when we are eligible, how much funds are available. Looking at the requirement of funds for growth, obviously we would like surplus funds to be used for rewarding shareholders from time to time. Obviously the timing and quantum will depend on the situation. Because we would like company to grow and any investment in growth will be done. We'll also look for opportunities for acquisition of small, you know, businesses if possible. Our whole idea is, obviously, to grow the company as much as better as we can do and also to reward the shareholder. I hope our shareholders with the decision which you have taken even to increase our dividend. Last year we paid INR 5, this time we have made INR 11. I'm sure the shareholders would be happy with the decision of the board. Thank you for your suggestion. Thank you, Anand Rathi. Thank you. Thank you. Thank you. The next question is from the line of Rohan Mandora from Equirus. Please go ahead. sir, thanks and congratulations on good set of numbers. just, one question was in terms of as you commented right now, you will also look at some acquisition opportunities. If you could highlight which lines of business would you be evaluating those incrementally? It will be in the wealth management only. I think our idea is to be focused only on the wealth management business. Sure. Second was that in terms of the AUM movement, like we had given in the presentation last quarter, if you could share how much of it was coming from new clients, existing clients and MTM? Something around that. Yeah. Rakesh, sir, yeah. New clients, say, [Foreign language]. Rajeshji, do you have that number readily available? Or we can then. If we don't, then we can separately give an answer for that. We had an inflow of about INR 2,700 crore in new inflow in the last financial year. Out of that, 50% was from the existing clients and about the same has come from the new set of clients. Okay, lovely. Sure, sir. Another question was in terms of, say, in the marketing the ventures product that we do, in case some client wants to exit prior to the maturity, are there any prepayment charges that are levied on that? Or how does that transaction work? If you could give some light on that. Feroze, you want to take that? Sure. When there's a premature withdrawal, what happens is we, since it's an ongoing business, we sell it to another buyer. There's no redemption charge, if that's what you're alluding to, Rohan. That's your question, right? Yes. There are no redemption charges. Right. Okay. Correct. Yeah, there'll be. Because we buy it and then we house it and sell it, we may have some margin in terms of when you're selling. Some degree of trading margin will be there, which generally is levied on the buyer rather than the seller. Got it. Sir, in terms of the new client acquisition run rate, like last year was around 988 and this year net addition 973. Like, how should we build the run rate going ahead? What is the run rate currently and what is expected run rate going into 2023 on new client acquisition? Feroze? Yes. Thank you, Rakesh. Yes. We, of course, when you run a business like this, there's something called the critical mass. I think the run rate would increase. If you look at the number of RMs, we expect 0.7, 0.8 per month, per RM, new acquisition. That's our target. Are we heading there? The answer is yes. As you have larger number of satisfied clients who've spent reasonable amount of time, your references shoot up. Of course, after the pandemic, it has been close to 1,000 all three years, 800, 900, 980 and again 1,000. Do we see this pace increasing? To my mind, yes. There could be a 50% growth in the pace in this year. Because there is a large visibility a business like ours gets after listing, and that creates some degree of momentum in terms of acquisition. That's what we've seen in the second part of the last year after we've been listed. Sure. The 0.7 per RM per month client acquisition would be for a certain vintage of clients that we are targeting. Beyond a certain vintage or across RM pool? No. See, if you have 271, so if I say 0.7, then I'm speaking of 200 clients gross. So 150 clients per month is our target. That's our target. Will we get there in a year, two years? The answer is yes. Sure. Lastly, would it be possible to share? Yeah. Sorry, you were saying something? Yeah, I was saying there are two sets of RMs. One are the ones who have crossed the INR 40 crore mark. Those we call them as qualified RMs. There we would look at at least 0.7 in this. Mm-hmm. Got it. Just lastly, would it be possible to share the quantum of MLD issuances during the year? Fresh issuances. Hello. Yes. Got it. Jugal Ji, quantum of MLD we issued? The quantum was more or less same what it was in FY 2021. It was about INR 2,800 crore. Largely, even these issuances were reinvestment sort of, where the people have redeployed their money which they've received out of redemptions. Got it. Thanks a lot. Thank you. Participants, to ask a question you may press star and one now. The next question is from the line of Senthil Kumar from Joindre Capital Services. Please go ahead. As there is no response, we'll move to the next question, which is from the line of Karthik Sahni from Myriad Asset Management. Please go ahead. Hi, sir. I just have one question. Your share of mutual funds is now around 46%. Can you give a target of, say, down the line, three years? The target for the, you know, for the next three years is to try and get to 50% of income from mutual funds. All right. Thank you. with respect to the assets, that's the 46% number you're referring to. In terms of assets it will be 55%, 60%. In terms of revenue, like Rakesh sir mentioned, 50%, 50%. Okay. Thank you. Got it. Thank you so much. All the best. Karthik, even the amount which you are referring to of the mutual fund, that is only the equity mutual fund amount. In fact, the total share of the mutual fund assets in our AUM is 58.3%. 46% is only equity mutual fund share. Okay. That's clear. Thank you. Thank you. The next question is from the line of Senthil Kumar from Joindre Capital Services. Please go ahead. Am I audible, sir? Hello? Yes. You're audible. Now you're not. Mr. Senthil Kumar, please go ahead. Your line is unmuted. Hello. Congratulations, sir. Congratulations to the team for the good set of numbers, sir, and thanks for the opportunity. I have two questions. First one is, given the current uncertain market environment on account of various macro factors, do you foresee an increase in MLD business as it offers a downside protection to investors? Because I see a fall in other security contribution, which includes MLD AUM from 35.3% in FY 2022 to 29.15% in FY 2021. Can you please throw some light on that, sir, on future outlook of MLD business? Feroze Azeez, would you take this? Hello? Hello? Hello. Ketul? Sorry, there was some disturbance, so I couldn't hear the question correctly. If you can go again with the question, it'll be very helpful for me to give you a pointed answer to it. Yeah. I just want to know the future outlook of MLD business, sir. Because now I can see that the other security contribution which was declined from 35% in FY 2022 to 29% in FY 2021. Now, given this uncertain environment, market environment, how do you foresee some increase in MLD business going forward? All our decisions with respect to allocations of mutual funds, structured products, as we call them MLDs, is dependent on the macroeconomic variable and the client objective. Like, just previously we were discussing that our equity mutual fund moved from 39% to 46% and our MLD moved from 35% to 30%. That's because beginning of the year, we thought that the client objective can be better met with 5% moving from MLDs to equity mutual funds. Since we use a very standardized, very oriented, all of our RMs are aligned and oriented in one direction, all of it happens together. That's why you see 5% reduction in MLD and a 5% to 7% increase in the equity mutual fund. That's the top-down recommendation from our model portfolio. That's the heartening thing, that whatever we decide on the model portfolio actually becomes a reality in the assets. Now, coming to the question of what do we see as the future of the MLD business. MLD business of 30% to 35% helps us maintain the standard deviations of 8% three-year standard deviation. This one-third component is what I think will be a reasonably stable recommendation, ±5%. Thirty is on the lower side, 35 is generally on the higher side, given our track record of six, seven years. Now, a large portion of MLDs which have been sold three years back, four years back, come to maturity and 78% to 80% of our gross mobilization comes from maturities and repeat buyers. With that kind of marketing momentum which has developed over the last 10 years, will the business capitalize on it over the next 10 years? The answer is yes. Understood, sir. Good. Thank you. My second question has been already answered. That's it from my side. Thank you, sir. Thank you, Senthil. Thank you. Thank you, Senthil. Thank you. The next question is from the line of Devesh Agarwal from IIFL Capital. Please go ahead. Good afternoon, everyone, and thank you for the opportunity. Firstly, congratulations for a good set of numbers and beating your own. Absolutely. -guidance. Thank you. I think you already did mention about this number, but I missed that. The MLD contribution or the gross mobilization for the year is the number INR 2,800 crore? Is that what you said? Yeah, that's what Jugal informed us. Yes. For the fourth quarter, how much would that be? Jugal Ji. For the fourth quarter, the gross mobilization was about INR 760 crore. Understood. In terms of the tenure for this product, have we seen any change versus FY 2021? Are we selling more of five years? Is that what we can assume? That's right. It's more five years than three years. Yes. Right. We had started selling even third-party MLDs. Is there any progress or any numbers that you can share on? Yeah, yeah, definitely there is a progress. In fact, about 35% or you can say 1/3 of the new sales has happened of the third party only. 2/3 is of the Anand Rathi Global and 1/3 is of other party. The duration remains the same, five years, even for the third-party products? No. The third party is three years and the other one is five years. Understood. In terms of your guidance that you have given for FY 2023, I think you are forecasting 22% growth for your AUM. Can you just give a broad color, which are the segments, what kind of growth are you looking for in FY 2023? Well, to my mind, it is, you know, it is gonna be proportionate. Why? Because the strategy is proportionate. Hello? Yeah, I'm listening, sir. Yeah. If I have new monies coming in with an objective earning 12% to 13% return, that has an allocation of a certain proportion to equity funds and certain proportion to MLD and debt. The new monies will get allocated in the same proportion. The 22% is going to be hence the same 22% for all the categories. Understood. Okay. Sir, any targets for the RM addition for this year? RM addition for next year, again, we are looking for about 40 to 50 people again. 40 to 50 people. Perfect, sir. Thank you so much and all the very best. Thank you very much. Thank you. The next question is from the line of Franklin Moraes from Equitas Wealth Advisory. Please go ahead. Yeah. Thanks for taking my question. So in your underlying assumption of, you know, your around 22% AUM growth, would you assume the industry also to grow at a similar level? Well, I don't think we are looking at it from the perspective of the industry. We are saying that, hey, given the new money that we get when we acquire clients, as well as existing clients with, you know, what kind of new monies they can bring in, and therefore this whole thing is built bottom up, and our estimate on that is therefore 22% to 23%. Okay. If I look at you know the AUM in proportion to the clients, it appears to be that you know the average ticket size of the clients is you know reducing over the last maybe three years or so. Could you tell us like what was the average ticket size you know at origination three years back and what it is currently? Rajesh Ji, what is the number? Feroze, bolo. Firstly to the point, comment before the numbers. Rajesh Ji, if you could pull out the numbers. Firstly, the average client size is not reducing. When you bring in a new client, your base of number of clients is increasing. When you get a new client, it takes one, two, three years of credibility building for you to penetrate into one's balance sheet to the extent of 50%, 70%, 80%. When a INR 10 crore balance sheet commences with you, with INR 1 crore, it doesn't imply that he's got just INR 1 crore to give you. You're going to balance sheets upwards of INR 5, INR 10, INR 15, INR 20 crores, but the people commence with INR 1, 2 crores. As you expand your new client base, if you look at averages without mean, median, mode and stuff, the arithmetic mean might be a little deceptive number, right? That's why you see as the client base increases, the average ticket size is coming down. If you bifurcate three or plus clients and then see average ticket sizes, it'll be reasonably good to see a growth in the average ticket size. Does that answer? Feroze Bhai, you have rightly said, Mr. Franklin. In fact, if you will look at the AUM, what we had in FY 2018, our AUM was about INR 15,000, and we had total number of clients, those were about 3,300. In fact, the average at that time was also INR 4.5 crore. It is in fact commendable that in spite of doubling the number of active client families, we have been able to maintain the average AUM per client family at almost the same level. That is really commendable and it goes very well what Feroze Bhai has said. I was, like, you know, the AUM also would have a certain portion of, you know, the profits also, which would have got built into over the last three years. I was just trying to adjust it for, you know, the profit or the increase in AUM that would have happened. You know, that number would have just if you know, look at inflows probably, you know, that number would have come a little bit lower. As you rightly said, probably as the new clients get added, you know, incrementally, the average ticket size for the new clients is a bit lower, compared to the ones for the existing clients, which is probably why, you know, on an aggregate basis, if you look at it, the average ticket size would appear to be a bit lower. My follow-up question on this is, you know, how long does it take, you know, for the client to reach that maturity level in terms of, you know, providing large part of his or rather shifting a large part of his, you know, portfolio? Feroze? Okay, sir. If I told you the average time taken, I think credibility gets built is in three years. If a person has spent three years and seen one cycle of three-year investing, the credibility goes up and then penetration becomes relatively easy. That's why we see below three years and above three years more clearly in terms of our client bifurcation. Most of them start with 10%, 15%, 20% of their balance sheets. Don't start with 60%, 70%, 80%. Over a period of 10 years, you become a sole advisor. Three years, seven, eight, nine years to become a sole advisor and three years to penetrate upwards of 50%, 70% of one's balance sheet. Because as long as you have created clear expectations, and then you meet those expectations, clients are very, very happy to give you larger chunks of their balance sheet because it gets them to be more relieved. That's three years and seven years, eight years. Does that answer? Yeah, yeah. That's really very helpful in terms of understanding, you know, that movement. Next question is in terms of, you know, your... I mean, if largely we are, you know, oriented towards mutual funds, both debt and equity. But I mean if you see, you know, clients are more preferring or rather they want to diversify into, you know, the non-mutual fund oriented kind of, you know, businesses at an industry level. Are we making any steps towards diversifying our revenue sources as well? Feroze? Okay, sir. Firstly, we are not oriented to mutual funds or MLD for any product. Our orientation is to the client objective. There is a little difference. There is a subtle difference. Our client objective is what we are oriented towards and what is the simplest way to achieve that objective. If that happens through equity mutual funds 45%, MLD 30%, then that be it. That's point one. Point two, of course, clients have this inner desire, especially looking at several products being offered from a crypto to private equity to a REIT to NCDs of real estate developers. There is a lot of digression which is there in the marketplace in the form of product offering. When you're meeting 7,000 clients one-on-one as a private banker or a Private Wealth manager, you influence their thought process over 10, 12, 15 meetings. Once the client is designed to think in a certain way, he filters out most of the product himself or herself. For example, if today you pitched our client, somebody who has gone through a lot of learning curve, a specific product, he'd ask you the question, what is the return? What is the standard deviation? What's the cost as an expected return ratio? All those five, six filters throw out several product distractions, and helps a client overcome the FOMO sentiment, fear of missing out sentiment, which he feels when he sees a new attractively entertaining product. That's how we try and handle that. Distraction. Okay, okay. Last question is on the trail revenues. We've seen the trail revenues, you know, as a percentage of total revenues, increasing for this current year. Going forward, how should we, you know, look at this trail revenue? If you could just give some understanding in terms of, you know, how to read and understand this. Yeah. Feroze again. Okay, sir. Like Rakesh, sir already mentioned, that our target in the short term itself is to have 50% trail revenue from mutual funds and 50% all others, put together, largely MLD. That's our target. That's one way of looking at it. Second, we always have this aspiration to cover our HR costs, and certain degree of fixed costs using trail revenues. To answer your pointed question, 50/50 as a proportion of other revenues and mutual fund trail revenue is our target. We must be there, in the next year or two years latest. Okay. As a percentage of total revenues, will this share increase or will it be the same now? 50/50 was the percentage. Of the total revenue. Yeah, of the total revenue. Of the total revenue. Okay. Thanks a lot. That's why you see last year when we were very determined to increase our trails, you've seen a 71% growth in the revenues from trail. The overall revenue growth has been 56%, but the trail revenue growth has been 71%, which implies that we are heading towards our target of 50/50. Great. Thanks a lot. Thank you. The next question is from the line of Pranav Gala from iWealth Management. Please go ahead. Sir, am I audible? Yes, you are, sir. Yeah. Just wanted a certain understanding on our MLD business, sir. How does that business- Sorry to interrupt you, Mr. Pranav Gala. Yeah. Your voice is not clear, sir. Okay. One second. Is it audible now? Yes, now it is. Please go ahead. Good afternoon, sir. I just wanted a certain understanding on our market-linked debenture business, sir. How does that basically work when it comes to our system? I mean, we have an RM and a client. The client gives us money and how does the process flow, sir? No, no. I think Feroze has explained that the client firstly, you know, we look at his balance sheet. We tell, you know, he fixes an objective of 12% to 13% return. After which we tell him that how he can get that 12% to 13% return by putting monies in a certain proportion in equity funds, some in debt and MLDs. He finds that particular mechanism attractive, and then depending on what his balance sheet is, he keeps filling in the gap of putting money in equity funds and MLDs. Right. I mean, when, say, the client agrees, say, 50% in equity and 50% in MLD, he will be having opening his own account and putting his money as whatever you have, whatever the RM has suggested. Is that understanding correct? Yeah. Okay. For the MLDs, he opens a Demat account and, you know, sends a check to the company, to ARWL, and then the MLD is credited to his Demat account. Does that. Is that what you want to ask? Once the MLD is credited to his account, then what is the risk associated with MLD towards the client? Hello, next. Rutuja. Yes, sir. Hello? Huh. Hello, am I audible, sir? Yes, you are. Sir, I was just asking that, based on the MLD side, once the MLD is credited to the client's account, what is the risk associated to the client as well as to us? What is the risk? It's lying in his Demat account. I don't understand the question. Any security lying in a Demat account is lying in a Demat account. What is the risk? I, what specifically do you have in mind? Oh, no, sir. There are certain loans taken and loans given on our balance sheet last year. Is that related to MLD? No. side. Jugal, would you like to answer that? I don't know. No, there is no loan, which is attributable towards the MLD business. Rakesh Rawal has clearly outlined that in case if the client agrees to the strategy of investing into MLD, okay, based on that, the book is being created and it'll be, Anand Rathi Wealth Limited purchase the MLD from the issuer and resell it to the client. There is no risk associated with this MLD business in the books of Anand Rathi Wealth Limited. The reason being we have simply sold the securities and ultimately the owners, the beneficial owners fee as well as any risk which is associated with the instrument that will be in the books of the MLD holder. There is no risk associated with it will be there in the balance sheet of Anand Rathi Wealth Limited. Does that make it clear to you? Yeah, yeah. This is what I was asking, sir. Thank you so much. This is basically saying that once the buying of MLD is done from our end for the client, it's being credited to his, their account. Yes. Once that has happened, the risk entirely goes to the client on books of Anand Rathi. Absolutely. Okay. Thank you so much, sir. Thank you. The next question is from the line of Aakanksha from Praj Trading. Please go ahead. Hi, sir. Thanks for the opportunity. Can you just briefly talk about your digital initiatives? The two things which you have been doing, like the OFA and Omni Financial Advisor and Digital Wealth. Can you just briefly talk about the two initiatives? Can I answer that, Rakesh? Please, sir, please. I think, you know, the two initiatives are obviously long-term, is my initiative to cover the different segment of clients which are not covered in the wealth. Digital Wealth primarily is meant for, you know, mass affluent category, where people obviously want to invest and our entire proposition is online. The investments can be done online. The asset rebalancing can be done online. It's basically a Digital Wealth plan where people can do it themselves without any assistance from the RM. That's why, you know, because for mass affluent, it is a, you know, cost ineffective to have senior RMs which are doing wealth management. That's why this has been created. Right now it is being sold through the you know various independent financial advisors to their clients. Independent financial advisors understand our platform and try and distribute to them. But obviously the entire investment, the AUM is of the company. The other product which we have, OFA, which is a technology platform for the small independent financial advisors who don't have their own technology based support. It's a subscription-based product which we give, and we have more than 5,000, about 5,300 independent financial advisors who have bought this product from us. We service this product. It helps them to you know it provides a label for them. In their own name, they send the reports to their clients. There's a client app which they can do. Therefore, the idea is to help IFAs to acquire more clients, providing the technology platform which they themselves are not able to do. Primarily, obviously, it is intended for the retail investors. There is an increasing traction on both the products. Hopefully in the digital long-term, these will also grow and become big businesses. the OFA fund. Yeah. Is there a financial advisor would be selling only Anand Rathi product or? No. Actually, we are only giving a technology platform. It is subscription-based. We are not selling any product through our IFAs. To the financial advisors that you It is like, you know, you buy Tele, for example, you know. It's like a technology platform and product which is designed to be used by any financial advisor so that their entire transactions of mutual funds are fully recorded in the system. Then whatever report they want to send it to their client, they can send it. The client can use the app, which is again part of our services. He can open the app and see any data which is related to the investor. Okay. Okay. Okay? Thank you. That's fine. All right. Thank you. Thank you. Ladies and gentlemen, due to time constraints, that was the last question. I would now like to hand the conference over to the management for closing comments. Thank you. Rakesh, would you like to make any comment? Thank you very much for coming in and joining. We tried to answer all your questions to the best of our ability. You know, I want to say that, hey, we will continue to endeavor to do our best for our very, very esteemed shareholders. Thank you very much once again. Thank you. Thanks, everyone. Thank you. Thank you very much all the participants. In case if you have any further query or if you need any clarification, please, either you can reach our investor relations head, Mr. Vishal Sanghavi, or CFO, Mr. Rajesh Bhutara, or strategic growth advisor who is helping us on IR front. Thank you. Okay. Thank you. All right. Thank you. On behalf of Anand Rathi Wealth Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.