Ladies and gentlemen, good day and welcome to the Q 4FY 2025 earnings conference call of Computer Age Management Services Limited, hosted by MUFG Investor Relations. Today, from the management of the company, we have Mr. Anuj Kumar, MD and CEO, Mr. Ram Charan SR, CFO, and Mr. Anish Sawlani, Head Investor Relations. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Masoom from MSCI. Thank you, and over to you, Ms. Masoom. Thank you. Good morning and welcome to Q4 FY 2025 earnings conference call for Computer Age Management Services Limited. Before we proceed to the call, I would like to give a small disclaimer that this conference may contain certain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as of late. These statements are not guarantees of future performance and involve risks and uncertainties, which are difficult to predict. A detailed disclaimer has been published in the investor presentation. Thank you. Over to you, sir. Hi. Good morning, everyone. Thank you, Masoom, for the introduction on the Safe Hub. Thanks, everyone, for joining this Q4 earnings call of CAMS. Like we've done in the past, I'll take you through a quick summary of facts, which are all encapsulated in the presentation. We estimate each one of you will have a copy. Then Ram Charan will cover the financials. I estimate we will still have about 35 minutes to go through your Q&A, if not longer. In terms of the quarter, I'll just cover the year for a start with the full year FY 2025. In terms of the entire year, our revenue was up. It's a handsome increase for the year at 25%. All parts of the machinery fired and fired very well, both MF and non-MF. Inside of non-MF, again, several parts of the business fired quite well, bringing us to those growth rates. Like you can see, MF revenue grew by about 25%+ non-MF was just short of 25%. Sustained growth in non-MF, I think, has vindicated the faith of the marketplace and what we are building in that portfolio. Again, we are very hopeful and confident that we will have a repeat year in FY 2026 in delivering at least high double-digit 24%-25% growth in non-MF to continue this year too. For the year, share of non-MF revenue was at 13%. Given the backdrop of all of this, given the backdrop of 25% revenue increase, we had then growth in absolute EBITDA of almost 30%, 29.7%. EBITDA percentage stood at a handsome 46%. I'm sure you've been witness to our performance for the last six-seven quarters. You have been seeing this middle 40%s, mid 40%s EBITDA performance for some time. Peaked at about 47%, but very happy to tell you that for the year, it stood at 46%. Absolute PAT grew 33%. Absolute PAT margins were just short of 32%. I must remind all of you that in the markets, and you know that almost 90% of this business is linked to what happens in the capital markets, especially the segments of MF, KRA, alternatives, and to a small extent payments. All the growth has been achieved despite the fact that from September up to March, what we saw was almost a sustained pressure on the indices. It started easing, let's say, in the months of April and May, but for September to March, there was sustained pressure at the peak. Large cap indices had scaled back almost 14%-15%. New demand and broking accounts were not opening. There was some moderation. I would not say pressure, but some moderation in terms of how SIPs were being triggered. Despite all of that, you're seeing the results that are in front of you. I'll move forward. I show you the same thing for the quarter. I think it's important to just understand what happened in the quarter. From a quarter's perspective, we were staring at a backdrop of 3Q, a third quarter, which was almost INR 370 crore in revenue, INR 173 crore in profits. From an operating part, we did not lose much. From an operating part, we lost about INR 3 crore-INR 4 crore in revenue, against that backdrop of INR 370 crore. What moderated the revenue was largely the price adjustment that we had referred to in the last earnings call. You will recollect that we had said that given the fact that most of our large contracts are now heading to be fully digital, any pricing asymmetry had to be taken out, which we were doing for some time. I think that is one impact that you are seeing in the fourth quarter. From an operating perspective, we lost about 1%-1.5% revenue. The balance between 2%-3% was lost because of the price. You see that revenue grew overall year on year for the quarter, just under 15%. MF, again, under 15%. Non-MF, about 15.8%. Again, non-MF, despite some of the headwinds, not in the entire non-MF portfolio, but in some of it, I think it is just great vindication of how this part has done. The share of non-MF for the year was 13%. For the quarter, it was 13.7%. It is inching up, and we will make sure that we continue to obtain what we stated as a perceptible differential between the growth rates of non-MF and MF. Non-MF, even for this year, we're projecting in excess of 20%, closer to 25% growth. For the quarter, absolute EBITDA grew by about 12%. Despite whatever happened, despite the fact that revenue fell by almost INR 14 crore, almost 4%+, we have still been able to deliver a close to 45% EBITDA margin. I would say there is no better testament to how we run this model and how this model operates across its various constituents that despite some of these headwinds, we've been able to deliver a close to 45% EBITDA margin. PAT grew about 10%, and overall PAT margins stood at 21% for the quarter. This is a broad financial summary. I know that a lot of you are very curious about the various components of this entire revenue and profit trending, including yields based on how it will play out in the next few quarters. I'm very happy to take that up as we move forward in this call. I'll move forward to just some business highlights. I think just foundationally, the way we build business, because you build these businesses on operating excellence, delivery, diversity of products, a healthy sales pipeline, and how you're winning, and growth of market share, all of that leads to revenue growth. Revenue growth, obviously, leads to profit growth in our business, like any other business. Foundationally, I think all these forces are lining up north. All our cylinders are firing, and we wouldn't have achieved what we achieved in the fourth quarter if those things were not happening. Overall, our market share by assets stood at 68%. Our market share, although we've not been quoting that metric in the past, but given the fact that some other people quoted 26 out of 51 working AMCs out of that, our overall AUM growth in the quarter was 24%, which largely mirrored the industry's growth. Equity assets grew about 29%. Equity assets, despite the fall in the indices, have been the toast for this industry and have been the toast for us. Equity assets also held the INR 25 trillion mark. Inflows remained sustained. You know, you've been seeing the SIP and non-SIP inflows. And you know that that number has held quite well. SIPs collectively delivered more money in the fourth quarter than they did in the third. Our live SIP count grew about 18% to get to about INR 5.7 crore. That's live SIPs. Gross new SIP registration for the year grew 51%. Just imagine that whatever we've been, all this while, the growth was significant at 51%. Our unique investor base did well across the INR 4 crore mark. This grew significantly ahead of the market. Market was 22%. Our new investor count grew 26%. What is most gratifying, I think, is in the history of CAMS, I've been here nine years. I do not remember a single year where we took more than one AMC live. In the fourth quarter, we took Angel One, which is a marquee name, UniFi, which is another marquee name, live during the quarter, taking the live AMC count now to 21%. I think the good news is that there are five more of these which are waiting to go live, which will happen within the next six months. I think from investing in the future and creating a future perspective, there is no better news than this. These five more comprise, of course, Jio BlackRoc, Pantomath, Choice, Torus Oro, CeyBank. There is one more. That is the count that we are expected to take live in the next six months and again brings a lot of strength in the overall scale of the business as we move ahead. Beyond mutual funds, CAMSPay revenue grew 85% year- on- year for the quarter. We launched BIMA- ASBA. This is a new innovation where you can apply for a life insurance policy and not worry about money getting out of your account and then the insurance company telling you that the application is rejected. You will just see a blocked amount like you see in IPOs. Alternatives had a very strong quarter, 56 new mandate wins. Total new mandate wins for the year, including for WealthServ, crossed 200. Those are astounding numbers. You have to be in a place of significant solid market leadership for so many new clients and so many existing clients to place their hands and say, "Look, they want to work with you. This is what's happening here." We now have over 200 installations of CAMS and WealthServ. Repository improved market share. I think that's great news. Improved market share to over 40%. You know that we've been quoting 37% and 38% as the two numbers for the last almost one year, last four quarters. LIC of India is signing up for repository services. Though this will begin with digital issuance only, it will not go into legacy yet, but at some time it will. I think from a signal perspective, it's a fantastic signal for the marketplace that that happened. Total count of e-policies is now exceeding INR 1 crore, so it's INR 1.1 crore. During the year, of course, we want to grow this significantly. We know that a base growth rate of between INR 40,000 crore-INR 50,000 crore will anyways happen, given our 1 million new policies per quarter track record. We are trying to get some ball Ds to expand to INR 50,000 crore within INR 60,000 crore or INR 70,000 crore. It should be a promising year. For CAMSRep isurance, three issuers are live with integrated services and Bima Central, Star Union Dai-Chi was the last one which came in. CAMS KRA had a tough quarter, had a tough quarter for all the reasons known to you. New folio account creation in mutual funds fell, new Demat accounts, and new broking accounts fell. Despite this, for the year, CAMS KRA had a 30%+ increase in revenue. Nice diversification outside MF, three leading brokerages, when I say leading, Hickory's as one of the top 10, came into the roster and have started giving us payload. FinTuple went beyond the custody-led platforms to create a foreign NPS, which is the pension services with a product called Fintuple. They have won their first deal to build and integrate a back office platform for a very leading pension funds PoP business. Think of it again in the top 10. Think360 had launched the PFM product. We had reported this last time that we are now implementing large fixed price, fixed revenue contracts here in Swift for one of the most downloaded, and I could say the most downloaded financial apps in the country. Across product lines, I think it's been just great going for the entire business. Move forward. There are charts on operational highlights. There's nothing in particular that I want to stop and call out. It's all accessible to you guys. Transactions continued to scale. Equity AUM share went up about 0.2% from late 65%- 66.1%. Equity net savings, obviously, during the year held quite well. Move to the next. Similar trends for the fourth quarter are in the charts that you can develop now. Move forward. Next. There are more product-wide highlights. I'm just thinking if there's anything you want to call out. Yeah, I would say LIC as an account for account authentication services for CAMSPay has begun to scale up. We would like, obviously, this to become a largish account for us, riding on what we will do in depository and payments. The account services have done well. UPI AutoPay continues to be promising. Autopay transactions grew almost 25% quarter- on- quarter. I know there are questions from some of you on whether we had any lumpiness or one-time revenue in CAMSPay. Nothing in particular. Maybe a couple of store of fees and let Ram Charan talk about that. Across the product lines, we've said this in the past, and I'm saying it again, that we do not try to book any upfront income to inflate this quarter. We just let the milestone-led billing come to us. Wherever it is asset or transaction-based, we will bill when we get the assets on the transaction. That is how the whole thing works. Other than that, I think I have covered most of the stuff. Move forward. What we will do is I will hand this over to Ram Charan now. I'll hand this over to Ram Charan and take you through the financials, and then we'll have time for the Q&A after that. Okay? Thanks, Anuj. Anuj has already gone through the numbers and some level of details, so I won't repeat those numbers. I'll just kind of drill down on a couple of details on the financials, which may kind of reinforce some of the questions that you have also. The quarter-wise growth you have seen is 14.7% year on year basis and a drop of 3.7% quarter- on- quarter. The asset-based revenue, actually, if you see the assets went down by around 1.5% on average basis in the quarter. And actually, the volume variance for us, which is what is attributable to the reduction in the AUM, is actually the 1.5%. The major contributing factor for the reduction has been, as Anuj mentioned, the price reset that we sent straight for one of our major customers. If you take that away, I think the AUM to AUM fee growth broadly is in line with what we expected. The good news is that the reset has been broadly finalized. Starring and crossing the T's and dotting the I's. I think we are at a stage where we know with certainty what the impact will be for this quarter and going forward also. From a non-MF perspective, you've seen that there has been a healthy growth even in the current quarter. We've added around 6.6% quarter on quarter. The good part is this is a little more broad-based than some people have attributed to this being very localized, but it's actually a little more broad-based. For example, AIF grew, say, 16% year- on- year. Pay grew 85% year- one-y ear. REB grew 19% on a quarterly basis. Obviously, there was some strain on the KRA revenue, which is attributed to the slowness in the capital market. Actually, there are three, four cylinders that are firing now, and it's not one vertical that is contributing disproportionately. Although pay has done exceedingly well when compared to a few other verticals, the growth is also a little more broad-based in terms of the various verticals in non-MF. From a yield perspective, I know a lot of questions will be there on the yield, and as Anuj said, we will take it forward in terms of any questions that you have. I'll just leave you with three, four points, right, which is that the repricing that we had alluded to in the last quarter, we had in fact stated explicitly in the last quarter, is actually behind us now. We know exactly what is going to happen in terms of yield movement from this particular account going forward. You have seen a 4% drop in yield quarter on quarter basis. Theory from an AUM fee perspective, and this is a different way. We are a little more granular in reporting what we do when compared to computation, which is that we report the AUM fee basis points as such, which is currently around 2.24 basis points. What we expect, and we see actually payout the impact going forward, is that you will see we have done almost like 50% of the impact is there in the base in this particular quarter. If you actually move forward, you will see probably a similar impact in terms of quantum coming in the next quarter or two, and post which everything will be there in the base. The whole guidance that we gave in terms of the annual drop in yields, if you see in the current year, we would have ended the—this is a yearly average I'm speaking about. We ended the year with basis points of around 2.33%, which would have been a 6%-7% drop compared to the last year. Next year, you will see a similar kind of a drop, right? We had guided that it will be around 6%-7%, and I think this will be within this range for the next year. If you take the quarterly basis points, which is the last quarter basis points, which is at 2.24, and if you actually see how it will play going forward, I think the end of Q4 of next year, the depletion in yields could be close to 4%, right? That is the exact numbers for you in terms of what we anticipate. Obviously, the AUM grows more, and the mix is more favorable to us. One of the contributing factors this quarter has been that there is a negative mix impact, which is that the equity overall percentage has come down by a percentage point, which means that what would have been a couple of growth or additional revenue has not affected to us. Going forward, if the mix is constant, we expect that the yearly yields when compared to last year, the current year, the yearly yields will drop by around 7%-8%, most likely around 7%. If you take the last quarterly yields and you compare it with the last quarter of next year yields, I think the drop will be closer to 4%-4.5%. The thing I would like to reiterate is that the uncertainty that we had predicted to you last quarter in terms of repricing is largely behind us, and the amount, about 50% of the amount, is there in the base, and 50% will get into the base for the next quarter or two. From a profitability perspective, again, we've shown strong margins. We've always said that we will try and endure to get a margin of 44%-45%. This quarter was a difficult quarter. There was, from an AUM growth, there was no growth. In fact, there was a small reduction in AUM plus the repricing impact. Obviously, the non-MF growth helped us in kind of mitigating the impact. To end the year, end the quarter with a 44.9% margin is, I think, again, as Anuj said, a testimony to the resilience of the entire model, right? We've always said that the fixed cost model, and I think this quarter proves the fact that you do not have a growth in AUM, but your cost also remains static. We did not decrease the cost too much, but you also know no cost increase was there. So that is broadly the commentary on the margins, the yields, and the growth in non-mutual fund business. I will now leave it to the moderator to open the floor up for questions. 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 their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use hand raise 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 Swarnabha Mukherjee from B & K Securities. Please proceed. Hi, sir. Thank you for the opportunity, and thank you so much for giving the details in terms of the yields. I just wanted to understand, sir, in terms of the contours of the renegotiated contract, I think I'm trying to understand why would the yield drop happen over, say, three or four quarters, like you said? Because, I mean, is it that different things would start getting repriced at different points of time or how will it work? Because I was thinking that even if it might have happened somewhere in between the quarters, it will take possibly one more quarter for everything to come into the base. If you could help us understand, it will take two or three quarters only because of the renegotiation impact and not maybe, of course, otherwise telescopic pricing might continue to play out. Sir, that is one question. Second is, in terms of the insurance repository, sir, I think congratulations have changed, look very encouraging. How much is this coming from the LIC contract, or is it yet to come going forward? If you could give some color on, given the fact that there is more appetite to issue digital policies through the insurance account, how is the pricing environment? If you could give us the broad indications of, say, account creation charges and what do you incur as revenue when you do the maintenance of an existing account? Thirdly, on the cost side, sir, normally we have seen that I think in the first quarter we see a bump in your employee expenses. How should we think about for FY 2026 or maybe 1 Q 2026 onwards from that? Also, similar commentary on other expenses because I think when I look at the other expenses number at a component level, I continue to see that even over the quarters it has increased. Are these like outlay for the newer segments because of which you have to spend more? If you can give some indication of that. Yeah, these will be my questions. Swarnabha, I'll just try to take three of your questions, and on the insurance, Anuj will probably explain. With regard to the commercial concept, obviously, we would not like to get into details of the commercial concept, but our endeavor has always been, and we have mentioned it in the last quarter also, to stagger the impact. Also, number two has not been to wait for the contract. For example, this particular contract could have come up for renewal in September, but we thought that it would be better to kind of take a staggered impact over a period of a couple of quarters. The commercial construct is that it's not we are deferring anything or there is something that we are delayed provisioning or something. The commercial construct is that the pricing for some classes will start now, some classes will start later, etc. That's just been reflected in the fact that it will get staggered over a couple of quarters. Most of the impact is there, and 50% is in this quarter. Close to 50% will be there in the next quarter, and whatever is balanced, some small part of it could be there in the next quarter after that. That's the way the contract is also structured, and that's the way our revenue will be booked. That's the reason for that. From the cost side, see the other expenses. You'll see that overall, from a cost control perspective, the last quarter has been almost like a flat. If you take away the depreciation, which is obviously a reflection of the increased investment we are doing in CapEx in terms of various compliances as well as the increase in transaction volume, the cost increase has been zero, literally zero, right? The other expenses are more a reflection of some timing differences. For example, there could be some delayed collection in some accounts, which could accounting-wise, we'll have to create what is called an expected credit loss, which is not a permanent loss. It's kind of a timing loss. Those things will contribute, and there are some legal expenses that we have done. There is this MF Central that we incorporated for which we had to pay all the fees, etc. This is not a trend going forward. Overall, from the next year perspective, we have repeatedly said that we will be able to hold costs at a less than 10% increase, right, when compared to the current year, which I think is very much achievable. We will try to do better than that, but less than 10% is something that we are forecasting for the next year too. That should not be something top-notch in mind in terms of what we can do. In terms of insurance repository, Anuj, probably. Just in terms of insurance repository, you would have seen that still about a year back, we used to increment volumes at the rate of about INR 20,000 crore-INR 25 crore per year. Last one year, this increase has almost doubled to become INR 40, 000 crore-INR 50, 000 crore. LIC is still not integrated. While they've taken a decision and integration is happening, the real policy flow will start only from the month of July. They had the option of saying that all new issuance, which is upwards of INR 2.5 billion policies, will come into DMAT. What we increasingly believe is that most of the digital channel issuance will happen in DMAT, which could be under INR 100 million new policies in a year. We expect that this year, just at an organic rate, we would have got about INR 50,000 crore new policies anyway. All the impact of LIC could be between INR 15,000 crore-INR 20,000 crore policies if everything happens in time, which is showing signs that it will. It'll be a nice fill-up if we get that INR 20, 000 crore on top of the base INR 50, 000 crore. As LIC kind of moves forward beyond digital into other kind of issuances, those numbers can only go up. It has the capability to almost, given the market share, they are more than half of the market, that if they bring in all the HEF, the DMATing pace will certainly go to 2x in the market, let's say in the next three to four quarters. That is clear. Therefore, it is a big pillar to the market as far as policy issuance and policy counts are concerned. The prices are all fixed. You know that whatever the prices have moved southwards in the last two or three years, but they are pretty stable now. We expect that because most of these are long-term contracts, the prices will stay where they are. The icing on the cake is that as these new insurance companies come in, they will all start getting integrated with Bima Central, which is the single only proprietary platform to do electronic transactions in one place for your whole portfolio, which means you open an account with CAMS Repository services, and then Bima Central is open for reminders, payments, digital lien, claim marking, all of those things. There, of course, the first transaction prices and yields are much better. As that happens, I think the cumulative impact of the momentum of these two things will be perceptible in terms of how that market grows. Understood. Just a couple of follow-ups. One is, is our commercial for the BAMA-ASBA part, is there any difference in that? Like you had mentioned in your opening remarks about CAMS Pay, and I think phenomenal growth there, I think quarter on quarter also very strong. If there is nothing lumpy, as you have mentioned, then how to think about the business coming because of the new mandates you have gotten over the last few quarters, or is it that organically the whole ecosystem is driving this growth? I'll take the famous question first. I think one part of the growth is just very simple, where we are working with, let's say, mutual funds, where the SIP count and the number of matches or one-time mandates that we register, the triggers continue to happen. As you see momentum in these smaller SIP counts, Choti SIP, Jan Nivesh, and several of the AMCs are now launching this daily collection product, right, where you can debit INR 20 crore, INR 50 crore, and INR 100 crore from the accounts of non-salaried people. You will anyway continue to see growth there. That is one part of it. We had said about a year back that we are now broadening our reach into the education system, which is to collect fees and recurring charges from students for merchants, which are essentially universities, colleges, and hospitals. That has shown some pickup. The BIMA-A SBA part will scale over a period of time. Right now, it is a very new thing, but you must have read that idea in IRDA now, that this delay in refunds of money for policies which are not accepted and not granted is hurting investors, and therefore, this innovation is coming. Apart from this, we have not built out the payment gateway product. We were a pure payment aggregator, and we have now built out the gateway product, so we've begun to get some revenues from this. Collectively, this is part of the non-MF business. Non-MF is at a run rate of about INR 200 crore a year. We are saying that this year, we will certainly like to get to about 25% growth there too, like in the previous year, so about an INR 50 crore absolute increase. Payments should be the number one going-in force for growth this year too. Alternatives and KRA will be the other two businesses. I hope that answers your question. It seems like the participant's line has been disconnected, sir. No problem. We can go to the next please. Okay. The next question is from the line of Devesh Agarwal from IIFL Capital. Please proceed. Good morning, sir, and thank you for the opportunity. Coming back to the price renegotiation that you talked about, just to understand this better, the entire impact to a large extent will be captured in the first two quarters. First quarter has already gone by, and the following quarter will see the balance impact. That's correct, Devesh. Just think of it this way that about half of the impact, and I don't want to get into granular reconciliation in this call, but saying that half of the impact that we had to take is already in the books. That's good news. Like we said, we had a INR 370 crore revenue quarter in the third quarter. Third quarter to fourth quarter loss was about INR 14 crore, out of which business reasons only account for about INR 3 crore. The balance is all price. That's half of the impact. The balance half of what we have to take in price will happen in the first and second quarters. Like Ram said, I think we wanted it to be definitive, non-fuzzy, and we did not want to give you a directional quote. We just want to give you, in short, the firm numbers. I am just telling you what it is. From a future quarter perspective, I think one question in everyone's mind would be on what will revenue look like because we will take some more haircut in Q1 and Q2, which will be 50% of the impact. Our guess is that other things holding, this INR 350 crore-INR 360 crore line should not be breached as far as overall revenue is concerned, which means in one quarter, although I'm not giving you a firm guidance, but just indicatively, we believe that we will not breach that line and go below that. We start building up on growth again. That's how the quarter will look. Right, sir. You also did mention that the exit run rate for the year is likely to be around 2.15% if you build that 4%, sorry, 2.15% versus 2.24% this quarter. Sorry, your question on exit yield for the current quarter or what we expect to be in the Current quarter from 2.24%, you're saying to fiscal year 2026, the exit run rate would be 2.15%. That is the expectation. Y eah. 0.09% reduction. 0.08%- 0.09% is what we expect. This particular contract, if I recollect right, has again come up for renegotiation, as you said, it was due in September, but it has come up a bit early. Now, what confidence do you have that we have, to a large extent, completed the negotiations with them, and this will not hit back in, say, a year or two time again? When you look at it, Devesh, like I said, that unlike peers and depositories, etc., where there are standard rate cards, because the services and scope are undifferentiated, I think in the RTA books, you are aware since you researched the sector, that prices can be different depending upon when a client came in and also upon some of the specific scope that was performed for them. Scope differentials were very deep at one time before the digital era. I think till about 2021, scopes were very different. I could be servicing a parent organization of a particular MF, and I may have physical ability to do KYC at several thousand branches. We may have biometric machines there. We may be logging paper and checks. In the digital era, a lot of that happens digitally, and therefore, that scope asymmetry has been going away for some time. When you think of this, I know that some of you believe or like to think of this as coercive negotiation. The way I like to think about this is that it's more about seeking parity in a non-parity-led world. That's what's happened in this contract. Therefore, we don't believe that there is an irrational component to this at all. It is reasonably rational. We'd also said that we were wanting to do this over a longer time period. I mean, if you see how we've done it versus how we wanted to do it, I would have liked to do it over a couple of years. We are doing it over a couple of quarters because it's a slightly old-ish dialogue. It was best to put these things behind us. I just want to take out the coerciveness of the situation from your mind, saying that the price is to be sprung upon us again and again. I think it was rational. There was a reason. Both sides agreed. We disagreed a little on the timing, but in the end, we bought it out. Can we say that once this sizing is done, the price differential between the similar-sized AMCs will be in a small range, and to that extent, we would not see any further risk. Yes. And sir, any more contracts which are coming up for renewal in this year, in FY 2026? Nothing major. We do have, as a part of regular, a couple of smaller-sized contracts coming up, as they do in every year. Probably there are two or three that are coming up in the current year. As I said last time, all the major contracts have been renewed, and this was something which we have also closed in the last couple of weeks. You will not see any major repricing or major contract negotiations or major drop in yield because of the new customer contracts that we are negotiating in the current year, other than what obviously we have spoken about the current contract. Right, sir. In terms of new AMCs, it's heartening to see that four or five new AMCs have started operation, and we expect another four or five AMCs to start operation over the next six months. Do you think these incremental new AMCs that have come up, almost to the number of around 10, will that have a drag on the margins in fiscal year 2026 as they scale up the operation, or they are too small to dent the margins? Right now, they are too small to create a drag. I think the positive thing is that two have hit operations. Five more will hit, so that's seven new in one year. I think as they all stabilize and move to a few thousand crore of AUM, the collective AUM will be large, still small in the context of the overall INR 4.9-5.0 trillion that we manage. I don't think I just look at it as a large positive, Devesh, that this creates the way for us to scale in the marketplace over the long term. The total cost of these may be, at a company level, 100-120 people deployed, which is not very significant in terms of the overall size of the company. I also like to add that it's not as if we start investing on this the day they go live, which means for most of these four or five AMCs, the cost that you see in the fourth quarter contains the cost not only of the gone live AMCs, but also the going live AMCs. Right? It's not as if we can start the earlier day and make them live. We start six months in advance. A large part of the cost that you are seeing, and in spite of that, my salary cost is 22%-33%. It's there in the base, and obviously, there'll be some incremental cost, but it's not going to be material in the overall margins perspective. Right, sir. Sir, one last one. In the non-MF side, if you can share what was the margin in FY 2025 and EBITDA margins, and what are your expectations going to be? You will see that there's a mix, right? You have a profitable, very profitable KRA. You have a profitable payments, but you also have some growth businesses which are going to turn the corner in the coming couple of years or couple of quarters in some cases, which is your upfront aggregator, CRA, repository, etc., think analytics, etc. So combined margins, we said, is between 10% and 15%. The last quarter is also coming with a similar number, between 10% and 15% of EBITDA. Our expectation is next year this will go closer to 20% of EBITDA. Right? That's the expectation from our side that we will reach a 20% EBITDA on the non-mutual fund businesses in the next year, which will obviously have a beneficial impact on the overall company margins. Right, sir. That's very helpful, and thank you so much and all the very best. Thank you. The next question is from the line of Suprateem Dutta from Ambit. Please proceed. Thanks for the opportunity. My first question is on the non-asset-based revenues. If wanted to understand what would be the split of your MF Central or call center and the paper-based transaction in this revenue. If this has been growing, despite you talking about digital transactions becoming more prevalent, wanted to understand how has the mix of revenues here changed versus two years to today, and how much of this would be linked to transaction? If you could give some color on that, that would be very helpful. My second question is on the payment aggregator business. I understand that you talk about the education institutions that you have gone into. Could you give us a split of your revenues coming from customers now? What would be MF versus what would be your educational institutes there? How does that play out over the next two to three years? If you could give some color on that, that also will be very helpful. Lastly, on the cost split, I am not sure whether this has been discussed before or I joined a bit late. On the employee cost, typically, we have seen an escalation this year. The employee cost growth was higher than what typically it has been, and I understand that is because of the new businesses that you have been ramping up. As I look into fiscal year 2026 or 2027, how should I think about employee costs? Is there a need for further addition there, or how does that play out as a proportion of your revenues? If you could give some color on that, that would be very helpful. Thank you. Sure. I will just take the questions one after another. One is the non-asset-based revenue split. I think almost one-third of that will be the transaction revenue. When you say transaction revenue, there is also the paper transactions and some amount of digital transactions, but predominantly paper transactions revenue. You do have an increasing component of things like what you mentioned, which is the MF Central and the various other applications that we kind of get a license fee for. For example, the analytics application called MF DEX or the CRM application or the data replication application and some analytics, XAR, etc. You are right from a mix perspective. We do see some increasing contribution from the applications and miscellaneous billing that we do and the value-added services. You will have probably just to take a rough split, if you have INR 200 crore as your non-asset-based billing, around INR 75 crore could be your transaction, and your miscellaneous application could be around INR 35 crore. Right? Your call center could be around INR 30 crore, and your OP will be a large part of it, which is the INR 50+ crore would be the OP, and MFO could be a couple of crore. That's a broad split. It's not exact numbers, but just to give you an idea, there's a broad split of a INR 200 crore non-asset-based revenue that you have. The increase in this is attributable to two things. One is the call center is growing. It's growing by around 5%-10%. It's also because the application revenue is growing because of the new functionalities that we bring in, the new applications that we give to our AMCs for which we build. Both of these are causing the increase in the mix, so to say. Predominantly, it still continues to be the transaction billing that we do, up to one-third almost, just like that. Right? From the second question that you had, I think it was on the cost side. Yes, actually, you will see the first quarter of the coming year or any year for that matter is the year in which predominantly the appraisal kicks in. Major part of the employee workforce will get and have got an increase effective from April 1. That could suppress the margins by a couple of percentage points. That is why we kind of say that quarter one has been historically, not only the current year, every year you take in the past, you have seen the margins of close to 43%, 42.5%-43% will be the EBITDA because there will be a one-time, well, not a one-time, but there will be an impact of the annual appraisals that happen. We did have a lot of hiring happen last year. Right? We added on a net headcount basis around 750-800 people last year. As you also rightly alluded to, a lot of it is because of the ramp-up we are doing in the non-mutual fund businesses. We have also invested on talent. We have got new talent out from IITs and IIMs to kind of cover our future. We are working on things like cybersecurity, various other cutting-edge technologies, which will require a different skill set. Not only have the number of people increased, the cost per person has also increased from an overall hiring perspective. This year will be a little more muted. I think we have the building blocks in place. We have built the platform. We have built out a sales force which is going to the market, which was non-existent probably three or four years back. All this has taken some bit out of the profits from us for the last year. Going forward, we feel that there will be stability. Stability in terms of the employee cost, stability in terms of the other costs also. To have a 32% of overall revenue, it is around 33% currently, to be the employee cost would be a good assumption to make. That is what we are working towards. Mind that you will also have some rationalization in manpower going forward because of the automation initiative, because of the staggered implementation of the structure. We will have some rationalization in manpower going forward also from the core business. Overall, we do not see an increase in employee cost in the current year from an overall space perspective. If anything, we are looking at a small decrease, so you will definitely see stability in employee cost. Your other question was on insurance. Payment aggregator. Payment aggregator. We just wanted the split of the customer base now. Given that you have, yeah. Yeah. When we started off, you would understand it's almost 100% two years back of mutual fund and SIPs and related stuff. We had a process of diversification where we got into first NBFD. As Anuj was mentioning, we now got into education space. We have tied up with a couple of colleges and ERP providers. It is early stages from an education perspective. Overall, it will be a few growth of revenue in a year. What we have also done is diversify the insurance space also. We have signed up at least five new insurance customers. While it will be more kind of a 55-45 split of MF and non-MF in the current year, going forward, the next year, we expect it more to be a 60-40 kind of a split, which is 60% of non-mutual fund revenue and 40% of mutual fund-related SIP revenue for the payment business is what we expect in the current year. Got it. One final question. Just wanted to understand the Jan Nivesh SIP, which has been launched by several MFs. How would the pricing there be different from regular SIPs? These products, like the Choti SIP across the industry and Jan Nivesh, in the context of one AMC, have been launched. The crescendo of activity that you would expect has not been attained yet. For your purpose, you can think of these as regular equity instruments. We obviously give the industry some remission in our overall charging framework for assets, for KRA, and for payments. For an obvious reason that at that size where you're collecting only INR 100 crore or INR 20 crore a day, the cost of collection, cost of an SMS or email, all those costs add up to prohibitively discourage anyone from scaling these products. The industry kind of thought and discussed for almost a year in terms of how we should expand this. In the end, not just CAMS, but collectively between the RTAs, KRAs, depositories, and payment aggregators, we decided that we will give it a leg up. I won't go into specific numbers, but just think of it this way that in the interest of creating this initial scale, we have also contributed to some differential pricing. It's a uniform differential pricing, so it's not that CAMS is giving any special deal to anyone. That decision was kind of nudged by a study led by AMFI and has been taken at the industry level. Got it. Thank you. Thank you. The next question is from the line of Sarthak Nautiyal from Eraya Capital. Please proceed. Hello sir. Am I audible? Hello? Yes. Go ahead. Go ahead. Thanks for the opportunity of asking questions. I just want to know one thing. As we are told, there's a very high switching cost in this industry, right? I just want to know why any RTA will shift from KFin Technologies to CAMS or CAMS to KFin Technologies. This is my first question. Sure. Just given the nature of the business, you know that the liability side operations scope is vast. It creates very strong linkages for both the end investor and the intermediaries to our platforms, to the RTA platforms. There is a very long and onerous record-keeping work that has to be done. There are liabilities which are shared by the RTAs. If they have committed a mistake, the mistake may have happened 20 years back. All the digital linkages, the compliance reporting, all of that has to be done, and the front office network has to be used for a particular client. Like in any large operation, this is very different to either IT services or BPO. As you know, BPO, you know that a lot of companies put their entire scope on RFP every five or seven or ten years. It is very different here. Then a yankout decision is very difficult to take. You would not have seen in the last ten years any scaled AMC to have taken that decision. One or two small ones may have taken that decision owing to performance kind of reasons or delivery reasons, but it is not a very common effort. Okay. Sir, just want to ask a follow-up question on that. I have asked the question to KFin, met with the management. They have said that in the last 15 years, 10 years of the mutual funds have shifted from CAMS to KFin. Can you throw some light on it? I would say you could do a follow-on and get names from them and then make a phone call to me, and then we can see. There is nothing, I think nothing has happened. The public records are there for everybody to see. You can look at it. The two things have shifted from KFin to CAMS, but the other way around, I do not think it has ever happened in the last decade. Yeah, as Anuj said, it would be useful for you to kind of reach out to us with specific names so that we can either revert or correct our facts. Sorry to interrupt. It seems like the participant's line has got disconnected. Hello sir. Am I audible? Hello sir? Yeah. Go ahead. Go on, please. Okay. I will go with the next question. The next question is from the line of Prayesh Jain from Motilal Oswal. Please proceed. Hi. Good afternoon, everyone. Just a first question is on the mutual fund business. Is there any impact of lesser number of days on the yield in this quarter? Generally, AMCs feel the pinch of it, but do we also feel the pinch of it? Prayesh, I think I'd just like to correct the misconception that probably a lot of your colleagues also had and have reached out to me on. The way we bill is the number of days does not determine the revenue. That's very simple. You have an average AUM for a month, which is the AUM on a daily basis. We take the average for the month. It doesn't really matter whether the average is for 28 days or 30 days. You just have a final average number. The rates are applied on a monthly basis. Irrespective of whether you have a 28-day or a 31-day month, the revenue for the month will not be impacted by the extra one or two days. The rates are actually annual rates, but they're applied on a monthly basis, irrespective of whether it's a 28 or a 31-day month. There will be no change by the fact that the quarter has two days more or less to the overall revenue numbering. Got it. Secondly, on the CAMS Pay business, you enrolled LIC. When was this? Do you think that a large part of your growth guidance on FY 2026 would be LIC would be a key factor in terms of CAMS Pay? That's a good question. This business was signed up exactly one year back in March-April of 2024. It is not about premium collection yet. I just want to clarify. We do not have any exclusive deal to collect insurance premium yet. These are account authentication services, which is a normal service which you see across the insurance and the asset management world where you verify somebody's pay's account, that it is generally held by them, is not a third-party account, and the branch etc. has not got shut. That is a set of services. Because the digital business is going up, I think a lot of non-check payments are beginning to happen. This is that service. We continue to be in conversations with them to expand. The FY 2026 guidance of growth in CAMSPay is not so much LIC. LIC will scale, but I think it is all the components, the large growth in the SIP numbers in the last one year, some addition from payment gateway, some from education. LIC will be a component, but I would not think that it's going to be more than 10% or 15% of the overall growth numbers that are being spoken about. Right. With respect to the margins, how should we look about margins in FY 2026? You mentioned that their employee cost would be maintained at about 33% of revenues. That is what you mentioned, right? OpEx should see some kind of steady growth. On the other hand, non-MF businesses' profitability should improve. Given this trajectory, should we expect an improvement in EBITDA margins in FY 2026 versus FY 2025? Prayesh, in normal course, that answer would have been yes. As we have guided earlier, there could be some impact of the price that we will see in the course of the year also, which is explaining close to 50% of the impact that we will see. Our aim is from a margin perspective, while we enter the year on 46%, next year would probably be a 44% kind of a margin percentage, which is what we are all working for. Obviously, this is predicated on mutual fund growing reasonably, if not equal to current. We know it's not possibly equal to the current year's growth in terms of 30+%. If there is a reasonable growth in mutual funds and after hitting the price impact and increase in non-mutual fund margin and cost control, we feel that a 44% EBITDA for the year next year is definitely achievable. Are you being conservative in terms of giving the guidance? Because obviously, if you look at the Q4 EBITDA margin where you had an impact of about 50% of it, you still delivered a 44.9% EBITDA margin, and you are talking about an FY 2026 EBITDA margin of about 44%. Are you being conservative here in terms of that guidance, or how should we read this? Prayesh, think of it this way that we are not building all of this on an expectation of a 20% AUM growth. We have had a 20% AUM growth CAGR over the last nine years. If that happens, then obviously the numbers can be better. We are expecting that AUM growth will be more moderate, will be maybe 11-12%. If AUM growth is 11%-12%, then obviously revenue growth is 8%-9%, which has to cushion the incremental impact that is coming and then has to contribute. Non-MF, we know even at 25% on a INR 200 crore base, will add about INR 50 crore to the revenue, but cannot add INR 100 crore to the revenue. Non-MF, if it does superlatively well, the INR 50 crore absolute increment can grow to INR 60 crore or at best INR 70 crore, but it will never be INR 100 crore. The way to then think about it is that, and again, I do not want to do any arithmetic reconciliation here, that if non-MF contributes, let's say, INR 50 crore-INR 60 crore absolute, MF is, let's say, INR 100 crore, INR 120 crore, INR 130 crore. Net of discount is about INR 70-80 crore. A possibility to scale overall group revenue on a base of, I mean, just remember that 10% absolute revenue growth on a base of INR 1,420 crore-INR 1,430 crore is almost INR 145 crore. So my guess is that a double-digit, even low teens number will be difficult to hit at the asset growth that we are estimating. If assets grow at 20%, we will have a different story to tell. Right now, I do not think the ground has been built to assume that FY 2026 is a 20% asset growth year. Got that. That is very helpful. Just last question. In terms of CapEx and investments, how should we think about FY 2026? There are two aspects to it. One is the regular CapEx that goes in the BAU, and another is the re-architecture project that we are running. The first, you will see normal CapEx happening. This time, we had to do some extra CapEx because of some city requirements of air gap center, etc. Next year, you will have another INR 50 crore kind of an addition to IT CapEx and probably another INR 10 crore, INR 15 crore to the other CapEx that we have. From a re-arch perspective, we will accelerate our spending in the current year, right? Last year was the first year where we had probably eight, nine months of work done earlier from the initial design part of it. This year, we will kind of accelerate our spend on re-arch. The benefits will start going in from the end of this year too. I expect overall, from a CapEx perspective, we will spend around INR 100 crore on the overall, meaning on the re-architecture part of it, and we will spend another INR 70 crore on the other CapEx part of it. There will be a year in which there will be cash outflow for these two things from a CapEx perspective. Got that. Thank you. I wish you all the best. Thank you, Prayesh. Thank you. The next question is from the line of Madhukar Ladha from Nuvama Wealth Management Limited. Please proceed. Hi. Good afternoon, and thank you for the opportunity. Most of my questions have been answered. I want just this one clarification. I think you spelled out the non-asset-based MF revenue in different categories. You said call center was INR 30 crore, out-of-pocket expenses about INR 50 crore. What is the application revenue? Yeah, can you just give that split that adds up to about INR 185 crore? That's my first question. Second question, I think last year, our net sales market share was about 75%. What would that number be for FY 2025? Third question on depreciation. We see a pretty big jump in depreciation in Q4, right? Would that be our run rate going forward for next year? Given that you also just gave out the CapEx numbers, that INR 100 crore is going to re-architecture and additional INR 65 crore on other CapEx, would that mean that this depreciation would probably increase even more than that is what I'm guessing? I wanted some clarity on that. Thank you. These would be my three questions. Yeah, Madhukar, I'll just take your depreciation question first. Yes, as I've said, that we have actually spent a lot of money on things like renewal of Oracle licenses and SharePlex and our air gap center that we have set up as a part of the regulations. The city has mandated that you have a fourth kind of a data center to protect us in case there's a ransomware attack, etc. You will see and you have seen a depreciation in the current quarter. This should be broadly the run rate going forward. There is no, barring some accelerated depreciation that we did for some intangible assets being very conservative, that's probably INR 1000 crore of depreciation that we took on the books. Barring that, everything is probably part of the run rate. Obviously, the depreciation on the gone live component of re-arch will start kicking in only from the end of next year when the module goes live. For the first few quarters, you will not see an increase in depreciation because of that. The regular depreciation because of the additional CapEx that we do, which is around INR 60 crore-INR 65 crore that we expect, that will start flowing in as and when we do the purchase of those particular servers or storage or whatever it is. The re-arch part of depreciation, I think, will be more something which will start going into the books for the end of next year rather than the first few quarters because the module will have to go live. Otherwise, I think we are on track to kind of keep the current quarter as the run rate of the depreciation going forward. That is on the depreciation part of it. Can you just repeat the other question? The breakup of the non-asset-based revenue on the 12-month number, it was around INR 200 crore was the non-asset-based number, which actually INR 185 crore, right? Isn't it non-asset-based? INR 185 crore? Non-asset-based. No, sorry, sorry. Sorry, INR 195 crore, INR 195 crore. Approximately INR 200 crore, out of INR 200 crore. So out of which, I kind of the transaction revenue is around INR 71 crore. The miscellaneous is around INR 34 crore. There is some NFO revenue and the recoverables, which is around NFO is around INR 6.5 crore. The recoverables is INR 54 crore, and the call center is INR 32 crore. That's the split. Some decimal points here and there will be there. But largely, that has been the trend going forward. There's a small increase in the mix for call center and for miscellaneous application over the last few years, which will sustain going forward. Understood. The application and badge services are still quite low compared to what we hear for the industry and some competition. Any thoughts around that as to what's preventing us from growing this part of the business? Two parts to it. I'll answer from an accounting perspective, which is some of the application revenue that we do is also built into the AUM pricing in a large deal. You kind of tend to bundle it as a part of the AUM pricing. There are a lot of value-added work that we do in our Sterling software also, right, which has more to do with the website development and APIs and all those things, which is counted as a part of the Sterling revenue, which is not a part of this. Yeah, predominantly, we have thought about a lot of these features as a salience, right, from a philosophical perspective. For example, we could bill for all our transactions in MyCAMS. We are probably number three or number four in terms of gross sales, but we kind of provide it to a customer as a value-add, increasing our salience in the entire customer ecosystem. Hence, we are not very charged about making it as a commercial model, right? We kind of are providing value to them. We know that we are providing value to the customers. It is one of the value propositions that we advocate and not necessarily something that we commercially exploit. Fully, philosophically, we have let it be like that. Whether we will revisit it in the future is a different question. So far, commercial has not been the first priority when we kind of do value-add to our customers. Got it. Final was on the net sales market share. Net sales last year, I think for financial year 2025, was about 75%. For financial year 2025, what would that number be? That number will be in the mid 60s. A lot of that depends upon NFO performance, NFO market share, etc., which is in the range of 68%-70%. I think on average, this will be mid 60%s, late 60%s kind of number. Got it, sir. Thank you and all the best. Thanks. Thank you, brother. Thank you. The next question is from the line of Uday Pai from Investec. Please proceed. Yeah. Thank you, sir. Just a couple of questions. F irstly, on the AIF side, while you mentioned that we are adding multiple clients, we have crossed the 200 clients threshold. In terms of revenue, the run rate has been pretty much the same over the last five quarters. Any thoughts over this? The second question is on the KRA side. Could you mention the split of the KRA between new SIP revenue split on account of new SIP creation and on new DemATs, or is it 100% SIP creation only? Those are the two questions. Thank you. For sure. On AIF, I just want to reinforce that it is a significant, well-established market leadership story. Why is it like that? You have seen the number of wins. Obviously, you are in the marketplace, so you can see where most of the new AIFs are heading. We've held on despite significantly heightened competition in the last two to three years, with several new players kind of coming and flexing their muscles, including on price. We've held that 50% share of the outsourced market. We are the largest player in GIFT City with in excess of 30 commercial customers. We absolutely rule and straddle the digital onboarding market with 200 installations across the domestic market. The revenue has grown about 17% year on year. We would have liked it to be over 20%. Do remember that this is now a much smaller basis points yield kind of a market. It's a more fixed price kind of a market that AIF has developed into. From an overall market perspective, and we don't do stamp duty only or DemAT only kind of deals. We don't have a single customer, even with a relationship customer, just to report some inflated customer counts because we know those are empty galleries, and we don't want to work for being paid INR 500 crore a year. We have none of that, not a single contract like that. We believe we built a very pristine portfolio there. As our automation and delivery continue to go up, you will see significant scale-up build in this market over the coming days. I would just like to add that I don't know why you have the impression that it is static because on a 12-month basis, AIF revenue has grown 18%. Even on a sequential quarter basis, last time we grew 6%, right, which is not decent numbers, right? It's not bad numbers at all. On a year-on-year basis, we have grown 16% on AIF revenue. Yeah, we are making progress. The growth is there. It is significant growth. It's not by any stretch kind of a static kind of a revenue number. Sure. Sorry. On the KRA side? On the KRA, a rough split that you should take is that from an MF perspective, we'll have around 65%-70% of revenue contributed by the SIPs or the MF new onboarding, not strictly SIPs, new onboarding in the mutual funds. From a DemAT or the share broking side, we'll have 30%-35% of our revenue. Do keep in mind that the DemAT and broking marketplace is three times the size of the MF marketplace, which means the number of new investors and new accounts opened in MF, about two and a half to three times are opened in the DemAT and broking world. As an opportunity, it's a much bigger opportunity. From a penetration perspective, we are continuing to penetrate. Sure. Just one last question, if I can squeeze in. Is LIC exclusively working with CAMS Repository, or has it onboarded other repositories as well? What is the size of potential revenue that you see over there? LIC signed up with CAMS Repository as the first contract over a period of time. You must have seen at least one announcement from a completed repository, but they are signing up with everyone. They will sign up with all four repositories. Like I said, in the first year, we expect that LIC will contribute INR 5 million-INR 7 million new policies to the industry on a full-year basis. On a part-year basis, the number may be smaller. That is what I can tell you, that from our base of gaining 40,000-50,000 new policies, LIC could easily add about 15,000-20,000 of that. They could easily represent about 30%-40% of new policies coming in. Obviously, it will be a filler to our revenue. Sure, sir. Thank you. Thank you. Should we have one last question on the phone? Sure. The next question is from the line of Sanketh Godha from Avendus Spark. Please proceed. Thank you for the opportunity. While Ram, you said that non-MF business EBITDA margins are somewhere between 10%-15%. If I do a back calculation, the mutual fund EBITDA margin will come somewhere between 50%-51%. You said that 46 can potentially go to 44. Is it fair to say that you are trying to see probably 4%-5% compression in the mutual fund business largely because of the yield pressure and muted MF growth? That is the way you are looking at the business to play out in 2026? I think we said that we do expect on a year-on-year basis, the yield to compress. I think maybe the number is to be compared to FY 2025. I think we will have a 7% yield compression, but that is assuming a very, very moderate increase in AUM, right? Obviously, if the AUM growth is much more, then you will see a different yield compression number. Yes, from a year-on-year basis, from a yield compression, we do feel that compared to FY 2025, FY 2026 will have close to 7% compression in the year. Okay. Lastly, a data keeping question. If you can give two numbers, your employee count and second, your number of KRA accounts you have. I think that number was around 18 million. What is the recent number? Around 19 million_ CAMS in our KRA business. What is the second question you asked? N umber of employees. Number of employees is around 8,100. 8,100. Okay. Perfect. That is it from my side. Thank you. Thank you. Ladies and gentlemen, that was the last question for the day. I would now like to hand the conference over to management for closing comments. Thank you. Thank you for your participation in this call and the continued interest that you are showing in CAMS. As always, please feel free to reach out to Anish or Gayathri or to Lincoln Time in case you have any questions. We are also available for any clarifications that you may have. Thank you once again, and please continue to be interested in the CAMS process. On behalf of Computer Age Management Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.