Ladies and gentlemen, good day and welcome to the Earnings Call of Anand Rathi Wealth Limited for Quarter 3 and 9 months ended 31st December 2025, hosted by Anand Rathi Wealth Limited. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Feroze Azeez, Joint CEO of Anand Rathi Wealth Limited. Thank you, and over to you, sir. Thank you, Swapnali. Good afternoon, everyone, and thank you for joining the Earnings Conference Call for the quarter and nine months ending 31st December 2025. We are here joined by the Group CFO, Mr. Jugal Mantri, the CFO, Mr. Rajesh Bhutra, and the Head of Investor Relations, Mr. Vishal Sanghavi. Of course, you might have heard or read about we having lost one of our core constituents, both emotionally and professionally. It's a very, very damaging blow for us. Mr. Chethan Shenoy, who was the product head, for me personally, it's been a very big loss because I've been his friend and colleague for 21 big years. He is one person who started the product team practically. He was the oldest product team member. The 160-member team was built brick by brick by him. So we feel very sad that we don't have him since November with us. His legacy will always be an integral part of our culture. In his memory, we've opened a Mangalore office, which has been his hometown, to give Shraddhanjali to him, and we will fulfill all his professional dreams he had for Anand Rathi Wealth Limited as a group of professionals. Now, coming to the company's performance, our profit after tax for the Quarter 3 grew by 30% year on year and crossed the INR 100 crore mark for the first time. The total revenue grew by 25% year on year of the same quarter last year and reached a INR 306 crore number. As guided earlier, our company has had this aspiration of being consistent, and this becomes our 17th quarter where we have delivered a PAT growth YOY greater than 20%. We also have indicated a certain expectation of our shareholder that we will try and deliver market-agnostic performances, being a financial services company. We've tried our best to do that, and with God's grace, succeeded this 17th time as well. During the nine-month period FY26, PAT grew by about 29% year on year to INR 294 crores, while the revenue increased 21% to INR 897 crores. During the first nine months of FY26, we have achieved 76% of our full-year revenue guidance, which is 1,175, and we hold the same guidance. And 78% of our full-year PAT guidance has been penetrated into, which was and which remains INR 375 crores. Now I'll hand over the call to Mr. Jugal Mantri to give you all a business and a financial performance of the company in detail. Jugal, sir, over to you, sir. Thanks, Feroze Azeez. Good afternoon, everyone, and wish you all a very happy 2026. First, I will give a brief about the business performance. Total AUM grew by 30% year on year, INR 299,008 crores as of December 31st, 2025. During 9 months FY26, our total net inflows registered a YOY growth of 10%, reaching INR 10,078 crores, and equity mutual fund net inflow achieved YOY of 4% to INR 6,082 crores. In our flagship private wealth business, in the last 12 months, we added 1,800 plus new client families on net basis, bringing our total number of client families to 13,262. Client attrition rate in terms of AUM lost for the 9 months of FY26 was just 0.31%. Digital wealth business, which is B2B2C business, registered AUM growth of 29% YOY to INR 2,359 crores, and number of clients increased 19% to 6,858. OFA business, which is a SaaS platform, has 6,850 subscribers with platform assets of ₹1.62 lakh crores at the end of 9 months ended 31st December 2025. Now, let me give you all a brief about Q3 FY26 consolidated financial performance. Our consolidated total revenue for the Quarter 3 FY26 is stood at ₹306 crores compared to ₹244 crores in Q3 FY25, registering a 25% YOY growth. Our profit after tax is stood at ₹100 crores, registering a 30% YOY growth compared to ₹77 crores in Q3 FY25. Profit after tax margin for Q3 FY26 was at 32.7% as compared to 31.6% for Q3 FY25. Now, to move ahead, let me give you all the brief about 9 months ended 31st December 2025 financial performance. The revenue for 9 month FY26 is stood at ₹897 crores compared to ₹739 crores in 9 month FY25, registering a 21% year-on-year growth. Mutual fund distribution revenue also grew by 21% YOY to ₹366 crores in 9 month FY26. Profit after tax also grew by 29% YOY to ₹294 crores for 9 month FY26 compared to ₹227 crores for 9 month FY25. Profit after tax margin was 32.7% for 9 month FY26, which has improved from 30.7% for 9 month FY25. Return on equity on an annualized basis is stood at 47.33% for 9 month FY26 compared to 44.8% in the corresponding period last year. Now, I would like to request all participants to and request moderator to open the floor for question and answer. Over to you, Swapnali. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Pranay Sethi from Alpha Capital. Please go ahead. Hi, sir. This is Pranay from Alpha Capital. I have two questions for you. The first one being, your competitors are doing a mix of both advisories and distribution model. So why are you guys still sticking to the distribution model? My second question being, last time around 4,000 price is where you guys came out with a bonus, right? And currently, looking at the price, I think we're just heading towards the same price. So do we expect another bonus at the 4,000 level? Pranay, thank you for your questions. The first one is a very interesting question, very frequently asked to me. Why is Anand Rathi Wealth Limited one of the few, if not the only one, who has chosen only a distribution, not an advisory? We strongly believe that a company ideally cannot demarket and do both at once. Why is that so? Because if you look at other wealth players, some of them listed, some of them unlisted, I've had conversations across friends, not more than 8%-10%, or some people 3%-4% comes from advisory. The rest of it comes from distribution. When a company does both, if you go to a client and say, "I'm doing advisory with you," but if 95% of commission is coming from the same company, the kind of biases which can spill over are unprecedented. That's point one. Point two, the very reason why advisory is there is to remove bias. But actually, product category level bias has come. Money has moved out of mutual funds after direct has been started, and PMSs and AIF have formed a large portion of HNI portfolio, which are lesser tax efficient. That's point two. Point three, the day when somebody wants to do advisory, he should stop taking any commission whatsoever in the company. And today, we have INR 1,175 crores of revenue aspiration. All comes from distribution. So unless the day I'm confident that, or I want to bring all the 1,000, 2,000 crores of revenue from the client's bank account, till that time, I don't think you should smudge. The very purpose of advisory is to be transparent. It cannot be used to create opaqueness. That's why you see SEBI having brought in so many amendments from 2013 because people, industry is not wanting to follow it in the spirit correctly. That's the first question. Second, of course, corporate action is, of course, the board's discretion, but again, it's a smart observation that if the decision of a bonus was to increase or decrease the share price for better retail participation, the price, fortunately or unfortunately, has come back to similar levels when it was being discussed, so if the decision variable is same, I think there is a case for the board to consider. Thank you. Thank you. The next question is from the line of Bhavin Pande from Emkay Wealth. Please go ahead. Hi. Sorry to interrupt in between. Bhavin, your voice is not audible. Noticed it's still not audible. Okay. Can you hear me now? It is breaking in between. Okay. Is it better now? No, it is not audible. Can you go to the next question and come back to Bhavin? Bhavin, I would request you to kindly rejoin the queue again. Thank you. The next question is from the line of Mehak from Emkay Global. Please go ahead. Yeah. Hi. Thank you for the opportunity. So I have two questions here. Firstly, which is on the income generated from the other financial products, which stands at around INR 158 crores for the quarter. So we see there's been a sequential decline of around 9%. So could you help us just understand what would be the reason for the decline? And secondly, on the recent RM attrition, which has been there, I see that the number has been constant for the last three quarters, which is at two RM attritions per quarter. So I just wanted to know your thoughts behind the scenes. Yeah. Correct. So I've not been able to comprehend your first question, Vishalji. What is that? Other products, revenue from other products has declined 9%. We do very few products here, mutual funds and structures. So there is a very marginal decline because the primary issuance, which was in Q2, was about 1,979 crores. And that, in Q3, was 1,800 crores. So the fund raised out of the non-PP SPs was slightly lower. That is why the income is down by 9%. Thank you. Thank you so much, and on the second question on RM attrition. Yeah. So I'll bring you back. As a shareholder or a prospective shareholder, I think, yeah, it's a good question to get into such minutest details in terms of revenue changes. But I think what is the primary question I would expect my shareholder to look at is whether my earnings will grow consistently. Will the ratios be different? If the market is down, I'll sell more mutual funds. If the market is up, marginally more structured products get sold, and so on and so forth. So I'm going to design my business as a company only from a client's portfolio standpoint, not from what revenue I expect from each stream of business. That's what you should expect. I know I could have finished the question there. But to align with any shareholder's expectation from Anand Rathi Wealth over the next few years, if not decades, has to revolve around client [Foreign language] को जो चाहिए, वो डाला जाएगा. उससे जो रेवेन्यू आती है, उससे अगर shareholder [Foreign language] खुश है, तो बहुत अच्छी बात है. Right? Coming back to the attrition point, last year we lost about three RMs. This year we have had to let, or we have had some to let go, but some of them. Our total attrition is six to date this quarter. Our thought is that if you remember a few quarters back, I had told that there will be some cultural misfits whom we will have to let go of. That was one. Second, of course, there are some RMs who leave for better opportunities. We try to counsel them that in this business, it doesn't make any sense to start wealth management again from zero on a new platform. Like Feroze, if he manages money, I would never want to restart my life from zero because this business is proportionate to time. So in spite of that, you'll have some people leaving. And then our responsibility shifts to the client and the RM who takes a handover of the relationship. So far, INR 1,115 crores is what the assets these six people were managing. A little early, but INR 978 crores of that asset still remains with us, which is an 88% retention. And that's the current status. That might be a little exaggerated, prettier number. You have to look at the number for the last year. Three people left us. INR 446 crores was the AUM on the day of resignation. INR 346 is what remains. We have lost about INR 99 crores of assets to competition due to RM attrition. Does it answer? Get it, sir. Thank you so much for the detailed answer. Thank you so much. Thank you. The next question is from the line of Lalit Deo from Equirus Securities. Please go ahead. Hi, sir. Good afternoon. Congratulations for a good quarter. So just coming back on this issuance number. So I just wanted to understand these are the primary issuances. What were the secondary issuances during this quarter? One second, Lalit bhai. We'll figure that out. Huh? Vishal, you get pass. The secondary issuances for 31st December 2025 quarter was 716 compared to 991 in Q2 FY26 and 589 in Q3 FY25. Does it answer your question, Mr. Lalit? Yes, sir. Yes, sir. And just last second, secondly, last quarter that we have highlighted that for the distribution of structured products, we have started distributing product of another company also. So just wanted to understand within this INR 1,800 crores, how much would be from the second party? What would be the share? See, out of INR 1,815 crores, INR 213 crores were from the third party compared to NIL in the Q3 FY25. Sure, sir. Yes. Yes, sir. Right. I'll join back to you. Thank you. Thank you, Lalit. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. The next question is from the line of Naman Shah, an individual investor. Please go ahead. Hello. Am I audible? Yes, please go ahead. Yes. So my question was regarding employee cost. It was around 45% for FY25 and of top line. In nine months FY26, it is close to 42% of top line. So is it expected to remain around 42%? And why has it come down from 45 to 42%? Okay. So that is the advantage of operating leverage, that once you have the capacity and now more and more RMs, they have been garnering and adding number of clients as well as higher pocket shares, wallet shares of their client, you will find that the employee cost in percentage terms gradually it will come down bit by bit, but that improvement on account of operating leverage will definitely be visible, and it is purely on account of that. Feroze bhai, you can add to this. No, no. Correct. Yes. Like Jugalji rightly pointed out, some RMs are in build phase. If we currently have 393 relationship managers, initial part where the company takes a couple of years for a person to get into the bonus category, once he gets into bonus category, he or she, they become a lot more efficient. Once that happens, there's some degree of operating leverage. So that's absolutely right, like Jugalji said. The second is we also like to, of course, in the previous calls, you would have heard me say that don't expect too much operating leverage. Having said which, the purpose is when we get some operating leverage, we want to reinvest that money in making our several departments more and more robust. That's what Rakesh sir has guided us, that the operating leverage could reinvest []कForeign languageरो ताकि ग्रोथ 10-20 साल चले. So don't expect too much operating leverage to be delivered. But yeah, some degree of operating leverage will move from one head of cost to another to make sure that we can sustain the guidance of 20-25% for not the previous 17, but the next 17. Okay. So no further questions from me. Thank you, Anand Rathi Wealth. Thank you. The next question is from the line of Sunil Shah from SRE PMS. Please go ahead. Yeah. Good afternoon, Feroze and everybody in the team. It's not more of a question, but just about the loss of Chethan Shenoy. That's really sad for the entire organization. Certain things just cannot. You cannot do anything about it. But can we have some learning from this? My thoughts are that do we have some kind of policy in the organization, an HR policy or something, that any employee who is in the company for more than a decade has given a big tenure of his life working for the company? So in case any such event happens, we have some kind of term insurance policy which the company is paying for the staff, and then the family of the person is compensated. This is completely off discussion, just like an research guy, but more of a humanitarian and an investor I'm talking here. So have we thought anything on this ground? So we recently heard about Siddharth Bhaiya also, somebody else in the financial market. So just a thought, Feroze. Just wanted to share this with you. 10 years plus of work, we do something for them. Any such story, if you could just let me know. We wanted to think of it. We don't like to be vocal about the organization's generosity too much. We've lost two people in the past. In the last decade, we lost a person who had actually both of them had, no, Raktim left us. Again, it's a good time to remember Raktim in 2015 in a superbike ride. We lost him. We lost another colleague of ours in Chennai. Coming back to your point, do we do something for the family? The answer is a big yes. Should there be term covers? We are planning to launch. We have almost finalized to make it more formal rather than ex gratia applying mind. Of course, my boss comes from HUL, which is Mr. Rawal. There are a lot of case studies there. So we follow the similar path of Unilever, Hindustan Unilever, when it was, when he used to work there. So be that said, sure, that of course, I'm very close to the family as well because I know him for 21 years. They're taking care of monetarily, for sure. And trying to we also realize that we can put a process. It should not be dependent on the CFOs also. So there is something called the Chethan's Peace of Mind Scheme, which we are launching. Once it is launched, maybe on a one-on-one discussion, I'll describe what that implies. That will be named after Chethan. Yeah. Thanks, Feroze. Thanks for this input. Thanks and all the best for everybody in the organization and the way I thank you. Thank you. The next question is from the line of Rajin Charan from Global Consultant Research. Please go ahead. Hello, sir. Am I audible? Yes, sir. You are. Sir, congratulations on your Q3 results, sir. And my question is with regards to the AUM growth. Sir, my first one would be as to how much of the AUM growth is coming from new customers and how much from the existing customers? And I would like to know your outlook on the same for the upcoming few quarters. 60%-40%. 40% from new clients and 60% from existing clients. Right, sir. And how do you expect it to be in the next few quarters, sir? See, I'll tell you. So we track it on a daily basis, how much comes from new money, new clients, new money. I think 40-60 is a fair ratio for a company which is very secure in its own skin. What do I mean by that? We are not very insecure. We never tell the client to start big because we think, humein jo milna tha, na jo hamari haq banta hai. I think I will speak in English, but where are you based out of? Bangalore, sir. Bangalore, huh? So I am from Bangalore as well. I can probably do some Kannada with you, but yeah, on a lighter note. Sorry to digress, but coming back, so it'll remain 40-60. It could change marginally. That will be more incidental. 35-65, 45-55. These are two microscopic numbers, but this is the general number. It'll look like five years from now, in my opinion. Why would it not change? Because we never force a client to start big. If the guy has got INR 10 crores, he's my potential client. Let him give me a crore, I don't mind. Because if I deserve INR five crores, I'll get INR five crores, so we don't say start with INR five crores. We are now private banking. We've got INR one lakh crore. We don't touch a customer who doesn't give us INR five crores. So what does that mean? That depicts the security of the company, saying that if I don't do lip service to my client, there is no reason why a smart guy who's top 1% of this country, he's sharp is why he's there. So if it's in his interest to give me more money, he'll give me that more money. So it'll always remain 40%-60%. And if there are any changes, those are incidental depending on large accounts being acquired in a specific month. But one thing which clearly stands out lately, people have started realizing that cost is not a great thing to pursue in investment. So today, I have even clients who are walking into us through our websites with INR 50-80 crores as their balance sheet size, which would never happen in the past because quite a few of our competitors try and give that little lollipop, saying that I'll give it at a cheaper price and then sell something and make significantly more than what you make in a mutual fund. Right. So that answers my question, sir. Thank you very much. Thank you. The next question is from the line of Hemant Abhyankar. Please go ahead. Hemant, please proceed with the question. Hemant Abhyankar. There's no response. So we'll take the next participant. The next question is from the line of Anand Parekhar, an individual investor. Please go ahead. Thank you for your time. So I have one question here. So it's almost the end of three quarters, and we are more than on target for what we had set up for our revenue, profit, and EVM. So do we really want to change the guidance, raise it maybe upwards? And what would be the guidance for the next year? Thank you. I missed your name. I'm so sorry. I got a little distracted. Sir, your name? I missed your name. Anand. Mr. Anand Parekhar. Yes. Anand, sir. Yeah, we deliberated internally. We think that, of course, like you rightly said, 78% of the PAT guidance is penetrated into 76% revenue. We always wanted to undercommit, overdeliver, and so we would stick to the guidance. Hopefully, God is kind, we'll marginally supersede that if things are good. That's one. Of course, the AUM guidance is almost met for the year. But since AUM is one number of a specific date, you feel a little not so comfortable upping it because then 31st March, if Mr. Trump has something to tell us, I will impact my commitments to my shareholders, which I think is something which will keep me up that night, and I don't want to. That's one. Second, coming to the next year guidance, I take my boss very seriously, who's Mr. Rakesh Rawal. He has given you a guidance in the public domain, 20%-25% growth. And I think I would, as a group of as a representative of the other 1,300 people in the company, I think we should be able to guide the similar number between 20%-25% for the next year as well on this year's base. Does it answer Anand, sir? Yes, that's pretty much helpful. Thank you so much. Thank you. The next question is from the line of Karan Gupta from RCC Mehta Investment. Please go ahead. Yeah. Hi. My question on the commission part of whatever the extra return that you generate from your structured products and some other strategies, how is that in terms of cost? In terms of cost, I didn't get your question at all. Yeah. So basically, on the commission basis, so whatever the extra returns that we generate over putting the strategies like Anand Parekhar sometimes we use the straddle and strangle kind of strategies. So what is the extra commission that we charge over trail commission? So what we do is, see, structured products are not derivative strategies of short-term. We do the same structured product, same kind of structured product. We do two, three kinds of structured products, about 2,000 times done mature. So now in those structured products, let's assume they're five-year structured products. I mean, we've had 1,630-odd structured products mature so far, 1,630 maturities so far, highest-ever maturities of any NBFC in a stipulated period of time. In those maturities, I backward calculate what is the yield I made. Mutual fund pays you per annum on the market value. In the same method of computation, the approximate yield I made on my matured structured product is 1.17% per annum on market value. So do I recognize this on a trail basis? No. Do I recognize this upfront? The answer is yes. How much extra do I made? INR 0.08. 1.09% is my post-expense commission on mutual fund model portfolio, post GST commission. So to answer your pointed question, INR 0.08 more per annum is what I've made on the matured structured products on the same method of commission computation. Okay. And. I was a little far. This is answer. The trail is 0.5%-1.5%. You're in a noisy place. I'm not able to hear your question really. Yeah, so the trail commission is 0.5%-1.5% of a year. Sir, I've told you the precise number, 1.09, as transparent as any human can get. 1.09 post GST. In my model portfolio. You see something here, you will also know what it is. I could tell. Thank you. Thank you. Thank you. The next question is from the line of Jayaprakash from Coleman Capital. Please go ahead. Hello. Hello. Hi. Am I audible? Yes, sir. You are. My question is regarding this subsidiary we have, Anand Rathi Global Finance. So you have an 8% stake there. So I'm just looking at its financials, and that is improving quite a bit, and it's at level of 8X, 8-9X. So I'm just wondering if there is any day this company needs financial support. Will you be providing the financial support, and is there any intention to increase the stake in that company? No, not at all. Crystal clear, the answer is no. And it's not a subsidy, though, with 8%, surely not. Okay. So, no, no. This is. Is there any guarantee, sir, on the bonds it does on Anand Rathi Wealth, which is this big company? Is there any guarantee on their bonds? Say what is it? No, it's muffled, though. It's audible, but not clear. Yeah. Is there any guarantee provided on those bonds of Anand Rathi Global Finance by Anand Rathi Wealth? No, sir. We are just distributors of that product, and we don't provide any guarantee on Anand Rathi Global Finance's product, which is an NBFC, which is the 60th largest, approximately the 60th largest NBFC in the country currently out of the 9,450, approximately. So it's not a small NBFC. So if you look it up, you will get to know. For the last 13 years, it has done issuance, and it is within the top 100 now, 60th, if I'm not wrong, in the country in terms of the balance sheet size. And so very, very stable professionals running that company, and it needs no other distributors' guarantee, fortunately. Okay. Thank you. Thank you, sir. Thank you. The next question is from the line of Hemant Abhiankar. Please go ahead. Hemant, please proceed. Your voice is not audible. Hemant, please proceed with the question. There's no response. We will move to the next participant. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on the touch-tone telephone. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. The next question is from the line of Anand Parekhar, an individual investor. Please go ahead. I have one more question. So I'm tracking the company for some time now, and we were at 380 RMs at the end of FY 2025. And it's almost now three quarters. We have added, I think we have reached 393. So we have added 13 RMs. And if I recall correctly, in some of the previous con calls, we had mentioned we might add around 50, 60 RMs every year. And we have that pool of secondary associates who eventually become RMs. So do we intend to grow this number? I mean, currently, with the RMs that we have, we still are able to grow at a quite healthy pace. But do we think we need more RMs to grow further in the future? Obviously, we have tech platform iterations that also were done recently. But what are your thoughts on the RM growth from here on? Yes, sir. The RM growth, we have a reasonably robust pipeline of people who can get promoted to be relationship managers. That's an activity which happens largely during March. So of course, I would have guided 40-50. So we may just get there as well. On 1st of April, then it'll be counted next year, somewhere thereabouts. Yes. So to answer your question, we have 450 account managers who are being trained to become relationship managers at a point in time if they so chose to. They also get funneled into the product team if they choose that path of a little more research or mid-office kind of job roles. So yes. So it's 40-50 possible. If that's possible for any company, it is us because I don't have to hire from people laterally outside. We have not engaged with any consultant to hire our people. So efficient brick-by-brick building is possible. You might not see the number here. Like you rightly said, 13 is my addition. But the pipeline is not visible to the naked eye, but there's a good strong pipeline. The more important question is, do we need more RMs to grow? Not for the next three, four years. Growth can be ensured by these 393 currently out there. That's my belief, right or wrong. Okay. That answers my question. Thank you so much. Thank you. The next question is from the line of Bhavin Pande from MK Wealth. Please go ahead. Hello. Bhavin, your voice is not audible. Okay. Yes, please proceed. Yeah. Starting of the 18th, so when we are doing for RM, 26. Sorry to interrupt in between. Your voice is breaking in between. Okay. I would request you to kindly rejoin the queue again. Thank you. The next question is from the line of Nayan Gaba from Nayan Securities. Please go ahead. Hello. Yes, please proceed. Possible. So, December 25 this year, it is about. Sorry to interrupt in between, Nayan, your voice is not audible. Hello? Hello. Am I audible now? Yes, please proceed. If we see for December 2025, the equity fund AUM is around 53%. And for December 2024, it was around 55%. And for structured products, we see 28% of AUM, and in December 2024, we see 26% of AUM. Am I correct? Yes, could be. If you're reading out the number, it must be correct. So, and what structure would we like? So, Manali, did you hear any bit of the question clearly? No, sir. Nayan, your voice is not audible to us. I would request you to please rejoin the queue again. Okay. Let me just try and answer. I think he was trying to allude to what is the proportion in mutual funds, what is there in structures. The mutual fund structure proportion, which you currently see, can change up and down by 4-5% this way, that way, depending on the mark-to-market of each of these asset classes or product classes. But so far, at a client level, is there a change in recommendation of proportion? The answer is no. Secondly, when it comes to mutual fund, it will be astonishing for people to note that our market share in the net mobilization of a country this large, with just 385, now 393 people, is about 2.7% for the year which is currently happening. 2.7% of the net flow in category three of equity mutual fund active as per AMFI is categorization is 2.7. It used to be sub 0.5% a few years back. So in spite of not doing the advisory model of low-cost mutual fund advice, our market share, unlike most predictions of analysts, has gone up substantively rather than going down. So probably we can go to the next question if you have any. Thank you. The next question is from the line of Shayanthan from Tata Capital. Please go ahead. Hello. Am I audible? Yes, sir. So I would like to start by expressing my deepest condolences to Mr. Chethan and his family. What happened is really unfortunate. And I hope something as unfortunate doesn't really repeat itself. And with that, I would like to have a question that is not really based on your P&L or your balance sheet. It is basically something in general. So I wanted to ask whether in your company, has there been a restructuring due to the implementation of the new labor codes? And if so, what has been the impact in the operating margins and the EBIT margins, if you have some color? Yeah, yeah, Shayanthan. Yesterday, this point came up when the auditor was presenting the new labor code. One of the key changes was the 50% of the total comp should be basic, if I'm not wrong. So we hardly had any change because most of us have greater than 50% as basic. So minimal to no difference. I think this is what I could take from the presentation made in the board by somebody. So I'm saying that it has minimal impact, but it's because we are in spirit already following it largely. Okay. So you're saying that no operating margins and your EBIT margins had any noticeable change in terms of basis points? No, no, no, and even if it was, I would be happy because my colleagues would get richer. Okay. Thank you. Thank you. Thank you. The next question is from the line of Amit Prakash from Acharan Consultants. Please go ahead. Hi. Am I audible? Yes, sir. Please proceed. Yeah. Hey, Thiru. I'm calling from Acharan. Yes, sir. Yeah. I just wanted to understand your future plans. You had mentioned about your plans of 2030. Do they remain the same, or do we see a change in that? Oh, yeah. I think last quarter, we spoke of 2030's plan. Yes, we try and plan for four, five years because that's practically possible because our structured products have five-year periods, and there's a rollover option, which we introduced, which implies that 60-70% of my revenues are five years out, and its growth is almost high probability, I would say. Yes, so 2030 targets become a little more solid than they were last quarter, if that's what you're trying to understand. Fair enough. Anything in particular, numeric targets, anything of that sort that we can take back home? No, Mr. Rawal's 20%-25% guidance is what I can just reiterate. Thank you. Thank you, sir. Congratulations on the wonderful report. Thank you. A reminder to all the participants, you may press star and one to ask a question. A reminder to all the participants, you may press star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to Mr. Feroze for the closing comments. Thank you, and over to you, sir. Feroze, sir? Yes. I'd like to thank everyone to be a part of today's call. We hope that we've tried and answered your questions. If you need more information, please feel free to contact Mr. Vishal Sanghavi, our investor relations head, and Rajesh Bhutra, who's our CFO for the last couple of decades. Thank you so much, everybody. Have a wonderful week ahead. Thank you very much. On behalf of Anand Rathi Wealth Limited, that concludes this conference. Thank you for joining with us today. And you may now disconnect your lines.