Good morning, ladies and gentlemen, and welcome to the Q2 FY 2023 Earnings Conference Call of CDSL Limited, hosted by Axis Capital Limited. Please note that CDSL does not provide specific revenue or earnings guidance. Anything said on this call which reflects CDSL's outlook for the future or which could be construed as forward-looking statement must be reviewed in conjunction with the risk that the company faces. 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 Mr. Praveen Agarwal from Axis Capital Limited. Thank you, and over to you, sir. Thank you, Michelle. Good day, everyone, and welcome to the earnings call of CDSL. We have the entire management team of CDSL with us here on the call, headed by Mr. Nehal Vora, MD and CEO. I would request Mr. Vora to take us through the initial remarks, and then we'll open the floor for Q&A. Over to you, Mr. Vora. Thank you, Praveen. A very good morning, and welcome everybody. I hope each of you and your loved ones are safe and healthy. Thank you for joining us today to discuss CDSL's financial results for the second quarter for the financial year ended 2022-2023. As in the previous quarters, we have posted a detailed financial presentation on our website for your reference. I'm joined by the CDSL group's leadership team. Before I go further, I would like to wish each one of you a very happy Diwali and a prosperous new year to you and your loved ones. May your year be filled with light and happiness. We are happy to present CDSL's performance for the second quarter of this financial year. A strong and sustainable financial performance marked the end of a successful first half of the financial year. We are happy to report that India has strengthened its overall participation in the Indian capital markets. The overall number of Demat account investors in India during the Q2 FY 2023 crossed the INR 10 crore milestone as CDSL crossed the milestone of INR 7 crore Demat accounts. The number of Demat accounts held with CDSL at the end of Q2 FY 2023 stands at INR 7.34 crores. On a separate note, or rather on a lighter note, if Demat holders were a separate country, it would rank 15th amongst the world's most populous countries. This growth is a reward of the digital innovation and presence carved across years, especially in the tier 2 and tier 3 cities. We are also very proud to announce that history was created this Diwali as India's first successful electronic gold receipts transaction was executed during the Muhurat trading session in BSE, and the securities were settled through CDSL. Our focus is to provide a convenient and secure capital market technology for all the participants on a sustainable basis. Our ability to understand the requirements, think and build on technologies, and to deliver diversified experiences continues to drive strong values for our stakeholders and shareholders. During the quarter, the number of active companies admitted with CDSL as on September 30th, 2022 stood at 19,301, an increase of 12% from the number of active companies as on September 30th, 2021. Furthermore, the value of securities in Demat custody as on September 30th, 2022 stood at INR 38 lakh crores, an increase of 9% from the value of securities held on September 30th, 2021. We have been following the path of building a simplified process and technology for all investors for the past years, and our technology has continued to evolve to fit the needs of our customers. We at CDSL, in line with the spirit of Diwali, strive to empower the investors with their inner light, power and self-sufficiency through our services to help them transcend into an Atmanirbhar Niveshak or a self-sufficient investor. With this belief, we at CDSL wish to renew our commitment of providing convenient, dependable, and secure digital services. The financial performance of this quarter continues to be strengthened by a sustainable long-term strategy of reinvesting in a digital ecosystem and robust technology to provide all market participants an easy and secure platform. Today, using CDSL services, investors have the power to hold, operate, and monitor their investment safely from the comfort of their homes. Further, our services like the eAGM, eVoting, et cetera, empower the shareholders to connect with companies directly and conveniently. In conclusion, as the market condition evolves, we believe that CDSL with its easy and diversified services has the ability to leverage the opportunities and be a catalyst in India's growth story. Finally, I would like to take this opportunity to thank all our stakeholders, regulators, investors, issuers, registrar and share transfer agents, depository participants, partners, associates and employees, and all other stakeholders who have played an extremely important role in the growth of our company. Now, I request Mr. Girish Amesara, CFO, to take us through our financial performance. Thank you, Nehal. Good morning to everyone. On a year-on-year basis, the consolidated total income for the quarter ended September 30th, 2022 has increased by INR 5 crore to an amount of INR 170 crore compared to INR 165 crore for the quarter ended September 2021. The net profit on a consolidated basis for the quarter stood at INR 80.46 crore as against net profit of INR 86.06 crore for the quarter ended September 2021. On a quarter-to-quarter performance, the consolidated total income for the quarter ended September 2022 has increased by INR 24 crore- INR 170 crore, compared to INR 146.30 crore for the quarter ended June 30th, 2022. The net profit on a consolidated basis for the quarter stood at INR 80.46 as against net profit of INR 57.61 for the quarter ended June 2022. On stand-alone basis, the year-on-year quarter ended September 2022 has increased by INR 13 crore to an amount of INR 140.54 crore, as against INR 127.92 crore for the quarter ended September 2021. The net profit on a stand-alone basis for the quarter ended September 2022 is at INR 68.61 crore, as against profit of INR 68.40 crore for the quarter ended September 2021. On a quarter-to-quarter performance, the total standalone income for the quarter ended has achieved at INR 140.54 crore as against INR 157.81 crore for the quarter ended June 2022. The net profit on a standalone basis for the quarter ended September 2022 stood at INR 68.61 crore, as against net profit of INR 89.10 crore for the quarter ended June 2022. It may be noted that CDSL subsidiary, CDSL Ventures Limited, had paid dividend of INR 41.50 crore in the quarter ended June 2022. Now I shall request Sunil Alvares to give an update about the operation of wholly owned subsidiary, CDSL Ventures Limited. Thank you. Over to you, sir. Good morning, everyone. At the outset, I would like to take the opportunity to wish you all a very happy Diwali to you and your loved ones. H1 FY 2023, we saw a significant drop in the new Demat and broking accounts as well as the mutual fund folios. Since all these account openings are intrinsically linked to the KYC, there was a dip in the KYCs created and the KYCs fetched. This had a slight impact on the number of KYCs created in CVL. The number of KYCs dipped by 9% from 64 lakh- 58 lakh in this financial year. The number of KYCs fetched dipped from 1 crore 56 lakh- 1 crore 31 lakh, which was a dip of 16%. So far as the operational income was concerned, the operational income dipped by 13% in H1 FY 2023 to INR 53.49 crores from INR 61.72 crores. The total income dipped by 15% to INR 57.11 crores as against INR 67.50 crores. The expenses increased by 2%, from INR 24.50 crores-INR 25.15 crores. The profit before tax dropped by 26% from INR 43 crores-INR 32 crores. The profit after tax dipped by 28% from INR 32 crores-INR 28 crores. With this, I'd open the floor for questions from the participants. 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 touchtone phone. 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 Pratik Rathi from Troo Capital. Please go ahead. Good morning, sir. Good morning, team. Congratulations on a good set of results. I just wanted to understand regarding the insurance dematerialization, like with effect from first November, it has been made mandatory. What kind of revenue growth do we see in this stream and what could be the one-time opportunity do we see here? The insurance repository. There's a separate subsidiary called the insurance repository. It'll be done through that company, and the mandatory is from the end of this calendar year for new policies and for existing policies, one more year has been given. It's yet going through the regulatory framework. It's getting discussed and getting created. We are completely on top of it. As soon as that gets announced, then we'll come to know what will be the likely impact. Anyway, we don't give any future and forward-looking statements. For this quarter, there won't be any impact. I mean, from next calendar year onwards, probably there could be some impact, right? Whether there'll be an impact or not, that we'll have to see. In this quarter, it'll be as is where is basis. Okay. My second question is regarding the increase in the employee benefit expenses. I believe in last quarter we had some one-time expenses of one of the subsidiary. But even in current quarter, there is a good amount of increase in employee benefit expenses. Is there any particular reason for this? No, it's a combination. There is a general expectation, as CDSL size is growing, we need to invest in the right kind of people. Technology and people are the two main important components of our company. We need to have key resources to be deployed. There is a larger regulatory responsibility which is getting formulated in terms of a frontline regulator. Therefore, we need to continue to invest in the right people in the regulatory areas also as CDSL size grows. In all forms, be it technology, be it the operations and the regulatory teams, has to be appropriately strengthened to ensure that we are able to ensure the continued growth which we are witnessing. Okay. Got it, sir. This kind of trend it would continue to grow ahead. There was no one-time expense in this quarter in the employee benefit caption. Yeah. I mean, broadly, I will not be able to give any specifics on the future, but this is the overall theme on which we are working on in terms of the investment in our people. Okay. Got it. Thanks a lot. That's it. Yeah. Thank you. Thank you. Before we take the next question, a reminder to all the participants to press star and one to ask a question. The next question is from the line of Amit Chandra from HDFC Securities Limited. Please go ahead. Hello, thanks for the opportunity. M y question is on the insurance opportunity. A s you said that obviously it's another thing which is you know is visible in the near term. If I see the finances of the insurance subsidiary, then the realization per policy for the life policies has been declining over the last 4-5 years, and currently it is INR 25 per policy and it is down around 28% YOY, right? For the health and motor, it's around INR 10 per policy. I n terms of the pricing, how you see the pricing panning out? Because, here the volumes are very, very thin, but as the volumes will grow, can we see a pricing war here or is it the pricing being fixed by the regulator or is it regulated? It is a different paradigm which we are expecting to go in and pricing will be a function of that because now it's becoming kind of a regulatory mandate and it'll have to be. That's how in the depository space the pricing had also evolved. It started off on a high note, but once it becomes mandatory it becomes kind of rationalized. I think I will not be able to second-guess what the regulator has in mind, but I think we'll have to wait and watch how this moves forward. It's a different scale which we are talking about because once it becomes mandatory, it's a different scale. It's not comparable with the past where it was on a voluntary basis. Also in terms of the pricing differential between life and motor or health policies, t he general insurance policies, which is much shorter duration there, the pricing can be much lower than what it is existing today. We'll have to see how it evolves, Amit. Not able to give a firm answer at this stage. This is all going through various regulatory deliberations and we'll have to wait and watch how this really evolves. Also, sir, if I see the shareholding pattern of all the four insurance repositories, like most of them are 100% held by the parent versus CDSL which is mostly held by most of the life insurance companies. Is this going to have any specific advantage in terms of, you know, the volume, incremental volumes coming to CDSL? Again, we'll have to wait and watch. We don't give any future outlook. Our intent is to provide the best in terms of technology platforms, a very transparent governance platform, and then leave it to the market to kind of choose which is the best way forward. That has been our philosophy in CDSL and will continue to remain in CDSL group also. Okay, sir. Sir, lastly on this piece. In terms of expenses, we have an expense of around INR 1 crore in this subsidiary, how we can expect the expenses? Is it the platform cost or the technology investments have already been done or we can expect high investments in technology from here on? Like any platform, Amit, it will evolve because you need the right kind of people, the right kind of technologies. Okay. Once the regulatory framework gets kind of created, that will kind of evolve in terms of ensuring the best-in-class services. Whatever it takes, because this is a long-term play rather than a short-term play. You need to have the right people and the resources and the right technology to take this business forward as we move ahead. Okay. On the Demat account addition, obviously there has been, I know, some slowdown there, but if I see the incremental revenue for Demat, so that has gone down significantly. This implies that newer account that is being added, you know, those are not contributing anything to our top line or, you know, the contribution is very, very less. In fact, 1/4 of what it was earlier, right? In terms of the newer account additions, you know, how is the activity there? I don't know if you can give some color in terms of the demographics or, you know, how it is panning out, and can we expect that to increase as, you know, these like new, you know, these people start doing activity and, hence, the incremental contribution from these additions will start to reflect on our top line going ahead. Really, Amit, you should look at it as a consolidated revenue mix. If you see the overall market volumes, more particularly the delivery volumes across the exchanges has also taken a dip. It's the Demat account related revenue is related to that activity and it's a variety of factors, be it let's say the geopolitical issues or the general uncertainty about inflation, et cetera. Participation in the markets has taken a dip over the last few months, and this is kind of in sync. As compared to that, the overall revenue mix has kind of been in sync with one of the more bull phases. That has been the key strength of CDSL, that it has kind of been able to really sustain that kind of revenue despite there being a general market contraction in terms of participation. That has been our philosophy that it becomes more and more insulated while we are there in terms of the best-in-class technology. As the market volumes grow, we are there for it, and it is similar to a road. Where how many cars come on a road is a function of various factors. Similarly, the market volume is a function of various factors. The important thing is that we are there and the incremental market share continues to remain very, very strong and robust. Our technology remains very strong and robust, and we're using this time to ensuring that our technology remains kind of in A class as we move forward. Okay. Also, any color on the demographics of the new account additions? Anything you can, I don't know, tell us incrementally in terms of from where the accounts are getting added. Is there any shift that you're seeing or anything? There is no shift. It's kind of generally the same trend which continues. We don't give out in let's say the public domain as of now, the mix. It kind of broadly is the same framework which continues as we move forward. Obviously the level of participation has gone down, but overall, the trend remains the same. Okay. Okay, sir, thank you and all the best. Thank you. Thank you. The next question is from the line of Santosh Kumar Keshri from Keshri Wealth. Please go ahead. Hi. Can you hear me? Yes. I had two questions. One is about the number of employees that the company has on a standalone basis as well as on total group level basis, year-on-year as well as quarter-on-quarter, if you can give that number. Our total employees on a standalone basis is around 260 employees, and on a group level, it is around 325. Okay. This is as of September 30th, right? As on date. As on 30th September, you can consider. Yeah. What could have been the number as of 31st March 2022? 31st March 2022, it was INR 246 on a standalone basis, and on consolidated basis it was around INR 300. Yeah. Okay. Thank you so much. I don't have any other question. Thank you. Thank you. A reminder to all the participants to press star and one to ask a question. The next question is from the line of Sanketh Oda from Spark Capital. Please go ahead. Yeah. Thank you for the opportunity. Sir, one, with respect to the insurance business again, there is one source of revenue which might come in pipeline which is regarding dematerialization of the policy. Second thing is with respect to- I'm sorry to interrupt. Mr. Oda, your voice is fluctuating. Can you please use your handset to ask a question? Sure, sure. Is it better now? Thank you so much. Kindly proceed. Yeah. Sir, my question again is with respect to the insurance thing, because one source of revenue which IRDAI is trying to generate for the repositories is compulsory dematerialization of the policies. Second thing is regarding the centralization of KYC thing, so which I believe will be also done by insurance repositories. Just wanted to understand because till date, we believe that KYC is largely done for life insurance companies. It's hardly done for motor or health policies. This itself can be a very big opportunity, or any thoughts on these lines would be very useful, sir. Yeah. Again, Mr. Sanketh, it will be something which we'll have to wait and watch till the regulatory framework gets announced formally. There has been a policy announcement, but there is hectic rounds of deliberations going around as to how the operation modalities will get worked out. Once that gets finalized, then we're able to really comment on the extent of the opportunity. It's something is a little premature at this stage. We have to wait and watch how this enables as we move forward. Got it. The second thing with the insurance thing is that our market share compared to other insurance repositories historically has been lower. Now, though because it was maybe voluntary, maybe it was not so much a focus in the past, but now becoming mandatory and given it's a big opportunity, any market share, what you are thinking on? Because currently we are less than 10% or closer to 10%, I believe, in the number of policies which are in eIA accounts. So how we want to accelerate it given we are little laggard with respect to this particular piece. Our philosophy be it CDSL or any of the group companies, be it CVL also where we have about 65%, a large market share in the KRA business. The intent is that we don't go after the numbers or the market share. We go after giving the best-in-class technology platforms a value proposition and kind of leave it to the market to then choose which platform works best. Our focus has been in bringing in that quality in our platforms, in our products, security in our products and platforms, and more importantly, a value proposition. That will be the same ethos with which we will continue to work in our insurance repository also. We are not going after numbers. We are going after the quality of our offerings as the main focus area. Our experience has been over the last 3-4 years is that this has been the single most important driving factor in driving the market share up. It's kind of not the intent. The intent is to get the best-in-class products and you see the result of that is that more and more people would like to use that platform. Got it, sir. On those lines, I mean, any additional hiring or tech initiatives you have taken given these new opportunities coming and we are seeing- Yeah. The The process is. It is kind of an ongoing process. It will continue to happen. The board is not only the board of CDSL, but even the board of the insurance repository is fully in sync in ensuring that we have the right kind of people inside, in that repository to ensure that we are able to build that business well. Got it, sir. Perfect. Sir, a few data TP questions. I mean, if you can give a few data points. One is pledge income in the quarter, then annual issuer income broken down into listed and unlisted companies and probably the data provisioning number in the quarter. I'll ask the CFO, Girish, for that. The pledge income is INR 3.5 crore in the quarter. Okay, sir. The annual issuer charges from the listed and- It's INR 1.30 crore in the quarter. From unlisted companies, right, sir? Yes. The data provisioning? Data provisioning is around INR 3 crore in the quarter. Okay. Final one, sir. If you can break down the operating revenue or you can give little more details on cash income and eVoting income, which probably is not there in the presentation. If you can give that information it will be useful, sir. eVoting is achieved at INR 14 crore in this quarter. Cash, sir? Cash is INR 5.08 crore. INR 5 crore? Okay. INR 5.09 crore. Okay. Thank you very much. Yeah. Thank you. Thank you. Participants who want to ask a question may press star and one on their touchtone phone now. The next question is from the line of Prateeksha, an individual investor. Please go ahead. Am I audible? Yes, please. Yeah. Congratulations, sir, for putting up a good set of numbers. I wish happy Diwali and prosperous new year to whole CDSL team. Thank you. I have really one question like, as we all know that India has already started the operation in GIFT City for bullion exchange. Is there any revenue we have earned in this quarter? The second one is, Nehal if you can just explain, as you mentioned that the first transaction happened on the Muhurat trading of this gold receipt, how CDSL will work and how we'll get revenue from this storing this gold receipt with the CDSL account? On the first question, it's we are part of the consortium of BSE, NSE, MCX, NSDL and CDSL, which owns the depository. CDSL, it was a fully owned subsidiary which has been sold to the consortium. This is in line with the overall national objectives of ensuring that we don't compete in GIFT City. We remain as a unified force and compete with the world. These are kind of in early days yet. We are equal partners, not only in the depository but in the exchange and the clearing corporation of the bullion exchange and clearing corporation, the entire ecosystem. We'll have to wait and watch. As of now, these are in early days. As regards your second question on the EGRs, we are basically a repository or a depository for the gold it will receive. It will have similar contours in terms of the transaction charges as well as the new kind of issuances which are put in. It will be on a similar line. These are kind of in early days, so it'll be difficult to give any framework. This is a new line of business which we've gone in. Again, our focus is to ensure a value proposition, ease of doing business, but at the same time having a very secured way of ensuring and a tech-enabled platform so that more and more people are able to connect from different parts of the country to enhance the entire reach of this ecosystem. Yeah. Got it, sir. Thank you for explanation. Yeah, and so just want to confirm the CDSL platform is ready, right, to cater all this. Yes, yes. In fact, the first trade which happened on the Muhurat trading- Yeah. The securities settlement was done through CDSL. I said that as a part of my speech. We were kind of the first trade settlement part of this first trade settlement, which was happening on the EGR. Okay. Yeah. Sounds really great, and hoping for the best and wishing you all the best for the future, sir. Thank you so much. Thank you. Thank you for your wishes. Yeah. Thank you. Before we take the next question, a reminder to all the participants. Anyone who wishes to ask a question may press star and one on their touch-tone phone now. There is a follow-up question from the line of Pratik Rathi from Troo Capital. Please go ahead. A few weeks ago, we saw one of the news articles regarding single Demat account infrastructure development for single Demat account. How soon do we see this as a reality, like a single Demat account for all FDs, insurance, PPF, post office, as well as shares? Again, this is something which we'll have to wait and watch till the formal announcement comes. I would not like to comment on news articles which is not backed by a SEBI circular or a circular from the regulatory authorities. The intent is that we're technology ready, and whenever the framework gets announced, we should be able to participate in it. Okay. Got it. Okay. Thank you, sir. Thank you. Anyone who wishes to ask a question may press star and one now. The next question is from the line of Ansuman Deb from ICICI Securities Limited. Please go ahead. Yeah. Good morning, sir, and congratulations on a good set of numbers. Thank you. My question is regarding the, you know, the annual issuer charges and the price hike possibility. We have not had price hikes, we understand. Do you think in near future, is there any scope or there is no consideration for that at the moment? That is my only question. Again, we'll have to kind of really assess that because the general theme and ethos is to bring in more and more players in. What the regulator will think because this will have to be approved by the regulator and it'll have to be a joint proposal by both the depositories. There have not been any formal communication yet, but there have been some maybe discussions. I think at this stage we'll have to just wait and watch. It'll be difficult to comment on this at this stage. Understood, sir. Thanks a lot. Thank you, sir. Thank you. Thank you. Participants who want to ask a question may press star and one on your touchtone phone now. The next question is from the line of Ameet Kalyanpur from East India Securities. Please go ahead. Yeah, thanks for the opportunity. Sir, on, I'm referring to the slide 20 of the investor presentation where you've given a breakup of the income. There's an item called as other income, comprising INR 30 crores. Can you please give a breakup of that? Ask the CFO, Girish, to answer this. Other income largely consist of settlement charges, inter-depository charges, eKYC, CKYC, account maintenance charges, user facility charges, foreign portfolio monitoring charges, document storage charges, cash charges, and e-voting charges. This consists of majority income of other. You gave the number of eVoting and CAS as well, 14- Yes. That is almost INR 20 crore. Okay. Both put together. Hello? Yeah. Yeah. No, I'm asking whether there's any other major item like INR 5 crore item or in. No, no. These two are the major one, cash and eVoting. They both of them put together is INR 20 crore. Okay. Rest of them all are around INR 1 crore, less than INR 90 lakhs or INR 80 lakhs, that kind of. Okay. Yeah. Thanks a lot. I'm done with my questions. Thank you. A reminder to all the participants, anyone who wishes to ask a question can press star and one now. You may press star and one to ask a question. As there are no further questions, I would now like to hand the conference over to the management for closing comments. Thank you so much. I see two questions which have now just popped up. Sure, sir. Can we take the questions? Yeah. Okay. The next question is from the line of V. Bala from Finscut Capital. Please go ahead. Mr. Bala, I have unmuted your line. Kindly proceed with your question. As Mr. Bala has left the queue, we'll take the next question, which is from the line of Nikhil Agarwal from BT Capital. Please go ahead. Yeah, good morning, sir, and thanks for the opportunity. I just wanted to understand, like, regarding your KYC, the KYC business model. When you fetch a record, when a customer fetches a record, if his KYC has been made by, say, CAMS. If he goes to an HDFC AMC, when HDFC AMC needs to fetch the KYC record through CDSL, will CDSL get that INR 35 or will it go to CAMS? It's not CDSL, it's CVL. CDSL Ventures. Yeah. Sorry. It's like this is the record. KYC record is with CAMS. Mm-hmm. Intermediary is connected to CVL. Mm-hmm. The intermediary can fetch the record from CAMS through CVL. Okay. We charge the intermediary and then pass on the revenue to CAMS. Okay. CDSL won't get anything from that because the one time, It will be revenue neutral, basically. Sorry? It will be revenue neutral. On the one hand, I'll be taking it from the intermediary and passing it on to CAMS. Oh, okay. That also means that whichever record you are creating in the future, if that client goes to another intermediary for a Demat account or a SIP account, that will always come to you. The INR 35 from that client, it will always come to you. If that client has created a record once with CVL. That's right. The KRA which holds the records, the revenue will always come to that KRA. If this is given somewhere, what, how many clients are there under the KYC and the CVL who have created a record with CVL? I didn't get your question. Come again. How many records has CVL created till date? We have 4.8 crore records. 4.8%. What would be the market share? See, these figures are not reported anywhere by the KRAs. Mm-hmm. Our estimate is it should be around 65%. Okay, great. Thank you so much, sir. That's it from me. Thank you. The next question is from the line of Anoop Biswas from CDSL Limited. Please go ahead. Hello, sir. Yeah. Hello. Happy Diwali, sir. Yeah, Happy Diwali. Sir, I have a question on repository business. Is LIC registered with? Anoop, can I ask you from which company are you? Okay. LIC is one of the promoters of the insurance repository in CDSL. Yes. They have not yet joined the repository to Demat the insurance policy. Yes, yes. Okay. In this case, what is your comment on that? Comment on what? No, it is totally to the management of LIC to decide when they want to join. They are exploring it, and once they feel that it is the right time, they will join. Okay, thank you so much. Thank you. Right now we do not have anybody in the queue. Do you want me to? Yes, we can now close. Thank you. Is there any closing comments from your end? Yeah, I just wanted to ask all of you to remain safe and secure, and wishing you all the very best in the new Samvat year. Happy Diwali and a prosperous new year to you and your family. Thank you. Thank you. Thank you. On behalf of Axis Capital Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines. Thank you.