And gentlemen, good day, and welcome to Anand Rathi Wealth Limited earnings conference call for quarter one of financial year twenty twenty five-twenty six. As a reminder, all participants will be in a listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please signal an operator by pressing then 0 on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to mister Kiroz Adiz, joint chief executive officer from Anand Rati Wealth Limited. Thank you, and all to you, mister Kabut. Thank you so much, Rico. Good afternoon, everyone everyone for joining the third quarter ended thirtieth June two thousand twenty five. We today have with us the group CFO, mister Google Mantri, the product and research head, mister Jason Chanoi, CFO, mister Rajesh Gupta, and head investor relations, mister Rajesh Gupta. Let me give you a quick highlight of the company's performance. During q one, FY twenty six, our profits grew by 28% year on year, and they reached about 93.9%. The total AUM grew by about 27%, which takes us to $87,007.97 dollars as of June 30. And the equally difficult time share has moved up to 54% as of June 2025. And we are about 14% away from the 1 lakh crore number. This will help us get to the total ambition which we have shared in our previous calls of getting to $50.50 53 income. We are in case closer to that with this quarter as well. And this the next thing to highlight is that we have had a record net mobilization of 3,825 crores. Like, we have also given a subtle expectation or not a commitment or indication that we will try and have our net mobilization agnostic to the market sentiment in in a quarter where mutual fund net flows in equity moved down to about about 23,000 crores in June. This with God's grace, achieved the highest ever net mobilization of 3,825, as I just said. In our flagship private wealth business for q one f y twenty six, we added around 600 new client families on a net basis, bringing our total number of client families which we serve at 1,212,330. The client attrition rate, which is a a small number, continues to be that way and for quarter one FY twenty six is point 11%, underscoring the strength of our client centric, uncomplicated approach focusing on risk adjusted return, not only either side of the table. The regret on attrition was two for this quarter, and are in spite of that, we had a client attrition number of point one one. And when we are looking at other matrices, we are also looking at some places where there's cultural mistakes. And these are mathematically regret attrition, but there are more considerations when we let go of a few of our colleagues. Digital web business, which is a b to b to c business, registered an AUM growth of 19% year on year and reached 2,055 crore. The number of clients increased to 80% to 6,284. The o five business, which is a SaaS platform, has 6,627 subscribers. The platform has its about 1.58 cores at the end of q one FY twenty six. Now I hand over the call to mister Jugal j Manthri, who will take us with some more updates. Jugal sir, over to you, sir. Yeah. Good afternoon, everyone. Thank you, Guruswai. Friends, let me give you the financial highlights on consolidated number for the quarter. June quarter of financial year twenty five, twenty six, our consolidated total revenue grew by 16% Y o Y to rupees 284.3 crores, and profit after tax increased by 28% Y o Y to rupees 93.9 crore. We have achieved 25% of our paid guidance of rupees 375 crore and 24% of our revenue guidance of rupees 100 and 1,175 crore in q one f y twenty six. Mutual fund distribution revenue registered strong growth of 27% y o y to rupees 113.1 crores in q one f y twenty six. Profit after tax margin was 33% for q one FY twenty six as compared to 29.9% for q one FY twenty five. Return on equity for q one FY twenty six was 44.4% on annualized basis. So these were the synopsis of the. Now would request mister to invite our friend for. 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 the touch tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue is assembled. Our first question comes from the line of Niranjan Kumar from Equilibus. Please go ahead. Sir, first of all, congratulations on good set of results. So can you please provide data on inflows during the quarter in mutual funds and structured products as well? Sure. You know, sir, can you throw some light on the breakout with the numbers? You're asking for the top line numbers. Right? Sir? I'm asking about the inflow, sir. Net inflows. Net inflows. Okay. So the net inflows, even if it is between these two were about 3,400 crores, 3,800 crores. Because, sir, if you give some precise numbers, it will be helpful. So the net inflow was 3,825 crore rupees. On equity mutual funds, it was 1,983. That mutual fund, it was 300 crore. And on the sector product, it was 1,063 crore. And that was another item that was 480. Okay. Sure. Thank you. That's it from my side. Thank you. Our next question comes from the line of Ashaka Shah from Conexha Capital. Please go ahead. Yes, ma'am. May I request you to use your answer, ma'am? I I have the same question. I'm sorry. It's the same question as the previous one. We move to the next question here. The next question comes from the line of Mufjan Agarwal from Swan Investments. Hi, this is Bhavesh here. The question I had in mind was related to OpEx growth. Historically, OpEx growth has been largely in revenue growth. But this time down, the the the business is more significant. So besides the, you know, human related, the human resources that you mentioned, is there any change in incentive structure or other offsetting we might have resorted to, which is leading to this divergence between revenue growth and OpEx? See, as far as concerned, in case of OpEx, it is more or less in line with what we have been achieving and what we have been incurring over the period of time. The only thing is now we have really started getting the advantage of number of RN who have been maturing. So if you will see that over a period of time, like, we have added number of RNs. And what happens is when RNs start with the with journey, We have our first of all, all the incentive formula since 02/2007, there has been no change. The only advantage is the new RM when it comes. Till the time he reached the threshold of up to, say, about four x of his RSR, he doesn't start earning incentive. So the number of new ones which have been added into the system in last one and half year, two years, they have started reaching to the threshold and started crossing two and three RFR level. So the advantage is they will started contributing on the revenue side and their fixed cost of salary is coming into the operate operating cost, but they have not yet reached to the incentive level. That is about the new RNs, and that is why you see the employee cost in percentage terms, it looks marginally lower, but it is in line with what we have been achieving this. Okay. And And related related question, sir, was on the number of r m's added. So, practically, for last three quarters, the number is flat. You know, what what is the thought process here and if you plan to, again, resume expanding our R and Ds. So firstly, I think it's last three quarters have been flat. We've had about twenty twenty odd RMs in the last one year, point one. Point two, how we look at RM edition is unlike most of the wealth management outfit who believe in natural hiring, funding their 80% of their RN growth, we have 80% internal movements. So what happens is we have the threshold which says that these are the number of RNs who can be in the non mature stage. Below 40 crores, we try and keep a watch of of what is the number. When that number drops is when we promote more people. So unlike in other health management, right, when I don't add my RNs, it doesn't mean that I've not added some more training for the same RNs would go gonna be promoted in a subsequent quarter. So question, have the next 100 RNs already being changed. So at what point in time do we promote them? Depends on their skill set and also depends on what's my capacity of so you can you see this number change? The answer is yes. And what will be the variables which will change it is not how much money can we spend to hire from our side. How many audience do we have below 50 close? That number, if I'm not wrong, drops from 93 to 54 in the quarter, which creates huge capacity for promotions and subsequent RNs who would go in the marketplace. Does it answer your call? Okay. Thank you. Thank you very much. Thank you, sir. Thank you. Our next question comes from the line of Roman Mandora with Equities Securities. Please go ahead, sir. Yeah. Hi. Good morning, sir. Congrats on good set of numbers. Sir, just continue on the previous participant's question on OpEx. Sir, the extension that was given that in the last two years, whatever RMs have been added, they are yet to reach that. They're just cutting the breakeven level and further operating efficiency is looking better. But if I look at employee expense as a proportion of total revenues, that was around 45% for most part of last year. And suddenly, in this quarter, that's come down significantly. So is is there a differential in the incentive that is paid out on the mutual fund versus MLDs? Because revenue growth in mutual fund has been almost 10% 27% year on year and 10% sequentially. And on MLDs, it's 36 Q on Q growth. So is there a factor of that leading to a lower growth in in this quarter? Whether it's a revenue growth? No. No. No. Too complex. We don't pay incentive. We pay bonuses only once a year. Right. Okay. Last time, it was 17.1 for the first quarter. 17.1 for the full year. This time, it is 16.9. Quarter to quarter comparisons may not be right because it depends on who brought the revenue. For example, if this revenue is distributed above three eighty two hours evenly, my cost is lower. If the hours was already reached the flag of 32.5%, which is my maximum flag, if he was to have the maximum revenue, my shares could be larger than a media. So it is not just about the revenue. It's also about this RNN. So if there's an RNN who crosses a certain slab and that's the person who brought 80% hypothetically of the quarter revenue, then they also look larger. But the that is not a quarterly number. If you look at it early, you will see hardly any difference. And other point which you ask, is there a payout difference between upfront and pay? The answer is no. Every rupee of revenue is treated equal for the last few years. Sure. Sure. So does that mean that most of the that the share of incremental business and incremental revenue from I am saying lower AUM was higher this quarter. That's where the benefit is looking from. So so yeah. So what happened is, we provision as per the slash of their targets also. So it is also a function of one, what they've done so far, what is the target they've given, and then you you have a provision on a certain slack. So the answer is, yes, Last time around, is there a big ticket revenues from large the top 50 r's would cost me more. Sure. Got it. And, sir, second question to what has said, Rohan. What happens is if you just do the breakup of what the employee expenses which we have incurred. In the q one f y twenty five, my fixed cost on account of was 60 crore rupees. Okay? Okay. This year, that has gone up to 70 crore rupees, but the incentive provision, which was 48 crore in q one f y twenty five, that has come down to 44 crore rupees. Okay? Sure. Sure. So there is a increasing trend in on the fixed expenses side, but as he has rightly explained that who is bringing the revenue and what percentage of amount is earning as incentive, that depends on person to person and on his vintage as well as on existing book. So that is why there is a difference here on incentive provision. Sure. Sir, second one on the regret RMs, the two RMs were left this quarter, and one, I think, was a regret RM last quarter. So what were the reasons for them leaving? Because, typically, you had a very good incentive structure, and we have had a very low regret time. So so any specific reasons that you could point out for people leaving? Oh, yes. Of course. One or two of them were cultural mistakes. So we had to wait one or two of them, and one or two was only three exits. And the reason could be whatever different for different people. But the largely, I I don't want to touch too much on a public forum, but, yeah, it could be a cultural mix in which triggers that, and it's from one location, all three. Got it. Sir, totally But it hardly matters, Rohan, out of 380 plus r m, if one or two r m is busy. That is inevitable. Right. That that I agree, sir. But just that, Arundhati was having another good intended structure. So was it It still remains. If 99.9% people are still continuing that Right. Close that. Right. Right. No. No. And we also realize some degree of inefficiencies will have to be weeded out. Sure. Sure. Of the future as well. So that's the strategy which we try and learn. So you're not always fixing it. We were one of you, and he's only had asked me saying that, yeah, how come zero attrition? I'm saying everybody is as efficient commercially. So there's no involuntary attrition where you're asking people to use. So that was so we've been checking several hypothesis. Now point is that you have some attrition, some instigated internally or some not. But we are also trying to see if there are some inefficiencies. Will we look at it a little differently? The answer is yes going forward. And then you know how we discuss internally between our case and end. Got it, sir. Sir, third one on the debt MS AUM, it has increased by 9% q on q, and it was declining for the past few quarters. So is there any portfolio revision strategy change as relating to this? Actually, precisely the reason. The couple of clients who had the large clients who are doing STPs. Okay. These are not permanent liquid money. So you're saying, maybe three questions are not right. Was that data location has become larger. Is that what the question was? Yes. Yes. Yes. From last client, it's our source whoever has come in money after March are choosing to do it as a staggered equity. So it is high plus it's momentary debt. Got it. Got it. And then lastly Okay. CP yeah. Sorry. Don't hold me to the second decimal large. Maybe 38% of that is staggered entry into equity. Got it. Because some degree of uncertainty in the market. Person says I got it. Got it. And lastly, on the issuance of MLDs, last couple of years, if you look at the trend, 1Q has been pretty high, and then it has been sort of flattish to margin decline. But if you look at on a year on year basis, so Q on Q, it looks it looks very good. But on a year on year year on year basis, the revenues on M and D has grown by 8%. So is there some constraint because of which the growth is falling here? Or, like, how should one look at the growth on M and D for the full year and going out the next one, two years? Again, like I've received in the past, every revenue item that you read out to me back again is a resulting outcome of our client allocation. We think clients start over, clients objectives start over, can location start over, and one of the problems, what are the highest chance of achieving this objective. Now let's review if the market remains flat for one year, the structure product still, because of its modest need of net fee growth, will deliver a little positive return. So sometimes what happens is if equity market don't do too well, like they did, only 4%, 5% net fee over the last one year, in the last financial year. Money which mature from structure for us would buy equity mutual funds. Okay. Okay. If equity do very well, let's assume I have a client. I also manage clients. Right? So one client, they have this account. If there is structure of maturity, if equity mutual funds have not delivered 14 for the last year and structures have delivered 15% for the last year, when the maturity happens, I want to reinvest full thing into structure product. I will again divide the portfolio into sixty five thirty five, which was agreed allocation. So if market do badly, you will have some money moving to mutual funds. So buy low, sell high. It's just in books otherwise. So that moment, I think, by buy low, sell high. Otherwise, most estimates do just the opposite. Like, you will see when the market is down, people are not putting in lots of money. So to remove that recently buys is why. Firod is governed by a formula agreed on 6535, then he has to be just back and if that's what he follows religiously, it will mean that he will buy more equity when the markets are down, when the markets are up, he'll be buying more structured products. Got it. Got it. And then lastly, one data giving question. What is the breakup of structured products issuances between primary and secondary in one q? Yes. But you can probably give it up. You don't mind? 1,700 for primary and 700 for secondary. Seven to. Okay? Sure, sir. Thank you. Thank you. You. Thank you, sir. Our next question comes from the line of Jay Prakash from Goldman Yes, sir. We are unable to use the audio is breaking, sir. So so my question was on the new work, which is the. So just to understand the. I didn't get the question at all. Sorry. Nico? Could you kindly request it to use your handset, please, as today for transfer? No. No, sir. We are unable to hear you. Okay. Okay. Thank you very much. Yes. Of course. Thank you. A reminder to all participants, you may press and 1 to ask questions. Thank you. Our next question comes from the line of Sunil Shah from SRE PMS. Please go ahead. Yeah. Thanks thanks to the entire team for for wonderful achievement. Thanks for this, actually. First of all, let me thank Vishal and Kalfesh for the sessions that they had for all of our support. Make us understand the structure for the tool. Thanks so much, Kalfesh, for organizing and Vishal for conducting along with Kalfesh the entire session. Thank you so Yeah. So my question is about this entire thing happening in the market about the gene suite episode and said it really trying to clamp down on the f and o volume. So given that, you know, the structure for that for us, obviously, at all, does this in any way impact us for the volumes that could get shrink going forward? That's my first question. Yes. Okay. You want me to do it. Okay. So, mister, thank you for the feedback. Asked that around. Great. Great for that feedback. Because we always wanted to explain the word aspect there. Of course, Kaltura has done only three sessions with the group of any support and other 100 sessions. We are more than happy. Because if that produces more issuers, it's a great marketplace. And so thank you for that suggestion. I think that was the best suggestion we got last quarter in the result. Now coming to, of course, the gains fees and the regulations in terms of option volumes. I think for the next one and a half lakh of our next AUM, we don't see any challenge with the current market. Of course, on one index, what gains in the hypothetically, at least in the note, that I did was made cash market losses to make build put option positions or call option positions on expiry day and and figure stop losses for the rest of them. So any large position on specific index could be something which somebody can do exactly what they did. So will we look at more diversification in terms of nifty fintechs? The answer is yes. Yes. So will it impact our next one more and half lakh to lakh going of a one? The answer is definitely. I don't wanna give away all the plans. There are about four steps have plan with line b, plan in plan b. I will probably we can put another session where I will operate. Okay. So so But the one thing which is give me a second. I add one more thing. But the one thing which I I have a name as a professional is the kind of intellect that we have used to move our options market from notional contract value to the balance. It is one of the most right thing to do, because the 1 rupee option had the same notional value, and at the money option almost had the same notional value, which was creating those 500 close of short limit that's spoken about in the first previous earnings calls, getting breached with just two, like, options, two options, two, like, three. So now they've moved from notional values to delta values, point one. Point two, I think also creating a several several piece of what do you call that? Impediment for any manager have been done briefly, and I think that's one thing. The very few markets who operate limits with delta as an institution. Okay. Fine. So so that that helps us to understand. It is on the fear part that we could operate at least for another one and half lakh crores of that we teach. Okay. Yeah. So one more point that I had more of a question that I obtained would be currently, if I understand the net inflow for us has been close to 3,825 crores. And our r m r m basis is $3.82 crores. That exactly comes to about 10 crore of incremental AUM per r m per quarter kind of a number. So so for going forward, can we get that per capita? You know, because as a country, we might be the fourth in terms of GDP. What really matters is the per capita. Similarly, for us, the incremental contribution per r m per quarter would be perhaps one of the numbers to really keep a watch on given that, you know, market could go 10% plus minus and the even could change accordingly. But the real strength is in terms of the first capital contribution per annum per quarter. So some such metrics, if it can be shared. And one more point, can we if we can further get into the details of equity and subject for that breakup as well. So because that's going to be the base where you get higher percentage of, you know, income. So if we can get one such number, if it's possible for you to share going forward, I think that will be more useful for all of us if at all possible. K. Sure. Sure. Sure. Sure. It's a very, valid suggestion. One thing which is little and very best to help management out of it is because they do lack of a higher, it's largely an internal promotion of the smaller proportion. What ends up happening is there are very similar kinds of private bankers. We have a with that goes with 26 and become private banker after four years of training, And I have somebody who's got who has got almost twenty five years of experience out of the JD, Harini, Anurag. So I'm just telling you, there's a lot of differential between my retirement and the most mature one. I can divide it, but I'm I'm dividing them for for the a little more sense. I think we'll work on this individual number for sure. Sure. We'll divide it into mature balance, five year forbearance, Less than three three to five and five plus. So so this is looking for what is the per capita, what's per per RNs, net mobilization. In these three status, we can probably give them a little bit of a lot. Strategy for us, the information for you. And, again yeah. Yeah. Yeah. And, sir, it's competitive. So, you know, sensitive. So so I just use for you to take that call. That's that's just my suggestion. Yeah. Okay. Yeah. But but I think this information here, we are reasonably transferred, and I think it's it's maybe it should be okay. We will just look at it internally and publish it to you in the next call or before that. Thank you, sir. Thank you for all this. Bye. Thank you, sir. Thank you. The next question comes from the line of Payam Pondi with Desilado Advisory. Please go ahead. Good afternoon, sir. I'm addressing the policy chart for the second six. Sir, my question is, what is the latest date of the facility and international extension of UK and Bahrain office? Sorry? Can you go again? Sir, the question is, what is the latest update on the New York City, February and in travel extension of UK and Bahrain office? Oh, UK and Bahrain office? Yes. So one is an update. But I'll tell you what we look at international business, but we look at Dubai currently, which we have for almost ten years. We just finished ten years. And we think the influx of NRIs in India would go dramatically. And I think the kind of flexibility GiftCity also has to offer, The tax efficiency, it has to offer. I think one of them in the couple of calls back from in the next office. So sorry to interrupt you, mister Payam. Sir, your audio is breaking. May we request you to use your handset in case you're using any Bluetooth device? Sir, actually, I'm not able to share your voice, sir. Hello? Yes, sir. Can you hear me now, sir? Yes, sir. Is it clear now? Yes, sir. Please go ahead with your question. Should I repeat my question or the question is clear? Hello? What's the update on the and The UK office side? Yes. Yes. So they are the very nation stage of getting licenses currently. Point two, I think as soon as you start a business, it's not gonna be a huge contributor. But what is our vision for international in our already investing in it. Yeah. We have we have opportunity. Even within this level of NRIs, which will with in India, we wanna make sure that we have our offices in place and the strategy in place. Point three, that we have been creating several platforms, which make it very easy for a pool in message. Okay? Especially for an international in the electricity and the AIS and other businesses which can generate money into India are definitely beautiful. So we are we have just gotten licenses or we are in the process of getting licenses. But I think the long term vision is we believe that there'll be a lot of money from NRI flowing into India for the next decade, and we wanna capitalize on that and not just with one office. But once we finish ten years in a specific business, then that is when we try to build our business big budget. We just finished ten years in Dubai. After I've seen an office and profitability and the pros and cons between the international products. Now we were confident to have other locations. That's why you see Bahrain and UK. We are the manager which tries to build it brick by brick. And so we are reasonably bullish on international money coming to India and getting a fire pit. Does it answer, sir? Okay. No. Thank you, sir. Thank you. Ladies and gentlemen, please stay connected while we reconnect the line to the management. Thank you. Ladies and gentlemen, thank you for patiently holding. Our next question comes from the line of from. Please go ahead. Yeah. Hi. So the guidance that you guys have released regarding the revenue patent AUM. So when we see, like, you guys are pretty much there, then it it comes to AUM, but there is a lag in the revenue and fact number. So there are two questions. First, if you can help me understand the difference and if you if you guys are, like, expecting to revise the AUM guidance. Hi, mister Khan. Alright. We have met our revenue numbers for a year unlike 25%, like you rightly pointed out. We have met 24.17%, And the fact number is almost 25%. That's point one. Point two, do I see any change in the guidance? The answer is a big no. Because we'll be able to achieve those numbers is how we have always under committed over deliver. And you'll also be very happy to note, Muzcan, that out of the NSE small cap two fifty companies which we are a part of, our primary analysis says that there is only one company which has given a bad guidance and also met it for three Texas and years, which is Anandrati Wealth Limited. Quite a few don't give a bad guidance, but if you give a bad guidance, out of those who gave a bad guidance for three years and met it, it's only one company. And with that, I'm just giving you a little Ashwatan and some hope that we will need our guidance this time as well with the grace of God, of course. So, miss, any explanation regarding why, like, there's a gap, like, considerable gap between the AUM and the patent revenue? Because it's just 2425%, but AUM targets, like, you know, which is 88 of the time. See, AUM is like a photograph, and revenue is like a movie. AUM depends on where market ended on thirtieth June. Revenue is an outcome of everyday's action and everyday's rate revenue. Thirtieth June, if the market fell 3%, hypothetically, would my there would my AUM be 88,000 approximately? The answer is no. It would have been 86,000. So when you look at AUM as of average, then there'll be sanctity with the revenue. So what has happened is you added 3,800 crores, and in the first quarter, Nifty has given about 8% return. And our model portfolio of mutual funds have out beaten that by 2.47 as of day before yesterday. So AUM, that's why we are not revising the 1 lakh number because thirty first March Yeah. Uh-huh. So what happens is there is something which is our internal control available, which is how much I can bring from client's wallet to my assets. That is what we focus on. Then we then we pray to the Lord. Because the market movement and in turn client return Mhmm. And it's not one day. June 30 is the year number. Right? So if I give you the average numbers, then you would understand how Sir, the answer, madam? Yes. You know, by I would like to add, Muscan. Yeah. If you look at it, like, last year, we were at a number of 79,000 crore. Okay? I'm just rounding off for the purpose of understanding. And we have given a guidance to have the AUM of 1 lakh crore rupees by end of the financial year 2526. Correct? So what I need to add is 21,000 crore rupees in twelve months time. Now in three months time, from 79,000 crore rupees, we have reached at about 88,000 crore rupees. Yes. So how much we have crossed? We have achieved almost 8,800 crore rupees, which is 40% of the AUR medicine target in three months only. So in fact, this is the only area we have by by and large with a very wide margin. We have beaten the target number which we have given. So I don't know why this question has come that we should revisit this number. No. No. No. I I may take upward revision. Oh, okay. Okay. No. We are happy to be committed at the level which has been given. Okay, sir. Thank you. Thank you. Our next question comes from the line of Tamlish Gupta, who is an investor. Please go ahead. Thank you for giving me an opportunity, sir. And congratulations to the team. The numbers are excellent. I have two questions. The recent management has reiterated that the guidance of revenue will be 2530% back. But last two quarters, it has come down to near about 25%. And the second question is, please, the two light on the scene. And the second question is, from the last buyback, stock has given negative or negative return. Could you considering anything any confirmation for the? Yes. So one is, let me say, we already give you 20 to 25% bad guidance, long term, ten years, fifteen years. Our professional guru, mister Rakesh Sawal, who is also the CEO of the company, has always said 20 to 25% bad growth for years to come. That might also imply 20 to 25% revenue. That's not on a quarter basis. That's on a year on year basis. That's our aspiration. Because we are in the business of managing one's money. If there are some maturities, we will not do anything sooner or later, and it's client money which we manage. So when we give you a revenue guidance of eleven seventy five, that's the number you have to look at. From nine eighty to eleven seventy five. That that And that is about 20%. Yeah. Yeah. It is. Yeah. But only monthly, are. Of of course, in one or two quarters, we don't look at it. Okay. Okay. And the second month? Yes. The second month, sir, stock has delivered whatever it has to deliver. I don't think in my opinion, corporate action of course, I I don't remember what was the price giving buyback because I we think soft price was $4.04 $5.00. $4.05 I think. $4.04 $5.00. No, sir. But, yeah, irrespective for buyback, you can just check. You know, if that was not the $4.04 $5.00. Was that the price that you buy the buyback? Yes. Before before the. Yes. Once again, be paying. So, sir, our our our corporate actions I think we've not considered any buyback so far. And if there is any consideration, we will come back to you. And price is not a huge motivation for a buyback. Of of course, earlier, there used to be immense amount of tax efficiency when used to do buybacks. I think the tax laws have changed on that as well because the shareholder doesn't get it back to you now anymore. I think, sir, for the open market buyback, it is still there, sir. Okay. So that's fine. Thank you. Yeah. We'll check because it was it's part of my notes. Open market by what is it there. But we will come back to you. As of now, on my mind, there's nothing on the cards which we have discussed internally. I have to tell you as transparently as it could get. Thank you. But for shareholders, it does not make any difference, Piroz. Right? Whether he tender shares in buyback or whether he sell in the open market. So there is no tax advantage to the shareholder. Is there any tax advantage from this to shareholder? Yes, sir. Because you say For shareholder, it is not there. For it is not there, sir, but for company, it is beneficial. Still, it's earlier rule supplier, I think, for the open market. It is the same exact issue. How how are the Amazon? How many investor team does this solve business position? Some that's that's and in the meantime, we are trying to do our best for our shareholder in terms of dividend in spite of the bonus shares, doubling the number of shares. Try to keep the bonus rupee share rupee value of the bonus equal so that the final dividend doubles. So we're doing that. And we're always trying to look at people who don't see us on a quarter, six months, one year, and that's that's how we like to have our shareholders. You know, something like that sound. These are percentage compounding business. That's how we look at it. Of course, after PowerPoint validate. Now I will also examine because I'm not a CEO, but I've tried to read all the relevant ones. But this is enlightening for me. I'll definitely do some homework, actually. Thank you. Thanks. Thanks. Thank you, sir. A reminder to all participants, you may press star and one to ask a question. As there are no further questions, I would now like to hand the conference over to Mr. Filho for closing comments. Thank you, and thank you everyone who joined this call. It's it's it's a privilege to have our prospective and existing shareholders on this call. And it's but if I have to go out of the script, I'm so happy and enlightened each time you guys ask questions because it pushes us to think a little more and pushes us in a brighter direction. So we as professionals always assure you our best ability given to you as shareholders. So I think thank you for those wonderful questions, which sets us thinking, sometimes improves us, enlightens us. Grateful. Have a wonderful weekend. Thank you. On behalf of Anand Rajiv, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.